Brown-Forman (BF-B) 10-Q6 Mar 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2024	Feb. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2024
Document Transition Report	false
Entity File Number	001-00123
Entity Registrant Name	Brown-Forman Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-0143150
Entity Address, Address Line One	850 Dixie Highway
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40210
City Area Code	502
Local Phone Number	585-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000014693
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--04-30
Common stock, Class A, voting [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock (voting), $0.15 par value
Trading Symbol	BFA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		169,108,086
Common stock, Class B, nonvoting [Member]
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock (nonvoting), $0.15 par value
Trading Symbol	BFB
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		303,416,148
1.20% notes, due July 7, 2026 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.200% Notes due 2026
Trading Symbol	BF26
Security Exchange Name	NYSE
2.60% notes, due July 7, 2028 [Member]
Document Information [Line Items]
Title of 12(b) Security	2.600% Notes due 2028
Trading Symbol	BF28
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Sales	$ 1,406	$ 1,406	$ 4,137	$ 4,078
Excise taxes	337	325	923	896
Net sales	1,069	1,081	3,214	3,182
Cost of sales	434	457	1,257	1,323
Gross profit	635	624	1,957	1,859
Advertising expenses	143	141	414	372
Selling, general, and administrative expenses	203	186	595	541
Other expense (income), net	(84)	124	(91)	117
Operating income	373	173	1,039	829
Non-operating postretirement expense	1	27	2	27
Interest income	(3)	(2)	(7)	(7)
Interest expense	33	24	93	61
Income before income taxes	342	124	951	748
Income taxes	57	24	193	172
Net income	$ 285	$ 100	$ 758	$ 576
Earnings per share:
Basic (dollars per share)	$ 0.60	$ 0.21	$ 1.59	$ 1.20
Diluted (dollars per share)	$ 0.60	$ 0.21	$ 1.58	$ 1.20

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 285	$ 100	$ 758	$ 576
Other comprehensive income (loss), net of tax:
Currency translation adjustments	75	119	10	108
Cash flow hedge adjustments	(10)	(34)	(3)	(24)
Postretirement benefits adjustments	1	6	4	10
Net other comprehensive income (loss)	66	91	11	94
Comprehensive income	$ 351	$ 191	$ 769	$ 670

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Assets
Cash and cash equivalents	$ 589	$ 374
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $7 at January 31	878	855
Inventories:
Barreled whiskey	1,439	1,262
Finished goods	479	509
Work in process	388	321
Raw materials and supplies	223	191
Total inventories	2,529	2,283
Assets held for sale	161	0
Other current assets	258	289
Total current assets	4,415	3,801
Property, plant, and equipment, net	1,014	1,031
Goodwill	1,464	1,457
Other intangible assets	1,004	1,164
Deferred tax assets	66	66
Other assets	274	258
Total assets	8,237	7,777
Liabilities
Accounts payable and accrued expenses	747	827
Dividends payable	103	0
Accrued income taxes	19	22
Short-term borrowings	728	235
Liabilities held for sale	15	0
Total current liabilities	1,612	1,084
Long-term debt	2,678	2,678
Deferred tax liabilities	289	323
Accrued pension and other postretirement benefits	171	171
Other liabilities	242	253
Total liabilities	4,992	4,509
Commitments and contingencies
Stockholders' Equity
Additional paid-in capital	15	1
Retained earnings	3,995	3,643
Accumulated other comprehensive income (loss), net of tax	(224)	(235)
Treasury stock, at cost (5,215,000 and 12,047,000 shares at April 30 and January 31, respectively)	(613)	(213)
Total stockholders' equity	3,245	3,268
Total liabilities and stockholders' equity	8,237	7,777
Common stock, Class A, voting [Member]
Stockholders' Equity
Common stock	25	25
Common stock, Class B, nonvoting [Member]
Stockholders' Equity
Common stock	$ 47	$ 47

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7	$ 7
Treasury Stock, Common, Shares	12,047,000	5,215,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock, par value (dollars per share)	$ 0.15	$ 0.15
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	170,000,000	170,000,000
Nonvoting Common Stock [Member]
Class of Stock [Line Items]
Common stock, par value (dollars per share)	$ 0.15	$ 0.15
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	314,532,000	314,532,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income	$ 758	$ 576
Adjustments to reconcile net income to net cash provided by operations:
Gain on sale of business	(90)	0
Asset impairment charges	0	96
Depreciation and amortization	66	59
Stock-based compensation expense	18	13
Deferred income tax provision (benefit)	3	(6)
Change in fair value of contingent consideration	1	0
Other, net	(2)	17
Changes in assets and liabilities:
Accounts receivable	(21)	(106)
Inventories	(320)	(288)
Other current assets	28	(19)
Accounts payable and accrued expenses	(69)	66
Accrued income taxes	(2)	(36)
Other operating assets and liabilities	(8)	38
Cash provided by operating activities	362	410
Cash flows from investing activities:
Proceeds from sale of business	194	0
Business acquisitions, net of cash acquired	0	(1,195)
Additions to property, plant, and equipment	(148)	(116)
Proceeds from sale of property, plant, and equipment	13	12
Other, net	4	(1)
Cash provided by (used for) investing activities	63	(1,300)
Cash flows from financing activities:
Proceeds from short-term borrowings, maturities greater than 90 days	0	600
Net change in short-term borrowings	492	402
Repayment of long-term debt	0	(250)
Payments of withholding taxes related to stock-based awards	(4)	(5)
Acquisition of treasury stock	(400)	0
Dividends paid	(300)	(279)
Cash provided by (used for) financing activities	(212)	468
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2	(15)
Net increase (decrease) in cash, cash equivalents, and restricted cash	215	(437)
Cash, cash equivalents, and restricted cash at beginning of period	384	874
Cash, cash equivalents, and restricted cash at end of period	599	437
Less: Restricted cash (included in other current assets) at end of period	(10)	(9)
Cash and cash equivalents at end of period	$ 589	$ 428

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
Condensed Consolidated Financial Statements	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results. We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (2023 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2023 Form 10-K.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Jan. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP). The following table presents information concerning basic and diluted earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions, except per share amounts) 2023 2024 2023 2024 Net income available to common stockholders $ 100 $ 285 $ 576 $ 758 Share data (in thousands): Basic average common shares outstanding 479,152 474,806 479,121 477,542 Dilutive effect of stock-based awards 1,308 760 1,361 902 Diluted average common shares outstanding 480,460 475,566 480,482 478,444 Basic earnings per share $ 0.21 $ 0.60 $ 1.20 $ 1.59 Diluted earnings per share $ 0.21 $ 0.60 $ 1.20 $ 1.58 We excluded common stock-based awards for approximately 1,257,000 shares and 1,658,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2023 and 2024, respectively. We excluded common stock-based awards for approximately 1,059,000 shares and 1,544,000 shares from the calculation of diluted earnings per share for the nine months ended January 31, 2023 and 2024, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.

Inventories

Inventories	9 Months Ended
Inventories	Jan. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value. If the LIFO method had not been used, inventories at current cost would have been $429 million higher than reported as of April 30, 2023, and $473 million higher than reported as of January 31, 2024. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2024: (Dollars in millions) Goodwill Other Intangible Assets Balance at April 30, 2023 $ 1,457 $ 1,164 Purchase accounting adjustment (Note 14) 40 (53) Sale of business (Note 15) (10) (89) Reclassification to assets held for sale (Note 16) (18) — Foreign currency translation adjustment (5) (18) Balance at January 31, 2024 $ 1,464 $ 1,004 Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.

Contingencies

Contingencies	9 Months Ended
Contingencies	Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies were recorded as of January 31, 2024.

Debt

Debt	9 Months Ended
Debt	Jan. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Our long-term debt (net of unamortized discount and issuance costs) consisted of: (Principal and carrying amounts in millions) April 30, 2023 January 31, 3.50% senior notes, $300 principal amount, due April 15, 2025 $ 299 $ 299 1.20% senior notes, €300 principal amount, due July 7, 2026 330 325 2.60% senior notes, £300 principal amount, due July 7, 2028 375 379 4.75% senior notes, $650 principal amount, due April 15, 2033 642 643 4.00% senior notes, $300 principal amount, due April 15, 2038 295 295 3.75% senior notes, $250 principal amount, due January 15, 2043 248 248 4.50% senior notes, $500 principal amount, due July 15, 2045 489 489 $ 2,678 $ 2,678 Our short-term borrowings consisted of borrowings under our commercial paper program, as follows: (Dollars in millions) April 30, 2023 January 31, Commercial paper (par amount) $235 $730 Average interest rate 5.17% 5.48% Average remaining days to maturity 21 20

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Jan. 31, 2024
Equity, Attributable to Parent [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2023: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2022 $ 25 $ 47 $ — $ 3,242 $ (352) $ (225) $ 2,737 Net income 249 249 Net other comprehensive income (loss) 1 1 Declaration of cash dividends (180) (180) Stock-based compensation expense 4 4 Stock issued under compensation plans 4 4 Loss on issuance of treasury stock issued under compensation plans (4) (4) (8) Balance at July 31, 2022 25 47 — 3,307 (351) (221) 2,807 Net income 227 227 Net other comprehensive income (loss) 2 2 Stock-based compensation expense 5 5 Stock issued under compensation plans 1 1 Loss on issuance of treasury stock issued under compensation plans (2) (2) Balance at October 31, 2022 25 47 3 3,534 (349) (220) 3,040 Net income 100 100 Net other comprehensive income (loss) 91 91 Declaration of cash dividends (197) (197) Stock-based compensation expense 4 4 Stock issued under compensation plans 1 1 Loss on issuance of treasury stock issued under compensation plans (1) (1) Balance at January 31, 2023 $ 25 $ 47 $ 6 $ 3,437 $ (258) $ (219) $ 3,038 The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2024: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2023 $ 25 $ 47 $ 1 $ 3,643 $ (235) $ (213) $ 3,268 Net income 231 231 Net other comprehensive income (loss) 36 36 Declaration of cash dividends (197) (197) Stock-based compensation expense 4 4 Stock issued under compensation plans 3 3 Loss on issuance of treasury stock issued under compensation plans (4) (3) (7) Balance at July 31, 2023 25 47 1 3,674 (199) (210) 3,338 Net income 242 242 Net other comprehensive income (loss) (91) (91) Acquisition of treasury stock (42) (42) Stock-based compensation expense 7 7 Balance at October 31, 2023 25 47 8 3,916 (290) (252) 3,454 Net income 285 285 Net other comprehensive income (loss) 66 66 Declaration of cash dividends (206) (206) Acquisition of treasury stock (361) (361) Stock-based compensation expense 7 7 Balance at January 31, 2024 $ 25 $ 47 $ 15 $ 3,995 $ (224) $ (613) $ 3,245 The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2024: (Dollars in millions) Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2023 $ (104) $ 10 $ (141) $ (235) Net other comprehensive income (loss) 10 (3) 4 11 Balance at January 31, 2024 $ (94) $ 7 $ (137) $ (224) The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2024: Declaration Date Record Date Payable Date Amount per Share May 25, 2023 June 8, 2023 July 3, 2023 $0.2055 July 27, 2023 September 5, 2023 October 2, 2023 $0.2055 November 16, 2023 December 1, 2023 January 2, 2024 $0.2178 January 23, 2024 March 8, 2024 April 1, 2024 $0.2178

Net Sales

Net Sales	9 Months Ended
Net Sales	Jan. 31, 2024
Net Sales [Abstract]
Net Sales	Net Sales The following table shows our net sales by geography: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 United States $ 439 $ 469 $ 1,455 $ 1,442 Developed International 1 345 311 927 913 Emerging 2 245 238 629 688 Travel Retail 3 32 33 110 113 Non-branded and bulk 4 20 18 61 58 Total $ 1,081 $ 1,069 $ 3,182 $ 3,214 1 Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan. 2 Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil. 3 Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location. 4 Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location. The following table shows our net sales by product category: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 Whiskey 1 $ 754 $ 731 $ 2,215 $ 2,167 Ready-to-Drink 2 121 127 369 397 Tequila 3 79 76 237 238 Wine 4 53 51 164 168 Vodka 5 27 26 74 75 Non-branded and bulk 6 20 18 61 58 Rest of portfolio 7 27 40 62 111 Total $ 1,081 $ 1,069 $ 3,182 $ 3,214 1 Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft. 2 Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products. 3 Includes the Herradura family of brands, el Jimador, and other tequilas. 4 Includes Korbel California Champagne and Sonoma-Cutrer wines. 5 Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets. 6 Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine. 7 Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
Pension and Other Postretirement Benefits	Jan. 31, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension Costs The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality. Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 Service cost $ 5 $ 5 $ 16 $ 14 Interest cost 8 8 24 25 Expected return on plan assets (11) (10) (33) (30) Amortization of: Prior service cost — — 1 — Net actuarial loss 2 2 7 5 Settlement charge 27 — 27 — Net cost $ 31 $ 5 $ 42 $ 14

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The effective tax rate on ordinary income for the full fiscal year is expected to be 20.1%, which is lower than the U.S. federal statutory rate of 21.0%, due to the beneficial impact of the foreign-derived intangible income deduction and tax rate differences on the sale of the Finlandia vodka business, partially offset by the impact of state taxes and the tax effects of foreign operations.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	9 Months Ended
Derivative Financial Instruments and Hedging Activities	Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Derivative Financial Instruments and Hedging Activities We are subject to market risks, including the effect of fluctuations in foreign currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes. We use currency derivative contracts to limit our exposure to the foreign currency exchange rate risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within two years). We record all changes in the fair value of cash flow hedges in AOCI until the underlying hedged transaction occurs, at which time we reclassify that amount to earnings. Some of our currency derivatives are not designated as hedges because we use them to partially offset the immediate earnings impact of changes in foreign currency exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings. We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollar exposures, with notional amounts for all hedged currencies totaling $747 million at April 30, 2023, and $560 million at January 31, 2024. The maximum term of outstanding derivative contracts was 24 months at both April 30, 2023 and January 31, 2024. We also use foreign currency-denominated debt instruments to help manage our foreign currency exchange rate risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt instruments designated as net investment hedges was $495 million at April 30, 2023, and $496 million at January 31, 2024. During the three months ended January 31, 2024, we reclassified $26 million of gains on net investment hedges from AOCI to earnings in connection with the divestiture of Finlandia (Note 15). At inception, we expect each financial instrument designated as a hedge to be highly effective in offsetting the financial exposure it is designed to mitigate. We assess the effectiveness of our hedges continually. If we determine that any financial instruments designated as hedges are no longer highly effective, we discontinue hedge accounting for those instruments. We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to take physical delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than as derivative instruments. The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings: Three Months Ended January 31, (Dollars in millions) Classification 2023 2024 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ (33) $ (11) Net gain (loss) reclassified from AOCI into earnings Sales 11 3 Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales $ (11) $ (3) Net gain (loss) recognized in earnings Other income (expense), net 2 2 Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a $ (32) $ (19) Net gain (loss) reclassified from AOCI into earnings Other income (expense), net — 26 Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above: Sales $ 1,406 $ 1,406 Other income (expense), net (124) 84 Nine Months Ended January 31, (Dollars in millions) Classification 2023 2024 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 3 $ 6 Net gain (loss) reclassified from AOCI into earnings Sales 34 11 Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales $ (2) $ (1) Net gain (loss) recognized in earnings Other income (expense), net 11 8 Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a $ 10 $ (2) Net gain (loss) reclassified from AOCI into earnings Other income (expense), net — 26 Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above: Sales $ 4,078 $ 4,137 Other income (expense), net (117) 91 We expect to reclassify $4 million of deferred net gains on cash flow hedges recorded in AOCI as of January 31, 2024 to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur. The following table presents the fair values of our derivative instruments: April 30, 2023 January 31, 2024 (Dollars in millions) Classification Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Designated as cash flow hedges: Currency derivatives Other current assets $ 20 $ (11) $ 10 $ (4) Currency derivatives Other assets 5 (1) 1 — Currency derivatives Accrued expenses — (1) 1 (1) Currency derivatives Other liabilities — (1) — (1) Not designated as hedges: Currency derivatives Other current assets 3 — — — The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments subject to net settlement agreements are presented on a net basis in our balance sheets. In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items. Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments. Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of our derivatives with creditworthiness requirements that were in a net liability position was $1 million at April 30, 2023, and $1 million at January 31, 2024. Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets. The following table summarizes the gross and net amounts of our derivative contracts: (Dollars in millions) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Gross Amounts Not Offset in Balance Sheet Net Amounts April 30, 2023 Derivative assets $ 28 $ (12) $ 16 $ (1) $ 15 Derivative liabilities (14) 12 (2) 1 (1) January 31, 2024 Derivative assets 12 (5) 7 — 7 Derivative liabilities (6) 5 (1) — (1) No cash collateral was received or pledged related to our derivative contracts as of April 30, 2023, or January 31, 2024.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: April 30, 2023 January 31, 2024 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets Cash and cash equivalents $ 374 $ 374 $ 589 $ 589 Currency derivatives, net 16 16 7 7 Liabilities Currency derivatives, net 2 2 1 1 Short-term borrowings 235 235 728 728 Long-term debt 2,678 2,556 2,678 2,570 Contingent consideration (Note 14) 63 63 62 62 Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based on the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; or other inputs that are observable or can be derived from or corroborated by observable market data. • Level 3 – Unobservable inputs supported by little or no market activity. We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot exchange rates, forward exchange rates, and interest rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy. We determine the fair value of long-term debt primarily based on the prices at which identical or similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy. The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments. We determine the fair value of our contingent consideration liability using a Monte Carlo simulation model, which requires the use of Level 3 inputs, such as projected future net sales, discount rates, and volatility rates. Changes in any of these Level 3 inputs could result in material changes to the fair value of the contingent consideration and could materially impact the amount of noncash expense (or income) recorded each reporting period. The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2024: (Dollars in millions) Balance at April 30, 2023 $ 63 Purchase accounting adjustment (Note 14) (1) Change in fair value 1 1 Foreign currency translation adjustment (1) Balance at January 31, 2024 $ 62 1 Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations. See Note 14 for additional information about the contingent consideration liability. We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). During the third quarter of fiscal 2023, we recognized a non-cash impairment charge of $96 million related to the Finlandia brand name. The impairment charge was based on the estimated fair value of the brand name, which we determined using the relief from royalty method, and which is classified as Level 3 within the valuation hierarchy. The impairment charge is included in “other expense (income), net” in the accompanying consolidated statement of operations. As discussed in Note 14, we also used the relief-from-royalty method to determine fair values in connection with our accounting for business combinations. No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
Other Comprehensive Income	Jan. 31, 2024
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income	Other Comprehensive Income The following table shows the components of net other comprehensive income (loss): Three Months Ended Three Months Ended January 31, 2023 January 31, 2024 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ 111 $ 8 $ 119 $ 61 $ 4 $ 65 Reclassification to earnings — — — 4 6 10 Other comprehensive income (loss), net 111 8 119 65 10 75 Cash flow hedge adjustments: Net gain (loss) on hedging instruments (33) 7 (26) (11) 3 (8) Reclassification to earnings 1 (11) 3 (8) (3) 1 (2) Other comprehensive income (loss), net (44) 10 (34) (14) 4 (10) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost (21) 5 (16) — — — Reclassification to earnings 2 29 (7) 22 1 — 1 Other comprehensive income (loss), net 8 (2) 6 1 — 1 Total other comprehensive income (loss), net $ 75 $ 16 $ 91 $ 52 $ 14 $ 66 Nine Months Ended Nine Months Ended January 31, 2023 January 31, 2024 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ 110 $ (2) $ 108 $ — $ — $ — Reclassification to earnings — — — 4 6 10 Other comprehensive income (loss), net 110 (2) 108 4 6 10 Cash flow hedge adjustments: Net gain (loss) on hedging instruments 3 (1) 2 6 (1) 5 Reclassification to earnings 1 (34) 8 (26) (11) 3 (8) Other comprehensive income (loss), net (31) 7 (24) (5) 2 (3) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost (21) 5 (16) — — — Reclassification to earnings 2 34 (8) 26 5 (1) 4 Other comprehensive income (loss), net 13 (3) 10 5 (1) 4 Total other comprehensive income (loss), net $ 92 $ 2 $ 94 $ 4 $ 7 $ 11 1 Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations. 2 Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions As discussed below, we have finalized the purchase price allocations for our Gin Mare and Diplomático acquisitions, both of which we acquired during the third quarter of fiscal 2023. Each acquisition was accounted for as a business combination. On November 3, 2022, we acquired the Gin Mare and Gin Mare Capri brands through our purchase of 100% of the equity interests of Gin Mare Brand, S.L.U., a Spanish company, and Mareliquid Vantguard, S.L.U., a Spanish company (the “Gin Mare acquisition”). The purchase price of the Gin Mare acquisition was $523 million, which consisted of $468 million in cash paid at the acquisition date plus contingent consideration of $55 million. The purchase price for the Gin Mare acquisition decreased by $1 million as a result of certain fair value adjustments to the contingent consideration made during the first half of fiscal 2024, which were primarily a result of changes in the discount rates used to calculate the fair value as of the acquisition date. We have allocated the purchase price based on management’s estimates and independent valuations as follows: (Dollars in millions) Prior Allocation 1 Adjustments Final Allocation Trademarks and brand names (indefinite-lived) $ 307 $ (24) $ 283 Goodwill 289 17 306 Total assets 596 (7) 589 Deferred tax liabilities 72 (6) 66 Net assets acquired $ 524 $ (1) $ 523 1 As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K. The adjustments to the prior Gin Mare purchase price allocation reflect revised valuations for the trademarks and brand names, which were driven by an increase in the discount rates used to calculate fair values as of the acquisition date, partially offset by higher projections of future cash flows. The Gin Mare purchase price allocation was finalized during the second quarter of fiscal 2024. The contingent consideration of $55 million reflects the estimated fair value, at the acquisition date, of contingent future cash payments of up to €90 million to the sellers under an “earn-out” provision of the acquisition agreement. We determined the estimated fair value of the contingent consideration using a Monte Carlo simulation, which requires the use of assumptions, such as projected future net sales, discount rates, and volatility rates. Any contingent consideration earned by the sellers will be payable in cash no earlier than July 2024 and no later than July 2027, depending on when the sellers choose to exercise the right to receive the payment. The amount payable will depend on the achievement of net sales targets for Gin Mare for the latest fiscal year completed prior to the date of exercise by the sellers. The possible payments range from zero to €90 million (approximately $89 million as of the acquisition date). At the acquisition date, we also entered into a supply agreement with the sellers for the production and supply of Gin Mare products to us, at market terms, for an initial period of 10 years (subject to subsequent renewal periods). On January 5, 2023, we acquired the Diplomático and Botucal rum brands through our purchase of (i) 100% of the equity interests of (a) International Rum and Spirits Distributors Unipessoal, Lda., a Portuguese company, (b) Diplomático Branding Unipessoal Lda., a Portuguese company, (c) International Bottling Services, S.A., a Panamanian corporation, and (d) International Rum & Spirits Marketing Solutions, S.L., a Spanish company; and (ii) certain assets of Destilerias Unidas Corp. (the “Diplomático acquisition”). The purchase price of the Diplomático acquisition consisted of cash of $723 million (net of a post-closing working capital adjustment of $4 million). We have allocated the purchase price based on management’s estimates and independent valuations as follows: (Dollars in millions) Prior Allocation 1 Adjustments Final Allocation Accounts receivable $ 11 $ — $ 11 Inventories 36 (2) 34 Other current assets 25 — 25 Property, plant, and equipment 38 — 38 Trademarks and brand names (indefinite-lived) 312 (29) 283 Goodwill 363 23 386 Other assets 2 — 2 Total assets 787 (8) 779 Accounts payable and accrued expenses 13 1 14 Deferred tax liabilities 45 (5) 40 Other liabilities 2 — 2 Total liabilities 60 (4) 56 Net assets acquired $ 727 $ (4) $ 723 1 As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K. The adjustments to the prior Diplomático purchase price allocation reflect revised valuations for the trademarks and brand names, which were driven by an increase in the discount rates used to calculate fair values as of the acquisition date, partially offset by higher projections of future cash flows. The adjustments also reflect certain other immaterial net working capital adjustments. The Diplomático purchase price allocation was finalized during the third quarter of fiscal 2024. At the acquisition date, we also entered into a supply agreement with the sellers for their production and supply of rum to us, at market terms, for an initial period of 10 years (subject to subsequent renewal periods). The amounts allocated to trademarks and brand names for each acquisition were estimated using the relief-from royalty method, which requires the use of significant assumptions, such as discount rates and projected future net sales. Goodwill is calculated as the excess of the purchase price over the fair value of the net identifiable assets acquired. The goodwill recorded for each acquisition is primarily attributable to the value of leveraging our distribution network and brand-building expertise to grow sales of the acquired brands. For the Gin Mare acquisition, we expect none of the goodwill of $306 million to be deductible for tax purposes. For the Diplomático acquisition, we expect $108 million of the goodwill of $386 million to be deductible for tax purposes. In connection with the acquisitions, we recognized transaction expenses of $50 million during the nine months ended January 31, 2023, of which $45 million was recognized during the third quarter. The following table shows the classification of the transaction expenses in the accompanying consolidated statements of operations. (Dollars in millions) Three Months Ended January 31, 2023 Nine Months Ended January 31, 2023 Selling, general, and administrative expenses $ 3 $ 8 Other expense (income), net 42 42 Total transaction expenses $ 45 $ 50 The transaction expenses largely reflects payments made to terminate certain distribution contracts related to the acquired brands.

Finlandia Divestiture

Finlandia Divestiture	9 Months Ended
Finlandia Divestiture	Jan. 31, 2024
Finlandia Divestiture [Abstract]
Finlandia Divestiture	Finlandia Divestiture On November 1, 2023, we sold the Finlandia vodka business to Coca-Cola HBC AG for $194 million in cash. The sale reflects the continued evolution of our portfolio strategy to focus on premium spirits brands. The net carrying amount of the related business assets and liabilities included in the sale was $100 million, consisting largely of goodwill and other intangible assets. As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024, which consisted of the following: (Dollars in millions) November 1, Proceeds from sale $ 194 Net carrying amount of assets and liabilities sold (100) Amounts reclassified from AOCI: Cumulative translation losses (30) Net investment hedge gain (Note 11) 26 Net pre-tax gain on sale 1 $ 90 1 Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
Assets Held for Sale	Jan. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets Held for Sale In November 2023, we reached an agreement to sell our Sonoma-Cutrer wine business to The Duckhorn Portfolio, Inc. in exchange for an ownership percentage of approximately 21.5% in The Duckhorn Portfolio, Inc. and cash of $50 million. The transaction, which is subject to certain customary closing adjustments and conditions, is expected to close in the fourth quarter of fiscal 2024. The net carrying amount of the related business assets and liabilities as of January 31, 2024, was $146 million and consisted of the following: (Dollars in millions) January 31, Inventories $ 62 Property, plant, and equipment 81 Goodwill 18 Total assets held for sale 161 Accounts payable and accrued expenses 3 Deferred tax liabilities 12 Total liabilities held for sale 15 Net assets held for sale $ 146 The total carrying amounts of the assets and liabilities held for sale are presented as separate line items in the condensed consolidated balance sheet as of January 31, 2024.

Inventories (Policies)

Inventories (Policies)	9 Months Ended
Inventories (Policies)	Jan. 31, 2024
Inventory Disclosure [Abstract]
Inventory, Policy [Policy Text Block]	We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method or market value.

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Policies)	9 Months Ended
	Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Classification of Cash Flows Related to Cash Flow Hedges [Policy Text Block]	In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block]	Offsetting.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Jan. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents information concerning basic and diluted earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions, except per share amounts) 2023 2024 2023 2024 Net income available to common stockholders $ 100 $ 285 $ 576 $ 758 Share data (in thousands): Basic average common shares outstanding 479,152 474,806 479,121 477,542 Dilutive effect of stock-based awards 1,308 760 1,361 902 Diluted average common shares outstanding 480,460 475,566 480,482 478,444 Basic earnings per share $ 0.21 $ 0.60 $ 1.20 $ 1.59 Diluted earnings per share $ 0.21 $ 0.60 $ 1.20 $ 1.58

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	The following table shows the changes in goodwill (which includes no accumulated impairment losses) and other intangible assets during the nine months ended January 31, 2024: (Dollars in millions) Goodwill Other Intangible Assets Balance at April 30, 2023 $ 1,457 $ 1,164 Purchase accounting adjustment (Note 14) 40 (53) Sale of business (Note 15) (10) (89) Reclassification to assets held for sale (Note 16) (18) — Foreign currency translation adjustment (5) (18) Balance at January 31, 2024 $ 1,464 $ 1,004

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Jan. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Our long-term debt (net of unamortized discount and issuance costs) consisted of: (Principal and carrying amounts in millions) April 30, 2023 January 31, 3.50% senior notes, $300 principal amount, due April 15, 2025 $ 299 $ 299 1.20% senior notes, €300 principal amount, due July 7, 2026 330 325 2.60% senior notes, £300 principal amount, due July 7, 2028 375 379 4.75% senior notes, $650 principal amount, due April 15, 2033 642 643 4.00% senior notes, $300 principal amount, due April 15, 2038 295 295 3.75% senior notes, $250 principal amount, due January 15, 2043 248 248 4.50% senior notes, $500 principal amount, due July 15, 2045 489 489 $ 2,678 $ 2,678
Schedule of Short-term Debt [Table Text Block]	Our short-term borrowings consisted of borrowings under our commercial paper program, as follows: (Dollars in millions) April 30, 2023 January 31, Commercial paper (par amount) $235 $730 Average interest rate 5.17% 5.48% Average remaining days to maturity 21 20

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Jan. 31, 2024
Equity, Attributable to Parent [Abstract]
Schedule of Stockholders Equity [Table Text Block]	The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2023: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2022 $ 25 $ 47 $ — $ 3,242 $ (352) $ (225) $ 2,737 Net income 249 249 Net other comprehensive income (loss) 1 1 Declaration of cash dividends (180) (180) Stock-based compensation expense 4 4 Stock issued under compensation plans 4 4 Loss on issuance of treasury stock issued under compensation plans (4) (4) (8) Balance at July 31, 2022 25 47 — 3,307 (351) (221) 2,807 Net income 227 227 Net other comprehensive income (loss) 2 2 Stock-based compensation expense 5 5 Stock issued under compensation plans 1 1 Loss on issuance of treasury stock issued under compensation plans (2) (2) Balance at October 31, 2022 25 47 3 3,534 (349) (220) 3,040 Net income 100 100 Net other comprehensive income (loss) 91 91 Declaration of cash dividends (197) (197) Stock-based compensation expense 4 4 Stock issued under compensation plans 1 1 Loss on issuance of treasury stock issued under compensation plans (1) (1) Balance at January 31, 2023 $ 25 $ 47 $ 6 $ 3,437 $ (258) $ (219) $ 3,038 The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2024: (Dollars in millions) Class A Common Stock Class B Common Stock Additional Paid-in Capital Retained Earnings AOCI Treasury Stock Total Balance at April 30, 2023 $ 25 $ 47 $ 1 $ 3,643 $ (235) $ (213) $ 3,268 Net income 231 231 Net other comprehensive income (loss) 36 36 Declaration of cash dividends (197) (197) Stock-based compensation expense 4 4 Stock issued under compensation plans 3 3 Loss on issuance of treasury stock issued under compensation plans (4) (3) (7) Balance at July 31, 2023 25 47 1 3,674 (199) (210) 3,338 Net income 242 242 Net other comprehensive income (loss) (91) (91) Acquisition of treasury stock (42) (42) Stock-based compensation expense 7 7 Balance at October 31, 2023 25 47 8 3,916 (290) (252) 3,454 Net income 285 285 Net other comprehensive income (loss) 66 66 Declaration of cash dividends (206) (206) Acquisition of treasury stock (361) (361) Stock-based compensation expense 7 7 Balance at January 31, 2024 $ 25 $ 47 $ 15 $ 3,995 $ (224) $ (613) $ 3,245
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2024: (Dollars in millions) Currency Translation Adjustments Cash Flow Hedge Adjustments Postretirement Benefits Adjustments Total AOCI Balance at April 30, 2023 $ (104) $ 10 $ (141) $ (235) Net other comprehensive income (loss) 10 (3) 4 11 Balance at January 31, 2024 $ (94) $ 7 $ (137) $ (224)
Dividends Declared [Table Text Block]	The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2024: Declaration Date Record Date Payable Date Amount per Share May 25, 2023 June 8, 2023 July 3, 2023 $0.2055 July 27, 2023 September 5, 2023 October 2, 2023 $0.2055 November 16, 2023 December 1, 2023 January 2, 2024 $0.2178 January 23, 2024 March 8, 2024 April 1, 2024 $0.2178

Net Sales (Tables)

Net Sales (Tables)	9 Months Ended
Net Sales (Tables)	Jan. 31, 2024
Net Sales [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table shows our net sales by geography: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 United States $ 439 $ 469 $ 1,455 $ 1,442 Developed International 1 345 311 927 913 Emerging 2 245 238 629 688 Travel Retail 3 32 33 110 113 Non-branded and bulk 4 20 18 61 58 Total $ 1,081 $ 1,069 $ 3,182 $ 3,214 1 Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan. 2 Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil. 3 Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location. 4 Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location. The following table shows our net sales by product category: Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 Whiskey 1 $ 754 $ 731 $ 2,215 $ 2,167 Ready-to-Drink 2 121 127 369 397 Tequila 3 79 76 237 238 Wine 4 53 51 164 168 Vodka 5 27 26 74 75 Non-branded and bulk 6 20 18 61 58 Rest of portfolio 7 27 40 62 111 Total $ 1,081 $ 1,069 $ 3,182 $ 3,214 1 Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft. 2 Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products. 3 Includes the Herradura family of brands, el Jimador, and other tequilas. 4 Includes Korbel California Champagne and Sonoma-Cutrer wines. 5 Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets. 6 Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine. 7 Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	9 Months Ended
Pension and Other Postretirement Benefits (Tables)	Jan. 31, 2024
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	The following table shows the components of the net cost recognized for our U.S. pension plans. Similar information for other defined benefit plans is not presented due to immateriality. Three Months Ended Nine Months Ended January 31, January 31, (Dollars in millions) 2023 2024 2023 2024 Service cost $ 5 $ 5 $ 16 $ 14 Interest cost 8 8 24 25 Expected return on plan assets (11) (10) (33) (30) Amortization of: Prior service cost — — 1 — Net actuarial loss 2 2 7 5 Settlement charge 27 — 27 — Net cost $ 31 $ 5 $ 42 $ 14

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities (Tables)	9 Months Ended
	Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) [Table Text Block]	The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings: Three Months Ended January 31, (Dollars in millions) Classification 2023 2024 Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ (33) $ (11) Net gain (loss) reclassified from AOCI into earnings Sales 11 3 Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales $ (11) $ (3) Net gain (loss) recognized in earnings Other income (expense), net 2 2 Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a $ (32) $ (19) Net gain (loss) reclassified from AOCI into earnings Other income (expense), net — 26 Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above: Sales $ 1,406 $ 1,406 Other income (expense), net (124) 84 Nine Months Ended January 31, (Dollars in millions) Classification 2023 2024 Derivative Instruments Currency derivatives designated as cash flow hedges: Net gain (loss) recognized in AOCI n/a $ 3 $ 6 Net gain (loss) reclassified from AOCI into earnings Sales 34 11 Currency derivatives not designated as hedging instruments: Net gain (loss) recognized in earnings Sales $ (2) $ (1) Net gain (loss) recognized in earnings Other income (expense), net 11 8 Foreign currency-denominated debt designated as net investment hedge: Net gain (loss) recognized in AOCI n/a $ 10 $ (2) Net gain (loss) reclassified from AOCI into earnings Other income (expense), net — 26 Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above: Sales $ 4,078 $ 4,137 Other income (expense), net (117) 91
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table presents the fair values of our derivative instruments: April 30, 2023 January 31, 2024 (Dollars in millions) Classification Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Designated as cash flow hedges: Currency derivatives Other current assets $ 20 $ (11) $ 10 $ (4) Currency derivatives Other assets 5 (1) 1 — Currency derivatives Accrued expenses — (1) 1 (1) Currency derivatives Other liabilities — (1) — (1) Not designated as hedges: Currency derivatives Other current assets 3 — — —
Offsetting Derivative Assets and Liabilities [Table Text Block]	The following table summarizes the gross and net amounts of our derivative contracts: (Dollars in millions) Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Gross Amounts Not Offset in Balance Sheet Net Amounts April 30, 2023 Derivative assets $ 28 $ (12) $ 16 $ (1) $ 15 Derivative liabilities (14) 12 (2) 1 (1) January 31, 2024 Derivative assets 12 (5) 7 — 7 Derivative liabilities (6) 5 (1) — (1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis: April 30, 2023 January 31, 2024 Carrying Fair Carrying Fair (Dollars in millions) Amount Value Amount Value Assets Cash and cash equivalents $ 374 $ 374 $ 589 $ 589 Currency derivatives, net 16 16 7 7 Liabilities Currency derivatives, net 2 2 1 1 Short-term borrowings 235 235 728 728 Long-term debt 2,678 2,556 2,678 2,570 Contingent consideration (Note 14) 63 63 62 62
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2024: (Dollars in millions) Balance at April 30, 2023 $ 63 Purchase accounting adjustment (Note 14) (1) Change in fair value 1 1 Foreign currency translation adjustment (1) Balance at January 31, 2024 $ 62 1 Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
Other Comprehensive Income (Tables)	Jan. 31, 2024
Statement of Comprehensive Income [Abstract]
Comprehensive Income (Loss) [Table Text Block]	The following table shows the components of net other comprehensive income (loss): Three Months Ended Three Months Ended January 31, 2023 January 31, 2024 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ 111 $ 8 $ 119 $ 61 $ 4 $ 65 Reclassification to earnings — — — 4 6 10 Other comprehensive income (loss), net 111 8 119 65 10 75 Cash flow hedge adjustments: Net gain (loss) on hedging instruments (33) 7 (26) (11) 3 (8) Reclassification to earnings 1 (11) 3 (8) (3) 1 (2) Other comprehensive income (loss), net (44) 10 (34) (14) 4 (10) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost (21) 5 (16) — — — Reclassification to earnings 2 29 (7) 22 1 — 1 Other comprehensive income (loss), net 8 (2) 6 1 — 1 Total other comprehensive income (loss), net $ 75 $ 16 $ 91 $ 52 $ 14 $ 66 Nine Months Ended Nine Months Ended January 31, 2023 January 31, 2024 (Dollars in millions) Pre-Tax Tax Net Pre-Tax Tax Net Currency translation adjustments: Net gain (loss) on currency translation $ 110 $ (2) $ 108 $ — $ — $ — Reclassification to earnings — — — 4 6 10 Other comprehensive income (loss), net 110 (2) 108 4 6 10 Cash flow hedge adjustments: Net gain (loss) on hedging instruments 3 (1) 2 6 (1) 5 Reclassification to earnings 1 (34) 8 (26) (11) 3 (8) Other comprehensive income (loss), net (31) 7 (24) (5) 2 (3) Postretirement benefits adjustments: Net actuarial gain (loss) and prior service cost (21) 5 (16) — — — Reclassification to earnings 2 34 (8) 26 5 (1) 4 Other comprehensive income (loss), net 13 (3) 10 5 (1) 4 Total other comprehensive income (loss), net $ 92 $ 2 $ 94 $ 4 $ 7 $ 11 1 Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations. 2 Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Jan. 31, 2024
Business Acquisition [Line Items]
Business Combination, Separately Recognized Transactions	The following table shows the classification of the transaction expenses in the accompanying consolidated statements of operations. (Dollars in millions) Three Months Ended January 31, 2023 Nine Months Ended January 31, 2023 Selling, general, and administrative expenses $ 3 $ 8 Other expense (income), net 42 42 Total transaction expenses $ 45 $ 50
Gin Mare
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	We have allocated the purchase price based on management’s estimates and independent valuations as follows: (Dollars in millions) Prior Allocation 1 Adjustments Final Allocation Trademarks and brand names (indefinite-lived) $ 307 $ (24) $ 283 Goodwill 289 17 306 Total assets 596 (7) 589 Deferred tax liabilities 72 (6) 66 Net assets acquired $ 524 $ (1) $ 523 1 As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.
Diplomatico
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	We have allocated the purchase price based on management’s estimates and independent valuations as follows: (Dollars in millions) Prior Allocation 1 Adjustments Final Allocation Accounts receivable $ 11 $ — $ 11 Inventories 36 (2) 34 Other current assets 25 — 25 Property, plant, and equipment 38 — 38 Trademarks and brand names (indefinite-lived) 312 (29) 283 Goodwill 363 23 386 Other assets 2 — 2 Total assets 787 (8) 779 Accounts payable and accrued expenses 13 1 14 Deferred tax liabilities 45 (5) 40 Other liabilities 2 — 2 Total liabilities 60 (4) 56 Net assets acquired $ 727 $ (4) $ 723 1 As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.

Finlandia Divestiture (Tables)

Finlandia Divestiture (Tables)	9 Months Ended
Finlandia Divestiture (Tables)	Jan. 31, 2024
Finlandia Divestiture [Abstract]
Finlandia Divestiture	As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024, which consisted of the following: (Dollars in millions) November 1, Proceeds from sale $ 194 Net carrying amount of assets and liabilities sold (100) Amounts reclassified from AOCI: Cumulative translation losses (30) Net investment hedge gain (Note 11) 26 Net pre-tax gain on sale 1 $ 90 1 Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
Assets Held for Sale (Tables)	Jan. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale [Table Text Block]	The net carrying amount of the related business assets and liabilities as of January 31, 2024, was $146 million and consisted of the following: (Dollars in millions) January 31, Inventories $ 62 Property, plant, and equipment 81 Goodwill 18 Total assets held for sale 161 Accounts payable and accrued expenses 3 Deferred tax liabilities 12 Total liabilities held for sale 15 Net assets held for sale $ 146

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Earnings Per Share [Abstract]
Net income available to common stockholders, basic	$ 285	$ 100	$ 758	$ 576
Net income available to common stockholders, diluted	$ 285	$ 100	$ 758	$ 576
Share data (in thousands):
Basic average common shares outstanding	474,806	479,152	477,542	479,121
Dilutive effect of stock-based awards	760	1,308	902	1,361
Diluted average common shares outstanding	475,566	480,460	478,444	480,482
Basic earnings per share (dollars per share)	$ 0.60	$ 0.21	$ 1.59	$ 1.20
Diluted earnings per share (dollars per share)	$ 0.60	$ 0.21	$ 1.58	$ 1.20

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Earnings Per Share (Textual) [Abstract]
Common stock-based awards excluded from the calculation of diluted earnings per share	1,658	1,257	1,544	1,059

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Inventories (Textual) [Abstract]
Excess of current costs over stated LIFO value	$ 473	$ 429

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) $ in Millions	9 Months Ended
	Jan. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at April 30, 2023	$ 1,457
Purchase accounting adjustment (Note 14)	40
Sale of business (Note 15)	(10)
Reclassification to assets held for sale (Note 16)	(18)
Foreign currency translation adjustment	(5)
Balance at January 31, 2024	1,464
Indefinite-lived Intangible Assets [Roll Forward]
Balance at April 30, 2023	1,164
Purchase accounting adjustment (Note 14)	(53)
Sale of business (Note 15)	(89)
Reclassification to assets held for sale (Note 16)	0
Foreign currency translation adjustment	(18)
Balance at January 31, 2024	$ 1,004

Debt (Details)

Debt (Details) € in Millions, £ in Millions, $ in Millions	9 Months Ended
Debt (Details) € in Millions, £ in Millions, $ in Millions	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Jan. 31, 2024 GBP (£)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 EUR (€)	Apr. 30, 2023 GBP (£)
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 2,678			$ 2,678
Long-term debt	2,678			2,678
3.50% senior notes, due April 15, 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300			$ 300
Debt Instrument, Maturity Date	Apr. 15, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.50%	3.50%	3.50%	3.50%	3.50%	3.50%
Long-term debt, including current portion	$ 299			$ 299
1.20% notes, due July 7, 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount \| €		€ 300			€ 300
Debt Instrument, Maturity Date	Jul. 07, 2026
Debt Instrument, Interest Rate, Stated Percentage	1.20%	1.20%	1.20%	1.20%	1.20%	1.20%
Long-term debt, including current portion	$ 325			$ 330
2.60% notes, due July 7, 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount \| £			£ 300			£ 300
Debt Instrument, Maturity Date	Jul. 07, 2028
Debt Instrument, Interest Rate, Stated Percentage	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Long-term debt, including current portion	$ 379			$ 375
4.75% senior notes, due April 15, 2033 {Member}
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 650			$ 650
Debt Instrument, Maturity Date	Apr. 15, 2033
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%	4.75%	4.75%	4.75%	4.75%
Long-term debt, including current portion	$ 643			$ 642
4.00% senior notes, due April 15, 2038 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300			$ 300
Debt Instrument, Maturity Date	Apr. 15, 2038
Debt Instrument, Interest Rate, Stated Percentage	4%	4%	4%	4%	4%	4%
Long-term debt, including current portion	$ 295			$ 295
3.75% notes, due January 15, 2043 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 250			$ 250
Debt Instrument, Maturity Date	Jan. 15, 2043
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
Long-term debt, including current portion	$ 248			$ 248
4.50% notes, due July 15, 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500			$ 500
Debt Instrument, Maturity Date	Jul. 15, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%
Long-term debt, including current portion	$ 489			$ 489

Debt Short-term Borrowings (Det

Debt Short-term Borrowings (Details) - Commercial Paper - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jan. 31, 2024	Apr. 30, 2023
Short-Term Debt [Line Items]
Commercial paper (par amount)	$ 730	$ 235
Average interest rate	5.48%	5.17%
Average remaining days to maturity	20 days	21 days

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Beginning balance	$ 3,454	$ 3,338	$ 3,268	$ 3,040	$ 2,807	$ 2,737	$ 3,268	$ 2,737
Net income	285	242	231	100	227	249	758	576
Net other comprehensive income (loss)	66	(91)	36	91	2	1	11	94
Declaration of cash dividends	(206)		(197)	(197)		(180)
Acquisition of treasury stock	(361)	(42)
Stock-based compensation expense	7	7	4	4	5	4
Stock issued under compensation plans			3	1	1	4
Loss on issuance of treasury stock issued under compensation plans			(7)	(1)	(2)	(8)
Ending balance	3,245	3,454	3,338	3,038	3,040	2,807	3,245	3,038
Additional Paid-in Capital [Member]
Beginning balance	8	1	1	3	0	0	1	0
Stock-based compensation expense	7	7	4	4	5	4
Loss on issuance of treasury stock issued under compensation plans			(4)	(1)	(2)	(4)
Ending balance	15	8	1	6	3	0	15	6
Retained Earnings [Member]
Beginning balance	3,916	3,674	3,643	3,534	3,307	3,242	3,643	3,242
Net income	285	242	231	100	227	249
Declaration of cash dividends	(206)		(197)	(197)		(180)
Loss on issuance of treasury stock issued under compensation plans			(3)			(4)
Ending balance	3,995	3,916	3,674	3,437	3,534	3,307	3,995	3,437
AOCI Attributable to Parent [Member]
Beginning balance	(290)	(199)	(235)	(349)	(351)	(352)	(235)	(352)
Net other comprehensive income (loss)	66	(91)	36	91	2	1
Ending balance	(224)	(290)	(199)	(258)	(349)	(351)	(224)	(258)
Treasury Stock, Common [Member]
Beginning balance	(252)	(210)	(213)	(220)	(221)	(225)	(213)	(225)
Acquisition of treasury stock	(361)	(42)
Stock issued under compensation plans			3	1	1	4
Ending balance	(613)	(252)	(210)	(219)	(220)	(221)	(613)	(219)
Common stock, Class A, voting [Member] \| Common Stock [Member]
Beginning balance	25	25	25	25	25	25	25	25
Ending balance	25	25	25	25	25	25	25	25
Common stock, Class B, nonvoting [Member] \| Common Stock [Member]
Beginning balance	47	47	47	47	47	47	47	47
Ending balance	$ 47	$ 47	$ 47	$ 47	$ 47	$ 47	$ 47	$ 47

Stockholders' Equity Accumulate

Stockholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ (235)				$ (235)
Net other comprehensive income (loss)	$ 66	$ (91)	36	$ 91	$ 2	$ 1	11	$ 94
Ending balance	(224)						(224)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(104)				(104)
Net other comprehensive income (loss)	75			119			10	108
Ending balance	(94)						(94)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			10				10
Net other comprehensive income (loss)	(10)			(34)			(3)	(24)
Ending balance	7						7
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(141)				(141)
Net other comprehensive income (loss)	1			6			4	$ 10
Ending balance	(137)						$ (137)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net other comprehensive income (loss)	$ 66	$ (91)	$ 36	$ 91	$ 2	$ 1

Stockholders' Equity Dividends

Stockholders' Equity Dividends (Details)	9 Months Ended
Stockholders' Equity Dividends (Details)	Jan. 31, 2024 $ / shares
July 2023 dividend payment
Class of Stock [Line Items]
Dividends Payable, Date Declared	May 25, 2023
Dividends Payable, Date of Record	Jun. 08, 2023
Dividends Payable, Date to be Paid	Jul. 03, 2023
Common Stock, Dividends, Per Share, Declared	$ 0.2055
October 2023 dividend payment
Class of Stock [Line Items]
Dividends Payable, Date Declared	Jul. 27, 2023
Dividends Payable, Date of Record	Sep. 05, 2023
Dividends Payable, Date to be Paid	Oct. 02, 2023
Common Stock, Dividends, Per Share, Declared	$ 0.2055
January 2024 dividend payment
Class of Stock [Line Items]
Dividends Payable, Date Declared	Nov. 16, 2023
Dividends Payable, Date of Record	Dec. 01, 2023
Dividends Payable, Date to be Paid	Jan. 02, 2024
Common Stock, Dividends, Per Share, Declared	$ 0.2178
April 2024 dividend payment
Class of Stock [Line Items]
Dividends Payable, Date Declared	Jan. 23, 2024
Dividends Payable, Date of Record	Mar. 08, 2024
Dividends Payable, Date to be Paid	Apr. 01, 2024
Common Stock, Dividends, Per Share, Declared	$ 0.2178

Net Sales by Geography (Details

Net Sales by Geography (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
Net Sales by Geography (Details) - USD ($) $ in Millions		Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales		$ 1,069	$ 1,081	$ 3,214	$ 3,182
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales		469	439	1,442	1,455
Developed International [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	311	345	913	927
Emerging [Member]
Disaggregation of Revenue [Line Items]
Net sales	[2]	238	245	688	629
Travel Retail [Member]
Disaggregation of Revenue [Line Items]
Net sales	[3]	33	32	113	110
Non-branded and bulk [Member]
Disaggregation of Revenue [Line Items]
Net sales	[4]	$ 18	$ 20	$ 58	$ 61

[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, Canada, and Japan. Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, and Brazil. Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military regardless of customer location. Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine, regardless of customer location.

Net Sales by Product Category (

Net Sales by Product Category (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales		$ 1,069	$ 1,081	$ 3,214	$ 3,182
Whiskey [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	731	754	2,167	2,215
Ready-to-Drink
Disaggregation of Revenue [Line Items]
Net sales	[2]	127	121	397	369
Tequila [Member]
Disaggregation of Revenue [Line Items]
Net sales	[3]	76	79	238	237
Wine [Member]
Disaggregation of Revenue [Line Items]
Net sales	[4]	51	53	168	164
Vodka [Member]
Disaggregation of Revenue [Line Items]
Net sales	[5]	26	27	75	74
Non-branded and bulk [Member]
Disaggregation of Revenue [Line Items]
Net sales	[6]	18	20	58	61
Rest of portfolio [Member]
Disaggregation of Revenue [Line Items]
Net sales	[7]	$ 40	$ 27	$ 111	$ 62

[1] Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel's family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, GlenDronach, Benriach, Glenglassaugh, Slane Irish Whiskey, and Coopers’ Craft. Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products. Includes the Herradura family of brands, el Jimador, and other tequilas. Includes Korbel California Champagne and Sonoma-Cutrer wines. Includes Finlandia which we divested on November 1, 2023. Net sales for the three months ended January 31, 2024 were recognized pursuant to the transition services agreement related to distribution services in certain markets. Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine. Includes Chambord, Gin Mare, Korbel Brandy, Diplomático, and Fords Gin.

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits (Details) - Pension Benefits [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Sponsor Location [Extensible List]
Service cost	$ 5	$ 5	$ 14	$ 16
Interest cost	8	8	25	24
Expected return on plan assets	(10)	(11)	(30)	(33)
Amortization of prior service cost (credit)	0	0	0	1
Amortization of net actuarial loss (gain)	2	2	5	7
Settlement loss	0	27	0	27
Net cost	$ 5	$ 31	$ 14	$ 42

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Jan. 31, 2024	Jan. 31, 2023
Expected Tax Rate on Ordinary Income	20.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Effective Income Tax Rate Reconciliation, Percent	20.30%	23%

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]
Sales	$ 1,406	$ 1,406	$ 4,137	$ 4,078
Other income (expense), net	84	(124)	91	(117)
Foreign Currency Denominated Debt [Member]
Foreign currency-denominated debt designated as net investment hedge: [Abstract]
Net gain (loss) recognized in AOCI	(19)	(32)	(2)	10
Foreign Currency Denominated Debt [Member] \| Other Income [Member]
Foreign currency-denominated debt designated as net investment hedge: [Abstract]
Net investment hedge gain (Note 11)	26	0	26	0
Currency derivatives [Member]
Currency derivatives designated as cash flow hedges: [Abstract]
Net gain (loss) recognized in AOCI	(11)	(33)	6	3
Currency derivatives [Member] \| Sales [Member]
Currency derivatives designated as cash flow hedges: [Abstract]
Net gain (loss) reclassified from AOCI into earnings	3	11	11	34
Currency derivatives not designated as hedging instruments: [Abstract]
Net gain (loss) recognized in earnings	(3)	(11)	(1)	(2)
Currency derivatives [Member] \| Other Income [Member]
Currency derivatives not designated as hedging instruments: [Abstract]
Net gain (loss) recognized in earnings	$ 2	$ 2	$ 8	$ 11

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	$ 12	$ 28
Derivative Liability, Fair Value, Gross Liability	6	14
Currency derivatives [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	10	20
Derivative Liability, Fair Value, Gross Liability	(4)	(11)
Currency derivatives [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Assets [Member]
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	1	5
Derivative Liability, Fair Value, Gross Liability	0	(1)
Currency derivatives [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Accrued Expenses [Member]
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	1	0
Derivative Liability, Fair Value, Gross Liability	(1)	(1)
Currency derivatives [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Other Liabilities [Member]
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	(1)	(1)
Currency derivatives [Member] \| Not designated as hedges [Member] \| Other Current Assets [Member]
Fair values of derivative instruments
Derivative Asset, Fair Value, Gross Asset	0	3
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
	Oct. 31, 2023	Jan. 31, 2024	Apr. 30, 2023
Derivative Financial Instruments (Textual) [Abstract]
Maximum term of outstanding derivative contracts	24 months	24 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		$ 4
Derivative, Net Liability Position, Aggregate Fair Value		1	$ 1
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instrument, Face Amount		496	495
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		$ 560	$ 747

Offsetting Derivative Assets an

Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Offsetting Assets and Liabilities [Line Items]
Gross Amount of Derivative Assets	$ 12	$ 28
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet	(5)	(12)
Net Amount of Derivative Assets Presented in Balance Sheet	7	16
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet	0	(1)
Net Amount of Derivative Assets	7	15
Gross Amount of Derivative Liabilities	(6)	(14)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet	5	12
Net Amount of Derivative Liabilities Presented in Balance Sheet	1	2
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet	0	1
Net Amount of Derivative Liabilities	$ 1	$ 1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023
Assets:
Cash and cash equivalents	$ 589	$ 374	$ 428
Cash and cash equivalents, Fair Value	589	374
Liabilities:
Short-term borrowings, Carrying Amount	728	235
Short-term borrowings, Fair Value	728	235
Long-term debt, Carrying Amount	2,678	2,678
Contingent consideration, Carrying Amount	62	63
Fair Value, Inputs, Level 2 [Member]
Assets:
Currency derivatives, net, Fair Value	7	16
Liabilities:
Currency derivatives, net, Fair Value	1	2
Long-term debt, Fair Value	2,570	2,556
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Contingent consideration, Fair Value	62	63
Foreign Exchange Contract [Member]
Assets:
Currency derivatives, net, Carrying Amount	7	16
Liabilities:
Currency derivatives, net, Carrying Amount	$ 1	$ 2

Impairment Charge (Details)

Impairment Charge (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Impairment Charge (Details) - USD ($) $ in Millions	Jan. 31, 2023	Jan. 31, 2023
Fair Value Disclosures [Abstract]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	$ 96	$ 96

Rollforward of Contingent Consi

Rollforward of Contingent Consideration (Details) $ in Millions	9 Months Ended
	Jan. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at April 30, 2023	$ 63
Purchase accounting adjustment (Note 14)	(1)
Change in fair value	1	[1]
Foreign currency translation adjustment	(1)
Balance at January 31, 2024	$ 62

[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
		Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Before Tax:
Net other comprehensive income (loss)		$ 52			$ 75			$ 4	$ 92
Tax Effect:
Net other comprehensive income (loss)		14			16			7	2
Net of Tax:
Net other comprehensive income (loss)		66	$ (91)	$ 36	91	$ 2	$ 1	11	94
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Before Tax:
Net gain (loss)		61			111			0	110
Reclassification to earnings		4			0			4	0
Net other comprehensive income (loss)		65			111			4	110
Tax Effect:
Net gain (loss)		4			8			0	(2)
Reclassification to earnings		6			0			6	0
Net other comprehensive income (loss)		10			8			6	(2)
Net of Tax:
Net gain (loss)		65			119			0	108
Reclassification to earnings		10			0			10	0
Net other comprehensive income (loss)		75			119			10	108
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Before Tax:
Net gain (loss)		(11)			(33)			6	3
Reclassification to earnings	[1]	(3)			(11)			(11)	(34)
Net other comprehensive income (loss)		(14)			(44)			(5)	(31)
Tax Effect:
Net gain (loss)		3			7			(1)	(1)
Reclassification to earnings	[1]	1			3			3	8
Net other comprehensive income (loss)		4			10			2	7
Net of Tax:
Net gain (loss)		(8)			(26)			5	2
Reclassification to earnings	[1]	(2)			(8)			(8)	(26)
Net other comprehensive income (loss)		(10)			(34)			(3)	(24)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Before Tax:
Net gain (loss)		0			(21)			0	(21)
Reclassification to earnings	[2]	1			29			5	34
Net other comprehensive income (loss)		1			8			5	13
Tax Effect:
Net gain (loss)		0			5			0	5
Reclassification to earnings	[2]	0			(7)			(1)	(8)
Net other comprehensive income (loss)		0			(2)			(1)	(3)
Net of Tax:
Net gain (loss)		0			(16)			0	(16)
Reclassification to earnings	[2]	1			22			4	26
Net other comprehensive income (loss)		$ 1			$ 6			$ 4	$ 10

[1] Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations. Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.

Acquisitions (Details)

Acquisitions (Details) € in Millions				3 Months Ended	9 Months Ended
Acquisitions (Details) € in Millions		Jan. 05, 2023 USD ($)	Nov. 03, 2022 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)	Apr. 30, 2023 USD ($)	Nov. 03, 2022 EUR (€)
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability						$ 62,000,000	$ 63,000,000
Goodwill						$ 1,464,000,000	$ 1,457,000,000
Business Combinations, Transaction Expenses				$ 45,000,000	$ 50,000,000
Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Business Combinations, Transaction Expenses				3,000,000	8,000,000
Other expense (income), net
Business Acquisition [Line Items]
Business Combinations, Transaction Expenses				$ 42,000,000	$ 42,000,000
Gin Mare
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			100%					100%
Business Combination, Consideration Transferred			$ 523,000,000
Payments to Acquire Businesses, Gross			468,000,000
Business Combination, Contingent Consideration, Liability			55,000,000
Trademarks and brand names (indefinite-lived)			283,000,000
Goodwill			306,000,000
Total assets			589,000,000
Deferred tax liabilities			66,000,000
Net assets acquired			523,000,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			89,000,000					€ 90
Business Acquisition, Goodwill, Expected Tax Deductible Amount			0
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred			1,000,000
Gin Mare \| Prior Allocation
Business Acquisition [Line Items]
Trademarks and brand names (indefinite-lived)	[1]		307,000,000
Goodwill	[1]		289,000,000
Total assets	[1]		596,000,000
Deferred tax liabilities	[1]		72,000,000
Net assets acquired	[1]		524,000,000
Gin Mare \| Adjustments
Business Acquisition [Line Items]
Trademarks and brand names (indefinite-lived)			(24,000,000)
Goodwill			17,000,000
Total assets			(7,000,000)
Deferred tax liabilities			(6,000,000)
Net assets acquired			$ (1,000,000)
Diplomatico
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100%
Payments to Acquire Businesses, Gross		$ 723,000,000
Accounts receivable		11,000,000
Inventories		34,000,000
Other current assets		25,000,000
Property, plant, and equipment		38,000,000
Trademarks and brand names (indefinite-lived)		283,000,000
Goodwill		386,000,000
Other assets		2,000,000
Total assets		779,000,000
Accounts payable and accrued expenses		14,000,000
Deferred tax liabilities		40,000,000
Other liabilities		2,000,000
Total liabilities		56,000,000
Net assets acquired		723,000,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount		108,000,000
Diplomatico \| Prior Allocation
Business Acquisition [Line Items]
Accounts receivable	[1]	11,000,000
Inventories	[1]	36,000,000
Other current assets	[1]	25,000,000
Property, plant, and equipment	[1]	38,000,000
Trademarks and brand names (indefinite-lived)	[1]	312,000,000
Goodwill	[1]	363,000,000
Other assets	[1]	2,000,000
Total assets	[1]	787,000,000
Accounts payable and accrued expenses	[1]	13,000,000
Deferred tax liabilities	[1]	45,000,000
Other liabilities	[1]	2,000,000
Total liabilities	[1]	60,000,000
Net assets acquired	[1]	727,000,000
Diplomatico \| Adjustments
Business Acquisition [Line Items]
Accounts receivable		0
Inventories		(2,000,000)
Other current assets		0
Property, plant, and equipment		0
Trademarks and brand names (indefinite-lived)		(29,000,000)
Goodwill		23,000,000
Other assets		0
Total assets		(8,000,000)
Accounts payable and accrued expenses		1,000,000
Deferred tax liabilities		(5,000,000)
Other liabilities		0
Total liabilities		(4,000,000)
Net assets acquired		$ (4,000,000)

[1] As reported in Note 12 to our consolidated financial statements in our 2023 Form 10-K.

Finlandia Divestiture (Details)

Finlandia Divestiture (Details) - USD ($) $ in Millions			9 Months Ended
Finlandia Divestiture (Details) - USD ($) $ in Millions	Nov. 01, 2023		Jan. 31, 2024	Jan. 31, 2023
Amounts reclassified from AOCI: [Abstract]
Net pre-tax gain on sale			$ 90	$ 0
Finlandia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 194
Net carrying amount of assets and liabilities sold	(100)
Amounts reclassified from AOCI: [Abstract]
Cumulative translation losses	(30)
Net investment hedge gain (Note 11)	26
Net pre-tax gain on sale	$ 90	[1]	$ 90

[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	Jan. 31, 2024	Apr. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 161	$ 0
Liabilities held for sale	15	$ 0
Sonoma-Cutrer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories	62
Property, plant, and equipment	81
Goodwill	18
Assets held for sale	161
Accounts payable and accrued expenses	3
Deferred tax liabilities	12
Liabilities held for sale	15
Net assets held for sale	$ 146

Assets Held for Sale (Details T

Assets Held for Sale (Details Textual) - Sonoma-Cutrer $ in Millions	1 Months Ended
	Nov. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration, Expected Equity Interest in Acquiror	21.50%
Disposal Group, Including Discontinued Operation, Consideration, Expected Proceeds from Sale	$ 50