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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 August 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-20200831_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 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
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)
August 31,
2020
February 29,
2020
ASSETS
Current assets:
Cash and cash equivalents$204.6 $81.4 
Accounts receivable926.3 864.8 
Inventories1,328.4 1,373.6 
Prepaid expenses and other497.1 535.8 
Assets held for sale - current580.8 628.5 
Total current assets3,537.2 3,484.1 
Property, plant, and equipment5,184.9 5,333.0 
Goodwill7,717.4 7,757.1 
Intangible assets2,738.3 2,718.9 
Equity method investments2,931.9 3,093.9 
Securities measured at fair value764.0 1,117.1 
Deferred income taxes2,574.8 2,656.3 
Assets held for sale416.6 552.1 
Other assets597.4 610.7 
Total assets$26,462.5 $27,323.2 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings$ $238.9 
Current maturities of long-term debt533.8 734.9 
Accounts payable651.2 557.6 
Other accrued expenses and liabilities724.9 780.4 
Total current liabilities1,909.9 2,311.8 
Long-term debt, less current maturities11,066.8 11,210.8 
Deferred income taxes and other liabilities1,482.0 1,326.3 
Total liabilities14,458.7 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 capital1,553.6 1,514.6 
Retained earnings13,742.2 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’ equity11,688.0 12,131.8 
Noncontrolling interests315.8 342.5 
Total stockholders’ equity12,003.8 12,474.3 
Total liabilities and stockholders’ equity$26,462.5 $27,323.2 
The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q2 FY 2021 Form 10-Q
#WORTHREACHINGFOR    I    1

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, except per share data)
(unaudited)
For the Six Months
Ended August 31,
For the Three Months
Ended August 31,
2020201920202019
Sales$4,591.4 $4,855.9 $2,459.7 $2,573.4 
Excise taxes(367.6)(414.7)(199.3)(229.4)
Net sales4,223.8 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 profit2,204.1 2,214.6 1,215.8 1,185.9 
Selling, general, and administrative expenses(752.4)(845.4)(399.1)(439.4)
Impairment of assets held for sale(3.0)(27.0)22.0 (27.0)
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 taxes589.0 (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 $(525.2)
Comprehensive income (loss)$(231.7)$(886.2)$733.2 $(646.4)
Comprehensive (income) loss attributable to noncontrolling interests16.7 (7.1)(14.2)0.1 
Comprehensive income (loss) attributable to CBI$(215.0)$(893.3)$719.0 $(646.3)
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)
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)
Weighted average common shares outstanding:
Basic – Class A Common Stock169.841 168.215 170.078 168.310 
Basic – Class B Convertible Common Stock23.289 23.316 23.284 23.316 
Diluted – Class A Common Stock194.962 168.215 195.142 168.310 
Diluted – Class B Convertible Common Stock23.289 23.316 23.284 23.316 
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.
Constellation Brands, Inc. Q2 FY 2021 Form 10-Q
#WORTHREACHINGFOR    I    2

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, 20201.9 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 
Dividends declared   (144.0)   (144.0)
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 
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, 20191.9 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)
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 

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q2 FY 2021 Form 10-Q
#WORTHREACHINGFOR    I    3

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
For the Six Months
Ended August 31,
20202019
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 value244.9 1,666.6 
Deferred tax provision (benefit)196.1 (452.7)
Depreciation142.7 169.1 
Stock-based compensation34.0 33.6 
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings408.1 580.3 
Noncash lease expense41.3 44.8 
Impairment and amortization of intangible assets2.7 13.9 
Impairment of assets held for sale3.0 27.0 
Loss on inventory and related contracts 25.1 61.0 
Loss on settlement of treasury lock contracts(29.3) 
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable(56.1)(106.2)
Inventories73.0