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________________________________________________

For the quarterly period ended March 31, 2026

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation or organization)

(Address of principal executive offices)

(I.R.S. Employer Identification No.)

(Zip Code)

(Registrant's telephone number, including area code)

_______________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ý

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of April 23, 2026:

Class A Common Stock — 2,563,034 shares

Class B Common Stock — 175,215,417 shares

As of April 23, 2026, the following number of exchangeable shares were outstanding for Molson Coors Canada, Inc.:

Class A Exchangeable shares — 2,678,963 shares

Class B Exchangeable shares — 7,093,946 shares

The Class A exchangeable shares and Class B exchangeable shares are shares of the share capital in Molson Coors Canada Inc., a wholly-owned subsidiary of the registrant. They are publicly traded on the Toronto Stock Exchange under the symbols TPX.A and TPX.B, respectively. These shares are intended to provide substantially the same economic and voting rights as the corresponding class of Molson Coors common stock in which they may be exchanged. In addition to the registered Class A common stock and the Class B common stock, the registrant has also issued and outstanding one share each of a Special Class A voting stock and Special Class B voting stock. The Special Class A voting stock and the Special Class B voting stock provide the mechanism for holders of Class A exchangeable shares and Class B exchangeable shares to be provided instructions to vote with the holders of the Class A common stock and the Class B common stock, respectively. The holders of the Special Class A voting stock and Special Class B voting stock are entitled to one vote for each outstanding Class A exchangeable share and Class B exchangeable share, respectively, excluding shares held by the registrant or its subsidiaries, and generally vote together with the Class A common stock and Class B common stock, respectively, on all matters on which the Class A common stock and Class B common stock are entitled to vote. The Special Class A voting stock and Special Class B voting stock are subject to a voting trust arrangement. The trustee which holds the Special Class A voting stock and the Special Class B voting stock is required to cast a number of votes equal to the number of then-outstanding Class A exchangeable shares and Class B exchangeable shares, respectively, but will only cast a number of votes equal to the number of Class A exchangeable shares and Class B exchangeable shares as to which it has received voting instructions from the owners of record of those Class A exchangeable shares and Class B exchangeable shares, other than the registrant or its subsidiaries, respectively, on the record date, and will cast the votes in accordance with such instructions so received.

AOCI			Accumulated other comprehensive income (loss)
ASU			Accounting standards update
CAD			Canadian Dollar
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
RON			Romanian Leu
RSD			Serbian Dinar
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
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

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 of 1995.

Statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, and include, but are not limited to, statements in Part I.—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in this report, with respect to, among others, expectations and impacts of macroeconomic forces, beverage industry trends, cost inflation and tariffs, commodity prices, consumer preferences and limited disposable income, overall volume and market share trends, our competitive position, execution of our strategic priorities, anticipated results, pricing trends, cost reduction strategies, including the Americas Restructuring Plan announced in October of 2025 as well as other restructuring projects and the expected charges and benefits of the restructuring, shipment levels and profitability, the sufficiency of capital resources, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, Preserving the Planet and related environmental initiatives, effective tax rate and expectations regarding future dividends and share repurchases. In addition, statements that we make in this report that are not statements of historical fact may also be forward-looking statements. Words such as "expects," "intends," "goals," "plans," "believes," "confidence," "views," "continues," "may," "anticipate," "seek," "estimate," "outlook," "trends," "future benefits," "potential," "projects," "strategies" and variations of such words and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those indicated (both favorably and unfavorably). These risks and uncertainties include, but are not limited to, those described in Part II.—Item 1A. "Risk Factors" in this report and those described from time to time in our past and future reports filed with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025, ("Annual Report"). Caution should be taken not to place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date when made and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The market and industry data used in this report are based on independent industry publications, customers, trade or business organizations, reports by market research firms and other published statistical information from third parties (collectively, the "Third Party Information"), as well as information based on management’s good faith estimates, which we derive from our review of internal information and independent sources. Such Third Party Information generally states that the information contained therein or provided by such sources has been obtained from sources believed to be reliable.

			Three Months Ended
			March 31, 2026						March 31, 2025
Net income (loss) including noncontrolling interests			$	150.1					$	123.1
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments			(70.4)						55.6
Unrealized gain (loss) recognized on derivative instruments			4.1						(16.1)
Derivative instrument activity reclassified from other comprehensive income (loss)			(0.2)						(0.5)
Pension and other postretirement activity reclassified from other comprehensive income (loss)			0.3						(1.7)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)			(0.5)						—
Total other comprehensive income (loss), net of tax			(66.7)						37.3
Comprehensive income (loss)			83.4						160.4
Comprehensive (income) loss attributable to noncontrolling interests			1.4						(2.4)
Comprehensive income (loss) attributable to Molson Coors Beverage Company			$	84.8					$	158.0

(1)All activity included in the noncontrolling interests column of the unaudited condensed consolidated statements of

stockholders' equity and noncontrolling interests excludes activity from our redeemable noncontrolling interests.

See notes to our unaudited condensed consolidated financial statements.

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 reporting segments. Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in Latin America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.

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 and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report.

The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results that may be achieved for the full year or any other future period.

Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 3.3 million and 2.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

On February 18, 2026, our Company's Board of Directors ("Board") declared a dividend of $0.48 per share, paid on March 20, 2026, to shareholders of Class A and Class B common stock of record on March 6, 2026. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.65 per share. During the three months ended March 31, 2025, dividends declared and paid to eligible shareholders were $0.47 per share, with the CAD equivalent equal to CAD 0.67 per share.

The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under our current share repurchase program for the three months ended March 31, 2026 and March 31, 2025.

Our 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 investing activities related to capital expenditures incurred but not yet paid of $107.7 million and $193.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Our non-cash financing activities include certain issuances of share-based awards.

Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases discussed in Note 6, "Leases", there was no other significant non-cash investing or financing activities for the three months ended March 31, 2026 and March 31, 2025, respectively.

The allowance for doubtful accounts for trade receivables was $7.3 million and $10.0 million as of March 31, 2026 and December 31, 2025, respectively.

We are the buyer under a supplier finance program with Citibank N.A. with $140.8 million and $157.7 million confirmed as valid and outstanding as of March 31, 2026 and December 31, 2025, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.

Certain noncontrolling interests have redemption features that are outside of our control, such as those subject to put options exercisable at a future date. We account for these as redeemable noncontrolling interests and present the balances outside of stockholders' equity on our unaudited condensed consolidated balance sheets. During the three months ended March 31, 2026 and March 31, 2025, there was no material activity related to redeemable noncontrolling interests.

During the first quarter of 2025, we obtained exclusive rights via a license agreement to produce, market and sell Fever-Tree products in the U.S. In connection with this agreement, we acquired the shares of the Fevertree USA, Inc. entity, with the immaterial acquisition accounted for as a business combination and consideration allocated primarily to working capital balances. The acquisition is aligned with our strategy to expand beyond the beer aisle.

On April 1, 2026, we acquired Atomic Brands, Inc., the maker of Monaco Cocktails ("Monaco") for a purchase price of $275 million (subject to adjustment for net working capital). Monaco is a pioneering brand in the ready-to-drink ("RTD") cocktail segment known for combining bold flavors and quality with convenient ready-to-drink packaging. The acquisition is aligned with our strategy to expand beyond the beer aisle, especially into RTD cocktails.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, aimed at modernizing the guidance for internal-use software to reflect the different methods of software development. This guidance removes reference to “development stages” and introduces a “probable-to-complete” recognition threshold to determine when to begin capitalizing software costs. This guidance will be effective for us starting with our quarterly report ending March 31, 2028, with prospective, retrospective, or modified transition methods allowed and early adoption permitted. We are currently evaluating the impact of this ASU, including our timing and method of adoption. We expect the guidance to potentially impact the timing of when we begin to capitalize software costs.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, aimed at enhancing transparency in income statement disclosures by requiring entities to disclose additional disaggregated information about significant expenses included in our results of operations. This guidance is effective for us starting with our annual report for the year ending December 31, 2027 and the subsequent interim periods, with prospective or retrospective application allowed and early adoption permitted. We are assessing the impact of this ASU, including the timing and method of adoption, however, we expect the guidance to impact disclosures only and not have a material effect on our financial position or results of operations.

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 material effect on our unaudited condensed consolidated financial statements.

Our consolidated VIEs as of March 31, 2026, were Rocky Mountain Metal Container ("RMMC") and Rocky Mountain Bottle Company ("RMBC"). The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):

			As of
			March 31, 2026												December 31, 2025
			Total Assets						Total Liabilities						Total Assets						Total Liabilities
			(In millions)
RMMC/RMBC			$	221.1					$	20.3					$	232.0					$	18.6

As of March 31, 2026, for RMMC/RMBC, $57.1 million and $99.4 million were recorded in inventories, net and property, plant and equipment, net, respectively, on our unaudited condensed consolidated balance sheets. As of December 31, 2025, for RMMC/RMBC, $53.9 million and $103.8 million were recorded in inventories, net and property, plant and equipment, net, respectively, on our consolidated balance sheets.

We have not provided any financial support to any of our VIEs during the three months ended March 31, 2026, that we were not previously contractually obligated to provide.

Our equity method investments include our ownership interests in Brewers Retail Inc. ("BRI") and Brewers Distributor Ltd. ("BDL"), as well as other immaterial investments. The total balance of our equity method investments was $137.4 million and $135.7 million as of March 31, 2026 and December 31, 2025, respectively. Our equity method investments are all within the Americas segment and are presented within other assets on our unaudited condensed consolidated balance sheets. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable which are presented within accounts payable and other current liabilities and trade receivables, net, respectively, on our unaudited condensed consolidated balance sheets.

Certain BRI and BDL third party debt instruments are guaranteed by the respective shareholders. As a result, we had a guarantee liability of $10.5 million and $11.2 million recorded as of March 31, 2026 and December 31, 2025, respectively, which is presented within accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The offset to the guarantee liability is the respective equity method investment on our 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.

During the first quarter of 2025, Molson Coors Beverage Company made an investment of $88.1 million in Fevertree Drinks plc, a listed entity on the London Stock Exchange (LSE:FEVR). We hold a minority interest in the entity and account for the investment under ASC 321 which requires investments to be measured at fair value with subsequent changes in fair value recognized in net income. As of March 31, 2026 and December 31, 2025, the investment was recorded at a fair value of $109.4 million and $119.8 million, respectively, calculated based on a quoted market price on the London Stock Exchange (Level 1 inputs) in other assets on our unaudited condensed consolidated balance sheets. Changes in fair value are recorded within other non-operating income (expense), net in our unaudited condensed consolidated statements of operations. As a result of changes in fair value, we recorded an unrealized loss of $10.4 million and an unrealized gain of $25.7 million during the three months ended March 31, 2026 and March 31, 2025, respectively.

The changes in the carrying value of goodwill is presented in the table below by segment:

			Americas						EMEA&APAC						Consolidated(1)
			(In millions)
Balance as of December 31, 2025			$	1,944.7					$	—					$	1,944.7
Foreign currency translation, net			(1.2)						—						(1.2)
Balance as of March 31, 2026			$	1,943.5					$	—					$	1,943.5

(1)The accumulated impairment loss for the Americas segment was $5,159.0 million as of March 31, 2026 and December 31, 2025. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.

Due to a partial impairment charge recognized in the third quarter of 2025, the Americas reporting unit continues to be at a heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We are focused on building a portfolio of strong and scalable brands in both beer and beyond beer, which entails prioritizing our investments to strengthen our core and value beer portfolios and to transform our above premium beer and beyond beer portfolios. While progress has been made, continued focus is required to deliver on our objectives. Therefore, the growth targets included in management's forecasted future cash flows are inherently at risk given that the strategies are still in process. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions, market multiples and discount rates that could negatively impact future analyses, including the impacts of cost inflation and tariffs, increases to interest rates and other external industry factors impacting our business.

We determined that there was no triggering event that occurred during the three months ended March 31, 2026 that would indicate the carrying value of the Americas reporting unit was greater than its fair value.

The following table presents details of our intangible assets, other than goodwill, as of March 31, 2026:

			Useful life						Gross						Accumulated amortization						Net
			(Years)						(In millions)
Intangible assets subject to amortization
Brands			10 - 50						$	5,129.8					$	(1,992.3)					$	3,137.5
License agreements and distribution rights			10 - 20						202.8						(131.7)						71.1
Other			5 - 40						85.0						(31.0)						54.0
Intangible assets not subject to amortization
Brands			Indefinite						7,585.1						—						7,585.1
Distribution networks			Indefinite						726.9						—						726.9
Other			Indefinite						307.6						—						307.6
Total									$	14,037.2					$	(2,155.0)					$	11,882.2

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2025:

			Useful life						Gross						Accumulated amortization						Net
			(Years)						(In millions)
Intangible assets subject to amortization
Brands			10 - 50						$	5,186.3					$	(1,957.7)					$	3,228.6
License agreements and distribution rights			10 - 20						204.3						(131.1)						73.2
Other			5 - 40						85.1						(30.5)						54.6
Intangible assets not subject to amortization
Brands			Indefinite						7,590.0						—						7,590.0
Distribution networks			Indefinite						737.1						—						737.1
Other			Indefinite						307.6						—						307.6
Total									$	14,110.4					$	(2,119.3)					$	11,991.1

The decrease in the gross carrying amount of intangible assets from December 31, 2025 to March 31, 2026, was primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies.

Based on foreign exchange rates as of March 31, 2026, the estimated future amortization expense of intangible assets was as follows:

Amortization expense of intangible assets was $51.9 million and $51.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.

The fair value of the Coors brands in the Americas (inclusive of our Coors brand in the U.S. and Coors distribution agreement in Canada), the Miller brand in the U.S. and the Carling brands in the U.K. all exceeded their respective carrying values by over 15% as of the October 1, 2025 annual testing date.

No triggering events were identified during the three months ended March 31, 2026, that would indicate the carrying values of our indefinite-lived or definite-lived intangible assets were greater than their fair values.

Fair value determinations require considerable judgment and are sensitive to changes in facts and circumstances impacting the underlying assumptions. The key underlying assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets were consistent with those discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report and represent Level 3 measurements.

Supplemental balance sheet information related to leases as of March 31, 2026 and December 31, 2025, was as follows:

						As of
						March 31, 2026						December 31, 2025
			Balance Sheet Classification			(In millions)
Operating Leases
Operating lease right-of-use assets			Other assets			$	195.3					$	194.0
Current operating lease liabilities			Accounts payable and other current liabilities			$	54.0					$	52.8
Non-current operating lease liabilities			Other liabilities			159.4						160.1
Total operating lease liabilities						$	213.4					$	212.9
Finance Leases
Finance lease right-of-use assets			Property, plant and equipment, net			$	55.5					$	60.6
Current finance lease liabilities			Current portion of long-term debt and short-term borrowings			$	8.7					$	10.7
Non-current finance lease liabilities			Long-term debt			52.3						54.0
Total finance lease liabilities						$	61.0					$	64.7

Supplemental cash flow information related to leases for the three months ended March 31, 2026 and March 31, 2025, was as follows:

			Three Months Ended
			March 31, 2026						March 31, 2025
			(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases			$	18.3					$	11.9
Operating cash flows from finance leases			0.9						0.9
Financing cash flows from finance leases			3.7						2.7
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases			18.4						4.3
Finance leases			0.6						3.9

(1)We have upcoming debt maturities in July 2026. We are currently evaluating various alternatives with respect to these maturities, including the potential refinancing of all or a portion of the outstanding debt, which may involve utilizing the remaining capacity on our amended and restated $2.0 billion multi-currency revolving credit facility ($1.8 billion as of April 30, 2026), cash and cash equivalents and/or cash flows from operations. We have not made a decision at this time, and the timing, structure and terms of any such transactions will depend on capital market conditions and other factors at the time of issuance.

(2)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.

As of March 31, 2026, we had $49.4 million in bank overdrafts and $68.3 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $18.9 million. As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million.

In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of March 31, 2026 and December 31, 2025. 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.

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 March 31, 2026 and December 31, 2025, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $5.8 billion and $5.9 billion, respectively. All senior notes are valued based on other significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.

We maintain an amended and restated $2.0 billion multi-currency revolving credit facility with a maturity date of June 26, 2030, that allows us to issue a maximum aggregate amount of $2.0 billion in commercial paper or make other borrowings at any time at variable interest rates. We use this facility from time to time to fund the repayment of debt upon maturity and for working capital or general purposes. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings outstanding as of March 31, 2026 and December 31, 2025.

Subsequent to March 31, 2026, we had commercial paper borrowings that resulted in commercial paper outstanding of approximately $0.2 billion as of April 30, 2026. As such, we had approximately $1.8 billion available to draw on our amended and restated $2.0 billion multi-currency revolving credit facility.

Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.

Under the amended and restated $2.0 billion multi-currency revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the amended and restated multi-currency revolving credit facility agreement) of 4.00x, measured as of the last day of each fiscal quarter through maturity of the credit facility. As of March 31, 2026, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All our outstanding senior notes as of March 31, 2026, rank pari-passu.

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 three months ended March 31, 2026. As noted in Part II.—Item 8. Financial Statements, Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report, due to the nature of our counterparty agreements and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Our significant types of derivatives and hedge positions have not changed materially since December 31, 2025.

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 (liabilities) that were measured at fair value as of March 31, 2026 and December 31, 2025. The fair value for all derivative contracts as of March 31, 2026 and December 31, 2025 were valued using significant other observable inputs, which are Level 2 inputs.

			As of
			March 31, 2026						December 31, 2025
			(In millions)
Forward starting interest rate swaps			$	86.9					$	83.7
Foreign currency forwards			2.4						0.4
Commodity swaps and options			151.6						52.1
Total			$	240.9					$	136.2

As of March 31, 2026 and December 31, 2025, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three months ended March 31, 2026, were all included in Level 2.

The tables below include the results of our derivative activity on our unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 and our unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 and March 31, 2025.

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

			As of March 31, 2026
									Asset derivatives												Liability derivatives
			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 current assets						$	86.9					Accounts payable and other current liabilities						$	—
Foreign currency forwards			$	123.9					Other current assets						2.0						Accounts payable and other current liabilities						—
									Other non-current assets						0.4						Other liabilities						—
Total derivatives designated as hedging instruments															$	89.3											$	—
Derivatives not designated as hedging instruments
Commodity swaps(1)			$	672.2					Other current assets						$	131.9					Accounts payable and other current liabilities						$	(4.5)
									Other non-current assets						6.9						Other liabilities						(2.8)
Commodity options(1)			$	216.7					Other current assets						20.2						Accounts payable and other current liabilities						(0.1)
Total derivatives not designated as hedging instruments															$	159.0											$	(7.4)

			As of December 31, 2025
									Asset derivatives												Liability derivatives
			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 current assets						$	83.7					Accounts payable and other current liabilities						$	—
Foreign currency forwards			$	104.9					Other current assets						0.9						Accounts payable and other current liabilities						(0.3)
									Other non-current assets						—						Other liabilities						(0.2)
Total derivatives designated as hedging instruments															$	84.6											$	(0.5)
Derivatives not designated as hedging instruments
Commodity swaps(1)			$	442.1					Other current assets						$	55.9					Accounts payable and other current liabilities						$	(6.0)
									Other non-current assets						3.2						Other liabilities						(1.0)
Commodity options(1)			$	21.0					Other current assets						0.1						Accounts payable and other current liabilities						(0.1)
Total derivatives not designated as hedging instruments															$	59.2											$	(7.1)

(1)Notional includes certain 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 (loss) recognized in OCI on derivatives						Location of gain (loss) reclassified from AOCI into income						Amount of gain (loss) recognized from AOCI into income on derivatives
Three Months Ended March 31, 2026
Forward starting interest rate swaps						$	3.2					Interest income (expense), net						$	—
Foreign currency forwards						2.3						Cost of goods sold						0.4
												Other non-operating income (expense), net						(0.1)
Total						$	5.5											$	0.3
Three Months Ended March 31, 2025
Forward starting interest rate swaps						$	(21.1)					Interest income (expense), net						$	(0.9)
Foreign currency forwards						(0.4)						Cost of goods sold						1.8
												Other non-operating income (expense), net						(0.3)
Total						$	(21.5)											$	0.6

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 (loss) recognized in OCI(1)
Three Months Ended March 31, 2026
EUR 800 million 3.8% senior notes due June 2032						$	15.4
Three Months Ended March 31, 2025
EUR 800 million 3.8% senior notes due June 2032						$	(36.8)