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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
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 symbols | | Name of each exchange on which registered |
| Class A Common Stock, $0.01 par value | | TAP.A | | New York Stock Exchange |
| Class B Common Stock, $0.01 par value | | TAP | | New York Stock Exchange |
| 3.800% Senior Notes due 2032 | | TAP 32 | | New 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
Glossary of Terms and Abbreviations
| | | | | |
| AOCI | Accumulated other comprehensive income (loss) |
| CAD | Canadian Dollar |
| CZK | Czech Koruna |
| DBRS | A global credit rating agency in Toronto |
| EBITDA | Earnings before interest, tax, depreciation and amortization |
| EPS | Earnings per share |
| EUR | Euro |
FASB | Financial Accounting Standards Board |
GBP | British Pound |
| MG&A | Marketing, general and administrative |
Moody’s | Moody’s Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC |
NCI | Noncontrolling interest |
| OCI | Other comprehensive income (loss) |
| OPEB | Other postretirement benefit plans |
| RON | Romanian Leu |
RSD | Serbian Dinar |
| SEC | U.S. Securities and Exchange Commission |
| Standard & Poor’s | Standard and Poor’s Ratings Services, a nationally recognized statistical rating organization designated by the SEC |
| STW | Sales-to-wholesalers |
| U.K. | United Kingdom |
U.S. | United States |
| U.S. GAAP | Accounting principles generally accepted in the U.S. |
| USD or $ | U.S. Dollar |
| VIEs | Variable interest entities |
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.
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 Ended | | Nine Months Ended |
| | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 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 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 | $ | 0.96 | | | $ | 1.99 | | | $ | 3.98 | | | $ | 3.91 | |
| Diluted | $ | 0.96 | | | $ | 1.98 | | | $ | 3.96 | | | $ | 3.89 | |
| | | | | | | |
| Weighted-average shares outstanding | | | | | | | |
| Basic | 207.2 | | | 216.1 | | | 209.9 | | | 216.3 | |
| Dilutive effect of share-based awards | 0.8 | | | 1.5 | | | 1.1 | | | 1.3 | |
| Diluted | 208.0 | | | 217.6 | | | 211.0 | | | 217.6 | |
See notes to unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN MILLIONS)
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 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 adjustments | 104.8 | | | (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 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 | |
See notes to unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT PAR VALUE)
(UNAUDITED)
| | | | | | | | | | | |
| | As of |
| | September 30, 2024 | | December 31, 2023 |
| Assets | | | |
| 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 | |
| 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 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 | |
| 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 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 | |
See notes to unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
(UNAUDITED)
| | | | | | | | | | | |
| | Nine Months Ended |
| | September 30, 2024 | | September 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 | | | — | |
| 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 | — | | | (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 | |
See notes to unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND NONCONTROLLING INTERESTS
(IN MILLIONS)
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Molson Coors Beverage Company Stockholders' Equity | | |
| | | | | | | | | | | | | | | Accumulated | | Common stock | | |
| | | Common stock | | Exchangeable | | | | | | other | | held in | | Non |
| | | issued | | shares issued | | Paid-in- | | Retained | | comprehensive | | treasury | | controlling |
| Total | | Class A | | Class B | | Class A | | Class B | | capital | | earnings | | income (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 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) | | | — | | | — | | | — | |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Molson Coors Beverage Company Stockholders' Equity | | |
| | | | | | | | | | | | | | | | Accumulated | | Common stock | | |
| | | | Common stock | | Exchangeable | | | | | | other | | held in | | Non |
| | | | issued | | shares issued | | Paid-in- | | Retained | | comprehensive | | treasury | | controlling |
| | Total | | Class A | | Class B | | Class A | | Class B | | capital | | earnings | | income (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 compensation | 10.4 | | | — | | | — | | | — | | | — | | | 10.4 | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | |
| Purchase of noncontrolling interest | — | | | — | | | — | | | — | | | — | | | 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) | | | — | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Molson Coors Beverage Company Stockholders' Equity | | |
| | | | | | | | | | | | | | | Accumulated | | Common stock | | |
| | | Common stock | | Exchangeable | | | | | | other | | held in | | Non |
| | | issued | | shares issued | | Paid-in- | | Retained | | comprehensive | | treasury | | controlling |
| Total | | Class A | | Class B | | Class A | | Class B | | capital | | earnings | | income (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 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) | | | — | | | — | | | — | |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Molson Coors Beverage Company Stockholders' Equity | | |
| | | | | | | | | | | | | | | | Accumulated | | Common stock | | |
| | | | Common stock | | Exchangeable | | | | | | other | | held in | | Non |
| | | | issued | | shares issued | | Paid-in- | | Retained | | comprehensive | | treasury | | controlling |
| | Total | | Class A | | Class B | | Class A | | Class B | | capital | | earnings | | income (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 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 | | | — | | | — | |
| 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) | | | — | | | — | | | — | | | — | | | — | | | — | | | (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.
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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Shares repurchased | 1,160,707 | | | 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.
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.
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.
Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):
| | | | | | | | | | | | | | | | | | | | | | | |
| | As of |
| | September 30, 2024 | | December 31, 2023 |
| | Total Assets | | Total Liabilities | | Total Assets | | Total 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, 2024 | | December 31, 2023 |
| (In millions) |
| 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 | |
5. Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill is presented in the table below by segment. | | | | | | | | | | | | | | | | | |
| Americas | | EMEA&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 life | | Gross | | Accumulated
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 | Indefinite | | 8,010.5 | | | — | | | 8,010.5 | |
| Distribution networks | Indefinite | | 748.0 | | | — | | | 748.0 | |
| Other | Indefinite | | 307.6 | | | — | | | 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 life | | Gross | | Accumulated
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 | | | | | | | |
| Brands | Indefinite | | 8,002.0 | | | — | | | 8,002.0 | |
| Distribution networks | Indefinite | | 763.9 | | | — | | | 763.9 | |
| Other | Indefinite | | 307.6 | | | — | | | 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 year | | Amount |
| | (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.
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, 2024 | | December 31, 2023 |
| Balance Sheet Classification | (In millions) |
| Operating Leases | | | | |
| Operating lease right-of-use assets | Other assets | $ | 197.7 | | | $ | 200.7 | |
| Current operating lease liabilities | Accounts payable and other current liabilities | $ | 48.2 | | | $ | 46.9 | |
| Non-current operating lease liabilities | Other liabilities | 164.5 | | | 163.9 | |
| Total operating lease liabilities | | $ | 212.7 | | | $ | 210.8 | |
| | | | |
| Finance Leases | | | | |
| Finance lease right-of-use assets | Property, plant and equipment, net | $ | 62.7 | | | $ | 46.4 | |
| Current finance lease liabilities | Current portion of long-term debt and short-term borrowings | $ | 7.8 | | | $ | 5.2 | |
| Non-current finance lease liabilities | Long-term debt | 61.1 | | | 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, 2024 | | September 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, 2024 | | December 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 leases | 68.9 | | | 53.7 | |
| Other | 23.5 | | | 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 debt | 10.3 | | | 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.
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.
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, 2024 | | December 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 Assets | | Derivative Liabilities |
| | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 0.9 | | | Accounts payable and other current liabilities | | (0.4) | |
| | | Other non-current assets | | 0.1 | | | 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 assets | | 4.1 | | | Other liabilities | | (2.9) | |
| | | | | | | | | |
| | | | | | | | | |
| Total derivatives not designated as hedging instruments | | $ | 19.0 | | | | | $ | (21.6) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2023 |
| | | | Derivative Assets | | Derivative Liabilities |
| | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 1.1 | | | 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 assets | | 6.6 | | | Other liabilities | | (6.1) | |
Commodity options(1) | $ | 21.7 | | | Other current assets | | 0.2 | | | 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 relationships | | Amount 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 sold | | 0.9 | |
| | | | 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 forwards | | 5.1 | | | Cost of goods sold | | 1.1 | |
| | | | Other non-operating income (expense), net | | (0.3) | |
| Total | | $ | 67.7 | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| Derivatives in cash flow hedge relationships | | Amount 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 forwards | | 4.0 | | | Cost of goods sold | | 3.0 | |
| | | | 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 forwards | | 0.3 | | | Cost of goods sold | | 3.8 | |
| | | | 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 relationships | | Amount 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 relationships | | Amount 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 relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives |
| Three Months Ended September 30, 2024 | | | | |
| Commodity swaps | | Cost of goods sold | | $ | (13.1) | |
| | | | |
| | | | |
| | | | |
| Three Months Ended September 30, 2023 | | | | |
| Commodity swaps | | Cost of goods sold | | $ | 35.6 | |
| Foreign currency forwards | | Other non-operating income (expense), net | | 0.8 | |
| | | | |
| Total | | | | $ | 36.4 | |
| | | | | | | | | | | | | | |
| Derivatives not in hedging relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives |
| Nine Months Ended September 30, 2024 | | | | |
| Commodity swaps | | Cost of goods sold | | $ | (10.8) | |
| | | | |
| | | | |
| | | | |
| Nine Months Ended September 30, 2023 | | | | |
| Commodity swaps | | Cost of goods sold | | $ | (44.0) | |
| Foreign currency forwards | | Other non-operating income (expense), net | | 2.7 | |
| | | | |
| Total | | | | $ | (41.3) | |
9. Income Tax
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Effective tax rate | 31 | % | | 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.
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.
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.
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.
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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 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.
The following tables present net sales and income (loss) before income taxes by segment:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| (In millions) |
| Americas | $ | 2,345.0 | | | $ | 2,633.4 | | | $ | 7,066.3 | | | $ | 7,194.1 | |
| EMEA&APAC | 704.4 | | | 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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| (In millions) |
| Americas | $ | 353.8 | | | $ | 483.5 | | | $ | 1,161.5 | | | $ | 1,204.2 | |
| EMEA&APAC | 51.6 | | | 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, 2024 | | December 31, 2023 |
| (In millions) |
| Americas | $ | 22,815.1 | | | $ | 22,753.8 | |
| EMEA&APAC | 3,820.2 | | | 3,621.3 | |
| Consolidated total assets | $ | 26,635.3 | | | $ | 26,375.1 | |
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
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.
Truss Sale
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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | % change | | September 30, 2024 | | September 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 profit | 1,202.5 | | | 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 taxes | 331.4 | | | 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 hectoliters | 20.629 | | | 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).
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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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.
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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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.
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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 |
| Effective tax rate | 31 | % | | 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.
Net income (loss) attributable to noncontrolling interests
Segment Results of Operations
Americas Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | % change | | September 30, 2024 | | September 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.
(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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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.
EMEA&APAC Segment
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | % change | | September 30, 2024 | | September 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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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 Volume | | Price and Sales Mix | | Currency | | | | Total |
| 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.
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 Ended | | Nine Months Ended |
| September 30, 2024 | | September 30, 2023 | | % change | | September 30, 2024 | | September 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/M | | 26.9 | | | (77.1) | | | N/M |
| Operating income (loss) | (1.9) | | | 35.3 | | | N/M | | 26.9 | | | (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.
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.
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.
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.
Guarantees
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.
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.
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 | |
| | | | | | | | | | | |
| As of September 30, 2024 | | As 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
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
New Accounting Pronouncements Not Yet Adopted
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 amounts | | Fair Value Asset/(Liability) | | Effect of Adverse Change |
| (in millions) | | As of September 30, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As 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, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As 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 amounts | | Fair Value Asset/(Liability) | | Effect of Adverse Change |
| (in millions) | | As of September 30, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As of December 31, 2023 | | As of September 30, 2024 | | As of December 31, 2023 |
| Swaps | | $ | 459.7 | | | $ | 653.5 | | | $ | (2.6) | | | $ | (30.4) | | | $ | (44.5) | | | $ | (58.1) | |
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
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 purchased | | Average price paid per share | | Total 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, 2024 | | 404,260 | | | $ | 51.96 | | | 404,260 | | | $ | 1,457,920,923 | |
| August 1, 2024 through August 31, 2024 | | 402,722 | | | $ | 53.29 | | | 402,722 | | | $ | 1,436,461,800 | |
| September 1, 2024 through September 30, 2024 | | 353,725 | | | $ | 55.40 | | | 353,725 | | | $ | 1,416,863,668 | |
| Total | | 1,160,707 | | | $ | 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
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.* |
| 104 | | Cover 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. |
| | |
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 |
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:
| | | | | | | | |
| Company | Jurisdiction of Incorporation or Organization | Parent Issuer / Guarantor |
| Molson Coors Beverage Company | Delaware | Parent Issuer |
| CBC Holdco LLC | Colorado | Guarantor Subsidiary |
| CBC Holdco 2 LLC | Colorado | Guarantor Subsidiary |
| CBC Holdco 3, Inc. | Colorado | Guarantor Subsidiary |
| Coors Brewing Company | Colorado | Guarantor Subsidiary |
| Molson Coors Beverage Company USA LLC | Delaware | Guarantor Subsidiary |
| Molson Coors USA LLC | Delaware | Guarantor Subsidiary |
| Coors Distributing Company LLC | Delaware | Guarantor Subsidiary |
| Molson Canada 2005 | Ontario | Guarantor Subsidiary |
| Molson Coors Holdco, Inc. | Delaware | Guarantor Subsidiary |
| Molson Coors International LP | Delaware | Guarantor Subsidiary |
| Newco3, Inc. | Colorado | Guarantor Subsidiary |
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 |
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 |
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, $0.01 par value
|
|
| Trading Symbol |
TAP
|
|
| Security Exchange Name |
NYSE
|
|
| 3.800% Senior Notes due 2032 | NEW YORK STOCK EXCHANGE |
|
|
| Entity Information [Line Items] |
|
|
| Title of 12(b) Security |
3.800% Senior Notes due 2032
|
|
| Trading Symbol |
TAP 32
|
|
| Security Exchange Name |
NYSE
|
|
| CANADA |
|
|
| Entity Information [Line Items] |
|
|
| Entity Address, City or Town |
Montréal
|
|
| Entity Address, State or Province |
QC
|
|
| Entity Address, Country |
CA
|
|
| Entity Address, Address Line Two |
111 Boulevard Robert-Bourassa, 9th Floor,
|
|
| Entity Address, Postal Zip Code |
H3C 2M1
|
|
| City Area Code |
514
|
|
| Local Phone Number |
521-1786
|
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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
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
|
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-SubTopic 10
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-Section S99
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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
|
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
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-Paragraph 4I
-Publisher FASB
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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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
|
| X |
- DefinitionTotal number of exchangeable shares of an entity that have been sold or granted to shareholders (includes exchangeable shares that have been repurchased). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued includes shares outstanding and shares held in treasury.
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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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
|
| X |
- DefinitionThe difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. The aggregate charge against earnings resulting from the write down of the carrying amount of intangible assets to a lower fair value. These elements are noncash adjustments to net income when calculating net cash generated by operating activities using the indirect method.
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-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
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-Section 45
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-Subparagraph (b)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
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-Topic 230
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-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
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-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 19
-Publisher FASB
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 6
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 7
-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
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-Section 55
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
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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
|
|
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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-Topic 505
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Shares repurchased | 1,160,707 | | | 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.
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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.
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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, 2024 | | December 31, 2023 | | | Total Assets | | Total Liabilities | | Total Assets | | Total 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.
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v3.24.3
Inventories
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
Inventories | | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 31, 2023 | | (In millions) | | 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 | |
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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. | | | | | | | | | | | | | | | | | | | Americas | | EMEA&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 life | | Gross | | Accumulated
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 | Indefinite | | 8,010.5 | | | — | | | 8,010.5 | | | Distribution networks | Indefinite | | 748.0 | | | — | | | 748.0 | | | Other | Indefinite | | 307.6 | | | — | | | 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 life | | Gross | | Accumulated
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 | | | | | | | | | Brands | Indefinite | | 8,002.0 | | | — | | | 8,002.0 | | | Distribution networks | Indefinite | | 763.9 | | | — | | | 763.9 | | | Other | Indefinite | | 307.6 | | | — | | | 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 year | | Amount | | | (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.
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v3.24.3
Leases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases [Abstract] |
|
| Leases |
LeasesSupplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 31, 2023 | | Balance Sheet Classification | (In millions) | | Operating Leases | | | | | | Operating lease right-of-use assets | Other assets | $ | 197.7 | | | $ | 200.7 | | | Current operating lease liabilities | Accounts payable and other current liabilities | $ | 48.2 | | | $ | 46.9 | | | Non-current operating lease liabilities | Other liabilities | 164.5 | | | 163.9 | | | Total operating lease liabilities | | $ | 212.7 | | | $ | 210.8 | | | | | | | | Finance Leases | | | | | | Finance lease right-of-use assets | Property, plant and equipment, net | $ | 62.7 | | | $ | 46.4 | | | Current finance lease liabilities | Current portion of long-term debt and short-term borrowings | $ | 7.8 | | | $ | 5.2 | | | Non-current finance lease liabilities | Long-term debt | 61.1 | | | 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, 2024 | | September 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.
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| Leases |
LeasesSupplemental balance sheet information related to leases as of September 30, 2024 and December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 31, 2023 | | Balance Sheet Classification | (In millions) | | Operating Leases | | | | | | Operating lease right-of-use assets | Other assets | $ | 197.7 | | | $ | 200.7 | | | Current operating lease liabilities | Accounts payable and other current liabilities | $ | 48.2 | | | $ | 46.9 | | | Non-current operating lease liabilities | Other liabilities | 164.5 | | | 163.9 | | | Total operating lease liabilities | | $ | 212.7 | | | $ | 210.8 | | | | | | | | Finance Leases | | | | | | Finance lease right-of-use assets | Property, plant and equipment, net | $ | 62.7 | | | $ | 46.4 | | | Current finance lease liabilities | Current portion of long-term debt and short-term borrowings | $ | 7.8 | | | $ | 5.2 | | | Non-current finance lease liabilities | Long-term debt | 61.1 | | | 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, 2024 | | September 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.
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v3.24.3
Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
DebtDebt Obligations | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 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 leases | 68.9 | | | 53.7 | | | Other | 23.5 | | | 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 debt | 10.3 | | | 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.
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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, 2024 | | December 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 Assets | | Derivative Liabilities | | | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 0.9 | | | Accounts payable and other current liabilities | | (0.4) | | | | | Other non-current assets | | 0.1 | | | 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 assets | | 4.1 | | | Other liabilities | | (2.9) | | | | | | | | | | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | $ | 19.0 | | | | | $ | (21.6) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | Derivative Assets | | Derivative Liabilities | | | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 1.1 | | | 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 assets | | 6.6 | | | Other liabilities | | (6.1) | | Commodity options(1) | $ | 21.7 | | | Other current assets | | 0.2 | | | 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 relationships | | Amount 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 sold | | 0.9 | | | | | | 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 forwards | | 5.1 | | | Cost of goods sold | | 1.1 | | | | | | Other non-operating income (expense), net | | (0.3) | | | Total | | $ | 67.7 | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | Derivatives in cash flow hedge relationships | | Amount 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 forwards | | 4.0 | | | Cost of goods sold | | 3.0 | | | | | | 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 forwards | | 0.3 | | | Cost of goods sold | | 3.8 | | | | | | 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 relationships | | Amount 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 relationships | | Amount 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 relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives | | Three Months Ended September 30, 2024 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (13.1) | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | | | | | Commodity swaps | | Cost of goods sold | | $ | 35.6 | | | Foreign currency forwards | | Other non-operating income (expense), net | | 0.8 | | | | | | | | Total | | | | $ | 36.4 | |
| | | | | | | | | | | | | | | | Derivatives not in hedging relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives | | Nine Months Ended September 30, 2024 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (10.8) | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (44.0) | | | Foreign currency forwards | | Other non-operating income (expense), net | | 2.7 | | | | | | | | Total | | | | $ | (41.3) | |
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v3.24.3
Income Tax
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Tax |
Income Tax | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Effective tax rate | 31 | % | | 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.
|
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
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-Section 50
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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.
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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
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 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.
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | (In millions) | | Americas | $ | 2,345.0 | | | $ | 2,633.4 | | | $ | 7,066.3 | | | $ | 7,194.1 | | | EMEA&APAC | 704.4 | | | 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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | (In millions) | | Americas | $ | 353.8 | | | $ | 483.5 | | | $ | 1,161.5 | | | $ | 1,204.2 | | | EMEA&APAC | 51.6 | | | 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, 2024 | | December 31, 2023 | | (In millions) | | Americas | $ | 22,815.1 | | | $ | 22,753.8 | | | EMEA&APAC | 3,820.2 | | | 3,621.3 | | | Consolidated total assets | $ | 26,635.3 | | | $ | 26,375.1 | |
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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.
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Shares repurchased | 1,160,707 | | | 505,000 | | | 7,500,489 | | | 980,000 | | | Aggregate cost (in millions) | $ | 62.7 | | | $ | 34.5 | | | $ | 437.2 | | | $ | 61.2 | |
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v3.24.3
Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of Inventory |
| | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 31, 2023 | | (In millions) | | 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 | |
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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. | | | | | | | | | | | | | | | | | | | Americas | | EMEA&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 life | | Gross | | Accumulated
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 | Indefinite | | 8,010.5 | | | — | | | 8,010.5 | | | Distribution networks | Indefinite | | 748.0 | | | — | | | 748.0 | | | Other | Indefinite | | 307.6 | | | — | | | 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 life | | Gross | | Accumulated
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 | | | | | | | | | Brands | Indefinite | | 8,002.0 | | | — | | | 8,002.0 | | | Distribution networks | Indefinite | | 763.9 | | | — | | | 763.9 | | | Other | Indefinite | | 307.6 | | | — | | | 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 life | | Gross | | Accumulated
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 | Indefinite | | 8,010.5 | | | — | | | 8,010.5 | | | Distribution networks | Indefinite | | 748.0 | | | — | | | 748.0 | | | Other | Indefinite | | 307.6 | | | — | | | 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 life | | Gross | | Accumulated
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 | | | | | | | | | Brands | Indefinite | | 8,002.0 | | | — | | | 8,002.0 | | | Distribution networks | Indefinite | | 763.9 | | | — | | | 763.9 | | | Other | Indefinite | | 307.6 | | | — | | | 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 year | | Amount | | | (In millions) | | 2024 - remaining | | $ | 50.8 | | | 2025 | | $ | 203.1 | | | 2026 | | $ | 186.2 | | | 2027 | | $ | 127.2 | | | 2028 | | $ | 125.7 | |
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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, 2024 | | December 31, 2023 | | Balance Sheet Classification | (In millions) | | Operating Leases | | | | | | Operating lease right-of-use assets | Other assets | $ | 197.7 | | | $ | 200.7 | | | Current operating lease liabilities | Accounts payable and other current liabilities | $ | 48.2 | | | $ | 46.9 | | | Non-current operating lease liabilities | Other liabilities | 164.5 | | | 163.9 | | | Total operating lease liabilities | | $ | 212.7 | | | $ | 210.8 | | | | | | | | Finance Leases | | | | | | Finance lease right-of-use assets | Property, plant and equipment, net | $ | 62.7 | | | $ | 46.4 | | | Current finance lease liabilities | Current portion of long-term debt and short-term borrowings | $ | 7.8 | | | $ | 5.2 | | | Non-current finance lease liabilities | Long-term debt | 61.1 | | | 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, 2024 | | September 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 | |
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v3.24.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt Obligations |
Debt Obligations | | | | | | | | | | | | | As of | | | September 30, 2024 | | December 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 leases | 68.9 | | | 53.7 | | | Other | 23.5 | | | 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 debt | 10.3 | | | 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.
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-Section S99
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
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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, 2024 | | December 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 Assets | | Derivative Liabilities | | | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 0.9 | | | Accounts payable and other current liabilities | | (0.4) | | | | | Other non-current assets | | 0.1 | | | 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 assets | | 4.1 | | | Other liabilities | | (2.9) | | | | | | | | | | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | $ | 19.0 | | | | | $ | (21.6) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | | | | Derivative Assets | | Derivative Liabilities | | | Notional amount | | Balance sheet location | | Fair value | | Balance sheet location | | Fair 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 assets | | 1.1 | | | 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 assets | | 6.6 | | | Other liabilities | | (6.1) | | Commodity options(1) | $ | 21.7 | | | Other current assets | | 0.2 | | | Accounts payable and other current liabilities | | (0.2) | | | Total derivatives not designated as hedging instruments | | $ | 17.9 | | | | | $ | (48.3) | |
|
| 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 relationships | | Amount 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 sold | | 0.9 | | | | | | 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 forwards | | 5.1 | | | Cost of goods sold | | 1.1 | | | | | | Other non-operating income (expense), net | | (0.3) | | | Total | | $ | 67.7 | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | Derivatives in cash flow hedge relationships | | Amount 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 forwards | | 4.0 | | | Cost of goods sold | | 3.0 | | | | | | 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 forwards | | 0.3 | | | Cost of goods sold | | 3.8 | | | | | | 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 relationships | | Amount 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 relationships | | Amount 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 relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives | | Three Months Ended September 30, 2024 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (13.1) | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | | | | | Commodity swaps | | Cost of goods sold | | $ | 35.6 | | | Foreign currency forwards | | Other non-operating income (expense), net | | 0.8 | | | | | | | | Total | | | | $ | 36.4 | |
| | | | | | | | | | | | | | | | Derivatives not in hedging relationships | | Location of gain (loss) recognized in
income on derivatives | | Amount of gain (loss) recognized in
income on derivatives | | Nine Months Ended September 30, 2024 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (10.8) | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | | | | | Commodity swaps | | Cost of goods sold | | $ | (44.0) | | | Foreign currency forwards | | Other non-operating income (expense), net | | 2.7 | | | | | | | | Total | | | | $ | (41.3) | |
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- DefinitionTabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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v3.24.3
| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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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
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 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.
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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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | (In millions) | | Americas | $ | 2,345.0 | | | $ | 2,633.4 | | | $ | 7,066.3 | | | $ | 7,194.1 | | | EMEA&APAC | 704.4 | | | 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 Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | (In millions) | | Americas | $ | 353.8 | | | $ | 483.5 | | | $ | 1,161.5 | | | $ | 1,204.2 | | | EMEA&APAC | 51.6 | | | 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, 2024 | | December 31, 2023 | | (In millions) | | Americas | $ | 22,815.1 | | | $ | 22,753.8 | | | EMEA&APAC | 3,820.2 | | | 3,621.3 | | | Consolidated total assets | $ | 26,635.3 | | | $ | 26,375.1 | |
|
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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
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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
|
|
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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
|
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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
|
| X |
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-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.24.3
| X |
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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
|
| X |
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-Topic 842
-SubTopic 20
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-Topic 842
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
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-Paragraph 2
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-Paragraph 1
-Subparagraph (b)
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-Section 45
-Paragraph 1
-Subparagraph (b)
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-Topic 842
-SubTopic 20
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-Section 45
-Paragraph 1
-Subparagraph (a)
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v3.24.3
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 45
-Paragraph 5
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
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-Topic 842
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-Section 50
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-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 50
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-Publisher FASB
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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
|
|
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| X |
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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|
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-Topic 210
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-Section S99
-Paragraph 1
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| X |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 4
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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
|
|
| X |
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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| X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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|
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%
|
|
|
|
|
| X |
- DefinitionCash Flow Hedge Gain Loss To Be Reclassified Within Twelve Month Term, Period
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
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-Topic 835
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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)
|
| X |
- DefinitionFair value of the assets less the liabilities of a derivative or group of derivatives. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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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)
|
|
|
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v3.24.3
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-Section 50
-Paragraph 5
-Subparagraph (f)
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-Topic 220
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-Section 45
-Paragraph 11
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (d)
-Publisher FASB
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-Topic 220
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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
|
|
|
|
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
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| X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (b)
-Publisher FASB
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-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E
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| X |
- DefinitionAmount, before tax, of adjustments from accumulated other comprehensive income (AOCI) for gain (loss) from increase (decrease) in value of excluded component of derivative designated and qualifying as hedge. Adjustments include, but are not limited to, reclassifications for sale and settlement, and amounts recognized under systematic and rational method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-15
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (dd)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A
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| X |
- DefinitionAmount, before tax and reclassification, of gain (loss) from derivative designated and qualifying as net investment hedge. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC
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| X |
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| X |
- Details
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| X |
- Details
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| X |
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v3.24.3
| X |
- Definition-- None. No documentation exists for this element. --
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC
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| X |
- Details
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| X |
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v3.24.3
v3.24.3
v3.24.3
| X |
- DefinitionAccrual for Litigation, Other Disputes and Environmental Loss Contingencies
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| X |
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| X |
- DefinitionMaximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4
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-Topic 450
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-10
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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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)
|
|
| X |
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-Topic 715
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-Section 45
-Paragraph 3A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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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)
|
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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
|
| X |
- DefinitionAmount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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