10-Q Filing

BROWN FORMAN CORP CIK: 14693 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000014693-22-000125`
Period End Date	20220731
Filing Date	20220831
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	bfb-20220731_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 32 Cash Flow Statement 57 Comprehensive Income 12

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.00M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$5.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.51M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.41M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$868.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$899.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $13 at April 30 and $5 at July 31	`AccountsReceivableNetCurrent`	$813.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $13 at April 30 and $5 at July 31	`AccountsReceivableNetCurrent`	$841.00M	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.16B	USD	Point-in-time
Barreled whiskey	`OtherInventoryNetOfReserves`	$1.18B	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$312.00M	USD	Point-in-time
Current portion of long-term debt, Carrying Amount	`LongTermDebtCurrent`	$250.00M	USD	Point-in-time
Current portion of long-term debt, Carrying Amount	`LongTermDebtCurrent`	$250.00M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$351.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$225.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$226.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$126.00M	USD	Point-in-time
Raw materials and supplies	`InventoryRawMaterialsAndSuppliesNetOfReserves`	$160.00M	USD	Point-in-time
Total inventories	`InventoryNet`	$1.91B	USD	Point-in-time
Total inventories	`InventoryNet`	$1.82B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$271.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$277.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.78B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.92B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$875.00M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$880.00M	USD	Point-in-time
Goodwill	`Goodwill`	$761.00M	USD	Point-in-time
Goodwill	`Goodwill`	$756.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$586.00M	USD	Point-in-time
Other intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$578.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$74.00M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$81.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$301.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$303.00M	USD	Point-in-time
Total assets	`Assets`	$6.37B	USD	Point-in-time
Total assets	`Assets`	$6.52B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$644.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$703.00M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$90.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$126.00M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$81.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$250.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$250.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.11B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.03B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.02B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.00B	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$219.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$236.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$183.00M	USD	Point-in-time
Accrued pension and other postretirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$183.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$187.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$181.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.64B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.71B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.31B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.24B	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-352.00M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-351.00M	USD	Point-in-time
Treasury stock, at cost (5,511,000 and 5,410,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$221.00M	USD	Point-in-time
Treasury stock, at cost (5,511,000 and 5,410,000 shares at April 30 and July 31, respectively)	`TreasuryStockCommonValue`	$225.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.81B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.66B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.74B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.68B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.37B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$6.52B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.18B	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.29B	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$277.00M	USD	1 Quarter
Excise taxes	`ExciseAndSalesTaxes`	$281.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$906.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.01B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$353.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$385.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$622.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$553.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$90.00M	USD	1 Quarter
Advertising expenses	`AdvertisingExpense`	$110.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$168.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$175.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$6.00M	USD	1 Quarter
Other expense (income), net	`OtherOperatingIncomeExpenseNet`	$-6.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$289.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$343.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$269.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$326.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$77.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$77.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$249.00M	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Basic (dollars per share)	`EarningsPerShareBasic`	$0.40	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
Diluted (dollars per share)	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$249.00M	USD	1 Quarter
Asset impairment charges	`AssetImpairmentCharges`	-	USD	1 Quarter
Asset impairment charges	`AssetImpairmentCharges`	$6.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$20.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-11.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$55.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$101.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$25.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-10.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-16.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-36.00M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-49.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$45.00M	USD	1 Quarter
Accrued income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$37.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-10.00M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-12.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$173.00M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$185.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.00M	USD	1 Quarter
Additions to property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00M	USD	1 Quarter
Computer software expenditures	`PaymentsForSoftware`	$1.00M	USD	1 Quarter
Computer software expenditures	`PaymentsForSoftware`	$1.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.00M	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`	-	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`	$4.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$86.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$90.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-141.00M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-94.00M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-14.00M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-7.00M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$31.00M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$22.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.15B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$874.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$905.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.17B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.15B	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$874.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$905.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.17B	USD	Point-in-time
Less: Restricted cash (included in other current assets) at end of period	`RestrictedCash`	-	USD	Point-in-time
Less: Restricted cash (included in other current assets) at end of period	`RestrictedCash`	$6.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.17B	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$868.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$899.00M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$192.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$249.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-10.00M	USD	1 Quarter
Currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-5.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$4.00M	USD	1 Quarter
Cash flow hedge adjustments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$14.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-4.00M	USD	1 Quarter
Postretirement benefits adjustments	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00M	USD	1 Quarter
Net other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00M	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`	$250.00M	USD	1 Quarter

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