Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Constellation Brands Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Federal	229,300)	74,000)	66,500)	4,100)	261,200)	270,800)
State	31,400)	19,100)	12,100)	15,700)	20,400)	28,500)
Foreign	(36,100)	81,600)	108,500)	239,200)	158,400)	126,200)
Current	224,600)	174,700)	187,100)	259,000)	440,000)	425,500)
Federal	(10,100)	152,800)	(459,900)	223,900)	(486,800)	113,400)
State	(5,500)	28,300)	(118,300)	75,000)	400)	7,500)
Foreign	100,400)	155,300)	(575,500)	128,000)	58,300)	7,800)
Deferred	84,800)	336,400)	(1,153,700)	426,900)	(428,100)	128,700)
Income tax provision (benefit)	309,400)	511,100)	(966,600)	685,900)	11,900)	554,200)

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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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Constellation Brands Inc. current decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Constellation Brands Inc. deferred increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Income tax provision (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Constellation Brands Inc. income tax provision (benefit) increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Constellation Brands Inc., effective income tax rate (EITR) reconciliation

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%	21.00%	32.70%	35.00%
State and local income taxes, net of federal income tax benefit	-25.00%	1.50%	8.70%	2.00%	0.70%	1.10%
Net income tax provision (benefit) from legislative changes	3.80%	0.40%	57.90%	-0.90%	-15.50%	0.00%
Earnings taxed at other than U.S. statutory rate	-10.70%	-3.20%	5.00%	-1.90%	-13.60%	-7.60%
Excess tax benefits from stock-based compensation awards	-15.50%	-1.20%	5.90%	-2.00%	-2.90%	0.00%
Net income tax provision (benefit) recognized for adjustment to valuation allowance	124.20%	1.10%	3.50%	-1.80%	0.00%	0.00%
Canadian Divestiture	0.00%	0.00%	0.00%	0.00%	0.00%	-1.20%
Miscellaneous items, net	1.90%	0.50%	0.30%	0.10%	-0.90%	-0.80%
Effective tax rate	99.70%	20.10%	102.30%	16.50%	0.50%	26.50%

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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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Constellation Brands Inc. effective tax rate decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

Constellation Brands Inc., components of deferred tax assets and liabilities

US$ in thousands

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Intangible assets	2,188,800)	1,852,000)	2,045,800)	1,616,700)	—)	—)
Loss carryforwards	349,800)	233,100)	225,900)	147,800)	106,000)	144,000)
Stock-based compensation	22,900)	30,100)	75,600)	33,400)	29,100)	43,200)
Lease liabilities	69,000)	83,100)	89,200)	—)	—)	—)
Inventory	51,800)	26,600)	32,400)	20,300)	18,300)	12,500)
Investments in unconsolidated investees	541,000)	36,700)	106,100)	—)	—)	—)
Other accruals	67,800)	33,700)	35,000)	93,400)	57,200)	36,100)
Gross deferred tax assets	3,291,100)	2,295,300)	2,610,000)	1,911,600)	210,600)	235,800)
Valuation allowances	(552,100)	(78,600)	(54,100)	(86,900)	(112,100)	(134,100)
Deferred tax assets, net	2,739,000)	2,216,700)	2,555,900)	1,824,700)	98,500)	101,700)
Intangible assets	(522,100)	—)	—)	—)	(499,800)	(720,600)
Property, plant, and equipment	(186,000)	(200,300)	(175,500)	(191,500)	(197,800)	(255,000)
Investments in unconsolidated investees	(58,900)	—)	—)	(448,900)	(78,200)	(24,200)
Provision for unremitted earnings	(26,000)	(23,000)	(27,500)	(22,800)	(21,200)	(229,300)
Right-of-use assets	(59,800)	(70,600)	(80,500)	—)	—)	—)
Other accruals	(50,500)	—)	—)	—)	—)	—)
Unrealized foreign exchange	—)	—)	—)	—)	—)	(4,100)
Derivative instruments	—)	—)	—)	(7,900)	(19,800)	(900)
Deferred tax liabilities	(903,300)	(293,900)	(283,500)	(671,100)	(816,800)	(1,234,100)
Deferred tax assets (liabilities), net	1,835,700)	1,922,800)	2,272,400)	1,153,600)	(718,300)	(1,132,400)

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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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Constellation Brands Inc. gross deferred tax assets decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred tax assets, net	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Constellation Brands Inc. deferred tax assets, net decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Deferred tax assets (liabilities), net	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Constellation Brands Inc. deferred tax assets (liabilities), net decreased from 2020 to 2021 and from 2021 to 2022.

Constellation Brands Inc., deferred tax assets and liabilities, classification

US$ in thousands

		Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
	Deferred tax assets	2,351,500)	2,492,500)	2,656,300)	2,183,300)	—)	1,200)
	Deferred tax liabilities	515,800)	569,700)	384,000)	1,029,700)	718,300)	1,133,600)

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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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Constellation Brands Inc. deferred tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Constellation Brands Inc. deferred tax liabilities increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Constellation Brands Inc., adjustments to financial statements

US$ in thousands

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Adjustment to Total Assets
Total assets (as reported)	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Less: Noncurrent deferred tax assets, net	2,351,500)	2,492,500)	2,656,300)	2,183,300)	—)	1,200)
Total assets (adjusted)	23,504,300)	24,612,300)	24,666,900)	27,048,200)	20,538,700)	18,601,200)
Adjustment to Total Liabilities
Total liabilities (as reported)	13,808,000)	13,175,700)	14,848,900)	16,394,300)	12,476,000)	11,717,600)
Less: Noncurrent deferred tax liabilities, net	515,800)	569,700)	384,000)	1,029,700)	718,300)	1,133,600)
Total liabilities (adjusted)	13,292,200)	12,606,000)	14,464,900)	15,364,600)	11,757,700)	10,584,000)
Adjustment to Total CBI Stockholders’ Equity
Total CBI stockholders’ equity (as reported)	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Less: Net deferred tax assets (liabilities)	1,835,700)	1,922,800)	2,272,400)	1,153,600)	(718,300)	(1,132,400)
Total CBI stockholders’ equity (adjusted)	9,896,200)	11,676,100)	9,859,400)	11,397,400)	8,764,400)	8,023,600)
Adjustment to Net Income (loss) Attributable To CBI
Net income (loss) attributable to CBI (as reported)	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Add: Deferred income tax expense (benefit)	84,800)	336,400)	(1,153,700)	426,900)	(428,100)	128,700)
Net income (loss) attributable to CBI (adjusted)	44,400)	2,334,400)	(1,165,500)	3,862,800)	1,890,800)	1,663,800)

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).

Constellation Brands Inc., Financial Data: Reported vs. Adjusted

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Constellation Brands Inc., adjusted financial ratios

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Net Profit Margin
Reported net profit margin	-0.46%	23.19%	-0.14%	42.33%	30.57%	20.94%
Adjusted net profit margin	0.50%	27.10%	-13.97%	47.59%	24.93%	22.69%
Total Asset Turnover
Reported total asset turnover	0.34	0.32	0.31	0.28	0.37	0.39
Adjusted total asset turnover	0.38	0.35	0.34	0.30	0.37	0.39
Financial Leverage
Reported financial leverage	2.20	1.99	2.25	2.33	2.55	2.70
Adjusted financial leverage	2.38	2.11	2.50	2.37	2.34	2.32
Return on Equity (ROE)
Reported ROE	-0.34%	14.69%	-0.10%	27.38%	28.82%	22.28%
Adjusted ROE	0.45%	19.99%	-11.82%	33.89%	21.57%	20.74%
Return on Assets (ROA)
Reported ROA	-0.16%	7.37%	-0.04%	11.75%	11.29%	8.25%
Adjusted ROA	0.19%	9.48%	-4.72%	14.28%	9.21%	8.94%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Constellation Brands Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Constellation Brands Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Constellation Brands Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Profitability Ratio
Net profit margin¹	-0.46%	23.19%	-0.14%	42.33%	30.57%	20.94%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	44,400)	2,334,400)	(1,165,500)	3,862,800)	1,890,800)	1,663,800)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Profitability Ratio
Adjusted net profit margin²	0.50%	27.10%	-13.97%	47.59%	24.93%	22.69%

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).

2022 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to CBI ÷ Net sales
= 100 × -40,400 ÷ 8,820,700 = -0.46%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to CBI ÷ Net sales
= 100 × 44,400 ÷ 8,820,700 = 0.50%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Constellation Brands Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Total assets	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Activity Ratio
Total asset turnover¹	0.34	0.32	0.31	0.28	0.37	0.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Adjusted total assets	23,504,300)	24,612,300)	24,666,900)	27,048,200)	20,538,700)	18,601,200)
Activity Ratio
Adjusted total asset turnover²	0.38	0.35	0.34	0.30	0.37	0.39

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).

2022 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 8,820,700 ÷ 25,855,800 = 0.34

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 8,820,700 ÷ 23,504,300 = 0.38

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Constellation Brands Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Solvency Ratio
Financial leverage¹	2.20	1.99	2.25	2.33	2.55	2.70
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	23,504,300)	24,612,300)	24,666,900)	27,048,200)	20,538,700)	18,601,200)
Adjusted total CBI stockholders’ equity	9,896,200)	11,676,100)	9,859,400)	11,397,400)	8,764,400)	8,023,600)
Solvency Ratio
Adjusted financial leverage²	2.38	2.11	2.50	2.37	2.34	2.32

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).

2022 Calculations

¹ Financial leverage = Total assets ÷ Total CBI stockholders’ equity
= 25,855,800 ÷ 11,731,900 = 2.20

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total CBI stockholders’ equity
= 23,504,300 ÷ 9,896,200 = 2.38

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Constellation Brands Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Profitability Ratio
ROE¹	-0.34%	14.69%	-0.10%	27.38%	28.82%	22.28%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	44,400)	2,334,400)	(1,165,500)	3,862,800)	1,890,800)	1,663,800)
Adjusted total CBI stockholders’ equity	9,896,200)	11,676,100)	9,859,400)	11,397,400)	8,764,400)	8,023,600)
Profitability Ratio
Adjusted ROE²	0.45%	19.99%	-11.82%	33.89%	21.57%	20.74%

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).

2022 Calculations

¹ ROE = 100 × Net income (loss) attributable to CBI ÷ Total CBI stockholders’ equity
= 100 × -40,400 ÷ 11,731,900 = -0.34%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to CBI ÷ Adjusted total CBI stockholders’ equity
= 100 × 44,400 ÷ 9,896,200 = 0.45%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Constellation Brands Inc. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)
Total assets	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)
Profitability Ratio
ROA¹	-0.16%	7.37%	-0.04%	11.75%	11.29%	8.25%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to CBI	44,400)	2,334,400)	(1,165,500)	3,862,800)	1,890,800)	1,663,800)
Adjusted total assets	23,504,300)	24,612,300)	24,666,900)	27,048,200)	20,538,700)	18,601,200)
Profitability Ratio
Adjusted ROA²	0.19%	9.48%	-4.72%	14.28%	9.21%	8.94%

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).

2022 Calculations

¹ ROA = 100 × Net income (loss) attributable to CBI ÷ Total assets
= 100 × -40,400 ÷ 25,855,800 = -0.16%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to CBI ÷ Adjusted total assets
= 100 × 44,400 ÷ 23,504,300 = 0.19%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Constellation Brands Inc. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Constellation Brands Inc. (NYSE:STZ)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Constellation Brands Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Constellation Brands Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)