{"id":395152,"date":"2020-12-08T07:48:28","date_gmt":"2020-12-08T12:48:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=395152"},"modified":"2020-12-08T07:48:28","modified_gmt":"2020-12-08T12:48:28","slug":"brown-forman-reports-solid-first-half-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/","title":{"rendered":"Brown-Forman Reports Solid First Half Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwmarginl1 { margin-left: 30px }\n.bwmarginl2 { margin-left: 60px }\n.bwnowrap { white-space: nowrap }\n.bwpadl0 { padding-left: 0px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl6 { padding-left: 30px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth11 { width: 11% }\n.bwwidth12 { width: 12% }\n.bwwidth14 { width: 14% }\n.bwwidth15 { width: 15% }\n.bwwidth7 { width: 7% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Brown-Forman Reports Solid First Half Results<\/b><\/p>\n<p>LOUISVILLE, Ky.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nBrown-Forman Corporation (NYSE: BFA, BFB) announced financial results for its second quarter and first half of fiscal 2021. For the second quarter, the company\u2019s reported net sales<sup>1<\/sup> of $985 million were essentially flat (+4% on an underlying basis<sup>2<\/sup>) compared to the same prior-year period. In the quarter, reported operating income decreased 6% to $330 million (+6% on an underlying basis) and diluted earnings per share declined 15% to $0.50.\n<\/p>\n<p>\nFor the first six months of the fiscal year, the company\u2019s reported net sales decreased 1% to $1,738 million (+4% on an underlying basis) compared to the same prior-year period. Year-to-date reported operating income increased 19% to $717 million (+11% on an underlying basis) and diluted earnings per share grew 20% to $1.17.\n<\/p>\n<p>\nBrown-Forman\u2019s President and Chief Executive Officer Lawson Whiting stated, \u201cWe continue to be pleased with our underlying top-line growth in the first half. Notably, our business accelerated in the second quarter amidst an unprecedented environment. These results are a testament to the resilience of our people, the strength of our brands, and the agility that so many before us today have demonstrated over the company\u2019s last 150 years. As the pandemic continues, our focus remains on prioritizing the safety of our employees, meeting the needs of our consumers and business partners, and pursuing our long-term strategy.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">First Half of Fiscal 2021 Highlights<\/span><\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nUnderlying net sales grew 4% (-1% reported)\n<\/li>\n<\/ul>\n<ul class=\"bwlistcircle bwmarginl2\">\n<li>\nThe United States grew underlying net sales 9% (+3% reported) while our developed international<sup>3<\/sup> markets grew underlying net sales 10% (+10% reported). Underlying net sales in our emerging markets were flat (-13% reported).\n<\/li>\n<li>\nJack Daniel\u2019s family of brands underlying net sales grew 2% (-3% reported). Underlying net sales growth from Jack Daniel\u2019s RTDs<sup>3<\/sup>,<sup \/>Jack Daniel\u2019s Tennessee Apple, Jack Daniel\u2019s Tennessee Honey, and Gentleman Jack was partially offset by an unfavorable channel mix shift in Jack Daniel\u2019s Tennessee Whiskey.\n<\/li>\n<li>\nPremium bourbons grew underlying net sales 22% (+18% reported) driven by sustained double-digit growth across Woodford Reserve and Old Forester.\n<\/li>\n<li>\nThe tequila portfolio grew underlying net sales 13% (+5% reported) led by strong volume-driven increases from New Mix in Mexico and el Jimador in the United States, which additionally benefited from higher prices. Herradura\u2019s underlying net sales declined 2% (-4% reported) as lower volumes, primarily in Mexico, more than offset double-digit growth in the United States.\n<\/li>\n<li>\nNon-branded and bulk underlying net sales declined 33% (-34% reported) primarily reflecting lower demand and pricing for used barrels.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li>\nUnderlying operating income increased 11% (+19% reported) driven primarily by operating expense leverage.\n<\/li>\n<\/ul>\n<p><b><span class=\"bwuline\">First Half of Fiscal 2021 Brand Results<\/span><\/b><\/p>\n<p>\nThe Jack Daniel\u2019s family of brands underlying net sales growth was driven by Jack Daniel\u2019s RTDs, the ongoing launch of Jack Daniel\u2019s Tennessee Apple, and broad-based volume growth from Jack Daniel\u2019s Tennessee Honey and Gentleman Jack. Underlying net sales decline for Jack Daniel\u2019s Tennessee Whiskey was driven by lower volumes in certain emerging markets and our Travel Retail channel reflecting travel bans and other restrictions related to COVID-19, along with unfavorable channel mix effect in the United States and developed international markets related to significant restrictions in the on-premise channel.\n<\/p>\n<p>\nBrown-Forman\u2019s portfolio of premium bourbon brands sustained their double-digit underlying net sales growth. Woodford Reserve\u2019s gains were fueled by strong consumer takeaway trends in the United States, slightly offset by volume declines in Travel Retail. Old Forester\u2019s robust double-digit underlying net sales growth was powered by ongoing volumetric gains and favorable mix from the brand\u2019s high-end expressions.\n<\/p>\n<p>\nThe company\u2019s tequila brands contributed to underlying net sales growth through the first half led by higher volumes of New Mix in Mexico. el Jimador\u2019s underlying net sales growth was driven by volumetric growth and higher pricing in the United States, while Herradura\u2019s underlying net sales declines reflected lower volumes, primarily in Mexico, more than offsetting higher volumes, prices, and favorable product mix in the United States.\n<\/p>\n<p><b><span class=\"bwuline\">First Half of Fiscal 2021 Market Results<\/span><\/b><\/p>\n<p>\nFrom a geographic perspective, underlying net sales growth in the United States and developed international markets was partially offset by declines in Travel Retail and used barrels.\n<\/p>\n<p>\nIn the United States, strong underlying net sales growth was led primarily by volumetric gains for our premium bourbons, Woodford Reserve and Old Forester, Jack Daniel\u2019s RTDs, Jack Daniel\u2019s Tennessee Honey, Gentleman Jack, Herradura, and el Jimador. These gains were partially offset by declines in Jack Daniel\u2019s Tennessee Whiskey reflecting an unfavorable channel mix effect resulting from COVID-19 restrictions in the on-premise channel.\n<\/p>\n<p>\nDouble-digit underlying net sales growth in developed international markets was fueled by Jack Daniel\u2019s RTDs, the launch of Jack Daniel\u2019s Tennessee Apple in a number of countries, Jack Daniel\u2019s Tennessee Honey, and Gentleman Jack.\n<\/p>\n<p>\nThe company\u2019s emerging markets registered sequential improvement in the second quarter resulting in flat underlying net sales growth (-13% reported) for the first half of fiscal 2021 led by Brazil, Mexico, and Poland but offset by broad-based declines in Southeast Asia, Russia, India, and several Latin American markets as COVID-19 adversely affected these markets.\n<\/p>\n<p>\nUnderlying net sales in Travel Retail continued to be significantly impacted by the continuation of travel bans and restrictions.\n<\/p>\n<p><b><span class=\"bwuline\">First Half of Fiscal 2021 Other P&amp;L Items<\/span><\/b><\/p>\n<p>\nVolumes grew 15% led primarily by Jack Daniel\u2019s RTDs and New Mix. Company-wide price\/mix decreased 12% reflecting the portfolio mix shift with growth from lower-priced brands (Jack Daniel\u2019s RTDs and New Mix) and unfavorable channel mix effect resulting from the COVID-19 related restrictions in the on-premise channel.\n<\/p>\n<p>\nUnderlying gross profit declined 1% (-6% reported) and reported gross margin contracted 350 basis points to 60.2% driven by higher input costs, lower fixed cost absorption, and the negative effect of both the portfolio and channel mix shift discussed above.\n<\/p>\n<p>\nThe company\u2019s investment in underlying advertising declined 23% (-23% reported) reflecting the phasing of spend, a reduction in on-premise activations, and the cancellation of consumer events and sponsorships given the current environment. The company anticipates advertising investments to accelerate significantly over the balance of the fiscal year. Underlying SG&amp;A declined 6% (-6% reported) driven by the tight management of discretionary spend.\n<\/p>\n<p>\nUnderlying operating income increased 11% (+19% reported) driven primarily by operating expense leverage, which we expect will reverse in the second half of the fiscal year.\n<\/p>\n<p>\nDiluted earnings per share increased 20% to $1.17 including an estimated $0.19 per share gain from the sale of the Canadian Mist, Early Times, and Collingwood brands.\n<\/p>\n<p><b><span class=\"bwuline\">Financial Stewardship &#8211; 37th Year of Consecutive Increase in Regular Dividend<\/span><\/b><\/p>\n<p>\nOn November 19, 2020, the Brown-Forman Board of Directors announced a 3% increase in the regular quarterly cash dividend to $0.1795 per share on the Class A and Class B common stock. This marks the company\u2019s 76th consecutive year of paying a dividend and 37th year of uninterrupted increases in their regular quarterly cash dividend. The quarterly cash dividend is payable on January 4, 2021, to stockholders of record on December 4, 2020.\n<\/p>\n<p><b><span class=\"bwuline\">Fiscal Year 2021 Outlook<\/span><\/b><\/p>\n<p>\nThe company continues to face substantial uncertainty in the rapidly evolving environment due to COVID-19 and its effect on the global economy. As a result of this ongoing uncertainty and expected volatility, the company is not providing quantitative guidance for fiscal year 2021. Jane Morreau, Executive Vice President and Chief Financial Officer, noted \u201cWe believe our financial and business fundamentals remain strong, allowing us to navigate this highly dynamic environment while remaining focused on our long-term strategic priorities.\u201d Morreau added, \u201cIn our 150 year history, we have experienced many unforeseen turbulent events and have emerged stronger. We believe this time will be no different.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">Conference Call Details<\/span><\/b><\/p>\n<p>\nBrown-Forman will host a conference call to discuss these results at 10:00 a.m. (EST) today. All interested parties in the United States are invited to join the conference call by dialing 888-624-9285 and asking for the Brown-Forman call. International callers should dial +1-706-679-3410. The company suggests that participants dial in ten minutes in advance of the 10:00 a.m. (EST) start of the conference call. A live audio broadcast of the conference call, and the accompanying presentation slides, will also be available via Brown-Forman\u2019s Internet website, <span class=\"bwuline\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.brown-forman.com%2F&amp;esheet=52344348&amp;newsitemid=20201208005649&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.brown-forman.com%2F&amp;index=1&amp;md5=a8ee0d6f86eb914ecd69b1a5d8831809\">http:\/\/www.brown-forman.com\/<\/a><\/span>, through a link to \u201cInvestors\/Events &amp; Presentations.\u201d A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.\n<\/p>\n<p>\nFor 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including the Jack Daniel\u2019s Tennessee Whiskey, Jack Daniel\u2019s Tennessee RTDs, Jack Daniel\u2019s Tennessee Honey, Jack Daniel\u2019s Tennessee Apple, Jack Daniel\u2019s Tennessee Fire, Gentleman Jack, Jack Daniel\u2019s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers\u2019 Craft, Herradura, New Mix, Sonoma-Cutrer, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman\u2019s brands are supported by approximately 4,800 employees and sold in more than 170 countries worldwide. For more information about the company, please visit <span class=\"bwuline\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.brown-forman.com%2F&amp;esheet=52344348&amp;newsitemid=20201208005649&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.brown-forman.com%2F&amp;index=2&amp;md5=378b5c05d8dfdabda985bf023c5a061b\">http:\/\/www.brown-forman.com\/<\/a><\/span>.\n<\/p>\n<p><b>Important Information on Forward-Looking Statements:<\/b><\/p>\n<p>\nThis press release contains statements, estimates, and projections that are \u201cforward-looking statements\u201d as defined under U.S. federal securities laws. Words such as \u201caim,\u201d \u201canticipate,\u201d \u201caspire,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cenvision,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cexpectation,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cpursue,\u201d \u201csee,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nImpact of health epidemics and pandemics, including the COVID-19 pandemic, and the resulting negative economic impact and related governmental actions\n<\/li>\n<li>\nRisks associated with being a U.S.-based company with global operations, including commercial, political, and financial risks; local labor policies and conditions; protectionist trade policies, or economic or trade sanctions, including additional retaliatory tariffs on American spirits and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and distributors; compliance with local trade practices and other regulations; terrorism; and health pandemics\n<\/li>\n<li>\nFailure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations\n<\/li>\n<li>\nFluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar\n<\/li>\n<li>\nChanges in laws, regulatory measures, or governmental policies \u2013 especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products\n<\/li>\n<li>\nTax rate changes (including excise, sales, VAT, tariffs, duties, corporate, individual income, dividends, or capital gains) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur\n<\/li>\n<li>\nUnfavorable global or regional economic conditions, particularly related to the COVID-19 pandemic, and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations\n<\/li>\n<li>\nDependence upon the continued growth of the Jack Daniel\u2019s family of brands\n<\/li>\n<li>\nChanges in consumer preferences, consumption, or purchase patterns \u2013 particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; legalization of marijuana use on a more widespread basis; shifts in consumer purchase practices from traditional to e-commerce retailers; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation\n<\/li>\n<li>\nDecline in the social acceptability of beverage alcohol in significant markets\n<\/li>\n<li>\nProduction facility, aging warehouse, or supply chain disruption\n<\/li>\n<li>\nImprecision in supply\/demand forecasting\n<\/li>\n<li>\nHigher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, labor, or finished goods\n<\/li>\n<li>\nSignificant additional labeling or warning requirements or limitations on availability of our beverage alcohol products\n<\/li>\n<li>\nCompetitors\u2019 and retailers\u2019 consolidation or other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks\n<\/li>\n<li>\nRoute-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs\n<\/li>\n<li>\nInventory fluctuations in our products by distributors, wholesalers, or retailers\n<\/li>\n<li>\nRisks associated with acquisitions, dispositions, business partnerships, or investments \u2013 such as acquisition integration, termination difficulties or costs, or impairment in recorded value\n<\/li>\n<li>\nCounterfeiting and inadequate protection of our intellectual property rights\n<\/li>\n<li>\nProduct recalls or other product liability claims, product tampering, contamination, or quality issues\n<\/li>\n<li>\nSignificant legal disputes and proceedings, or government investigations\n<\/li>\n<li>\nCyber breach or failure or corruption of key information technology systems, or failure to comply with personal data protection laws\n<\/li>\n<li>\nNegative publicity related to our company, products, brands, marketing, executive leadership, employees, board of directors, family stockholders, operations, business performance, or prospects\n<\/li>\n<li>\nFailure to attract or retain key executive or employee talent\n<\/li>\n<li>\nOur status as a family \u201ccontrolled company\u201d under New York Stock Exchange rules, and our dual-class share structure\n<\/li>\n<\/ul>\n<p>\nFor further information on these and other risks, please refer to our public filings, including the \u201cRisk Factors\u201d section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\">\nUnaudited Consolidated Statements of Operations\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\nFor the Three Months Ended October 31, 2019 and 2020\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\n(Dollars in millions, except per share amounts)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2019\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2020\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nChange\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet sales\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n989\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n985\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" style=\"height:24px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCost of sales\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n370\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n404\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGross profit\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n619\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n581\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdvertising expenses\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n112\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n95\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSelling, general, and administrative expenses\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n158\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n155\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther expense (income), net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating income\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n352\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n330\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-operating postretirement expense\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest expense, net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome before income taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n331\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n309\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n49\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n69\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet income\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n282\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n240\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarnings per share:\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.59\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.50\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.59\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.50\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGross margin\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n62.7\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n59.0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignt\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating margin\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35.6\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33.5\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignt\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEffective tax rate\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n22.1\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignt\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash dividends paid per common share\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.1660\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.1743\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShares (in thousands) used in the calculation of earnings per share\n<\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n477,680\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n478,506\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n480,481\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n480,748\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\">\nUnaudited Consolidated Statements of Operations\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\nFor the Six Months Ended October 31, 2019 and 2020\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\n(Dollars in millions, except per share amounts)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2019\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2020\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nChange\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet sales\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,755\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,738\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCost of sales\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n638\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n692\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGross profit\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,117\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,046\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdvertising expenses\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n204\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n157\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(23%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSelling, general, and administrative expenses\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n322\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n303\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6%)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGain on sale of business\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u2014\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(127)\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther expense (income), net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(9)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(4)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating income\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n600\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n717\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-operating postretirement expense\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest expense, net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome before income taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n559\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n675\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n91\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n111\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet income\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n468\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n564\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarnings per share:\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignt bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.98\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.18\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.97\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.17\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGross margin\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n63.7\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60.2\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating margin\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34.2\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.2\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEffective tax rate\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16.3\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16.4\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n%\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash dividends paid per common share\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.3220\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.3486\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShares (in thousands) used in the\n<\/p>\n<p class=\"bwcellpmargin\">\ncalculation of earnings per share\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n477,522\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n478,413\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n480,282\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n480,585\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\">\nUnaudited Condensed Consolidated Balance Sheets\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\n(Dollars in millions)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nApril 30,<br \/>\n<br \/>2020\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nOctober 31,<br \/>\n<br \/>2020\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAssets:\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n675\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n964\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts receivable, net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n570\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n879\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInventories\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,685\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,715\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther current assets\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n335\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n257\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal current assets\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,265\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,815\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProperty, plant, and equipment, net\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n848\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n828\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGoodwill\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n756\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n759\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther intangible assets\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n635\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n654\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n262\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n294\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal assets\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,766\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,350\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLiabilities:\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable and accrued expenses\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n517\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n601\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued income taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n30\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n63\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShort-term borrowings\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n333\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n358\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal current liabilities\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n880\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,022\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLong-term debt\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,269\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,309\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred income taxes\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n177\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n146\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued postretirement benefits\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n297\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n297\n<\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n168\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n173\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal liabilities\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,791\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,947\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nStockholders\u2019 equity\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,975\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,403\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal liabilities and stockholders\u2019 equity\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,766\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,350\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\">\nUnaudited Condensed Consolidated Statements of Cash Flows\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\nFor the Six Months Ended October 31, 2019 and 2020\n<\/p>\n<p class=\"bwcellpmargin bwalignc\">\n(Dollars in millions)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2019\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2020\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash provided by operating activities\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n187\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n283\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash flows from investing activities:\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProceeds from sale of business\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u2014\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n177\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of business, net of cash acquired\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(22)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u2014\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdditions to property, plant, and equipment\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(48)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(29)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(5)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash provided by (used for) investing activities\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(75)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n147\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash flows from financing activities:\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet change in short-term borrowings\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n26\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of treasury stock\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u2014\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDividends paid\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(158)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(167)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(26)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(14)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash used for financing activities\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(183)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(155)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEffect of exchange rate changes on cash and cash equivalents\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet increase (decrease) in cash and cash equivalents\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(72)\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n289\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents, beginning of period\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n307\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n675\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents, end of period\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n235\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n$\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n964\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwdoublebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td colspan=\"7\" class=\"bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Schedule A<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Brown-Forman Corporation<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Supplemental Information (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three Months<br \/>\n<br \/>Ended<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six Months Ended<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Fiscal Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>October 31, 2020<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>October 31, 2020<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>April 30, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Reported change in net sales<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>\u2014%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(1)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>1%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nForeign exchange\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEstimated net change in distributor inventories\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>3%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>(2)%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Underlying change in net sales<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>4%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>4%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>\u2014%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Reported change in gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(2)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nForeign exchange\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEstimated net change in distributor inventories\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>4%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>(2)%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Underlying change in gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>\u2014%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(1)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(3)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Reported change in advertising expenses<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(15)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(23)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(3)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions and divestitures\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nForeign exchange\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Underlying change in advertising expenses<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(15)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(23)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(2)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Reported change in SG&amp;A<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(2)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>\u2014%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions and divestitures\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>(1)%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nForeign exchange\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Underlying change in SG&amp;A<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(2)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>1%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Reported change in operating income<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6)%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>19%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(5)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions and divestitures\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(20)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nChambord Impairment\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nForeign exchange\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>4%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>\u2014%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEstimated net change in distributor inventories\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>8%<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>(3)%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Underlying change in operating income<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>6%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(6)%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignc bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Note: Totals may differ due to rounding<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSee &#8220;Note 2 &#8211; Non-GAAP Financial Measures&#8221; for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"8\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Schedule B<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwpadl0 bwsinglebottom bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\"><b>Supplemental Brand Information (Unaudited)<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\"><b>Six Months Ended October 31, 2020 <\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"7\" class=\"bwrightsingle bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change vs. Prior Year Period<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Brand<sup>3<\/sup><\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Depletions<sup>3<\/sup><\/b><\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwleftsingle bwrightsingle bwpadl0 bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Net Sales<sup>2<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwnowrap bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><span class=\"bwuline\">9-Liter<\/span><\/b><span class=\"bwuline\" \/><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwnowrap bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Drinks<br \/>\n<span class=\"bwuline\"><br \/><\/span>Equivalent<sup>3<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><span class=\"bwuline\">Reported<\/span><\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Acquisitions<br \/>\n<br \/>and<br \/>\n<br \/>Divestitures<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Foreign<br \/>\n<br \/>Exchange<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Estimated Net<br \/>\n<br \/>Change in<br \/>\n<br \/>Distributor<br \/>\n<br \/>Inventories<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Underlying<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWhiskey\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s family of brands\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s Tennessee Whiskey\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(12)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(7)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s RTD and RTP\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n37%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n34%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s Tennessee Honey\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGentleman Jack\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n16%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n16%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n16%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s Tennessee Fire\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(5)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nJack Daniel\u2019s Tennessee Apple\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n143%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n143%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(17)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n115%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n96%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther Jack Daniel\u2019s Whiskey Brands\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWoodford Reserve\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRest of Whiskey\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTequila\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nel Jimador\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nHerradura\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRest of Tequila\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n49%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n23%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n16%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWine\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nVodka\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(19)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(19)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(21)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(20)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRest of Portfolio\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(12)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-Branded and Bulk\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\nNM\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\nNM\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(34)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(33)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Portfolio\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Other Brand Aggregations<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmerican whiskey\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPremium bourbons\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth7 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth15 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwwidth11 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth14 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth12 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n22%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSee &#8220;Note 2 &#8211; Non-GAAP Financial Measures&#8221; for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Note: Totals may differ due to rounding<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"6\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Schedule C<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwpadl0 bwsinglebottom bwalignc\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Brown-Forman Corporation<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\"><b>Supplemental Geographic Information (Unaudited)<\/b><\/p>\n<p class=\"bwcellpmargin bwalignc\"><b>Six Months Ended October 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Geographic Area<sup>3<\/sup><\/b><\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Net Sales<sup>2<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><span class=\"bwuline\">Reported<\/span><\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Acquisitions<br \/>\n<br \/>and<br \/>\n<br \/>Divestitures<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Foreign<br \/>\n<br \/>Exchange<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i><span class=\"bwuline\">Estimated Net<br \/>\n<br \/>Change in<br \/>\n<br \/>Distributor<br \/>\n<br \/>Inventories<\/span><\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><span class=\"bwuline\">Underlying<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>United States<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Developed International<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>United Kingdom<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Germany<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n26%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n23%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Australia<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n27%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n25%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>France<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Rest of Developed International<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(14)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Emerging<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(13)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Mexico<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Poland<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Russia<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(25)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Rest of Emerging<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(6)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Travel Retail<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(49)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(10)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(59)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-Branded and Bulk<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(34)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(33)%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1)%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSee &#8220;Note 2 &#8211; Non-GAAP Financial Measures&#8221; for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Note: Totals may differ due to rounding<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Note 1 &#8211;<\/b> Percentage growth rates are compared to prior-year periods, unless otherwise noted.\n<\/p>\n<p><b>Note 2 &#8211; Non-GAAP Financial Measures<\/b><\/p>\n<p><span class=\"bwuline\">Use of Non-GAAP Financial Information<\/span>. We use certain financial measures in this press release that are not measures of financial performance under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures, defined below, should be viewed as supplements to (not substitutes for) our results of operations and other measures reported under GAAP. Other companies may not define or calculate these non-GAAP measures in the same way. Reconciliations of these non-GAAP measures to the most closely comparable GAAP measures are presented on Schedules A, B, and C of this press release.\n<\/p>\n<p><span class=\"bwuline\">\u201cUnderlying change\u201d in measures of statements of operations<\/span>.<i \/>We present changes in certain measures, or line items, of the statements of operations that are adjusted to an \u201cunderlying\u201d basis. We use \u201cunderlying change\u201d for the following measures of the statements of operations: (a) underlying net sales; (b) underlying gross profit; (c) underlying advertising expenses; (d) underlying selling, general, and administrative (SG&amp;A) expenses; and (e) underlying operating income. To calculate these measures, we adjust, as applicable, for (a) acquisitions and divestitures, (b) foreign exchange, (c) estimated net changes in distributor inventories, and (d) a non-cash write-down of the Chambord brand name. We explain these adjustments below.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cAcquisitions and divestitures.\u201d<\/i> This adjustment removes (a) the gain or loss recognized on sale of divested brands, (b) any non-recurring effects related to our acquisitions and divestitures (e.g., transaction costs and integration costs), and (c) the effects of operating activity related to acquired and divested brands for periods not comparable year over year (non-comparable periods). By excluding non-comparable periods, we therefore include the effects of acquired and divested brands only to the extent that results are comparable year over year.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\nIn fiscal 2020, we acquired 100% of the voting interests in The 86 Company, which owns Fords Gin. During the first quarter of fiscal 2021, we sold our Early Times, Canadian Mist, and Collingwood brands and related assets, which resulted in a pre-tax gain of $127 million. See Note 14 to the Condensed Consolidated Financial Statements for details. This adjustment removes (a) transaction and integration costs related to the acquisition and divestiture, (b) operating activity for The 86 Company for the non-comparable period, which is activity in the first quarter of fiscal 2021, (c) the gain on sale of Early Times, Canadian Mist, and Collingwood, and (d) operating activity for the non-comparable period for Early Times, Canadian Mist, and Collingwood, which is activity in the second quarter for both fiscal 2020 and fiscal 2021. We believe that these adjustments allow for us to better understand our underlying results on a comparable basis.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cForeign exchange.\u201d<\/i> We calculate the percentage change in certain line items of the statements of operations in accordance with GAAP and adjust to exclude the cost or benefit of currency fluctuations. Adjusting for foreign exchange allows us to understand our business on a constant-dollar basis, as fluctuations in exchange rates can distort the underlying trend both positively and negatively. (In this press release, \u201cdollar\u201d always means the U.S. dollar unless stated otherwise.) To eliminate the effect of foreign exchange fluctuations when comparing across periods, we translate current-year results at prior-year rates and remove transactional and hedging foreign exchange gains and losses from current- and prior-year periods.\n<\/li>\n<li><i>\u201cEstimated net change in distributor inventories.\u201d<\/i> This adjustment refers to the estimated net effect of changes in distributor inventories on changes in certain line items of the statements of operations. For each period compared, we use volume information from our distributors to estimate the effect of distributor inventory changes in certain line items of the statements of operations. We believe that this adjustment reduces the effect of varying levels of distributor inventories on changes in certain line items of the statements of operations and allows us to understand better our underlying results and trends.\n<\/li>\n<li><i>\u201cChambord impairment.\u201d<\/i> During fiscal 2020, we recognized a non-cash impairment charge of $13 million for our Chambord brand name.\n<\/li>\n<\/ul>\n<p>\nWe use the non-GAAP measures \u201cunderlying change\u201d to: (a) understand our performance from period to period on a consistent basis; (b) compare our performance to that of our competitors; (c) calculate components of management incentive compensation; (d) plan and forecast; and (e) communicate our financial performance to the board of directors, stockholders, and the investment community. We have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.\n<\/p>\n<p>\nWhen we provide guidance for underlying change for certain measures of the statements of operations we do not provide guidance for the corresponding GAAP change because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including the estimated net change in distributor inventories and foreign exchange, each of which could have a significant impact to our GAAP income statement measures.\n<\/p>\n<p><b>Note 3 &#8211; Definitions<\/b><\/p>\n<p>\nFrom time to time, to explain our results of operations or to highlight trends and uncertainties affecting our business, we aggregate markets according to stage of economic development as defined by the International Monetary Fund (IMF), and we aggregate brands by spirits category. Below, we define aggregations used in this press release.\n<\/p>\n<p><span class=\"bwuline\">Geographic Aggregations<\/span>.\n<\/p>\n<p>\nIn Schedule C, we provide supplemental information for our largest markets ranked by percentage of total fiscal 2020 net sales. In addition to markets that are listed by country name, we include the following aggregations:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cDeveloped International\u201d <\/i>markets are \u201cadvanced economies\u201d as defined by the IMF, excluding the United States. Our largest developed international markets are the United Kingdom, Germany, Australia, and France. This aggregation represents our net sales of branded products to these markets.\n<\/li>\n<li><i>\u201cEmerging\u201d <\/i>markets are \u201cemerging and developing economies\u201d as defined by the IMF. Our largest emerging markets are Mexico, Poland, and Russia. This aggregation represents our net sales of branded products to these markets.\n<\/li>\n<li><i>\u201cTravel Retail\u201d<\/i> represents our net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location.\n<\/li>\n<li><i>\u201cNon-branded and bulk\u201d<\/i> includes our net sales of used barrels, bulk whiskey and wine, and contract bottling regardless of customer location.\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Brand Aggregations<\/span>.\n<\/p>\n<p>\nIn Schedule B, we provide supplemental information for our largest brands ranked by percentage of total fiscal 2020 net sales. In addition to brands that are listed by name, we include the following aggregations:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cWhiskey\u201d<\/i> includes all whiskey spirits and whiskey-based flavored liqueurs, ready-to-drink (RTD), and ready-to-pour products (RTP). The brands included in this category are the Jack Daniel&#8217;s family of brands, Woodford Reserve family of brands (Woodford Reserve), GlenDronach, BenRiach, Glenglassaugh, Old Forester (family of brands), Slane Irish Whiskey, and Coopers\u2019 Craft. Also includes the Early Times, Canadian Mist, and Collingwood brands, which we divested on July 31, 2020.\n<\/li>\n<li><i>\u201cAmerican whiskey\u201d<\/i> includes the Jack Daniel\u2019s family of brands, premium bourbons (defined below), super-premium American whiskey (defined below), and Early Times, which we divested on July 31, 2020.\n<ul class=\"bwlistcircle\">\n<li><i>\u201cJack Daniel\u2019s family of brands\u201d<\/i> includes Jack Daniel\u2019s Tennessee Whiskey (JDTW), Jack Daniel\u2019s RTD and RTP products (JD RTD\/RTP), Jack Daniel\u2019s Tennessee Honey (JDTH), Gentleman Jack, Jack Daniel\u2019s Tennessee Fire (JDTF), Jack Daniel\u2019s Tennessee Apple (JDTA), Jack Daniel\u2019s Single Barrel Collection (JDSB), Jack Daniel\u2019s Tennessee Rye Whiskey (JDTR), Jack Daniel\u2019s Sinatra Select, Jack Daniel\u2019s No. 27 Gold Tennessee Whiskey, and Jack Daniel\u2019s Bottled-in-Bond.\n<\/li>\n<li><i>\u201cJack Daniel\u2019s RTD and RTP\u201d<\/i> products include Jack Daniel\u2019s &amp; Cola, Jack Daniel\u2019s Country Cocktails, Jack Daniel\u2019s &amp; Diet Cola, Jack &amp; Ginger, Jack Daniel\u2019s Double Jack, Gentleman Jack &amp; Cola, Jack Daniel\u2019s Lynchburg Lemonade, Jack Daniel\u2019s American Serve, Jack Daniel\u2019s Tennessee Honey RTD, Jack Daniel\u2019s Berry, Jack Daniel\u2019s Cider, Jack Daniel\u2019s Whiskey &amp; Seltzer, and the seasonal Jack Daniel\u2019s Winter Jack RTP.\n<\/li>\n<li><i>\u201cPremium bourbons\u201d<\/i> includes Woodford Reserve, Old Forester, and Coopers\u2019 Craft.\n<\/li>\n<li><i>\u201cSuper-premium American whiskey\u201d<\/i> includes Woodford Reserve, JDSB, Gentleman Jack, JDTR, Jack Daniel\u2019s Sinatra Select, and Jack Daniel\u2019s No. 27 Gold Tennessee Whiskey.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cTequila\u201d<\/i> includes el Jimador, Herradura family of brands (Herradura), New Mix, Pepe Lopez, and Antiguo.\n<\/li>\n<li><i>\u201cVodka\u201d<\/i> includes Finlandia.\n<\/li>\n<li><i>\u201cWine\u201d<\/i> includes Korbel Champagne and Sonoma-Cutrer wines.\n<\/li>\n<li><i>\u201cNon-branded and bulk\u201d<\/i> includes our net sales of used barrels, bulk whiskey and wine, and contract bottling regardless of customer location.\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Other Metrics.<\/span><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>\u201cDepletions.\u201d <\/i>We generally record revenues when we ship our products to our customers. \u201cDepletions\u201d is a term commonly used in the beverage alcohol industry to describe volume. Depending on the context, \u201cdepletions\u201d means either (a) our shipments directly to retail or wholesale customers for owned distribution markets or (b) shipments from our distributor customers to retailers and wholesalers in other markets. We believe that depletions measure volume in a way that more closely reflects consumer demand than our shipments to distributor customers do. In this document, unless otherwise specified, we refer to \u201cdepletions\u201d when discussing volume.\n<\/li>\n<li><i>\u201cDrinks-equivalent.\u201d<\/i> Volume is discussed on a nine-liter equivalent unit basis (nine-liter cases) unless otherwise specified. At times, we use a \u201cdrinks-equivalent\u201d measure for volume when comparing single-serve ready-to-drink or ready-to-pour brands to a parent spirits brand. \u201cDrinks-equivalent\u201d depletions are RTD and RTP nine-liter cases converted to nine-liter cases of a parent brand on the basis of the number of drinks in one nine-liter case of the parent brand. To convert RTD volumes from a nine-liter case basis to a drinks-equivalent nine-liter case basis, RTD nine-liter case volumes are divided by 10, while RTP nine-liter case volumes are divided by 5.\n<\/li>\n<li><i>\u201cConsumer takeaway<\/i>.\u201d When discussing trends in the market, we refer to consumer takeaway, a term commonly used in the beverage alcohol industry. Consumer takeaway refers to the purchase of product by consumers from retail outlets, including products purchased through e-premise channels, as measured by volume or retail sales value. This information is provided by third parties, such as Nielsen and the National Alcohol Beverage Control Association (NABCA). Our estimates of market share or changes in market share are derived from consumer takeaway data using the retail sales value metric. We believe consumer takeaway is a leading indicator of how consumer demand is trending.\n<\/li>\n<\/ul>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201208005649r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201208005649\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201208005649\/en\/<\/a><\/span><\/p>\n<p>\nRob Frederick<br \/>\n<br \/>Vice President<br \/>\n<br \/>Brown-Forman Brand &amp; Communications<br \/>\n<br \/>502-774-7707<\/p>\n<p>Leanne Cunningham<br \/>\n<br \/>Senior Vice President<br \/>\n<br \/>Shareholder Relations Officer<br \/>\n<br \/>502-774-7287\n<\/p>\n<p><b>KEYWORDS:<\/b> Kentucky United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Wine &amp; Spirits<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201208005649\/en\/43750\/3\/BFLogo_C.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Brown-Forman Reports Solid First Half Results LOUISVILLE, Ky.&#8211;(BUSINESS WIRE)&#8211; Brown-Forman Corporation (NYSE: BFA, BFB) announced financial results for its second quarter and first half of fiscal 2021. For the second quarter, the company\u2019s reported net sales1 of $985 million were essentially flat (+4% on an underlying basis2) compared to the same prior-year period. In the quarter, reported operating income decreased 6% to $330 million (+6% on an underlying basis) and diluted earnings per share declined 15% to $0.50. For the first six months of the fiscal year, the company\u2019s reported net sales decreased 1% to $1,738 million (+4% on an underlying basis) compared to the same prior-year period. Year-to-date reported operating income increased 19% to $717 million (+11% on an &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Brown-Forman Reports Solid First Half Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-395152","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brown-Forman Reports Solid First Half Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brown-Forman Reports Solid First Half Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Brown-Forman Reports Solid First Half Results LOUISVILLE, Ky.&#8211;(BUSINESS WIRE)&#8211; Brown-Forman Corporation (NYSE: BFA, BFB) announced financial results for its second quarter and first half of fiscal 2021. For the second quarter, the company\u2019s reported net sales1 of $985 million were essentially flat (+4% on an underlying basis2) compared to the same prior-year period. In the quarter, reported operating income decreased 6% to $330 million (+6% on an underlying basis) and diluted earnings per share declined 15% to $0.50. For the first six months of the fiscal year, the company\u2019s reported net sales decreased 1% to $1,738 million (+4% on an underlying basis) compared to the same prior-year period. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/","og_locale":"en_US","og_type":"article","og_title":"Brown-Forman Reports Solid First Half Results - Market Newsdesk","og_description":"Brown-Forman Reports Solid First Half Results LOUISVILLE, Ky.&#8211;(BUSINESS WIRE)&#8211; Brown-Forman Corporation (NYSE: BFA, BFB) announced financial results for its second quarter and first half of fiscal 2021. For the second quarter, the company\u2019s reported net sales1 of $985 million were essentially flat (+4% on an underlying basis2) compared to the same prior-year period. In the quarter, reported operating income decreased 6% to $330 million (+6% on an underlying basis) and diluted earnings per share declined 15% to $0.50. For the first six months of the fiscal year, the company\u2019s reported net sales decreased 1% to $1,738 million (+4% on an underlying basis) compared to the same prior-year period. Year-to-date reported operating income increased 19% to $717 million (+11% on an &hellip; Continue reading \"Brown-Forman Reports Solid First Half Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-08T12:48:28+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201208005649r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"23 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Brown-Forman Reports Solid First Half Results","datePublished":"2020-12-08T12:48:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/"},"wordCount":4701,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201208005649r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/brown-forman-reports-solid-first-half-results\/","name":"Brown-Forman Reports Solid First Half Results - 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