10-Q Filing

BROWN FORMAN CORP CIK: 14693 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000014693-20-000137`
Period End Date	20200731
Filing Date	20200902
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	bfb-7312020x10qjulyxcl_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 36 Cash Flow Statement 60 Comprehensive Income 12

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$11.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$675.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$908.00M	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 $11 and $12 at April 30 and July 31, respectively	`AccountsReceivableNetCurrent`	$570.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $11 and $12 at April 30 and July 31, respectively	`AccountsReceivableNetCurrent`	$721.00M	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.09B	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.07B	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.09M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.32M	shares	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$352.00M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$320.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$172.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$189.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$126.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$101.00M	USD	Point-in-time
Total inventories	`InventoryNet`	$1.69B	USD	Point-in-time
Total inventories	`InventoryNet`	$1.74B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$335.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$276.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.65B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.27B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$848.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$834.00M	USD	Point-in-time
Goodwill	`Goodwill`	$756.00M	USD	Point-in-time
Goodwill	`Goodwill`	$760.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$635.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$657.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$15.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$58.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$247.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$236.00M	USD	Point-in-time
Total assets	`Assets`	$6.19B	USD	Point-in-time
Total assets	`Assets`	$5.77B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$545.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$517.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$84.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$73.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$30.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$389.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$333.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$880.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.09B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.27B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.32B	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$177.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$156.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$297.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$297.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$181.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$168.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.04B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.79B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.85B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.71B	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-523.00M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-547.00M	USD	Point-in-time
Treasury stock, at cost (6,323,000 and 6,089,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$248.00M	USD	Point-in-time
Treasury stock, at cost (6,323,000 and 6,089,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$258.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.65B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.98B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.66B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.15B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.19B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.77B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$987.00M	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$978.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$212.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$234.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$753.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$766.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$268.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$288.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$498.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$465.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$92.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$62.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$148.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$164.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$127.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$5.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$6.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$248.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$387.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$1.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$1.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$20.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$366.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$228.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$42.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$42.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$186.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$324.00M	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.67	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$186.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$324.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$127.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.00M	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`	$3.00M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$-43.00M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$-9.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$9.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$133.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$100.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$57.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-31.00M	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`	$26.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$35.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$45.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$4.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-12.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$72.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$91.00M	USD	1 Quarter
Proceeds from sale of business	`ProceedsFromDivestitureOfBusinesses`	$177.00M	USD	1 Quarter
Proceeds from sale of business	`ProceedsFromDivestitureOfBusinesses`	-	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`	$15.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00M	USD	1 Quarter
Cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.00M	USD	1 Quarter
Cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$162.00M	USD	1 Quarter
Proceeds from short-term borrowings, maturities greater than 90 days	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	-	USD	1 Quarter
Proceeds from short-term borrowings, maturities greater than 90 days	`ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths`	$159.00M	USD	1 Quarter
Repayments of short-term borrowings, maturities greater than 90 days	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$70.00M	USD	1 Quarter
Repayments of short-term borrowings, maturities greater than 90 days	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	-	USD	1 Quarter
Net change in short-term borrowings, maturities of 90 days or less	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$67.00M	USD	1 Quarter
Net change in short-term borrowings, maturities of 90 days or less	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-34.00M	USD	1 Quarter
Payments of withholding taxes related to stock-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$9.00M	USD	1 Quarter
Payments of withholding taxes related to stock-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$13.00M	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$83.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$79.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-37.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$17.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$233.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$675.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$908.00M	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`	$675.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$908.00M	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`	$186.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$324.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$62.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-13.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-45.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$9.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-7.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$24.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$185.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$348.00M	USD	1 Quarter

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