Gain on sale of investment



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| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | Table of Contents |



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|  | February 28, 2022 |  | February 28, 2021 |
| (in millions) |  |  |  |
| Current assets | $ | 1,573.3  |  |  | $ | 1,706.6  |  |
| Noncurrent assets | $ | 3,419.2  |  |  | $ | 3,251.5  |  |
| Current liabilities | $ | 189.3  |  |  | $ | 273.7  |  |
| Noncurrent liabilities | $ | 1,470.4  |  |  | $ | 1,308.8  |  |
| Noncontrolling interests | $ | 3.3  |  |  | $ | 179.0  |  |



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|  | For the Years Ended |
|  | February 28, 2022 |  | February 28, 2021 |  | February 29,2020 |
| (in millions) |  |  |  |  |  |
| Net sales | $ | 444.3  |  |  | $ | 378.6  |  |  | $ | 290.2  |  |
| Gross profit (loss) | $ | (18.6) |  |  | $ | (14.1) |  |  | $ | 45.4  |  |
| Net income (loss) | $ | (274.3) |  |  | $ | (1,775.3) |  |  | $ | (327.0) |  |
| Net income (loss) attributable to Canopy | $ | 328.7  |  |  | $ | (1,750.0) |  |  | $ | (312.6) |  |

  
Other equity method investmentsMy Favorite NeighborIn April 2020, we invested in My Favorite Neighbor, which we accounted for under the equity method. We recognized our share of their equity in earnings (losses) in our consolidated financial statements in the Wine and Spirits segment up to the date we acquired the remaining ownership interest.  
Corporate investmentIn February 2022, we sold an investment made through our corporate venture capital function. We recognized a $51.0 million gain for the year ended February 28, 2022, related to the sale of our previously held equity interest in this investment. This gain is included in income (loss) from unconsolidated investments within our consolidated results of operations. Additionally, we recognized our share of their equity in earnings (losses) in our consolidated financial statements in the Corporate Operations and Other segment up to the date we sold our ownership interest.  
11.    OTHER ACCRUED EXPENSES AND LIABILITIES  
The major components of other accrued expenses and liabilities are as follows:

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|  | February 28,2022 |  | February 28,2021 |
| (in millions) |  |  |  |
| Salaries, commissions, and payroll benefits and withholdings | $ | 256.3  |  |  | $ | 232.1  |  |
| Promotions and advertising | 172.3  |  |  | 159.9  |  |
| Accrued interest | 85.1  |  |  | 93.4  |  |
| Operating lease liability | 80.4  |  |  | 68.8  |  |
| Accrued excise taxes | 44.6  |  |  | 19.9  |  |
| Deferred revenue | 32.0  |  |  | 16.3  |  |
| Income taxes payable | 21.5  |  |  | 24.7  |  |
| Other | 179.1  |  |  | 164.8  |  |
|  | $ | 871.3  |  |  | $ | 779.9  |  |

  


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| Constellation Brands, Inc. FY 2022 Form 10-K | #WORTHREACHINGFOR    I    90 |


