Constellation Brands : Fourth Quarter Fiscal 2020 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 the interim and annual periods of fiscal 2018 presented herein has been adjusted to reflect the adoption of this amended guidance. Annual and interim periods prior to fiscal 2017, including interim periods for 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

				Fourth			Fourth			Fourth			Fourth			Fourth			First		Second		Third		Fourth					Second		Third		Fourth
				Quarter			Quarter			Quarter			Quarter			Quarter			Quarter		Quarter		Quarter		Quarter		First Quarter		Quarter		Quarter		Quarter
				2014			2015			2016			2017			2018			2019		2019		2019		2019			2020		2020		2020		2020
	(in millions)
	ROA (Reported Net Income/Total Assets)		16.23%			5.68%			6.68%			8.57%			11.80%			12.97%		15.37%		13.42%		13.76%			9.18%		2.80%		2.95%		(0.04%)
	ROE (Reported Net Income/Total Equity)		48.24%			15.39%			16.80%			22.04%			30.31%			31.73%		35.88%		31.34%		31.55%			20.75%		6.43%		6.85%		(0.10%)
				TTM			TTM			TTM			TTM			TTM			TTM		TTM		TTM		TTM			TTM		TTM		TTM		TTM
				Fourth			Fourth			Fourth			Fourth			Fourth			First		Second		Third		Fourth					Second		Third		Fourth
				Quarter			Quarter			Quarter			Quarter			Quarter			Quarter		Quarter		Quarter		Quarter		First Quarter		Quarter		Quarter		Quarter
				2014			2015			2016			2017			2018			2019		2019		2019		2019			2020		2020		2020		2020
	Reported Net Income Attributable to CBI	$	1,943.1		$	839.3		$	1,054.9		$	1,528.6		$	2,303.4		$	2,648.7	$	3,296.6	$	3,106.9	$	3,435.9		$	2,446.7	$	772.0	$	829.3	$	(11.8)
	+	Comparable Adjustments, Net of Tax		(1,301.4)			53.7			51.6			(154.4)			(557.5)			(935.7)		(1,520.6)		(1,273.5)		(1,620.7)			(635.0)		1,006.9		905.5		1,789.7
	Comparable Net Income Attributable to CBI		641.7			893.0			1,106.5			1,374.2			1,745.9			1,713.0		1,776.0		1,833.4		1,815.2			1,811.7		1,778.9		1,734.8		1,777.9
	-	Comparable Interest Expense		(323.2)			(337.7)			(313.9)			(333.3)			(332.0)			(337.4)		(343.9)		(355.6)		(387.2)			(414.0)		(437.8)		(447.8)		(428.7)
	+	Tax Impact of Comparable Interest Expense (1)		(102.2)			(99.2)			(92.9)			(89.0)			(63.2)			(65.5)		(64.9)		(62.6)		(70.2)			(71.5)		(70.9)		(73.7)		(61.6)
	+	Comparable Depreciation and Amortization Expense		149.3			173.6			189.3			245.7			299.7			310.5		322.7		329.0		330.2			332.5		330.1		328.2		324.6
	+	Comparable Stock-based Compensation Expense		49.9			55.0			50.6			54.0			60.9			63.1		67.9		66.5		64.1			62.3		61.8		63.6		60.4
	=	NOPATDA, comparable basis (2)	$	1,061.9		$	1,360.1		$	1,567.4		$	1,924.5		$	2,375.3		$	2,358.5	$	2,445.6	$	2,521.9	$	2,526.5		$	2,549.0	$	2,537.7	$	2,500.7	$	2,530.0
			5 QTR AVG		5 QTR AVG		5 QTR AVG		5 QTR AVG		5 QTR AVG		5 QTR AVG	5 QTR AVG	5 QTR AVG	5 QTR AVG		5 QTR AVG	5 QTR AVG	5 QTR AVG		5 QTR AVG
				Fourth			Fourth			Fourth			Fourth			Fourth			First		Second		Third		Fourth					Second		Third		Fourth
				Quarter			Quarter			Quarter			Quarter			Quarter			Quarter		Quarter		Quarter		Quarter		First Quarter		Quarter		Quarter		Quarter
				2014			2015			2016			2017			2018			2019		2019		2019		2019			2020		2020		2020		2020
	Total Assets	$	11,970.3		$	14,775.1		$	15,797.5		$	17,847.0		$	19,525.2		$	20,424.1	$	21,451.7	$	23,146.1	$	24,971.0		$	26,653.4	$	27,545.1	$	28,144.4	$	28,030.9
	-	Cash		237.3			144.7			229.0			160.5			149.4			155.9		157.3		158.3		146.1			147.8		122.1		99.6		89.7
	-	Restricted Cash		310.0			-			-			-			-			-		-		-		-			-		-		-		-
		Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment
	-	Included in Total Assets (3)		985.2			1,642.0			1,642.0			1,642.0			1,642.0			1,642.0		1,642.0		1,642.0		1,642.0			1,642.0		1,642.0		1,642.0		1,642.0
	-	Non-Cash Gain (Loss) on Securities Measured at Fair Value (3)		-			-			-			-			136.2			280.7		563.7		813.8		1,257.6			1,486.3		1,495.6		1,259.6		1,071.2
	+	Accumulated Depreciation and Amortization		987.6			1,156.3			1,308.1			1,432.5			1,511.6			1,563.1		1,615.2		1,664.9		1,719.7			1,776.8		1,836.7		1,894.2		1,925.7
	-	Non-Interest Bearing Liabilities (4)		1,975.9			2,116.1			2,045.3			2,453.1			2,538.5			2,516.3		2,562.0		2,605.5		2,600.3			2,741.3		2,840.0		2,852.5		2,825.2
	+	Cumulative Comparable Investment Adjustments, Net of Tax (5)		343.8			282.5			329.5			386.5			(19.7)			(30.0)		(37.8)		(56.3)		(63.6)			21.0		377.9		604.7		628.8
	=	CAPDA, comparable basis (6)	$	9,793.3		$	12,311.0		$	13,518.8		$	15,410.4		$	16,551.0		$	17,362.2	$	18,104.1	$	19,535.0	$	20,981.0		$	22,433.8	$	23,660.1	$	24,789.6	$	24,957.2
	-	Goodwill		4,774.6			6,164.3			6,469.1			7,456.8			8,035.2			8,061.2		8,083.2		8,072.7		8,073.4			8,007.9		7,937.2		7,875.0		7,814.1
	-	Intangibles, Net		2,290.0			3,210.0			3,225.6			3,431.5			3,317.0			3,301.8		3,305.6		3,305.4		3,284.2			3,192.8		3,089.9		2,972.3		2,854.6
		Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment
	+	Included in Goodwill (3)		985.2			1,642.0			1,642.0			1,642.0			1,642.0			1,642.0		1,642.0		1,642.0		1,642.0			1,642.0		1,642.0		1,642.0		1,642.0
	=	Operating CAPDA, comparable basis	$	3,713.9		$	4,578.8		$	5,466.1		$	6,164.1		$	6,840.8		$	7,641.2	$	8,357.2	$	9,798.9	$	11,265.4		$	12,875.1	$	14,275.0	$	15,584.2	$	15,930.6
	Total Equity	$	4,027.8		$	5,454.4		$	6,277.3		$	6,936.3		$	7,599.9		$	8,347.2	$	9,186.7	$	9,913.2	$	10,890.0		$	11,789.3	$	12,014.3	$	12,114.5	$	12,305.4
	+	Interest Bearing Liabilities (4)		5,966.6			7,204.6			7,474.9			8,457.6			9,386.8			9,560.6		9,703.0		10,627.4		11,480.7			12,122.9		12,690.8		13,177.3		12,900.3
	-	Cash		237.3			144.7			229.0			160.5			149.4			155.9		157.3		158.3		146.1			147.8		122.1		99.6		89.7
	-	Restricted Cash		310.0			-			-			-			-			-		-		-		-			-		-		-		-
		Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment
	-	Included in Total Assets (3)		985.2			1,642.0			1,642.0			1,642.0			1,642.0			1,642.0		1,642.0		1,642.0		1,642.0			1,642.0		1,642.0		1,642.0		1,642.0
	-	Non-Cash Gain (Loss) on Securities Measured at Fair Value (3)		-			-			-			-			136.2			280.7		563.7		813.8		1257.6			1,486.3		1,495.6		1,259.6		1,071.2
	+	Accumulated Depreciation and Amortization		987.6			1,156.3			1,308.1			1,432.5			1,511.6			1,563.1		1,615.2		1,664.9		1,719.7			1,776.8		1,836.7		1,894.2		1,925.7
	+	Cumulative Comparable Investment Adjustments, Net of Tax (5)		343.8			282.5			329.5			386.5			(19.7)			(30.0)		(37.8)		(56.3)		(63.6)			21.0		377.9		604.7		628.8
	=	CAPDA, comparable basis (6)	$	9,793.3		$	12,311.0		$	13,518.9		$	15,410.4		$	16,551.0		$	17,362.2	$	18,104.1	$	19,535.0	$	20,981.0		$	22,433.8	$	23,660.1	$	24,789.6	$	24,957.2
	-	Goodwill		4,774.6			6,164.3			6,469.1			7,456.8			8,035.2			8,061.2		8,083.2		8,072.7		8,073.4			8,007.9		7,937.2		7,875.0		7,814.1
	-	Intangibles, Net		2,290.0			3,210.0			3,225.6			3,431.5			3,317.0			3,301.8		3,305.6		3,305.4		3,284.2			3,192.8		3,089.9		2,972.3		2,854.6
		Non-Cash Gain on Remeasurement to Fair Value of Equity Method Investment
	+	Included in Goodwill (3)		985.2			1,642.0			1,642.0			1,642.0			1,642.0			1,642.0		1,642.0		1,642.0		1,642.0			1,642.0		1,642.0		1,642.0		1,642.0
	=	Operating CAPDA, comparable basis	$	3,713.9		$	4,578.8		$	5,466.1		$	6,164.1		$	6,840.8		$	7,641.2	$	8,357.2	$	9,798.9	$	11,265.4		$	12,875.1	$	14,275.0	$	15,584.2	$	15,930.6
				Fourth			Fourth			Fourth			Fourth			Fourth			First		Second		Third		Fourth					Second		Third		Fourth
				Quarter			Quarter			Quarter			Quarter			Quarter			Quarter		Quarter		Quarter		Quarter		First Quarter		Quarter		Quarter		Quarter
				2014			2015			2016			2017			2018			2019		2019		2019		2019			2020		2020		2020		2020
	ROIC (NOPATDA, comparable basis/CAPDA, comparable basis)		10.84%			11.05%			11.59%			12.49%			14.35%			13.58%		13.51%		12.91%		12.04%			11.36%		10.73%		10.09%		10.14%
	Operating ROIC (NOPATDA, comparable basis/Operating CAPDA, comparable
	basis)		28.59%			29.70%			28.68%			31.22%			34.72%			30.87%		29.26%		25.74%		22.43%			19.80%		17.78%		16.05%		15.88%

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-interestbearing 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.

1. 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".
2. 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

																						Total
																	Amortization of		Comparable		Comparable
								Comparable						Comparable	Amortization of		Favorable	Amortization of		Depreciation
				Stock-based		Comparable		Stock-based		Depreciation		Accelerated		Depreciation		Intangible	Interim Supply		Intangible		and
				Compensation		Adjustment		Compensation		Expense		Depreciation		Expense		Assets		Agreement		Assets		Amortization
For the 3 months ended	Fiscal Year 2013	5/31/2012	$	11.6	$	-	$	11.6	$	26.3	$	-	$	26.3	$	1.8	$	-	$	1.8	$	28.1
For the 3 months ended	Fiscal Year 2013	8/31/2012	$	9.8	$	-	$	9.8	$	26.1	$	-	$	26.1	$	1.8	$	-	$	1.8	$	27.9
For the 6 months ended	Fiscal Year 2013	8/31/2012	$	21.4	$	-	$	21.4	$	52.4	$	-	$	52.4	$	3.6	$	-	$	3.6	$	56.0
For the 3 months ended	Fiscal Year 2013	11/30/2012	$	9.9	$	-	$	9.9	$	27.6	$	-	$	27.6	$	1.9	$	-	$	1.9	$	29.5
For the 9 months ended	Fiscal Year 2013	11/30/2012	$	31.3	$	-	$	31.3	$	80.0	$	-	$	80.0	$	5.5	$	-	$	5.5	$	85.5
For the 3 months ended	Fiscal Year 2013	2/28/2013	$	9.5	$	-	$	9.5	$	28.2	$	-	$	28.2	$	1.7	$	-	$	1.7	$	29.9
For the 12 months ended	Fiscal Year 2013	2/28/2013	$	40.8	$	-	$	40.8	$	108.2	$	-	$	108.2	$	7.2	$	-	$	7.2	$	115.4
For the 3 months ended	Fiscal Year 2014	5/31/2013	$	12.8	$	-	$	12.8	$	27.5	$	-	$	27.5	$	1.5	$	-	$	1.5	$	29.0
For the 3 months ended	Fiscal Year 2014	8/31/2013	$	12.8	$	-	$	12.8	$	36.6	$	-	$	36.6	$	5.6	$	2.1	$	3.5	$	40.1
For the 6 months ended	Fiscal Year 2014	8/31/2013	$	25.6	$	-	$	25.6	$	64.1	$	-	$	64.1	$	7.1	$	2.1	$	5.0	$	69.1
For the 3 months ended	Fiscal Year 2014	11/30/2013	$	11.9	$	-	$	11.9	$	38.0	$	-	$	38.0	$	4.1	$	2.2	$	1.9	$	39.9
For the 9 months ended	Fiscal Year 2014	11/30/2013	$	37.5	$	-	$	37.5	$	102.1	$	-	$	102.1	$	11.2	$	4.3	$	6.9	$	109.0
For the 3 months ended	Fiscal Year 2014	2/28/2014	$	12.4	$	-	$	12.4	$	37.7	$	-	$	37.7	$	4.3	$	1.7	$	2.6	$	40.3
For the 12 months ended	Fiscal 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	Fiscal Year 2015	5/31/2014	$	11.7	$	-	$	11.7	$	39.0	$	-	$	39.0	$	10.5	$	7.6	$	2.9	$	41.9
For the 3 months ended	Fiscal Year 2015	8/31/2014	$	16.2	$	-	$	16.2	$	39.3	$	-	$	39.3	$	14.2	$	11.3	$	2.9	$	42.2
For the 6 months ended	Fiscal Year 2015	8/31/2014	$	27.9	$	-	$	27.9	$	78.3	$	-	$	78.3	$	24.7	$	18.9	$	5.8	$	84.1
For the 3 months ended	Fiscal Year 2015	11/30/2014	$	14.2	$	-	$	14.2	$	40.1	$	-	$	40.1	$	11.5	$	8.6	$	2.9	$	43.0
For the 9 months ended	Fiscal Year 2015	11/30/2014	$	42.1	$	-	$	42.1	$	118.4	$	-	$	118.4	$	36.2	$	27.5	$	8.7	$	127.1
For the 3 months ended	Fiscal Year 2015	2/28/2015	$	12.9	$	-	$	12.9	$	43.6	$	-	$	43.6	$	3.8	$	0.9	$	2.9	$	46.5
For the 12 months ended	Fiscal 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	Fiscal Year 2016	5/31/2015	$	12.3	$	-	$	12.3	$	43.0	$	-	$	43.0	$	11.7	$	8.9	$	2.8	$	45.8
For the 3 months ended	Fiscal Year 2016	8/31/2015	$	13.7	$	-	$	13.7	$	45.7	$	-	$	45.7	$	11.0	$	9.0	$	2.0	$	47.7
For the 6 months ended	Fiscal Year 2016	8/31/2015	$	26.0	$	-	$	26.0	$	88.7	$	-	$	88.7	$	22.7	$	17.9	$	4.8	$	93.5
For the 3 months ended	Fiscal Year 2016	11/30/2015	$	14.5	$	-	$	14.5	$	41.8	$	-	$	41.8	$	9.5	$	7.4	$	2.1	$	43.9
For the 9 months ended	Fiscal Year 2016	11/30/2015	$	40.5	$	-	$	40.5	$	130.5	$	-	$	130.5	$	32.2	$	25.3	$	6.9	$	137.4
For the 3 months ended	Fiscal Year 2016	2/29/2016	$	13.5	$	-	$	13.5	$	49.8	$	-	$	49.8	$	8.5	$	6.4	$	2.1	$	51.9
For the 12 months ended	Fiscal 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	Fiscal Year 2017	5/31/2016	$	16.0	$	(0.2)	$	16.2	$	55.8	$	-	$	55.8	$	4.2	$	2.2	$	2.0	$	57.8
For the 3 months ended	Fiscal Year 2017	8/31/2016	$	15.4	$	0.1	$	15.3	$	58.1	$	-	$	58.1	$	2.1	$	-	$	2.1	$	60.2
For the 6 months ended	Fiscal Year 2017	8/31/2016	$	31.4	$	(0.1)	$	31.5	$	113.9	$	-	$	113.9	$	6.3	$	2.2	$	4.1	$	118.0
For the 3 months ended	Fiscal Year 2017	11/30/2016	$	13.0	$	2.5	$	10.5	$	61.4	$	-	$	61.4	$	2.1	$	-	$	2.1	$	63.5
For the 9 months ended	Fiscal Year 2017	11/30/2016	$	44.4	$	2.4	$	42.0	$	175.3	$	-	$	175.3	$	8.4	$	2.2	$	6.2	$	181.5
For the 3 months ended	Fiscal Year 2017	2/28/2017	$	11.7	$	(0.3)	$	12.0	$	62.2	$	-	$	62.2	$	2.0	$	-	$	2.0	$	64.2
For the 12 months ended	Fiscal 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	Fiscal Year 2018	5/31/2017	$	15.1	$	-	$	15.1	$	70.1	$	-	$	70.1	$	1.4	$	-	$	1.4	$	71.5
For the 3 months ended	Fiscal Year 2018	8/31/2017	$	13.8	$	-	$	13.8	$	70.8	$	-	$	70.8	$	1.5	$	-	$	1.5	$	72.3
For the 6 months ended	Fiscal Year 2018	8/31/2017	$	28.9	$	-	$	28.9	$	140.9	$	-	$	140.9	$	2.9	$	-	$	2.9	$	143.8
For the 3 months ended	Fiscal Year 2018	11/30/2017	$	16.6	$	-	$	16.6	$	73.5	$	-	$	73.5	$	1.5	$	-	$	1.5	$	75.0
For the 9 months ended	Fiscal Year 2018	11/30/2017	$	45.5	$	-	$	45.5	$	214.4	$	-	$	214.4	$	4.4	$	-	$	4.4	$	218.8
For the 3 months ended	Fiscal Year 2018	2/28/2018	$	15.4	$	-	$	15.4	$	79.4	$	-	$	79.4	$	1.5	$	-	$	1.5	$	80.9
For the 12 months ended	Fiscal Year 2018	2/28/2018	$	60.9	$	-	$	60.9	$	293.8	$	-	$	293.8	$	5.9	$	-	$	5.9	$	299.7
For the 3 months ended	Fiscal Year 2019	5/31/2018	$	17.3	$	-	$	17.3	$	84.2	$	3.4	$	80.8	$	1.5	$	-	$	1.5	$	82.3
For the 3 months ended	Fiscal Year 2019	8/31/2018	$	18.6	$	-	$	18.6	$	84.6	$	1.6	$	83.0	$	1.5	$	-	$	1.5	$	84.5
For the 6 months ended	Fiscal Year 2019	8/31/2018	$	35.9	$	-	$	35.9	$	168.8	$	5.0	$	163.8	$	3.0	$	-	$	3.0	$	166.8
For the 3 months ended	Fiscal Year 2019	11/30/2018	$	15.2	$	-	$	15.2	$	81.3	$	1.5	$	79.8	$	1.5	$	-	$	1.5	$	81.3
For the 9 months ended	Fiscal Year 2019	11/30/2018	$	51.1	$	-	$	51.1	$	250.1	$	6.5	$	243.6	$	4.5	$	-	$	4.5	$	248.1
For the 3 months ended	Fiscal Year 2019	2/28/2019	$	13.0	$	-	$	13.0	$	83.0	$	2.4	$	80.6	$	1.5	$	-	$	1.5	$	82.1
For the 12 months ended	Fiscal 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	Fiscal Year 2020	5/31/2019	$	15.5	$	-	$	15.5	$	86.6	$	3.5	$	83.1	$	1.5	$	-	$	1.5	$	84.6
For the 3 months ended	Fiscal Year 2020	8/31/2019	$	18.1	$	-	$	18.1	$	82.5	$	1.8	$	80.7	$	1.4	$	-	$	1.4	$	82.1
For the 6 months ended	Fiscal Year 2020	8/31/2019	$	33.6	$	-	$	33.6	$	169.1	$	5.3	$	163.8	$	2.9	$	-	$	2.9	$	166.7
For the 3 months ended	Fiscal Year 2020	11/30/2019	$	17.0	$	-	$	17.0	$	79.8	$	1.8	$	78.0	$	1.4	$	-	$	1.4	$	79.4
For the 9 months ended	Fiscal Year 2020	11/30/2019	$	50.6	$	-	$	50.6	$	248.9	$	7.1	$	241.8	$	4.3	$	-	$	4.3	$	246.1
For the 3 months ended	Fiscal Year 2020	02/29/2020	$	9.8	$	-	$	9.8	$	77.6	$	0.5	$	77.1	$	1.4	$	-	$	1.4	$	78.5
For the 12 months ended	Fiscal Year 2020	02/29/2020	$	60.4	$	-	$	60.4	$	326.5	$	7.6	$	318.9	$	5.7	$	-	$	5.7	$	324.6

ROA, ROE & ROIC SUPPORTING DETAIL (in millions)

CAPDA Supporting Detail

																	Total
																	Accumulated					Non-Cash Gain
																	Amortization			Non-Cash Gain		to Revalue
																	and				to Revalue		Securities
													Accumulated		Accumulated		Accumulated			Existing Equity		Measured at
			Total Assets		Goodwill		Intangibles		Cash	Restricted Cash		Depreciation		Amortization		Depreciation		Total Equity		Investment		Fair Value
Q4 FY12	2/29/2012	$	7,109.9	$	2,632.9	$	866.4	$	85.8	$	-	$	723.2	$	119.3	$	842.5	$	2,676.0	$	-	$	-
Q1 FY13	5/31/2012	$	7,008.2	$	2,599.2	$	854.7	$	69.1	$	-	$	735.8	$	99.7	$	835.5	$	2,299.8	$	-	$	-
Q2 FY13	8/31/2012	$	8,040.5	$	2,739.3	$	878.2	$	178.5	$	650.0	$	769.5	$	101.5	$	871.0	$	2,618.1	$	-	$	-
Q3 FY13	11/30/2012	$	8,322.7	$	2,738.4	$	876.6	$	200.5	$	650.3	$	797.4	$	105.0	$	902.4	$	2,775.3	$	-	$	-
Q4 FY13	2/28/2013	$	7,638.1	$	2,722.3	$	871.4	$	331.5	$	-	$	817.9	$	108.5	$	926.4	$	2,860.3	$	-	$	-
Q1 FY14	5/31/2013	$	9,452.4	$	2,714.5	$	866.2	$	609.3	$	1550.0	$	839.4	$	111.4	$	950.8	$	2,997.4	$	-	$	-
Q2 FY14	8/31/2013	$	14,122.8	$	6,139.2	$	3,243.9	$	116.8	$	-	$	858.5	$	119.7	$	978.2	$	4,510.4	$	1,642.0	$	-
Q3 FY14	11/30/2013	$	14,336.3	$	6,150.0	$	3,237.2	$	65.2	$	-	$	898.6	$	126.1	$	1,024.7	$	4,789.8	$	1,642.0	$	-
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	5/31/2014	$	14,842.4	$	6,153.1	$	3,229.4	$	378.0	$	-	$	966.5	$	146.3	$	1,112.8	$	5,287.0	$	1,642.0	$	-
Q2 FY15	8/31/2014	$	14,657.4	$	6,149.3	$	3,213.5	$	104.3	$	-	$	1,008.5	$	163.4	$	1,171.9	$	5,487.4	$	1,642.0	$	-
Q3 FY15	11/30/2014	$	14,980.5	$	6,163.9	$	3,194.9	$	67.3	$	-	$	1,032.2	$	175.3	$	1,207.5	$	5,635.0	$	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	5/31/2015	$	15,198.6	$	6,200.3	$	3,166.7	$	130.7	$	-	$	1,086.8	$	196.0	$	1,282.8	$	6,051.9	$	1,642.0	$	-
Q2 FY16	8/31/2015	$	15,622.8	$	6,416.8	$	3,188.7	$	329.7	$	-	$	1,112.8	$	190.5	$	1,303.3	$	6,165.0	$	1,642.0	$	-
Q3 FY16	11/30/2015	$	16,108.2	$	6,381.8	$	3,187.8	$	491.3	$	-	$	1,151.1	$	202.7	$	1,353.8	$	6,596.7	$	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	5/31/2016	$	17,630.0	$	7,350.2	$	3,440.4	$	167.3	$	-	$	1,234.3	$	198.5	$	1,432.8	$	6,988.6	$	1,642.0	$	-
Q2 FY17	8/31/2016	$	17,717.4	$	7,356.8	$	3,441.5	$	177.3	$	-	$	1,282.8	$	184.2	$	1,467.0	$	7,174.1	$	1,642.0	$	-
Q3 FY17	11/30/2016	$	18,320.1	$	7,517.9	$	3,494.2	$	197.3	$	-	$	1,310.1	$	183.3	$	1,493.4	$	6,997.7	$	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	5/31/2017	$	18,959.4	$	7,972.3	$	3,289.7	$	199.1	$	-	$	1,332.1	$	124.6	$	1,456.7	$	7,337.9	$	1,642.0	$	-
Q2 FY18	8/31/2017	$	19,418.4	$	8,114.2	$	3,309.1	$	125.6	$	-	$	1,401.7	$	123.8	$	1,525.5	$	7,887.5	$	1,642.0	$	-
Q3 FY18	11/30/2017	$	20,107.1	$	8,085.7	$	3,303.8	$	154.5	$	-	$	1,438.8	$	125.5	$	1,564.3	$	7,953.1	$	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	5/31/2018	$	23,096.7	$	8,050.5	$	3,301.6	$	210.0	$	-	$	1,528.1	$	129.2	$	1,657.3	$	10,565.8	$	1,642.0	$	722.6
Q2 FY19	8/31/2018	$	24,097.5	$	8,082.6	$	3,308.9	$	206.1	$	-	$	1,583.8	$	133.7	$	1,717.5	$	11,535.2	$	1,642.0	$	1,414.7
Q3 FY19	11/30/2018	$	27,890.4	$	8,061.8	$	3,307.8	$	130.6	$	-	$	1,642.6	$	131.2	$	1,773.8	$	11,520.0	$	1,642.0	$	1,250.8
Q4 FY19	2/28/2019	$	29,231.5	$	8,088.8	$	3,198.1	$	93.6	$	-	$	1705.2	$	133.0	$	1,838.2	$	12,837.2	$	1,642.0	$	2,435.5
Q1 FY20	5/31/2019	$	28,951.1	$	7,756.0	$	2,847.5	$	98.7	$	-	$	1,762.7	$	134.6	$	1,897.3	$	12,488.2	$	1,642.0	$	1,608.0
Q2 FY20	8/31/2019	$	27,555.1	$	7,696.7	$	2,787.0	$	81.3	$	-	$	1,820.3	$	136.3	$	1,956.6	$	11,691.0	$	1,642.0	$	768.9
Q3 FY20	11/30/2019	$	27,093.7	$	7,771.8	$	2,721.3	$	93.7	$	-	$	1,872.7	$	132.2	$	2,004.9	$	12,036.3	$	1,642.0	$	234.6
Q4 FY20	2/28/2020	$	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
							Other Accrued						Total Non-
			Accounts	Accrued Excise		Expenses and	Deferred Income		Other	Interest Bearing
			Payable		Taxes (1)		Liabilities (1)		Taxes (2)		Liabilities (2)		Liabilities
Q4 FY12	2/29/2012	$	130.5	$	24.8	$	336.2	$	608.7	$	204.2	$	1,304.4
Q1 FY13	5/31/2012	$	117.2	$	23.4	$	311.7	$	607.1	$	228.0	$	1,287.4
Q2 FY13	8/31/2012	$	185.6	$	27.7	$	383.7	$	618.5	$	219.2	$	1,434.7
Q3 FY13	11/30/2012	$	300.4	$	18.1	$	402.8	$	618.4	$	212.3	$	1,552.0
Q4 FY13	2/28/2013	$	209.0	$	18.9	$	422.4	$	599.6	$	222.5	$	1,472.4
Q1 FY14	5/31/2013	$	150.0	$	17.5	$	375.4	$	631.1	$	209.0	$	1,383.0
Q2 FY14	8/31/2013	$	341.2	$	27.6	$	1,054.0	$	696.8	$	192.3	$	2,311.9
Q3 FY14	11/30/2013	$	462.4	$	26.4	$	1,028.6	$	710.0	$	184.5	$	2,411.9
Q4 FY14	2/28/2014	$	295.2	$	27.7	$	1,055.6	$	762.6	$	159.2	$	2,300.3
Q1 FY15	5/31/2014	$	345.7	$	27.5	$	1,031.9	$	795.9	$	159.3	$	2,360.3
Q2 FY15	8/31/2014	$	441.9	$	29.5	$	536.2	$	815.0	$	155.5	$	1,978.1
Q3 FY15	11/30/2014	$	445.9	$	24.9	$	540.4	$	831.4	$	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	5/31/2015	$	289.1	$	30.8	$	521.0	$	860.0	$	176.9	$	1,877.8
Q2 FY16	8/31/2015	$	373.3	$	26.9	$	626.6	$	894.4	$	163.6	$	2,084.8
Q3 FY16	11/30/2015	$	420.9	$	32.5	$	579.4	$	986.4	$	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	5/31/2016	$	558.5	$	39.7	$	482.9	$	1,092.2	$	159.9	$	2,333.2
Q2 FY17	8/31/2016	$	624.5	$	35.9	$	531.8	$	1,164.1	$	158.0	$	2,514.3
Q3 FY17	11/30/2016	$	772.3	$	33.0	$	562.2	$	1,124.0	$	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	5/31/2017	$	558.8	$	-	$	586.5	$	1,098.2	$	166.5	$	2,410.0
Q2 FY18	8/31/2017	$	601.7	$	-	$	671.6	$	1,131.1	$	179.1	$	2,583.5
Q3 FY18	11/30/2017	$	742.2	$	-	$	648.7	$	1,198.6	$	214.3	$	2,803.8
Q4 FY18	2/28/2018	$	592.2	$	-	$	678.3	$	694.4	$	395.4	$	2,360.3
Q1 FY19	5/31/2018	$	650.3	$	-	$	649.6	$	-	$	1,124.0	$	2,423.9
Q2 FY19	8/31/2018	$	734.9	$	-	$	691.6	$	-	$	1,212.2	$	2,638.7
Q3 FY19	11/30/2018	$	882.7	$	-	$	683.6	$	-	$	1,234.5	$	2,800.8
Q4 FY19	2/28/2019	$	616.7	$	-	$	690.4	$	-	$	1,470.7	$	2,777.8
Q1 FY20	5/31/2019	$	579.1	$	-	$	708.4	$	-	$	1,777.8	$	3,065.3
Q2 FY20	8/31/2019	$	608.6	$	-	$	800.3	$	-	$	1,508.4	$	2,917.3
Q3 FY20	11/30/2019	$	676.5	$	-	$	767.4	$	-	$	1,257.5	$	2,701.4
Q4 FY20	2/29/2020	$	557.6	$	-	$	780.4	$	-	$	1,326.3	$	2,664.3

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.

ROA, ROE & ROIC SUPPORTING DETAIL (in millions)

		Notes Payable						Total Interest
			(Short-Term		Current				Bearing
			Borrowings)		Debt	Long-Term Debt		Liabilities
Q4 FY12	2/29/2012	$	377.9	$	330.2	$	2,421.4	$	3,129.5
Q1 FY13	5/31/2012	$	97.9	$	37.7	$	3,285.4	$	3,421.0
Q2 FY13	8/31/2012	$	15.2	$	43.8	$	3,928.7	$	3,987.7
Q3 FY13	11/30/2012	$	16.6	$	49.9	$	3,928.9	$	3,995.4
Q4 FY13	2/28/2013	$	-	$	27.6	$	3,277.8	$	3,305.4
Q1 FY14	5/31/2013	$	221.0	$	33.3	$	4,817.7	$	5,072.0
Q2 FY14	8/31/2013	$	272.1	$	115.7	$	6,912.7	$	7,300.5
Q3 FY14	11/30/2013	$	170.5	$	67.1	$	6,897.0	$	7,134.6
Q4 FY14	2/28/2014	$	57.2	$	590.0	$	6,373.3	$	7,020.5
Q1 FY15	5/31/2014	$	235.2	$	614.4	$	6,345.5	$	7,195.1
Q2 FY15	8/31/2014	$	253.0	$	615.7	$	6,323.2	$	7,191.9
Q3 FY15	11/30/2014	$	100.3	$	137.0	$	7,081.5	$	7,318.8
Q4 FY15	2/28/2015	$	52.4	$	158.1	$	7,086.0	$	7,296.5
Q1 FY16	5/31/2015	$	100.9	$	178.5	$	6,989.5	$	7,268.9
Q2 FY16	8/31/2015	$	29.3	$	156.1	$	7,187.6	$	7,373.0
Q3 FY16	11/30/2015	$	31.1	$	856.9	$	6,466.6	$	7,354.6
Q4 FY16	2/29/2016	$	408.3	$	856.7	$	6,816.2	$	8,081.2
Q1 FY17	5/31/2016	$	29.8	$	1,587.8	$	6,690.6	$	8,308.2
Q2 FY17	8/31/2016	$	114.3	$	893.1	$	7,021.6	$	8,029.0
Q3 FY17	11/30/2016	$	353.4	$	915.7	$	7,362.5	$	8,631.6
Q4 FY17	2/28/2017	$	606.5	$	910.9	$	7,720.7	$	9,238.1
Q1 FY18	5/31/2017	$	988.1	$	146.2	$	8,077.2	$	9,211.5
Q2 FY18	8/31/2017	$	814.0	$	96.5	$	8,036.9	$	8,947.4
Q3 FY18	11/30/2017	$	1,212.8	$	23.2	$	8,114.2	$	9,350.2
Q4 FY18	2/28/2018	$	746.8	$	22.3	$	9,417.6	$	10,186.7
Q1 FY19	5/31/2018	$	669.7	$	20.9	$	9,416.4	$	10,107.0
Q2 FY19	8/31/2018	$	717.1	$	18.9	$	9,187.6	$	9,923.6
Q3 FY19	11/30/2018	$	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	5/31/2019	$	586.4	$	1,065.4	$	11,745.8	$	13,397.6
Q2 FY20	8/31/2019	$	150.9	$	636.1	$	12,159.8	$	12,946.8
Q3 FY20	11/30/2019	$	281.5	$	734.8	$	11,339.7	$	12,356.0
Q4 FY20	2/28/2020	$	238.9	$	734.9	$	11,210.8	$	12,184.6