<\/p>\n
Molson Coors Reports 2021 First Quarter Results<\/b><\/p>\n
Company Reports Meaningful Progress on Revitalization Plan Despite First Quarter Headwinds<\/i><\/b><\/p>\n
Reaffirms 2021 Guidance as Company Reinvests in the Business to Drive Long-term Revenue and Underlying EBITDA Growth <\/i><\/b><\/p>\n
GOLDEN, Colo. & MONTREAL–(BUSINESS WIRE<\/a>)–
\nMolson Coors Beverage Company (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2021 first quarter.\n<\/p>\n
| \n 2021 First Quarter Financial Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n CEO and CFO Perspectives<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Highlights and Statement from Gavin Hattersley, President and Chief Executive Officer:<\/b><\/p>\n \nMolson Coors achieved tangible progress in the first quarter against its revitalization plan, which is designed to: build on the strength of the Company\u2019s iconic core brands; aggressively grow its above premium portfolio; expand beyond the beer aisle; invest in its capabilities and support its people and communities.\n<\/p>\n \nThis progress serves to advance the Company\u2019s goal of achieving long-term sustainable top-line and underlying EBITDA growth. However, in the first quarter of 2021, the Company faced three major events that had material near-term impacts on the business: a system outage caused by a cybersecurity incident, an abnormal winter storm in Texas that forced utility companies to shut off power to the Fort Worth brewery for eleven days, and government restrictions that shut down the entire on-trade channel in the U.K.\n<\/p>\n \n\u201cDespite these three unprecedented and disruptive events that took place in the quarter, we continued to make progress against our revitalization plan focused on driving long-term top-line growth.\n<\/p>\n \n“Our iconic core of beers continue to gain strength. For example, in the U.S., Coors Light finished the first quarter of 2021 with the strongest category share performance since the first quarter of 2017, and Coors Banquet posted its best quarterly brand volume performance in over four years.\n<\/p>\n \n“We saw tangible progress on our path to growing our above premium portfolio. Net sales revenue per hectoliter in our largest market, the U.S., was up 4.1%, as we took substantial steps toward our hard seltzer ambition, driven by the launch of Topo Chico Hard Seltzer. Vizzy and Coors Seltzer are top-five hard seltzers with some of Canada\u2019s leading retailers, and we have launched the Three Fold hard seltzer brand in the U.K. and are launching the Wai brand in Central and Eastern Europe in the coming weeks. Blue Moon LightSky also became the top volume share gainer in U.S. craft.\n<\/p>\n \n“ZOA Energy Drink has secured a strong retail presence and will begin hitting shelves later in the second quarter of 2021 as we approach Memorial Day, adding real muscle to our beyond beer portfolio.\n<\/p>\n \n“And we continued advancing towards our sustainability goals, becoming the first major U.K. brewer to operate entirely by renewable energy. The U.K. also eliminated plastic rings from all of our major packs.\u201d\n<\/p>\n Statement from Tracey Joubert, Chief Financial Officer:<\/b><\/p>\n \n“We are proud of our operational agility and resilience as we adeptly managed through some unprecedented challenges during the quarter while still continuing to execute on our revitalization plan. While uncertainty due to on-premise restrictions remains, we are making progress under the revitalization plan, and we continue to anticipate 2021 to be a year of both top-line growth and investment for the company. As such, we are reaffirming our guidance for the year.\n<\/p>\n \n“We entered 2021 with a healthier balance sheet and significantly improved financial flexibility, underlying our commitment to maintaining, and ultimately upgrading, our investment grade rating. In 2021, we remain focused on reducing debt, investing in our business and returning cash to shareholders. At present, we continue to expect that the board will be in a position to reinstate a dividend in the second half of 2021.”\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n($ in millions, except per share data) (Unaudited)\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Reported Increase (Decrease)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Foreign Exchange Impact<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Constant Currency Increase (Decrease)(2)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \nNet Sales\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,898.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,102.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.7\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n29.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11.1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n \nU.S. GAAP Net income (loss)(1)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n84.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(117.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nN\/M\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Per diluted share<\/i><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.39\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.54\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nN\/M\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnderlying Net income (loss)(2)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n77.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(97.9\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Per diluted share<\/i><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.01\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(97.1\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnderlying EBITDA(2)<\/sup><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n280.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n352.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(20.5\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1.1\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(20.2\n<\/p>\n<\/td>\n \n)%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nN\/M = Not meaningful\n<\/p>\n<\/td>\n<\/tr>\n \n(1)\n<\/p>\n<\/td>\n \nNet income (loss) attributable to MCBC.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \nRepresents net income (loss) and EBITDA adjusted for non-GAAP items. See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Sales Drivers <\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended March 31, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Reported<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPercent change versus comparable prior year period\n<\/p>\n<\/td>\n Financial Volume<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Price, Product and Geography Mix<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Currency<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Net Sales<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Net Sales per hectoliter (BV basis)(1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Brand Volume<\/b><\/p>\n<\/td>\n<\/tr>\n Consolidated<\/b><\/p>\n<\/td>\n \n(12.0)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.7)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.1)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nNorth America\n<\/p>\n<\/td>\n \n(9.4)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5.5)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6.7)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nEurope\n<\/p>\n<\/td>\n \n(22.0)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17.5)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(34.9)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(10.4)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17.0)\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \nOur net sales per hectoliter performance discussions are reflected on a brand volume (“BV”) basis, reflecting owned and actively managed brand volume, along with royalty volume, in the denominator, as well as the financial impact of these sales (in constant currency) in the numerator, unless otherwise indicated.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Quarterly Segment Highlights<\/b>(versus First Quarter 2020 Results)<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n North America Business<\/span><\/b><\/p>\n Net sales per hectoliter on a brand volume basis increased 2.4% in constant currency driven by net pricing increases in the U.S. and Canada, positive brand mix in the U.S. and cycling prior year estimated keg sales returns and reimbursements related to the on-premise impacts of the coronavirus pandemic, partially offset by negative channel and package mix in Canada attributed to the shift of volume from on-premise to off-premise, as well as negative geographic mix attributed to growing license volume in Latin America. In the U.S., net sales per hectoliter on a brand volume basis increased 4.1% including the positive brand mix led by innovation brands Vizzy, Topo Chico Hard Seltzer and ZOA. However, financial volume declines more than offset the rate favorability resulting in a 5.8% decrease in net sales revenue. In Canada, negative mix more than offset the net pricing increases, while Latin America net sales per hectoliter on a brand volume basis increased due to positive sales mix.\n<\/li>\n Europe Business<\/span><\/b><\/p>\n Other Results<\/b><\/p>\n<\/td>\n<\/tr>\n Effective Income Tax Rates<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nU.S. GAAP effective tax rate\n<\/p>\n<\/td>\n \n35\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nUnderlying effective tax rate\n<\/p>\n<\/td>\n \n103\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Special and Other Non-Core Items<\/span><\/b><\/p>\n \nThe following special and other non-core items<\/b> have been excluded from underlying results. See the Appendix for reconciliations of non-GAAP financial measures.\n<\/p>\n 2021 Outlook<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWhile uncertainty remains regarding the coronavirus pandemic, including the timing and strength of the recovery, we currently expect the following for full year 2021, which we consider a year of investment:\n<\/p>\n \nIn addition, our current expectation is that our board of directors will be in a position to reinstate a dividend in the second half of 2021.\n<\/p>\n Notes<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nUnless otherwise indicated in this release, all $ amounts are in U.S. Dollars, and all comparative results are for the Company\u2019s first quarter ended March 31, 2021, compared to the first quarter ended March 31, 2020. Some numbers may not sum due to rounding.\n<\/p>\n 2021 First Quarter Conference Call<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMolson Coors Beverage Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company\u2019s 2021 first quarter results. The live webcast will be accessible via our website, ir.molsoncoors.com. An online replay of the webcast will be available until 11:59 p.m. Eastern Time on July 27, 2021. The Company will post this release and related financial statements on its website today.\n<\/p>\n Investor Calendar<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAnnual General Meeting of Shareholders\n<\/p>\n<\/td>\n \nMay 26, 2021\n<\/p>\n<\/td>\n<\/tr>\n \nReports Q2 2021 Results\n<\/p>\n<\/td>\n \nJuly 28, 2021\n<\/p>\n<\/td>\n<\/tr>\n \nReports Q3 2021 Results\n<\/p>\n<\/td>\n \nOctober 28, 2021\n<\/p>\n<\/td>\n<\/tr>\n \nReports Q4 2021 Results\n<\/p>\n<\/td>\n \nFebruary 10, 2022\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor more than two centuries Molson Coors has been brewing beverages that unite people to celebrate all life\u2019s moments. From Coors Light, Miller Lite, Molson Canadian, Carling, and Staropramen to Coors Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy, Coors Seltzer, Leinenkugel\u2019s Summer Shandy, Creemore Springs, Hop Valley and more, Molson Coors produces many beloved and iconic beer brands. While the company\u2019s history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well.\n<\/p>\n \nOur reporting segments include: North America, operating in the U.S., Canada and various countries in Latin and South America; and Europe, 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. In addition to our reporting segments, we also have certain items that are unallocated to our reporting segments and reported as “Unallocated”, which primarily include financing related costs and impacts of other treasury-related activities. The company\u2019s commitment to raising industry standards and leaving a positive imprint on our employees, consumers, communities and the environment is reflected in Our Imprint and our 2025 sustainability targets. To learn more about Molson Coors Beverage Company, visit molsoncoors.com<\/a>, MolsonCoorsOurImprint.com<\/a> or on Twitter through @MolsonCoors.\n<\/p>\n About Molson Coors Canada Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nMolson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Beverage Company. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC\u2019s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n This press release includes \u201cforward-looking statements\u201d within the meaning of the U.S. federal securities laws. Generally, the words \u201cbelieve,\u201d “aims,” \u201cexpect,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cproject,\u201d \u201cwill,\u201d \u201coutlook,\u201d and similar expressions identify forward-looking statements, which generally are not historic in nature. Statements that refer to projections of our future financial performance, our anticipated results, cost savings and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements under the heading “2021 Outlook,” expectations regarding the impacts of the coronavirus pandemic on our business, impact of the cybersecurity incident, including on revenues and related expenses, future dividends, overall volume trends, consumer preferences, pricing trends, industry forces, cost reduction strategies, including our revitalization plan announced in 2019 and the estimated range of related charges and timing of cash charges, anticipated results, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, shipment levels and profitability, market share and the sufficiency of capital resources. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company\u2019s historical experience, and present projections and expectations are disclosed in the Company\u2019s filings with the Securities and Exchange Commission (\u201cSEC\u201d). These factors include, among others, the impact of the coronavirus pandemic, the impact of increased competition resulting from further consolidation of brewers, competitive pricing and product pressures; health of the beer industry and our brands in our markets; economic conditions in our markets; additional impairment charges; changes in our supply chain system; availability or increase in the cost of packaging materials; success of our joint ventures; risks relating to operations in developing and emerging markets; changes in legal and regulatory requirements, including the regulation of distribution systems; fluctuations in foreign currency exchange rates; increase in the cost of commodities used in the business; the impact of climate change and the availability and quality of water; loss or closure of a major brewery or other key facility; a breach of our information systems; our reliance on third party service providers and internal and outsourced systems; our ability to implement our strategic initiatives, including executing and realizing cost savings; pension plan and other post-retirement benefit costs; failure to comply with debt covenants or deterioration in our credit rating; our ability to maintain good labor relations; our ability to maintain brand image, reputation and product quality; unfavorable legal or regulatory outcomes affecting the business; and other risks discussed in our filings with the SEC, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n Market and Industry Data<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n The market and industry data used in this press release are based on independent industry publications, customer specific data, trade or business organizations, reports by market research firms and other published statistical information from third parties, including Information Resources, Inc. for U.S. market data and Beer Canada for Canadian market data (collectively, the \u201cThird Party Information\u201d), as well as information based on management\u2019s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.<\/i><\/p>\n\n Appendix<\/b><\/p>\n<\/td>\n<\/tr>\n Statements of Operations – Molson Coors Beverage Company and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Operations<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n(In millions, except per share data) (Unaudited)\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nFinancial volume in hectoliters\n<\/p>\n<\/td>\n \n16.217\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18.428\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,256.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,537.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nExcise taxes\n<\/p>\n<\/td>\n \n(357.7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(435.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet sales\n<\/p>\n<\/td>\n \n1,898.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,102.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold\n<\/p>\n<\/td>\n \n(1,167.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,479.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nGross profit\n<\/p>\n<\/td>\n \n731.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n623.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMarketing, general and administrative expenses\n<\/p>\n<\/td>\n \n(542.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(629.7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nSpecial items, net\n<\/p>\n<\/td>\n \n(10.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(86.6\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income (loss)\n<\/p>\n<\/td>\n \n177.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(92.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income (expense), net\n<\/p>\n<\/td>\n \n(65.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(68.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther pension and postretirement benefits (costs), net\n<\/p>\n<\/td>\n \n13.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net\n<\/p>\n<\/td>\n \n1.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4.8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) before income taxes\n<\/p>\n<\/td>\n \n126.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(158.7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefit (expense)\n<\/p>\n<\/td>\n \n(44.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n43.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)\n<\/p>\n<\/td>\n \n82.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(115.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet (income) loss attributable to noncontrolling interests\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1.6\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) attributable to MCBC\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n84.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(117.0\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic net income (loss) attributable to MCBC per share:\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.39\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.54\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted net income (loss) attributable to MCBC per share:\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.39\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.54\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares – basic\n<\/p>\n<\/td>\n \n217.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n216.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares – diluted\n<\/p>\n<\/td>\n \n217.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n216.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDividends per share\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Balance Sheets<\/span><\/b><\/p>\n<\/td>\n \n(In millions, except par value) (Unaudited)\n<\/p>\n<\/td>\n As of<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n532.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n770.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net\n<\/p>\n<\/td>\n \n557.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n558.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther receivables, net\n<\/p>\n<\/td>\n \n159.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n129.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInventories, net\n<\/p>\n<\/td>\n \n746.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n664.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther current assets, net\n<\/p>\n<\/td>\n \n369.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n297.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n \n2,365.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,418.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperties, net\n<\/p>\n<\/td>\n \n4,143.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,250.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n \n6,153.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,151.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther intangibles, net\n<\/p>\n<\/td>\n \n13,482.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,556.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n1,018.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n954.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n27,163.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n27,331.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable and other current liabilities\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,532.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,889.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of long-term debt and short-term borrowings\n<\/p>\n<\/td>\n \n1,063.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,020.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n3,596.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,909.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt\n<\/p>\n<\/td>\n \n7,181.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,208.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPension and postretirement benefits\n<\/p>\n<\/td>\n \n757.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n763.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liabilities\n<\/p>\n<\/td>\n \n2,476.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,381.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities\n<\/p>\n<\/td>\n \n317.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n447.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n14,329.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,709.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMolson Coors Beverage Company stockholders’ equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCapital stock:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock, $0.01 par value (authorized: 25.0 shares; none issued)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nClass A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nClass B common stock, $0.01 par value (authorized: 500.0 shares; issued: 210.0 shares and 209.8 shares, respectively)\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nClass A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)\n<\/p>\n<\/td>\n \n102.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n102.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nClass B exchangeable shares, no par value (issued and outstanding: 11.1 shares and 11.1 shares, respectively)\n<\/p>\n<\/td>\n \n417.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n417.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPaid-in capital\n<\/p>\n<\/td>\n \n6,947.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,937.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings\n<\/p>\n<\/td>\n \n6,628.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,544.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive income (loss)\n<\/p>\n<\/td>\n \n(1,045.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,167.8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nClass B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)\n<\/p>\n<\/td>\n \n(471.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(471.4\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Molson Coors Beverage Company stockholders’ equity\n<\/p>\n<\/td>\n \n12,580.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,365.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNoncontrolling interests\n<\/p>\n<\/td>\n \n253.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n256.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal equity\n<\/p>\n<\/td>\n \n12,834.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,621.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n27,163.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n27,331.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Condensed Consolidated Statements of Cash Flows<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n(In millions) (Unaudited)\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nCash flows from operating activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) including noncontrolling interests\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n82.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(115.4)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n202.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n256.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of debt issuance costs and discounts\n<\/p>\n<\/td>\n \n1.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation\n<\/p>\n<\/td>\n \n8.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on sale or impairment of properties and other assets, net\n<\/p>\n<\/td>\n \n2.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nUnrealized (gain) loss on foreign currency fluctuations and derivative instruments, net\n<\/p>\n<\/td>\n \n(122.6)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n103.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax (benefit) expense\n<\/p>\n<\/td>\n \n44.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(43.3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax (paid) received\n<\/p>\n<\/td>\n \n(9.1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9.2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, excluding interest amortization\n<\/p>\n<\/td>\n \n64.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest paid\n<\/p>\n<\/td>\n \n(86.6)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(90.3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nChange in current assets and liabilities and other\n<\/p>\n<\/td>\n \n(378.2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(195.1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by (used in) operating activities\n<\/p>\n<\/td>\n \n(190.9)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18.1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash flows from investing activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditions to properties\n<\/p>\n<\/td>\n \n(102.5)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(225.1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from sales of properties and other assets\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n16.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by (used in) investing activities\n<\/p>\n<\/td>\n \n(84.6)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(220.0)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash flows from financing activities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nExercise of stock options under equity compensation plans\n<\/p>\n<\/td>\n \n4.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDividends paid\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(123.4)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayments on debt and borrowings\n<\/p>\n<\/td>\n \n(0.9)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(502.9)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds on debt and borrowings\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet proceeds from (payments on) revolving credit facilities and commercial paper\n<\/p>\n<\/td>\n \n0.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,025.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nChange in overdraft balances and other\n<\/p>\n<\/td>\n \n40.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5.5)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by (used in) financing activities\n<\/p>\n<\/td>\n \n45.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n398.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet increase (decrease) in cash and cash equivalents\n<\/p>\n<\/td>\n \n(230.5)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n160.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEffect of foreign exchange rate changes on cash and cash equivalents\n<\/p>\n<\/td>\n \n(6.9)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17.9)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBalance at beginning of year\n<\/p>\n<\/td>\n \n770.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n523.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBalance at end of period\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n532.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n666.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n North America<\/i><\/b><\/p>\n<\/td>\n Q1 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q1 2020<\/b><\/p>\n<\/td>\n Reported % FX Impact<\/b><\/p>\n<\/td>\n Constant \nFinancial volume |