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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 November 30, 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)
| | | | | |
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:
| | | | | | | | |
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.
| | | | | | | | | | | |
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 170,029,096 shares of Class A Common Stock, 23,268,443 shares of Class B Common Stock, and 611,186 shares of Class 1 Common Stock outstanding as of December 31, 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 | |
| | |
| | |
| 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 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)
| | | | | | | | | | | |
| November 30, 2020 | | February 29, 2020 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 152.9 | | | $ | 81.4 | |
Accounts receivable | 915.4 | | | 864.8 | |
Inventories | 1,376.9 | | | 1,373.6 | |
Prepaid expenses and other | 455.5 | | | 535.8 | |
Assets held for sale - current | 546.4 | | | 628.5 | |
Total current assets | 3,447.1 | | | 3,484.1 | |
Property, plant, and equipment | 5,580.7 | | | 5,333.0 | |
Goodwill | 7,789.0 | | | 7,757.1 | |
Intangible assets | 2,739.7 | | | 2,718.9 | |
Equity method investments | 2,959.9 | | | 3,093.9 | |
Securities measured at fair value | 1,536.2 | | | 1,117.1 | |
Deferred income taxes | 2,563.0 | | | 2,656.3 | |
Assets held for sale | 385.5 | | | 552.1 | |
Other assets | 629.5 | | | 610.7 | |
Total assets | $ | 27,630.6 | | | $ | 27,323.2 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Short-term borrowings | $ | 40.0 | | | $ | 238.9 | |
Current maturities of long-term debt | 528.4 | | | 734.9 | |
Accounts payable | 732.1 | | | 557.6 | |
Other accrued expenses and liabilities | 740.9 | | | 780.4 | |
Total current liabilities | 2,041.4 | | | 2,311.8 | |
Long-term debt, less current maturities | 10,416.1 | | | 11,210.8 | |
| | | |
Deferred income taxes and other liabilities | 1,520.6 | | | 1,326.3 | |
Total liabilities | 13,978.1 | | | 14,848.9 | |
Commitments and contingencies | | | |
CBI stockholders’ equity: | | | |
Class A Common Stock, $0.01 par value – Authorized, 322,000,000 shares; Issued, 187,196,051 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, 28,277,517 shares and 28,300,206 shares, respectively | 0.3 | | | 0.3 | |
Additional paid-in capital | 1,580.4 | | | 1,514.6 | |
Retained earnings | 14,879.1 | | | 13,695.3 | |
Accumulated other comprehensive income (loss) | (357.4) | | | (266.3) | |
| 16,104.3 | | | 14,945.8 | |
Less: Treasury stock – | | | |
Class A Common Stock, at cost, 17,190,040 shares and 18,256,826 shares, respectively | (2,790.0) | | | (2,811.8) | |
Class B Convertible Common Stock, at cost, 5,005,800 shares | (2.2) | | | (2.2) | |
| (2,792.2) | | | (2,814.0) | |
Total CBI stockholders’ equity | 13,312.1 | | | 12,131.8 | |
Noncontrolling interests | 340.4 | | | 342.5 | |
Total stockholders’ equity | 13,652.5 | | | 12,474.3 | |
Total liabilities and stockholders’ equity | $ | 27,630.6 | | | $ | 27,323.2 | |
The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q3 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)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Nine Months Ended November 30, | | For the Three Months Ended November 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Sales | $ | 7,235.1 | | | $ | 7,037.4 | | | $ | 2,643.7 | | | $ | 2,181.5 | |
Excise taxes | (573.2) | | | (596.8) | | | (205.6) | | | (182.1) | |
Net sales | 6,661.9 | | | 6,440.6 | | | 2,438.1 | | | 1,999.4 | |
Cost of product sold | (3,189.6) | | | (3,238.5) | | | (1,169.9) | | | (1,011.9) | |
Gross profit | 3,472.3 | | | 3,202.1 | | | 1,268.2 | | | 987.5 | |
Selling, general, and administrative expenses | (1,211.8) | | | (1,251.7) | | | (463.8) | | | (406.3) | |
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Impairment of assets held for sale | (24.0) | | | (417.0) | | | (21.0) | | | (390.0) | |
Gain (loss) on sale of business | (4.7) | | | 76.0 | | | (0.3) | | | 76.0 | |
Operating income (loss) | 2,231.8 | | | 1,609.4 | | | 783.1 | | | 267.2 | |
Income (loss) from unconsolidated investments | 130.5 | | | (2,711.8) | | | 782.4 | | | (456.5) | |
Interest expense | (295.9) | | | (329.3) | | | (95.7) | | | (103.1) | |
Loss on extinguishment of debt | (8.8) | | | (2.4) | | | (1.2) | | | — | |
Income (loss) before income taxes | 2,057.6 | | | (1,434.1) | | | 1,468.6 | | | (292.4) | |
(Provision for) benefit from income taxes | (416.4) | | | 1,046.5 | | | (176.6) | | | 658.9 | |
Net income (loss) | 1,641.2 | | | (387.6) | | | 1,292.0 | | | 366.5 | |
Net income (loss) attributable to noncontrolling interests | (26.1) | | | (22.6) | | | (11.1) | | | (6.1) | |
Net income (loss) attributable to CBI | $ | 1,615.1 | | | $ | (410.2) | | | $ | 1,280.9 | | | $ | 360.4 | |
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Comprehensive income (loss) | $ | 1,544.4 | | | $ | (419.6) | | | $ | 1,776.1 | | | $ | 466.6 | |
Comprehensive (income) loss attributable to noncontrolling interests | (20.4) | | | (20.5) | | | (37.1) | | | (13.4) | |
Comprehensive income (loss) attributable to CBI | $ | 1,524.0 | | | $ | (440.1) | | | $ | 1,739.0 | | | $ | 453.2 | |
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Net income (loss) per common share attributable to CBI: | | | | | | | |
Basic – Class A Common Stock | $ | 8.44 | | | $ | (2.17) | | | $ | 6.68 | | | $ | 1.90 | |
Basic – Class B Convertible Common Stock | $ | 7.67 | | | $ | (1.98) | | | $ | 6.07 | | | $ | 1.73 | |
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Diluted – Class A Common Stock | $ | 8.28 | | | $ | (2.17) | | | $ | 6.55 | | | $ | 1.85 | |
Diluted – Class B Convertible Common Stock | $ | 7.62 | | | $ | (1.98) | | | $ | 6.03 | | | $ | 1.71 | |
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Weighted average common shares outstanding: | | | | | | | |
Basic – Class A Common Stock | 170.083 | | | 168.258 | | | 170.571 | | | 168.346 | |
Basic – Class B Convertible Common Stock | 23.284 | | | 23.316 | | | 23.274 | | | 23.314 | |
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Diluted – Class A Common Stock | 195.101 | | | 168.258 | | | 195.444 | | | 194.856 | |
Diluted – Class B Convertible Common Stock | 23.284 | | | 23.316 | | | 23.274 | | | 23.314 | |
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Cash dividends declared per common share: | | | | | | | |
Class A Common Stock | $ | 2.25 | | | $ | 2.25 | | | $ | 0.75 | | | $ | 0.75 | |
Class B Convertible Common Stock | $ | 2.04 | | | $ | 2.04 | | | $ | 0.68 | | | $ | 0.68 | |
The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q3 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 2 |
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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (in millions) (unaudited) |
| 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 | |
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | — | | | 1,280.9 | | | — | | | — | | | 11.1 | | | 1,292.0 | |
Other comprehensive income (loss), net of income tax effect | — | | | — | | | — | | | — | | | 458.1 | | | — | | | 26.0 | | | 484.1 | |
Comprehensive income (loss) | | | | | | | | | | | | | | | 1,776.1 | |
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Dividends declared | — | | | — | | | — | | | (144.0) | | | — | | | — | | | — | | | (144.0) | |
Noncontrolling interest distributions | — | | | — | | | — | | | — | | | — | | | — | | | (12.5) | | | (12.5) | |
Shares issued under equity compensation plans | — | | | — | | | 8.8 | | | — | | | — | | | 2.3 | | | — | | | 11.1 | |
Stock-based compensation | — | | | — | | | 18.0 | | | — | | | — | | | — | | | — | | | 18.0 | |
Balance at November 30, 2020 | $ | 1.9 | | | $ | 0.3 | | | $ | 1,580.4 | | | $ | 14,879.1 | | | $ | (357.4) | | | $ | (2,792.2) | | | $ | 340.4 | | | $ | 13,652.5 | |
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Constellation Brands, Inc. Q3 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 3 |
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CONSTELLATION BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (in millions) (unaudited) |
| 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 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 | |
Comprehensive income (loss): | | | | | | | | | | | | | | | |
Net income (loss) | — | | | — | | | — | | | 360.4 | | | — | | | — | | | 6.1 | | | 366.5 | |
Other comprehensive income (loss), net of income tax effect | — | | | — | | | — | | | — | | | 92.8 | | | — | | | 7.3 | | | 100.1 | |
Comprehensive income (loss) | | | | | | | | | | | | | | | 466.6 | |
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Dividends declared | — | | | — | | | — | | | (142.4) | | | — | | | — | | | — | | | (142.4) | |
Shares issued under equity compensation plans | — | | | — | | | 3.0 | | | — | | | — | | | 0.9 | | | — | | | 3.9 | |
Stock-based compensation | — | | | — | | | 17.2 | | | — | | | — | | | — | | | — | | | 17.2 | |
Balance at November 30, 2019 | $ | 1.9 | | | $ | 0.3 | | | $ | 1,472.3 | | | $ | 13,439.4 | | | $ | (383.8) | | | $ | (2,820.7) | | | $ | 326.9 | | | $ | 12,036.3 | |
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The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q3 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 4 |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
| | | | | | | | | | | |
| For the Nine Months Ended November 30, |
| 2020 | | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net income (loss) | $ | 1,641.2 | | | $ | (387.6) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
Unrealized net (gain) loss on securities measured at fair value | (524.7) | | | 2,200.9 | |
Deferred tax provision (benefit) | 287.0 | | | (1,192.8) | |
Depreciation | 219.2 | | | 248.9 | |
Stock-based compensation | 52.0 | | | 50.6 | |
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings | 403.0 | | | 512.5 | |
Noncash lease expense | 63.0 | | | 66.6 | |
Impairment and amortization of intangible assets | 4.0 | | | 15.3 | |
Amortization of debt issuance costs and loss on extinguishment of debt | 17.7 | | | 13.0 | |
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Impairment of assets held for sale | 24.0 | | | 417.0 | |
(Gain) loss on sale of business | 4.7 | | | (76.0) | |
Loss on inventory and related contracts | 25.8 | | | 122.7 | |
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 | (44.1) | | | 41.3 | |
Inventories | 75.2 | | | (134.5) | |
Prepaid expenses and other current assets | 67.4 | | | 40.1 | |
Accounts payable | 146.8 | | | 135.6 | |
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Other accrued expenses and liabilities | (29.7) | | | (20.1) | |
Other | (39.6) | | | 22.8 | |
Total adjustments | 722.4 | | | 2,463.9 | |
Net cash provided by (used in) operating activities | 2,363.6 | | | 2,076.3 | |
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CASH FLOWS FROM INVESTING ACTIVITIES | | | |
Purchases of property, plant, and equipment | (467.7) | | | (538.3) | |
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Purchases of businesses, net of cash acquired | (19.9) | | | (36.2) | |
Investments in equity method investees and securities | (217.4) | | | (33.7) | |
Proceeds from sales of assets | 18.3 | | | 0.7 | |
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Proceeds from sale of business | 42.9 | | | 269.7 | |
Other investing activities | 0.6 | | | 1.9 | |
Net cash provided by (used in) investing activities | (643.2) | | | (335.9) | |
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Constellation Brands, Inc. Q3 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 5 |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
| | | | | | | | | | | |
| For the Nine Months Ended November 30, |
| 2020 | | 2019 |
CASH FLOWS FROM FINANCING ACTIVITIES | | | |
Proceeds from issuance of long-term debt | 1,194.7 | | | 1,291.3 | |
Principal payments of long-term debt | (2,214.0) | | | (2,061.0) | |
Net proceeds from (repayments of) short-term borrowings | (198.9) | | | (510.0) | |
Dividends paid | (431.2) | | | (427.0) | |
Purchases of treasury stock | — | | | (50.0) | |
Proceeds from shares issued under equity compensation plans | 43.2 | | | 38.9 | |
Payments of minimum tax withholdings on stock-based payment awards | (7.7) | | | (14.2) | |
Payments of debt issuance, debt extinguishment, and other financing costs | (18.3) | | | (8.2) | |
Distributions to noncontrolling interests | (22.5) | | | — | |
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Net cash provided by (used in) financing activities | (1,654.7) | | | (1,740.2) | |
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Effect of exchange rate changes on cash and cash equivalents | 5.8 | | | (0.1) | |
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Net increase (decrease) in cash and cash equivalents | 71.5 | | | 0.1 | |
Cash and cash equivalents, beginning of period | 81.4 | | | 93.6 | |
Cash and cash equivalents, end of period | $ | 152.9 | | | $ | 93.7 | |
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Supplemental disclosures of noncash investing and financing activities | | | |
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Additions to property, plant, and equipment | $ | 120.4 | | | $ | 25.4 | |
The accompanying notes are an integral part of these statements.
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Constellation Brands, Inc. Q3 FY 2021 Form 10-Q | #WORTHREACHINGFOR I 6 |
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FINANCIAL STATEMENTS | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
NOVEMBER 30, 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:
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| November 30, 2020 | | February 29, 2020 |
(in millions) | | | |
Raw materials and supplies | $ | 133.6 | | | $ | |