2<\/sup>). In the quarter, reported operating income decreased 4% to $327 million (-6% on an organic basis) and diluted earnings per share decreased 7% to $0.48.<\/p>\n\nLawson Whiting, Brown-Forman\u2019s President and Chief Executive Officer stated, \u201cAs anticipated, our first quarter growth was impacted by the difficult shipment comparison from fiscal 2023, when we rebuilt inventory impacted by prior glass supply challenges. We continue to be confident in the strength of our people, our brands, and our business, and reaffirm our full-year fiscal 2024 guidance of 5-7% organic net sales growth and 6-8% organic operating income growth.\u201d<\/p>\n
First Quarter of Fiscal 2024 Highlights<\/span><\/b><\/p>\n\n- \nBroad-based reported net sales growth was delivered across Emerging3<\/sup> and Developed International3<\/sup> markets and the Travel Retail3<\/sup> channel. Reported net sales declined in the United States reflecting an estimated net decrease in distributor inventories, partially due to cycling against a significant inventory rebuild during the same period last year.<\/p>\n<\/li>\n
- \nOn a reported basis, portfolio growth was led by:<\/p>\n
\n- \nThe recently acquired Gin Mare and Diplom\u00e1tico brands which collectively increased the company’s reported net sales by 2%,<\/p>\n<\/li>\n
- \nNew Mix RTD which delivered very strong reported net sales growth of 52% (+32% organic),<\/p>\n<\/li>\n
- \nel Jimador with reported net sales growth of 27% (+26% organic), and<\/p>\n<\/li>\n
- \nJack Daniel\u2019s Tennessee Apple with double-digit reported net sales growth of 49% (+52% organic).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nReported gross margin expanded 90 basis points.<\/p>\n<\/li>\n
- \nSignificant brand investment supporting the existing portfolio, the launch of Jack Daniel\u2019s & Coca-Cola RTD, and the recent acquisitions of Gin Mare and Diplom\u00e1tico increased reported advertising expense 19% (+14% organic).<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2024 Brand Results<\/span><\/b><\/p>\n\n- \nReported net sales for Whiskey3 <\/sup>products declined 1% (flat organic) led by Woodford Reserve and Gentleman Jack due to an estimated net decrease in distributor inventories, partially offset by the growth of Jack Daniel\u2019s Tennessee Apple and Jack Daniel\u2019s super-premium expressions such as Jack Daniel\u2019s Sinatra and Jack Daniel\u2019s Bonded. While reported net sales of Jack Daniel\u2019s Tennessee Whiskey was flat, the brand led the company\u2019s organic growth (+2%) even as it was negatively impacted by an estimated net decrease in distributor inventories in the United States.<\/p>\n<\/li>\n<\/ul>\n
\n- \nReady-to-Drink3<\/sup> (RTD) growth continued to be driven by consumer preference for convenience and flavor. New Mix\u2019s reported net sales increased 52% (+32% organic) propelled by higher volumes and prices along with the positive effect of foreign exchange. Reported net sales of Jack Daniel’s RTD\/RTP portfolio was flat (flat organic) due to lower volumes of Jack Daniel\u2019s & Cola as we launched the Jack Daniel\u2019s & Coca-Cola RTD.<\/p>\n<\/li>\n<\/ul>\n
\n- \nReported net sales for the tequila portfolio increased 15% (+12% organic). el Jimador fueled the growth with reported net sales of 27% (+26% organic) driven by higher prices, particularly in the United States, and higher volumes in Colombia. Herradura increased reported net sales 1% (-3% organic) as the positive effect of foreign exchange was largely offset by lower volumes in the United States, reflecting an estimated net decrease in distributor inventories.<\/p>\n<\/li>\n<\/ul>\n
\n- \nGin Mare and Diplom\u00e1tico drove the significant increase in Rest of Portfolio\u2019s3<\/sup> reported net sales growth of 97% (+5% organic).<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2024 Market Results<\/span><\/b><\/p>\n\n- \nEmerging3<\/sup> marketsgrew reported net sales 27% (+32% organic) reflecting very strong growth of New Mix in Mexico and Jack Daniel\u2019s Tennessee Whiskey in the United Arab Emirates and Poland.<\/p>\n<\/li>\n<\/ul>\n
\n- \nDeveloped International3 <\/sup>markets\u2019 reported net sales increased 5% (flat organic) fueled by Gin Mare and Diplom\u00e1tico in Italy along with the launch of Jack Daniel\u2019s Tennessee Apple in South Korea. Growth was partially offset by lower volumes of Jack Daniel\u2019s RTDs in the United Kingdom and Australia.<\/p>\n<\/li>\n<\/ul>\n
\n- \nThe Travel Retail3<\/sup>channel sustained strong growth with reported net sales increasing 13% (+9% organic) driven primarily by higher volumes of Woodford Reserve as well as Jack Daniel\u2019s super-premium expressions such as Jack Daniel\u2019s Single Barrel Tennessee Whiskey.<\/p>\n<\/li>\n<\/ul>\n
\n- \nReported net sales in the United States decreased 8% (-9% organic). The decline was driven by lower volumes reflecting an estimated net decrease in distributor inventories, partially offset by higher prices across the portfolio led by Jack Daniel\u2019s Tennessee Whiskey. The estimated net decrease in distributor inventories was partially due to cycling against a significant inventory rebuild during the same period last year as we continued to recover from supply chain disruptions.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2024 Other P&L Items<\/span><\/b><\/p>\n\n- \nReported gross profit increased 5% (+5% organic). Gross margin expanded 90 basis points to 62.7%, driven by favorable price\/mix, lower supply chain disruption related costs and lower tariff-related costs, which was partially offset by higher input costs and the negative effect of foreign exchange.<\/p>\n<\/li>\n<\/ul>\n
\n- \nReported advertising expense grew 19% (+14% organic) driven by the launch of Jack Daniel\u2019s & Coca-Cola RTD, increased investment in Jack Daniel\u2019s Tennessee Whiskey, and the acquisitions of Gin Mare and Diplom\u00e1tico. Reported selling, general, and administrative expenses increased 14% (+12% organic) largely driven by higher compensation-related expenses.<\/p>\n<\/li>\n<\/ul>\n
\n- \nThe company\u2019s reported operating income decreased by 4% (-6% organic) due to the timing of higher operating expense, partially offset by gross margin expansion.<\/p>\n<\/li>\n<\/ul>\n
\n- \nDiluted earnings per share declined by $0.04 driven primarily by the decrease in reported operating income and higher interest expense.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2024 Financial Stewardship<\/span><\/b><\/p>\n\nOn July 27, 2023, the Brown-Forman Board of Directors declared a regular quarterly cash dividend of $0.2055 per share on its Class A and Class B common stock. The dividend is payable on October 2, 2023, to stockholders of record on September 5, 2023. Brown-Forman, a member of the prestigious S&P 500 Dividend Aristocrats Index, has paid regular quarterly cash dividends for 79 consecutive years and has increased the regular dividend for 39 consecutive years.<\/p>\n
Fiscal 2024 Outlook<\/span><\/b><\/p>\n\nWhile we remain optimistic about our prospects for growth of organic net sales and organic operating income in fiscal 2024, we continue to believe trends will normalize after two consecutive years of double-digit organic net sales growth. Accordingly, we reiterate our guidance and expect the following in fiscal 2024:<\/p>\n
\n- \nReflecting the strength of our portfolio of brands, our pricing strategy, and strong consumer demand, we expect organic net sales growth in the 5% to 7% range.<\/p>\n<\/li>\n<\/ul>\n
\n- \nBased on the above organic net sales growth outlook, and our expectation that continued input cost pressures will be partially offset by lower supply chain disruption costs, we anticipate organic operating income growth in the 6% to 8% range.<\/p>\n<\/li>\n<\/ul>\n
\n- \nWe expect our fiscal 2024 effective tax rate to be in the range of approximately 21% to 23%.<\/p>\n<\/li>\n<\/ul>\n
\n- \nCapital expenditures are planned to be in the range of $250 to $270 million.<\/p>\n<\/li>\n<\/ul>\n
Conference Call Details<\/span><\/b><\/p>\n\nBrown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. A live audio broadcast of the conference call, and the accompanying presentation slides, will be available via Brown-Forman\u2019s website, brown-forman.com, through a link to \u201cInvestors\/Events & 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.<\/p>\n
\nFor more than 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Ready-to-Drinks, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers\u2019 Craft, The GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Chambord, Fords Gin, Gin Mare, and Diplom\u00e1tico Rum. Brown-Forman\u2019s brands are supported by approximately 5,600 employees globally and sold in more than 170 countries worldwide. For more information about the company, please visit brown-forman.com. Follow us on LinkedIn, Instagram, and Twitter.<\/p>\n
Important Information on Forward-Looking Statements:<\/b><\/p>\n
\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:<\/p>\n
\n- \nOur substantial dependence upon the continued growth of the Jack Daniel’s family of brands<\/p>\n<\/li>\n<\/ul>\n
\n- \nSubstantial competition from new entrants, consolidations by competitors and retailers, and 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<\/p>\n<\/li>\n<\/ul>\n
\n- \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<\/p>\n<\/li>\n<\/ul>\n
\n- \nDisruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers<\/p>\n<\/li>\n<\/ul>\n
\n- \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; further legalization of marijuana; 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<\/p>\n<\/li>\n<\/ul>\n
\n- \nProduction facility, aging warehouse, or supply chain disruption<\/p>\n<\/li>\n<\/ul>\n
\n- \nImprecision in supply\/demand forecasting<\/p>\n<\/li>\n<\/ul>\n
\n- \nHigher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor<\/p>\n<\/li>\n<\/ul>\n
\n- \nRisks associated with acquisitions, dispositions, business partnerships, or investments \u2013 such as acquisition integration, termination difficulties or costs, or impairment in recorded value<\/p>\n<\/li>\n<\/ul>\n
\n- \nImpact of health epidemics and pandemics, and the risk of the resulting negative economic impacts and related governmental actions<\/p>\n<\/li>\n<\/ul>\n
\n- \nUnfavorable global or regional economic conditions 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<\/p>\n<\/li>\n<\/ul>\n
\n- \nProduct recalls or other product liability claims, product tampering, contamination, or quality issues<\/p>\n<\/li>\n<\/ul>\n
\n- \nNegative publicity related to our company, products, brands, marketing, executive leadership, employees, Board of Directors, family stockholders, operations, business performance, or prospects<\/p>\n<\/li>\n<\/ul>\n
\n- \nFailure to attract or retain key executive or employee talent<\/p>\n<\/li>\n<\/ul>\n
\n- \nRisks associated with being a U.S.-based company with a global business, 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 whiskeys 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, kidnapping, extortion, or other types of violence; and health pandemics<\/p>\n<\/li>\n<\/ul>\n
\n- \nFailure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations<\/p>\n<\/li>\n<\/ul>\n
\n- \nFluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar<\/p>\n<\/li>\n<\/ul>\n
\n- \nChanges in laws, regulatory measures, or governmental policies, especially those affecting production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products<\/p>\n<\/li>\n<\/ul>\n
\n- \nTax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur<\/p>\n<\/li>\n<\/ul>\n
\n- \nDecline in the social acceptability of beverage alcohol in significant markets<\/p>\n<\/li>\n<\/ul>\n
\n- \nSignificant additional labeling or warning requirements or limitations on availability of our beverage alcohol products<\/p>\n<\/li>\n<\/ul>\n
\n- \nCounterfeiting and inadequate protection of our intellectual property rights<\/p>\n<\/li>\n<\/ul>\n
\n- \nSignificant legal disputes and proceedings, or government investigations<\/p>\n<\/li>\n<\/ul>\n
\n- \nCyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws<\/p>\n<\/li>\n<\/ul>\n
\n- \nOur status as a family \u201ccontrolled company\u201d under New York Stock Exchange rules, and our dual-class share structure<\/p>\n<\/li>\n<\/ul>\n
\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 those described in future reports filed with the Securities and Exchange Commission.<\/p>\n
\n\n| \n Brown-Forman Corporation<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnaudited Consolidated Statements of Operations<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFor the Three Months Ended July 31, 2022 and 2023<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Dollars in millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n2022<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2023<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nChange<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet sales<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,007<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,038<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of sales<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n385<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n387<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n622<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n651<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdvertising expenses<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n110<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n131<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling, general, and administrative expenses<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expense (income), net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n343<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-operating postretirement expense<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before income taxes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n326<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n299<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n249<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n231<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEarnings per share:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.52<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.52<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7<\/p>\n<\/td>\n | \n \n)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross margin<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n61.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating margin<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n34.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffective tax rate<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash dividends paid per common share<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.1885<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.2055<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShares (in thousands) used in the calculation of earnings per share<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n479,079<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n479,353<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n480,444<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n480,383<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Brown-Forman Corporation<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnaudited Condensed Consolidated Balance Sheets<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Dollars in millions)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \nApril 30,<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nJuly 31,<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n2023<\/p>\n<\/td>\n | | \n\n \n2023<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n374<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n426<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n855<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n872<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,283<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,502<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets held for sale<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n135<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n255<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,801<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,190<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, plant, and equipment, net<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,031<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,050<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGoodwill<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,457<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,494<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther intangible assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,164<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther assets<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n324<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n338<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal assets<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n7,777<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,086<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLiabilities:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable and accrued expenses<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n827<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n761<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividends payable<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n98<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued income taxes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n47<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShort-term borrowings<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n235<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n389<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLiabilities held for sale<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,084<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,308<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term debt<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,678<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,687<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred income taxes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n323<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n324<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued postretirement benefits<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n171<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n171<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n253<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n258<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,748<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStockholders\u2019 equity<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,338<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities and stockholders\u2019 equity<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n7,777<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,086<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Brown-Forman Corporation<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnaudited Condensed Consolidated Statements of Cash Flows<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFor the Three Months Ended July 31, 2022 and 2023<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Dollars in millions)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n2022<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2023<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by operating activities<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n173<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash flows from investing activities:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditions to property, plant, and equipment<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(33<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by (used for) investing activities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(34<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(44<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash flows from financing activities:<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet change in other short-term borrowings<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n153<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividends paid<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(90<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(99<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by (used for) financing activities<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(94<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffect of exchange rate changes<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet increase (decrease) in cash, cash equivalents, and restricted cash<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n31<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash, cash equivalents, and restricted cash at beginning of period<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n874<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n384<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash, cash equivalents, and restricted cash at end of period<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n905<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n436<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess: Restricted cash at end of period<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents at end of period<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n899<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n426<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Schedule A<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Statement of Operations Information (Unaudited)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percentage change versus the prior year period ended<\/i><\/p>\n<\/td>\n | | \n\n July 31, 2023<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n3 Months<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in net sales<\/b><\/p>\n<\/td>\n | | \n\n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | | \n\n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | | \n\n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in net sales2<\/sup><\/b><\/p>\n<\/td>\n | \n\n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in gross profit<\/b><\/p>\n<\/td>\n | | \n\n 5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | | \n\n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in gross profit2<\/sup><\/b><\/p>\n<\/td>\n | \n\n 5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in advertising expenses<\/b><\/p>\n<\/td>\n | | \n\n 19<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | | \n\n \n(5<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in advertising expenses2<\/sup><\/b><\/p>\n<\/td>\n | \n\n 14<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in SG&A<\/b><\/p>\n<\/td>\n | | \n\n 14<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in SG&A2<\/sup><\/b><\/p>\n<\/td>\n | \n\n 12<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in operating income<\/b><\/p>\n<\/td>\n | | \n\n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment Charges<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in operating income2<\/sup><\/b><\/p>\n<\/td>\n | \n\n (6<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSee “Note 2 – Non-GAAP Financial Measures” 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.<\/p>\n Note: Totals may differ due to rounding.<\/i><\/p>\n\n\n| \n Schedule B<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Statement of Operations Information (Unaudited)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Three Months Ended July 31, 2023<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \nSupplemental Information3<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \nVolumes (9-Liter Cases)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNet Sales % Change vs. 2022<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Change<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nvs. Prior<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nvs. Prior<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nAcquisitions<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n \nDepletions<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nYear<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nShipments<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nYear<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nand<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nForeign<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Product Category \/ Brand Family \/ Brand3<\/sup><\/b><\/p>\n<\/td>\n | \n\n \n(Millions)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nPeriod<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(Millions)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nPeriod<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nReported<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nDivestitures<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nExchange<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nOrganic2<\/sup><\/p>\n<\/td>\n<\/tr>\n\n| \n Whiskey<\/b><\/p>\n<\/td>\n | | \n\n 5.4<\/b><\/p>\n<\/td>\n | | \n\n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n 5.3<\/b><\/p>\n<\/td>\n | | \n\n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nJDTW<\/p>\n<\/td>\n | | \n\n \n3.7<\/p>\n<\/td>\n | | \n\n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n3.7<\/p>\n<\/td>\n | | \n\n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTH<\/p>\n<\/td>\n | | \n\n \n0.5<\/p>\n<\/td>\n | | \n\n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.5<\/p>\n<\/td>\n | | \n\n \n(15<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGentleman Jack<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n(13<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTF<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n(5<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n0.1<\/p>\n<\/td>\n | | \n\n \n(17<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTA<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n39<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n39<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n49<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWoodford Reserve<\/p>\n<\/td>\n | | \n\n \n0.4<\/p>\n<\/td>\n | | \n\n \n9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.4<\/p>\n<\/td>\n | | \n\n \n(10<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOld Forester<\/p>\n<\/td>\n | | \n\n \n0.1<\/p>\n<\/td>\n | | \n\n \n10<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.1<\/p>\n<\/td>\n | | \n\n \n(8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRest of Whiskey<\/p>\n<\/td>\n | | \n\n \n0.1<\/p>\n<\/td>\n | | \n\n \n(13<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n0.1<\/p>\n<\/td>\n | | \n\n \n(5<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Ready-to-Drink<\/b><\/p>\n<\/td>\n | | \n\n 5.4<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n 6.1<\/b><\/p>\n<\/td>\n | | \n\n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nJD RTD\/RTP<\/p>\n<\/td>\n | | \n\n \n2.8<\/p>\n<\/td>\n | | \n\n \n(8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | | \n\n \n3.5<\/p>\n<\/td>\n | | \n\n \n(13<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNew Mix<\/p>\n<\/td>\n | | \n\n \n2.6<\/p>\n<\/td>\n | | \n\n \n12<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n2.6<\/p>\n<\/td>\n | | \n\n \n12<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n(21<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Tequila<\/b><\/p>\n<\/td>\n | | \n\n 0.6<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n 0.6<\/b><\/p>\n<\/td>\n | | \n\n 6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nHerradura<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.2<\/p>\n<\/td>\n | | \n\n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nel Jimador<\/p>\n<\/td>\n | | \n\n \n0.4<\/p>\n<\/td>\n | | \n\n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n0.4<\/p>\n<\/td>\n | | \n\n \n11<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Wine<\/b><\/p>\n<\/td>\n | | \n\n 0.4<\/b><\/p>\n<\/td>\n | | \n\n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | | \n\n 0.4<\/b><\/p>\n<\/td>\n | | \n\n (12<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (12<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (12<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Vodka<\/b><\/p>\n<\/td>\n | | \n\n 0.6<\/b><\/p>\n<\/td>\n | | \n\n (2<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | | \n\n 0.6<\/b><\/p>\n<\/td>\n | | \n\n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 13<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n\n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |