Divestitures

12 Months Ended

Apr. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

On November 1, 2023, we sold the Finlandia vodka business to Coca-Cola HBC AG for $196 in cash. The net carrying amount of the related business assets and liabilities included in the sale was $100, consisting largely of goodwill and other intangible assets. As a result of the sale, we recognized a pre-tax gain of $92 during fiscal 2024, calculated as follows:




Cash proceeds	$	196
Net carrying amount of assets and liabilities sold	(100)





Amounts reclassified from AOCI:
Cumulative translation losses	(30)
Net investment hedge gain (Note 15)	26

Pre-tax gain on divestiture of Finlandia	$	92

On April 30, 2024, we sold the Sonoma-Cutrer wine business to The Duckhorn Portfolio, Inc.(“Duckhorn”) in exchange for an ownership percentage of 21.4% in Duckhorn and cash of $50. The net carrying amount of the related business assets and liabilities included in the sale was $142 and consisted of the following:





Inventories	$	56

Property, plant, and equipment	83

Goodwill	18

Other assets	1
Total assets sold	158

Accounts payable and accrued expenses	3
Deferred tax liabilities	12
Other liabilities	1
Total liabilities sold	16

Net assets sold	$	142

As a result of the sale, we recognized a pre-tax gain of $175 during the fourth quarter of fiscal 2024, calculated as follows:





Cash proceeds	$	50
Fair value of equity interest in Duckhorn	267
Total consideration received	317
Net carrying amount of assets and liabilities sold	(142)
Pre-tax gain on divestiture of Sonoma-Cutrer	$	175