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

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013
Cash flows from operating activities:
Net income	$ 836.2us-gaap_ProfitLoss	$ 1,943.1us-gaap_ProfitLoss	$ 387.8us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	162.0us-gaap_Depreciation	139.8us-gaap_Depreciation	108.2us-gaap_Depreciation
Deferred tax provision	79.3us-gaap_DeferredIncomeTaxExpenseBenefit	41.6us-gaap_DeferredIncomeTaxExpenseBenefit	39.2us-gaap_DeferredIncomeTaxExpenseBenefit
Stock-based compensation	55.0us-gaap_ShareBasedCompensation	49.9us-gaap_ShareBasedCompensation	40.8us-gaap_ShareBasedCompensation
Amortization of intangible assets	40.0us-gaap_AdjustmentForAmortization	15.5us-gaap_AdjustmentForAmortization	7.2us-gaap_AdjustmentForAmortization
Amortization of deferred financing costs	12.2us-gaap_AmortizationOfFinancingCosts	11.6us-gaap_AmortizationOfFinancingCosts	4.8us-gaap_AmortizationOfFinancingCosts
Noncash portion of loss on write-off of financing costs	3.3us-gaap_OtherNoncashExpense	0us-gaap_OtherNoncashExpense	12.5us-gaap_OtherNoncashExpense
Equity in earnings of equity method investees, net of distributed earnings	(1.2)	(43.3)	7.6
Gain on remeasurement to fair value of equity method investment	0	(1,642.0)	0
Impairment of goodwill and intangible assets	0	300.9	0
Change in operating assets and liabilities, net of effects from purchases of businesses:
Accounts receivable	16.1	36.5	(38.9)
Inventories	(132.5)us-gaap_IncreaseDecreaseInInventories	(41.1)us-gaap_IncreaseDecreaseInInventories	(90.0)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets	(71.2)	(0.2)	(9.6)
Accounts payable	(0.8)	(49.3)	76.9
Accrued excise taxes	1.6	(5.5)	(5.8)
Other accrued expenses and liabilities	44.7	58.1	(0.3)
Other	36.3	10.6	15.9
Total adjustments	244.8	(1,116.9)	168.5
Net cash provided by operating activities	1,081.0	826.2	556.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(719.4)	(223.5)	(62.1)
Purchases of businesses, net of cash acquired	(310.3)	(4,681.3)	(159.3)
Other investing activities	13.8	41.0	14.6
Net cash used in investing activities	(1,015.9)	(4,863.8)	(206.8)
Cash flows from financing activities:
Principal payments of long-term debt	(605.7)us-gaap_RepaymentsOfLongTermDebt	(96.4)us-gaap_RepaymentsOfLongTermDebt	(1,537.2)us-gaap_RepaymentsOfLongTermDebt
Payment of delayed purchase price arrangement	(543.3)	0	0
Payments of minimum tax withholdings on stock-based payment awards	(28.4)	(18.0)	(0.5)
Payments of financing costs of long-term debt	(13.8)us-gaap_PaymentsOfFinancingCosts	(82.2)us-gaap_PaymentsOfFinancingCosts	(35.8)us-gaap_PaymentsOfFinancingCosts
Proceeds from issuance of long-term debt	905.0	3,725.0	2,050.0
Proceeds from noncontrolling interests	115.0	0	0
Excess tax benefits from stock-based payment awards	78.0	65.4	17.7
Proceeds from shares issued under equity compensation plans	63.7	125.9	162.7
Net proceeds from (repayments of) notes payable	13.1	57.3	(372.6)
Purchases of treasury stock	0	0	(383.0)
Net cash provided by (used in) financing activities	(16.4)	3,777.0	(98.7)
Effect of exchange rate changes on cash and cash equivalents	(2.5)	(7.0)	(5.1)
Net increase (decrease) in cash and cash equivalents	46.2	(267.6)	245.7
Cash and cash equivalents, beginning of year	63.9	331.5	85.8
Cash and cash equivalents, end of year	110.1	63.9	331.5
Supplemental disclosures of cash flow information:
Interest	325.4us-gaap_InterestPaidNet	313.4us-gaap_InterestPaidNet	197.0us-gaap_InterestPaidNet
Income taxes, net of refunds received	169.5us-gaap_IncomeTaxesPaidNet	117.9us-gaap_IncomeTaxesPaidNet	143.6us-gaap_IncomeTaxesPaidNet
Purchases of businesses
Fair value of assets acquired, including cash acquired	343.9
Liabilities assumed	(15.0)
Net assets acquired	328.9
Less – contingent consideration not yet paid	(13.4)
Less – fair value of preexisting equity interest	0
Less - purchase price and working capital adjustments not yet paid	(1.7)
Less – cash acquired	(3.5)us-gaap_CashAcquiredFromAcquisition
Net cash paid for purchases of businesses	310.3	4,681.3	159.3
Property, plant and equipment acquired under financing arrangements	21.7	27.9	34.8
Beer Business Acquisition [Member]
Cash flows from investing activities:
Purchases of businesses, net of cash acquired		(4,681.3)
Purchases of businesses
Fair value of assets acquired, including cash acquired		7,465.7
Liabilities assumed		(287.5)
Net assets acquired		7,178.2
Less – contingent consideration not yet paid		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 purchases of businesses		4,681.3
Mark West [Member]
Cash flows from investing activities:
Purchases of businesses, net of cash acquired			(159.3)
Purchases of businesses
Fair value of assets acquired, including cash acquired			159.3
Liabilities assumed			0
Net assets acquired			159.3
Less – contingent consideration not yet paid			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 purchases of businesses			$ 159.3