BROWN FORMAN CORP Debt Disclosure
| April 30, | 2024 | 2025 | |||||||||
3.50% senior notes, $300 principal amount, due April 15, 2025 | $ | 300 | $ | — | |||||||
1.20% senior notes, €300 principal amount, due July 7, 2026 | 321 | 342 | |||||||||
2.60% senior notes, £300 principal amount, due July 7, 2028 | 375 | 401 | |||||||||
4.75% senior notes, $650 principal amount, due April 15, 2033 | 643 | 644 | |||||||||
4.00% senior notes, $300 principal amount, due April 15, 2038 | 295 | 296 | |||||||||
3.75% senior notes, $250 principal amount, due January 15, 2043 | 248 | 248 | |||||||||
4.50% senior notes, $500 principal amount, due July 15, 2045 | 490 | 490 | |||||||||
| 2,672 | 2,421 | ||||||||||
| Less current portion | 300 | — | |||||||||
| $ | 2,372 | $ | 2,421 | ||||||||
| April 30, | 2024 | 2025 | |||||||||
Commercial paper (par amount) | $429 | $313 | |||||||||
| Average interest rate | 5.49% | 4.64% | |||||||||
| Average remaining days to maturity | 12 | 12 | |||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 13, 2025 | Showing above |
| 2024 | Jun 14, 2024 | |
| 2023 | Jun 16, 2023 | |
| 2022 | Jun 17, 2022 | |
| 2021 | Jun 21, 2021 | |
| 2020 | Jun 19, 2020 | |
| 2019 | Jun 13, 2019 | |
| 2018 | Jun 13, 2018 | |
| 2017 | Jun 15, 2017 | |
| 2016 | Jun 16, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.