# EDGAR Filing Document

**Accession Number:** 0000016918
**File Stem:** 0000000000-23-001971
**Filing Date:** 2023-2
**Character Count:** 13187
**Document Hash:** 614f7750f457b13259134be627ff0f28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001971.hdr.sgml**: 20230712

**ACCESSION NUMBER**: 0000000000-23-001971

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230228

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSTELLATION BRANDS, INC.
- **CENTRAL INDEX KEY:** 0000016918
- **STANDARD INDUSTRIAL CLASSIFICATION:** BEVERAGES [2080]
- **IRS NUMBER:** 160716709
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 207 HIGH POINT DRIVE
- **STREET 2:** BUILDING 100
- **CITY:** VICTOR
- **STATE:** NY
- **ZIP:** 14564
- **BUSINESS PHONE:** 585-678-7100

**MAIL ADDRESS:**
- **STREET 1:** 207 HIGH POINT DRIVE
- **STREET 2:** BUILDING 100
- **CITY:** VICTOR
- **STATE:** NY
- **ZIP:** 14564

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSTELLATION BRANDS INC
- **DATE OF NAME CHANGE:** 20000920

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA BRANDS INC
- **DATE OF NAME CHANGE:** 19970902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANANDAIGUA WINE CO INC
- **DATE OF NAME CHANGE:** 19920703
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000016918-22-000069

## Text-Extract

```

United States securities and exchange commission logo

                           February 27, 2023

       Garth Hankinson
       Chief Financial Officer
       Constellation Brands, Inc.
       207 High Point Drive, Building 100
       Victor, New York 14564

                                                        Re: Constellation
Brands, Inc.
                                                            Form 10-K for the
Fiscal Year Ended February 28, 2022
                                                            Filed April 21,
2022
                                                            Form 8-K
                                                            Filed April 7, 2022
                                                            File No. 001-08495

       Dear Garth Hankinson:

              We have limited our review of your filing to the financial
statements and related
       disclosures and have the following comments. In some of our comments, we
may ask you to
       provide us with information so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 8-K filed on April 7, 2022

       Exhibit 99.1
       Summarized Segment and Income (Loss) from Unconsolidated Investments
Information, page
       12

   1.                                                   We note your tabular
presentations include numerous amounts; however, it is not clear if
                                                        or how the amounts
presented reconcile to consolidated amounts. In this regard, please
                                                        address the following
in future filings:
                                                            Clarify and explain
if or how the separate segment operating income (loss) amounts
                                                            reconcile to
consolidated operating income (loss) amounts;
                                                            Clarify and explain
if or how the separate segment income (loss) from unconsolidated
                                                            investments amounts
reconcile to consolidated income (loss) from unconsolidated
                                                            investments
amounts; and
 Garth Hankinson
Constellation Brands, Inc.
February 27, 2023
Page 2
                Clarify or explain why the amounts identified as Canopy equity
earnings (losses)
              appear to represent comparable non-GAAP amounts rather than
reported GAAP
              amounts.

2.       We note you present a financial measure you identify as Consolidated
EBIT; however, it
         appears the measure is adjusted for items you identify as comparable
adjustments; does
         not represent Consolidated EBIT presented in your consolidated
statements of operations;
         is the same as a measure you also identify as Comparable EBIT; and is
not appropriately
         reconciled to the most directly comparable GAAP measure. Please
explain how you
         determined the title of this measure and related presentation is
appropriate based on the
         guidance in Questions 100.05, 103.01 and 103.02 of the Division of
Corporation
         Finance   s Compliance & Disclosure Interpretations on Non-GAAP
Financial Measures or
         tell us how you plan to revise the disclosures in future filings.
Reconciliations of GAAP to Non-GAAP Financial Measures, page 13

3.       We note your reconciliations of GAAP to Non-GAAP Financial Measures
presented on
         pages 13 and 15. We also note the format of the reconciliations
remained unchanged in
         Earnings Releases you filed under Form 8-K in connection with your FY
2023 Form 10-
         Qs, including the Form 8-K you filed on January 5, 2023. It appears
the
         reconciliations essentially represent non-GAAP income statements.
Please explain to us
         how you determined the reconciliations are appropriate based on the
revised guidance in
         Question 102.10 of the Division of Corporation Finance   s Compliance
& Disclosure
         Interpretations on Non-GAAP Financial Measures or tell us how you plan
to revise them
         in future filings.

4.       We note your disclosures related to comparable adjustments on pages 14
and 16; however,
         it is not clear your disclosures are appropriate and fully comply with
the requirements of
         Item 10(e)(1)(i)(B) of Regulation S-K, which requires separate
quantification and
         disclosure of each non-GAAP adjustment, or the guidance in Question
100.01 of the
         Division of Corporation Finance   s Compliance & Disclosure
Interpretations on Non-
         GAAP Financial Measures, which prohibits adjustments related to normal
operating
         expenses. Please explain to us why you believe the current adjustments
and related
         presentation is appropriate or tell us how you plan to revise future
filings.
5.     We note you present certain non-GAAP financial measures in which you
exclude the
       impact of Canopy, an equity method investment. Please explain to us how
you
       determined the non-GAAP financial measures are appropriate based on the
guidance in
       Question 100.04 of the Division of Corporation Finance   s Compliance &
Disclosure
FirstName LastNameGarth Hankinson
       Interpretations on Non-GAAP Financial Measures or tell us how you plan
to revise them
Comapany    NameConstellation
       in future filings.     Brands, Inc.
February 27, 2023 Page 2
FirstName LastName
 Garth Hankinson
FirstName  LastNameGarth
Constellation Brands, Inc. Hankinson
Comapany27,
February   NameConstellation
              2023            Brands, Inc.
February
Page 3 27, 2023 Page 3
FirstName LastName
       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       You may contact Ernest Greene, Staff Accountant at 202-551-3733 or Anne
McConnell,
Staff Accountant at 202-551-3709 with any questions.

                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of
Manufacturing

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

February 27, 2023

Garth Hankinson
Chief Financial Officer
Constellation Brands, Inc.
207 High Point Drive, Building 100
Victor, New York 14564

**Re: Constellation Brands, Inc.**

**Form 10-K for the Fiscal Year Ended February 28, 2022**

**Filed April 21, 2022**

**Form 8-K**

**Filed April 7, 2022**

**File No. 001-08495**

Dear Garth Hankinson:

We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Form 8-K filed on April 7, 2022

Exhibit 99.1

Summarized Segment and Income (Loss) from Unconsolidated Investments Information, page 12

1. We note your tabular presentations include numerous amounts; however, it is not clear if or how the amounts presented reconcile to consolidated amounts. In this regard, please address the following in future filings:
- Clarify and explain if or how the separate segment operating income (loss) amounts reconcile to consolidated operating income (loss) amounts;
- Clarify and explain if or how the separate segment income (loss) from unconsolidated investments amounts reconcile to consolidated income (loss) from unconsolidated investments amounts; and

Garth Hankinson
Constellation Brands, Inc.
February 27, 2023
Page 2

- Clarify or explain why the amounts identified as Canopy equity earnings (losses) appear to represent comparable non-GAAP amounts rather than reported GAAP amounts.

2. We note you present a financial measure you identify as Consolidated EBIT; however, it appears the measure is adjusted for items you identify as comparable adjustments; does not represent Consolidated EBIT presented in your consolidated statements of operations; is the same as a measure you also identify as Comparable EBIT; and is not appropriately reconciled to the most directly comparable GAAP measure. Please explain how you determined the title of this measure and related presentation is appropriate based on the guidance in Questions 100.05, 103.01 and 103.02 of the Division of Corporation Finance's Compliance & Disclosure Interpretations on Non-GAAP Financial Measures or tell us how you plan to revise the disclosures in future filings.

Reconciliations of GAAP to Non-GAAP Financial Measures, page 13

3. We note your reconciliations of GAAP to Non-GAAP Financial Measures presented on pages 13 and 15. We also note the format of the reconciliations remained unchanged in Earnings Releases you filed under Form 8-K in connection with your FY 2023 Form 10-Qs, including the Form 8-K you filed on January 5, 2023. It appears the reconciliations essentially represent non-GAAP income statements. Please explain to us how you determined the reconciliations are appropriate based on the revised guidance in Question 102.10 of the Division of Corporation Finance's Compliance & Disclosure Interpretations on Non-GAAP Financial Measures or tell us how you plan to revise them in future filings.

4. We note your disclosures related to comparable adjustments on pages 14 and 16; however, it is not clear your disclosures are appropriate and fully comply with the requirements of Item 10(e)(1)(i)(B) of Regulation S-K, which requires separate quantification and disclosure of each non-GAAP adjustment, or the guidance in Question 100.01 of the Division of Corporation Finance's Compliance & Disclosure Interpretations on Non-GAAP Financial Measures, which prohibits adjustments related to normal operating expenses. Please explain to us why you believe the current adjustments and related presentation is appropriate or tell us how you plan to revise future filings.

5. We note you present certain non-GAAP financial measures in which you exclude the impact of Canopy, an equity method investment. Please explain to us how you determined the non-GAAP financial measures are appropriate based on the guidance in Question 100.04 of the Division of Corporation Finance's Compliance & Disclosure Interpretations on Non-GAAP Financial Measures or tell us how you plan to revise them in future filings.

Garth Hankinson
Constellation Brands, Inc.
February 27, 2023
Page 3

In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

You may contact Ernest Greene, Staff Accountant at 202-551-3733 or Anne McConnell, Staff Accountant at 202-551-3709 with any questions.

Sincerely,

Division of Corporation Finance
Office of Manufacturing