Assets Held for Sale

3 Months Ended

Jul. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

During the quarter ended July 31, 2023, we reached an agreement to sell our Finlandia vodka business to Coca-Cola HBC AG (“CCH”) for $220 million in cash, subject to adjustments related to inventory and other working capital items. The net carrying amount of the related business assets and liabilities as of July 31, 2023, was $122 million and consisted of the following:

(Dollars in millions)	July 31, 2023
Accounts receivable	$	1
Inventories	28
Other current assets	1
Trademarks and brand names	93
Goodwill	10
Deferred tax assets	2
Total assets held for sale	135
Accounts payable and accrued expenses	12
Accrued income taxes	1
Total liabilities held for sale	13
Net assets held for sale	$	122

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 July 31, 2023. The carrying amounts of inventory and other working capital items included in the amounts presented as held for sale are subject to change until the closing date of the sale to CCH, which is expected to occur by December 31, 2023.