BROWN FORMAN CORP, 10-Q filed on 3/6/2024
Quarterly Report
v3.24.0.1
Document and Entity Information - shares
 9 Months Ended
Jan. 31, 2024
Feb. 29, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2024  
Document Transition Report false  
Entity File Number 001-00123  
Entity Registrant Name Brown-Forman Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-0143150  
Entity Address, Address Line One 850 Dixie Highway  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40210  
City Area Code 502  
Local Phone Number 585-1100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000014693  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --04-30  
Common stock, Class A, voting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock (voting), $0.15 par value  
Trading Symbol BFA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   169,108,086
Common stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   303,416,148
1.20% notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.24.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Income Statement [Abstract]        
Sales $ 1,406 $ 1,406 $ 4,137 $ 4,078
Excise taxes 337 325 923 896
Net sales 1,069 1,081 3,214 3,182
Cost of sales 434 457 1,257 1,323
Gross profit 635 624 1,957 1,859
Advertising expenses 143 141 414 372
Selling, general, and administrative expenses 203 186 595 541
Other expense (income), net (84) 124 (91) 117
Operating income 373 173 1,039 829
Non-operating postretirement expense 1 27 2 27
Interest income (3) (2) (7) (7)
Interest expense 33 24 93 61
Income before income taxes 342 124 951 748
Income taxes 57 24 193 172
Net income $ 285 $ 100 $ 758 $ 576
Earnings per share:        
Basic (dollars per share) $ 0.60 $ 0.21 $ 1.59 $ 1.20
Diluted (dollars per share) $ 0.60 $ 0.21 $ 1.58 $ 1.20
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 285 $ 100 $ 758 $ 576
Other comprehensive income (loss), net of tax:        
Currency translation adjustments 75 119 10 108
Cash flow hedge adjustments (10) (34) (3) (24)
Postretirement benefits adjustments 1 6 4 10
Net other comprehensive income (loss) 66 91 11 94
Comprehensive income $ 351 $ 191 $ 769 $ 670
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Assets    
Cash and cash equivalents $ 589 $ 374
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $7 at January 31 878 855
Inventories:    
Barreled whiskey 1,439 1,262
Finished goods 479 509
Work in process 388 321
Raw materials and supplies 223 191
Total inventories 2,529 2,283
Assets held for sale 161 0
Other current assets 258 289
Total current assets 4,415 3,801
Property, plant, and equipment, net 1,014 1,031
Goodwill 1,464 1,457
Other intangible assets 1,004 1,164
Deferred tax assets 66 66
Other assets 274 258
Total assets 8,237 7,777
Liabilities    
Accounts payable and accrued expenses 747 827
Dividends payable 103 0
Accrued income taxes 19 22
Short-term borrowings 728 235
Liabilities held for sale 15 0
Total current liabilities 1,612 1,084
Long-term debt 2,678 2,678
Deferred tax liabilities 289 323
Accrued pension and other postretirement benefits 171 171
Other liabilities 242 253
Total liabilities 4,992 4,509
Commitments and contingencies
Stockholders' Equity    
Additional paid-in capital 15 1
Retained earnings 3,995 3,643
Accumulated other comprehensive income (loss), net of tax (224) (235)
Treasury stock, at cost (5,215,000 and 12,047,000 shares at April 30 and January 31, respectively) (613) (213)
Total stockholders' equity 3,245 3,268
Total liabilities and stockholders' equity 8,237 7,777
Common stock, Class A, voting [Member]    
Stockholders' Equity    
Common stock 25 25
Common stock, Class B, nonvoting [Member]    
Stockholders' Equity    
Common stock $ 47 $ 47
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 7 $ 7
Treasury Stock, Common, Shares 12,047,000 5,215,000
Common Class A [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 170,000,000 170,000,000
Common stock, shares issued 170,000,000 170,000,000
Nonvoting Common Stock [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 314,532,000 314,532,000
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:    
Net income $ 758 $ 576
Adjustments to reconcile net income to net cash provided by operations:    
Gain on sale of business (90) 0
Asset impairment charges 0 96
Depreciation and amortization 66 59
Stock-based compensation expense 18 13
Deferred income tax provision (benefit) 3 (6)
Change in fair value of contingent consideration 1 0
Other, net (2) 17
Changes in assets and liabilities:    
Accounts receivable (21) (106)
Inventories (320) (288)
Other current assets 28 (19)
Accounts payable and accrued expenses (69) 66
Accrued income taxes (2) (36)
Other operating assets and liabilities (8) 38
Cash provided by operating activities 362 410
Cash flows from investing activities:    
Proceeds from sale of business 194 0
Business acquisitions, net of cash acquired 0 (1,195)
Additions to property, plant, and equipment (148) (116)
Proceeds from sale of property, plant, and equipment 13 12
Other, net 4 (1)
Cash provided by (used for) investing activities 63 (1,300)
Cash flows from financing activities:    
Proceeds from short-term borrowings, maturities greater than 90 days 0 600
Net change in short-term borrowings 492 402
Repayment of long-term debt 0 (250)
Payments of withholding taxes related to stock-based awards (4) (5)
Acquisition of treasury stock (400) 0
Dividends paid (300) (279)
Cash provided by (used for) financing activities (212) 468
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2 (15)
Net increase (decrease) in cash, cash equivalents, and restricted cash 215 (437)
Cash, cash equivalents, and restricted cash at beginning of period 384 874
Cash, cash equivalents, and restricted cash at end of period 599 437
Less: Restricted cash (included in other current assets) at end of period (10) (9)
Cash and cash equivalents at end of period $ 589 $ 428
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Condensed Consolidated Financial Statements
 9 Months Ended
Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements 
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results.

We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (2023 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2023 Form 10-K.
v3.24.0.1
Earnings Per Share
 9 Months Ended
Jan. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share 
We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2023202420232024
Net income available to common stockholders$100 $285 $576 $758 
Share data (in thousands):  
Basic average common shares outstanding479,152 474,806 479,121 477,542 
Dilutive effect of stock-based awards1,308 760 1,361 902 
Diluted average common shares outstanding480,460 475,566 480,482 478,444 
Basic earnings per share$0.21 $0.60 $1.20 $1.59 
Diluted earnings per share$0.21 $0.60 $1.20 $1.58 

We excluded common stock-based awards for approximately 1,257,000 shares and 1,658,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2023 and 2024, respectively. We excluded common stock-based awards for approximately 1,059,000 shares and 1,544,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2023 and 2024, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.
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Inventories
 9 Months Ended
Jan. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value. If the LIFO method had not been used, inventories at current cost would have been $429 million higher than reported as of April 30, 2023, and $473 million higher than reported as of January 31, 2024. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.
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Goodwill and Other Intangible Assets
 9 Months Ended
Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2024:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2023
$1,457 $1,164 
Purchase accounting adjustment (Note 14)40 (53)
Sale of business (Note 15)
(10)(89)
Reclassification to assets held for sale (Note 16)
(18)— 
Foreign currency translation adjustment(5)(18)
Balance at January 31, 2024
$1,464 $1,004 

Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.
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Contingencies
 9 Months Ended
Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies were recorded as of January 31, 2024.
v3.24.0.1
Debt
 9 Months Ended
Jan. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2023January 31,
2024
3.50% senior notes, $300 principal amount, due April 15, 2025
$299 $299 
1.20% senior notes, €300 principal amount, due July 7, 2026
330 325 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 379 
4.75% senior notes, $650 principal amount, due April 15, 2033
642 643 
4.00% senior notes, $300 principal amount, due April 15, 2038
295 295 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
489 489 
$2,678 $2,678 
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2023January 31,
2024
Commercial paper (par amount)$235$730
Average interest rate5.17%5.48%
Average remaining days to maturity2120
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Stockholders' Equity
 9 Months Ended
Jan. 31, 2024
Equity, Attributable to Parent [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2023:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2022$25 $47 $— $3,242 $(352)$(225)$2,737 
Net income249 249 
Net other comprehensive income (loss)1 1 
Declaration of cash dividends (180)(180)
Stock-based compensation expense4 4 
Stock issued under compensation plans4 4 
Loss on issuance of treasury stock issued under compensation plans(4)(4)(8)
Balance at July 31, 202225 47 — 3,307 (351)(221)2,807 
Net income227 227 
Net other comprehensive income (loss)2 2 
Stock-based compensation expense5 5 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(2)(2)
Balance at October 31, 202225 47 3 3,534 (349)(220)3,040 
Net income100 100 
Net other comprehensive income (loss)91 91 
Declaration of cash dividends(197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(1)(1)
Balance at January 31, 2023$25 $47 $6 $3,437 $(258)$(219)$3,038 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2024:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2023$25 $47 $1 $3,643 $(235)$(213)$3,268 
Net income231 231 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends(197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(4)(3)(7)
Balance at July 31, 202325 47 1 3,674 (199)(210)3,338 
Net income242 242 
Net other comprehensive income (loss)(91)(91)
Acquisition of treasury stock(42)(42)
Stock-based compensation expense7 7 
Balance at October 31, 202325 47 8 3,916 (290)(252)3,454 
Net income285 285 
Net other comprehensive income (loss)66 66 
Declaration of cash dividends(206)(206)
Acquisition of treasury stock(361)(361)
Stock-based compensation expense7 7 
Balance at January 31, 2024$25 $47 $15 $3,995 $(224)$(613)$3,245 

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2024:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2023
$(104)$10 $(141)$(235)
Net other comprehensive income (loss)10 (3)4 11 
Balance at January 31, 2024
$(94)$7 $(137)$(224)

The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2024:
Declaration DateRecord DatePayable DateAmount per Share
May 25, 2023June 8, 2023July 3, 2023$0.2055
July 27, 2023September 5, 2023October 2, 2023$0.2055
November 16, 2023December 1, 2023January 2, 2024$0.2178
January 23, 2024March 8, 2024April 1, 2024$0.2178
v3.24.0.1
Net Sales
 9 Months Ended
Jan. 31, 2024
Net Sales [Abstract]  
Net Sales Net Sales 
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
United States
$439 $469 $1,455 $1,442 
Developed International1
345 311 927 913 
Emerging2
245 238 629 688 
Travel Retail3
32 33 110 113 
Non-branded and bulk4
20 18 61 58 
Total$1,081 $1,069 $3,182 $3,214 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
Whiskey1
$754 $731 $2,215 $2,167 
Ready-to-Drink2
121 127 369 397 
Tequila3
79 76 237 238 
Wine4
53 51 164 168 
Vodka5
27 26 74 75 
Non-branded and bulk6
20 18 61 58 
Rest of portfolio7
27 40 62 111 
Total$1,081 $1,069 $3,182 $3,214 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes the Herradura family of brands, el Jimador, and other tequilas.
4Includes Korbel California Champagne and Sonoma-Cutrer wines.
5Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets.
6Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine.
7Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.
v3.24.0.1
Pension and Other Postretirement Benefits
 9 Months Ended
Jan. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension Costs
The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
Service cost$5 $5 $16 $14 
Interest cost8 8 24 25 
Expected return on plan assets(11)(10)(33)(30)
Amortization of:    
Prior service cost— — 1 — 
Net actuarial loss
2 2 7 5 
Settlement charge27 — 27 — 
Net cost$31 $5 $42 $14 
v3.24.0.1
Income Taxes
 9 Months Ended
Jan. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The effective tax rate on ordinary income for the full fiscal year is expected to be 20.1%, which is lower than the U.S. federal statutory rate of 21.0%, due to the beneficial impact of the foreign-derived intangible income deduction and tax rate differences on the sale of the Finlandia vodka business, partially offset by the impact of state taxes and the tax effects of foreign operations.
The effective tax rate of 20.3% for the nine months ended January 31, 2024, was higher than the expected tax rate of 20.1% on ordinary income for the full fiscal year ending April 30, 2024, primarily due to the impact of tax rate changes which was partially offset by favorable resolution of uncertain tax positions in the current period. The effective tax rate of 20.3% for the nine months ended January 31, 2024, was lower than the effective tax rate of 23.0% for the same period last year, primarily due to decreased impact of state taxes, the reversal of contingent tax liabilities in the current period, and the beneficial impact of tax rate differences on the sale of the Finlandia vodka business, which was partially offset by the absence of benefit from the reversal of valuation allowances in the current period
v3.24.0.1
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
We are subject to market risks, including the effect of fluctuations in foreign currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes.

We use currency derivative contracts to limit our exposure to the foreign currency exchange rate risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within two years). We record all changes in the fair value of cash flow hedges in AOCI until the underlying hedged transaction occurs, at which time we reclassify that amount to earnings.

Some of our currency derivatives are not designated as hedges because we use them to partially offset the immediate earnings impact of changes in foreign currency exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings.

We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts for all hedged currencies totaling $747 million at April 30, 2023, and $560 million at January 31, 2024. The maximum term of outstanding derivative contracts was 24 months at both April 30, 2023 and January 31, 2024.

We also use foreign currency-denominated debt instruments to help manage our foreign currency exchange rate risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated
portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt instruments designated as net investment hedges was $495 million at April 30, 2023, and $496 million at January 31, 2024.

During the three months ended January 31, 2024, we reclassified $26 million of gains on net investment hedges from AOCI to earnings in connection with the divestiture of Finlandia (Note 15).

At inception, we expect each financial instrument designated as a hedge to be highly effective in offsetting the financial exposure it is designed to mitigate. We assess the effectiveness of our hedges continually. If we determine that any financial instruments designated as hedges are no longer highly effective, we discontinue hedge accounting for those instruments.

We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to take physical delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than as derivative instruments.

The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20232024
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(33)$(11)
Net gain (loss) reclassified from AOCI into earningsSales11 3 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(11)$(3)
Net gain (loss) recognized in earningsOther income (expense), net2 2 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(32)$(19)
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— 26 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,406 $1,406 
Other income (expense), net(124)84 
Nine Months Ended
January 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$3 $6 
Net gain (loss) reclassified from AOCI into earningsSales34 11 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(2)$(1)
Net gain (loss) recognized in earningsOther income (expense), net11 8 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$10 $(2)
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— 26 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$4,078 $4,137 
Other income (expense), net(117)91 

We expect to reclassify $4 million of deferred net gains on cash flow hedges recorded in AOCI as of January 31, 2024 to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur.

The following table presents the fair values of our derivative instruments:
April 30, 2023January 31, 2024
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$20 $(11)$10 $(4)
Currency derivativesOther assets5 (1)1 — 
Currency derivativesAccrued expenses— (1)1 (1)
Currency derivativesOther liabilities— (1)— (1)
Not designated as hedges:
Currency derivativesOther current assets3 — — — 

The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments subject to net settlement agreements are presented on a net basis in our balance sheets.

In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.

Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments.
Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of our derivatives with creditworthiness requirements that were in a net liability position was $1 million at April 30, 2023, and $1 million at January 31, 2024.

Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.

The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2023
Derivative assets$28 $(12)$16 $(1)$15 
Derivative liabilities(14)12 (2)1 (1)
January 31, 2024
Derivative assets12 (5)7 — 7 
Derivative liabilities(6)5 (1)— (1)

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2023, or January 31, 2024.
v3.24.0.1
Fair Value Measurements
 9 Months Ended
Jan. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2023January 31, 2024
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$374 $374 $589 $589 
Currency derivatives, net16 16 7 7 
Liabilities  
Currency derivatives, net2 2 1 1 
Short-term borrowings235 235 728 728 
Long-term debt2,678 2,556 2,678 2,570 
Contingent consideration (Note 14)63 63 62 62 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based on the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; or other inputs that are observable or can be derived from or corroborated by observable market data.
•Level 3 – Unobservable inputs supported by little or no market activity.
We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot exchange rates, forward exchange rates, and interest rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy.

We determine the fair value of long-term debt primarily based on the prices at which identical or similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy.

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments.

We determine the fair value of our contingent consideration liability using a Monte Carlo simulation model, which requires the use of Level 3 inputs, such as projected future net sales, discount rates, and volatility rates. Changes in any of these Level 3 inputs could result in material changes to the fair value of the contingent consideration and could materially impact the amount of noncash expense (or income) recorded each reporting period.

The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2024:
(Dollars in millions)
Balance at April 30, 2023$63 
Purchase accounting adjustment (Note 14)(1)
Change in fair value1
1 
Foreign currency translation adjustment(1)
Balance at January 31, 2024
$62 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

See Note 14 for additional information about the contingent consideration liability.

We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). During the third quarter of fiscal 2023, we recognized a non-cash impairment charge of $96 million related to the Finlandia brand name. The impairment charge was based on the estimated fair value of the brand name, which we determined using the relief from royalty method, and which is classified as Level 3 within the valuation hierarchy. The impairment charge is included in “other expense (income), net” in the accompanying consolidated statement of operations.

As discussed in Note 14, we also used the relief-from-royalty method to determine fair values in connection with our accounting for business combinations.

No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.24.0.1
Other Comprehensive Income
 9 Months Ended
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2023January 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$111 $8 $119 $61 $4 $65 
Reclassification to earnings— — — 4 6 10 
Other comprehensive income (loss), net111 8 119 65 10 75 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(33)7 (26)(11)3 (8)
Reclassification to earnings1
(11)3 (8)(3)1 (2)
Other comprehensive income (loss), net(44)10 (34)(14)4 (10)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(21)5 (16)— — — 
Reclassification to earnings2
29 (7)22 1 — 1 
Other comprehensive income (loss), net8 (2)6 1 — 1 
Total other comprehensive income (loss), net$75 $16 $91 $52 $14 $66 
Nine Months EndedNine Months Ended
January 31, 2023January 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$110 $(2)$108 $— $— $— 
Reclassification to earnings— — — 4 6 10 
Other comprehensive income (loss), net110 (2)108 4 6 10 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments3 (1)2 6 (1)5 
Reclassification to earnings1
(34)8 (26)(11)3 (8)
Other comprehensive income (loss), net(31)7 (24)(5)2 (3)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(21)5 (16)— — — 
Reclassification to earnings2
34 (8)26 5 (1)4 
Other comprehensive income (loss), net13 (3)10 5 (1)4 
Total other comprehensive income (loss), net$92 $2 $94 $4 $7 $11 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Acquisitions
 9 Months Ended
Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
As discussed below, we have finalized the purchase price allocations for our Gin Mare and Diplomático acquisitions, both of which we acquired during the third quarter of fiscal 2023. Each acquisition was accounted for as a business combination.

On November 3, 2022, we acquired the Gin Mare and Gin Mare Capri brands through our purchase of 100% of the equity interests of Gin Mare Brand, S.L.U., a Spanish company, and Mareliquid Vantguard, S.L.U., a Spanish company (the “Gin Mare acquisition”). The purchase price of the Gin Mare acquisition was $523 million, which consisted of $468 million in cash paid at the acquisition date plus contingent consideration of $55 million. The purchase price for the Gin Mare acquisition decreased by $1 million as a result of certain fair value adjustments to the contingent consideration made during the first half of fiscal 2024, which were primarily a result of changes in the discount rates used to calculate the fair value as of the acquisition date.

We have allocated the purchase price based on management’s estimates and independent valuations as follows:
(Dollars in millions)
Prior Allocation1
AdjustmentsFinal Allocation
Trademarks and brand names (indefinite-lived)$307 $(24)$283 
Goodwill289 17 306 
Total assets596 (7)589 
Deferred tax liabilities72 (6)66 
Net assets acquired$524 $(1)$523 
1As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.

The adjustments to the prior Gin Mare purchase price allocation reflect revised valuations for the trademarks and brand names, which were driven by an increase in the discount rates used to calculate fair values as of the acquisition date, partially offset by higher projections of future cash flows. The Gin Mare purchase price allocation was finalized during the second quarter of fiscal 2024.

The contingent consideration of $55 million reflects the estimated fair value, at the acquisition date, of contingent future cash payments of up to €90 million to the sellers under an “earn-out” provision of the acquisition agreement. We determined the estimated fair value of the contingent consideration using a Monte Carlo simulation, which requires the use of assumptions, such as projected future net sales, discount rates, and volatility rates.

Any contingent consideration earned by the sellers will be payable in cash no earlier than July 2024 and no later than July 2027, depending on when the sellers choose to exercise the right to receive the payment. The amount payable will depend on the achievement of net sales targets for Gin Mare for the latest fiscal year completed prior to the date of exercise by the sellers. The possible payments range from zero to €90 million (approximately $89 million as of the acquisition date).

At the acquisition date, we also entered into a supply agreement with the sellers for the production and supply of Gin Mare products to us, at market terms, for an initial period of 10 years (subject to subsequent renewal periods).

On January 5, 2023, we acquired the Diplomático and Botucal rum brands through our purchase of (i) 100% of the equity interests of (a) International Rum and Spirits Distributors Unipessoal, Lda., a Portuguese company, (b) Diplomático Branding Unipessoal Lda., a Portuguese company, (c) International Bottling Services, S.A., a Panamanian corporation, and (d) International Rum & Spirits Marketing Solutions, S.L., a Spanish company; and (ii) certain assets of Destilerias Unidas Corp. (the “Diplomático acquisition”). The purchase price of the Diplomático acquisition consisted of cash of $723 million (net of a post-closing working capital adjustment of $4 million).
We have allocated the purchase price based on management’s estimates and independent valuations as follows:
(Dollars in millions)
Prior Allocation1
Adjustments
Final Allocation
Accounts receivable$11 $— $11 
Inventories36 (2)34 
Other current assets25 — 25 
Property, plant, and equipment38 — 38 
Trademarks and brand names (indefinite-lived)312 (29)283 
Goodwill363 23 386 
Other assets2 — 2 
Total assets787 (8)779 
Accounts payable and accrued expenses13 1 14 
Deferred tax liabilities45 (5)40 
Other liabilities2 — 2 
Total liabilities60 (4)56 
Net assets acquired$727 $(4)$723 
1As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.

The adjustments to the prior Diplomático purchase price allocation reflect revised valuations for the trademarks and brand names, which were driven by an increase in the discount rates used to calculate fair values as of the acquisition date, partially offset by higher projections of future cash flows. The adjustments also reflect certain other immaterial net working capital adjustments. The Diplomático purchase price allocation was finalized during the third quarter of fiscal 2024.

At the acquisition date, we also entered into a supply agreement with the sellers for their production and supply of rum to us, at market terms, for an initial period of 10 years (subject to subsequent renewal periods).

The amounts allocated to trademarks and brand names for each acquisition were estimated using the relief-from royalty method, which requires the use of significant assumptions, such as discount rates and projected future net sales.

Goodwill is calculated as the excess of the purchase price over the fair value of the net identifiable assets acquired. The goodwill recorded for each acquisition is primarily attributable to the value of leveraging our distribution network and brand-building expertise to grow sales of the acquired brands. For the Gin Mare acquisition, we expect none of the goodwill of $306 million to be deductible for tax purposes. For the Diplomático acquisition, we expect $108 million of the goodwill of $386 million to be deductible for tax purposes.

In connection with the acquisitions, we recognized transaction expenses of $50 million during the nine months ended January 31, 2023, of which $45 million was recognized during the third quarter. The following table shows the classification of the transaction expenses in the accompanying consolidated statements of operations.

(Dollars in millions)Three Months Ended January 31, 2023Nine Months Ended January 31, 2023
Selling, general, and administrative expenses$3 $8 
Other expense (income), net4242
Total transaction expenses$45 $50 
The transaction expenses largely reflects payments made to terminate certain distribution contracts related to the acquired brands.
v3.24.0.1
Finlandia Divestiture
 9 Months Ended
Jan. 31, 2024
Finlandia Divestiture [Abstract]  
Finlandia Divestiture Finlandia Divestiture
On November 1, 2023, we sold the Finlandia vodka business to Coca-Cola HBC AG for $194 million in cash. The sale reflects the continued evolution of our portfolio strategy to focus on premium spirits brands. The net carrying amount of the related business assets and liabilities included in the sale was $100 million, consisting largely of goodwill and other intangible assets. As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024, which consisted of the following:
(Dollars in millions)
November 1,
2023
Proceeds from sale
$194 
Net carrying amount of assets and liabilities sold(100)
Amounts reclassified from AOCI:
Cumulative translation losses(30)
Net investment hedge gain (Note 11)
26 
Net pre-tax gain on sale1
$90 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Assets Held for Sale
 9 Months Ended
Jan. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale Assets Held for Sale
In November 2023, we reached an agreement to sell our Sonoma-Cutrer wine business to The Duckhorn Portfolio, Inc. in exchange for an ownership percentage of approximately 21.5% in The Duckhorn Portfolio, Inc. and cash of $50 million. The transaction, which is subject to certain customary closing adjustments and conditions, is expected to close in the fourth quarter of fiscal 2024.

The net carrying amount of the related business assets and liabilities as of January 31, 2024, was $146 million and consisted of the following:
(Dollars in millions)January 31,
2024
Inventories$62 
Property, plant, and equipment81 
Goodwill18 
Total assets held for sale161 
Accounts payable and accrued expenses3 
Deferred tax liabilities12 
Total liabilities held for sale15 
Net assets held for sale$146 
The total carrying amounts of the assets and liabilities held for sale are presented as separate line items in the condensed consolidated balance sheet as of January 31, 2024.
v3.24.0.1
Inventories (Policies)
 9 Months Ended
Jan. 31, 2024
Inventory Disclosure [Abstract]  
Inventory, Policy [Policy Text Block] We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value.
v3.24.0.1
Derivative Financial Instruments and Hedging Activities (Policies)
 9 Months Ended
Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block]
In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheet
v3.24.0.1
Earnings Per Share (Tables)
 9 Months Ended
Jan. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2023202420232024
Net income available to common stockholders$100 $285 $576 $758 
Share data (in thousands):  
Basic average common shares outstanding479,152 474,806 479,121 477,542 
Dilutive effect of stock-based awards1,308 760 1,361 902 
Diluted average common shares outstanding480,460 475,566 480,482 478,444 
Basic earnings per share$0.21 $0.60 $1.20 $1.59 
Diluted earnings per share$0.21 $0.60 $1.20 $1.58 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2024:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2023
$1,457 $1,164 
Purchase accounting adjustment (Note 14)40 (53)
Sale of business (Note 15)
(10)(89)
Reclassification to assets held for sale (Note 16)
(18)— 
Foreign currency translation adjustment(5)(18)
Balance at January 31, 2024
$1,464 $1,004 
v3.24.0.1
Debt (Tables)
 9 Months Ended
Jan. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2023January 31,
2024
3.50% senior notes, $300 principal amount, due April 15, 2025
$299 $299 
1.20% senior notes, €300 principal amount, due July 7, 2026
330 325 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 379 
4.75% senior notes, $650 principal amount, due April 15, 2033
642 643 
4.00% senior notes, $300 principal amount, due April 15, 2038
295 295 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 248 
4.50% senior notes, $500 principal amount, due July 15, 2045
489 489 
$2,678 $2,678 
Schedule of Short-term Debt [Table Text Block]
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2023January 31,
2024
Commercial paper (par amount)$235$730
Average interest rate5.17%5.48%
Average remaining days to maturity2120
v3.24.0.1
Stockholders' Equity (Tables)
 9 Months Ended
Jan. 31, 2024
Equity, Attributable to Parent [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2023:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2022$25 $47 $— $3,242 $(352)$(225)$2,737 
Net income249 249 
Net other comprehensive income (loss)1 1 
Declaration of cash dividends (180)(180)
Stock-based compensation expense4 4 
Stock issued under compensation plans4 4 
Loss on issuance of treasury stock issued under compensation plans(4)(4)(8)
Balance at July 31, 202225 47 — 3,307 (351)(221)2,807 
Net income227 227 
Net other comprehensive income (loss)2 2 
Stock-based compensation expense5 5 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(2)(2)
Balance at October 31, 202225 47 3 3,534 (349)(220)3,040 
Net income100 100 
Net other comprehensive income (loss)91 91 
Declaration of cash dividends(197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans1 1 
Loss on issuance of treasury stock issued under compensation plans(1)(1)
Balance at January 31, 2023$25 $47 $6 $3,437 $(258)$(219)$3,038 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2024:
(Dollars in millions)
Class A Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
AOCI
Treasury Stock
Total
Balance at April 30, 2023$25 $47 $1 $3,643 $(235)$(213)$3,268 
Net income231 231 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends(197)(197)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(4)(3)(7)
Balance at July 31, 202325 47 1 3,674 (199)(210)3,338 
Net income242 242 
Net other comprehensive income (loss)(91)(91)
Acquisition of treasury stock(42)(42)
Stock-based compensation expense7 7 
Balance at October 31, 202325 47 8 3,916 (290)(252)3,454 
Net income285 285 
Net other comprehensive income (loss)66 66 
Declaration of cash dividends(206)(206)
Acquisition of treasury stock(361)(361)
Stock-based compensation expense7 7 
Balance at January 31, 2024$25 $47 $15 $3,995 $(224)$(613)$3,245 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2024:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2023
$(104)$10 $(141)$(235)
Net other comprehensive income (loss)10 (3)4 11 
Balance at January 31, 2024
$(94)$7 $(137)$(224)
Dividends Declared [Table Text Block]
The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2024:
Declaration DateRecord DatePayable DateAmount per Share
May 25, 2023June 8, 2023July 3, 2023$0.2055
July 27, 2023September 5, 2023October 2, 2023$0.2055
November 16, 2023December 1, 2023January 2, 2024$0.2178
January 23, 2024March 8, 2024April 1, 2024$0.2178
v3.24.0.1
Net Sales (Tables)
 9 Months Ended
Jan. 31, 2024
Net Sales [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
United States
$439 $469 $1,455 $1,442 
Developed International1
345 311 927 913 
Emerging2
245 238 629 688 
Travel Retail3
32 33 110 113 
Non-branded and bulk4
20 18 61 58 
Total$1,081 $1,069 $3,182 $3,214 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
Whiskey1
$754 $731 $2,215 $2,167 
Ready-to-Drink2
121 127 369 397 
Tequila3
79 76 237 238 
Wine4
53 51 164 168 
Vodka5
27 26 74 75 
Non-branded and bulk6
20 18 61 58 
Rest of portfolio7
27 40 62 111 
Total$1,081 $1,069 $3,182 $3,214 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes the Herradura family of brands, el Jimador, and other tequilas.
4Includes Korbel California Champagne and Sonoma-Cutrer wines.
5Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets.
6Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine.
7Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.
v3.24.0.1
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Jan. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2023202420232024
Service cost$5 $5 $16 $14 
Interest cost8 8 24 25 
Expected return on plan assets(11)(10)(33)(30)
Amortization of:    
Prior service cost— — 1 — 
Net actuarial loss
2 2 7 5 
Settlement charge27 — 27 — 
Net cost$31 $5 $42 $14 
v3.24.0.1
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20232024
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(33)$(11)
Net gain (loss) reclassified from AOCI into earningsSales11 3 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(11)$(3)
Net gain (loss) recognized in earningsOther income (expense), net2 2 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(32)$(19)
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— 26 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,406 $1,406 
Other income (expense), net(124)84 
Nine Months Ended
January 31,
(Dollars in millions)Classification20232024
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$3 $6 
Net gain (loss) reclassified from AOCI into earningsSales34 11 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(2)$(1)
Net gain (loss) recognized in earningsOther income (expense), net11 8 
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$10 $(2)
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net— 26 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$4,078 $4,137 
Other income (expense), net(117)91 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair values of our derivative instruments:
April 30, 2023January 31, 2024
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$20 $(11)$10 $(4)
Currency derivativesOther assets5 (1)1 — 
Currency derivativesAccrued expenses— (1)1 (1)
Currency derivativesOther liabilities— (1)— (1)
Not designated as hedges:
Currency derivativesOther current assets3 — — — 
Offsetting Derivative Assets and Liabilities [Table Text Block]
The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in Balance Sheet
Net Amounts Presented in Balance Sheet
Gross Amounts Not Offset in Balance Sheet
Net Amounts
April 30, 2023
Derivative assets$28 $(12)$16 $(1)$15 
Derivative liabilities(14)12 (2)1 (1)
January 31, 2024
Derivative assets12 (5)7 — 7 
Derivative liabilities(6)5 (1)— (1)
v3.24.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2023January 31, 2024
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$374 $374 $589 $589 
Currency derivatives, net16 16 7 7 
Liabilities  
Currency derivatives, net2 2 1 1 
Short-term borrowings235 235 728 728 
Long-term debt2,678 2,556 2,678 2,570 
Contingent consideration (Note 14)63 63 62 62 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2024:
(Dollars in millions)
Balance at April 30, 2023$63 
Purchase accounting adjustment (Note 14)(1)
Change in fair value1
1 
Foreign currency translation adjustment(1)
Balance at January 31, 2024
$62 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.24.0.1
Other Comprehensive Income (Tables)
 9 Months Ended
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2023January 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$111 $8 $119 $61 $4 $65 
Reclassification to earnings— — — 4 6 10 
Other comprehensive income (loss), net111 8 119 65 10 75 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(33)7 (26)(11)3 (8)
Reclassification to earnings1
(11)3 (8)(3)1 (2)
Other comprehensive income (loss), net(44)10 (34)(14)4 (10)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(21)5 (16)— — — 
Reclassification to earnings2
29 (7)22 1 — 1 
Other comprehensive income (loss), net8 (2)6 1 — 1 
Total other comprehensive income (loss), net$75 $16 $91 $52 $14 $66 
Nine Months EndedNine Months Ended
January 31, 2023January 31, 2024
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$110 $(2)$108 $— $— $— 
Reclassification to earnings— — — 4 6 10 
Other comprehensive income (loss), net110 (2)108 4 6 10 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments3 (1)2 6 (1)5 
Reclassification to earnings1
(34)8 (26)(11)3 (8)
Other comprehensive income (loss), net(31)7 (24)(5)2 (3)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost(21)5 (16)— — — 
Reclassification to earnings2
34 (8)26 5 (1)4 
Other comprehensive income (loss), net13 (3)10 5 (1)4 
Total other comprehensive income (loss), net$92 $2 $94 $4 $7 $11 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Acquisitions (Tables)
 9 Months Ended
Jan. 31, 2024
Business Acquisition [Line Items]  
Business Combination, Separately Recognized Transactions The following table shows the classification of the transaction expenses in the accompanying consolidated statements of operations.
(Dollars in millions)Three Months Ended January 31, 2023Nine Months Ended January 31, 2023
Selling, general, and administrative expenses$3 $8 
Other expense (income), net4242
Total transaction expenses$45 $50 
Gin Mare  
Business Acquisition [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
We have allocated the purchase price based on management’s estimates and independent valuations as follows:
(Dollars in millions)
Prior Allocation1
AdjustmentsFinal Allocation
Trademarks and brand names (indefinite-lived)$307 $(24)$283 
Goodwill289 17 306 
Total assets596 (7)589 
Deferred tax liabilities72 (6)66 
Net assets acquired$524 $(1)$523 
1As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.
Diplomatico  
Business Acquisition [Line Items]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
We have allocated the purchase price based on management’s estimates and independent valuations as follows:
(Dollars in millions)
Prior Allocation1
Adjustments
Final Allocation
Accounts receivable$11 $— $11 
Inventories36 (2)34 
Other current assets25 — 25 
Property, plant, and equipment38 — 38 
Trademarks and brand names (indefinite-lived)312 (29)283 
Goodwill363 23 386 
Other assets2 — 2 
Total assets787 (8)779 
Accounts payable and accrued expenses13 1 14 
Deferred tax liabilities45 (5)40 
Other liabilities2 — 2 
Total liabilities60 (4)56 
Net assets acquired$727 $(4)$723 
1As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.
v3.24.0.1
Finlandia Divestiture (Tables)
 9 Months Ended
Jan. 31, 2024
Finlandia Divestiture [Abstract]  
Finlandia Divestiture As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024, which consisted of the following:
(Dollars in millions)
November 1,
2023
Proceeds from sale
$194 
Net carrying amount of assets and liabilities sold(100)
Amounts reclassified from AOCI:
Cumulative translation losses(30)
Net investment hedge gain (Note 11)
26 
Net pre-tax gain on sale1
$90 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Assets Held for Sale (Tables)
 9 Months Ended
Jan. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale [Table Text Block]
The net carrying amount of the related business assets and liabilities as of January 31, 2024, was $146 million and consisted of the following:
(Dollars in millions)January 31,
2024
Inventories$62 
Property, plant, and equipment81 
Goodwill18 
Total assets held for sale161 
Accounts payable and accrued expenses3 
Deferred tax liabilities12 
Total liabilities held for sale15 
Net assets held for sale$146 
v3.24.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Earnings Per Share [Abstract]        
Net income available to common stockholders, basic $ 285 $ 100 $ 758 $ 576
Net income available to common stockholders, diluted $ 285 $ 100 $ 758 $ 576
Share data (in thousands):        
Basic average common shares outstanding 474,806 479,152 477,542 479,121
Dilutive effect of stock-based awards 760 1,308 902 1,361
Diluted average common shares outstanding 475,566 480,460 478,444 480,482
Basic earnings per share (dollars per share) $ 0.60 $ 0.21 $ 1.59 $ 1.20
Diluted earnings per share (dollars per share) $ 0.60 $ 0.21 $ 1.58 $ 1.20
v3.24.0.1
Earnings Per Share (Details Textual) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Earnings Per Share (Textual) [Abstract]        
Common stock-based awards excluded from the calculation of diluted earnings per share 1,658 1,257 1,544 1,059
v3.24.0.1
Inventories (Details) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Inventories (Textual) [Abstract]    
Excess of current costs over stated LIFO value $ 473 $ 429
v3.24.0.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Balance at April 30, 2023 $ 1,457
Purchase accounting adjustment (Note 14) 40
Sale of business (Note 15) (10)
Reclassification to assets held for sale (Note 16) (18)
Foreign currency translation adjustment (5)
Balance at January 31, 2024 1,464
Indefinite-lived Intangible Assets [Roll Forward]  
Balance at April 30, 2023 1,164
Purchase accounting adjustment (Note 14) (53)
Sale of business (Note 15) (89)
Reclassification to assets held for sale (Note 16) 0
Foreign currency translation adjustment (18)
Balance at January 31, 2024 $ 1,004
v3.24.0.1
Debt (Details)
€ in Millions, £ in Millions, $ in Millions
 9 Months Ended
Jan. 31, 2024
USD ($)
Jan. 31, 2024
EUR (€)
Jan. 31, 2024
GBP (£)
Apr. 30, 2023
USD ($)
Apr. 30, 2023
EUR (€)
Apr. 30, 2023
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,678     $ 2,678    
Long-term debt 2,678     2,678    
3.50% senior notes, due April 15, 2025 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300     $ 300    
Debt Instrument, Maturity Date Apr. 15, 2025          
Debt Instrument, Interest Rate, Stated Percentage 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
Long-term debt, including current portion $ 299     $ 299    
1.20% notes, due July 7, 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 300     € 300  
Debt Instrument, Maturity Date Jul. 07, 2026          
Debt Instrument, Interest Rate, Stated Percentage 1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
Long-term debt, including current portion $ 325     $ 330    
2.60% notes, due July 7, 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | £     £ 300     £ 300
Debt Instrument, Maturity Date Jul. 07, 2028          
Debt Instrument, Interest Rate, Stated Percentage 2.60% 2.60% 2.60% 2.60% 2.60% 2.60%
Long-term debt, including current portion $ 379     $ 375    
4.75% senior notes, due April 15, 2033 {Member}            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 650     $ 650    
Debt Instrument, Maturity Date Apr. 15, 2033          
Debt Instrument, Interest Rate, Stated Percentage 4.75% 4.75% 4.75% 4.75% 4.75% 4.75%
Long-term debt, including current portion $ 643     $ 642    
4.00% senior notes, due April 15, 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300     $ 300    
Debt Instrument, Maturity Date Apr. 15, 2038          
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Long-term debt, including current portion $ 295     $ 295    
3.75% notes, due January 15, 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250     $ 250    
Debt Instrument, Maturity Date Jan. 15, 2043          
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Long-term debt, including current portion $ 248     $ 248    
4.50% notes, due July 15, 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 500     $ 500    
Debt Instrument, Maturity Date Jul. 15, 2045          
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Long-term debt, including current portion $ 489     $ 489    
v3.24.0.1
Debt Short-term Borrowings (Details) - Commercial Paper - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2024
Apr. 30, 2023
Short-Term Debt [Line Items]    
Commercial paper (par amount) $ 730 $ 235
Average interest rate 5.48% 5.17%
Average remaining days to maturity 20 days 21 days
v3.24.0.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2023
Oct. 31, 2022
Jul. 31, 2022
Jan. 31, 2024
Jan. 31, 2023
Beginning balance $ 3,454 $ 3,338 $ 3,268 $ 3,040 $ 2,807 $ 2,737 $ 3,268 $ 2,737
Net income 285 242 231 100 227 249 758 576
Net other comprehensive income (loss) 66 (91) 36 91 2 1 11 94
Declaration of cash dividends (206)   (197) (197)   (180)    
Acquisition of treasury stock (361) (42)            
Stock-based compensation expense 7 7 4 4 5 4    
Stock issued under compensation plans     3 1 1 4    
Loss on issuance of treasury stock issued under compensation plans     (7) (1) (2) (8)    
Ending balance 3,245 3,454 3,338 3,038 3,040 2,807 3,245 3,038
Additional Paid-in Capital [Member]                
Beginning balance 8 1 1 3 0 0 1 0
Stock-based compensation expense 7 7 4 4 5 4    
Loss on issuance of treasury stock issued under compensation plans     (4) (1) (2) (4)    
Ending balance 15 8 1 6 3 0 15 6
Retained Earnings [Member]                
Beginning balance 3,916 3,674 3,643 3,534 3,307 3,242 3,643 3,242
Net income 285 242 231 100 227 249    
Declaration of cash dividends (206)   (197) (197)   (180)    
Loss on issuance of treasury stock issued under compensation plans     (3) (4)    
Ending balance 3,995 3,916 3,674 3,437 3,534 3,307 3,995 3,437
AOCI Attributable to Parent [Member]                
Beginning balance (290) (199) (235) (349) (351) (352) (235) (352)
Net other comprehensive income (loss) 66 (91) 36 91 2 1    
Ending balance (224) (290) (199) (258) (349) (351) (224) (258)
Treasury Stock, Common [Member]                
Beginning balance (252) (210) (213) (220) (221) (225) (213) (225)
Acquisition of treasury stock (361) (42)            
Stock issued under compensation plans     3 1 1 4    
Ending balance (613) (252) (210) (219) (220) (221) (613) (219)
Common stock, Class A, voting [Member] | Common Stock [Member]                
Beginning balance 25 25 25 25 25 25 25 25
Ending balance 25 25 25 25 25 25 25 25
Common stock, Class B, nonvoting [Member] | Common Stock [Member]                
Beginning balance 47 47 47 47 47 47 47 47
Ending balance $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47
v3.24.0.1
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2023
Oct. 31, 2022
Jul. 31, 2022
Jan. 31, 2024
Jan. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     $ (235)       $ (235)  
Net other comprehensive income (loss) $ 66 $ (91) 36 $ 91 $ 2 $ 1 11 $ 94
Ending balance (224)           (224)  
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (104)       (104)  
Net other comprehensive income (loss) 75     119     10 108
Ending balance (94)           (94)  
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     10       10  
Net other comprehensive income (loss) (10)     (34)     (3) (24)
Ending balance 7           7  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (141)       (141)  
Net other comprehensive income (loss) 1     6     4 $ 10
Ending balance (137)           $ (137)  
AOCI Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Net other comprehensive income (loss) $ 66 $ (91) $ 36 $ 91 $ 2 $ 1    
v3.24.0.1
Stockholders' Equity Dividends (Details)
 9 Months Ended
Jan. 31, 2024
$ / shares
July 2023 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared May 25, 2023
Dividends Payable, Date of Record Jun. 08, 2023
Dividends Payable, Date to be Paid Jul. 03, 2023
Common Stock, Dividends, Per Share, Declared $ 0.2055
October 2023 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared Jul. 27, 2023
Dividends Payable, Date of Record Sep. 05, 2023
Dividends Payable, Date to be Paid Oct. 02, 2023
Common Stock, Dividends, Per Share, Declared $ 0.2055
January 2024 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared Nov. 16, 2023
Dividends Payable, Date of Record Dec. 01, 2023
Dividends Payable, Date to be Paid Jan. 02, 2024
Common Stock, Dividends, Per Share, Declared $ 0.2178
April 2024 dividend payment  
Class of Stock [Line Items]  
Dividends Payable, Date Declared Jan. 23, 2024
Dividends Payable, Date of Record Mar. 08, 2024
Dividends Payable, Date to be Paid Apr. 01, 2024
Common Stock, Dividends, Per Share, Declared $ 0.2178
v3.24.0.1
Net Sales by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,069 $ 1,081 $ 3,214 $ 3,182
United States [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 469 439 1,442 1,455
Developed International [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 311 345 913 927
Emerging [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 238 245 688 629
Travel Retail [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 33 32 113 110
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] $ 18 $ 20 $ 58 $ 61
[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan.
[2] Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil.
[3] Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.
[4] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location.
v3.24.0.1
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,069 $ 1,081 $ 3,214 $ 3,182
Whiskey [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 731 754 2,167 2,215
Ready-to-Drink        
Disaggregation of Revenue [Line Items]        
Net sales [2] 127 121 397 369
Tequila [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 76 79 238 237
Wine [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] 51 53 168 164
Vodka [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [5] 26 27 75 74
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [6] 18 20 58 61
Rest of portfolio [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [7] $ 40 $ 27 $ 111 $ 62
[1] Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft.
[2] Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
[3] Includes the Herradura family of brands, el Jimador, and other tequilas.
[4] Includes Korbel California Champagne and Sonoma-Cutrer wines.
[5] Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets.
[6] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine.
[7] Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.
v3.24.0.1
Pension and Other Postretirement Benefits (Details) - Pension Benefits [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List]        
Service cost $ 5 $ 5 $ 14 $ 16
Interest cost 8 8 25 24
Expected return on plan assets (10) (11) (30) (33)
Amortization of prior service cost (credit) 0 0 0 1
Amortization of net actuarial loss (gain) 2 2 5 7
Settlement loss 0 27 0 27
Net cost $ 5 $ 31 $ 14 $ 42
v3.24.0.1
Income Taxes (Details)
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Expected Tax Rate on Ordinary Income 20.10%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Effective Income Tax Rate Reconciliation, Percent 20.30% 23.00%
v3.24.0.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]        
Sales $ 1,406 $ 1,406 $ 4,137 $ 4,078
Other income (expense), net 84 (124) 91 (117)
Foreign Currency Denominated Debt [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) recognized in AOCI (19) (32) (2) 10
Foreign Currency Denominated Debt [Member] | Other Income [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net investment hedge gain (Note 11) 26 0 26 0
Currency derivatives [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) recognized in AOCI (11) (33) 6 3
Currency derivatives [Member] | Sales [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings 3 11 11 34
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings (3) (11) (1) (2)
Currency derivatives [Member] | Other Income [Member]        
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings $ 2 $ 2 $ 8 $ 11
v3.24.0.1
Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 12 $ 28
Derivative Liability, Fair Value, Gross Liability 6 14
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 10 20
Derivative Liability, Fair Value, Gross Liability (4) (11)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 1 5
Derivative Liability, Fair Value, Gross Liability 0 (1)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 1 0
Derivative Liability, Fair Value, Gross Liability (1) (1)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability (1) (1)
Currency derivatives [Member] | Not designated as hedges [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 3
Derivative Liability, Fair Value, Gross Liability $ 0 $ 0
v3.24.0.1
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended
Oct. 31, 2023
Jan. 31, 2024
Apr. 30, 2023
Derivative Financial Instruments (Textual) [Abstract]      
Maximum term of outstanding derivative contracts 24 months 24 months  
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months   $ 4  
Derivative, Net Liability Position, Aggregate Fair Value   1 $ 1
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Debt Instrument, Face Amount   496 495
Foreign Exchange Contract [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Notional Amount   $ 560 $ 747
v3.24.0.1
Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 12 $ 28
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet (5) (12)
Net Amount of Derivative Assets Presented in Balance Sheet 7 16
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet 0 (1)
Net Amount of Derivative Assets 7 15
Gross Amount of Derivative Liabilities (6) (14)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 5 12
Net Amount of Derivative Liabilities Presented in Balance Sheet 1 2
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 0 1
Net Amount of Derivative Liabilities $ 1 $ 1
v3.24.0.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Jan. 31, 2023
Assets:      
Cash and cash equivalents $ 589 $ 374 $ 428
Cash and cash equivalents, Fair Value 589 374  
Liabilities:      
Short-term borrowings, Carrying Amount 728 235  
Short-term borrowings, Fair Value 728 235  
Long-term debt, Carrying Amount 2,678 2,678  
Contingent consideration, Carrying Amount 62 63  
Fair Value, Inputs, Level 2 [Member]      
Assets:      
Currency derivatives, net, Fair Value 7 16  
Liabilities:      
Currency derivatives, net, Fair Value 1 2  
Long-term debt, Fair Value 2,570 2,556  
Fair Value, Inputs, Level 3 [Member]      
Liabilities:      
Contingent consideration, Fair Value 62 63  
Foreign Exchange Contract [Member]      
Assets:      
Currency derivatives, net, Carrying Amount 7 16  
Liabilities:      
Currency derivatives, net, Carrying Amount $ 1 $ 2  
v3.24.0.1
Impairment Charge (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2023
Jan. 31, 2023
Fair Value Disclosures [Abstract]    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) $ 96 $ 96
v3.24.0.1
Rollforward of Contingent Consideration (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2024
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at April 30, 2023 $ 63
Purchase accounting adjustment (Note 14) (1)
Change in fair value 1 [1]
Foreign currency translation adjustment (1)
Balance at January 31, 2024 $ 62
[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.24.0.1
Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2023
Oct. 31, 2022
Jul. 31, 2022
Jan. 31, 2024
Jan. 31, 2023
Before Tax:                
Net other comprehensive income (loss) $ 52     $ 75     $ 4 $ 92
Tax Effect:                
Net other comprehensive income (loss) 14     16     7 2
Net of Tax:                
Net other comprehensive income (loss) 66 $ (91) $ 36 91 $ 2 $ 1 11 94
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 61     111     0 110
Reclassification to earnings 4     0     4 0
Net other comprehensive income (loss) 65     111     4 110
Tax Effect:                
Net gain (loss) 4     8     0 (2)
Reclassification to earnings 6     0     6 0
Net other comprehensive income (loss) 10     8     6 (2)
Net of Tax:                
Net gain (loss) 65     119     0 108
Reclassification to earnings 10     0     10 0
Net other comprehensive income (loss) 75     119     10 108
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) (11)     (33)     6 3
Reclassification to earnings [1] (3)     (11)     (11) (34)
Net other comprehensive income (loss) (14)     (44)     (5) (31)
Tax Effect:                
Net gain (loss) 3     7     (1) (1)
Reclassification to earnings [1] 1     3     3 8
Net other comprehensive income (loss) 4     10     2 7
Net of Tax:                
Net gain (loss) (8)     (26)     5 2
Reclassification to earnings [1] (2)     (8)     (8) (26)
Net other comprehensive income (loss) (10)     (34)     (3) (24)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 0     (21)     0 (21)
Reclassification to earnings [2] 1     29     5 34
Net other comprehensive income (loss) 1     8     5 13
Tax Effect:                
Net gain (loss) 0     5     0 5
Reclassification to earnings [2] 0     (7)     (1) (8)
Net other comprehensive income (loss) 0     (2)     (1) (3)
Net of Tax:                
Net gain (loss) 0     (16)     0 (16)
Reclassification to earnings [2] 1     22     4 26
Net other comprehensive income (loss) $ 1     $ 6     $ 4 $ 10
[1] Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
[2] Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Acquisitions (Details)
€ in Millions
 3 Months Ended 9 Months Ended
Jan. 05, 2023
USD ($)
Nov. 03, 2022
USD ($)
Jan. 31, 2023
USD ($)
Jan. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
Apr. 30, 2023
USD ($)
Nov. 03, 2022
EUR (€)
Business Acquisition [Line Items]              
Business Combination, Contingent Consideration, Liability         $ 62,000,000 $ 63,000,000  
Goodwill         $ 1,464,000,000 $ 1,457,000,000  
Business Combinations, Transaction Expenses     $ 45,000,000 $ 50,000,000      
Selling, General and Administrative Expenses              
Business Acquisition [Line Items]              
Business Combinations, Transaction Expenses     3,000,000 8,000,000      
Other expense (income), net              
Business Acquisition [Line Items]              
Business Combinations, Transaction Expenses     $ 42,000,000 $ 42,000,000      
Gin Mare              
Business Acquisition [Line Items]              
Business Acquisition, Percentage of Voting Interests Acquired   100.00%         100.00%
Business Combination, Consideration Transferred   $ 523,000,000          
Payments to Acquire Businesses, Gross   468,000,000          
Business Combination, Contingent Consideration, Liability   55,000,000          
Trademarks and brand names (indefinite-lived)   283,000,000          
Goodwill   306,000,000          
Total assets   589,000,000          
Deferred tax liabilities   66,000,000          
Net assets acquired   523,000,000          
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High   89,000,000         € 90
Business Acquisition, Goodwill, Expected Tax Deductible Amount   0          
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred   1,000,000          
Gin Mare | Prior Allocation              
Business Acquisition [Line Items]              
Trademarks and brand names (indefinite-lived) [1]   307,000,000          
Goodwill [1]   289,000,000          
Total assets [1]   596,000,000          
Deferred tax liabilities [1]   72,000,000          
Net assets acquired [1]   524,000,000          
Gin Mare | Adjustments              
Business Acquisition [Line Items]              
Trademarks and brand names (indefinite-lived)   (24,000,000)          
Goodwill   17,000,000          
Total assets   (7,000,000)          
Deferred tax liabilities   (6,000,000)          
Net assets acquired   $ (1,000,000)          
Diplomatico              
Business Acquisition [Line Items]              
Business Acquisition, Percentage of Voting Interests Acquired 100.00%            
Payments to Acquire Businesses, Gross $ 723,000,000            
Accounts receivable 11,000,000            
Inventories 34,000,000            
Other current assets 25,000,000            
Property, plant, and equipment 38,000,000            
Trademarks and brand names (indefinite-lived) 283,000,000            
Goodwill 386,000,000            
Other assets 2,000,000            
Total assets 779,000,000            
Accounts payable and accrued expenses 14,000,000            
Deferred tax liabilities 40,000,000            
Other liabilities 2,000,000            
Total liabilities 56,000,000            
Net assets acquired 723,000,000            
Business Acquisition, Goodwill, Expected Tax Deductible Amount 108,000,000            
Diplomatico | Prior Allocation              
Business Acquisition [Line Items]              
Accounts receivable [1] 11,000,000            
Inventories [1] 36,000,000            
Other current assets [1] 25,000,000            
Property, plant, and equipment [1] 38,000,000            
Trademarks and brand names (indefinite-lived) [1] 312,000,000            
Goodwill [1] 363,000,000            
Other assets [1] 2,000,000            
Total assets [1] 787,000,000            
Accounts payable and accrued expenses [1] 13,000,000            
Deferred tax liabilities [1] 45,000,000            
Other liabilities [1] 2,000,000            
Total liabilities [1] 60,000,000            
Net assets acquired [1] 727,000,000            
Diplomatico | Adjustments              
Business Acquisition [Line Items]              
Accounts receivable 0            
Inventories (2,000,000)            
Other current assets 0            
Property, plant, and equipment 0            
Trademarks and brand names (indefinite-lived) (29,000,000)            
Goodwill 23,000,000            
Other assets 0            
Total assets (8,000,000)            
Accounts payable and accrued expenses 1,000,000            
Deferred tax liabilities (5,000,000)            
Other liabilities 0            
Total liabilities (4,000,000)            
Net assets acquired $ (4,000,000)            
[1] As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.
v3.24.0.1
Finlandia Divestiture (Details) - USD ($)
$ in Millions
 9 Months Ended
Nov. 01, 2023
Jan. 31, 2024
Jan. 31, 2023
Amounts reclassified from AOCI: [Abstract]      
Net pre-tax gain on sale   $ 90 $ 0
Finlandia      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from sale $ 194    
Net carrying amount of assets and liabilities sold (100)    
Amounts reclassified from AOCI: [Abstract]      
Cumulative translation losses (30)    
Net investment hedge gain (Note 11) 26    
Net pre-tax gain on sale $ 90 [1] $ 90  
[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.
v3.24.0.1
Assets Held for Sale (Details) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets held for sale $ 161 $ 0
Liabilities held for sale 15 $ 0
Sonoma-Cutrer    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Inventories 62  
Property, plant, and equipment 81  
Goodwill 18  
Assets held for sale 161  
Accounts payable and accrued expenses 3  
Deferred tax liabilities 12  
Liabilities held for sale 15  
Net assets held for sale $ 146  
v3.24.0.1
Assets Held for Sale (Details Textual) - Sonoma-Cutrer
$ in Millions
 1 Months Ended
Nov. 30, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Disposal Group, Including Discontinued Operation, Consideration, Expected Equity Interest in Acquiror 21.50%
Disposal Group, Including Discontinued Operation, Consideration, Expected Proceeds from Sale $ 50