00000245452023FYFALSEhttp://fasb.org/us-gaap/2023#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherOperatingIncomeExpenseNethttp://fasb.org/us-gaap/2023#OtherOperatingIncomeExpenseNethttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndOtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2023#DebtCurrenthttp://fasb.org/us-gaap/2023#DebtCurrenthttp://fasb.org/us-gaap/2023#LongTermDebtNoncurrenthttp://fasb.org/us-gaap/2023#LongTermDebtNoncurrent0.500000245452023-01-012023-12-310000024545country:CA2023-01-012023-12-310000024545us-gaap:CommonClassAMemberexch:XNYS2023-01-012023-12-310000024545us-gaap:CommonClassBMemberexch:XNYS2023-01-012023-12-310000024545tap:SeniorNotesDue2024Memberexch:XNYS2023-01-012023-12-3100000245452023-06-30iso4217:USD0000024545us-gaap:CommonClassAMember2024-02-13xbrli:shares0000024545us-gaap:CommonClassBMember2024-02-1300000245452022-01-012022-12-3100000245452021-01-012021-12-31iso4217:USDxbrli:shares00000245452023-12-3100000245452022-12-310000024545us-gaap:CommonClassAMember2023-12-310000024545us-gaap:CommonClassAMember2022-12-310000024545us-gaap:CommonClassBMember2023-12-310000024545us-gaap:CommonClassBMember2022-12-310000024545tap:ClassExchangeableSharesMember2022-12-310000024545tap:ClassExchangeableSharesMember2023-12-310000024545tap:ClassBExchangeableSharesMember2022-12-310000024545tap:ClassBExchangeableSharesMember2023-12-3100000245452021-12-3100000245452020-12-310000024545us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310000024545us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2020-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2020-12-310000024545us-gaap:AdditionalPaidInCapitalMember2020-12-310000024545us-gaap:RetainedEarningsMember2020-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000024545us-gaap:TreasuryStockCommonMember2020-12-310000024545us-gaap:NoncontrollingInterestMember2020-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2021-01-012021-12-310000024545us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000024545us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000024545us-gaap:RetainedEarningsMember2021-01-012021-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000024545us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310000024545us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2021-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2021-12-310000024545us-gaap:AdditionalPaidInCapitalMember2021-12-310000024545us-gaap:RetainedEarningsMember2021-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000024545us-gaap:TreasuryStockCommonMember2021-12-310000024545us-gaap:NoncontrollingInterestMember2021-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2022-01-012022-12-310000024545us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000024545us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000024545us-gaap:RetainedEarningsMember2022-01-012022-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000024545us-gaap:TreasuryStockCommonMember2022-01-012022-12-310000024545us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310000024545us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2022-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2022-12-310000024545us-gaap:AdditionalPaidInCapitalMember2022-12-310000024545us-gaap:RetainedEarningsMember2022-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000024545us-gaap:TreasuryStockCommonMember2022-12-310000024545us-gaap:NoncontrollingInterestMember2022-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2023-01-012023-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2023-01-012023-12-310000024545us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000024545us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000024545us-gaap:RetainedEarningsMember2023-01-012023-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000024545us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000024545us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310000024545us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310000024545tap:ClassExchangeableSharesMemberus-gaap:CommonStockMember2023-12-310000024545us-gaap:CommonStockMembertap:ClassBExchangeableSharesMember2023-12-310000024545us-gaap:AdditionalPaidInCapitalMember2023-12-310000024545us-gaap:RetainedEarningsMember2023-12-310000024545us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000024545us-gaap:TreasuryStockCommonMember2023-12-310000024545us-gaap:NoncontrollingInterestMember2023-12-310000024545tap:BlueRunSpiritsIncMember2023-08-07xbrli:pure0000024545tap:BlueRunSpiritsIncMember2023-08-072023-08-070000024545srt:MinimumMember2023-12-310000024545srt:MaximumMember2023-12-3100000245452023-11-092023-11-09iso4217:CADxbrli:shares0000024545tap:ForwardStartingInterestRateSwapMember2021-06-300000024545tap:StoneBrewingCompanyVsMCBCMember2022-03-310000024545tap:StoneBrewingCompanyVsMCBCMember2023-01-012023-12-310000024545tap:StoneBrewingCompanyVsMCBCMember2022-01-012022-12-310000024545us-gaap:BuildingAndBuildingImprovementsMembersrt:MinimumMember2023-12-310000024545us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2023-12-310000024545us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2023-12-310000024545srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2023-12-310000024545us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MinimumMember2023-12-310000024545us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2023-12-310000024545tap:ReturnableBottlesMember2023-12-310000024545tap:ReturnablePalletsMember2023-12-310000024545tap:CratesMember2023-12-310000024545tap:ReturnableKegsMember2023-12-310000024545tap:DispensingEquipmentMember2023-12-31tap:reportingUnit0000024545us-gaap:SubsequentEventMember2024-02-132024-02-130000024545tap:BRIBDLMember2023-12-310000024545tap:BRIBDLMember2022-12-310000024545tap:BriMember2023-12-310000024545tap:BdlMember2023-01-012023-12-31tap:member0000024545tap:BdlMember2023-12-310000024545tap:ZOAEnergyLLCMember2023-12-310000024545tap:TheYuenglingCompanyLLCMember2020-09-30tap:state0000024545tap:TheYuenglingCompanyLLCMember2022-10-012022-12-310000024545tap:BriMemberus-gaap:RelatedPartyMember2023-12-310000024545tap:BriMemberus-gaap:RelatedPartyMember2022-12-310000024545us-gaap:RelatedPartyMembertap:BdlMember2023-12-310000024545us-gaap:RelatedPartyMembertap:BdlMember2022-12-310000024545us-gaap:RelatedPartyMembertap:OtherMember2023-12-310000024545us-gaap:RelatedPartyMembertap:OtherMember2022-12-310000024545us-gaap:RelatedPartyMember2023-12-310000024545us-gaap:RelatedPartyMember2022-12-310000024545tap:RockyMountainMetalContainerMember2023-01-012023-12-310000024545tap:RockyMountainBottleCompanyMember2023-01-012023-12-310000024545tap:CobraMember2023-01-012023-12-3100000245452023-08-032023-08-030000024545tap:VariableInterestEntityPrimaryBeneficiaryRMMCRMBCMember2023-12-310000024545tap:VariableInterestEntityPrimaryBeneficiaryRMMCRMBCMember2022-12-310000024545tap:VariableInterestEntityPrimaryBeneficiaryOtherMember2023-12-310000024545tap:VariableInterestEntityPrimaryBeneficiaryOtherMember2022-12-310000024545us-gaap:LandAndLandImprovementsMember2023-12-310000024545us-gaap:LandAndLandImprovementsMember2022-12-310000024545us-gaap:BuildingAndBuildingImprovementsMember2023-12-310000024545us-gaap:BuildingAndBuildingImprovementsMember2022-12-310000024545us-gaap:MachineryAndEquipmentMember2023-12-310000024545us-gaap:MachineryAndEquipmentMember2022-12-310000024545us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310000024545us-gaap:ComputerSoftwareIntangibleAssetMember2022-12-310000024545us-gaap:ConstructionInProgressMember2023-12-310000024545us-gaap:ConstructionInProgressMember2022-12-310000024545us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2023-12-310000024545us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2022-12-310000024545tap:AmericasReportingUnitMember2021-12-310000024545tap:EMEAAPACMember2021-12-310000024545tap:AmericasReportingUnitMember2022-01-012022-12-310000024545tap:EMEAAPACMember2022-01-012022-12-310000024545tap:AmericasReportingUnitMember2022-12-310000024545tap:EMEAAPACMember2022-12-310000024545tap:AmericasReportingUnitMember2023-01-012023-12-310000024545tap:EMEAAPACMember2023-01-012023-12-310000024545tap:AmericasReportingUnitMember2023-12-310000024545tap:EMEAAPACMember2023-12-310000024545tap:BrandsMembersrt:MinimumMember2023-12-310000024545tap:BrandsMembersrt:MaximumMember2023-12-310000024545tap:BrandsMember2023-12-310000024545us-gaap:DistributionRightsMembersrt:MinimumMember2023-12-310000024545us-gaap:DistributionRightsMembersrt:MaximumMember2023-12-310000024545us-gaap:DistributionRightsMember2023-12-310000024545us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2023-12-310000024545us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2023-12-310000024545us-gaap:OtherIntangibleAssetsMember2023-12-310000024545tap:BrandsMember2023-12-310000024545tap:DistributionNetworksMember2023-12-310000024545us-gaap:OtherIntangibleAssetsMember2023-12-310000024545tap:BrandsMembersrt:MinimumMember2022-12-310000024545tap:BrandsMembersrt:MaximumMember2022-12-310000024545tap:BrandsMember2022-12-310000024545us-gaap:DistributionRightsMembersrt:MinimumMember2022-12-310000024545us-gaap:DistributionRightsMembersrt:MaximumMember2022-12-310000024545us-gaap:DistributionRightsMember2022-12-310000024545us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2022-12-310000024545us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2022-12-310000024545us-gaap:OtherIntangibleAssetsMember2022-12-310000024545tap:BrandsMember2022-12-310000024545tap:DistributionNetworksMember2022-12-310000024545us-gaap:OtherIntangibleAssetsMember2022-12-3100000245452023-10-010000024545tap:AmericasReportingUnitMember2023-10-010000024545tap:AmericasReportingUnitMember2022-10-010000024545tap:EMEAAPACMember2023-10-012023-10-010000024545tap:EMEAAPACMembertap:BrandsMember2023-12-310000024545tap:EMEAAPACMember2023-10-010000024545tap:EMEAAPACMember2022-10-0100000245452022-10-010000024545tap:ImpairmentLossesMembertap:AmericasSegmentMember2022-01-012022-12-310000024545us-gaap:RailroadTransportationEquipmentMember2023-12-310000024545tap:CAD500million2.84notesdue2023Member2022-12-31iso4217:CAD0000024545us-gaap:SeniorNotesMembertap:CAD500million2.84notesdue2023Member2022-12-310000024545tap:EUR800million1.25notesdue2024Member2023-12-31iso4217:EUR0000024545us-gaap:SeniorNotesMembertap:EUR800million1.25notesdue2024Member2023-12-310000024545us-gaap:SeniorNotesMembertap:EUR800million1.25notesdue2024Member2022-12-310000024545tap:CAD500million3.44notesdue2026Member2023-12-310000024545us-gaap:SeniorNotesMembertap:CAD500million3.44notesdue2026Member2023-12-310000024545us-gaap:SeniorNotesMembertap:CAD500million3.44notesdue2026Member2022-12-310000024545tap:A20Billion30NotesDue2026Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A20Billion30NotesDue2026Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A20Billion30NotesDue2026Member2022-12-310000024545tap:A11Billion50NotesDue2042Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A11Billion50NotesDue2042Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A11Billion50NotesDue2042Member2022-12-310000024545tap:A1.8billion4.2notesdue2046Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A1.8billion4.2notesdue2046Member2023-12-310000024545us-gaap:SeniorNotesMembertap:A1.8billion4.2notesdue2046Member2022-12-310000024545tap:OtherLongTermDebtMember2023-12-310000024545tap:OtherLongTermDebtMember2022-12-310000024545tap:TwoThousandSixteenNotesMember2023-12-310000024545tap:MaturingJuly152023andJuly152026Memberus-gaap:InterestRateSwapMemberus-gaap:SeniorNotesMember2015-01-012015-12-310000024545tap:MaturingJuly152023andJuly152026Member2023-01-012023-12-310000024545tap:CAD500million2.84notesdue2023Member2023-07-150000024545us-gaap:SeniorNotesMember2012-05-030000024545us-gaap:SeniorNotesMember2023-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMember2023-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMember2022-12-310000024545tap:USDCADAndGBPOverdraftFacilityMember2023-12-310000024545tap:USDCADAndGBPOverdraftFacilityMember2022-12-310000024545tap:LineOfCreditCadMember2023-01-012023-12-310000024545tap:LineOfCreditGbpMember2023-12-31iso4217:GBP0000024545tap:LineOfCreditGbpMember2023-01-012023-12-310000024545tap:LineOfCreditUSDMember2023-12-310000024545tap:LineOfCreditUSDMember2023-01-012023-12-310000024545us-gaap:RevolvingCreditFacilityMember2023-06-260000024545us-gaap:RevolvingCreditFacilityMember2023-06-250000024545us-gaap:RevolvingCreditFacilityMemberus-gaap:CommercialPaperMember2023-12-310000024545us-gaap:RevolvingCreditFacilityMemberus-gaap:StandbyLettersOfCreditMember2023-12-310000024545us-gaap:RevolvingCreditFacilityMember2023-04-012023-06-300000024545us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-12-310000024545us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000024545us-gaap:CommercialPaperMember2023-12-310000024545us-gaap:CommercialPaperMember2022-12-310000024545us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembertap:QuarterEndingDecember312021Member2023-01-012023-12-310000024545tap:EUR800million1.25notesdue2024Member2016-12-310000024545us-gaap:CrossCurrencyInterestRateContractMember2019-12-310000024545us-gaap:SeniorNotesMembertap:A1.0billion2.10notesdue2021Member2021-07-310000024545us-gaap:SeniorNotesMembersrt:ParentCompanyMembertap:A1.0billion2.10notesdue2021Member2021-07-310000024545us-gaap:CrossCurrencyInterestRateContractMember2021-07-012021-07-310000024545tap:ForwardStartingInterestRateSwapMember2018-12-310000024545tap:A500Million35NotesDue2022Member2022-04-300000024545tap:ForwardStartingInterestRateSwapMember2015-12-310000024545tap:ForwardStartingInterestRateSwapMember2015-01-012015-12-310000024545us-gaap:SeniorNotesMembertap:CAD500million3.44notesdue2026Member2015-01-012015-12-310000024545tap:ForwardStartingInterestRateSwapMember2023-12-310000024545us-gaap:ForeignExchangeForwardMember2023-01-012023-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2023-06-300000024545us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024545us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000024545us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024545us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2022-12-310000024545us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024545us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000024545us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2023-12-310000024545us-gaap:NondesignatedMember2023-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:OtherNoncurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:ForeignExchangeForwardMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310000024545us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:OtherLiabilitiesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:OtherCurrentAssetsMemberus-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:CommodityOptionMemberus-gaap:NondesignatedMember2022-12-310000024545us-gaap:NondesignatedMember2022-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMemberus-gaap:InterestExpenseMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMember2023-01-012023-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMember2022-01-012022-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMember2021-01-012021-12-310000024545us-gaap:CashFlowHedgingMembertap:ForwardStartingInterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMember2021-01-012021-12-310000024545us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-12-310000024545us-gaap:CashFlowHedgingMember2021-01-012021-12-310000024545tap:EUR800million1.25notesdue2024Memberus-gaap:SeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-12-310000024545us-gaap:NetInvestmentHedgingMember2023-01-012023-12-310000024545tap:EUR800million1.25notesdue2024Memberus-gaap:SeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-12-310000024545us-gaap:NetInvestmentHedgingMember2022-01-012022-12-310000024545us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-12-310000024545tap:EUR800million1.25notesdue2024Memberus-gaap:SeniorNotesMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-12-310000024545us-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000024545us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-01-012023-12-310000024545us-gaap:CurrencySwapMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2023-01-012023-12-310000024545us-gaap:NondesignatedMember2023-01-012023-12-310000024545us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2022-01-012022-12-310000024545us-gaap:NondesignatedMember2022-01-012022-12-310000024545us-gaap:CostOfSalesMemberus-gaap:CommodityContractMemberus-gaap:NondesignatedMember2021-01-012021-12-310000024545us-gaap:CommodityOptionMemberus-gaap:CostOfSalesMemberus-gaap:NondesignatedMember2021-01-012021-12-310000024545us-gaap:WarrantMemberus-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:NondesignatedMember2021-01-012021-12-310000024545us-gaap:NondesignatedMember2021-01-012021-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000024545tap:DefinedbenefitplansandotherpostretirementbenefitplansMember2023-01-012023-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000024545tap:DefinedbenefitplansandotherpostretirementbenefitplansMember2022-01-012022-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000024545tap:DefinedbenefitplansandotherpostretirementbenefitplansMember2021-01-012021-12-310000024545tap:CanadianDefinedBenefitPensionPlansMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000024545tap:USDefinedBenefitPensionPlansMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2021-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000024545us-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000024545srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000024545srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000024545srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000024545srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000024545srt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000024545srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000024545tap:DeterminingPBOMembersrt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000024545tap:DeterminingPBOMembersrt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000024545tap:DeterminingPBOMembersrt:MaximumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000024545tap:DeterminingPBOMembersrt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000024545us-gaap:DefinedBenefitPlanEquitySecuritiesMember2023-12-310000024545us-gaap:FixedIncomeFundsMember2023-12-310000024545us-gaap:DefinedBenefitPlanRealEstateMember2023-12-310000024545tap:AnnuitiesAndLongevitySwapMember2023-12-310000024545us-gaap:OtherAssetsMember2023-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CollateralizedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CollateralizedSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:CollateralizedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Membertap:AnnuitiesAndLongevitySwapMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Membertap:RecoverableTaxesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanDebtSecurityMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2023-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:DefinedBenefitPlanCashMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:TradesAwaitingSettlementMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:BankTimeDepositsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:InterestAndInflationLinkedAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:AnnuitiesAndLongevitySwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Membertap:AnnuitiesAndLongevitySwapMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545tap:RecoverableTaxesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Membertap:RecoverableTaxesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanDebtSecurityMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2022-12-310000024545us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2022-12-310000024545us-gaap:FairValueInputsLevel3Member2021-12-310000024545us-gaap:FairValueInputsLevel3Member2022-01-012022-12-310000024545us-gaap:FairValueInputsLevel3Member2022-12-310000024545us-gaap:FairValueInputsLevel3Member2023-01-012023-12-310000024545us-gaap:FairValueInputsLevel3Member2023-12-310000024545tap:UKPensionPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000024545tap:CanadianDefinedBenefitPensionPlansMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000024545tap:UnitedStatesDefinedContributionPlanMember2023-01-012023-12-310000024545tap:UKDefinedContributionPlanMember2023-01-012023-12-310000024545tap:CanadaDefinedContributionPlanMember2023-01-012023-12-310000024545tap:AmericasReportingUnitMember2022-10-012022-12-3100000245452021-07-012021-09-3000000245452021-04-012021-06-300000024545srt:EuropeMembersrt:MinimumMember2023-01-012023-12-310000024545srt:MaximumMembersrt:EuropeMember2023-01-012023-12-310000024545us-gaap:DomesticCountryMemberus-gaap:GeneralBusinessMember2023-12-310000024545us-gaap:ForeignCountryMemberus-gaap:GeneralBusinessMember2023-12-3100000245452021-10-012021-12-310000024545srt:MinimumMember2023-01-012023-12-310000024545srt:MaximumMember2023-01-012023-12-310000024545srt:MaximumMembertap:KaiserPurchasedTaxCreditsIndemnityReserveCategoryTwoMember2023-12-310000024545tap:KaiserPurchasedTaxCreditsIndemnityReserveMember2023-12-310000024545tap:KaiserTaxCivilAndLaborIndemnityReserveMember2023-01-012023-12-310000024545tap:KaiserTaxCivilAndLaborIndemnityReserveMembersrt:MaximumMember2023-12-310000024545tap:KaiserTaxCivilAndLaborIndemnityReserveMember2023-12-310000024545tap:StoneBrewingCompanyVsMCBCMemberus-gaap:PendingLitigationMember2022-03-072022-03-070000024545tap:StoneBrewingCompanyVsMCBCMember2023-12-310000024545tap:StoneBrewingCompanyVsMCBCMember2022-12-310000024545tap:EnvironmentalMattersLowryMember1990-01-011990-12-310000024545tap:EnvironmentalMattersLowryMember2023-12-310000024545srt:MinimumMembertap:EnvironmentalMattersLowryMember2023-12-310000024545us-gaap:CommonClassAMember2020-12-310000024545us-gaap:CommonClassBMember2020-12-310000024545tap:ExchangeableStockClassMember2020-12-310000024545tap:ExchangeableStockClassBMember2020-12-310000024545us-gaap:CommonClassBMember2021-01-012021-12-310000024545us-gaap:CommonClassAMember2021-12-310000024545us-gaap:CommonClassBMember2021-12-310000024545tap:ExchangeableStockClassMember2021-12-310000024545tap:ExchangeableStockClassBMember2021-12-310000024545us-gaap:CommonClassBMember2022-01-012022-12-310000024545tap:ExchangeableStockClassBMember2022-01-012022-12-310000024545tap:ExchangeableStockClassMember2022-12-310000024545tap:ExchangeableStockClassBMember2022-12-310000024545us-gaap:CommonClassBMember2023-01-012023-12-310000024545tap:ExchangeableStockClassBMember2023-01-012023-12-310000024545tap:ExchangeableStockClassMember2023-12-310000024545tap:ExchangeableStockClassBMember2023-12-310000024545tap:ClassExchangeableSharesMember2023-01-012023-12-31tap:vote0000024545tap:ClassBExchangeableSharesMember2023-01-012023-12-310000024545us-gaap:CommonClassAMember2023-01-012023-12-31tap:director0000024545us-gaap:CommonClassBMember2023-09-290000024545us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2020-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentExcludingNetInvestmentHedgingAttributableToParentMember2021-01-012021-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2021-01-012021-12-310000024545tap:AOCIForeignCurrencyTranslationAdjustmentsToParentMember2021-01-012021-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentNetInvestmentHedgingAttributableToParentMember2021-01-012021-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2021-01-012021-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2021-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentExcludingNetInvestmentHedgingAttributableToParentMember2022-01-012022-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionAssetObligationMember2022-01-012022-12-310000024545tap:AOCIForeignCurrencyTranslationAdjustmentsToParentMember2022-01-012022-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentNetInvestmentHedgingAttributableToParentMember2022-01-012022-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2022-01-012022-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2022-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentExcludingNetInvestmentHedgingAttributableToParentMember2023-01-012023-12-310000024545tap:AOCIForeignCurrencyTranslationAdjustmentsToParentMember2023-01-012023-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000024545tap:AccumulatedForeignCurrencyAdjustmentNetInvestmentHedgingAttributableToParentMember2023-01-012023-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2023-01-012023-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000024545us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000024545tap:AccumulatedEquityMethodInvestmentAdjustmentAttributableToParentMember2023-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000024545us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-01-012023-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-01-012022-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-01-012021-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000024545us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000024545us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000024545tap:IncentiveCompensationPlanMember2023-12-31tap:plan0000024545tap:RsusMember2023-01-012023-12-310000024545tap:RsusMember2022-01-012022-12-310000024545tap:RsusMember2021-01-012021-12-310000024545tap:RsusMember2023-12-310000024545tap:RsusMember2022-12-310000024545tap:RsusMember2021-12-310000024545tap:PerformanceSharesPsusMember2023-01-012023-12-310000024545tap:PerformanceSharesPsusMember2022-01-012022-12-310000024545tap:PerformanceSharesPsusMember2021-01-012021-12-310000024545us-gaap:EmployeeStockOptionMember2023-01-012023-12-310000024545us-gaap:EmployeeStockOptionMember2022-01-012022-12-310000024545us-gaap:EmployeeStockOptionMember2021-01-012021-12-310000024545tap:OptionsSosarsRsusDsusPsusAndPuAwardsMember2023-01-012023-12-310000024545tap:OptionsSosarsRsusDsusPsusAndPuAwardsMember2022-01-012022-12-310000024545tap:OptionsSosarsRsusDsusPsusAndPuAwardsMember2021-01-012021-12-310000024545tap:RsusAndDsusMember2022-12-310000024545tap:PerformanceSharesPsusMember2022-12-310000024545tap:RsusAndDsusMember2023-01-012023-12-310000024545tap:RsusAndDsusMember2023-12-310000024545tap:PerformanceSharesPsusMember2023-12-310000024545tap:RsusAndDsusMember2022-01-012022-12-310000024545tap:RsusAndDsusMember2021-01-012021-12-310000024545us-gaap:EmployeeStockOptionMember2022-12-310000024545us-gaap:EmployeeStockOptionMember2023-12-310000024545tap:OptionsRSUsDSUsandPSUsAwardsMember2023-12-310000024545srt:MinimumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-12-310000024545srt:MaximumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-12-310000024545srt:MinimumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-12-310000024545srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-12-310000024545srt:MinimumMemberus-gaap:EmployeeStockOptionMember2021-01-012021-12-310000024545srt:MaximumMemberus-gaap:EmployeeStockOptionMember2021-01-012021-12-310000024545srt:MinimumMembertap:PerformanceSharesPsusMember2023-01-012023-12-310000024545srt:MaximumMembertap:PerformanceSharesPsusMember2023-01-012023-12-310000024545srt:MinimumMembertap:PerformanceSharesPsusMember2022-01-012022-12-310000024545srt:MaximumMembertap:PerformanceSharesPsusMember2022-01-012022-12-310000024545srt:MinimumMembertap:PerformanceSharesPsusMember2021-01-012021-12-310000024545srt:MaximumMembertap:PerformanceSharesPsusMember2021-01-012021-12-310000024545tap:DeferredStockUnitsMember2023-12-310000024545tap:OtherEmployeeRelatedCostsMember2023-01-012023-12-310000024545tap:OtherEmployeeRelatedCostsMember2022-01-012022-12-310000024545tap:OtherEmployeeRelatedCostsMember2021-01-012021-12-310000024545tap:AssetAbandonmentAndOtherMember2023-01-012023-12-310000024545tap:AssetAbandonmentAndOtherMember2022-01-012022-12-310000024545tap:AssetAbandonmentAndOtherMember2021-01-012021-12-310000024545tap:ImpairmentLossesMember2023-01-012023-12-310000024545tap:ImpairmentLossesMember2022-01-012022-12-310000024545tap:ImpairmentLossesMember2021-01-012021-12-310000024545tap:GainsAndLossesOnOtherDisposalsMember2023-01-012023-12-310000024545tap:GainsAndLossesOnOtherDisposalsMember2022-01-012022-12-310000024545tap:GainsAndLossesOnOtherDisposalsMember2021-01-012021-12-310000024545tap:AltonBreweryMember2021-07-012021-09-300000024545tap:AltonBreweryMember2022-07-012022-09-300000024545tap:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000024545us-gaap:CorporateNonSegmentMember2023-01-012023-12-310000024545us-gaap:IntersegmentEliminationMember2023-01-012023-12-310000024545tap:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-12-310000024545us-gaap:CorporateNonSegmentMember2022-01-012022-12-310000024545us-gaap:IntersegmentEliminationMember2022-01-012022-12-310000024545tap:AmericasSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000024545us-gaap:CorporateNonSegmentMember2021-01-012021-12-310000024545us-gaap:IntersegmentEliminationMember2021-01-012021-12-310000024545tap:AmericasSegmentMember2023-12-310000024545tap:AmericasSegmentMember2022-12-310000024545tap:AmericasSegmentMember2023-01-012023-12-310000024545tap:AmericasSegmentMember2022-01-012022-12-310000024545tap:AmericasSegmentMember2021-01-012021-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMember2023-01-012023-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMember2022-01-012022-12-310000024545tap:EuropeMiddleEastAfricaAndAsiaPacificSegmentMember2021-01-012021-12-310000024545tap:UnitedStatesAndTerritoriesMembertap:UnaffiliatedCustomersMember2023-01-012023-12-310000024545tap:UnitedStatesAndTerritoriesMembertap:UnaffiliatedCustomersMember2022-01-012022-12-310000024545tap:UnitedStatesAndTerritoriesMembertap:UnaffiliatedCustomersMember2021-01-012021-12-310000024545tap:UnaffiliatedCustomersMembercountry:CA2023-01-012023-12-310000024545tap:UnaffiliatedCustomersMembercountry:CA2022-01-012022-12-310000024545tap:UnaffiliatedCustomersMembercountry:CA2021-01-012021-12-310000024545country:GBtap:UnaffiliatedCustomersMember2023-01-012023-12-310000024545country:GBtap:UnaffiliatedCustomersMember2022-01-012022-12-310000024545country:GBtap:UnaffiliatedCustomersMember2021-01-012021-12-310000024545tap:OtherForeignCountriesMembertap:UnaffiliatedCustomersMember2023-01-012023-12-310000024545tap:OtherForeignCountriesMembertap:UnaffiliatedCustomersMember2022-01-012022-12-310000024545tap:OtherForeignCountriesMembertap:UnaffiliatedCustomersMember2021-01-012021-12-310000024545tap:UnaffiliatedCustomersMember2023-01-012023-12-310000024545tap:UnaffiliatedCustomersMember2022-01-012022-12-310000024545tap:UnaffiliatedCustomersMember2021-01-012021-12-310000024545tap:UnitedStatesAndTerritoriesMember2023-12-310000024545tap:UnitedStatesAndTerritoriesMember2022-12-310000024545country:CA2023-12-310000024545country:CA2022-12-310000024545country:GB2023-12-310000024545country:GB2022-12-310000024545tap:ChinaAndOtherForeignCountriesMember2023-12-310000024545tap:ChinaAndOtherForeignCountriesMember2022-12-3100000245452023-10-012023-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-01-012022-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-310000024545us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-01-012021-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 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
molsoncoorspreferredlogononta01.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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes     No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes     No 
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     No 
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     No 
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  Accelerated filer  Non-accelerated filer      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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 
The aggregate market value of the registrant's voting and non-voting common stock held by non-affiliates of the registrant at the close of business on the last trading day of the registrant's most recently completed second fiscal quarter, June 30, 2023, was approximately $12.0 billion based upon the last sales price reported for such date on the New York Stock Exchange and the Toronto Stock Exchange. For purposes of this disclosure, shares of common and exchangeable stock held by officers and directors of the registrant (and their respective affiliates) as of June 30, 2023, are excluded in that such persons may be deemed to be affiliates. This determination is not necessarily conclusive of affiliate status for other purposes.
The number of shares outstanding of each of the registrant's classes of common stock, as of February 13, 2024.
Class A Common Stock—2,563,034 shares            
Class B Common Stock—198,001,985 shares
Exchangeable shares:
As of February 13, 2024, the following number of exchangeable shares was outstanding for Molson Coors Canada, Inc.:
Class A Exchangeable Shares—2,678,963 shares
Class B Exchangeable Shares—9,362,866 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.
Documents Incorporated by Reference: Portions of the registrant's definitive proxy statement for the registrant's 2024 annual meeting of stockholders, which will be filed no later than 120 days after the close of the registrant's fiscal year ended December 31, 2023, are incorporated by reference under Part III of this Annual Report on Form 10-K.


Table of Contents
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
INDEX
   Page
 
 
 
 
 
 
 
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Form 10-K Summary
1

Table of Contents
Glossary of Terms and Abbreviations
AOCI    
Accumulated other comprehensive income (loss)
CAD    
Canadian dollar
CAD Prime
The base interest rate utilized by Canadian commercial banks
COGSCost of goods sold
CZKCzech Koruna
DBRS
Morningstar DBRS, a global credit rating agency in Toronto
DSUsDeferred stock units
EBITDAEarnings before interest, tax, depreciation and amortization
EPS    
Earnings per share
EROAAssumed long-term expected return on assets
EUREuro
EURIBOR
Euro Interbank Offered Rate
FASB    
Financial Accounting Standards Board
GBP    
British Pound
GBP Base Rate
The base interest rate set by the Bank of England
LIBOR    
London Interbank Offered Rate
MG&A    Marketing, general and administrative
Moody’s
Moody’s Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC
NAVNet asset value
OCIOther comprehensive income (loss)
OPEB    
Other postretirement benefit plans
PBOProjected benefit obligation
PSUsPerformance share units
RONRomanian leu
RSD    
Serbian Dinar
RSUsRestricted stock units
S&P 500Standard & Poor’s 500 Index®
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SONIA
Sterling Overnight Index Average
SKUStock-keeping unit
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
USD Prime
The base interest rate utilized by U.S. commercial banks
VIEsVariable interest entities
            
            

            
2

Table of Contents
Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
This Annual Report on Form 10-K ("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 II—Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, and 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, effective tax rate, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives and expectations regarding future dividends and share repurchases. 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 I—Item 1A. Risk Factors, elsewhere throughout this report and those described from time to time in our past and future reports filed with the SEC. 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.
Risks Factors Summary
The following is a summary of the principal risks that could materially adversely affect our business, financial condition or results of operations in future periods. The summary should be read together with the more detailed description of each risk factor described in Part I, Item 1A. Risk Factors of this report.
deterioration of general economic, political, credit and/or capital market conditions, including those caused by the ongoing conflict between Russia and Ukraine (which we refer to as "Russia-Ukraine conflict") or other geopolitical tensions;
our dependence on the global supply chain and significant exposure to changes in commodity and other input prices, and the impacts of supply chain constraints and inflationary pressures;
weak, or weakening of, economic, social or other conditions in the markets in which we do business, including cost inflation and reductions in discretionary consumer spending;
loss, operational disruptions or closure of a major brewery or other key facility, including those of our suppliers, due to unforeseen or catastrophic events or otherwise;
cybersecurity incidents impacting our information systems, and violations of data privacy laws and regulations;
our reliance on brand image, reputation, product quality and protection of intellectual property;
constant evolution of the global beer industry and the broader alcohol industry, and our position within the global beer industry and success of our products in our markets;
competition in our markets;
3

Table of Contents
our ability to successfully and timely innovate beyond beer;
changes in the social acceptability, perceptions and the political view of the beverage categories in which we operate, including alcohol;
artificial intelligence and machine learning risks and challenges;
labor strikes, work stoppages or other employee-related issues;
environmental, social and governance ("ESG") issues and regulations;
potential adverse impacts of climate change and other weather events;
inadequate supply or availability of quality water;
our dependence on key personnel;
our reliance on third-party service providers and internal and outsourced systems for our information technology and certain other administrative functions;
investment performance of pension plan holdings and other factors impacting related pension plan costs and contributions;
our debt level risks and operating covenants and restrictions;
deterioration in our credit rating;
default by, or failure of, our counterparty financial institutions;
impairments of the carrying value of our goodwill and other intangible assets;
the estimates and assumptions on which our financial projections are based may prove to be inaccurate;
our reliance on a small number of suppliers to obtain the input materials we need to operate our business;
termination or changes of one or more manufacturer, distribution, or production agreements, or issues caused by our dependence on the parties to these agreements;
unfavorable outcomes of legal or regulatory matters;
our operations in developing and emerging markets;
changes to the regulation of the distribution systems for our products;
our consolidated financial statements are subject to fluctuations in foreign exchange rates;
changes in tax, environmental, trade or other regulations or failure to comply with existing licensing, trade and other regulations;
risks associated with operating our joint ventures;
failure to successfully identify, complete or integrate attractive acquisitions and joint ventures into our existing operations;
the dependence of our U.S. business on independent distributors to sell our products, with no assurance that these distributors will effectively sell our products, and distributor consolidation in the U.S.;
government mandated changes to the retail distribution model resulting from new regulations on our Canada business;
indemnities provided to the purchaser of our previous interest in the Cervejarias Kaiser Brasil S.A. business in Brazil;
economic trends and intense competition in European markets;
the potential for Pentland and the Coors Trust to disagree on a matter submitted to our stockholders or the super-majority of the Board of Directors to disagree on certain actions;
the interests of the controlling stockholders may differ from those of other stockholders; and
shareholder activism efforts or unsolicited offers from a third-party.
4

Table of Contents
PART I
ITEM 1.    BUSINESS
Business Overview
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 its Americas and EMEA&APAC reporting segments. 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.
For over two centuries, we have been brewing beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madri, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our economy and value brands like Miller High Life and Keystone, we produce many beloved and iconic beer brands. While our Company’s history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits like Five Trail whiskey as well as non-alcoholic beverages. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
Our primary founders, the Molson, Coors and Miller families date back to over two centuries ago. Our commitment to producing the highest quality beers is a key part of our heritage and remains so to this day. Our brands are designed to appeal to a wide range of consumer tastes, styles and price preferences. Coors Brewing Company was incorporated in June 1913 under the laws of the state of Colorado. In October 2003, Coors Brewing Company merged with and into Adolph Coors Company, a Delaware corporation. In February 2005, Adolph Coors Company merged with Molson Inc. ("the Merger"). Upon completion of the Merger, Adolph Coors Company changed its name to Molson Coors Brewing Company. In 2008, Molson Coors Brewing Company and the former SABMiller plc formed the MillerCoors joint venture that combined their respective operations in the U.S. and Puerto Rico. In 2016, we acquired 100% of the outstanding equity and voting interests of MillerCoors, from SABMiller plc. In January 2020, we changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in connection with our expansion beyond the beer aisle.
In October 2023, we announced our Acceleration Plan, building off the successes achieved under the Revitalization Plan. The Acceleration Plan focuses on the execution of the following principal strategies: consistently grow our core power brand net sales, aggressively premiumize our portfolio, scale and expand in beyond beer, invest in our capabilities and support our people, communities and planet.
Our Segments
Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America. 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 regions. A separate operating team manages each segment and each segment manufactures, markets, distributes and sells beer as well as offers a modern and growing portfolio that expands beyond the beer aisle. No single customer accounted for more than 10% of our consolidated net sales for the years ended December 31, 2023, 2022 or 2021.
Americas Segment
Our Americas segment consists of the production, importing, marketing, distribution and sales of our brands as well as other owned and licensed brands in the U.S., Canada and various countries in the Caribbean, Latin and South America. We currently operate nine primary breweries, nine craft breweries and two container operations. We are North America's oldest beer company and the second largest brewer by volume in North America, representing approximately 23% of the total 2023 North America beer market, which is the largest region of our Americas segment. The Americas segment also includes partnership arrangements with Brewers' Retail Inc. ("BRI") for the distribution of beer in Ontario, Canada, and Brewers' Distributor Ltd. ("BDL") for the distribution of beer in the western provinces of Canada. In addition, we have an agreement with Heineken that grants us the right to produce, import, market, distribute and sell certain Heineken products in Canada. We also have authorizations from The Coca-Cola Company that grant us the right to produce, market, sell and distribute Topo Chico Hard Seltzer and Simply Spiked branded products in the U.S. and Canada, and Peace Hard Tea branded products in the U.S.
5

Table of Contents
We have agreements to brew, package and ship products for Pabst Brewing Company, LLC ("Pabst"), The Yuengling Company ("TYC") in the U.S. and an agreement with Labatt USA Operating Co, LLC to brew and package certain Labatt brands in Canada for export. The agreement with Pabst ends on December 31, 2024 and is expected to wind down through that time period.
EMEA&APAC Segment
The EMEA&APAC segment consists of the production, marketing and sales of our primary brands as well as other owned and licensed brands 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 regions. We currently operate eleven primary breweries, four craft breweries and one cidery. Our EMEA&APAC segment is Europe's second largest brewer by volume, on a combined basis, within the countries in which we operate, with an approximate aggregate 18% market share (excluding factored products which are beverage brands owned by other companies but sold and delivered to retail by us) in 2023. The majority of our EMEA&APAC segment sales are in the U.K., Croatia, Czech Republic and Romania with the U.K. representing over 55% of the segment's net sales in 2023.
Our portfolio includes beers that have the largest share in their respective countries, such as Carling in the U.K., Ožujsko in Croatia and Niksicko in Montenegro. We have beers that rank in the top five in market share in their respective segments throughout the region, such as Staropramen in the Czech Republic, Bergenbier in Romania, Jelen in Serbia, Borsodi in Hungary and Kamenitza in Bulgaria. Additionally, we sell Staropramen, Coors, Madri and Miller Genuine Draft in various countries. Our EMEA&APAC segment includes the sale of factored brands and our consolidated joint venture arrangement for the production and distribution of Cobra brands in the U.K.
Unallocated
We have certain activity that is not allocated to our segments, and primarily includes financing-related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances, realized and unrealized changes in fair value on instruments not designated in hedging relationships related to financing and other treasury-related activities and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment and all other components remain unallocated.
Industry Overview
The brewing industry has significantly evolved over the years to become an increasingly global and complex market as the consolidation of brewers globally has resulted in a small number of large global brewers representing the majority of the worldwide beer market. In addition to the consolidation of brewers and the acquisitive nature of the industry, exports, licensing and partnership arrangements continue to be used and these transactions typically occur between the same global competitors that make up the majority of the market. While the market is dominated by a small number of large global brewers, smaller local brewers continue to inhabit the market as consumers place value on locally-produced, regionally-sourced products from time to time.
Consumer trends and preferences continue to evolve. During 2023, in the U.S., we saw a shift in consumer purchasing behavior largely within the premium segment that drove an increase in our core power brands' net sales. In addition, consumers continue to push the industry toward above premium products, including flavored beverages, imports and beyond beer altogether. As the beer industry continues its diversification of its products to meet consumer demand with broadening preferences, we believe large global brewers are uniquely positioned to leverage the scale, depth of product portfolio and industry knowledge to continue to lead the market forward. We believe we are well positioned to compete in this continually evolving market, particularly in beer, flavor and beyond.
Our Products
We craft and distribute high-quality, innovative beverages with the purpose of uniting people to celebrate all life's moments. We have a diverse portfolio of beloved and iconic owned and partner brands including our core power brands of Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko. We continue to invest in and focus on growing these brands. In addition to these brands, we offer products in various categories like flavored malt beverages (which includes hard seltzers), craft, ready to drink beverages, spirits and energy beverages as well as beers in various price segments. We categorize our brands globally for consistency of reporting based on the following price segments: Above Premium, Premium and Economy. For example, our Above Premium classification includes brands that are sold at a price point higher than the market average. Price segment classifications may vary between the Americas and EMEA&APAC segments and the naming conventions and classifications may be different in the various countries that we operate based on local terminology.
6

Table of Contents
For example, in our EMEA&APAC segment, brands categorized in the Premium classification such as Carling would be described as core brands in the local market.
The following presents the primary brands sold:
Owned Brands
Above Premium Brands - Aspall Cider, Blue Moon, Coors Original, Five Trail, Hop Valley brands, Leinenkugel's brands, Madri, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, Vizzy Hard Seltzer
Premium - Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian brands, Niksicko, Ožujsko
Economy - Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, Steel Reserve
Partner Brands
Our partner brands are licensed through various agreements with third parties, such as license, distribution, partnership and joint venture agreements and include:
Arnold Palmer Spiked, Beck's, Blue Run, Cobra, Corona Extra, Heineken, Lowenbrau, Peroni Nastro Azurro, Pilsner Urquell, Redd's brands, Simply Spiked, Sol, Stella Artois, Topo Chico Hard Seltzer, ZOA
Competition
The beer industry is highly competitive and our portfolio of beers competes with numerous brands in all segments which are produced by international, national, regional and local brewers. Competitive factors impacting our business include, but are not limited to, brand recognition and loyalty, pricing, quality, advertising, marketing and promotional activity, packaging, product variety, and the ability to anticipate and respond to consumer tastes and preferences. We believe our brand portfolio gives us strong representation in all major beer categories. In the U.S. and Canada, we compete most directly with Anheuser-Busch InBev SA/NV ("ABI") brands, but we also compete with imports and other providers of craft beer and flavored malt beverages. In the European countries where we currently operate, our primary competitors are ABI, Asahi, Carlsberg and Heineken.
Our products also compete with other alcohol beverages, including wine and spirits, and thus their competitive position is affected by consumer preferences between and among these other categories. Sales of spirits have grown faster than sales of beer in recent years, driven by, among other things, increased spirits advertising, a narrowing price gap with spirits and the growth of spirits-based ready to drink products. This has resulted in a reduction in the beer segment's lead in the overall alcohol beverage market.
In addition, consumer preferences have continued to shift within the industry to above premium products, with volume growth in recent years seen in flavored malt beverages, imports and super premium portfolios. We believe accelerating our growth and increasing or maintaining our market share will require us to build on the strength of our core power brands, aggressively premiumize our portfolio and scale and expand in the fast-growing areas of the industry and beyond the beer aisle.
Sales and Distribution
Our go to market strategy differs between geographic regions due to the differences in regulations among those areas.
In the U.S., beer is generally distributed through a three-tier system consisting of manufacturers, distributors and retailers. A national network of independent distributors and one Company-owned distributor, Coors Distributing Company, purchases our products and distributes them to on- and off-premise retail accounts. No single customer accounted for more than 10% of our consolidated net sales for the years ended December 31, 2023, 2022 or 2021. Coors Distributing Company distributed approximately 5% of our total owned and non-owned Americas segment net sales for the year ended December 31, 2023. Transportation of our products to distributors in the U.S. is primarily contracted through third-party logistics providers and shipped by truckload. We have long-term contracts in place with third-party logistics providers to mitigate price fluctuations in freight costs. Transportation costs for shipping product throughout our network is related to contracted freight carriers or, if needed, through the spot bidding freight market. In the Americas, we have taken steps to diversify transportation modes to reduce the impact of truck market volatility including shipping via railcar and intermodal shipping containers.



7

Table of Contents
In Canada, because provincial governments regulate the beer industry and provincial liquor boards control the distribution and retail sale of alcohol products, distribution strategies and transportation of products vary by province. In Ontario, beer is primarily sold at retail outlets operated by BRI, at government-regulated retail outlets operated by the Liquor Control Board of Ontario ("LCBO"), at approved agents of the LCBO, at certain licensed grocery stores, or at any bar, restaurant, or tavern licensed by the LCBO to sell alcohol for on-premise consumption. In Québec, the distribution and sale of beer is governed by the Société des Alcools du Québec ("SAQ"). Beer is distributed to retail outlets directly by each brewer or through approved independent agents. Retail sales for off-premise consumption are made through grocery and convenience stores, as well as government operated outlets. BDL manages the distribution of our products throughout British Columbia, Alberta, Manitoba and Saskatchewan.  
In the Caribbean, Latin and South America, we use a combination of export models and license agreements to sell Blue Moon, Coors Light, Miller Genuine Draft, Miller High Life, Miller Lite and other brands. In our export model markets, we import beer from the U.S. and sell it through agreements with independent distributors. In license markets, we have established exclusive licensing agreements with brewers and distributors for the manufacturing and distribution of our products. In certain of our markets, we rely on a combination of these agreements.
In the European countries in which we operate, beer is generally distributed through either a two-tier system consisting of manufacturers and retailers, or a three-tier system consisting of manufacturers, distributors and retailers. Distribution activities for both the on- and off-premise channels are conducted primarily by third-party logistics providers. Most of our beer in the U.K. is sold directly to retailers. We have an agreement with Tradeteam Ltd. ("Tradeteam," a subsidiary of DHL) to provide the distribution of our products throughout the U.K. until April 2029. We utilize several hundred third-party logistics providers across our Central European operations. We also conduct a small amount of secondary distribution in several Central European countries utilizing our own fleet of vehicles. It is also common in the U.K. for brewers to distribute beer, wine, spirits and other products owned and produced by other companies, which we refer to as factored brands, to the on-premise channel (bars and restaurants). Approximately 17% of our EMEA&APAC segment net sales in 2023 represented factored brands.
In addition, we have an agreement with Heineken whereby they sell, market and distribute Coors in the Republic of Ireland, as well as agreements with ABI to brew and distribute Beck's, Stella Artois and Lowenbrau, and to distribute Hoegaarden, Leffe, and Corona in Central Europe.
Our operations in Africa, the Middle East and Asia Pacific include markets such as Australia, South Africa and South Korea, with the sale and distribution completed under local license agreements, through the export of our brands from our sites or contract manufacturing with sale through local distributors.
Channels
References to on- and off-premise sales volumes are sales to retailers, which we believe is a useful data point relative to consumer trends. The on-premise channel includes sales to bars, pubs and restaurants while the off-premise channel includes sales to convenience stores, grocery stores, liquor stores and other retail outlets including The Beer Store in Ontario, which is Canada's largest beer retailer. Industry channel trends vary by segment.
With the onset of the coronavirus pandemic during the year ended December 31, 2020, we experienced a significant adverse impact on the operating results of our Company resulting from the closure of the on-premise channel and increased restrictions which effectively shut down the on-premise channel for various portions of time across the geographies in which we operate. We began to see a progressive return to the on-premise channel at varying degrees across geographies throughout the years ended December 31, 2021 and 2022 and observed a more normalized level of on-premise volume during the year ended December 31, 2023. A more normalized level of STR volume from the on-premise channel, as observed during the year ended December 31, 2019 consisted of approximately 16% in the U.S. and Canada and approximately 61% in the U.K.
Manufacturing, Production and Packaging
Brewing Raw Materials
We use high quality ingredients to brew our products, including hops, water and barley, among others.
Hops used to brew our products are purchased under various contracts from suppliers in the U.S. and Europe primarily sourced from Germany, the U.K., Czech Republic and Slovenia. These contracts vary in length based on market conditions.



8

Table of Contents
In the Americas segment, we malt a majority of our production requirements in the U.S. and Canada, using barley purchased primarily under annual contracts from independent farmers located predominately in the western U.S. and Canadian Prairies. In addition, we source barley malt from three other commercial providers, from which we have a committed supply through 2025. Other brewing adjuncts are sourced from three main suppliers, all in the U.S. and Canada, with a portion of our supply committed through 2024 and a portion committed through 2025. Other malt and cereal grains are purchased primarily from suppliers in the U.S. and Canada.
In EMEA&APAC, during the year ended December 31, 2023, our malt requirements were sourced from third-party suppliers, with the majority of our brewing materials provided by suppliers based in Europe. We have multiple agreements with various suppliers that cover almost all of our total required malt, with terms ending in 2024 through 2027. Adjuncts are purchased under various contracts with local producers, which are typically crop year contracts commencing in October of each year.
In the U.S. and Canada, we both own and lease water rights, as well as purchase water through local municipalities and communities, to provide for and sustain brewing operations. In EMEA&APAC, water used in the brewing process is sourced through water rights for water wells, river water use or supply contracts with water suppliers.
We do not currently anticipate future difficulties in accessing water or agricultural products used in our brewing process in the near term.
Packaging Materials
Our primary packaging materials include aluminum, glass bottles, reusable kegs and casks, and recyclable plastic containers. We saw a shift back from aluminum cans to kegs during 2021 and 2022 as the on-premise progressively reopened after being shut down during the coronavirus pandemic.
In our Americas segment, a portion of the aluminum cans and ends are purchased from Rocky Mountain Metal Container ("RMMC"), our joint venture with Ball Corporation ("Ball"), whose production facilities, which are leased from us, are located near our brewery in Golden, Colorado. In addition to the supply agreement with RMMC, we have supply agreements with Ball and other vendors to purchase aluminum containers in addition to what is supplied from RMMC. In EMEA&APAC, we have long-term agreements with various suppliers that cover all of our required supply of cans.
In the Americas segment, a portion of the glass bottles are purchased from Rocky Mountain Bottle Company ("RMBC"), our joint venture with Owens-Brockway Glass Container, Inc. ("Owens"), whose production facilities, which are leased from us, are located in Wheat Ridge, Colorado. In addition to the supply agreement with RMBC, we have supply agreements with Owens and other vendors for requirements in excess of RMBC's production.
The standard bottle for beer brewed in Canada is the 341ml returnable bottle and represents more than half of bottle sales in Canada.
While we experienced some challenges in obtaining supplies required for certain packaging materials in 2021 and 2022 as a result of the global supply chain disruption, partially due to the impact of the coronavirus pandemic and the Russia-Ukraine conflict, these more severe supply constraints were short term in nature and, overall, did not materially impact our ability to produce product and meet production forecasts.
We do not currently foresee future difficulties in accessing packaging materials in the near term. In addition, we do not foresee any issues in maintaining and renegotiating the various long-term agreements we have in place for supply of key materials.
Many of our ingredients, raw materials and commodities for both brewing and packaging are purchased in the open market. The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including commodity swaps and options. In addition, risk to our supply of certain raw materials is mitigated through purchases from multiple geographies and suppliers. When prices increase for materials, we may or may not be able to pass on such increases to our customers. In addition, we continue to make investments to improve the sustainability and resources of our agricultural supply chain, including the development of our initiative to advance sustainable farming practices by our suppliers.




9

Table of Contents
Seasonality of the Business
Total industry volume is sensitive to factors such as weather, holidays, changes in demographics, consumer preferences and drinking occasions including major televised sporting events. Weather conditions consisting of high temperatures and extended periods of warm and dry weather favor increased consumption of our products, while unseasonably cool or wet weather, especially during the summer months, adversely affects our sales volumes and net sales. Consumption of beer in the Americas segment is seasonal, with nearly 39% of financial volume occurring during the months from May through August. In EMEA&APAC, the peak selling seasons typically occur during the summer months and during the Christmas and New Year holiday season.
Regulation
Our business is subject to various laws and regulations in the jurisdictions around the world in which we operate. These regulations govern many parts of our operations, including brewing, marketing and advertising, transportation, distributor relationships, sales and environmental issues. Excise taxes remitted to tax authorities are government-imposed excise taxes on beer. Excise taxes on beer are shown in a separate line item in the consolidated statements of operations as a reduction of sales.
The U.S. beer business is regulated by federal, state and local governments. To operate our facilities, we must obtain and maintain numerous permits, licenses and approvals from various governmental agencies, including the U.S. Department of Treasury, Alcohol and Tobacco Tax and Trade Bureau, the U.S. Department of Agriculture, the U.S. Food and Drug Administration, state alcohol regulatory agencies and state and federal environmental agencies. U.S. governmental entities also levy taxes and may require bonds to ensure compliance with applicable laws and regulations. In 2023, our U.S. business excise taxes on malt beverages were approximately $15 per hectoliter sold on a reported basis. Excise taxes are also levied in specific state and local jurisdictions at varying rates.
In Canada, provincial governments regulate the production, marketing, distribution, selling and pricing of beer and other alcoholic beverages produced or imported into Canada (including the establishment of minimum prices), and impose commodity taxes, mark-ups and license fees in relation to its production, distribution and sale. In addition, the Canadian federal government regulates the advertising, labeling, quality control, and international trade of beer, and also imposes commodity taxes on both domestically produced and imported beer. In 2023, our Canadian business excise taxes, federal and provincial, were approximately $56 per hectoliter sold on a reported basis. Further, certain bilateral and multilateral treaties entered into by the federal government, provincial governments and certain foreign governments, especially within the U.S., affect the Canadian beer industry.
Most countries included in our EMEA&APAC segment where we carry out significant brewing or distribution activities are either a member of the European Union ("EU") or a current candidate to join the EU. The U.K. left the EU during 2020. As such, there are similarities in the regulations that apply to many parts of our EMEA&APAC segment's operations and products, including brewing, food safety, labeling and packaging, marketing and advertising, environmental, health and safety, employment, data protection and regulations. To operate breweries and conduct our business in these countries, we must obtain and maintain numerous permits and licenses from various governmental agencies. The government(s) of each country in which we sell our products levy excise taxes on alcohol beverages. All countries which are members of the EU apply laws on excise taxes that are consistent with the EU Directives and use measurements based on either alcohol by volume or Plato degrees. Non-EU countries use various taxation methods, including a flat excise rate per volume or methods similar to those used in the EU. In the year ended December 31, 2023 the excise taxes for our EMEA&APAC segment were approximately $46 per hectoliter on a reported basis.
People and Planet
Through Our Imprint Strategy, we have established goals and supporting initiatives for our People and Planet pillars to ensure we are good stewards of the assets and resources most important to our business. More information about our strategy and progress can be found in Our Imprint Report, available at www.molsoncoors.com/goals-and-reporting. The information provided on our website (or any other website referred to in this report) is not part of this report and is not incorporated by reference as part of this report.





10

Table of Contents
Governance of Our People and Planet Strategy
Our Board of Directors ("Board") is responsible for overseeing and monitoring Our Imprint Strategy, with specific areas of oversight delegated to the committees of the Board. The Board receives regular reports and recommendations from management and the Board committees to help guide our strategy, from Planet goals related to water, packaging and climate change, to People initiatives focused on retaining and developing a diverse and talented workforce. At the management level, our ESG Leadership Steering Committee ("ESG Steering Committee") is composed of senior executives and is responsible for the evolution of Our Imprint Strategy. Our Vice President of Sustainability & EHS works closely with the ESG Steering Committee on strategy development and initiative implementation and progress for our People and Planet focus areas.
Our executive leadership team and the chief people and diversity officers for the Americas and EMEA&APAC segments are tasked with managing all employment-related matters including recruitment, retention, leadership and development, compensation planning, succession planning, performance management, and diversity, equity and inclusion ("DEI"). The Compensation and Human Resource Committee ("CHR Committee") of the Board is responsible for establishing and reviewing the overall compensation philosophy of our Company and providing oversight on certain human capital matters, including our talent retention and development, leadership development, talent pipeline, programs and systems for performance management and DEI initiatives. Further, the CHR Committee is responsible for overseeing our progress against our social initiatives related to human capital management.
Putting People First
We believe that people are the heart of our Company and strive to create a culture where people are encouraged to and feel comfortable to bring their diverse perspectives and experiences to the table. As a global company, we believe we have a responsibility to nurture a workforce that reflects our local communities, which we believe makes us a better employer, partner and company of choice for our consumers and customers.
We have a global and varied workforce, with major employee centers in the U.S., Canada, the U.K. and Romania. As of December 31, 2023, we employed approximately 16,500 employees within our business globally with approximately 10,100 within our Americas segment and 6,400 within our EMEA&APAC segment. Approximately 750 of our employees are in our Global Business Services Centers based in Milwaukee, Wisconsin and Bucharest, Romania. As of December 31, 2023, approximately 30% and 24% of our Americas segment and EMEA&APAC segment workforces, respectively, are represented by trade unions or councils, which are subject to collective bargaining agreements that come due for renegotiation from time to time.
Diversity, Equity & Inclusion
We believe DEI should be deeply embedded in our corporate culture and how we operate, from how we work together to how we grow as a company. We have created roadmaps and action plans for the Americas and EMEA&APAC segments based on an assessment of our existing culture, programs and talent management processes.
Our 2023 initiatives and progress include:
Month of Inclusion - In order to further increase awareness around DEI issues, we launched the Month of Inclusion in 2021, which built on the Week of Inclusion we introduced in 2020. The Month of Inclusion continued in 2023 and brought together our U.S., Latin America and Canada employees, and our EMEA&APAC employees, respectively, to focus on prioritizing inclusion, equity and workplace respect. The theme for the 2023 Month of Inclusion focused on Belonging and included a variety of presentations, discussions and external speakers. In the Americas, we promoted and supported our Employee Resource Groups ("ERGs") in their work to represent a number of different communities within our employee population – by race/ethnicity, gender, sexual orientation, early professionals, young families, and veterans, amongst others. The ERGs are aimed to help foster a diverse, inclusive workplace aligned with our values and culture. In 2022, we launched our 12th ERG, Disabilities United, to increase inclusion and awareness of visible and invisible disabilities and caretakers of members of the disabled community. In Western Europe, we created ERGs for gender, sexual orientation, disability and ethnicity and these groups are expected to play a key role in development of our strategy, initiatives and in encouraging and supporting all employees to bring their whole self to work.



11

Table of Contents
EMEA&APAC Governance Structure - In EMEA&APAC, we have implemented a governance structure that strives to (i) link DEI to business strategy, (ii) demonstrate senior level accountability, (iii) provide a voice to diverse talent at all levels of our organization and (iv) allow for regional autonomy to attempt to assure relevancy. A Divisional DEI Council leads, advocates, and is accountable for DEI progress in EMEA&APAC and aims to provide a common, coordinated approach across the regions. Further, Regional DEI Councils, with representatives sitting on the Divisional DEI Council, attempt to ensure divisional connectivity while recognizing the need for flexibility. Membership of these councils includes senior leaders and employee representatives. Key topics for the DEI Councils have included pay equity, inclusive hiring, external partnerships, representation goals and building DEI into our brands.
Empathy Experience - Our Empathy Experience in the Americas is an immersive and interactive learning experience focused on building empathy between colleagues, within teams, and across our organization. As part of the experience, employees are guided through various spaces to build their awareness and understanding of the lived experience of certain diverse groups and communities. In the U.S., the Empathy Experience explores relationships and perceptions across five communities: Latino, Black, Women, LGBTQ and Asian Pacific. In 2023, we launched an "In Canada, For Canada" Empathy Experience based in Toronto. Through education, stories and activities, the participants in these empathy experiences explore how biases, microaggressions and stereotypes affect others in hopes of fostering a better connection through empathy.
Employee Wellbeing
We strive to be a provider of meaningful experiences and a safe and healthy workplace for all employees.
Wellness - We promote healthy lifestyles across our global enterprise by offering health and insurance benefits and wellness and work/life balance programs that are tailored to employees' needs and culture by work location. In the Americas, employees can participate in our wellness programs that incentivize healthy habits and lifestyles. These resources include connections to virtual healthcare, remote fitness and wellness support, and a free employee assistance program for coping with stress, feelings of isolation, and anxiety. In the EMEA&APAC regions, we drive our employee wellbeing culture through a team made up of regional representatives who coordinate activities focused on the topics based on employee feedback. In 2023, these activities included certain wellness programs, as well as flexible work hours, wellness webinars and challenges, to further emphasize our wellbeing culture.
Health & Safety - Our commitment to Health & Safety is focused on preventing workplace incidents and building a strong behavior-based safety culture across our entire workforce through training, our World Class Supply Chain operating system, and our values-based leadership development approach.
Compensation and Benefits - We offer affordable and comprehensive benefits, which we routinely benchmark to try to ensure they are competitive, inclusive, aligned with our company culture and local practices, and allow our employees to meet their individual needs and the needs of their families. Our Total Rewards program in general provides a competitive base salary, incentive plans, health and insurance benefits, a deferred compensation option in certain regions with a potential employer match, paid time off plans, enhanced parental leave policies in many locations, an engaging Wellness Program and an Employee Assistance Program. Our business units comply with applicable parental leave laws and in many cases go further to provide flexible work schedules and extended leave for new parents. We believe our compensation and incentive programs motivate us to ignite growth and help to hold ourselves accountable for living out our values to achieve our short- and long-term goals.
Talent Development - Our aim is to help employees unlock their full potential so they can thrive in their current job and realize new, potential growth opportunities. At Molson Coors, First Choice Learning serves as the global home for development resources to support the unique needs of our employees around the world. First Choice Learning invests in our people through in-person and online training programs, and experiential training opportunities to support employee health and safety, assist in building core competencies, share best practices and develop leadership capabilities. In 2023, we continued to invest in targeted development programs, including one aimed to accelerate the readiness of high potential employees to move into roles of greater scope and complexity. These programs include a blend of classroom training, coaching and mentoring and experiential action learning projects.
Employee Engagement - We believe that engaging our employees through surveys during the onboarding process and throughout the employee journey provides us with valuable insight into how we can develop our company culture to help ensure that our people feel supported and are able to thrive at our company. We gauge our employees’ sentiments through Employee Experience surveys three times a year in the Americas and yearly in EMEA&APAC. In addition, our Chief Executive Officer regularly hosts live online question and answer sessions available to all employees. We believe these sessions also help create a company culture where open, honest dialogue is supported and encouraged, and where people are empowered to raise questions and concerns about our business and our culture.
12

Table of Contents
Preserving the Planet
We have a long legacy of commitment to environmental sustainability, dating back to Bill Coors’ pioneering efforts to bring the two-piece aluminum can to market in the late 1950s and implementation of some of the first recycling programs in the U.S. In 2017, we launched Our Imprint goals for climate and water and, in 2019, incorporated our ambition to make our packaging more sustainable. As further detailed in the annual Our Imprint Report, we have several key Planet focus areas:
Reduce greenhouse gas ("GHG") emissions – Against our 2016 baseline, our goal is to reduce Scope 1 & 2 GHG emissions by 50% for 2025 and 65% for 2030 along with a 40% reduction in Scope 3 emissions for 2030 and to achieve net zero emissions (Scope 1, 2 & 3) by at least 2050.
Improve water resilience – We targeted an overall 22% improvement (versus 2016 baseline) in the water-to-product ratio of our breweries producing more than 150,000 hectoliters annually, and we collaborate with key partners on watershed management programs to improve the health of the Trinity River Basin watershed in Texas (home of our Fort Worth brewery) and the Upper South Platte River watershed in Colorado (home of our Golden brewery), collectively restoring more than three billion gallons of water to these watersheds since 2014.
Responsibly manage packaging and waste – We aim to use widely recyclable packaging materials such as aluminum cans, glass bottles and fiberboard cartons, and we are working to eliminate polyethylene terephthalate ("PET") bottles and single-use plastic rings for our beer brands in the U.S., Canada and the U.K. while our Central & Eastern European operations are on pace to ensuring the PET bottles in those markets contain at least 25% recycled content by 2025 and 30% by 2030. By weight, approximately 4.3% of our packaging was plastic as of December 31, 2022.
Implement more sustainable agricultural practices – We work closely with our barley farmers to test and learn with different growing practices across multiple regions and collect a broad range of data including water consumption. Against our 2016 baseline, by 2025, our goal is to produce annual barley crop with 10% less water per ton yielded.
As detailed in the annual Our Imprint Report, we continued the implementation of energy and water efficiency improvements across our facilities, including a multi-year renovation project of our Golden, Colorado brewery, a renewables contract for our Fort Worth, Texas brewery, and a wind-power based power purchase agreement in the U.K.
Environmental Compliance Matters
Our operations are subject to a variety of extensive and changing federal, state and local environmental laws, regulations and ordinances that govern activities or operations that may have an impact on human health or the environment. Such laws, regulations or ordinances may impose liability for the cost of remediation, and for certain damages resulting from sites of past releases of hazardous materials. Our policy is to comply with all such legal requirements. While we cannot predict our eventual aggregate cost for the environmental and related matters in which we may be or are currently involved, we believe that any payments, if required, for these matters would be made over a period of time in amounts that would not be material in any one year to our operating results, cash flows, or our financial or competitive position. We believe adequate reserves have been provided for losses that are probable and estimable. However, there can be no assurance that environmental laws will not become more stringent in the future or that we will not incur material costs in the future in order to comply with such laws. See Part II—Item 8 Financial Statements and Supplementary Data, Note 13, "Commitments and Contingencies" under the caption "Environmental" for additional information regarding environmental matters.
Global Intellectual Property
We own trademarks on the majority of the brands we produce and have licenses for the remainder. We also hold several patent and design registrations with expiration dates through 2043 relating to brewing methods, beer dispensing systems, packaging and certain other innovations. We are not reliant on patent royalties for our financial success. Therefore, these expirations are not expected to have a significant impact on our business.
Available Information
We file with, or furnish to, the SEC reports, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports pursuant to Section 13(a) or 15(d) of the Exchange Act. These reports are available free of charge via EDGAR through the SEC website (www.sec.gov) and are also available free of charge on our corporate website (www.molsoncoors.com) as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The foregoing website addresses are provided as inactive textual references only. The information provided on our website (or any other website referred to in this report) is not part of this report and is not incorporated by reference as part of this report.
13

Table of Contents
Information About Our Executive Officers
The following table sets forth certain information regarding our executive officers as of February 20, 2024:
NameAgePosition
Gavin D.K. Hattersley61President and Chief Executive Officer
Tracey I. Joubert57Chief Financial Officer
Sergey Yeskov47President and Chief Executive Officer, Molson Coors EMEA&APAC
Natalie Maciolek45Chief Legal & Government Affairs Officer and Secretary
Michelle E. St. Jacques46Chief Commercial Officer
ITEM 1A.    RISK FACTORS
Investing in our Company involves risk. Investors should carefully consider the following risk factors and the other information contained within this report. The risks set forth below are those that management believes are most likely to have a material adverse effect on us. Investors are encouraged to read each risk factor as related and interconnected to the other risk factors set forth in this section. However, the risks set forth below are not a comprehensive description of the risks facing our Company. We may also be subject to other risks or uncertainties not presently known to us or that we currently deem to be immaterial but may materially adversely affect our business, financial condition or results of operations in future periods. Investors should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. If the following risks or uncertainties, individually or in combination, actually occur, they may have a material adverse effect on our business, financial conditions, results of operations or prospects. See also "Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995."
Risks Related to our Company and Operations
Deterioration of general economic, political, credit and/or capital market conditions, including those caused by the ongoing Russia-Ukraine conflict, or other geopolitical tensions, could adversely affect our financial performance, our ability to grow or sustain our business, financial condition and results of operations, and our ability to access the capital markets. We compete around the world in various geographic regions and product markets. Global economic and political conditions affect our business and the businesses of our customers, suppliers and consumers. Recessions, economic downturns, price instability, inflation, slowing economic growth, social and political instability, and violent crime and related matters in the markets where we compete could negatively affect our revenues and financial performance, and adversely impact our ability to grow or sustain our business. For example, current macroeconomic and political instability caused by the Russia-Ukraine conflict, global supply chain disruptions and inflation have adversely impacted and could continue to adversely impact our business and financial results.
Specifically, the ongoing Russia-Ukraine conflict, has adversely affected the global economy, and the geopolitical tensions and conflicts it has generated and continues to generate negatively impact our operations. It has resulted in heightened economic sanctions from the U.S., the U.K., the European Union and the international community. As a result of the Russia-Ukraine conflict, in 2022 we suspended all exports of all our brands to Russia and subsequently terminated the license to produce any of our brands in Russia. Even though our sales in Russia have historically been limited, representing less than 0.2% of our 2021 consolidated net sales and less than 1% of our 2021 EMEA&APAC net sales, and we have no physical assets in Russia, the effect of the Russia-Ukraine conflict due to the widespread impact, particularly in Eastern Europe, has had and could continue to have a material adverse outcome on our business, financial condition, results of operations, supply chain, availability of critical supplies, intellectual property, partners, customers or employees. Further escalation of geopolitical tensions related to the Russia-Ukraine conflict, including increased trade barriers or restrictions on global trade, could result in, among other things, broader impacts that expand into other markets, cyberattacks, energy supply availability shortages, supply chain and logistics disruptions, lower consumer demand, and volatility in foreign exchange rates, interest rates and financial markets, any of which may adversely affect our business and supply chain. Similar geopolitical tensions and political conflicts could adversely impact our employees, financial performance and global operations, including by, among other things, jeopardizing the safety of our employees and facilities, disrupting our and our partners’ production, supply chain and logistics and communications, and causing market volatility, which could adversely impact consumer demand and our sales. More broadly, there could be additional negative impacts to our financial results if the Russia-Ukraine conflict worsens, including, among other potential impacts, economic recessions in certain neighboring countries or globally due to inflationary pressures, including with respect to food, energy and supply chain cost increases or shortages, or the geographic proximity of the conflict relative to the rest of Europe. In addition, the effects of the ongoing Russia-Ukraine conflict could amplify or affect many of our other risks described elsewhere in Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K.

14

Table of Contents
In addition, the capital and credit markets provide us with liquidity to operate and grow our business beyond the liquidity that operating cash flows provide, which can vary from period to period. A global or regional economic downturn or disruption of the credit markets could increase our future borrowing costs and impair our ability to access capital and credit markets necessary for our operations and to execute our strategic plan. If our access to capital on terms commercially acceptable to us were to become significantly constrained, or if costs of capital increased significantly, then our financial condition, results of operations and cash flows could be adversely affected. Further, continued disruption and declines in the global economy have impacted and could continue to impact our customers' liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable from them, which may have a material adverse impact on our performance, cash flows and capital resources.
Our operations are dependent on the global supply chain and face significant exposure to changes in commodity and other input prices, and impacts of supply chain constraints and inflationary pressures could adversely impact our operating results. We depend on the effectiveness of our supply chain management to assure reliable and sufficient supply of quality products. Our business has been, and may continue to be, impacted by supply chain constraints, including longer lead times, in part, by the Russia-Ukraine conflict and the uncertain economic environment worldwide. These supply chain constraints could put significant inflationary pressures on commodity and other input prices. In addition, current proposed or future governmental policies may increase the risk of inflation, which could further increase the costs of raw materials and other components for our business. We use a large volume of agricultural and other raw materials, some of which are purchased through supply contracts with third parties, to produce our products, including barley, malted barley, hops, corn, other various starches, water and packaging materials, including aluminum cans and bottles, glass and polyethylene terephthalate containers as well as cardboard and other paper products. We also use a significant amount of diesel fuel, natural gas, electricity and carbon dioxide in our operations. The supply and price of these raw materials and commodities can be affected by a number of factors beyond our control, including market demand, inflation, alternative sources for suppliers, global geopolitical events, such as the Russia-Ukraine conflict (especially as to their impact on energy supply prices in general, including crude oil prices and the resulting impact on diesel fuel prices), global or regional disease outbreaks or pandemics, trade agreements among producing and consuming nations, governmental regulations (including tariffs), frosts, droughts and other weather conditions, changes in precipitation patterns, the frequency of extreme weather events, economic factors affecting growth decisions, plant diseases, theft and industry surcharges and other practices.
Similarly, if the costs of goods continue to increase, our suppliers may seek price increases from us. If we are unable to mitigate the impact of these matters through customer price increases, cost savings to offset cost increases, hedging arrangements, or other measures, our results of operations and financial condition could be adversely impacted. If our competitors maintain or substantially lower their prices, we may lose customers or mark down prices. Our profitability may be impacted by prices that do not offset the inflationary pressures, which may impact our gross margins. Even if we are able to raise the prices of our products, we may not be able to sustain such price increases and consumers might react negatively to such price increases, which could have a material adverse effect on, among other things, our brand, reputation and sales. Temporary or sustained price increases may also lead to a decrease in demand for our products as competitors may not adjust their prices or consumers may decide not to pay higher prices for our products, which could lead to a decline in sales volume and loss of market share. Our projections may not accurately predict the volume impact of price increases, which could adversely affect our business, financial condition and results of operations.
Geopolitical tensions may cause delays in shipments of our products and supplies. Failure to adequately produce and timely ship our products to customers could lead to lost potential revenue, failure to meet customer demand, strained relationships with customers, including wholesalers, and diminished brand loyalty.
Weak, or weakening of, economic, social or other conditions in the markets in which we do business, including cost inflation and reductions in discretionary consumer spending, could adversely impact demand for our products or cause consumers to suffer financial hardship, which could have a material adverse effect on our business and financial results. Beer consumption in some of our markets could be closely tied to general economic conditions and a significant portion of our portfolio consists of premium and above premium brands. Difficult macroeconomic conditions in our markets, such as further decreases in per capita income and level of disposable income driven by increases in inflation, energy costs, income (and other) taxes and the cost of living, increased and prolonged unemployment or a further decline in consumer confidence, as well as limited or significantly reduced points of access of our product, political or economic instability or other country-specific factors, could continue to have a material adverse effect on the demand for our products.
For example, under difficult or deteriorating economic conditions, consumers may seek to reduce discretionary spending by forgoing purchases of our products by shifting away from our premium and above premium products to lower-priced products offered by us or other companies or by shifting to off-premise from on-premise consumption, negatively impacting our net sales and margins. A significant portion of our consolidated net sales are concentrated in the U.S., Canada and countries in Europe, which represent the majority of net sales within our Americas and EMEA&APAC segments. Therefore, unfavorable
15

Table of Contents
macroeconomic conditions, such as inflationary pressures, a recession or continued slowed economic growth in the U.S., Canada or countries in Europe, could negatively affect consumer demand for our products in these important markets, which consequently, may negatively affect the results of operations in our Americas and EMEA&APAC segments. Softer consumer demand for our products could reduce our profitability and would have a material adverse effect on our business and financial results.
Loss, operational disruptions or closure of a major brewery or other key facility, including those of our suppliers, due to unforeseen or catastrophic events or otherwise, could have a material adverse effect on our business and financial results. Our business could be interrupted and our financial results could be materially adversely impacted by physical risks such as earthquakes, fires, hurricanes, floods, acts of war, terrorist attacks, cyberattacks and other disruptions in information systems, such as the March 2021 cybersecurity incident, disease outbreaks or pandemics and other natural disasters or catastrophic events that damage, disrupt or destroy one of our breweries or key facilities or the key facilities of our significant suppliers. If any of our breweries or key facilities or the key facilities of our significant suppliers experience a significant operational disruption or catastrophic loss, it could delay, disrupt or reduce production, shipments and revenue, and result in potentially significant expenses to repair or replace these properties. Such significant disruptions could be due to, among other things:
the loss or disruption of the timely availability of adequate supplies of essential raw materials for us and our suppliers, including single-source suppliers;
our ability to effectively integrate new suppliers into our operations;
material financial issues facing our suppliers, such as bankruptcy or similar proceedings;
transportation and logistics challenges, including as a result of governmental restrictions and the availability and capacity of shipping channels as customers may shift to increased online shopping;
the loss or disruption of other manufacturing, distribution and supply capabilities;
labor shortages, strikes or work stoppages;
the loss or disruption of the supply of carbon dioxide gas;
acts of war and terrorism; or
natural disasters, pandemics, public health crises, or other catastrophic events and the associated impacts of such events, including impacts on our employees, their families, or our suppliers.
We experienced certain of the foregoing risks and losses in connection with the March 2021 cybersecurity incident and the coronavirus pandemic. Additionally, certain catastrophes are not covered by our general insurance policies, which could result in significant unrecoverable losses. Our business and results of operations could also be adversely impacted by under-investment in physical assets or production capacity, including contract brewing and effect on the priority of our brands if production capacity is limited. Further, significant excess capacity at any of our breweries as a result of increased efficiencies in our supply chain process or continued volume declines could result in under-utilization of our assets, which could lead to excess overhead expenses or additional costs incurred associated with the closure of one or more of our facilities. For example, as part of a strategic review of our supply chain network, certain breweries and bottling lines were closed in recent years, and we have incurred brewery closure costs, including charges associated with the closure of the Irwindale brewery in 2020, which was subsequently sold to Pabst Brewing Company, LLC in the fourth quarter of 2020. We regularly review our supply chain network to ensure that our supply chain capacity is aligned with the needs of the business. Such reviews could potentially result in further closures and the related costs could be material.
Cybersecurity incidents impacting our information systems, and violations of data privacy laws and regulations could disrupt our business operations and adversely impact our reputation and results of operations. Our information systems may be the target of cyberattacks or other security breaches, which, if successful, could, among other things, disrupt our operations, applications and services, cause the loss of key business, employee, customer or vendor information, cause us to breach our legal, regulatory or contractual obligations, prevent us from accessing or relying upon critical business records, cause reputational damage, or impact the costs or ability to obtain adequate insurance coverage. These incidents may result from human errors, equipment failure, or fraud or malice on the part of employees or third parties. The risk of cyber threats or cyberattacks increases as we rely more on digital partners, including supply-chain partners integrated into our business, who may also be the target of cyberattacks or other security breaches. If our information systems suffer severe disruption, damage, or shutdown we could experience delays and disruptions in our business, including brewery operations, production and shipments and delays in reporting our financial results, such as those we experienced with the March 2021 cybersecurity incident, which could adversely affect our cash flows, competitive position, reputation, financial condition or results of operations. A breach of our information systems, such as the March 2021 cybersecurity incident, could subject us to litigation,
16

Table of Contents
including class action or derivative lawsuits, regulatory fines, and penalties, any of which could have a material adverse effect on our financial results or reputation. We have seen an increase in the number of cyberattacks due, in part, to the large number of our employees and contractors that are working and accessing our technology infrastructure remotely because of shifts in working arrangements. In addition, the March 2021 cybersecurity incident may embolden other individuals or groups to target our information systems and impact the costs or ability for us to obtain adequate insurance coverages moving forward. Furthermore, continued geopolitical turmoil, including the Russia-Ukraine conflict, has heightened the risk of cyberattacks. As discussed further below, the rapid evolution and increased adoption of artificial intelligence and machine learning technologies may intensify our cybersecurity risks.
We expend significant financial resources to protect against cyber threats and cyberattacks. We may be required to incur further costs to alleviate problems and remedy damage caused by physical, electronic and cybersecurity breaches and to address possible increased information system attacks as a result of the incident, which could have a material adverse effect on our business and financial results. These events may not be insured against or may not be fully covered by any insurance maintained by us. Additionally, there is no assurance that the limitations of liability in any of our contracts would be enforceable or adequate to protect us from liabilities or damages as a result of a cyberattack or other cybersecurity incident. As techniques used to breach security are growing in frequency and sophistication and are generally not recognized until launched against a target, we may not be able to implement security measures in a timely manner or, if and when implemented, these measures could be circumvented regardless of our expenditures and protection efforts. We could also be required to spend significant financial and other resources to remedy the damage caused by a security breach or to repair or replace networks and information systems, which could have a material adverse effect on our business and financial results. For example, we incurred certain incremental one-time costs of $2.4 million in the year ended December 31, 2021 related to consultants, experts and data recovery efforts, net of insurance recoveries. Although we attempt to vigorously monitor and mitigate against cyber risks, including through leveraging multi-sourced threat intelligence and investing in new technologies, we may incur significant costs in protecting against or remediating cyberattacks or other cybersecurity incidents.
Misuse, leakage or falsification of information could result in a violation of data privacy laws and regulations, including but not limited to, the European Union's General Data Protection Regulation, California Privacy Rights Act, the Virginia Consumer Data Protection Act, or the Colorado Privacy Act, may damage our reputation and credibility or expose us to increased risk of lawsuits, loss of existing or potential future customers and/or increases in our security costs and compliance burden, any of which could have a material adverse effect on our business and financial results. Other jurisdictions in which we operate have enacted or are proposing similar laws and regulations related to data privacy. In addition, we may suffer financial and reputational damage because of lost or misappropriated confidential information and may become subject to legal action and increased regulatory oversight or consumers may avoid our brands due to negative publicity. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, even if encrypted, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data. Further, the regulatory framework around data custody, data privacy and breaches may be inconsistent from one jurisdiction to another and is an evolving area of law. We may not be able to limit our liability or damages in the event of such a loss.
Finally, the SEC has adopted new rules that require us to provide greater disclosures around cybersecurity risk management, strategy and governance, as well as disclose the occurrence of material cybersecurity incidents. We cannot predict or estimate the amount of additional costs we will incur in order to comply with these rules or the timing of such costs. These rules and regulations may also require us to report a cybersecurity incident before we have been able to fully assess its impact or remediate the underlying issue. Efforts to comply with such reporting requirements could divert management's attention from our incident response and could potentially reveal system vulnerabilities to threat actors. Failure to timely report incidents under these or other similar rules could also result in monetary fines, sanctions or subject us to other forms of liability. This regulatory environment is increasingly challenging, and may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks.
The success of our business relies heavily on brand image, reputation, product quality and protection of intellectual property.    It is important that we maintain and enhance the image and reputation of our existing brands and products, including our corporate purpose, mission and values. Concerns about product quality, even when unsubstantiated, could be harmful to our image and the reputation of our brands and products. While we have quality control programs in place, in the event we or our third-party manufacturers experience an issue with product quality or if any of our products become unsafe or unfit for consumption, are misbranded or cause injury, we may experience recalls or liability in addition to business disruption which could further negatively impact our brand image and reputation, negatively affect our sales and cause us to incur additional costs. A widespread product recall, multiple product recalls or a significant product liability judgment could cause our products to be unavailable for a period of time, which could further reduce consumer demand and brand equity. We also could be exposed to lawsuits relating to product liability, marketing or sales practices or intellectual property infringement. Our brand image and reputation may also be difficult to protect due to less oversight and control as a result of outsourcing some of our
17

Table of Contents
operations internationally or entering new or different product lines. If we are unable to address and uphold our plans with respect to our ESG initiatives or actions by and attitudes of regulators and the public health community, our image and brand equity may deteriorate, which may be difficult to combat or reverse and could have a material adverse effect on our business and financial results.
In addition, because our brands carry family names or we may partner with celebrities or other famous sponsors, personal activities by certain members of the Molson or Coors families, our promotional partners or business partners that harm their public image or reputation could also have an adverse effect on our brands or our reputation. Our brand image, reputation and financial results may be negatively impacted by our ability to navigate social media campaigns and trends in pursuit of various dynamic issues facing society on regional and global levels across the markets in which we operate.
Further, our success is dependent on our ability to protect our intellectual property rights, including trademarks, patents, domain names, trade secrets and know-how. We cannot be certain that the steps we have taken to protect our intellectual property rights will be sufficient or that third parties will not infringe upon or misappropriate these rights or that other parties may claim that our brands infringe on their intellectual property rights. If we are unable to protect our intellectual property rights, it could have a material adverse effect on our business and financial results.
The global beer industry and the broader alcohol industry are constantly evolving, and our position within the global beer industry and the success of our products in our markets may fundamentally change. If we do not successfully transform along with the evolving industry, market dynamics and consumer preferences, our business and financial results could be materially adversely affected.  The brewing industry has significantly evolved over the years becoming an increasingly consolidated global beer market. For many years, the industry operated primarily on local presence with modest international expansion achieved through export, license and partnership arrangements. In contrast, it has now become increasingly complex and competitive as the consolidation of brewers has resulted in fewer major market participants. As a result of the increased global consolidation of brewers and the dynamic of an expanding new segment within the industry with new market entrants, the markets in which we operate, particularly the more mature markets, may evolve at a disadvantage to our current market position. In addition, local governments may intervene, which may fundamentally accelerate transformational changes to such markets. For example, the beer markets in the U.S. and Canada have long consisted of a select number of significant market participants with government-regulated routes to market. In Canada, changes to interprovincial trade rules, regulations, distribution models and packaging requirements, such as government-owned retail outlets and industry standard returnable bottles, may be disadvantageous to us. As discussed further below, in December 2023 the Province of Ontario announced a set of non-binding key principles ("Key Principles") concerning the intended features of the future marketplace for beer distribution and retail systems in the Province of Ontario. Evolution in certain of our beer markets, together with emerging changes to consumer preferences, have resulted in a significant increase in market entrants, consumer choices and market competition, as well as increased government scrutiny.
Our Coors Light and Miller Lite brands in the Americas, and Carling, Staropramen, Coors, Madri, Ožujsko, and Bergenbier brands in EMEA&APAC represented more than half of each respective segment's sales volumes in 2023. Additionally, several of our brands represent a significant share of their respective market and, therefore, continued volatility in these markets could disproportionately impact the performance of these brands. Consequently, any material shift in consumer preferences away from these brands, or from the categories in which they compete, could have a material adverse effect on our business and financial results.
Furthermore, the broader alcohol industry is experiencing a shift in drinking preferences and behaviors of consumers due to, among others, changing taste preferences, changing demographics, downturns in economic conditions or perceived value, as well as changes in consumers' perception of our brands and the brands of our competitors due to negative publicity, regulatory actions or litigation. There has been more attention focused on health concerns and the harmful consumption of alcoholic beverages, which could result in a change in the social acceptability of beer and other alcoholic beverages, which could materially impact the consumption of beer, other alcoholic beverages and, consequently, our sales. If we are unsuccessful in evolving with, and navigating through, these changes to the markets in which we operate, there could be a material adverse effect on our business and financial results. Specifically, the markets in which we operate have experienced vast expansion in above premium products, specifically in flavored malt beverages (including hard seltzers), ready-to-drink beverages, spirit-based beverages, craft beer, cider, and other similar beverages. If our competitors are able to respond more quickly to the evolving trends within those and similar beverage categories, or if our new products in these categories are not successful, our business and financial results may be adversely impacted.
Our products also generally compete with other alcoholic beverages. We compete with other beer and alcoholic beverage companies not only for legal age drinker acceptance and loyalty, but also for shelf, cold box and tap space in retail establishments and for marketing focus by our distributors and their customers, all of which also distribute and sell other beers and alcoholic beverage products. If we do not successfully transform along with the evolving industry and market dynamics and consumer preferences, our business and financial results could be materially adversely affected.
18

Table of Contents
Competition in our markets could require us to reduce prices or increase capital and other expenditures or cause us to lose sales volume, any of which could have a material adverse effect on our business and financial results.    In many of our markets, our primary competitors may have greater financial, marketing, production and distribution resources than we do, and may be more diverse in terms of their geographies and brand portfolios. Furthermore, our competitors may respond to industry and economic conditions and shifts in consumer behaviors more rapidly or effectively than us. In order for us to remain competitive, we will need to quickly and correctly adopt digital technologies, build analytical capabilities and scale brand expense investment levels, which our competitors may be able to achieve faster and with more resources. In all of the markets in which we operate, aggressive marketing strategies, such as reduced pricing, brand positioning, and increased capital or other investments by these competitors could have a material adverse effect on our business and financial results. In addition, continuing consolidation among major global brewers and between brewers and other beverage companies and convergence of beverage categories may lead to stronger or new competitors, loss of partner brands, negative impacts on our distributor networks, alternate distribution networks and pressures from marketing and pricing tactics by competitors. Further consolidation of distributors in our industry could reduce our ability to promote our brands in the markets in a manner that enhances rather than diminishes our brands' value, as well as reduce our ability to manage our pricing effectively and efficiently. Additionally, due to competition with brewers and other beverage companies, an increase in the purchasing power of our large competitors may cause further pricing pressures which could prevent us from increasing prices to recover higher costs necessary to compete. Such pressures could have a material adverse impact on our business and our financial results and market share. Failure to generate cost savings and margin improvement through our ongoing initiatives could adversely affect our profitability. Increased pressures for reduced pricing or difficulties in increasing prices while remaining competitive within our markets, as well as the need for increased capital investment, marketing and other expenditures could result in lower profitability or loss of market share and volumes. We may also face inflationary pressures that may negatively influence our or our competitors' prices and reduce margins on our products. Moreover, most of our major markets are mature, so growth opportunities may be more limited to us than to our global competitors who may already be in such markets. For example, net sales in our Americas segment accounted for approximately 81% of our total 2023 net sales. As a result, to the extent that we are unable to maintain or grow our market share in our mature markets, our sales and, in turn, business and financial results could be materially and adversely affected.
Our success as an enterprise depends on our ability to successfully and timely innovate beyond beer, and any inability to deliver new products could have a material adverse effect on our business and financial results.    As part of our Acceleration Plan, our future growth will depend, in part, on our ability to timely innovate and develop new products beyond traditional beer. In connection with our Acceleration Plan, we plan to continue to innovate, test and scale products. In addition, we also rely on certain arrangements with partner brands for innovation, development and growth in new products beyond beer. However, the launch and ongoing success of new products are inherently uncertain, especially with respect to consumer appeal. The launch of a new product can give rise to a variety of incremental or one-time costs and an unsuccessful launch or short-lived popularity of our product innovations could, among other things, affect consumer perception of our existing brands and our reputation as well as result in inventory write-offs and other costs. Our inability to attract consumers to our product innovations relative to our competitors’ products, especially over time, could have a material adverse effect on our growth, business and financial results.
Changes in the social acceptability, perceptions and the political view of the beverage categories in which we operate, including alcohol, could adversely affect our business. In recent years, there has been an increase in public and political attention on health and well-being as they relate to alcoholic beverages and the other categories in which we operate due in part to public concern over alcohol-related social problems, including driving under the influence, underage drinking and exposure to alcohol advertisements, and health consequences from the harmful use and misuse of alcohol. Negative publicity regarding alcoholic beverages and changes in consumer perceptions in relation to beer or other alcoholic beverages could adversely affect the sale and consumption of our products, which could adversely affect our business and financial results. Additionally, the concerns around alcohol, as well as health and well-being, could result in unfavorable regulations or other legal requirements in certain markets in which we operate, such as advertising, selling and other restrictions, increased taxes associated with our sales, or the establishment of minimum unit pricing. Any such regulations or requirements could change consumer and customer purchasing patterns and may require us to incur significant compliance costs, which could negatively impact our business and financial results. In particular, advocates of prohibition and other severe restrictions on the marketing and sales of alcohol are becoming increasingly organized and coordinated on a global basis, seeking to impose laws or regulations or to bring actions against us, to substantially curtail the consumption of alcohol, including beer, in developed and developing markets. Further, the alcohol industry may be criticized and experience an increase in the number of publications and studies, as well as lobbying efforts, arguing there is no safe level of alcohol consumption. To the extent such views gain traction in regulations of jurisdictions in which we do or plan to do business, they could have a material adverse effect on our business and financial results. For example, in February 2021, the European Union published its Europe Beating Cancer Plan. As part of the plan, the European Union has indicated it may issue a proposal for mandatory health warnings on alcohol beverage product labels. In addition, Ireland passed a law requiring new health warning labels on our products.
19

Table of Contents
Artificial intelligence presents challenges that can impact our business by posing security risks to confidential or proprietary information and personal data. The use of artificial intelligence, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations. Molson Coors may adopt and integrate artificial intelligence tools into our systems for specific use cases after review by legal and information security. Our vendors and third-party partners may incorporate artificial intelligence tools into their offerings with or without disclosing this use to us. The providers of these artificial intelligence tools may not meet existing or rapidly evolving regulatory or industry standards concerning privacy and data protection, which may result in a loss of intellectual property or confidential information and/or cause harm to our reputation and the public perception of the effectiveness of our security measures. Further, bad actors around the world use increasingly sophisticated methods, including the use of artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information and adversely impact our business.
Due to a high concentration of workers represented by unions or trade councils, we could be significantly affected by labor strikes, work stoppages or other employee-related issues. As of December 31, 2023, approximately 30% and 24% of our Americas and EMEA&APAC workforces, respectively, are represented by trade unions or councils. Stringent labor laws in certain of our key markets expose us to a greater risk of loss should we experience labor disruptions in those markets. From time to time, our collective bargaining agreements come due for renegotiation, and, if we are unable to timely complete negotiations, affected employees may strike, which could have an adverse effect on our business and financial results. Furthermore, there may be additional work stoppages, unionization efforts or other employee-related issues, either prior to or following the expiration of these agreements, each of which could significantly affect our business and financial results. A prolonged labor strike, work stoppage, unionization efforts or other employee-related issues could have a material adverse effect on our business and financial results. For example, in the first few months of 2021, we experienced a labor disruption with our Toronto brewery unionized employees resulting from on going negotiations of the collective bargaining agreement which resulted in slightly slower than expected production at the Toronto brewery in the first few months of 2021. In addition, at the end of March through mid-June 2022, approximately 400 unionized employees in our Montreal/Longueuil, Québec brewery and distribution centers went on strike, which adversely affected our business, operations and financial results during the second and third quarters of 2022. Furthermore, on February 17, 2024, the Teamsters Local 997 initiated a strike at our Fort Worth, Texas brewery in the U.S. We have contingency plans in place designed to mitigate the potential financial impact and we remain committed to reaching an agreement that is fair to both our employees and to the Fort Worth brewery.
ESG issues and regulations, including those related to climate change and sustainability, and stakeholder response thereto may have an adverse effect on our business, financial condition and results of operations and damage our reputation. Companies across all industries are facing increasing scrutiny relating to their ESG practices and policies. The landscape related to ESG regulation, compliance, and reporting is constantly evolving, including expanding in scope and complexity. For example, the SEC, the State of California, and the European Commission have published proposed or final rules, including the European Commission's Corporate Sustainability Reporting Directive, that would require significantly increased disclosures related to climate change and other issues. We may experience significant future cost increases associated with regulatory compliance for ESG matters, including fees, licenses, reporting, and the cost of capital improvements for our operating facilities to meet environmental regulatory requirements. Increased focus and activism related to ESG may hinder our access to capital or negatively impact our stock price, as investors may reconsider their capital investment based on their assessment of our ESG practices and policies. In particular, investor advocacy groups, institutional investors, stockholders, employees, consumers, customers, regulators, proxy advisory services and other market participants have increasingly focused on ESG practices and policies of companies. These stakeholders have placed increased importance on ESG practices and their effect on companies from an investor, consumer, customer or employee perspective. If our ESG practices do not meet investor or other stakeholder expectations and standards or evolving regulatory requirements, our stock price, brand, sales, ability to access capital markets, reputation and employee retention, among other things, may be negatively affected.
In addition, we have published goals across a range of ESG areas, including environmental sustainability, greenhouse gas emissions, and diversity, equity and inclusion ("DEI") matters. Although we intend to meet these goals, we may be required to expend significant resources to do so, which could increase our operational costs. In addition, we could be criticized for the scope or nature of these goals, or for any revisions to our goals. Moreover, we may determine that it is in the best interest of our Company and our stockholders to prioritize other business, social, governance or sustainable investments over the achievement of our current goals based on economic, technological developments, regulatory and social factors, business strategy or pressure from investors, activist groups or other stakeholders. If we do not adapt to or comply with new ESG regulations, such as those related to climate change, carbon emissions and related ESG disclosure requirements, or fail to meet the ESG goals under Our Imprint 2025 strategy or evolving investor, industry or stakeholder expectations and standards, or if we are perceived (whether or not valid) to have not responded appropriately to the growing and various concerns for ESG issues, customers and consumers may choose to stop purchasing our products or purchase products from a competitor, and our reputation, business or financial results may be adversely affected. Further, if we incur adverse publicity and reaction from investors, activist groups or other
20

Table of Contents
stakeholders related to our ESG efforts and goals, the perception of us and our products and services by current and potential customers, as well as investors, could be adversely impacted which could adversely impact our business and financial results.
Climate change and other weather events may negatively affect our business and financial results.  There is concern that the continuing increase in global average temperatures could cause significant changes in global weather patterns and an increase in the frequency and severity of natural disasters. Global climate change could have various impacts on our operations, ranging from more frequent extreme weather events to extensive governmental policy developments, which have the potential individually or collectively to significantly disrupt our business as well as negatively affect our suppliers, supply chain and customers. Changing weather patterns and more volatile weather conditions could result in decreased agricultural productivity in certain regions that may impact quality, limit availability or increase the cost of key agricultural commodities, such as hops, barley and other cereal grains, which are important ingredients for our products. Increased frequency or duration of extreme weather conditions, including power disruptions and/or water availability implications due to the foregoing, could also impair production capabilities, disrupt our supply chain, distribution networks and routes to market, or impact demand for our products, any of which may cause us to experience additional costs to maintain or resume operations.
Public concern over climate change has resulted in, and may continue to result in, new or increased regional, federal and global legal and regulatory requirements, including taxation, to reduce or mitigate carbon emissions and to limit or impose additional costs on carbon and water usage or other climate-related objectives. In the event that such regulation is more stringent than current regulatory obligations, or the measures that we are currently undertaking to monitor and improve our resource efficiency, we may experience disruptions in, or increases in our costs of, operation and delivery to comply with new regulatory requirements due to investments in facilities and equipment or the relocation of our facilities. If we or our suppliers are required to comply with these laws and regulations, or if we choose to take additional voluntary steps to reduce or mitigate our impact on the climate, we may experience increased costs for energy, production, transportation, and raw materials, increased capital expenditures, or increased insurance premiums and deductibles, each of which could adversely impact our operations. In particular, proposed, new or inconsistent regulation and taxation of fuel and energy could increase the cost of complying with such laws and regulations as well as the cost of operation, including fuel required to operate our facilities or transport and distribute our products, thereby increasing the distribution and supply chain costs associated with our products. Any assessment of the potential impact of future climate change legislation, regulations or industry standards, as well as any international treaties and accords, is uncertain given the wide scope of potential regulatory change in the countries in which we operate.
Beyond the commercial pressures implicated by climate change concerns, our operations may face potential adverse physical effects. For example, we have a major brewery in the state of Colorado, which experienced several significant wildfires in 2022, and we have another major brewery in Texas, which experienced a severe winter weather event in 2021. If any of our properties and production facilities experience a significant operational disruption or catastrophic loss due to natural disasters or severe weather events, it could delay or disrupt production, shipments, and revenue, and result in potentially significant expenses to repair or replace these properties, which may negatively affect our business and financial results.
An inadequate supply or availability of quality water could have a material adverse effect on, among other things, our sales, production processes, other costs and, in turn, profitability. Quality water is a key ingredient in our brewing process. Clean water is a limited resource in many parts of the world and climate change may increase water scarcity and cause a deterioration of water quality in areas where we maintain brewing operations. The competition for water among domestic, agricultural and manufacturing users is increasing in some of our brewing communities and communities in which we or our suppliers manufacture our other products. Even where water is widely available, water purification, regulatory requirements, and waste treatment infrastructure limitations could increase costs or constrain our operations. Further, unavailability of clean water at our breweries or our other facilities or the facilities of our suppliers could limit our ability to brew, which could cause a decrease in production.
We have substantial brewery operations in the states of Colorado and Texas, which have been areas vulnerable to water scarcity conditions. Certain western states in the U.S. are experiencing an extended drought, which can impact the quality and quantity of agricultural ingredients such as barley and hops. The continuation or recurrence of such conditions could have an adverse effect upon our agricultural supply chain. We and our suppliers are dependent on sufficient amounts of quality water for operation of our breweries and key facilities and the key facilities of our significant suppliers. The suppliers of the agricultural raw materials we purchase are also dependent upon sufficient supplies of quality water for their fields. A substantial reduction in water in certain agricultural areas could result in material losses of crops, such as barley or hops, which could lead to a shortage of our product supply. If water available to our operations or the operations of our suppliers becomes scarce or the quality of that water deteriorates, we may incur increased production costs that we are unable or choose not to pass along to distributors through increased prices, or face production constraints, which could adversely affect our business and financial results.

21

Table of Contents
We depend on key personnel, the loss of whom could harm our business, and labor shortages, employee turnover and wage increases could significantly impact our operations. The loss of the services and expertise of any key employee, or multiple members of senior management at the same time, could harm our business. Our future success depends on our ability to identify, attract and retain qualified personnel on a timely basis. If we were to experience turnover of any key employee or multiple members of senior management at the same time, or if a member or members of our senior management were to become ill or incapacitated, our stock price, our results of operations, our commercial and supply chain operations and our vendor or customer relationships could each be adversely impacted and such events may make recruiting for future management positions more difficult. The labor market for many of our employees is very competitive, and wages and compensation costs continue to increase. Our ability to attract and retain key talent has been, and may continue to be, impacted by challenges in the labor market, which has recently been experiencing wage inflation, labor shortages, and a continued shift toward remote work. In addition, labor costs are rising and our industry is experiencing a shortage of qualified workers. If we face labor shortages and/or increased labor costs as a result of increased competition for employees, higher employee turnover rates, or increases in employee benefits costs, our operating expenses could increase, which could negatively impact our growth and results of operations. Labor shortages, higher employee turnover rates and labor union organizing efforts could also lead to disruptions in our business, as discussed above. In addition, we must successfully integrate any new management personnel that we hire within our organization, or who join our organization as a result of an acquisition, in order to achieve our operating objectives, and changes in other key management positions may temporarily affect our financial performance and results of operations as new management becomes familiar with our business.
Because of our reliance on third-party service providers and internal and outsourced systems for our information technology and certain other administrative functions, we could experience a disruption to our business.    We rely extensively on information services providers worldwide for our information technology functions including network, help desk, hardware and software configuration. Additionally, we rely on internal networks and information systems and other technology, including the internet and third-party hosted services, to support a variety of business processes and activities, including procurement and supply chain, manufacturing, distribution, invoicing and collection of payments. We use information systems for certain human resource activities and to process our employee benefits, as well as to process financial information for internal and external reporting purposes and to comply with various reporting, legal and tax requirements. As information systems are critical to many of our operating activities, our business may be impacted by system shutdowns, service disruptions, obsolescence, or security threats or breaches. Furthermore, the importance of such information technology systems and networks has increased due to many of our employees working remotely as a result of our changing workplace dynamics. Additionally, if any of our significant service providers were to fail and we were unable to find a suitable replacement in a timely manner, we could be unable to properly administer our outsourced functions, which could disrupt our business and adversely affect our financial results.
Poor investment performance of pension plan holdings and other factors impacting pension plan costs and contributions could unfavorably affect our business, liquidity and our financial results.    Our costs of providing defined benefit pension plans are dependent upon a number of factors, such as the rates of return on the plans' assets, discount rates, the level of interest rates used to measure the required minimum funding levels of the plans, exchange rate fluctuations, government regulation, court rulings or other changes in legal requirements, global equity prices, and our required and/or voluntary contributions to the plans. Although we comply with the minimum funding requirements, we have certain qualified pension plans with obligations which exceed the value of the plans' assets. These funding requirements also may require contributions even when there is no reported deficit. Without sustained growth in the pension investments over time to increase the value of the plans' assets, and depending upon the other factors as listed above, we could be required to fund the plans with significant amounts of cash. Such cash funding obligations (or the timing of such contributions) could have a material adverse effect on our cash flows, credit rating, cost of borrowing, financial position and/or results of operations.
Risks Related to Our Indebtedness, Capital Structure and Financial Condition
Our debt level subjects us to financial and operating risks, and the agreements governing such debt subject us to financial and operating covenants and restrictions. Our indebtedness subjects us to various financial and operating covenants, including, but not limited to, restrictions on priority indebtedness, leverage thresholds, liens, certain types of secured debt and certain types of sale lease-back transactions and transfers of assets, each of which may limit our flexibility in responding to our business needs. If we are not able to maintain compliance with stated financial covenants or if we breach other covenants in any debt agreement, we could be in default under such agreement or trigger a cross-default of other debt instruments. Such a default would adversely affect our credit ratings, may allow our creditors to accelerate the related indebtedness, and may result in the acceleration of any other indebtedness to which a cross-acceleration or cross-default provision applies.
Our current and future debt levels and the terms of such debt could, among other things:     
make it more difficult to satisfy our obligations under the terms of our indebtedness;
22

Table of Contents
limit our ability to refinance our indebtedness on terms acceptable to us, or at all, or obtain additional financing for working capital, capital expenditures, strategic opportunities, including acquisitions or other investments, to fund growth or for general corporate purposes, even when necessary to maintain adequate liquidity;    
limit our flexibility to plan for and adjust to changing business and market conditions, including successfully execute our Acceleration Plan, and increase our vulnerability to general adverse economic and industry conditions;
require us to make unfavorable changes to our financing structure or require us to dedicate a substantial portion of our cash flow to make interest and principal payments on our debt, thereby limiting the availability of our cash flow to fund strategic opportunities, including acquisitions or other investments, working capital, business activities, and other general corporate requirements; and
adversely impact our competitive position in the industry.
In addition, certain of our current and future debt and derivative financial instruments have or, in the future, could have interest rates that are tied to reference interest rates. The volatility and availability of such reference rates are out of our control and the risks related thereto could have a material adverse effect on us.
A deterioration in our credit rating could increase our borrowing rates or have an adverse effect on our ability to obtain future financing or refinance current debt. Ratings agencies may downgrade our credit ratings below their current investment grade levels if we are, or are at risk of being, unable to meet our deleveraging commitments. Although we have publicly expressed our intention to maintain an investment grade debt rating, ratings are determined by third-party rating agencies and in some cases the events that may cause us to suffer a ratings downgrade are unpredictable and outside of our control, such as the macroeconomic climate or political instability. A credit ratings downgrade, particularly a downgrade below investment grade, could increase our costs of future borrowing, negatively impact our hedging instruments or sources of short-term liquidity and harm our ability to refinance our debt in the future on acceptable terms or access the capital markets. Deterioration of our credit rating may also raise governance issues within the Company and with external regulators.
Default by, or failure of, one or more of our counterparty financial institutions could cause us to incur significant losses. As part of our risk management activities, we enter into transactions involving derivative financial instruments, including, among others, forward contracts, commodity swap contracts and option contracts, with various financial institutions. In addition, we have significant amounts of cash and cash equivalents on deposit or in accounts with banks or other financial institutions in the U.S. and abroad. As a result, we are exposed to the risk of default by, or failure of, counterparty financial institutions. The risk of counterparty default or failure may be heightened during economic downturns and periods of uncertainty in the financial markets. If one of our counterparties were to become insolvent or file for bankruptcy, our ability to recover losses incurred as a result of default or to retrieve our assets that are deposited or held in accounts with such counterparty may be limited by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings.
We may incur impairments of the carrying value of our goodwill and other intangible assets which could have a material adverse effect on our financial results.  In connection with various business combinations, we have historically allocated material amounts of the related purchase prices to goodwill and other intangible assets that are considered to have indefinite useful lives. For example, as a result of our acquisition in October 2016 of the remaining portion of MillerCoors LLC (which we refer to as the "MillerCoors Acquisition"), we allocated approximately $6.3 billion and $7.6 billion to goodwill and indefinite-lived intangible assets, respectively. These assets are tested for impairment at least annually, using estimates and assumptions affected by factors such as economic and industry conditions and changes in operating performance. Additionally, in conjunction with the brand impairment tests, we also reassess each brand's indefinite-life classification. Potential resulting charges from an impairment of goodwill or brand intangible, as well as reclassification of an indefinite-lived to a definite-lived brand intangible, could have a material adverse effect on our results of operations. For example, the results of our 2022 annual goodwill impairment testing indicated that the fair value of our Americas reporting unit was below its carrying value. As a result, we recorded a partial impairment charge of $845.0 million within goodwill impairment, in our consolidated statements of operations during the fourth quarter of 2022. As of the year ended December 31, 2023, the EMEA&APAC reporting unit was fully impaired while the Americas reporting unit had $5.3 billion of goodwill remaining.
Our most recent impairment analysis, conducted as of October 1, 2023, the first day of our fiscal fourth quarter, indicated that the carrying value of the Staropramen family of brands indefinite-lived intangible asset was determined to be in excess of its fair value such that a partial impairment charge of $160.7 million was recorded. In addition, as a result of the current year testing, it was determined that the Americas reporting unit and the Staropramen family of brands indefinite-lived intangible asset are at a heightened risk of future impairment in the event of significant unfavorable changes in the forecasted cash flows (including Company-specific risks like the performance of our above-premium transformation efforts, expansion in products beyond beer and overall market performance, including execution of strategic initiatives for the Staropramen family of brands, along with macroeconomic risks like the continued prolonged weakening of economic conditions and cost inflation, or
23

Table of Contents
significant unfavorable changes in income tax rates, environmental or other regulations, including interpretations thereof), terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flow analyses. The fair values of our Americas reporting unit and indefinite-lived intangible assets are sensitive to the aforementioned potential unfavorable changes that could have an adverse impact on future analyses. Any future impairment of the Americas reporting unit or our indefinite-lived intangible assets, or reclassification of indefinite-lived intangible assets to definite-lived, may result in material charges that could have a material adverse effect on our financial results, as evidenced by the charges incurred during the fourth quarters of 2023 and 2022, as previously noted above. The testing of our goodwill for impairment is also predicated upon our determination of our reporting units. Any change to the conclusion of our reporting units or the aggregation of components within our reporting units could result in a different outcome to our annual impairment test. See Part II—Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, "Critical Accounting Estimates" and Part II—Item 8 Financial Statements and Supplementary Data, Note 6, "Goodwill and Intangible Assets" for additional information related to the results of our annual impairment testing.
The estimates and assumptions on which our financial projections are based may prove to be inaccurate, which may cause our actual results to materially differ from such projections, which may adversely affect our future profitability, cash flows and stock price. Our financial projections, including any sales or earnings guidance or outlook we may provide from time to time, are dependent on certain estimates and assumptions related to, among other things, our Acceleration Plan, category growth, development and launch of innovative new products, market share projections, product pricing, sales, volume and product mix, foreign exchange rates and volatility, tax rates, interest rates, commodity prices, distribution through truck versus railcar, cost savings, accruals for estimated liabilities, including litigation reserves, measurement of benefit obligations for pension and other postretirement benefit plans, and our ability to generate sufficient cash flow to reinvest in our existing business, fund internal growth, repurchase our stock, make acquisitions, invest in joint ventures, pay dividends and meet debt obligations. In addition, our ability to achieve our Acceleration Plan goals, and the anticipated benefits, are subject to various assumptions and uncertainties. There is no assurance that we will fully realize the anticipated financial impacts or execute successfully on our Acceleration Plan in the time frames we desire or at all. Our financial projections are based on historical experience and on various other estimates and assumptions that we believe to be reasonable under the circumstances and at the time they are made, and our actual results may differ materially from our financial projections. Any material variation between our financial projections and our actual results may adversely affect our future profitability, cash flows and stock price.
Risks Related to Our Dependence on Third Parties
We rely on a small number of suppliers to obtain the input materials, in particular the packaging materials, we need to operate our business. The inability to obtain materials or disruptions at the facilities of our suppliers could unfavorably affect our ability to produce our products, which could have a material adverse effect on our business and financial results.    We purchase certain types of input and other packaging materials, including aluminum cans and bottles, glass bottles, paperboard and carbon dioxide from a small number of suppliers. The demand for such input materials in the beverage industry has significantly increased, and there has been a shortage of capacity and increases in costs. In addition, consolidation of packaging materials suppliers has reduced local supply alternatives and increased risks of supply disruptions. The inability of any of these suppliers to meet our production requirements without sufficient time to develop an alternative source could have a material adverse effect on our business and financial results. Additionally, if the financial condition of these suppliers deteriorates, our business and financial results could be adversely impacted. Our suppliers’ financial condition is affected in large part by conditions and events that are beyond our and their control, including:
competitive and general market conditions in the locations in which they operate;
the availability of capital and other financing resources on reasonable terms;
loss of major customers;
disruptions of operations that may be caused by strikes, work stoppages, labor unrest or natural disasters;
the increase in price of certain ingredients and raw materials used in our products; or
any of the foregoing, among other things, as a result of the Russia-Ukraine conflict or otherwise.
Termination or changes of one or more manufacturer, distribution or production agreements, or issues caused by our dependence on the parties to these agreements, could have a material adverse effect on our business and financial results.    We manufacture and distribute products of other beverage companies through various joint venture, licensing, distribution, contract brewing or other similar arrangements, such as our agreement to produce, import, market, distribute and sell certain Heineken brands in Canada, and our arrangements with ABI to brew and distribute Beck's, Stella Artois, and Lowenbrau and to distribute Hoegaarden, Leffe, and Corona in Central Europe. We also have agreements with Asahi for the production and import of Pilsner Urquell and Peroni Nastro Azurro into the U.S. under a perpetual royalty-free license. In
24

Table of Contents
addition, we also have authorizations from The Coca-Cola Company that grant us the right to produce, market, sell and distribute Topo Chico Hard Seltzer and Simply Spiked branded products in the U.S. and Canada, and Peace Hard Tea branded products in the U.S. These agreements have varying expiration dates and performance criteria, with several agreements approaching expiration in the near future. The non-renewal or loss of one or more of these arrangements, because of failure to perform or failure to agree to terms of an extension, or as a result of industry consolidation or otherwise, could have a material adverse effect on our business and financial results. As part of our efforts to streamline operations and to manage capital investments, we outsource aspects of our manufacturing processes and other functions and continue to evaluate additional outsourcing. If our contract manufacturers or other outsourcers fail to perform their obligations in a timely manner or at satisfactory quality levels, our ability to bring products to market and our reputation could suffer. For example, during a market upturn, our contract manufacturers may be unable to meet our demand requirements, which may preclude us from fulfilling our customers’ orders on a timely basis. The ability of these third parties to perform is largely outside of our control. If one or more of these parties experiences a significant disruption in services or institutes a significant price increase, we may have to seek alternative providers, which could increase our costs or prevent or delay the delivery of our products. Further, our business includes various joint venture and industry agreements which standardize parts of the supply chain system. An example includes our warehousing and customer delivery systems in Canada organized under joint venture agreements with other brewers. Any negative change in these agreements or material terms within these agreements could have a material adverse effect on our business and financial results.
Risks Related to Legal Matters, Governmental Regulations and our International Operations
Unfavorable outcomes of legal or regulatory matters may adversely affect our business and financial condition and damage our reputation. We are from time to time involved in or subject to a variety of litigation, claims, legal or regulatory proceedings or matters related to our business, the alcohol industry in general, our advertising and marketing practices, product claims, product labeling and ingredients, our intellectual property rights, alleged infringement or misappropriation by us of intellectual property rights of others, tax, environmental, privacy, insurance, ERISA and employment matters. Such matters, even those that are ultimately non-meritorious, can be complex, costly, and highly disruptive to business operations by diverting the attention and energies of management and other key personnel, and may generate adverse publicity that damages our reputation or brand image. The assessment of the outcome of such matters, including our potential liability, if any, is a highly subjective process that requires judgments about future events that are not within our control and are based on the information available to management at that time. The outcome of such matters, including amounts ultimately received or paid upon judgment or settlement, may differ materially from management’s outlook or estimates, including any amounts accrued in the financial statements. Actual outcomes, including judgments, awards, settlements or orders, could have a material adverse effect on our business, financial condition, operating results, or cash flows and damage our corporate reputation and our brands.    
Our operations in developing and emerging markets expose us to additional risks, which could harm our business and financial results. We continue to operate in developing and emerging markets. In certain of these markets, we have limited operating experience and may not succeed. In addition to risks described elsewhere in this report, our operations in these markets expose us to additional heightened risks, including:
changes in local political, economic, social and labor conditions;
restrictions on foreign ownership and investments;
repatriation of cash earned in countries outside the U.S.;
import and export requirements;
increased costs to ensure compliance with complex foreign laws and regulations;
currency exchange rate fluctuations;
a less developed and less certain legal and regulatory environment, which among other things can create uncertainty with regard to liability issues;
longer payment cycles, increased credit risk and higher levels of payment fraud;
increased exposure to global disease outbreaks or pandemics; and
other challenges caused by distance, language, and cultural differences.


25

Table of Contents
In addition, as a global company, we are subject to foreign and U.S. laws and regulations designed to combat governmental corruption, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and the U.K. Proceeds of Crime Act. Violations of these laws and regulations could result in fines and penalties, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct of our business and prohibitions on our ability to offer our products and services in one or more countries, each of which could have a materially negative effect on our reputation, brands and our operating results. Although we have implemented policies and procedures designed to ensure compliance with these foreign and U.S. laws and regulations, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, there can be no assurance that our employees, business partners or agents will not violate our policies and procedures.
Changes to the regulation of the distribution systems for our products could adversely affect our business and financial results.    Many countries in which we operate regulate the distribution of alcohol products and if those regulations were changed, it could alter our business practices and have a material adverse effect on our business and financial results. For example, in the U.S. market, there is a three-tier distribution system that governs the sale of malt beverage products. That system, requiring separation of manufacturers, distributors and retailers, dates back to the repeal of prohibition and is periodically subject to legal challenges. To the extent that such challenges are successful and change the three-tier system, including through the expansion of e-commerce and direct-to-consumer offerings, such changes could have a material adverse effect on our Americas segment results of operations. Further, in Canada, our products are required to be distributed through each province's respective provincial liquor board. Additionally, in certain Canadian provinces, we rely on our joint venture arrangements with BRI and BDL to distribute our products via retail outlets that are mandated and regulated by provincial government regulators. BRI owns and operates commercial retail outlets, known as The Beer Store, in Ontario, and BDL facilitates the distribution of our products in the western Canadian provinces. If provincial regulation should change, the costs to adjust our distribution methods could have a material adverse effect on our business and financial results.
Our consolidated financial statements are subject to fluctuations in foreign exchange rates, most significantly the Canadian dollar and the European operating currencies such as, Euro, British Pound, Czech Koruna, Serbian Dinar, New Romanian Leu, Bulgarian Lev and Hungarian Forint. We hold assets and incur liabilities, earn revenues and pay expenses in different currencies, most significantly in Canada and throughout Europe. Because our financial statements are presented in USD, we must translate our assets, liabilities, income and expenses into USD. Increases and decreases in the value of the USD will affect, perhaps adversely, the value of these items in our financial statements, even if their local currency value has not changed. Additionally, we are exposed to currency transaction risks related to transactions denominated in currencies other than one of the functional currencies of our operating entities, such as the purchase of certain raw material inputs or capital expenditures, as well as sales transactions and debt issuances or other incurred obligations. Further, certain actions by the government of any of the jurisdictions in which we operate could adversely affect our results and financial position. To the extent that we fail to adequately manage these risks through our risk management policies intended to protect our exposure to currency movements, which may affect our operations, including if our hedging arrangements do not effectively or completely hedge changes in foreign currency rates, our results of operations may be materially and adversely affected. For instance, the strengthening of the USD against the Canadian dollar, European currencies and various other global currencies would adversely impact our USD reported results due to the impact on foreign currency translation.
Changes in tax, environmental, trade or other regulations or failure to comply with existing licensing, trade and other regulations could cause volatility or have a material adverse effect on our business and financial results.    Our business is highly regulated by national, state, provincial and local laws and regulations in various jurisdictions regarding such matters as tariffs, licensing requirements, trade and pricing practices, taxation, labeling, advertising, promotion and marketing practices, relationships with distributors, environmental matters, packaging material regulations, ingredient regulations, unclaimed property and other matters. These laws and regulations are subject to frequent re-evaluation, varying interpretations and political debate and inquiries from government regulators charged with their enforcement, which could have a material adverse effect on our business and financial results.
Future changes to U.S. or foreign trade policies, impositions of new or increased tariffs, other trade restrictions or other government actions, including any government shutdown, foreign currency fluctuations, including devaluations and fear of exposure to or actual impacts of a widespread disease outbreak, may lead to the continuation or escalation of such risks and uncertainty.
26

Table of Contents
Furthermore, changes to existing tax laws or the adoption of new tax policies, regulations, guidance or laws, particularly in the U.S., U.K. and Canada, could have a material adverse impact to our effective tax rate, future cash tax liabilities and our financial results in general. In addition, the current economic and political environment, including the focus on corporate tax reform, anti-base erosion rules and tax transparency, may result in significant tax law changes in the numerous jurisdictions in which we operate and could have a material adverse impact to our effective tax rate, future cash tax liabilities and our financial results in general. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 ("IRA"), which included among other provisions, a 15% minimum tax on "adjusted financial statement income" and became effective for the Company beginning January 1, 2023. Recently, intergovernmental organizations such as the Organization for Economic Co-operation and Development ("OECD") and European Union ("EU") have proposed changes to the existing tax laws of member countries. For instance, the OECD has introduced model rules for a new 15% global minimum tax framework, as well as a proposal on the allocation of profit among tax jurisdictions in which companies operate. In December 2022, the EU member states agreed to incorporate the 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023. Additionally, several non-EU countries, including the U.K., have recently proposed and/or adopted legislation consistent with the OECD global minimum tax framework. These tax laws and regulations could adversely impact our financial results beyond fiscal year 2024.
Continued economic and political pressures to increase tax revenues in jurisdictions in which we operate, or the adoption of new or reformed tax legislation or regulation, may make resolving tax disputes more difficult, and prior decisions by tax authorities regarding treatments and positions of corporate income taxes could be subject to enforcement activities, as well as legislative investigation and inquiry, which could also result in changes in tax policies or prior tax rulings. The final resolution of tax audits and any related litigation can differ from our historical provisions and accruals, resulting in an adverse effect on our financial performance.
Additionally, modifications of laws and policies governing foreign trade and investment, including trade agreements and tariffs such as the United States-Mexico-Canada Agreement, the European Union-United Kingdom Trade and Cooperating Agreement, or aluminum tariffs, could adversely affect our supply chain, business and results of operations. For example, in June 2018, U.S. tariffs on aluminum imports from Canada, Mexico and EU went into effect (though the U.S. lifted the aluminum tariffs on Canada and Mexico in May 2019), which created volatility in the price of aluminum in the U.S. and increased the price of aluminum used in some of our product packaging. Continued imposition of U.S. aluminum tariffs, the implementation of additional tariffs and retaliatory tariffs from trade partners or related uncertainties could further increase the cost of certain of our imported materials, thereby adversely affecting our profitability. In addition, the European Union-United Kingdom Trade and Cooperating Agreement became effective in May 2021 and resulted in certain disruptions in trade and the movement of goods, including prolonged transportation delays, which affected our ability to source raw materials and packaging for our products as well as our ability to import and export products.
Furthermore, various jurisdictions have adopted, or may seek to adopt, additional product labeling or warning requirements or limitations on the availability of our beverages relating to perceived adverse health consequences of some of our beverages. If additional or more severe requirements of this type are imposed on one or more of our beverages under current or future laws or regulations, they could inhibit sales of such beverages in such jurisdictions. In addition, we cannot predict whether our beverages will become subject to increased rules and regulations regarding labeling or warnings which, if enacted, could increase our costs or adversely impact sales.
In addition, a number of governmental authorities, both in the U.S. and abroad, have considered, and are expected to consider, legislation aimed at packaging reducing the amount of plastic waste. Programs have included recommendations for extended producer responsibility, banning certain types of products, mandating certain rates of recycling and/or the use of recycled materials, imposing deposits or excise taxes on packaging material, and requiring retailers or manufacturers to take back packaging used for their products. Such legislation, as well as voluntary initiatives, aimed at reducing the level of plastic wastes, could reduce the demand for certain of our products that contain plastic packaging, result in greater costs for manufacturers of plastic products or otherwise impact our business, financial condition and results of operations. Similarly, changes in applicable environmental regulations, including increased or additional regulations to discourage the use of particular materials (or encourage or mandate the use of other materials) may result in increased compliance costs, increased costs, capital expenditures, incremental investments and other financial obligations for us and our business partners, which could affect our profitability. We may not be able to implement price increases for our products to cover any increased costs, and any price increases we do implement may result in lower sales volumes.
The government(s) of each country in which we sell our products, including state and local jurisdictions in the U.S., levies excise taxes at varying rates. Additionally, U.S. governmental entities also levy taxes and may require bonds to ensure compliance with applicable laws and regulations. Increases in excise taxes, and such compliance taxes and bonds, could have a material adverse effect on our profitability.

27

Table of Contents
Failure to comply with existing laws and regulations or changes in these laws, regulations, or interpretations thereof, specifically tax and environmental laws or any other laws or regulations could result in the loss, revocation or suspension of our licenses, permits or approvals and could have a material adverse effect on our business, financial condition and results of operations. Additionally, uncertainties exist with respect to the interpretation of, and potential future developments in, complex domestic and international tax laws and regulations, the amount and timing of future taxable income and the interaction of such laws and regulations among jurisdictions. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded.
Risks Related to Acquisitions and Joint Ventures
Risks associated with operating our joint ventures may materially adversely affect our business and financial results. We have entered into several joint ventures, including our joint ventures with Ball Corporation (i.e., Rocky Mountain Metal Container), and with Owens-Brockway Glass Container Inc. (i.e., Rocky Mountain Bottle Company), for a portion of our aluminum and glass packaging supply in the U.S., respectively. We have also entered into a joint venture with The Yuengling Company LLC to expand the distribution of Yuengling beer in the western U.S. We also have a joint venture in the U.K. regarding the production and distribution of Cobra beer. Additionally, in certain Canadian provinces, we rely on joint venture agreements with BRI and BDL to distribute our products via retail outlets that are mandated and regulated by provincial government regulators. As previously referenced, BRI owns and operates commercial retail outlets, known as The Beer Store, in Ontario, and BDL facilitates the distribution of our products in the western Canadian provinces. We may enter into additional joint ventures in the future. Our joint venture partners may at any time have economic, business or legal interests or goals that are inconsistent with our goals or with the goals of the joint venture. In addition, we compete against our joint venture partners in certain of our other markets. Disagreements with our business partners may impede our ability to maximize the benefits of our partnerships. Our joint venture arrangements may require us, among other matters, to pay certain costs or to make certain capital investments or to seek our joint venture partner's consent to take certain actions. In addition, our joint venture partners may be unable or unwilling to meet their economic or other obligations under the operative documents, or may become insolvent or file for bankruptcy protection and we may be required to either fulfill those obligations alone to ensure the ongoing success of a joint venture or to dissolve and liquidate a joint venture.
Failure to successfully identify, complete or integrate attractive acquisitions and joint ventures into our existing operations could have an adverse effect on our business and financial results. We have made a number of acquisitions and entered into several strategic joint ventures. In order to compete in the consolidating global brewing and beverage industry, we anticipate that we may, from time to time, in the future acquire additional businesses like the Blue Run Spirits, Inc ("Blue Run") acquisition in the third quarter of 2023 or enter into additional joint ventures that we believe would provide a strategic fit with our business. Potential risks associated with acquisitions and joint ventures could include, among other things:
our ability to identify attractive acquisitions and joint ventures;
our ability to offer potential acquisition targets and joint venture partners' competitive transaction terms;
our ability to raise capital on reasonable terms to finance attractive acquisitions and joint ventures;
our ability to realize the benefits or cost savings that we expect to realize as a result of the acquisition or joint venture;
diversion of management's attention;
our ability to successfully integrate our businesses with the business of the acquired company;
motivating, recruiting and retaining key employees;
conforming standards, controls, procedures and policies, business cultures and compensation structures among our company and the acquired company;
consolidating and streamlining sales, marketing and corporate operations;
potential exposure to unknown liabilities of acquired companies;
potential exposure to unknown or future liabilities or costs that affect the markets in which acquired companies or joint ventures operate;
reputational or other damage due to the conduct of a joint venture partner or the prior conduct of an acquired company;
loss of key employees and customers of an acquired company; and
28

Table of Contents
managing tax costs or inefficiencies associated with integrating our operations following completion of an acquisition or entry into a joint venture.
Additional Risks Related to our Americas Segment
Our U.S. business is highly dependent on independent distributors to sell our products, with no assurance that these distributors will effectively sell our products, and distributor consolidation in the U.S. could harm our business and financial results.    We sell nearly all of our products, including all of our imported products, in the U.S. to independent distributors for resale to retail outlets. These independent distributors are entitled to exclusive territories and protected from termination by state statutes and regulations. Consequently, if we are not allowed, or are unable under acceptable terms or at all, to replace unproductive or inefficient distributors, our business, financial position and results of operation may be adversely affected, which could have a material adverse effect on our business and financial results.
Further, in recent years, there has been a consolidation of independent distributors, resulting in distributors with increased leverage over suppliers due to the distributor's share of the supplier business, exclusive territorial appointments and regulatory protection of distribution agreements. We have limited ability to influence decisions regarding distributor consolidation, which, regardless of size, carries a risk of decreased investment in service and local marketing in the interest of paying down the leverage required to fund a transaction. Consolidation among distributors could create a more challenging competitive landscape for our products and could hinder the distribution and sale of our products. There is a risk that consolidation of distributors could further increase due to potential changes in tax laws in the markets in which we operate. This could negatively impact sales of certain growth driver products, such as hard seltzers and ready to drink beverages, and increase prices. Our unique portfolio may require more brand building than our competitors, which could be adversely affected in the event of distributor consolidation. Changes in distributors' strategies, including a reduction in the number of brands they carry, may adversely affect our growth, business, financial results and market share.
Government mandated changes to the retail distribution model resulting from new regulations may have a material adverse effect on our Canada business. The Province of Ontario and Molson Canada 2005, a wholly owned indirect subsidiary of our Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd. (collectively, the "Representative Owners"), and Brewers Retail Inc., operating under the name "The Beer Store" ("TBS"), are parties to a Master Framework Agreement ("MFA") that dictates the terms of the beer distribution and retail systems in Ontario. The initial term of the Master Framework Agreement does not expire until December 31, 2025, and the MFA contains a provision requiring two-year advance notice of the government's intention to not renew the MFA. In December 2023, the Province of Ontario notified the Representative Owners and TBS that it would not be renewing the MFA after the initial term of the MFA expires on December 31, 2025. The Province of Ontario simultaneously announced a set of non-binding Key Principles agreed upon between the Province of Ontario, the Representative Owners, and TBS, concerning the intended features of the future marketplace for beer distribution and retail systems in the Province of Ontario to be introduced no later than January 1, 2026. Under the Key Principles, TBS will continue its retail operations and will continue to be the primary distributor of beer in the Province of Ontario at least through 2031. The Key Principles also state grocery stores, convenience stores, gas stations, and big-box retailers in the Province of Ontario will be able to apply for licenses to sell beer, wine, cider, and ready-to-drink cocktails starting in 2026. The impacts of the Key Principles are still being analyzed and could have a negative impact on the results of operations, cash flows and financial position of our Americas Segment.
Indemnities provided to the purchaser of our previous interest in the Cervejarias Kaiser Brasil S.A. ("Kaiser") business in Brazil could result in future cash outflows and statement of operations charges.    In 2006, we sold our previous ownership interest in Kaiser, which was held by our Canadian business, to FEMSA Cerveza S.A. de C.V. ("FEMSA"). The terms of the sale agreement require us to indemnify FEMSA for exposures related to certain tax, civil and labor contingencies and certain purchased tax credits. The ultimate resolution of these claims is not under our control. These indemnity obligations are recorded as liabilities on our consolidated balance sheets; however, we could incur future statement of operations charges due to changes to our estimates or changes in our assessment of probability of loss on these items as well as due to fluctuations in foreign exchange rates. Due to the uncertainty involved in the ultimate outcome and timing of these contingencies, significant adjustments to the carrying value of our indemnity liabilities and corresponding statement of operations charges/credits could result in the future.
Additional Risks Related to our EMEA&APAC Segment
Economic trends and intense competition in European markets could unfavorably affect our profitability. Our European businesses have been, and, in the future may be, adversely affected by conditions in the global financial markets and general economic and political conditions, as well as a weakening of their respective currencies versus the U.S. dollar, in each case, in addition to the other impacts of the Russia-Ukraine conflict. Additionally, we face intense competition in certain of our European markets, particularly with respect to pricing, which could lead to reduced sales or profitability. In particular, the on-going focus by large competitors in Europe to drive increased market share through aggressive pricing strategies could
29

Table of Contents
adversely affect our sales and results of operations. We may also face pressures resulting from a reduction in disposable incomes of consumers to spend on our products due to inflation, recessionary conditions and an increase in the cost of energy, primarily in countries located in central and eastern Europe, which could unfavorably affect our profitability. In addition, in recent years, beer volume sales in Europe have been shifting from on-premise, such as pubs and restaurants, to off-premise, such as retail stores, for the industry as a whole. Margins in sales to off-premise customers tend to be lower than margins from sales to on-premise customers, and, as a result, continuation or acceleration of this trend could further adversely affect our profitability.
Risks Related to Ownership of our Class B Common Stock
If Pentland and the Coors Trust do not agree on a matter submitted to our stockholders or if a super-majority of the Board do not agree on certain actions, generally the matter will not be approved, even if beneficial to us or favored by other stockholders or a majority of the Board.    Pentland Securities (1981) Inc. ("Pentland") (a company controlled by the Molson family and related parties) and the Adolph Coors, Jr. Trust (the "Coors Trust") (a trust controlled by the Coors family and related parties), which together control more than 90% of our Class A common stock and Class A exchangeable shares, have a voting trust agreement through which they have combined their voting power over the shares of our Class A common stock and the Class A exchangeable shares that they own. If these two stockholders do not agree to vote in favor of a matter submitted to a stockholder vote (other than the election of directors), the voting trustees are required to vote all of the Class A common stock and Class A exchangeable shares deposited in the voting trust against the matter. There is no other mechanism in the voting trust agreement to resolve a potential deadlock between these stockholders. Therefore, if either Pentland or the Coors Trust is unwilling to vote in favor of a proposal that is subject to a stockholder vote, we would be unable to implement the proposal even if the Board, management or other stockholders believe the proposal is beneficial to us. Similarly, our bylaws require the authorization of a super-majority (two-thirds) of the Board to take certain transformational actions. Thus, it is possible that our Company will not be authorized to take action even if it is supported by a simple majority of the Board.
The interests of the controlling stockholders may differ from those of other stockholders and could prevent our Company from making certain decisions or taking certain actions that would be in the best interest of the other stockholders. Our Class B common stock has fewer voting rights than our Class A common stock and holders of our Class A common stock have the ability to effectively control or have a significant influence over certain of our actions requiring stockholder approval, which could have a material adverse effect on Class B stockholders. See Part II—Item 8 Financial Statements and Supplementary Data, Note 14, "Stockholders' Equity" in this Annual Report on Form 10-K for additional information regarding voting rights of Class A and Class B stockholders.    
Shareholder activism efforts or unsolicited offers from a third-party could cause a material disruption to our business and financial results. We may be subject to various legal and business challenges due to actions instituted by shareholder activists or unsolicited third-party offers. Perceived uncertainties as to our future direction as a result of shareholder activism may lead to the perception of a change in the direction of the business or other instability and may affect our relationships with vendors, customers, prospective and current employees and others. Proposed or future laws and regulations may increase the chance we become the target of shareholder activist campaigns, including ESG-related actions. If shareholder activist campaigns are initiated against us, our response to such actions could be costly and time-consuming, which could divert the attention and resources of the Board, Chief Executive Officer and senior management from the pursuit of our business strategies, which could harm our business, negatively impact our stock price, and have an adverse effect on our business and financial results.
ITEM 1B.    UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Our cybersecurity program is managed by a dedicated Global Chief Information Officer whose team, including the head of Information Technology Security, is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes. Our Global Chief Information Officer has over 35 years of relevant industry experience, including over 29 years at our Company. Our Senior Director of Information Security functions as our Chief Information Security Officer and has over 20 years of relevant industry experience. Further, team members who support our cybersecurity program have relevant educational and industry experience through various roles involving information technology, security, auditing, compliance, systems and programming, as well as cybersecurity certifications such as a Certified Information Systems Security Professional or Certified Information Security Manager. Our Board, Audit Committee and senior management receive periodic briefings from the Global Chief Information Officer and the Senior Director of Information Security, concerning cybersecurity, information security and technology risks, and our related risk mitigation programs. In general, the Board is responsible for overseeing our enterprise risk management program ("ERM Program").
30

Table of Contents
The ERM Program is a proactive and ongoing process led by our legal and risk professionals and senior management, to identify, assess and manage risks and to build out and track mitigation and reduction efforts. The Board has tasked the Audit Committee with overseeing, reviewing and discussing with management, the internal audit team and the independent auditors, our ERM Program, policies and procedures with respect to, among other things, the assessment and management of risks related to our cybersecurity and information security and the steps management has taken to monitor and control such risks.
The Audit Committee is also responsible for overseeing risks related to our cybersecurity, technology and information security programs and reviewing emerging cybersecurity, technology and information security developments and threats and our strategy to mitigate such risks. The Audit Committee provides another level of cybersecurity oversight through engagements at each Audit Committee meeting with senior management, including our Global Chief Information Officer and the Senior Director of Information Security. These reports include updates on our cybersecurity risks, threats, and incidents; our efforts to monitor, prevent, detect, mitigate and remediate the same; regulatory updates; the status of our cybersecurity projects, programs, and assessments; and periodic updates on our cybersecurity staffing and related matters. The Audit Committee regularly reports to the Board regarding these matters.
We engage in the ERM Program process semi-annually, which addresses, among other matters, emerging cybersecurity threats and models our exposure to the threat landscape against the overall strategic objectives of our Company. We regularly engage cybersecurity industry experts to assess, audit and consult on our cybersecurity practices. Further, we engage Managed Security Service Providers to monitor our information technology ("IT") environment, help identify attacks, forensically investigate and remediate breaches, and assess and test our IT system security. We also operate a cyber controls assessment program to monitor our internal program in between external assessments. We have also implemented a cybersecurity awareness training program to facilitate initial and continuing education for employees on cybersecurity and related matters. Regular reviews are conducted to assess our information security programs and practices, including incident management, service continuity, information security compliance programs and related achievements.
In addition, we operate a third-party cyber risk management capability which monitors the exposure of significant IT suppliers, significant software as a service suppliers and major vendors with access to our IT systems. We also monitor for significant changes in our cybersecurity risk posture and attempt to remediate the risk through collaboration with that partner. We also monitor for known breaches of the IT supplier landscape.
As previously disclosed, during March 2021, we experienced a systems outage that was caused by a cybersecurity incident. We engaged leading forensic information technology firms and legal counsel to assist our investigation into the incident and we restored our systems. Despite these actions, we experienced delays and disruptions to our business, including brewery operations, production and shipments. This incident caused a shift in production and shipments from the first quarter of 2021 to the balance of fiscal year 2021. In addition, we incurred certain incremental one-time costs of $2.4 million for the year ended December 31, 2021, related to consultants, experts and data recovery efforts, net of insurance recoveries. See also Part I—Item 1A Risk Factors for the following risk: Cybersecurity incidents impacting our information systems, and violations of data privacy laws and regulations could disrupt our business operations and adversely impact our reputation and results of operations.
31

Table of Contents
ITEM 2.    PROPERTIES
As of February 20, 2024, our major facilities were owned (unless otherwise indicated) and are as follows:
Facility Location Character
Administrative Offices
Bucharest, Romania(1)
Global business services center
Burton-on-Trent, U.K.(2)
EMEA&APAC segment operational headquarters
Chicago, Illinois(1)
Americas segment operational headquarters
Golden, ColoradoCorporate principal executive office and Americas segment administrative office
Milwaukee, WisconsinAmericas segment administrative office
Montréal, Québec(1)
Corporate principal executive office and Americas segment administrative office
Prague, Czech RepublicEMEA&APAC segment administrative office
Toronto, OntarioAmericas segment administrative office
Americas Segment
Brewery/packaging plants
Albany, Georgia(3)
Brewing and packaging
Chilliwack, British ColumbiaBrewing and packaging
Elkton, Virginia(3)
Brewing and packaging
Fort Worth, Texas(3)
Brewing and packaging
Golden, Colorado(3)
Brewing and packaging
Longueuil, Québec
Brewing and packaging
Milwaukee, WisconsinBrewing and packaging
Toronto, OntarioBrewing and packaging
Trenton, Ohio(3)
Brewing and packaging
Beer distributorshipDenver, ColoradoDistribution
Container operations
Golden, Colorado(4)
Can and end manufacturing facilities
Wheat Ridge, Colorado(4)
Bottling manufacturing facility
Malting operationsGolden, ColoradoMalting
EMEA&APAC Segment
Brewery/packaging plants
Apatin, Serbia(5)
Brewing and packaging
Bőcs, HungaryBrewing and packaging
Burton-on-Trent, U.K.(5)
Brewing and packaging
Haskovo, BulgariaBrewing and packaging
Niksic, MontenegroBrewing and packaging
Ostrava, Czech RepublicBrewing and packaging
Ploiesti, Romania(5)
Brewing and packaging
Prague, Czech Republic(5)
Brewing and packaging
Tadcaster Brewery, Yorkshire, U.K. Brewing and packaging
Zagreb, Croatia(5)
Brewing and packaging
(1)We lease office space for our Americas segment operational headquarters in Chicago, Illinois, our global business services center in Bucharest, Romania as well as our corporate principal executive office and Americas segment administrative office in Montréal, Québec.
(2)As of December 31, 2022, we signed a sale and leaseback agreement for the EMEA&APAC segment operational headquarters facility located in Burton-on-Trent. The sale and leaseback agreement is in effect until we relocate to an owned facility location that will serve as the new EMEA&APAC segment operational headquarters.
(3)The Golden, Trenton, Elkton, Albany and Fort Worth breweries collectively accounted for approximately 78% of our Americas segment production for the year ended December 31, 2023.
32

Table of Contents
(4)The Wheat Ridge and Golden, Colorado facilities are leased from us by RMBC and RMMC, respectively.
(5)The Burton-on-Trent, Prague, Ploiesti, Apatin and Zagreb breweries collectively accounted for approximately 74% of our EMEA&APAC segment production for the year ended December 31, 2023.
In addition to the properties listed above, we have smaller capacity facilities, including craft breweries, in each of our segments. We own and lease various warehouses, distribution centers and office spaces throughout the Americas segment and EMEA&APAC segment countries in which we operate.
We believe our facilities are well maintained and suitable for their respective operations. During the year ended December 31, 2023, our operating facilities were not capacity constrained.
ITEM 3.    LEGAL PROCEEDINGS
For information regarding litigation, other disputes and environmental and regulatory proceedings see Part II—Item 8 Financial Statements and Supplementary Data, Note 13, "Commitments and Contingencies."
ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Overview
Our Class A common stock and Class B common stock trade on the New York Stock Exchange under the symbols "TAP.A" and "TAP," respectively. In addition, the Class A exchangeable shares and Class B exchangeable shares of our indirect subsidiary, Molson Coors Canada Inc., trade on the Toronto Stock Exchange under the symbols "TPX.A" and "TPX.B," respectively. The Class A and B exchangeable shares are a means for shareholders to potentially defer Canadian income tax and have substantially the same economic and voting rights as the respective common shares. The exchangeable shares can be exchanged for our Class A or B common stock at any time and at the exchange ratios described in the Merger documents and receive the same dividends. At the time of an exchange, a shareholder's Canadian tax liability, if any, would become due. The exchangeable shares have voting rights through special voting shares held by a trustee.
The approximate number of record security holders by class of stock at February 13, 2024, is as follows:
Title of classNumber of record
security holders
Class A common stock, $0.01 par value22
Class B common stock, $0.01 par value2,880
Class A exchangeable shares, no par value205
Class B exchangeable shares, no par value2,214
Performance Graph
The following graph compares our cumulative total stockholder return over the last five fiscal years with the S&P 500 and a customized peer index including MCBC, ABI, Carlsberg, Heineken and Asahi (the "Peer Group"). We have used a weighted-average based on market capitalization to determine the return for the Peer Group. The graph assumes $100 was invested on December 31, 2018, in our Class B common stock, the S&P 500 and the Peer Group, and assumes reinvestment of all dividends.





33

Table of Contents
The below is provided for informational purposes and is not indicative of future performance.
1710
 201820192020202120222023
Molson Coors$100.00 $99.54 $84.45 $87.89 $100.54 $127.91 
S&P 500$100.00 $131.48 $155.66 $200.30 $163.99 $207.87 
Peer Group$100.00 $128.10 $110.93 $113.47 $113.80 $121.72 
Dividends
We do not have any restrictions that prevent or limit our ability to declare or pay dividends. A quarterly dividend of $0.34 per share was paid during the third and fourth quarters of 2021 following the reinstatement of the quarterly dividend on July 15, 2021 by the Board after the quarterly dividend's suspension as a result of the coronavirus pandemic, for a total of $0.68 per share or a CAD equivalent of CAD 0.84 per share. A quarterly dividend of $0.38 per share was declared and paid to eligible shareholders of record on the respective record dates throughout 2022 for a total of $1.52 per share or a CAD equivalent of CAD 1.95 per share. A quarterly dividend of $0.41 per share was declared and paid to eligible shareholders of record on the respective record dates throughout 2023 for a total of $1.64 per share or a CAD equivalent of CAD 2.19 per share.







34

Table of Contents
Issuer Purchases of Equity Securities
The following table presents information with respect to Class B common stock purchases made by our Company during the three months ended December 31, 2023:
Issuer Purchases of Equity Securities
Total number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(1)
October 1, 2023 through October 31, 2023— $— — $2,000,000,000 
November 1, 2023 through November 30, 20231,371,697 $59.29 1,371,697 $1,918,670,260 
December 1, 2023 through December 31, 20231,102,997 $62.30 1,102,997 $1,849,958,156 
Total2,474,694 $60.63 2,474,694 $1,849,958,156 
(1)On September 29, 2023, the Board approved a share repurchase program to repurchase up to an aggregate of $2.0 billion of our Company's Class B common stock, excluding brokerage commissions and excise taxes, with an expected program term of five years.
The number, price, structure and timing of the repurchases under the 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, in structured transactions, 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 repurchase program at any time without prior notice.
ITEM 6.    [Reserved]
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
For over two centuries, we have been brewing beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands including Madri, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our economy and value brands like Miller High Life and Keystone, we produce many beloved and iconic beer brands. While our Company’s history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits like Five Trail whiskey as well as non-alcoholic beverages. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") in this Annual Report on Form 10-K is provided to assist in understanding our Company, operations and current business environment and should be considered a supplement to, and read in conjunction with, the accompanying audited consolidated financial statements and notes included within Part II—Item 8 Financial Statements and Supplementary Data, as well as the discussion of our business and related risk factors in Part I—Item 1 Business and Part I—Item 1A Risk Factors, respectively. See also "Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995."
A discussion related to the results of operations and changes in financial condition for 2022 compared to 2021 has been omitted from this report, but may be found in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal 2022 Form 10-K, filed with the SEC on February 21, 2023, which is available free of charge on the SEC's website at www.sec.gov and our corporate website at www.molsoncoors.com.
Our Fiscal Year
Unless otherwise indicated, (a) all $ amounts are in USD, (b) comparisons are to comparable prior periods and (c) 2023, 2022 and 2021 refers to the 12 months ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively.
35

Table of Contents
Items Affecting Reported Results
Items Affecting Consolidated Results of Operations
Cost Inflation
We have continued to incur significant cost inflation, including materials and manufacturing expenses, which negatively impacted our results of operations for the year ended December 31, 2023, although we experienced moderation in the second half of the year. 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. In 2024, we expect inflationary pressures to moderate and improve from those experienced over the last year.
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.
Premiumization of our Portfolio
In 2021, in order to support continued premiumization of our portfolio, we strategically de-prioritized and rationalized certain non-core SKUs predominantly in the economy segment. While we rationalized certain non-core economy SKUs, we retained key economy brands allowing us to maintain a portfolio for all socio-economic demographics. We believe the continued premiumization of our portfolio will drive sustainable net sales and earnings growth but result in potential volume declines due to the rationalization of certain SKUs and as the portfolio mix shifts towards a higher composition of above premium products.
Items Affecting Americas Segment Results of Operations
Truss Impairment and Sale
During the first quarter of 2022, we recognized an impairment loss of $28.6 million related to the Truss joint venture asset group of which $12.1 million was attributable to the noncontrolling interest. Additionally, during the third quarter of 2023, we sold our controlling interest in Truss and recognized a loss of $11.1 million. These losses were recorded within other operating income (expense), net. See Part II—Item 8 Financial Statements and Supplementary Data, Note 17, "Other Operating Income (Expense), net" and Part II—Item 8 Financial Statements and Supplementary Data, Note 3, "Investments" for further information.
Goodwill Impairment
During the fourth quarter of 2022, we recorded a partial goodwill impairment charge of $845.0 million related to the Americas reporting unit as a result of the annual goodwill impairment analysis. See Part II—Item 8 Financial Statements and Supplementary Data, Note 6, "Goodwill and Intangible Assets" for further information.
Montreal/Longueuil, Québec Brewery and Distribution Centers Labor Strike
From late March 2022 until June 2022, approximately 400 unionized employees in our Montreal/Longueuil, Québec brewery and distribution centers went on strike which adversely affected our business and operations. Over the course of the third quarter of 2022, we recovered from the strike by rebuilding inventory and replenishing our retailers' shelves. As the brewery had not yet fully recovered until the end of the third quarter, results for the second and third quarters of 2022 were adversely impacted by this strike.



36

Table of Contents
Keystone Litigation
During the first quarter of 2022, we accrued a liability of $56.0 million within MG&A related to probable losses as a result of the ongoing Keystone litigation case. During the years ended December 31, 2023 and December 31, 2022 we accrued $1.9 million and $0.6 million, respectively, in associated interest related to this accrued liability. See Part II—Item 8 Financial Statements and Supplementary Data, Note 13, "Commitments and Contingencies" for further information.
Items Affecting EMEA&APAC Segment Results of Operations
Staropramen Brands Impairment
During the fourth quarter of 2023, we recorded a partial impairment charge of $160.7 million to our indefinite-lived intangible asset related to the Staropramen family of brands within the EMEA&APAC segment as a result of our annual impairment analysis. See Part II—Item 8 Financial Statements and Supplementary Data, Note 6, "Goodwill and Intangible Assets" for further information.
Russia-Ukraine Conflict
In February 2022, Russia invaded Ukraine and the conflict remains ongoing. As a result, we suspended exports of all our brands to Russia and subsequently terminated the license to produce any of our brands in Russia. While not material to our consolidated net sales, the Russia-Ukraine conflict negatively impacted our EMEA&APAC segment net sales for the years ended December 31, 2023 and December 31, 2022. In addition, the Russia-Ukraine conflict has caused a negative impact to the global economy which has impacted our Company, driving further increases to materials and manufacturing expenses as discussed in more detail above. See risk factors related to this conflict at Part I.—Item 1A. "Risk Factors".
Consolidated Results of Operations
The following table highlights summarized components of our consolidated statements of operations for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. See Part II—Item 8 Financial Statements and Supplementary Data, “Consolidated Statements of Operations” for additional details of our U.S. GAAP results comparing December 31, 2023 and December 31, 2022.
 For the years ended
December 31, 2023ChangeDecember 31, 2022ChangeDecember 31, 2021
(In millions, except percentages and per share data)
Net sales$11,702.1 9.4 %$10,701.0 4.1 %$10,279.7 
Cost of goods sold(7,333.3)4.1 %(7,045.8)13.2 %(6,226.3)
Gross profit4,368.8 19.5 %3,655.2 (9.8)%4,053.4 
Marketing, general and administrative expenses(2,779.9)6.2 %(2,618.8)2.5 %(2,554.5)
Goodwill impairment— N/M(845.0)N/M— 
Other operating income (expense), net(162.7)321.5 %(38.6)(13.3)%(44.5)
Equity income (loss)12.0 155.3 %4.7 N/M— 
Operating income (loss)1,438.2 813.1 %157.5 (89.2)%1,454.4 
Total non-operating income (expense), net(185.7)(15.6)%(220.0)2.1 %(215.4)
Income (loss) before income taxes1,252.5 N/M(62.5)N/M1,239.0 
Income tax benefit (expense)(296.1)138.8 %(124.0)(46.2)%(230.5)
Net income (loss)956.4 N/M(186.5)N/M1,008.5 
Net (income) loss attributable to noncontrolling interests(7.5)N/M11.2 N/M(2.8)
Net income (loss) attributable to MCBC$948.9 N/M$(175.3)N/M$1,005.7 
Net income (loss) attributable to MCBC per diluted share$4.37 N/M$(0.81)N/M$4.62 
Financial volume in hectoliters83.772 1.8 %82.272 (2.1)%84.028 
N/M = Not meaningful

37

Table of Contents
Foreign currency impacts on results
For the year ended December 31, 2023, foreign currency movements had the following impacts on our USD consolidated results:
Net sales - Favorable impact of $9.5 million (favorable impact for EMEA&APAC of $56.0 million, partially offset by the unfavorable impact for Americas of $46.5 million).
Cost of goods sold - Favorable impact of $1.0 million (favorable impact for Americas and Unallocated of $34.9 million and $1.8 million, respectively, partially offset by the unfavorable impact for EMEA&APAC of $35.7 million).
MG&A - Favorable impact of $1.3 million (favorable impact for Americas of $14.2 million, partially offset by the unfavorable impact for EMEA&APAC of $12.9 million).
Income (loss) before income taxes - Favorable impact of $9.1 million (favorable impact for Unallocated of $15.9 million, partially offset by the unfavorable impact for EMEA&APAC and Americas of $5.3 million and $1.5 million, respectively).
The impacts of foreign currency movements on our consolidated USD results described above for the year ended December 31, 2023 were primarily due to the strength of the USD as compared to the CAD partially offset by the weakening of the USD as compared to all currencies throughout Europe in which we operate.
Included in these amounts are both translational and transactional impacts of changes in foreign exchange rates. We calculate the impact of foreign exchange by translating our current period local currency results at the average exchange rates used to translate the financial statements in the comparable prior year period during the respective period throughout the year and comparing that amount with the reported amount for the period. The impact of transactional foreign currency gains and losses, including the impact of undesignated foreign currency forwards, is recorded within other non-operating income (expense), net in our consolidated statements of operations.
Volume
Financial volume represents owned or actively managed brands sold to unrelated external customers within our geographic markets (net of returns and allowances), as well as contract brewing, wholesale/factored non-owned volume and company-owned distribution volume. This metric is presented on an STW basis to reflect the sales from our operations to our direct customers, generally distributors. We believe this metric is important and useful for investors and management because it gives an indication of the amount of beer and adjacent products that we have produced and shipped to customers. This metric excludes royalty volume, which consists of our brands produced and sold under various license and contract brewing agreements. Factored volume in our EMEA&APAC segment is the distribution of beer, wine, spirits and other products owned and produced by other companies to the on-premise channel, which is a common arrangement in the U.K.
We also utilize net sales per hectoliter and cost of goods sold per hectoliter, as well as the year over year changes in such metrics, as key metrics for analyzing our results. These metrics are calculated as net sales and cost of goods sold, respectively, per our consolidated statements of operations divided by financial volume for the respective period. We believe these metrics are important and useful for investors and management because they provide an indication of the trends in pricing and sales mix on our net sales and the trends of sales mix and other cost impacts such as inflation on our cost of goods sold.
In late 2021 we de-prioritized and rationalized certain non-core SKUs, predominantly in the economy segment, in order to focus our strategy on growing our above premium portfolio and expanding beyond the beer aisle. This strategy was intended to drive sustainable net sales growth and earnings growth, despite potential volume declines due to the rationalization of certain SKUs and as the portfolio mix shifted toward a higher composition of above premium products. The strategy of premiumization, growing our above premium portfolio and expanding beyond the beer aisle continues to be a focus under the Acceleration Plan that was announced in the fourth quarter of 2023.
Net sales
The following table highlights the drivers of the change in net sales and net sales per hectoliter for the year ended December 31, 2023 compared to December 31, 2022 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Consolidated net sales1.8 %7.5 %0.1 %9.4 %
Consolidated net sales per hectoliterN/A7.3 %0.1 %7.4 %
38

Table of Contents
Net sales increased 9.4% for the year ended December 31, 2023, compared to prior year driven by favorable price and sales mix, higher financial volumes and favorable foreign currency impacts.
Financial volumes increased 1.8% for the year ended December 31, 2023, compared to prior year, primarily due to higher financial volumes in the Americas segment, partially offset by lower EMEA&APAC financial volumes.
Price and sales mix favorably impacted net sales and net sales per hectoliter for the year ended December 31, 2023, by 7.5% and 7.3%, respectively, primarily due to increased net pricing including the rollover benefit in the first three quarters due to taking several price increases in the prior year, as well as favorable sales mix. Favorable sales mix was driven by geographic mix due to higher volumes in the Americas segment and lower contract brewing volume related to the wind down of a contract brewing arrangement leading up to the termination by the end of 2024.
A discussion of currency impacts on net sales is included in the "Foreign currency impact on results" section above.
Cost of goods sold
Cost of goods sold increased 4.1% for the year ended December 31, 2023, compared to prior year, primarily due to higher cost of goods sold per hectoliter and higher financial volumes. Cost of goods sold per hectoliter increased 2.2% for the year ended December 31, 2023, compared to prior year, primarily due to cost inflation related to materials and manufacturing expenses and unfavorable mix, partially offset by changes in our unrealized mark-to-market commodity derivative positions of $126.9 million, cost savings and volume leverage.
Marketing, general and administrative expenses
MG&A expenses increased 6.2% for the year ended December 31, 2023, compared to prior year, primarily due to higher incentive compensation expense and increased marketing investment on core and innovation brands, partially offset by cycling the recording of a $56.0 million accrued liability in the prior year related to potential losses as a result of the ongoing Keystone litigation case.
Goodwill Impairment
See Part II—Item 8 Financial Statements and Supplementary Data, Note 6, "Goodwill and Intangible Assets" for detail of our goodwill impairments.
Other operating income (expense), net
See Part II—Item 8 Financial Statements and Supplementary Data, Note 17, "Other Operating Income (Expense), net" for detail of our other operating income (expense), net.
Total non-operating income (expense), net
Total non-operating expense, net decreased 15.6% for the year ended December 31, 2023, compared to prior year primarily due to lower net interest expense driven by higher interest income as well as the repayment of debt as a result of our continued deleveraging actions and the favorable impact of transactional foreign currency impacts, partially offset by lower pension and OPEB non-service net benefit.
Income taxes benefit (expense)
For the years ended
December 31, 2023December 31, 2022December 31, 2021
Effective tax rate24 %(198)%19 %
The increase in our effective tax rate for the year ended December 31, 2023 compared to the prior year was primarily due to the impact of the $845 million partial goodwill impairment, recorded within our Americas segment in the fourth quarter of 2022, which related to goodwill not deductible for tax purposes.
Our tax rate can be volatile and may change with, among other things, the amount and source of pretax income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, could have an impact on our effective tax rate.
39

Table of Contents
The OECD and EU have proposed changes to the existing tax laws of member countries. For instance, the OECD has introduced model rules for a new 15% global minimum tax framework, as well as a proposal on the allocation of profit among tax jurisdictions in which companies operate. In December 2022, the EU member states agreed to incorporate the 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023. Additionally, several non-EU countries, including the U.K., have recently proposed and/or adopted legislation consistent with the OECD global minimum tax framework. We are continuing to evaluate the potential impact on future periods which could affect our effective tax rate.
Refer to Part II—Item 8 Financial Statements and Supplementary Data, Note 12, "Income Tax" for additional details regarding our effective tax rate.
Cost Savings Initiatives
Our next generation cost savings program, which began in 2020, delivered $605 million of cost savings over the three year program, which ended December 31 2022. The program was focused on building our capabilities and reorganizing to support our commercial revitalization strategy. Total cost savings delivered in 2022 and 2021 totaled approximately $115 million and $220 million, respectively. While we have not announced a formal cost savings program after the completion of this program in 2022, we continue to generate cost savings through initiatives in the normal course of business.

Segment Results of Operations
Americas Segment
For the years ended
December 31, 2023ChangeDecember 31, 2022ChangeDecember 31, 2021
(In millions, except percentages)
Net sales(1)
$9,425.2 8.2 %$8,711.5 2.7 %$8,485.0 
Income (loss) before income taxes$1,566.7 400.7 %$312.9 (73.4)%$1,176.5 
Financial volume in hectoliters(2)
62.491 3.6 %60.323 (5.4)%63.737 
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
(2)Excludes royalty volume of 2.683 million hectoliters, 2.719 million hectoliters and 2.507 million hectoliters for the years ended December 31, 2023, 2022 and 2021, respectively.
Net sales
The following table highlights the drivers of the change in net sales and net sales per hectoliter for the year ended December 31, 2023 compared to December 31, 2022 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
Americas net sales3.6 %5.1 %(0.5)%8.2 %
Americas net sales per hectoliterN/A5.0 %(0.6)%4.4 %
Net sales increased 8.2% for the year ended December 31, 2023, compared to prior year, driven by favorable price and sales mix as well as higher financial volumes, partially offset by unfavorable foreign currency impacts.
Financial volumes increased 3.6% for the year ended December 31, 2023, compared to prior year, primarily due to an increase in U.S. domestic shipments driven by volume growth in our core brands and higher shipments in Canada mainly attributed to cycling the prior year impacts of the Québec labor strike, partially offset by lower Latin America volumes. The increase in U.S. volume was driven in part by the continued shifts in consumer purchasing behavior largely within the premium beer segment.
Price and sales mix favorably impacted net sales and net sales per hectoliter for the year ended December 31, 2023, by 5.1% and 5.0%, respectively, primarily due to increased net pricing including the rollover benefit in the first three quarters of the year of several price increases taken in the previous year and favorable sales mix as a result of lower contract brewing volume related to the wind down of a contract brewing arrangement leading up to the termination by the end of 2024.
40

Table of Contents
A discussion of currency impacts on net sales is included in the "Foreign currency impact on results" section above.
Income (loss) before income taxes
Income before income taxes improved 400.7% for the year ended December 31, 2023, compared to prior year, primarily due to cycling a non-cash partial goodwill impairment charge of $845.0 million, increased net pricing, higher financial volumes, lower logistics expenses, partially offset by cost inflation related to materials and manufacturing expenses and higher MG&A expense. Higher MG&A spend was primarily due to increased marketing investment behind our core and innovation brands and higher incentive compensation expense, partially offset by cycling the recording of a $56.0 million accrued liability related to potential losses as a result of the ongoing Keystone litigation case.
EMEA&APAC Segment
For the years ended
December 31, 2023ChangeDecember 31, 2022ChangeDecember 31, 2021
(In millions, except percentages)
Net sales(1)
$2,296.1 14.5 %$2,005.2 11.3 %$1,802.3 
Income (loss) before income taxes$(41.1)N/M$61.0 85.4 %$32.9 
Financial volume in hectoliters(2)
21.286 (3.0)%21.955 8.1 %20.315 
N/M = Not meaningful
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
(2)Excludes royalty volume of 0.935 million hectoliters, 1.012 million hectoliters and 1.968 million hectoliters for the years ended December 31, 2023, 2022 and 2021, respectively.
Net sales
The following table highlights the drivers of the change in net sales and net sales per hectoliter for the year ended December 31, 2023 compared to December 31, 2022 (in percentages):
Financial VolumePrice and Sales MixCurrencyTotal
EMEA&APAC net sales(3.0)%14.7 %2.8 %14.5 %
EMEA&APAC net sales per hectoliterN/A15.2 %2.9 %18.1 %
Net sales increased 14.5% for the year ended December 31, 2023, compared to prior year driven by favorable price and sales mix as well as favorable foreign currency impacts, partially offset by a decline in financial volumes.
Financial volumes decreased 3.0% for the year ended December 31, 2023, compared to prior year, primarily due to declines in Central and Eastern Europe due to industry softness given the inflationary pressures on the consumer, partially offset by resilient demand and growth in above premium volumes in the U.K.
Price and sales mix favorably impacted net sales and net sales per hectoliter for the year ended December 31, 2023, by 14.7% and 15.2%, respectively, primarily due to increased net pricing including the rollover benefits from price increases taken in the previous year and favorable sales mix driven by geographic mix and premiumization.
A discussion of currency impacts on net sales is included in the "Foreign currency impact on results" section above.
Income (loss) before income taxes
Loss before income taxes was $41.1 million for the year ended December 31, 2023, compared to income before income taxes of $61.0 million in the prior year. The decline was primarily due to the impairment charge of $160.7 million to our indefinite-lived intangible asset related to the Staropramen family of brands, as well as cost inflation on materials, logistics and manufacturing expenses, higher MG&A spend, lower financial volumes as well as the unfavorable impact of foreign currency partially offset by increased net pricing to customers and favorable sales mix.
41

Table of Contents
Unallocated Segment
We have certain activity that is not allocated to our segments, which has been reflected as "Unallocated" below. Specifically, "Unallocated" activity primarily includes financing-related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances and realized and unrealized changes in fair value on instruments not designated in hedging relationships related to financing and other treasury-related activities and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components remain unallocated.
 For the years ended
 December 31, 2023ChangeDecember 31, 2022ChangeDecember 31, 2021
 (In millions, except percentages)
Cost of goods sold$(93.5)(59.3)%$(229.9)N/M$236.6 
Gross profit(93.5)(59.3)%(229.9)N/M236.6 
Operating income (loss)(93.5)(59.3)%(229.9)N/M236.6 
Total non-operating income (expense), net(179.6)(13.0)%(206.5)(0.2)%(207.0)
Income (loss) before income taxes$(273.1)(37.4)%$(436.4)N/M$29.6 
N/M = Not meaningful
Cost of goods sold
The unrealized changes in fair value on our commodity derivatives, which are economic hedges, make up substantially all of the activity presented within cost of goods sold in the table above for the years ended December 31, 2023, 2022 and 2021. As the exposure we are managing is realized, we reclassify the gain or loss on our commodity derivatives to the segment in which the underlying exposure resides, allowing our segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility. See Part II—Item 8 Financial Statements and Supplementary Data, Note 10, "Derivative Instruments and Hedging Activities" for further information.
Total non-operating income (expense), net
Total non-operating expense, net decreased 13.0% for the year ended December 31, 2023 compared to prior year primarily due to lower net interest expense and the favorable impact of transactional foreign currency, partially offset by lower pension and OPEB non-service net benefit.
See Part II - Item 8. Financial Statements and Supplementary Data, Note 9, "Debt" for further details on our debt instruments. See Part II - Item 8 Financial Statements and Supplementary Data, Note 11, "Employee Retirement Plans and Postretirement Benefits" for further discussion of pension and OPEB.
Liquidity and Capital Resources
Liquidity
Overview
Our primary sources of liquidity include cash provided by operating activities and access to external capital. We continue to monitor world events which may create credit or economic challenges that could adversely impact our profit or operating cash flows and our ability to obtain additional liquidity. We currently believe that our cash and cash equivalents, cash flows from operations and cash provided by short-term and long-term borrowings, when necessary, will be adequate to meet our ongoing operating requirements, scheduled principal and interest payments on debt, anticipated dividend payments, capital expenditures and other obligations for the twelve months subsequent to the date of the issuance of this report and our long-term liquidity requirements. We do not have any restrictions that prevent or limit our ability to declare or pay dividends.



42

Table of Contents
While a significant portion of our cash flows from operating activities are generated within the U.S., our cash balances include cash held outside the U.S. and in currencies other than the USD. As of December 31, 2023, approximately 61% of our cash and cash equivalents were located outside the U.S., largely denominated in foreign currencies. Fluctuations in foreign currency exchange rates have had and may continue to have a material impact on these foreign cash balances. Cash balances in foreign countries are often subject to additional restrictions. We may, therefore, have difficulties timely repatriating cash held outside the U.S., and such repatriation may be subject to tax. These limitations may affect our ability to fully utilize our cash resources for needs in the U.S. and other countries and may adversely affect our liquidity. To the extent necessary, we accrue for tax consequences on the earnings of our foreign subsidiaries as they are earned. We may utilize tax planning and financing strategies in an effort to ensure that our worldwide cash is available in the locations in which it is needed. We periodically review and evaluate these plans and strategies, including externally committed and non-committed credit agreements accessible by our Company and each of our operating subsidiaries. We believe these financing arrangements, along with the cash generated from the operations of our U.S. business, are sufficient to fund our current cash needs in the U.S.
Guarantor Information
SEC Registered Securities
For purposes of this disclosure, including the tables, "Parent Issuer" shall mean MCBC in its capacity as the issuer of the senior notes under the May 2012 Indenture and the July 2016 Indenture. "Subsidiary Guarantors" shall mean certain Canadian and U.S. subsidiaries reflecting the substantial operations of our Americas segment.
Pursuant to the indenture dated May 3, 2012 (as amended, the "May 2012 Indenture"), MCBC issued its outstanding 5.0% senior notes due 2042. Additionally, pursuant to the indenture dated July 7, 2016 ("July 2016 Indenture"), MCBC issued its outstanding 3.0% senior notes due 2026, 4.2% senior notes due 2046 and 1.25% senior notes due 2024. The issuances of the senior notes issued under the May 2012 Indenture and the July 2016 Indenture were registered under the Securities Act of 1933, as amended. These senior notes are guaranteed on a senior unsecured basis by certain subsidiaries of MCBC, which are listed in Exhibit 22 of this Annual Report on Form 10-K (the Subsidiary Guarantors, and together with the Parent Issuer, the "Obligor Group"). Each of the Subsidiary Guarantors is 100% owned by the Parent Issuer. The guarantees are full and unconditional and joint and several.
None of our other outstanding debt was issued in a transaction that was registered with the SEC, and such other outstanding debt is issued or otherwise generally guaranteed on a senior unsecured basis by the Obligor Group or other consolidated subsidiaries of MCBC. These other guarantees are also full and unconditional and joint and several.
The senior notes and related guarantees rank pari-passu with all other unsubordinated debt of the Obligor Group and senior to all future subordinated debt of the Obligor Group. The guarantees can be released upon the sale or transfer of a Subsidiary Guarantors' capital stock or substantially all of its assets, or if such Subsidiary Guarantor ceases to be a guarantor under our other outstanding debt.
See Part II—Item 8 Financial Statements and Supplementary Data, Note 9, "Debt" for details of all debt issued and outstanding as of December 31, 2023.
The following summarized financial information relates to the Obligor Group as of December 31, 2023 on a combined basis, after elimination of intercompany transactions and balances between the Obligor Group, and excluding the investments in and equity in the earnings of any non-guarantor subsidiaries. The balances and transactions with non-guarantor subsidiaries have been separately presented.
43

Table of Contents
Summarized Financial Information of Obligor Group
Year ended December 31, 2023
(In millions)
Net sales, out of which:$9,234.4 
Intercompany sales to non-guarantor subsidiaries$117.1 
Gross profit, out of which:$3,563.0 
Intercompany net costs from non-guarantor subsidiaries$(360.4)
Net interest expense, out of which:
$(208.7)
Intercompany net interest expense from non-guarantor subsidiaries
$(2.6)
Income before income taxes$1,311.1 
Net income$988.1 
As of December 31, 2023
(In millions)
Total current assets, out of which:$1,814.3 
Intercompany receivables from non-guarantor subsidiaries$255.7 
Total noncurrent assets, out of which:
$24,641.0 
Noncurrent intercompany notes receivable from non-guarantor subsidiaries$4,178.6 
Total current liabilities, out of which:$3,048.4 
Current portion of long-term debt and short-term borrowings$885.6 
Intercompany payables due to non-guarantor subsidiaries$117.7 
Total noncurrent liabilities, out of which:$8,094.7 
Long-term debt$5,257.6 
Cash Flows and Use of Cash
Our business historically generates positive operating cash flows each year and our debt maturities are generally of a longer-term nature. However, our liquidity could be impacted significantly by the risk factors described in Part I, Item 1A. "Risk Factors".
Cash Flows from Operating Activities
Net cash provided by operating activities of $2,079.0 million for the year ended December 31, 2023 increased $577.0 million compared to $1,502.0 million for the year ended December 31, 2022. The increase in net cash provided by operating activities was primarily due to higher net income and the favorable timing of working capital in the Americas across all categories, partially offset by higher income taxes paid.
Cash Flows from Investing Activities
Net cash used in investing activities of $841.7 million for the year ended December 31, 2023 increased $216.6 million compared to $625.1 million for the year ended December 31, 2022. The increase in net cash used in investing activities was primarily due to higher acquisitions, lower proceeds from the sales of properties and other assets, as well as higher capital expenditures.
Cash Flows from Financing Activities
Net cash used in financing activities of $981.4 million for the year ended December 31, 2023 increased $91.9 million compared to $889.5 million for the year ended December 31, 2022. The increase in net cash used in financing activities was primarily due to higher Class B common stock share repurchases, higher dividend payments, partially offset by lower net debt repayments.
44

Table of Contents
Capital Resources, including Material Cash Requirements
Cash and Cash Equivalents
We had total cash and cash equivalents of $868.9 million as of December 31, 2023, compared to $600.0 million as of December 31, 2022. The increase in cash and cash equivalents from December 31, 2022 to December 31, 2023 was primarily due to the net cash provided by operating activities, partially offset by capital expenditures, net debt repayments, including the repayment of our CAD 500 million 2.84% note which matured in July 2023, dividend payments, Class B common stock share repurchases, as well as cash paid for the acquisition of businesses. See Part II—Item 8 Financial Statements and Supplementary Data, Consolidated Statements of Cash Flows for additional detail.
The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of 90 days or less. These investments are viewed by management as low-risk investments on which there are little to no restrictions regarding our ability to access the underlying cash to fund our operations as necessary. While we have some investments in prime money market funds at times, these are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than one dollar. We also utilize cash pooling arrangements to facilitate the access to cash across our geographies.
Working Capital
We actively manage our working capital to ensure we are able to meet our short-term obligations and to provide more favorable timing of cash inflows. These efforts include optimizing our inventory levels and managing our payment terms on accounts payable and accounts receivable.
Borrowings
We repaid our CAD 500 million 2.84% notes upon their maturity on July 15, 2023 using cash on hand. Refer to Part II—Item 8 Financial Statements and Supplementary Data, Note 9, "Debt" for details.
7923
45

Table of Contents
7925
Based on the credit profile of our lenders that are party to our credit facilities, we are confident in our ability to draw on our revolving credit facility if the need arises. On June 26, 2023, we amended and restated our multi-currency revolving credit facility. Among other things, the term was extended through June 26, 2028, and the borrowing capacity was increased to $2.0 billion. This $2.0 billion revolving credit facility amended our pre-existing $1.5 billion revolving credit facility, which would have matured on July 7, 2024. On September 28, 2023, we amended our commercial paper program, which reduces borrowing capacity under the revolving credit facility, to a maximum borrowing capacity of $2.0 billion to borrow at any time at variable interest rates. The $150.0 million sub-facility available for the issuance of letters of credit remains unchanged. As of December 31, 2023, we had $2.0 billion available to draw on our $2.0 billion revolving credit facility. As of December 31, 2023, we had no borrowings drawn on this revolving credit facility and no commercial paper borrowings.
We intend to further utilize our cross-border, cross currency cash pool as well as our commercial paper programs for liquidity as needed. We also have CAD, GBP and USD overdraft facilities across several banks should we need additional short-term liquidity.
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
The maximum net debt to EBITDA leverage ratio, as defined by the amended and restated revolving credit facility agreement, was 4.00x as of December 31, 2023 which remained unchanged from the requirement as of December 31, 2022. As of December 31, 2023 and December 31, 2022, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All of our outstanding senior notes as of December 31, 2023 rank pari-passu.
See Part II—Item 8 Financial Statements and Supplementary Data, Note 9, "Debt" for further discussion of our borrowings and available sources of borrowings, including lines of credit.
Guarantees
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. Guarantees of the outstanding third-party debt of our equity method investments, which are classified as current on the consolidated balance sheets, have been excluded from the material cash requirements table below. See Part II - Item 8 Financial Statements and Supplementary Data, Note 3, "Investments" and Part II - Item 8 Financial Statements and Supplementary Data, Note 13, "Commitments and Contingencies" for further discussion.




46

Table of Contents
Material Cash Requirements from Contractual and Other Obligations
A summary of our material cash requirements from our contractual and other obligations as of December 31, 2023, based on foreign exchange rates as of December 31, 2023, is as follows.
 Payments due by period
 Total20242025-20262027-20282029 and thereafter
 (In millions)
Debt obligations$6,182.2 $904.6 $2,377.6 $— $2,900.0 
Interest payments on debt obligations2,986.3 214.6 407.2 261.2 2,103.3 
Retirement plan expenditures(1)
384.3 42.9 77.9 77.1 186.4 
Operating leases270.7 53.6 83.5 43.3 90.3 
Finance leases74.3 8.5 19.6 9.7 36.5 
Other long-term obligations(2)
2,286.2 616.6 785.5 555.1 329.0 
Total obligations$12,184.0 $