10-Q Filing

BROWN FORMAN CORP CIK: 14693 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000014693-21-000158`
Period End Date	20210731
Filing Date	20210901
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	bfb-20210731_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 60 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$908.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$675.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.15B	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $7 at July 31	`AccountsReceivableNetCurrent`	$803.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $7 at July 31	`AccountsReceivableNetCurrent`	$753.00M	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.10B	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.10B	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$323.00M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$324.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$199.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$208.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$128.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$135.00M	USD	Point-in-time
Total inventories	`InventoryNet`	$1.75B	USD	Point-in-time
Total inventories	`InventoryNet`	$1.77B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$246.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$263.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.99B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.92B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$816.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$832.00M	USD	Point-in-time
Goodwill	`Goodwill`	$779.00M	USD	Point-in-time
Goodwill	`Goodwill`	$778.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$670.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$676.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$70.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$70.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$248.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$253.00M	USD	Point-in-time
Total assets	`Assets`	$6.52B	USD	Point-in-time
Total assets	`Assets`	$6.58B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$631.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$679.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$86.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$34.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$71.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$155.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$205.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$943.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$918.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.35B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.35B	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$169.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$191.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$218.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$219.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$198.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$206.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.90B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.87B	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`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.24B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.25B	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-422.00M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-414.00M	USD	Point-in-time
Treasury stock, at cost (5,803,000 and 5,684,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$232.00M	USD	Point-in-time
Treasury stock, at cost (5,803,000 and 5,684,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$237.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.68B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.15B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.98B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.66B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.52B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.58B	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.80M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.68M	shares	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.18B	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$987.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$234.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$277.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$753.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$906.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$288.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$353.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$553.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$465.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$62.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$90.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$148.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$168.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$127.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	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`	$387.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$289.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	$1.00M	USD	1 Quarter
Non-operating postretirement expense	`NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$20.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$269.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$366.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$77.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$42.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$324.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.40	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.40	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`	$324.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$127.00M	USD	1 Quarter
Gain on sale of business	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	-	USD	1 Quarter
Non-cash asset write-downs	`AssetImpairmentCharges`	$6.00M	USD	1 Quarter
Non-cash asset write-downs	`AssetImpairmentCharges`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-43.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$9.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$55.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$133.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$57.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$25.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-16.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-31.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$26.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-36.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$37.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$45.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-12.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-10.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$185.00M	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
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.00M	USD	1 Quarter
Computer software expenditures	`PaymentsForSoftware`	$1.00M	USD	1 Quarter
Computer software expenditures	`PaymentsForSoftware`	-	USD	1 Quarter
Cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$162.00M	USD	1 Quarter
Cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.00M	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`	-	USD	1 Quarter
Repayments of short-term borrowings, maturities greater than 90 days	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$70.00M	USD	1 Quarter
Net change in short-term borrowings, maturities of 90 days or less	`ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess`	$-50.00M	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`	$5.00M	USD	1 Quarter
Payments of withholding taxes related to stock-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$9.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$86.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$83.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-141.00M	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`	$17.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-7.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$233.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$22.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$908.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$675.00M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15B	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`	$675.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$324.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$62.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-10.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-45.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$14.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-7.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-4.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$24.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$200.00M	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.