Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Constellation Brands Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net income	1,000)	2,031,800)	21,400)	3,459,100)	2,330,800)	1,539,200)
Unrealized net (gain) loss on securities measured at fair value	1,644,700)	(802,000)	2,126,400)	(1,971,200)	(464,300)	—)
Deferred tax provision (benefit)	84,800)	336,400)	(1,153,700)	426,900)	114,900)	128,700)
Depreciation	337,300)	293,800)	326,500)	333,100)	293,800)	237,500)
Stock-based compensation	44,900)	63,000)	60,400)	64,100)	60,900)	56,100)
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings	61,600)	673,400)	560,800)	13,500)	(3,600)	—)
Noncash lease expense	81,900)	83,300)	88,300)	—)	—)	—)
Impairment and amortization of intangible assets	5,100)	11,300)	16,700)	114,000)	92,700)	56,400)
Amortization of debt issuance costs and loss on extinguishment of debt	39,900)	24,300)	16,100)	29,400)	108,700)	12,700)
Net gain on sale of unconsolidated investment	(51,000)	—)	(400)	(99,800)	—)	—)
Impairment of brewery construction in progress	665,900)	—)	—)	—)	—)	—)
Impairment of assets held for sale	—)	24,000)	449,700)	—)	—)	—)
Gain on sale of business	(1,700)	(14,200)	(74,100)	—)	—)	(262,400)
Loss on inventory and related contracts associated with business optimization	—)	25,800)	123,000)	—)	59,000)	—)
Loss on settlement of treasury lock contracts	—)	(29,300)	—)	—)	—)	—)
Net income tax benefit related to the Tax Cuts and Jobs Act	—)	—)	—)	(37,600)	(363,000)	—)
Accounts receivable	(114,000)	59,600)	(22,000)	(71,900)	(34,100)	(49,400)
Inventories	(261,300)	193,700)	(29,500)	(61,900)	(123,800)	(151,000)
Prepaid expenses and other current assets	(113,200)	65,700)	8,100)	(103,000)	(111,500)	(71,600)
Accounts payable	213,700)	(95,700)	16,800)	21,400)	12,800)	115,900)
Deferred revenue	118,000)	—)	1,400)	—)	—)	—)
Other accrued expenses and liabilities	(28,800)	(75,000)	(58,500)	(22,100)	(71,600)	122,200)
Change in operating assets and liabilities, net of effects from purchase and sale of business	(185,600)	148,300)	(83,700)	(237,500)	(328,200)	(33,900)
Other	(23,400)	(63,400)	73,700)	152,300)	29,700)	(38,300)
Adjustments to reconcile net income to net cash provided by operating activities	2,704,400)	774,700)	2,529,700)	(1,212,800)	(399,400)	156,800)
Net cash provided by operating activities	2,705,400)	2,806,500)	2,551,100)	2,246,300)	1,931,400)	1,696,000)
Purchase of property, plant, and equipment	(1,026,800)	(864,600)	(726,500)	(886,300)	(1,057,600)	(907,400)
Purchase of business, net of cash acquired	(53,500)	(19,900)	(36,200)	(45,600)	(150,100)	(1,111,000)
Investments in equity method investees and securities	(36,600)	(222,400)	(48,200)	(4,081,500)	(210,900)	(17,100)
Proceeds from sale of assets	4,100)	18,900)	8,300)	72,300)	5,900)	2,100)
Proceeds from sale of unconsolidated investment	74,400)	—)	1,500)	110,200)	—)	—)
Proceeds from (payments related to) sale of business	4,600)	999,500)	269,700)	—)	(5,000)	575,300)
Other investing activities	(2,000)	600)	400)	(900)	(5,400)	(3,700)
Net cash used in investing activities	(1,035,800)	(87,900)	(531,000)	(4,831,800)	(1,423,100)	(1,461,800)
Proceeds from issuance of long-term debt	995,600)	1,194,700)	1,291,300)	3,657,600)	7,933,400)	1,965,600)
Principal payments of long-term debt	(1,365,300)	(2,721,300)	(2,195,300)	(62,800)	(7,128,700)	(971,800)
Net proceeds from (repayments of) short-term borrowings	323,000)	(238,900)	(552,600)	45,500)	137,200)	197,100)
Dividends paid	(573,000)	(575,000)	(569,200)	(557,700)	(400,100)	(315,100)
Purchase of treasury stock	(1,390,500)	—)	(50,000)	(504,300)	(1,038,500)	(1,122,700)
Proceeds from shares issued under equity compensation plans	177,600)	58,900)	78,200)	63,200)	49,400)	59,700)
Payments of minimum tax withholdings on stock-based payment awards	(9,800)	(7,700)	(14,300)	(13,600)	(31,700)	(64,900)
Payments of debt issuance, debt extinguishment, and other financing costs	(34,600)	(22,300)	(8,200)	(34,600)	(122,200)	(14,100)
Distributions to noncontrolling interests	(52,500)	(35,000)	—)	—)	—)	—)
Payment of contingent consideration	—)	—)	(11,300)	—)	—)	—)
Excess tax benefits from stock-based payment awards	—)	—)	—)	—)	—)	131,400)
Net cash provided by (used in) financing activities	(1,929,500)	(2,346,600)	(2,031,400)	2,593,300)	(601,200)	(134,800)
Effect of exchange rate changes on cash and cash equivalents	(1,300)	7,200)	(900)	(4,500)	5,800)	(5,100)
Net increase (decrease) in cash and cash equivalents	(261,200)	379,200)	(12,200)	3,300)	(87,100)	94,300)
Cash and cash equivalents, beginning of year	460,600)	81,400)	93,600)	90,300)	177,400)	83,100)
Cash and cash equivalents, end of year	199,400)	460,600)	81,400)	93,600)	90,300)	177,400)

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Constellation Brands Inc. net cash provided by operating activities increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Constellation Brands Inc. net cash used in investing activities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Constellation Brands Inc. net cash provided by (used in) financing activities decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Constellation Brands Inc. (NYSE:STZ)

Cash Flow Statement