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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______ .
Commission File Number: 1-14829
molsoncoorspreferredlogonont.jpg
Molson Coors Beverage Company
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)
P.O. Box 4030, BC555, Golden, Colorado, USA
111 Boulevard Robert-Bourassa, 9th Floor, Montréal, Québec, Canada
(Address of principal executive offices)
84-0178360
(I.R.S. Employer Identification No.)
80401
H3C 2M1
(Zip Code)

303-279-6565 (Colorado)
514-521-1786 (Québec)
(Registrant's telephone number, including area code)
_______________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbolsName of each exchange on which registered
Class A Common Stock, $0.01 par value TAP.ANew York Stock Exchange
Class B Common Stock, $0.01 par value TAPNew York Stock Exchange
3.800% Senior Notes due 2032TAP 32New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ý
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 31, 2024:
Class A Common Stock — 2,563,034 shares
Class B Common Stock — 193,565,199 shares
Exchangeable shares:
As of October 31, 2024, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable shares — 2,678,963 shares
Class B Exchangeable shares — 7,205,946 shares
The Class A exchangeable shares and Class B exchangeable shares are shares of the share capital in Molson Coors Canada Inc., a wholly-owned subsidiary of the registrant. They are publicly traded on the Toronto Stock Exchange under the symbols TPX.A and TPX.B, respectively. These shares are intended to provide substantially the same economic and voting rights as the corresponding class of Molson Coors common stock in which they may be exchanged. In addition to the registered Class A common stock and the Class B common stock, the registrant has also issued and outstanding one share each of a Special Class A voting stock and Special Class B voting stock. The Special Class A voting stock and the Special Class B voting stock provide the mechanism for holders of Class A exchangeable shares and Class B exchangeable shares to be provided instructions to vote with the holders of the Class A common stock and the Class B common stock, respectively. The holders of the Special Class A voting stock and Special Class B voting stock are entitled to one vote for each outstanding Class A exchangeable share and Class B exchangeable share, respectively, excluding shares held by the registrant or its subsidiaries, and generally vote together with the Class A common stock and Class B common stock, respectively, on all matters on which the Class A common stock and Class B common stock are entitled to vote. The Special Class A voting stock and Special Class B voting stock are subject to a voting trust arrangement. The trustee which holds the Special Class A voting stock and the Special Class B voting stock is required to cast a number of votes equal to the number of then-outstanding Class A exchangeable shares and Class B exchangeable shares, respectively, but will only cast a number of votes equal to the number of Class A exchangeable shares and Class B exchangeable shares as to which it has received voting instructions from the owners of record of those Class A exchangeable shares and Class B exchangeable shares, other than the registrant or its subsidiaries, respectively, on the record date, and will cast the votes in accordance with such instructions so received.

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
INDEX
Page
2
Glossary of Terms and Abbreviations
AOCIAccumulated other comprehensive income (loss)
CADCanadian Dollar
CZKCzech Koruna
DBRSA global credit rating agency in Toronto
EBITDAEarnings before interest, tax, depreciation and amortization
EPSEarnings per share
EUREuro
FASB    
Financial Accounting Standards Board
GBP    
British Pound
MG&AMarketing, general and administrative
Moody’s
Moody’s Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC
NCI
Noncontrolling interest
OCIOther comprehensive income (loss)
OPEBOther postretirement benefit plans
RONRomanian Leu
RSD    
Serbian Dinar
SECU.S. Securities and Exchange Commission
Standard & Poor’sStandard and Poor’s Ratings Services, a nationally recognized statistical rating organization designated by the SEC
STWSales-to-wholesalers
U.K.United Kingdom
U.S.    
United States
U.S. GAAPAccounting principles generally accepted in the U.S.
USD or $U.S. Dollar
VIEsVariable interest entities
3
Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This Quarterly Report on Form 10-Q ("this report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.
Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements in Part I.—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, with respect to, among others, expectations of cost inflation, limited consumer disposable income, consumer preferences, overall volume and market share trends, pricing trends, industry forces, cost reduction strategies, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives and expectations regarding future dividends and share repurchases. In addition, statements that we make in this report that are not statements of historical fact may also be forward-looking statements. Words such as "expects," "intends," "goals," "plans," "believes," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies" and variations of such words and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those indicated (both favorably and unfavorably). These risks and uncertainties include, but are not limited to, those described in Part II.—Item IA. "Risk Factors" in this report and those described from time to time in our past and future reports filed with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 ("Annual Report"). Caution should be taken not to place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Market and Industry Data
The market and industry data used in this report are based on independent industry publications, customers, trade or business organizations, reports by market research firms and other published statistical information from third parties (collectively, the "Third Party Information"), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.
4
PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (UNAUDITED)
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
(UNAUDITED)
 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Sales$3,603.3 $3,905.6 $10,490.7 $10,551.5 
Excise taxes(560.6)(607.2)(1,599.3)(1,640.2)
Net sales3,042.7 3,298.4 8,891.4 8,911.3 
Cost of goods sold(1,840.2)(1,952.2)(5,395.5)(5,575.5)
Gross profit1,202.5 1,346.2 3,495.9 3,335.8 
Marketing, general and administrative expenses(684.7)(746.8)(2,067.8)(2,096.7)
Other operating income (expense), net(65.8)(12.7)(59.4)(13.0)
Equity income (loss)(0.8)5.5 (3.6)12.8 
Operating income (loss)451.2 592.2 1,365.1 1,238.9 
Interest income (expense), net(93.1)(48.8)(192.7)(162.5)
Other pension and postretirement benefit (cost), net(26.6)2.5 (11.9)7.7 
Other non-operating income (expense), net(0.1)(1.9)(3.8)2.9 
Total non-operating income (expense), net(119.8)(48.2)(208.4)(151.9)
Income (loss) before income taxes331.4 544.0 1,156.7 1,087.0 
Income tax benefit (expense)(102.6)(112.4)(292.7)(236.1)
Net income (loss)228.8 431.6 864.0 850.9 
Net (income) loss attributable to noncontrolling interests(29.0)(0.9)(29.4)(5.3)
Net income (loss) attributable to Molson Coors Beverage Company$199.8 $430.7 $834.6 $845.6 
    
Net income (loss) attributable to Molson Coors Beverage Company per share
Basic$0.96 $1.99 $3.98 $3.91 
Diluted $0.96 $1.98 $3.96 $3.89 
Weighted-average shares outstanding
Basic207.2 216.1 209.9 216.3 
Dilutive effect of share-based awards0.8 1.5 1.1 1.3 
Diluted208.0 217.6 211.0 217.6 

See notes to unaudited condensed consolidated financial statements.

5
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN MILLIONS)
(UNAUDITED)
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Net income (loss) including noncontrolling interests$228.8 $431.6 $864.0 $850.9 
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments104.8 (152.6)(23.0)(25.1)
Cumulative translation adjustment reclassified from other comprehensive income (loss)— (0.7)— (0.7)
Unrealized gain (loss) recognized on derivative instruments(28.6)50.0 1.3 38.5 
Derivative instrument activity reclassified from other comprehensive income (loss)— — — 1.0 
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)14.4 — 14.4 — 
Pension and other postretirement activity reclassified from other comprehensive income (loss)23.3 (2.8)19.7 (8.5)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)0.1 0.2 0.3 1.8 
Total other comprehensive income (loss), net of tax114.0 (105.9)12.7 7.0 
Comprehensive income (loss)342.8 325.7 876.7 857.9 
Comprehensive (income) loss attributable to noncontrolling interests(29.3)(0.2)(29.4)(5.4)
Comprehensive income (loss) attributable to Molson Coors Beverage Company$313.5 $325.5 $847.3 $852.5 


See notes to unaudited condensed consolidated financial statements.

6
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT PAR VALUE)
(UNAUDITED)
 As of
 September 30, 2024December 31, 2023
Assets  
Current assets  
Cash and cash equivalents$1,021.7 $868.9 
Trade receivables, net873.5 757.8 
Other receivables, net144.6 121.6 
Inventories, net833.3 802.3 
Other current assets, net356.4 297.9 
Total current assets3,229.5 2,848.5 
Property, plant and equipment, net4,497.0 4,444.5 
Goodwill5,317.6 5,325.3 
Other intangibles, net12,408.0 12,614.6 
Other assets1,183.2 1,142.2 
Total assets$26,635.3 $26,375.1 
Liabilities and equity  
Current liabilities  
Accounts payable and other current liabilities$3,210.5 $3,180.8 
Current portion of long-term debt and short-term borrowings37.7 911.8 
Total current liabilities3,248.2 4,092.6 
Long-term debt6,203.0 5,312.1 
Pension and postretirement benefits452.6 465.8 
Deferred tax liabilities2,795.3 2,697.2 
Other liabilities368.5 372.3 
Total liabilities13,067.6 12,940.0 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests
42.2 27.9 
Molson Coors Beverage Company stockholders' equity  
Capital stock  
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)
— — 
Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)
— — 
Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 215.4 shares and 212.5 shares, respectively)
2.1 2.1 
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
100.8 100.8 
Class B exchangeable shares, no par value (issued and outstanding: 7.2 shares and 9.4 shares, respectively)
271.1 352.3 
Paid-in capital7,211.0 7,108.4 
Retained earnings8,040.2 7,484.3 
Accumulated other comprehensive income (loss)(1,107.1)(1,116.3)
Class B common stock held in treasury at cost (21.4 shares and 13.9 shares, respectively)
(1,172.8)(735.6)
Total Molson Coors Beverage Company stockholders' equity13,345.3 13,196.0 
Noncontrolling interests180.2 211.2 
Total equity13,525.5 13,407.2 
Total liabilities and equity$26,635.3 $26,375.1 
See notes to unaudited condensed consolidated financial statements.
7
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
(UNAUDITED)
 Nine Months Ended
 September 30, 2024September 30, 2023
Cash flows from operating activities  
Net income (loss) including noncontrolling interests$864.0 $850.9 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities 
Depreciation and amortization512.1 508.6 
Amortization of debt issuance costs and discounts4.1 4.4 
Interest expense related to mandatorily redeemable noncontrolling interest45.8 — 
Share-based compensation34.6 34.1 
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net37.3 8.2 
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net(25.1)84.6 
Equity (income) loss3.6 (12.8)
Income tax (benefit) expense292.7 236.1 
Income tax (paid) received(116.7)(170.1)
Interest expense, excluding amortization of debt issuance costs and discounts and mandatorily redeemable noncontrolling interest169.7 174.0 
Interest paid(186.9)(201.5)
Change in current assets and liabilities and other(219.4)88.0 
Net cash provided by (used in) operating activities1,415.8 1,604.5 
Cash flows from investing activities  
Additions to property, plant and equipment(563.0)(494.1)
Proceeds from sales of property, plant, equipment and other assets14.9 7.3 
Acquisition of business, net of cash acquired
— (63.9)
Other17.8 (117.8)
Net cash provided by (used in) investing activities(530.3)(668.5)
Cash flows from financing activities  
Dividends paid(279.4)(266.7)
Payments for purchases of treasury stock(437.4)(60.9)
Payments on debt and borrowings(879.0)(402.9)
Proceeds on debt and borrowings863.7 7.0 
Other(12.7)(5.1)
Net cash provided by (used in) financing activities(744.8)(728.6)
Effect of foreign exchange rate changes on cash and cash equivalents12.1 (5.7)
Net increase (decrease) in cash and cash equivalents152.8 201.7 
Balance at beginning of year868.9 600.0 
Balance at end of period$1,021.7 $801.7 

See notes to unaudited condensed consolidated financial statements.
8
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND NONCONTROLLING INTERESTS
(IN MILLIONS)
(UNAUDITED)
 Molson Coors Beverage Company Stockholders' Equity 
  AccumulatedCommon stock 
 Common stockExchangeableotherheld inNon
 issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of June 30, 2023$13,256.9 $— $2.1 $102.2 $380.7 $7,059.5 $7,129.3 $(1,093.4)$(549.6)$226.1 
Exchange of shares— — — (1.4)(24.7)26.1 — — — — 
Shares issued under equity compensation plan0.4 — — — — 0.4 — — — — 
Amortization of share-based compensation13.8 — — — — 13.8 — — — — 
Deconsolidation of VIE(8.8)— — — — — — — — (8.8)
Net income (loss) including noncontrolling interests431.9 — — — — — 430.7 — — 1.2 
Other comprehensive income (loss), net of tax(105.9)— — — — — — (105.2)— (0.7)
Share repurchase program(34.5)— — — — — — — (34.5)— 
Distributions and dividends to noncontrolling interests(4.0)— — — — — — — — (4.0)
Dividends declared(90.0)— — — — — (90.0)— — — 
As of September 30, 2023$13,459.8 $— $2.1 $100.8 $356.0 $7,099.8 $7,470.0 $(1,198.6)$(584.1)$213.8 
9
  Molson Coors Beverage Company Stockholders' Equity 
   AccumulatedCommon stock 
  Common stockExchangeableotherheld inNon
  issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
 TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of June 30, 2024$13,389.0 $— $2.1 $100.8 $352.3 $7,119.4 $7,932.4 $(1,217.3)$(1,110.1)$209.4 
Exchange of shares— — — — (81.2)81.2 — — — — 
Shares issued under equity compensation plan(0.1)— — — — (0.1)— — — — 
Amortization of share-based compensation10.4 — — — — 10.4 — — — — 
Purchase of noncontrolling interest— — — — — 0.1 — — — (0.1)
Net income (loss) including noncontrolling interests229.5 — — — — — 199.8 — — 29.7 
Other comprehensive income (loss), net of tax114.0 — — — — — — 113.7 — 0.3 
Share repurchase program(62.7)— — — — — — — (62.7)— 
Contributions from noncontrolling interests2.7 — — — — — — — — 2.7 
Reclassification of mandatorily redeemable noncontrolling interest to accounts payable and other current liabilities
(49.2)— 0— — — — — (3.5)— (45.7)
Reclassification of noncontrolling interests to redeemable noncontrolling interests(16.1)— — — — — — — — (16.1)
Dividends declared(92.0)— — — — — (92.0)— — — 
As of September 30, 2024$13,525.5 $— $2.1 $100.8 $271.1 $7,211.0 $8,040.2 $(1,107.1)$(1,172.8)$180.2 

10
 Molson Coors Beverage Company Stockholders' Equity 
  AccumulatedCommon stock 
 Common stockExchangeableotherheld inNon
 issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of December 31, 2022$12,915.2 $— $2.1 $102.2 $413.3 $7,006.4 $6,894.1 $(1,205.5)$(522.9)$225.5 
Exchange of shares— — — (1.4)(57.3)58.7 — — — — 
Shares issued under equity compensation plan0.6 — — — — 0.6 — — — — 
Amortization of share-based compensation34.1 — — — — 34.1 — — — — 
Deconsolidation of VIE(8.8)— — — — — — — — (8.8)
Net income (loss) including noncontrolling interests851.2 — — — — — 845.6 — — 5.6 
Other comprehensive income (loss), net of tax7.0 — — — — — — 6.9 — 0.1 
Share repurchase program(61.2)— — — — — — — (61.2)— 
Contributions from noncontrolling interests2.4 — — — — — — — — 2.4 
Distributions and dividends to noncontrolling interests(11.0)— — — — — — — — (11.0)
Dividends declared(269.7)— — — — — (269.7)— — — 
As of September 30, 2023$13,459.8 $— $2.1 $100.8 $356.0 $7,099.8 $7,470.0 $(1,198.6)$(584.1)$213.8 
11
  Molson Coors Beverage Company Stockholders' Equity 
   AccumulatedCommon stock 
  Common stockExchangeableotherheld inNon
  issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
 TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of December 31, 2023$13,407.2 $— $2.1 $100.8 $352.3 $7,108.4 $7,484.3 $(1,116.3)$(735.6)$211.2 
Exchange of shares— — — — (81.2)81.2 — — — — 
Shares issued under equity compensation plan(13.3)— — — — (13.3)— — — — 
Amortization of share-based compensation34.6 — — — — 34.6 — — — — 
Purchase of noncontrolling interest(0.1)— — — — 0.1 — — — (0.2)
Net income (loss) including noncontrolling interests865.7 — — — — — 834.6 — — 31.1 
Other comprehensive income (loss), net of tax12.7 — — — — — — 12.7 — — 
Share repurchase program(437.2)— — — — — — — (437.2)— 
Contributions from noncontrolling interests2.7 — — — — — — — — 2.7 
Distributions and dividends to noncontrolling interests(2.8)— — — — — — — — (2.8)
Reclassification of mandatorily redeemable noncontrolling interest to accounts payable and other current liabilities
(49.2)— — — — — — (3.5)— (45.7)
Reclassification of noncontrolling interests to redeemable noncontrolling interests
(16.1)— — — — — — — — (16.1)
Dividends declared(278.7)— — — — — (278.7)— — — 
As of September 30, 2024$13,525.5 $— $2.1 $100.8 $271.1 $7,211.0 $8,040.2 $(1,107.1)$(1,172.8)$180.2 
(1) All activity included in the noncontrolling interests column of the unaudited condensed consolidated statements of stockholder's equity and noncontrolling interests excludes activity from our redeemable noncontrolling interest.
See notes to unaudited condensed consolidated financial statements.
12
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior year periods. Our primary operating currencies, other than the USD, include the CAD, the GBP and our Central European operating currencies such as the EUR, CZK, RON and RSD.
The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements".
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Anti-Dilutive Securities
Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 1.5 million and 0.3 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and 1.3 million and 0.6 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Dividends
On July 18, 2024, our Company's Board of Directors ("Board") declared a dividend of $0.44 per share, paid on September 20, 2024 to shareholders of Class A and Class B common stock of record on August 30, 2024. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.60 per share. During the nine months ended September 30, 2024, dividends declared to eligible shareholders were $1.32 per share, with the CAD equivalent equal to CAD 1.78 per share.
Share Repurchase Program
During the third quarter of 2023, our Board approved a share repurchase program authorizing the repurchase of up to an aggregate of $2.0 billion of our Company's Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years. This repurchase program replaces and supersedes any repurchase program previously approved by our Board.
The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under the current and superseded share repurchase programs for the three and nine months ended September 30, 2024 and September 30, 2023.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Shares repurchased1,160,707 505,000 7,500,489 980,000 
Aggregate cost (in millions)$62.7 $34.5 $437.2 $61.2 

13
Non-Cash Activity
Non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $119.7 million and $168.6 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. In addition, we had non-cash activities related to certain issuances of share-based awards.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 6, "Leases" there was no other significant non-cash activity during the nine months ended September 30, 2024 and September 30, 2023, respectively.
Allowance for Doubtful Accounts
The allowance for doubtful accounts for trade receivables was $13.4 million and $12.7 million as of September 30, 2024 and December 31, 2023, respectively.
Supplier Financing
We are the buyer under a supplier finance program with Citibank N.A. with $172.8 million and $147.5 million confirmed as valid and outstanding as of September 30, 2024 and December 31, 2023, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.
Acquisition
On August 7, 2023, we acquired a 75% equity interest in Blue Run Spirits, Inc., a U.S. based high end whiskey business, for a purchase price of $77 million, which included cash paid of $64 million. The acquisition is aligned with our strategy to expand beyond the beer aisle and enhance our presence in the spirits category.
The acquisition was accounted for as a business combination, with $88 million allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to other working capital balances and goodwill for the amount in excess of the net identifiable assets acquired. An NCI was recognized at fair value based on a Monte Carlo simulation model and is recorded as redeemable noncontrolling interest in the consolidated balance sheets based on the contractual terms of the agreement. Pro forma results of operations have not been presented as the impact is not material to our results of operation or financial position.
Purchases of Annuity Contracts
On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred approximately $344 million of pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. This transaction had no impact on the amount, timing or form of the retirement benefit payments to the affected retirees and beneficiaries. As a result of the transaction, we reduced the respective pension plan liabilities and assets and remeasured any remaining pension plan liabilities and assets using updated actuarial assumptions. We elected the practical expedient to perform the remeasurement as of the nearest calendar month-end date, which was September 30, 2024. A total settlement loss of $34.0 million was recorded to other pension and postretirement benefit (costs), net in the unaudited condensed consolidated statements of operations during the third quarter of 2024. See the impacts of the pension plan remeasurement and settlement on AOCI in Note 11, "Accumulated Other Comprehensive Income (Loss)."










14
Cobra Beer Partnership, Ltd. Buyout
Out of Period Adjustment
During the three months ended September 30, 2024, we identified certain errors in the historical accounting for NCI with redemption features outside of our control under the terms of our Cobra Beer Partnership, Ltd. ("Cobra U.K." or "CBPL") partnership agreement and within certain other immaterial investments. Since the inception of these partnerships dating back to as early as 2002, we had historically accounted for the NCI within permanent equity with no adjustments to redemption value. Rather, our partners' shares should have been presented as redeemable NCI through the date of exercise of the redemption feature, with adjustments to the redemption value being recorded each reporting period as necessary. Specific to CBPL, since the option redemption price was not at fair value, the historical adjustments should have been recorded to net (income) loss attributable to noncontrolling interests in the unaudited condensed consolidated statements of operations, based on our accounting policy to reflect the entire change in the redemption amount as a deemed dividend and earnings per share adjustment (resulting from the redemption feature) as part of the attribution of consolidated net income to the noncontrolling interest (as reported on the face of the income statement). Furthermore, in March 2024, our CBPL partner exercised its put option requiring us to acquire their 49.9% ownership interest. Since the exercise was irrevocable, the NCI became mandatorily redeemable at that time and should have been reclassified to accounts payable and other current liabilities. These errors resulted in a reclassification of $65 million from noncontrolling interests, of which $49 million was reclassified to accounts payable and other current liabilities for CBPL and $16 million was reclassified to redeemable noncontrolling interests for the other immaterial investments in our unaudited condensed consolidated balance sheets. In addition, the errors resulted in a cumulative understatement of $34.5 million to net income attributable to NCI and a corresponding cumulative overstatement to net income attributable to MCBC in our unaudited condensed consolidated statements of operations. The errors were corrected through an out of period adjustment as of and for the three months ended September 30, 2024. Management assessed the impact of the errors and deemed them to not be material to any prior periods or to forecasted results for 2024. In October 2024, we obtained a final redemption value that would be due to acquire the 49.9% NCI of the CBPL partnership. As a result, during the three months ended September 30, 2024, we recorded an adjustment of $45.8 million to increase the mandatorily redeemable NCI liability to the final redemption value, with the adjustment recorded to interest expense.
Subsequent Events
The CBPL buyout was finalized on October 21, 2024, resulting in a cash payment of $89 million which will be recorded as a cash outflow from financing activities in the consolidated statement of cash flows in the fourth quarter of 2024.
2. New Accounting Pronouncements
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, aimed at enhancing transparency in income statement disclosures by requiring entities to disclose additional disaggregated information about significant expenses included in our results of operations. This guidance is effective for us starting with our annual report for the year ending December 31, 2027 and the subsequent interim periods, with prospective or retrospective application allowed and early adoption permitted. We are still assessing the impact of the ASU, including the timing and method of adoption, however, we expect the guidance to impact disclosures only and not to have a material effect on our financial position or results of operations.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures intended to enhance transparency and decision usefulness of income tax disclosures. This guidance is effective for us starting with our annual report for the year ending December 31, 2025 and the guidance should be applied prospectively. We are permitted to early adopt and can choose to apply the guidance retrospectively. When adopted, we expect the guidance to have an impact on disclosures only and to not have a material effect on our financial position or results of operations. We are still considering if we will apply the standard prospectively or retrospectively.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures intended to improve reportable segment disclosures and to enhance disclosures about significant reportable segment expenses. This guidance is effective for us starting with our annual report for the year ending December 31, 2024 and the subsequent interim periods and is required to be applied retrospectively to all prior periods presented. Because the amendments do not change the methodology for the identification of operating segments, the aggregation of those operating segments or the application of the quantitative thresholds to determine reportable segments, we do not expect the guidance to have a material effect on our financial position or results of operations.
15
Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a material effect on our unaudited condensed consolidated financial statements.
3. Investments
Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. We have not provided any financial support to any of our VIEs during the nine months ended September 30, 2024 that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable which are presented within accounts payable and other current liabilities and trade receivables, net, respectively, on the unaudited condensed consolidated balance sheets.
Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs as of September 30, 2024 are Cobra U.K., Rocky Mountain Metal Container ("RMMC"), and Rocky Mountain Bottle Company ("RMBC"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI"), Brewers Distributor Ltd. ("BDL") and The Yuengling Company LLC, as well as other immaterial investments.
Under our CBPL U.K. partnership agreement, our partner exercised a put option which has resulted in our acquisition of the remaining 49.9% ownership interest. In October 2024, we obtained a final valuation of the redemption value that would be due to acquire the remaining 49.9%. The transaction was finalized on October 21, 2024, resulting in a cash payment of $89 million. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we had a guarantee liability of $32.0 million and $35.4 million recorded as of September 30, 2024 and December 31, 2023, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment on the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.
ZOA Energy, LLC
During the third quarter of 2023, we increased our investment in ZOA Energy, LLC ("ZOA"), an energy drink company operating in the U.S. and Canada, bringing our ownership interest to 40%, on a fully diluted basis. The increase in ownership resulted in the transition of accounting for our investment from the fair value method under ASC 321 to equity method investment accounting under ASC 323 on a prospective basis and the cash outflow associated with the investment is reflected within other in the investing activities section of the unaudited condensed consolidated statement of cash flows. Subsequent to the investment, the carrying value of our recorded ownership investment exceeds our ratable portion of underlying equity in the net assets of ZOA, and this basis difference has been fully allocated to equity method goodwill.
In October 2024, we increased our investment in ZOA for cash consideration of $53 million, bringing our ownership interest to 51% subsequent to the closing of the transaction. The transaction will be recorded as a business combination, and ZOA will be included in our consolidated financial statements from the date of acquisition within the Americas reporting segment. The acquisition is aligned with our strategy to expand beyond beer. Based on the timing of the transaction, we are still in the preliminary stages of accounting for this transaction and expect to complete our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed as well as other consolidation adjustments during the fourth quarter of 2024.
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Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):
 As of
 September 30, 2024December 31, 2023
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$209.3 $24.0 $261.6 $24.7 
Other$3.7 $3.5 $2.8 $3.3 
As of September 30, 2024, for RMMC/RMBC, $72.5 million and $105.0 million were recorded in inventories, net and property, plant and equipment, net, respectively on the unaudited condensed consolidated balance sheets. As of December 31, 2023, for RMMC/RMBC, $108.2 million and $120.7 million were recorded in inventories, net and property, plant and equipment, net, respectively on the consolidated balance sheets.
4. Inventories
 As of
 September 30, 2024December 31, 2023
(In millions)
Finished goods$299.7 $245.7 
Work in process99.0 97.4 
Raw materials279.8 275.1 
Packaging materials154.8 184.1 
Inventories, net$833.3 $802.3 
5. Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill is presented in the table below by segment.
AmericasEMEA&APAC
Consolidated(1)
(In millions)
Balance as of December 31, 2023$5,325.3 $— $5,325.3 
Divestiture(2)
(6.1)— (6.1)
Foreign currency translation, net(1.6)— (1.6)
Balance as of September 30, 2024$5,317.6 $— $5,317.6 
(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of September 30, 2024 and December 31, 2023. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.
(2)During the three months ended September 30, 2024, we divested of certain of our U.S. craft businesses and allocated a portion of goodwill to the disposal group based on the relative fair values of the disposal group and the reporting unit.
As of the date of our annual impairment test performed as of October 1, 2023, the fair value of the Americas reporting unit goodwill balance was in excess of its carrying value by slightly less than 15%, and as such, the reporting unit continues to be at heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We continue to focus on growing our core power brands net sales, aggressively premiumizing our portfolio and scaling and expanding beyond beer. While progress has been made on these strategies over recent years, including the strengthening of our core power brands, the growth targets included in management’s forecasted future cash flows are inherently at risk given that the strategies are still in progress. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions and market multiples or discount rates that could negatively impact future analyses, including the impacts of cost inflation, increases to interest rates and other external industry factors impacting our business.
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We determined that there was no triggering event that occurred during the nine months ended September 30, 2024 that would indicate the carrying value of our Americas reporting unit was greater than its fair value. Our goodwill annual impairment analysis as of October 1, 2024 is currently in progress, and we have not yet finalized our results. For all of the reasons described in the preceding paragraph, our goodwill balance continues to be at risk of future impairment.
Intangible Assets, Other than Goodwill
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2024.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
 10 - 50
$4,918.0 $(1,716.6)$3,201.4 
License agreements and distribution rights
 10 - 20
206.3 (123.1)83.2 
Other
 5 - 40
84.8 (27.5)57.3 
Intangible assets not subject to amortization    
Brands Indefinite8,010.5 — 8,010.5 
Distribution networks Indefinite748.0 — 748.0 
Other Indefinite307.6 — 307.6 
Total $14,275.2 $(1,867.2)$12,408.0 
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
10 - 50
$5,029.2 $(1,634.4)$3,394.8 
License agreements and distribution rights
10 - 20
204.9 (117.6)87.3 
Other
5 - 40
84.8 (25.8)59.0 
Intangible assets not subject to amortization    
BrandsIndefinite8,002.0 — 8,002.0 
Distribution networksIndefinite763.9 — 763.9 
OtherIndefinite307.6 — 307.6 
Total $14,392.4 $(1,777.8)$12,614.6 
The changes in the gross carrying amounts of intangible assets from December 31, 2023 to September 30, 2024 were primarily driven by the disposal of brands related to certain of our U.S. craft businesses, along with the impact of foreign exchange rates, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies.
Based on foreign exchange rates as of September 30, 2024, the estimated future amortization expense of intangible assets was as follows.
Fiscal yearAmount
(In millions)
2024 - remaining$50.8 
2025$203.1 
2026$186.2 
2027$127.2 
2028$125.7 


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Amortization expense of intangible assets was $50.7 million and $52.4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $155.3 million and $154.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.
As of the date of our annual impairment test of indefinite-lived intangible assets, performed as of October 1, 2023, the carrying value of the Staropramen family of brands in EMEA&APAC was determined to be in excess of its fair value such that an impairment loss was recorded during the three months ended December 31, 2023. As this was a partial impairment, the intangible asset is considered to be at a heightened risk of future impairment in the event of significant unfavorable changes in assumptions, including forecasted future cash flows based on execution of strategic initiatives for expansion and distribution of the brand, as well as discount rates and other macroeconomic factors. Our indefinite-lived intangible asset annual impairment analysis as of October 1, 2024 is currently in progress, and we have not yet finalized our results.
The fair value of the Coors brands in the Americas, the Miller brands in the U.S. and the Carling brands in EMEA&APAC all exceeded their respective carrying values by over 15% as of the October 1, 2023 annual testing date.
No triggering events were identified during the nine months ended September 30, 2024 that would indicate the carrying values of our indefinite-lived or definite-lived intangible assets were greater than their fair values.
Fair Value Assumptions
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements.
6. Leases
Supplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows:
As of
September 30, 2024December 31, 2023
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$197.7 $200.7 
Current operating lease liabilitiesAccounts payable and other current liabilities$48.2 $46.9 
Non-current operating lease liabilitiesOther liabilities164.5 163.9 
Total operating lease liabilities$212.7 $210.8 
Finance Leases
Finance lease right-of-use assetsProperty, plant and equipment, net$62.7 $46.4 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$7.8 $5.2 
Non-current finance lease liabilitiesLong-term debt61.1 48.5 
Total finance lease liabilities$68.9 $53.7 







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Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 was as follows:
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$40.7 $43.2 
Operating cash flows from finance leases$2.8 $2.8 
Financing cash flows from finance leases$4.5 $3.7 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases$40.1 $104.1 
Finance leases$17.9 $0.8 
Executed leases that have not yet commenced as of September 30, 2024 are not material and are expected to commence by the end of the first quarter of 2025.
7. Debt
Debt Obligations
As of
 September 30, 2024December 31, 2023
 (In millions)
Long-term debt
EUR 800 million 1.25% senior notes due July 2024(1)
$— $883.1 
CAD 500 million 3.44% senior notes due July 2026
369.7 377.6 
$2.0 billion 3.0% senior notes due July 2026
2,000.0 2,000.0 
EUR 800 million 3.8% senior notes due June 2032(2)
890.8 — 
$1.1 billion 5.0% senior notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% senior notes due July 2046
1,800.0 1,800.0 
Finance leases68.9 53.7 
Other23.5 23.5 
Less: unamortized debt discounts and debt issuance costs(39.6)(35.5)
Total long-term debt (including current portion)6,213.3 6,202.4 
Less: current portion of long-term debt(10.3)(890.3)
Total long-term debt$6,203.0 $5,312.1 
Short-term borrowings(3)
$27.4 $21.5 
Current portion of long-term debt10.3 890.3 
Current portion of long-term debt and short-term borrowings$37.7 $911.8 
(1)We repaid our EUR 800 million 1.25% senior notes upon maturity on July 15, 2024 using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024 and cash on hand.
(2)On May 29, 2024, MCBC issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in total proceeds of $863.7 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these senior notes, including underwriting fees, were approximately $7.1 million, and are being amortized over the term of the EUR 2032 Senior Notes. The EUR 2032 Senior Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 8, "Derivative Instruments and Hedging Activities" for further details.
(3)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
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As of September 30, 2024, we had $22.4 million in bank overdrafts and $126.2 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $103.8 million. As of December 31, 2023, we had $16.5 million in bank overdrafts and $75.5 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $59.0 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of September 30, 2024 and December 31, 2023. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations using observable market interest and foreign exchange rates. As of September 30, 2024 and December 31, 2023, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $6.0 billion and $5.9 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Revolving Credit Facility and Commercial Paper
On June 3, 2024, we amended our existing $2.0 billion multi-currency revolving credit facility to, among other things, extend the maturity date from June 26, 2028 to June 26, 2029. The amendment did not change the borrowing capacity of the revolving credit facility, which allows us to issue a maximum aggregate amount of $2.0 billion in commercial paper or other borrowings at any time at variable interest rates. Similarly, the $150.0 million sub-facility available for the issuance of letters of credit remains unchanged. We use this facility from time to time to leverage cash needs to fund the repayment of debt upon maturity and for working capital or general purposes.
We had no borrowings drawn on the amended and restated multi-currency revolving credit facility and no commercial paper borrowings as of September 30, 2024 and December 31, 2023.
Debt Covenants
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
Under the amended and restated $2.0 billion multi-currency revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the amended and restated multi-currency revolving credit facility agreement) of 4.00x, measured as of the last day of each fiscal quarter through maturity of the credit facility. As of September 30, 2024, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All of our outstanding senior notes as of September 30, 2024 rank pari-passu.
8. Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented within Part II.—Item 8. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the nine months ended September 30, 2024. As noted in Part II.—Item 8. Financial Statements, Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Except as noted below, our significant derivative positions have not changed considerably since December 31, 2023.
Net Investment Hedges
On May 29, 2024, concurrent with the issuance of the EUR 2032 Senior Notes, we designated the principal of the senior notes as a non-derivative net investment hedge of our investment in a EUR functional currency subsidiary in order to hedge a portion of the related foreign currency translational impacts. Accordingly, we will record the changes in the carrying value of the EUR 2032 Senior Notes due to fluctuations in the spot rate to AOCI. See Note 7, "Debt" for further discussion of the EUR 2032 Senior Notes.
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Additionally, on May 29, 2024, we de-designated the principal of the EUR 800 million 1.25% senior notes and as a result, the associated net investment hedge was discontinued. The accumulated gains and losses associated with the settled net investment hedge will remain in AOCI until a liquidation or deconsolidation event at which point the accumulated gains and losses will be reclassified into earnings.
Foreign Currency Forwards
In the second quarter of 2023, we entered into approximately CAD 260 million (approximately 195 million USD) of foreign exchange forward contracts to manage our exposure to foreign currency fluctuations related to the repayment of our CAD 500 million 2.84% senior notes that matured on July 15, 2023. These contracts were not designated in hedge accounting relationships and, as such, changes in the fair value were recorded in other non-operating income (expense), net in the unaudited condensed consolidated statements of operations. These contracts settled on July 12, 2023 for an immaterial amount in advance of the senior notes being repaid.
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate.
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of September 30, 2024 and December 31, 2023. The fair value for all derivative contracts as of September 30, 2024 and December 31, 2023 were valued using significant other observable inputs, which are Level 2 inputs.
 As of
 September 30, 2024December 31, 2023
 (In millions)
Forward starting interest rate swaps$39.2 $41.6 
Foreign currency forwards— (1.4)
Commodity swaps and options(2.6)(30.4)
Total$36.6 $9.8 
As of September 30, 2024 and December 31, 2023, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the nine months ended September 30, 2024 were all included in Level 2.















22
Results of Period Derivative Activity
The tables below include the results of our derivative activity on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, and our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and September 30, 2023.
Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (in millions):
 As of September 30, 2024
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$39.2 Other liabilities $— 
Foreign currency forwards$234.0 Other current assets0.9 Accounts payable and other current liabilities(0.4)
 Other non-current assets0.1 Other liabilities (0.6)
Total derivatives designated as hedging instruments$40.2  $(1.0)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$459.7 Other current assets$14.9 Accounts payable and other current liabilities$(18.7)

Other non-current assets4.1 Other liabilities (2.9)
Total derivatives not designated as hedging instruments$19.0  $(21.6)
 As of December 31, 2023
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$41.6 Other liabilities$— 
Foreign currency forwards$219.4 Other current assets1.1 Accounts payable and other current liabilities(1.2)
Other non-current assets— Other liabilities(1.3)
Total derivatives designated as hedging instruments$42.7 $(2.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$653.5 Other current assets$11.1 Accounts payable and other current liabilities$(42.0)
Other non-current assets6.6 Other liabilities(6.1)
Commodity options(1)
$21.7 Other current assets0.2 Accounts payable and other current liabilities(0.2)
Total derivatives not designated as hedging instruments$17.9 $(48.3)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.




23
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Three Months Ended September 30, 2024
Forward starting interest rate swaps$(35.8)Interest income (expense), net$(0.8)
Foreign currency forwards(2.3)Cost of goods sold0.9 
Other non-operating income (expense), net(0.1)
Total$(38.1)$— 
Three Months Ended September 30, 2023
Forward starting interest rate swaps$62.6 Interest income (expense), net$(0.8)
Foreign currency forwards5.1 Cost of goods sold1.1 
Other non-operating income (expense), net(0.3)
Total$67.7 $— 

Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Nine Months Ended September 30, 2024
Forward starting interest rate swaps$(2.4)Interest income (expense), net$(2.5)
Foreign currency forwards4.0 Cost of goods sold3.0 
Other non-operating income (expense), net(0.5)
Total$1.6 $— 
Nine Months Ended September 30, 2023
Forward starting interest rate swaps$51.9 Interest income (expense), net$(4.3)
Foreign currency forwards0.3 Cost of goods sold3.8 
Other non-operating income (expense), net(0.8)
Total$52.2 $(1.3)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1)
Three Months Ended September 30, 2024
EUR 800 million 3.8% senior notes due June 2032
$(33.6)Other non-operating income (expense), net$— 
Three Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$27.0 Other non-operating income (expense), net$— 

24
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing)(1)
Nine Months Ended September 30, 2024
EUR 800 million 1.25% senior notes due July 2024
$14.5 Other non-operating income (expense), net$— 
EUR 800 million 3.8% senior notes due June 2032
(22.1)Other non-operating income (expense), net— 
Total$(7.6)$— 
Nine Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$10.7 Other non-operating income (expense), net$— 
(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in OCI.
The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three and nine months ended September 30, 2024 and September 30, 2023, respectively, we did not reclassify any amounts related to net investment hedges from AOCI into earnings.
As of September 30, 2024, we expect net losses of approximately $3 million (pretax) recorded in AOCI that will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of September 30, 2024 is approximately 3 years.
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Three Months Ended September 30, 2024
Commodity swapsCost of goods sold$(13.1)
Three Months Ended September 30, 2023
Commodity swapsCost of goods sold$35.6 
Foreign currency forwardsOther non-operating income (expense), net0.8 
Total$36.4 
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Nine Months Ended September 30, 2024
Commodity swapsCost of goods sold$(10.8)
Nine Months Ended September 30, 2023
Commodity swapsCost of goods sold$(44.0)
Foreign currency forwardsOther non-operating income (expense), net2.7 
Total$(41.3)
9. Income Tax
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Effective tax rate31 %21 %25 %22 %

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The higher effective tax rate for the three and nine months ended September 30, 2024, compared to the prior year, was partly due to the impact of a valuation allowance that was recorded on deferred tax assets in the third quarter of 2024 related to the divestment of certain of our U.S. craft businesses. The divestment resulted in the realization of a capital loss for U.S. tax purposes. We believe it is more likely than not that the deferred tax asset generated by the capital loss will not be recognized, and as a result, a $16.4 million valuation allowance was recorded for the year to date period. The higher effective tax rate was also due to the $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to the final redemption value, which was recorded to interest expense in the third quarter of 2024 and is non-deductible for tax purposes. Finally, the higher effective tax rate for the three months ended September 30, 2024 was partly driven by a decrease in discrete tax benefit.
Our effective tax rate can be volatile and may change with, among other things, the amount and source of pretax income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, could have an impact on our effective tax rate.
Recently, intergovernmental entities such as the Organization for Economic Development ("OECD") and European Union ("EU") have proposed changes to the existing tax laws of member countries, including model rules introduced by the OECD for a new 15% global minimum tax. In December 2022, the EU member states agreed to incorporate the 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023. In addition, several non-EU countries, including Canada and the U.K., have proposed and/or adopted legislation consistent with the OECD global minimum tax framework. The global minimum tax, which is now effective in countries with enacted legislation, did not materially impact our financial or cash tax position in the three or nine months ended September 30, 2024. We continue to evaluate the impact on future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.
10. Commitments and Contingencies
Litigation and Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we have an aggregate accrued contingent liability of $72.3 million and $70.2 million as of September 30, 2024 and December 31, 2023, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. For all matters unless otherwise noted below, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the nine months ended September 30, 2024.
Other than those disclosed below, we are also involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these, or other matters, may arise from time to time that may harm our business.
On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against Molson Coors Beverage Company USA LLC ("MCBC USA"), a wholly owned subsidiary of our Company, alleging that the Keystone brand had "rebranded" itself as "Stone" and was marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. In the first quarter of 2022, a jury returned a verdict in which it concluded that trademark infringement had occurred and awarded Stone Brewing Company $56.0 million in damages. After denial of post-trial motions, in the fourth quarter of 2023, MCBC USA filed a notice of appeal in the 9th Circuit Court of Appeals, which is scheduled to be heard in November 2024. As of September 30, 2024 and December 31, 2023, the Company had a recorded accrued liability of $60.1 million and $58.5 million, respectively, within other liabilities on our unaudited condensed consolidated balance sheets reflecting the best estimate of probable loss in this case based on the judgment plus associated post-judgment interest. However, it is reasonably possible that the estimate of the loss could change in the near term based on the progression of the case, including the appeals process. We will continue to monitor the status of the case and will adjust the accrual in the period in which any significant change occurs which could impact the estimate of the loss for this matter.


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Regulatory Contingencies
The Province of Ontario and Molson Canada 2005, a wholly owned indirect subsidiary of our Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd. (collectively, the "Representative Owners") and BRI, operating under the name The Beer Store ("TBS"), are parties to a Master Framework Agreement ("MFA") that dictates the terms of the beer distribution and retail systems in the Province of Ontario. In December 2023, the Province of Ontario notified the Representative Owners and TBS that it would not be renewing the MFA after the initial term which expires on December 31, 2025. The Province of Ontario simultaneously announced a set of non-binding key principles ("Key Principles") agreed upon between the Province of Ontario, the Representative Owners and TBS, concerning the intended features of the future marketplace for beer distribution and retail systems in the Province of Ontario. Under the Key Principles, TBS will be permitted to continue its retail operations and will continue to be the primary distributor of beer in the Province of Ontario through at least 2031. The Key Principles also state grocery stores, convenience stores, gas stations and big-box retailers in the Province of Ontario will be able to apply for licenses to sell beer, wine, cider and ready-to-drink cocktails starting no later than January 1, 2026. On May 23, 2024, the Representative Owners, TBS and the Province of Ontario (collectively, the "Parties") entered into an Early Implementation Agreement ("EIA") which aligns to the Key Principles that were derived in December of 2023 and replaces the MFA agreement. The EIA was effective August 1, 2024 with provisions continuing until December 31, 2030. In summary, the EIA allows for the expansion of the licensed sale of beer, wine and ready-to-drink cocktails to all convenience stores which began on September 5, 2024 and all grocery stores which began on October 31, 2024. In addition, under the EIA, the Province of Ontario will provide financial support to TBS and the representative owners of up to CAD 225 million through reimbursement of costs incurred in connection with the early implementation and to TBS in connection with the operation of the agreed upon retail footprint during the interim period between the commencement date of the EIA and the original expiration date of the MFA. We continue to evaluate the impacts of the EIA and the expected future marketplace for beer distribution and retail systems in the Province of Ontario on our results of operations.
Guarantees and Indemnities
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of September 30, 2024 and December 31, 2023, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $34.7 million and $36.9 million, respectively.
Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we accrued $10.5 million and $11.8 million, in aggregate, as of September 30, 2024 and December 31, 2023 respectively. Our Kaiser liabilities are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the nine months ended September 30, 2024.
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11. Accumulated Other Comprehensive Income (Loss)
MCBC stockholders' equity
Foreign
currency
translation
adjustments		Gain (loss) on
derivative instruments		Pension and
postretirement
benefit
adjustments		Equity method
investments		Accumulated
other
comprehensive
income (loss)
(In millions)
As of December 31, 2023$(778.0)$30.6 $(352.7)$(16.2)$(1,116.3)
Foreign currency translation adjustments(15.4)— — — (15.4)
Cumulative translation adjustment reclassified from noncontrolling interest to accumulated other comprehensive income (loss)(1)
(3.5)— — — (3.5)
Gain (loss) recognized on net investment hedges(7.6)— — — (7.6)
Unrealized gain (loss) recognized on derivative instruments— 1.6 — — 1.6 
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)(2)
— — 19.5 — 19.5 
Pension and other postretirement activity reclassified from other comprehensive income (loss)(3)
— — 26.8 — 26.8 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 0.5 0.5 
Tax benefit (expense)— (0.3)(12.2)(0.2)(12.7)
As of September 30, 2024$(804.5)$31.9 $(318.6)$(15.9)$(1,107.1)
(1)Our partner in the CBPL U.K. partnership agreement exercised a put option in March 2024 which triggered the NCI to become mandatorily redeemable and require reclassification to accounts payable and other current liabilities in the unaudited condensed consolidated balance sheets. The cumulative translation adjustment recorded on the mandatorily redeemable NCI was reclassified to AOCI. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
(2)On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. As a result, on September 30, 2024, we remeasured both pension plans and recorded the offset to AOCI.
(3)In connection with the purchase of annuity contracts for two of our Canadian pension plans as described above, we recorded a total settlement loss of $34.0 million.
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12. Other Operating Income (Expense), net
We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Restructuring(1)
Employee-related charges$(2.2)$(1.6)$(1.1)$(1.9)
Asset abandonment and other restructuring costs(21.9)0.1 (21.9)0.1 
Intangible and tangible asset impairments, excluding goodwill— (0.1)— (0.1)
Gains (losses) on disposals and other(1)(2)
(41.7)(11.1)(36.4)(11.1)
Other operating income (expense), net$(65.8)$(12.7)$(59.4)$(13.0)
(1)During the three months ended September 30, 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. We expect to continue to incur incremental restructuring charges during the fourth quarter of 2024 and the first quarter of 2025 through completion of wind down and closure of certain remaining U.S. craft facilities. Remaining charges are estimated to total approximately $95 million to $115 million, consisting primarily of accelerated depreciation charges.
(2)During the three months ended September 30, 2023, we sold our 57.5% controlling interest in Truss LP ("Truss") in Canada to Tilray Brands and recognized a loss of $11.1 million upon deconsolidation of the business.
13. Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate and include the Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
We also have certain activity that is not allocated to our segments, which has been reflected as "Unallocated" below. Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income, foreign exchange gains and losses on intercompany balances, realized and unrealized changes in fair value on derivative instruments not designated in hedging relationships related to financing and other treasury-related activities and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment and all other components remain in Unallocated.
Summarized Financial Information
No single customer accounted for more than 10% of our consolidated net sales for the three and nine months ended September 30, 2024 and September 30, 2023.
Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales and income (loss) before income taxes eliminate upon consolidation and are primarily related to the Americas segment royalties received from, and sales to the EMEA&APAC segment.




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The following tables present net sales and income (loss) before income taxes by segment:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$2,345.0 $2,633.4 $7,066.3 $7,194.1 
EMEA&APAC704.4 670.4 1,842.4 1,729.5 
Inter-segment net sales eliminations(6.7)(5.4)(17.3)(12.3)
Consolidated net sales$3,042.7 $3,298.4 $8,891.4 $8,911.3 
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$353.8 $483.5 $1,161.5 $1,204.2 
EMEA&APAC51.6 67.5 121.8 106.3 
Unallocated(74.0)(7.0)(126.6)(223.5)
Consolidated income (loss) before income taxes$331.4 $544.0 $1,156.7 $1,087.0 
The following table presents total assets by segment:
As of
September 30, 2024December 31, 2023
(In millions)
Americas$22,815.1 $22,753.8 
EMEA&APAC3,820.2 3,621.3 
Consolidated total assets$26,635.3 $26,375.1 
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ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madri Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our economy and value brands like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits like Five Trail whiskey and non-alcoholic beverages. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") in this Quarterly Report on Form 10-Q is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements, the accompanying notes and the MD&A included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("Annual Report"), as well as our unaudited condensed consolidated financial statements and the accompanying notes included in this report. Due to the seasonality of our operating results, quarterly financial results are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. Our reporting segments include Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within the Middle East, Africa and Asia Pacific.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior year periods. Our primary operating currencies, other than the USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, RON and RSD.
Items Affecting the Consolidated Results of Operations
Purchases of Annuity Contracts
During the three months ended September 30, 2024, we purchased annuity contracts for two of our Canadian pension plans. As a result, on September 30, 2024, we remeasured both pension plans and recorded the offset to AOCI in addition to recording a total settlement loss of $34.0 million. See Part I. — Item 1. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Part I. — Item 1. Financial Statements, Note 11, "Accumulated Other Comprehensive Income (Loss)" for further information.
Cobra Beer Partnership, Ltd. Buyout
During the three months ended September 30, 2024, we adjusted our NCI by $34.5 million to our best estimate of the redemption value that existed at the time of the put option exercise in March 2024 by increasing our net income attributable to noncontrolling interests and decreasing our net income attributable to MCBC. In addition, the final determination of the redemption value was received in October 2024, and we recorded an adjustment of $45.8 million to interest expense in the EMEA&APAC segment with the offset to the mandatorily redeemable NCI that was recorded to accounts payable and other current liabilities in the unaudited condensed consolidated balance sheets. See further discussion of this transaction in Part I. — Item 1. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
Items Affecting the Americas Segment Results of Operations
Wind Down or Sale of Certain U.S. Craft Businesses
During the three months ended September 30, 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. We expect to continue to incur incremental restructuring charges during the fourth quarter of 2024 and the first quarter of 2025 through completion of wind down and closure of certain remaining U.S. craft facilities. Remaining charges are estimated to total approximately $95 million to $115 million, consisting primarily of accelerated depreciation charges. See Part I. — Item 1. Financial Statements, Note 12, "Other Operating Income (Expense), net" for further information.
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Truss Sale
During the three months ended September 30, 2023, we sold our controlling interest in Truss and recognized a loss of $11.1 million. See Part I. — Item 1. Financial Statements, Note 12, "Other Operating Income (Expense), net" for further information.
Consolidated Results of Operations
The following table highlights summarized components of our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and September 30, 2023. See Part I.—Item 1. Financial Statements for additional details of our U.S. GAAP results.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023% changeSeptember 30, 2024September 30, 2023% change
(In millions, except percentages and per share data)
Net sales$3,042.7 $3,298.4 (7.8)%$8,891.4 $8,911.3 (0.2)%
Cost of goods sold(1,840.2)(1,952.2)(5.7)%(5,395.5)(5,575.5)(3.2)%
Gross profit1,202.5 1,346.2 (10.7)%3,495.9 3,335.8 4.8 %
Marketing, general and administrative expenses(684.7)(746.8)(8.3)%(2,067.8)(2,096.7)(1.4)%
Other operating income (expense), net(65.8)(12.7)418.1 %(59.4)(13.0)356.9 %
Equity income (loss)(0.8)5.5 N/M(3.6)12.8 N/M
Operating income (loss)451.2 592.2 (23.8)%1,365.1 1,238.9 10.2 %
Total non-operating income (expense), net(119.8)(48.2)148.5 %(208.4)(151.9)37.2 %
Income (loss) before income taxes331.4 544.0 (39.1)%1,156.7 1,087.0 6.4 %
Income tax benefit (expense)(102.6)(112.4)(8.7)%(292.7)(236.1)24.0 %
Net income (loss)228.8 431.6 (47.0)%864.0 850.9 1.5 %
Net (income) loss attributable to noncontrolling interests(29.0)(0.9)N/M(29.4)(5.3)N/M
Net income (loss) attributable to MCBC$199.8 $430.7 (53.6)%$834.6 $845.6 (1.3)%
Net income (loss) attributable to MCBC per diluted share$0.96 $1.98 (51.5)%$3.96 $3.89 1.8 %
Financial volume in hectoliters20.629 23.532 (12.3)%61.033 63.923 (4.5)%
N/M = Not meaningful
Foreign currency impacts on results
During the three months ended September 30, 2024, foreign currency movements had the following impacts on our USD consolidated results:
•Net sales - Favorable impact of $1.2 million (favorable impact for EMEA&APAC of $8.6 million, partially offset by the unfavorable impact for Americas of $7.4 million).
•Cost of goods sold - Unfavorable impact of $1.1 million (unfavorable impact for EMEA&APAC of $5.7 million, partially offset by the favorable impact for Americas and Unallocated of $4.3 million and $0.3 million, respectively).
•MG&A - Unfavorable impact of $0.4 million (unfavorable impact for EMEA&APAC of $1.9 million, partially offset by the favorable impact for Americas of $1.5 million).
•Income (loss) before income taxes - Unfavorable impact of $0.1 million (unfavorable impact for Americas of $1.5 million, partially offset by the favorable impact of EMEA&APAC and Unallocated of $1.0 million and $0.4 million, respectively).
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The impacts of foreign currency movements on our consolidated USD results described above for the three months ended September 30, 2024 were primarily due to the weakening of the USD compared to the GBP, partially offset by the strengthening of the USD compared to the CAD.
During the nine months ended September 30, 2024, foreign currency movements had the following impacts on our USD consolidated results:
•Net sales - Favorable impact of $1.6 million (favorable impact for EMEA&APAC of $15.1 million, partially offset by the unfavorable impact for Americas $13.5 million).
•Cost of goods sold - Unfavorable impact of $1.7 million (unfavorable impact for EMEA&APAC of $10.4 million, partially offset by the favorable impact for Americas and Unallocated of $8.3 million and $0.4 million, respectively).
•MG&A - Unfavorable impact of $0.7 million (unfavorable impact for EMEA&APAC of $3.8 million, partially offset by the favorable impact for Americas of $3.1 million).
•Income (loss) before income taxes - Unfavorable impact of $5.1 million (unfavorable impact for Americas and EMEA&APAC of $3.9 million and $2.8 million, respectively, partially offset by the favorable impact for Unallocated of $1.6 million).
The impacts of foreign currency movements on our consolidated USD results described above for the nine months ended September 30, 2024 were primarily due to the weakening of the USD compared to the GBP, partially offset by the strengthening of the USD compared to the CAD and CZK.
Included in these amounts are both translational and transactional impacts of changes in foreign exchange rates. We calculate the impact of foreign exchange by translating our current period local currency results at the average exchange rates used to translate the financial statements in the comparable prior year period during the respective period throughout the year and comparing that amount with the reported amount for the period. The impact of transactional foreign currency gains and losses, including the impact of undesignated foreign currency forwards, is recorded within other non-operating income (expense), net in our unaudited condensed consolidated statements of operations.
Volume
Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), as well as contract brewing, wholesale/factored non-owned volume and company-owned distribution volume. This metric is presented on an STW basis to reflect the sales from our operations to our direct customers, generally distributors. We believe this metric is important and useful for investors and management because it gives an indication of the amount of beer and adjacent products that we have produced and shipped to customers. This metric excludes royalty volume, which consists of our brands produced and sold under various license and contract brewing agreements. Factored volume in our EMEA&APAC segment is the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel, which is a common arrangement in the U.K.
Net Sales
The following table highlights the drivers of the change in net sales for the three months ended September 30, 2024 compared to September 30, 2023 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Consolidated net sales(12.3)%4.5 %— %(7.8)%
Net sales decreased 7.8% for the three months ended September 30, 2024, compared to prior year, driven by lower financial volumes, partially offset by favorable price and sales mix.
Financial volumes decreased 12.3% for the three months ended September 30, 2024, compared to prior year, primarily due to lower shipments, including lower contract brewing volumes in the Americas.
Price and sales mix favorably impacted net sales for the three months ended September 30, 2024 by 4.5%, primarily due to increased net pricing as well as favorable sales mix for both segments, including as a result of lower contract brewing volumes in the U.S.


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The following table highlights the drivers of the change in net sales for the nine months ended September 30, 2024 compared to September 30, 2023 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Consolidated net sales(4.5)%4.3 %— %(0.2)%
Net sales decreased 0.2% for the nine months ended September 30, 2024, compared to prior year, driven by lower financial volumes, partially offset by favorable price and sales mix.
Financial volumes decreased 4.5% for the nine months ended September 30, 2024, compared to prior year, primarily due to lower shipments, including lower contract brewing volumes in the Americas.
Price and sales mix favorably impacted net sales for the nine months ended September 30, 2024 by 4.3%, primarily due to increased net pricing as well as favorable sales mix for both segments, including as a result of lower contract brewing volumes in the U.S.
A discussion of currency impacts on net sales is included in the "Foreign currency impacts on results" section above.
Cost of goods sold
We utilize cost of goods sold per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. This metric is calculated as cost of goods sold per our unaudited condensed consolidated statements of operations divided by financial volume for the respective period. We believe this metric is important and useful for investors and management because it provides an indication of the trends of sales mix and other cost impacts on our cost of goods sold.
Cost of goods sold decreased 5.7% for the three months ended September 30, 2024, compared to prior year, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter. Cost of goods sold per hectoliter increased 7.5% for the three months ended September 30, 2024, compared to prior year, primarily due to volume deleverage in the Americas segment, unfavorable mix driven by lower contract brewing volumes in the Americas segment, unfavorable changes in our unrealized mark-to-market commodity derivative positions of $34.4 million and cost inflation related to materials and manufacturing expenses, partially offset by cost savings initiatives.
Cost of goods sold decreased 3.2% for the nine months ended September 30, 2024, compared to prior year, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter. Cost of goods sold per hectoliter increased 1.4% for the nine months ended September 30, 2024, compared to prior year, primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix driven by lower contract brewing volumes in the Americas segment and volume deleverage, partially offset by favorable changes in our unrealized commodity mark-to-market derivative positions of $109.7 million and cost savings initiatives.
A discussion of currency impacts on cost of goods sold is included in the "Foreign currency impacts on results" section above.
Marketing, general and administrative expenses
MG&A expenses decreased 8.3% for the three months ended September 30, 2024 compared to prior year, primarily due to lower marketing investment resulting from cycling higher spend levels in the prior year and lower incentive compensation expense.
MG&A expenses decreased 1.4% for the nine months ended September 30, 2024 compared to prior year, primarily due to lower incentive compensation expense, partially offset by increased marketing investment to support our brands and innovations.
A discussion of currency impacts on MG&A expenses is included in the "Foreign currency impacts on results" section above.
Other operating income (expense), net
During the three months ended September 30, 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. See Part I.—Item 1. Financial Statements, Note 12, "Other Operating Income (Expense), net" for detail of our other operating income (expense), net.
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Total non-operating income (expense), net
Total non-operating expense, net increased 148.5% for the three months ended September 30, 2024, compared to prior year, primarily due to higher interest expense driven by a $45.8 million adjustment to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout and a settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases.
Total non-operating expense, net increased 37.2% for the nine months ended September 30, 2024, compared to prior year, primarily due to higher interest expense driven by a $45.8 million adjustment to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout and a settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases in the third quarter of 2024, partially offset by higher interest income from higher cash balances and higher pension and OPEB non-service benefit.
Income tax benefit (expense)
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Effective tax rate31 %21 %25 %22 %
The higher effective tax rate for the three and nine months ended September 30, 2024, compared to the prior year, was partly due to the impact of a valuation allowance that was recorded on deferred tax assets in the third quarter of 2024 related to the divestment of certain of our U.S. craft businesses. The divestment resulted in the realization of a capital loss for U.S. tax purposes. We believe it is more likely than not that the deferred tax asset generated by the capital loss will not be recognized, and as a result, a $16.4 million valuation allowance was recorded for the year to date period. The higher effective tax rate was also due to the $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to the final redemption value, which was recorded to interest expense in the third quarter of 2024 and is non-deductible for tax purposes. Finally, the higher effective tax rate for the three months ended September 30, 2024 was partly driven by a decrease in discrete tax benefit.
Our effective tax rate can be volatile and may change with, among other things, the amount and source of pretax income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, could have an impact on our effective tax rate.
Refer to Part I.—Item 1. Financial Statements, Note 9, "Income Tax" for discussion regarding our effective tax rate.
Net income (loss) attributable to noncontrolling interests
Net income attributable to noncontrolling interests increased $28.1 million and $24.1 million for the three and nine months ended September 30, 2024, respectively, compared to the prior year, primarily due to the recording of an out of period adjustment to increase the noncontrolling interest to the best estimate of the redemption value that existed at the time of the put option exercise in March 2024. See further discussion in Part I. — Item 1. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
Segment Results of Operations
Americas Segment
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023% changeSeptember 30, 2024September 30, 2023% change
(In millions, except percentages)
Net sales(1)
$2,345.0 $2,633.4 (11.0)%$7,066.3 $7,194.1 (1.8)%
Income (loss) before income taxes$353.8 $483.5 (26.8)%$1,161.5 $1,204.2 (3.5)%
Financial volume in hectoliters(1)(2)
14.695 17.414 (15.6)%45.001 47.718 (5.7)%
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
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(2)Excludes royalty volume of 0.626 million hectoliters and 1.795 million hectoliters for the three and nine months ended September 30, 2024, respectively, and excludes royalty volume of 0.692 million hectoliters and 1.955 million hectoliters for the three and nine months ended September 30, 2023, respectively.
Net sales
The following table highlights the drivers of the change in net sales for the three months ended September 30, 2024 compared to September 30, 2023 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Americas net sales(15.6)%4.9 %(0.3)%(11.0)%
Net sales decreased 11.0% for the three months ended September 30, 2024, compared to prior year, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Financial volumes decreased 15.6% for the three months ended September 30, 2024, compared to prior year, primarily due to the timing of U.S. shipments as well as lower U.S. volumes due to the macroeconomic environment resulting in industry softness. In addition, of the 15.6% decrease, 260bps relates to lower contract brewing volumes in the U.S. related to the wind down of a contract brewing arrangement leading up to the termination by the end of 2024.
Price and sales mix favorably impacted net sales for the three months ended September 30, 2024, compared to prior year, by 4.9% primarily due to increased net pricing and favorable sales mix as a result of lower contract brewing volumes.
The following table highlights the drivers of the change in net sales for the nine months ended September 30, 2024 compared to September 30, 2023 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Americas net sales(5.7)%4.1 %(0.2)%(1.8)%
Net sales decreased 1.8% for the nine months ended September 30, 2024, compared to prior year, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Financial volumes decreased 5.7% for the nine months ended September 30, 2024, compared to prior year, primarily due to a 300bps impact relating to lower contract brewing volumes related to the wind down of a contract brewing arrangement leading up to the termination by the end of 2024 and lower U.S. volumes due to the macroeconomic environment resulting in industry softness.
Price and sales mix favorably impacted net sales for the nine months ended September 30, 2024, compared to prior year, by 4.1% primarily due to increased net pricing and favorable sales mix as a result of lower contract brewing volumes.
A discussion of the foreign currency impacts on net sales is included in the "Foreign currency impacts on results" section above.
Income (loss) before income taxes
Income before income taxes declined 26.8% for the three months ended September 30, 2024 compared to prior year, primarily due to lower financial volumes, higher other operating expense as a result of the exit of our U.S. craft businesses and related restructuring costs and cost inflation related to materials and manufacturing expenses, partially offset by lower MG&A expense, increased net pricing, favorable sales mix and cost savings initiatives. Lower MG&A expense was primarily driven by lower marketing spend resulting from the cycling of higher spend levels in the prior year and lower incentive compensation expense.
Income before income taxes declined 3.5% for the nine months ended September 30, 2024 compared to prior year, primarily due to lower financial volumes, cost inflation related to materials and manufacturing expenses, higher other operating expense as a result of the exit of our U.S. craft businesses and related restructuring costs, partially offset by increased net pricing, lower MG&A expense, favorable sales mix and cost savings initiatives. Lower MG&A expense was primarily driven by lower incentive compensation expense.
A discussion of the foreign currency impacts on income (loss) before income taxes is included in the "Foreign currency impacts on results" section above.
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EMEA&APAC Segment
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023% changeSeptember 30, 2024September 30, 2023% change
(In millions, except percentages)
Net sales(1)
$704.4 $670.4 5.1 %$1,842.4 $1,729.5 6.5 %
Income (loss) before income taxes$51.6 $67.5 (23.6)%$121.8 $106.3 14.6 %
Financial volume in hectoliters(1)(2)
5.938 6.120 (3.0)%16.039 16.209 (1.0)%
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
(2)Excludes royalty volume of 0.356 million hectoliters and 0.899 million hectoliters for the three and nine months ended September 30, 2024, respectively, and excludes royalty volume of 0.291 million hectoliters and 0.697 million hectoliters for the three and nine months ended September 30, 2023, respectively.
The following table highlights the drivers of the change in net sales for the three months ended September 30, 2024 compared to September 30, 2023 (in percentages).
Financial VolumePrice and Sales MixCurrencyTotal
EMEA&APAC net sales(3.0)%6.8 %1.3 %5.1 %
Net sales increased 5.1% for the three months ended September 30, 2024, compared to prior year, driven by favorable price and sales mix as well as favorable foreign currency impacts, partially offset by lower financial volumes.
Financial volumes decreased 3.0% for the three months ended September 30, 2024, compared to prior year, primarily driven by lower volumes in Western Europe due to soft market demand and high promotional activity from the competition.
Price and sales mix favorably impacted net sales for the three months ended September 30, 2024, compared to prior year, by 6.8%, primarily due to increased net pricing and favorable sales mix driven by premiumization and favorable channel mix.
The following table highlights the drivers of the change in net sales for the nine months ended September 30, 2024 compared to September 30, 2023 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
EMEA&APAC net sales(1.0)%6.7 %0.8 %6.5 %
Net sales increased 6.5% for the nine months ended September 30, 2024, compared to prior year, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volumes.
Financial volumes decreased 1.0% for the nine months ended September 30, 2024, compared to prior year, primarily due to lower volumes in Western Europe due to soft market demand and high promotional activity from the competition, partially offset by Central and Eastern Europe volume growth driven by the favorable performance of our core power brands and our above premium brands and the easing inflationary pressures on the consumer.
Price and sales mix favorably impacted net sales for the nine months ended September 30, 2024, compared to prior year, by 6.7%, primarily due to increased net pricing and favorable sales mix driven by premiumization and favorable channel mix.
A discussion of the foreign currency impacts on net sales is included in the "Foreign currency impacts on results" section above.
Income (loss) before income taxes
Income before income taxes declined 23.6% for the three months ended September 30, 2024, compared to prior year, primarily due to higher interest expense as a result of the adjustment of $45.8 million to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout, lower financial volumes and higher MG&A expense, partially offset by increased net pricing and favorable sales mix.

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Income before income taxes improved 14.6% for the nine months ended September 30, 2024, compared to prior year, primarily due to increased net pricing, favorable sales mix and cost savings initiatives, partially offset by higher interest expense as a result of the adjustment of $45.8 million to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout, higher MG&A expense and lower financial volumes. Higher MG&A was due to increased marketing to support our brands and innovations as well as cost inflation.
A discussion of the foreign currency impacts on income (loss) before income taxes is included in the "Foreign currency impacts on results" section above.
Unallocated Segment
We have certain activity that is not allocated to our segments, which has been reflected as "Unallocated" below. Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income, foreign exchange gains and losses on intercompany balances and realized and unrealized changes in fair value on instruments not designated in hedging relationships related to financing and other treasury-related activities. Unallocated activity also includes the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components remain unallocated.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023% changeSeptember 30, 2024September 30, 2023% change
(In millions, except percentages)
Cost of goods sold$(1.9)$35.3 N/M$26.9 $(77.1)N/M
Gross profit (loss)(1.9)35.3 N/M26.9 (77.1)N/M
Operating income (loss)(1.9)35.3 N/M26.9 (77.1)N/M
Total non-operating income (expense), net(72.1)(42.3)70.4 %(153.5)(146.4)4.8 %
Income (loss) before income taxes$(74.0)$(7.0)957.1 %$(126.6)$(223.5)(43.4)%
N/M = Not meaningful
Cost of goods sold
The unrealized changes in fair value on our commodity derivatives, which are economic hedges, make up substantially all of the activity presented within cost of goods sold in the table above for the three and nine months ended September 30, 2024 and September 30, 2023, respectively. As the exposure we are managing is realized, we reclassify the gain or loss on our commodity derivatives to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. See Part I.—Item 1. Financial Statements, Note 8, "Derivative Instruments and Hedging Activities" for further information.
Total non-operating income (expense), net
Total non-operating expense, net increased 70.4% for the three months ended September 30, 2024, compared to prior year, primarily due to a settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases.
Total non-operating expense, net increased 4.8% for the nine months ended September 30, 2024, respectively, compared to prior year, primarily due to a settlement loss of $34.0 million recorded in the third quarter of 2024 as a result of Canadian pension plan annuity purchases, partially offset by lower net interest expense as a result of higher interest income from higher cash balances and higher pension and OPEB non-service benefits.
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Liquidity and Capital Resources
Liquidity
Overview
Our primary sources of liquidity include cash provided by operating activities and access to external capital. We continue to monitor world events which may create credit or economic challenges that could adversely impact our profit or operating cash flows and our ability to obtain additional liquidity. We currently believe that our cash and cash equivalents, cash flows from operations and cash provided by short-term and long-term borrowings, when necessary, will be adequate to meet our ongoing operating requirements, scheduled principal and interest payments on debt, anticipated dividend payments, capital expenditures and other obligations for the twelve months subsequent to the date of the issuance of this quarterly report and our long-term liquidity requirements. We do not have any restrictions that prevent or limit our ability to declare or pay dividends.
While a significant portion of our cash flows from operating activities are generated within the U.S., our cash balances include cash held outside the U.S. and in currencies other than the USD. As of September 30, 2024, approximately 58% of our cash and cash equivalents were located outside the U.S., largely denominated in foreign currencies. Fluctuations in foreign currency exchange rates have had and may continue to have a material impact on these foreign cash balances. Cash balances in foreign countries are often subject to additional restrictions. We may, therefore, have difficulties timely repatriating cash held outside the U.S., and such repatriation may be subject to tax. These limitations may affect our ability to fully utilize our cash resources for needs in the U.S. and other countries and may adversely affect our liquidity. To the extent necessary, we accrue for tax consequences on the earnings of our foreign subsidiaries as they are earned. We may utilize tax planning and financing strategies in an effort to ensure that our worldwide cash is available in the locations in which it is needed. We periodically review and evaluate these plans and strategies, including externally committed and non-committed credit agreements accessible by our Company and each of our operating subsidiaries. We believe these financing arrangements, along with cash flows from operating activities within the U.S., are sufficient to fund our current cash needs in the U.S.
Cash Flows and Use of Cash
Our business historically generates positive operating cash flows each year and our debt maturities are generally of a longer-term nature. However, our liquidity could be impacted significantly by the risk factors we described in Part I—Item 1A. "Risk Factors" in our Annual Report, Part II.—Item 1A. "Risk Factors" in this report and the items listed above.
Cash Flows from Operating Activities
Net cash provided by operating activities of $1,415.8 million for the nine months ended September 30, 2024 decreased $188.7 million compared to $1,604.5 million for the nine months ended September 30, 2023. The decrease in net cash provided by operating activities was primarily due to the unfavorable timing of working capital, partially offset by higher net income adjusted for non-cash addbacks and the timing of income taxes paid. The unfavorable timing of working capital was primarily driven by the timing of cash paid for our payables as well as higher payments for 2023 annual incentive compensation, partially offset by the timing of cash receipts.
Cash Flows from Investing Activities
Net cash used in investing activities of $530.3 million for the nine months ended September 30, 2024 decreased $138.2 million compared to $668.5 million for the nine months ended September 30, 2023. The decrease in net cash used in investing activities was primarily due to cash paid in the prior year for an acquisition, partially offset by higher capital expenditures as a result of the timing of capital projects.
Cash Flows from Financing Activities
Net cash used in financing activities of $744.8 million for the nine months ended September 30, 2024 increased $16.2 million compared to $728.6 million for the nine months ended September 30, 2023. The increase in net cash used in financing activities was primarily due to higher Class B common stock share repurchases and higher dividend payments, partially offset by lower net debt repayments.




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Capital Resources, including Material Cash Requirements
Cash and Cash Equivalents
As of September 30, 2024, we had total cash and cash equivalents of $1,021.7 million, compared to $868.9 million as of December 31, 2023 and $801.7 million as of September 30, 2023. The increase in cash and cash equivalents from December 31, 2023 and September 30, 2023 was primarily due to the net cash provided by operating activities, as well as the issuance of new EUR 800 million 3.8% senior notes due 2032, partially offset by net debt repayments, including the repayment of our EUR 800 million 1.25% senior notes which matured in July 2024, capital expenditures, Class B common stock share repurchases and dividend payments.
Borrowings
We repaid our EUR 800 million 1.25% senior notes upon their maturity on July 15, 2024 using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024 and cash on hand. Refer to Part I.—Item 1. Financial Statements, Note 7, "Debt" for details.
5262
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5263
Based on the credit profile of our lenders that are party to our credit facilities, we are confident in our ability to draw on our revolving credit facility if the need arises. On June 3, 2024, we amended our existing $2.0 billion multi-currency revolving credit facility to, among other things, extend the maturity date from June 26, 2028 to June 26, 2029. As of September 30, 2024, we had $2.0 billion available to draw on our amended and restated $2.0 billion multi-currency revolving credit facility. As of September 30, 2024, we had no borrowings drawn on this amended and restated multi-currency revolving credit facility and no commercial paper borrowings.
We intend to further utilize our cross-border, cross currency cash pool as well as our commercial paper programs for liquidity as needed. We also have CAD, GBP and USD overdraft facilities across several banks should we need additional short-term liquidity.
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
The maximum net debt to EBITDA leverage ratio, as defined by the amended and restated multi-currency revolving credit facility agreement, was 4.00x as of September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All of our outstanding senior notes as of September 30, 2024 rank pari-passu.
See Part I.—Item 1. Financial Statements, Note 7, "Debt" for further discussion of our borrowings and available sources of borrowings, including lines of credit.
Guarantees
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. See Part I.—Item 1. Financial Statements, Note 10, "Commitments and Contingencies" for further discussion.
Material Cash Requirements from Contractual and Other Obligations
There were no material changes, except for the cash payment required for the mandatory purchase of the remaining 49.9% ownership interest in Cobra U.K. of $89 million which was made on October 21, 2024, to our material cash requirements from contractual and other obligations outside the ordinary course of business or due to factors similar in nature to inflation, changing prices on operations or changes in the remaining terms of the contracts since December 31, 2023, as reported in Part II.— Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, "Material Cash Requirements from Contractual and Other Obligations" in our Annual Report.


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Credit Rating
Our current long-term credit ratings are BBB/Stable Outlook, Baa1/Stable Outlook and BBB/Stable Outlook with Standard & Poor's, Moody's and DBRS, respectively. Our short-term credit ratings are A-2, Prime-2 and R-2, respectively. A securities rating is not a recommendation to buy, sell or hold securities, and it may be revised or withdrawn at any time by the applicable rating agency.
Guarantor Information
SEC Registered Securities
For purposes of this disclosure, including the tables, "Parent Issuer" shall mean MCBC in its capacity as the issuer of the senior notes under the May 2012 Indenture, the July 2016 Indenture and the May 2024 Indenture. "Subsidiary Guarantors" shall mean certain Canadian and U.S. subsidiaries reflecting the substantial operations of our Americas segment.
Pursuant to the indenture dated May 3, 2012 (as amended, the "May 2012 Indenture"), MCBC issued its outstanding 5.0% senior notes due 2042. Additionally, pursuant to the indenture dated July 7, 2016 ("July 2016 Indenture"), MCBC issued its outstanding 3.0% senior notes due 2026, 4.2% senior notes due 2046 and 1.25% senior notes due 2024 (subsequently repaid upon maturity on July 15, 2024). Further, pursuant to the indenture dated May 29, 2024 ("May 2024 Indenture"), MCBC issued its outstanding 3.8% senior notes due 2032. The issuances of the senior notes under the May 2012 Indenture, the July 2016 Indenture and the May 2024 Indenture were registered under the Securities Act of 1933, as amended. These senior notes are guaranteed on a senior unsecured basis by certain subsidiaries of MCBC, which are listed in Exhibit 22 of this Quarterly Report on Form 10-Q (the Subsidiary Guarantors, and together with the Parent Issuer, the "Obligor Group"). Each of the Subsidiary Guarantors is 100% owned by the Parent Issuer. The guarantees are full and unconditional and joint and several.
None of our other outstanding debt was issued in a transaction that was registered with the SEC, and such other outstanding debt is issued or otherwise generally guaranteed on a senior unsecured basis by the Obligor Group or other consolidated subsidiaries of MCBC. These other guarantees are also full and unconditional and joint and several.
As of September 30, 2024, the senior notes and related guarantees rank pari-passu with all other unsubordinated debt of the Obligor Group and senior to all future subordinated debt of the Obligor Group. The guarantees can be released upon the sale or transfer of a Subsidiary Guarantors' capital stock or substantially all of its assets, or if such Subsidiary Guarantor ceases to be a guarantor under our other outstanding debt.
See Part I.—Item 1. Financial Statements, Note 7, "Debt" for details of all debt issued and outstanding as of September 30, 2024.
The following summarized financial information relates to the Obligor Group as of September 30, 2024 on a combined basis, after elimination of intercompany transactions and balances between the Obligor Group, and excluding the investments in and equity in the earnings of any non-guarantor subsidiaries. The balances and transactions with non-guarantor subsidiaries have been separately presented.
Summarized Financial Information of Obligor Group
Nine Months Ended
September 30, 2024
(in millions)
Net sales, out of which:$6,937.7 
Intercompany sales to non-guarantor subsidiaries$78.6 
Gross profit, out of which:$2,779.3 
Intercompany net costs from non-guarantor subsidiaries$(287.3)
Net interest expense, out of which:$(119.9)
Intercompany net interest income from non-guarantor subsidiaries$27.5 
Income before income taxes$1,044.0 
Net income$796.8 
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As of September 30, 2024As of December 31, 2023
(in millions)
Total current assets, out of which:$2,084.6 $1,814.3 
Intercompany receivables from non-guarantor subsidiaries$207.2 $255.7 
Total noncurrent assets, out of which:$24,513.5 $24,641.0 
Noncurrent intercompany notes receivable from non-guarantor subsidiaries$4,130.2 $4,178.6 
Total current liabilities, out of which:$2,742.6 $3,048.4 
Current portion of long-term debt and short-term borrowings$5.4 $885.6 
Intercompany payables due to non-guarantor subsidiaries$777.9 $117.7 
Total noncurrent liabilities, out of which:$9,065.0 $8,094.7 
Long-term debt$6,148.7 $5,257.6 
Capital Expenditures
We incurred $424.2 million and paid $563.0 million, for capital improvement projects worldwide in the nine months ended September 30, 2024, excluding capital spending by equity method joint ventures, representing a decrease of $4.2 million from the $428.4 million of capital expenditures incurred in the nine months ended September 30, 2023. We continue to focus on where and how we employ our planned capital expenditures, with an emphasis on obtaining required returns on invested capital as we determine how to best allocate cash within the business.
Contingencies
We are party to various legal proceedings arising in the ordinary course of business, environmental litigation and indemnities associated with our sale of Kaiser to FEMSA. See Part I.—Item 1. Financial Statements, Note 10, "Commitments and Contingencies" for further discussion.
Off-Balance Sheet Arrangements
Refer to Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for discussion of off-balance sheet arrangements. As of September 30, 2024, we did not have any other material off-balance sheet arrangements.
Critical Accounting Estimates
Our accounting policies and accounting estimates critical to our financial condition and results of operations are set forth in our Annual Report and did not change during the nine months ended September 30, 2024. See Part I.—Item 1. Financial Statements, Note 2, "New Accounting Pronouncements" for discussion of any recently adopted accounting pronouncements. See also Part I.—Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for discussion of the results of our 2023 annual impairment testing analysis, the related risks to our indefinite-lived intangible brand assets and the goodwill amounts associated with our reporting units.
New Accounting Pronouncements Not Yet Adopted
See Part I.—Item 1. Financial Statements, Note 2, "New Accounting Pronouncements" for a description of any new accounting pronouncements that have or could have a significant impact on our financial statements.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Part II.—Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report for further details of our market risks and our market sensitive instruments as of December 31, 2023. During the nine months ended September 30, 2024, our market risk sensitive instruments fluctuated as a result of changes in interest rates, currency exchange rates and commodity prices.
Interest Rate Risk
As of September 30, 2024 and December 31, 2023, the following table presents our fixed rate debt and forward starting interest rate swaps as well as the impact of an absolute 1% adverse change in interest rates on their respective fair values. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2024 and December 31, 2023, respectively. See Part I - Item 1. Financial Statements, Note 7. "Debt" for the maturity dates of our outstanding debt instruments.
Notional amountsFair Value Asset/(Liability)Effect of Adverse Change
(in millions)As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
USD denominated fixed rate senior notes $4,900.0 $4,900.0 $(4,656.2)$(4,608.2)$(397.0)$(414.4)
Foreign currency denominated fixed rate senior notes$1,260.5 $1,260.7 $(1,288.3)$(1,248.6)$(70.9)$(13.5)
Forward starting interest rate swaps$1,000.0 $1,000.0 $39.2 $41.6 $(82.5)$(78.9)
Foreign Exchange Risk
The following table includes details of our foreign currency denominated fixed rate debt and our foreign currency forwards used to hedge our foreign exchange rate risk as well as the impact of a hypothetical 10% adverse change in the related foreign currency exchange rates on their respective fair values. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2024 and December 31, 2023, respectively.
Notional amounts Fair Value
Asset/(Liability)		Effect of Adverse Change
(in millions)As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
Foreign currency denominated fixed rate senior notes$1,260.5 $1,260.7 $(1,288.3)$(1,248.6)$(129.6)$(124.8)
Foreign currency forwards$234.0 $219.4 $— $(1.4)$(25.1)$(23.6)
Commodity Price Risk
The following table includes details of our commodity swaps used to hedge commodity price risk as well as the impact of a hypothetical 10% adverse change in the related commodity prices on the fair value of the derivatives. The following table excludes our commodity options because we have offsetting buy and sell positions. Notional amounts and fair values are presented in USD based on the applicable exchange rates as of September 30, 2024 and December 31, 2023, respectively.
Notional amountsFair Value Asset/(Liability)Effect of Adverse Change
(in millions)As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
Swaps$459.7 $653.5 $(2.6)$(30.4)$(44.5)$(58.1)
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ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) under the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024 to provide reasonable assurance that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures that, by their nature, can only provide reasonable assurance regarding management's control objectives. Also, we have investments in certain unconsolidated entities that we do not control or manage.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
Litigation and other disputes
For information regarding litigation, other disputes and environmental and regulatory proceedings see Part I.—Item 1. Financial Statements, Note 10, "Commitments and Contingencies."
ITEM 1A.    RISK FACTORS
In addition to the other information set forth in this report, the factors discussed in Part I.—Item 1A. "Risk Factors" in our Annual Report, which could materially affect our business, financial condition and/or future results, should be carefully considered. There have been no material changes to the risk factors contained in our Annual Report. The risks described in our Annual Report and herein are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table presents information with respect to Class B common stock purchases made by our Company during the three months ended September 30, 2024:
Issuer Purchases of Equity Securities
Total number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Approximate dollar value of shares that may yet be purchased under the plans or programs(1)
July 1, 2024 through July 31, 2024404,260 $51.96 404,260 $1,457,920,923 
August 1, 2024 through August 31, 2024402,722 $53.29 402,722 $1,436,461,800 
September 1, 2024 through September 30, 2024353,725 $55.40 353,725 $1,416,863,668 
Total1,160,707 $53.47 1,160,707 $1,416,863,668 
(1)On September 29, 2023, our Board approved a share repurchase program up to an aggregate of $2.0 billion of our Company's Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years. The number, price, structure and timing of the repurchases under the program, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt agreements and other factors. Share repurchases may be made in the open market, in structured transactions or in privately negotiated transactions. The repurchase authorization does not oblige us to acquire any particular amount of our Company's Class B common stock. The Board may suspend, modify or terminate the
45

repurchase program at any time without prior notice.
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.    OTHER INFORMATION
During the three months ended September 30, 2024, no directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6.    EXHIBITS
The following are filed, furnished or incorporated by reference as a part of this Quarterly Report on Form 10-Q:
(a)   Exhibit
Exhibit
Number		Document Description
3.1
3.2
10.1**
22+
31.1+
31.2+
32++
101.INS+XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
101.SCH+XBRL Taxonomy Extension Schema Document.*
101.CAL+XBRL Taxonomy Extension Calculation Linkbase Document.*
101.LAB+XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE+XBRL Taxonomy Extension Presentation Linkbase Document.*
101.DEF+XBRL Taxonomy Extension Definition Linkbase Document.*
104Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)
*Attached as Exhibit 101 to this report are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Unaudited Condensed Consolidated Statements of Operations, (ii) the Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss), (iii) the Unaudited Condensed Consolidated Balance Sheets, (iv) the Unaudited Condensed Consolidated Statements of Cash Flows, (v) the Unaudited Condensed Consolidated Statements of Stockholders' Equity and Noncontrolling Interests, (vi) the Notes to Unaudited Condensed Consolidated Financial Statements and (vii) document and entity information.
**
Represents a management contract or compensatory plan or arrangement.
+Filed herewith.
++Furnished herewith.
46

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MOLSON COORS BEVERAGE COMPANY
By:
/s/ ROXANNE M. STELTER
Roxanne M. Stelter
Vice President and Controller
(Principal Accounting Officer)
November 8, 2024
47
Exhibit 22


MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
LIST OF PARENT ISSUER AND GUARANTOR SUBSIDIARIES

The following companies of the Obligor Group (as defined in Molson Coors Beverage Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024) were, as of September 30, 2024, the issuer or guarantors, as applicable, of Molson Coors Beverage Company's 3.0% senior notes due 2026, 3.8% senior notes due 2032, 5.0% senior notes due 2042 and 4.2% senior notes due 2046:

CompanyJurisdiction of Incorporation or OrganizationParent Issuer / Guarantor
Molson Coors Beverage CompanyDelawareParent Issuer
CBC Holdco LLCColoradoGuarantor Subsidiary
CBC Holdco 2 LLCColoradoGuarantor Subsidiary
CBC Holdco 3, Inc.ColoradoGuarantor Subsidiary
Coors Brewing CompanyColoradoGuarantor Subsidiary
Molson Coors Beverage Company USA LLCDelawareGuarantor Subsidiary
Molson Coors USA LLCDelawareGuarantor Subsidiary
Coors Distributing Company LLCDelawareGuarantor Subsidiary
Molson Canada 2005OntarioGuarantor Subsidiary
Molson Coors Holdco, Inc.DelawareGuarantor Subsidiary
Molson Coors International LPDelawareGuarantor Subsidiary
Newco3, Inc.ColoradoGuarantor Subsidiary



Exhibit 31.1

SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Gavin D.K. Hattersley, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Molson Coors Beverage Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ GAVIN D.K. HATTERSLEY
 
Gavin D.K. Hattersley
President and Chief Executive Officer
(Principal Executive Officer)
November 8, 2024

Exhibit 31.2

SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Tracey I. Joubert, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Molson Coors Beverage Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ TRACEY I. JOUBERT
 
Tracey I. Joubert
Chief Financial Officer
(Principal Financial Officer)
November 8, 2024

Exhibit 32

WRITTEN STATEMENT OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
FURNISHED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)
AND FOR THE PURPOSE OF COMPLYING WITH RULE 13a-14(b)
OF THE SECURITIES EXCHANGE ACT OF 1934.
        The undersigned, the Chief Executive Officer and the Chief Financial Officer of Molson Coors Beverage Company (the "Company") respectively, each hereby certifies that to his or her knowledge on the date hereof:
(a)the Quarterly Report on Form 10-Q of the Company for quarterly period ended September 30, 2024 filed on the date hereof with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(b)Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ GAVIN D.K. HATTERSLEY
 
Gavin D.K. Hattersley
President and Chief Executive Officer
(Principal Executive Officer)
November 8, 2024
/s/ TRACEY I. JOUBERT
 
Tracey I. Joubert
Chief Financial Officer
(Principal Financial Officer)
November 8, 2024
        A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-14829  
Entity Registrant Name Molson Coors Beverage Company  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-0178360  
Entity Address, Address Line One P.O. Box 4030, BC555  
Entity Address, City or Town Golden  
Entity Address, State or Province CO  
Entity Address, Country US  
Entity Address, Postal Zip Code 80401  
City Area Code 303  
Local Phone Number 279-6565  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000024545  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Common Class A    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,563,034
Common Class B    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   193,565,199
NEW YORK STOCK EXCHANGE | Common Class A    
Entity Information [Line Items]    
Title of 12(b) Security Class A Common Stock, $0.01 par value  
Trading Symbol TAP.A  
Security Exchange Name NYSE  
NEW YORK STOCK EXCHANGE | Common Class B    
Entity Information [Line Items]    
Title of 12(b) Security Class B Common Stock, $0.01 par value  
Trading Symbol TAP  
Security Exchange Name NYSE  
3.800% Senior Notes due 2032 | NEW YORK STOCK EXCHANGE    
Entity Information [Line Items]    
Title of 12(b) Security 3.800% Senior Notes due 2032  
Trading Symbol TAP 32  
Security Exchange Name NYSE  
CANADA    
Entity Information [Line Items]    
Entity Address, City or Town Montréal  
Entity Address, State or Province QC  
Entity Address, Country CA  
Entity Address, Address Line Two 111 Boulevard Robert-Bourassa, 9th Floor,  
Entity Address, Postal Zip Code H3C 2M1  
City Area Code 514  
Local Phone Number 521-1786  
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Sales $ 3,603.3 $ 3,905.6 $ 10,490.7 $ 10,551.5
Excise taxes (560.6) (607.2) (1,599.3) (1,640.2)
Net sales 3,042.7 3,298.4 8,891.4 8,911.3
Cost of goods sold (1,840.2) (1,952.2) (5,395.5) (5,575.5)
Gross profit 1,202.5 1,346.2 3,495.9 3,335.8
Marketing, general and administrative expenses (684.7) (746.8) (2,067.8) (2,096.7)
Other operating income (expense), net (65.8) (12.7) (59.4) (13.0)
Equity income (loss) (0.8) 5.5 (3.6) 12.8
Operating income (loss) 451.2 592.2 1,365.1 1,238.9
Interest income (expense), net (93.1) (48.8) (192.7) (162.5)
Other pension and postretirement benefit (cost), net (26.6) 2.5 (11.9) 7.7
Other non-operating income (expense), net (0.1) (1.9) (3.8) 2.9
Total non-operating income (expense), net (119.8) (48.2) (208.4) (151.9)
Income (loss) before income taxes 331.4 544.0 1,156.7 1,087.0
Income tax benefit (expense) (102.6) (112.4) (292.7) (236.1)
Net income (loss) 228.8 431.6 864.0 850.9
Net (income) loss attributable to noncontrolling interests (29.0) (0.9) (29.4) (5.3)
Net income (loss) attributable to Molson Coors Beverage Company $ 199.8 $ 430.7 $ 834.6 $ 845.6
Net income (loss) attributable to Molson Coors Beverage Company per share        
Basic (in dollars per share) $ 0.96 $ 1.99 $ 3.98 $ 3.91
Diluted (in dollars per share) $ 0.96 $ 1.98 $ 3.96 $ 3.89
Weighted-average shares outstanding        
Basic (in shares) 207.2 216.1 209.9 216.3
Dilutive effect of share-based awards (in shares) 0.8 1.5 1.1 1.3
Diluted (in shares) 208.0 217.6 211.0 217.6
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]        
Net income (loss) including noncontrolling interests $ 228.8 $ 431.6 $ 864.0 $ 850.9
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustments 104.8 (152.6) (23.0) (25.1)
Cumulative translation adjustment reclassified from other comprehensive income (loss) 0.0 (0.7) 0.0 (0.7)
Unrealized gain (loss) recognized on derivative instruments (28.6) 50.0 1.3 38.5
Derivative instrument activity reclassified from other comprehensive income (loss) 0.0 0.0 0.0 1.0
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss) 14.4 0.0 14.4 0.0
Pension and other postretirement activity reclassified from other comprehensive income (loss) 23.3 (2.8) 19.7 (8.5)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) 0.1 0.2 0.3 1.8
Total other comprehensive income (loss), net of tax 114.0 (105.9) 12.7 7.0
Comprehensive income (loss) 342.8 325.7 876.7 857.9
Comprehensive (income) loss attributable to noncontrolling interests (29.3) (0.2) (29.4) (5.4)
Comprehensive income (loss) attributable to Molson Coors Beverage Company $ 313.5 $ 325.5 $ 847.3 $ 852.5
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 1,021.7 $ 868.9
Trade receivables, net 873.5 757.8
Other receivables, net 144.6 121.6
Inventories, net 833.3 802.3
Other current assets, net 356.4 297.9
Total current assets 3,229.5 2,848.5
Property, plant and equipment, net 4,497.0 4,444.5
Goodwill 5,317.6 5,325.3
Other intangibles, net 12,408.0 12,614.6
Other assets 1,183.2 1,142.2
Total assets 26,635.3 26,375.1
Current liabilities    
Accounts payable and other current liabilities 3,210.5 3,180.8
Current portion of long-term debt and short-term borrowings 37.7 911.8
Total current liabilities 3,248.2 4,092.6
Long-term debt 6,203.0 5,312.1
Pension and postretirement benefits 452.6 465.8
Deferred tax liabilities 2,795.3 2,697.2
Other liabilities 368.5 372.3
Total liabilities 13,067.6 12,940.0
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests 42.2 27.9
Capital stock    
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) 0.0 0.0
Paid-in capital 7,211.0 7,108.4
Retained earnings 8,040.2 7,484.3
Accumulated other comprehensive income (loss) (1,107.1) (1,116.3)
Class B common stock held in treasury at cost (21.4 shares and 13.9 shares, respectively) (1,172.8) (735.6)
Total Molson Coors Beverage Company stockholders' equity 13,345.3 13,196.0
Noncontrolling interests 180.2 211.2
Total equity 13,525.5 13,407.2
Total liabilities and equity 26,635.3 26,375.1
Common Class A    
Capital stock    
Common stock issued 0.0 0.0
Common Class B    
Capital stock    
Common stock issued 2.1 2.1
Exchangeable Class A    
Capital stock    
Exchangeable shares issued 100.8 100.8
Exchangeable Class B    
Capital stock    
Exchangeable shares issued $ 271.1 $ 352.3
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 25,000,000.0 25,000,000.0
Preferred stock, shares issued (in shares) 0 0
Treasury stock, shares (in shares) 21,400,000 13,900,000
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, shares issued (in shares) 2,600,000 2,600,000
Common stock, shares outstanding (in shares) 2,600,000 2,600,000
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, shares issued (in shares) 215,400,000 212,500,000
Common stock, shares outstanding (in shares) 215,400,000 212,500,000
Exchangeable Class A    
Exchangeable shares, issued (in shares) 2,700,000 2,700,000
Exchangeable shares, outstanding (in shares) 2,700,000 2,700,000
Exchangeable Class B    
Exchangeable shares, issued (in shares) 7,200,000 9,400,000
Exchangeable shares, outstanding (in shares) 7,200,000 9,400,000
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) including noncontrolling interests $ 864.0 $ 850.9
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 512.1 508.6
Amortization of debt issuance costs and discounts 4.1 4.4
Interest expense related to mandatorily redeemable noncontrolling interest 45.8 0.0
Share-based compensation 34.6 34.1
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net 37.3 8.2
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net (25.1) 84.6
Equity (income) loss 3.6 (12.8)
Income tax (benefit) expense 292.7 236.1
Income tax (paid) received (116.7) (170.1)
Interest expense, excluding amortization of debt issuance costs and discounts and mandatorily redeemable noncontrolling interest 169.7 174.0
Interest paid (186.9) (201.5)
Change in current assets and liabilities and other (219.4) 88.0
Net cash provided by (used in) operating activities 1,415.8 1,604.5
Cash flows from investing activities    
Additions to property, plant and equipment (563.0) (494.1)
Proceeds from sales of property, plant, equipment and other assets 14.9 7.3
Acquisition of business, net of cash acquired 0.0 (63.9)
Other 17.8 (117.8)
Net cash provided by (used in) investing activities (530.3) (668.5)
Cash flows from financing activities    
Dividends paid (279.4) (266.7)
Payments for purchases of treasury stock (437.4) (60.9)
Payments on debt and borrowings (879.0) (402.9)
Proceeds on debt and borrowings 863.7 7.0
Other (12.7) (5.1)
Net cash provided by (used in) financing activities (744.8) (728.6)
Effect of foreign exchange rate changes on cash and cash equivalents 12.1 (5.7)
Net increase (decrease) in cash and cash equivalents 152.8 201.7
Balance at beginning of year 868.9 600.0
Balance at end of period $ 1,021.7 $ 801.7
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($)
$ in Millions
Total
Common stock
Common Class A
Common stock
Common Class B
Common stock
Exchangeable Class A
Common stock
Exchangeable Class B
Paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Common stock held in treasury Class B
Noncontrolling interest
 [1]
Beginning balance at Dec. 31, 2022 $ 12,915.2 $ 0.0 $ 2.1 $ 102.2 $ 413.3 $ 7,006.4 $ 6,894.1 $ (1,205.5) $ (522.9) $ 225.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of shares 0.0     (1.4) (57.3) 58.7        
Shares issued under equity compensation plan 0.6         0.6        
Amortization of share-based compensation 34.1         34.1        
Deconsolidation of VIE (8.8)                 (8.8)
Net income (loss) including noncontrolling interests 851.2           845.6     5.6
Other comprehensive income (loss), net of tax 7.0             6.9   0.1
Share repurchase program (61.2)               (61.2)  
Contributions from noncontrolling interests 2.4                 2.4
Distributions and dividends to noncontrolling interests (11.0)                 (11.0)
Dividends declared (269.7)           (269.7)      
Ending balance at Sep. 30, 2023 13,459.8 0.0 2.1 100.8 356.0 7,099.8 7,470.0 (1,198.6) (584.1) 213.8
Beginning balance at Jun. 30, 2023 13,256.9 0.0 2.1 102.2 380.7 7,059.5 7,129.3 (1,093.4) (549.6) 226.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of shares 0.0     (1.4) (24.7) 26.1        
Shares issued under equity compensation plan 0.4         0.4        
Amortization of share-based compensation 13.8         13.8        
Deconsolidation of VIE (8.8)                 (8.8)
Net income (loss) including noncontrolling interests 431.9           430.7     1.2
Other comprehensive income (loss), net of tax (105.9)             (105.2)   (0.7)
Share repurchase program (34.5)               (34.5)  
Distributions and dividends to noncontrolling interests (4.0)                 (4.0)
Dividends declared (90.0)           (90.0)      
Ending balance at Sep. 30, 2023 13,459.8 0.0 2.1 100.8 356.0 7,099.8 7,470.0 (1,198.6) (584.1) 213.8
Beginning balance at Dec. 31, 2023 13,407.2 0.0 2.1 100.8 352.3 7,108.4 7,484.3 (1,116.3) (735.6) 211.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of shares 0.0       (81.2) 81.2        
Shares issued under equity compensation plan (13.3)         (13.3)        
Amortization of share-based compensation 34.6         34.6        
Purchase of noncontrolling interest (0.1)         0.1       (0.2)
Net income (loss) including noncontrolling interests 865.7           834.6     31.1
Other comprehensive income (loss), net of tax 12.7             12.7   0.0
Share repurchase program (437.2)               (437.2)  
Contributions from noncontrolling interests 2.7                 2.7
Distributions and dividends to noncontrolling interests (2.8)                 (2.8)
Reclassification of mandatorily redeemable noncontrolling interest to accounts payable and other current liabilities (49.2)                 (45.7)
Reclassification of noncontrolling interests to redeemable noncontrolling interests [1] (16.1)                  
Dividends declared (278.7)           (278.7)      
Ending balance at Sep. 30, 2024 13,525.5 0.0 2.1 100.8 271.1 7,211.0 8,040.2 (1,107.1) (1,172.8) 180.2
Beginning balance at Jun. 30, 2024 13,389.0 0.0 2.1 100.8 352.3 7,119.4 7,932.4 (1,217.3) (1,110.1) 209.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of shares 0.0       (81.2) 81.2        
Shares issued under equity compensation plan (0.1)         (0.1)        
Amortization of share-based compensation 10.4         10.4        
Purchase of noncontrolling interest 0.0         0.1       (0.1)
Net income (loss) including noncontrolling interests 229.5           199.8     29.7
Other comprehensive income (loss), net of tax 114.0             113.7   0.3
Share repurchase program (62.7)               (62.7)  
Contributions from noncontrolling interests 2.7                 2.7
Reclassification of mandatorily redeemable noncontrolling interest to accounts payable and other current liabilities (49.2)             (3.5)   (45.7)
Reclassification of noncontrolling interests to redeemable noncontrolling interests (16.1)                 (16.1)
Dividends declared (92.0)           (92.0)      
Ending balance at Sep. 30, 2024 $ 13,525.5 $ 0.0 $ 2.1 $ 100.8 $ 271.1 $ 7,211.0 $ 8,040.2 $ (1,107.1) $ (1,172.8) $ 180.2
[1] All activity included in the noncontrolling interests column of the unaudited condensed consolidated statements of stockholder's equity and noncontrolling interests excludes activity from our redeemable noncontrolling interest.
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior year periods. Our primary operating currencies, other than the USD, include the CAD, the GBP and our Central European operating currencies such as the EUR, CZK, RON and RSD.
The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements".
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Anti-Dilutive Securities
Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 1.5 million and 0.3 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and 1.3 million and 0.6 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Dividends
On July 18, 2024, our Company's Board of Directors ("Board") declared a dividend of $0.44 per share, paid on September 20, 2024 to shareholders of Class A and Class B common stock of record on August 30, 2024. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.60 per share. During the nine months ended September 30, 2024, dividends declared to eligible shareholders were $1.32 per share, with the CAD equivalent equal to CAD 1.78 per share.
Share Repurchase Program
During the third quarter of 2023, our Board approved a share repurchase program authorizing the repurchase of up to an aggregate of $2.0 billion of our Company's Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years. This repurchase program replaces and supersedes any repurchase program previously approved by our Board.
The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under the current and superseded share repurchase programs for the three and nine months ended September 30, 2024 and September 30, 2023.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Shares repurchased1,160,707 505,000 7,500,489 980,000 
Aggregate cost (in millions)$62.7 $34.5 $437.2 $61.2 
Non-Cash Activity
Non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $119.7 million and $168.6 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. In addition, we had non-cash activities related to certain issuances of share-based awards.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 6, "Leases" there was no other significant non-cash activity during the nine months ended September 30, 2024 and September 30, 2023, respectively.
Allowance for Doubtful Accounts
The allowance for doubtful accounts for trade receivables was $13.4 million and $12.7 million as of September 30, 2024 and December 31, 2023, respectively.
Supplier Financing
We are the buyer under a supplier finance program with Citibank N.A. with $172.8 million and $147.5 million confirmed as valid and outstanding as of September 30, 2024 and December 31, 2023, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.
Acquisition
On August 7, 2023, we acquired a 75% equity interest in Blue Run Spirits, Inc., a U.S. based high end whiskey business, for a purchase price of $77 million, which included cash paid of $64 million. The acquisition is aligned with our strategy to expand beyond the beer aisle and enhance our presence in the spirits category.
The acquisition was accounted for as a business combination, with $88 million allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to other working capital balances and goodwill for the amount in excess of the net identifiable assets acquired. An NCI was recognized at fair value based on a Monte Carlo simulation model and is recorded as redeemable noncontrolling interest in the consolidated balance sheets based on the contractual terms of the agreement. Pro forma results of operations have not been presented as the impact is not material to our results of operation or financial position.
Purchases of Annuity Contracts
On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred approximately $344 million of pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. This transaction had no impact on the amount, timing or form of the retirement benefit payments to the affected retirees and beneficiaries. As a result of the transaction, we reduced the respective pension plan liabilities and assets and remeasured any remaining pension plan liabilities and assets using updated actuarial assumptions. We elected the practical expedient to perform the remeasurement as of the nearest calendar month-end date, which was September 30, 2024. A total settlement loss of $34.0 million was recorded to other pension and postretirement benefit (costs), net in the unaudited condensed consolidated statements of operations during the third quarter of 2024. See the impacts of the pension plan remeasurement and settlement on AOCI in Note 11, "Accumulated Other Comprehensive Income (Loss)."
Cobra Beer Partnership, Ltd. Buyout
Out of Period Adjustment
During the three months ended September 30, 2024, we identified certain errors in the historical accounting for NCI with redemption features outside of our control under the terms of our Cobra Beer Partnership, Ltd. ("Cobra U.K." or "CBPL") partnership agreement and within certain other immaterial investments. Since the inception of these partnerships dating back to as early as 2002, we had historically accounted for the NCI within permanent equity with no adjustments to redemption value. Rather, our partners' shares should have been presented as redeemable NCI through the date of exercise of the redemption feature, with adjustments to the redemption value being recorded each reporting period as necessary. Specific to CBPL, since the option redemption price was not at fair value, the historical adjustments should have been recorded to net (income) loss attributable to noncontrolling interests in the unaudited condensed consolidated statements of operations, based on our accounting policy to reflect the entire change in the redemption amount as a deemed dividend and earnings per share adjustment (resulting from the redemption feature) as part of the attribution of consolidated net income to the noncontrolling interest (as reported on the face of the income statement). Furthermore, in March 2024, our CBPL partner exercised its put option requiring us to acquire their 49.9% ownership interest. Since the exercise was irrevocable, the NCI became mandatorily redeemable at that time and should have been reclassified to accounts payable and other current liabilities. These errors resulted in a reclassification of $65 million from noncontrolling interests, of which $49 million was reclassified to accounts payable and other current liabilities for CBPL and $16 million was reclassified to redeemable noncontrolling interests for the other immaterial investments in our unaudited condensed consolidated balance sheets. In addition, the errors resulted in a cumulative understatement of $34.5 million to net income attributable to NCI and a corresponding cumulative overstatement to net income attributable to MCBC in our unaudited condensed consolidated statements of operations. The errors were corrected through an out of period adjustment as of and for the three months ended September 30, 2024. Management assessed the impact of the errors and deemed them to not be material to any prior periods or to forecasted results for 2024. In October 2024, we obtained a final redemption value that would be due to acquire the 49.9% NCI of the CBPL partnership. As a result, during the three months ended September 30, 2024, we recorded an adjustment of $45.8 million to increase the mandatorily redeemable NCI liability to the final redemption value, with the adjustment recorded to interest expense.
Subsequent Events
The CBPL buyout was finalized on October 21, 2024, resulting in a cash payment of $89 million which will be recorded as a cash outflow from financing activities in the consolidated statement of cash flows in the fourth quarter of 2024.
v3.24.3
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, aimed at enhancing transparency in income statement disclosures by requiring entities to disclose additional disaggregated information about significant expenses included in our results of operations. This guidance is effective for us starting with our annual report for the year ending December 31, 2027 and the subsequent interim periods, with prospective or retrospective application allowed and early adoption permitted. We are still assessing the impact of the ASU, including the timing and method of adoption, however, we expect the guidance to impact disclosures only and not to have a material effect on our financial position or results of operations.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures intended to enhance transparency and decision usefulness of income tax disclosures. This guidance is effective for us starting with our annual report for the year ending December 31, 2025 and the guidance should be applied prospectively. We are permitted to early adopt and can choose to apply the guidance retrospectively. When adopted, we expect the guidance to have an impact on disclosures only and to not have a material effect on our financial position or results of operations. We are still considering if we will apply the standard prospectively or retrospectively.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures intended to improve reportable segment disclosures and to enhance disclosures about significant reportable segment expenses. This guidance is effective for us starting with our annual report for the year ending December 31, 2024 and the subsequent interim periods and is required to be applied retrospectively to all prior periods presented. Because the amendments do not change the methodology for the identification of operating segments, the aggregation of those operating segments or the application of the quantitative thresholds to determine reportable segments, we do not expect the guidance to have a material effect on our financial position or results of operations.
Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a material effect on our unaudited condensed consolidated financial statements.
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. We have not provided any financial support to any of our VIEs during the nine months ended September 30, 2024 that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable which are presented within accounts payable and other current liabilities and trade receivables, net, respectively, on the unaudited condensed consolidated balance sheets.
Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs as of September 30, 2024 are Cobra U.K., Rocky Mountain Metal Container ("RMMC"), and Rocky Mountain Bottle Company ("RMBC"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI"), Brewers Distributor Ltd. ("BDL") and The Yuengling Company LLC, as well as other immaterial investments.
Under our CBPL U.K. partnership agreement, our partner exercised a put option which has resulted in our acquisition of the remaining 49.9% ownership interest. In October 2024, we obtained a final valuation of the redemption value that would be due to acquire the remaining 49.9%. The transaction was finalized on October 21, 2024, resulting in a cash payment of $89 million. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we had a guarantee liability of $32.0 million and $35.4 million recorded as of September 30, 2024 and December 31, 2023, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment on the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.
ZOA Energy, LLC
During the third quarter of 2023, we increased our investment in ZOA Energy, LLC ("ZOA"), an energy drink company operating in the U.S. and Canada, bringing our ownership interest to 40%, on a fully diluted basis. The increase in ownership resulted in the transition of accounting for our investment from the fair value method under ASC 321 to equity method investment accounting under ASC 323 on a prospective basis and the cash outflow associated with the investment is reflected within other in the investing activities section of the unaudited condensed consolidated statement of cash flows. Subsequent to the investment, the carrying value of our recorded ownership investment exceeds our ratable portion of underlying equity in the net assets of ZOA, and this basis difference has been fully allocated to equity method goodwill.
In October 2024, we increased our investment in ZOA for cash consideration of $53 million, bringing our ownership interest to 51% subsequent to the closing of the transaction. The transaction will be recorded as a business combination, and ZOA will be included in our consolidated financial statements from the date of acquisition within the Americas reporting segment. The acquisition is aligned with our strategy to expand beyond beer. Based on the timing of the transaction, we are still in the preliminary stages of accounting for this transaction and expect to complete our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed as well as other consolidation adjustments during the fourth quarter of 2024.
Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):
 As of
 September 30, 2024December 31, 2023
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$209.3 $24.0 $261.6 $24.7 
Other$3.7 $3.5 $2.8 $3.3 
As of September 30, 2024, for RMMC/RMBC, $72.5 million and $105.0 million were recorded in inventories, net and property, plant and equipment, net, respectively on the unaudited condensed consolidated balance sheets. As of December 31, 2023, for RMMC/RMBC, $108.2 million and $120.7 million were recorded in inventories, net and property, plant and equipment, net, respectively on the consolidated balance sheets.
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
 As of
 September 30, 2024December 31, 2023
(In millions)
Finished goods$299.7 $245.7 
Work in process99.0 97.4 
Raw materials279.8 275.1 
Packaging materials154.8 184.1 
Inventories, net$833.3 $802.3 
v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill is presented in the table below by segment.
AmericasEMEA&APAC
Consolidated(1)
(In millions)
Balance as of December 31, 2023$5,325.3 $— $5,325.3 
Divestiture(2)
(6.1)— (6.1)
Foreign currency translation, net(1.6)— (1.6)
Balance as of September 30, 2024$5,317.6 $— $5,317.6 
(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of September 30, 2024 and December 31, 2023. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.
(2)During the three months ended September 30, 2024, we divested of certain of our U.S. craft businesses and allocated a portion of goodwill to the disposal group based on the relative fair values of the disposal group and the reporting unit.
As of the date of our annual impairment test performed as of October 1, 2023, the fair value of the Americas reporting unit goodwill balance was in excess of its carrying value by slightly less than 15%, and as such, the reporting unit continues to be at heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We continue to focus on growing our core power brands net sales, aggressively premiumizing our portfolio and scaling and expanding beyond beer. While progress has been made on these strategies over recent years, including the strengthening of our core power brands, the growth targets included in management’s forecasted future cash flows are inherently at risk given that the strategies are still in progress. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions and market multiples or discount rates that could negatively impact future analyses, including the impacts of cost inflation, increases to interest rates and other external industry factors impacting our business.
We determined that there was no triggering event that occurred during the nine months ended September 30, 2024 that would indicate the carrying value of our Americas reporting unit was greater than its fair value. Our goodwill annual impairment analysis as of October 1, 2024 is currently in progress, and we have not yet finalized our results. For all of the reasons described in the preceding paragraph, our goodwill balance continues to be at risk of future impairment.
Intangible Assets, Other than Goodwill
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2024.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
 10 - 50
$4,918.0 $(1,716.6)$3,201.4 
License agreements and distribution rights
 10 - 20
206.3 (123.1)83.2 
Other
 5 - 40
84.8 (27.5)57.3 
Intangible assets not subject to amortization    
Brands Indefinite8,010.5 — 8,010.5 
Distribution networks Indefinite748.0 — 748.0 
Other Indefinite307.6 — 307.6 
Total $14,275.2 $(1,867.2)$12,408.0 
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
10 - 50
$5,029.2 $(1,634.4)$3,394.8 
License agreements and distribution rights
10 - 20
204.9 (117.6)87.3 
Other
5 - 40
84.8 (25.8)59.0 
Intangible assets not subject to amortization    
BrandsIndefinite8,002.0 — 8,002.0 
Distribution networksIndefinite763.9 — 763.9 
OtherIndefinite307.6 — 307.6 
Total $14,392.4 $(1,777.8)$12,614.6 
The changes in the gross carrying amounts of intangible assets from December 31, 2023 to September 30, 2024 were primarily driven by the disposal of brands related to certain of our U.S. craft businesses, along with the impact of foreign exchange rates, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies.
Based on foreign exchange rates as of September 30, 2024, the estimated future amortization expense of intangible assets was as follows.
Fiscal yearAmount
(In millions)
2024 - remaining$50.8 
2025$203.1 
2026$186.2 
2027$127.2 
2028$125.7 
Amortization expense of intangible assets was $50.7 million and $52.4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $155.3 million and $154.9 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.
As of the date of our annual impairment test of indefinite-lived intangible assets, performed as of October 1, 2023, the carrying value of the Staropramen family of brands in EMEA&APAC was determined to be in excess of its fair value such that an impairment loss was recorded during the three months ended December 31, 2023. As this was a partial impairment, the intangible asset is considered to be at a heightened risk of future impairment in the event of significant unfavorable changes in assumptions, including forecasted future cash flows based on execution of strategic initiatives for expansion and distribution of the brand, as well as discount rates and other macroeconomic factors. Our indefinite-lived intangible asset annual impairment analysis as of October 1, 2024 is currently in progress, and we have not yet finalized our results.
The fair value of the Coors brands in the Americas, the Miller brands in the U.S. and the Carling brands in EMEA&APAC all exceeded their respective carrying values by over 15% as of the October 1, 2023 annual testing date.
No triggering events were identified during the nine months ended September 30, 2024 that would indicate the carrying values of our indefinite-lived or definite-lived intangible assets were greater than their fair values.
Fair Value Assumptions
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements.
v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
Supplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows:
As of
September 30, 2024December 31, 2023
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$197.7 $200.7 
Current operating lease liabilitiesAccounts payable and other current liabilities$48.2 $46.9 
Non-current operating lease liabilitiesOther liabilities164.5 163.9 
Total operating lease liabilities$212.7 $210.8 
Finance Leases
Finance lease right-of-use assetsProperty, plant and equipment, net$62.7 $46.4 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$7.8 $5.2 
Non-current finance lease liabilitiesLong-term debt61.1 48.5 
Total finance lease liabilities$68.9 $53.7 
Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 was as follows:
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$40.7 $43.2 
Operating cash flows from finance leases$2.8 $2.8 
Financing cash flows from finance leases$4.5 $3.7 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases$40.1 $104.1 
Finance leases$17.9 $0.8 
Executed leases that have not yet commenced as of September 30, 2024 are not material and are expected to commence by the end of the first quarter of 2025.
Leases Leases
Supplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows:
As of
September 30, 2024December 31, 2023
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$197.7 $200.7 
Current operating lease liabilitiesAccounts payable and other current liabilities$48.2 $46.9 
Non-current operating lease liabilitiesOther liabilities164.5 163.9 
Total operating lease liabilities$212.7 $210.8 
Finance Leases
Finance lease right-of-use assetsProperty, plant and equipment, net$62.7 $46.4 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$7.8 $5.2 
Non-current finance lease liabilitiesLong-term debt61.1 48.5 
Total finance lease liabilities$68.9 $53.7 
Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 was as follows:
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$40.7 $43.2 
Operating cash flows from finance leases$2.8 $2.8 
Financing cash flows from finance leases$4.5 $3.7 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases$40.1 $104.1 
Finance leases$17.9 $0.8 
Executed leases that have not yet commenced as of September 30, 2024 are not material and are expected to commence by the end of the first quarter of 2025.
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations
As of
 September 30, 2024December 31, 2023
 (In millions)
Long-term debt
EUR 800 million 1.25% senior notes due July 2024(1)
$— $883.1 
CAD 500 million 3.44% senior notes due July 2026
369.7 377.6 
$2.0 billion 3.0% senior notes due July 2026
2,000.0 2,000.0 
EUR 800 million 3.8% senior notes due June 2032(2)
890.8 — 
$1.1 billion 5.0% senior notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% senior notes due July 2046
1,800.0 1,800.0 
Finance leases68.9 53.7 
Other23.5 23.5 
Less: unamortized debt discounts and debt issuance costs(39.6)(35.5)
Total long-term debt (including current portion)6,213.3 6,202.4 
Less: current portion of long-term debt(10.3)(890.3)
Total long-term debt$6,203.0 $5,312.1 
Short-term borrowings(3)
$27.4 $21.5 
Current portion of long-term debt10.3 890.3 
Current portion of long-term debt and short-term borrowings$37.7 $911.8 
(1)We repaid our EUR 800 million 1.25% senior notes upon maturity on July 15, 2024 using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024 and cash on hand.
(2)On May 29, 2024, MCBC issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in total proceeds of $863.7 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these senior notes, including underwriting fees, were approximately $7.1 million, and are being amortized over the term of the EUR 2032 Senior Notes. The EUR 2032 Senior Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 8, "Derivative Instruments and Hedging Activities" for further details.
(3)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of September 30, 2024, we had $22.4 million in bank overdrafts and $126.2 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $103.8 million. As of December 31, 2023, we had $16.5 million in bank overdrafts and $75.5 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $59.0 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of September 30, 2024 and December 31, 2023. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations using observable market interest and foreign exchange rates. As of September 30, 2024 and December 31, 2023, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $6.0 billion and $5.9 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Revolving Credit Facility and Commercial Paper
On June 3, 2024, we amended our existing $2.0 billion multi-currency revolving credit facility to, among other things, extend the maturity date from June 26, 2028 to June 26, 2029. The amendment did not change the borrowing capacity of the revolving credit facility, which allows us to issue a maximum aggregate amount of $2.0 billion in commercial paper or other borrowings at any time at variable interest rates. Similarly, the $150.0 million sub-facility available for the issuance of letters of credit remains unchanged. We use this facility from time to time to leverage cash needs to fund the repayment of debt upon maturity and for working capital or general purposes.
We had no borrowings drawn on the amended and restated multi-currency revolving credit facility and no commercial paper borrowings as of September 30, 2024 and December 31, 2023.
Debt Covenants
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
Under the amended and restated $2.0 billion multi-currency revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the amended and restated multi-currency revolving credit facility agreement) of 4.00x, measured as of the last day of each fiscal quarter through maturity of the credit facility. As of September 30, 2024, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All of our outstanding senior notes as of September 30, 2024 rank pari-passu.
v3.24.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented within Part II.—Item 8. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the nine months ended September 30, 2024. As noted in Part II.—Item 8. Financial Statements, Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Except as noted below, our significant derivative positions have not changed considerably since December 31, 2023.
Net Investment Hedges
On May 29, 2024, concurrent with the issuance of the EUR 2032 Senior Notes, we designated the principal of the senior notes as a non-derivative net investment hedge of our investment in a EUR functional currency subsidiary in order to hedge a portion of the related foreign currency translational impacts. Accordingly, we will record the changes in the carrying value of the EUR 2032 Senior Notes due to fluctuations in the spot rate to AOCI. See Note 7, "Debt" for further discussion of the EUR 2032 Senior Notes.
Additionally, on May 29, 2024, we de-designated the principal of the EUR 800 million 1.25% senior notes and as a result, the associated net investment hedge was discontinued. The accumulated gains and losses associated with the settled net investment hedge will remain in AOCI until a liquidation or deconsolidation event at which point the accumulated gains and losses will be reclassified into earnings.
Foreign Currency Forwards
In the second quarter of 2023, we entered into approximately CAD 260 million (approximately 195 million USD) of foreign exchange forward contracts to manage our exposure to foreign currency fluctuations related to the repayment of our CAD 500 million 2.84% senior notes that matured on July 15, 2023. These contracts were not designated in hedge accounting relationships and, as such, changes in the fair value were recorded in other non-operating income (expense), net in the unaudited condensed consolidated statements of operations. These contracts settled on July 12, 2023 for an immaterial amount in advance of the senior notes being repaid.
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate.
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of September 30, 2024 and December 31, 2023. The fair value for all derivative contracts as of September 30, 2024 and December 31, 2023 were valued using significant other observable inputs, which are Level 2 inputs.
 As of
 September 30, 2024December 31, 2023
 (In millions)
Forward starting interest rate swaps$39.2 $41.6 
Foreign currency forwards— (1.4)
Commodity swaps and options(2.6)(30.4)
Total$36.6 $9.8 
As of September 30, 2024 and December 31, 2023, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the nine months ended September 30, 2024 were all included in Level 2.
Results of Period Derivative Activity
The tables below include the results of our derivative activity on our unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, and our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and September 30, 2023.
Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (in millions):
 As of September 30, 2024
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$39.2 Other liabilities $— 
Foreign currency forwards$234.0 Other current assets0.9 Accounts payable and other current liabilities(0.4)
 Other non-current assets0.1 Other liabilities (0.6)
Total derivatives designated as hedging instruments$40.2  $(1.0)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$459.7 Other current assets$14.9 Accounts payable and other current liabilities$(18.7)

Other non-current assets4.1 Other liabilities (2.9)
Total derivatives not designated as hedging instruments$19.0  $(21.6)
 As of December 31, 2023
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$41.6 Other liabilities$— 
Foreign currency forwards$219.4 Other current assets1.1 Accounts payable and other current liabilities(1.2)
Other non-current assets— Other liabilities(1.3)
Total derivatives designated as hedging instruments$42.7 $(2.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$653.5 Other current assets$11.1 Accounts payable and other current liabilities$(42.0)
Other non-current assets6.6 Other liabilities(6.1)
Commodity options(1)
$21.7 Other current assets0.2 Accounts payable and other current liabilities(0.2)
Total derivatives not designated as hedging instruments$17.9 $(48.3)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Three Months Ended September 30, 2024
Forward starting interest rate swaps$(35.8)Interest income (expense), net$(0.8)
Foreign currency forwards(2.3)Cost of goods sold0.9 
Other non-operating income (expense), net(0.1)
Total$(38.1)$— 
Three Months Ended September 30, 2023
Forward starting interest rate swaps$62.6 Interest income (expense), net$(0.8)
Foreign currency forwards5.1 Cost of goods sold1.1 
Other non-operating income (expense), net(0.3)
Total$67.7 $— 

Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Nine Months Ended September 30, 2024
Forward starting interest rate swaps$(2.4)Interest income (expense), net$(2.5)
Foreign currency forwards4.0 Cost of goods sold3.0 
Other non-operating income (expense), net(0.5)
Total$1.6 $— 
Nine Months Ended September 30, 2023
Forward starting interest rate swaps$51.9 Interest income (expense), net$(4.3)
Foreign currency forwards0.3 Cost of goods sold3.8 
Other non-operating income (expense), net(0.8)
Total$52.2 $(1.3)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1)
Three Months Ended September 30, 2024
EUR 800 million 3.8% senior notes due June 2032
$(33.6)Other non-operating income (expense), net$— 
Three Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$27.0 Other non-operating income (expense), net$— 
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing)(1)
Nine Months Ended September 30, 2024
EUR 800 million 1.25% senior notes due July 2024
$14.5 Other non-operating income (expense), net$— 
EUR 800 million 3.8% senior notes due June 2032
(22.1)Other non-operating income (expense), net— 
Total$(7.6)$— 
Nine Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$10.7 Other non-operating income (expense), net$— 
(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in OCI.
The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three and nine months ended September 30, 2024 and September 30, 2023, respectively, we did not reclassify any amounts related to net investment hedges from AOCI into earnings.
As of September 30, 2024, we expect net losses of approximately $3 million (pretax) recorded in AOCI that will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of September 30, 2024 is approximately 3 years.
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Three Months Ended September 30, 2024
Commodity swapsCost of goods sold$(13.1)
Three Months Ended September 30, 2023
Commodity swapsCost of goods sold$35.6 
Foreign currency forwardsOther non-operating income (expense), net0.8 
Total$36.4 
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Nine Months Ended September 30, 2024
Commodity swapsCost of goods sold$(10.8)
Nine Months Ended September 30, 2023
Commodity swapsCost of goods sold$(44.0)
Foreign currency forwardsOther non-operating income (expense), net2.7 
Total$(41.3)
v3.24.3
Income Tax
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Effective tax rate31 %21 %25 %22 %
The higher effective tax rate for the three and nine months ended September 30, 2024, compared to the prior year, was partly due to the impact of a valuation allowance that was recorded on deferred tax assets in the third quarter of 2024 related to the divestment of certain of our U.S. craft businesses. The divestment resulted in the realization of a capital loss for U.S. tax purposes. We believe it is more likely than not that the deferred tax asset generated by the capital loss will not be recognized, and as a result, a $16.4 million valuation allowance was recorded for the year to date period. The higher effective tax rate was also due to the $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to the final redemption value, which was recorded to interest expense in the third quarter of 2024 and is non-deductible for tax purposes. Finally, the higher effective tax rate for the three months ended September 30, 2024 was partly driven by a decrease in discrete tax benefit.
Our effective tax rate can be volatile and may change with, among other things, the amount and source of pretax income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, could have an impact on our effective tax rate.
Recently, intergovernmental entities such as the Organization for Economic Development ("OECD") and European Union ("EU") have proposed changes to the existing tax laws of member countries, including model rules introduced by the OECD for a new 15% global minimum tax. In December 2022, the EU member states agreed to incorporate the 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023. In addition, several non-EU countries, including Canada and the U.K., have proposed and/or adopted legislation consistent with the OECD global minimum tax framework. The global minimum tax, which is now effective in countries with enacted legislation, did not materially impact our financial or cash tax position in the three or nine months ended September 30, 2024. We continue to evaluate the impact on future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we have an aggregate accrued contingent liability of $72.3 million and $70.2 million as of September 30, 2024 and December 31, 2023, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. For all matters unless otherwise noted below, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the nine months ended September 30, 2024.
Other than those disclosed below, we are also involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these, or other matters, may arise from time to time that may harm our business.
On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against Molson Coors Beverage Company USA LLC ("MCBC USA"), a wholly owned subsidiary of our Company, alleging that the Keystone brand had "rebranded" itself as "Stone" and was marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. In the first quarter of 2022, a jury returned a verdict in which it concluded that trademark infringement had occurred and awarded Stone Brewing Company $56.0 million in damages. After denial of post-trial motions, in the fourth quarter of 2023, MCBC USA filed a notice of appeal in the 9th Circuit Court of Appeals, which is scheduled to be heard in November 2024. As of September 30, 2024 and December 31, 2023, the Company had a recorded accrued liability of $60.1 million and $58.5 million, respectively, within other liabilities on our unaudited condensed consolidated balance sheets reflecting the best estimate of probable loss in this case based on the judgment plus associated post-judgment interest. However, it is reasonably possible that the estimate of the loss could change in the near term based on the progression of the case, including the appeals process. We will continue to monitor the status of the case and will adjust the accrual in the period in which any significant change occurs which could impact the estimate of the loss for this matter.
Regulatory Contingencies
The Province of Ontario and Molson Canada 2005, a wholly owned indirect subsidiary of our Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd. (collectively, the "Representative Owners") and BRI, operating under the name The Beer Store ("TBS"), are parties to a Master Framework Agreement ("MFA") that dictates the terms of the beer distribution and retail systems in the Province of Ontario. In December 2023, the Province of Ontario notified the Representative Owners and TBS that it would not be renewing the MFA after the initial term which expires on December 31, 2025. The Province of Ontario simultaneously announced a set of non-binding key principles ("Key Principles") agreed upon between the Province of Ontario, the Representative Owners and TBS, concerning the intended features of the future marketplace for beer distribution and retail systems in the Province of Ontario. Under the Key Principles, TBS will be permitted to continue its retail operations and will continue to be the primary distributor of beer in the Province of Ontario through at least 2031. The Key Principles also state grocery stores, convenience stores, gas stations and big-box retailers in the Province of Ontario will be able to apply for licenses to sell beer, wine, cider and ready-to-drink cocktails starting no later than January 1, 2026. On May 23, 2024, the Representative Owners, TBS and the Province of Ontario (collectively, the "Parties") entered into an Early Implementation Agreement ("EIA") which aligns to the Key Principles that were derived in December of 2023 and replaces the MFA agreement. The EIA was effective August 1, 2024 with provisions continuing until December 31, 2030. In summary, the EIA allows for the expansion of the licensed sale of beer, wine and ready-to-drink cocktails to all convenience stores which began on September 5, 2024 and all grocery stores which began on October 31, 2024. In addition, under the EIA, the Province of Ontario will provide financial support to TBS and the representative owners of up to CAD 225 million through reimbursement of costs incurred in connection with the early implementation and to TBS in connection with the operation of the agreed upon retail footprint during the interim period between the commencement date of the EIA and the original expiration date of the MFA. We continue to evaluate the impacts of the EIA and the expected future marketplace for beer distribution and retail systems in the Province of Ontario on our results of operations.
Guarantees and Indemnities
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of September 30, 2024 and December 31, 2023, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $34.7 million and $36.9 million, respectively.
Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we accrued $10.5 million and $11.8 million, in aggregate, as of September 30, 2024 and December 31, 2023 respectively. Our Kaiser liabilities are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the nine months ended September 30, 2024.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
MCBC stockholders' equity
Foreign
currency
translation
adjustments		Gain (loss) on
derivative instruments		Pension and
postretirement
benefit
adjustments		Equity method
investments		Accumulated
other
comprehensive
income (loss)
(In millions)
As of December 31, 2023$(778.0)$30.6 $(352.7)$(16.2)$(1,116.3)
Foreign currency translation adjustments(15.4)— — — (15.4)
Cumulative translation adjustment reclassified from noncontrolling interest to accumulated other comprehensive income (loss)(1)
(3.5)— — — (3.5)
Gain (loss) recognized on net investment hedges(7.6)— — — (7.6)
Unrealized gain (loss) recognized on derivative instruments— 1.6 — — 1.6 
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)(2)
— — 19.5 — 19.5 
Pension and other postretirement activity reclassified from other comprehensive income (loss)(3)
— — 26.8 — 26.8 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 0.5 0.5 
Tax benefit (expense)— (0.3)(12.2)(0.2)(12.7)
As of September 30, 2024$(804.5)$31.9 $(318.6)$(15.9)$(1,107.1)
(1)Our partner in the CBPL U.K. partnership agreement exercised a put option in March 2024 which triggered the NCI to become mandatorily redeemable and require reclassification to accounts payable and other current liabilities in the unaudited condensed consolidated balance sheets. The cumulative translation adjustment recorded on the mandatorily redeemable NCI was reclassified to AOCI. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
(2)On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. As a result, on September 30, 2024, we remeasured both pension plans and recorded the offset to AOCI.
(3)In connection with the purchase of annuity contracts for two of our Canadian pension plans as described above, we recorded a total settlement loss of $34.0 million
v3.24.3
Other Operating Income (Expense), net
 9 Months Ended
Sep. 30, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Other Operating Income (Expense), net Other Operating Income (Expense), net
We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Restructuring(1)
Employee-related charges$(2.2)$(1.6)$(1.1)$(1.9)
Asset abandonment and other restructuring costs(21.9)0.1 (21.9)0.1 
Intangible and tangible asset impairments, excluding goodwill— (0.1)— (0.1)
Gains (losses) on disposals and other(1)(2)
(41.7)(11.1)(36.4)(11.1)
Other operating income (expense), net$(65.8)$(12.7)$(59.4)$(13.0)
(1)During the three months ended September 30, 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. We expect to continue to incur incremental restructuring charges during the fourth quarter of 2024 and the first quarter of 2025 through completion of wind down and closure of certain remaining U.S. craft facilities. Remaining charges are estimated to total approximately $95 million to $115 million, consisting primarily of accelerated depreciation charges.
(2)During the three months ended September 30, 2023, we sold our 57.5% controlling interest in Truss LP ("Truss") in Canada to Tilray Brands and recognized a loss of $11.1 million upon deconsolidation of the business.
v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate and include the Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
We also have certain activity that is not allocated to our segments, which has been reflected as "Unallocated" below. Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income, foreign exchange gains and losses on intercompany balances, realized and unrealized changes in fair value on derivative instruments not designated in hedging relationships related to financing and other treasury-related activities and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment and all other components remain in Unallocated.
Summarized Financial Information
No single customer accounted for more than 10% of our consolidated net sales for the three and nine months ended September 30, 2024 and September 30, 2023.
Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales and income (loss) before income taxes eliminate upon consolidation and are primarily related to the Americas segment royalties received from, and sales to the EMEA&APAC segment.
The following tables present net sales and income (loss) before income taxes by segment:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$2,345.0 $2,633.4 $7,066.3 $7,194.1 
EMEA&APAC704.4 670.4 1,842.4 1,729.5 
Inter-segment net sales eliminations(6.7)(5.4)(17.3)(12.3)
Consolidated net sales$3,042.7 $3,298.4 $8,891.4 $8,911.3 
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$353.8 $483.5 $1,161.5 $1,204.2 
EMEA&APAC51.6 67.5 121.8 106.3 
Unallocated(74.0)(7.0)(126.6)(223.5)
Consolidated income (loss) before income taxes$331.4 $544.0 $1,156.7 $1,087.0 
The following table presents total assets by segment:
As of
September 30, 2024December 31, 2023
(In millions)
Americas$22,815.1 $22,753.8 
EMEA&APAC3,820.2 3,621.3 
Consolidated total assets$26,635.3 $26,375.1 
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 199.8 $ 430.7 $ 834.6 $ 845.6
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Segments Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Basis of Accounting
The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, aimed at enhancing transparency in income statement disclosures by requiring entities to disclose additional disaggregated information about significant expenses included in our results of operations. This guidance is effective for us starting with our annual report for the year ending December 31, 2027 and the subsequent interim periods, with prospective or retrospective application allowed and early adoption permitted. We are still assessing the impact of the ASU, including the timing and method of adoption, however, we expect the guidance to impact disclosures only and not to have a material effect on our financial position or results of operations.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures intended to enhance transparency and decision usefulness of income tax disclosures. This guidance is effective for us starting with our annual report for the year ending December 31, 2025 and the guidance should be applied prospectively. We are permitted to early adopt and can choose to apply the guidance retrospectively. When adopted, we expect the guidance to have an impact on disclosures only and to not have a material effect on our financial position or results of operations. We are still considering if we will apply the standard prospectively or retrospectively.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures intended to improve reportable segment disclosures and to enhance disclosures about significant reportable segment expenses. This guidance is effective for us starting with our annual report for the year ending December 31, 2024 and the subsequent interim periods and is required to be applied retrospectively to all prior periods presented. Because the amendments do not change the methodology for the identification of operating segments, the aggregation of those operating segments or the application of the quantitative thresholds to determine reportable segments, we do not expect the guidance to have a material effect on our financial position or results of operations.
Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a material effect on our unaudited condensed consolidated financial statements.
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Share Repurchase Program
The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under the current and superseded share repurchase programs for the three and nine months ended September 30, 2024 and September 30, 2023.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Shares repurchased1,160,707 505,000 7,500,489 980,000 
Aggregate cost (in millions)$62.7 $34.5 $437.2 $61.2 
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedules of Consolidated Investments
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):
 As of
 September 30, 2024December 31, 2023
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$209.3 $24.0 $261.6 $24.7 
Other$3.7 $3.5 $2.8 $3.3 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
 As of
 September 30, 2024December 31, 2023
(In millions)
Finished goods$299.7 $245.7 
Work in process99.0 97.4 
Raw materials279.8 275.1 
Packaging materials154.8 184.1 
Inventories, net$833.3 $802.3 
v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in goodwill
The changes in the carrying value of goodwill is presented in the table below by segment.
AmericasEMEA&APAC
Consolidated(1)
(In millions)
Balance as of December 31, 2023$5,325.3 $— $5,325.3 
Divestiture(2)
(6.1)— (6.1)
Foreign currency translation, net(1.6)— (1.6)
Balance as of September 30, 2024$5,317.6 $— $5,317.6 
(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of September 30, 2024 and December 31, 2023. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.
(2)During the three months ended September 30, 2024, we divested of certain of our U.S. craft businesses and allocated a portion of goodwill to the disposal group based on the relative fair values of the disposal group and the reporting unit.
Schedule of finite-lived intangible assets
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2024.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
 10 - 50
$4,918.0 $(1,716.6)$3,201.4 
License agreements and distribution rights
 10 - 20
206.3 (123.1)83.2 
Other
 5 - 40
84.8 (27.5)57.3 
Intangible assets not subject to amortization    
Brands Indefinite8,010.5 — 8,010.5 
Distribution networks Indefinite748.0 — 748.0 
Other Indefinite307.6 — 307.6 
Total $14,275.2 $(1,867.2)$12,408.0 
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
10 - 50
$5,029.2 $(1,634.4)$3,394.8 
License agreements and distribution rights
10 - 20
204.9 (117.6)87.3 
Other
5 - 40
84.8 (25.8)59.0 
Intangible assets not subject to amortization    
BrandsIndefinite8,002.0 — 8,002.0 
Distribution networksIndefinite763.9 — 763.9 
OtherIndefinite307.6 — 307.6 
Total $14,392.4 $(1,777.8)$12,614.6 
Schedule of indefinite-lived intangible assets
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2024.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
 10 - 50
$4,918.0 $(1,716.6)$3,201.4 
License agreements and distribution rights
 10 - 20
206.3 (123.1)83.2 
Other
 5 - 40
84.8 (27.5)57.3 
Intangible assets not subject to amortization    
Brands Indefinite8,010.5 — 8,010.5 
Distribution networks Indefinite748.0 — 748.0 
Other Indefinite307.6 — 307.6 
Total $14,275.2 $(1,867.2)$12,408.0 
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023.
Useful lifeGrossAccumulated
amortization		Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
10 - 50
$5,029.2 $(1,634.4)$3,394.8 
License agreements and distribution rights
10 - 20
204.9 (117.6)87.3 
Other
5 - 40
84.8 (25.8)59.0 
Intangible assets not subject to amortization    
BrandsIndefinite8,002.0 — 8,002.0 
Distribution networksIndefinite763.9 — 763.9 
OtherIndefinite307.6 — 307.6 
Total $14,392.4 $(1,777.8)$12,614.6 
Schedule of future amortization expense
Based on foreign exchange rates as of September 30, 2024, the estimated future amortization expense of intangible assets was as follows.
Fiscal yearAmount
(In millions)
2024 - remaining$50.8 
2025$203.1 
2026$186.2 
2027$127.2 
2028$125.7 
v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Supplemental Balance Sheet Lease Information
Supplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows:
As of
September 30, 2024December 31, 2023
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$197.7 $200.7 
Current operating lease liabilitiesAccounts payable and other current liabilities$48.2 $46.9 
Non-current operating lease liabilitiesOther liabilities164.5 163.9 
Total operating lease liabilities$212.7 $210.8 
Finance Leases
Finance lease right-of-use assetsProperty, plant and equipment, net$62.7 $46.4 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$7.8 $5.2 
Non-current finance lease liabilitiesLong-term debt61.1 48.5 
Total finance lease liabilities$68.9 $53.7 
Supplemental Cash Flow Lease Information
Supplemental cash flow information related to leases for the nine months ended September 30, 2024 and September 30, 2023 was as follows:
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$40.7 $43.2 
Operating cash flows from finance leases$2.8 $2.8 
Financing cash flows from finance leases$4.5 $3.7 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases$40.1 $104.1 
Finance leases$17.9 $0.8 
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Obligations
Debt Obligations
As of
 September 30, 2024December 31, 2023
 (In millions)
Long-term debt
EUR 800 million 1.25% senior notes due July 2024(1)
$— $883.1 
CAD 500 million 3.44% senior notes due July 2026
369.7 377.6 
$2.0 billion 3.0% senior notes due July 2026
2,000.0 2,000.0 
EUR 800 million 3.8% senior notes due June 2032(2)
890.8 — 
$1.1 billion 5.0% senior notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% senior notes due July 2046
1,800.0 1,800.0 
Finance leases68.9 53.7 
Other23.5 23.5 
Less: unamortized debt discounts and debt issuance costs(39.6)(35.5)
Total long-term debt (including current portion)6,213.3 6,202.4 
Less: current portion of long-term debt(10.3)(890.3)
Total long-term debt$6,203.0 $5,312.1 
Short-term borrowings(3)
$27.4 $21.5 
Current portion of long-term debt10.3 890.3 
Current portion of long-term debt and short-term borrowings$37.7 $911.8 
(1)We repaid our EUR 800 million 1.25% senior notes upon maturity on July 15, 2024 using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024 and cash on hand.
(2)On May 29, 2024, MCBC issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in total proceeds of $863.7 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these senior notes, including underwriting fees, were approximately $7.1 million, and are being amortized over the term of the EUR 2032 Senior Notes. The EUR 2032 Senior Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 8, "Derivative Instruments and Hedging Activities" for further details.
(3)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of September 30, 2024, we had $22.4 million in bank overdrafts and $126.2 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $103.8 million. As of December 31, 2023, we had $16.5 million in bank overdrafts and $75.5 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $59.0 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of September 30, 2024 and December 31, 2023. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.
v3.24.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities at Fair Value
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of September 30, 2024 and December 31, 2023. The fair value for all derivative contracts as of September 30, 2024 and December 31, 2023 were valued using significant other observable inputs, which are Level 2 inputs.
 As of
 September 30, 2024December 31, 2023
 (In millions)
Forward starting interest rate swaps$39.2 $41.6 
Foreign currency forwards— (1.4)
Commodity swaps and options(2.6)(30.4)
Total$36.6 $9.8 
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (in millions):
 As of September 30, 2024
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$39.2 Other liabilities $— 
Foreign currency forwards$234.0 Other current assets0.9 Accounts payable and other current liabilities(0.4)
 Other non-current assets0.1 Other liabilities (0.6)
Total derivatives designated as hedging instruments$40.2  $(1.0)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$459.7 Other current assets$14.9 Accounts payable and other current liabilities$(18.7)

Other non-current assets4.1 Other liabilities (2.9)
Total derivatives not designated as hedging instruments$19.0  $(21.6)
 As of December 31, 2023
  Derivative AssetsDerivative Liabilities
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments
Forward starting interest rate swaps$1,000.0 Other non-current assets$41.6 Other liabilities$— 
Foreign currency forwards$219.4 Other current assets1.1 Accounts payable and other current liabilities(1.2)
Other non-current assets— Other liabilities(1.3)
Total derivatives designated as hedging instruments$42.7 $(2.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)
$653.5 Other current assets$11.1 Accounts payable and other current liabilities$(42.0)
Other non-current assets6.6 Other liabilities(6.1)
Commodity options(1)
$21.7 Other current assets0.2 Accounts payable and other current liabilities(0.2)
Total derivatives not designated as hedging instruments$17.9 $(48.3)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Three Months Ended September 30, 2024
Forward starting interest rate swaps$(35.8)Interest income (expense), net$(0.8)
Foreign currency forwards(2.3)Cost of goods sold0.9 
Other non-operating income (expense), net(0.1)
Total$(38.1)$— 
Three Months Ended September 30, 2023
Forward starting interest rate swaps$62.6 Interest income (expense), net$(0.8)
Foreign currency forwards5.1 Cost of goods sold1.1 
Other non-operating income (expense), net(0.3)
Total$67.7 $— 

Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on derivatives		Location of gain (loss)
reclassified from AOCI into
income		Amount of gain
(loss) recognized
from AOCI into income on
derivative
Nine Months Ended September 30, 2024
Forward starting interest rate swaps$(2.4)Interest income (expense), net$(2.5)
Foreign currency forwards4.0 Cost of goods sold3.0 
Other non-operating income (expense), net(0.5)
Total$1.6 $— 
Nine Months Ended September 30, 2023
Forward starting interest rate swaps$51.9 Interest income (expense), net$(4.3)
Foreign currency forwards0.3 Cost of goods sold3.8 
Other non-operating income (expense), net(0.8)
Total$52.2 $(1.3)
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions):
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1)
Three Months Ended September 30, 2024
EUR 800 million 3.8% senior notes due June 2032
$(33.6)Other non-operating income (expense), net$— 
Three Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$27.0 Other non-operating income (expense), net$— 
Net investment hedge relationshipsAmount of gain
(loss) recognized
in OCI		Location of gain (loss) recognized in income (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income (amount excluded from effectiveness testing)(1)
Nine Months Ended September 30, 2024
EUR 800 million 1.25% senior notes due July 2024
$14.5 Other non-operating income (expense), net$— 
EUR 800 million 3.8% senior notes due June 2032
(22.1)Other non-operating income (expense), net— 
Total$(7.6)$— 
Nine Months Ended September 30, 2023
EUR 800 million 1.25% senior notes due July 2024
$10.7 Other non-operating income (expense), net$— 
(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in OCI.
Derivatives Not Designated as Hedging Instruments
The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Three Months Ended September 30, 2024
Commodity swapsCost of goods sold$(13.1)
Three Months Ended September 30, 2023
Commodity swapsCost of goods sold$35.6 
Foreign currency forwardsOther non-operating income (expense), net0.8 
Total$36.4 
Derivatives not in hedging relationshipsLocation of gain (loss) recognized in
income on derivatives		Amount of gain (loss) recognized in
income on derivatives
Nine Months Ended September 30, 2024
Commodity swapsCost of goods sold$(10.8)
Nine Months Ended September 30, 2023
Commodity swapsCost of goods sold$(44.0)
Foreign currency forwardsOther non-operating income (expense), net2.7 
Total$(41.3)
v3.24.3
Income Tax (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Effective tax rate31 %21 %25 %22 %
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
MCBC stockholders' equity
Foreign
currency
translation
adjustments		Gain (loss) on
derivative instruments		Pension and
postretirement
benefit
adjustments		Equity method
investments		Accumulated
other
comprehensive
income (loss)
(In millions)
As of December 31, 2023$(778.0)$30.6 $(352.7)$(16.2)$(1,116.3)
Foreign currency translation adjustments(15.4)— — — (15.4)
Cumulative translation adjustment reclassified from noncontrolling interest to accumulated other comprehensive income (loss)(1)
(3.5)— — — (3.5)
Gain (loss) recognized on net investment hedges(7.6)— — — (7.6)
Unrealized gain (loss) recognized on derivative instruments— 1.6 — — 1.6 
Net change in pension and other postretirement benefit assets and liabilities recognized in other comprehensive income (loss)(2)
— — 19.5 — 19.5 
Pension and other postretirement activity reclassified from other comprehensive income (loss)(3)
— — 26.8 — 26.8 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 0.5 0.5 
Tax benefit (expense)— (0.3)(12.2)(0.2)(12.7)
As of September 30, 2024$(804.5)$31.9 $(318.6)$(15.9)$(1,107.1)
(1)Our partner in the CBPL U.K. partnership agreement exercised a put option in March 2024 which triggered the NCI to become mandatorily redeemable and require reclassification to accounts payable and other current liabilities in the unaudited condensed consolidated balance sheets. The cumulative translation adjustment recorded on the mandatorily redeemable NCI was reclassified to AOCI. See further discussion of this transaction in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
(2)On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans which transferred pension plan liabilities, along with the associated administration of benefits, to an insurance company using the plan's respective pension plan assets. As a result, on September 30, 2024, we remeasured both pension plans and recorded the offset to AOCI.
(3)In connection with the purchase of annuity contracts for two of our Canadian pension plans as described above, we recorded a total settlement loss of $34.0 million
v3.24.3
Other Operating Income (Expense), net (Tables)
 9 Months Ended
Sep. 30, 2024
Unusual or Infrequent Items, or Both [Abstract]  
Schedule of Other Operating Income (Expense)
We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net.
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Restructuring(1)
Employee-related charges$(2.2)$(1.6)$(1.1)$(1.9)
Asset abandonment and other restructuring costs(21.9)0.1 (21.9)0.1 
Intangible and tangible asset impairments, excluding goodwill— (0.1)— (0.1)
Gains (losses) on disposals and other(1)(2)
(41.7)(11.1)(36.4)(11.1)
Other operating income (expense), net$(65.8)$(12.7)$(59.4)$(13.0)
(1)During the three months ended September 30, 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. We expect to continue to incur incremental restructuring charges during the fourth quarter of 2024 and the first quarter of 2025 through completion of wind down and closure of certain remaining U.S. craft facilities. Remaining charges are estimated to total approximately $95 million to $115 million, consisting primarily of accelerated depreciation charges.
(2)During the three months ended September 30, 2023, we sold our 57.5% controlling interest in Truss LP ("Truss") in Canada to Tilray Brands and recognized a loss of $11.1 million upon deconsolidation of the business.
v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Net sales by segment
The following tables present net sales and income (loss) before income taxes by segment:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$2,345.0 $2,633.4 $7,066.3 $7,194.1 
EMEA&APAC704.4 670.4 1,842.4 1,729.5 
Inter-segment net sales eliminations(6.7)(5.4)(17.3)(12.3)
Consolidated net sales$3,042.7 $3,298.4 $8,891.4 $8,911.3 
Income (loss) before income taxes by segment
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Americas$353.8 $483.5 $1,161.5 $1,204.2 
EMEA&APAC51.6 67.5 121.8 106.3 
Unallocated(74.0)(7.0)(126.6)(223.5)
Consolidated income (loss) before income taxes$331.4 $544.0 $1,156.7 $1,087.0 
Total assets by segment
The following table presents total assets by segment:
As of
September 30, 2024December 31, 2023
(In millions)
Americas$22,815.1 $22,753.8 
EMEA&APAC3,820.2 3,621.3 
Consolidated total assets$26,635.3 $26,375.1 
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Anti-Dilutive Securities (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Anti-dilutive securities excluded from the computation of diluted EPS (in shares) 1.5 0.3 1.3 0.6
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Dividends (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
$ / shares
Sep. 30, 2024
$ / shares
Sep. 30, 2024
$ / shares
Sep. 30, 2024
$ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Dividends declared (in dollars per share) $ 0.44   $ 1.32  
Dividends paid (in dollars per share)   $ 0.60   $ 1.78
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Stock repurchase program, authorized amount   $ 2,000.0   $ 2,000.0
Program term   5 years    
Shares repurchased (in shares) 1,160,707 505,000 7,500,489 980,000
Aggregate cost (in millions) $ 62.7 $ 34.5 $ 437.2 $ 61.2
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Non-Cash Activity (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Capital expenditures incurred but not yet paid $ 119.7 $ 168.6
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Allowance for doubtful accounts $ 13.4 $ 12.7
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Supplier Financing (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Outstanding supplier financing obligation $ 172.8 $ 147.5
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Acquisitions (Details) - Blue Run Spirits, Inc.
$ in Millions
Aug. 07, 2023
USD ($)
Business Acquisition [Line Items]  
Interest acquired 75.00%
Purchase price $ 77
Cash paid 64
Definite-lived brand intangible assets acquired $ 88
Definite-lived intangible asset useful life 15 years
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Purchase of Annuity Contracts (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 26, 2024
USD ($)
pension_plan
Defined Benefit Plan Disclosure [Line Items]      
Purchased annuity contracts, number of Canadian pension plans | pension_plan     2
Settlement loss $ 34.0 $ 34.0  
Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan. pension plan liabilities transferred     $ 344.0
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Cobra (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 31, 2024
Oct. 21, 2024
Mar. 31, 2024
Business Acquisition [Line Items]              
Noncontrolling interest, decrease from reclassification $ 49.2   $ 49.2        
Reclassification of noncontrolling interests to redeemable noncontrolling interests 16.1   16.1 [1]        
Net income (loss) including noncontrolling interests 228.8 $ 431.6 $ 864.0 $ 850.9      
Scenario, Adjustment              
Business Acquisition [Line Items]              
Reclassification of noncontrolling interests 65.0            
Net income (loss) including noncontrolling interests $ 34.5            
Cobra U.K.              
Business Acquisition [Line Items]              
Interest acquired             49.90%
Cobra U.K. | Subsequent event              
Business Acquisition [Line Items]              
Interest acquired         49.90% 49.90%  
[1] All activity included in the noncontrolling interests column of the unaudited condensed consolidated statements of stockholder's equity and noncontrolling interests excludes activity from our redeemable noncontrolling interest.
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies - Subsequent Events (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 21, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 31, 2024
Mar. 31, 2024
Subsequent Event [Line Items]              
Interest expense   $ 93.1 $ 48.8 $ 192.7 $ 162.5    
Scenario, Adjustment              
Subsequent Event [Line Items]              
Interest expense   $ 45.8          
Cobra U.K.              
Subsequent Event [Line Items]              
Interest acquired             49.90%
Subsequent event              
Subsequent Event [Line Items]              
Cash paid $ 89.0            
Subsequent event | Cobra U.K.              
Subsequent Event [Line Items]              
Interest acquired 49.90%         49.90%  
v3.24.3
Investments - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Oct. 21, 2024
Oct. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Variable Interest Entity            
Guarantor liability     $ 34.7   $ 36.9  
Inventories, net     833.3   802.3  
Property, plant and equipment, net     4,497.0   4,444.5  
Subsequent event            
Variable Interest Entity            
Cash paid $ 89.0          
Cobra U.K.            
Variable Interest Entity            
Interest acquired       49.90%    
Cobra U.K. | Subsequent event            
Variable Interest Entity            
Interest acquired 49.90% 49.90%        
ZOA Energy LLC            
Variable Interest Entity            
Ownership interest           40.00%
ZOA Energy LLC | Subsequent event            
Variable Interest Entity            
Cash paid   $ 53.0        
Ownership interest   51.00%        
RMMC/RMBC            
Variable Interest Entity            
Inventories, net     72.5   108.2  
Property, plant and equipment, net     105.0   120.7  
BRI & BDL            
Variable Interest Entity            
Guarantor liability     $ 32.0   $ 35.4  
v3.24.3
Investments - Variable Interest Entity (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity    
Total Assets $ 26,635.3 $ 26,375.1
Total Liabilities 13,067.6 12,940.0
RMMC/RMBC    
Variable Interest Entity    
Total Assets 209.3 261.6
Total Liabilities 24.0 24.7
Other    
Variable Interest Entity    
Total Assets 3.7 2.8
Total Liabilities $ 3.5 $ 3.3
v3.24.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Finished goods $ 299.7 $ 245.7
Work in process 99.0 97.4
Raw materials 279.8 275.1
Packaging materials 154.8 184.1
Inventories, net $ 833.3 $ 802.3
v3.24.3
Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2020
Goodwill [Roll Forward]      
Balance, beginning of the year $ 5,325.3    
Divesture (6.1)    
Foreign currency translation, net (1.6)    
Balance, ending of the year 5,317.6    
Americas      
Goodwill [Roll Forward]      
Balance, beginning of the year 5,325.3    
Divesture (6.1)    
Foreign currency translation, net (1.6)    
Balance, ending of the year 5,317.6    
Accumulated impairment loss 1,513.3 $ 1,513.3  
EMEA&APAC      
Goodwill [Roll Forward]      
Balance, beginning of the year 0.0    
Divesture 0.0    
Foreign currency translation, net 0.0    
Balance, ending of the year $ 0.0    
Accumulated impairment loss     $ 1,484.3
v3.24.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]          
Fair value in excess of carrying value threshold         15.00%
Amortization expense of intangible assets $ 50.7 $ 52.4 $ 155.3 $ 154.9  
v3.24.3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Intangible assets subject to amortization:    
Accumulated amortization $ (1,867.2) $ (1,777.8)
Total    
Gross 14,275.2 14,392.4
Accumulated amortization (1,867.2) (1,777.8)
Net 12,408.0 12,614.6
Brands    
Intangible assets subject to amortization:    
Gross 4,918.0 5,029.2
Accumulated amortization (1,716.6) (1,634.4)
Net 3,201.4 3,394.8
Total    
Accumulated amortization (1,716.6) (1,634.4)
License agreements and distribution rights    
Intangible assets subject to amortization:    
Gross 206.3 204.9
Accumulated amortization (123.1) (117.6)
Net 83.2 87.3
Total    
Accumulated amortization (123.1) (117.6)
Other    
Intangible assets subject to amortization:    
Gross 84.8 84.8
Accumulated amortization (27.5) (25.8)
Net 57.3 59.0
Total    
Accumulated amortization $ (27.5) $ (25.8)
Minimum | Brands    
Intangible assets subject to amortization:    
Useful life 10 years 10 years
Minimum | License agreements and distribution rights    
Intangible assets subject to amortization:    
Useful life 10 years 10 years
Minimum | Other    
Intangible assets subject to amortization:    
Useful life 5 years 5 years
Maximum | Brands    
Intangible assets subject to amortization:    
Useful life 50 years 50 years
Maximum | License agreements and distribution rights    
Intangible assets subject to amortization:    
Useful life 20 years 20 years
Maximum | Other    
Intangible assets subject to amortization:    
Useful life 40 years 40 years
Brands    
Intangible assets not subject to amortization:    
Gross $ 8,010.5 $ 8,002.0
Distribution networks    
Intangible assets not subject to amortization:    
Gross 748.0 763.9
Other    
Intangible assets not subject to amortization:    
Gross $ 307.6 $ 307.6
v3.24.3
Goodwill and Intangible Assets - Amortization Expense (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Estimated amortization expense of finite-lived intangible assets  
2024 - remaining $ 50.8
2025 203.1
2026 186.2
2027 127.2
2028 $ 125.7
v3.24.3
Leases - Supplemental Balance Sheet Lease Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Operating Leases    
Operating lease right-of-use assets $ 197.7 $ 200.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Current operating lease liabilities $ 48.2 $ 46.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable and other current liabilities Accounts payable and other current liabilities
Non-current operating lease liabilities $ 164.5 $ 163.9
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Total operating lease liabilities $ 212.7 $ 210.8
Finance Leases    
Finance lease right-of-use assets $ 62.7 $ 46.4
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Current finance lease liabilities $ 7.8 $ 5.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Current portion of long-term debt and short-term borrowings Current portion of long-term debt and short-term borrowings
Non-current finance lease liabilities $ 61.1 $ 48.5
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Total finance lease liabilities $ 68.9 $ 53.7
v3.24.3
Leases - Supplemental Cash Flow Lease Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash paid for amounts included in the measurements of lease liabilities    
Operating cash flows from operating leases $ 40.7 $ 43.2
Operating cash flows from finance leases 2.8 2.8
Financing cash flows from finance leases 4.5 3.7
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities    
Operating leases 40.1 104.1
Finance leases $ 17.9 $ 0.8
v3.24.3
Debt - Schedule (Details)
May 29, 2024
EUR (€)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
CAD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
EUR (€)
Debt Instrument [Line Items]            
Finance leases   $ 68,900,000     $ 53,700,000  
Less: unamortized debt discounts and debt issuance costs   (39,600,000)     (35,500,000)  
Total long-term debt (including current portion)   6,213,300,000     6,202,400,000  
Current portion of long-term debt   10,300,000     890,300,000  
Total long-term debt   6,203,000,000     5,312,100,000  
Short-term borrowings   27,400,000     21,500,000  
Current portion of long-term debt and short-term borrowings   37,700,000     911,800,000  
USD, CAD and GBP Overdraft Facility            
Debt Instrument [Line Items]            
Revolving credit facility   0     0  
EMEA&APAC            
Debt Instrument [Line Items]            
Overdraft facility   22,400,000     16,500,000  
Bank cash   126,200,000     75,500,000  
Bank cash, net of overdrafts   $ 103,800,000     59,000,000.0  
EUR 800000000 million 1.25% senior notes due July 2024            
Debt Instrument [Line Items]            
Debt Instrument, interest rate 3.80% 1.25% 1.25% 1.25%    
Debt instrument, face amount | € € 800,000,000     € 800,000,000   € 800,000,000
CAD 500 million 3.44% senior notes due July 2026            
Debt Instrument [Line Items]            
Debt Instrument, interest rate   3.44% 3.44% 3.44%    
Debt instrument, face amount     $ 500,000,000      
$2.0 billion 3.0% senior notes due July 2026            
Debt Instrument [Line Items]            
Debt Instrument, interest rate   3.00% 3.00% 3.00%    
Debt instrument, face amount   $ 2,000,000,000.0        
EUR 800000000 million 3.8% senior notes due June 2032            
Debt Instrument [Line Items]            
Debt Instrument, interest rate   3.80% 3.80% 3.80%    
Debt instrument, face amount | €       € 800,000,000    
Proceeds from senior long-term debt | € € 863,700,000          
Debt issuance costs and discounts, capitalized | €       € 7,100,000    
$1.1 billion 5.0% senior notes due May 2042            
Debt Instrument [Line Items]            
Debt Instrument, interest rate   5.00% 5.00% 5.00%    
Debt instrument, face amount   $ 1,100,000,000        
$1.8 billion 4.2% senior notes due July 2046            
Debt Instrument [Line Items]            
Debt Instrument, interest rate   4.20% 4.20% 4.20%    
Debt instrument, face amount   $ 1,800,000,000        
Senior notes | EUR 800000000 million 1.25% senior notes due July 2024            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   0     883,100,000  
Senior notes | CAD 500 million 3.44% senior notes due July 2026            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   369,700,000     377,600,000  
Senior notes | $2.0 billion 3.0% senior notes due July 2026            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   2,000,000,000     2,000,000,000  
Senior notes | EUR 800000000 million 3.8% senior notes due June 2032            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   890,800,000     0  
Senior notes | $1.1 billion 5.0% senior notes due May 2042            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   1,100,000,000     1,100,000,000  
Senior notes | $1.8 billion 4.2% senior notes due July 2046            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   1,800,000,000     1,800,000,000  
Other            
Debt Instrument [Line Items]            
Long-term debt, carrying amount   $ 23,500,000     $ 23,500,000  
v3.24.3
Debt - Narrative (Details)
 9 Months Ended
Sep. 30, 2024
USD ($)
Jun. 03, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Long-term debt, fair value $ 6,000,000,000.0   $ 5,900,000,000
Commercial paper      
Debt Instrument [Line Items]      
Commercial paper borrowings 0   0
Revolving credit facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 2,000,000,000.0  
Revolving credit facility | Commercial paper      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   2,000,000,000.0  
Revolving credit facility | Line of credit      
Debt Instrument [Line Items]      
Commercial paper borrowings $ 0   $ 0
Revolving credit facility | Line of credit | Quarter Ending March 31, 2023      
Debt Instrument [Line Items]      
Quarterly leverage ratio, further reduction 4.00    
Revolving credit facility | Standby Letters of Credit      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 150,000,000.0  
v3.24.3
Derivative Instruments and Hedging Activities - Narrative (Details)
$ in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
May 29, 2024
EUR (€)
Sep. 30, 2023
EUR (€)
Jul. 15, 2023
CAD ($)
Jun. 30, 2023
CAD ($)
Jun. 30, 2023
USD ($)
Derivative [Line Items]              
Cash flow hedge loss, recorded in AOCI to be reclassed within twelve months $ 3            
Reclassification term 12 months            
Maximum term of time in cash flow hedge 3 years            
Foreign currency forwards | Not designated as hedging instruments              
Derivative [Line Items]              
Notional amount           $ 260 $ 195
CAD 500 million 2.84% notes due 2023              
Derivative [Line Items]              
Debt instrument, face amount         $ 500    
Debt Instrument, interest rate         2.84%    
EUR 800000000 million 1.25% senior notes due July 2024              
Derivative [Line Items]              
Debt instrument, face amount | €   € 800,000,000 € 800,000,000 € 800,000,000      
Debt Instrument, interest rate   1.25% 3.80%        
v3.24.3
Derivative Instruments and Hedging Activities - Derivative Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, fair value, net $ 36.6 $ 9.8
Forward starting interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, fair value, net 39.2 41.6
Foreign currency forwards    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, fair value, net 0.0 (1.4)
Commodity swaps and options    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, fair value, net $ (2.6) $ (30.4)
v3.24.3
Derivative Instruments and Hedging Activities - Fair Value Balance Sheet (Details)
$ in Millions, $ in Millions
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
CAD ($)
Jun. 30, 2023
USD ($)
Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative asset, fair value, designated as hedging instrument $ 40.2 $ 42.7    
Derivative liability, fair value, designated as hedging instrument (1.0) (2.5)    
Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative asset, not designated as hedging instrument, fair value 19.0 17.9    
Derivative liability, not designated as hedging instrument, fair value (21.6) (48.3)    
Forward starting interest rate swaps | Designated as hedging instruments | Cash flow hedges        
Derivatives designated as hedging instruments        
Notional amount 1,000.0 1,000.0    
Derivatives not designated as hedging instruments        
Notional amount 1,000.0 1,000.0    
Foreign currency forwards | Designated as hedging instruments | Cash flow hedges        
Derivatives designated as hedging instruments        
Notional amount 234.0 219.4    
Derivatives not designated as hedging instruments        
Notional amount 234.0 219.4    
Foreign currency forwards | Not designated as hedging instruments        
Derivatives designated as hedging instruments        
Notional amount     $ 260 $ 195.0
Derivatives not designated as hedging instruments        
Notional amount     $ 260 $ 195.0
Commodity swaps | Not designated as hedging instruments        
Derivatives designated as hedging instruments        
Notional amount 459.7 653.5    
Derivatives not designated as hedging instruments        
Notional amount 459.7 653.5    
Commodity options | Not designated as hedging instruments        
Derivatives designated as hedging instruments        
Notional amount   21.7    
Derivatives not designated as hedging instruments        
Notional amount   21.7    
Other non-current assets | Forward starting interest rate swaps | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative asset, fair value, designated as hedging instrument 39.2 41.6    
Other non-current assets | Foreign currency forwards | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative asset, fair value, designated as hedging instrument 0.1 0.0    
Other non-current assets | Commodity swaps | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative asset, not designated as hedging instrument, fair value 4.1 6.6    
Other current assets | Foreign currency forwards | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative asset, fair value, designated as hedging instrument 0.9 1.1    
Other current assets | Commodity swaps | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative asset, not designated as hedging instrument, fair value 14.9 11.1    
Other current assets | Commodity options | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative asset, not designated as hedging instrument, fair value   0.2    
Other liabilities | Forward starting interest rate swaps | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative liability, fair value, designated as hedging instrument 0.0 0.0    
Other liabilities | Foreign currency forwards | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative liability, fair value, designated as hedging instrument (0.6) (1.3)    
Other liabilities | Commodity swaps | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative liability, not designated as hedging instrument, fair value (2.9) (6.1)    
Accounts payable and other current liabilities | Foreign currency forwards | Designated as hedging instruments        
Derivatives designated as hedging instruments        
Derivative liability, fair value, designated as hedging instrument (0.4) (1.2)    
Accounts payable and other current liabilities | Commodity swaps | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative liability, not designated as hedging instrument, fair value $ (18.7) (42.0)    
Accounts payable and other current liabilities | Commodity options | Not designated as hedging instruments        
Derivatives not designated as hedging instruments        
Derivative liability, not designated as hedging instrument, fair value   $ (0.2)    
v3.24.3
Derivative Instruments and Hedging Activities - Effect of Fair Value and Cash Flow Hedge Accounting (Details) - Cash flow hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]        
Amount of gain (loss) recognized in OCI on derivatives $ (38.1) $ 67.7 $ 1.6 $ 52.2
Amount of gain (loss) recognized from AOCI into income on derivative 0.0 0.0 0.0 (1.3)
Forward starting interest rate swap        
Derivative [Line Items]        
Amount of gain (loss) recognized in OCI on derivatives (35.8) 62.6 (2.4) 51.9
Forward starting interest rate swap | Interest income (expense), net        
Derivative [Line Items]        
Amount of gain (loss) recognized from AOCI into income on derivative (0.8) (0.8) (2.5) (4.3)
Foreign currency forwards        
Derivative [Line Items]        
Amount of gain (loss) recognized in OCI on derivatives (2.3) 5.1 4.0 0.3
Foreign currency forwards | Cost of goods sold        
Derivative [Line Items]        
Amount of gain (loss) recognized from AOCI into income on derivative 0.9 1.1 3.0 3.8
Foreign currency forwards | Other non-operating income (expense), net        
Derivative [Line Items]        
Amount of gain (loss) recognized from AOCI into income on derivative $ (0.1) $ (0.3) $ (0.5) $ (0.8)
v3.24.3
Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
EUR (€)
May 29, 2024
EUR (€)
Sep. 30, 2023
EUR (€)
Net investment hedging              
Derivative Instruments, Gain (Loss) [Line Items]              
Gain (loss) recognized on net investment hedges     $ (7.6)        
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)     0.0        
EUR 800000000 million 3.8% senior notes due June 2032              
Derivative Instruments, Gain (Loss) [Line Items]              
Debt instrument, face amount | €         € 800,000,000    
Debt Instrument, interest rate         3.80%    
EUR 800000000 million 3.8% senior notes due June 2032 | Senior notes | Net investment hedging | Other non-operating income (expense), net              
Derivative Instruments, Gain (Loss) [Line Items]              
Gain (loss) recognized on net investment hedges $ (33.6)   (22.1)        
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) $ 0.0   0.0        
EUR 800000000 million 1.25% senior notes due July 2024              
Derivative Instruments, Gain (Loss) [Line Items]              
Debt instrument, face amount | €         € 800,000,000 € 800,000,000 € 800,000,000
Debt Instrument, interest rate         1.25% 3.80%  
EUR 800000000 million 1.25% senior notes due July 2024 | Senior notes | Net investment hedging | Other non-operating income (expense), net              
Derivative Instruments, Gain (Loss) [Line Items]              
Gain (loss) recognized on net investment hedges   $ 27.0 14.5 $ 10.7      
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)   $ 0.0 $ 0.0 $ 0.0      
v3.24.3
Derivative Instruments and Hedging Activities - Other Derivatives (Details) - Not designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Gain (Loss) on Derivative Instruments:        
Amount of gain (loss) recognized in income on derivatives   $ 36.4   $ (41.3)
Commodity swaps | Cost of goods sold        
Gain (Loss) on Derivative Instruments:        
Amount of gain (loss) recognized in income on derivatives $ (13.1) 35.6 $ (10.8) (44.0)
Foreign currency forwards | Other non-operating income (expense), net        
Gain (Loss) on Derivative Instruments:        
Amount of gain (loss) recognized in income on derivatives   $ 0.8   $ 2.7
v3.24.3
Income Tax - Schedule of Effective Tax Rate (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate (as a percent) 31.00% 21.00% 25.00% 22.00%
v3.24.3
Income Tax - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Income Tax Disclosure [Abstract]    
Valuation allowance   $ 16.4
Non-deductible adjustment related to interest expense $ 45.8  
v3.24.3
Commitments and Contingencies - Loss Contingency (Details)
$ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Sep. 30, 2024
USD ($)
May 23, 2024
CAD ($)
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]        
Accrual for litigation, other Disputes and environmental loss contingencies   $ 72.3   $ 70.2
Maximum reimbursement costs     $ 225.0  
Guarantor liability   34.7   36.9
Stone Brewing Company v.s. MCBC        
Loss Contingencies [Line Items]        
Loss contingency accrual   60.1   58.5
Stone Brewing Company v.s. MCBC | Pending litigation        
Loss Contingencies [Line Items]        
Damages awarded $ 56.0      
Kaiser Tax, Civil and Labor Indemnity Reserve        
Loss Contingencies [Line Items]        
Loss contingency accrual   $ 10.5   $ 11.8
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Rollforward (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 26, 2024
pension_plan
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 13,389.0 $ 13,407.2  
Ending balance 13,525.5 13,525.5  
Purchased annuity contracts, number of Canadian pension plans | pension_plan     2
Settlement loss 34.0 34.0  
Foreign currency translation adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance   (778.0)  
Other comprehensive income (loss), before reclassifications, before tax   (3.5)  
Ending balance (804.5) (804.5)  
Accumulated foreign currency adjustment, excluding net investment hedging, attributable to parent      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Other comprehensive income (loss), before reclassifications, before tax   (15.4)  
Accumulated foreign currency adjustment, net investment hedging, attributable to parent      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Other comprehensive income (loss), before reclassifications, before tax   (7.6)  
AOCI foreign currency translation adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Other comprehensive income (loss), before reclassifications, before tax   (15.4)  
Gain (loss) on derivative instruments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance   30.6  
Other comprehensive income (loss), before reclassifications, before tax   1.6  
Tax benefit (expense)   (0.3)  
Ending balance 31.9 31.9  
Pension and postretirement benefit adjustments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance   (352.7)  
Other comprehensive income (loss), before reclassifications, before tax   19.5  
Reclassification of AOCI, current period, before tax   26.8  
Tax benefit (expense)   (12.2)  
Ending balance (318.6) (318.6)  
Equity method investments      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance   (16.2)  
Other comprehensive income (loss), before reclassifications, before tax   0.5  
Tax benefit (expense)   (0.2)  
Ending balance (15.9) (15.9)  
Accumulated other comprehensive income (loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (1,217.3) (1,116.3)  
Tax benefit (expense)   (12.7)  
Ending balance $ (1,107.1) $ (1,107.1)  
v3.24.3
Other Operating Income (Expense), net - Schedule of Other Operating Income (Expense) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Other operating income (expense), net $ (65.8) $ (12.7) $ (59.4) $ (13.0)
Loss on disposal of business 41.1 $ 11.1    
Sale of ownership percentage   0.575    
Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected remaining restructuring charges 95.0   95.0  
Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected remaining restructuring charges 115.0   115.0  
Employee-related charges        
Restructuring Cost and Reserve [Line Items]        
Other operating income (expense), net (2.2) $ (1.6) (1.1) (1.9)
Asset abandonment and other restructuring costs        
Restructuring Cost and Reserve [Line Items]        
Other operating income (expense), net (21.9) 0.1 (21.9) 0.1
Intangible and tangible asset impairments, excluding goodwill        
Restructuring Cost and Reserve [Line Items]        
Other operating income (expense), net 0.0 (0.1) 0.0 (0.1)
Gains (losses) on disposals and other        
Restructuring Cost and Reserve [Line Items]        
Other operating income (expense), net $ (41.7) $ (11.1) $ (36.4) $ (11.1)
v3.24.3
Segment Reporting - Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Consolidated net sales $ 3,042.7 $ 3,298.4 $ 8,891.4 $ 8,911.3
Inter-segment net sales eliminations        
Segment Reporting Information [Line Items]        
Consolidated net sales (6.7) (5.4) (17.3) (12.3)
Americas | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated net sales 2,345.0 2,633.4 7,066.3 7,194.1
EMEA&APAC | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated net sales $ 704.4 $ 670.4 $ 1,842.4 $ 1,729.5
v3.24.3
Segment Reporting - Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Income (loss) before income taxes $ 331.4 $ 544.0 $ 1,156.7 $ 1,087.0
Unallocated        
Segment Reporting Information [Line Items]        
Income (loss) before income taxes (74.0) (7.0) (126.6) (223.5)
Americas | Operating Segments        
Segment Reporting Information [Line Items]        
Income (loss) before income taxes 353.8 483.5 1,161.5 1,204.2
EMEA&APAC | Operating Segments        
Segment Reporting Information [Line Items]        
Income (loss) before income taxes $ 51.6 $ 67.5 $ 121.8 $ 106.3
v3.24.3
Segment Reporting - Total Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total assets $ 26,635.3 $ 26,375.1
Americas    
Segment Reporting Information [Line Items]    
Total assets 22,815.1 22,753.8
EMEA&APAC    
Segment Reporting Information [Line Items]    
Total assets $ 3,820.2 $ 3,621.3
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