Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 22, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-14829
Entity Registrant Name	Molson Coors Beverage Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0178360
Entity Address, Address Line One	P.O. BOX 4030, NH353
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80401
City Area Code	303
Local Phone Number	279-6565
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000024545
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,561,670
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		200,296,645
Exchangeable Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,718,267
Exchangeable Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		11,104,592
NEW YORK STOCK EXCHANGE \| Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	TAP.A
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE \| Common Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	TAP
Security Exchange Name	NYSE
1.25% Senior Notes due 2024 \| NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	1.25% Senior Notes due 2024
Trading Symbol	TAP
Security Exchange Name	NYSE
CANADA
Entity Information [Line Items]
Entity Address, Address Line Two	1555 Notre Dame Street East
Entity Address, City or Town	Montréal
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Postal Zip Code	H2L 2R5
City Area Code	514
Local Phone Number	521-1786

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 3,378.4	$ 3,498.0	$ 8,946.0	$ 9,918.1
Excise taxes	(624.9)	(656.4)	(1,586.3)	(1,824.9)
Net sales	2,753.5	2,841.6	7,359.7	8,093.2
Cost of goods sold	(1,551.0)	(1,685.4)	(4,486.6)	(4,858.2)
Gross profit	1,202.5	1,156.2	2,873.1	3,235.0
Marketing, general and administrative expenses	(634.5)	(690.2)	(1,788.7)	(2,115.1)
Special items, net	(59.7)	(703.3)	(210.6)	(666.4)
Operating income (loss)	508.3	(237.3)	873.8	453.5
Interest income (expense), net	(67.9)	(65.6)	(206.5)	(204.5)
Other pension and postretirement benefits (costs), net	7.6	8.0	22.7	25.0
Other income (expense), net	2.4	(13.7)	3.4	(0.7)
Income (loss) before income taxes	450.4	(308.6)	693.4	273.3
Income tax benefit (expense)	(104.0)	(90.7)	(265.2)	(193.3)
Net income (loss)	346.4	(399.3)	428.2	80.0
Net (income) loss attributable to noncontrolling interests	(3.6)	(3.5)	(7.4)	(2.0)
Net income (loss) attributable to MCBC	$ 342.8	$ (402.8)	$ 420.8	$ 78.0
Net income (loss) attributable to Molson Coors Beverage Company per share:
Net income (loss) per share, basic (in dollars per share)	$ 1.58	$ (1.86)	$ 1.94	$ 0.36
Diluted net income (loss) attributable to Molson Coors Beverage Company per share:
Net income (loss) per share, diluted (in dollars per share)	$ 1.58	$ (1.86)	$ 1.94	$ 0.36
Weighted average shares outstanding, basic
Weighted average shares - basic (in shares)	216.9	216.6	216.8	216.6
Weighted average shares outstanding, diluted
Dilutive effect of share-based awards (in shares)	0.1	0.0	0.2	0.3
Weighted average shares - diluted (in shares)	217.0	216.6	217.0	216.9
Share-based payment arrangement
Weighted average shares outstanding, diluted
Antidilutive securities excluded from the computation of diluted EPS (in shares)	2.3	1.6	2.3	1.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss) including noncontrolling interests	$ 346.4	$ (399.3)	$ 428.2	$ 80.0
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	149.8	(144.8)	(104.0)	(31.2)
Unrealized gain (loss) on derivative instruments	14.5	(55.8)	(114.1)	(123.8)
Reclassification of derivative (gain) loss to income	0.2	0.2	(0.9)	0.0
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	(1.5)	(0.8)	(4.7)	(1.9)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.7	0.5	2.2	2.3
Total other comprehensive income (loss), net of tax	163.7	(200.7)	(221.5)	(154.6)
Comprehensive income (loss)	510.1	(600.0)	206.7	(74.6)
Comprehensive (income) loss attributable to noncontrolling interests	(5.1)	(2.5)	(7.1)	(0.9)
Comprehensive income (loss) attributable to Molson Coors Beverage Company	505.0	(602.5)	199.6	(75.5)
Net income (loss) including noncontrolling interests	$ 346.4	$ (399.3)	$ 428.2	$ 80.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 731.3	$ 523.4
Accounts receivable, net	694.2	714.8
Other receivables, net	123.1	105.5
Inventories, net	657.7	615.9
Other current assets, net	434.2	224.8
Total current assets	2,640.5	2,184.4
Properties, net	4,180.1	4,546.5
Goodwill	7,624.1	7,631.4
Other intangibles, net	13,410.4	13,656.0
Other assets	820.2	841.5
Total Assets	28,675.3	28,859.8
Current liabilities:
Accounts payable and other current liabilities	3,068.4	2,767.3
Current portion of long-term debt and short-term borrowings	1,242.1	928.2
Total current liabilities	4,310.5	3,695.5
Long-term debt	7,129.5	8,109.5
Pension and postretirement benefits	691.5	716.6
Deferred tax liabilities	2,276.0	2,258.6
Other liabilities	492.2	406.5
Total Liabilities	14,899.7	15,186.7
Commitments and contingencies (Note 12)
Capital stock:
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)	0.0	0.0
Paid-in capital	6,931.3	6,773.6
Retained earnings	7,914.0	7,617.0
Accumulated other comprehensive income (loss)	(1,383.4)	(1,162.2)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)	(471.4)	(471.4)
Total Molson Coors Beverage Company stockholders' equity	13,512.7	13,419.4
Noncontrolling interests	262.9	253.7
Total equity	13,775.6	13,673.1
Total liabilities and equity	28,675.3	28,859.8
Common Class A
Capital stock:
Common stock issued	0.0	0.0
Common Class B
Capital stock:
Common stock issued	2.1	2.1
Exchangeable Class A
Capital stock:
Exchangeable shares issued	102.3	102.5
Exchangeable Class B
Capital stock:
Exchangeable shares issued	$ 417.8	$ 557.8

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000.0	25,000,000.0
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	9,500,000	9,500,000
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	2,600,000	2,600,000
Common stock, shares outstanding (in shares)	2,600,000	2,600,000
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	209,800,000	205,700,000
Common stock, shares outstanding (in shares)	209,800,000	205,700,000
Exchangeable Class A
Exchangeable shares, no par value (in dollars per share)	$ 0	$ 0
Exchangeable shares, issued (in shares)	2,700,000	2,700,000
Exchangeable shares, outstanding (in shares)	2,700,000	2,700,000
Exchangeable Class B
Exchangeable shares, no par value (in dollars per share)	$ 0	$ 0
Exchangeable shares, issued (in shares)	11,100,000	14,800,000
Exchangeable shares, outstanding (in shares)	11,100,000	14,800,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ 428.2	$ 80.0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	714.9	641.4
Amortization of debt issuance costs and discounts	6.3	11.2
Share-based compensation	18.0	7.5
(Gain) loss on sale or impairment of properties and other assets, net	39.8	630.6
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net	(25.9)	16.2
Income tax (benefit) expense	265.2	193.3
Income tax (paid) received	(75.7)	(50.3)
Interest expense, excluding interest amortization	202.5	207.0
Interest paid	(236.1)	(249.5)
Change in current assets and liabilities and other	156.0	(199.2)
Net cash provided by (used in) operating activities	1,493.2	1,288.2
Cash flows from investing activities:
Additions to properties	(456.4)	(457.3)
Proceeds from sales of properties and other assets	4.6	101.0
Other	0.5	37.3
Net cash provided by (used in) investing activities	(451.3)	(319.0)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	4.0	1.5
Dividends paid	(125.3)	(300.9)
Payments on debt and borrowings	(913.5)	(1,575.9)
Proceeds on debt and borrowings	1.5	0.0
Net proceeds from (payments on) revolving credit facilities and commercial paper	224.6	262.9
Change in overdraft balances and other	(32.6)	(1.2)
Net cash provided by (used in) financing activities	(841.3)	(1,613.6)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	200.6	(644.4)
Effect of foreign exchange rate changes on cash and cash equivalents	7.3	(3.3)
Balance at beginning of year	523.4	1,057.9
Balance at end of period	$ 731.3	$ 410.2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Millions	Total	Common Stock Common Class A	Common Stock Common Class B	Common Stock Exchangeable Class A	Common Stock Exchangeable Class B	Paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Common stock held in treasury, Class B	Noncontrolling interest
Beginning balance at Dec. 31, 2018	$ 13,735.8	$ 0.0	$ 2.0	$ 103.2	$ 557.6	$ 6,773.1	$ 7,692.9	$ (1,150.0)	$ (471.4)	$ 228.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares				(0.7)	0.2	0.5
Shares issued under equity compensation plan	(7.9)		0.1			(8.0)
Amortization of share-based compensation	7.3					7.3
Purchase of noncontrolling interest	0.6									0.6
Deconsolidation of VIE	(1.5)									(1.5)
Net income (loss) including noncontrolling interests	80.0						78.0			2.0
Other comprehensive income (loss), net of tax	(154.6)							(153.5)		(1.1)
Adoption of lease accounting standard	32.0						32.0
Reclassification of stranded tax effects							74.8	(74.8)
Contributions from noncontrolling interests	25.4									25.4
Distributions and dividends to noncontrolling interests	(9.7)									(9.7)
Dividends declared and paid	(300.9)						(300.9)
Ending balance at Sep. 30, 2019	13,406.5	0.0	2.1	102.5	557.8	6,772.9	7,576.8	(1,378.3)	(471.4)	244.1
Beginning balance at Jun. 30, 2019	14,145.0	0.0	2.1	103.0	557.9	6,783.3	8,103.1	(1,178.6)	(471.4)	245.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares				(0.5)	(0.1)	0.6
Amortization of share-based compensation	(11.0)					(11.0)
Purchase of noncontrolling interest	(0.1)									(0.1)
Deconsolidation of VIE	(1.5)									(1.5)
Net income (loss) including noncontrolling interests	(399.3)						(402.8)			3.5
Other comprehensive income (loss), net of tax	(200.7)							(199.7)		(1.0)
Contributions from noncontrolling interests	3.9									3.9
Distributions and dividends to noncontrolling interests	(6.3)									(6.3)
Dividends declared and paid	(123.5)						(123.5)
Ending balance at Sep. 30, 2019	13,406.5	0.0	2.1	102.5	557.8	6,772.9	7,576.8	(1,378.3)	(471.4)	244.1
Beginning balance at Dec. 31, 2019	13,673.1	0.0	2.1	102.5	557.8	6,773.6	7,617.0	(1,162.2)	(471.4)	253.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares				(0.2)	(140.0)	140.2
Shares issued under equity compensation plan	(0.5)		0.0			(0.5)
Amortization of share-based compensation	18.0					18.0
Purchase of noncontrolling interest	(0.1)									(0.1)
Net income (loss) including noncontrolling interests	428.2						420.8			7.4
Other comprehensive income (loss), net of tax	(221.5)							(221.2)		(0.3)
Contributions from noncontrolling interests	14.0									14.0
Distributions and dividends to noncontrolling interests	(11.8)									(11.8)
Dividends declared and paid	(123.8)						(123.8)
Ending balance at Sep. 30, 2020	13,775.6	0.0	2.1	102.3	417.8	6,931.3	7,914.0	(1,383.4)	(471.4)	262.9
Beginning balance at Jun. 30, 2020	13,268.0	0.0	2.1	102.5	557.8	6,786.3	7,571.2	(1,545.6)	(471.4)	265.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares				(0.2)	(140.0)	140.2
Shares issued under equity compensation plan	(1.4)					(1.4)
Amortization of share-based compensation	6.2					6.2
Net income (loss) including noncontrolling interests	346.4						342.8			3.6
Other comprehensive income (loss), net of tax	163.7							162.2		1.5
Distributions and dividends to noncontrolling interests	(7.3)									(7.3)
Ending balance at Sep. 30, 2020	$ 13,775.6	$ 0.0	$ 2.1	$ 102.3	$ 417.8	$ 6,931.3	$ 7,914.0	$ (1,383.4)	$ (471.4)	$ 262.9

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (PARENTHETICAL) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.57	$ 0.57	$ 1.39
Dividends paid (in dollars per share)	$ 0.57	$ 0.57	$ 1.39

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly. 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, HRK and RSD. The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements" as well as the changes to our reportable segments and reporting units as discussed above and in Note 3, "Segment Reporting" and Note 7, "Goodwill and Intangible Assets," respectively. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be achieved for the full year. Coronavirus Global Pandemic On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic and recommended containment and mitigation measures. We are actively monitoring the impact of the coronavirus pandemic, which had a material adverse effect on our operations, liquidity, financial condition, and results of operations during the second quarter of 2020 due to the on-premise closures worldwide. While the adverse effects of the coronavirus pandemic continued into the third quarter of 2020 due to on-premise locations only being open at partial capacity and at reduced hours and is expected to have an impact for the rest of 2020 and beyond, we do not currently anticipate the adverse effects to be as material as were observed in the second quarter of 2020. The effects of the pandemic remain highly uncertain especially around the severity and duration of the outbreak and actions by government authorities to contain the pandemic or address its impact, among other things. During the nine months ended September 30, 2020, we recorded charges of $15.5 million within cost of goods sold related to temporary "thank you" pay for certain essential North America brewery employees. Additionally, in order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which have been negatively impacted by the coronavirus pandemic, during the first quarter of 2020, we initiated temporary keg relief programs in many of our markets. As part of these voluntary programs, we committed to provide customers with reimbursements for untapped kegs that meet certain established return requirements. As a result, during the nine months ended September 30, 2020, we recognized a reduction to net sales of $31.1 million reflecting actual, and estimated remaining, sales returns and reimbursements through these keg relief programs, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates recognized during the second and third quarters of 2020. Further, during the nine months ended September 30, 2020, we recognized charges of $12.6 million, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates recognized during the second and third quarters of 2020, within cost of goods sold related to obsolete finished goods keg inventories that are not expected to be sold within our freshness specifications, as well as the costs to facilitate the above mentioned keg returns. As of September 30, 2020 and December 31, 2019, our aggregate allowance for obsolete inventories was approximately $14 million and $11 million, respectively. The actual duration of the coronavirus pandemic, including the length of government-mandated closures or ceased sit-down service limitations at bars and restaurants coupled with the subsequent economic recovery period relative to the assumptions utilized to derive these estimates, could result in further charges due to incremental finished goods keg inventory becoming obsolete in future periods. Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of September 30, 2020 and December 31, 2019, our allowance for trade receivables was approximately $9 million and $12 million, respectively, and allowance activity was immaterial during the three and nine months ended September 30, 2020. Further, in response to the coronavirus pandemic, various governmental authorities globally have announced relief programs which among other items, provide temporary deferrals of non-income based tax payments, which have positively impacted our operating cash flows in the first nine months of 2020. These temporary deferrals of over $200 million as of September 30, 2020, are included within accounts payable and other current liabilities on our unaudited condensed consolidated balance sheet. Finally, we continue to protect and support our liquidity position in response to the global economic uncertainty created by the coronavirus pandemic. During the second quarter, our board of directors suspended our regular quarterly dividends on our Class A and Class B common and exchangeable shares otherwise payable in fiscal year 2020. For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and Intangible Assets." Revitalization Plan On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. As discussed above, in connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have continued to incur charges in the first three quarters of 2020. We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 5, "Special Items" and Note 7, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan. Non-Cash Activity Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. See Note 4, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $128.6 million and $126.3 million during the nine months ended September 30, 2020 and September 30, 2019, respectively. Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 13, "Leases," there was no other significant non-cash activity during the nine months ended September 30, 2020 and September 30, 2019. Share-Based Compensation We grant stock options, RSUs and PSUs to certain officers and other eligible employees and recognized share-based compensation expense of $6.2 million and $18.0 million during the three and nine months ended September 30, 2020, respectively, and a benefit of $11.1 million and expense of $7.5 million during the three and nine months ended September 30, 2019, respectively. The benefit in share-based compensation expense recognized in the third quarter of 2019 was driven by the reversal of cumulative compensation expense previously recognized for our 2018 and 2017 PSU awards as the achievement of the performance conditions was no longer deemed probable for the respective performance periods.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued authoritative guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements. In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020, through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S. segment, Canada segment, Europe segment and International segment. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidates the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly.

We also 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 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.

Historical results have been recast to retrospectively reflect these changes in segment reporting.

Summarized Financial Information

No single customer accounted for more than 10% of our consolidated sales for the three and nine months ended September 30, 2020 and September 30, 2019. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to North America segment sales to the Europe segment.

The following tables present net sales and income (loss) before income taxes by segment:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
North America	$	2,252.3	$	2,274.3	$	6,242.2	$	6,607.5
Europe	504.1		574.0		1,128.8		1,503.8
Inter-segment net sales eliminations	(2.9)		(6.7)		(11.3)		(18.1)
Consolidated net sales	$	2,753.5	$	2,841.6	$	7,359.7	$	8,093.2


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
North America(1)	$	400.8	$	(287.4)	$	888.5	$	407.0
Europe(2)	40.9		52.9		(46.9)		57.9
Unallocated(3)	8.7		(74.1)		(148.2)		(191.6)
Consolidated income (loss) before income taxes	$	450.4	$	(308.6)	$	693.4	$	273.3

(1) During the three months ended September 30, 2019, we recorded a goodwill impairment loss in our North America segment of $668.3 million, which was recorded as a special item. See Note 7, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain. Also, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(2) The decrease during the nine months ended September 30, 2020 was primarily driven by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel in second quarter followed by a reduced consumption after reopening, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020.

(3) Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $64.4 million and $24.7 million during the three and nine months ended September 30, 2020, respectively, compared to unrealized losses of $14.9 million and $12.0 million during the three and nine months ended September 30, 2019, respectively.

Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion.

The following table presents total assets by segment:


	As of
	September 30, 2020		December 31, 2019
	(In millions)
North America	$	23,118.6	$	23,360.2
Europe	5,556.7		5,499.6
Consolidated total assets	$	28,675.3	$	28,859.8

Investments

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments

Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of September 30, 2020 or December 31, 2019. We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable.

In the third quarter of 2020, we, in collaboration with D.G. Yuengling & Son, Inc. ("Yuengling"), formed The Yuengling Company LLC ("TYC"), a 50% - 50% joint venture by MCBC and DGY West Holdings, LP that, pursuant to an operating agreement, formed to expand commercialization of Yuengling's brands with operation currently expected to commence in the second half of 2021. TYC will oversee any new market expansion in the U.S. outside Yuengling's current 22-state footprint and New England. We have concluded that TYC is a VIE for which we are not the primary beneficiary and will therefore apply the equity method of accounting. We have an obligation to proportionately fund TYC's operations. Initial funding of TYC is expected to begin in the fourth quarter of 2020 and is expected to be immaterial. Transactions between MCBC and TYC are expected to include billings for product under a supply agreement and fees under a services agreement and will be considered affiliate transactions.

Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss LP ("Truss"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), as well as other immaterial investments.

Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we have a guarantee liability of $49.4 million and $37.7 million recorded as of September 30, 2020 and December 31, 2019, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.

Consolidated VIEs

The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):


	As of
	September 30, 2020				December 31, 2019
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
RMMC/RMBC	$	220.6	$	17.5	$	207.4	$	17.9
Other	$	86.2	$	16.0	$	65.3	$	20.8

Special Items

9 Months Ended

Sep. 30, 2020

Unusual or Infrequent Items, or Both [Abstract]

Special Items

We incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we separately classified these charges (benefits) as special items.


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
Employee-related charges
Restructuring	$	8.9	$	4.4	$	61.8	$	10.7
Impairments or asset abandonment charges
North America - Asset abandonment(1)	20.6		3.8		110.5		20.7
North America - Impairment losses(2)	—		669.6		7.6		669.6
Europe - Asset abandonment	0.1		0.3		0.6		0.9
Europe - Impairment losses(3)	30.0		12.2		30.0		12.2
Termination fees and other (gains) losses
North America(4)	0.1		—		0.1		(60.8)
Europe(5)	—		13.0		—		13.1
Total Special items, net	$	59.7	$	703.3	$	210.6	$	666.4

(1) Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery, and such purchase is currently expected to be completed in the fourth quarter of 2020, subject to the satisfaction of certain customary closing conditions. Production at the Irwindale brewery ceased during the third quarter of 2020.

Charges associated with the planned brewery closure for the three and nine months ended September 30, 2020 totaled $17.6 million and $115.9 million, respectively, and primarily consisted of accelerated depreciation in excess of normal depreciation of $13.0 million and $96.0 million, respectively. Charges also included employee related costs of retention and severance of $1.5 million and $16.3 million, recognized during the three and nine months ended September 30, 2020, respectively, which are included within the restructuring line above. We will continue to recognize related activity in special items through the expected sale of the brewery in the fourth quarter of 2020, however, this activity is not expected to be significant. The Irwindale brewery disposal group, which includes land, buildings, machinery and equipment and other intangible assets, with an aggregate carrying value of approximately $150 million, is considered held for sale and included within other current assets, net on our unaudited condensed consolidated balance sheet as of September 30, 2020. We could incur additional asset abandonment charges if the expected sale is not completed.

In addition, during the three and nine months ended September 30, 2020 and September 30, 2019 we incurred asset abandonment charges, primarily related to the accelerated depreciation in excess of normal depreciation as a result of the Vancouver brewery closure, which occurred in the third quarter of 2019, and the planned Montreal brewery closure, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 14 million, through the completion of the Montreal brewery closure. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change.

(2) During the third quarter of 2019, we recognized goodwill impairment losses of $668.3 million. See Note 7, "Goodwill and In tangible Assets" for further discussion.

(3) During the third quarter of 2020, we recognized as a special charge an impairment loss of $30.0 million related to the held for sale classification of a disposal group within our India business, representing an insignificant part of our Europe segment. The held for sale disposal group was measured at fair value on a nonrecurring basis using Level 3 inputs. The estimated fair value less cost to sell was determined using a market approach, based upon the expected net sales proceeds of the disposal group. The remaining carrying value of the disposal group held for sale is presented within other current assets, net on our unaudited condensed consolidated balance sheet as of September 30, 2020.

In addition, during the third quarter of 2019, we recorded aggregate impairment losses of $12.2 million related to goodwill and definite-lived intangible assets. See Note 7, "Goodwill and Intangible Assets" for further discussion.

(4) During the second quarter of 2019, we completed the sale of the Montreal brewery property for $96.2 million and recognized a gain of $61.3 million.

(5) During the third quarter of 2019, we recorded special charges of $12.4 million resulting from the deconsolidation of the Grolsch joint venture, which were primarily comprised of impairment losses of the associated definite-lived intangible assets.

Restructuring Activities

On October 28, 2019, as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees have been extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees have been asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units, including Europe, the revitalization plan is expected to reduce employment levels, in aggregate, by approximately 600 employees globally.

In connection with these consolidation activities and related organizational and personnel changes, we currently expect to incur certain cash and non-cash restructuring charges related to severance, retention and transition costs, employee relocation, non-cash asset related costs, lease impairment and exit costs in connection with our office lease in Denver, Colorado, and other transition activities currently estimated in the range of approximately $90 million to $120 million in the aggregate, the majority of which will be cash charges that we began recognizing in the fourth quarter of 2019, and will be further recognized through the balance of fiscal years 2020 and 2021. During the three and nine months ended September 30, 2020, we recognized severance and retention charges of $2.8 million and $33.9 million, respectively, and our remaining accrued restructuring balance related to the revitalization plan as of September 30, 2020 was approximately $23 million. Actual severance and retention costs related to this restructuring, which are primarily being recognized ratably over the employees' required future service period, may differ from original estimates based on actual employee turnover levels prior to achieving severance and retention eligibility requirements. Employee relocation charges are recognized in the period incurred and totaled $2.6 million and $9.0 million for the three and nine months ended September 30, 2020, respectively. Additionally, during the second quarter of 2020, we recognized an aggregate impairment loss of $7.6 million related to the closure of the office facility in Denver, Colorado, including our lease right-of use asset, in light of the sublease market outlook as a result of the coronavirus pandemic. Should our ability to obtain future subtenant occupancy for the office location significantly differ from the estimates and assumptions used to determine its fair value, which represent Level 3 measurements, additional impairment losses may be recognized in the future.

Other than those noted above, there were no material changes to our restructuring activities since December 31, 2019, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time.

The accrued restructuring balances as of September 30, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months.


	North America		Europe		Total
	(In millions)
As of December 31, 2019	$	42.6	$	4.5	$	47.1
Charges incurred	58.3		8.3		66.6
Payments made	(60.6)		(10.2)		(70.8)
Changes in estimates	(4.0)		(0.8)		(4.8)
Foreign currency and other adjustments	(0.3)		—		(0.3)
As of September 30, 2020	$	36.0	$	1.8	$	37.8


	North America		Europe		Total
	(In millions)
As of December 31, 2018	$	24.5	$	1.1	$	25.6
Charges incurred and changes in estimates	5.8		4.9		10.7
Payments made	(22.9)		(3.4)		(26.3)
Foreign currency and other adjustments	0.1		(0.1)		—
As of September 30, 2019	$	7.5	$	2.5	$	10.0

Income Tax

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Effective tax rate	23	%	(29)	%	38	%	71	%

The change in the effective tax rate for the three and nine months ended September 30, 2020 was primarily driven by the impact of the $668.3 million goodwill impairment loss within our North America segment recognized in the third quarter of 2019. Specifically, this impairment loss, which resulted in a pretax loss during the three months ended September 30, 2019 and a significant reduction to our pretax income during the nine months ended September 30, 2019, was nondeductible for income tax purposes, resulting in a negative effective tax rate during the three months ended September 30, 2019, and a significant increase to our effective tax rate during the nine months ended September 30, 2019. Separately, our effective tax rate during the nine months ended September 30, 2020 was impacted by the recognition of approximately $135 million of discrete tax expense in the second quarter of 2020 related to the hybrid regulations enacted in the second quarter of 2020 as further discussed below.

Since 2018, the U.S. Department of Treasury has continued to issue proposed, temporary and final regulations to implement provisions of the 2017 Tax Act. We have continued to monitor these regulations, and on April 7, 2020, the U.S. Department of Treasury enacted final hybrid regulations with full retroactive application to January 1, 2018, with a few exceptions. We have reviewed the final regulations and their impact on our tax positions and financial statements. The final regulations, associated with the taxability of certain interest, impact tax positions we took in 2018 and 2019 and have resulted in additional income tax expense of approximately $135 million, which was recognized upon enactment in the second quarter of 2020. The impact of the finalized regulations could result in cash tax outflows up to this amount in 2021. We continue to analyze the potential cash impacts of the final regulations to minimize any cash outflows.

During the third quarter of 2020, the U.K. government enacted, and royal assent was received, legislation to repeal the previously enacted reduction to the corporate income tax rate that was due to take effect April 1, 2020, that changed the previously anticipated corporate income tax rate from 17% to 19%. As a result, we remeasured our deferred tax liabilities resulting in the recognition of discrete tax expense of approximately $6 million during the three months ended September 30, 2020.

Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of 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, may have an impact on our effective tax rate.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets


	North America		Europe		Consolidated
Changes in Goodwill:	(In millions)
Balance as of December 31, 2019	$	6,146.6	$	1,484.8	$	7,631.4

Foreign currency translation	(5.4)		(1.9)		(7.3)
Balance as of September 30, 2020	$	6,141.2	$	1,482.9	$	7,624.1

The gross amount of goodwill totaled approximately $8.3 billion as of both September 30, 2020 and December 31, 2019. Accumulated impairment losses as of September 30, 2020 and December 31, 2019 totaled $664.5 million and $681.3 million, respectively, all of which was related to our North America segment.

The following table presents details of our intangible assets, other than goodwill, as of September 30, 2020:


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,011.2	$	(1,009.3)	$	4,001.9
License agreements and distribution rights	15 - 20	201.8		(94.1)		107.7
Other	3 - 40	124.4		(49.6)		74.8
Intangible assets not subject to amortization:
Brands	Indefinite	8,158.9		—		8,158.9
Distribution networks	Indefinite	759.5		—		759.5
Other	Indefinite	307.6		—		307.6
Total		$	14,563.4	$	(1,153.0)	$	13,410.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019:


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,036.3	$	(865.1)	$	4,171.2
License agreements and distribution rights	15 - 20	202.0		(90.6)		111.4
Other	3 - 40	124.0		(39.4)		84.6
Intangible assets not subject to amortization:
Brands	Indefinite	8,172.4		—		8,172.4
Distribution networks	Indefinite	778.8		—		778.8
Other	Indefinite	337.6		—		337.6
Total		$	14,651.1	$	(995.1)	$	13,656.0

The changes in the gross carrying amounts of intangible assets from December 31, 2019 to September 30, 2020 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies, and, $30.0 million of other intangibles held for sale reclassified to other current assets, net as discussed in Note 5, "Special Items."

Based on foreign exchange rates as of September 30, 2020, the estimated future amortization expense of intangible assets is as follows:


Fiscal year	Amount
	(In millions)
2020 - remaining	$	54.0
2021	$	215.3
2022	$	209.9
2023	$	208.8
2024	$	208.8

Amortization expense of intangible assets was $55.4 million for both the three months ended September 30, 2020 and September 30, 2019, and $164.9 million and $166.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations.

Reporting Unit Changes and Interim Impairment Testing

As of the date of completion of our 2019 impairment testing, the operations in each of the specific regions within our historical U.S., Canada, Europe and International segments were considered components based on the availability of discrete financial information and the regular review by segment management. We had further concluded that the components within the U.S., Canada and Europe segments each met the criteria of having similar economic characteristics and therefore we

previously aggregated these components into the U.S., Canada and Europe reporting units, respectively. Additionally, we previously determined that the components within our International segment did not meet the criteria for aggregation, and therefore, the operations of our India business constituted a separate reporting unit at the component level, however, the associated goodwill balance was fully impaired in the third quarter of 2019.

As discussed in Note 3, "Segment Reporting," effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. These structural changes included leadership re-alignment with a centralized North America leadership team, an integrated North American supply chain network, and centralized marketing and innovations functions including movement to a single brand manager and North America marketing strategy for our major brands. Additionally, as part of our leadership re-alignment, we moved from two separate U.S. and Canada segment managers, to a single North America segment manager, our President and Chief Executive Officer, who reviews discrete financial information only at the consolidated North America segment level. As a result of these changes, we re-evaluated our historical reporting unit conclusions and have consolidated our previously separate U.S. and Canada reporting units into a single North America reporting unit effective January 1, 2020. There were no changes to our existing Europe reporting unit, which was considered to be at risk of future impairment following the completion of our October 1, 2019 annual impairment testing.

We completed an interim impairment assessment for our U.S. and Canada reporting units as of January 1, 2020 immediately prior to the reporting unit change, as well as an impairment assessment of the combined North America reporting unit immediately after the change, and determined that no impairments existed. Additionally, as the changes resulted in the combination of our U.S. and Canada reporting units into a single North America reporting unit, no further reallocation of goodwill was required.

Additionally, as a result of the structural changes discussed above, including the centralization of the brand management and strategy for our Coors brands across North America, we have aggregated our Coors brand indefinite-lived intangible asset in the U.S. and Coors Light distribution agreement indefinite-lived intangible asset in Canada into a single unit of accounting for the purpose of testing for impairment, effective January 1, 2020. We completed an interim impairment assessment for each individual indefinite-lived intangible asset immediately prior to aggregation, and determined that no impairments existed.

We have further evaluated whether the effects of the coronavirus pandemic, and related impacts to the interest rate environment as well as market multiples, required an additional interim impairment assessment as of September 30, 2020. While factors are present that indicate that triggering events may exist, such as the decline in our market capitalization since the pandemic began in March 2020 combined with recent weakened financial performance, current circumstances do not indicate that it is more likely than not that the fair values of our reporting units or indefinite-lived intangible assets have fallen below their carrying values. Therefore, an interim impairment assessment was not performed as of September 30, 2020. However, we believe that the effects of the coronavirus pandemic may, depending on severity and duration, place our North America and Europe reporting units and certain of our indefinite-lived intangible assets at risk of future impairment. We will continue to monitor the length and severity of the impacts of the pandemic to our business, and if the duration is prolonged and the severity of its impacts continues or worsens, this may indicate the need to perform future interim impairment analyses that could result in material impairments.

2019 Interim Impairment Assessment

We identified a triggering event requiring an interim impairment assessment of the goodwill within our former Canada reporting unit, now part of our North America reporting unit, at the end of the third quarter of 2019, which resulted in a goodwill impairment loss of $668.3 million. The goodwill impairment trigger was the result of continued challenges and steepening declines within the Canadian beer industry reflected in the prolonged weakened performance of the Canada reporting unit through the third quarter of 2019.

Separately, during the third quarter of 2019 we also identified an interim triggering event related to goodwill within our former India reporting unit resulting from significant declines in performance in 2019, coupled with the continuation of challenging business conditions, which required us to perform an interim quantitative impairment analysis at the end of the third quarter of 2019. As a result of this interim analysis, we determined that the carrying value of the former India reporting unit exceeded its fair value, resulting in an aggregate impairment loss of $12.2 million related to the goodwill of our India reporting unit and a definite-lived brand intangible asset.

Key Assumptions

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II—Item 8 Financial Statements, Note 10, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements.

Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual and interim assessments and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses. For example, we continue to monitor the challenges within the beer industry for further weakening or additional systemic structural declines, as well as for adverse changes in macroeconomic conditions such as the coronavirus pandemic that could significantly impact our immediate and long-range results. Specifically, subsequent to the January 1, 2020 interim impairment assessments, the World Health Organization characterized the outbreak of the coronavirus disease as a global pandemic as further discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies.” Our business has been, and could continue to be, materially and adversely impacted by the coronavirus pandemic. The related weakening of economic conditions during a prolonged pandemic could lead to a material impairment as the duration and severity of the pandemic and resulting impacts to our financial projections are further understood. Additionally, we are monitoring the impacts the coronavirus pandemic has on the market inputs used in calculating our discount rates, including risk-free rates, equity premiums and our cost of debt, which could result in a meaningful change to our weighted-average cost of capital calculation, as well as the market multiples used in our impairment assessment. Furthermore, increased volatility in the equity and debt markets or other country specific factors, including, but not limited to, extended or future government intervention in response to the pandemic, could also result in a meaningful change to our weighted-average cost of capital calculation and other inputs used in our impairment assessment.

Separately, the Ontario government in Canada adopted a bill that, if enacted, could adversely impact the existing terms of the beer distribution and retail systems in the province, as further described in Note 12, "Commitments and Contingencies."

While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets equal to or in excess of carrying values, if our assumptions are not realized, it is possible that an impairment loss may need to be recorded in the future.

Definite-Lived Intangible Assets

Regarding definite-lived intangible assets, we continuously monitor the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the first three quarters of 2020 that resulted in an impairment loss.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

Debt obligations


	As of
	September 30, 2020		December 31, 2019
	(In millions)
Long-term debt:
CAD 500 million 2.75% notes due September 2020(1)	$	—	$	384.9
CAD 500 million 2.84% notes due July 2023	375.4		384.9
CAD 500 million 3.44% notes due July 2026	375.4		384.9
$500 million 2.25% notes due March 2020(2)(3)	—		499.8
$1.0 billion 2.1% notes due July 2021(3)	1,000.0		1,000.0
$500 million 3.5% notes due May 2022(2)	504.4		506.5
$2.0 billion 3.0% notes due July 2026	2,000.0		2,000.0
$1.1 billion 5.0% notes due May 2042	1,100.0		1,100.0
$1.8 billion 4.2% notes due July 2046	1,800.0		1,800.0
EUR 800 million 1.25% notes due July 2024	937.7		897.0
Finance leases and other	97.6		129.5
Less: unamortized debt discounts and debt issuance costs	(51.6)		(56.7)
Total long-term debt (including current portion)	8,138.9		9,030.8
Less: current portion of long-term debt	(1,009.4)		(921.3)
Total long-term debt	$	7,129.5	$	8,109.5

Short-term borrowings:

Commercial paper programs(4)(5)	$	224.9	$	—
Other short-term borrowings(6)	7.8		6.9
Current portion of long-term debt	1,009.4		921.3
Current portion of long-term debt and short-term borrowings	$	1,242.1	$	928.2

(1)In September 2020, we repaid our CAD 500 million 2.75% notes upon maturity through a combination of commercial paper issuances and cash on hand.

(2)The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note.

(3)We repaid our $500 million 2.25% notes upon maturity in March 2020, at which time we also settled the associated cross currency swaps resulting in cash receipts of $3.2 million, which were classified as financing and investing activities in our unaudited condensed consolidated statement of cash flows. As of September 30, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%.

(4)We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During the first nine months of 2020, we utilized borrowings from this facility in order to fund the repayment of our $500 million 2.25% notes and CAD 500 million 2.75% notes upon maturity in March 2020 and September 2020, respectively, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."

As of September 30, 2020, we had $1.3 billion available to draw on the $1.5 billion revolving credit facility, as the borrowing capacity is also reduced by borrowings under our commercial paper program. The outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 0.72% and 90 days, respectively, as of September 30, 2020. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019.

Subsequent to September 30, 2020, we had commercial paper payments of approximately $125 million, for a total amount outstanding of approximately $100 million as of October 29, 2020. As such, as of October 29, 2020, we have approximately $1.4 billion available to draw on our total $1.5 billion revolving credit facility.

(5)On May 26, 2020, Molson Coors Brewing Company (UK) Limited (“MCBC U.K.”), a subsidiary of MCBC that operates and manages the Company’s business in the U.K., established a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that are eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, subject to certain conditions, which may be increased from time to time as provided in the Dealer Agreement (as defined below). Commercial paper issuances under the CCFF Program do not impact the borrowing capacity under our revolving credit facility.

In connection with the CCFF Program, MCBC U.K. and MCBC entered into a Dealer Agreement (the “Dealer Agreement”) with Lloyds Bank Corporate Markets PLC (“Lloyds”), as both the arranger and dealer, pursuant to which notes may be issued to Lloyds at such prices and upon such terms as MCBC U.K. and Lloyds may agree. The maturities of the notes vary but will not be less than seven days nor greater than 364 days. The Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions typical for the issuance of commercial paper of this type. In addition, MCBC entered into a Deed of Guarantee to guarantee the payment of all sums payable from time to time by MCBC U.K. in respect of the notes to the holders of any notes.

As of both September 30, 2020 and October 29, 2020, we had no borrowings outstanding under the CCFF Program.

(6)As of September 30, 2020, we had $4.9 million in bank overdrafts and $82.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $77.4 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. We had total outstanding borrowings of $2.9 million and $2.8 million under our two JPY overdraft facilities as of September 30, 2020 and December 31, 2019, respectively. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of September 30, 2020 or December 31, 2019.

Debt Fair Value Measurements

We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of September 30, 2020 and December 31, 2019, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $8.6 billion and $9.2 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.

Debt Covenants

On June 19, 2020, we entered into an amendment to our existing revolving credit facility agreement, which among other things, revised the leverage ratios under the financial maintenance covenant for each fiscal quarter ending on or after June 30, 2020 through the maturity of the credit facility. The maximum leverage ratio, as defined by the amended revolving credit facility agreement as of September 30, 2020 is 5.25x net debt to EBITDA with a 0.50x reduction to 4.75x net debt to EBITDA for the fiscal quarter ending June 30, 2021. The leverage ratio requirement as of the last day of the fiscal quarter ending September 30, 2021 is reduced by 0.25x to 4.50x net debt to EBITDA, with a further 0.50x reduction to 4.00x net debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2021 through maturity of the credit facility.

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. As of September 30, 2020, we were in compliance with all of these restrictions and have met all debt payment obligations. All of our outstanding senior notes as of September 30, 2020 rank pari-passu.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories


	As of
	September 30, 2020		December 31, 2019
	(In millions)
Finished goods	$	267.0	$	236.7
Work in process	72.2		84.0
Raw materials	238.0		227.1
Packaging materials	80.5		68.1
Inventories, net	$	657.7	$	615.9

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)


	MCBC stockholders' equity
	Foreign currency translation adjustments		Gain (loss) on derivative instruments		Pension and postretirement benefit adjustments		Equity method investments		Accumulated other comprehensive income (loss)
	(In millions)
As of December 31, 2019	$	(652.5)	$	(87.8)	$	(351.0)	$	(70.9)	$	(1,162.2)
Foreign currency translation adjustments	(56.6)		—		—		—		(56.6)
Gain (loss) on net investment hedges	(54.5)		—		—		—		(54.5)
Unrealized gain (loss) on derivative instruments	—		(151.5)		—		—		(151.5)
Reclassification of derivative (gain) loss to income	—		(1.2)		—		—		(1.2)

Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	—		—		(6.2)		—		(6.2)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—		—		—		3.0		3.0
Tax benefit (expense)	7.4		37.7		1.5		(0.8)		45.8


As of September 30, 2020	$	(756.2)	$	(202.8)	$	(355.7)	$	(68.7)	$	(1,383.4)

Reclassifications from AOCI to net income (loss) were immaterial for the three and nine months ended September 30, 2020 and September 30, 2019.

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Our risk management and derivative accounting policies are presented within Part II—Item 8 Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 16, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the first three quarters of 2020. As noted in Note 16 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Our significant derivative positions have not changed considerably since December 31, 2019.

Derivative Fair Value Measurements

We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate. The fair value of our warrants to acquire common shares of HEXO Corp. ("HEXO") at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model.

The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2020 and December 31, 2019.


			Fair value measurements as of September 30, 2020
	As of September 30, 2020		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(7.0)	$	—	$	(7.0)	$	—
Interest rate swaps	(267.4)		—		(267.4)		—
Foreign currency forwards	3.0		—		3.0		—
Commodity swaps	(17.6)		—		(17.6)		—
Warrants	0.5		—		0.5		—
Total	$	(288.5)	$	—	$	(288.5)	$	—


			Fair value measurements as of December 31, 2019
	As of December 31, 2019		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	10.0	$	—	$	10.0	$	—
Interest rate swaps	(111.5)		—		(111.5)		—
Foreign currency forwards	2.1		—		2.1		—
Commodity swaps and options	(41.2)		—		(41.2)		—
Warrants	2.7		—		2.7		—
Total	$	(137.9)	$	—	$	(137.9)	$	—

As of September 30, 2020 and December 31, 2019, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the nine months ended September 30, 2020 were all included in Level 2.

Results of Period Derivative Activity

The tables below include the results of our derivative activity in our unaudited condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, and our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and September 30, 2019.

Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):


	As of September 30, 2020
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	400.0	Other current assets	$	—	Accounts payable and other current liabilities	$	(7.0)
			Other non-current assets	—		Other liabilities	—
Interest rate swaps	$	1,500.0	Other current assets	—		Accounts payable and other current liabilities	(53.1)
			Other non-current assets	—		Other liabilities	(214.3)
Foreign currency forwards	$	169.5	Other current assets	3.1		Accounts payable and other current liabilities	(0.5)
			Other non-current assets	0.9		Other liabilities	(0.5)
Total derivatives designated as hedging instruments				$	4.0		$	(275.4)
Derivatives not designated as hedging instruments:
Commodity swaps(1)	$	938.3	Other current assets	$	16.1	Accounts payable and other current liabilities	$	(47.2)
			Other non-current assets	25.1		Other liabilities	(11.6)


Warrants	$	51.8	Other non-current assets	0.5		Other liabilities	—
Total derivatives not designated as hedging instruments				$	41.7		$	(58.8)


	As of December 31, 2019
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	900.0	Other current assets	$	1.8	Accounts payable and other current liabilities	$	—
			Other non-current assets	8.2		Other liabilities	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(111.5)
Foreign currency forwards	$	237.9	Other current assets	1.9		Accounts payable and other current liabilities	(0.8)
			Other non-current assets	1.4		Other liabilities	(0.4)
Total derivatives designated as hedging instruments				$	13.3		$	(112.7)
Derivatives not designated as hedging instruments:
Commodity swaps(1)	$	598.4	Other current assets	$	5.7	Accounts payable and other current liabilities	$	(36.4)
			Other non-current assets	1.0		Other liabilities	(11.5)
Commodity options(1)	$	18.4	Other current assets	—		Accounts payable and other current liabilities	—
Warrants	$	53.1	Other non-current assets	2.7		Other liabilities	—
Total derivatives not designated as hedging instruments				$	9.4		$	(47.9)

(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.

Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions):


Line item in the balance sheet in which the hedged item is included	Carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)
	As of September 30, 2020		As of December 31, 2019		As of September 30, 2020		As of December 31, 2019
	(In millions)
Current portion of long-term debt and short-term borrowings	$	—	$	—	$	—	$	(0.2)
Long-term debt	$	—	$	—	$	4.4	$	6.5

(1) Entire balances relate to hedging adjustments on discontinued hedging relationships.

The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):


Three Months Ended September 30, 2020
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	23.9	Interest income (expense), net	$	(0.8)
Foreign currency forwards	(4.4)		Cost of goods sold	0.9
			Other income (expense), net	(0.3)
Total	$	19.5		$	(0.2)


Three Months Ended September 30, 2020
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	(19.0)	Interest income (expense), net	$	—	Interest income (expense), net	$	2.8

Total	$	(19.0)		$	—		$	2.8


Three Months Ended September 30, 2020
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	(39.0)	Other income (expense), net	$	—	Other income (expense), net	$	—

Total	$	(39.0)		$	—		$	—


Three Months Ended September 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(77.8)	Interest income (expense), net	$	(0.7)
Foreign currency forwards	3.6		Cost of goods sold	0.5
			Other income (expense), net	(0.1)
Total	$	(74.2)		$	(0.3)


Three Months Ended September 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	37.6	Interest income (expense), net	$	—	Interest income (expense), net	$	6.6
Total	$	37.6		$	—		$	6.6


Three Months Ended September 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	37.9	Other income (expense), net	$	—	Other income (expense), net	$	—

Total	$	37.9		$	—		$	—


Nine Months Ended September 30, 2020
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(155.9)	Interest income (expense), net	$	(2.2)
Foreign currency forwards	4.4		Cost of goods sold	4.5
			Other income (expense), net	(1.1)
Total	$	(151.5)		$	1.2


Nine Months Ended September 30, 2020
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	(13.8)	Interest income (expense), net	$	—	Interest income (expense), net	$	11.3
Total	$	(13.8)		$	—		$	11.3


Nine Months Ended September 30, 2020
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	(40.7)	Other income (expense), net	$	—	Other income (expense), net	$	—
Total	$	(40.7)		$	—		$	—


Nine Months Ended September 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(156.5)	Interest income (expense), net	$	(2.2)
Foreign currency forwards	(7.9)		Cost of goods sold	2.8
			Other income (expense), net	(0.6)
Total	$	(164.4)		$	—


Nine Months Ended September 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps	$	44.2	Interest income (expense), net	$	—	Interest income (expense), net	$	17.0
Total	$	44.2		$	—		$	17.0


Nine Months Ended September 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	45.5	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	10.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	55.6		$	—		$	—

(1)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income.

As of September 30, 2020, we expect our reclassification of AOCI into earnings related to cash flow hedges to be immaterial over the next 12 months as our expected net losses primarily offset our expected net gains. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of September 30, 2020 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026.

The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions):


Three Months Ended September 30, 2020
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,551.0)	$	2.4	$	(67.9)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—		—		(0.8)

Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	0.9		(0.3)		—


Three Months Ended September 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,685.4)	$	(13.7)	$	(65.6)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—		—		(0.7)

Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	0.5		(0.1)		—


Nine Months Ended September 30, 2020
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(4,486.6)	$	3.4	$	(206.5)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—		—		(2.2)

Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	4.5		(1.1)		—


Nine Months Ended September 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
	Cost of goods sold		Other income (expense), net		Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(4,858.2)	$	(0.7)	$	(204.5)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—		—		(2.2)

Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	2.8		(0.6)		—

(1) We had no outstanding fair value hedges during the first three quarters of 2020 or 2019.

The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):

Three Months Ended September 30, 2020

Derivatives not in hedging relationships

Location of gain (loss) recognized in
income on derivative

Amount of gain (loss) recognized in
income on derivative

Commodity swaps

Cost of goods sold

$

41.4

Warrants

Other income (expense), net

(0.7)

Total

$

40.7

Three Months Ended September 30, 2019

Derivatives not in hedging relationships

Location of gain (loss) recognized in
income on derivative

Amount of gain (loss) recognized in
income on derivative

Commodity swaps

Cost of goods sold

$

(25.3)

Warrants

Other income (expense), net

(11.4)

Total

$

(36.7)

Nine Months Ended September 30, 2020

Derivatives not in hedging relationships

Location of gain (loss) recognized in
income on derivative

Amount of gain (loss) recognized in
income on derivative

Commodity swaps

Cost of goods sold

$

(46.5)

Warrants

Other income (expense), net

(2.1)

Total

$

(48.6)

Nine Months Ended September 30, 2019

Derivatives not in hedging relationships

Location of gain (loss) recognized in
income on derivative

Amount of gain (loss) recognized in
income on derivative

Commodity swaps

Cost of goods sold

$

(29.8)

Warrants

Other income (expense), net

(3.5)

Total

$

(33.3)

The gains and losses recognized in income related to our commodity swaps are largely driven by changes in the respective commodity market prices, primarily in aluminum and diesel.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Disputes and Environmental Related to litigation, other disputes and environmental issues, we have an aggregate accrued contingent liability of $16.7 million and $16.2 million as of September 30, 2020 and December 31, 2019, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first three quarters of 2020, except as noted below. Other than those disclosed below, we are also involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against Molson Coors Beverage Company USA LLC ("MCBC USA" formerly known as MillerCoors LLC) alleging that the Keystone brand has “rebranded” itself as “Stone” and is marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. Stone Brewing Company seeks treble damages in the amount of MCBC USA's profit from Keystone sales. MCBC USA subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MCBC USA's counterclaims and for a preliminary injunction seeking to bar MCBC USA from continuing to use “STONE” on Keystone Light cans and related marketing materials. In March 2019, the court denied Stone Brewing Company’s motion for preliminary injunction and its motion to dismiss MCBC USA's counterclaims. Discovery is closed. The jury trial scheduled to begin on October 13, 2020 was continued by the court. A new trial date has not yet been set. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time. On February 15, 2019, two purported stockholders filed substantially similar putative class action complaints against the Company, Mark R. Hunter, and Tracey I. Joubert (the “Defendants”) in the United States District Court for the District of Colorado (the “Colorado District Court”), and in the United States District Court for the Northern District of Illinois (the “Illinois District Court”). On February 21, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The plaintiffs purport to represent a class of the Company’s stockholders and assert that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act by allegedly making false and misleading statements or omissions regarding the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017, and that the Company purportedly lacked adequate internal controls over financial reporting. The plaintiffs seek, among other things, an unspecified amount of damages and attorneys’ fees, expert fees and other costs. On April 16, 2019, motions to consolidate and appoint a lead plaintiff were filed in each case. On May 24, 2019, the securities class action suit filed with the Illinois District Court was transferred to the Colorado District Court, and subsequently was voluntarily dismissed on July 25, 2019. On October 2, 2019, the class action lawsuits originally filed in Colorado District Court were consolidated, and, on October 3, 2019, the court appointed a lead plaintiff and lead counsel for the consolidated case. On December 9, 2019, the lead plaintiff filed its amended complaint alleging that the Defendants made false statements and material omissions to the market beginning in February 2017 and ending in February 2019, which, it alleges, misled the market as to the strength of our financial condition and internal control processes related to financial accounting. The amended complaint further alleges that the Company and the Defendants caused the Company to falsely report its financial results by overstating retained earnings, net income, and tax benefits and understating deferred tax liabilities in an effort to inflate the price of our common stock. We filed a motion to dismiss the amended complaint on January 23, 2020; the plaintiff subsequently filed an opposition to our motion to dismiss on March 9, 2020; and we filed our reply brief in support of our motion to dismiss on April 8, 2020. Oral argument on the motion occurred on October 28, 2020. We intend to defend the claims vigorously. A range of potential loss is not estimable at this time. On March 26, 2019, a purported stockholder filed a purported shareholder derivative action in Colorado District Court against the Company’s board of directors and certain officers (the “Individual Defendants”), and the Company as a nominal defendant. On May 14, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. On August 12, 2019, a third derivative complaint was filed in Colorado District Court by a purported stockholder. All three derivative complaints assert claims against the Individual Defendants for breaches of fiduciary duty and unjust enrichment arising out of the Company’s dissemination to shareholders of purportedly materially misleading and inaccurate information in connection with the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017. The complaints further allege that the Company lacked adequate internal controls over financial reporting. The third derivative complaint filed in August also alleges the Individual Defendants violated Sections 14(a) and 20(a) of the Exchange Act by issuing misleading statements in the Company’s proxy statement. The relief sought in the complaints include changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees, other costs and such other relief as the court deems proper. All three derivative actions have been administratively closed, subject to being reopened for good cause shown. A range of potential loss is not estimable at this time. Regulatory Contingencies In December 2018, the U.S. Department of Treasury issued a regulation that impacts our ability to claim a refund of certain federal duties, taxes, and fees paid for beer sold between the U.S. and certain other countries effective in February 2019. As a result, based on the terms of the regulation, it is the U.S. Department of Treasury's position that future claims will no longer be accepted, and we may be further unable to collect previously claimed, but not yet received, refunds. In January 2020, the United States Court of International Trade issued an opinion and order ruling the challenged portions of this regulation dealing with refunds of certain federal duties, taxes and fees paid with respect to certain imported beer, to the extent of certain exported beer, to be unlawful. On April 17, 2020, the U.S. Department of Treasury appealed this ruling as well as filed a motion for stay of the enforcement of judgment and suspension of claims pending appeal. The U.S. Department of Treasury's motion to stay was denied pending appeal and they were ordered to pay on all claims under the accelerated payment program. As a result, we have collected approximately $33 million of previously filed claims through the third quarter of 2020, and have previously claimed, but not yet received, refunds of approximately $14 million recorded within other receivables, net on our unaudited condensed consolidated balance sheet as of September 30, 2020. On July 23, 2020, the U.S. Department of Treasury filed its opening appellate brief in the United States Court of Appeals for the Federal Circuit. An opposition/response brief was filed on October 1, 2020 and final briefing will conclude on December 11, 2020. We will continue to monitor this matter including our ability to collect the remainder of our previously claimed refunds, our potential liability to repay refunds received, as well our ability to claim ongoing refunds as the appeal process progresses. In June 2019, the Ontario government in Canada adopted a bill that, if enacted, would terminate a 10-year Master Framework Agreement that was originally signed between the previous government administration and Molson Canada 2005, a wholly owned indirect subsidiary of the Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd., and Brewers Retail Inc. in 2015 and dictates the terms of the beer distribution and retail systems in Ontario through 2025. The government has not yet proclaimed the bill as law. The impacts of these potential legislative changes are unknown at this time, but could have a negative impact on the results of operations, cash flows and financial position of the North America segment. While discussions remain ongoing with the government to reach a mutually agreeable alternative to the enactment of the law, it is unclear how the coronavirus pandemic will impact these discussions. Molson Canada 2005 and the other Master Framework Agreement signatories are prepared to vigorously defend our rights and pursue legal recourse, should the Master Framework Agreement be unilaterally terminated by the enactment of the legislation. Guarantees and Indemnities We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of September 30, 2020 and December 31, 2019, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $49.4 million and $37.7 million, respectively. See Note 4, "Investments" for further detail. Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we have accrued $10.2 million and $14.2 million, in aggregate, as of September 30, 2020 and December 31, 2019, respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $62.4 million, based on foreign exchange rates as of September 30, 2020. Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first three quarters of 2020.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019 was as follows:


		As of
		September 30, 2020		December 31, 2019
	Balance Sheet Classification	(In millions)
Operating Leases
Operating lease right-of-use assets	Other assets	$	137.6	$	154.5
Current operating lease liabilities	Accounts payable and other current liabilities	$	47.1	$	46.6
Non-current operating lease liabilities	Other liabilities	104.7		119.5
Total operating lease liabilities		$	151.8	$	166.1

Finance Leases
Finance lease right-of-use assets	Properties, net	$	62.1	$	73.0
Current finance lease liabilities	Current portion of long-term debt and short-term borrowings	$	7.7	$	34.5
Non-current finance lease liabilities	Long-term debt	57.1		60.0
Total finance lease liabilities		$	64.8	$	94.5

Supplemental cash flow information related to leases for the nine months ended September 30, 2020 and September 30, 2019 was as follows:


	Nine Months Ended
	September 30, 2020		September 30, 2019
	(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$	39.5	$	39.6
Operating cash flows from finance leases	$	6.7	$	2.7
Financing cash flows from finance leases	$	29.4	$	1.8
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	18.2	$	36.4
Finance leases	$	4.0	$	2.1

Separately, we recorded an impairment loss inclusive of our Denver, Colorado office lease right-of use asset during the nine months ended September 30, 2020 as discussed in Note 5, "Special Items."

Leases

Supplemental balance sheet information related to leases as of September 30, 2020 and December 31, 2019 was as follows:


		As of
		September 30, 2020		December 31, 2019
	Balance Sheet Classification	(In millions)
Operating Leases
Operating lease right-of-use assets	Other assets	$	137.6	$	154.5
Current operating lease liabilities	Accounts payable and other current liabilities	$	47.1	$	46.6
Non-current operating lease liabilities	Other liabilities	104.7		119.5
Total operating lease liabilities		$	151.8	$	166.1

Finance Leases
Finance lease right-of-use assets	Properties, net	$	62.1	$	73.0
Current finance lease liabilities	Current portion of long-term debt and short-term borrowings	$	7.7	$	34.5
Non-current finance lease liabilities	Long-term debt	57.1		60.0
Total finance lease liabilities		$	64.8	$	94.5

Supplemental cash flow information related to leases for the nine months ended September 30, 2020 and September 30, 2019 was as follows:


	Nine Months Ended
	September 30, 2020		September 30, 2019
	(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$	39.5	$	39.6
Operating cash flows from finance leases	$	6.7	$	2.7
Financing cash flows from finance leases	$	29.4	$	1.8
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	18.2	$	36.4
Finance leases	$	4.0	$	2.1

Separately, we recorded an impairment loss inclusive of our Denver, Colorado office lease right-of use asset during the nine months ended September 30, 2020 as discussed in Note 5, "Special Items."

Supplemental Guarantor Information

9 Months Ended

Sep. 30, 2020

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

For purposes of this Note 14, including the tables, "Parent Issuer" shall mean MCBC. "Subsidiary Guarantors" shall mean certain Canadian and U.S. subsidiaries reflecting the substantial operations of our North America segment.

SEC Registered Securities

On May 3, 2012, MCBC issued $1.9 billion of senior notes, in a registered public offering, consisting of $300 million 2.0% senior notes due 2017 (subsequently repaid in the second quarter of 2017), $500 million 3.5% senior notes due 2022, and $1.1 billion 5.0% senior notes due 2042. Additionally, on July 7, 2016, MCBC issued $500 million 1.45% senior notes due 2019 (subsequently repaid in the third quarter of 2019), $1.0 billion 2.10% senior notes due 2021, $2.0 billion 3.0% senior notes due 2026, $1.8 billion 4.2% senior notes due 2046 and EUR $800.0 million 1.25% senior notes due 2024, in a registered public offering. "Parent Issuer" in the below tables is specifically referring to MCBC in its capacity as the issuer of these 2012 and 2016 issuances. These senior notes are guaranteed on a senior unsecured basis by the Subsidiary Guarantors. 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 is registered with the SEC, and such other outstanding debt is guaranteed on a senior unsecured basis by the Parent and/or Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 8, "Debt" for details of all debt issued and outstanding as of September 30, 2020.

Presentation

The following information sets forth the unaudited condensed consolidating statements of operations for the three and nine months ended September 30, 2020 and September 30, 2019, unaudited condensed consolidating balance sheets as of September 30, 2020 and December 31, 2019, and unaudited condensed consolidating statements of cash flows for the nine months ended September 30, 2020 and September 30, 2019. Investments in subsidiaries are accounted for under the equity method; accordingly, entries necessary to consolidate the Parent Issuer and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)


	Three Months Ended
	September 30, 2020
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Sales	$	4.4	$	2,588.2	$	929.3	$	(143.5)	$	3,378.4
Excise taxes	—		(354.1)		(270.8)		—		(624.9)
Net sales	4.4		2,234.1		658.5		(143.5)		2,753.5
Cost of goods sold	(0.5)		(1,241.4)		(446.1)		137.0		(1,551.0)
Gross profit	3.9		992.7		212.4		(6.5)		1,202.5
Marketing, general and administrative expenses	(22.2)		(479.2)		(139.6)		6.5		(634.5)
Special items, net	(1.4)		(27.8)		(30.5)		—		(59.7)
Equity income (loss) in subsidiaries	400.2		(6.7)		52.3		(445.8)		—
Operating income (loss)	380.5		479.0		94.6		(445.8)		508.3
Interest income (expense), net	(59.3)		23.2		(31.8)		—		(67.9)
Other pension and postretirement benefits (costs), net	(0.1)		5.1		2.6		—		7.6
Other income (expense), net	0.6		1.9		(0.1)		—		2.4
Income (loss) before income taxes	321.7		509.2		65.3		(445.8)		450.4
Income tax benefit (expense)	21.1		(109.1)		(16.0)		—		(104.0)
Net income (loss)	342.8		400.1		49.3		(445.8)		346.4
Net (income) loss attributable to noncontrolling interests	—		—		(3.6)		—		(3.6)
Net income (loss) attributable to MCBC	$	342.8	$	400.1	$	45.7	$	(445.8)	$	342.8

Comprehensive income (loss) attributable to MCBC	$	505.0	$	581.2	$	252.9	$	(834.1)	$	505.0

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)


	Three Months Ended
	September 30, 2019
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Sales	$	31.5	$	2,631.6	$	1,004.3	$	(169.4)	$	3,498.0
Excise taxes	—		(367.6)		(288.8)		—		(656.4)
Net sales	31.5		2,264.0		715.5		(169.4)		2,841.6
Cost of goods sold	(2.0)		(1,330.5)		(477.5)		124.6		(1,685.4)
Gross profit	29.5		933.5		238.0		(44.8)		1,156.2
Marketing, general and administrative expenses	(45.0)		(528.6)		(161.4)		44.8		(690.2)
Special items, net	—		(324.9)		(378.4)		—		(703.3)
Equity income (loss) in subsidiaries	(398.3)		(320.3)		(265.3)		983.9		—
Operating income (loss)	(413.8)		(240.3)		(567.1)		983.9		(237.3)
Interest income (expense), net	(74.7)		87.2		(78.1)		—		(65.6)
Other pension and postretirement benefits (costs), net	—		1.2		6.8		—		8.0
Other income (expense), net	(0.4)		(59.7)		46.4		—		(13.7)
Income (loss) before income taxes	(488.9)		(211.6)		(592.0)		983.9		(308.6)
Income tax benefit (expense)	86.1		(185.4)		8.6		—		(90.7)
Net income (loss)	(402.8)		(397.0)		(583.4)		983.9		(399.3)
Net (income) loss attributable to noncontrolling interests	—		—		(3.5)		—		(3.5)
Net income (loss) attributable to MCBC	$	(402.8)	$	(397.0)	$	(586.9)	$	983.9	$	(402.8)

Comprehensive income (loss) attributable to MCBC	$	(602.5)	$	(592.5)	$	(696.9)	$	1,289.4	$	(602.5)

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)


	Nine Months Ended
	September 30, 2020
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Sales	$	10.1	$	7,156.6	$	2,174.3	$	(395.0)	$	8,946.0
Excise taxes	—		(964.1)		(622.2)		—		(1,586.3)
Net sales	10.1		6,192.5		1,552.1		(395.0)		7,359.7
Cost of goods sold	(1.4)		(3,696.9)		(1,165.4)		377.1		(4,486.6)
Gross profit	8.7		2,495.6		386.7		(17.9)		2,873.1
Marketing, general and administrative expenses	(85.3)		(1,304.5)		(416.8)		17.9		(1,788.7)
Special items, net	(16.8)		(154.9)		(38.9)		—		(210.6)
Equity income (loss) in subsidiaries	641.3		(240.0)		48.6		(449.9)		—
Operating income (loss)	547.9		796.2		(20.4)		(449.9)		873.8
Interest income (expense), net	(179.7)		38.1		(64.9)		—		(206.5)
Other pension and postretirement benefits (costs), net	(0.4)		15.3		7.8		—		22.7
Other income (expense), net	0.3		1.8		1.3		—		3.4
Income (loss) before income taxes	368.1		851.4		(76.2)		(449.9)		693.4
Income tax benefit (expense)	52.7		(208.8)		(109.1)		—		(265.2)
Net income (loss)	420.8		642.6		(185.3)		(449.9)		428.2
Net (income) loss attributable to noncontrolling interests	—		—		(7.4)		—		(7.4)
Net income (loss) attributable to MCBC	$	420.8	$	642.6	$	(192.7)	$	(449.9)	$	420.8
Comprehensive income (loss) attributable to MCBC	$	199.6	$	583.0	$	(270.3)	$	(312.7)	$	199.6

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)


	Nine Months Ended
	September 30, 2019
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Sales	$	96.1	$	7,606.7	$	2,688.1	$	(472.8)	$	9,918.1
Excise taxes	—		(1,032.5)		(792.4)		—		(1,824.9)
Net sales	96.1		6,574.2		1,895.7		(472.8)		8,093.2
Cost of goods sold	(5.9)		(3,864.2)		(1,323.0)		334.9		(4,858.2)
Gross profit	90.2		2,710.0		572.7		(137.9)		3,235.0
Marketing, general and administrative expenses	(188.1)		(1,552.1)		(512.8)		137.9		(2,115.1)
Special items, net	(0.4)		(281.3)		(384.7)		—		(666.4)
Equity income (loss) in subsidiaries	221.5		(450.0)		(186.2)		414.7		—
Operating income (loss)	123.2		426.6		(511.0)		414.7		453.5
Interest income (expense), net	(228.3)		255.7		(231.9)		—		(204.5)
Other pension and postretirement benefits (costs), net	—		3.5		21.5		—		25.0
Other income (expense), net	(0.5)		(67.1)		66.9		—		(0.7)
Income (loss) before income taxes	(105.6)		618.7		(654.5)		414.7		273.3
Income tax benefit (expense)	183.6		(395.2)		18.3		—		(193.3)
Net income (loss)	78.0		223.5		(636.2)		414.7		80.0
Net (income) loss attributable to noncontrolling interests	—		—		(2.0)		—		(2.0)
Net income (loss) attributable to MCBC	$	78.0	$	223.5	$	(638.2)	$	414.7	$	78.0
Comprehensive income attributable to MCBC	$	(75.5)	$	102.3	$	(760.2)	$	657.9	$	(75.5)

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

(IN MILLIONS)

(UNAUDITED)


	As of
	September 30, 2020
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	48.4	$	152.5	$	530.4	$	—	$	731.3
Accounts receivable, net	—		375.5		318.7		—		694.2
Other receivables, net	2.4		77.2		43.5		—		123.1
Inventories, net	—		494.5		163.2		—		657.7
Other current assets, net	0.8		313.7		119.7		—		434.2
Intercompany accounts receivable	458.2		1,487.7		92.8		(2,038.7)		—
Total current assets	509.8		2,901.1		1,268.3		(2,038.7)		2,640.5
Properties, net	3.0		3,013.8		1,163.3		—		4,180.1
Goodwill	—		6,141.1		1,483.0		—		7,624.1
Other intangibles, net	2.5		11,530.5		1,877.4		—		13,410.4

Net investment in and advances to subsidiaries	22,014.5		8,152.1		4,262.7		(34,429.3)		—

Other assets	122.0		361.2		419.4		(82.4)		820.2
Total assets	$	22,651.8	$	32,099.8	$	10,474.1	$	(36,550.4)	$	28,675.3
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities	$	167.2	$	1,830.3	$	1,070.9	$	—	$	3,068.4
Current portion of long-term debt and short-term borrowings	1,224.0		5.7		12.4		—		1,242.1
Intercompany accounts payable	1,208.0		496.0		334.7		(2,038.7)		—
Total current liabilities	2,599.2		2,332.0		1,418.0		(2,038.7)		4,310.5
Long-term debt	6,293.7		760.5		75.3		—		7,129.5
Pension and postretirement benefits	7.7		669.9		13.9		—		691.5

Deferred tax liabilities	—		1,608.2		750.2		(82.4)		2,276.0
Other liabilities	239.7		164.0		88.5		—		492.2
Intercompany notes payable	—		3,942.2		3,788.6		(7,730.8)		—
Total liabilities	9,140.3		9,476.8		6,134.5		(9,851.9)		14,899.7
MCBC stockholders' equity	13,512.7		26,410.4		8,018.9		(34,429.3)		13,512.7
Intercompany notes receivable	(1.2)		(3,787.4)		(3,942.2)		7,730.8		—
Total stockholders' equity	13,511.5		22,623.0		4,076.7		(26,698.5)		13,512.7
Noncontrolling interests	—		—		262.9		—		262.9
Total equity	13,511.5		22,623.0		4,339.6		(26,698.5)		13,775.6
Total liabilities and equity	$	22,651.8	$	32,099.8	$	10,474.1	$	(36,550.4)	$	28,675.3

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

(IN MILLIONS)

(UNAUDITED)


	As of
	December 31, 2019
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	15.7	$	119.6	$	388.1	$	—	$	523.4
Accounts receivable, net	—		396.3		318.5		—		714.8
Other receivables, net	14.4		58.4		32.7		—		105.5
Inventories, net	—		449.1		166.8		—		615.9
Other current assets, net	3.0		126.0		95.8		—		224.8
Intercompany accounts receivable	94.1		190.0		14.9		(299.0)		—
Total current assets	127.2		1,339.4		1,016.8		(299.0)		2,184.4
Properties, net	19.8		3,294.7		1,232.0		—		4,546.5
Goodwill	—		6,146.5		1,484.9		—		7,631.4
Other intangibles, net	4.0		11,750.6		1,901.4		—		13,656.0

Net investment in and advances to subsidiaries	21,200.6		8,364.9		4,497.9		(34,063.4)		—

Other assets	137.2		364.4		417.9		(78.0)		841.5
Total assets	$	21,488.8	$	31,260.5	$	10,550.9	$	(34,440.4)	$	28,859.8
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities	$	170.7	$	1,722.0	$	874.6	$	—	$	2,767.3
Current portion of long-term debt and short-term borrowings	499.7		415.1		13.4		—		928.2
Intercompany accounts payable	—		150.7		148.3		(299.0)		—
Total current liabilities	670.4		2,287.8		1,036.3		(299.0)		3,695.5
Long-term debt	7,250.3		779.1		80.1		—		8,109.5
Pension and postretirement benefits	7.2		695.5		13.9		—		716.6

Deferred tax liabilities	—		1,593.3		743.3		(78.0)		2,258.6
Other liabilities	142.6		172.2		91.7		—		406.5
Intercompany notes payable	—		—		65.0		(65.0)		—
Total liabilities	8,070.5		5,527.9		2,030.3		(442.0)		15,186.7
MCBC stockholders' equity	13,419.4		25,796.5		8,266.9		(34,063.4)		13,419.4
Intercompany notes receivable	(1.1)		(63.9)		—		65.0		—
Total stockholders' equity	13,418.3		25,732.6		8,266.9		(33,998.4)		13,419.4
Noncontrolling interests	—		—		253.7		—		253.7
Total equity	13,418.3		25,732.6		8,520.6		(33,998.4)		13,673.1
Total liabilities and equity	$	21,488.8	$	31,260.5	$	10,550.9	$	(34,440.4)	$	28,859.8

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(IN MILLIONS)

(UNAUDITED)


	Nine Months Ended
	September 30, 2020
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	498.3	$	774.0	$	220.9	$	—	$	1,493.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to properties	(4.9)		(333.2)		(118.3)		—		(456.4)
Proceeds from sales of properties and other assets	—		2.3		2.3		—		4.6


Other	3.2		(4.5)		1.8		—		0.5
Net intercompany investing activity	(73.2)		(3,611.3)		(3,569.1)		7,253.6		—
Net cash provided by (used in) investing activities	(74.9)		(3,946.7)		(3,683.3)		7,253.6		(451.3)
CASH FLOWS FROM FINANCING ACTIVITIES:

Exercise of stock options under equity compensation plans	4.0		—		—		—		4.0

Dividends paid	(115.3)		—		(10.0)		—		(125.3)
Payments on debt and borrowings	(500.0)		(404.2)		(9.3)		—		(913.5)
Proceeds on debt and borrowings	—		—		1.5		—		1.5
Net proceeds from (payments on) revolving credit facilities and commercial paper	224.6		—		—		—		224.6
Change in overdraft balances and other	(4.0)		(34.6)		6.0		—		(32.6)
Net intercompany financing activity	—		3,641.0		3,612.6		(7,253.6)		—
Net cash provided by (used in) financing activities	(390.7)		3,202.2		3,600.8		(7,253.6)		(841.3)
CASH AND CASH EQUIVALENTS:
Net increase (decrease) in cash and cash equivalents	32.7		29.5		138.4		—		200.6
Effect of foreign exchange rate changes on cash and cash equivalents	—		3.4		3.9		—		7.3
Balance at beginning of year	15.7		119.6		388.1		—		523.4
Balance at end of period	$	48.4	$	152.5	$	530.4	$	—	$	731.3

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(IN MILLIONS)

(UNAUDITED)


	Nine Months Ended
	September 30, 2019
	Parent Issuer		Subsidiary Guarantors		Subsidiary Non Guarantors		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	990.0	$	341.7	$	162.0	$	(205.5)	$	1,288.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to properties	(7.2)		(276.8)		(173.3)		—		(457.3)
Proceeds from sales of properties and other assets	—		97.3		3.7		—		101.0



Other	46.2		0.2		(9.1)		—		37.3
Net intercompany investing activity	46.5		69.4		48.4		(164.3)		—
Net cash provided by (used in) investing activities	85.5		(109.9)		(130.3)		(164.3)		(319.0)
CASH FLOWS FROM FINANCING ACTIVITIES:

Exercise of stock options under equity compensation plans	1.5		—		—		—		1.5
Dividends paid	(276.3)		(205.5)		(24.6)		205.5		(300.9)

Payments on debt and borrowings	(1,566.3)		(0.3)		(9.3)		—		(1,575.9)

Net proceeds from (payments on) revolving credit facilities and commercial paper	264.8		—		(1.9)		—		262.9
Change in overdraft balances and other	(3.5)		(9.8)		12.1		—		(1.2)
Net intercompany financing activity	—		(95.8)		(68.5)		164.3		—
Net cash provided by (used in) financing activities	(1,579.8)		(311.4)		(92.2)		369.8		(1,613.6)
CASH AND CASH EQUIVALENTS:
Net increase (decrease) in cash and cash equivalents	(504.3)		(79.6)		(60.5)		—		(644.4)
Effect of foreign exchange rate changes on cash and cash equivalents	3.1		3.3		(9.7)		—		(3.3)
Balance at beginning of year	515.8		156.1		386.0		—		1,057.9
Balance at end of period	$	14.6	$	79.8	$	315.8	$	—	$	410.2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued authoritative guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements. In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020, through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Net sales by segment

The following tables present net sales and income (loss) before income taxes by segment:


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
North America	$	2,252.3	$	2,274.3	$	6,242.2	$	6,607.5
Europe	504.1		574.0		1,128.8		1,503.8
Inter-segment net sales eliminations	(2.9)		(6.7)		(11.3)		(18.1)
Consolidated net sales	$	2,753.5	$	2,841.6	$	7,359.7	$	8,093.2

Income (loss) before income taxes by segment


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
North America(1)	$	400.8	$	(287.4)	$	888.5	$	407.0
Europe(2)	40.9		52.9		(46.9)		57.9
Unallocated(3)	8.7		(74.1)		(148.2)		(191.6)
Consolidated income (loss) before income taxes	$	450.4	$	(308.6)	$	693.4	$	273.3

(1) During the three months ended September 30, 2019, we recorded a goodwill impairment loss in our North America segment of $668.3 million, which was recorded as a special item. See Note 7, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain. Also, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(2) The decrease during the nine months ended September 30, 2020 was primarily driven by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel in second quarter followed by a reduced consumption after reopening, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020.

(3) Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $64.4 million and $24.7 million during the three and nine months ended September 30, 2020, respectively, compared to unrealized losses of $14.9 million and $12.0 million during the three and nine months ended September 30, 2019, respectively.

Total assets by segment

The following table presents total assets by segment:


	As of
	September 30, 2020		December 31, 2019
	(In millions)
North America	$	23,118.6	$	23,360.2
Europe	5,556.7		5,499.6
Consolidated total assets	$	28,675.3	$	28,859.8

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedules of Consolidated Investments

The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):


	As of
	September 30, 2020				December 31, 2019
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
RMMC/RMBC	$	220.6	$	17.5	$	207.4	$	17.9
Other	$	86.2	$	16.0	$	65.3	$	20.8

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Special Items (Tables)

9 Months Ended

Sep. 30, 2020

Unusual or Infrequent Items, or Both [Abstract]

Special items recorded by segment


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
	(In millions)
Employee-related charges
Restructuring	$	8.9	$	4.4	$	61.8	$	10.7
Impairments or asset abandonment charges
North America - Asset abandonment(1)	20.6		3.8		110.5		20.7
North America - Impairment losses(2)	—		669.6		7.6		669.6
Europe - Asset abandonment	0.1		0.3		0.6		0.9
Europe - Impairment losses(3)	30.0		12.2		30.0		12.2
Termination fees and other (gains) losses
North America(4)	0.1		—		0.1		(60.8)
Europe(5)	—		13.0		—		13.1
Total Special items, net	$	59.7	$	703.3	$	210.6	$	666.4