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 2020-06-30 Filed 2020-07-30
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 2020-07-30 Earnings, Exhibits
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-31.1 tapex311202063010qnext.htm
EX-31.2 tapex312202063010qnext.htm
EX-32 tapex32202063010qnextg.htm

Molson Coors Brewing Earnings 2020-06-30

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

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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 June 30, 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
tap-20200630_g1.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)

303-279-6565 (Colorado)
514-521-1786 (Québec)
(Registrant's telephone number, including area code)
_______________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbolsName of each exchange on which registered
Class A Common Stock, $0.01 par value TAP.ANew York Stock Exchange
Class B Common Stock, $0.01 par value TAPNew York Stock Exchange
1.25% Senior Notes due 2024TAPNew 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 July 23, 2020:
Class A Common Stock — 2,560,668 shares
Class B Common Stock — 196,568,046 shares
Exchangeable shares:
As of July 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
2


Glossary of Terms and Abbreviations
AOCI 
Accumulated other comprehensive income (loss)
CAD 
Canadian dollar
CZKCzech Koruna
DBRSA global credit rating agency in Toronto
EBITDAEarnings before interest, tax, depreciation and amortization
EPS 
Earnings per share
EUREuro
FASB 
Financial Accounting Standards Board
GBP 
British Pound
HRKCroatian Kuna
JPY 
Japanese Yen
Moody’s
Moody’s Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC
OCIOther comprehensive income (loss)
OPEBOther postretirement benefit plans
PSUs 
Performance share units
RSD 
Serbian Dinar
RSUsRestricted stock units
SECU.S. Securities and Exchange Commission
Standard & Poor’sStandard 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. GAAPAccounting principles generally accepted in the U.S.
USD or $U.S. dollar
VIEsVariable interest entities
3


Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This 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," "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.
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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 EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Sales$3,029.8  $3,620.0  $5,567.6  $6,420.1  
Excise taxes(526.4) (671.7) (961.4) (1,168.5) 
Net sales2,503.4  2,948.3  4,606.2  5,251.6  
Cost of goods sold(1,456.6) (1,759.8) (2,935.6) (3,172.8) 
Gross profit1,046.8  1,188.5  1,670.6  2,078.8  
Marketing, general and administrative expenses(524.5) (769.7) (1,154.2) (1,424.9) 
Special items, net(64.3) 49.9  (150.9) 36.9  
Operating income (loss)458.0  468.7  365.5  690.8  
Interest income (expense), net(69.7) (65.6) (138.6) (138.9) 
Other pension and postretirement benefits (costs), net7.6  8.4  15.1  17.0  
Other income (expense), net5.8  (10.9) 1.0  13.0  
Income (loss) before income taxes401.7  400.6  243.0  581.9  
Income tax benefit (expense)(204.5) (70.4) (161.2) (102.6) 
Net income (loss)197.2  330.2  81.8  479.3  
Net (income) loss attributable to noncontrolling interests(2.2) (0.8) (3.8) 1.5  
Net income (loss) attributable to Molson Coors Beverage Company$195.0  $329.4  $78.0  $480.8  
    
Net income (loss) attributable to Molson Coors Beverage Company per share:
Basic$0.90  $1.52  $0.36  $2.22  
Diluted $0.90  $1.52  $0.36  $2.22  
Weighted-average shares outstanding:
Basic216.9  216.6  216.8  216.6  
Dilutive effect of share-based awards0.1  0.3  0.2  0.3  
Diluted217.0  216.9  217.0  216.9  
Anti-dilutive securities excluded from the computation of diluted EPS2.3  1.3  2.1  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 EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net income (loss) including noncontrolling interests$197.2  $330.2  $81.8  $479.3  
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments119.7  42.1  (253.8) 113.6  
Unrealized gain (loss) on derivative instruments(0.7) (38.3) (128.6) (68.0) 
Reclassification of derivative (gain) loss to income(1.1) (0.3) (1.1) (0.2) 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income(1.9) (0.5) (3.2) (1.1) 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)0.8  0.8  1.5  1.8  
Total other comprehensive income (loss), net of tax116.8  3.8  (385.2) 46.1  
Comprehensive income (loss)314.0  334.0  (303.4) 525.4  
Comprehensive (income) loss attributable to noncontrolling interests(3.3) (0.5) (2.0) 1.6  
Comprehensive income (loss) attributable to Molson Coors Beverage Company$310.7  $333.5  $(305.4) $527.0  
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
 June 30, 2020December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$780.8  $523.4  
Accounts receivable, net713.7  714.8  
Other receivables, net129.1  105.5  
Inventories, net639.1  615.9  
Other current assets, net280.0  224.8  
Total current assets2,542.7  2,184.4  
Properties, net4,344.0  4,546.5  
Goodwill7,561.8  7,631.4  
Other intangibles, net13,384.0  13,656.0  
Other assets806.3  841.5  
Total assets$28,638.8  $28,859.8  
Liabilities and equity  
Current liabilities:  
Accounts payable and other current liabilities$3,192.7  $2,767.3  
Current portion of long-term debt and short-term borrowings613.0  928.2  
Total current liabilities3,805.7  3,695.5  
Long-term debt8,073.7  8,109.5  
Pension and postretirement benefits694.7  716.6  
Deferred tax liabilities2,218.5  2,258.6  
Other liabilities578.2  406.5  
Total liabilities15,370.8  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: 206.0 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 capital6,786.3  6,773.6  
Retained earnings7,571.2  7,617.0  
Accumulated other comprehensive income (loss)(1,545.6) (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' equity13,002.9  13,419.4  
Noncontrolling interests265.1  253.7  
Total equity13,268.0  13,673.1  
Total liabilities and equity$28,638.8  $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)
 Six Months Ended
 June 30, 2020June 30, 2019
Cash flows from operating activities:  
Net income (loss) including noncontrolling interests$81.8  $479.3  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: 
Depreciation and amortization494.2  429.7  
Amortization of debt issuance costs and discounts4.0  7.5  
Share-based compensation11.8  18.6  
(Gain) loss on sale or impairment of properties and other assets, net7.7  (67.7) 
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net40.9  (12.4) 
Income tax (benefit) expense161.2  102.6  
Income tax (paid) received(16.7) (41.4) 
Interest expense, excluding interest amortization136.0  140.5  
Interest paid(129.8) (140.9) 
Change in current assets and liabilities and other268.8  (87.8) 
Net cash provided by (used in) operating activities1,059.9  828.0  
Cash flows from investing activities:  
Additions to properties(345.1) (310.5) 
Proceeds from sales of properties and other assets3.0  99.9  
Other0.6  42.8  
Net cash provided by (used in) investing activities(341.5) (167.8) 
Cash flows from financing activities:  
Exercise of stock options under equity compensation plans4.0  1.4  
Dividends paid(125.3) (177.4) 
Payments on debt and borrowings(507.6) (1,070.8) 
Proceeds on debt and borrowings1.0    
Net proceeds from (payments on) revolving credit facilities and commercial paper199.8  (1.9) 
Change in overdraft balances and other(21.7) 12.8  
Net cash provided by (used in) financing activities(449.8) (1,235.9) 
Cash and cash equivalents:  
Net increase (decrease) in cash and cash equivalents268.6  (575.7) 
Effect of foreign exchange rate changes on cash and cash equivalents(11.2) 8.0  
Balance at beginning of year523.4  1,057.9  
Balance at end of period$780.8  $490.2  
See notes to unaudited condensed consolidated financial statements.
8


MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND NONCONTROLLING INTERESTS
(IN MILLIONS)
(UNAUDITED)
 Molson Coors Beverage Company Stockholders' Equity 
  AccumulatedCommon stock 
 Common stockExchangeableotherheld inNon
 issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class Binterests
As of March 31, 2019$13,888.1  $  $2.0  $103.2  $557.6  $6,776.2  $7,862.4