Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Feb. 29, 2016
Feb. 28, 2015
Feb. 28, 2014
Cash flows from operating activities:      
Net income $ 1,060.6 $ 836.2 $ 1,943.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred tax provision 251.0 79.3 41.6
Depreciation 180.3 162.0 139.8
Stock-based compensation 54.0 55.0 49.9
Amortization of intangible assets 40.7 40.0 15.5
Amortization of debt issuance costs 12.0 12.2 11.6
Noncash portion of loss on write-off of debt issuance costs 1.1 3.3 0.0
Gain on remeasurement to fair value of equity method investment 0.0 0.0 (1,642.0)
Impairment of goodwill and intangible assets 0.0 0.0 300.9
Change in operating assets and liabilities, net of effects from purchases of businesses:      
Accounts receivable (129.8) 16.1 36.5
Inventories 10.1 (132.5) (41.1)
Prepaid expenses and other current assets 45.9 (71.2) (0.2)
Accounts payable 24.7 (0.8) (49.3)
Accrued excise taxes 5.1 1.6 (5.5)
Other accrued expenses and liabilities (116.8) 44.7 58.1
Other (25.2) 35.1 (32.7)
Total adjustments 353.1 244.8 (1,116.9)
Net cash provided by operating activities 1,413.7 1,081.0 826.2
Cash flows from investing activities:      
Purchases of businesses, net of cash acquired (1,316.4) (310.3) (4,681.3)
Purchases of property, plant and equipment (891.3) (719.4) (223.5)
Other investing activities 0.3 13.8 41.0
Net cash used in investing activities (2,207.4) (1,015.9) (4,863.8)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 610.0 905.0 3,725.0
Net proceeds from notes payable 360.6 13.1 57.3
Excess tax benefits from stock-based payment awards 203.4 78.0 65.4
Proceeds from shares issued under equity compensation plans 113.0 63.7 125.9
Proceeds from noncontrolling interests 25.0 115.0 0.0
Dividends paid (241.6) 0.0 0.0
Principal payments of long-term debt (208.7) (605.7) (96.4)
Payments of minimum tax withholdings on stock-based payment awards (38.6) (28.4) (18.0)
Purchases of treasury stock (33.8) 0.0 0.0
Payments of debt issuance costs (13.3) (13.8) (82.2)
Payment of delayed purchase price arrangement 0.0 (543.3) 0.0
Net cash provided by (used in) financing activities 776.0 (16.4) 3,777.0
Effect of exchange rate changes on cash and cash equivalents (9.3) (2.5) (7.0)
Net increase (decrease) in cash and cash equivalents (27.0) 46.2 (267.6)
Cash and cash equivalents, beginning of period 110.1 63.9 331.5
Cash and cash equivalents, end of period 83.1 110.1 63.9
Supplemental disclosures of cash flow information:      
Interest 310.4 325.4 313.4
Income taxes, net of refunds received $ 80.2 $ 169.5 $ 117.9