Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt Obligations

	As of
	December 31, 2025		December 31, 2024
	(In millions)
Long-term debt
CAD 500 million 3.44% senior notes due July 2026(1)	$	364.3	$	347.6
$2.0 billion 3.0% senior notes due July 2026(1)	2,000.0		2,000.0
EUR 800 million 3.8% senior notes due June 2032(2)	939.7		828.3
$1.1 billion 5.0% senior notes due May 2042(3)	1,100.0		1,100.0
$1.8 billion 4.2% senior notes due July 2046(1)	1,800.0		1,800.0
Finance leases	64.7		66.8
Other	26.1		21.7
Less: unamortized debt discounts and debt issuance costs	(34.7)		(38.2)
Total long-term debt (including current portion)	6,260.1		6,126.2
Less: current portion of long-term debt	(2,394.7)		(12.3)
Total long-term debt	$	3,865.4	$	6,113.9
Short-term borrowings(4)	39.4		19.9
Current portion of long-term debt	2,394.7		12.3
Current portion of long-term debt and short-term borrowings	$	2,434.1	$	32.2

(1)We issued senior notes in 2016 in order to partially fund the financing of the MillerCoors acquisition.

(2)On May 29, 2024, we issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in proceeds of EUR 793.4 million, which were net of discounts and fees. 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.

(3)On May 3, 2012, we issued senior notes of $1,100.0 million due May 2042. The issuance resulted in proceeds of $1,086.5 million, which were net of discounts and fees.

(4)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.

As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million. 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.

In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of December 31, 2025 or December 31, 2024.

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, 2025, 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, 2025, were as follows:

Year	Amount
	(In millions)
2026	$	2,424.7
2027	0.5
2028	0.5
2029	1.7
2030	0.5
Thereafter	3,841.6
Total	$	6,269.5

Schedule of Interest

Interest

	For the years ended
	December 31, 2025		December 31, 2024		December 31, 2023
	(In millions)
Interest incurred	$	256.3	$	295.1	$	243.4
Interest capitalized	(8.4)		(12.4)		(9.4)
Interest expensed	$	247.9	$	282.7	$	234.0