Other Operating Income (Expense), net

3 Months Ended

Mar. 31, 2026

Unusual or Infrequent Items, or Both [Abstract]

We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net within our unaudited condensed consolidated statements of operations.


	Three Months Ended
	March 31, 2026		March 31, 2025
	(In millions)
Restructuring(1)
Employee-related charges	$	(19.7)	$	(0.8)
Asset abandonment and other restructuring costs	(11.4)		(18.6)

Gains (losses) on disposals and other	(1.0)		3.5
Other operating income (expense), net	$	(32.1)	$	(15.9)

(1)On October 20, 2025, we announced an Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $4.4 million of employee-related charges recorded during the three months ended March 31, 2026. The cumulative restructuring charges recorded through March 31, 2026 related to the Americas Restructuring Plan were $33.1 million. These actions are substantially complete and any remaining future charges are expected to be immaterial.

During the three months ended March 31, 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the segment to fund growth. During the three months ended March 31, 2026, we recorded employee-related charges of $15.0 million and accelerated depreciation in excess of normal depreciation charges of $2.5 million related to these actions. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026.

During the three months ended March 31, 2026, we also committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $6.5 million. We anticipate additional charges related to these committed actions to be approximately $15 million to $20 million, with the majority of these charges to be recorded in 2026 and 2027.

During the third quarter of 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges. During the first quarter of 2025, we incurred accelerated depreciation in excess of normal depreciation of $17.9 million related to this action. Restructuring actions related to these actions are complete.

The below table presents a rollforward of the Americas Restructuring Plan accrued restructuring balance related to employee-related charges. The accrued restructuring balances for the remaining restructuring projects are immaterial.


	(in millions)
Balance as of December 31, 2025	$	28.3
Charges incurred and changes in estimates	4.4
Payments made	(12.8)

Balance as of March 31, 2026	$	19.9