PART II ITEM 7. MD&A Table of Con We recognized a net gain (loss) primarily on the completion of the Paul Masson Divestiture, the Wine and Spirits Divestitures (Fiscal 2021), and the Black Velvet Divestiture (Fiscal 2020). We recognized an unrealized gain (loss) primarily from (i) the changes in fair value of our securities measured at fair value, (ii) equity in earnings (losses) from Canopy’s results of operations, (iii) equity losses from Canopy related to costs designed to improve their organizational focus, streamline operations, and align production capability with projected demand (Fiscal 2021), and (iv) the increase in fair value resulting from the June 2019 modification of the terms of the November 2018 Canopy Warrants (Fiscal 2020). For additional information, refer to Notes 7 and 10. The increase in Beer net sales is largely due to $451.6 million of volume growth within our Mexican beer portfolio, which benefited from continued consumer demand, new product introductions, and line extensions, $69.7 million favorable impact from pricing in select markets within our Mexican beer portfolio, and $35.0 million increase from favorable product mix shift, partially offset by $92.0 million from the Ballast Point Divestiture. Favorable product mix shift primarily resulted from increased sales of Corona Hard Seltzer and a reduction in on-premise keg sales. Inventory in our distribution channels returned to normal levels by the end of Fiscal 2021 following reduced production levels at our major breweries in Mexico earlier in the year. Includes an adjustment to remove volume associated with the Ballast Point Divestiture for the period March 2, 2019, through February 29, 2020. (1) Depletions represent distributor shipments of our respective branded products to retail customers, based on third-party data. (2) #WORTHREACHINGFOR I Constellation Brands, Inc. FY 2021 Form 10-K Business segments Income (loss) from unconsolidated investments Gain (loss) on sale of business Net sales Fiscal 2021 Fiscal 2020 Dollar  Change Percent  Change (in millions) Beer $ 6,074.6  $ 5,615.9  $ 458.7  8 % Wine and Spirits: Wine 2,208.4  2,367.5  (159.1) (7 %) Spirits 331.9  360.1  (28.2) (8 %) Total Wine and Spirits 2,540.3  2,727.6  (187.3) (7 %) Canopy 378.6  290.2  88.4  30 % Consolidation and Eliminations (378.6) (290.2) (88.4) (30 %) Consolidated net sales $ 8,614.9  $ 8,343.5  $ 271.4  3 % Beer segment Fiscal 2021 Fiscal 2020 Dollar  Change Percent  Change (in millions, branded product, 24-pack, 12-ounce case equivalents) Net sales $ 6,074.6  $ 5,615.9  $ 458.7  8 % Shipment volume Total 334.6  311.9  7.3 % Organic 334.6  309.4  8.1 % Depletion volume  7.1 %  (1) (1) (2)