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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, 2023
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, BC555, 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 2024TAP 24New 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 issuer's classes of common stock, as of October 26, 2023:
Class A Common Stock — 2,600,910 shares
Class B Common Stock — 200,955,118 shares
Exchangeable shares:
As of October 26, 2023, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable shares — 2,678,963 shares
Class B Exchangeable shares — 9,462,866 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.


Table of Contents
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
INDEX
Page
2

Table of Contents
Glossary of Terms and Abbreviations
AOCI    
Accumulated other comprehensive income (loss)
CAD    
Canadian Dollar
COGSCost of goods sold
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
LIBOR London Interbank Offered Rate
MG&AMarketing, general and administrative
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
RONRomanian Leu
RSD    
Serbian Dinar
RSUsRestricted stock units
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
Standard & Poor’sStandard and Poor’s Ratings Services, a nationally recognized statistical rating organization designated by the SEC
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 expectations of cost inflation, limited consumer disposable income, consumer preferences, overall volume and market share trends, pricing trends, industry forces, cost reduction strategies, shipment levels and profitability, the sufficiency of capital resources, anticipated results, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, market share and expectations regarding future dividends. 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, 2022 ("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, 2023September 30, 2022September 30, 2023September 30, 2022
Sales$3,905.6 $3,517.4 $10,551.5 $9,662.1 
Excise taxes(607.2)(582.2)(1,640.2)(1,590.6)
Net sales3,298.4 2,935.2 8,911.3 8,071.5 
Cost of goods sold(1,952.2)(1,951.5)(5,575.5)(5,340.0)
Gross profit1,346.2 983.7 3,335.8 2,731.5 
Marketing, general and administrative expenses(746.8)(660.0)(2,096.7)(2,043.3)
Other operating income (expense), net(12.7)5.3 (13.0)(22.9)
Equity income (loss)5.5 1.1 12.8 3.7 
Operating income (loss)592.2 330.1 1,238.9 669.0 
Interest income (expense), net(48.8)(58.7)(162.5)(188.6)
Other pension and postretirement benefits (costs), net2.5 14.8 7.7 35.7 
Other non-operating income (expense), net(1.9)(13.2)2.9 (14.5)
Income (loss) before income taxes544.0 273.0 1,087.0 501.6 
Income tax benefit (expense)(112.4)(54.9)(236.1)(98.3)
Net income (loss)431.6 218.1 850.9 403.3 
Net (income) loss attributable to noncontrolling interests(0.9)(1.7)(5.3)11.9 
Net income (loss) attributable to Molson Coors Beverage Company$430.7 $216.4 $845.6 $415.2 
    
Net income (loss) attributable to Molson Coors Beverage Company per share
Basic$1.99 $1.00 $3.91 $1.91 
Diluted $1.98 $0.99 $3.89 $1.91 
Weighted-average shares outstanding
Basic216.1 216.8 216.3 217.0 
Dilutive effect of share-based awards1.5 0.8 1.3 0.7 
Diluted217.6 217.6 217.6 217.7 

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, 2023September 30, 2022September 30, 2023September 30, 2022
Net income (loss) including noncontrolling interests$431.6 $218.1 $850.9 $403.3 
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments(152.6)(317.2)(25.1)(536.3)
Reclassification of cumulative translation adjustment(0.7) (0.7)12.1 
Unrealized gain (loss) on derivative instruments50.0 29.7 38.5 154.1 
Reclassification of derivative (gain) loss to income (loss) 0.6 1.0 9.7 
Net change in pension and other postretirement benefit assets and liabilities (43.9) (43.9)
Pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss)(2.8)(5.0)(8.5)(6.8)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)0.2 0.3 1.8 10.6 
Total other comprehensive income (loss), net of tax(105.9)(335.5)7.0 (400.5)
Comprehensive income (loss)325.7 (117.4)857.9 2.8 
Comprehensive (income) loss attributable to noncontrolling interests(0.2)0.3 (5.4)15.9 
Comprehensive income (loss) attributable to Molson Coors Beverage Company$325.5 $(117.1)$852.5 $18.7 


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, 2023December 31, 2022
Assets  
Current assets  
Cash and cash equivalents$801.7 $600.0 
Trade receivables, less allowance for doubtful accounts of $12.2 and $13.2, respectively
918.7 739.8 
Other receivables, net161.7 126.4 
Inventories, net852.6 792.9 
Other current assets, net353.1 378.9 
Total current assets3,087.8 2,638.0 
Properties, net4,268.2 4,222.8 
Goodwill5,320.8 5,291.9 
Other intangibles, net12,712.2 12,800.1 
Other assets1,179.4 915.5 
Total assets$26,568.4 $25,868.3 
Liabilities and equity  
Current liabilities  
Accounts payable and other current liabilities$3,358.9 $2,978.3 
Current portion of long-term debt and short-term borrowings878.8 397.1 
Total current liabilities4,237.7 3,375.4 
Long-term debt5,301.1 6,165.2 
Pension and postretirement benefits463.0 473.3 
Deferred tax liabilities2,706.8 2,646.4 
Other liabilities371.8 292.8 
Total liabilities13,080.4 12,953.1 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest28.2  
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: 212.4 shares and 210.5 shares, respectively)
2.1 2.1 
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)
100.8 102.2 
Class B exchangeable shares, no par value (issued and outstanding: 9.5 shares and 11.0 shares, respectively)
356.0 413.3 
Paid-in capital7,099.8 7,006.4 
Retained earnings7,470.0 6,894.1 
Accumulated other comprehensive income (loss)(1,198.6)(1,205.5)
Class B common stock held in treasury at cost (11.4 shares and 10.5 shares, respectively)
(584.1)(522.9)
Total Molson Coors Beverage Company stockholders' equity13,246.0 12,689.7 
Noncontrolling interests213.8 225.5 
Total equity13,459.8 12,915.2 
Total liabilities and equity$26,568.4 $25,868.3 
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, 2023September 30, 2022
Cash flows from operating activities  
Net income (loss) including noncontrolling interests$850.9 $403.3 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities 
Depreciation and amortization508.6 515.6 
Amortization of debt issuance costs and discounts4.4 6.2 
Share-based compensation34.1 25.7 
(Gain) loss on sale or impairment of properties and other assets, net8.2 16.8 
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net84.6 217.7 
Equity (income) loss(12.8)(3.7)
Income tax (benefit) expense236.1 98.3 
Income tax (paid) received(170.1)(71.2)
Interest expense, excluding amortization of debt issuance costs and discounts174.0 185.0 
Interest paid(201.5)(211.5)
Change in current assets and liabilities and other88.0 (64.7)
Net cash provided by (used in) operating activities1,604.5 1,117.5 
Cash flows from investing activities  
Additions to properties(494.1)(530.7)
Proceeds from sales of properties and other assets7.3 22.1 
Acquisition of business, net of cash acquired
(63.9) 
Other(117.8)3.7 
Net cash provided by (used in) investing activities(668.5)(504.9)
Cash flows from financing activities  
Exercise of stock options under equity compensation plans7.7 2.5 
Dividends paid(266.7)(247.1)
Payments for purchases of treasury stock(60.9)(38.8)
Payments on debt and borrowings(402.9)(507.3)
Proceeds on debt and borrowings7.0 7.0 
Net proceeds from (payments on) revolving credit facilities and commercial paper 121.1 
Other(12.8)(10.2)
Net cash provided by (used in) financing activities(728.6)(672.8)
Effect of foreign exchange rate changes on cash and cash equivalents(5.7)(52.0)
Net increase (decrease) in cash and cash equivalents201.7 (112.2)
Balance at beginning of year600.0 637.4 
Balance at end of period$801.7 $525.2 

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 B
interests(1)
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 
  Molson Coors Beverage Company Stockholders' Equity 
   AccumulatedCommon stock 
  Common stockExchangeableotherheld inNon
  issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
 TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of June 30, 2023$13,256.9 $ $2.1 $102.2 $380.7 $7,059.5 $7,129.3 $(1,093.4)$(549.6)$226.1 
Exchange of shares— — — (1.4)(24.7)26.1 — — — — 
Shares issued under equity compensation plan0.4 — — — — 0.4 — — — — 
Amortization of share-based compensation13.8 — — — — 13.8 — — — — 
Deconsolidation of VIE(8.8)— — — — — — — — (8.8)
Net income (loss) including noncontrolling interests431.9 — — — — — 430.7 — — 1.2 
Other comprehensive income (loss), net of tax(105.9)— — — — — — (105.2)— (0.7)
Share repurchase program(34.5)— — — — — — — (34.5)— 
Distributions and dividends to noncontrolling interests(4.0)— — — — — — — — (4.0)
Dividends declared(90.0)— — — — — (90.0)— — — 
As of September 30, 2023$13,459.8 $ $2.1 $100.8 $356.0 $7,099.8 $7,470.0 $(1,198.6)$(584.1)$213.8 
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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 B
interests(1)
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 
  Molson Coors Beverage Company Stockholders' Equity 
   AccumulatedCommon stock 
  Common stockExchangeableotherheld inNon
  issuedshares issuedPaid-in-Retainedcomprehensivetreasurycontrolling
 TotalClass AClass BClass AClass Bcapitalearningsincome (loss)Class B
interests(1)
As of December 31, 2022$12,915.2 $ $2.1 $102.2 $413.3 $7,006.4 $6,894.1 $(1,205.5)$(522.9)$225.5 
Exchange of shares— — — (1.4)(57.3)58.7 — — — — 
Shares issued under equity compensation plan0.6 — — — — 0.6 — — — — 
Amortization of share-based compensation34.1 — — — — 34.1 — — — — 
Deconsolidation of VIE(8.8)— — — — — — — — (8.8)
Net income (loss) including noncontrolling interests851.2 — — — — — 845.6 — — 5.6 
Other comprehensive income (loss), net of tax7.0 — — — — — — 6.9 — 0.1 
Share repurchase program(61.2)— — — — — — — (61.2)— 
Contributions from noncontrolling interests2.4 — — — — — — — — 2.4 
Distributions and dividends to noncontrolling interests(11.0)— — — — — — — — (11.0)
Dividends declared(269.7)— — — — — (269.7)— — — 
As of September 30, 2023$13,459.8 $ $2.1 $100.8 $356.0 $7,099.8 $7,470.0 $(1,198.6)$(584.1)$213.8 

(1) All activity included in the noncontrolling interests column of the condensed consolidated statements of stockholder's equity and noncontrolling interests excludes activity from our redeemable noncontrolling interest.

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, RON 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, 2022, 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, 2023 are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Cost Inflation
We have continued to incur significant cost inflation, including materials and manufacturing expenses, which negatively impacted our results of operations for the three and nine months ended September 30, 2023, although we have experienced some moderation in the recent period. While cost inflation has been high in all of our markets, the impact to COGS on a percentage basis was higher for our EMEA&APAC segment than our Americas segment. In addition, consumers in certain markets in our EMEA&APAC segment continued to be impacted by local inflation leading to a reduction in their discretionary purchases.
To the extent materials and manufacturing prices continue to fluctuate, our business and financial results could continue to 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. Even if we are able to raise the prices of our products, consumers might react negatively to such price increases, which could have a material adverse effect on, among other things, our brands, reputation and sales. If our competitors maintain or substantially lower their prices, we may lose customers or be forced to lower prices to remain competitive. Our profitability may be impacted by prices that do not offset the inflationary pressures, which would negatively impact gross margins. In addition, even if we increase the prices of our products in response to increases in the cost of commodities or other cost increases, we may not be able to sustain our price increases or customers may trade down to cheaper alternatives.
Anti-Dilutive Securities
Anti-dilutive securities excluded from the computation of diluted EPS were 0.3 million and 0.8 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and 0.6 million and 0.9 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.
Dividends
On July 13, 2023, our Company's Board of Directors declared a third quarter cash dividend of $0.41 per share, paid on September 15, 2023, to shareholders of Class A and Class B common stock of record on September 1, 2023. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.53 per share.
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During the nine months ended September 30, 2023, dividends declared to eligible shareholders were $1.23 per share, with the CAD equivalent equal to CAD 1.63 per share. Dividends declared to eligible shareholders were $0.38 per share, with the CAD equivalent equal to CAD 0.49 per share, and $1.14 per share, with the CAD equivalent equal to CAD 1.45 per share, during the three and nine months ended September 30, 2022, respectively.
Share Repurchase Program
During the first quarter of 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 the program primarily intended to offset annual employee equity award grants.
The following table presents the shares repurchased under the share repurchase program, excluding excise taxes, for the three and nine months ended September 30, 2023 and September 30, 2022:
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Shares repurchased505,000 230,000 980,000 740,000 
Weighted average price, including brokerage commissions$67.67 $54.50 $62.10 $52.36 
Aggregate value (in millions)$34.2 $12.6 $60.9 $38.8 
On September 29, 2023, our Company's Board of Directors approved a new share repurchase program authorizing the repurchase of up to an aggregate of $2.0 billion of our Class B common stock excluding brokerage commissions, with an expected program term of five years. This repurchase program replaces and supersedes any repurchase program previously approved by the Board, including the program approved during the first quarter of 2022. The number, price, structure and timing of the repurchases under the new program, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt arrangements and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not oblige us to acquire any particular amount of our Company's Class B common stock. The Board may suspend, modify or terminate the new repurchase program at any time without prior notice.
Non-Cash Activity
Non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $168.6 million and $149.8 million during the nine months ended September 30, 2023 and September 30, 2022, respectively. In addition, we had non-cash activities related to certain issuances of share-based awards.
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 the probable loss in the Keystone litigation case based on the jury verdict. During the nine months ended September 30, 2023, we recorded a non-cash transaction of $1.5 million in accrued interest associated with this accrued liability. See Note 10, "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 6, "Leases," there was no other significant non-cash activity during the nine months ended September 30, 2023 and September 30, 2022, respectively.
Share-Based Compensation
During the nine months ended September 30, 2023 and September 30, 2022, we granted stock options, RSUs and PSUs to certain officers and other eligible employees. We recognized share-based compensation expense of $13.8 million and $8.8 million during the three months ended September 30, 2023 and September 30, 2022, respectively, and $34.1 million and $25.7 million during the nine months ended September 30, 2023 and September 30, 2022, respectively.
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Supplier Financing
We are the buyer under a supplier finance program with Citibank N.A. ("Citi" or "the bank"), with $145.7 million and $135.2 million confirmed as valid and outstanding as of September 30, 2023 and December 31, 2022, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets. Under the program, we agree to pay the bank the stated amount of confirmed invoices from our designated suppliers on the original maturity dates of the invoices. We have no involvement in establishing the terms or conditions of the arrangement between the suppliers and the bank and do not participate in such transactions. Either Citi or us may terminate the agreement upon at least 30 days written notice. We do not provide secured legal assets or other forms of guarantees under the arrangement. Our current payment terms with the majority of the suppliers participating in the supplier finance program generally range from 60 to 120 days, which we deem to be commercially reasonable.
Acquisition
On August 7, 2023, we acquired a 75% equity interest in Blue Run Spirits, Inc. (“Blue Run”), a U.S. based high end whiskey business, for a purchase price of $78 million (subject to adjustment for net working capital), which included cash paid of $65 million. The acquisition is aligned with our strategy to expand beyond the beer aisle and enhance our presence in the spirits category.
The acquisition was accounted for as a business combination, with $88 million of consideration preliminarily allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to other working capital balances and goodwill for the amount in excess of net identifiable assets acquired. A noncontrolling interest was recognized at fair value based on a Monte Carlo simulation model and is recorded as redeemable noncontrolling interest in the unaudited condensed consolidated balance sheets based on the contractual terms of the agreement. Pro forma results of operations have not been presented as the impact is not material to our results of operation or financial position.
2. New Accounting Pronouncements
New Accounting Pronouncements Recently 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 was effective for all entities upon issuance on March 12, 2020 and remains effective through December 31, 2024. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. We have adopted this guidance and elected to apply certain optional expedients related to our derivative instruments with maturity dates extending beyond the discontinuance date of LIBOR. Specifically, in May 2023, we amended our 2026 forward starting interest rate swaps to replace LIBOR with SOFR and applied the optional expedients to account for the transition. None of the changes made as a result of reference rate reform had a material impact on our financial statements.
In September 2022, the FASB issued authoritative guidance intended to provide consistent and transparent disclosures for a buyer in a supplier finance program by requiring disclosures of key program terms, the amount of obligations that have been confirmed as valid with the finance provider that are deemed outstanding as of the end of the period, a description of the financial line item in which this unpaid balance resides and a rollforward of the obligations including the amount of obligations confirmed and paid. We adopted this guidance, with the exception of the rollforward disclosure requirement, in our quarterly report for the three months ended March 31, 2023. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for additional information on our supplier finance program. The rollforward disclosure requirement is effective for us in our annual report for the year ending December 31, 2024 and is required to be applied prospectively.
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, on our unaudited condensed consolidated financial statements.
3. Investments
Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable, respectively.
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Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container ("RMMC"), and Rocky Mountain Bottle Company ("RMBC"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI"), Brewers Distributor Ltd. ("BDL") and The Yuengling Company LLC ("TYC"), as well as other immaterial investments.
On August 3, 2023, we sold our 57.5% controlling interest in Truss LP ("Truss") in Canada to Tilray Brands for an immaterial amount and recognized a loss of $11.1 million within other operating income (expense), net in our unaudited condensed consolidated statements of operations upon deconsolidation of the business. Earlier in the year, on June 22, 2023, HEXO Corp, our joint venture partner in Truss, was acquired by Tilray Brands and this transaction had no impact on Molson Coors' ownership in the joint venture or on our consolidated results. Prior to the sale of our controlling interest, Truss was recorded as a consolidated VIE in comparative periods presented.
Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we had a guarantee liability of $32.9 million and $33.3 million recorded as of September 30, 2023 and December 31, 2022, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.
ZOA Energy, LLC
During the third quarter of 2023, we increased our investment in ZOA Energy, LLC (“ZOA”), an energy drink company operating in the U.S. and Canada, bringing our ownership interest to 40%, on a fully diluted basis. This increase in ownership resulted in the transition of accounting for our investment from the fair value method under ASC 321 to equity method investment accounting under ASC 323 on a prospective basis and the cash outflow associated with the investment is reflected within Other in the Investing activities section of the unaudited condensed consolidated statement of cash flows. Subsequent to the investment, the carrying value of our recorded ownership investment exceeds our ratable portion of underlying equity in the net assets of ZOA, and this basis difference has been fully allocated to equity method goodwill. Under our agreement, we hold an option to purchase incremental shares to increase our ownership to over 50% starting in September 2024 for a 90-day period, thereafter.
In addition to our investment, we have an agreement to distribute ZOA’s products in the U.S. ZOA affiliates accounts payable was not material as of September 30, 2023.
Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 As of
 September 30, 2023December 31, 2022
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$250.3 $20.4 $228.2 $21.2 
Other$5.2 $3.0 $43.3 $16.1 
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4. Inventories
 As of
 September 30, 2023December 31, 2022
(In millions)
Finished goods$296.3 $269.1 
Work in process100.9 71.9 
Raw materials294.7 290.4 
Packaging materials160.7 161.5 
Inventories, net$852.6 $792.9 
5. Goodwill and Intangible Assets
Goodwill
The changes in the gross carrying value of goodwill and accumulated impairment losses are presented in the table below by segment.
Americas
EMEA&APAC(1)
Consolidated
(In millions)
Gross carrying value of goodwill$6,790.4 $1,387.6 $8,178.0 
Accumulated impairment losses(1,498.5)(1,387.6)(2,886.1)
Balance as of December 31, 2022$5,291.9 $ $5,291.9 
Acquisition (2)
29.3  29.3 
Foreign currency translation, net(0.4) (0.4)
Gross carrying value of goodwill6,818.2 1,384.7 8,202.9 
Accumulated impairment losses(1,497.4)(1,384.7)(2,882.1)
Balance as of September 30, 2023$5,320.8 $ $5,320.8 
(1)The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020. Subsequent changes in the gross carrying value of goodwill and accumulated impairment loss balances are due to fluctuations in foreign currency exchange rates, which are presented net in the table above.
(2)Goodwill acquired in the Americas was related to the Blue Run acquisition as discussed above in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The goodwill acquired is not deductible for tax purposes.
Subsequent to taking a partial impairment as a result of the annual impairment test performed as of October 1, 2022, the Americas reporting unit goodwill balance was considered at risk of future impairment. The remaining goodwill is at risk in the event of significant unfavorable changes in assumptions including the forecasted future cash flows, terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flows analysis. We continue to build on the strength of our iconic core brands, increase our above premium portfolio and expand beyond the beer aisle. While progress has been made on this strategy, including the increasing proportion of our above premium portfolio over the last several years and the strengthening of our core brands, the growth targets included in management’s forecasted future cash flows are inherently at risk given that the strategies are still in progress. In addition, the growth targets factored in current expectations of the beer industry environment and broader macroeconomic conditions such as cost inflation for certain inputs, which could continue to put pressure on achieving key margin and cash flow projections into the future. Additionally, the fair value determinations are sensitive to further macroeconomic conditions, including the ongoing impacts of cost inflation, further increases to interest rates and other external industry factors impacting our business.
We determined that there was no triggering event that occurred during the nine months ended September 30, 2023 that would indicate the carrying value of our goodwill was greater than its fair value. Our annual impairment test as of October 1, 2023 is currently in progress, and we have not yet finalized our results. For all of the reasons described in the preceding paragraph, our goodwill balance continues to be at risk of future impairment.

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Intangible Assets, Other than Goodwill
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2023:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
 10 - 50
$4,934.9 $(1,561.1)$3,373.8 
License agreements and distribution rights
 10 - 20
201.9 (113.5)88.4 
Other
 5 - 40
84.6 (25.2)59.4 
Intangible assets not subject to amortization    
Brands Indefinite8,137.9 — 8,137.9 
Distribution networks Indefinite745.1 — 745.1 
Other Indefinite307.6 — 307.6 
Total $14,412.0 $(1,699.8)$12,712.2 
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization    
Brands
10 - 50
$4,861.1 $(1,416.7)$3,444.4 
License agreements and distribution rights
15 - 20
200.0 (108.0)92.0 
Other
5 - 40
88.8 (27.7)61.1 
Intangible assets not subject to amortization    
BrandsIndefinite8,148.6 — 8,148.6 
Distribution networksIndefinite746.4 — 746.4 
OtherIndefinite307.6 — 307.6 
Total $14,352.5 $(1,552.4)$12,800.1 
The changes in the gross carrying amounts of intangible assets from December 31, 2022 to September 30, 2023 are primarily driven by the acquired brand intangible asset related to Blue Run, and the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies.
Based on foreign exchange rates as of September 30, 2023, the estimated future amortization expense of intangible assets is as follows:
Fiscal yearAmount
(In millions)
2023 - remaining$52.4 
2024$208.4 
2025$208.4 
2026$189.9 
2027$125.5 
Amortization expense of intangible assets was $52.4 million and $51.8 million for the three months ended September 30, 2023 and September 30, 2022, respectively, and $154.9 million and $157.3 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.
As of the date of our annual impairment test of indefinite-lived intangible assets, performed as of October 1, 2022, the fair value of all indefinite-lived brands exceeded their respective carrying values by over 15%.

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No triggering events occurred during the nine months ended September 30, 2023 that would indicate the carrying value of our indefinite-lived or definite-lived intangible assets were greater than their fair value.
Fair Value Assumptions
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements.
6. Leases
Supplemental balance sheet information related to leases as of September 30, 2023 and December 31, 2022 was as follows:
As of
September 30, 2023December 31, 2022
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$199.8 $132.7 
Current operating lease liabilitiesAccounts payable and other current liabilities$48.1 $44.7 
Non-current operating lease liabilitiesOther liabilities162.0 99.3 
Total operating lease liabilities$210.1 $144.0 
Finance Leases
Finance lease right-of-use assetsProperties, net$45.8 $50.2 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$5.0 $5.3 
Non-current finance lease liabilitiesLong-term debt47.7 56.2 
Total finance lease liabilities$52.7 $61.5 
Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and September 30, 2022 was as follows:
Nine Months Ended
September 30, 2023September 30, 2022
(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$43.2 $38.9 
Operating cash flows from finance leases$2.8 $2.7 
Financing cash flows from finance leases$3.7 $3.0 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases$104.1 $40.4 
Finance leases$0.8 $3.7 

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7. Debt
Debt Obligations
As of
 September 30, 2023December 31, 2022
 (In millions)
Long-term debt
CAD 500 million 2.84% notes due July 2023(1)
$ $368.9 
EUR 800 million 1.25% notes due July 2024
845.8 856.4 
CAD 500 million 3.44% notes due July 2026
368.3 368.9 
$2.0 billion 3.0% notes due July 2026
2,000.0 2,000.0 
$1.1 billion 5.0% notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% notes due July 2046
1,800.0 1,800.0 
Finance leases52.7 61.5 
Other23.2 25.4 
Less: unamortized debt discounts and debt issuance costs(36.5)(39.7)
Total long-term debt (including current portion)6,153.5 6,541.4 
Less: current portion of long-term debt(852.4)(376.2)
Total long-term debt$5,301.1 $6,165.2 
Short-term borrowings(2)
26.4 20.9 
Current portion of long-term debt852.4 376.2 
Current portion of long-term debt and short-term borrowings$878.8 $397.1