falsedesktopTAP2020-09-30000002454520000022{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\t\tPage\nGlossary of Terms and Abbreviations\t\t3\nCautionary Statement\t\t4\nPART I. FINANCIAL INFORMATION\t\t\nItem 1.\tFinancial Statements (Unaudited)\t5\n\tCondensed Consolidated Statements of Operations\t5\n\tCondensed Consolidated Statements of Comprehensive Income (Loss)\t6\n\tCondensed Consolidated Balance Sheets\t7\n\tCondensed Consolidated Statements of Cash Flows\t8\n\tCondensed Consolidated Statements of Stockholders' Equity and Noncontrolling Interests\t9\n\tNotes to Unaudited Condensed Consolidated Financial Statements\t12\n\tNote 1 \"Basis of Presentation and Summary of Significant Accounting Policies\"\t12\n\tNote 2 \"New Accounting Pronouncements\"\t14\n\tNote 3 \"Segment Reporting\"\t14\n\tNote 4 \"Investments\"\t16\n\tNote 5 \"Special Items\"\t17\n\tNote 6 \"Income Tax\"\t19\n\tNote 7 \"Goodwill and Intangible Assets\"\t19\n\tNote 8 \"Debt\"\t23\n\tNote 9 \"Inventories\"\t25\n\tNote 10 \"Accumulated Other Comprehensive Income (Loss)\"\t25\n\tNote 11 \"Derivative Instruments and Hedging Activities\"\t25\n\tNote 12 \"Commitments and Contingencies\"\t31\n\tNote 13 \"Leases\"\t34\n\tNote 14 \"Supplemental Guarantor Information\"\t34\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t44\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t63\nItem 4.\tControls and Procedures\t64\nPART II. OTHER INFORMATION\t\t\nItem 1.\tLegal Proceedings\t64\nItem 1A.\tRisk Factors\t65\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t66\nItem 3.\tDefaults Upon Senior Securities\t66\nItem 4.\tMine Safety Disclosures\t66\nItem 5.\tOther Information\t66\nItem 6.\tExhibits\t67\nSignature\t\t68\n", "q10k_tbl_1": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nSales\t3378.4\t3498.0\t8946.0\t9918.1\nExcise taxes\t(624.9)\t(656.4)\t(1586.3)\t(1824.9)\nNet sales\t2753.5\t2841.6\t7359.7\t8093.2\nCost of goods sold\t(1551.0)\t(1685.4)\t(4486.6)\t(4858.2)\nGross profit\t1202.5\t1156.2\t2873.1\t3235.0\nMarketing general and administrative expenses\t(634.5)\t(690.2)\t(1788.7)\t(2115.1)\nSpecial items net\t(59.7)\t(703.3)\t(210.6)\t(666.4)\nOperating income (loss)\t508.3\t(237.3)\t873.8\t453.5\nInterest income (expense) net\t(67.9)\t(65.6)\t(206.5)\t(204.5)\nOther pension and postretirement benefits (costs) net\t7.6\t8.0\t22.7\t25.0\nOther income (expense) net\t2.4\t(13.7)\t3.4\t(0.7)\nIncome (loss) before income taxes\t450.4\t(308.6)\t693.4\t273.3\nIncome tax benefit (expense)\t(104.0)\t(90.7)\t(265.2)\t(193.3)\nNet income (loss)\t346.4\t(399.3)\t428.2\t80.0\nNet (income) loss attributable to noncontrolling interests\t(3.6)\t(3.5)\t(7.4)\t(2.0)\nNet income (loss) attributable to Molson Coors Beverage Company\t342.8\t(402.8)\t420.8\t78.0\nNet income (loss) attributable to Molson Coors Beverage Company per share:\t\t\t\t\nBasic\t1.58\t(1.86)\t1.94\t0.36\nDiluted\t1.58\t(1.86)\t1.94\t0.36\nWeighted-average shares outstanding:\t\t\t\t\nBasic\t216.9\t216.6\t216.8\t216.6\nDilutive effect of share-based awards\t0.1\t0\t0.2\t0.3\nDiluted\t217.0\t216.6\t217.0\t216.9\nAnti-dilutive securities excluded from the computation of diluted EPS\t2.3\t1.6\t2.3\t1.3\n", "q10k_tbl_2": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nNet income (loss) including noncontrolling interests\t346.4\t(399.3)\t428.2\t80.0\nOther comprehensive income (loss) net of tax:\t\t\t\t\nForeign currency translation adjustments\t149.8\t(144.8)\t(104.0)\t(31.2)\nUnrealized gain (loss) on derivative instruments\t14.5\t(55.8)\t(114.1)\t(123.8)\nReclassification of derivative (gain) loss to income\t0.2\t0.2\t(0.9)\t0\nAmortization of net prior service (benefit) cost and net actuarial (gain) loss to income\t(1.5)\t(0.8)\t(4.7)\t(1.9)\nOwnership share of unconsolidated subsidiaries' other comprehensive income (loss)\t0.7\t0.5\t2.2\t2.3\nTotal other comprehensive income (loss) net of tax\t163.7\t(200.7)\t(221.5)\t(154.6)\nComprehensive income (loss)\t510.1\t(600.0)\t206.7\t(74.6)\nComprehensive (income) loss attributable to noncontrolling interests\t(5.1)\t(2.5)\t(7.1)\t(0.9)\nComprehensive income (loss) attributable to Molson Coors Beverage Company\t505.0\t(602.5)\t199.6\t(75.5)\n", "q10k_tbl_3": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t731.3\t523.4\nAccounts receivable net\t694.2\t714.8\nOther receivables net\t123.1\t105.5\nInventories net\t657.7\t615.9\nOther current assets net\t434.2\t224.8\nTotal current assets\t2640.5\t2184.4\nProperties net\t4180.1\t4546.5\nGoodwill\t7624.1\t7631.4\nOther intangibles net\t13410.4\t13656.0\nOther assets\t820.2\t841.5\nTotal assets\t28675.3\t28859.8\nLiabilities and equity\t\t\nCurrent liabilities:\t\t\nAccounts payable and other current liabilities\t3068.4\t2767.3\nCurrent portion of long-term debt and short-term borrowings\t1242.1\t928.2\nTotal current liabilities\t4310.5\t3695.5\nLong-term debt\t7129.5\t8109.5\nPension and postretirement benefits\t691.5\t716.6\nDeferred tax liabilities\t2276.0\t2258.6\nOther liabilities\t492.2\t406.5\nTotal liabilities\t14899.7\t15186.7\nCommitments and contingencies (Note 12)\t\t\nMolson Coors Beverage Company stockholders' equity\t\t\nCapital stock:\t\t\nPreferred stock $0.01 par value (authorized: 25.0 shares; none issued)\t0\t0\nClass A common stock $0.01 par value per share (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares respectively)\t0\t0\nClass B common stock $0.01 par value per share (authorized: 500.0 shares; issued: 209.8 shares and 205.7 shares respectively)\t2.1\t2.1\nClass A exchangeable shares no par value (issued and outstanding: 2.7 shares and 2.7 shares respectively)\t102.3\t102.5\nClass B exchangeable shares no par value (issued and outstanding: 11.1 shares and 14.8 shares respectively)\t417.8\t557.8\nPaid-in capital\t6931.3\t6773.6\nRetained earnings\t7914.0\t7617.0\nAccumulated other comprehensive income (loss)\t(1383.4)\t(1162.2)\nClass B common stock held in treasury at cost (9.5 shares and 9.5 shares respectively)\t(471.4)\t(471.4)\nTotal Molson Coors Beverage Company stockholders' equity\t13512.7\t13419.4\nNoncontrolling interests\t262.9\t253.7\nTotal equity\t13775.6\t13673.1\nTotal liabilities and equity\t28675.3\t28859.8\n", "q10k_tbl_4": "\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\nCash flows from operating activities:\t\t\nNet income (loss) including noncontrolling interests\t428.2\t80.0\nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:\t\t\nDepreciation and amortization\t714.9\t641.4\nAmortization of debt issuance costs and discounts\t6.3\t11.2\nShare-based compensation\t18.0\t7.5\n(Gain) loss on sale or impairment of properties and other assets net\t39.8\t630.6\nUnrealized (gain) loss on foreign currency fluctuations and derivative instruments net\t(25.9)\t16.2\nIncome tax (benefit) expense\t265.2\t193.3\nIncome tax (paid) received\t(75.7)\t(50.3)\nInterest expense excluding interest amortization\t202.5\t207.0\nInterest paid\t(236.1)\t(249.5)\nChange in current assets and liabilities and other\t156.0\t(199.2)\nNet cash provided by (used in) operating activities\t1493.2\t1288.2\nCash flows from investing activities:\t\t\nAdditions to properties\t(456.4)\t(457.3)\nProceeds from sales of properties and other assets\t4.6\t101.0\nOther\t0.5\t37.3\nNet cash provided by (used in) investing activities\t(451.3)\t(319.0)\nCash flows from financing activities:\t\t\nExercise of stock options under equity compensation plans\t4.0\t1.5\nDividends paid\t(125.3)\t(300.9)\nPayments on debt and borrowings\t(913.5)\t(1575.9)\nProceeds on debt and borrowings\t1.5\t0\nNet proceeds from (payments on) revolving credit facilities and commercial paper\t224.6\t262.9\nChange in overdraft balances and other\t(32.6)\t(1.2)\nNet cash provided by (used in) financing activities\t(841.3)\t(1613.6)\nCash and cash equivalents:\t\t\nNet increase (decrease) in cash and cash equivalents\t200.6\t(644.4)\nEffect of foreign exchange rate changes on cash and cash equivalents\t7.3\t(3.3)\nBalance at beginning of year\t523.4\t1057.9\nBalance at end of period\t731.3\t410.2\n", "q10k_tbl_5": "\t\tMolson Coors Beverage Company Stockholders' Equity\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\tAccumulated\tCommon stock\t\n\t\tCommon stock\t\tExchangeable\t\t\t\tother\theld in\tNon\n\t\tissued\t\tshares issued\t\tPaid-in-\tRetained\tcomprehensive\ttreasury\tcontrolling\n\tTotal\tClass A\tClass B\tClass A\tClass B\tcapital\tearnings\tincome (loss)\tClass B\tinterests\nAs of June 30 2019\t14145.0\t0\t2.1\t103.0\t557.9\t6783.3\t8103.1\t(1178.6)\t(471.4)\t245.6\nExchange of shares\t0\t0\t0\t(0.5)\t(0.1)\t0.6\t0\t0\t0\t0\nAmortization of share-based compensation\t(11.0)\t0\t0\t0\t0\t(11.0)\t0\t0\t0\t0\nPurchase of noncontrolling interest\t(0.1)\t0\t0\t0\t0\t0\t0\t0\t0\t(0.1)\nDeconsolidation of VIE\t(1.5)\t0\t0\t0\t0\t0\t0\t0\t0\t(1.5)\nNet income (loss) including noncontrolling interests\t(399.3)\t0\t0\t0\t0\t0\t(402.8)\t0\t0\t3.5\nOther comprehensive income (loss) net of tax\t(200.7)\t0\t0\t0\t0\t0\t0\t(199.7)\t0\t(1.0)\nContributions from noncontrolling interests\t3.9\t0\t0\t0\t0\t0\t0\t0\t0\t3.9\nDistributions and dividends to noncontrolling interests\t(6.3)\t0\t0\t0\t0\t0\t0\t0\t0\t(6.3)\nDividends declared and paid - $0.57 per share\t(123.5)\t0\t0\t0\t0\t0\t(123.5)\t0\t0\t0\nAs of September 30 2019\t13406.5\t0\t2.1\t102.5\t557.8\t6772.9\t7576.8\t(1378.3)\t(471.4)\t244.1\n", "q10k_tbl_6": "\t\tMolson Coors Beverage Company Stockholders' Equity\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\tAccumulated\tCommon stock\t\n\t\tCommon stock\t\tExchangeable\t\t\t\tother\theld in\tNon\n\t\tissued\t\tshares issued\t\tPaid-in-\tRetained\tcomprehensive\ttreasury\tcontrolling\n\tTotal\tClass A\tClass B\tClass A\tClass B\tcapital\tearnings\tincome (loss)\tClass B\tinterests\nAs of June 30 2020\t13268.0\t0\t2.1\t102.5\t557.8\t6786.3\t7571.2\t(1545.6)\t(471.4)\t265.1\nExchange of shares\t0\t0\t0\t(0.2)\t(140.0)\t140.2\t0\t0\t0\t0\nShares issued under equity compensation plan\t(1.4)\t0\t0\t0\t0\t(1.4)\t0\t0\t0\t0\nAmortization of share-based compensation\t6.2\t0\t0\t0\t0\t6.2\t0\t0\t0\t0\nNet income (loss) including noncontrolling interests\t346.4\t0\t0\t0\t0\t0\t342.8\t0\t0\t3.6\nOther comprehensive income (loss) net of tax\t163.7\t0\t0\t0\t0\t0\t0\t162.2\t0\t1.5\nDistributions and dividends to noncontrolling interests\t(7.3)\t0\t0\t0\t0\t0\t0\t0\t0\t(7.3)\nAs of September 30 2020\t13775.6\t0\t2.1\t102.3\t417.8\t6931.3\t7914.0\t(1383.4)\t(471.4)\t262.9\n", "q10k_tbl_7": "\t\tMolson Coors Beverage Company Stockholders' Equity\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\tAccumulated\tCommon stock\t\n\t\tCommon stock\t\tExchangeable\t\t\t\tother\theld in\tNon\n\t\tissued\t\tshares issued\t\tPaid-in-\tRetained\tcomprehensive\ttreasury\tcontrolling\n\tTotal\tClass A\tClass B\tClass A\tClass B\tcapital\tearnings\tincome (loss)\tClass B\tinterests\nAs of December 31 2018\t13735.8\t0\t2.0\t103.2\t557.6\t6773.1\t7692.9\t(1150.0)\t(471.4)\t228.4\nExchange of shares\t0\t0\t0\t(0.7)\t0.2\t0.5\t0\t0\t0\t0\nShares issued under equity compensation plan\t(7.9)\t0\t0.1\t0\t0\t(8.0)\t0\t0\t0\t0\nAmortization of share-based compensation\t7.3\t0\t0\t0\t0\t7.3\t0\t0\t0\t0\nAcquisition of business and purchase of noncontrolling interest\t0.6\t0\t0\t0\t0\t0\t0\t0\t0\t0.6\nDeconsolidation of VIE\t(1.5)\t0\t0\t0\t0\t0\t0\t0\t0\t(1.5)\nNet income (loss) including noncontrolling interests\t80.0\t0\t0\t0\t0\t0\t78.0\t0\t0\t2.0\nOther comprehensive income (loss) net of tax\t(154.6)\t0\t0\t0\t0\t0\t0\t(153.5)\t0\t(1.1)\nAdoption of lease accounting standard\t32.0\t0\t0\t0\t0\t0\t32.0\t0\t0\t0\nReclassification of stranded tax effects\t0\t0\t0\t0\t0\t0\t74.8\t(74.8)\t0\t0\nContributions from noncontrolling interests\t25.4\t0\t0\t0\t0\t0\t0\t0\t0\t25.4\nDistributions and dividends to noncontrolling interests\t(9.7)\t0\t0\t0\t0\t0\t0\t0\t0\t(9.7)\nDividends declared and paid - $1.39 per share\t(300.9)\t0\t0\t0\t0\t0\t(300.9)\t0\t0\t0\nAs of September 30 2019\t13406.5\t0\t2.1\t102.5\t557.8\t6772.9\t7576.8\t(1378.3)\t(471.4)\t244.1\n", "q10k_tbl_8": "\t\tMolson Coors Beverage Company Stockholders' Equity\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\tAccumulated\tCommon stock\t\n\t\tCommon stock\t\tExchangeable\t\t\t\tother\theld in\tNon\n\t\tissued\t\tshares issued\t\tPaid-in-\tRetained\tcomprehensive\ttreasury\tcontrolling\n\tTotal\tClass A\tClass B\tClass A\tClass B\tcapital\tearnings\tincome (loss)\tClass B\tinterests\nAs of December 31 2019\t13673.1\t0\t2.1\t102.5\t557.8\t6773.6\t7617.0\t(1162.2)\t(471.4)\t253.7\nExchange of shares\t0\t0\t0\t(0.2)\t(140.0)\t140.2\t0\t0\t0\t0\nShares issued under equity compensation plan\t(0.5)\t0\t0\t0\t0\t(0.5)\t0\t0\t0\t0\nAmortization of share-based compensation\t18.0\t0\t0\t0\t0\t18.0\t0\t0\t0\t0\nPurchase of noncontrolling interest\t(0.1)\t0\t0\t0\t0\t0\t0\t0\t0\t(0.1)\nNet income (loss) including noncontrolling interests\t428.2\t0\t0\t0\t0\t0\t420.8\t0\t0\t7.4\nOther comprehensive income (loss) net of tax\t(221.5)\t0\t0\t0\t0\t0\t0\t(221.2)\t0\t(0.3)\nContributions from noncontrolling interests\t14.0\t0\t0\t0\t0\t0\t0\t0\t0\t14.0\nDistributions and dividends to noncontrolling interests\t(11.8)\t0\t0\t0\t0\t0\t0\t0\t0\t(11.8)\nDividends declared - $0.57 per share\t(123.8)\t0\t0\t0\t0\t0\t(123.8)\t0\t0\t0\nAs of September 30 2020\t13775.6\t0\t2.1\t102.3\t417.8\t6931.3\t7914.0\t(1383.4)\t(471.4)\t262.9\n", "q10k_tbl_9": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions)\t\t\t\nNorth America\t2252.3\t2274.3\t6242.2\t6607.5\nEurope\t504.1\t574.0\t1128.8\t1503.8\nInter-segment net sales eliminations\t(2.9)\t(6.7)\t(11.3)\t(18.1)\nConsolidated net sales\t2753.5\t2841.6\t7359.7\t8093.2\n", "q10k_tbl_10": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions)\t\t\t\nNorth America(1)\t400.8\t(287.4)\t888.5\t407.0\nEurope(2)\t40.9\t52.9\t(46.9)\t57.9\nUnallocated(3)\t8.7\t(74.1)\t(148.2)\t(191.6)\nConsolidated income (loss) before income taxes\t450.4\t(308.6)\t693.4\t273.3\n", "q10k_tbl_11": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nNorth America\t23118.6\t23360.2\nEurope\t5556.7\t5499.6\nConsolidated total assets\t28675.3\t28859.8\n", "q10k_tbl_12": "\tAs of\t\t\t\n\tSeptember 30 2020\t\tDecember 31 2019\t\n\tTotal Assets\tTotal Liabilities\tTotal Assets\tTotal Liabilities\n\t(In millions)\t\t\t\nRMMC/RMBC\t220.6\t17.5\t207.4\t17.9\nOther\t86.2\t16.0\t65.3\t20.8\n", "q10k_tbl_13": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions)\t\t\t\nEmployee-related charges\t\t\t\t\nRestructuring\t8.9\t4.4\t61.8\t10.7\nImpairments or asset abandonment charges\t\t\t\t\nNorth America - Asset abandonment(1)\t20.6\t3.8\t110.5\t20.7\nNorth America - Impairment losses(2)\t0\t669.6\t7.6\t669.6\nEurope - Asset abandonment\t0.1\t0.3\t0.6\t0.9\nEurope - Impairment losses(3)\t30.0\t12.2\t30.0\t12.2\nTermination fees and other (gains) losses\t\t\t\t\nNorth America(4)\t0.1\t0\t0.1\t(60.8)\nEurope(5)\t0\t13.0\t0\t13.1\nTotal Special items net\t59.7\t703.3\t210.6\t666.4\n", "q10k_tbl_14": "\tNorth America\tEurope\tTotal\n\t(In millions)\t\t\nAs of December 31 2019\t42.6\t4.5\t47.1\nCharges incurred\t58.3\t8.3\t66.6\nPayments made\t(60.6)\t(10.2)\t(70.8)\nChanges in estimates\t(4.0)\t(0.8)\t(4.8)\nForeign currency and other adjustments\t(0.3)\t0\t(0.3)\nAs of September 30 2020\t36.0\t1.8\t37.8\n", "q10k_tbl_15": "\tNorth America\tEurope\tTotal\n\t(In millions)\t\t\nAs of December 31 2018\t24.5\t1.1\t25.6\nCharges incurred and changes in estimates\t5.8\t4.9\t10.7\nPayments made\t(22.9)\t(3.4)\t(26.3)\nForeign currency and other adjustments\t0.1\t(0.1)\t0\nAs of September 30 2019\t7.5\t2.5\t10.0\n", "q10k_tbl_16": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nEffective tax rate\t23%\t(29)%\t38%\t71%\n", "q10k_tbl_17": "\tNorth America\tEurope\tConsolidated\nChanges in Goodwill:\t(In millions)\t\t\nBalance as of December 31 2019\t6146.6\t1484.8\t7631.4\nForeign currency translation\t(5.4)\t(1.9)\t(7.3)\nBalance as of September 30 2020\t6141.2\t1482.9\t7624.1\n", "q10k_tbl_18": "\tUseful life\tGross\tAccumulated amortization\tNet\n\t(Years)\t(In millions)\t\t\nIntangible assets subject to amortization:\t\t\t\t\nBrands\t10 - 50\t5011.2\t(1009.3)\t4001.9\nLicense agreements and distribution rights\t15 - 20\t201.8\t(94.1)\t107.7\nOther\t3 - 40\t124.4\t(49.6)\t74.8\nIntangible assets not subject to amortization:\t\t\t\t\nBrands\tIndefinite\t8158.9\t0\t8158.9\nDistribution networks\tIndefinite\t759.5\t0\t759.5\nOther\tIndefinite\t307.6\t0\t307.6\nTotal\t\t14563.4\t(1153.0)\t13410.4\n", "q10k_tbl_19": "\tUseful life\tGross\tAccumulated amortization\tNet\n\t(Years)\t(In millions)\t\t\nIntangible assets subject to amortization:\t\t\t\t\nBrands\t10 - 50\t5036.3\t(865.1)\t4171.2\nLicense agreements and distribution rights\t15 - 20\t202.0\t(90.6)\t111.4\nOther\t3 - 40\t124.0\t(39.4)\t84.6\nIntangible assets not subject to amortization:\t\t\t\t\nBrands\tIndefinite\t8172.4\t0\t8172.4\nDistribution networks\tIndefinite\t778.8\t0\t778.8\nOther\tIndefinite\t337.6\t0\t337.6\nTotal\t\t14651.1\t(995.1)\t13656.0\n", "q10k_tbl_20": "Fiscal year\tAmount\n\t(In millions)\n2020 - remaining\t54.0\n2021\t215.3\n2022\t209.9\n2023\t208.8\n2024\t208.8\n", "q10k_tbl_21": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nLong-term debt:\t\t\nCAD 500 million 2.75% notes due September 2020(1)\t0\t384.9\nCAD 500 million 2.84% notes due July 2023\t375.4\t384.9\nCAD 500 million 3.44% notes due July 2026\t375.4\t384.9\n500 million 2.25% notes due March 2020(2)(3)\t0\t499.8\n1.0 billion 2.1% notes due July 2021(3)\t1000.0\t1000.0\n500 million 3.5% notes due May 2022(2)\t504.4\t506.5\n2.0 billion 3.0% notes due July 2026\t2000.0\t2000.0\n1.1 billion 5.0% notes due May 2042\t1100.0\t1100.0\n1.8 billion 4.2% notes due July 2046\t1800.0\t1800.0\nEUR 800 million 1.25% notes due July 2024\t937.7\t897.0\nFinance leases and other\t97.6\t129.5\nLess: unamortized debt discounts and debt issuance costs\t(51.6)\t(56.7)\nTotal long-term debt (including current portion)\t8138.9\t9030.8\nLess: current portion of long-term debt\t(1009.4)\t(921.3)\nTotal long-term debt\t7129.5\t8109.5\nShort-term borrowings:\t\t\nCommercial paper programs(4)(5)\t224.9\t0\nOther short-term borrowings(6)\t7.8\t6.9\nCurrent portion of long-term debt\t1009.4\t921.3\nCurrent portion of long-term debt and short-term borrowings\t1242.1\t928.2\n", "q10k_tbl_22": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nFinished goods\t267.0\t236.7\nWork in process\t72.2\t84.0\nRaw materials\t238.0\t227.1\nPackaging materials\t80.5\t68.1\nInventories net\t657.7\t615.9\n", "q10k_tbl_23": "\tMCBC stockholders' equity\t\t\t\t\n\tForeign currency translation adjustments\tGain (loss) on derivative instruments\tPension and postretirement benefit adjustments\tEquity method investments\tAccumulated other comprehensive income (loss)\n\t(In millions)\t\t\t\t\nAs of December 31 2019\t(652.5)\t(87.8)\t(351.0)\t(70.9)\t(1162.2)\nForeign currency translation adjustments\t(56.6)\t0\t0\t0\t(56.6)\nGain (loss) on net investment hedges\t(54.5)\t0\t0\t0\t(54.5)\nUnrealized gain (loss) on derivative instruments\t0\t(151.5)\t0\t0\t(151.5)\nReclassification of derivative (gain) loss to income\t0\t(1.2)\t0\t0\t(1.2)\nAmortization of net prior service (benefit) cost and net actuarial (gain) loss to income\t0\t0\t(6.2)\t0\t(6.2)\nOwnership share of unconsolidated subsidiaries' other comprehensive income (loss)\t0\t0\t0\t3.0\t3.0\nTax benefit (expense)\t7.4\t37.7\t1.5\t(0.8)\t45.8\nAs of September 30 2020\t(756.2)\t(202.8)\t(355.7)\t(68.7)\t(1383.4)\n", "q10k_tbl_24": "\t\tFair value measurements as of September 30 2020\t\t\n\tAs of September 30 2020\tQuoted prices in active markets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\n\t(In millions)\t\t\t\nCross currency swaps\t(7.0)\t0\t(7.0)\t0\nInterest rate swaps\t(267.4)\t0\t(267.4)\t0\nForeign currency forwards\t3.0\t0\t3.0\t0\nCommodity swaps\t(17.6)\t0\t(17.6)\t0\nWarrants\t0.5\t0\t0.5\t0\nTotal\t(288.5)\t0\t(288.5)\t0\n", "q10k_tbl_25": "\t\tFair value measurements as of December 31 2019\t\t\n\tAs of December 31 2019\tQuoted prices in active markets (Level 1)\tSignificant other observable inputs (Level 2)\tSignificant unobservable inputs (Level 3)\n\t(In millions)\t\t\t\nCross currency swaps\t10.0\t0\t10.0\t0\nInterest rate swaps\t(111.5)\t0\t(111.5)\t0\nForeign currency forwards\t2.1\t0\t2.1\t0\nCommodity swaps and options\t(41.2)\t0\t(41.2)\t0\nWarrants\t2.7\t0\t2.7\t0\nTotal\t(137.9)\t0\t(137.9)\t0\n", "q10k_tbl_26": "\tAs of September 30 2020\t\t\t\t\n\t\tDerivative Assets\t\tDerivative Liabilities\t\n\tNotional amount\tBalance sheet location\tFair value\tBalance sheet location\tFair value\nDerivatives designated as hedging instruments:\t\t\t\t\t\nCross currency swaps\t400.0\tOther current assets\t0\tAccounts payable and other current liabilities\t(7.0)\n\t\tOther non-current assets\t0\tOther liabilities\t0\nInterest rate swaps\t1500.0\tOther current assets\t0\tAccounts payable and other current liabilities\t(53.1)\n\t\tOther non-current assets\t0\tOther liabilities\t(214.3)\nForeign currency forwards\t169.5\tOther current assets\t3.1\tAccounts payable and other current liabilities\t(0.5)\n\t\tOther non-current assets\t0.9\tOther liabilities\t(0.5)\nTotal derivatives designated as hedging instruments\t\t\t4.0\t\t(275.4)\nDerivatives not designated as hedging instruments:\t\t\t\t\t\nCommodity swaps(1)\t938.3\tOther current assets\t16.1\tAccounts payable and other current liabilities\t(47.2)\n\t\tOther non-current assets\t25.1\tOther liabilities\t(11.6)\nWarrants\t51.8\tOther non-current assets\t0.5\tOther liabilities\t0\nTotal derivatives not designated as hedging instruments\t\t\t41.7\t\t(58.8)\n", "q10k_tbl_27": "\tAs of December 31 2019\t\t\t\t\n\t\tDerivative Assets\t\tDerivative Liabilities\t\n\tNotional amount\tBalance sheet location\tFair value\tBalance sheet location\tFair value\nDerivatives designated as hedging instruments:\t\t\t\t\t\nCross currency swaps\t900.0\tOther current assets\t1.8\tAccounts payable and other current liabilities\t0\n\t\tOther non-current assets\t8.2\tOther liabilities\t0\nInterest rate swaps\t1500.0\tOther non-current assets\t0\tOther liabilities\t(111.5)\nForeign currency forwards\t237.9\tOther current assets\t1.9\tAccounts payable and other current liabilities\t(0.8)\n\t\tOther non-current assets\t1.4\tOther liabilities\t(0.4)\nTotal derivatives designated as hedging instruments\t\t\t13.3\t\t(112.7)\nDerivatives not designated as hedging instruments:\t\t\t\t\t\nCommodity swaps(1)\t598.4\tOther current assets\t5.7\tAccounts payable and other current liabilities\t(36.4)\n\t\tOther non-current assets\t1.0\tOther liabilities\t(11.5)\nCommodity options(1)\t18.4\tOther current assets\t0\tAccounts payable and other current liabilities\t0\nWarrants\t53.1\tOther non-current assets\t2.7\tOther liabilities\t0\nTotal derivatives not designated as hedging instruments\t\t\t9.4\t\t(47.9)\n", "q10k_tbl_28": "Line item in the balance sheet in which the hedged item is included\t\tCarrying amount of the hedged assets/liabilities\t\t\t\tCumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)\t\t\n\tAs of September 30 2020\t\tAs of December 31 2019\t\tAs of September 30 2020\t\tAs of December 31 2019\n\t\t(In millions)\t\t\t\t\t\t\nCurrent portion of long-term debt and short-term borrowings\t\t0\t\t0\t\t0\t\t(0.2)\nLong-term debt\t\t0\t\t0\t\t4.4\t\t6.5\n", "q10k_tbl_29": "Three Months Ended September 30 2020\t\t\t\nDerivatives in cash flow hedge relationships\tAmount of gain (loss) recognized in OCI on derivative\tLocation of gain (loss) reclassified from AOCI into income\tAmount of gain (loss) recognized from AOCI on derivative\nForward starting interest rate swaps\t23.9\tInterest income (expense) net\t(0.8)\nForeign currency forwards\t(4.4)\tCost of goods sold\t0.9\n\t\tOther income (expense) net\t(0.3)\nTotal\t19.5\t\t(0.2)\n", "q10k_tbl_30": "Three Months Ended September 30 2019\t\t\t\nDerivatives in cash flow hedge relationships\tAmount of gain (loss) recognized in OCI on derivative\tLocation of gain (loss) reclassified from AOCI into income\tAmount of gain (loss) recognized from AOCI on derivative\nForward starting interest rate swaps\t(77.8)\tInterest income (expense) net\t(0.7)\nForeign currency forwards\t3.6\tCost of goods sold\t0.5\n\t\tOther income (expense) net\t(0.1)\nTotal\t(74.2)\t\t(0.3)\n", "q10k_tbl_31": "Nine Months Ended September 30 2020\t\t\t\nDerivatives in cash flow hedge relationships\tAmount of gain (loss) recognized in OCI on derivative\tLocation of gain (loss) reclassified from AOCI into income\tAmount of gain (loss) recognized from AOCI on derivative\nForward starting interest rate swaps\t(155.9)\tInterest income (expense) net\t(2.2)\nForeign currency forwards\t4.4\tCost of goods sold\t4.5\n\t\tOther income (expense) net\t(1.1)\nTotal\t(151.5)\t\t1.2\n", "q10k_tbl_32": "Nine Months Ended September 30 2019\t\t\t\nDerivatives in cash flow hedge relationships\tAmount of gain (loss) recognized in OCI on derivative\tLocation of gain (loss) reclassified from AOCI into income\tAmount of gain (loss) recognized from AOCI on derivative\nForward starting interest rate swaps\t(156.5)\tInterest income (expense) net\t(2.2)\nForeign currency forwards\t(7.9)\tCost of goods sold\t2.8\n\t\tOther income (expense) net\t(0.6)\nTotal\t(164.4)\t\t0\n", "q10k_tbl_33": "Nine Months Ended September 30 2019\t\t\t\t\t\nNon-derivative financial instruments in net investment hedge relationships\tAmount of gain (loss) recognized in OCI on derivative\tLocation of gain (loss) reclassified from AOCI into income\tAmount of gain (loss) recognized from AOCI on derivative\tLocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)\tAmount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)\nEUR 800 million notes due 2024\t45.5\tOther income (expense) net\t0\tOther income (expense) net\t0\nEUR 500 million notes due 2019\t10.1\tOther income (expense) net\t0\tOther income (expense) net\t0\nTotal\t55.6\t\t0\t\t0\n", "q10k_tbl_34": "Three Months Ended September 30 2020\t\t\t\n\tLocation and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)\t\t\n\tCost of goods sold\tOther income (expense) net\tInterest income (expense) net\nTotal amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded\t(1551.0)\t2.4\t(67.9)\nGain (loss) on cash flow hedging relationships:\t\t\t\nForward starting interest rate swaps\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0\t0\t(0.8)\nForeign currency forwards\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0.9\t(0.3)\t0\n", "q10k_tbl_35": "Three Months Ended September 30 2019\t\t\t\n\tLocation and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)\t\t\n\tCost of goods sold\tOther income (expense) net\tInterest income (expense) net\nTotal amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded\t(1685.4)\t(13.7)\t(65.6)\nGain (loss) on cash flow hedging relationships:\t\t\t\nForward starting interest rate swaps\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0\t0\t(0.7)\nForeign currency forwards\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0.5\t(0.1)\t0\n", "q10k_tbl_36": "Nine Months Ended September 30 2020\t\t\t\n\tLocation and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)\t\t\n\tCost of goods sold\tOther income (expense) net\tInterest income (expense) net\nTotal amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded\t(4486.6)\t3.4\t(206.5)\nGain (loss) on cash flow hedging relationships:\t\t\t\nForward starting interest rate swaps\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0\t0\t(2.2)\nForeign currency forwards\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t4.5\t(1.1)\t0\n", "q10k_tbl_37": "Nine Months Ended September 30 2019\t\t\t\n\tLocation and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)\t\t\n\tCost of goods sold\tOther income (expense) net\tInterest income (expense) net\nTotal amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded\t(4858.2)\t(0.7)\t(204.5)\nGain (loss) on cash flow hedging relationships:\t\t\t\nForward starting interest rate swaps\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t0\t0\t(2.2)\nForeign currency forwards\t\t\t\nAmount of gain (loss) reclassified from AOCI into income\t2.8\t(0.6)\t0\n", "q10k_tbl_38": "\t\tAs of\t\n\t\tSeptember 30 2020\tDecember 31 2019\n\tBalance Sheet Classification\t(In millions)\t\nOperating Leases\t\t\t\nOperating lease right-of-use assets\tOther assets\t137.6\t154.5\nCurrent operating lease liabilities\tAccounts payable and other current liabilities\t47.1\t46.6\nNon-current operating lease liabilities\tOther liabilities\t104.7\t119.5\nTotal operating lease liabilities\t\t151.8\t166.1\nFinance Leases\t\t\t\nFinance lease right-of-use assets\tProperties net\t62.1\t73.0\nCurrent finance lease liabilities\tCurrent portion of long-term debt and short-term borrowings\t7.7\t34.5\nNon-current finance lease liabilities\tLong-term debt\t57.1\t60.0\nTotal finance lease liabilities\t\t64.8\t94.5\n", "q10k_tbl_39": "\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions)\t\nCash paid for amounts included in the measurements of lease liabilities:\t\t\nOperating cash flows from operating leases\t39.5\t39.6\nOperating cash flows from finance leases\t6.7\t2.7\nFinancing cash flows from finance leases\t29.4\t1.8\nSupplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:\t\t\nOperating leases\t18.2\t36.4\nFinance leases\t4.0\t2.1\n", "q10k_tbl_40": "\tThree Months Ended\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nSales\t4.4\t2588.2\t929.3\t(143.5)\t3378.4\nExcise taxes\t0\t(354.1)\t(270.8)\t0\t(624.9)\nNet sales\t4.4\t2234.1\t658.5\t(143.5)\t2753.5\nCost of goods sold\t(0.5)\t(1241.4)\t(446.1)\t137.0\t(1551.0)\nGross profit\t3.9\t992.7\t212.4\t(6.5)\t1202.5\nMarketing general and administrative expenses\t(22.2)\t(479.2)\t(139.6)\t6.5\t(634.5)\nSpecial items net\t(1.4)\t(27.8)\t(30.5)\t0\t(59.7)\nEquity income (loss) in subsidiaries\t400.2\t(6.7)\t52.3\t(445.8)\t0\nOperating income (loss)\t380.5\t479.0\t94.6\t(445.8)\t508.3\nInterest income (expense) net\t(59.3)\t23.2\t(31.8)\t0\t(67.9)\nOther pension and postretirement benefits (costs) net\t(0.1)\t5.1\t2.6\t0\t7.6\nOther income (expense) net\t0.6\t1.9\t(0.1)\t0\t2.4\nIncome (loss) before income taxes\t321.7\t509.2\t65.3\t(445.8)\t450.4\nIncome tax benefit (expense)\t21.1\t(109.1)\t(16.0)\t0\t(104.0)\nNet income (loss)\t342.8\t400.1\t49.3\t(445.8)\t346.4\nNet (income) loss attributable to noncontrolling interests\t0\t0\t(3.6)\t0\t(3.6)\nNet income (loss) attributable to MCBC\t342.8\t400.1\t45.7\t(445.8)\t342.8\nComprehensive income (loss) attributable to MCBC\t505.0\t581.2\t252.9\t(834.1)\t505.0\n", "q10k_tbl_41": "\tThree Months Ended\t\t\t\t\n\tSeptember 30 2019\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nSales\t31.5\t2631.6\t1004.3\t(169.4)\t3498.0\nExcise taxes\t0\t(367.6)\t(288.8)\t0\t(656.4)\nNet sales\t31.5\t2264.0\t715.5\t(169.4)\t2841.6\nCost of goods sold\t(2.0)\t(1330.5)\t(477.5)\t124.6\t(1685.4)\nGross profit\t29.5\t933.5\t238.0\t(44.8)\t1156.2\nMarketing general and administrative expenses\t(45.0)\t(528.6)\t(161.4)\t44.8\t(690.2)\nSpecial items net\t0\t(324.9)\t(378.4)\t0\t(703.3)\nEquity income (loss) in subsidiaries\t(398.3)\t(320.3)\t(265.3)\t983.9\t0\nOperating income (loss)\t(413.8)\t(240.3)\t(567.1)\t983.9\t(237.3)\nInterest income (expense) net\t(74.7)\t87.2\t(78.1)\t0\t(65.6)\nOther pension and postretirement benefits (costs) net\t0\t1.2\t6.8\t0\t8.0\nOther income (expense) net\t(0.4)\t(59.7)\t46.4\t0\t(13.7)\nIncome (loss) before income taxes\t(488.9)\t(211.6)\t(592.0)\t983.9\t(308.6)\nIncome tax benefit (expense)\t86.1\t(185.4)\t8.6\t0\t(90.7)\nNet income (loss)\t(402.8)\t(397.0)\t(583.4)\t983.9\t(399.3)\nNet (income) loss attributable to noncontrolling interests\t0\t0\t(3.5)\t0\t(3.5)\nNet income (loss) attributable to MCBC\t(402.8)\t(397.0)\t(586.9)\t983.9\t(402.8)\nComprehensive income (loss) attributable to MCBC\t(602.5)\t(592.5)\t(696.9)\t1289.4\t(602.5)\n", "q10k_tbl_42": "\tNine Months Ended\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nSales\t10.1\t7156.6\t2174.3\t(395.0)\t8946.0\nExcise taxes\t0\t(964.1)\t(622.2)\t0\t(1586.3)\nNet sales\t10.1\t6192.5\t1552.1\t(395.0)\t7359.7\nCost of goods sold\t(1.4)\t(3696.9)\t(1165.4)\t377.1\t(4486.6)\nGross profit\t8.7\t2495.6\t386.7\t(17.9)\t2873.1\nMarketing general and administrative expenses\t(85.3)\t(1304.5)\t(416.8)\t17.9\t(1788.7)\nSpecial items net\t(16.8)\t(154.9)\t(38.9)\t0\t(210.6)\nEquity income (loss) in subsidiaries\t641.3\t(240.0)\t48.6\t(449.9)\t0\nOperating income (loss)\t547.9\t796.2\t(20.4)\t(449.9)\t873.8\nInterest income (expense) net\t(179.7)\t38.1\t(64.9)\t0\t(206.5)\nOther pension and postretirement benefits (costs) net\t(0.4)\t15.3\t7.8\t0\t22.7\nOther income (expense) net\t0.3\t1.8\t1.3\t0\t3.4\nIncome (loss) before income taxes\t368.1\t851.4\t(76.2)\t(449.9)\t693.4\nIncome tax benefit (expense)\t52.7\t(208.8)\t(109.1)\t0\t(265.2)\nNet income (loss)\t420.8\t642.6\t(185.3)\t(449.9)\t428.2\nNet (income) loss attributable to noncontrolling interests\t0\t0\t(7.4)\t0\t(7.4)\nNet income (loss) attributable to MCBC\t420.8\t642.6\t(192.7)\t(449.9)\t420.8\nComprehensive income (loss) attributable to MCBC\t199.6\t583.0\t(270.3)\t(312.7)\t199.6\n", "q10k_tbl_43": "\tNine Months Ended\t\t\t\t\n\tSeptember 30 2019\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nSales\t96.1\t7606.7\t2688.1\t(472.8)\t9918.1\nExcise taxes\t0\t(1032.5)\t(792.4)\t0\t(1824.9)\nNet sales\t96.1\t6574.2\t1895.7\t(472.8)\t8093.2\nCost of goods sold\t(5.9)\t(3864.2)\t(1323.0)\t334.9\t(4858.2)\nGross profit\t90.2\t2710.0\t572.7\t(137.9)\t3235.0\nMarketing general and administrative expenses\t(188.1)\t(1552.1)\t(512.8)\t137.9\t(2115.1)\nSpecial items net\t(0.4)\t(281.3)\t(384.7)\t0\t(666.4)\nEquity income (loss) in subsidiaries\t221.5\t(450.0)\t(186.2)\t414.7\t0\nOperating income (loss)\t123.2\t426.6\t(511.0)\t414.7\t453.5\nInterest income (expense) net\t(228.3)\t255.7\t(231.9)\t0\t(204.5)\nOther pension and postretirement benefits (costs) net\t0\t3.5\t21.5\t0\t25.0\nOther income (expense) net\t(0.5)\t(67.1)\t66.9\t0\t(0.7)\nIncome (loss) before income taxes\t(105.6)\t618.7\t(654.5)\t414.7\t273.3\nIncome tax benefit (expense)\t183.6\t(395.2)\t18.3\t0\t(193.3)\nNet income (loss)\t78.0\t223.5\t(636.2)\t414.7\t80.0\nNet (income) loss attributable to noncontrolling interests\t0\t0\t(2.0)\t0\t(2.0)\nNet income (loss) attributable to MCBC\t78.0\t223.5\t(638.2)\t414.7\t78.0\nComprehensive income attributable to MCBC\t(75.5)\t102.3\t(760.2)\t657.9\t(75.5)\n", "q10k_tbl_44": "\tAs of\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nAssets\t\t\t\t\t\nCurrent assets:\t\t\t\t\t\nCash and cash equivalents\t48.4\t152.5\t530.4\t0\t731.3\nAccounts receivable net\t0\t375.5\t318.7\t0\t694.2\nOther receivables net\t2.4\t77.2\t43.5\t0\t123.1\nInventories net\t0\t494.5\t163.2\t0\t657.7\nOther current assets net\t0.8\t313.7\t119.7\t0\t434.2\nIntercompany accounts receivable\t458.2\t1487.7\t92.8\t(2038.7)\t0\nTotal current assets\t509.8\t2901.1\t1268.3\t(2038.7)\t2640.5\nProperties net\t3.0\t3013.8\t1163.3\t0\t4180.1\nGoodwill\t0\t6141.1\t1483.0\t0\t7624.1\nOther intangibles net\t2.5\t11530.5\t1877.4\t0\t13410.4\nNet investment in and advances to subsidiaries\t22014.5\t8152.1\t4262.7\t(34429.3)\t0\nOther assets\t122.0\t361.2\t419.4\t(82.4)\t820.2\nTotal assets\t22651.8\t32099.8\t10474.1\t(36550.4)\t28675.3\nLiabilities and equity\t\t\t\t\t\nCurrent liabilities:\t\t\t\t\t\nAccounts payable and other current liabilities\t167.2\t1830.3\t1070.9\t0\t3068.4\nCurrent portion of long-term debt and short-term borrowings\t1224.0\t5.7\t12.4\t0\t1242.1\nIntercompany accounts payable\t1208.0\t496.0\t334.7\t(2038.7)\t0\nTotal current liabilities\t2599.2\t2332.0\t1418.0\t(2038.7)\t4310.5\nLong-term debt\t6293.7\t760.5\t75.3\t0\t7129.5\nPension and postretirement benefits\t7.7\t669.9\t13.9\t0\t691.5\nDeferred tax liabilities\t0\t1608.2\t750.2\t(82.4)\t2276.0\nOther liabilities\t239.7\t164.0\t88.5\t0\t492.2\nIntercompany notes payable\t0\t3942.2\t3788.6\t(7730.8)\t0\nTotal liabilities\t9140.3\t9476.8\t6134.5\t(9851.9)\t14899.7\nMCBC stockholders' equity\t13512.7\t26410.4\t8018.9\t(34429.3)\t13512.7\nIntercompany notes receivable\t(1.2)\t(3787.4)\t(3942.2)\t7730.8\t0\nTotal stockholders' equity\t13511.5\t22623.0\t4076.7\t(26698.5)\t13512.7\nNoncontrolling interests\t0\t0\t262.9\t0\t262.9\nTotal equity\t13511.5\t22623.0\t4339.6\t(26698.5)\t13775.6\nTotal liabilities and equity\t22651.8\t32099.8\t10474.1\t(36550.4)\t28675.3\n", "q10k_tbl_45": "\tAs of\t\t\t\t\n\tDecember 31 2019\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nAssets\t\t\t\t\t\nCurrent assets:\t\t\t\t\t\nCash and cash equivalents\t15.7\t119.6\t388.1\t0\t523.4\nAccounts receivable net\t0\t396.3\t318.5\t0\t714.8\nOther receivables net\t14.4\t58.4\t32.7\t0\t105.5\nInventories net\t0\t449.1\t166.8\t0\t615.9\nOther current assets net\t3.0\t126.0\t95.8\t0\t224.8\nIntercompany accounts receivable\t94.1\t190.0\t14.9\t(299.0)\t0\nTotal current assets\t127.2\t1339.4\t1016.8\t(299.0)\t2184.4\nProperties net\t19.8\t3294.7\t1232.0\t0\t4546.5\nGoodwill\t0\t6146.5\t1484.9\t0\t7631.4\nOther intangibles net\t4.0\t11750.6\t1901.4\t0\t13656.0\nNet investment in and advances to subsidiaries\t21200.6\t8364.9\t4497.9\t(34063.4)\t0\nOther assets\t137.2\t364.4\t417.9\t(78.0)\t841.5\nTotal assets\t21488.8\t31260.5\t10550.9\t(34440.4)\t28859.8\nLiabilities and equity\t\t\t\t\t\nCurrent liabilities:\t\t\t\t\t\nAccounts payable and other current liabilities\t170.7\t1722.0\t874.6\t0\t2767.3\nCurrent portion of long-term debt and short-term borrowings\t499.7\t415.1\t13.4\t0\t928.2\nIntercompany accounts payable\t0\t150.7\t148.3\t(299.0)\t0\nTotal current liabilities\t670.4\t2287.8\t1036.3\t(299.0)\t3695.5\nLong-term debt\t7250.3\t779.1\t80.1\t0\t8109.5\nPension and postretirement benefits\t7.2\t695.5\t13.9\t0\t716.6\nDeferred tax liabilities\t0\t1593.3\t743.3\t(78.0)\t2258.6\nOther liabilities\t142.6\t172.2\t91.7\t0\t406.5\nIntercompany notes payable\t0\t0\t65.0\t(65.0)\t0\nTotal liabilities\t8070.5\t5527.9\t2030.3\t(442.0)\t15186.7\nMCBC stockholders' equity\t13419.4\t25796.5\t8266.9\t(34063.4)\t13419.4\nIntercompany notes receivable\t(1.1)\t(63.9)\t0\t65.0\t0\nTotal stockholders' equity\t13418.3\t25732.6\t8266.9\t(33998.4)\t13419.4\nNoncontrolling interests\t0\t0\t253.7\t0\t253.7\nTotal equity\t13418.3\t25732.6\t8520.6\t(33998.4)\t13673.1\nTotal liabilities and equity\t21488.8\t31260.5\t10550.9\t(34440.4)\t28859.8\n", "q10k_tbl_46": "\tNine Months Ended\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nNet cash provided by (used in) operating activities\t498.3\t774.0\t220.9\t0\t1493.2\nCASH FLOWS FROM INVESTING ACTIVITIES:\t\t\t\t\t\nAdditions to properties\t(4.9)\t(333.2)\t(118.3)\t0\t(456.4)\nProceeds from sales of properties and other assets\t0\t2.3\t2.3\t0\t4.6\nOther\t3.2\t(4.5)\t1.8\t0\t0.5\nNet intercompany investing activity\t(73.2)\t(3611.3)\t(3569.1)\t7253.6\t0\nNet cash provided by (used in) investing activities\t(74.9)\t(3946.7)\t(3683.3)\t7253.6\t(451.3)\nCASH FLOWS FROM FINANCING ACTIVITIES:\t\t\t\t\t\nExercise of stock options under equity compensation plans\t4.0\t0\t0\t0\t4.0\nDividends paid\t(115.3)\t0\t(10.0)\t0\t(125.3)\nPayments on debt and borrowings\t(500.0)\t(404.2)\t(9.3)\t0\t(913.5)\nProceeds on debt and borrowings\t0\t0\t1.5\t0\t1.5\nNet proceeds from (payments on) revolving credit facilities and commercial paper\t224.6\t0\t0\t0\t224.6\nChange in overdraft balances and other\t(4.0)\t(34.6)\t6.0\t0\t(32.6)\nNet intercompany financing activity\t0\t3641.0\t3612.6\t(7253.6)\t0\nNet cash provided by (used in) financing activities\t(390.7)\t3202.2\t3600.8\t(7253.6)\t(841.3)\nCASH AND CASH EQUIVALENTS:\t\t\t\t\t\nNet increase (decrease) in cash and cash equivalents\t32.7\t29.5\t138.4\t0\t200.6\nEffect of foreign exchange rate changes on cash and cash equivalents\t0\t3.4\t3.9\t0\t7.3\nBalance at beginning of year\t15.7\t119.6\t388.1\t0\t523.4\nBalance at end of period\t48.4\t152.5\t530.4\t0\t731.3\n", "q10k_tbl_47": "\tNine Months Ended\t\t\t\t\n\tSeptember 30 2019\t\t\t\t\n\tParent Issuer\tSubsidiary Guarantors\tSubsidiary Non Guarantors\tEliminations\tConsolidated\nNet cash provided by (used in) operating activities\t990.0\t341.7\t162.0\t(205.5)\t1288.2\nCASH FLOWS FROM INVESTING ACTIVITIES:\t\t\t\t\t\nAdditions to properties\t(7.2)\t(276.8)\t(173.3)\t0\t(457.3)\nProceeds from sales of properties and other assets\t0\t97.3\t3.7\t0\t101.0\nOther\t46.2\t0.2\t(9.1)\t0\t37.3\nNet intercompany investing activity\t46.5\t69.4\t48.4\t(164.3)\t0\nNet cash provided by (used in) investing activities\t85.5\t(109.9)\t(130.3)\t(164.3)\t(319.0)\nCASH FLOWS FROM FINANCING ACTIVITIES:\t\t\t\t\t\nExercise of stock options under equity compensation plans\t1.5\t0\t0\t0\t1.5\nDividends paid\t(276.3)\t(205.5)\t(24.6)\t205.5\t(300.9)\nPayments on debt and borrowings\t(1566.3)\t(0.3)\t(9.3)\t0\t(1575.9)\nNet proceeds from (payments on) revolving credit facilities and commercial paper\t264.8\t0\t(1.9)\t0\t262.9\nChange in overdraft balances and other\t(3.5)\t(9.8)\t12.1\t0\t(1.2)\nNet intercompany financing activity\t0\t(95.8)\t(68.5)\t164.3\t0\nNet cash provided by (used in) financing activities\t(1579.8)\t(311.4)\t(92.2)\t369.8\t(1613.6)\nCASH AND CASH EQUIVALENTS:\t\t\t\t\t\nNet increase (decrease) in cash and cash equivalents\t(504.3)\t(79.6)\t(60.5)\t0\t(644.4)\nEffect of foreign exchange rate changes on cash and cash equivalents\t3.1\t3.3\t(9.7)\t0\t(3.3)\nBalance at beginning of year\t515.8\t156.1\t386.0\t0\t1057.9\nBalance at end of period\t14.6\t79.8\t315.8\t0\t410.2\n", "q10k_tbl_48": "\tThree Months Ended\t\t\tNine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\t% change\tSeptember 30 2020\tSeptember 30 2019\t% change\n\t(In millions except percentages and per share data)\t\t\t\t\t\nFinancial volume in hectoliters\t23.789\t25.044\t(5.0)%\t64.803\t70.956\t(8.7)%\nNet sales\t2753.5\t2841.6\t(3.1)%\t7359.7\t8093.2\t(9.1)%\nNet income (loss) attributable to MCBC\t342.8\t(402.8)\tN/M\t420.8\t78.0\tN/M\nNet income (loss) attributable to MCBC per diluted share\t1.58\t(1.86)\tN/M\t1.94\t0.36\tN/M\n", "q10k_tbl_49": "\tThree Months Ended\t\t\tNine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\t% change\tSeptember 30 2020\tSeptember 30 2019\t% change\n\t(In millions except percentages)\t\t\t\t\t\nVolume in hectoliters:\t\t\t\t\t\t\nFinancial volume\t23.789\t25.044\t(5.0)%\t64.803\t70.956\t(8.7)%\nLess: Contract brewing wholesaler and non-beer volume\t(1.739)\t(1.986)\t(12.4)%\t(4.902)\t(5.921)\t(17.2)%\nAdd: Royalty volume\t1.116\t1.169\t(4.5)%\t2.668\t2.946\t(9.4)%\nAdd: STW to STR adjustment\t0.211\t0.441\t(52.2)%\t0.148\t(0.823)\tN/M\nTotal worldwide brand volume\t23.377\t24.668\t(5.2)%\t62.717\t67.158\t(6.6)%\nWorldwide Brand Volume by Segment\t\t\t\t\t\t\nNorth America\t16.561\t17.461\t(5.2)%\t46.458\t48.677\t(4.6)%\nEurope\t6.816\t7.207\t(5.4)%\t16.259\t18.481\t(12.0)%\nTotal\t23.377\t24.668\t(5.2)%\t62.717\t67.158\t(6.6)%\n", "q10k_tbl_50": "\tVolume\tPrice Product and Geography Mix\tCurrency\tTotal\nConsolidated\t(5.0)%\t1.4%\t0.5%\t(3.1)%\nNorth America\t(4.0)%\t3.2%\t(0.2)%\t(1.0)%\nEurope\t(7.7)%\t(7.6)%\t3.1%\t(12.2)%\n", "q10k_tbl_51": "\tVolume\tPrice Product and Geography Mix\tCurrency\tTotal\nConsolidated\t(8.7)%\t(0.1)%\t(0.3)%\t(9.1)%\nNorth America\t(6.7)%\t1.4%\t(0.2)%\t(5.5)%\nEurope\t(14.5)%\t(10.3)%\t(0.1)%\t(24.9)%\n", "q10k_tbl_52": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nEffective tax rate\t23%\t(29)%\t38%\t71%\n", "q10k_tbl_53": "\tThree Months Ended\t\t\tNine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\t% change\tSeptember 30 2020\tSeptember 30 2019\t% change\n\t(In millions except percentages)\t\t\t\t\t\nFinancial volume in hectoliters(1)(2)\t17.329\t18.050\t(4.0)%\t49.433\t52.972\t(6.7)%\nSales(2)\t2609.4\t2644.6\t(1.3)%\t7213.2\t7647.7\t(5.7)%\nExcise taxes\t(357.1)\t(370.3)\t(3.6)%\t(971.0)\t(1040.2)\t(6.7)%\nNet sales(2)\t2252.3\t2274.3\t(1.0)%\t6242.2\t6607.5\t(5.5)%\nCost of goods sold(2)\t(1304.4)\t(1322.3)\t(1.4)%\t(3738.8)\t(3896.2)\t(4.0)%\nGross profit\t947.9\t952.0\t(0.4)%\t2503.4\t2711.3\t(7.7)%\nMarketing general and administrative expenses\t(517.3)\t(552.9)\t(6.4)%\t(1439.1)\t(1674.9)\t(14.1)%\nSpecial items net(3)\t(29.3)\t(677.3)\t(95.7)%\t(172.5)\t(635.3)\t(72.8)%\nOperating income (loss)\t401.3\t(278.2)\tN/M\t891.8\t401.1\t122.3%\nInterest income (expense) net\t(0.3)\t2.6\tN/M\t(2.0)\t4.6\tN/M\nOther income (expense) net\t(0.2)\t(11.8)\t(98.3)%\t(1.3)\t1.3\tN/M\nIncome (loss) before income taxes\t400.8\t(287.4)\tN/M\t888.5\t407.0\t118.3%\n", "q10k_tbl_54": "\tThree Months Ended\t\t\tNine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\t% change\tSeptember 30 2020\tSeptember 30 2019\t% change\n\t(In millions except percentages)\t\t\t\t\t\nFinancial volume in hectoliters(1)(2)\t6.478\t7.020\t(7.7)%\t15.443\t18.066\t(14.5)%\nSales(2)\t771.9\t860.1\t(10.3)%\t1744.1\t2288.5\t(23.8)%\nExcise taxes\t(267.8)\t(286.1)\t(6.4)%\t(615.3)\t(784.7)\t(21.6)%\nNet sales(2)\t504.1\t574.0\t(12.2)%\t1128.8\t1503.8\t(24.9)%\nCost of goods sold(2)\t(313.9)\t(354.9)\t(11.6)%\t(783.8)\t(968.1)\t(19.0)%\nGross profit\t190.2\t219.1\t(13.2)%\t345.0\t535.7\t(35.6)%\nMarketing general and administrative expenses\t(117.2)\t(137.3)\t(14.6)%\t(349.6)\t(440.2)\t(20.6)%\nSpecial items net(3)\t(30.4)\t(26.0)\t16.9%\t(38.1)\t(31.1)\t22.5%\nOperating income (loss)\t42.6\t55.8\t(23.7)%\t(42.7)\t64.4\tN/M\nInterest income (expense) net\t(1.3)\t(1.5)\t(13.3)%\t(4.0)\t(4.3)\t(7.0)%\nOther income (expense) net\t(0.4)\t(1.4)\t(71.4)%\t(0.2)\t(2.2)\t(90.9)%\nIncome (loss) before income taxes\t40.9\t52.9\t(22.7)%\t(46.9)\t57.9\tN/M\n", "q10k_tbl_55": "\tThree Months Ended\t\t\tNine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\t% change\tSeptember 30 2020\tSeptember 30 2019\t% change\n\t(In millions except percentages)\t\t\t\t\t\nFinancial volume in hectoliters\t0\t0\t-%\t0\t0\t-%\nSales\t0\t0\t-%\t0\t0\t-%\nExcise taxes\t0\t0\t-%\t0\t0\t-%\nNet sales\t0\t0\t-%\t0\t0\t-%\nCost of goods sold\t64.4\t(14.9)\tN/M\t24.7\t(12.0)\tN/M\nGross profit\t64.4\t(14.9)\tN/M\t24.7\t(12.0)\tN/M\nMarketing general and administrative expenses\t0\t0\t-%\t0\t0\t-%\nSpecial items net\t0\t0\t-%\t0\t0\t-%\nOperating income (loss)\t64.4\t(14.9)\tN/M\t24.7\t(12.0)\tN/M\nInterest income (expense) net\t(66.3)\t(66.7)\t(0.6)%\t(200.5)\t(204.8)\t(2.1)%\nOther pension and postretirement benefits (costs) net\t7.6\t8.0\t(5.0)%\t22.7\t25.0\t(9.2)%\nOther income (expense) net\t3.0\t(0.5)\tN/M\t4.9\t0.2\tN/M\nIncome (loss) before income taxes\t8.7\t(74.1)\tN/M\t(148.2)\t(191.6)\t(22.7)%\n", "q10k_tbl_56": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\nWeighted-Average Exchange Rate (1 USD equals)\t\t\t\t\nCanadian Dollar (CAD)\t1.34\t1.31\t1.35\t1.32\nEuro (EUR)\t0.85\t0.90\t0.86\t0.89\nBritish Pound (GBP)\t0.77\t0.81\t0.79\t0.79\nCzech Koruna (CZK)\t22.72\t23.30\t23.71\t22.75\nCroatian Kuna (HRK)\t6.46\t6.62\t6.68\t6.58\nSerbian Dinar (RSD)\t101.25\t106.37\t104.16\t104.55\nRomanian Leu (RON)\t4.12\t4.26\t4.22\t4.23\nBulgarian Lev (BGN)\t1.68\t1.75\t1.74\t1.74\nHungarian Forint (HUF)\t304.53\t293.83\t306.34\t289.90\n", "q10k_tbl_57": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\nClosing Exchange Rate (1 USD equals)\t\t\nCanadian Dollar (CAD)\t1.33\t1.30\nEuro (EUR)\t0.85\t0.89\nBritish Pound (GBP)\t0.77\t0.75\nCzech Koruna (CZK)\t23.10\t22.70\nCroatian Kuna (HRK)\t6.45\t6.63\nSerbian Dinar (RSD)\t100.40\t104.93\nRomanian Leu (RON)\t4.16\t4.27\nBulgarian Lev (BGN)\t1.67\t1.74\nHungarian Forint (HUF)\t310.18\t295.21\n", "q10k_tbl_58": "Total\tLess than 1 year\t1 - 3 years\t3 - 5 years\tMore than 5 years\n(In millions)\t\t\t\t\n(288.5)\t(88.6)\t(36.3)\t0\t(163.6)\n", "q10k_tbl_59": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nEstimated fair value volatility\t\t\nForeign currency risk:\t\t\nForwards\t(18.5)\t(25.8)\nForeign currency denominated debt\t(169.8)\t(194.2)\nCross currency swaps\t(41.2)\t(89.2)\nInterest rate risk:\t\t\nDebt\t(225.9)\t(255.4)\nForward starting interest rate swaps\t(185.2)\t(150.4)\nCommodity price risk:\t\t\nCommodity swaps\t(91.9)\t(52.9)\nEquity price risk:\t\t\nWarrants\t(0.2)\t(0.6)\n", "q10k_tbl_60": "Exhibit Number\tDocument Description\n4.1\tEighth Supplemental Indenture dated as of August 31 2020 to the Indenture dated May 3 2012 by and among Molson Coors Beverage Company the guarantors named therein and Deutsche Bank Trust Company Americas as trustee.\n4.2\tEighth Supplemental Indenture dated as of August 31 2020 to the Indenture dated September 18 2015 by and among Molson Coors International LP the guarantors named therein and Computershare Trust Company of Canada as trustee.\n4.3\tSeventh Supplemental Indenture dated as of August 31 2020 to the Indenture dated July 7 2016 by and among Molson Coors Beverage Company the guarantors named therein and Deutsche Bank Trust Company Americas as trustee.\n4.4\tSixth Supplemental Indenture dated as of August 31 2020 to the Indenture dated July 7 2016 by and among Molson Coors International LP the guarantors named therein and Computershare Trust Company of Canada as trustee.\n10.1\tSupplement No. 3 dated as of August 31 2020 to the Subsidiary Guarantee Agreement dated July 7 2017 by and among Molson Coors Beverage Company the subsidiaries named on Schedule I thereto and Citibank N.A. as administrative agent.\n31.1\tSection 302 Certification of Chief Executive Officer.\n31.2\tSection 302 Certification of Chief Financial Officer.\n32\tWritten Statement of Chief Executive Officer and Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 USC. Section 1350).\n101.INS\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*\n101.SCH\tXBRL Taxonomy Extension Schema Document.*\n101.CAL\tXBRL Taxonomy Extension Calculation Linkbase Document.*\n101.LAB\tXBRL Taxonomy Extension Label Linkbase Document.*\n101.PRE\tXBRL Taxonomy Extension Presentation Linkbase Document.*\n101.DEF\tXBRL Taxonomy Extension Definition Linkbase Document.*\n*\tAttached 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.\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_1", "cf": "q10k_tbl_4"}None
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
1.25% Senior Notes due 2024
TAP
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. Yesý 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). Yesý 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 filerý 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 registrant's classes of common stock, as of October 22, 2020:
Class A Common Stock — 2,561,670 shares
Class B Common Stock — 200,296,645 shares
Exchangeable shares:
As of October 22, 2020, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable shares — 2,718,267 shares
Class B Exchangeable shares — 11,104,592 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.
Earnings before interest, tax, depreciation and amortization
EPS
Earnings per share
EUR
Euro
FASB
Financial Accounting Standards Board
GBP
British Pound
HRK
Croatian Kuna
JPY
Japanese Yen
Moody’s
Moody’s Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC
OCI
Other comprehensive income (loss)
OPEB
Other postretirement benefit plans
PSUs
Performance share units
RSD
Serbian Dinar
RSUs
Restricted stock units
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
STRs
Sales-to-retailers
STWs
Sales-to-wholesalers
2017 Tax Act
U.S. Tax Cuts and Jobs Act
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
3
Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
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 under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," and under the headings "Executive Summary" and "Outlook" therein, with respect to expectations regarding the impact of the coronavirus pandemic on our operations, liquidity, financial condition and financial results, overall volume trends, consumer preferences, pricing trends, industry forces, cost reduction strategies, including our revitalization plan announced in 2019 and the estimated range of related charges and timing of cash charges, anticipated results, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, shipment levels and profitability, market share, and the sufficiency of capital resources. 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," "intend," "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 under the heading "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, 2019. 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.
Market and Industry Data
The market and industry data used in this Quarterly Report on Form 10-Q are based on independent industry publications, customers, trade or business organizations, reports by market research firms and other published statistical information from third parties (collectively, the “Third Party Information”), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.
4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
Sales
$
3,378.4
$
3,498.0
$
8,946.0
$
9,918.1
Excise taxes
(624.9)
(656.4)
(1,586.3)
(1,824.9)
Net sales
2,753.5
2,841.6
7,359.7
8,093.2
Cost of goods sold
(1,551.0)
(1,685.4)
(4,486.6)
(4,858.2)
Gross profit
1,202.5
1,156.2
2,873.1
3,235.0
Marketing, general and administrative expenses
(634.5)
(690.2)
(1,788.7)
(2,115.1)
Special items, net
(59.7)
(703.3)
(210.6)
(666.4)
Operating income (loss)
508.3
(237.3)
873.8
453.5
Interest income (expense), net
(67.9)
(65.6)
(206.5)
(204.5)
Other pension and postretirement benefits (costs), net
7.6
8.0
22.7
25.0
Other income (expense), net
2.4
(13.7)
3.4
(0.7)
Income (loss) before income taxes
450.4
(308.6)
693.4
273.3
Income tax benefit (expense)
(104.0)
(90.7)
(265.2)
(193.3)
Net income (loss)
346.4
(399.3)
428.2
80.0
Net (income) loss attributable to noncontrolling interests
(3.6)
(3.5)
(7.4)
(2.0)
Net income (loss) attributable to Molson Coors Beverage Company
$
342.8
$
(402.8)
$
420.8
$
78.0
Net income (loss) attributable to Molson Coors Beverage Company per share:
Basic
$
1.58
$
(1.86)
$
1.94
$
0.36
Diluted
$
1.58
$
(1.86)
$
1.94
$
0.36
Weighted-average shares outstanding:
Basic
216.9
216.6
216.8
216.6
Dilutive effect of share-based awards
0.1
—
0.2
0.3
Diluted
217.0
216.6
217.0
216.9
Anti-dilutive securities excluded from the computation of diluted EPS
2.3
1.6
2.3
1.3
See notes to unaudited condensed consolidated financial statements.
5
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN MILLIONS)
(UNAUDITED)
Three Months Ended
Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
Net income (loss) including noncontrolling interests
$
346.4
$
(399.3)
$
428.2
$
80.0
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
149.8
(144.8)
(104.0)
(31.2)
Unrealized gain (loss) on derivative instruments
14.5
(55.8)
(114.1)
(123.8)
Reclassification of derivative (gain) loss to income
0.2
0.2
(0.9)
—
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
(1.5)
(0.8)
(4.7)
(1.9)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0.7
0.5
2.2
2.3
Total other comprehensive income (loss), net of tax
163.7
(200.7)
(221.5)
(154.6)
Comprehensive income (loss)
510.1
(600.0)
206.7
(74.6)
Comprehensive (income) loss attributable to noncontrolling interests
(5.1)
(2.5)
(7.1)
(0.9)
Comprehensive income (loss) attributable to Molson Coors Beverage Company
$
505.0
$
(602.5)
$
199.6
$
(75.5)
See notes to unaudited condensed consolidated financial statements.
6
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT PAR VALUE)
(UNAUDITED)
As of
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
731.3
$
523.4
Accounts receivable, net
694.2
714.8
Other receivables, net
123.1
105.5
Inventories, net
657.7
615.9
Other current assets, net
434.2
224.8
Total current assets
2,640.5
2,184.4
Properties, net
4,180.1
4,546.5
Goodwill
7,624.1
7,631.4
Other intangibles, net
13,410.4
13,656.0
Other assets
820.2
841.5
Total assets
$
28,675.3
$
28,859.8
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities
$
3,068.4
$
2,767.3
Current portion of long-term debt and short-term borrowings