Constellation Brands : First Quarter Fiscal 2021 Return on Invested Capital History

Return on Invested Capital

Return on Invested Capital ("ROIC") and Operating ROIC are non-GAAP financial measures that management believes are useful in analyzing the Company's performance from year to year, and are of interest to investors and lenders in relation to the Company's ability to generate sufficient returns on its capital base. These non-GAAP ROIC measures are provided as supplemental information and should not be used in lieu of the GAAP measures. The Company calculates ROIC by dividing trailing twelve month operating income on a comparable basis after tax plus depreciation expense, stock-based compensation expense, and amortization expense, all on a comparable basis as applicable ("NOPATDA, comparable basis") by the trailing five quarter average capital plus accumulated depreciation and amortization plus cumulative five year comparable investment adjustments, net of tax ("CAPDA, comparable basis"). The Company calculates Operating ROIC by dividing NOPATDA, comparable basis, by CAPDA, comparable basis less the trailing five quarter average goodwill and intangibles, net ("Operating CAPDA, comparable basis"). The Company considers return on assets ("ROA") and return on equity ("ROE") to be the most directly comparable GAAP financial measures to the calculations of ROIC and Operating ROIC.

Effective March 1, 2018, we adopted the FASB amended guidance regarding the recognition of revenue from contracts with customers using the retrospective application method. Accordingly, financial information for fiscal year 2017 and fiscal 2018 presented herein has been adjusted to reflect the adoption of this amended guidance. Periods prior to fiscal 2017, have not been adjusted to reflect the adoption of this amended guidance as the impact is not deemed material.

Return on Total Assets, Return on Total Equity and Return on Invested Capital

17,847.0

Total Assets

• - Cash

• - Restricted Cash

  Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment

• - Included in Total Assets (3)

• - Non-Cash Gain (Loss) on Securities Measured at Fair Value (3)

• + Accumulated Depreciation and Amortization

• - Non-Interest Bearing Liabilities (4)

• + Cumulative Comparable Investment Adjustments, Net of Tax (5)

• = CAPDA, comparable basis (6)

• - Goodwill

• - Intangibles, Net

  Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment

• + Included in Goodwill (3)

• = Operating CAPDA, comparable basis

Total Equity

• + Interest Bearing Liabilities (4)

• - Cash

• - Restricted Cash

  Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment

• - Included in Total Assets (3)

• - Non-Cash Gain (Loss) on Securities Measured at Fair Value (3)

• + Accumulated Depreciation and Amortization

• + Cumulative Comparable Investment Adjustments, Net of Tax (5)

• = CAPDA, comparable basis (6)

• - Goodwill

• - Intangibles, Net

  Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment

• + Included in Goodwill (3)

• = Operating CAPDA, comparable basis

$

14,775.1

$

15,797.5

$

$

19,525.2

$

24,971.0

• $ 26,653.4 $

  27,545.1 $

  28,144.4

  $

  28,030.9

  First Quarter 2021 $ 27,414.6

  20,981.0

  $

  12,311.0

  $

  • 13,518.9 $

    • 15,410.4 $

      • 16,551.0 $

• $ 22,433.8 $

  23,660.1 $

  24,789.6

  $

  24,957.2

  • $ 25,192.7

    6,164.3 3,210.0

    • 6,469.1

      • 7,456.8

        • 8,035.2

          8,073.4

          8,007.9 3,192.8

          7,937.2 3,089.9

          7,875.0 2,972.3

          7,814.1 7,733.3

    • 3,225.6

      • 3,431.5

        • 3,317.0

          3,284.2

          2,854.6 2,762.0

          1,642.0

    • 1,642.0

      • 1,642.0

        • 1,642.0

          1,642.0 11,265.4

          1,642.0

          1,642.0

          1,642.0

          1,642.0 1,642.0

          $

          4,578.8

          $

    • 5,466.1 $

    • 6,164.1 $

    • 6,840.8 $

• $ 12,875.1 $

14,275.0 $

15,584.2

$

15,930.6

• $ 16,339.4

• (1) The tax impact is computed on comparable interest expense, net using the Company's effective tax rate, as adjusted for non-recurring income tax benefits and charges, for the applicable periods.

• (2) Each component of NOPATDA, comparable basis is the sum of the current quarter and the previous three quarters.

• (3) Gain on remeasurement to fair value of equity method investment and net (gain) loss on securities measured at fair value are non-cash increases (decreases) included within total assets, which are excluded from the calculations of ROIC and Operating ROIC due to increase (decrease) in total assets from non-cash investment. Gain on remeasurement to fair value of equity method investment is included within goodwill and net (gain) loss on securities measured at fair value is included within other long-term assets. As of November 2018, the November 2017 Canopy Investment allocated to shares is no longer remeasured to fair value and is included within equity method investments.

• (4) Non-interest bearing liabilities is comprised of accounts payable, accrued excise taxes, other accrued expenses and liabilities, deferred income taxes, and other liabilities. Interest bearing liabilities is comprised of notes payable, current maturities on long-term debt, and long-term debt.

• (5) Cumulative comparable investment adjustments, net of tax presents the accumulation of comparable investment adjustments for a five year period, net of tax. Comparable investment adjustments represent adjustments to underlying assets or liabilities that the Company expects to generate a return in the future. Comparable investment adjustments exclude (gain)/loss on disposals of assets, impairment charges and certain non-cash (gain)/loss, including "Net (Gain) Loss on Sale of Business or Assets," "Gain on Remeasurement to Fair Value of Equity Method Investment," "Impairment of Goodwill and Intangible Assets," "Unrealized Net (Gain) Loss on Securities Measured at Fair Value," "Net Gain on Sale of Unconsolidated Investment," and "Income Tax Benefit, Other".

• (6) Total assets, cash, restricted cash, non-cash gain on remeasurement to fair value of equity method investment included in total assets, accumulated depreciation and amortization, non-interest bearing liabilities, goodwill, intangibles, net, total equity, and interest bearing liabilities are the average of the current quarter and the previous four quarters.

ROA, ROE & ROIC SUPPORTING DETAIL

(in millions)

NOPATDA Supporting Detail

Stock-based Compensation	Comparable Adjustment	Comparable Stock-based Compensation	Depreciation Expense	Accelerated Depreciation	Comparable Depreciation Expense	Amortization of Intangible Assets	Amortization of Favorable Interim Supply Agreement	Comparable Amortization of Intangible Assets	Total Comparable Depreciation and Amortization
For the 12 months endedFiscal Year 2014 2/28/2014 $ 49.9 $ - $ 49.9 $ 139.8 $ - $ 139.8 $ 15.5 $ 6.0 $ 9.5 $ 149.3
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2015 5/31/2014 Fiscal Year 2015 8/31/2014 Fiscal Year 2015 8/31/2014 Fiscal Year 2015 11/30/2014 Fiscal Year 2015 11/30/2014 Fiscal Year 2015 2/28/2015 $ $ $ $ $ $ 11.7 $ - $ 11.7 $ 39.0 $ - $ 16.2 $ - $ 16.2 $ 39.3 $ - $ 27.9 $ - $ 27.9 $ 78.3 $ - $ 14.2 $ - $ 14.2 $ 40.1 $ - $ 39.0 $ 39.3 $ 78.3 $ 40.1 $ 10.5 $ 7.6 $ 2.9 $ 41.9 14.2 $ 11.3 $ 2.9 $ 42.2 24.7 $ 18.9 $ 5.8 $ 84.1 11.5 $ 8.6 $ 2.9 $ 43.0 42.1 $ - $ 42.1 $ 118.4 $ - $ 118.4 $ 36.2 $ 27.5 $ 8.7 $ 127.1 12.9 $ - $ 12.9 $ 43.6 $ - $ 43.6 $ 3.8 $ 0.9 $ 2.9 $ 46.5
For the 12 months endedFiscal Year 2015 2/28/2015 $ 55.0 $ - $ 55.0 $ 162.0 $ - $ 162.0 $ 40.0 $ 28.4 $ 11.6 $ 173.6
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2016 5/31/2015 Fiscal Year 2016 8/31/2015 Fiscal Year 2016 8/31/2015 Fiscal Year 2016 11/30/2015 Fiscal Year 2016 11/30/2015 Fiscal Year 2016 2/29/2016 $ $ $ $ $ $ 12.3 $ - $ 12.3 $ 43.0 $ - $ 13.7 $ - $ 13.7 $ 45.7 $ - $ 26.0 $ - $ 26.0 $ 88.7 $ - $ 14.5 $ - $ 14.5 $ 41.8 $ - $ 43.0 $ 45.7 $ 88.7 $ 41.8 $ 11.7 $ 8.9 $ 2.8 $ 45.8 11.0 $ 9.0 $ 2.0 $ 47.7 22.7 $ 17.9 $ 4.8 $ 93.5 9.5 $ 7.4 $ 2.1 $ 43.9 40.5 $ - $ 40.5 $ 130.5 $ - $ 130.5 $ 32.2 $ 25.3 $ 6.9 $ 137.4 13.5 $ - $ 13.5 $ 49.8 $ - $ 49.8 $ 8.5 $ 6.4 $ 2.1 $ 51.9
For the 12 months endedFiscal Year 2016 2/29/2016 $ 54.0 $ 3.4 $ 50.6 $ 180.3 $ - $ 180.3 $ 40.7 $ 31.7 $ 9.0 $ 189.3
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2017 5/31/2016 Fiscal Year 2017 8/31/2016 Fiscal Year 2017 8/31/2016 Fiscal Year 2017 11/30/2016 Fiscal Year 2017 11/30/2016 Fiscal Year 2017 2/28/2017 $ $ $ $ $ $ 16.0 $ (0.2) $ 16.2 $ 55.8 $ - $ 15.4 $ 0.1 $ 15.3 $ 58.1 $ - $ 55.8 $ 58.1 $ 4.2 $ 2.2 $ 2.0 $ 57.8 2.1 $ 31.4 $ (0.1) $ 31.5 $ 113.9 $ - $ 113.9 $ 6.3 $ - 2.2 13.0 $ 2.5 $ 10.5 $ 61.4 $ - $ 61.4 $ 2.1 $ 44.4 $ 2.4 $ 42.0 $ 175.3 $ - $ 175.3 $ 8.4 $ - 2.2 11.7 $ (0.3) $ 12.0 $ 62.2 $ - $ 62.2 $ 2.0 $ -$ $ $ $ $ 2.1 $ 60.2 4.1 $ 118.0 2.1 $ 63.5 6.2 $ 181.5 2.0 $ 64.2
For the 12 months endedFiscal Year 2017 2/28/2017 $ 56.1 $ 2.1 $ 54.0 $ 237.5 $ - $ 237.5 $ 10.4 $ 2.2 $ 8.2 $ 245.7
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2018 5/31/2017 Fiscal Year 2018 8/31/2017 Fiscal Year 2018 8/31/2017 Fiscal Year 2018 11/30/2017 Fiscal Year 2018 11/30/2017 Fiscal Year 2018 2/28/2018 $ $ $ $ $ $ 15.1 $ - $ 15.1 $ 70.1 $ - $ 13.8 $ - $ 13.8 $ 70.8 $ - $ 70.1 $ 70.8 $ 1.4 $ - $ 1.4 $ 71.5 1.5 $ - $ 1.5 $ 72.3 28.9 $ - $ 28.9 $ 140.9 $ - $ 140.9 $ 2.9 $ - $ 2.9 $ 143.8 16.6 $ - $ 16.6 $ 73.5 $ - $ 73.5 $ 1.5 $ - $ 1.5 $ 75.0 45.5 $ - $ 45.5 $ 214.4 $ - $ 214.4 $ 4.4 $ - $ 4.4 $ 218.8 15.4 $ - $ 15.4 $ 79.4 $ - $ 79.4 $ 1.5 $ - $ 1.5 $ 80.9
For the 12 months endedFiscal Year 2018 2/28/2018 $ 60.9 $ - $ 60.9 $ 293.8 $ - $ 293.8 $ 5.9 $ - $ 5.9 $ 299.7
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2019 5/31/2018 Fiscal Year 2019 8/31/2018 Fiscal Year 2019 8/31/2018 Fiscal Year 2019 11/30/2018 Fiscal Year 2019 11/30/2018 Fiscal Year 2019 2/28/2019 $ $ $ $ $ $ 17.3 $ - $ 17.3 $ 84.2 $ 3.4 $ 80.8 $ 1.5 $ - $ 1.5 $ 82.3 18.6 $ - $ 18.6 $ 84.6 $ 1.6 $ 83.0 $ 1.5 $ - $ 1.5 $ 84.5 35.9 $ - $ 35.9 $ 168.8 $ 5.0 $ 163.8 $ 3.0 $ - $ 3.0 $ 166.8 15.2 $ - $ 15.2 $ 81.3 $ 1.5 $ 79.8 $ 1.5 $ - $ 1.5 $ 81.3 51.1 $ - $ 51.1 $ 250.1 $ 6.5 $ 243.6 $ 4.5 $ - $ 4.5 $ 248.1 13.0 $ - $ 13.0 $ 83.0 $ 2.4 $ 80.6 $ 1.5 $ - $ 1.5 $ 82.1
For the 12 months endedFiscal Year 2019 2/28/2019 $ 64.1 $ - $ 64.1 $ 333.1 $ 8.9 $ 324.2 $ 6.0 $ - $ 6.0 $ 330.2
For the 3 months ended For the 3 months ended For the 6 months ended For the 3 months ended For the 9 months ended For the 3 months ended Fiscal Year 2020 5/31/2019 Fiscal Year 2020 8/31/2019 Fiscal Year 2020 8/31/2019 Fiscal Year 2020 11/30/2019 Fiscal Year 2020 11/30/2019 Fiscal Year 2020 2/29/2020 $ $ $ $ $ $ 15.5 $ - $ 15.5 $ 86.6 $ 3.5 $ 83.1 $ 1.5 $ - $ 1.5 $ 84.6 18.1 $ - $ 18.1 $ 82.5 $ 1.8 $ 80.7 $ 1.4 $ - $ 1.4 $ 82.1 33.6 $ - $ 33.6 $ 169.1 $ 5.3 $ 163.8 $ 2.9 $ - $ 2.9 $ 166.7 17.0 $ - $ 17.0 $ 79.8 $ 1.8 $ 78.0 $ 1.4 $ - $ 1.4 $ 79.4 50.6 $ - $ 50.6 $ 248.9 $ 7.1 $ 241.8 $ 4.3 $ - $ 4.3 $ 246.1 9.8 $ - $ 9.8 $ 77.6 $ 0.5 $ 77.1 $ 1.4 $ - $ 1.4 $ 78.5
For the 12 months endedFiscal Year 2020 2/29/2020 $ 60.4 $ - $ 60.4 $ 326.5 $ 7.6 $ 318.9 $ 5.7 $ - $ 5.7 $ 324.6
For the 3 months endedFiscal Year 2021 5/31/2020 $ 14.6 $ - $ 14.6 $ 71.0 $ (0.0) $ 71.0 $ 1.4 $ - $ 1.4 $ 72.4

CAPDA Supporting Detail

Total Assets	Goodwill	Intangibles	Cash	Restricted Cash	Accumulated Depreciation	Accumulated Amortization	Total Accumulated Amortization and Accumulated Depreciation	Total Equity	Non-Cash Gain to Revalue Existing Equity Investment	Non-Cash Gain to Revalue Securities Measured at Fair Value
Q4 FY14 2/28/2014 $ 14,302.1 $ 6,146.8 $ 3,231.1 $ 63.9 $ - $ 924.7 $ 133.0 $ 1,057.7 $ 4,981.3 $ 1,642.0 $ -
Q1 FY15 Q2 FY15 Q3 FY15 5/31/2014 8/31/2014 11/30/2014 $ 14,842.4 $ $ 14,657.4 $ $ 14,980.5 $ 6,153.1 $ 6,149.3 $ 6,163.9 $ 3,229.4 $ 3,213.5 $ 3,194.9 $ 378.0 $ 104.3 $ 67.3 $ - $ 966.5 $ 146.3 $ - $ - $ 1,008.5 1,032.2 $ 163.4 $ $ 175.3 $ 1,112.8 $ 1,171.9 $ 1,207.5 $ 5,287.0 $ 5,487.4 $ 5,635.0 $ 1,642.0 $ 1,642.0 $ 1,642.0 $ - - -
Q4 FY15 2/28/2015 $ 15,093.0 $ 6,208.2 $ 3,181.0 $ 110.1 $ - $ 1,050.2 $ 181.2 $ 1,231.4 $ 5,881.3 $ 1,642.0 $ -
Q1 FY16 Q2 FY16 Q3 FY16 5/31/2015 8/31/2015 11/30/2015 $ 15,198.6 $ $ 15,622.8 $ $ 16,108.2 $ 6,200.3 $ 6,416.8 $ 6,381.8 $ 3,166.7 $ 3,188.7 $ 3,187.8 $ 130.7 $ 329.7 $ 491.3 $ - $ 1,086.8 $ - $ 1,112.8 $ - $ 1,151.1 $ 196.0 $ 190.5 $ 202.7 $ 1,282.8 $ 1,303.3 $ 1,353.8 $ 6,051.9 $ 6,165.0 $ 6,596.7 $ 1,642.0 $ 1,642.0 $ 1,642.0 $ - - -
Q4 FY16 2/29/2016 $ 16,965.0 $ 7,138.6 $ 3,403.8 $ 83.1 $ - $ 1,179.3 $ 190.0 $ 1,369.3 $ 6,691.8 $ 1,642.0 $ -
Q1 FY17 Q2 FY17 Q3 FY17 5/31/2016 8/31/2016 11/30/2016 $ 17,630.0 $ $ 17,717.4 $ $ 18,320.1 $ 7,350.2 $ 7,356.8 $ 7,517.9 $ 3,440.4 $ 3,441.5 $ 3,494.2 $ 167.3 $ - $ 1,234.3 $ 177.3 $ 197.3 $ - $ 1,282.8 $ - $ 1,310.1 $ 198.5 $ 184.2 $ 183.3 $ 1,432.8 $ 1,467.0 $ 1,493.4 $ 6,988.6 $ 7,174.1 $ 6,997.7 $ 1,642.0 $ 1,642.0 $ 1,642.0 $ - - -
Q4 FY17 2/28/2017 $ 18,602.4 $ 7,920.5 $ 3,377.7 $ 177.4 $ - $ 1,277.0 $ 123.0 $ 1,400.0 $ 6,829.3 $ 1,642.0 $ -
Q1 FY18 Q2 FY18 Q3 FY18 5/31/2017 8/31/2017 11/30/2017 $ 18,959.4 $ $ 19,418.4 $ $ 20,107.1 $ 7,972.3 $ 8,114.2 $ 8,085.7 $ 3,289.7 $ 3,309.1 $ 3,303.8 $ 199.1 $ 125.6 $ 154.5 $ - $ 1,332.1 $ - $ 1,401.7 $ - $ 1,438.8 $ 124.6 $ 123.8 $ 125.5 $ 1,456.7 $ 1,525.5 $ 1,564.3 $ 7,337.9 $ 7,887.5 $ 7,953.1 $ 1,642.0 $ 1,642.0 $ 1,642.0 $ - - 216.8
Q4 FY18 2/28/2018 $ 20,538.7 $ 8,083.1 $ 3,304.8 $ 90.3 $ - $ 1,484.0 $ 127.5 $ 1,611.5 $ 7,991.7 $ 1,642.0 $ 464.3
Q1 FY19 Q2 FY19 Q3 FY19 5/31/2018 8/31/2018 11/30/2018 $ 23,096.7 $ $ 24,097.5 $ $ 27,890.4 $ 8,050.5 $ 8,082.6 $ 8,061.8 $ 3,301.6 $ 3,308.9 $ 3,307.8 $ 210.0 $ 206.1 $ 130.6 $ - $ 1,528.1 $ - $ 1,583.8 $ - $ 1,642.6 $ 129.2 $ 133.7 $ 131.2 $ 1,657.3 $ 1,717.5 $ 1,773.8 $ 10,565.8 $ 11,535.2 $ 11,520.0 $ 1,642.0 $ 722.6 1,642.0 $ 1,414.7 1,642.0 $ 1,250.8
Q4 FY19 2/28/2019 $ 29,231.5 $ 8,088.8 $ 3,198.1 $ 93.6 $ - $ 1,705.2 $ 133.0 $ 1,838.2 $ 12,837.2 $ 1,642.0 $ 2,435.5
Q1 FY20 Q2 FY20 Q3 FY20 5/31/2019 8/31/2019 11/30/2019 $ 28,951.1 $ $ 27,555.1 $ $ 27,093.7 $ 7,756.0 $ 7,696.7 $ 7,771.8 $ 2,847.5 $ 2,787.0 $ 2,721.3 $ 98.7 $ 81.3 $ 93.7 $ - $ 1,762.7 $ - $ 1,820.3 $ - $ 1,872.7 $ 134.6 $ 136.3 $ 132.2 $ 1,897.3 $ 1,956.6 $ 2,004.9 $ 12,488.2 $ 11,691.0 $ 12,036.3 $ 1,642.0 $ 1,608.0 1,642.0 $ 768.9 1,642.0 $ 234.6
Q4 FY20 2/29/2020 $ 27,323.2 $ 7,757.1 $ 2,718.9 $ 81.4 $ - $ 1,798.8 $ 132.6 $ 1,931.4 $ 12,474.3 $ 1,642.0 $ 309.1
Q1 FY21 5/31/2020 $ 26,149.8 $ 7,684.9 $ 2,735.4 $ 302.8 $ - $ 1,764.8 $ 133.8 $ 1,898.6 $ 11,377.6 $ 1,642.0 $ 111.8

Accounts Payable	Accrued Excise Taxes (1)	Other Accrued Expenses and Liabilities (1)	Deferred Income Taxes (2)	Other Liabilities (2)	Total Non-Interest Bearing Liabilities
Q4 FY14 2/28/2014 $ 295.2 $ 27.7 $ 1,055.6 $ 762.6 $ 159.2 $ 2,300.3
Q1 FY15 Q2 FY15 Q3 FY15 5/31/2014 8/31/2014 11/30/2014 $ 345.7 $ $ 441.9 $ $ 445.9 $ 27.5 $ 29.5 $ 24.9 $ 1,031.9 $ 536.2 $ 540.4 $ 795.9 $ 815.0 $ 831.4 $ 159.3 $ 2,360.3 155.5 $ 1,978.1 184.1 $ 2,026.7
Q4 FY15 2/28/2015 $ 285.8 $ 28.7 $ 605.7 $ 818.9 $ 176.1 $ 1,915.2
Q1 FY16 Q2 FY16 Q3 FY16 5/31/2015 8/31/2015 11/30/2015 $ 289.1 $ $ 373.3 $ $ 420.9 $ 30.8 $ 26.9 $ 32.5 $ 521.0 $ 626.6 $ 579.4 $ 860.0 $ 894.4 $ 986.4 $ 176.9 $ 1,877.8 163.6 $ 2,084.8 137.7 $ 2,156.9
Q4 FY16 2/29/2016 $ 429.3 $ 33.6 $ 544.4 $ 1,022.2 $ 162.5 $ 2,192.0
Q1 FY17 Q2 FY17 Q3 FY17 5/31/2016 8/31/2016 11/30/2016 $ 558.5 $ $ 624.5 $ $ 772.3 $ 39.7 $ 35.9 $ 33.0 $ 482.9 $ 531.8 $ 562.2 $ 1,092.2 $ 1,164.1 $ 1,124.0 $ 159.9 $ 2,333.2 158.0 $ 2,514.3 199.3 $ 2,690.8
Q4 FY17 2/28/2017 $ 559.8 $ 44.6 $ 666.0 $ 1,098.9 $ 165.7 $ 2,535.0
Q1 FY18 Q2 FY18 Q3 FY18 5/31/2017 8/31/2017 11/30/2017 $ 558.8 $ - $ $ 601.7 $ - $ $ 742.2 $ - $ 586.5 $ 671.6 $ 648.7 $ 1,098.2 $ 1,131.1 $ 1,198.6 $ 166.5 $ 2,410.0 179.1 $ 2,583.5 214.3 $ 2,803.8
Q4 FY18 2/28/2018 $ 592.2 $ - $ 678.3 $ 694.4 $ 395.4 $ 2,360.3
Q1 FY19 Q2 FY19 Q3 FY19 5/31/2018 8/31/2018 11/30/2018 $ 650.3 $ - $ $ 734.9 $ - $ $ 882.7 $ - $ 649.6 $ 691.6 $ 683.6 $ - $ 1,124.0 $ 2,423.9 - $ 1,212.2 $ 2,638.7 - $ 1,234.5 $ 2,800.8
Q4 FY19 2/28/2019 $ 616.7 $ - $ 690.4 $ - $ 1,470.7 $ 2,777.8
Q1 FY20 Q2 FY20 Q3 FY20 5/31/2019 8/31/2019 11/30/2019 $ 579.1 $ - $ $ 608.6 $ - $ $ 676.5 $ - $ 708.4 $ 800.3 $ 767.4 $ - $ 1,777.8 $ 3,065.3 - $ 1,508.4 $ 2,917.3 - $ 1,257.5 $ 2,701.4
Q4 FY20 2/29/2020 $ 557.6 $ - $ 780.4 $ - $ 1,326.3 $ 2,664.3
Q1 FY21 5/31/2020 $ 505.5 $ - $ 712.2 $ - $ 1,380.5 $ 2,598.2

• (1) Accrued Excise Taxes is reported within Other Accrued Expenses and Liabilities beginning in Q1 FY18.

• (2) Deferred Income Taxes is reported within Other Liabilities beginning in Q1 FY19.

Notes Payable (Short-Term Borrowings)	Current Debt	Long-Term Debt	Total Interest Bearing Liabilities
Q4 FY14 2/28/2014 $ 57.2 $ 590.0 $ 6,373.3 $ 7,020.5
Q1 FY15 Q2 FY15 Q3 FY15 5/31/2014 8/31/2014 11/30/2014 $ 235.2 $ $ 253.0 $ $ 100.3 $ 614.4 $ 615.7 $ 137.0 $ 6,345.5 $ 7,195.1 6,323.2 $ 7,191.9 7,081.5 $ 7,318.8
Q4 FY15 2/28/2015 $ 52.4 $ 158.1 $ 7,086.0 $ 7,296.5
Q1 FY16 Q2 FY16 Q3 FY16 5/31/2015 8/31/2015 11/30/2015 $ 100.9 $ $ $ 29.3 $ 31.1 $ 178.5 $ 156.1 $ 856.9 $ 6,989.5 $ 7,268.9 7,187.6 $ 7,373.0 6,466.6 $ 7,354.6
Q4 FY16 2/29/2016 $ 408.3 $ 856.7 $ 6,816.2 $ 8,081.2
Q1 FY17 Q2 FY17 Q3 FY17 5/31/2016 8/31/2016 11/30/2016 $ 29.8 $ $ 114.3 $ $ 353.4 $ 1587.8 $ 893.1 $ 915.7 $ 6,690.6 $ 8,308.2 7,021.6 $ 8,029.0 7,362.5 $ 8,631.6
Q4 FY17 2/28/2017 $ 606.5 $ 910.9 $ 7,720.7 $ 9,238.1
Q1 FY18 Q2 FY18 Q3 FY18 5/31/2017 8/31/2017 11/30/2017 $ 988.1 $ $ 814.0 $ $ 1,212.8 $ 146.2 $ 96.5 $ 23.2 $ 8,077.2 $ 9,211.5 8,036.9 $ 8,947.4 8,114.2 $ 9,350.2
Q4 FY18 2/28/2018 $ 746.8 $ 22.3 $ 9,417.6 $ 10,186.7
Q1 FY19 Q2 FY19 Q3 FY19 5/31/2018 8/31/2018 11/30/2018 $ 669.7 $ $ 717.1 $ 20.9 $ 18.9 $ 9,416.4 $ 10,107.0 9,187.6 $ 9,923.6 $ 731.5 $ 1,065.6 $ 11,772.5 $ 13,569.6
Q4 FY19 2/28/2019 $ 791.5 $ 1,065.2 $ 11,759.8 $ 13,616.5
Q1 FY20 Q2 FY20 Q3 FY20 5/31/2019 8/31/2019 11/30/2019 $ 586.4 $ $ 150.9 $ $ 281.5 $ 1,065.4 $ 636.1 $ 734.8 $ 11,745.8 $ 13,397.6 12,159.8 $ 12,946.8 11,339.7 $ 12,356.0
Q4 FY20 2/29/2020 $ 238.9 $ 734.9 $ 11,210.8 $ 12,184.6

Q1 FY21

5/31/2020

$

- $

534.7 $

11,639.3 $

12,174.0