Table of Con ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA PART II Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Canopy Equity Method Investment 10. EQUITY METHOD INVESTMENTS (in millions) 2022 $ 5.1  2023 $ 3.2  2024 $ 1.4  2025 $ 1.4  2026 $ 1.4  Thereafter $ 14.0  Our equity method investments are as follows: February 28, 2021 February 29, 2020 Carrying Value Ownership Percentage Carrying Value Ownership Percentage (in millions) Canopy Equity Method Investment $ 2,578.8  38.1 % $ 2,911.7  35.3 % Other equity method investments  209.6  20%-50% 182.2  20%-50% $ 2,788.4  $ 3,093.9  (1) The other equity method investments balance at February 29, 2020, excludes investments reclassified to assets held for sale. (1) In November 2017, we acquired 18.9 million common shares, which represented a 9.9% ownership interest in Canopy, an Ontario, Canada-based public company and leading provider of medicinal and recreational cannabis products, plus warrants which gave us the option to purchase an additional 18.9 million common shares of Canopy. The November 2017 Canopy Investment was accounted for at fair value from the date of investment through October 31, 2018. From November 1, 2018, the November 2017 Canopy Investment has been accounted for under the equity method. The November 2017 Canopy Warrants were accounted for at fair value from the date of investment through April 30, 2020. See “May 2020 Canopy Investment” and “Canopy Equity Method Investment” below. In November 2018, we increased our ownership interest in Canopy by acquiring an additional 104.5 million common shares (see “Canopy Equity Method Investment” below), plus warrants which give us the option to purchase an additional 139.7 million common shares of Canopy for C$5,078.7 million, or $3,869.9 million. On November 1, 2018, our ownership interest in Canopy increased to 36.6% which allowed us to exercise significant influence, but not control, over Canopy. In May 2020, we exercised the November 2017 Canopy Warrants at an exercise price of C$12.98 per warrant share for C$245.0 million, or $173.9 million. The May 2020 Canopy Investment increased our ownership interest in Canopy to 38.6% upon exercise. We entered into foreign currency forward contracts to fix the U.S. dollar cost of the May 2020 Canopy Investment. For the year ended February 28, 2021, we recognized net losses on the foreign currency forward contracts of $7.5 million, in selling, general, and administrative expenses within our consolidated results of operations. The payment at maturity of the derivative instruments is reported as cash flows from investing activities in investments in equity method investees and securities for the year ended February 28, 2021. We account for the November 2017 Canopy Investment, the November 2018 Canopy Investment, and the May 2020 Canopy Investment, each of which represents an investment in common shares of Canopy, collectively, under the equity method. Equity in earnings (losses) from the Canopy Equity Method Investment and related activities (see table below) include, among other items, restructuring and other strategic business development #WORTHREACHINGFOR I Constellation Brands, Inc. FY 2021 Form 10-K