BROWN FORMAN CORP
For the period ended Apr 30, 2024. Filed Jun 14, 2024.
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FY2024 · Filed Jun 14, 2024
BF-A$31.74+1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended April 30, | 2022 | 2023 | 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $838 | $783 | $1,024 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Gain on business divestitures | — | — | (267) |
| Asset impairment charges | 61 | 96 | 7 |
| Depreciation and amortization | 79 | 80 | 87 |
| Stock-based compensation expense | 15 | 18 | 25 |
| Deferred income tax provision (benefit) | (11) | (3) | 18 |
| Change in fair value of contingent consideration | — | — | 9 |
| Other, net | 31 | 18 | 7 |
| Changes in assets and liabilities, net of business acquisitions and divestitures: | |||
| Accounts receivable | (77) | (21) | 88 |
| Inventories | (93) | (403) | (349) |
| Other current assets | 15 | 4 | 23 |
| Accounts payable and accrued expenses | 37 | 77 | (31) |
| Accrued income taxes | 47 | (57) | 17 |
| Other operating assets and liabilities | (6) | 48 | (11) |
| Cash provided by operating activities | 936 | 640 | 647 |
| Cash flows from investing activities: | |||
| Proceeds from business divestitures | — | — | 246 |
| Business acquisitions, net of cash acquired | — | (1,195) | — |
| Additions to property, plant, and equipment | (138) | (183) | (228) |
| Other, net | 11 | 23 | 31 |
| Cash provided by (used for) investing activities | (127) | (1,355) | 49 |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings, maturities greater than 90 days | — | 600 | — |
| Repayments of short-term borrowings, maturities greater than 90 days | — | (600) | — |
| Net change in other short-term borrowings | (196) | 234 | 192 |
| Repayment of long-term debt | — | (250) | — |
| Proceeds from long-term debt | — | 648 | — |
| Acquisition of treasury stock | — | — | (400) |
| Dividends paid | (831) | (378) | (404) |
| Other, net | (11) | (15) | (6) |
| Cash provided by (used for) financing activities | (1,038) | 239 | (618) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (47) | (14) | (6) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (276) | (490) | 72 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,150 | 874 | 384 |
| Cash, cash equivalents, and restricted cash at end of period | 874 | 384 | 456 |
| Less: Restricted cash (included in other current assets) at end of period | (6) | (10) | (10) |
| Cash and cash equivalents at end of period | $868 | $374 | $446 |
| Supplemental information: | |||
| Cash paid for interest | $80 | $85 | $125 |
| Cash paid for income taxes | $226 | $278 | $242 |
| Non-cash additions to property, plant, and equipment | $15 | $27 | $20 |
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