Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Constellation Brands Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Short-term borrowings	323,000)	—)	238,900)	791,500)	746,800)	606,500)
Current maturities of long-term debt	605,300)	29,200)	734,900)	1,065,200)	22,300)	910,900)
Accounts payable	899,200)	460,000)	557,600)	616,700)	592,200)	559,800)
Salaries, commissions, and payroll benefits and withholdings	256,300)	232,100)	182,200)	163,100)	149,000)	148,500)
Promotions and advertising	172,300)	159,900)	191,700)	181,200)	114,100)	116,900)
Accrued interest	85,100)	93,400)	94,300)	107,300)	86,700)	87,500)
Current operating lease liability	80,400)	68,800)	76,600)	—)	—)	—)
Accrued excise taxes	44,600)	19,900)	—)	—)	—)	—)
Deferred revenue	32,000)	16,300)	—)	—)	—)	—)
Income taxes payable	21,500)	24,700)	24,900)	24,500)	48,500)	60,200)
Other	179,100)	164,800)	210,700)	214,300)	185,100)	207,300)
Other accrued expenses and liabilities	871,300)	779,900)	780,400)	690,400)	583,400)	620,400)
Current liabilities	2,698,800)	1,269,100)	2,311,800)	3,163,800)	1,944,700)	2,697,600)
Long-term debt, less current maturities	9,488,200)	10,413,100)	11,210,800)	11,759,800)	9,417,600)	7,720,700)
Deferred income taxes	515,800)	569,700)	384,000)	1,029,700)	718,300)	1,133,600)
Noncurrent operating lease liability	457,300)	471,100)	483,600)	—)	—)	—)
Unrecognized tax benefit liabilities	317,700)	268,900)	276,200)	239,000)	93,700)	—)
Deferred revenue	104,100)	1,500)	—)	—)	—)	—)
Long-term income tax payable	76,000)	86,100)	96,200)	95,400)	165,600)	—)
Other	150,100)	96,200)	86,300)	106,600)	136,100)	165,700)
Deferred income taxes and other liabilities	1,621,000)	1,493,500)	1,326,300)	1,470,700)	1,113,700)	1,299,300)
Noncurrent liabilities	11,109,200)	11,906,600)	12,537,100)	13,230,500)	10,531,300)	9,020,000)
Total liabilities	13,808,000)	13,175,700)	14,848,900)	16,394,300)	12,476,000)	11,717,600)
Preferred Stock, $0.01 par value; Issued, none	—)	—)	—)	—)	—)	—)
Class A Stock, $0.01 par value	1,900)	1,900)	1,900)	1,900)	2,600)	2,600)
Class B Stock, $0.01 par value	300)	300)	300)	300)	300)	300)
Class 1 Stock, $0.01 par value	—)	—)	—)	—)	—)	—)
Additional paid-in capital	1,808,900)	1,604,200)	1,514,600)	1,410,800)	2,825,300)	2,755,800)
Retained earnings	14,505,400)	15,117,800)	13,695,300)	14,276,200)	9,228,200)	7,310,000)
Accumulated other comprehensive loss	(412,700)	(335,500)	(266,300)	(353,900)	(202,900)	(399,800)
Treasury stock	(4,171,900)	(2,789,800)	(2,814,000)	(2,784,300)	(3,807,400)	(2,777,700)
Total CBI stockholders’ equity	11,731,900)	13,598,900)	12,131,800)	12,551,000)	8,046,100)	6,891,200)
Noncontrolling interests	315,900)	330,200)	342,500)	286,200)	16,600)	(6,400)
Total stockholders’ equity	12,047,800)	13,929,100)	12,474,300)	12,837,200)	8,062,700)	6,884,800)
Total liabilities and stockholders’ equity	25,855,800)	27,104,800)	27,323,200)	29,231,500)	20,538,700)	18,602,400)

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).

Short-term borrowings: Short-term borrowings increased from 606,500 thousand USD in 2017 to a peak of 791,500 thousand USD in 2019, followed by a sharp decline to 238,900 thousand USD in 2020. This was partially replenished to 323,000 thousand USD in 2022, though the value remained below the earlier peak.
Current maturities of long-term debt: This liability exhibited high volatility, starting at 910,900 thousand USD in 2017, dropping sharply to 22,300 thousand USD in 2018, then spiking again to over 1,065,200 thousand USD in 2019, and fluctuating thereafter. By 2022, it stood at 605,300 thousand USD, indicating variability in debt repayment schedules.
Accounts payable: Accounts payable grew steadily from 559,800 thousand USD in 2017 to 616,700 thousand USD in 2019, dipped to 460,000 thousand USD in 2021, and surged to a notable 899,200 thousand USD in 2022, suggesting increased purchases or delays in payments during the most recent period.
Salaries, commissions, and payroll benefits: These expenses showed a consistent upward trend year-over-year, rising from 148,500 thousand USD in 2017 to 256,300 thousand USD in 2022, reflecting possible workforce expansion or increased compensation levels.
Promotions and advertising: Spending on promotions and advertising increased significantly from 116,900 thousand USD in 2017 to 191,700 thousand USD in 2020, then reduced to 159,900 thousand USD in 2021, before rising slightly to 172,300 thousand USD in 2022, indicating fluctuating marketing investments possibly tied to market conditions or strategic priorities.
Accrued interest: Accrued interest fluctuated moderately, peaking at 107,300 thousand USD in 2019, then generally tapering off to 85,100 thousand USD by 2022, potentially reflecting changes in interest rates or debt levels.
Operating lease liabilities: Current operating lease liabilities were first reported in 2020 at 76,600 thousand USD and increased modestly to 80,400 thousand USD by 2022. Noncurrent operating lease liabilities also appeared in 2020 at 483,600 thousand USD and showed a slight decline to 457,300 thousand USD by 2022, indicating the company’s adoption and gradual management of lease obligations.
Accrued excise taxes and deferred revenue: Both accrued excise taxes and deferred revenue were reported starting in 2021, with excise taxes increasing from 19,900 to 44,600 thousand USD in 2022, and deferred revenue rising notably from 16,300 to 32,000 thousand USD in the current portion and from 1,500 to 104,100 thousand USD in noncurrent liabilities, reflecting new tax liabilities and deferred income recognition.
Income taxes payable: Income taxes payable declined steadily from 60,200 thousand USD in 2017 to 21,500 thousand USD in 2022, indicating a reduction in short-term tax obligations or changes in tax payments.
Other accrued expenses and liabilities: Other accrued expenses and liabilities increased consistently from 620,400 thousand USD in 2017 to 871,300 thousand USD in 2022, signaling growing accrued costs not separately categorized.
Current liabilities: Current liabilities saw significant fluctuations, peaking at 3,163,800 thousand USD in 2019, dropping considerably to 1,269,100 thousand USD in 2021, and rising again to 2,698,800 thousand USD in 2022, driven by variability in borrowings, payables, and other current obligations.
Long-term debt, less current maturities: Long-term debt rose steadily from 7,720,700 thousand USD in 2017 to a high of 11,759,800 thousand USD in 2019, before retreating annually to 9,488,200 thousand USD in 2022, suggesting a strategy of debt repayment or refinancing over the latter years.
Deferred income taxes and other liabilities: These liabilities increased over the period, particularly deferred income taxes which rose from 1,133,600 thousand USD in 2017 to 1,470,700 thousand USD in 2019 before dipping and then stabilizing around 515,800 thousand USD in 2022. Noncurrent deferred income and other liabilities also increased, reaching 1,621,000 thousand USD in 2022, indicating sustained long-term tax and liability obligations.
Unrecognized tax benefit liabilities and long-term income tax payable: Unrecognized tax benefit liabilities emerged in 2018 at 93,700 thousand USD and climbed to 317,700 thousand USD in 2022. Long-term income tax payables showed a declining trend from 165,600 thousand USD in 2018 to 76,000 thousand USD in 2022, reflecting possible resolution of tax disputes and shifting tax liability structures.
Noncurrent liabilities: Noncurrent liabilities expanded from 9,020,000 thousand USD in 2017 to 13,230,500 thousand USD in 2019, before declining steadily to 11,109,200 thousand USD in 2022, consistent with reductions in long-term debt and other obligations.
Total liabilities: Total liabilities rose markedly from 11,717,600 thousand USD in 2017 to a peak of 16,394,300 thousand USD in 2019, receded to 13,175,700 thousand USD in 2021, and then increased somewhat to 13,808,000 thousand USD in 2022, reflecting combined effects of debt changes, tax liabilities, and operating leases.
Stockholders’ equity: Stockholders' equity increased substantially from 6,884,800 thousand USD in 2017 to 12,837,200 thousand USD in 2019, then declined to 12,047,800 thousand USD in 2022. Retained earnings grew consistently, peaking in 2021 before falling slightly in 2022. Treasury stock values showed significant variation, reaching a high negative balance of -4,171,900 thousand USD in 2022, indicating large repurchases or adjustments.
Total liabilities and stockholders’ equity: The total combined obligations and equity rose steeply from 18,602,400 thousand USD in 2017 to 29,231,500 thousand USD in 2019, followed by a gradual contraction to 25,855,800 thousand USD by 2022, signaling a period of expansion followed by controlled reduction in total capital employed.

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Constellation Brands Inc. (NYSE:STZ)

Balance Sheet: Liabilities and Stockholders’ Equity