v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
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.