Pay vs Performance Disclosure

12 Months Ended

Apr. 30, 2024

USD ($)

Apr. 30, 2023

USD ($)

Apr. 30, 2022

USD ($)

Apr. 30, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay versus Performance Table

The table below shows the total compensation for our PEO and the average of our non-PEO NEOs (as set forth in the Summary Compensation Table on page 50), the CAP for our PEO and the average for our non-PEO NEOs, our absolute TSR, the TSR of our peer group over the same period, our reported net income, our underlying net sales growth and underlying operating income growth for the last four fiscal years.

FISCAL 2024 PAY VS PERFORMANCE

Year	Summary Compensation Table Total for PEO(1)			Compensation Actually Paid to PEO(3)			Average Summary Compensation Table Total for Non- PEO NEOs(2)			Average Compensation Actually Paid to Non- PEO NEOs(3)			B-F TSR(4)			Peer Group TSR(4)(5)			Reported Net Income (in millions)			Underlying Net Sales Growth			Underlying Operating Income Growth
2024		$13,194,160			$5,788,644			$2,895,924			$1,878,251			$82			$150			$1,024			4%			12%
2023		9,651,262			6,771,842			2,059,136			1,752,991			109			146			783			11%			8%
2022		8,364,936			4,476,542			1,567,977			1,271,730			112			143			838			13%			15%
2021		9,112,109			11,798,204			2,072,337			2,709,954			124			123			903			6%			4%

(1) The PEO for each of fiscal 2021, 2022, 2023 and 2024 was Mr. Whiting.

(2) The non-PEO NEOs in fiscal 2024 were Ms. Cunningham, Mr. Farrer, Mr. Hamel and Mr. Hinrichs. The non-PEO NEOs in fiscal 2023 were Ms. Cunningham, Mr. Hinrichs, Mr. Hamel, and Ms. Hawley. The non-PEO NEOs in fiscal 2022 were Ms. Cunningham, Mr. Hinrichs, Mr. Hamel, Ms. Hawley, and Jane Morreau. The non-PEO NEOs in fiscal 2021 were Ms. Morreau, Mr. Hinrichs, Mr. Hamel, and Ms. Hawley.

  

(3) SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported in the Pay versus Performance Table. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a valuation calculated under applicable SEC rules. In general, CAP is calculated as summary compensation table total compensation adjusted to (a) include the value of any pension benefit (or loss) attributed to the past fiscal year, including on account of any amendments adopted during such year; and (b) include the fair market value of equity awards as of April 30, 2024 or, if earlier, the vesting date (rather than the grant date) and factor in dividends and interest accrued with respect to such awards. No awards were granted and vested in the same year; no awards granted in any prior fiscal year failed to meet applicable vesting conditions during the covered fiscal year; there was no change in fair value of outstanding, vested equity granted in prior years; and there were no dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise reported. The following table detail the applicable adjustments:

PENSION VALUE AND EQUITY AWARD ADJUSTMENTS

Year	Summary Compensation Table Total		Deduct change in pension value			Add Pension Service Cost Adjustment		Add Prior Year Pension Service Cost Adjustment		Deduct Summary Compensation Table Stock & Option Awards			Add Year-End Value of Unvested Equity Granted in Covered Fiscal Year		Add Change in Value of Unvested Equity Granted in Prior Years			Compensation Actually Paid
PEO
2024		$13,194,160		$(1,145,802	)		$382,548		$26,726		$(6,982,403	)		$2,802,694		$(2,489,279	)		$5,788,644
2023		9,651,262		(1,095,610	)		375,220		–		(3,862,409	)		2,773,884		(1,070,505	)		6,771,842
2022		8,364,936		(811,189	)		386,185		–		(3,371,539	)		2,908,042		(2,999,893	)		4,476,542
2021		9,112,109		(1,006,606	)		376,123		–		(3,595,862	)		4,457,842		2,454,598			11,798,204
Average Non-PEO NEOs
2024		2,895,924		(246,725	)		90,377		4,905		(950,644	)		381,583		(297,169	)		1,878,251
2023		2,059,136		(143,794	)		92,310		–		(500,230	)		359,253		(113,684	)		1,752,991
2022		1,567,977		–			112,527		–		(349,638	)		301,569		(360,704	)		1,271,730
2021		2,072,337		(297,275	)		157,787		–		(486,612	)		620,239		643,478			2,709,954

(4) TSR is calculated on a cumulative basis measured from the market close of Brown-Forman’s Class B common stock on April 30, 2020, through the end of the indicated fiscal year.

(5) Peer Group is defined as the S&P 500 Consumer Staples Index. The companies in this sector are primarily involved in the development and production of consumer products that cover food and drug retailing, beverages, food products, tobacco, household products, and personal products.

Company Selected Measure Name

UnderlyingNet SalesGrowth

Named Executive Officers, Footnote

The non-PEO NEOs in fiscal 2024 were Ms. Cunningham, Mr. Farrer, Mr. Hamel and Mr. Hinrichs. The non-PEO NEOs in fiscal 2023 were Ms. Cunningham, Mr. Hinrichs, Mr. Hamel, and Ms. Hawley. The non-PEO NEOs in fiscal 2022 were Ms. Cunningham, Mr. Hinrichs, Mr. Hamel, Ms. Hawley, and Jane Morreau. The non-PEO NEOs in fiscal 2021 were Ms. Morreau, Mr. Hinrichs, Mr. Hamel, and Ms. Hawley.

Peer Group Issuers, Footnote

Peer Group is defined as the S&P 500 Consumer Staples Index. The companies in this sector are primarily involved in the development and production of consumer products that cover food and drug retailing, beverages, food products, tobacco, household products, and personal products.

PEO Total Compensation Amount

$ 13,194,160

$ 9,651,262

$ 8,364,936

$ 9,112,109

PEO Actually Paid Compensation Amount

$ 5,788,644

6,771,842

4,476,542

11,798,204

Adjustment To PEO Compensation, Footnote

PENSION VALUE AND EQUITY AWARD ADJUSTMENTS

Year	Summary Compensation Table Total		Deduct change in pension value			Add Pension Service Cost Adjustment		Add Prior Year Pension Service Cost Adjustment		Deduct Summary Compensation Table Stock & Option Awards			Add Year-End Value of Unvested Equity Granted in Covered Fiscal Year		Add Change in Value of Unvested Equity Granted in Prior Years			Compensation Actually Paid
PEO
2024		$13,194,160		$(1,145,802	)		$382,548		$26,726		$(6,982,403	)		$2,802,694		$(2,489,279	)		$5,788,644
2023		9,651,262		(1,095,610	)		375,220		–		(3,862,409	)		2,773,884		(1,070,505	)		6,771,842
2022		8,364,936		(811,189	)		386,185		–		(3,371,539	)		2,908,042		(2,999,893	)		4,476,542
2021		9,112,109		(1,006,606	)		376,123		–		(3,595,862	)		4,457,842		2,454,598			11,798,204
Average Non-PEO NEOs
2024		2,895,924		(246,725	)		90,377		4,905		(950,644	)		381,583		(297,169	)		1,878,251
2023		2,059,136		(143,794	)		92,310		–		(500,230	)		359,253		(113,684	)		1,752,991
2022		1,567,977		–			112,527		–		(349,638	)		301,569		(360,704	)		1,271,730
2021		2,072,337		(297,275	)		157,787		–		(486,612	)		620,239		643,478			2,709,954

Non-PEO NEO Average Total Compensation Amount

$ 2,895,924

2,059,136

1,567,977

2,072,337

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,878,251

1,752,991

1,271,730

2,709,954

Adjustment to Non-PEO NEO Compensation Footnote

PENSION VALUE AND EQUITY AWARD ADJUSTMENTS

Year	Summary Compensation Table Total		Deduct change in pension value			Add Pension Service Cost Adjustment		Add Prior Year Pension Service Cost Adjustment		Deduct Summary Compensation Table Stock & Option Awards			Add Year-End Value of Unvested Equity Granted in Covered Fiscal Year		Add Change in Value of Unvested Equity Granted in Prior Years			Compensation Actually Paid
PEO
2024		$13,194,160		$(1,145,802	)		$382,548		$26,726		$(6,982,403	)		$2,802,694		$(2,489,279	)		$5,788,644
2023		9,651,262		(1,095,610	)		375,220		–		(3,862,409	)		2,773,884		(1,070,505	)		6,771,842
2022		8,364,936		(811,189	)		386,185		–		(3,371,539	)		2,908,042		(2,999,893	)		4,476,542
2021		9,112,109		(1,006,606	)		376,123		–		(3,595,862	)		4,457,842		2,454,598			11,798,204
Average Non-PEO NEOs
2024		2,895,924		(246,725	)		90,377		4,905		(950,644	)		381,583		(297,169	)		1,878,251
2023		2,059,136		(143,794	)		92,310		–		(500,230	)		359,253		(113,684	)		1,752,991
2022		1,567,977		–			112,527		–		(349,638	)		301,569		(360,704	)		1,271,730
2021		2,072,337		(297,275	)		157,787		–		(486,612	)		620,239		643,478			2,709,954

Compensation Actually Paid vs. Total Shareholder Return

 

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

 

Tabular List, Table

 The list below shows the most important metrics used by the Committee to link CAP to company performance.

Underlying Net Sales(1) Growth	We consider underlying net sales growth and underlying operating income growth to be the most important financial measures used to link pay with performance in fiscal 2024 because they (1) are used to determine 70% of the short-term cash incentive award payout for the company’s chief executive officer, who is our principal executive officer (PEO), and other NEOs, and (2) are used on a relative basis to determine 100% of the long-term incentive cash award payout for the PEO and other NEOs.
Underlying Operating Income(2) Growth
Relative TSR
Stock Appreciation

(1) “Underlying net sales” is not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.

(2) “Underlying operating income” is not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.

Total Shareholder Return Amount

$ 82

109

112

124

Peer Group Total Shareholder Return Amount

150

146

143

123

Net Income (Loss)

$ 1,024,000,000

$ 783,000,000

$ 838,000,000

$ 903,000,000

Company Selected Measure Amount

0.04

0.11

0.13

0.06

PEO Name

Mr. Whiting

Measure:: 1

Pay vs Performance Disclosure

Name

Underlying Net Sales(1) Growth

Non-GAAP Measure Description

“Underlying net sales” is not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.

Measure:: 2

Pay vs Performance Disclosure

Compensation Actually Paid vs. Other Measure

Other Performance Measure, Amount

0.12

0.08

0.15

0.04

Name

Underlying Operating Income(2) Growth

Non-GAAP Measure Description

“Underlying operating income” is not derived in accordance with GAAP. Please refer to Appendix A of this Proxy Statement for information about our use of non-GAAP measures.

Measure:: 3

Pay vs Performance Disclosure

Name

Relative TSR

Measure:: 4

Pay vs Performance Disclosure

Name

Stock Appreciation

PEO | Change In Pension Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,145,802)

$ (1,095,610)

$ (811,189)

$ (1,006,606)

PEO | Pension Service Cost Adjustment [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

382,548

375,220

386,185

376,123

PEO | Prior Year Pension Service Cost Adjustment [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

26,726

0

0

0

PEO | Summary Compensation Table Stock Option Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(6,982,403)

(3,862,409)

(3,371,539)

(3,595,862)

PEO | YearEnd Value of Unvested Equity Granted in Covered Fiscal Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,802,694

2,773,884

2,908,042

4,457,842

PEO | Change in Value of Unvested Equity Granted in Prior Years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(2,489,279)

(1,070,505)

(2,999,893)

2,454,598

Non-PEO NEO | Change In Pension Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(246,725)

(143,794)

0

(297,275)

Non-PEO NEO | Pension Service Cost Adjustment [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

90,377

92,310

112,527

157,787

Non-PEO NEO | Prior Year Pension Service Cost Adjustment [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,905

0

0

0

Non-PEO NEO | Summary Compensation Table Stock Option Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(950,644)

(500,230)

(349,638)

(486,612)

Non-PEO NEO | YearEnd Value of Unvested Equity Granted in Covered Fiscal Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

381,583

359,253

301,569

620,239

Non-PEO NEO | Change in Value of Unvested Equity Granted in Prior Years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (297,169)

$ (113,684)

$ (360,704)

$ 643,478