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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 September 30, 2022
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-20220930_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
111 Boulevard Robert-Bourassa, 9th Floor, Montréal, Québec, Canada
(Address of principal executive offices)
84-0178360
(I.R.S. Employer Identification No.)
80401
H3C 2M1
(Zip Code)

303-279-6565 (Colorado)
514-521-1786 (Québec)
(Registrant's telephone number, including area code)
_______________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ý
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of October 25, 2022:
Class A Common Stock — 2,562,506 shares
Class B Common Stock — 200,145,028 shares
Exchangeable shares:
As of October 25, 2022, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable shares — 2,717,367 shares
Class B Exchangeable shares — 11,083,834 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.

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MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
INDEX
Page
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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
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
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Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This Quarterly Report on Form 10-Q ("this report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.
Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements in Part I.—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report under the heading "Items Affecting Reported Results", with respect to the impact of the coronavirus pandemic on our operations, liquidity, financial condition and financial results, expectations regarding future dividends, overall volume trends, consumer preferences, pricing trends, industry forces, cost reduction strategies, including our revitalization plan, expectations of cost inflation, 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 in Part II.— Item IA. "Risk Factors" in this report and those described from time to time in our past and future reports filed with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report"). Caution should be taken not to place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Market and Industry Data
The market and industry data used in this report are based on independent industry publications, customers, trade or business organizations, reports by market research firms and other published statistical information from third parties (collectively, the “Third Party Information”), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.
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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 EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Sales$3,517.4 $3,435.4 $9,662.1 $9,255.5 
Excise taxes(582.2)(612.7)(1,590.6)(1,595.0)
Net sales2,935.2 2,822.7 8,071.5 7,660.5 
Cost of goods sold(1,951.5)(1,629.1)(5,340.0)(4,464.4)
Gross profit983.7 1,193.6 2,731.5 3,196.1 
Marketing, general and administrative expenses(660.0)(664.8)(2,043.3)(1,889.4)
Special items, net5.3 2.6 (22.9)(17.3)
Equity income (loss)1.1 — 3.7 — 
Operating income (loss)330.1 531.4 669.0 1,289.4 
Interest income (expense), net(58.7)(63.3)(188.6)(196.5)
Other pension and postretirement benefits (costs), net14.8 12.9 35.7 38.9 
Other income (expense), net(13.2)(0.4)(14.5)(2.3)
Income (loss) before income taxes273.0 480.6 501.6 1,129.5 
Income tax benefit (expense)(54.9)(26.8)(98.3)(203.4)
Net income (loss)218.1 453.8 403.3 926.1 
Net (income) loss attributable to noncontrolling interests(1.7)(0.8)11.9 (0.4)
Net income (loss) attributable to Molson Coors Beverage Company$216.4 $453.0 $415.2 $925.7 
    
Net income (loss) attributable to Molson Coors Beverage Company per share
Basic$1.00 $2.09 $1.91 $4.26 
Diluted $0.99 $2.08 $1.91 $4.26 
Weighted-average shares outstanding
Basic216.8 217.2 217.0 217.1 
Dilutive effect of share-based awards0.8 0.4 0.7 0.4 
Diluted217.6 217.6 217.7 217.5 
Anti-dilutive securities excluded from the computation of diluted EPS0.8 1.8 0.9 1.8 

See notes to unaudited condensed consolidated financial statements.

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MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN MILLIONS)
(UNAUDITED)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net income (loss) including noncontrolling interests$218.1 $453.8 $403.3 $926.1 
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments(317.2)(104.6)(536.3)(30.4)
Reclassification of cumulative translation adjustment to income (loss)— — 12.1 7.5 
Unrealized gain (loss) on derivative instruments29.7 5.5 154.1 48.7 
Reclassification of derivative (gain) loss to income (loss)0.6 1.0 9.7 4.9 
Pension and other postretirement benefit adjustments(43.9)— (43.9)— 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income (loss) and settlement(5.0)0.3 (6.8)0.9 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)0.3 0.4 10.6 1.2 
Total other comprehensive income (loss), net of tax(335.5)(97.4)(400.5)32.8 
Comprehensive income (loss)(117.4)356.4 2.8 958.9 
Comprehensive (income) loss attributable to noncontrolling interests0.3 0.2 15.9 0.1 
Comprehensive income (loss) attributable to Molson Coors Beverage Company$(117.1)$356.6 $18.7 $959.0 


See notes to unaudited condensed consolidated financial statements.

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MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT PAR VALUE)
(UNAUDITED)

 As of
 September 30, 2022December 31, 2021
Assets  
Current assets  
Cash and cash equivalents$525.2 $637.4 
Accounts receivable, net809.8 678.9 
Other receivables, net178.9 200.5 
Inventories, net866.8 804.7 
Other current assets, net368.7 457.2 
Total current assets2,749.4 2,778.7 
Properties, net4,057.9 4,192.4 
Goodwill6,133.3 6,152.6 
Other intangibles, net12,663.2 13,286.8 
Other assets1,104.7 1,208.5 
Total assets$26,708.5 $27,619.0 
Liabilities and equity  
Current liabilities  
Accounts payable and other current liabilities$3,086.2 $3,107.3 
Current portion of long-term debt and short-term borrowings505.0 514.9 
Total current liabilities3,591.2 3,622.2 
Long-term debt6,082.7 6,647.2 
Pension and postretirement benefits625.3 654.4 
Deferred tax liabilities2,727.6 2,704.6 
Other liabilities285.2 326.5 
Total liabilities13,312.0 13,954.9 
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 (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)
— — 
Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 210.3 shares and 210.1 shares, respectively)
2.1 2.1 
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
102.2 102.2 
Class B exchangeable shares, no par value (issued and outstanding: 11.1 shares and 11.1 shares, respectively)
417.2 417.8 
Paid-in capital6,994.1 6,970.9 
Retained earnings7,567.4 7,401.5 
Accumulated other comprehensive income (loss)(1,402.5)(1,006.0)
Class B common stock held in treasury at cost (10.2 shares and 9.5 shares, respectively)
(510.2)(471.4)
Total Molson Coors Beverage Company stockholders' equity13,170.3 13,417.1 
Noncontrolling interests226.2 247.0 
Total equity13,396.5 13,664.1 
Total liabilities and equity$26,708.5 $27,619.0 
See notes to unaudited condensed consolidated financial statements.
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MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
(UNAUDITED)
 Nine Months Ended
 September 30, 2022September 30, 2021
Cash flows from operating activities  
Net income (loss) including noncontrolling interests$403.3 $926.1 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities 
Depreciation and amortization515.6 604.2 
Amortization of debt issuance costs and discounts6.2 4.8 
Share-based compensation25.7 24.7 
(Gain) loss on sale or impairment of properties and other assets, net16.8 (10.2)
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net217.7 (312.1)
Equity (income) loss(3.7)— 
Income tax (benefit) expense98.3 203.4 
Income tax (paid) received(71.2)(92.3)
Interest expense, excluding amortization of debt issuance costs and discounts185.0 193.3 
Interest paid(211.5)(220.6)
Change in current assets and liabilities and other(64.7)(53.6)
Net cash provided by (used in) operating activities1,117.5 1,267.7 
Cash flows from investing activities  
Additions to properties(530.7)(363.4)
Proceeds from sales of properties and other assets22.1 24.1 
Other3.7 (13.8)
Net cash provided by (used in) investing activities(504.9)(353.1)
Cash flows from financing activities  
Exercise of stock options under equity compensation plans2.5 4.6 
Dividends paid(247.1)(73.9)
Payments on debt and borrowings(507.3)(1,005.0)
Proceeds on debt and borrowings7.0 — 
Purchases of treasury stock(38.8)— 
Net proceeds from (payments on) revolving credit facilities and commercial paper121.1 46.4 
Change in overdraft balances and other(10.2)(21.7)
Net cash provided by (used in) financing activities(672.8)(1,049.6)
Cash and cash equivalents  
Effect of foreign exchange rate changes on cash and cash equivalents(52.0)(18.8)
Net increase (decrease) in cash and cash equivalents(112.2)(153.8)
Balance at beginning of year637.4 770.1 
Balance at end of period$525.2 $616.3 

See notes to unaudited condensed consolidated financial statements.
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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 June 30, 2021$13,236.4 $— $2.1 $102.3 $417.8 $6,955.2 $7,016.9 $(1,038.1)$(471.4)$251.6 
Exchange of shares— — — (0.1)— 0.1 — — — — 
Amortization of share-based compensation8.2 — — — — 8.2 — — — — 
Net income (loss) including noncontrolling interests453.8 — — — — — 453.0 — — 0.8 
Other comprehensive income (loss), net of tax(97.4)— — — — — — (96.4)— (1.0)
Contributions from noncontrolling interests0.8 — — — — — — — — 0.8 
Distributions and dividends to noncontrolling interests(5.2)— — — — — — — — (5.2)
Dividends declared(74.1)— — — — — (74.1)— — — 
As of September 30, 2021$13,522.5 $— $2.1 $102.2 $417.8 $6,963.5 $7,395.8 $(1,134.5)$(471.4)$247.0 
  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 June 30, 2022$13,602.8 $— $2.1 $102.2 $417.2 $6,984.1 $7,433.8 $(1,069.0)$(497.6)$230.0 
Shares issued under equity compensation plan1.0 — — — — 1.0 — — — — 
Amortization of share-based compensation8.8 — — — — 8.8 — — — — 
Purchase of noncontrolling interest0.1 — — — — 0.2 — — — (0.1)
Net income (loss) including noncontrolling interests218.1 — — — — — 216.4 — — 1.7 
Other comprehensive income (loss), net of tax(335.5)— — — — — — (333.5)— (2.0)
Share repurchase program(12.6)— — — — — — — (12.6)— 
Contributions from noncontrolling interests0.8 — — — — — — — — 0.8 
Distributions and dividends to noncontrolling interests(4.2)— — — — — — — — (4.2)
Dividends declared(82.8)— — — — — (82.8)— — — 
As of September 30, 2022$13,396.5 $— $2.1 $102.2 $417.2 $6,994.1 $7,567.4 $(1,402.5)$(510.2)$226.2 
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 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 December 31, 2020$12,621.3 $— $2.1 $102.3 $417.8 $6,937.8 $6,544.2 $(1,167.8)$(471.4)$256.3 
Exchange of shares— — — (0.1)— 0.1 — — — — 
Shares issued under equity compensation plan0.6 — — — — 0.6 — — — — 
Amortization of share-based compensation24.7 — — — — 24.7 — — — — 
Purchase of noncontrolling interest(0.1)— — — — 0.3 — — — (0.4)
Net income (loss) including noncontrolling interests926.1 — — — — — 925.7 — — 0.4 
Other comprehensive income (loss), net of tax32.8 — — — — — — 33.3 — (0.5)
Contributions from noncontrolling interests2.5 — — — — — — — — 2.5 
Distributions and dividends to noncontrolling interests(11.3)— — — — — — — — (11.3)
Dividends declared(74.1)— — — — — (74.1)— — — 
As of September 30, 2021$13,522.5 $— $2.1 $102.2 $417.8 $6,963.5 $7,395.8 $(1,134.5)$(471.4)$247.0 
  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 December 31, 2021$13,664.1 $— $2.1 $102.2 $417.8 $6,970.9 $7,401.5 $(1,006.0)$(471.4)$247.0 
Exchange of shares— — — — (0.6)0.6 — — — — 
Shares issued under equity compensation plan(3.4)— — — — (3.4)— — — — 
Amortization of share-based compensation25.7 — — — — 25.7 — — — — 
Purchase of noncontrolling interest(1.4)— — — — 0.3 — — — (1.7)
Net income (loss) including noncontrolling interests403.3 — — — — — 415.2 — — (11.9)
Other comprehensive income (loss), net of tax(400.5)— — — — — — (396.5)— (4.0)
Share repurchase program(38.8)— — — — — — — (38.8)— 
Contributions from noncontrolling interests8.1 — — — — — — — — 8.1 
Distributions and dividends to noncontrolling interests(11.3)— — — — — — — — (11.3)
Dividends declared(249.3)— — — — — (249.3)— — — 
As of September 30, 2022$13,396.5 $— $2.1 $102.2 $417.2 $6,994.1 $7,567.4 $(1,402.5)$(510.2)$226.2 
See notes to unaudited condensed consolidated financial statements.
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MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. Our reporting segments include Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than the USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and RSD.
The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements".
The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Cost Inflation
We have been experiencing significant cost inflation, including higher material, transportation and energy costs, which negatively impacted our results of operations during the three and nine months ended September 30, 2022. We expect significant cost inflation to continue to have a negative impact on our results of operations for the remainder of 2022 and beyond. To the extent materials, transportation and energy prices continue to fluctuate, our business and financial results could be materially adversely impacted. We continue to monitor these risks and rely on our risk management hedging program, increased pricing to our customers, our premiumization strategy and cost savings programs to help mitigate some of the inflationary pressures. See Part I.—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, under the heading "Items Affecting Reported Results" for further discussion.
Coronavirus Global Pandemic
We have been actively monitoring the impact of the coronavirus pandemic since it started at the end of the first quarter of 2020. The extent to which our operations will continue to be impacted by the coronavirus pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including, but not limited to, the level of governmental or societal orders or restrictions on public gatherings and on-premise venues including any vaccine mandates or testing requirements, the severity and duration of the coronavirus pandemic by market including future outbreaks of variants, changes in consumer behavior, the rate of vaccination and the efficacy of vaccines against the coronavirus and related variants. We continue to actively monitor the ongoing evolution of the coronavirus pandemic and resulting impacts to our business. See Part I.—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, under the heading "Items Affecting Reported Results" for further discussion.
Dividends
On July 14, 2022, our Company's Board of Directors declared a cash dividend of $0.38 per share, paid on September 15, 2022, to shareholders of Class A and Class B common stock of record on September 2, 2022. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.49 per share. During the nine months ended September 30, 2022, dividends declared to eligible shareholders totaled $1.14 per share, with the CAD equivalent totaling CAD 1.45 per share.
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Share Repurchase Program
On February 17, 2022, our Company's Board of Directors approved a share repurchase program up to an aggregate of $200 million of our Company's Class B common stock through March 31, 2026, with repurchases primarily intended to offset annual employee equity award grants. For the three months ended September 30, 2022, we repurchased 230,000 shares under the share repurchase program at a weighted average price of $54.50 per share, including brokerage commissions, for an aggregate value of $12.6 million. For the nine months ended September 30, 2022, we repurchased 740,000 shares under the share repurchase program at a weighted average price of $52.36 per share, including brokerage commissions, for an aggregate value of $38.8 million.
Non-Cash Activity
Non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments of $2.8 million and $0.3 million for the nine months ended September 30, 2022 and September 30, 2021. See Note 4, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $149.8 million and $140.4 million during the nine months ended September 30, 2022 and September 30, 2021, respectively. In addition we had non-cash activities related to our non-cash issuances of share-based awards.
In June 2021, we rolled forward our July 2021 $250.0 million forward starting interest rate swap to May 2022 through a cashless settlement. The unrealized loss on the 2021 forward starting interest rate swap at the time of the transaction was factored into the effective interest rate assigned to the new May 2022 forward starting interest rate swap that was settled in late April 2022. See Note 11, "Derivative Instruments and Hedging Activities" for further details.
During the first quarter of 2022, we recorded a non-cash transaction related to the establishment of an accrued liability of $56.0 million as the best estimate of probable loss in the Keystone litigation case based on the jury verdict. See Note 12. "Commitments and Contingencies" for further details.
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 nine months ended September 30, 2022 and September 30, 2021, respectively.
Share-Based Compensation
During the nine months ended September 30, 2022 and September 30, 2021, we granted stock options, RSUs and PSUs to certain officers and other eligible employees, and recognized share-based compensation expense of $