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Overall detailed analysis and conclusion as to the performance

BROWN FORMAN CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
2017 % 2018 %
Assets
Cash & Cash equivalents 182 3.94% 239 4.80%
Accounts receivable, net 557 12.04% 639 12.84%
Inventories 1,270 27.46% 1,379 27.71%
Other Current Assets 342 7.39% 298 5.99%
Total Current Assets 2,351 50.83% 2,555 51.35%
Property, plant and eqeuipment 713 15.42% 780 15.68%
Goodwill 753 16.28% 763 15.33%
Other intangible assets 641 13.86% 670 13.46%
Deferred tax assets 16 0.35% 16 0.32%
Other Assets 151 3.26% 192 3.86%
Total Assets 4,625 100% 4,976 100%
Liabilities
Accounts payable and accrued expenses 501 10.83% 581 11.68%
Income taxes 9 0.19% 25 0.50%
Income borrowings 211 4.56% 215 4.32%
Current portion of long-term debt 249 5.38% - 0.00%
Total current liabilities 970 20.97% 821 16.50%
Long-term debt 1,689 36.52% 2,341 47.05%
Deferred tax liabilities 152 3.29% 85 1.71%
Accrued pension and other postreitrement benefits 314 6.79% 191 3.84%
Other liabilities 130 2.81% 222 4.46%
Total Liabilities 3,255 70.38% 3,660 73.55%
Stockholders' Equity
Common Stock
   Class A, voting, $0.15 par value (170,000,000 shares authorized) 25 0.54% 25 0.50%
   Class B, nonvoting, $0.15 par value (400,000,000 shares authorized) 43 0.93% 47 0.94%
Additional paid-in capital 65 1.41% 4 0.08%
Retained earnings 4,470 96.65% 1,730 34.77%
Accumulated other comprehensive income (loss), net of tax (390) -8.43% (378) -7.60%
Treasury stock, at cost (88,175,000 and 3,531,000 shares in 2017 and 2018, respectively (2843) -61.47% (112) -2.25%
Total stockholders' equity 1,370 29.62% 1,316 26.45%
Total liabilities and stockholders' equity 4,625 100.00% 4,976 100.00%
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