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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission File Number: 001-08495
stz-20200531_g1.jpg
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware16-0716709
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
207 High Point Drive, Building 100, Victor, New York 14564
(Address of principal executive offices) (Zip code)
(585) 678-7100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common StockSTZNew York Stock Exchange
Class B Common StockSTZ.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes    No  ☒
There were 168,020,436 shares of Class A Common Stock, 23,285,074 shares of Class B Common Stock, and 1,684,628 shares of Class 1 Common Stock outstanding as of June 26, 2020.


Table of Contents
TABLE OF CONTENTS
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Changes in Stockholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
1. Basis of Presentation
2. Inventories
3. Acquisitions, Divestitures, and Business Transformation
4. Derivative Instruments
5. Fair Value of Financial Instruments
6. Goodwill
7. Intangible Assets
8. Equity Method Investments
9. Borrowings
10. Income Taxes
11. Stockholders' Equity
12. Net Income (Loss) Per Common Share Attributable to CBI
13. Comprehensive Income (Loss) Attributable to CBI
14. Business Segment Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II – OTHER INFORMATION
Item 4. Mine Safety DisclosuresNA
Item 6. Exhibits
INDEX TO EXHIBITS
SIGNATURES
NA = Not Applicable



Table of Contents
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Companys control, that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. For further information regarding such forward-looking statements, risks and uncertainties, please see “Information Regarding Forward-Looking Statements” under Part I – Item 2. “Managements Discussion and Analysis of Financial Condition and Results of Operations.”

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. Unless otherwise defined herein, refer to the Notes to Consolidated Financial Statements under Item 1. of this Quarterly Report on Form 10-Q for the definition of capitalized terms used herein. All references to “Fiscal 2020” refer to our fiscal year ended February 29, 2020. All references to “Fiscal 2021” refer to our fiscal year ending February 28, 2021. All references to “$” are to U.S. dollars and all references to “C$” are to Canadian dollars.



FINANCIAL STATEMENTS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
(unaudited)
May 31,
2020
February 29,
2020
ASSETS
Current assets:
Cash and cash equivalents$302.8  $81.4  
Accounts receivable700.5  864.8  
Inventories1,332.6  1,373.6  
Prepaid expenses and other470.1  535.8  
Assets held for sale - current590.2  628.5  
Total current assets3,396.2  3,484.1  
Property, plant, and equipment5,098.2  5,333.0  
Goodwill7,684.9  7,757.1  
Intangible assets2,735.4  2,718.9  
Equity method investments2,885.7  3,093.9  
Securities measured at fair value809.5  1,117.1  
Deferred income taxes2,599.5  2,656.3  
Assets held for sale376.4  552.1  
Other assets564.0  610.7  
Total assets$26,149.8  $27,323.2  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings$  $238.9  
Current maturities of long-term debt534.7  734.9  
Accounts payable505.5  557.6  
Other accrued expenses and liabilities712.2  780.4  
Total current liabilities1,752.4  2,311.8  
Long-term debt, less current maturities11,639.3  11,210.8  
Deferred income taxes and other liabilities1,380.5  1,326.3  
Total liabilities14,772.2  14,848.9  
Commitments and contingencies
CBI stockholders’ equity:
Class A Common Stock, $0.01 par value – Authorized, 322,000,000 shares; Issued, 186,093,277 shares and 186,090,745 shares, respectively
1.9  1.9  
Class B Convertible Common Stock, $0.01 par value – Authorized, 30,000,000 shares; Issued, 28,297,674 shares and 28,300,206 shares, respectively
0.3  0.3  
Additional paid-in capital1,523.3  1,514.6  
Retained earnings13,374.1  13,695.3  
Accumulated other comprehensive income (loss)(1,022.4) (266.3) 
13,877.2  14,945.8  
Less: Treasury stock –
Class A Common Stock, at cost, 18,118,879 shares and 18,256,826 shares, respectively
(2,809.0) (2,811.8) 
Class B Convertible Common Stock, at cost, 5,005,800 shares
(2.2) (2.2) 
(2,811.2) (2,814.0) 
Total CBI stockholders’ equity11,066.0  12,131.8  
Noncontrolling interests311.6  342.5  
Total stockholders’ equity11,377.6  12,474.3  
Total liabilities and stockholders’ equity$26,149.8  $27,323.2  
The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, except per share data)
(unaudited)
For the Three Months
Ended May 31,
20202019
Sales$2,131.7  $2,282.5  
Excise taxes(168.3) (185.3) 
Net sales1,963.4  2,097.2  
Cost of product sold(975.1) (1,068.5) 
Gross profit988.3  1,028.7  
Selling, general, and administrative expenses(353.3) (406.0) 
Impairment of assets held for sale(25.0)   
Operating income (loss)610.0  622.7  
Income (loss) from unconsolidated investments(571.2) (930.6) 
Interest expense(100.0) (114.6) 
Loss on extinguishment of debt(7.0)   
Income (loss) before income taxes(68.2) (422.5) 
(Provision for) benefit from income taxes(104.4) 185.4  
Net income (loss)(172.6) (237.1) 
Net income (loss) attributable to noncontrolling interests(5.3) (8.3) 
Net income (loss) attributable to CBI$(177.9) $(245.4) 
Comprehensive income (loss)$(964.9) $(239.8) 
Comprehensive (income) loss attributable to noncontrolling interests30.9  (7.2) 
Comprehensive income (loss) attributable to CBI$(934.0) $(247.0) 
Net income (loss) per common share attributable to CBI:
Basic and Diluted – Class A Common Stock$(0.94) $(1.30) 
Basic and Diluted – Class B Convertible Common Stock$(0.86) $(1.19) 
Weighted average common shares outstanding:
Basic and Diluted – Class A Common Stock169.604  168.118  
Basic and Diluted – Class B Convertible Common Stock23.293  23.317  
Cash dividends declared per common share:
Class A Common Stock$0.75  $0.75  
Class B Convertible Common Stock$0.68  $0.68  

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling
Interests
Total
Class AClass B
Balance at February 29, 2020$1.9  $0.3  $1,514.6  $13,695.3  $(266.3) $(2,814.0) $342.5  $12,474.3  
Comprehensive income (loss):
Net income (loss)      (177.9)     5.3  (172.6) 
Other comprehensive income (loss), net of income tax effect        (756.1)   (36.2) (792.3) 
Comprehensive income (loss)(964.9) 
Dividends declared      (143.3)       (143.3) 
Shares issued under equity compensation plans    (6.0)     2.8    (3.2) 
Stock-based compensation    14.7          14.7  
Balance at May 31, 2020$1.9  $0.3  $1,523.3  $13,374.1  $(1,022.4) $(2,811.2) $311.6  $11,377.6  
Balance at February 28, 2019$1.9  $0.3  $1,410.8  $14,276.2  $(353.9) $(2,784.3) $286.2  $12,837.2  
Comprehensive income (loss):
Net income (loss)      (245.4)     8.3  (237.1) 
Other comprehensive income (loss), net of income tax effect        (1.6)   (1.1) (2.7) 
Comprehensive income (loss)(239.8) 
Dividends declared      (141.9)       (141.9) 
Initial recognition of non-controlling interest            20.2  20.2  
Shares issued under equity compensation plans    (9.3)     6.3    (3.0) 
Stock-based compensation    15.5          15.5  
Balance at May 31, 2019$1.9  $0.3  $1,417.0  $13,888.9  $(355.5) $(2,778.0) $313.6  $12,488.2  

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
For the Three Months
Ended May 31,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(172.6) $(237.1) 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized net (gain) loss on securities measured at fair value197.3  827.5  
Deferred tax provision (benefit)98.9  (245.4) 
Depreciation71.0  86.6  
Stock-based compensation14.6  15.5  
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings373.9  91.1  
Noncash lease expense20.9  22.8  
Impairment of assets held for sale25.0    
Loss on inventory and related contracts 24.3  44.5  
Loss on settlement of treasury lock contracts(29.3)   
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable167.0  58.6  
Inventories48.6  (50.3) 
Prepaid expenses and other current assets40.5  (8.7) 
Accounts payable(28.4) (22.3) 
Deferred revenue34.4  53.1  
Other accrued expenses and liabilities(155.5) (77.4) 
Other(44.1) 34.6  
Total adjustments859.1  830.2  
Net cash provided by (used in) operating activities686.5  593.1  
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment(144.2) (155.7) 
Purchases of businesses, net of cash acquired  (36.2) 
Investments in equity method investees and securities(213.4) (20.0) 
Proceeds from sales of assets17.7  0.3  
Proceeds from sale of business41.1    
Other investing activities(0.3) (1.9) 
Net cash provided by (used in) investing activities(299.1) (213.5) 
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
For the Three Months
Ended May 31,
20202019
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt1,194.6    
Principal payments of long-term debt(959.5) (22.9) 
Net proceeds from (repayments of) short-term borrowings(238.9) (205.0) 
Dividends paid(143.9) (143.0) 
Proceeds from shares issued under equity compensation plans4.4  10.4  
Payments of minimum tax withholdings on stock-based payment awards(7.6) (13.9) 
Payments of debt issuance, debt extinguishment, and other financing costs(18.1)   
Net cash provided by (used in) financing activities(169.0) (374.4) 
Effect of exchange rate changes on cash and cash equivalents3.0  (0.1) 
Net increase (decrease) in cash and cash equivalents221.4  5.1  
Cash and cash equivalents, beginning of period81.4  93.6  
Cash and cash equivalents, end of period$302.8  $98.7  
Supplemental disclosures of noncash investing and financing activities
Additions to property, plant, and equipment$64.5  $35.6  

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
MAY 31, 2020
(unaudited)

1. BASIS OF PRESENTATION

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We have prepared the consolidated financial statements included herein, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission applicable to quarterly reporting on Form 10-Q and reflect, in our opinion, all adjustments necessary to present fairly our financial information. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted as permitted by such rules and regulations. These consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 29, 2020 (the “2020 Annual Report”). Results of operations for interim periods are not necessarily indicative of annual results.

2. INVENTORIES

Inventories are stated at the lower of cost (primarily computed in accordance with the first-in, first-out method) or net realizable value. Elements of cost include materials, labor, and overhead and consist of the following:
May 31,
2020
February 29,
2020
(in millions)
Raw materials and supplies$161.5  $171.7  
In-process inventories775.0  814.7  
Finished case goods396.1  387.2  
$1,332.6  $1,373.6  

The inventories balance at May 31, 2020, and February 29, 2020, exclude amounts reclassified to assets held for sale (see Note 3).

Related party transactions and arrangements
We have an equally-owned glass production plant joint venture with Owens-Illinois. We have entered into various contractual arrangements with affiliates of Owens-Illinois primarily for the purchase of glass bottles used largely in our imported beer portfolio. Amounts purchased under these arrangements were $9.1 million and $88.5 million for the three months ended May 31, 2020, and May 31, 2019, respectively. The decrease in amounts purchased for the three months ended May 31, 2020, was largely driven by reduced production activity at our Mexican breweries in response to COVID-19 containment measures.

3. ACQUISITIONS, DIVESTITURES, AND BUSINESS TRANSFORMATION

Acquisitions
Nelson’s Green Brier
In May 2019, we increased our ownership interest in Nelson’s Green Brier Distillery, LLC (“Nelson’s Green Brier”) to 75%, resulting in consolidation of the business and recognition of a 25% noncontrolling interest. This acquisition included a portfolio of award-winning, Tennessee-based craft bourbon and whiskey products. The fair value of the business combination was allocated primarily to goodwill, trademarks, inventory, and property, plant, and equipment. The results of operations of Nelson’s Green Brier are reported in the Wine and Spirits segment and have been included in our consolidated results of operations from the date of acquisition.

We recognized a gain of $11.8 million for the three months ended May 31, 2019, related to the remeasurement of our previously held 20% equity interest in Nelson’s Green Brier to the acquisition-date fair
Constellation Brands, Inc. Q1 FY 2021 Form 10-Q
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FINANCIAL STATEMENTSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
value. This gain is included in selling, general, and administrative expenses within our consolidated results of operations.

Divestitures
Ballast Point Divestiture
On March 2, 2020, we sold the Ballast Point craft beer business, including a number of its associated production facilities and brewpubs (the “Ballast Point Divestiture”). We received cash proceeds of $41.1 million which were primarily utilized to reduce outstanding borrowings.

Black Velvet Divestiture
On November 1, 2019, we sold the Black Velvet Canadian Whisky business and the brand’s associated production facility, along with a subset of Canadian whisky brands produced at that facility, and related inventory at a transaction value of $266.3 million (the “Black Velvet Divestiture”). We received cash proceeds of $269.7 million, subject to estimated working capital adjustments. The cash proceeds were utilized to partially repay the 2.00% November 2017 senior notes. In total, we have recognized a $73.5 million net gain associated with the Black Velvet Divestiture, with a $74.1 million net gain recognized for the year ended February 29, 2020, and a $0.6 million net loss recognized for three months ended May 31, 2020. The following table summarizes the net gain recognized in connection with this divestiture:

(in millions)
Cash received from buyer$269.7  
Net assets sold(213.3) 
AOCI reclassification adjustments, primarily foreign currency translation20.9  
Direct costs to sell(3.8) 
Gain on sale of business$73.5  

Business transformation and other updates
We have committed to a business transformation strategy which aligns our portfolio with consumer-led premiumization trends and growing segments of the Wine and Spirits and Beer markets.

Original Wine and Spirits Transaction
In April 2019, we entered into a definitive agreement to sell a portion of our wine and spirits business, including approximately 30 lower-margin, lower-growth wine and spirits brands, wineries, vineyards, offices, and facilities (the “Original Wine and Spirits Transaction”).

Wine and Spirits Transactions
In December 2019, we agreed to revise and supersede the Original Wine and Spirits Transaction. The revisions to the transaction address competitive concerns raised by the U.S. Federal Trade Commission (the “FTC”) specifically related to the sparkling wine, brandy, dessert wine, and concentrate categories. As a result, the brands Cook’s California Champagne, J. Roget American Champagne, Paul Masson Grande Amber Brandy, and our concentrate business will be excluded from the Original Wine and Spirits Transaction. In May 2020, we further revised the Original Wine and Spirits Transaction to also exclude the Mission Bell Winery in Madera, California and certain related real estate, equipment, contracts, and employees, resulting in an adjusted transaction price of approximately $783 million, with the potential to earn an incremental $250 million of contingent consideration if certain brand performance provisions are met over a two-year period after closing (the “Further Revised Wine and Spirits Transaction”). The Further Revised Wine and Spirits Transaction is expected to close in the second quarter of fiscal 2021, and is subject to FTC review and clearance. Additionally, in a separate, but related, transaction, we agreed that upon execution and delivery of a definitive agreement for the Further Revised Wine and Spirits Transaction, we would enter into an agreement to sell the New Zealand-based Nobilo Wine brand and certain related assets and liabilities for $130 million (the “Nobilo Wine Transaction”). The Nobilo Wine Transaction is expected to close by the end of second quarter of fiscal 2021, and is subject to FTC review and clearance. Completion of the Nobilo Transaction is also conditioned on completion of the Further Revised Wine and Spirits Transaction. We expect to use the net cash proceeds from the Further Revised Wine and Spirits Transaction and
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FINANCIAL STATEMENTSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the Nobilo Wine Transaction (collectively, the “Wine and Spirits Transactions”) primarily to reduce outstanding borrowings.

We have communicated our intent to retain the brands Cook’s California Champagne and J. Roget American Champagne and the Mission Bell Winery contemplated to be sold in the Original Wine and Spirits Transaction. The FTC is currently reviewing our business plans to support these brands in the future. The Mission Bell Winery has the production capability to support these retained brands.

Other Wine and Spirits Transactions
We plan to divest the Paul Masson Grande Amber Brandy brand and concentrate business excluded from the Original Wine and Spirits Transaction to companies with more aligned business strategies (the “Other Wine and Spirits Transactions”). See “Subsequent Events - Paul Masson Transaction and Concentrate Business Transaction” below.

Assets held for sale
Primarily in contemplation of the Wine and Spirits segment transactions noted above, certain net assets met the held for sale criteria as of May 31, 2020, and February 29, 2020. For the three months ended May 31, 2020, long-lived asset impairments of $25.0 million were recognized. No long-lived asset impairment was recognized for the three months ended May 31, 2019. For additional information refer to Note 5.

The carrying value of assets held for sale consist of the following:
May 31,
2020
February 29, 2020
Wine and Spirits
Beer (1)
Wine and SpiritsConsolidated
(in millions)
Assets
Accounts receivable$  $2.4  $  $2.4  
Inventories570.2  13.7  576.9  590.6  
Prepaid expenses and other20.0  2.8  32.7  35.5  
Assets held for sale - current590.2  18.9  609.6  628.5