10-Q Filing

BROWN FORMAN CORP CIK: 14693 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000014693-19-000164`
Period End Date	20190731
Filing Date	20190828
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	bfb-7312019x10qjuly_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 34 Cash Flow Statement 56 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$211.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$239.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and July 31	`AccountsReceivableNetCurrent`	$626.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and July 31	`AccountsReceivableNetCurrent`	$609.00M	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.00B	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.99M	shares	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.02B	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	7.36M	shares	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$325.00M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$279.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$152.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$163.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$105.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$85.00M	USD	Point-in-time
Total inventories	`InventoryNet`	$1.61B	USD	Point-in-time
Total inventories	`InventoryNet`	$1.52B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$283.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$295.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.84B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.72B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$815.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$816.00M	USD	Point-in-time
Goodwill	`Goodwill`	$753.00M	USD	Point-in-time
Goodwill	`Goodwill`	$754.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$654.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$645.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$16.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$16.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$190.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$246.00M	USD	Point-in-time
Total assets	`Assets`	$5.32B	USD	Point-in-time
Total assets	`Assets`	$5.14B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$544.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$524.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$79.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$44.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$9.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$220.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$150.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$867.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$703.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.27B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.29B	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$148.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$145.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$197.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$197.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$157.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$180.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.66B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.49B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.28B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.24B	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-363.00M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-407.00M	USD	Point-in-time
Treasury stock, at cost (7,360,000 and 6,993,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$285.00M	USD	Point-in-time
Treasury stock, at cost (7,360,000 and 6,993,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$300.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.66B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.32B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.65B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.32B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.14B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$978.00M	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$987.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$212.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$221.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$766.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$766.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$243.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$268.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$498.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$523.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$98.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$92.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$164.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$168.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$6.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$7.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$248.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$264.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$1.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$2.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$22.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$228.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$242.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$42.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$42.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$200.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.00M	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.41	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$200.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$18.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$18.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$20.00M	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-9.00M	USD	1 Quarter
U.S Tax Act repatriation tax provision (benefit)	`TaxCutsandJobActTransitionTaxExpenseBenefit`	$-6.00M	USD	1 Quarter
U.S Tax Act repatriation tax provision (benefit)	`TaxCutsandJobActTransitionTaxExpenseBenefit`	-	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$22.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$83.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$100.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$5.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$4.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-34.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-33.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$35.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$27.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$4.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$126.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$72.00M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$22.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.00M	USD	1 Quarter
Payments for corporate-owned life insurance	`PaymentsToAcquireLifeInsurancePolicies`	-	USD	1 Quarter
Payments for corporate-owned life insurance	`PaymentsToAcquireLifeInsurancePolicies`	$2.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$-41.00M	USD	1 Quarter
Net change in short-term borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$67.00M	USD	1 Quarter
Net payments related to exercise of stock-based awards	`NetPaymentsRelatedToExerciseOfStockBasedAwards`	$4.00M	USD	1 Quarter
Net payments related to exercise of stock-based awards	`NetPaymentsRelatedToExerciseOfStockBasedAwards`	$13.00M	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.00M	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$76.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$79.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-122.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-7.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.00M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-28.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$211.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$239.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$211.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$239.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$307.00M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$200.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-12.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-13.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$9.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$23.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$14.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$185.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$214.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.