Molson Coors Beverage Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Molson Coors Beverage Co. has submitted its 2023 10-K filing, detailing financial performance and capital structure across multiple fiscal years.</b>

AI Summary

MOLSON COORS BEVERAGE CO (TAP-A) filed a Annual Report (10-K) with the SEC on February 20, 2024. Molson Coors Beverage Co. filed its annual report for the fiscal year ended December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Accounts Payable, Other Operating Income/Expense, and Property, Plant, and Equipment are detailed. The company's capital structure, including Common Class A and B shares, and various debt instruments are presented. Information regarding share counts and equity components like Additional Paid-In Capital and Retained Earnings is provided for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking MOLSON COORS BEVERAGE CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Molson Coors' financial health and operational standing for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including segment information and balance sheet items, allows stakeholders to analyze trends, compare performance against prior periods, and make informed investment decisions.

Risk Assessment

Risk Level: medium — MOLSON COORS BEVERAGE CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Molson Coors' performance drivers and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-02-20 — Filing Date (The date the 10-K was filed with the SEC)
• 0000024545 — Central Index Key (Unique identifier for Molson Coors Beverage Co.)
• 001-14829 — SEC File Number (SEC's file number for Molson Coors Beverage Co.)

Key Players & Entities

• MOLSON COORS BEVERAGE CO (company) — Filer of the 10-K report
• TAP (company) — Ticker symbol for Molson Coors Beverage Co.
• 2023-12-31 (date) — Fiscal year end date for the 10-K filing
• 2024-02-20 (date) — Filing date of the 10-K report
• GOLDEN, CO (location) — Business and mailing address city and state

FAQ

Industry Context

Molson Coors Beverage Co. operates in the malt beverages industry, a segment of the broader alcoholic beverage market.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial performance and business operations.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Review the 'Risk Factors' section to identify potential challenges and uncertainties facing the company.
3. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into the company's performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: 10-K Filing Date — Date Molson Coors Beverage Co. submitted its annual report.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparative data for 2022 and 2021 is available within the report.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value TAP.A New York Stock Exchange

Filing Documents

• tap-20231231.htm (10-K) — 3524KB
• tapex21_2023123110-k.htm (EX-21) — 18KB
• tapex22_2023123110-k.htm (EX-22) — 11KB
• tapex23_2023123110-k.htm (EX-23) — 3KB
• tapex311_2023123110-k.htm (EX-31.1) — 10KB
• tapex312_2023123110-k.htm (EX-31.2) — 10KB
• tapex32_2023123110-k.htm (EX-32) — 8KB
• tapex97_2023123110-k.htm (EX-97) — 31KB
• tap-20231231_g1.jpg (GRAPHIC) — 180KB
• tap-20231231_g2.jpg (GRAPHIC) — 71KB
• tap-20231231_g3.jpg (GRAPHIC) — 74KB
• tap-20231231_g4.jpg (GRAPHIC) — 62KB
• 0000024545-24-000005.txt (&nbsp;) — 19814KB
• tap-20231231.xsd (EX-101.SCH) — 101KB
• tap-20231231_cal.xml (EX-101.CAL) — 150KB
• tap-20231231_def.xml (EX-101.DEF) — 653KB
• tap-20231231_lab.xml (EX-101.LAB) — 1431KB
• tap-20231231_pre.xml (EX-101.PRE) — 968KB
• tap-20231231_htm.xml (XML) — 3674KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 30 Item 1 C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II. Item 5. Market for Registrant's Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 119 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspection 119 PART III. Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11.

Executive Compensation

Executive Compensation 119 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119 Item 13. Certain Relationships and Related Transactions, and Director Independence 120 Item 14. Principal Account ant Fees and Services 120 PART IV. Item 15. Exhibits and Financial Statement Schedules 120 Item 16. Form 10-K Summary 126

Signatures

Signatures 126 1 Table of Contents Glossary of Terms and Abbreviations AOCI Accumulated other comprehensive income (loss) CAD Canadian dollar CAD Prime The base interest rate utilized by Canadian commercial banks COGS Cost of goods sold CZK Czech Koruna DBRS Morningstar DBRS, a global credit rating agency in Toronto DSUs Deferred stock units EBITDA Earnings before interest, tax, depreciation and amortization EPS Earnings per share EROA Assumed long-term expected return on assets EUR Euro EURIBOR Euro Interbank Offered Rate FASB Financial Accounting Standards Board GBP British Pound GBP Base Rate The base interest rate set by the Bank of England LIBOR London Interbank Offered Rate MG&A Marketing, general and administrative Moody's Moody's Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC NAV Net asset value OCI Other comprehensive income (loss) OPEB Other postretirement benefit plans PBO Projected benefit obligation PSUs Performance share units RON Romanian leu RSD Serbian Dinar RSUs Restricted stock units S&P 500 Standard & Poor's 500 Index SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate SONIA Sterling Overnight Index Average SKU Stock-keeping unit Standard & Poor's Standard and Poor's Ratings Services, a nationally recognized statistical rating organization designated by the SEC STWs Sales-to-wholesalers U.K. United Kingdom U.S. United States U.S. GAAP Accounting principles generally accepted in the U.S. USD or $ U.S. dollar USD Prime The base interest rate utilized by U.S. commercial banks VIEs Variable interest entities 2 Table of Contents Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This Annual Report on Form 10-K ("this report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as a

BUSINESS

ITEM 1. BUSINESS Business Overview 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 its Americas and EMEA&APAC reporting segments. 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. For over two centuries, we have been brewing beverages that unite people to celebrate all life's moments. From our core power brands Coors Light , Miller Lite, Coors Banquet, Molson Canadian, Carling and Oujsko to our above premium brands including Madri, Staropramen, Blue Moon Belgian White and Leinenkugel's Summer Shandy, to our economy and value brands like Miller High Life and Keystone , we produce many beloved and iconic beer brands. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer , spirits like Five Trail whiskey as well as non-alcoholic beverages. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions. Our primary founders, the Molson, Coors and Miller families date back to over two centuries ago. Our commitment to producing the highest quality beers is a key part of our heritage and remains so to this day. Our brands are designed to appeal to a wide range of consumer tastes, styles and price preferences. Coors Brewing Company was incorporated in June 1913 under the laws of the state of Colorado. In October 2003, Coors Brewing Company merged with and into Adolph Coors

View Full Filing

View this 10-K filing on SEC EDGAR