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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, 2022
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-20221130_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
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 184,498,219 shares of Class A Common Stock and 52,685 shares of Class 1 Common Stock outstanding as of December 31, 2022.

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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. Derivative Instruments
4. Fair Value of Financial Instruments
5. Goodwill
6. Intangible Assets
7. Equity Method Investments
8. Borrowings
9. Income Taxes
10. Stockholders' Equity
11. Net Income (Loss) Per Common Share Attributable to CBI
12. Comprehensive Income (Loss) Attributable to CBI
13. 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 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
SIGNATURES








This Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s 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 MD&A.

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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 Form 10-Q and in our Notes that are specific to us or are abbreviations that may not be commonly known or used.
TermMeaning
$U.S. dollars
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
3.20% February 2018 Senior Notes$600.0 million principal amount of 3.20% senior notes issued in February 2018, partially tendered in May 2022, and fully redeemed in June 2022, prior to maturity
4.25% May 2013 Senior Notes$1,050.0 million principal amount of 4.25% senior notes issued in May 2013, partially tendered in May 2022, and fully redeemed in June 2022, prior to maturity
2018 Authorizationauthority to repurchase up to $3.0 billion of our publicly traded common stock, authorized in January 2018 by our Board of Directors
2020 U.S. wildfiressignificant wildfires that broke out in California, Oregon, and Washington states which affected the 2020 U.S. grape harvest
2021 Authorizationauthority to repurchase up to $2.0 billion of our publicly traded common stock, authorized in January 2021 by our Board of Directors
2022 Annual Reportour Annual Report on Form 10-K for the fiscal year ended February 28, 2022
2022 Credit Agreementtenth amended and restated credit agreement, dated as of April 14, 2022, that provides for an aggregate revolving credit facility of $2.25 billion
2022 Restatement Agreementrestatement agreement, dated as of April 14, 2022, that amended and restated the ninth amended and restated agreement, dated as of March 26, 2020, which was our then-existing senior credit facility as of February 28, 2022
2022 Wine Divestiture
sale of certain mainstream and premium wine brands and related inventory
3-tier
distribution channel where products are sold to a distributor (wholesaler) who then sells to a retailer; the retailer sells the products to a consumer
3-tier eCommercedigital commerce experience for our consumers to purchase beverage alcohol from retailers
ABAalternative beverage alcohol
AcreageAcreage Holdings, Inc.
Acreage Financial Instrumenta call option for Canopy to acquire up to 100% of the shares of Acreage
Acreage TransactionCanopy’s intention to acquire Acreage, subject to certain conditions
Administrative AgentBank of America, N.A., as administrative agent for the senior credit facility and term loan credit agreements
Amended and Restated By-Lawsour amended and restated by-laws which became effective at the Effective Time
Amended and Restated Charterour amended and restated certificate of incorporation which effectuated the Reclassification at the Effective Time
AOCIaccumulated other comprehensive income (loss)
April 2022 Term Credit AgreementJune 2021 Term Credit Agreement, inclusive of amendment dated as of April 14, 2022
ASR
accelerated share repurchase agreement with a third-party financial institution
August 2022 Term Credit Agreementterm loan credit agreement, dated as of August 9, 2022, that provided for a $1.0 billion unsecured delayed draw three-year term loan facility
Austin Cocktailswe made an initial investment in the Austin Cocktails business and subsequently acquired the remaining ownership interest
C$Canadian dollars
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    i
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TermMeaning
Canopy
we made an investment in Canopy Growth Corporation, an Ontario, Canada-based public company
Canopy Amendmenta proposed resolution authorizing amending Canopy’s share capital to create Exchangeable Shares and providing for the conversion of Canopy common shares into Exchangeable Shares on a one-for-one basis at any time and at the option of the holder of such shares
Canopy Debt Securitiesdebt securities issued by Canopy, as amended to remove Canopy's right to settle such debt securities on conversion into Canopy common shares
Canopy Equity Method InvestmentNovember 2017 Canopy Investment, November 2018 Canopy Investment, May 2020 Canopy Investment, and July 2022 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 and the Canopy Transaction
Canopy Transaction
proposed corporate transaction by Canopy, including the creation of Exchangeable Shares, designed to consolidate its U.S. cannabis assets into Canopy USA
Canopy USAa new U.S. holding company formed by Canopy
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CB International
CB International Finance S.à r.l., a wholly-owned subsidiary of ours
Class 1 Stockour Class 1 Convertible Common Stock, par value $0.01 per share
Class A Stockour Class A Common Stock, par value $0.01 per share
Class B Stockour Class B Convertible Common Stock, par value $0.01 per share, eliminated on November 10, 2022, pursuant to the Reclassification
CODMchief operating decision maker
Comparable Adjustmentscertain items affecting comparability that have been excluded by management
Consent Agreementan agreement between Canopy and (i) Greenstar Canada Investment Limited Partnership and (ii) CBG Holdings LLC, our indirect, wholly-owned subsidiaries
Depletions
represent U.S. domestic distributor shipments of our respective branded products to retail customers, based on third-party data
Digital Business Accelerationa phased initiative by the Company to create a cohesive digital strategy and build an advanced digital business in the coming years
DTCdirect-to-consumer inclusive of (i) a digital commerce experience for consumers to purchase directly from brand websites with inventory coming straight from the supplier and (ii) consumer purchases at hospitality locations (tasting rooms and tap rooms) from the supplier
Effective Timethe time that the Amended and Restated Charter was duly filed with the Secretary of State of the State of Delaware on November 10, 2022
ERPenterprise resource planning system
ESGenvironmental, social, and governance
Exchangeable Sharesproposed new class of non-voting and non-participating exchangeable shares in Canopy which will be convertible into common shares of Canopy
Exchange ActSecurities Exchange Act of 1934, as amended
Financial Statements
our consolidated financial statements and notes thereto included herein
Fiscal 2022the Company’s fiscal year ended February 28, 2022
Fiscal 2023the Company’s fiscal year ending February 28, 2023
Fiscal 2024the Company’s fiscal year ending February 29, 2024
Fiscal 2025the Company’s fiscal year ending February 28, 2025
Fiscal 2026the Company’s fiscal year ending February 28, 2026
Fiscal 2027the Company’s fiscal year ending February 28, 2027
Fiscal 2028the Company’s fiscal year ending February 29, 2028
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    ii
Table of Contents
TermMeaning
Five-Year Term Facilitya five-year term loan facility under the April 2022 Term Credit Agreement
Form 10-Q
this Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2022, unless otherwise specified
GHGgreenhouse gas
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.
July 2022 Canopy Investmentin July 2022, we received 29.2 million common shares of Canopy through the exchange of C$100.0 million principal amount of our Canopy Debt Securities
June 2021 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 Five-Year Term Facility, inclusive of amendment dated as of June 10, 2021
LenderBank of America, N.A., as lender for the April 2022 Term Credit Agreement
LIBORLondon Interbank Offered Rate
Lingua FrancaLingua Franca, LLC business, acquired by us
May 2020 Canopy Investmentin May 2020, we made an incremental investment for 18.9 million common shares of Canopy through the exercise of warrants obtained in November 2017
May 2022 Senior Notes$1,850.0 million aggregate principal amount of senior notes issued in May 2022
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part I – Item 2. of this Form 10-Q
Mexicali Brewery
canceled brewery construction project located in Mexicali, Baja California, Mexico
Mexico Beer Projectsexpansion, optimization, and/or construction activities at the Obregon Brewery, Nava Brewery, and Veracruz Brewery
M&TManufacturers and Traders Trust Company
My Favorite Neighborwe made an initial investment in My Favorite Neighbor, LLC and subsequently acquired the remaining ownership interest
NAnot applicable
NavaNava, Coahuila, Mexico
Nava Brewerybrewery located in Nava
Net salesgross sales less promotions, returns and allowances, and excise taxes
Nine Months 2022
the Company’s nine months ended November 30, 2021
Nine Months 2023
the Company’s nine months ended November 30, 2022
NMnot meaningful
Note(s)notes to the consolidated financial statements
November 2017 Canopy Investmentin November 2017, we made an initial investment for 18.9 million common shares of Canopy
November 2018 Canopy Investmentin November 2018, we made an incremental investment for 104.5 million common shares of Canopy
November 2018 Canopy WarrantsTranche A Warrants, Tranche B Warrants, and Tranche C Warrants, collectively
ObregonObregon, Sonora, Mexico
Obregon Brewery
brewery located in Obregon
OCIother comprehensive income (loss)
October 2022 Credit Agreement Amendmentsamendments dated as of October 18, 2022, to the 2022 Credit Agreement, the April 2022 Term Credit Agreement, and the August 2022 Term Credit Agreement
Pre-issuance hedge contractstreasury lock and/or swap lock contracts designated as cash flow hedges entered into to hedge treasury rate volatility on future debt issuances
Reclassification
the reclassification, exchange, and conversion of the Company’s common stock to eliminate the Class B Stock pursuant to the terms and conditions of the Reclassification Agreement
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    iii
Table of Contents
TermMeaning
Reclassification Agreement
reclassification agreement in support of the Reclassification, dated June 30, 2022, among the Company and the Sands Family Stockholders
Registration Rights AgreementRegistration Rights Agreement, dated as of November 10, 2022, by and among the Company and the Sands Family Stockholders
Registration Statement on Form S-4
our Registration Statement on Form S-4, including our proxy statement/prospectus, in connection with the Reclassification declared effective by the SEC on September 21, 2022
RTDready-to-drink
SECSecurities and Exchange Commission
Sands Family Stockholders
RES Master LLC, RES Business Holdings LP, SER Business Holdings LP, RHT 2015 Business Holdings LP, RSS Master LLC, RSS Business Holdings LP, SSR Business Holdings LP, RSS 2015 Business Holdings LP, RCT 2015 Business Holdings LP, RCT 2020 Investments LLC, NSDT 2009 STZ LLC, NSDT 2011 STZ LLC, RSS Business Management LLC, SSR Business Management LLC, LES Lauren Holdings LLC, MES Mackenzie Holdings LLC, Abigail Bennett, Zachary Stern, A&Z 2015 Business Holdings LP (subsequently liquidated), Marilyn Sands Master Trust, MAS Business Holdings LP, Sands Family Foundation, Richard Sands, Robert Sands, WildStar, Astra Legacy LLC, AJB Business Holdings LP, and ZMSS Business Holdings LP
Specified Timesuch time as the domestic sale of marijuana could not reasonably be expected to violate the Controlled Substances Act, the Civil Asset Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act), and all related applicable anti-money laundering laws
Securities ActSecurities Act of 1933, as amended
SOFR
secured overnight financing rate administered by the Federal Reserve Bank of New York
THCtetrahydrocannabinol
Third Quarter 2022
the Company’s three months ended November 30, 2021
Third Quarter 2023
the Company’s three months ended November 30, 2022
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.
VeracruzHeroica Veracruz, Veracruz, Mexico
Veracruz Brewerya new brewery being constructed in Veracruz
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
WildStar
WildStar Partners LLC
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    iv
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,
2022		February 28,
2022
ASSETS
Current assets:
Cash and cash equivalents$185.0 $199.4 
Accounts receivable921.0 899.0 
Inventories1,802.0 1,573.2 
Prepaid expenses and other617.9 658.1 
Total current assets3,525.9 3,329.7 
Property, plant, and equipment6,523.8 6,059.6 
Goodwill7,896.6 7,862.4 
Intangible assets2,741.5 2,755.2 
Equity method investments771.4 2,688.7 
Securities measured at fair value95.0 191.4 
Deferred income taxes2,241.7 2,351.5 
Other assets667.1 617.3 
Total assets$24,463.0 $25,855.8 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings$875.6 $323.0 
Current maturities of long-term debt9.6 605.3 
Accounts payable1,008.1 899.2 
Other accrued expenses and liabilities831.7 871.3 
Total current liabilities2,725.0 2,698.8 
Long-term debt, less current maturities11,287.1 9,488.2 
Deferred income taxes and other liabilities1,734.2 1,621.0 
Total liabilities15,746.3 13,808.0 
Commitments and contingencies
CBI stockholders’ equity:
Class A Stock, $0.01 par value – Authorized, 322,000,000 shares; Issued, 212,667,148 shares and 187,263,859 shares, respectively
2.1 1.9 
Class B Stock, $0.01 par value – Authorized, 0 shares and 30,000,000 shares, respectively; Issued, 0 shares and 28,212,340 shares, respectively
— 0.3 
Additional paid-in capital1,883.6 1,808.9 
Retained earnings12,267.8 14,505.4 
Accumulated other comprehensive income (loss)(200.9)(412.7)
13,952.6 15,903.8 
Less: Treasury stock –
Class A Stock, at cost, 28,175,566 shares and 22,824,607 shares, respectively
(5,563.1)(4,169.7)
Class B Stock, at cost, 0 shares and 5,005,800 shares, respectively
— (2.2)
(5,563.1)(4,171.9)
Total CBI stockholders’ equity8,389.5 11,731.9 
Noncontrolling interests327.2 315.9 
Total stockholders’ equity8,716.7 12,047.8 
Total liabilities and stockholders’ equity$24,463.0 $25,855.8 
The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2023 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,
2022202120222021
Sales$8,029.6 $7,260.3 $2,624.6 $2,507.0 
Excise taxes(574.8)(542.1)(188.1)(186.4)
Net sales7,454.8 6,718.2 2,436.5 2,320.6 
Cost of product sold(3,647.0)(3,143.5)(1,209.6)(1,094.9)
Gross profit3,807.8 3,574.7 1,226.9 1,225.7 
Selling, general, and administrative expenses(1,431.6)(1,254.6)(480.2)(385.8)
Impairment of brewery construction in progress— (665.9)— — 
Operating income (loss)2,376.2 1,654.2 746.7 839.9 
Income (loss) from unconsolidated investments(1,944.2)(1,541.8)(37.2)(171.8)
Interest expense(281.5)(270.5)(98.7)(88.0)
Loss on extinguishment of debt(23.3)(29.4)— — 
Income (loss) before income taxes127.2 (187.5)610.8 580.1 
(Provision for) benefit from income taxes(388.9)(217.1)(131.1)(99.3)
Net income (loss)(261.7)(404.6)479.7 480.8 
Net (income) loss attributable to noncontrolling interests(32.3)(31.2)(12.0)(10.0)
Net income (loss) attributable to CBI$(294.0)$(435.8)$467.7 $470.8 
Comprehensive income (loss)$(32.8)$(708.6)$643.1 $130.0 
Comprehensive (income) loss attributable to noncontrolling interests(49.4)(14.8)(20.9)8.1 
Comprehensive income (loss) attributable to CBI$(82.2)$(723.4)$622.2 $138.1 
Net income (loss) per common share attributable to CBI:
Basic – Class A Stock$(1.48)$(2.31)$2.58 $2.53 
Basic – Class B Stock$(2.01)$(2.10)$1.78 $2.30 
Diluted – Class A Stock$(1.48)$(2.31)$2.52 $2.48 
Diluted – Class B Stock$(2.01)$(2.10)$1.78 $2.29 
Weighted average common shares outstanding:
Basic – Class A Stock164.573 167.692 166.677 164.999 
Basic – Class B Stock23.206 23.230 23.206 23.222 
Diluted – Class A Stock164.573 167.692 185.291 189.939 
Diluted – Class B Stock23.206 23.230 23.206 23.222 
Cash dividends declared per common share:
Class A Stock$2.40 $2.28 $0.80 $0.76 
Class B Stock$2.16 $2.07 $0.72 $0.69 

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    2
FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Non-controlling
Interests		Total
Class AClass B
Balance at February 28, 2022$1.9 $0.3 $1,808.9 $14,505.4 $(412.7)$(4,171.9)$315.9 $12,047.8 
Comprehensive income (loss):
Net income (loss)— — — 389.5 — — 9.8 399.3 
Other comprehensive income (loss), net of income tax effect— — — — 246.4 — 12.6 259.0 
Comprehensive income (loss)658.3 
Repurchase of shares— — — — — (1,007.6)— (1,007.6)
Dividends declared— — — (148.7)— — — (148.7)
Noncontrolling interest distributions— — — — — — (11.2)(11.2)
Shares issued under equity compensation plans— — (0.6)— — 3.8 — 3.2 
Stock-based compensation— — 16.7 — — — — 16.7 
Balance at May 31, 20221.9 0.3 1,825.0 14,746.2 (166.3)(5,175.7)327.1 11,558.5 
Comprehensive income (loss):
Net income (loss)— — — (1,151.2)— — 10.5 (1,140.7)
Other comprehensive income (loss), net of income tax effect— — — — (189.1)— (4.4)(193.5)
Comprehensive income (loss)(1,334.2)
Repurchase of shares— — — — — (392.9)— (392.9)
Dividends declared— — — (146.6)— — — (146.6)
Noncontrolling interest distributions— — — — — — (11.3)(11.3)
Shares issued under equity compensation plans— — 14.5 — — 2.0 — 16.5 
Stock-based compensation— — 20.9 — — — — 20.9 
Balance at August 31, 20221.9 0.3 1,860.4 13,448.4 (355.4)(5,566.6)321.9 9,710.9 
Comprehensive income (loss):
Net income (loss)— — — 467.7 — — 12.0 479.7 
Other comprehensive income (loss), net of income tax effect— — — — 154.5 — 8.9 163.4 
Comprehensive income (loss)643.1 
Reclassification payment— — — (1,500.0)— — — (1,500.0)
Retirement of treasury shares— (0.1)— (2.2)— 2.3 — — 
Conversion of common shares0.2 (0.2)— — — — — — 
Dividends declared— — — (146.1)— — — (146.1)
Noncontrolling interest distributions— — — — — — (15.6)(15.6)
Shares issued under equity compensation plans— — 4.9 — — 1.2 — 6.1 
Stock-based compensation— — 18.3 — — — — 18.3 
Balance at November 30, 2022$2.1 $— $1,883.6 $12,267.8 $(200.9)$(5,563.1)$327.2 $8,716.7 
Constellation Brands, Inc. Q3 FY 2023 Form 10-Q
#WORTHREACHINGFOR    I    3
FINANCIAL STATEMENTS
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions)
(unaudited)
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 

The accompanying notes are an integral part of these statements.
Constellation Brands, Inc. Q3 FY 2023 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,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(261.7)$(404.6)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized net (gain) loss on securities measured at fair value39.1 1,534.8 
Deferred tax provision (benefit)218.4 58.5 
Depreciation278.4 248.6 
Stock-based compensation56.1 33.8 
Equity in (earnings) losses of equity method investees and related activities, net of distributed earnings845.4 6.0 
Noncash lease expense66.7 60.9 
Amortization of debt issuance costs and loss on extinguishment of debt31.1 37.5 
Impairment of Canopy Equity Method Investment1,060.3 — 
Impairment of brewery construction in progress— 665.9 
Gain (loss) on settlement of Pre-issuance hedge contracts20.7 — 
Change in operating assets and liabilities, net of effects from purchase and sale of business:
Accounts receivable(25.3)(134.8)
Inventories(259.3)(218.4)
Prepaid expenses and other current assets204.7 (114.7)
Accounts payable187.4 340.5 
Deferred revenue(5.1)124.3 
Other accrued expenses and liabilities(247.0)200.9 
Other70.7 4.9 
Total adjustments2,542.3 2,848.7 
Net cash provided by (used in) operating activities2,280.6 2,444.1 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and equipment(683.8)(598.7)
Purchase of business, net of cash acquired(37.1)(53.5)
Investments in equity method investees and securities(29.5)(28.6)
Proceeds from sale of assets6.6 4.0 
Proceeds from sale of business96.7 4.6 
Other investing activities0.5 (2.0)
Net cash provided by (used in) investing activities(646.6)(674.2)