Brown-Forman Corporation (NYSE:BF.B) announces a share repurchase program. Under the program, the company will repurchase $1,000 million of Class A and Class B common shares. The company can repurchase shares from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase program may be modified, suspended, or terminated by the company at any time without prior notice. The repurchase program will be valid till March 31, 2017.

On May 26, 2016, the Board approved a 2:1 stock split, to be paid in the form of a stock dividend, for all outstanding shares of Class A and Class B common stock. Implementing the stock split is subject to the approval of an increase in the number of authorized shares of Class A common stock at the Annual Meeting of Shareholders, scheduled to be held on July 28, 2016. If approved, the company expects the new shares to be distributed on or about August 18, 2016, to the shareholders of record on or about August 8, 2016.

The split was approved by stockholders on July 28, 2016, and thereby increased the number of authorized shares of Class A common stock but did not change the number of authorized Class B common shares.