Financial Performance - For the six months ended October 31, 2023, reported net sales in the United States decreased by 4%, with an organic change of -5%[206]. - Reported net sales for the six months ended October 31, 2023, were $2.1 billion, a 2% increase compared to the same period last year, driven by favorable price/mix and acquisitions[228]. - Gross profit for the same period was $1.3 billion, an increase of $87 million or 7%, with gross margin rising to 61.6% from 58.8%[228]. - Operating income for the six months ended October 31, 2023, was $666 million, reflecting a 1% increase year-over-year[228]. - Diluted earnings per share decreased by 1% to $0.98, primarily due to higher interest expenses[228]. - Reported net sales in Japan declined by 79% due to lower volumes of JDTW, with plans to distribute own brands starting April 1, 2024[231]. - Reported net sales in the Rest of Developed International increased by 23%, driven by acquisitions and new product launches[231]. - Travel Retail's reported net sales increased by 3%, supported by growth in the super-premium American whiskey portfolio[232]. - Woodford Reserve's reported net sales decreased by 3%, impacted by lower volumes in the United States[234]. - JDTH reported net sales decreased by 7%, primarily due to volumetric declines in the United States and a net decrease in distributor inventories[254]. - Gentleman Jack's net sales also decreased by 7%, attributed to lower volumes in the United States and negative foreign exchange effects, partially offset by higher volumes in emerging markets[254]. - JDTA's net sales increased by 51%, driven by a product launch in South Korea and higher volumes in Brazil[255]. - JD RTD/RTP brands saw a 2% increase in net sales, supported by the launch of Jack Daniel's & Coca-Cola RTD and favorable foreign exchange effects[256]. - Herradura's net sales declined by 5%, impacted by lower volumes in the United States and an unfavorable portfolio mix shift, though partially offset by positive foreign exchange and higher prices in Mexico[257]. Acquisitions and Divestitures - The Diplomático acquisition was completed for a total cash price of $723 million, reflecting a post-closing working capital adjustment of $4 million[185]. - The company agreed to sell its Finlandia vodka business to Coca-Cola HBC AG for $220 million, with an estimated adjusted sales price of $194 million as of October 31, 2023[188]. - The Sonoma-Cutrer wine business is set to be sold to The Duckhorn Portfolio, Inc. for $50 million in cash and a 21.5% ownership stake[190]. Market Performance - Emerging markets saw a 17% increase in reported net sales, with Mexico growing by 30% and Poland by 26%[206]. - Vodka (Finlandia) reported a 4% increase in net sales, driven by growth in Ukraine and Poland[212]. Expenses and Costs - Reported cost of sales for the three months ended October 31, 2023, was $436 million, a decrease of $45 million or 9% compared to the same period last year[259]. - SG&A expenses increased by 10% for the six months ended October 31, 2023, primarily due to higher compensation and benefit-related expenses[262]. - Total operating expenses increased by 11% year-over-year, with organic growth contributing 8%[261]. Taxation - The effective tax rate for the three months ended October 31, 2023, was 22.0%, down from 23.7% in the prior year[243]. - The effective tax rate for the six months ended October 31, 2023, was 22.4%, down from 23.7% in the same period last year, mainly due to decreased state tax impacts[263]. Asset and Liability Overview - The total assets as of October 31, 2023, were reported at $779 million, with total liabilities of $56 million[186]. - Cash used for investing activities was $61 million during the six months ended October 31, 2023, reflecting an increase in capital expenditures[248]. Operational Adjustments - The company uses "organic change" to adjust financial measures for acquisitions and divestitures, providing a clearer view of operational performance[216]. - The company has effective disclosure controls and procedures in place to ensure timely and accurate reporting of required information[168].

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | --- | --- | |---------------------------------------------------|-------|-------------------|-------------------------------------------| | Title of each class | | Trading Symbol(s) | Name of each exchange on which registered | | Class A Common Stock (voting), $0.15 par value | | BFA | New York Stock Exchange | | Class B Common S ...

Below we discuss our outlook for fiscal 2024, which reflects the trends, developments, and uncertainties (including those described above) that we expect to affect our business. When we provide guidance for organic change in certain measures of the statements of operations we do not provide guidance for the corresponding GAAP change, as the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, such as foreign exchange, which could have a significant impact to o ...

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Large accelerated filer☑ Non-acceleratedfiler☐ Page PART I - FINANCIAL INFORMATION 3 Item 3. Quantitative and Qualitative Disclosures about Market Risk 35 Item 1A. Risk Factors 37 Item 4. Mine Safety Disclosures 37 SIGNATURES 39 BROWN-FORMAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in mi ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | | ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |--------------------------------------------------------|---------------------| | | | | Commission File No ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |--------------------------------------------------------|---------------------| | | | | Commission File No. | ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------------------------------|-----------------------------------| | ...