Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Feb. 28, 2014
Feb. 28, 2013
Feb. 29, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,943.1 $ 387.8 $ 445.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on remeasurement to fair value of equity method investment (1,642.0) 0 0
Equity in earnings of equity method investees, net of distributed earnings (43.3) 7.6 2.6
Impairment of goodwill and intangible assets 300.9 0 38.1
Depreciation of property, plant and equipment 139.8 108.2 98.4
Stock-based compensation expense 49.9 40.8 47.6
Deferred tax provision 41.6 39.2 48.0
Amortization of intangible assets 15.5 7.2 5.4
Amortization of deferred financing costs 11.6 4.8 6.5
Loss on write-off of financing costs 0 12.5 0
Change in operating assets and liabilities, net of effects from purchase of business:      
Accounts receivable, net 36.5 (38.9) (5.6)
Inventories (41.1) (90.0) 51.5
Prepaid expenses and other current assets (0.2) (9.6) 6.5
Accounts payable (49.3) 76.9 (6.0)
Accrued excise taxes (5.5) (5.8) 10.6
Other accrued expenses and liabilities 58.1 (0.3) 44.6
Other, net 10.6 15.9 (9.1)
Total adjustments (1,116.9) 168.5 339.1
Net cash provided by operating activities 826.2 556.3 784.1
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of business, net of cash acquired (4,681.3) (159.3) (51.5)
Purchases of property, plant and equipment (223.5) (62.1) (68.4)
Proceeds from redemption of available-for-sale debt securities 23.4 0 20.2
Proceeds from sales of assets 7.8 10.0 3.6
Payments related to sale of business 0 (0.6) (30.8)
Other investing activities 9.8 5.2 (8.2)
Net cash used in investing activities (4,863.8) (206.8) (135.1)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of long-term debt 3,725.0 2,050.0 0
Proceeds from exercises of employee stock options 120.1 158.3 51.3
Excess tax benefits from stock-based payment awards 65.4 17.7 10.9
Net proceeds from (repayments of) notes payable 57.3 (372.6) 249.8
Proceeds from employee stock purchases 5.8 4.4 4.7
Principal payments of long-term debt (96.4) (1,537.2) (475.9)
Payments of financing costs of long-term debt (82.2) (35.8) 0
Payments of minimum tax withholdings on stock-based payment awards (18.0) (0.5) (2.2)
Purchases of treasury stock 0 (383.0) (413.7)
Net cash provided by (used in) financing activities 3,777.0 (98.7) (575.1)
Effect of exchange rate changes on cash and cash investments (7.0) (5.1) 2.7
NET (DECREASE) INCREASE IN CASH AND CASH INVESTMENTS (267.6) 245.7 76.6
CASH AND CASH INVESTMENTS, beginning of year 331.5 85.8 9.2
CASH AND CASH INVESTMENTS, end of year 63.9 331.5 85.8
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest 313.4 197.0 173.3
Income taxes, net of refunds received 117.9 143.6 (31.8)
Purchase of business      
Net cash paid for purchase of business 4,681.3 159.3 51.5
Property, plant and equipment acquired under financing arrangements 27.9 34.8 27.8
Beer Business Acquisition [Member]
      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of business, net of cash acquired (4,681.3)    
Purchase of business      
Fair value of assets acquired, including cash acquired 7,465.7    
Liabilities assumed (287.5)    
Net assets acquired 7,178.2    
Plus – settlement of obligation from put option of shareholder 0    
Less – fair value of preexisting equity interest (1,845.0)    
Less - purchase price and working capital adjustments not yet paid (545.1)    
Less – cash acquired (106.8)    
Net cash paid for purchase of business 4,681.3    
Mark West [Member]
      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of business, net of cash acquired   (159.3)  
Purchase of business      
Fair value of assets acquired, including cash acquired   159.3  
Liabilities assumed   0  
Net assets acquired   159.3  
Plus – settlement of obligation from put option of shareholder   0  
Less – fair value of preexisting equity interest   0  
Less - purchase price and working capital adjustments not yet paid   0  
Less – cash acquired   0  
Net cash paid for purchase of business   159.3  
Ruffino Acquisition [Member]
      
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of business, net of cash acquired     (51.5)
Purchase of business      
Fair value of assets acquired, including cash acquired     157.3
Liabilities assumed     (133.8)
Net assets acquired     23.5
Plus – settlement of obligation from put option of shareholder     56.7
Less – fair value of preexisting equity interest     (11.6)
Less - purchase price and working capital adjustments not yet paid     0
Less – cash acquired     (17.1)
Net cash paid for purchase of business     $ 51.5