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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended August 31, 2020
or
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☐ | 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
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
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Delaware | 16-0716709 |
(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:
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Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Class A Common Stock | STZ | New York Stock Exchange |
Class B Common Stock | STZ.B | New 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.
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller 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 169,505,458 shares of Class A Common Stock, 23,273,727 shares of Class B Common Stock, and 1,021,108 shares of Class 1 Common Stock outstanding as of September 28, 2020.
TABLE OF CONTENTS
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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 | |
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| 9. Borrowings | |
| 10. Income Taxes | |
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| 11. Stockholders' Equity | |
| 12. Net Income (Loss) Per Common Share Attributable to CBI | |
| 13. Comprehensive Income (Loss) Attributable to CBI | |
| 14. Business Segment Information | |
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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 | | |
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Item 4. Mine Safety Disclosures | | NA |
Item 6. Exhibits | | |
INDEX TO EXHIBITS | | |
SIGNATURES | | |
NA = Not Applicable
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 Company’s 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. “Management’s 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.
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)
| | | | | | | | | | | |
| August 31, 2020 | | February 29, 2020 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 204.6 | | | $ | 81.4 | |
Accounts receivable | 926.3 | | | 864.8 | |
Inventories | 1,328.4 | | | 1,373.6 | |
Prepaid expenses and other | 497.1 | | | 535.8 | |
Assets held for sale - current | 580.8 | | | 628.5 | |
Total current assets | 3,537.2 | | | 3,484.1 | |
Property, plant, and equipment | 5,184.9 | | | 5,333.0 | |
Goodwill | 7,717.4 | | | 7,757.1 | |
Intangible assets | 2,738.3 | | | 2,718.9 | |
Equity method investments | 2,931.9 | | | 3,093.9 | |
Securities measured at fair value | 764.0 | | | 1,117.1 | |
Deferred income taxes | 2,574.8 | | | 2,656.3 | |
Assets held for sale | 416.6 | | | 552.1 | |
Other assets | 597.4 | | | 610.7 | |
Total assets | $ | 26,462.5 | | | $ | 27,323.2 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Short-term borrowings | $ | — | | | $ | 238.9 | |
Current maturities of long-term debt | 533.8 | | | 734.9 | |
Accounts payable | 651.2 | | | 557.6 | |
Other accrued expenses and liabilities | 724.9 | | | 780.4 | |
Total current liabilities | 1,909.9 | | | 2,311.8 | |
Long-term debt, less current maturities | 11,066.8 | | | 11,210.8 | |
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Deferred income taxes and other liabilities | 1,482.0 | | | 1,326.3 | |
Total liabilities | 14,458.7 | | | 14,848.9 | |
Commitments and contingencies | | | |
CBI stockholders’ equity: | | | |
Class A Common Stock, $0.01 par value – Authorized, 322,000,000 shares; Issued, 186,778,085 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, 28,286,561 shares and 28,300,206 shares, respectively | 0.3 | | | 0.3 | |
Additional paid-in capital | 1,553.6 | | | 1,514.6 | |
Retained earnings | 13,742.2 | | | 13,695.3 | |
Accumulated other comprehensive income (loss) | (815.5) | | | (266.3) | |
| 14,482.5 | | | 14,945.8 | |
Less: Treasury stock – | | | |
Class A Common Stock, at cost, 17,301,423 shares and 18,256,826 shares, respectively | (2,792.3) | | | (2,811.8) | |
Class B Convertible Common Stock, at cost, 5,005,800 shares | (2.2) | | | (2.2) | |
| (2,794.5) | | | (2,814.0) | |
Total CBI stockholders’ equity | 11,688.0 | | | 12,131.8 | |
Noncontrolling interests | 315.8 | | | 342.5 | |
Total stockholders’ equity | 12,003.8 | | | 12,474.3 | |
Total liabilities and stockholders’ equity | $ | 26,462.5 | | | $ | 27,323.2 | |
The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q2 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 1 |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, except per share data)
(unaudited)
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| For the Six Months Ended August 31, | | | | For the Three Months Ended August 31, | | |
| 2020 | | 2019 | | 2020 | | 2019 |
Sales | $ | 4,591.4 | | | $ | 4,855.9 | | | $ | 2,459.7 | | | $ | 2,573.4 | |
Excise taxes | (367.6) | | | (414.7) | | | (199.3) | | | (229.4) | |
Net sales | 4,223.8 | | | 4,441.2 | | | 2,260.4 | | | 2,344.0 | |
Cost of product sold | (2,019.7) | | | (2,226.6) | | | (1,044.6) | | | (1,158.1) | |
Gross profit | 2,204.1 | | | 2,214.6 | | | 1,215.8 | | | 1,185.9 | |
Selling, general, and administrative expenses | (752.4) | | | (845.4) | | | (399.1) | | | (439.4) | |
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Impairment of assets held for sale | (3.0) | | | (27.0) | | | 22.0 | | | (27.0) | |
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Operating income (loss) | 1,448.7 | | | 1,342.2 | | | 838.7 | | | 719.5 | |
Income (loss) from unconsolidated investments | (651.9) | | | (2,255.3) | | | (80.7) | | | (1,324.7) | |
Interest expense | (200.2) | | | (226.2) | | | (100.2) | | | (111.6) | |
Loss on extinguishment of debt | (7.6) | | | (2.4) | | | (0.6) | | | (2.4) | |
Income (loss) before income taxes | 589.0 | | | (1,141.7) | | | 657.2 | | | (719.2) | |
(Provision for) benefit from income taxes | (239.8) | | | 387.6 | | | (135.4) | | | 202.2 | |
Net income (loss) | 349.2 | | | (754.1) | | | 521.8 | | | (517.0) | |
Net income (loss) attributable to noncontrolling interests | (15.0) | | | (16.5) | | | (9.7) | | | (8.2) | |
Net income (loss) attributable to CBI | $ | 334.2 | | | $ | (770.6) | | | $ | 512.1 | | | $ | (525.2) | |
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Comprehensive income (loss) | $ | (231.7) | | | $ | (886.2) | | | $ | 733.2 | | | $ | (646.4) | |
Comprehensive (income) loss attributable to noncontrolling interests | 16.7 | | | (7.1) | | | (14.2) | | | 0.1 | |
Comprehensive income (loss) attributable to CBI | $ | (215.0) | | | $ | (893.3) | | | $ | 719.0 | | | $ | (646.3) | |
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Net income (loss) per common share attributable to CBI: | | | | | | | |
Basic – Class A Common Stock | $ | 1.74 | | | $ | (4.08) | | | $ | 2.68 | | | $ | (2.77) | |
Basic – Class B Convertible Common Stock | $ | 1.58 | | | $ | (3.71) | | | $ | 2.43 | | | $ | (2.52) | |
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Diluted – Class A Common Stock | $ | 1.71 | | | $ | (4.08) | | | $ | 2.62 | | | $ | (2.77) | |
Diluted – Class B Convertible Common Stock | $ | 1.58 | | | $ | (3.71) | | | $ | 2.42 | | | $ | (2.52) | |
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Weighted average common shares outstanding: | | | | | | | |
Basic – Class A Common Stock | 169.841 | | | 168.215 | | | 170.078 | | | 168.310 | |
Basic – Class B Convertible Common Stock | 23.289 | | | 23.316 | | | 23.284 | | | 23.316 | |
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Diluted – Class A Common Stock | 194.962 | | | 168.215 | | | 195.142 | | | 168.310 | |
Diluted – Class B Convertible Common Stock | 23.289 | | | 23.316 | | | 23.284 | | | 23.316 | |
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Cash dividends declared per common share: | | | | | | | |
Class A Common Stock | $ | 1.50 | | | $ | 1.50 | | | $ | 0.75 | | | $ | 0.75 | |
Class B Convertible Common Stock | $ | 1.36 | | | $ | 1.36 | | | $ | 0.68 | | | $ | 0.68 | |
The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q2 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 2 |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
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| Common Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Non-controlling Interests | | Total |
| Class A | | Class 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 | |
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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) | |
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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 | |
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | — | | | 512.1 | | | — | | | — | | | 9.7 | | | 521.8 | |
Other comprehensive income (loss), net of income tax effect | — | | | — | | | — | | | — | | | 206.9 | | | — | | | 4.5 | | | 211.4 | |
Comprehensive income (loss) | | | | | | | | | | | | | | | 733.2 | |
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Dividends declared | — | | | — | | | — | | | (144.0) | | | — | | | — | | | — | | | (144.0) | |
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Noncontrolling interest distributions | — | | | — | | | — | | | — | | | — | | | — | | | (10.0) | | | (10.0) | |
Shares issued under equity compensation plans | — | | | — | | | 10.9 | | | — | | | — | | | 16.7 | | | — | | | 27.6 | |
Stock-based compensation | — | | | — | | | 19.4 | | | — | | | — | | | — | | | — | | | 19.4 | |
Balance at August 31, 2020 | $ | 1.9 | | | $ | 0.3 | | | $ | 1,553.6 | | | $ | 13,742.2 | | | $ | (815.5) | | | $ | (2,794.5) | | | $ | 315.8 | | | $ | 12,003.8 | |
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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 | |
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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) | |
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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 | |
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | — | | | (525.2) | | | — | | | — | | | 8.2 | | | (517.0) | |
Other comprehensive income (loss), net of income tax effect | — | | | — | | | — | | | — | | | (121.1) | | | — | | | (8.3) | | | (129.4) | |
Comprehensive income (loss) | | | | | | | | | | | | | | | (646.4) | |
Repurchase of shares | — | | | — | | | — | | | — | | | — | | | (50.0) | | | — | | | (50.0) | |
Dividends declared | — | | | — | | | — | | | (142.3) | | | — | | | — | | | — | | | (142.3) | |
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Shares issued under equity compensation plans | — | | | — | | | 17.4 | | | — | | | — | | | 6.4 | | | — | | | 23.8 | |
Stock-based compensation | — | | | — | | | 17.7 | | | — | | | — | | | — | | | — | | | 17.7 | |
Balance at August 31, 2019 | $ | 1.9 | | | $ | 0.3 | | | $ | 1,452.1 | | | $ | 13,221.4 | | | $ | (476.6) | | | $ | (2,821.6) | | | $ | 313.5 | | | $ | 11,691.0 | |
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The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q2 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 3 |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
| | | | | | | | | | | |
| For the Six Months Ended August 31, | | |
| 2020 | | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net income (loss) | $ | 349.2 | | | $ | (754.1) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
Unrealized net (gain) loss on securities measured at fair value | 244.9 | | | 1,666.6 | |
Deferred tax provision (benefit) | 196.1 | | | (452.7) | |
Depreciation | 142.7 | | | 169.1 | |
Stock-based compensation | 34.0 | | | 33.6 | |
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings | 408.1 | | | 580.3 | |
Noncash lease expense | 41.3 | | | 44.8 | |
Impairment and amortization of intangible assets | 2.7 | | | 13.9 | |
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Impairment of assets held for sale | 3.0 | | | 27.0 | |
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Loss on inventory and related contracts | 25.1 | | | 61.0 | |
Loss on settlement of treasury lock contracts | (29.3) | | | — | |
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Change in operating assets and liabilities, net of effects from purchases of businesses: | | | |
Accounts receivable | (56.1) | | | (106.2) | |
Inventories | 73.0 | | | |