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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission File Number: 001-08495
stz-20211130_g1.jpg
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
Delaware16-0716709
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
207 High Point Drive, Building 100, Victor, New York 14564
(Address of principal executive offices) (Zip code)
(585) 678-7100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common StockSTZNew York Stock Exchange
Class B Common StockSTZ.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes    No  ☒
There were 164,339,182 shares of Class A Common Stock, 23,208,540 shares of Class B Common Stock, and 2,216,750 shares of Class 1 Common Stock outstanding as of December 31, 2021.


TABLE OF CONTENTS
Page
DEFINED TERMS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Changes in Stockholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
1. Basis of Presentation
2. Inventories
3. Acquisitions and Divestitures
4. Derivative Instruments
5. Fair Value of Financial Instruments
6. Goodwill
7. Intangible Assets
8. Equity Method Investments
9. Other Accrued Expenses and Liabilities
10. Borrowings
11. Income Taxes
12. Stockholders' Equity
13. Net Income (Loss) Per Common Share Attributable to CBI
14. Comprehensive Income (Loss) Attributable to CBI
15. Business Segment Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II – OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety DisclosuresNA
Item 6. Exhibits
INDEX TO EXHIBITS
SIGNATURES






This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Companys control, that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. For further information regarding such forward-looking statements, risks and uncertainties, please see “Information Regarding Forward-Looking Statements” under Part I – Item 2. “Managements Discussion and Analysis of Financial Condition and Results of Operations.”


Defined Terms

Unless the context otherwise requires, the terms “Company,” “CBI,” “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We use terms in this Quarterly Report on Form 10-Q and in our notes to the consolidated financial statements that are specific to us or are abbreviations that may not be commonly known or used.
TermMeaning
$U.S. dollars
2.25% July 2021 Senior Notes$1,000.0 million principal amount of 2.25% senior notes issued in July 2021
2.65% November 2017 Senior Notes$700.0 million principal amount of 2.65% senior notes issued in November 2017 and redeemed in August 2021, prior to maturity
2.70% May 2017 Senior Notes$500.0 million principal amount of 2.70% senior notes issued in May 2017 and redeemed in August 2021, prior to maturity
2018 Authorizationauthority to repurchase up to $3.0 billion of our Class A Common Stock and Class B Convertible Common Stock, authorized in January 2018 by our Board of Directors
2019 Five-Year Term Facilitya $491.3 million, five-year term loan facility under the June 2021 Term Credit Agreement, originally entered into in June 2019
2020 Credit Agreementninth amended and restated credit agreement, dated as of March 26, 2020, provides for an aggregate revolving credit facility of $2.0 billion
2020 U.S. wildfiressignificant wildfires that broke out in California, Oregon, and Washington states which affected the 2020 U.S. grape harvest
2021 Annual Reportour Annual Report on Form 10-K for the fiscal year ended February 28, 2021, unless otherwise specified
2021 Authorizationauthority to repurchase up to $2.0 billion of our Class A Common Stock and Class B Convertible Common Stock, authorized in January 2021 by our Board of Directors
ABAalternative beverage alcohol
AcreageAcreage Holdings, Inc.
Acreage Financial Instrumenta call option for Canopy to acquire 70% of the shares of Acreage, at a fixed exchange ratio and 30% at a floating exchange ratio
Acreage TransactionCanopy’s intention to acquire Acreage upon U.S. federal cannabis legalization, subject to certain conditions
Administrative AgentBank of America, N.A., as administrative agent for the senior credit facility and term credit agreement
AOCIaccumulated other comprehensive income (loss)
ASR
accelerated share repurchase agreement with a third-party financial institution
Ballast Point Divestituresale of Ballast Point craft beer business, including a number of its associated production facilities and brewpubs
C$Canadian dollars
Canopy
we made an investment in Canopy Growth Corporation, an Ontario, Canada-based public company
Canopy Debt Securitiesconvertible debt securities issued by Canopy
Canopy Equity Method Investment
November 2017 Canopy Investment, November 2018 Canopy Investment, and May 2020 Canopy Investment, collectively
Canopy Strategic Transaction(s)any potential acquisition, divestiture, investment, or other similar transaction made by Canopy, including but not limited to the Acreage Transaction
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CBDcannabidiol, an active ingredient in cannabis
CB International
CB International Finance S.à r.l., a wholly-owned subsidiary of ours
Coca-ColaThe Coca-Cola Company
CODMchief operating decision maker
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    i

TermMeaning
Comparable Adjustmentscertain items affecting comparability that have been excluded by management
Concentrate Business Divestiture
sale of certain brands used in our concentrates and high-color concentrate business, and certain related intellectual property, inventory, interests in certain contracts, and other assets
Copper & Kings
Copper & Kings American Brandy Company, acquired by us
CSRcorporate social responsibility
DE&Idiversity, equity, and inclusion
Depletions
represent U.S. domestic distributor shipments of our respective branded products to retail customers, based on third-party data
DTCdirect-to-consumer
Empathy Wines
Empathy Wines business, including a digitally-native wine brand, acquired by us
ERPenterprise resource planning system
Financial Statements
our consolidated financial statements and notes thereto included herein
Fiscal 2021
the Company’s fiscal year ended February 28, 2021
Fiscal 2022
the Company’s fiscal year ending February 28, 2022
Fiscal 2023the Company’s fiscal year ending February 28, 2023
Fiscal 2026the Company’s fiscal year ending February 28, 2026
GivingTuesdaya global generosity movement to encourage others to give back to their community, occurring each year on the Tuesday following Thanksgiving in the U.S.
June 2021 Term Credit AgreementMarch 2020 Term Credit Agreement, inclusive of amendment dated as of June 10, 2021
LenderBank of America, N.A., as lender for the term credit agreement
LIBORLondon Interbank Offered Rate
March 2020 Term Credit Agreementamended and restated term loan credit agreement, dated as of March 26, 2020, that provided for aggregate facilities of $491.3 million, consisting of the 2019 Five-Year Term Facility
May 2020 Canopy InvestmentMay 2020 exercise of the November 2017 Canopy Warrants at an exercise price of C$12.98 per warrant share
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations under Item 2. of this quarterly report on Form 10-Q
Mexicali Brewery
suspended brewery construction project located in Mexicali, Baja California, Mexico
Mexico Beer Projectsexpansion, optimization, and construction activities at the Obregon Brewery, Nava Brewery, and Southeast Mexico Brewery
My Favorite Neighborwe made an initial investment in My Favorite Neighbor, LLC and subsequently acquired the remaining ownership interest
NAnot applicable
Nava Brewerybrewery located in Nava, Coahuila, Mexico
Net salesgross sales less promotions, returns and allowances, and excise taxes
Nine Months 2021
the Company’s nine months ended November 30, 2020
Nine Months 2022
the Company’s nine months ended November 30, 2021
NMnot meaningful
Nobilo Wine Divestiture
sale of New Zealand-based Nobilo Wine brand and certain related assets
Note(s)notes to the consolidated financial statements
November 2017 Canopy Investmentour initial investment for 18.9 million common shares of Canopy
November 2017 Canopy Warrantswarrants which gave us the option to purchase 18.9 million common shares of Canopy, exercised May 1, 2020
November 2018 Canopy Investmentour incremental investment for 104.5 million common shares of Canopy
November 2018 Canopy Transaction
November 2018 Canopy Investment and the purchase by us of the November 2018 Canopy Warrants, collectively
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    ii

TermMeaning
November 2018 Canopy WarrantsTranche A Warrants, Tranche B Warrants, and Tranche C Warrants, collectively
Obregon Brewery
brewery located in Obregon, Sonora, Mexico
OCIother comprehensive income (loss)
Paul Masson Divestiture
sale of Paul Masson Grande Amber Brandy brand, related inventory, and interests in certain contracts
SECSecurities and Exchange Commission
Senior Floating Rate Notes$650.0 million principal amount of senior floating rate notes issued in October 2018 and redeemed in November 2020, prior to maturity
Southeast Mexico Brewerya new brewery intended to be located in Southeast Mexico in the state of Veracruz
Third Quarter 2021
the Company’s three months ended November 30, 2020
Third Quarter 2022
the Company’s three months ended November 30, 2021
Tranche A Warrantswarrants which give us the option to purchase 88.5 million common shares of Canopy expiring November 1, 2023
Tranche B Warrantswarrants which give us the option to purchase 38.4 million common shares of Canopy expiring November 1, 2026
Tranche C Warrantswarrants which give us the option to purchase 12.8 million common shares of Canopy expiring November 1, 2026
TSX
Toronto Stock Exchange
U.S.United States of America
U.S. GAAPgenerally accepted accounting principles in the U.S.
VWAP Exercise Price
volume-weighted average of the closing market price of Canopy’s common shares on the TSX for the five trading days immediately preceding the exercise date
Wine and Spirits Divestiture
sale of a portion of our wine and spirits business, including lower-margin, lower-growth wine and spirits brands, related inventory, interests in certain contracts, wineries, vineyards, offices, and facilities
Wine and Spirits Divestitures
Wine and Spirits Divestiture and the Nobilo Wine Divestiture, collectively
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    iii

FINANCIAL STATEMENTS
PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements.
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
(unaudited)
November 30,
2021
February 28,
2021
ASSETS
Current assets:
Cash and cash equivalents$361.3 $460.6 
Accounts receivable917.8 785.3 
Inventories1,518.9 1,291.1 
Prepaid expenses and other578.6 507.5 
Total current assets3,376.6 3,044.5 
Property, plant, and equipment5,519.3 5,821.6 
Goodwill7,848.1 7,793.5 
Intangible assets2,756.7 2,732.1 
Equity method investments2,756.4 2,788.4 
Securities measured at fair value292.9 1,818.1 
Deferred income taxes2,414.2 2,492.5 
Other assets563.1 614.1 
Total assets$25,527.3 $27,104.8 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings$243.0 $ 
Current maturities of long-term debt5.7 29.2 
Accounts payable945.4 460.0 
Other accrued expenses and liabilities1,054.5 779.9 
Total current liabilities2,248.6 1,269.1 
Long-term debt, less current maturities10,083.8 10,413.1 
Deferred income taxes and other liabilities1,648.5 1,493.5 
Total liabilities13,980.9 13,175.7 
Commitments and contingencies
CBI stockholders’ equity:
Class A Common Stock, $0.01 par value – Authorized, 322,000,000 shares; Issued, 187,247,721 shares and 187,204,280 shares, respectively
1.9 1.9 
Class B Convertible Common Stock, $0.01 par value – Authorized, 30,000,000 shares; Issued, 28,227,478 shares and 28,270,288 shares, respectively
0.3 0.3 
Additional paid-in capital1,781.8 1,604.2 
Retained earnings14,251.6 15,117.8 
Accumulated other comprehensive income (loss)(623.1)(335.5)
15,412.5 16,388.7 
Less: Treasury stock –
Class A Common Stock, at cost, 22,947,122 shares and 17,070,550 shares, respectively
(4,172.0)(2,787.6)
Class B Convertible Common Stock, at cost, 5,005,800 shares
(2.2)(2.2)
(4,174.2)(2,789.8)
Total CBI stockholders’ equity11,238.3 13,598.9 
Noncontrolling interests308.1 330.2 
Total stockholders’ equity11,546.4 13,929.1 
Total liabilities and stockholders’ equity$25,527.3 $27,104.8 
The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    1

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, except per share data)
(unaudited)
For the Nine Months
Ended November 30,
For the Three Months
Ended November 30,
2021202020212020
Sales$7,260.3 $7,235.1 $2,507.0 $2,643.7 
Excise taxes(542.1)(573.2)(186.4)(205.6)
Net sales6,718.2 6,661.9 2,320.6 2,438.1 
Cost of product sold(3,143.5)(3,189.6)(1,094.9)(1,169.9)
Gross profit3,574.7 3,472.3 1,225.7 1,268.2 
Selling, general, and administrative expenses(1,254.6)(1,216.5)(385.8)(464.1)
Impairment of brewery construction in progress(665.9)   
Impairment of assets held for sale (24.0) (21.0)
Operating income (loss)1,654.2 2,231.8 839.9 783.1 
Income (loss) from unconsolidated investments(1,541.8)130.5 (171.8)782.4 
Interest expense(270.5)(295.9)(88.0)(95.7)
Loss on extinguishment of debt(29.4)(8.8) (1.2)
Income (loss) before income taxes(187.5)2,057.6 580.1 1,468.6 
(Provision for) benefit from income taxes(217.1)(416.4)(99.3)(176.6)
Net income (loss)(404.6)1,641.2 480.8 1,292.0 
Net (income) loss attributable to noncontrolling interests(31.2)(26.1)(10.0)(11.1)
Net income (loss) attributable to CBI$(435.8)$1,615.1 $470.8 $1,280.9 
Comprehensive income (loss)$(708.6)$1,544.4 $130.0 $1,776.1 
Comprehensive (income) loss attributable to noncontrolling interests(14.8)(20.4)8.1 (37.1)
Comprehensive income (loss) attributable to CBI$(723.4)$1,524.0 $138.1 $1,739.0 
Net income (loss) per common share attributable to CBI:
Basic – Class A Common Stock$(2.31)$8.44 $2.53 $6.68 
Basic – Class B Convertible Common Stock$(2.10)$7.67 $2.30 $6.07 
Diluted – Class A Common Stock$(2.31)$8.28 $2.48 $6.55 
Diluted – Class B Convertible Common Stock$(2.10)$7.62 $2.29 $6.03 
Weighted average common shares outstanding:
Basic – Class A Common Stock167.692 170.083 164.999 170.571 
Basic – Class B Convertible Common Stock23.230 23.284 23.222 23.274 
Diluted – Class A Common Stock167.692 195.101 189.939 195.444 
Diluted – Class B Convertible Common Stock23.230 23.284 23.222 23.274 
Cash dividends declared per common share:
Class A Common Stock$2.28 $2.25 $0.76 $0.75 
Class B Convertible Common Stock$2.07 $2.04 $0.69 $0.68 

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    2

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling
Interests
Total
Class AClass B
Balance at February 28, 2021$1.9 $0.3 $1,604.2 $15,117.8 $(335.5)$(2,789.8)$330.2 $13,929.1 
Comprehensive income (loss):
Net income (loss)   (908.1)  10.8 (897.3)
Other comprehensive income (loss), net of income tax effect    98.9  5.6 104.5 
Comprehensive income (loss)(792.8)
Repurchase of shares     (400.8) (400.8)
Dividends declared   (146.1)   (146.1)
Noncontrolling interest distributions      (10.6)(10.6)
Shares issued under equity compensation plans  (0.9)  3.8  2.9 
Stock-based compensation  15.9     15.9 
Balance at May 31, 20211.9 0.3 1,619.2 14,063.6 (236.6)(3,186.8)336.0 12,597.6 
Comprehensive income (loss):
Net income (loss)   1.5   10.4 11.9 
Other comprehensive income (loss), net of income tax effect    (53.8) (3.9)(57.7)
Comprehensive income (loss)(45.8)
Repurchase of shares     (904.2) (904.2)
Dividends declared   (142.9)   (142.9)
Noncontrolling interest distributions      (10.6)(10.6)
Shares issued under equity compensation plans  8.9   1.4  10.3 
Stock-based compensation  20.2     20.2 
Balance at August 31, 20211.9 0.3 1,648.3 13,922.2 (290.4)(4,089.6)331.9 11,524.6 
Comprehensive income (loss):
Net income (loss)   470.8   10.0 480.8 
Other comprehensive income (loss), net of income tax effect    (332.7) (18.1)(350.8)
Comprehensive income (loss)130.0 
Repurchase of shares     (85.5) (85.5)
Dividends declared   (141.4)   (141.4)
Noncontrolling interest distributions      (15.7)(15.7)
Shares issued under equity compensation plans  135.8   0.9  136.7 
Stock-based compensation  (2.3)    (2.3)
Balance at November 30, 2021$1.9 $0.3 $1,781.8 $14,251.6 $(623.1)$(4,174.2)$308.1 $11,546.4 
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    3

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Non-controlling
Interests
Total
Class AClass B
Balance at February 29, 2020$1.9 $0.3 $1,514.6 $13,695.3 $(266.3)$(2,814.0)$342.5 $12,474.3 
Comprehensive income (loss):
Net income (loss)— — — (177.9)— — 5.3 (172.6)
Other comprehensive income (loss), net of income tax effect— — — — (756.1)— (36.2)(792.3)
Comprehensive income (loss)(964.9)
Dividends declared— — — (143.3)— — — (143.3)
Shares issued under equity compensation plans— — (6.0)— — 2.8 — (3.2)
Stock-based compensation— — 14.7 — — — — 14.7 
Balance at May 31, 20201.9 0.3 1,523.3 13,374.1 (1,022.4)(2,811.2)311.6 11,377.6 
Comprehensive income (loss):
Net income (loss)— — — 512.1 — — 9.7 521.8 
Other comprehensive income (loss), net of income tax effect— — — — 206.9 — 4.5 211.4 
Comprehensive income (loss)733.2 
Dividends declared— — — (144.0)— — — (144.0)
Noncontrolling interest distributions— — — — — — (10.0)(10.0)
Shares issued under equity compensation plans— — 10.9 — — 16.7 — 27.6 
Stock-based compensation— — 19.4 — — — — 19.4 
Balance at August 31, 20201.9 0.3 1,553.6 13,742.2 (815.5)(2,794.5)315.8 12,003.8 
Comprehensive income (loss):
Net income (loss)— — — 1,280.9 — — 11.1 1,292.0 
Other comprehensive income (loss), net of income tax effect— — — — 458.1 — 26.0 484.1 
Comprehensive income (loss)1,776.1 
Dividends declared— — — (144.0)— — — (144.0)
Noncontrolling interest distributions— — — — — — (12.5)(12.5)
Shares issued under equity compensation plans— — 8.8 — — 2.3 — 11.1 
Stock-based compensation— — 18.0 — — — — 18.0 
Balance at November 30, 2020$1.9 $0.3 $1,580.4 $14,879.1 $(357.4)$(2,792.2)$340.4 $13,652.5 

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    4

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
For the Nine Months
Ended November 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(404.6)$1,641.2 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized net (gain) loss on securities measured at fair value1,534.8 (524.7)
Deferred tax provision (benefit)58.5 287.0 
Depreciation248.6 219.2 
Stock-based compensation33.8 52.0 
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings6.0 403.0 
Noncash lease expense60.9 63.0 
Amortization of debt issuance costs and loss on extinguishment of debt37.5 17.7 
Impairment of brewery construction in progress665.9  
Impairment of assets held for sale 24.0 
Loss on inventory and related contracts associated with business optimization 25.8 
Loss on settlement of treasury lock contracts (29.3)
Change in operating assets and liabilities, net of effects from purchase and sale of business:
Accounts receivable(134.8)(44.1)
Inventories(218.4)75.2 
Prepaid expenses and other current assets(114.7)67.4 
Accounts payable340.5 146.8 
Deferred revenue124.3 3.6 
Other accrued expenses and liabilities200.9 (29.7)
Other4.9 (34.5)
Total adjustments2,848.7 722.4 
Net cash provided by (used in) operating activities2,444.1 2,363.6 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and equipment(598.7)(467.7)
Purchase of business, net of cash acquired(53.5)(19.9)
Investments in equity method investees and securities(28.6)(217.4)
Proceeds from sale of assets4.0 18.3 
Proceeds from sale of business4.6 42.9 
Other investing activities(2.0)0.6 
Net cash provided by (used in) investing activities(674.2)(643.2)
Constellation Brands, Inc. Q3 FY 2022 Form 10-Q
#WORTHREACHINGFOR    I    5

FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
For the Nine Months
Ended November 30,
20212020
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt995.6 1,194.7 
Principal payments of long-term debt(1,363.5)(2,214.0)
Net proceeds from (repayments of) short-term borrowings243.0 (198.9)
Dividends paid(430.5)(431.2)
Purchases of treasury stock