Assets Held for Sale

9 Months Ended

Jan. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

In November 2023, we reached an agreement to sell our Sonoma-Cutrer wine business to The Duckhorn Portfolio, Inc. in exchange for an ownership percentage of approximately 21.5% in The Duckhorn Portfolio, Inc. and cash of $50 million. The transaction, which is subject to certain customary closing adjustments and conditions, is expected to close in the fourth quarter of fiscal 2024.

The net carrying amount of the related business assets and liabilities as of January 31, 2024, was $146 million and consisted of the following:

(Dollars in millions)	January 31, 2024
Inventories	$	62
Property, plant, and equipment	81
Goodwill	18
Total assets held for sale	161
Accounts payable and accrued expenses	3
Deferred tax liabilities	12
Total liabilities held for sale	15
Net assets held for sale	$	146

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 January 31, 2024.