Company Quick10K Filing
Molson Coors Brewing
Price57.47 EPS1
Shares217 P/E79
MCap12,465 P/FCF10
Net Debt8,790 EBIT352
TEV21,255 TEV/EBIT60
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-12
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-28 Filed 2013-11-06
10-Q 2013-06-29 Filed 2013-08-06
10-Q 2013-03-30 Filed 2013-05-07
10-K 2012-12-29 Filed 2013-02-22
10-Q 2012-09-29 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-24 Filed 2011-11-03
10-Q 2011-06-25 Filed 2011-08-03
10-Q 2011-03-26 Filed 2011-05-04
10-K 2010-12-25 Filed 2011-02-22
10-Q 2010-09-25 Filed 2010-11-04
10-Q 2010-06-26 Filed 2010-08-04
10-Q 2010-03-27 Filed 2010-05-05
10-K 2009-12-26 Filed 2010-02-19
8-K 2020-06-19
8-K 2020-05-26
8-K 2020-05-20
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-04-29
8-K 2020-03-27
8-K 2020-03-05
8-K 2020-02-12
8-K 2020-01-06
8-K 2020-01-01
8-K 2019-11-13
8-K 2019-10-28
8-K 2019-07-31
8-K 2019-07-30
8-K 2019-07-18
8-K 2019-07-07
8-K 2019-05-22
8-K 2019-05-01
8-K 2019-02-12
8-K 2019-02-08
8-K 2018-10-31
8-K 2018-08-01
8-K 2018-07-19
8-K 2018-06-06
8-K 2018-05-25
8-K 2018-05-02
8-K 2018-02-14
8-K 2018-02-02
8-K 2018-01-22

TAP 10Q Quarterly Report

Part I. Financial Information
Item 1.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 tapex101202033110q.htm
EX-10.2 tapex102202033110q.htm
EX-10.3 tapex103202033110q.htm
EX-31.1 tapex311202033110q.htm
EX-31.2 tapex312202033110q.htm
EX-32 tapex32202033110q.htm

Molson Coors Brewing Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
3.93.02.21.30.5-0.42012201420172020
Rev, G Profit, Net Income
10.05.00.0-5.0-10.0-15.02012201420172020
Ops, Inv, Fin

Document
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Table of Contents
 
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 March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______ .
Commission File Number: 1-14829
molsoncoorspreferredlogonont.jpg
Molson Coors Beverage Company
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)
P.O. BOX 4030, NH353, Golden, Colorado, USA
1555 Notre Dame Street East, Montréal, Québec, Canada
(Address of principal executive offices)
84-0178360
(I.R.S. Employer Identification No.)
80401
H2L 2R5
(Zip Code)

303-927-2337 (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
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. 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, 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 registrant's classes of common stock, as of April 23, 2020:
Class A Common Stock — 2,560,668 shares
Class B Common Stock — 196,472,022 shares
Exchangeable shares:
As of April 23, 2020, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable shares — 2,725,047 shares
Class B Exchangeable shares — 14,826,118 shares
The Class A exchangeable shares and Class B exchangeable shares are shares of the share capital in Molson Coors Canada Inc., a wholly-owned subsidiary of the registrant. They are publicly traded on the Toronto Stock Exchange under the symbols TPX.A and TPX.B, respectively. These shares are intended to provide substantially the same economic and voting rights as the corresponding class of Molson Coors common stock in which they may be exchanged. In addition to the registered Class A common stock and the Class B common stock, the registrant has also issued and outstanding one share each of a Special Class A voting stock and Special Class B voting stock. The Special Class A voting stock and the Special Class B voting stock provide the mechanism for holders of Class A exchangeable shares and Class B exchangeable shares to be provided instructions to vote with the holders of the Class A common stock and the Class B common stock, respectively. The holders of the Special Class A voting stock and Special Class B voting stock are entitled to one vote for each outstanding Class A exchangeable share and Class B exchangeable share, respectively, excluding shares held by the registrant or its subsidiaries, and generally vote together with the Class A common stock and Class B common stock, respectively, on all matters on which the Class A common stock and Class B common stock are entitled to vote. The Special Class A voting stock and Special Class B voting stock are subject to a voting trust arrangement. The trustee which holds the Special Class A voting stock and the Special Class B voting stock is required to cast a number of votes equal to the number of then-outstanding Class A exchangeable shares and Class B exchangeable shares, respectively, but will only cast a number of votes equal to the number of Class A exchangeable shares and Class B exchangeable shares as to which it has received voting instructions from the owners of record of those Class A exchangeable shares and Class B exchangeable shares, other than the registrant or its subsidiaries, respectively, on the record date, and will cast the votes in accordance with such instructions so received.
 



MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
INDEX
 
 
 
 
Page
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note 12, "Commitments and Contingencies"
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


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
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 future dividends, 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, the sufficiency of capital resources, and the impact of the coronavirus pandemic on our operations, liquidity, financial condition and financial results. 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," "desire," 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.    

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
(UNAUDITED)
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Sales
$
2,537.8

 
$
2,800.1

Excise taxes
(435.0
)
 
(496.8
)
Net sales
2,102.8

 
2,303.3

Cost of goods sold
(1,479.0
)
 
(1,413.0
)
Gross profit
623.8

 
890.3

Marketing, general and administrative expenses
(629.7
)
 
(655.2
)
Special items, net
(86.6
)
 
(13.0
)
Operating income (loss)
(92.5
)
 
222.1

Interest income (expense), net
(68.9
)
 
(73.3
)
Other pension and postretirement benefits (costs), net
7.5

 
8.6

Other income (expense), net
(4.8
)
 
23.9

Income (loss) before income taxes
(158.7
)
 
181.3

Income tax benefit (expense)
43.3

 
(32.2
)
Net income (loss)
(115.4
)
 
149.1

Net (income) loss attributable to noncontrolling interests
(1.6
)
 
2.3

Net income (loss) attributable to Molson Coors Beverage Company
$
(117.0
)
 
$
151.4

 
 
 
 
Net income (loss) attributable to Molson Coors Beverage Company per share:
 
 
 
Basic
$
(0.54
)
 
$
0.70

Diluted
$
(0.54
)
 
$
0.70

 
 
 
 
Weighted-average shares outstanding:
 
 
 
Basic
216.7

 
216.5

Dilutive effect of share-based awards

 
0.4

Diluted
216.7

 
216.9

 
 
 
 
Anti-dilutive securities excluded from the computation of diluted EPS
2.9

 
1.1

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
 
March 31, 2020
 
March 31, 2019
Net income (loss) including noncontrolling interests
$
(115.4
)
 
$
149.1

Other comprehensive income (loss), net of tax:
 
 
 
Foreign currency translation adjustments
(373.5
)
 
71.5

Unrealized gain (loss) on derivative instruments
(127.9
)
 
(29.7
)
Reclassification of derivative (gain) loss to income

 
0.1

Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
(1.3
)
 
(0.6
)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0.7

 
1.0

Total other comprehensive income (loss), net of tax
(502.0
)
 
42.3

Comprehensive income (loss)
(617.4
)
 
191.4

Comprehensive (income) loss attributable to noncontrolling interests
1.3

 
2.1

Comprehensive income (loss) attributable to Molson Coors Beverage Company
$
(616.1
)
 
$
193.5

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
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
666.1

 
$
523.4

Accounts receivable, net
637.8

 
714.8

Other receivables, net
107.1

 
105.5

Inventories, net
681.5

 
615.9

Other current assets, net
280.0

 
224.8

Total current assets
2,372.5

 
2,184.4

Properties, net
4,393.6

 
4,546.5

Goodwill
7,539.0

 
7,631.4

Other intangibles, net
13,305.1

 
13,656.0

Other assets
850.9

 
841.5

Total assets
$
28,461.1

 
$
28,859.8

Liabilities and equity
 
 
 
Current liabilities:
 
 
 
Accounts payable and other current liabilities
$
2,558.4

 
$
2,767.3

Current portion of long-term debt and short-term borrowings
1,445.0

 
928.2

Total current liabilities
4,003.4

 
3,695.5

Long-term debt
8,032.1

 
8,109.5

Pension and postretirement benefits
693.9

 
716.6

Deferred tax liabilities
2,184.2

 
2,258.6

Other liabilities
601.5

 
406.5

Total liabilities
15,515.1

 
15,186.7

Commitments and contingencies (Note 12)
 
 
 
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 per share (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)

 

Class B common stock, $0.01 par value per share (authorized: 500.0 shares; issued: 205.9 shares and 205.7 shares, respectively)
2.1

 
2.1

Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
102.5

 
102.5

Class B exchangeable shares, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively)
557.8

 
557.8

Paid-in capital
6,780.7

 
6,773.6

Retained earnings
7,376.2

 
7,617.0

Accumulated other comprehensive income (loss)
(1,661.3
)
 
(1,162.2
)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)
(471.4
)
 
(471.4
)
Total Molson Coors Beverage Company stockholders' equity
12,686.6

 
13,419.4

Noncontrolling interests
259.4

 
253.7

Total equity
12,946.0

 
13,673.1

Total liabilities and equity
$
28,461.1

 
$
28,859.8

See notes to unaudited condensed consolidated financial statements.

7


MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
(UNAUDITED)
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Cash flows from operating activities:
 
 
 
Net income (loss) including noncontrolling interests
$
(115.4
)

$
149.1

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 

Depreciation and amortization
256.5

 
212.9

Amortization of debt issuance costs and discounts
2.1

 
3.7

Share-based compensation
5.9

 
11.4

(Gain) loss on sale or impairment of properties and other assets, net
(0.2
)
 
0.5

Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net
103.3

 
(57.2
)
Income tax (benefit) expense
(43.3
)
 
32.2

Income tax (paid) received
(9.2
)
 
(8.5
)
Interest expense, excluding interest amortization
67.6

 
72.1

Interest paid
(90.3
)
 
(103.1
)
Change in current assets and liabilities and other
(195.1
)
 
(411.6
)
Net cash provided by (used in) operating activities
(18.1
)
 
(98.5
)
Cash flows from investing activities:
 

 
 

Additions to properties
(225.1
)
 
(198.0
)
Proceeds from sales of properties and other assets
1.6

 
2.4

Other
3.5

 
1.0

Net cash provided by (used in) investing activities
(220.0
)
 
(194.6
)
Cash flows from financing activities:
 

 
 

Exercise of stock options under equity compensation plans
4.0

 
0.6

Dividends paid
(123.4
)
 
(88.7
)
Payments on debt and borrowings
(502.9
)
 
(1,067.2
)
Proceeds on debt and borrowings
1.0

 

Net proceeds from (payments on) revolving credit facilities and commercial paper
1,025.5

 
604.3

Change in overdraft balances and other
(5.5
)
 
16.2

Net cash provided by (used in) financing activities
398.7

 
(534.8
)
Cash and cash equivalents:
 

 
 

Net increase (decrease) in cash and cash equivalents
160.6

 
(827.9
)
Effect of foreign exchange rate changes on cash and cash equivalents
(17.9
)
 
4.4

Balance at beginning of year
523.4

 
1,057.9

Balance at end of period
$
666.1

 
$
234.4

See notes to unaudited condensed consolidated financial statements.

8


MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND NONCONTROLLING INTERESTS
(IN MILLIONS)
(UNAUDITED)
 
 
 
Molson Coors Beverage Company Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
As of December 31, 2018
$
13,735.8

 
$

 
$
2.0

 
$
103.2

 
$
557.6

 
$
6,773.1

 
$
7,692.9

 
$
(1,150.0
)
 
$
(471.4
)
 
$
228.4

Shares issued under equity compensation plan
(8.2
)
 

 

 

 

 
(8.2
)
 

 

 

 

Amortization of share-based compensation
11.3

 

 

 

 

 
11.3

 

 

 

 

Net income (loss) including noncontrolling interests
149.1

 

 

 

 

 

 
151.4

 

 

 
(2.3
)
Other comprehensive income (loss), net of tax
42.3

 

 

 

 

 

 

 
42.1

 

 
0.2

Adoption of lease accounting standard
32.0

 

 

 

 

 

 
32.0

 

 

 

Reclassification of stranded tax effects

 

 

 

 

 

 
74.8

 
(74.8
)
 

 

Contributions from noncontrolling interests
14.5

 

 

 

 

 

 

 

 

 
14.5

Dividends declared and paid - $0.41 per share
(88.7
)
 

 

 

 

 

 
(88.7
)
 

 

 

As of March 31, 2019
$
13,888.1

 
$

 
$
2.0

 
$
103.2

 
$
557.6

 
$
6,776.2


$
7,862.4


$
(1,182.7
)

$
(471.4
)
 
$
240.8

 
 

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
As of December 31, 2019
$
13,673.1


$

 
$
2.1

 
$
102.5

 
$
557.8

 
$
6,773.6

 
$
7,617.0

 
$
(1,162.2
)
 
$
(471.4
)
 
$
253.7

Shares issued under equity compensation plan
1.2



 

 

 

 
1.2

 

 

 

 

Amortization of share-based compensation
5.9



 

 

 

 
5.9

 

 

 

 

Purchase of noncontrolling interest
(0.1
)


 

 

 

 

 

 

 

 
(0.1
)
Net income (loss) including noncontrolling interests
(115.4
)


 

 

 

 

 
(117.0
)
 

 

 
1.6

Other comprehensive income (loss), net of tax
(502.0
)


 

 

 

 

 

 
(499.1
)
 

 
(2.9
)
Contributions from noncontrolling interests
8.6

 

 

 

 

 

 

 

 

 
8.6

Distributions and dividends to noncontrolling interests
(1.5
)
 

 

 

 

 

 

 

 

 
(1.5
)
Dividends declared - $0.57 per share
(123.8
)


 

 

 

 

 
(123.8
)
 

 

 

As of March 31, 2020
$
12,946.0


$


$
2.1


$
102.5


$
557.8


$
6,780.7

 
$
7,376.2

 
$
(1,661.3
)
 
$
(471.4
)

$
259.4

See notes to unaudited condensed consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

9


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") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and RSD.
The accompanying unaudited condensed consolidated interim 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 interim 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 interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 ("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" as well as the changes to our reportable segments and reporting units as discussed above and in Note 3, "Segment Reporting" and Note 7, "Goodwill and Intangible Assets," respectively.
The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be achieved for the full year.
Due to the anti-dilutive effect resulting from the reported net loss attributable to MCBC for the three months ended March 31, 2020, the impact of potentially dilutive securities has been excluded from the quarterly calculation of weighted-average shares for diluted EPS for the first quarter of 2020.
Coronavirus Global Pandemic
On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic and recommended containment and mitigation measures. We are actively monitoring the impact of the coronavirus pandemic, which has had, and we currently expect will continue to have, a material adverse effect on our operations, liquidity, financial condition and financial results for our full year 2020 and, possibly, beyond. The extent to which our operations will be impacted by the pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity and duration of the outbreak and actions by government authorities to contain the pandemic or treat its impact, among other things.
In order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which have been negatively impacted by the coronavirus pandemic, we have initiated temporary keg relief programs in many of our markets. As part of these voluntary programs, we have committed to provide customers with reimbursements for untapped kegs that meet certain established return requirements. As a result, during the first quarter of 2020, we recognized a reduction to net sales and corresponding liability of $31.5 million reflecting estimated sales returns and reimbursements through these keg relief programs. This estimate was derived considering various factors, including but not limited to, the actual amount of previously sold keg product eligible for reimbursement, along with the assumed length of time the product has been at a customer location to estimate the number of kegs which remain untapped. Additionally, during the first quarter of 2020, we recognized charges of $18.5 million within cost of goods sold related to obsolete finished goods keg inventories that are not expected to be sold

10


within our freshness specifications, as well as the estimated costs to facilitate the above mentioned keg returns. As of March 31, 2020 and December 31, 2019, our aggregate allowance for obsolete inventories was approximately $22 million and $11 million, respectively. These estimates are subject to change, and actual results could deviate from our current estimates due to many factors, including, but not limited to, the number of customers ultimately participating in the voluntary keg relief programs and the number of untapped kegs in the market relative to our expectations. Further, the actual duration of the coronavirus pandemic, including the length of government-mandated closures or ceased sit-down service limitations at bars and restaurants coupled with the subsequent economic recovery period relative to the assumptions utilized to derive these estimates, could result in further charges due to incremental finished goods keg inventory in certain of our Central and Eastern European markets becoming obsolete in future periods.
Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of both March 31, 2020 and December 31, 2019, our allowance for trade receivables was approximately $12 million, and allowance activity was immaterial during the three months ended March 31, 2020.
For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and Intangible Assets."
Revitalization Plan
On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. As discussed above, in connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have continued to incur charges in the first quarter of 2020.
We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 5, "Special Items" and Note 7, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan.
Non-Cash Activity
Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. See Note 4, "Investments" for further discussion. We also had non-cash activities primarily related to capital expenditures incurred but not yet paid of $153.5 million and $112.7 million during the three months ended March 31, 2020 and March 31, 2019, respectively.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 13, "Leases," there was no other significant non-cash activity during the three months ended March 31, 2020 and March 31, 2019.
Share-Based Compensation
During the first quarter of 2020, we granted stock options, RSUs and PSUs to certain officers and other eligible employees, and recognized share-based compensation expense of $5.9 million and $11.4 million during the three months ended March 31, 2020 and March 31, 2019, respectively. The reduction in share-based compensation expense in the first quarter of 2020 was driven primarily by a decline in 2020 in immediate expense recognition for awards granted to certain retirement eligible employees, as well as a reduction in expense relative to performance based awards as a result of the achievement of certain performance conditions no longer being deemed probable.
2. New Accounting Pronouncements
New Accounting Pronouncements Recently Adopted
In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit

11


losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements.
In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020.
New Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the potential impact of this guidance on our financial statements.
In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements.
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 significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.
3. Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S. segment, Canada segment, Europe segment and International segment. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidates the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly.
We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances 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 unallocated.
Historical results have been recast to retrospectively reflect these changes in segment reporting.

12


Summarized Financial Information
No single customer accounted for more than 10% of our consolidated sales for the three months ended March 31, 2020 or March 31, 2019. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to North America segment sales to the Europe segment.
The following tables present net sales and income (loss) before income taxes by segment:
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
(In millions)
North America
$
1,789.7

 
$
1,932.6

Europe
317.6

 
375.7

Inter-segment net sales eliminations
(4.5
)
 
(5.0
)
Consolidated net sales
$
2,102.8

 
$
2,303.3


 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
(In millions)
North America(1)(2)
$
76.2

 
$
245.9

Europe
(76.8
)
 
(38.4
)
Unallocated(3)
(158.1
)
 
(26.2
)
Consolidated income (loss) before income taxes
$
(158.7
)
 
$
181.3


(1)
The decrease during the three months ended March 31, 2020 was driven primarily by gross profit declines due to unfavorable timing of shipments, including brewery downtime associated with the Milwaukee tragedy, increased special charges, the recognition of estimated keg sales returns and finished good obsolescence reserves, as well as the unrealized mark-to-market changes on our HEXO Corp. ("HEXO") warrants.
(2)
During the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.
(3)
Related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized loss of $99.1 million during the three months ended March 31, 2020, compared to an unrealized gain of $34.1 million during the three months ended March 31, 2019.
Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion.
The following table presents total assets by segment:
 
As of
 
March 31, 2020
 
December 31, 2019
 
(In millions)
North America
$
23,355.1

 
$
23,360.2

Europe
5,106.0