BROWN FORMAN CORP, DEF 14A filed on 6/20/2025
Proxy Statement (definitive)
v3.25.2
Cover
12 Months Ended
Apr. 30, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Brown-Forman Corporation
Entity Central Index Key 0000014693
v3.25.2
Pay vs Performance Disclosure
12 Months Ended
Apr. 30, 2025
USD ($)
Apr. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Apr. 30, 2022
USD ($)
Apr. 30, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The table below shows the total compensation for our PEO and the average total compensation for our
non-PEO
NEOs (as set forth in the Summary Compensation Table on page 45), the CAP for our PEO and the average CAP for our
non-PEO
NEOs, our absolute TSR, the TSR of our peer group over the same period, our reported net income, our underlying net sales growth and underlying operating income growth for the last five fiscal years.
 
PAY VS PERFORMANCE
                       
Year
 
Summary
Compensation
Table Total
for PEO
(1)
 
Compensation
Actually Paid
to PEO
(3)
 
Average
Summary
Compensation
Table Total
for Non-PEO

NEOs
(2)
 
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(3)
 
B-F

TSR
(4)
 
Peer
Group
TSR
(4)(5)
 
Reported
Net Income
(in millions)
 
Underlying
Net Sales
Change
 
 Underlying 
Operating
Income
Change
2025
      $13,449,544       $6,249,839       $2,534,442       $1,506,322       $61       $172       $1,071       (2 )%       (3 )%
2024
      13,194,160       5,788,644       2,895,924       1,878,251       82       150       1,024       4 %       12 %
2023
      9,651,262       6,771,842       2,059,136       1,752,991       109       146       783       11 %       8 %
2022
      8,364,936       4,476,542       1,567,977       1,271,730       112       143       838       13 %       15 %
2021
      9,112,109       11,798,204       2,072,337       2,709,954       124       123       903       6 %       4 %
 
(1)
Mr. Whiting was our PEO for all fiscal years shown.
 
(2)
The non-PEO NEOs in fiscal 2025 were Ms. Cunningham and Messrs. Bentel, Farrer, Hinrichs, Nall, and Shepherd. The non-PEO NEOs in fiscal 2024 were Ms. Cunningham and Messrs. Farrer, Hamel, and Hinrichs. The non-PEO NEOs in fiscal 2023 were Mses. Cunningham and Hawley, and Messrs. Hamel and Hinrichs. The non-PEO NEOs in fiscal 2022 were Mses. Cunningham, Hawley, and Morreau, and Messrs. Hamel and Hinrichs. The non-PEO NEOs in fiscal 2021 were Mses. Hawley and Morreau, and Messrs. Hamel and Hinrichs.
 
(3)
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported in the Pay versus Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a valuation calculated under applicable SEC rules. No awards were granted and vested in the covered year; no awards granted in any prior fiscal year failed to meet applicable vesting conditions during the covered fiscal year; there was no change in fair value of outstanding, vested equity granted in prior years; and there were no dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise
reported
. The following table details the applicable adjustments:
 
  Pension Value and Equity Award Adjustments
 
 Year
  
Summary
Compensation
Table Total for
Covered Year
  
Deduct Change in
Pension Value for
Covered Year
 
Add Pension
Service Cost for
Covered Year
  
Add Pension
Service Cost for
Prior Fiscal Year
  
Deduct Stock
Award and Option
Award Column as
Reported in SCT for
Covered Year
 
Change in Value as
of Covered Year-End

(as Compared to Prior
Year-End)
of Equity
Awards Granted
Prior to Covered Year
and Outstanding
and Unvested as of
Covered
Year-End
  
Change in Value as of
Vesting Date (as
Compared to Prior
Year-End) of Equity

Awards Granted Prior to
Covered Year that Vested
During Covered Year
 
Compensation
Actually Paid in
 Covered Fiscal Year 
 PEO
                                    
 2025
       $13,449,544        $(2,024,516       $424,195        $–        $(6,990,837       $3,480,562        $(2,089,109       $6,249,839
 2024
       13,194,160        (1,145,802 )       382,548        26,726        (6,982,403 )       2,802,694        (2,489,279 )       5,788,644
 2023
       9,651,262        (1,095,610 )       375,220               (3,862,409 )       2,773,884        (1,070,505 )       6,771,842
 2022
       8,364,936        (811,189 )       386,185               (3,371,539 )       2,908,042        (2,999,893 )       4,476,542
 2021
       9,112,109        (1,006,606 )       376,123               (3,595,862 )       4,457,842        2,454,598       11,798,204
 Average
Non-PEO
NEOs
                      
 2025
       $2,534,442        $(508,941       $92,153        $–        $(754,976       $375,884        $(232,240       $1,506,322
 2024
       2,895,924        (246,725 )       90,377        4,905        (950,644 )       381,583        (297,169 )       1,878,251
 2023
       2,059,136        (143,794 )       92,310               (500,230 )       359,253        (113,684 )       1,752,991
 2022
       1,567,977              112,527               (349,638 )       301,569        (360,704 )       1,271,730
 2021
       2,072,337        (297,275 )       157,787               (486,612 )       620,239        643,478       2,709,954
 
(4)
TSR is calculated on a cumulative basis measured from the market close of Brown-Forman’s Class B common stock on April 30, 2020, through the end of the indicated fiscal year.
 
(5)
Peer Group is defined as the S&P 500 Consumer Staples Index. The companies in this sector are primarily involved in the development and production of consumer products that cover food and drug retailing, beverages, food products, tobacco, household products, and personal products.
       
Company Selected Measure Name Underlying Net Sales Change        
Named Executive Officers, Footnote
(2)
The non-PEO NEOs in fiscal 2025 were Ms. Cunningham and Messrs. Bentel, Farrer, Hinrichs, Nall, and Shepherd. The non-PEO NEOs in fiscal 2024 were Ms. Cunningham and Messrs. Farrer, Hamel, and Hinrichs. The non-PEO NEOs in fiscal 2023 were Mses. Cunningham and Hawley, and Messrs. Hamel and Hinrichs. The non-PEO NEOs in fiscal 2022 were Mses. Cunningham, Hawley, and Morreau, and Messrs. Hamel and Hinrichs. The non-PEO NEOs in fiscal 2021 were Mses. Hawley and Morreau, and Messrs. Hamel and Hinrichs.
       
Peer Group Issuers, Footnote Peer Group is defined as the S&P 500 Consumer Staples Index. The companies in this sector are primarily involved in the development and production of consumer products that cover food and drug retailing, beverages, food products, tobacco, household products, and personal products.        
PEO Total Compensation Amount $ 13,449,544 $ 13,194,160 $ 9,651,262 $ 8,364,936 $ 9,112,109
PEO Actually Paid Compensation Amount $ 6,249,839 5,788,644 6,771,842 4,476,542 11,798,204
Adjustment To PEO Compensation, Footnote
 Year
  
Summary
Compensation
Table Total for
Covered Year
  
Deduct Change in
Pension Value for
Covered Year
 
Add Pension
Service Cost for
Covered Year
  
Add Pension
Service Cost for
Prior Fiscal Year
  
Deduct Stock
Award and Option
Award Column as
Reported in SCT for
Covered Year
 
Change in Value as
of Covered Year-End

(as Compared to Prior
Year-End)
of Equity
Awards Granted
Prior to Covered Year
and Outstanding
and Unvested as of
Covered
Year-End
  
Change in Value as of
Vesting Date (as
Compared to Prior
Year-End) of Equity

Awards Granted Prior to
Covered Year that Vested
During Covered Year
 
Compensation
Actually Paid in
 Covered Fiscal Year 
 PEO
                                    
 2025
       $13,449,544        $(2,024,516       $424,195        $–        $(6,990,837       $3,480,562        $(2,089,109       $6,249,839
 2024
       13,194,160        (1,145,802 )       382,548        26,726        (6,982,403 )       2,802,694        (2,489,279 )       5,788,644
 2023
       9,651,262        (1,095,610 )       375,220               (3,862,409 )       2,773,884        (1,070,505 )       6,771,842
 2022
       8,364,936        (811,189 )       386,185               (3,371,539 )       2,908,042        (2,999,893 )       4,476,542
 2021
       9,112,109        (1,006,606 )       376,123               (3,595,862 )       4,457,842        2,454,598       11,798,204
 Average
Non-PEO
NEOs
                      
 2025
       $2,534,442        $(508,941       $92,153        $–        $(754,976       $375,884        $(232,240       $1,506,322
 2024
       2,895,924        (246,725 )       90,377        4,905        (950,644 )       381,583        (297,169 )       1,878,251
 2023
       2,059,136        (143,794 )       92,310               (500,230 )       359,253        (113,684 )       1,752,991
 2022
       1,567,977              112,527               (349,638 )       301,569        (360,704 )       1,271,730
 2021
       2,072,337        (297,275 )       157,787               (486,612 )       620,239        643,478       2,709,954
       
Non-PEO NEO Average Total Compensation Amount $ 2,534,442 2,895,924 2,059,136 1,567,977 2,072,337
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,506,322 1,878,251 1,752,991 1,271,730 2,709,954
Adjustment to Non-PEO NEO Compensation Footnote
 Year
  
Summary
Compensation
Table Total for
Covered Year
  
Deduct Change in
Pension Value for
Covered Year
 
Add Pension
Service Cost for
Covered Year
  
Add Pension
Service Cost for
Prior Fiscal Year
  
Deduct Stock
Award and Option
Award Column as
Reported in SCT for
Covered Year
 
Change in Value as
of Covered Year-End

(as Compared to Prior
Year-End)
of Equity
Awards Granted
Prior to Covered Year
and Outstanding
and Unvested as of
Covered
Year-End
  
Change in Value as of
Vesting Date (as
Compared to Prior
Year-End) of Equity

Awards Granted Prior to
Covered Year that Vested
During Covered Year
 
Compensation
Actually Paid in
 Covered Fiscal Year 
 PEO
                                    
 2025
       $13,449,544        $(2,024,516       $424,195        $–        $(6,990,837       $3,480,562        $(2,089,109       $6,249,839
 2024
       13,194,160        (1,145,802 )       382,548        26,726        (6,982,403 )       2,802,694        (2,489,279 )       5,788,644
 2023
       9,651,262        (1,095,610 )       375,220               (3,862,409 )       2,773,884        (1,070,505 )       6,771,842
 2022
       8,364,936        (811,189 )       386,185               (3,371,539 )       2,908,042        (2,999,893 )       4,476,542
 2021
       9,112,109        (1,006,606 )       376,123               (3,595,862 )       4,457,842        2,454,598       11,798,204
 Average
Non-PEO
NEOs
                      
 2025
       $2,534,442        $(508,941       $92,153        $–        $(754,976       $375,884        $(232,240       $1,506,322
 2024
       2,895,924        (246,725 )       90,377        4,905        (950,644 )       381,583        (297,169 )       1,878,251
 2023
       2,059,136        (143,794 )       92,310               (500,230 )       359,253        (113,684 )       1,752,991
 2022
       1,567,977              112,527               (349,638 )       301,569        (360,704 )       1,271,730
 2021
       2,072,337        (297,275 )       157,787               (486,612 )       620,239        643,478       2,709,954
       
Compensation Actually Paid vs. Total Shareholder Return LOGO        
Compensation Actually Paid vs. Net Income LOGO        
Compensation Actually Paid vs. Company Selected Measure LOGO        
Total Shareholder Return Vs Peer Group LOGO        
Tabular List, Table
Most Important Metrics Used for Linking Pay and Performance:
The list below shows the most important metrics used by the Compensation Committee to link CAP to Company performance.
 
 
  Underlying Net Sales
(1)
Growth
 
  Underlying Operating Income
(1)
Growth
 
  Relative TSR
 
  Stock Appreciation
 
   We consider (1) underlying net sales growth and (2) underlying operating income growth to be the most important financial measures used to link pay with performance in fiscal 2025 because they (a) are used to determine 80% of the short-term cash incentive award payout for the Company’s chief executive officer, who is our principal executive officer (PEO), and other NEOs and (b) are used on a relative basis to determine 100% of the long-term incentive cash award payout for the PEO and other NEOs, (3) Relative TSR serves as 50% of the performance measure for the PBRSUs, while (4) Stock Appreciation allows us to measure the increase in the value of our stock over time.
 
 
(1) “Underlying net sales” and “underlying operating income” are not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.
       
Total Shareholder Return Amount $ 61 82 109 112 124
Peer Group Total Shareholder Return Amount 172 150 146 143 123
Net Income (Loss) $ 1,071,000,000 $ 1,024,000,000 $ 783,000,000 $ 838,000,000 $ 903,000,000
Company Selected Measure Amount (0.02) 0.04 0.11 0.13 0.06
PEO Name Mr. Whiting        
Measure:: 1          
Pay vs Performance Disclosure          
Name Underlying Net Sales(1) Growth        
Non-GAAP Measure Description “Underlying net sales” and “underlying operating income” are not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.        
Measure:: 2          
Pay vs Performance Disclosure          
Compensation Actually Paid vs. Other Measure LOGO        
Other Performance Measure, Amount (0.03) 0.12 0.08 0.15 0.04
Name Underlying Operating Income(1) Growth        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 4          
Pay vs Performance Disclosure          
Name Stock Appreciation        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (2,024,516) $ (1,145,802) $ (1,095,610) $ (811,189) $ (1,006,606)
PEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 424,195 382,548 375,220 386,185 376,123
PEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 26,726 0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (6,990,837) (6,982,403) (3,862,409) (3,371,539) (3,595,862)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,480,562 2,802,694 2,773,884 2,908,042 4,457,842
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,089,109) (2,489,279) (1,070,505) (2,999,893) 2,454,598
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (508,941) (246,725) (143,794) 0 (297,275)
Non-PEO NEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 92,153 90,377 92,310 112,527 157,787
Non-PEO NEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 4,905 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (754,976) (950,644) (500,230) (349,638) (486,612)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 375,884 381,583 359,253 301,569 620,239
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (232,240) $ (297,169) $ (113,684) $ (360,704) $ 643,478
v3.25.2
Award Timing Disclosure
12 Months Ended
Apr. 30, 2025
Award Timing Disclosures [Line Items]  
Award Timing Predetermined true
Award Timing MNPI Considered true
v3.25.2
Insider Trading Policies and Procedures
12 Months Ended
Apr. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true