v3.26.3
Business Segment Information (Tables)
 6 Months Ended
Aug. 31, 2026
Segment Reporting [Abstract]  
Comparable adjustments Amounts are determined and presented on a non-GAAP basis and are intended to reflect our core operations.
(2)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,
2026202520262025
(in millions)
Cost of product sold
Net gain (loss) on undesignated commodity derivative contracts$52.7 $(4.7)$3.4 $13.0 
Settlements of undesignated commodity derivative contracts(24.2)6.7 (14.8)4.2 
Flow through of inventory step-up(1.1)(1.7)(0.1)(0.8)
Strategic business reconfiguration costs(4.3)(1.6)(3.7)(1.2)
Comparable Adjustments, Cost of product sold23.1 (1.3)(15.2)15.2 
For the Six Months
Ended August 31,		For the Three Months
Ended August 31,
2026202520262025
Selling, general, and administrative expenses
Transition services agreements activity(9.7)(15.5)(4.6)(10.0)
2025 Restructuring Initiative
(5.5)(21.6)(4.9)(8.3)
Gain (loss) on sale of business(4.3)(16.3)(1.8)(14.9)
Strategic business reconfiguration costs(13.9)(5.2)(14.2)— 
Other gains (losses) (i)
(2.1)3.7 (1.1)5.8 
Comparable Adjustments, selling, general, and administrative expenses(35.5)(54.9)(26.6)(27.4)
Asset impairment and related expenses
(68.1)(52.1)(49.8)— 
Comparable Adjustments, Operating income (loss)$(80.5)$(108.3)$(91.6)$(12.2)
(i)Primarily includes the following:
For the Six Months
Ended August 31,		For the Three Months
Ended August 31,
2026202520262025
(in millions)
Gain (loss) on sale of assets
$—$4.1$—$4.1
Segment information
The accounting policies of the segments are the same as those described for the Company in Note 1 of our consolidated financial statements included in our 2026 Annual Report. Segment information is as follows:
BeerWine and
Spirits		Corporate
Operations
and Other		Consolidated
(in millions)
For the Six Months Ended August 31, 2026
Net sales$4,757.1 $308.6 $— $5,065.7 
Cost of product sold (1)
(2,201.2)(174.0)— 
Marketing(450.9)(30.7)— 
% Net sales9.5 %9.9 %
General and administrative expenses (1)
(249.4)(98.9)(129.8)
Comparable operating income (loss) (1)
1,855.6 5.0 (129.8)1,730.8 
Operating margin39.0 %1.6 %
Comparable Adjustments (2)
(80.5)
Operating income (loss)1,650.3 
Income (loss) from unconsolidated investments (3)
8.3 
Interest expense, net (4)
(169.2)
Income (loss) before income taxes$1,489.4 
Capital expenditures$327.5 $22.4 $4.2 $354.1 
Depreciation and amortization$153.8 $30.9 $10.3 $195.0 
% Net sales3.2 %10.0 %
For the Six Months Ended August 31, 2025
Net sales$4,579.5 $416.5 $— $4,996.0 
Cost of product sold (1)
(2,152.5)(265.6)— 
Marketing(391.2)(54.9)— 
% Net sales8.5 %13.2 %
General and administrative expenses (1)
(210.8)(121.8)(103.1)
Comparable operating income (loss) (1)
1,825.0 (25.8)(103.1)1,696.1 
Operating margin39.9 %(6.2)%
Comparable Adjustments (2)
(108.3)
Operating income (loss)1,587.8 
Income (loss) from unconsolidated investments (3)
(7.0)
Interest expense, net (4)
(186.5)
Income (loss) before income taxes$1,394.3 
Capital expenditures$370.2 $37.5 $2.4 $410.1 
Depreciation and amortization$159.4 $36.5 $12.7 $208.6 
% Net sales3.5 %8.8 %
For the Three Months Ended August 31, 2026
Net sales$2,473.6 $159.4 $— $2,633.0 
Cost of product sold (1)
(1,135.9)(88.9)— 
Marketing(245.2)(14.3)— 
% Net sales9.9 %9.0 %
General and administrative expenses (1)
(128.3)(50.1)(73.7)
Comparable operating income (loss) (1)
964.2 6.1 (73.7)896.6 
Operating margin39.0 %3.8 %
Comparable Adjustments (2)
(91.6)
Operating income (loss)805.0 
BeerWine and
Spirits		Corporate
Operations
and Other		Consolidated
(in millions)
Income (loss) from unconsolidated investments (3)
7.8 
Interest expense, net (4)
(83.4)
Income (loss) before income taxes$729.4 
Capital expenditures$163.2 $12.6 $1.1 $176.9 
Depreciation and amortization$76.5 $15.4 $5.2 $97.1 
% Net sales3.1 %9.7 %
For the Three Months Ended August 31, 2025
Net sales$2,345.0 $136.0 $— $2,481.0 
Cost of product sold (1)
(1,105.0)(81.2)— 
Marketing(190.7)(20.0)— 
% Net sales8.1 %14.7 %
General and administrative expenses (1)
(97.7)(54.6)(45.6)
Comparable operating income (loss) (1)
951.6 (19.8)(45.6)886.2 
Operating margin40.6 %(14.6)%
Comparable Adjustments (2)
(12.2)
Operating income (loss)874.0 
Income (loss) from unconsolidated investments (3)
(3.5)
Interest expense, net (4)
(87.6)
Income (loss) before income taxes$782.9 
Capital expenditures$197.0 $19.5 $0.8 $217.3 
Depreciation and amortization$82.6 $14.3 $6.2 $103.1 
% Net sales3.5 %10.5 %
(3)Income (loss) from unconsolidated investments consists of:
For the Six Months
Ended August 31,		For the Three Months
Ended August 31,
2026202520262025
(in millions)
Equity in earnings (losses) from equity method investees and related activities
$7.5 $(0.5)$7.0 $3.0 
Unrealized net gain (loss) on securities measured at fair value
0.8 (5.0)0.8 (5.0)
Impairment of equity method investments— (1.5)— (1.5)
$8.3 $(7.0)$7.8 $(3.5)
(4)Interest expense, net consists of:
For the Six Months
Ended August 31,		For the Three Months
Ended August 31,
2026202520262025
(in millions)
Interest expense$(173.0)$(189.6)$(85.3)$(89.0)
Interest income4.1 4.1 1.9 2.4 
Loss on extinguishment of debt(0.3)(1.0)— (1.0)
$(169.2)$(186.5)$(83.4)$(87.6)