v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations
As of
June 30, 2026December 31, 2025
(In millions)
Long-term debt
CAD 500 million 3.44% senior notes due July 2026(1)
$— $364.3 
$2.0 billion 3.0% senior notes due July 2026(2)
2,000.0 2,000.0 
$500 million 4.9% senior notes due July 2031(3)
500.0 — 
EUR 800 million 3.8% senior notes due June 2032
913.8 939.7 
CAD 500 million 4.3% senior notes due July 2033(4)
352.2 — 
$1.0 billion 5.5% senior notes due July 2036(3)
1,000.0 — 
$1.1 billion 5.0% senior notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% senior notes due July 2046
1,800.0 1,800.0 
Finance leases60.4 64.7 
Other5.4 26.1 
Less: unamortized debt discounts and debt issuance costs(50.0)(34.7)
Total long-term debt (including current portion)7,681.8 6,260.1 
Less: current portion of long-term debt(2,009.3)(2,394.7)
Total long-term debt$5,672.5 $3,865.4 
Short-term borrowings(5)
27.8 39.4 
Current portion of long-term debt2,009.3 2,394.7 
Current portion of long-term debt and short-term borrowings$2,037.1 $2,434.1 
(1)On June 18, 2026, we repaid these senior notes set to mature on July 15, 2026 using the cash proceeds from our CAD 500 million senior notes due July 2033 issued on May 27, 2026.
(2)On July 15, 2026, these senior notes were repaid upon maturity using the cash proceeds from both the $500 million senior notes due July 2031 and the $1.0 billion senior notes due July 2036 issued on May 27, 2026, as well as cash on hand.
(3)On May 27, 2026, MCBC issued $500 million 4.9% senior notes that mature on July 8, 2031 ("2031 USD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $497.3 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $3.9 million, and are being amortized over their term.
On May 27, 2026, MCBC issued $1.0 billion 5.5% senior notes that mature on July 8, 2036 ("2036 USD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $991.9 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $10.6 million, and are being amortized over their term.
In 2018, we entered into forward starting interest rate swaps with a notional amount of $1.0 billion and a termination date of July 2026. The swaps had an effective date mirroring the terms of the forecasted debt issuances. Under the agreements, we were required to early terminate these swaps at the time that we expected to issue the related forecasted debt. In conjunction with issuing our 2036 USD senior notes, we settled our forward starting interest rate swaps for a realized gain of $107.5 million which was recorded to AOCI and will be amortized as a benefit to interest expense over the term of the 2036 USD senior notes. See Note 8, "Derivative Instruments and Hedging Activities" for further details.
(4)On May 27, 2026, Molson Coors International LP, a wholly-owned indirect subsidiary of MCBC, issued CAD 500 million 4.3% senior notes that mature on July 8, 2033 ("2033 CAD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $359.4 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $3.2 million, and are being amortized over their term.
(5)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of June 30, 2026, we had $22.8 million in bank overdrafts and $40.8 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $18.0 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 June 30, 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 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, 2026 and December 31, 2025, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $7.3 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.
Revolving Credit Facility and Commercial Paper
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 for working capital or general purposes or to fund the repayment of debt upon maturity. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings outstanding as of June 30, 2026 and December 31, 2025.
Subsequent to June 30, 2026, we had commercial paper borrowings that resulted in commercial paper outstanding of approximately $0.2 billion as of August 6, 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.
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 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 June 30, 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 June 30, 2026, rank pari-passu.