Analysis of Reportable Segments
Constellation Brands Inc. operates in 4 segments: Beer; Wine and Spirits; Corporate Operations and Other; and Canopy.
Segment Profit Margin
Constellation Brands Inc., profit margin by reportable segment
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 40.04% | 41.06% | 40.03% | 39.27% | 39.46% | 36.28% |
| Wine and Spirits | 22.75% | 24.50% | 25.97% | 26.47% | 27.36% | 25.81% |
| Corporate Operations and Other | — | — | — | — | — | — |
| Canopy | -141.82% | -395.14% | -236.32% | -170.16% | — | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Beer | Beer segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Wine and Spirits | Wine and Spirits segment profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022. | |
| Corporate Operations and Other | ||
| Canopy | Canopy segment profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment Profit Margin: Beer
Constellation Brands Inc.; Beer; segment profit margin calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Segment operating income (loss) | 2,703,300) | 2,494,300) | 2,247,900) | 2,042,900) | 1,838,300) | 1,534,400) |
| Net sales | 6,751,600) | 6,074,600) | 5,615,900) | 5,202,100) | 4,658,500) | 4,229,300) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 40.04% | 41.06% | 40.03% | 39.27% | 39.46% | 36.28% |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × 2,703,300 ÷ 6,751,600 = 40.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Beer | Beer segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Profit Margin: Wine and Spirits
Constellation Brands Inc.; Wine and Spirits; segment profit margin calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Segment operating income (loss) | 470,700) | 622,400) | 708,400) | 771,200) | 800,700) | 800,800) |
| Net sales | 2,069,100) | 2,540,300) | 2,727,600) | 2,913,900) | 2,926,500) | 3,102,200) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 22.75% | 24.50% | 25.97% | 26.47% | 27.36% | 25.81% |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × 470,700 ÷ 2,069,100 = 22.75%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Wine and Spirits | Wine and Spirits segment profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: Corporate Operations and Other
Constellation Brands Inc.; Corporate Operations and Other; segment profit margin calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Segment operating income (loss) | (238,200) | (228,600) | (223,900) | (197,900) | (165,800) | (139,900) |
| Net sales | —) | —) | —) | —) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | — | — | — | — | — | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × -238,200 ÷ 0 = —
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Corporate Operations and Other |
Segment Profit Margin: Canopy
Constellation Brands Inc.; Canopy; segment profit margin calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Segment operating income (loss) | (630,100) | (1,496,000) | (685,800) | (82,700) | —) | —) |
| Net sales | 444,300) | 378,600) | 290,200) | 48,600) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | -141.82% | -395.14% | -236.32% | -170.16% | — | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment profit margin = 100 × Segment operating income (loss) ÷ Net sales
= 100 × -630,100 ÷ 444,300 = -141.82%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Canopy | Canopy segment profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Segment Capital Expenditures to Depreciation
Constellation Brands Inc., capital expenditures to depreciation by reportable segment
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 3.42 | 3.56 | 2.80 | 3.54 | 5.23 | 6.61 |
| Wine and Spirits | 1.92 | 1.20 | 0.94 | 1.32 | 1.61 | 1.01 |
| Corporate Operations and Other | 1.74 | 4.39 | 2.88 | 1.30 | 0.65 | 1.54 |
| Canopy | 0.56 | 1.67 | 7.04 | 20.54 | — | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Beer | Beer segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
| Wine and Spirits | Wine and Spirits segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. | |
| Corporate Operations and Other | Corporate Operations and Other segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. | |
| Canopy | Canopy segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Beer
Constellation Brands Inc.; Beer; segment capital expenditures to depreciation calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 849,500) | 693,900) | 571,700) | 720,000) | 882,600) | 759,200) |
| Depreciation and amortization | 248,700) | 194,700) | 204,300) | 203,500) | 168,800) | 114,900) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 3.42 | 3.56 | 2.80 | 3.54 | 5.23 | 6.61 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 849,500 ÷ 248,700 = 3.42
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Beer | Beer segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Wine and Spirits
Constellation Brands Inc.; Wine and Spirits; segment capital expenditures to depreciation calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 154,700) | 107,500) | 92,700) | 129,500) | 151,100) | 100,000) |
| Depreciation and amortization | 80,700) | 89,900) | 98,700) | 98,400) | 94,000) | 99,400) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.92 | 1.20 | 0.94 | 1.32 | 1.61 | 1.01 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 154,700 ÷ 80,700 = 1.92
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Wine and Spirits | Wine and Spirits segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Corporate Operations and Other
Constellation Brands Inc.; Corporate Operations and Other; segment capital expenditures to depreciation calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 22,600) | 63,200) | 62,100) | 36,800) | 23,900) | 48,200) |
| Depreciation and amortization | 13,000) | 14,400) | 21,600) | 28,300) | 36,900) | 31,400) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.74 | 4.39 | 2.88 | 1.30 | 0.65 | 1.54 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 22,600 ÷ 13,000 = 1.74
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Corporate Operations and Other | Corporate Operations and Other segment capital expenditures to depreciation ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Canopy
Constellation Brands Inc.; Canopy; segment capital expenditures to depreciation calculation
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | 50,400) | 172,600) | 572,800) | 449,800) | —) | —) |
| Depreciation and amortization | 90,000) | 103,300) | 81,400) | 21,900) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.56 | 1.67 | 7.04 | 20.54 | — | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 50,400 ÷ 90,000 = 0.56
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Canopy | Canopy segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Net sales
Constellation Brands Inc., net sales by reportable segment
US$ in thousands
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 6,751,600) | 6,074,600) | 5,615,900) | 5,202,100) | 4,658,500) | 4,229,300) |
| Wine and Spirits | 2,069,100) | 2,540,300) | 2,727,600) | 2,913,900) | 2,926,500) | 3,102,200) |
| Corporate Operations and Other | —) | —) | —) | —) | —) | —) |
| Canopy | 444,300) | 378,600) | 290,200) | 48,600) | —) | —) |
| Consolidation and Eliminations | (444,300) | (378,600) | (290,200) | (48,600) | —) | —) |
| Consolidated | 8,820,700) | 8,614,900) | 8,343,500) | 8,116,000) | 7,585,000) | 7,331,500) |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
Segment operating income (loss)
Constellation Brands Inc., segment operating income (loss) by reportable segment
US$ in thousands
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 2,703,300) | 2,494,300) | 2,247,900) | 2,042,900) | 1,838,300) | 1,534,400) |
| Wine and Spirits | 470,700) | 622,400) | 708,400) | 771,200) | 800,700) | 800,800) |
| Corporate Operations and Other | (238,200) | (228,600) | (223,900) | (197,900) | (165,800) | (139,900) |
| Canopy | (630,100) | (1,496,000) | (685,800) | (82,700) | —) | —) |
| Consolidation and Eliminations | 630,100) | 1,496,000) | 685,800) | 82,700) | —) | —) |
| Comparable Adjustments | (604,100) | (97,000) | (577,900) | (204,000) | (188,700) | 204,100) |
| Consolidated | 2,331,700) | 2,791,100) | 2,154,500) | 2,412,200) | 2,284,500) | 2,399,400) |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
Capital expenditures
Constellation Brands Inc., capital expenditures by reportable segment
US$ in thousands
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 849,500) | 693,900) | 571,700) | 720,000) | 882,600) | 759,200) |
| Wine and Spirits | 154,700) | 107,500) | 92,700) | 129,500) | 151,100) | 100,000) |
| Corporate Operations and Other | 22,600) | 63,200) | 62,100) | 36,800) | 23,900) | 48,200) |
| Canopy | 50,400) | 172,600) | 572,800) | 449,800) | —) | —) |
| Consolidation and Eliminations | (50,400) | (172,600) | (572,800) | (449,800) | —) | —) |
| Consolidated | 1,026,800) | 864,600) | 726,500) | 886,300) | 1,057,600) | 907,400) |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).
Depreciation and amortization
Constellation Brands Inc., depreciation and amortization by reportable segment
US$ in thousands
| Feb 28, 2022 | Feb 28, 2021 | Feb 29, 2020 | Feb 28, 2019 | Feb 28, 2018 | Feb 28, 2017 | |
|---|---|---|---|---|---|---|
| Beer | 248,700) | 194,700) | 204,300) | 203,500) | 168,800) | 114,900) |
| Wine and Spirits | 80,700) | 89,900) | 98,700) | 98,400) | 94,000) | 99,400) |
| Corporate Operations and Other | 13,000) | 14,400) | 21,600) | 28,300) | 36,900) | 31,400) |
| Canopy | 90,000) | 103,300) | 81,400) | 21,900) | —) | —) |
| Consolidation and Eliminations | (90,000) | (103,300) | (81,400) | (21,900) | —) | —) |
| Comparable Adjustments | —) | 100) | 7,600) | 8,900) | —) | 2,200) |
| Consolidated | 342,400) | 299,100) | 332,200) | 339,100) | 299,700) | 247,900) |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).