Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows
$ in Millions, $ in Millions
 12 Months Ended
Feb. 28, 2018
USD ($)
Feb. 28, 2017
USD ($)
Feb. 29, 2016
USD ($)
Cash flows from operating activities:      
Net income $ 2,330.8 $ 1,539.2 $ 1,060.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized gain on equity securities (464.3) 0.0 0.0
Net income tax benefit related to the Tax Cuts and Jobs Act (363.0) 0.0 0.0
Depreciation 293.8 237.5 180.3
Loss on extinguishment of debt and amortization of debt issuance costs 108.7 12.7 13.1
Deferred tax provision 114.9 128.7 251.0
Impairment and amortization of intangible assets 92.7 56.4 40.7
Stock-based compensation 60.9 56.1 54.0
Loss on contract termination 59.0 0.0 0.0
Gain on sale of business 0.0 (262.4) 0.0
Change in operating assets and liabilities, net of effects from purchases of businesses:      
Accounts receivable (34.1) (49.4) (129.8)
Inventories (123.8) (151.0) 10.1
Prepaid expenses and other current assets (111.5) (71.6) 45.9
Accounts payable 12.8 115.9 24.7
Other accrued expenses and liabilities (71.6) 122.2 (111.7)
Other 26.1 (38.3) (25.2)
Total adjustments (399.4) 156.8 353.1
Net cash provided by operating activities 1,931.4 1,696.0 1,413.7
Cash flows from investing activities:      
Purchases of property, plant and equipment (1,057.6) (907.4) (891.3)
Investment in equity securities (191.3) 0.0 0.0
Purchases of businesses, net of cash acquired (150.1) (1,111.0) (1,316.4)
Proceeds from (payments related to) sale of business (5.0) 575.3 0.0
Other investing activities (19.1) (18.7) 0.3
Net cash used in investing activities (1,423.1) (1,461.8) (2,207.4)
Cash flows from financing activities:      
Principal payments of long-term debt (7,128.7) (971.8) (208.7)
Purchases of treasury stock (1,038.5) (1,122.7) (33.8)
Dividends paid (400.1) (315.1) (241.6)
Payments of debt extinguishment, debt issuance and other financing costs (122.2) (14.1) (13.3)
Payments of minimum tax withholdings on stock-based payment awards (31.7) (64.9) (38.6)
Proceeds from issuance of long-term debt 7,933.4 1,965.6 610.0
Net proceeds from short-term borrowings 137.2 197.1 360.6
Proceeds from shares issued under equity compensation plans 49.4 59.7 113.0
Excess tax benefits from stock-based payment awards 0.0 131.4 203.4
Proceeds from noncontrolling interests 0.0 0.0 25.0
Net cash provided by (used in) financing activities (601.2) (134.8) 776.0
Effect of exchange rate changes on cash and cash equivalents 5.8 (5.1) (9.3)
Net increase (decrease) in cash and cash equivalents (87.1) 94.3 (27.0)
Cash and cash equivalents, beginning of year 177.4 83.1 110.1
Cash and cash equivalents, end of year 90.3 177.4 83.1
Cash paid during the year:      
Interest, net of interest capitalized 322.2 300.4 310.4
Income taxes, net of refunds received 238.6 219.6 80.2
Noncash investing and financing activities:      
Additions to property, plant and equipment 170.0 190.3 158.0
Conversion of noncontrolling equity interest to long-term debt $ 0.0 $ 132.0 $ 0.0