BROWN FORMAN CORP, 10-Q filed on 3/5/2025
Quarterly Report
v3.25.0.1
Document and Entity Information - shares
 9 Months Ended
Jan. 31, 2025
Feb. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2025  
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 2025  
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   169,129,183
Common stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   303,539,962
1.20% notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.25.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Income Statement [Abstract]        
Sales $ 1,348 $ 1,406 $ 3,935 $ 4,137
Excise taxes 313 337 854 923
Net sales 1,035 1,069 3,081 3,214
Cost of sales 416 434 1,251 1,257
Gross profit 619 635 1,830 1,957
Advertising expenses 125 143 377 414
Selling, general, and administrative expenses 178 203 551 595
Total restructuring and other charges 31 0 33 0
Gain on sale of business 0 (90) 0 (90)
Other expense (income), net 5 6 (33) (1)
Operating income 280 373 902 1,039
Non-operating postretirement expense 3 1 4 2
Interest income (5) (3) (12) (7)
Interest expense 31 33 95 93
Equity method investment income and gain on sale (81) 0 (83) 0
Income before income taxes 332 342 898 951
Income taxes 62 57 175 193
Net income $ 270 $ 285 $ 723 $ 758
Earnings per share:        
Basic (dollars per share) $ 0.57 $ 0.60 $ 1.53 $ 1.59
Diluted (dollars per share) $ 0.57 $ 0.60 $ 1.53 $ 1.58
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 270 $ 285 $ 723 $ 758
Other comprehensive income (loss), net of tax:        
Currency translation adjustments (60) 75 (128) 10
Cash flow hedge adjustments 6 (10) 3 (3)
Postretirement benefits adjustments 2 1 3 4
Net other comprehensive income (loss) (52) 66 (122) 11
Comprehensive income $ 218 $ 351 $ 601 $ 769
v3.25.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Assets    
Cash and cash equivalents $ 599 $ 446
Accounts receivable, less allowance for doubtful accounts of $8 at April 30 and $7 at January 31 855 769
Inventories:    
Barreled whiskey 1,564 1,490
Finished goods 428 452
Work in process 360 396
Raw materials and supplies 99 218
Total inventories 2,451 2,556
Disposal Group, Including Discontinued Operation, Assets, Current 120 0
Other current assets 254 265
Total current assets 4,279 4,036
Property, plant, and equipment, net 1,041 1,074
Goodwill 1,435 1,455
Other intangible assets 973 990
Equity method investments 3 270
Deferred tax assets 63 69
Other assets 277 272
Total assets 8,071 8,166
Liabilities    
Accounts payable and accrued expenses 695 793
Accrued income taxes 30 38
Short-term borrowings 202 428
Current portion of long-term debt 300 300
Total current liabilities 1,227 1,559
Long-term debt 2,361 2,372
Deferred tax liabilities 266 315
Accrued pension and other postretirement benefits 161 160
Other liabilities 233 243
Total liabilities 4,248 4,649
Commitments and contingencies
Stockholders' Equity    
Additional paid-in capital 28 13
Retained earnings 4,671 4,261
Accumulated other comprehensive income (loss), net of tax (343) (221)
Treasury stock, at cost (11,932,000 and 11,871,000 shares at April 30 and January 31, respectively) (605) (608)
Total stockholders' equity 3,823 3,517
Total liabilities and stockholders' equity 8,071 8,166
Common stock, Class A, voting [Member]    
Stockholders' Equity    
Common stock 25 25
Common stock, Class B, nonvoting [Member]    
Stockholders' Equity    
Common stock $ 47 $ 47
v3.25.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 7 $ 8
Treasury Stock, Common, Shares 11,871,000 11,932,000
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
v3.25.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Cash flows from operating activities:    
Net income $ 723 $ 758
Adjustments to reconcile net income to net cash provided by operations:    
Gain on sale of business 0 (90)
Equity method investment income and gain on sale (83) 0
Depreciation and amortization 66 66
Stock-based compensation expense 20 18
Deferred income tax provision (benefit) (43) 3
Change in fair value of contingent consideration 5 1
Other, net (3) (2)
Changes in assets and liabilities:    
Accounts receivable (106) (21)
Inventories (61) (320)
Other current assets 21 28
Accounts payable and accrued expenses (64) (69)
Accrued income taxes (10) (2)
Other operating assets and liabilities (19) (8)
Cash provided by operating activities 446 362
Cash flows from investing activities:    
Proceeds from sale of business 0 194
Proceeds from sale of equity method investment 350 0
Proceeds from sale of property, plant, equipment, and other 51 13
Additions to property, plant, and equipment (117) (148)
Other, net 0 4
Cash provided by investing activities 284 63
Cash flows from financing activities:    
Net change in short-term borrowings (227) 492
Payments of withholding taxes related to stock-based awards (2) (4)
Acquisition of treasury stock 0 (400)
Dividends paid (313) (300)
Other, net (4) 0
Cash used for financing activities (546) (212)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (20) 2
Net increase in cash, cash equivalents, and restricted cash 164 215
Cash, cash equivalents, and restricted cash at beginning of period 456 384
Cash, cash equivalents, and restricted cash at end of period 620 599
Less: Restricted cash (included in other current assets) at end of period (21) (10)
Cash and cash equivalents at end of period 599 589
Supplemental information:    
Non-cash additions to property, plant and equipment 7 14
Right-of-use assets obtained in exchange for new lease obligations $ 30 $ 31
v3.25.0.1
Condensed Consolidated Financial Statements
 9 Months Ended
Jan. 31, 2025
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, 2024 (2024 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2024 Form 10-K.

Accounting standards not yet adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional disclosures about significant segment expenses and other segment items. The update also requires interim disclosure of segment information that is currently required only on an annual basis. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2025, and for interim disclosures in fiscal 2026, with earlier adoption permitted. The update is to be applied retroactively.

In December 2023, the FASB issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance beginning in fiscal 2026, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2028, and for interim disclosures in fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

We are currently evaluating the impact that adopting these accounting standards updates will have on our disclosures.
v3.25.0.1
Earnings Per Share
 9 Months Ended
Jan. 31, 2025
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)2024202520242025
Net income available to common stockholders$285 $270 $758 $723 
Share data (in thousands):  
Basic average common shares outstanding474,806 472,661 477,542 472,651 
Dilutive effect of stock-based awards760 225 902 309 
Diluted average common shares outstanding475,566 472,886 478,444 472,960 
Basic earnings per share$0.60 $0.57 $1.59 $1.53 
Diluted earnings per share$0.60 $0.57 $1.58 $1.53 

We excluded common stock-based awards for approximately 1,658,000 shares and 3,378,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2024 and 2025, respectively. We excluded common stock-based awards for approximately 1,544,000 shares and 2,993,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2024 and 2025, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.
v3.25.0.1
Inventories
 9 Months Ended
Jan. 31, 2025
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 $512 million higher than reported as of April 30, 2024, and $554 million higher than reported as of January 31, 2025. 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.
v3.25.0.1
Goodwill and Other Intangible Assets
 9 Months Ended
Jan. 31, 2025
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, 2025:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2024
$1,455 $990 
Foreign currency translation adjustment(20)(17)
Balance at January 31, 2025
$1,435 $973 

Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.
v3.25.0.1
Equity Method Investments
 9 Months Ended
Jan. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
As of April 30, 2024, our equity method investments included a 21.4% ownership of the common stock of The Duckhorn Portfolio, Inc. (“Duckhorn”), which we obtained as partial consideration for our sale of the Sonoma-Cutrer wine business to Duckhorn on April 30, 2024. The carrying amount of our investment in Duckhorn was $267 million as of April 30, 2024, reflecting the fair value of the common stock, based on its quoted market price at the April 30, 2024 closing date of the transaction. Our other equity method investments are immaterial.

Also, effective April 30, 2024, we entered into a transition services agreement (TSA) with Duckhorn related to the sale of the Sonoma-Cutrer wine business. Our cost of sales for the three months and nine months ended January 31, 2025, included $0 million and $24 million, respectively, for Sonoma-Cuter products purchased from Duckhorn under the TSA. Fees earned for transition services provided to Duckhorn under the TSA were immaterial. Services related to the TSA ended on or about August 31, 2024.
On October 6, 2024, Duckhorn entered into a definitive agreement pursuant to which Duckhorn would be acquired by private equity funds. The transaction was completed on December 24, 2024. Upon completion of the transaction, we received cash of $350 million in exchange for our 21.4% ownership interest in Duckhorn. As a result of the transaction, we recognized a $78 million gain on sale of our investment in Duckhorn during the three months ended January 31, 2025.
v3.25.0.1
Restructuring and Other Charges
 9 Months Ended
Jan. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges
On January 13, 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth (the Plan). In connection with the Plan, we expect to reduce our worldwide headcount by approximately 12% and to close our Louisville-based Brown-Forman Cooperage. We expect the Plan to be substantially implemented in fiscal 2025 with the remainder to be completed by the end of fiscal 2026.

In connection with the Plan, we expect to incur aggregate charges of approximately $60 to $70 million, consisting primarily of approximately $27 to $32 million in severance and other employee-related costs and approximately $33 to $38 million in other restructuring costs, including costs related to the Louisville-based cooperage facility closure. Through January 31, 2025, we have incurred $27 million in restructuring charges and $2 million in other charges associated with the Plan. We also incurred $4 million in other charges associated with a special, one-time early retirement benefit. As of January 31, 2025, $8 million of the charges to be settled in cash have been paid.

Detail on the total restructuring and other charges is provided below:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2024202520242025
Restructuring charges:
   Severance and other employee-related costs
$— $19 $— $19 
   Other restructuring charges1
— 6 — 8 
Restructuring charges
— 25 — 27 
Other charges2
— 6 — 6 
Total restructuring and other charges
$— $31 $— $33 
1Primarily represents one-time costs related to the cooperage facility closure and other miscellaneous exit costs.
2Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets held for sale.

The charges we currently expect to incur in connection with the Plan are subject to a number of assumptions and risks, and actual results may differ materially. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or in connection with, the Plan.

The following table summarizes the activity in our accrued restructuring costs:
(Dollars in millions)
Severance and Other Employee-Related Costs
Other Restructuring Charges
Total
Balance at April 30, 2024
$— $— $— 
Costs incurred and charged to expense
19 8 27 
Costs paid or otherwise settled
(2)(6)(8)
Balance at January 31, 2025
$17 $2 $19 
v3.25.0.1
Contingencies
 9 Months Ended
Jan. 31, 2025
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, 2025.
v3.25.0.1
Debt
 9 Months Ended
Jan. 31, 2025
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, 2024January 31,
2025
3.50% senior notes, $300 principal amount, due April 15, 2025
$300 $300 
1.20% senior notes, €300 principal amount, due July 7, 2026
321 312 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 372 
4.75% senior notes, $650 principal amount, due April 15, 2033
643 644 
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
490 490 
2,672 2,661 
Less current portion300 300 
$2,372 $2,361 
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2024January 31,
2025
Commercial paper (par amount)$429$203
Average interest rate5.49%4.65%
Average remaining days to maturity1216
v3.25.0.1
Stockholders' Equity
 9 Months Ended
Jan. 31, 2025
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, 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, 2023
25 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, 2023
25 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 changes in stockholders’ equity by quarter during the nine months ended January 31, 2025:
(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, 2024$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends(206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 202425 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 202425 47 21 4,508 (291)(605)3,705 
Net income270 270 
Net other comprehensive income (loss)(52)(52)
Declaration of cash dividends(107)(107)
Stock-based compensation expense7 7 
Balance at January 31, 2025
$25 $47 $28 $4,671 $(343)$(605)$3,823 

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, 2025:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2024
$(111)$10 $(120)$(221)
Net other comprehensive income (loss)(128)3 3 (122)
Balance at January 31, 2025
$(239)$13 $(117)$(343)

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, 2025:
Declaration DateRecord DatePayable DateAmount per Share
May 23, 2024June 7, 2024July 1, 2024$0.2178
July 25, 2024September 3, 2024October 1, 2024$0.2178
November 21, 2024December 6, 2024January 2, 2025$0.2265
On February 20, 2025, our Board of Directors declared a regular quarterly cash dividend on our Class A and Class B common stock of $0.2265 per share. The dividend is payable on April 1, 2025, to stockholders of record on March 7, 2025.
v3.25.0.1
Net Sales
 9 Months Ended
Jan. 31, 2025
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)2024202520242025
United States
$469 $459 $1,442 $1,367 
Developed International1
310 298 910 867 
Emerging2
235 220 677 647 
Travel Retail3
37 35 127 121 
Non-branded and bulk4
18 23 58 79 
Total$1,069 $1,035 $3,214 $3,081 
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 Spain.
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, 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)2024202520242025
Whiskey1
$731 $749 $2,167 $2,177 
Ready-to-Drink2
127 126 397 380 
Tequila3
76 68 238 202 
Non-branded and bulk4
18 23 58 79 
Rest of portfolio5
117 69 354 243 
Total$1,069 $1,035 $3,214 $3,081 
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, The 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 el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.25.0.1
Pension and Other Postretirement Benefits
 9 Months Ended
Jan. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The following table shows the components of the net cost recognized for our U.S. pension and other postretirement benefit plans. Information about similar international plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2024202520242025
Pension Benefits:
  
Service cost$5 $4 $14 $13 
Interest cost8 9 25 27 
Expected return on plan assets(10)(10)(30)(29)
Amortization of:    
Prior service cost— — — 1 
Net actuarial loss
2 1 5 1 
Curtailment loss
— 1 — 1 
Net cost$5 $5 $14 $14 
Other Postretirement Benefits:
  
Interest cost$— $— $1 $1 
Special termination benefits
— 1 — 1 
Curtailment loss
— 1 — 1 
Net cost$— $2 $1 $3 
v3.25.0.1
Income Taxes
 9 Months Ended
Jan. 31, 2025
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 22.5%, which is higher than the U.S. federal statutory rate of 21.0%, due to the impact of state taxes and the tax effects of foreign operations, partially offset by the beneficial impact of the foreign-derived intangible income deduction.

The effective tax rate of 19.5% for the nine months ended January 31, 2025, was lower than the expected tax rate of 22.5% on ordinary income for the full fiscal year ending April 30, 2025, primarily due to the beneficial impact of prior fiscal year true-ups. The effective tax rate of 19.5% for the nine months ended January 31, 2025, was lower than the effective tax rate of 20.3% for the same period last year, primarily due to the beneficial impact of prior fiscal year true-ups in the current year, partially offset by higher state taxes, the increased unfavorable tax effects of foreign earnings, and the absence of the beneficial impact of tax rate differences on the sale of the Finlandia vodka business in the prior fiscal year.

The OECD (Organization for Economic Co-operation and Development) 15% global minimum tax under the Pillar Two Model Rules, which is now effective in countries with enacted legislation, did not materially impact our financial results in the nine months ended January 31, 2025. We will continue to evaluate the impact in future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.

In December 2024, the U.S. Treasury Department and IRS released final and proposed regulations related to the determination under section 987 of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit (QBU). We are currently evaluating the impact of adopting the final regulations on our current year provision, but do not anticipate them to have a material impact.
v3.25.0.1
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Jan. 31, 2025
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 $566 million at April 30, 2024, and $461 million at January 31, 2025. The maximum term of outstanding derivative contracts was 24 months at both April 30, 2024 and January 31, 2025.

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 $497 million at April 30, 2024, and $491 million at January 31, 2025.

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)Classification20242025
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(11)$12 
Net gain (loss) reclassified from AOCI into earningsSales3 4 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(3)$6 
Net gain (loss) recognized in earningsOther income (expense), net2 (1)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(19)$22 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net26 — 
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 $1,348 
Other income (expense), net(6)(5)
Nine Months Ended
January 31,
(Dollars in millions)Classification20242025
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$6 $11 
Net gain (loss) reclassified from AOCI into earningsSales11 7 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(1)$6 
Net gain (loss) recognized in earningsOther income (expense), net8 (6)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(2)$7 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net26 — 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$4,137 $3,935 
Other income (expense), net1 33 

We expect to reclassify $12 million of deferred net gains on cash flow hedges recorded in AOCI as of January 31, 2025 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, 2024January 31, 2025
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$11 $(2)$15 $(1)
Currency derivativesOther assets1 (1)3 — 
Not designated as hedges:
Currency derivativesAccrued expenses— (1)— — 

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, 2024, and $0 million at January 31, 2025.

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, 2024
Derivative assets$12 $(3)$9 $— $9 
Derivative liabilities(4)3 (1)— (1)
January 31, 2025
Derivative assets18 (1)17 — 17 
Derivative liabilities(1)1 — — — 

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2024, or January 31, 2025.
v3.25.0.1
Fair Value Measurements
 9 Months Ended
Jan. 31, 2025
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, 2024January 31, 2025
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$446 $446 $599 $599 
Currency derivatives, net9 9 17 17 
Liabilities  
Currency derivatives, net1 1 — — 
Contingent consideration
69 69 72 72 
Short-term borrowings428 428 202 202 
Long-term debt (including current portion)
2,672 2,468 2,661 2,487 

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, 2025:
(Dollars in millions)
Balance at April 30, 2024$69 
Change in fair value1
5 
Foreign currency translation adjustment(2)
Balance at January 31, 2025
$72 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

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). As discussed in Notes 6 and 14, during the three months ended January 31, 2025, we recognized an impairment charge of $2 million related to certain cooperage facility assets held for sale as part of the restructuring plan approved in January 2025. The impairment charge was based on our measurements of the fair values of those assets, which are classified as Level 2 within the fair value hierarchy. No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.25.0.1
Other Comprehensive Income
 9 Months Ended
Jan. 31, 2025
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, 2024January 31, 2025
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$61 $4 $65 $(55)$(5)$(60)
Reclassification to earnings4 6 10 — — — 
Other comprehensive income (loss), net65 10 75 (55)(5)(60)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(11)3 (8)12 (3)9 
Reclassification to earnings1
(3)1 (2)(4)1 (3)
Other comprehensive income (loss), net(14)4 (10)8 (2)6 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — 1 — 1 
Reclassification to earnings2
1 — 1 1 — 1 
Other comprehensive income (loss), net1 — 1 2 — 2 
Total other comprehensive income (loss), net$52 $14 $66 $(45)$(7)$(52)
Nine Months EndedNine Months Ended
January 31, 2024January 31, 2025
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$— $— $— $(126)$(2)$(128)
Reclassification to earnings4 6 10 — — — 
Other comprehensive income (loss), net4 6 10 (126)(2)(128)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments6 (1)5 11 (3)8 
Reclassification to earnings1
(11)3 (8)(7)2 (5)
Other comprehensive income (loss), net(5)2 (3)4 (1)3 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — 1 — 1 
Reclassification to earnings2
5 (1)4 2 — 2 
Other comprehensive income (loss), net5 (1)4 3 — 3 
Total other comprehensive income (loss), net$4 $7 $11 $(119)$(3)$(122)
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.
v3.25.0.1
Gain on Sale of Business
 9 Months Ended
Jan. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Gain on Sale of Business Gain on Sale of Business
On November 1, 2023, we sold the Finlandia vodka business to Coca-Cola HBC AG for $194 million in cash. As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024.
v3.25.0.1
Assets Held for Sale
 9 Months Ended
Jan. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale Assets Held for Sale
As discussed in Note 6, our Board of Directors approved a restructuring plan, which included the planned closure of our Louisville-based cooperage facility. In January 2025, we reached an agreement to close that facility and sell the related assets. This transaction, which is subject to customary closing adjustments and conditions, is expected to close in the first quarter of fiscal 2026.
In connection with this transaction, certain assets met the held for sale criteria as of January 31, 2025. As a result, during the third quarter of fiscal 2025, we recorded a $2 million impairment charge to write down the long-lived assets held for sale to their estimated fair value (net of selling costs). We estimated the fair value based on the expected proceeds from the transaction. The carrying amount of the assets held for sale as of January 31, 2025, was $120 million, consisting of $33 million in property, plant and equipment, net, and $87 million in inventories. The total carrying amount of the assets held for sale is presented as a separate line item in the condensed consolidated balance sheet as of January 31, 2025.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Pay vs Performance Disclosure                
Net income $ 270 $ 258 $ 195 $ 285 $ 242 $ 231 $ 723 $ 758
v3.25.0.1
Insider Trading Arrangements
 9 Months Ended
Jan. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Condensed Consolidated Financial Statements (Policies)
 9 Months Ended
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Accounting standards not yet adopted. In November 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional disclosures about significant segment expenses and other segment items. The update also requires interim disclosure of segment information that is currently required only on an annual basis. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2025, and for interim disclosures in fiscal 2026, with earlier adoption permitted. The update is to be applied retroactively.

In December 2023, the FASB issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance beginning in fiscal 2026, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2028, and for interim disclosures in fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.

We are currently evaluating the impact that adopting these accounting standards updates will have on our disclosures.
v3.25.0.1
Inventories (Policies)
 9 Months Ended
Jan. 31, 2025
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.
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Policies)
 9 Months Ended
Jan. 31, 2025
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
v3.25.0.1
Earnings Per Share (Tables)
 9 Months Ended
Jan. 31, 2025
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)2024202520242025
Net income available to common stockholders$285 $270 $758 $723 
Share data (in thousands):  
Basic average common shares outstanding474,806 472,661 477,542 472,651 
Dilutive effect of stock-based awards760 225 902 309 
Diluted average common shares outstanding475,566 472,886 478,444 472,960 
Basic earnings per share$0.60 $0.57 $1.59 $1.53 
Diluted earnings per share$0.60 $0.57 $1.58 $1.53 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2025
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, 2025:
(Dollars in millions)Goodwill
Other Intangible Assets
Balance at April 30, 2024
$1,455 $990 
Foreign currency translation adjustment(20)(17)
Balance at January 31, 2025
$1,435 $973 
v3.25.0.1
Restructuring and Other Charges (Tables)
 9 Months Ended
Jan. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs [Table Text Block]
Detail on the total restructuring and other charges is provided below:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2024202520242025
Restructuring charges:
   Severance and other employee-related costs
$— $19 $— $19 
   Other restructuring charges1
— 6 — 8 
Restructuring charges
— 25 — 27 
Other charges2
— 6 — 6 
Total restructuring and other charges
$— $31 $— $33 
1Primarily represents one-time costs related to the cooperage facility closure and other miscellaneous exit costs.
2Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets held for sale.
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
The following table summarizes the activity in our accrued restructuring costs:
(Dollars in millions)
Severance and Other Employee-Related Costs
Other Restructuring Charges
Total
Balance at April 30, 2024
$— $— $— 
Costs incurred and charged to expense
19 8 27 
Costs paid or otherwise settled
(2)(6)(8)
Balance at January 31, 2025
$17 $2 $19 
v3.25.0.1
Debt (Tables)
 9 Months Ended
Jan. 31, 2025
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, 2024January 31,
2025
3.50% senior notes, $300 principal amount, due April 15, 2025
$300 $300 
1.20% senior notes, €300 principal amount, due July 7, 2026
321 312 
2.60% senior notes, £300 principal amount, due July 7, 2028
375 372 
4.75% senior notes, $650 principal amount, due April 15, 2033
643 644 
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
490 490 
2,672 2,661 
Less current portion300 300 
$2,372 $2,361 
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, 2024January 31,
2025
Commercial paper (par amount)$429$203
Average interest rate5.49%4.65%
Average remaining days to maturity1216
v3.25.0.1
Stockholders' Equity (Tables)
 9 Months Ended
Jan. 31, 2025
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, 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, 2023
25 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, 2023
25 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 changes in stockholders’ equity by quarter during the nine months ended January 31, 2025:
(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, 2024$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends(206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 202425 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 202425 47 21 4,508 (291)(605)3,705 
Net income270 270 
Net other comprehensive income (loss)(52)(52)
Declaration of cash dividends(107)(107)
Stock-based compensation expense7 7 
Balance at January 31, 2025
$25 $47 $28 $4,671 $(343)$(605)$3,823 
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, 2025:
(Dollars in millions)
Currency Translation Adjustments
Cash Flow Hedge Adjustments
Postretirement Benefits Adjustments
Total AOCI
Balance at April 30, 2024
$(111)$10 $(120)$(221)
Net other comprehensive income (loss)(128)3 3 (122)
Balance at January 31, 2025
$(239)$13 $(117)$(343)
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, 2025:
Declaration DateRecord DatePayable DateAmount per Share
May 23, 2024June 7, 2024July 1, 2024$0.2178
July 25, 2024September 3, 2024October 1, 2024$0.2178
November 21, 2024December 6, 2024January 2, 2025$0.2265
v3.25.0.1
Net Sales (Tables)
 9 Months Ended
Jan. 31, 2025
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)2024202520242025
United States
$469 $459 $1,442 $1,367 
Developed International1
310 298 910 867 
Emerging2
235 220 677 647 
Travel Retail3
37 35 127 121 
Non-branded and bulk4
18 23 58 79 
Total$1,069 $1,035 $3,214 $3,081 
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 Spain.
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, 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)2024202520242025
Whiskey1
$731 $749 $2,167 $2,177 
Ready-to-Drink2
127 126 397 380 
Tequila3
76 68 238 202 
Non-branded and bulk4
18 23 58 79 
Rest of portfolio5
117 69 354 243 
Total$1,069 $1,035 $3,214 $3,081 
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, The 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 el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.25.0.1
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Jan. 31, 2025
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 and other postretirement benefit plans. Information about similar international plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2024202520242025
Pension Benefits:
  
Service cost$5 $4 $14 $13 
Interest cost8 9 25 27 
Expected return on plan assets(10)(10)(30)(29)
Amortization of:    
Prior service cost— — — 1 
Net actuarial loss
2 1 5 1 
Curtailment loss
— 1 — 1 
Net cost$5 $5 $14 $14 
Other Postretirement Benefits:
  
Interest cost$— $— $1 $1 
Special termination benefits
— 1 — 1 
Curtailment loss
— 1 — 1 
Net cost$— $2 $1 $3 
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Jan. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20242025
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$(11)$12 
Net gain (loss) reclassified from AOCI into earningsSales3 4 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(3)$6 
Net gain (loss) recognized in earningsOther income (expense), net2 (1)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(19)$22 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net26 — 
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 $1,348 
Other income (expense), net(6)(5)
Nine Months Ended
January 31,
(Dollars in millions)Classification20242025
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$6 $11 
Net gain (loss) reclassified from AOCI into earningsSales11 7 
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$(1)$6 
Net gain (loss) recognized in earningsOther income (expense), net8 (6)
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$(2)$7 
Net gain (loss) reclassified from AOCI into earningsOther income (expense), net26 — 
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$4,137 $3,935 
Other income (expense), net1 33 
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, 2024January 31, 2025
(Dollars in millions)
Classification
Derivative Assets
Derivative Liabilities
Derivative Assets
Derivative Liabilities
Designated as cash flow hedges:
Currency derivativesOther current assets$11 $(2)$15 $(1)
Currency derivativesOther assets1 (1)3 — 
Not designated as hedges:
Currency derivativesAccrued expenses— (1)— — 
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, 2024
Derivative assets$12 $(3)$9 $— $9 
Derivative liabilities(4)3 (1)— (1)
January 31, 2025
Derivative assets18 (1)17 — 17 
Derivative liabilities(1)1 — — — 
v3.25.0.1
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2025
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, 2024January 31, 2025
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$446 $446 $599 $599 
Currency derivatives, net9 9 17 17 
Liabilities  
Currency derivatives, net1 1 — — 
Contingent consideration
69 69 72 72 
Short-term borrowings428 428 202 202 
Long-term debt (including current portion)
2,672 2,468 2,661 2,487 
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, 2025:
(Dollars in millions)
Balance at April 30, 2024$69 
Change in fair value1
5 
Foreign currency translation adjustment(2)
Balance at January 31, 2025
$72 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.25.0.1
Other Comprehensive Income (Tables)
 9 Months Ended
Jan. 31, 2025
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, 2024January 31, 2025
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$61 $4 $65 $(55)$(5)$(60)
Reclassification to earnings4 6 10 — — — 
Other comprehensive income (loss), net65 10 75 (55)(5)(60)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments(11)3 (8)12 (3)9 
Reclassification to earnings1
(3)1 (2)(4)1 (3)
Other comprehensive income (loss), net(14)4 (10)8 (2)6 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — 1 — 1 
Reclassification to earnings2
1 — 1 1 — 1 
Other comprehensive income (loss), net1 — 1 2 — 2 
Total other comprehensive income (loss), net$52 $14 $66 $(45)$(7)$(52)
Nine Months EndedNine Months Ended
January 31, 2024January 31, 2025
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$— $— $— $(126)$(2)$(128)
Reclassification to earnings4 6 10 — — — 
Other comprehensive income (loss), net4 6 10 (126)(2)(128)
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments6 (1)5 11 (3)8 
Reclassification to earnings1
(11)3 (8)(7)2 (5)
Other comprehensive income (loss), net(5)2 (3)4 (1)3 
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost— — — 1 — 1 
Reclassification to earnings2
5 (1)4 2 — 2 
Other comprehensive income (loss), net5 (1)4 3 — 3 
Total other comprehensive income (loss), net$4 $7 $11 $(119)$(3)$(122)
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Earnings Per Share [Abstract]        
Net income available to common stockholders, basic $ 270 $ 285 $ 723 $ 758
Net income available to common stockholders, diluted $ 270 $ 285 $ 723 $ 758
Share data (in thousands):        
Basic average common shares outstanding 472,661 474,806 472,651 477,542
Dilutive effect of stock-based awards 225 760 309 902
Diluted average common shares outstanding 472,886 475,566 472,960 478,444
Basic earnings per share (dollars per share) $ 0.57 $ 0.60 $ 1.53 $ 1.59
Diluted earnings per share (dollars per share) $ 0.57 $ 0.60 $ 1.53 $ 1.58
v3.25.0.1
Earnings Per Share (Details Textual) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Earnings Per Share (Textual) [Abstract]        
Common stock-based awards excluded from the calculation of diluted earnings per share 3,378 1,658 2,993 1,544
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Inventories (Textual) [Abstract]    
Excess of current costs over stated LIFO value $ 554 $ 512
v3.25.0.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Balance at April 30, 2024 $ 1,455
Foreign currency translation adjustment (20)
Balance at January 31, 2025 1,435
Indefinite-lived Intangible Assets [Roll Forward]  
Balance at April 30, 2024 990
Foreign currency translation adjustment (17)
Balance at January 31, 2025 $ 973
v3.25.0.1
Equity Method Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2025
Jan. 31, 2024
Apr. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Equity method investments $ 3 $ 3   $ 270
Related Party Transaction, Purchases from Related Party 0 24    
Proceeds from sale of equity method investment 350 350 $ 0  
Equity Method Investment, Realized Gain (Loss) on Disposal $ 78 $ 78    
Duckhorn        
Schedule of Equity Method Investments [Line Items]        
Equity Method Investment, Ownership Percentage       21.40%
Equity method investments       $ 267
v3.25.0.1
Restructuring and Other Charges (Details Textual) - USD ($)
$ in Millions
Jan. 31, 2025
Jan. 13, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Percentage of Positions Eliminated   12.00%
Restructuring and Related Cost, Cost Incurred to Date $ 27  
Restructuring Costs, Cash Payments to Date 8  
Special Termination Benefits [Member]    
Restructuring Cost and Reserve [Line Items]    
Other Charges, Costs Incurred to Date 4  
Other Charges {Member]    
Restructuring Cost and Reserve [Line Items]    
Other Charges, Costs Incurred to Date $ 2  
Minimum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   $ 60
Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   70
Severance and Other Employee-Related Costs [Member] | Minimum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   27
Severance and Other Employee-Related Costs [Member] | Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   32
Other Restructuring Charges [Member] | Minimum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   33
Other Restructuring Charges [Member] | Maximum    
Restructuring Cost and Reserve [Line Items]    
Restructuring and Related Cost, Expected Cost   $ 38
v3.25.0.1
Restructuring and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Restructuring Costs [Abstract]        
Restructuring charges $ 25 $ 0 $ 27 $ 0
Other charges [1] 6 0 6 0
Total restructuring and other charges 31 0 33 0
Special Termination Benefits Expense 4   4  
Tangible Asset Impairment Charges 2   2  
Severance and Other Employee-Related Costs [Member]        
Restructuring Costs [Abstract]        
Restructuring charges 19 0 19 0
Other Restructuring Charges [Member]        
Restructuring Costs [Abstract]        
Restructuring charges [2] $ 6 $ 0 $ 8 $ 0
[1] Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets held for sale.
[2] Primarily represents one-time costs related to the cooperage facility closure and other miscellaneous exit costs.
v3.25.0.1
Restructuring and Other Charges (Details 1) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2024     $ 0  
Costs incurred and charged to expense $ 25 $ 0 27 $ 0
Costs paid or otherwise settled     (8)  
Balance at January 31, 2025 19   19  
Severance and Other Employee-Related Costs [Member]        
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2024     0  
Costs incurred and charged to expense 19 0 19 0
Costs paid or otherwise settled     (2)  
Balance at January 31, 2025 17   17  
Other Restructuring Charges [Member]        
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2024     0  
Costs incurred and charged to expense [1] 6 $ 0 8 $ 0
Costs paid or otherwise settled     (6)  
Balance at January 31, 2025 $ 2   $ 2  
[1] Primarily represents one-time costs related to the cooperage facility closure and other miscellaneous exit costs.
v3.25.0.1
Debt (Details)
€ in Millions, £ in Millions, $ in Millions
 9 Months Ended
Jan. 31, 2025
USD ($)
Jan. 31, 2025
EUR (€)
Jan. 31, 2025
GBP (£)
Apr. 30, 2024
USD ($)
Apr. 30, 2024
EUR (€)
Apr. 30, 2024
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,661     $ 2,672    
Current portion of long-term debt 300     300    
Long-term debt 2,361     2,372    
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 $ 300     $ 300    
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 $ 312     $ 321    
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 $ 372     $ 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 $ 644     $ 643    
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 $ 490     $ 490    
v3.25.0.1
Debt Short-term Borrowings (Details) - Commercial Paper - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 31, 2024
Jan. 31, 2025
Apr. 30, 2024
Short-Term Debt [Line Items]      
Commercial paper (par amount)   $ 203 $ 429
Average interest rate   4.65% 5.49%
Average remaining days to maturity 12 days 16 days  
v3.25.0.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Beginning balance $ 3,705 $ 3,465 $ 3,517 $ 3,454 $ 3,338 $ 3,268 $ 3,517 $ 3,268
Net income 270 258 195 285 242 231 723 758
Net other comprehensive income (loss) (52) (27) (43) 66 (91) 36 (122) 11
Declaration of cash dividends (107)   (206) (206)   (197)    
Acquisition of treasury stock       (361) (42)      
Stock-based compensation expense 7 9 4 7 7 4    
Stock issued under compensation plans     3     3    
Loss on issuance of treasury stock issued under compensation plans     (5)     (7)    
Ending balance 3,823 3,705 3,465 3,245 3,454 3,338 3,823 3,245
Additional Paid-in Capital [Member]                
Beginning balance 21 12 13 8 1 1 13 1
Stock-based compensation expense 7 9 4 7 7 4    
Loss on issuance of treasury stock issued under compensation plans     (5)     (4)    
Ending balance 28 21 12 15 8 1 28 15
Retained Earnings [Member]                
Beginning balance 4,508 4,250 4,261 3,916 3,674 3,643 4,261 3,643
Net income 270 258 195 285 242 231    
Declaration of cash dividends (107)   (206) (206)   (197)    
Loss on issuance of treasury stock issued under compensation plans         (3)    
Ending balance 4,671 4,508 4,250 3,995 3,916 3,674 4,671 3,995
AOCI Attributable to Parent [Member]                
Beginning balance (291) (264) (221) (290) (199) (235) (221) (235)
Net other comprehensive income (loss) (52) (27) (43) 66 (91) 36    
Ending balance (343) (291) (264) (224) (290) (199) (343) (224)
Treasury Stock, Common [Member]                
Beginning balance (605) (605) (608) (252) (210) (213) (608) (213)
Acquisition of treasury stock       (361) (42)      
Stock issued under compensation plans     3     3    
Ending balance (605) (605) (605) (613) (252) (210) (605) (613)
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
v3.25.0.1
Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     $ (221)       $ (221)  
Net other comprehensive income (loss) $ (52) $ (27) (43) $ 66 $ (91) $ 36 (122) $ 11
Ending balance (343)           (343)  
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (111)       (111)  
Net other comprehensive income (loss) (60)     75     (128) 10
Ending balance (239)           (239)  
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) 6     (10)     3 (3)
Ending balance 13           13  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (120)       (120)  
Net other comprehensive income (loss) 2     1     3 $ 4
Ending balance (117)           $ (117)  
AOCI Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Net other comprehensive income (loss) $ (52) $ (27) $ (43) $ 66 $ (91) $ 36    
v3.25.0.1
Stockholders' Equity Dividends (Details) - $ / shares
 9 Months Ended
Feb. 20, 2025
Jan. 31, 2025
July 2024 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   May 23, 2024
Dividends Payable, Date of Record   Jun. 07, 2024
Dividends Payable, Date to be Paid   Jul. 01, 2024
Common Stock, Dividends, Per Share, Declared   $ 0.2178
October 2024 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   Jul. 25, 2024
Dividends Payable, Date of Record   Sep. 03, 2024
Dividends Payable, Date to be Paid   Oct. 01, 2024
Common Stock, Dividends, Per Share, Declared   $ 0.2178
January 2025 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   Nov. 21, 2024
Dividends Payable, Date of Record   Dec. 06, 2024
Dividends Payable, Date to be Paid   Jan. 02, 2025
Common Stock, Dividends, Per Share, Declared   $ 0.2265
Subsequent Event [Member] | April 2025 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared Feb. 20, 2025  
Dividends Payable, Date of Record Mar. 07, 2025  
Dividends Payable, Date to be Paid Apr. 01, 2025  
Common Stock, Dividends, Per Share, Declared $ 0.2265  
v3.25.0.1
Net Sales by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 1,035 $ 1,069 $ 3,081 $ 3,214
United States [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 459 469 1,367 1,442
Developed International [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 298 310 867 910
Emerging [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 220 235 647 677
Travel Retail [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 35 37 121 127
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] $ 23 $ 18 $ 79 $ 58
[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 Spain.
[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, regardless of customer location.
v3.25.0.1
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 1,035 $ 1,069 $ 3,081 $ 3,214
Whiskey [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 749 731 2,177 2,167
Ready-to-Drink        
Disaggregation of Revenue [Line Items]        
Net sales [2] 126 127 380 397
Tequila [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 68 76 202 238
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] 23 18 79 58
Rest of portfolio [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [5] $ 69 $ 117 $ 243 $ 354
[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, The 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 el Jimador, the Herradura family of brands, and other tequilas.
[4] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
[5] Includes Sonoma-Cutrer (which was divested on April 30, 2024), Korbel California Champagnes, Diplomático, Gin Mare, Chambord, Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and Korbel Brandy.
v3.25.0.1
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Pension Benefits [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List] United States [Member] United States [Member] United States [Member] United States [Member]
Service cost $ 4 $ 5 $ 13 $ 14
Interest cost 9 8 27 25
Expected return on plan assets (10) (10) (29) (30)
Amortization of prior service cost (credit) 0 0 1 0
Amortization of net actuarial loss (gain) 1 2 1 5
Curtailment loss 1 0 1 0
Net cost $ 5 $ 5 $ 14 $ 14
Other Postretirement Benefits [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List] United States [Member] United States [Member] United States [Member] United States [Member]
Interest cost $ 0 $ 0 $ 1 $ 1
Special termination benefits 1 0 1 0
Curtailment loss 1 0 1 0
Net cost $ 2 $ 0 $ 3 $ 1
v3.25.0.1
Income Taxes (Details)
 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Expected Tax Rate on Ordinary Income 22.50%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Effective Income Tax Rate Reconciliation, Percent 19.50% 20.30%
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]        
Sales $ 1,348 $ 1,406 $ 3,935 $ 4,137
Other income (expense), net (5) (6) 33 1
Foreign Currency Denominated Debt [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) recognized in AOCI 22 (19) 7 (2)
Foreign Currency Denominated Debt [Member] | Other Income [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings 0 26 0 26
Currency derivatives [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) recognized in AOCI 12 (11) 11 6
Currency derivatives [Member] | Sales [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings 4 3 7 11
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings 6 (3) 6 (1)
Currency derivatives [Member] | Other Income [Member]        
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings $ (1) $ 2 $ (6) $ 8
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 18 $ 12
Derivative Liability, Fair Value, Gross Liability 1 4
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 15 11
Derivative Liability, Fair Value, Gross Liability (1) (2)
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 3 1
Derivative Liability, Fair Value, Gross Liability 0 (1)
Currency derivatives [Member] | Not designated as hedges [Member] | Accrued Expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability $ 0 $ (1)
v3.25.0.1
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2025
Apr. 30, 2024
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 $ 12  
Derivative, Net Liability Position, Aggregate Fair Value 0 $ 1
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instrument, Face Amount 491 497
Foreign Exchange Contract [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Notional Amount $ 461 $ 566
v3.25.0.1
Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 18 $ 12
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet (1) (3)
Net Amount of Derivative Assets Presented in Balance Sheet 17 9
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet 0 0
Net Amount of Derivative Assets 17 9
Gross Amount of Derivative Liabilities (1) (4)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 1 3
Net Amount of Derivative Liabilities Presented in Balance Sheet 0 1
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 0 0
Net Amount of Derivative Liabilities $ 0 $ 1
v3.25.0.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
Jan. 31, 2025
Apr. 30, 2024
Jan. 31, 2024
Assets:      
Cash and cash equivalents $ 599 $ 446 $ 589
Cash and cash equivalents, Fair Value 599 446  
Liabilities:      
Contingent consideration, Carrying Amount 72 69  
Short-term borrowings, Carrying Amount 202 428  
Short-term borrowings, Fair Value 202 428  
Long-term debt (including current portion), Carrying Amount 2,661 2,672  
Fair Value, Inputs, Level 2 [Member]      
Assets:      
Currency derivatives, net, Fair Value 17 9  
Liabilities:      
Currency derivatives, net, Fair Value 0 1  
Long-term debt (including current portion), Fair Value 2,487 2,468  
Fair Value, Inputs, Level 3 [Member]      
Liabilities:      
Contingent consideration, Fair Value 72 69  
Foreign Exchange Contract [Member]      
Assets:      
Currency derivatives, net, Carrying Amount 17 9  
Liabilities:      
Currency derivatives, net, Carrying Amount $ 0 $ 1  
v3.25.0.1
Rollforward of Contingent Consideration (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at April 30, 2024 $ 69
Change in fair value 5 [1]
Foreign currency translation adjustment (2)
Balance at January 31, 2025 $ 72
[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.25.0.1
Impairment Charge (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2025
Fair Value Disclosures [Abstract]    
Tangible Asset Impairment Charges $ 2 $ 2
v3.25.0.1
Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2024
Oct. 31, 2023
Jul. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Before Tax:                
Net other comprehensive income (loss) $ (45)     $ 52     $ (119) $ 4
Tax Effect:                
Net other comprehensive income (loss) (7)     14     (3) 7
Net of Tax:                
Net other comprehensive income (loss) (52) $ (27) $ (43) 66 $ (91) $ 36 (122) 11
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) (55)     61     (126) 0
Reclassification to earnings 0     4     0 4
Net other comprehensive income (loss) (55)     65     (126) 4
Tax Effect:                
Net gain (loss) (5)     4     (2) 0
Reclassification to earnings 0     6     0 6
Net other comprehensive income (loss) (5)     10     (2) 6
Net of Tax:                
Net gain (loss) (60)     65     (128) 0
Reclassification to earnings 0     10     0 10
Net other comprehensive income (loss) (60)     75     (128) 10
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 12     (11)     11 6
Reclassification to earnings [1] (4)     (3)     (7) (11)
Net other comprehensive income (loss) 8     (14)     4 (5)
Tax Effect:                
Net gain (loss) (3)     3     (3) (1)
Reclassification to earnings [1] 1     1     2 3
Net other comprehensive income (loss) (2)     4     (1) 2
Net of Tax:                
Net gain (loss) 9     (8)     8 5
Reclassification to earnings [1] (3)     (2)     (5) (8)
Net other comprehensive income (loss) 6     (10)     3 (3)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 1     0     1 0
Reclassification to earnings [2] 1     1     2 5
Net other comprehensive income (loss) 2     1     3 5
Tax Effect:                
Net gain (loss) 0     0     0 0
Reclassification to earnings [2] 0     0     0 (1)
Net other comprehensive income (loss) 0     0     0 (1)
Net of Tax:                
Net gain (loss) 1     0     1 0
Reclassification to earnings [2] 1     1     2 4
Net other comprehensive income (loss) $ 2     $ 1     $ 3 $ 4
[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.
v3.25.0.1
Gain on Sale of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2025
Jan. 31, 2024
Nov. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]          
Proceeds from sale         $ 194
Net pre-tax gain on sale $ 0 $ 90 $ 0 $ 90  
v3.25.0.1
Assets Held for Sale (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2025
Apr. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]      
Tangible Asset Impairment Charges $ 2 $ 2  
Disposal Group, Including Discontinued Operation, Inventory, Current 87 87  
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current 33 33  
Disposal Group, Including Discontinued Operation, Assets, Current $ 120 $ 120 $ 0