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, unless otherwise specified
 12 Months Ended 13 Months Ended
Feb. 29, 2012
Feb. 28, 2011
Feb. 28, 2010
Feb. 29, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 445.0 $ 559.5 $ 99.3  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of property, plant and equipment 98.4 119.2 143.8  
Deferred tax provision (benefit) 48.0 70.9 (30.6)  
Stock-based compensation expense 47.6 46.0 56.3  
Impairment of intangible assets 38.1 23.6 103.2  
Amortization of intangible and other assets 11.9 14.6 12.1  
Equity in earnings of equity method investees, net of distributed earnings 2.6 (23.8) (13.1)  
Loss on disposal or impairment of long-lived assets, net 0.3 0.4 15.7  
(Gain) loss on obligation from put option of Ruffino shareholder (2.5) 60.0 34.3  
Gain on businesses sold, net (2.1) (165.1) (10.4) (167.2)
Loss on settlement of pension obligations   109.9   109.9
Noncash portion of loss on extinguishment of debt     0.7  
Change in operating assets and liabilities, net of effects from purchases and sales of businesses:        
Accounts receivable, net (5.6) (86.0) 61.9  
Inventories 51.5 190.8 51.0  
Prepaid expenses and other current assets 6.5 (7.6) 2.6  
Accounts payable (6.0) (82.5) (42.7)  
Accrued excise taxes 10.6 (7.1) (18.1)  
Other accrued expenses and liabilities 44.6 (168.2) (110.5)  
Other, net (4.8) (34.9) 47.1  
Total adjustments 339.1 60.2 303.3  
Net cash provided by operating activities 784.1 619.7 402.6  
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (68.4) (89.1) (107.7)  
Purchase of business, net of cash acquired (51.5)      
(Payments related to) proceeds from sales of businesses, net of cash divested (30.8) 219.7 349.6  
Investments in equity method investees (0.1) (29.7) (0.9)  
Proceeds from redemption of available-for-sale debt securities 20.2      
Proceeds from sales of assets 3.6 19.5 17.2  
Proceeds from note receivable 1.0 60.0    
Other investing activities (9.1) 7.7 (1.6)  
Net cash (used in) provided by investing activities (135.1) 188.1 256.6  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Principal payments of long-term debt (475.9) (328.5) (781.3)  
Purchases of treasury stock (413.7) (300.0)    
Payment of minimum tax withholdings on stock-based payment awards (2.2) (0.4) (0.1)  
Net proceeds from (repayment of) notes payable 249.8 (289.7) 117.1  
Proceeds from exercises of employee stock options 51.3 61.0 12.3  
Proceeds from excess tax benefits from stock-based payment awards 10.9 7.4 2.7  
Proceeds from employee stock purchases 4.7 4.3 4.5  
Payment of financing costs of long-term debt   (0.2) (11.5)  
Proceeds from maturity of derivative instrument     33.2  
Net cash used in financing activities (575.1) (846.1) (623.1)  
Effect of exchange rate changes on cash and cash investments 2.7 4.0 (5.7)  
NET INCREASE (DECREASE) IN CASH AND CASH INVESTMENTS 76.6 (34.3) 30.4  
CASH AND CASH INVESTMENTS, beginning of year 9.2 43.5 13.1  
CASH AND CASH INVESTMENTS, end of year 85.8 9.2 43.5 85.8
Cash paid during the year for:        
Interest 173.3 203.3 307.7  
Income taxes 62.9 88.2 224.1  
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:        
Property, plant and equipment acquired under financing arrangements 27.8 28.4    
Purchase of business        
Fair value of assets acquired, including cash acquired 157.3     157.3
Liabilities assumed (133.8)     (133.8)
Net assets acquired 23.5     23.5
Plus - settlement of obligation from put option of shareholder 56.7     56.7
Less - fair value of previously owned 49.9% equity interest (11.6)     (11.6)
Less - cash acquired (17.1)      
Net cash paid for purchase of business 51.5      
Sales of businesses        
Investment in Accolade   48.2    
Indemnification liabilities   26.1   25.5
Note receivable from sale of value spirits business     $ 60.0