Molson Coors Beverage (TAP) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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, BC555
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	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,563,034
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		200,959,878
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 24
Security Exchange Name	NYSE
CANADA
Entity Information [Line Items]
Entity Address, City or Town	Montréal
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Address Line Two	111 Boulevard Robert-Bourassa, 9th Floor,
Entity Address, Postal Zip Code	H3C 2M1
City Area Code	514
Local Phone Number	521-1786

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Sales	$ 3,871.1	$ 3,501.4	$ 6,645.9	$ 6,144.7
Excise taxes	(604.5)	(579.7)	(1,033)	(1,008.4)
Net sales	3,266.6	2,921.7	5,612.9	5,136.3
Cost of goods sold	(2,047.7)	(2,101.7)	(3,623.3)	(3,388.5)
Gross profit	1,218.9	820	1,989.6	1,747.8
Marketing, general and administrative expenses	(734.9)	(707.6)	(1,349.9)	(1,383.3)
Other operating income (expense), net	0.2	(0.6)	(0.3)	(28.2)
Equity income (loss)	4.3	2.7	7.3	2.6
Operating income (loss)	488.5	114.5	646.7	338.9
Interest income (expense), net	(54.6)	(66.6)	(113.7)	(129.9)
Other pension and postretirement benefits (costs), net	2.6	10.3	5.2	20.9
Other non-operating income (expense), net	4.6	(3.3)	4.8	(1.3)
Income (loss) before income taxes	441.1	54.9	543	228.6
Income tax benefit (expense)	(95)	(7)	(123.7)	(43.4)
Net income (loss)	346.1	47.9	419.3	185.2
Net (income) loss attributable to noncontrolling interests	(3.7)	(0.6)	(4.4)	13.6
Net income (loss) attributable to Molson Coors Beverage Company	$ 342.4	$ 47.3	$ 414.9	$ 198.8
Net income (loss) attributable to Molson Coors Beverage Company per share
Basic (in dollars per share)	$ 1.58	$ 0.22	$ 1.92	$ 0.92
Diluted (in dollars per share)	$ 1.57	$ 0.22	$ 1.91	$ 0.91
Weighted-average shares outstanding
Basic (in shares)	216.4	217	216.5	217.1
Dilutive effect of share-based awards (in shares)	1.4	0.8	1.1	0.7
Diluted (in shares)	217.8	217.8	217.6	217.8

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss) including noncontrolling interests	$ 346.1	$ 47.9	$ 419.3	$ 185.2
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	73.3	(208.9)	127.5	(219.1)
Reclassification of cumulative translation adjustment	0	0	0	12.1
Unrealized gain (loss) on derivative instruments	7	70.3	(11.5)	124.4
Reclassification of derivative (gain) loss to income (loss)	0.1	8.4	1	9.1
Pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss)	(2.8)	(0.9)	(5.7)	(1.8)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.1	10.1	1.6	10.3
Total other comprehensive income (loss), net of tax	77.7	(121)	112.9	(65)
Comprehensive income (loss)	423.8	(73.1)	532.2	120.2
Comprehensive (income) loss attributable to noncontrolling interests	(4.2)	1	(5.2)	15.6
Comprehensive income (loss) attributable to Molson Coors Beverage Company	$ 419.6	$ (72.1)	$ 527	$ 135.8

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 960.9	$ 600
Trade receivables, less allowance for doubtful accounts of $12.9 and $13.2, respectively	1,015.1	739.8
Other receivables, net	129.1	126.4
Inventories, net	863.4	792.9
Other current assets, net	360.7	378.9
Total current assets	3,329.2	2,638
Properties, net	4,338	4,222.8
Goodwill	5,296.1	5,291.9
Other intangibles, net	12,807	12,800.1
Other assets	1,019.3	915.5
Total assets	26,789.6	25,868.3
Current liabilities
Accounts payable and other current liabilities	3,406.7	2,978.3
Current portion of long-term debt and short-term borrowings	423.2	397.1
Total current liabilities	3,829.9	3,375.4
Long-term debt	6,191.9	6,165.2
Pension and postretirement benefits	468.7	473.3
Deferred tax liabilities	2,671.4	2,646.4
Other liabilities	370.8	292.8
Total liabilities	13,532.7	12,953.1
Commitments and contingencies (Note 10)
Capital stock
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)	0	0
Paid-in capital	7,059.5	7,006.4
Retained earnings	7,129.3	6,894.1
Accumulated other comprehensive income (loss)	(1,093.4)	(1,205.5)
Class B common stock held in treasury at cost (10.9 shares and 10.5 shares, respectively)	(549.6)	(522.9)
Total Molson Coors Beverage Company stockholders' equity	13,030.8	12,689.7
Noncontrolling interests	226.1	225.5
Total equity	13,256.9	12,915.2
Total liabilities and equity	26,789.6	25,868.3
Common Class A
Capital stock
Common stock issued	0	0
Common Class B
Capital stock
Common stock issued	2.1	2.1
Exchangeable Class A
Capital stock
Exchangeable shares issued	102.2	102.2
Exchangeable Class B
Capital stock
Exchangeable shares issued	$ 380.7	$ 413.3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 12.9	$ 13.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	10,900,000	10,500,000
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
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	500,000,000
Common stock, shares issued (in shares)	211,700,000	210,500,000
Common stock, shares outstanding (in shares)	211,700,000	210,500,000
Exchangeable Class A
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, issued (in shares)	10,100,000	11,000,000
Exchangeable shares, outstanding (in shares)	10,100,000	11,000,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss) including noncontrolling interests	$ 419.3	$ 185.2
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	339.9	345.4
Amortization of debt issuance costs and discounts	2.9	4.1
Share-based compensation	20.3	16.9
(Gain) loss on sale or impairment of properties and other assets, net	(1.9)	21.6
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net	111.6	105.7
Equity (income) loss	(7.3)	(2.6)
Income tax (benefit) expense	123.7	43.4
Income tax (paid) received	(78.2)	(7.8)
Interest expense, excluding amortization of debt issuance costs and discounts	118.4	127.2
Interest paid	(109.4)	(119.5)
Change in current assets and liabilities and other	(44.9)	(52.8)
Net cash provided by (used in) operating activities	894.4	666.8
Cash flows from investing activities
Additions to properties	(335.1)	(388.7)
Proceeds from sales of properties and other assets	5.5	15
Other	(11)	4.2
Net cash provided by (used in) investing activities	(340.6)	(369.5)
Cash flows from financing activities
Exercise of stock options under equity compensation plans	7.2	1.5
Dividends paid	(178.2)	(164.9)
Payments for purchases of treasury stock	(26.7)	(26.2)
Payments on debt and borrowings	(6.1)	(502.4)
Proceeds on debt and borrowings	7	5
Net proceeds from (payments on) revolving credit facilities and commercial paper	0	225.9
Other	(5.1)	(8.7)
Net cash provided by (used in) financing activities	(201.9)	(469.8)
Effect of foreign exchange rate changes on cash and cash equivalents	9	(22.8)
Net increase (decrease) in cash and cash equivalents	360.9	(195.3)
Balance at beginning of year	600	637.4
Balance at end of period	$ 960.9	$ 442.1

CONDENSED CONSOLIDATED STATEM_4

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, 2021	$ 13,664.1	$ 0	$ 2.1	$ 102.2	$ 417.8	$ 6,970.9	$ 7,401.5	$ (1,006)	$ (471.4)	$ 247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares					(0.6)	0.6
Shares issued under equity compensation plan	(4.4)					(4.4)
Amortization of share-based compensation	16.9					16.9
Purchase of noncontrolling interest	(1.5)					0.1				(1.6)
Net income (loss) including noncontrolling interests	185.2						198.8			(13.6)
Other comprehensive income (loss), net of tax	(65)							(63)		(2)
Share repurchase program	(26.2)								(26.2)
Contributions from noncontrolling interests	7.3									7.3
Distributions and dividends to noncontrolling interests	(7.1)									(7.1)
Dividends declared	(166.5)						(166.5)
Ending balance at Jun. 30, 2022	13,602.8	0	2.1	102.2	417.2	6,984.1	7,433.8	(1,069)	(497.6)	230
Beginning balance at Mar. 31, 2022	13,770.5	0	2.1	102.2	417.2	6,975.6	7,469.8	(949.6)	(485.5)	238.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of share-based compensation	8.4					8.4
Purchase of noncontrolling interest	(1.5)					0.1				(1.6)
Net income (loss) including noncontrolling interests	47.9						47.3			0.6
Other comprehensive income (loss), net of tax	(121)							(119.4)		(1.6)
Share repurchase program	(12.1)								(12.1)
Distributions and dividends to noncontrolling interests	(6.1)									(6.1)
Dividends declared	(83.3)						(83.3)
Ending balance at Jun. 30, 2022	13,602.8	0	2.1	102.2	417.2	6,984.1	7,433.8	(1,069)	(497.6)	230
Beginning balance at Dec. 31, 2022	12,915.2	0	2.1	102.2	413.3	7,006.4	6,894.1	(1,205.5)	(522.9)	225.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares					(32.6)	32.6
Shares issued under equity compensation plan	0.2					0.2
Amortization of share-based compensation	20.3					20.3
Net income (loss) including noncontrolling interests	419.3						414.9			4.4
Other comprehensive income (loss), net of tax	112.9							112.1		0.8
Share repurchase program	(26.7)								(26.7)
Contributions from noncontrolling interests	2.4									2.4
Distributions and dividends to noncontrolling interests	(7)									(7)
Dividends declared	(179.7)						(179.7)
Ending balance at Jun. 30, 2023	13,256.9	0	2.1	102.2	380.7	7,059.5	7,129.3	(1,093.4)	(549.6)	226.1
Beginning balance at Mar. 31, 2023	12,919	0	2.1	102.2	397.7	7,025.6	6,877	(1,170.6)	(537.5)	222.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares					(17)	17
Shares issued under equity compensation plan	6.4					6.4
Amortization of share-based compensation	10.5					10.5
Net income (loss) including noncontrolling interests	346.1						342.4			3.7
Other comprehensive income (loss), net of tax	77.7							77.2		0.5
Share repurchase program	(12.1)								(12.1)
Contributions from noncontrolling interests	2.4									2.4
Distributions and dividends to noncontrolling interests	(3)									(3)
Dividends declared	(90.1)						(90.1)
Ending balance at Jun. 30, 2023	$ 13,256.9	$ 0	$ 2.1	$ 102.2	$ 380.7	$ 7,059.5	$ 7,129.3	$ (1,093.4)	$ (549.6)	$ 226.1

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. Our reporting segments include Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific. 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, RON and RSD. The accompanying unaudited condensed consolidated 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 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 financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, 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" . The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be achieved for the full year or any other future period. Cost Inflation We have been experiencing significant cost inflation, including materials and manufacturing expenses, which negatively impacted our results of operations for the three and six months ended June 30, 2023. These impacts were partially driven by the Russian invasion of Ukraine, which commenced in February 2022 and remains ongoing. While cost inflation has been high in all of our markets, the impact to COGS on a percentage basis was higher for our EMEA&APAC segment than our Americas segment. In addition, consumers in certain markets in our EMEA&APAC segment continued to be impacted by local inflation leading to a reduction in their discretionary purchases. We continue to monitor the inflationary environment and currently expect cost inflation to moderate in the second half of 2023 with continued easing into 2024. To the extent materials, manufacturing and logistics prices continue to fluctuate, our business and financial results could continue to be materially adversely impacted. We continue to monitor these risks and rely on our risk management hedging program, increased pricing to our customers, our premiumization strategy and cost savings programs to help mitigate some of the inflationary pressures. Even if we are able to raise the prices of our products, consumers might react negatively to such price increases, which could have a material adverse effect on, among other things, our brands, reputation and sales. If our competitors maintain or substantially lower their prices, we may lose customers or be forced to lower prices to remain competitive. Our profitability may be impacted by prices that do not offset the inflationary pressures, which would negatively impact gross margins. In addition, even if we increase the prices of our products in response to increases in the cost of commodities or other cost increases, we may not be able to sustain our price increases or customers may trade down to cheaper alternatives. Anti-Dilutive Securities Anti-dilutive securities excluded from the computation of diluted EPS were 0.4 million and 1.2 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and 0.6 million and 1.5 million for the six months ended June 30, 2023 and June 30, 2022, respectively. Dividends On May 18, 2023, our Company's Board of Directors declared a cash dividend of $0.41 per share, paid on June 15, 2023, to shareholders of Class A and Class B common stock of record on June 2, 2023. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.55 per share. During the six months ended June 30, 2023, dividends declared to eligible shareholders were $0.82 per share, with the CAD equivalent equal to CAD 1.10 per share. Dividends declared to eligible shareholders were $0.38 per share, with the CAD equivalent equal to CAD 0.48 per share, and $0.76 per share, with the CAD equivalent equal to CAD 0.96 per share, during the three and six months ended June 30, 2022, respectively. On July 13, 2023, the Company's Board of Directors declared a cash dividend of $0.41 per share, to be paid on September 15, 2023, to shareholders of Class A and Class B common stock of record on September 1, 2023. Shareholders of exchangeable shares will receive the CAD equivalent of dividends declared on Class A and Class B common stock. Share Repurchase Program During the first quarter of 2022, our Company's Board of Directors approved a share repurchase program up to an aggregate of $200 million of our Company's Class B common stock through March 31, 2026, with the program primarily intended to offset annual employee equity award grants. The following table presents the shares repurchased under the share repurchase program for the three and six months ended June 30, 2023 and June 30, 2022: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Shares repurchased 200,000 230,000 475,000 510,000 Weighted average price, including brokerage commissions $ 60.62 $ 52.61 $ 56.18 $ 51.40 Aggregate value (in millions) $ 12.1 $ 12.1 $ 26.7 $ 26.2 Non-Cash Activity Non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $204.2 million and $158.9 million during the six months ended June 30, 2023 and June 30, 2022, respectively. In addition, we had non-cash activities related to certain issuances of share-based awards. During the first quarter of 2022, we recorded a non-cash transaction related to the establishment of an accrued liability of $56.0 million as the best estimate of the probable loss in the Keystone litigation case based on the jury verdict. During the six months ended June 30, 2023, we recorded a non-cash transaction of $1.0 million in accrued interest associated with this accrued liability. See Note 10, "Commitments and Contingencies" for further details. Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 6, "Leases," there was no other significant non-cash activity during the six months ended June 30, 2023 and June 30, 2022, respectively. Share-Based Compensation During the six months ended June 30, 2023 and June 30, 2022, we granted stock options, RSUs and PSUs to certain officers and other eligible employees. We recognized share-based compensation expense of $10.5 million and $8.4 million during the three months ended June 30, 2023 and June 30, 2022, respectively, and $20.3 million and $16.9 million during the six months ended June 30, 2023 and June 30, 2022, respectively. Supplier Financing We are the buyer under a supplier finance program with Citibank N.A. ("Citi" or "the bank"), with $134.7 million and $135.2 million confirmed as valid and outstanding as of June 30, 2023 and December 31, 2022, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets. Under the program, we agree to pay the bank the stated amount of confirmed invoices from our designated suppliers on the original maturity dates of the invoices. We have no involvement in establishing the terms or conditions of the arrangement between the suppliers and the bank and do not participate in such transactions. Either Citi or us may terminate the agreement upon at least 30 days written notice. We do not provide secured legal assets or other forms of guarantees under the arrangement. Our current payment terms with the majority of the suppliers participating in the supplier finance program generally range from 60 to 120 days, which we deem to be commercially reasonable.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements Recently 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 was effective for all entities upon issuance on March 12, 2020 and remains effective through December 31, 2024. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. We have adopted this guidance and elected to apply certain optional expedients related to our derivative instruments with maturity dates extending beyond the discontinuance date of LIBOR. Specifically, in May 2023, we amended our 2026 forward starting interest rate swaps to replace LIBOR with SOFR and applied the optional expedients to account for the transition. None of the changes made as a result of reference rate reform had a material impact on our financial statements. In September 2022, the FASB issued authoritative guidance intended to provide consistent and transparent disclosures for a buyer in a supplier finance program by requiring disclosures of key program terms, the amount of obligations that have been confirmed as valid with the finance provider that are deemed outstanding as of the end of the period, a description of the financial line item in which this unpaid balance resides and a rollforward of the obligations including the amount of obligations confirmed and paid. We adopted this guidance, with the exception of the rollforward disclosure requirement, in our quarterly report for the three months ended March 31, 2023. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for additional information on our supplier finance program. The rollforward disclosure requirement is effective for us in our annual report for the year ending December 31, 2024 and is required to be applied prospectively. 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, on our unaudited condensed consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	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. 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, respectively. 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"), Brewers Distributor Ltd. ("BDL") and The Yuengling Company LLC ("TYC"), as well as other immaterial investments. On June 22, 2023, HEXO Corp, our joint venture partner in Truss, was acquired by Tilray Brands. The acquisition of HEXO Corp had no impact on Molson Coors' ownership in the joint venture or on our consolidated results. Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we had a guarantee liability of $39.9 million and $33.3 million recorded as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 239.0 $ 24.6 $ 228.2 $ 21.2 Other $ 38.0 $ 14.9 $ 43.3 $ 16.1

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories As of June 30, 2023 December 31, 2022 (In millions) Finished goods $ 318.2 $ 269.1 Work in process 90.7 71.9 Raw materials 282.2 290.4 Packaging materials 172.3 161.5 Inventories, net $ 863.4 $ 792.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The changes in the gross carrying value of goodwill and accumulated impairment losses are presented in the table below by segment. Americas EMEA&APAC (1) Consolidated (In millions) Gross carrying value of goodwill $ 6,790.4 $ 1,387.6 $ 8,178.0 Accumulated impairment losses (1,498.5) (1,387.6) (2,886.1) Balance as of December 31, 2022 $ 5,291.9 $ — $ 5,291.9 Foreign currency translation, net 4.2 — 4.2 Gross carrying value of goodwill 6,810.7 1,439.8 8,250.5 Accumulated impairment losses (1,514.6) (1,439.8) (2,954.4) Balance as of June 30, 2023 $ 5,296.1 $ — $ 5,296.1 (1) The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020. Subsequent changes in the gross carrying value of goodwill and accumulated impairment loss balances are due to fluctuations in foreign exchange rates, which are presented net in the table above. Subsequent to taking a partial impairment as a result of the annual impairment test performed as of October 1, 2022, the Americas reporting unit goodwill balance was considered at risk of future impairment. The remaining goodwill is at risk in the event of significant unfavorable changes in assumptions including the forecasted future cash flows, terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flows analysis. We continue to build on the strength of our iconic core brands, increase our above premium portfolio and expand beyond the beer aisle. While progress has been made on this strategy, including the increasing proportion of our above premium portfolio over the last several years and the strengthening of our core brands, the growth targets included in management’s forecasted future cash flows are inherently at risk given that the strategies are still in progress. In addition, the growth targets were adjusted to align with current expectations of the beer industry environment and broader macroeconomic conditions such as cost inflation for certain inputs, which could continue to put pressure on achieving key margin and cash flow projections into the future. Additionally, the fair value determinations are sensitive to further macroeconomic conditions, including the ongoing impacts of cost inflation, further increases to interest rates and other external industry factors impacting our business. We determined that there was no triggering event that occurred during the six months ended June 30, 2023 that would indicate the carrying value of our goodwill was greater than its fair value. Intangible Assets, Other than Goodwill The following table presents details of our intangible assets, other than goodwill, as of June 30, 2023: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,936.0 $ (1,532.9) $ 3,403.1 License agreements and distribution rights 10 - 20 205.0 (113.9) 91.1 Other 5 - 40 84.7 (24.7) 60.0 Intangible assets not subject to amortization Brands Indefinite 8,181.3 — 8,181.3 Distribution networks Indefinite 763.9 — 763.9 Other Indefinite 307.6 — 307.6 Total $ 14,478.5 $ (1,671.5) $ 12,807.0 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,861.1 $ (1,416.7) $ 3,444.4 License agreements and distribution rights 15 - 20 200.0 (108.0) 92.0 Other 5 - 40 88.8 (27.7) 61.1 Intangible assets not subject to amortization Brands Indefinite 8,148.6 — 8,148.6 Distribution networks Indefinite 746.4 — 746.4 Other Indefinite 307.6 — 307.6 Total $ 14,352.5 $ (1,552.4) $ 12,800.1 The changes in the gross carrying amounts of intangible assets from December 31, 2022 to June 30, 2023 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies. Based on foreign exchange rates as of June 30, 2023, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2023 - remaining $ 103.1 2024 $ 204.9 2025 $ 204.8 2026 $ 186.4 2027 $ 121.9 Amortization expense of intangible assets was $51.4 million and $52.2 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $102.5 million and $105.5 million for the six months ended June 30, 2023 and June 30, 2022, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations. As of the date of our annual impairment test of indefinite-lived intangible assets, performed as of October 1, 2022, the fair value of all indefinite-lived brands exceeded their respective carrying values by over 15%. No triggering events occurred during the six months ended June 30, 2023 that would indicate the carrying value of our indefinite-lived or definite-lived intangible assets were greater than their fair value. Fair Value Assumptions

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 was as follows: As of June 30, 2023 December 31, 2022 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 204.7 $ 132.7 Current operating lease liabilities Accounts payable and other current liabilities $ 49.3 $ 44.7 Non-current operating lease liabilities Other liabilities 165.6 99.3 Total operating lease liabilities $ 214.9 $ 144.0 Finance Leases Finance lease right-of-use assets Properties, net $ 50.0 $ 50.2 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 5.3 $ 5.3 Non-current finance lease liabilities Long-term debt 55.9 56.2 Total finance lease liabilities $ 61.2 $ 61.5 Supplemental cash flow information related to leases for the six months ended June 30, 2023 and June 30, 2022 was as follows: Six Months Ended June 30, 2023 June 30, 2022 (In millions) Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 28.3 $ 25.1 Operating cash flows from finance leases $ 1.5 $ 1.9 Financing cash flows from finance leases $ 2.3 $ 1.7 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 93.5 $ 35.8 Finance leases $ — $ 2.3
Leases	Leases Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 was as follows: As of June 30, 2023 December 31, 2022 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 204.7 $ 132.7 Current operating lease liabilities Accounts payable and other current liabilities $ 49.3 $ 44.7 Non-current operating lease liabilities Other liabilities 165.6 99.3 Total operating lease liabilities $ 214.9 $ 144.0 Finance Leases Finance lease right-of-use assets Properties, net $ 50.0 $ 50.2 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 5.3 $ 5.3 Non-current finance lease liabilities Long-term debt 55.9 56.2 Total finance lease liabilities $ 61.2 $ 61.5 Supplemental cash flow information related to leases for the six months ended June 30, 2023 and June 30, 2022 was as follows: Six Months Ended June 30, 2023 June 30, 2022 (In millions) Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 28.3 $ 25.1 Operating cash flows from finance leases $ 1.5 $ 1.9 Financing cash flows from finance leases $ 2.3 $ 1.7 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 93.5 $ 35.8 Finance leases $ — $ 2.3

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt Obligations As of June 30, 2023 December 31, 2022 (In millions) Long-term debt CAD 500 million 2.84% notes due July 2023 (1) $ 377.6 $ 368.9 EUR 800 million 1.25% notes due July 2024 872.7 856.4 CAD 500 million 3.44% notes due July 2026 377.6 368.9 $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 Finance leases 61.2 61.5 Other 25.4 25.4 Less: unamortized debt discounts and debt issuance costs (37.5) (39.7) Total long-term debt (including current portion) 6,577.0 6,541.4 Less: current portion of long-term debt (385.1) (376.2) Total long-term debt $ 6,191.9 $ 6,165.2 Short-term borrowings (2) 38.1 20.9 Current portion of long-term debt 385.1 376.2 Current portion of long-term debt and short-term borrowings $ 423.2 $ 397.1 (1) We repaid our CAD 500 million 2.84% notes upon maturity on July 15, 2023 using cash on hand. (2) Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items. As of June 30, 2023, we had $29.1 million in bank overdrafts and $77.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $48.6 million. As of December 31, 2022, we had $15.9 million in bank overdrafts and $49.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $33.8 million. In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of June 30, 2023 and December 31, 2022. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit. 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 using observable market interest and foreign exchange rates. As of June 30, 2023 and December 31, 2022, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $6.1 billion and $5.9 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 our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy. Revolving Credit Facility and Commercial Paper On June 26, 2023, we amended and restated our multi-currency revolving credit facility to, among other things, extend the term through June 26, 2028, and to increase the borrowing capacity to $2.0 billion. This $2.0 billion revolving credit facility amended our pre-existing $1.5 billion revolving credit facility, which was scheduled to mature on July 7, 2024. Our commercial paper program, which reduces borrowing capacity under the revolving credit facility, remains at a maximum aggregate amount outstanding of $1.5 billion to borrow at any time at variable interest rates. Similarly, the $150.0 million sub-facility available for the issuance of letters of credit remains unchanged. Concurrent with these transactions, in the second quarter of 2023, we incurred incremental issuance costs of $5.2 million related to the $2.0 billion revolving credit facility, which are recorded within other current assets, net, and other assets on the unaudited condensed consolidated balance sheets and will be amortized over the term of the facility. We use this facility from time to time to leverage cash needs including debt repayments. We had no borrowings drawn on the revolving credit facility and no commercial paper borrowings as of June 30, 2023 and December 31, 2022. Debt Covenants 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. Under the amended and restated $2.0 billion revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the revolving credit facility agreement) of 4.00:1.00, measured as of the last day of each fiscal quarter through maturity of the credit facility

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	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 10, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the six months ended June 30, 2023. As noted in Note 10 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. Except as noted below, our significant derivative positions have not changed considerably since December 31, 2022. Forward Starting Interest Rate Swaps In late April 2022, the forward starting interest rate swaps associated with the $500 million 3.5% notes that we repaid upon maturity on May 1, 2022 were terminated and settled. The immaterial loss on settlement of the swaps was recorded through interest expense during the second quarter of 2022. Foreign Currency Forwards In the second quarter of 2023, we entered into approximately CAD 260 million (approximately 195 million USD) of foreign exchange forward contracts to manage our exposure to foreign currency fluctuations related to the repayment of our CAD 500 million 2.84% notes that matured on July 15, 2023. These contracts were not designated in hedge accounting relationships; as such, changes in the fair value were recorded in other non-operating income (expense), net in the unaudited condensed consolidated statements of operations. These contracts settled on July 12, 2023 in advance of the notes repayment for an immaterial amount. 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 table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2023 and December 31, 2022. Fair value measurements as of June 30, 2023 As of June 30, 2023 Quoted prices in Significant other Significant (In millions) Forward starting interest rate swaps $ 29.3 $ — $ 29.3 $ — Foreign currency forwards 2.7 — 2.7 — Commodity swaps and options (45.9) — (45.9) — Total $ (13.9) $ — $ (13.9) $ — Fair value measurements as of December 31, 2022 As of December 31, 2022 Quoted prices in Significant other Significant (In millions) Forward starting interest rate swaps $ 40.0 $ — $ 40.0 $ — Foreign currency forwards 7.6 — 7.6 — Commodity swaps and options 69.0 — 69.0 — Total $ 116.6 $ — $ 116.6 $ — As of June 30, 2023 and December 31, 2022, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the six months ended June 30, 2023 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 June 30, 2023 and December 31, 2022, and our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023 and June 30, 2022. Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of June 30, 2023 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments Forward starting interest rate swaps $ 1,000.0 Other non-current assets $ 29.3 Other liabilities $ — Foreign currency forwards $ 238.6 Other current assets 2.4 Accounts payable and other current liabilities (0.7) Other non-current assets 0.2 Other liabilities (1.1) Total derivatives designated as hedging instruments $ 31.9 $ (1.8) Derivatives not designated as hedging instruments Commodity swaps (1) $ 678.6 Other current assets $ 18.9 Accounts payable and other current liabilities $ (47.4) Other non-current assets 0.8 Other liabilities (18.2) Commodity options (1) $ 19.7 Other current assets 1.3 Accounts payable and other current liabilities (1.3) Foreign currency forwards $ 194.7 Other current assets 2.6 Accounts payable and other current liabilities (0.7) Total derivatives not designated as hedging instruments $ 23.6 $ (67.6) As of December 31, 2022 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments Forward starting interest rate swaps $ 1,000.0 Other non-current assets $ 40.0 Other liabilities $ — Foreign currency forwards $ 176.6 Other current assets 6.2 Accounts payable and other current liabilities (0.1) Other non-current assets 1.6 Other liabilities (0.1) Total derivatives designated as hedging instruments $ 47.8 $ (0.2) Derivatives not designated as hedging instruments Commodity swaps (1) $ 525.2 Other current assets $ 86.1 Accounts payable and other current liabilities $ (14.1) Other non-current assets 7.4 Other liabilities (10.4) Commodity options (1) $ 19.7 Other current assets 0.8 Accounts payable and other current liabilities (0.8) Total derivatives not designated as hedging instruments $ 94.3 $ (25.3) (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. The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions): Derivatives in cash flow hedge relationships Amount of gain Location of gain (loss) Amount of gain Three Months Ended June 30, 2023 Forward starting interest rate swaps $ 13.7 Interest income (expense), net $ (1.0) Foreign currency forwards (4.7) Cost of goods sold 1.2 Other non-operating income (expense), net (0.3) Total $ 9.0 $ (0.1) Three Months Ended June 30, 2022 Forward starting interest rate swaps $ 87.5 Interest income (expense), net $ (11.5) Foreign currency forwards 5.2 Cost of goods sold — Total $ 92.7 $ (11.5) Derivatives in cash flow hedge relationships Amount of gain Location of gain (loss) Amount of gain Six Months Ended June 30, 2023 Forward starting interest rate swaps $ (10.7) Interest income (expense), net $ (3.5) Foreign currency forwards (4.8) Cost of goods sold 2.7 Other non-operating income (expense), net (0.5) Total $ (15.5) $ (1.3) Six Months Ended June 30, 2022 Forward starting interest rate swaps $ 167.8 Interest income (expense), net $ (12.3) Foreign currency forwards 3.7 Cost of goods sold (0.3) Other non-operating income (expense), net 0.1 Total $ 171.5 $ (12.5) The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions): Net investment hedge relationships Amount of gain Location of gain (loss) recognized in income (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1) Three Months Ended June 30, 2023 EUR 800 million notes due 2024 (5.6) Other non-operating income (expense), net — Total $ (5.6) $ — Three Months Ended June 30, 2022 EUR 800 million notes due 2024 46.7 Other non-operating income (expense), net — Total $ 46.7 $ — Net investment hedge relationships Amount of gain Location of gain (loss) recognized in income (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1) Six Months Ended June 30, 2023 EUR 800 million notes due 2024 (16.3) Other non-operating income (expense), net — Total $ (16.3) $ — Six Months Ended June 30, 2022 EUR 800 million notes due 2024 70.9 Other non-operating income (expense), net — Total $ 70.9 $ — (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. The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three and six months ended June 30, 2023 and June 30, 2022, respectively, we did not reclassify any amounts related to net investment hedges from AOCI into earnings. As of June 30, 2023, we expect net losses of approximately $2 million (pretax) recorded in AOCI will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted tran sactions are hedged as of June 30, 2023 is approximate ly 3 years, as well as those related to our remaining forecasted debt issuances in 2026. The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Three Months Ended June 30, 2023 Commodity swaps Cost of goods sold (51.1) Foreign currency forwards Other non-operating income (expense), net 1.9 Total $ (49.2) Three Months Ended June 30, 2022 Commodity swaps Cost of goods sold (163.4) Total $ (163.4) Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Six Months Ended June 30, 2023 Commodity swaps Cost of goods sold (79.6) Foreign currency forwards Other non-operating income (expense), net 1.9 Total $ (77.7) Six Months Ended June 30, 2022 Commodity swaps Cost of goods sold 75.2 Total $ 75.2

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax	Income Tax Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Effective tax rate 22 % 13 % 23 % 19 % The higher effective tax rate for the three and six months ended June 30, 2023 compared to the prior year was primarily due to an increase in net discrete tax expense in combination with higher income before income taxes. We recognized $7.9 million discrete tax expense in the six months ended June 30, 2023 compared to $3.2 million discrete tax benefit in the six months ended June 30, 2022. For the second quarter of 2022, there was a disproportionate impact from the discrete tax benefit recorded on our effective tax rate due to lower income before income taxes. Our tax rate can be volatile and may change with, among other things, the amount and source of pre-tax 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, could have an impact on our effective tax rate. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into U.S. law. The IRA includes a new corporate alternative minimum tax of 15% on the adjusted financial statement income (“AFSI”) of corporations with average AFSI exceeding $1.0 billion over a three-year period, effective for tax years beginning after December 31, 2022. The alternative minimum tax is not expected to impact our financial or cash tax position in 2023. Additionally, the IRA imposes an excise tax of 1% on stock repurchases, effective January 1, 2023. The excise tax is recorded as an incremental cost in treasury stock on our unaudited condensed consolidated balance sheets and was immaterial for the three and six months ended June 30, 2023. Based on our current analysis, we do not expect these provisions to have a material impact on our financial statements in the near future. We will continue to evaluate their impact as additional information becomes available.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 hav e an aggregate accrued contingent liability of $79.1 million an d $77.0 million as of June 30, 2023 and December 31, 2022, 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. For all matters unless otherwise noted below, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the six months ended June 30, 2023, 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"), a wholly owned subsidiary of our Company, 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 sought treble damages and disgorgement 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. The jury trial began on March 7, 2022. The jury returned a verdict in which it concluded that trademark infringement had occurred and awarded Stone Brewing Company $56.0 million in damages. The jury also found that no "willful" trademark infringement had occurred. The trial court subsequently denied Stone Brewing Company’s motion for permanent injunction, motion for disgorgement of profits and motion for treble damages. Judgment was entered on September 8, 2022. Both parties filed post-trial motions, including MCBC USA’s renewed motion for judgment as a matter of law or, in the alternative, a new trial and/or remittitur and Stone Brewing Company’s motion for partial new trial of equitable issues. The court has taken those issues under advisement. Resolution of the remaining post-trial issues could alter or nullify the judgment. At the conclusion of these issues, either or both parties could appeal the case to the applicable federal appellate court. As of June 30, 2023 and December 31, 2022, the Company had a recorded accrued liability of $57.6 million and $56.6 million, respectively, within other liabilities on our u naudited condensed consolidated balance sheets reflecting the best estimate of probable loss in this case based on the judgment plus associated post-judgment interest. However, it is reasonably possible that the estimate of the loss could change in the near term based on the progression of the case, including any potential impact of the resolution of remaining post-trial issues, as well as any appeals process. We will continue to monitor the status of the case and will adjust the accrual in the period in which any significant change occurs which could impact the estimate of the loss for this matter. In January 2023, MCBC USA received a Notice of Violation / Cease and Desist Order (“Order”) from the Colorado Department of Public Health & Environment’s Water Quality Control Division, alleging certain violations of the Colorado Water Quality Control Act (the “Act”) and the Colorado Discharge Permit related to our Company’s brewery and facilities in Golden, Colorado. The Order alleges MCBC USA has failed to comply with permit effluent limitations, has failed to properly monitor and report sampling results, and has failed to adhere to the permit compliance schedule. Under the A ct, the likely maximum monetary penalty is not expected to be significant. Regulatory Contingencies In June 2019, the Ontario government adopted a bill that, if enacted, would terminate a 10-year Master Framework Agreement that was originally signed in 2015 between the previous government administration and Molson Canada 2005, a wholly owned indirect subsidiary of our Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd. and Brewers Retail Inc. and dictates the terms of the beer distribution and retail systems in Ontario through 2025. The government has not proclaimed the bill as law and the impacts of the 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 Americas segment. 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 2019 legislation. The initial term of the Master Framework Agreement does not expire until December 31, 2025, and the Master Framework Agreement contains a provision requiring two-year advance notice of the government's intention to not renew the Master Framework Agreement. 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 June 30, 2023 and December 31, 2022, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $39.9 million an d $33.3 million, respectively. See Note 3, "Investments" for further detail. Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") inde mnities, we accrued $11.9 million , in aggregate, as of June 30, 2023. Our Kaiser liabilities are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the six months ended June 30, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) MCBC stockholders' equity Foreign Gain (loss) on Pension and Equity method Accumulated (In millions) As of December 31, 2022 $ (875.2) $ 32.2 $ (335.1) $ (27.4) $ (1,205.5) Foreign currency translation adjustments 134.8 — — — 134.8 Gain (loss) on net investment hedges (16.3) — — — (16.3) Unrealized gain (loss) on derivative instruments — (15.5) — — (15.5) Reclassification of derivative (gain) loss to income (loss) — 1.3 — — 1.3 Reclassification of pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss) — — (7.6) — (7.6) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 2.4 2.4 Tax benefit (expense) 8.2 3.7 1.9 (0.8) 13.0 As of June 30, 2023 $ (748.5) $ 21.7 $ (340.8) $ (25.8) $ (1,093.4)

Other Operating Income (Expense

Other Operating Income (Expense), net	6 Months Ended
	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Other Operating Income (Expense), net	Other Operating Income (Expense), net We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Restructuring Employee-related charges (1) $ 0.2 $ (0.2) $ (0.3) $ (0.5) Asset abandonment and other restructuring costs — (0.1) — (1.1) Intangible and tangible asset impairments, excluding goodwill (2) — — — (28.6) Gains and (losses) on other disposals — (0.3) — 2.0 Other operating income (expense), net $ 0.2 $ (0.6) $ (0.3) $ (28.2) (1) See the restructuring section within this footnote for a summary of our restructuring activities. (2) During the three months ended March 31, 2022, we identified a triggering event related to the Truss joint venture asset group within our Americas segment and recognized an impairment loss of $28.6 million, of which $12.1 million was attributable to the noncontrolling interest. The asset group was measured at fair value primarily using a market approach with Level 3 inputs. Restructuring Activities Our restructuring activities include strategic exit activities such as the disposal or wind down of certain brewery locations. We continually evaluate our cost structure and seek opportunities for 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 June 30, 2023 represent expected future cash payments required to satisfy our remaining obligations, the majority of which we expect to be paid in the next 12 months. Americas EMEA&APAC Total (In millions) As of December 31, 2022 $ 3.6 $ 6.4 $ 10.0 Charges incurred and changes in estimates — 0.3 0.3 Payments made (1.8) (4.9) (6.7) Foreign currency and other adjustments 0.1 0.1 0.2 As of June 30, 2023 $ 1.9 $ 1.9 $ 3.8 Americas EMEA&APAC Total (In millions) As of December 31, 2021 $ 10.9 $ 1.5 $ 12.4 Charges incurred and changes in estimates 0.5 — 0.5 Payments made (4.0) (0.6) (4.6) Foreign currency and other adjustments (0.1) (0.1) (0.2) As of June 30, 2022 $ 7.3 $ 0.8 $ 8.1

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reporting segments are based on the key geographic regions in which we operate and include the Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific. 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. Summarized Financial Information No single customer accounted for more than 10% of our consolidated net sales for the three and six months ended June 30, 2023 and June 30, 2022. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales and income (loss) before income taxes eliminate upon consolidation and are primarily related to the Americas segment royalties received from, and sales to the EMEA&APAC segment. The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Americas $ 2,621.7 $ 2,367.4 $ 4,560.7 $ 4,203.6 EMEA&APAC 649.0 558.2 1,059.1 939.4 Inter-segment net sales eliminations (4.1) (3.9) (6.9) (6.7) Consolidated net sales $ 3,266.6 $ 2,921.7 $ 5,612.9 $ 5,136.3 Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Americas $ 487.3 $ 348.0 $ 720.7 $ 435.1 EMEA&APAC 64.2 34.4 38.8 2.2 Unallocated (110.4) (327.5) (216.5) (208.7) Consolidated income (loss) before income taxes $ 441.1 $ 54.9 $ 543.0 $ 228.6 The following table presents total assets by segment: As of June 30, 2023 December 31, 2022 (In millions) Americas $ 22,901.4 $ 22,242.7 EMEA&APAC 3,888.2 3,625.6 Consolidated total assets $ 26,789.6 $ 25,868.3

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 342.4	$ 47.3	$ 414.9	$ 198.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gavin Hattersley [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 12, 2023, Gavin Hattersley, our President, Chief Executive Officer and Director, entered into a pre-arranged stock trading plan (the “Hattersley 10b5-1 Sales Plan”). The Hattersley 10b5-1 Sales Plan provides for the potential exercise of vested stock options and the associated sale of up to 134,329 shares of the Company’s Class B common stock generated from the exercise of the aforementioned options between August 14, 2023 and August 14, 2024. Further, the Hattersley 10b5-1 Sales Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Gavin Hattersley
Title	President, Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 12, 2023
Arrangement Duration	366 days
Aggregate Available	134,329	134,329
Tracey Joubert [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 19, 2023, Tracey Joubert, our Chief Financial Officer, entered into a pre-arranged stock trading plan (the “Joubert 10b5-1 Sales Plan”). The Joubert 10b5-1 Sales Plan provides for the potential exercise of vested stock options and the associated sale of up to 4,170 shares of the Company’s Class B common stock generated from the exercise of the aforementioned options between August 17, 2023 and February 13, 2024. Further, the Joubert 10b5-1 Sales Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Tracey Joubert
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 19, 2023
Arrangement Duration	180 days
Aggregate Available	4,170	4,170
Michelle St. Jacques [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 15, 2023, Michelle St. Jacques, our Chief Commercial Officer, entered into a pre-arranged stock trading plan (the “St. Jacques 10b5-1 Sales Plan”). The St. Jacques 10b5-1 Sales Plan provides for the potential exercise of vested stock options and the associated sale of up to 37,469 shares of the Company’s Class B common stock generated from the exercise of the aforementioned options between September 13, 2023 and September 13, 2024. Further, the St. Jacques 10b5-1 Sales Plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Michelle St. Jacques
Title	Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2023
Arrangement Duration	366 days
Aggregate Available	37,469	37,469

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	Our reporting segments include Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin and South America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Basis of Accounting	The accompanying unaudited condensed consolidated 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 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.
New Accounting Pronouncements Recently Adopted	New Accounting Pronouncements Recently 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 was effective for all entities upon issuance on March 12, 2020 and remains effective through December 31, 2024. The guidance permits a company to elect certain optional expedients and exceptions when affected by the changes in reference rate reform. We have adopted this guidance and elected to apply certain optional expedients related to our derivative instruments with maturity dates extending beyond the discontinuance date of LIBOR. Specifically, in May 2023, we amended our 2026 forward starting interest rate swaps to replace LIBOR with SOFR and applied the optional expedients to account for the transition. None of the changes made as a result of reference rate reform had a material impact on our financial statements. In September 2022, the FASB issued authoritative guidance intended to provide consistent and transparent disclosures for a buyer in a supplier finance program by requiring disclosures of key program terms, the amount of obligations that have been confirmed as valid with the finance provider that are deemed outstanding as of the end of the period, a description of the financial line item in which this unpaid balance resides and a rollforward of the obligations including the amount of obligations confirmed and paid. We adopted this guidance, with the exception of the rollforward disclosure requirement, in our quarterly report for the three months ended March 31, 2023. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for additional information on our supplier finance program. The rollforward disclosure requirement is effective for us in our annual report for the year ending December 31, 2024 and is required to be applied prospectively. 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, on our unaudited condensed consolidated financial statements.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Share Repurchase Program	The following table presents the shares repurchased under the share repurchase program for the three and six months ended June 30, 2023 and June 30, 2022: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Shares repurchased 200,000 230,000 475,000 510,000 Weighted average price, including brokerage commissions $ 60.62 $ 52.61 $ 56.18 $ 51.40 Aggregate value (in millions) $ 12.1 $ 12.1 $ 26.7 $ 26.2

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 December 31, 2022 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 239.0 $ 24.6 $ 228.2 $ 21.2 Other $ 38.0 $ 14.9 $ 43.3 $ 16.1

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2023 December 31, 2022 (In millions) Finished goods $ 318.2 $ 269.1 Work in process 90.7 71.9 Raw materials 282.2 290.4 Packaging materials 172.3 161.5 Inventories, net $ 863.4 $ 792.9

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The changes in the gross carrying value of goodwill and accumulated impairment losses are presented in the table below by segment. Americas EMEA&APAC (1) Consolidated (In millions) Gross carrying value of goodwill $ 6,790.4 $ 1,387.6 $ 8,178.0 Accumulated impairment losses (1,498.5) (1,387.6) (2,886.1) Balance as of December 31, 2022 $ 5,291.9 $ — $ 5,291.9 Foreign currency translation, net 4.2 — 4.2 Gross carrying value of goodwill 6,810.7 1,439.8 8,250.5 Accumulated impairment losses (1,514.6) (1,439.8) (2,954.4) Balance as of June 30, 2023 $ 5,296.1 $ — $ 5,296.1 (1) The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020. Subsequent changes in the gross carrying value of goodwill and accumulated impairment loss balances are due to fluctuations in foreign exchange rates, which are presented net in the table above.
Schedule of finite-lived intangible assets	The following table presents details of our intangible assets, other than goodwill, as of June 30, 2023: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,936.0 $ (1,532.9) $ 3,403.1 License agreements and distribution rights 10 - 20 205.0 (113.9) 91.1 Other 5 - 40 84.7 (24.7) 60.0 Intangible assets not subject to amortization Brands Indefinite 8,181.3 — 8,181.3 Distribution networks Indefinite 763.9 — 763.9 Other Indefinite 307.6 — 307.6 Total $ 14,478.5 $ (1,671.5) $ 12,807.0 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,861.1 $ (1,416.7) $ 3,444.4 License agreements and distribution rights 15 - 20 200.0 (108.0) 92.0 Other 5 - 40 88.8 (27.7) 61.1 Intangible assets not subject to amortization Brands Indefinite 8,148.6 — 8,148.6 Distribution networks Indefinite 746.4 — 746.4 Other Indefinite 307.6 — 307.6 Total $ 14,352.5 $ (1,552.4) $ 12,800.1
Schedule of indefinite-lived intangible assets	The following table presents details of our intangible assets, other than goodwill, as of June 30, 2023: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,936.0 $ (1,532.9) $ 3,403.1 License agreements and distribution rights 10 - 20 205.0 (113.9) 91.1 Other 5 - 40 84.7 (24.7) 60.0 Intangible assets not subject to amortization Brands Indefinite 8,181.3 — 8,181.3 Distribution networks Indefinite 763.9 — 763.9 Other Indefinite 307.6 — 307.6 Total $ 14,478.5 $ (1,671.5) $ 12,807.0 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization Brands 10 - 50 $ 4,861.1 $ (1,416.7) $ 3,444.4 License agreements and distribution rights 15 - 20 200.0 (108.0) 92.0 Other 5 - 40 88.8 (27.7) 61.1 Intangible assets not subject to amortization Brands Indefinite 8,148.6 — 8,148.6 Distribution networks Indefinite 746.4 — 746.4 Other Indefinite 307.6 — 307.6 Total $ 14,352.5 $ (1,552.4) $ 12,800.1
Schedule of future amortization expense	Based on foreign exchange rates as of June 30, 2023, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2023 - remaining $ 103.1 2024 $ 204.9 2025 $ 204.8 2026 $ 186.4 2027 $ 121.9

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Supplemental Balance Sheet Lease Information	Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 was as follows: As of June 30, 2023 December 31, 2022 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 204.7 $ 132.7 Current operating lease liabilities Accounts payable and other current liabilities $ 49.3 $ 44.7 Non-current operating lease liabilities Other liabilities 165.6 99.3 Total operating lease liabilities $ 214.9 $ 144.0 Finance Leases Finance lease right-of-use assets Properties, net $ 50.0 $ 50.2 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 5.3 $ 5.3 Non-current finance lease liabilities Long-term debt 55.9 56.2 Total finance lease liabilities $ 61.2 $ 61.5
Supplemental Cash Flow Lease Information	Supplemental cash flow information related to leases for the six months ended June 30, 2023 and June 30, 2022 was as follows: Six Months Ended June 30, 2023 June 30, 2022 (In millions) Cash paid for amounts included in the measurements of lease liabilities Operating cash flows from operating leases $ 28.3 $ 25.1 Operating cash flows from finance leases $ 1.5 $ 1.9 Financing cash flows from finance leases $ 2.3 $ 1.7 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 93.5 $ 35.8 Finance leases $ — $ 2.3

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations As of June 30, 2023 December 31, 2022 (In millions) Long-term debt CAD 500 million 2.84% notes due July 2023 (1) $ 377.6 $ 368.9 EUR 800 million 1.25% notes due July 2024 872.7 856.4 CAD 500 million 3.44% notes due July 2026 377.6 368.9 $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 Finance leases 61.2 61.5 Other 25.4 25.4 Less: unamortized debt discounts and debt issuance costs (37.5) (39.7) Total long-term debt (including current portion) 6,577.0 6,541.4 Less: current portion of long-term debt (385.1) (376.2) Total long-term debt $ 6,191.9 $ 6,165.2 Short-term borrowings (2) 38.1 20.9 Current portion of long-term debt 385.1 376.2 Current portion of long-term debt and short-term borrowings $ 423.2 $ 397.1 (1) We repaid our CAD 500 million 2.84% notes upon maturity on July 15, 2023 using cash on hand. (2) Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items. As of June 30, 2023, we had $29.1 million in bank overdrafts and $77.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $48.6 million. As of December 31, 2022, we had $15.9 million in bank overdrafts and $49.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $33.8 million.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities at Fair Value	The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2023 and December 31, 2022. Fair value measurements as of June 30, 2023 As of June 30, 2023 Quoted prices in Significant other Significant (In millions) Forward starting interest rate swaps $ 29.3 $ — $ 29.3 $ — Foreign currency forwards 2.7 — 2.7 — Commodity swaps and options (45.9) — (45.9) — Total $ (13.9) $ — $ (13.9) $ — Fair value measurements as of December 31, 2022 As of December 31, 2022 Quoted prices in Significant other Significant (In millions) Forward starting interest rate swaps $ 40.0 $ — $ 40.0 $ — Foreign currency forwards 7.6 — 7.6 — Commodity swaps and options 69.0 — 69.0 — Total $ 116.6 $ — $ 116.6 $ —
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets	Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of June 30, 2023 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments Forward starting interest rate swaps $ 1,000.0 Other non-current assets $ 29.3 Other liabilities $ — Foreign currency forwards $ 238.6 Other current assets 2.4 Accounts payable and other current liabilities (0.7) Other non-current assets 0.2 Other liabilities (1.1) Total derivatives designated as hedging instruments $ 31.9 $ (1.8) Derivatives not designated as hedging instruments Commodity swaps (1) $ 678.6 Other current assets $ 18.9 Accounts payable and other current liabilities $ (47.4) Other non-current assets 0.8 Other liabilities (18.2) Commodity options (1) $ 19.7 Other current assets 1.3 Accounts payable and other current liabilities (1.3) Foreign currency forwards $ 194.7 Other current assets 2.6 Accounts payable and other current liabilities (0.7) Total derivatives not designated as hedging instruments $ 23.6 $ (67.6) As of December 31, 2022 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments Forward starting interest rate swaps $ 1,000.0 Other non-current assets $ 40.0 Other liabilities $ — Foreign currency forwards $ 176.6 Other current assets 6.2 Accounts payable and other current liabilities (0.1) Other non-current assets 1.6 Other liabilities (0.1) Total derivatives designated as hedging instruments $ 47.8 $ (0.2) Derivatives not designated as hedging instruments Commodity swaps (1) $ 525.2 Other current assets $ 86.1 Accounts payable and other current liabilities $ (14.1) Other non-current assets 7.4 Other liabilities (10.4) Commodity options (1) $ 19.7 Other current assets 0.8 Accounts payable and other current liabilities (0.8) Total derivatives not designated as hedging instruments $ 94.3 $ (25.3)
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations	The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions): Derivatives in cash flow hedge relationships Amount of gain Location of gain (loss) Amount of gain Three Months Ended June 30, 2023 Forward starting interest rate swaps $ 13.7 Interest income (expense), net $ (1.0) Foreign currency forwards (4.7) Cost of goods sold 1.2 Other non-operating income (expense), net (0.3) Total $ 9.0 $ (0.1) Three Months Ended June 30, 2022 Forward starting interest rate swaps $ 87.5 Interest income (expense), net $ (11.5) Foreign currency forwards 5.2 Cost of goods sold — Total $ 92.7 $ (11.5) Derivatives in cash flow hedge relationships Amount of gain Location of gain (loss) Amount of gain Six Months Ended June 30, 2023 Forward starting interest rate swaps $ (10.7) Interest income (expense), net $ (3.5) Foreign currency forwards (4.8) Cost of goods sold 2.7 Other non-operating income (expense), net (0.5) Total $ (15.5) $ (1.3) Six Months Ended June 30, 2022 Forward starting interest rate swaps $ 167.8 Interest income (expense), net $ (12.3) Foreign currency forwards 3.7 Cost of goods sold (0.3) Other non-operating income (expense), net 0.1 Total $ 171.5 $ (12.5) The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (in millions): Net investment hedge relationships Amount of gain Location of gain (loss) recognized in income (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1) Three Months Ended June 30, 2023 EUR 800 million notes due 2024 (5.6) Other non-operating income (expense), net — Total $ (5.6) $ — Three Months Ended June 30, 2022 EUR 800 million notes due 2024 46.7 Other non-operating income (expense), net — Total $ 46.7 $ — Net investment hedge relationships Amount of gain Location of gain (loss) recognized in income (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income (amount excluded from effectiveness testing) (1) Six Months Ended June 30, 2023 EUR 800 million notes due 2024 (16.3) Other non-operating income (expense), net — Total $ (16.3) $ — Six Months Ended June 30, 2022 EUR 800 million notes due 2024 70.9 Other non-operating income (expense), net — Total $ 70.9 $ — (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.
Derivatives Not Designated as Hedging Instruments	The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Three Months Ended June 30, 2023 Commodity swaps Cost of goods sold (51.1) Foreign currency forwards Other non-operating income (expense), net 1.9 Total $ (49.2) Three Months Ended June 30, 2022 Commodity swaps Cost of goods sold (163.4) Total $ (163.4) Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Six Months Ended June 30, 2023 Commodity swaps Cost of goods sold (79.6) Foreign currency forwards Other non-operating income (expense), net 1.9 Total $ (77.7) Six Months Ended June 30, 2022 Commodity swaps Cost of goods sold 75.2 Total $ 75.2

Income Tax (Tables)

Income Tax (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Effective tax rate 22 % 13 % 23 % 19 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	MCBC stockholders' equity Foreign Gain (loss) on Pension and Equity method Accumulated (In millions) As of December 31, 2022 $ (875.2) $ 32.2 $ (335.1) $ (27.4) $ (1,205.5) Foreign currency translation adjustments 134.8 — — — 134.8 Gain (loss) on net investment hedges (16.3) — — — (16.3) Unrealized gain (loss) on derivative instruments — (15.5) — — (15.5) Reclassification of derivative (gain) loss to income (loss) — 1.3 — — 1.3 Reclassification of pension and other postretirement prior service (benefit) cost and net actuarial (gain) loss amortization and settlements to income (loss) — — (7.6) — (7.6) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 2.4 2.4 Tax benefit (expense) 8.2 3.7 1.9 (0.8) 13.0 As of June 30, 2023 $ (748.5) $ 21.7 $ (340.8) $ (25.8) $ (1,093.4)

Other Operating Income (Expen_2

Other Operating Income (Expense), net (Tables)	6 Months Ended
	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Schedule of Other Operating Income (Expense)	We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Restructuring Employee-related charges (1) $ 0.2 $ (0.2) $ (0.3) $ (0.5) Asset abandonment and other restructuring costs — (0.1) — (1.1) Intangible and tangible asset impairments, excluding goodwill (2) — — — (28.6) Gains and (losses) on other disposals — (0.3) — 2.0 Other operating income (expense), net $ 0.2 $ (0.6) $ (0.3) $ (28.2) (1) See the restructuring section within this footnote for a summary of our restructuring activities.
Change in the restructuring accrual	The accrued restructuring balances as of June 30, 2023 represent expected future cash payments required to satisfy our remaining obligations, the majority of which we expect to be paid in the next 12 months. Americas EMEA&APAC Total (In millions) As of December 31, 2022 $ 3.6 $ 6.4 $ 10.0 Charges incurred and changes in estimates — 0.3 0.3 Payments made (1.8) (4.9) (6.7) Foreign currency and other adjustments 0.1 0.1 0.2 As of June 30, 2023 $ 1.9 $ 1.9 $ 3.8 Americas EMEA&APAC Total (In millions) As of December 31, 2021 $ 10.9 $ 1.5 $ 12.4 Charges incurred and changes in estimates 0.5 — 0.5 Payments made (4.0) (0.6) (4.6) Foreign currency and other adjustments (0.1) (0.1) (0.2) As of June 30, 2022 $ 7.3 $ 0.8 $ 8.1

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Net sales by segment	The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Americas $ 2,621.7 $ 2,367.4 $ 4,560.7 $ 4,203.6 EMEA&APAC 649.0 558.2 1,059.1 939.4 Inter-segment net sales eliminations (4.1) (3.9) (6.9) (6.7) Consolidated net sales $ 3,266.6 $ 2,921.7 $ 5,612.9 $ 5,136.3
Income (loss) before income taxes by segment	Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (In millions) Americas $ 487.3 $ 348.0 $ 720.7 $ 435.1 EMEA&APAC 64.2 34.4 38.8 2.2 Unallocated (110.4) (327.5) (216.5) (208.7) Consolidated income (loss) before income taxes $ 441.1 $ 54.9 $ 543.0 $ 228.6
Total assets by segment	The following table presents total assets by segment: As of June 30, 2023 December 31, 2022 (In millions) Americas $ 22,901.4 $ 22,242.7 EMEA&APAC 3,888.2 3,625.6 Consolidated total assets $ 26,789.6 $ 25,868.3

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Anti-Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Anti-dilutive securities excluded from the computation of diluted EPS (in shares)	0.4	1.2	0.6	1.5

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Dividends (Details)				3 Months Ended		6 Months Ended
	Jul. 13, 2023 $ / shares	May 18, 2023 $ / shares	May 18, 2023 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)		$ 0.41		$ 0.38		$ 0.82		$ 0.76
Dividends paid (in dollars per share)			$ 0.55		$ 0.48		$ 1.10		$ 0.96
Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared (in dollars per share)	$ 0.41

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock repurchase program, authorized amount		$ 200		$ 200
Shares repurchased (in shares)	200	230	475	510
Weighted average price (in dollars per share)	$ 60.62	$ 52.61	$ 56.18	$ 51.40
Aggregate value (in millions)	$ 12.1	$ 12.1	$ 26.7	$ 26.2

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Non-Cash Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital expenditures incurred but not yet paid	$ 204.2	$ 158.9
Stone Brewing Company v.s. MCBC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Loss contingency accrual	57.6		$ 56.6	$ 56
Litigation interest	$ 1

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
RSU, PSU and DSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10.5	$ 8.4	$ 20.3	$ 16.9

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Supplier Financing (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding supplier financing obligation	$ 134.7	$ 135.2
Termination period	30 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment terms	60 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment terms	120 days

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Guarantor liability	$ 39.9	$ 33.3

Investments - Variable Interest

Investments - Variable Interest Entity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity
Total Assets	$ 26,789.6	$ 25,868.3
Total Liabilities	13,532.7	12,953.1
RMMC/RMBC
Variable Interest Entity
Total Assets	239	228.2
Total Liabilities	24.6	21.2
Other
Variable Interest Entity
Total Assets	38	43.3
Total Liabilities	$ 14.9	$ 16.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 318.2	$ 269.1
Work in process	90.7	71.9
Raw materials	282.2	290.4
Packaging materials	172.3	161.5
Inventories, net	$ 863.4	$ 792.9

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Gross carrying value of goodwill, beginning balance	$ 8,178
Accumulated impairment loss, beginning balance	(2,886.1)
Balance, beginning of the year	5,291.9
Foreign currency translation, net	4.2
Balance, ending of the year	5,296.1
Accumulated impairment loss, ending balance	(2,954.4)
Gross carrying value of goodwill, ending balance	8,250.5
Americas
Goodwill [Roll Forward]
Gross carrying value of goodwill, beginning balance	6,790.4
Accumulated impairment loss, beginning balance	(1,498.5)
Balance, beginning of the year	5,291.9
Foreign currency translation, net	4.2
Balance, ending of the year	5,296.1
Accumulated impairment loss, ending balance	(1,514.6)
Gross carrying value of goodwill, ending balance	6,810.7
EMEA&APAC
Goodwill [Roll Forward]
Gross carrying value of goodwill, beginning balance	1,387.6
Accumulated impairment loss, beginning balance	(1,387.6)
Balance, beginning of the year	0
Foreign currency translation, net	0
Balance, ending of the year	0
Accumulated impairment loss, ending balance	(1,439.8)
Gross carrying value of goodwill, ending balance	$ 1,439.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Intangible assets subject to amortization:
Accumulated amortization	$ (1,671.5)	$ (1,552.4)
Total
Gross	14,478.5	14,352.5
Accumulated amortization	(1,671.5)	(1,552.4)
Net	12,807	12,800.1
Brands
Intangible assets subject to amortization:
Gross	4,936	4,861.1
Accumulated amortization	(1,532.9)	(1,416.7)
Net	3,403.1	3,444.4
Total
Accumulated amortization	(1,532.9)	(1,416.7)
License agreements and distribution rights
Intangible assets subject to amortization:
Gross	205	200
Accumulated amortization	(113.9)	(108)
Net	91.1	92
Total
Accumulated amortization	(113.9)	(108)
Other
Intangible assets subject to amortization:
Gross	84.7	88.8
Accumulated amortization	(24.7)	(27.7)
Net	60	61.1
Total
Accumulated amortization	$ (24.7)	$ (27.7)
Minimum | Brands
Intangible assets subject to amortization:
Useful life	10 years	10 years
Minimum | License agreements and distribution rights
Intangible assets subject to amortization:
Useful life	10 years	15 years
Minimum | Other
Intangible assets subject to amortization:
Useful life	5 years	5 years
Maximum | Brands
Intangible assets subject to amortization:
Useful life	50 years	50 years
Maximum | License agreements and distribution rights
Intangible assets subject to amortization:
Useful life	20 years	20 years
Maximum | Other
Intangible assets subject to amortization:
Useful life	40 years	40 years
Brands
Intangible assets not subject to amortization:
Gross	$ 8,181.3	$ 8,148.6
Distribution networks
Intangible assets not subject to amortization:
Gross	763.9	746.4
Other
Intangible assets not subject to amortization:
Gross	$ 307.6	$ 307.6

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Estimated amortization expense of finite-lived intangible assets
2023 - remaining	$ 103.1
2024	204.9
2025	204.8
2026	186.4
2027	$ 121.9

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 51.4	$ 52.2	$ 102.5	$ 105.5
Fair value in excess of carrying value threshold					15%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Lease Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Operating lease right-of-use assets	$ 204.7	$ 132.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Current operating lease liabilities	$ 49.3	$ 44.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other current liabilities	Accounts payable and other current liabilities
Non-current operating lease liabilities	$ 165.6	$ 99.3
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total operating lease liabilities	$ 214.9	$ 144
Finance Leases
Finance lease right-of-use assets	$ 50	$ 50.2
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Properties, net	Properties, net
Current finance lease liabilities	$ 5.3	$ 5.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt and short-term borrowings	Current portion of long-term debt and short-term borrowings
Non-current finance lease liabilities	$ 55.9	$ 56.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Total finance lease liabilities	$ 61.2	$ 61.5

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases	$ 28.3	$ 25.1
Operating cash flows from finance leases	1.5	1.9
Financing cash flows from finance leases	2.3	1.7
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases	93.5	35.8
Finance leases	$ 0	$ 2.3

Debt - Schedule (Details)

Debt - Schedule (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance leases	$ 61.2	$ 61.5
Less: unamortized debt discounts and debt issuance costs	(37.5)	(39.7)
Total long-term debt (including current portion)	6,577	6,541.4
Current portion of long-term debt	(385.1)	(376.2)
Total long-term debt	6,191.9	6,165.2
Short-term borrowings	38.1	20.9
Current portion of long-term debt and short-term borrowings	423.2	397.1
Senior notes | CAD 500 million 2.84% notes due July 2023(1)
Debt Instrument [Line Items]
Long-term debt, carrying amount	377.6	368.9
Senior notes | EUR 800 million 1.25% notes due July 2024
Debt Instrument [Line Items]
Long-term debt, carrying amount	872.7	856.4
Senior notes | CAD 500 million 3.44% notes due July 2026
Debt Instrument [Line Items]
Long-term debt, carrying amount	377.6	368.9
Senior notes | $2.0 billion 3.0% notes due July 2026
Debt Instrument [Line Items]
Long-term debt, carrying amount	2,000	2,000
Senior notes | $1.1 billion 5.0% notes due May 2042
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,100	1,100
Senior notes | $1.8 billion 4.2% notes due July 2046
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,800	1,800
Other
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 25.4	$ 25.4

Debt - Schedule (Parenthetical)

Debt - Schedule (Parenthetical) (Details)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)
CAD 500 million 2.84% notes due July 2023(1)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt Instrument, interest rate	2.84%	2.84%	2.84%
EUR 800 million 1.25% notes due July 2024
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 800,000,000
Debt Instrument, interest rate	1.25%	1.25%	1.25%
CAD 500 million 3.44% notes due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt Instrument, interest rate	3.44%	3.44%	3.44%
$2.0 billion 3.0% notes due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount		$ 2,000,000,000
Debt Instrument, interest rate	3%	3%	3%
$1.1 billion 5.0% notes due May 2042
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,100,000,000
Debt Instrument, interest rate	5%	5%	5%
$1.8 billion 4.2% notes due July 2046
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,800,000,000
Debt Instrument, interest rate	4.20%	4.20%	4.20%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 26, 2023 USD ($)	Jun. 25, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value	$ 6,100,000,000	$ 6,100,000,000			$ 5,900,000,000
Commercial paper
Debt Instrument [Line Items]
Commercial paper borrowings	0	0			0
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,000,000,000	$ 1,500,000,000
Debt issuance costs	5,200,000
Revolving credit facility | Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	150,000,000	150,000,000
Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Commercial paper borrowings	0	$ 0			0
Revolving credit facility | Line of credit | Quarter Ending March 31, 2023
Debt Instrument [Line Items]
Quarterly leverage ratio, further reduction		4
Revolving credit facility | Commercial paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	1,500,000,000	$ 1,500,000,000
EMEA&APAC
Debt Instrument [Line Items]
Overdraft facility	29,100,000	29,100,000			15,900,000
Bank cash	77,700,000	77,700,000			49,700,000
Bank cash, net of overdrafts	48,600,000	48,600,000			33,800,000
USD, CAD and GBP Overdraft Facility
Debt Instrument [Line Items]
Short-term debt	$ 0	$ 0			$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)
Schedule of Trading Securities and Other Trading Assets
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months	$ (2)
Reclassification term	12 months
Maximum term of time in cash flow hedge	3 years
Foreign currency forwards | Not designated as hedging instruments
Schedule of Trading Securities and Other Trading Assets
Foreign exchange forward contracts		$ 260,000,000	$ 194.7
$500 million 3.5% notes due 2022
Schedule of Trading Securities and Other Trading Assets
Debt instrument, face amount				$ 500
Debt Instrument, interest rate				3.50%
CAD 500 million 2.84% notes due July 2023(1)
Schedule of Trading Securities and Other Trading Assets
Debt instrument, face amount		$ 500,000,000
Debt Instrument, interest rate		2.84%	2.84%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Derivative Fair Value (Details) - Fair value, recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	$ (13.9)	$ 116.6
Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	29.3	40
Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	2.7	7.6
Commodity swaps and options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	(45.9)	69
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Quoted prices in active markets (Level 1) | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Quoted prices in active markets (Level 1) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Quoted prices in active markets (Level 1) | Commodity swaps and options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	(13.9)	116.6
Significant other observable inputs (Level 2) | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	29.3	40
Significant other observable inputs (Level 2) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	2.7	7.6
Significant other observable inputs (Level 2) | Commodity swaps and options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	(45.9)	69
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Significant unobservable inputs (Level 3) | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Significant unobservable inputs (Level 3) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	0	0
Significant unobservable inputs (Level 3) | Commodity swaps and options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, fair value, net	$ 0	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value Balance Sheet (Details) $ in Millions	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivatives designated as hedging instruments
Derivative asset, fair value, designated as hedging instrument		$ 31.9	$ 47.8
Derivative liability, fair value, designated as hedging instrument		(1.8)	(0.2)
Derivatives not designated as hedging instruments
Derivative asset, not designated as hedging instrument, fair value		23.6	94.3
Derivative liability, not designated as hedging instrument, fair value		(67.6)	(25.3)
Forward starting interest rate swaps | Designated as hedging instruments | Cash flow hedges
Derivatives designated as hedging instruments
Notional amount		1,000	1,000
Derivatives not designated as hedging instruments
Notional amount		1,000	1,000
Foreign currency forwards | Designated as hedging instruments | Cash flow hedges
Derivatives designated as hedging instruments
Notional amount		238.6	176.6
Derivatives not designated as hedging instruments
Notional amount		238.6	176.6
Foreign currency forwards | Not designated as hedging instruments
Derivatives designated as hedging instruments
Notional amount	$ 260,000,000	194.7
Derivatives not designated as hedging instruments
Notional amount	$ 260,000,000	194.7
Commodity swaps | Not designated as hedging instruments
Derivatives designated as hedging instruments
Notional amount		678.6	525.2
Derivatives not designated as hedging instruments
Notional amount		678.6	525.2
Commodity options | Not designated as hedging instruments
Derivatives designated as hedging instruments
Notional amount		19.7	19.7
Derivatives not designated as hedging instruments
Notional amount		19.7	19.7
Other non-current assets | Forward starting interest rate swaps
Derivatives designated as hedging instruments
Derivative asset, fair value, designated as hedging instrument		29.3	40
Other non-current assets | Foreign currency forwards
Derivatives designated as hedging instruments
Derivative asset, fair value, designated as hedging instrument		0.2	1.6
Other non-current assets | Commodity swaps
Derivatives not designated as hedging instruments
Derivative asset, not designated as hedging instrument, fair value		0.8	7.4
Other current assets | Foreign currency forwards
Derivatives designated as hedging instruments
Derivative asset, fair value, designated as hedging instrument		2.4	6.2
Derivatives not designated as hedging instruments
Derivative asset, not designated as hedging instrument, fair value		2.6
Other current assets | Commodity swaps
Derivatives not designated as hedging instruments
Derivative asset, not designated as hedging instrument, fair value		18.9	86.1
Other current assets | Commodity options
Derivatives not designated as hedging instruments
Derivative asset, not designated as hedging instrument, fair value		1.3	0.8
Other liabilities | Forward starting interest rate swaps
Derivatives designated as hedging instruments
Derivative liability, fair value, designated as hedging instrument		0	0
Other liabilities | Foreign currency forwards
Derivatives designated as hedging instruments
Derivative liability, fair value, designated as hedging instrument		(1.1)	(0.1)
Other liabilities | Commodity swaps
Derivatives not designated as hedging instruments
Derivative liability, not designated as hedging instrument, fair value		(18.2)	(10.4)
Accounts payable and other current liabilities | Foreign currency forwards
Derivatives designated as hedging instruments
Derivative liability, fair value, designated as hedging instrument		(0.7)	(0.1)
Derivatives not designated as hedging instruments
Derivative liability, not designated as hedging instrument, fair value		(0.7)
Accounts payable and other current liabilities | Commodity swaps
Derivatives not designated as hedging instruments
Derivative liability, not designated as hedging instrument, fair value		(47.4)	(14.1)
Accounts payable and other current liabilities | Commodity options
Derivatives not designated as hedging instruments
Derivative liability, not designated as hedging instrument, fair value		$ (1.3)	$ (0.8)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effect of Fair Value and Cash Flow Hedge Accounting (Details) - Cash flow hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	$ 9	$ 92.7	$ (15.5)	$ 171.5
Amount of gain (loss) recognized from AOCI into income on derivative	(0.1)	(11.5)	(1.3)	(12.5)
Forward starting interest rate swap
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	13.7	87.5	(10.7)	167.8
Forward starting interest rate swap | Interest income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI into income on derivative	(1)	(11.5)	(3.5)	(12.3)
Foreign currency forwards
Derivative [Line Items]
Amount of gain (loss) recognized in OCI on derivatives	(4.7)	5.2	(4.8)	3.7
Foreign currency forwards | Cost of goods sold
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI into income on derivative	1.2	$ 0	2.7	(0.3)
Foreign currency forwards | Other non-operating income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI into income on derivative	$ (0.3)		$ (0.5)	$ 0.1

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)
Net investment hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on net investment hedges	$ (5.6)	$ 46.7	$ (16.3)	$ 70.9
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	0	0	0	0
EUR 800 million 1.25% notes due July 2024
Derivative Instruments, Gain (Loss) [Line Items]
Debt instrument, face amount | €					€ 800,000,000
EUR 800 million 1.25% notes due July 2024 | Senior notes | Net investment hedging | Other non-operating income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on net investment hedges	(5.6)	46.7	(16.3)	70.9
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	$ 0	$ 0	$ 0	$ 0

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Other Derivatives (Details) - Not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ (49.2)	$ (163.4)	$ (77.7)	$ 75.2
Commodity swaps | Cost of goods sold
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	(51.1)	$ (163.4)	(79.6)	$ 75.2
Foreign currency forwards | Other non-operating income (expense), net
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ 1.9		$ 1.9

Income Tax - Schedule of Effect

Income Tax - Schedule of Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	22%	13%	23%	19%

Income Tax - Narrative (Details

Income Tax - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Tax expense (benefit)	$ 7.9	$ 3.2

Commitments and Contingencies -

Commitments and Contingencies - Loss Contingency (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 07, 2022	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2022
Loss Contingencies [Line Items]
Accrual for litigation, other Disputes and environmental loss contingencies		$ 79.1	$ 77
Master Framework Agreement period		10 years
Guarantor liability		$ 39.9	33.3
Stone Brewing Company v.s. MCBC
Loss Contingencies [Line Items]
Loss contingency accrual		57.6	$ 56.6	$ 56
Pending litigation | Stone Brewing Company v.s. MCBC
Loss Contingencies [Line Items]
Damages awarded	$ 56
Kaiser Tax, Civil and Labor Indemnity Reserve
Loss Contingencies [Line Items]
Loss contingency accrual		$ 11.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Rollforward (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,915.2
Ending balance	13,256.9
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(875.2)
Tax benefit (expense)	8.2
Ending balance	(748.5)
Accumulated foreign currency adjustment, excluding net investment hedging, attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCI before reclassifications before tax	134.8
Accumulated foreign currency adjustment, net investment hedging, attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCI before reclassifications before tax	(16.3)
AOCI foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
OCI before reclassifications before tax	134.8
Gain (loss) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	32.2
OCI before reclassifications before tax	(15.5)
Reclassification of AOCI, current period, before tax	1.3
Tax benefit (expense)	3.7
Ending balance	21.7
Pension and postretirement benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(335.1)
Reclassification of AOCI, current period, before tax	(7.6)
Tax benefit (expense)	1.9
Ending balance	(340.8)
Equity method investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(27.4)
OCI before reclassifications before tax	2.4
Tax benefit (expense)	(0.8)
Ending balance	(25.8)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,205.5)
Tax benefit (expense)	13
Ending balance	$ (1,093.4)

Other Operating Income (Expen_3

Other Operating Income (Expense), net - Schedule of Other Operating Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Other operating income (expense), net	$ 0.2	$ (0.6)	$ (0.3)	$ (28.2)
Employee-related charges
Restructuring Cost and Reserve [Line Items]
Other operating income (expense), net	0.2	(0.2)	(0.3)	(0.5)
Asset abandonment and other restructuring costs
Restructuring Cost and Reserve [Line Items]
Other operating income (expense), net	0	(0.1)	0	(1.1)
Intangible and tangible asset impairments, excluding goodwill
Restructuring Cost and Reserve [Line Items]
Other operating income (expense), net	0	0	0	(28.6)
Intangible and tangible asset impairments, excluding goodwill | Americas
Restructuring Cost and Reserve [Line Items]
Impairment loss		28.6
Special items, noncontrolling interest		12.1
Gains and (losses) on other disposals
Restructuring Cost and Reserve [Line Items]
Other operating income (expense), net	$ 0	$ (0.3)	$ 0	$ 2

Other Operating Income (Expen_4

Other Operating Income (Expense), net - Change in the restructuring accrual (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Payment of severance obligations, term	12 months
Employee severance
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	$ 10	$ 12.4
Charges incurred and changes in estimates	0.3	0.5
Payments made	(6.7)	(4.6)
Foreign currency and other adjustments	0.2	(0.2)
Ending balance of restructuring accruals	3.8	8.1
Employee severance | Americas
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	3.6	10.9
Charges incurred and changes in estimates	0	0.5
Payments made	(1.8)	(4)
Foreign currency and other adjustments	0.1	(0.1)
Ending balance of restructuring accruals	1.9	7.3
Employee severance | EMEA&APAC
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	6.4	1.5
Charges incurred and changes in estimates	0.3	0
Payments made	(4.9)	(0.6)
Foreign currency and other adjustments	0.1	(0.1)
Ending balance of restructuring accruals	$ 1.9	$ 0.8

Segment Reporting - Net Sales (

Segment Reporting - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Consolidated net sales	$ 3,266.6	$ 2,921.7	$ 5,612.9	$ 5,136.3
Inter-segment net sales eliminations
Segment Reporting Information [Line Items]
Consolidated net sales	(4.1)	(3.9)	(6.9)	(6.7)
Americas | Operating Segments
Segment Reporting Information [Line Items]
Consolidated net sales	2,621.7	2,367.4	4,560.7	4,203.6
EMEA&APAC | Operating Segments
Segment Reporting Information [Line Items]
Consolidated net sales	$ 649	$ 558.2	$ 1,059.1	$ 939.4

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ 441.1	$ 54.9	$ 543	$ 228.6
Unallocated
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(110.4)	(327.5)	(216.5)	(208.7)
Americas | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	487.3	348	720.7	435.1
EMEA&APAC | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ 64.2	$ 34.4	$ 38.8	$ 2.2

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 26,789.6	$ 25,868.3
Americas
Segment Reporting Information [Line Items]
Total assets	22,901.4	22,242.7
EMEA&APAC
Segment Reporting Information [Line Items]
Total assets	$ 3,888.2	$ 3,625.6