Finlandia Divestiture

9 Months Ended

Jan. 31, 2024

On November 1, 2023, we sold the Finlandia vodka business to Coca-Cola HBC AG for $194 million in cash. The sale reflects the continued evolution of our portfolio strategy to focus on premium spirits brands. The net carrying amount of the related business assets and liabilities included in the sale was $100 million, consisting largely of goodwill and other intangible assets. As a result of the sale, we recognized a pre-tax gain of $90 million during the third quarter of fiscal 2024, which consisted of the following:



(Dollars in millions)	November 1, 2023
Proceeds from sale	$	194
Net carrying amount of assets and liabilities sold	(100)





Amounts reclassified from AOCI:
Cumulative translation losses	(30)
Net investment hedge gain (Note 11)	26

Net pre-tax gain on sale1	$	90

1Classified as “other expense (income), net” in the accompanying condensed consolidated statements of operations.