Proceeds from short-term borrowings, maturities greater than 90 days

  
Brown-Forman Corporation and SubsidiariesConsolidated Statements of Cash Flows(Dollars in millions) 

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year Ended April 30, | 2020 |  | 2021 |  | 2022 |
| Cash flows from operating activities: |  |  |  |  |  |
| Net income | $ | 827  |  |  | $ | 903  |  |  | $ | 838  |  |
| Adjustments to reconcile net income to net cash provided by operations: |  |  |  |  |  |
| Gain on sale of business | —  |  |  | (127) |  |  | —  |  |
| Asset impairment charges | 13  |  |  | —  |  |  | 61  |  |
| Depreciation and amortization | 74  |  |  | 77  |  |  | 79  |  |
| Stock-based compensation expense | 11  |  |  | 12  |  |  | 15  |  |
| Deferred income tax provision (benefit) | 39  |  |  | (53) |  |  | (11) |  |
|  |  |  |  |  |  |
| Other, net | 15  |  |  | (23) |  |  | 31  |  |
| Changes in assets and liabilities, net of business acquisitions and dispositions: |  |  |  |  |  |
| Accounts receivable | 12  |  |  | (150) |  |  | (77) |  |
| Inventories | (203) |  |  | (37) |  |  | (93) |  |
| Other current assets | (27) |  |  | 31  |  |  | 15  |  |
| Accounts payable and accrued expenses | (30) |  |  | 137  |  |  | 37  |  |
| Accrued income taxes | 18  |  |  | 8  |  |  | 47  |  |
| Other operating assets and liabilities | (25) |  |  | 39  |  |  | (6) |  |
| Cash provided by operating activities | 724  |  |  | 817  |  |  | 936  |  |
| Cash flows from investing activities: |  |  |  |  |  |
| Proceeds from sale of business | —  |  |  | 177  |  |  | —  |  |
| Acquisition of business, net of cash acquired | (22) |  |  | (14) |  |  | —  |  |
| Additions to property, plant, and equipment | (113) |  |  | (62) |  |  | (138) |  |
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| Other, net | (6) |  |  | (3) |  |  | 11  |  |
| Cash provided by (used for) investing activities | (141) |  |  | 98  |  |  | (127) |  |
| Cash flows from financing activities: |  |  |  |  |  |
| Proceeds from short-term borrowings, maturities greater than 90 days | —  |  |  | 344  |  |  | —  |  |
| Repayments of short-term borrowings, maturities greater than 90 days | —  |  |  | (516) |  |  | —  |  |
|  |  |  |  |  |  |
| Net change in short-term borrowings | 178  |  |  | 46  |  |  | (196) |  |
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|  |  |  |  |  |  |
| Payments of withholding taxes related to stock-based awards | (43) |  |  | (21) |  |  | (11) |  |
|  |  |  |  |  |  |
| Acquisition of treasury stock | (1) |  |  | —  |  |  | —  |  |
| Dividends paid | (325) |  |  | (338) |  |  | (831) |  |
|  |  |  |  |  |  |
| Cash used for financing activities | (191) |  |  | (485) |  |  | (1,038) |  |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (24) |  |  | 45  |  |  | (47) |  |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 368  |  |  | 475  |  |  | (276) |  |
| Cash, cash equivalents, and restricted cash at beginning of period | 307  |  |  | 675  |  |  | 1,150  |  |
| Cash, cash equivalents,and restricted cash at end of period | 675  |  |  | 1,150  |  |  | 874  |  |
| Less: Restricted cash (included in other current assets) at end of period | —  |  |  | —  |  |  | (6) |  |
| Cash and cash equivalents at end of period | $ | 675  |  |  | $ | 1,150  |  |  | $ | 868  |  |
| Supplemental disclosure of cash paid for: |  |  |  |  |  |
| Interest | $ | 83  |  |  | $ | 79  |  |  | $ | 80  |  |
| Income taxes | $ | 143  |  |  | $ | 204  |  |  | $ | 226  |  |

 The accompanying notes are an integral part of the consolidated financial statements.58
