Special Items

9 Months Ended

Sep. 30, 2022

Unusual or Infrequent Items, or Both [Abstract]

Special Items

Special Items

We incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we separately classified these charges (benefits) as special items.

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(In millions)
Employee-related charges
Restructuring	$	(0.5)	$	2.0	$	—	$	9.3
Impairments or asset abandonment charges
Americas - Asset abandonment(1)	—		5.2		1.0		10.8
Americas - Impairment losses(2)	—		—		28.6		—
EMEA&APAC - Asset abandonment	—		1.6		0.1		6.3
Termination fees and other (gains) losses
Americas	0.1		—		(3.1)		0.4
EMEA&APAC(3)	(4.9)		(11.4)		(3.7)		(9.5)
Total Special items, net	$	(5.3)	$	(2.6)	$	22.9	$	17.3

(1)During the three and nine months ended September 30, 2021, we incurred asset abandonment charges, primarily related to the accelerated depreciation in excess of normal depreciation as a result of the Montreal brewery closure, which occurred in the fourth quarter of 2021.

(2)During the first quarter of 2022, we identified a triggering event related to the Truss joint venture asset group within our Americas segment and recognized an impairment loss of $28.6 million, of which $12.1 million was attributable to the noncontrolling interest. The asset group was measured at fair value primarily using a market approach with Level 3 inputs. No triggering event or additional impairment occurred in the second or third quarters of 2022.

(3)The former Alton brewery site in the U.K. was divided into tranches with one tranche selling in the third quarter of 2021 resulting in a gain of $11.4 million and another tranche selling in the third quarter of 2022 resulting in a gain of $4.9 million.

In addition, during the nine months ended September 30, 2021, we recognized a loss of $1.9 million on the sale of a disposal group within our India business. The loss included the reclassification of the associated cumulative foreign currency translation adjustment losses from AOCI into special items, net at the time of sale.

Restructuring Activities

As part of our revitalization plan, announced in the fourth quarter of 2019, we established Chicago, Illinois as our Americas segment operational headquarters, closed our office in Denver, Colorado and consolidated certain administrative functions into our other existing office locations. As of December 31, 2021, restructuring charges associated with this plan were substantially complete. Refer to Part II - Item 8. Financial Statements and Supplementary Data, Note 7. "Special Items" in our Annual Report for further details of our revitalization plan. In addition, our restructuring activities include other strategic exit activities such as the disposal or wind down of certain brewery locations.

There were no material changes to our restructuring activities since December 31, 2021, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time.

The accrued restructuring balances as of September 30, 2022 represent expected future cash payments required to satisfy our remaining obligations, the majority of which we expect to be paid in the next 12 months.

	Americas		EMEA&APAC		Total
	(In millions)
As of December 31, 2021	$	10.9	$	1.5	$	12.4
Payments made	(5.4)		(0.6)		(6.0)
Foreign currency and other adjustments	(0.4)		(0.2)		(0.6)
As of September 30, 2022	$	5.1	$	0.7	$	5.8

	Americas		EMEA&APAC		Total
	(In millions)
As of December 31, 2020	$	24.5	$	2.0	$	26.5
Charges incurred and changes in estimates	8.2		1.1		9.3
Payments made	(20.4)		(1.9)		(22.3)
As of September 30, 2021	$	12.3	$	1.2	$	13.5