Molson Coors Beverage Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Molson Coors Beverage Co. has filed its Q1 2024 10-Q report, detailing financial performance and corporate structure.</b>

AI Summary

MOLSON COORS BEVERAGE CO (TAP-A) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Molson Coors Beverage Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Golden, Colorado. Molson Coors Beverage Co. was formerly known as Molson Coors Brewing Co. The filing includes data related to common stock, senior notes, and other financial instruments.

Why It Matters

For investors and stakeholders tracking MOLSON COORS BEVERAGE CO, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Molson Coors Beverage Co., crucial for understanding the company's performance in the first quarter of 2024. The detailed financial information, including share structure and debt, allows for a comprehensive analysis of the company's financial health and operational status.

Risk Assessment

Risk Level: medium — MOLSON COORS BEVERAGE CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond the reported period's performance.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess Molson Coors' Q1 2024 performance and compare it to prior periods and industry benchmarks.

Key Numbers

• 20240331 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240430 — Filed As Of Date (FILED AS OF DATE)
• 20050208 — Date of Name Change (FORMER COMPANY NAME)
• 19920703 — Date of Name Change (FORMER COMPANY NAME)

Key Players & Entities

• MOLSON COORS BEVERAGE CO (company) — FILER
• TAP (company) — ticker symbol
• GOLDEN (company) — CITY
• CO (company) — STATE
• MOLSON COORS BREWING CO (company) — FORMER COMPANY NAME
• COORS ADOLPH CO (company) — FORMER COMPANY NAME
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240430 (date) — FILED AS OF DATE

FAQ

Industry Context

Molson Coors operates within the alcoholic beverage industry, specifically focusing on malt beverages.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Examine any disclosures regarding debt, equity, and other financial instruments.
3. Review the business description and risk factors for any significant updates or changes.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual 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-20240331.htm (10-Q) — 1228KB
• tapex101_2024033110-q.htm (EX-10.1) — 27KB
• tapex102_2024033110-q.htm (EX-10.2) — 36KB
• tapex103_2024033110-q.htm (EX-10.3) — 34KB
• tapex104_2024033110-q.htm (EX-10.4) — 74KB
• tapex105_2024033110-q.htm (EX-10.5) — 39KB
• tapex106_2024033110-q.htm (EX-10.6) — 36KB
• tapex107_2024033110-q.htm (EX-10.7) — 77KB
• tapex108_2024033110-q.htm (EX-10.8) — 37KB
• tapex109_2024033110-q.htm (EX-10.9) — 37KB
• tapex1010_2024033110-q.htm (EX-10.10) — 76KB
• tapex22_2024033110-q.htm (EX-22) — 11KB
• tapex311_2024033110-q.htm (EX-31.1) — 10KB
• tapex312_2024033110-q.htm (EX-31.2) — 10KB
• tapex32_2024033110-q.htm (EX-32) — 8KB
• image.jpg (GRAPHIC) — 96KB
• tap-20240331_g1.jpg (GRAPHIC) — 180KB
• tap-20240331_g2.jpg (GRAPHIC) — 77KB
• tap-20240331_g3.jpg (GRAPHIC) — 67KB
• 0000024545-24-000012.txt (&nbsp;) — 8431KB
• tap-20240331.xsd (EX-101.SCH) — 47KB
• tap-20240331_cal.xml (EX-101.CAL) — 68KB
• tap-20240331_def.xml (EX-101.DEF) — 249KB
• tap-20240331_lab.xml (EX-101.LAB) — 594KB
• tap-20240331_pre.xml (EX-101.PRE) — 426KB
• tap-20240331_htm.xml (XML) — 1036KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Cash Flows 8 Condensed Consolidated Statements of Stockholders' Equity and Noncontrolling Interests 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" 11 Note 2, "New Accounting Pronouncements" 12 Note 3 , "Investments" 12 Note 4 , "Inventories" 13 Note 5 , "Goodwill and Intangible Assets" 13 Note 6 , "Leases" 15 Note 7 , "Debt" 16 Note 8 , "Derivative Instruments and Hedging Activities" 17 Note 9 , "Income Tax" 19 Note 10, "Commitments and Contingencies" 20 Note 1 1 , "Accumulated Other Comprehensive Income (Loss)" 21 Note 12 , " Other Operating Income (Expense), net " 22 Note 1 3, "Segment Reporting" 22 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 36 Item 6. Exhibits 36 Signature 37 2 Table of Contents Glossary of Terms and Abbreviations AOCI Accumulated other comprehensive income (loss) CAD Canadian Dollar COGS Cost of goods sold CZK Czech Koruna DBRS A global credit rating agency in Toronto EBITDA Earnings before interest, tax, depreciation and amortization EPS Earnings per share EUR Euro FASB Financial Accounting Standards Board GBP British Pound MG&A Marketing, general and administrative Moody's Moody's Investors Service Limited, a nationally recognized statistical rating organization designated by the SEC OCI Other comprehensive income (loss) OPEB Other postretirement benefit plans PSUs Performance share units RON Romanian Leu RSD Serbian Dinar RSUs Restricted stock units SEC U.S. Securities and Exchange Commission 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 VIEs Variable interest entities 3 Table of Contents Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This Quarterly Report on Form 10-Q ("this report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended March 31, 2024 March 31, 2023 Sales $ 3,049.3 $ 2,774.8 Excise taxes ( 452.9 ) ( 428.5 ) Net sales 2,596.4 2,346.3 Cost of goods sold ( 1,632.9 ) ( 1,575.6 ) Gross profit 963.5 770.7 Marketing, general and administrative expenses ( 654.6 ) ( 615.0 ) Other operating income (expense), net 6.3 ( 0.5 ) Equity income (loss) ( 0.9 ) 3.0 Operating income (loss) 314.3 158.2 Interest income (expense), net ( 48.4 ) ( 59.1 ) Other pension and postretirement benefit (cost), net 7.4 2.6 Other non-operating income (expense), net ( 7.9 ) 0.2 Income (loss) before income taxes 265.4 101.9 Income tax benefit (expense) ( 55.5 ) ( 28.7 ) Net income (loss) 209.9 73.2 Net (income) loss attributable to noncontrolling interests ( 2.1 ) ( 0.7 ) Net income (loss) attributable to Molson Coors Beverage Company $ 207.8 $ 72.5 Net income (loss) attributable to Molson Coors Beverage Company per share Basic $ 0.98 $ 0.33 Diluted $ 0.97 $ 0.33 Weighted-average shares outstanding Basic 212.7 216.5 Dilutive effect of share-based awards 1.5 0.8 Diluted 214.2 217.3 See notes to unaudited condensed consolidated financial statements. 5 Table of Contents MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2024 March 31, 2023 Net income (loss) including noncontrolling interests $ 209.9 $ 73.2 Other comprehensive income (loss), net of tax Foreign currency translation adjustments ( 94.2 ) 54.2 Unrealized gain (loss) recognized on derivative instruments 19.3 ( 18.5 ) Derivative instrument activity reclassified from other comprehensive income (loss) 0.1 0.9 Pension and other postretirement activity reclassified from other comprehensive inco

View Full Filing

View this 10-Q filing on SEC EDGAR