Brown-Forman Files 2024 10-K

TL;DR

BF-B filed its 2024 10-K. All systems go.

AI Summary

Brown-Forman Corporation filed its 10-K for the fiscal year ending April 30, 2024. The company, headquartered in Louisville, KY, reported its financial performance and business operations. Key financial details and strategic initiatives for the period are outlined in the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Brown-Forman's financial health, strategic direction, and risk factors for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 20240430 — Fiscal Year End (The end date of the reporting period.)
• 20240614 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• Brown-Forman Corporation (company) — Filer of the 10-K
• Louisville, KY (location) — Company headquarters
• 20240430 (date) — Fiscal year end date

FAQ

Key Financial Figures

• $0.15 — istered Class A Common Stock (voting), $0.15 par value BFA New York Stock Exchange

Filing Documents

• bfb-20240430.htm (10-K) — 2493KB
• insidertradingpolicy.htm (EX-19) — 60KB
• bfb-ex21_2024430x10kapril.htm (EX-21) — 23KB
• bfb-ex23_2024430x10kapril.htm (EX-23) — 4KB
• bfb-ex311_2024430x10kapril.htm (EX-31.1) — 10KB
• bfb-ex312_2024430x10kapril.htm (EX-31.2) — 10KB
• bfb-ex32_2024430x10kapril.htm (EX-32) — 10KB
• policyonrecoupmentofincent.htm (EX-97) — 24KB
• bfb-20240430_g1.jpg (GRAPHIC) — 43KB
• bfb-20240430_g2.jpg (GRAPHIC) — 105KB
• bfb-20240430_g3.jpg (GRAPHIC) — 104KB
• 0000014693-24-000086.txt ( ) — 15360KB
• bfb-20240430.xsd (EX-101.SCH) — 96KB
• bfb-20240430_cal.xml (EX-101.CAL) — 147KB
• bfb-20240430_def.xml (EX-101.DEF) — 621KB
• bfb-20240430_lab.xml (EX-101.LAB) — 1208KB
• bfb-20240430_pre.xml (EX-101.PRE) — 920KB
• bfb-20240430_htm.xml (XML) — 2536KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 49

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 86

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 86

Executive Compensation

Item 11. Executive Compensation 86

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 87

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services 87 PART IV

Exhibits and Financial Statements Schedules

Item 15. Exhibits and Financial Statements Schedules 87

Form 10-K Summary

Item 16. Form 10-K Summary 90

SIGNATURES

SIGNATURES 91 SCHEDULE II – Valuation and Qualifying Accounts 93 2 Forward-Looking Statement Information. Certain matters discussed in this report, including the information presented in Part II under "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," contain statements, estimates, and projections that are "forward-looking statements" as defined under U.S. federal securities laws. Words such as "aim," "ambition," "anticipate," "aspire," "believe," "can," "continue," "could," "envision," "estimate," "expect," "expectation," "intend," "may," "might," "plan," "potential," "project," "pursue," "see," "seek," "should," "will," "would," 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, those described in Part I under "Item 1A. Risk Factors" and those described from time to time in our future reports filed with the Securities and Exchange Commission, including: Our substantial dependence upon the continued health of the Jack Daniel's family of brands Route-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 Disruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away fro

Business

Item 1. Business Overview Brown-Forman Corporation (the "Company," "Brown-Forman," "we," "us," or "our" below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands. We employ approximately 5,700 people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately 2,600 people in the United States (approximately 13% of whom are represented by a union) and 1,100 people in Louisville, Kentucky, USA, home of our world headquarters. According to International Wine & Spirit Research (IWSR), we are the largest American-owned spirits and wine company with global reach. We are a "controlled company" under New York Stock Exchange rules because the Brown family owns more than 50% of our voting stock. For a discussion of recent developments, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary." Brands Beginning in 1870 with Old Forester Kentucky Straight Bourbon Whisky – our founding brand – and spanning the generations since, we have built a portfolio of more than 40 spirit, ready-to-drink (RTD) cocktail, and wine brands that includes some of the best-known and most loved trademarks in our industry. The most important and iconic brand in our portfolio is Jack Daniel's Tennessee Whiskey, the #1 selling American whiskey in the world. 1 Jack Daniel's Tennessee Whiskey was recently named the most valuable spirits brand in the world in the 2023 Interbrand "Best Global Brands" rankings, and the newly released Glenglassaugh Sandend was named the "2023 Whisky of the Year" by Whisky Advocate . Our premium bourbons, Woodford Reserve and Old Forester, were once again selected for

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View this 10-K filing on SEC EDGAR