XML 62 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
Debt Obligations
 As of
 December 31, 2024December 31, 2023
 (In millions)
Long-term debt  
EUR 800 million 1.25% senior notes due July 2024(1)(2)
$— $883.1 
CAD 500 million 3.44% senior notes due July 2026(2)(3)
347.6 377.6 
$2.0 billion 3.0% senior notes due July 2026(2)
2,000.0 2,000.0 
EUR 800 million 3.8% senior notes due June 2032(4)
828.3 — 
$1.1 billion 5.0% senior notes due May 2042(5)
1,100.0 1,100.0 
$1.8 billion 4.2% senior notes due July 2046(2)
1,800.0 1,800.0 
Finance leases66.8 53.7 
Other21.7 23.5 
Less: unamortized debt discounts and debt issuance costs(38.2)(35.5)
Total long-term debt (including current portion)6,126.2 6,202.4 
Less: current portion of long-term debt(12.3)(890.3)
Total long-term debt$6,113.9 $5,312.1 
Short-term borrowings(6)
19.9 21.5 
Current portion of long-term debt12.3 890.3 
Current portion of long-term debt and short-term borrowings$32.2 $911.8 
(1)We repaid our EUR 800 million 1.25% senior notes upon maturity on July 15, 2024, using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024, and cash on hand.
(2)These senior notes were issued in 2016 in order to partially fund the financing of the MillerCoors acquisition (USD Notes, EUR Notes and CAD Notes). Total remaining debt issuance costs capitalized in connection with these senior notes including underwriting fees, discounts and other financing related costs, were $24.0 million as of December 31, 2024, and are being amortized over the respective and remaining terms.
(3)We entered into forward starting interest rate swap agreements to hedge interest rate volatility for a 10-year period until the swaps were settled on September 18, 2015. We are amortizing a portion of the resulting loss from AOCI to interest expense over the remaining term of the CAD 500 million 3.44% senior notes maturing July 2026 ("2026 CAD notes"), up to the full 10-year term of the interest rate swaps. The amortizing loss resulted in an increase in our effective cost of borrowing compared to the stated coupon rates by 0.4% on the 2026 CAD notes. See Note 10, "Derivative Instruments and Hedging Activities" for further details on the forward starting interest rate swaps.
(4)On May 29, 2024, MCBC issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in total proceeds of $863.7 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these senior notes, including underwriting fees, were approximately $7.1 million and are being amortized over the term of the EUR 2032 Senior Notes. The EUR 2032 Senior Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 10, "Derivative Instruments and Hedging Activities" for further details.
(5)On May 3, 2012, we issued approximately $1.9 billion of senior notes with $1.1 billion remaining due in 2042. The total remaining debt issuance costs capitalized in connection with these senior notes, including the underwriting fees and discounts, were $7.8 million as of December 31, 2024, and are being amortized over the remaining term of the 2042 senior notes.
(6)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of December 31, 2024, we had $13.0 million in bank overdrafts and $59.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $46.0 million. As of December 31, 2023, we had $16.5 million in bank overdrafts and $75.5 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $59.0 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of December 31, 2024 or December 31, 2023.
A summary of our short-term facility availability is presented below. See Note 13, "Commitments and Contingencies" for further discussion related to letters of credit.
CAD unlimited overdraft facility at CAD Prime plus 0.50%
GBP 10 million overdraft facility at GBP Base Rate plus 2.25%
USD 10 million overdraft facility at USD Prime plus 5%
Schedule of Debt Maturities
As of December 31, 2024, the aggregate principal debt maturities of long-term debt and short-term borrowings excluding finance leases, based on foreign exchange rates as of December 31, 2024, were as follows:
YearAmount
 (In millions)
2025$20.4 
20262,350.0 
202714.1 
20280.5 
20291.7 
Thereafter3,730.8 
Total$6,117.5 
Schedule of Interest
Interest
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 (In millions)
Interest incurred$295.1 $243.4 $257.4 
Interest capitalized(12.4)(9.4)(6.8)
Interest expensed$282.7 $234.0 $250.6