Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.1.900
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Cash flows from operating activities:    
Net income $ 815.3 $ 624.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred tax provision 192.5 80.3
Depreciation 130.5 118.4
Stock-based compensation 40.5 42.1
Amortization of intangible assets 32.2 36.2
Amortization of deferred financing costs 9.0 9.0
Noncash portion of loss on write-off of financing costs 1.1 3.3
Equity in earnings of equity method investees, net of distributed earnings (18.7) (12.7)
Change in operating assets and liabilities, net of effects from purchase of business:    
Accounts receivable (121.5) (80.8)
Inventories (25.0) (205.6)
Prepaid expenses and other current assets 46.8 (68.4)
Accounts payable 136.8 132.6
Accrued excise taxes 4.3 (2.5)
Other accrued expenses and liabilities (128.1) 65.4
Other (24.1) 8.1
Total adjustments 276.3 125.4
Net cash provided by operating activities 1,091.6 750.1
Cash flows from investing activities:    
Purchases of property, plant and equipment (513.8) (541.3)
Purchase of business (317.9) (21.4)
Other investing activities 4.0 3.0
Net cash used in investing activities (827.7) (559.7)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 210.0 800.0
Excess tax benefits from stock-based payment awards 204.2 76.0
Proceeds from shares issued under equity compensation plans 98.9 34.2
Dividends paid (180.4) 0.0
Principal payments of long-term debt (148.3) (565.3)
Payments of minimum tax withholdings on stock-based payment awards (38.4) (28.4)
Net proceeds from (repayments of) notes payable (15.9) 50.6
Payments of financing costs of long-term debt (7.9) (13.3)
Payment of delayed purchase price arrangement 0.0 (543.3)
Net cash provided by (used in) financing activities 122.2 (189.5)
Effect of exchange rate changes on cash and cash equivalents (4.9) 2.5
Net increase in cash and cash equivalents 381.2 3.4
Cash and cash equivalents, beginning of period 110.1 63.9
Cash and cash equivalents, end of period 491.3 67.3
Purchase of business    
Fair value of assets acquired 321.2 34.8
Liabilities assumed (5.0) 0.0
Net assets acquired 316.2 34.8
Plus - payment of purchase price adjustments 1.7 0.0
Less - contingent consideration not yet paid 0.0 (13.4)
Cash paid for purchase of business $ 317.9 $ 21.4