Constellation Brands, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Feb. 29, 2020

A summary of lease right-of-use assets and liabilities are as follows:



	Balance Sheet Classification	February 29, 2020
(in millions)
Assets
Operating lease	Other assets	$	481.4
Finance lease	Property, plant, and equipment	26.6
Total right-of-use assets		$	508.0

Liabilities
Current:
Operating lease	Other accrued expenses and liabilities	$	76.6
Finance lease	Current maturities of long-term debt	11.7
Non-current:
Operating lease	Deferred income taxes and other liabilities	483.6
Finance lease	Long-term debt, less current maturities	13.6
Total lease liabilities		$	585.5

The components of total lease cost are as follows:



	For the Year Ended February 29, 2020
(in millions)
Operating lease cost	$	98.9
Finance lease cost:
Amortization of right-of-use assets	12.2
Interest on lease liabilities	0.7
Short-term lease cost	8.6
Variable lease cost	403.3
Total lease cost	$	523.7

As of February 29, 2020, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:

As of February 29, 2020, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:

As of February 28, 2019, future payments were expected to be as follows:

⁽¹⁾

For leases with terms in excess of 12 months at inception.



Supplemental information	For the Year Ended February 29, 2020
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	100.7
Operating cash flows from finance leases	$	0.7
Financing cash flows from finance leases	$	13.8

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	34.3
Finance leases	$	10.7

	February 29, 2020
(in millions)
Weighted-average remaining lease term:
Operating leases	11.7 years
Finance leases	3.2 years

Weighted-average discount rate:
Operating leases	3.5		%
Finance leases	2.6		%