Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Mar. 30, 2026 |
Jun. 30, 2026 |
Jun. 30, 2026 |
Dec. 31, 2025 |
Jun. 30, 2025 |
|
| Temporary Equity [Line Items] | |||||
| Temporary Equity, Shares Issued | 4,500,000 | 4,500,000 | 0 | ||
| Temporary Equity, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
| Preferred Stock, Convertible, Conversion Price | $ 37.25 | ||||
| Redeemable Convertible Preferred Stock | |||||
| Temporary Equity [Line Items] | |||||
| Temporary Equity, Shares Issued | 4,500,000 | ||||
| Temporary Equity, Par or Stated Value Per Share | $ 0.01 | ||||
| Shares Issued, Price Per Share | $ 1,000 | ||||
| Temporary Equity, Stock Issued During Period, Value, New Issues | $ 4,500 | ||||
| Temporary Equity, Issuance Costs | $ (105) | ||||
| Temporary Equity, Description | VOTING RIGHTSThe holders of the Convertible Preferred Stock are entitled to vote on an as-converted equivalent basis along with holders of our common stock.DIVIDENDS AND DISTRIBUTIONSThe Convertible Preferred Stock ranks senior to our common stock with respect to dividend and distribution on liquidation rights. The Convertible Preferred Stock has a liquidation preference of $1,000 per share. The holders of the Convertible Preferred Stock are entitled to preferred dividends at a rate of 4.75% per annum, subject to increase in certain cases, and to participate in dividends paid to holders of our common stock on an as-converted basis, provided that any such dividends received on an as-converted basis will reduce, on a dollar-for-dollar basis, the next dividend that holders are entitled to receive on the Convertible Preferred Stock. Dividends on the Convertible Preferred Stock will be paid in cash. We may choose to defer payment of all or part of any dividends due on the Convertible Preferred Stock; however, we will accrue additional dividends until paid in cash and we will not be able to declare or pay any dividends on or make repurchases of our common stock, subject to certain conditions. During the second quarter of 2026, we declared and paid preferred dividends of $54 million. We also declared $28 million of common dividends to the Preferred Investors, which were accrued but not yet paid as of June 30, 2026, and will be used to reduce the preferred dividend in the next quarter. Refer to Note 6 for the impacts of the Convertible Preferred Stock on EPS.CONVERSIONThe Convertible Preferred Stock, plus the value of any unpaid dividends, is convertible into shares of our common stock, at our election or, in certain specified circumstances, the election of the Preferred Investors, at an initial conversion price of $37.25 (which will be subject to anti-dilution adjustments, as well as an adjustment in the event that we complete the Separation). Holders may convert up to, in the aggregate, 50% of the Convertible Preferred Stock allocated among such holders and their permitted transferees pro rata at any time, and may convert the remainder following the earliest of the closing of the Separation, the 18-month anniversary of the issuance of the Convertible Preferred Stock, upon foreclosure by a lender under a bona fide loan or other financing arrangement or the 12-month anniversary of any initial public offering of the remaining beverage business if the Separation has not yet occurred. At any time after March 30, 2029, we may require the Convertible Preferred Stock to be converted if the closing price per share of our common stock exceeds 150% of the conversion price then in effect for at least twenty trading days in any period of thirty consecutive trading days.REDEMPTIONWe will have the right, but not the obligation, to redeem the Convertible Preferred Stock anytime on or after March 30, 2033, in cash, at the optional redemption price as defined in the Certificate of Designations. The Convertible Preferred Stock is classified as mezzanine equity in our Condensed Consolidated Balance Sheets as the Convertible Preferred Stock may be redeemable at the option of the shareholders in the event of certain fundamental changes which are not solely within our control. We are not required to adjust the carrying value of the Convertible Preferred Stock to the current redemption value, as such fundamental changes were not probable as of June 30, 2026. | ||||
| Temporary Equity, Liquidation Preference Per Share | $ 1,000 | ||||
| Preferred Stock, Dividend Rate, Percentage | 4.75% | ||||
| Dividends, Preferred Stock | $ 54 | ||||
| Dividends Payable | $ 28 | $ 28 | $ 0 |