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(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______ .

Title of each class

Trading symbols

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

TAP.A

New York Stock Exchange

Class B Common Stock, $0.01 par value

TAP

New York Stock Exchange

1.25% Senior Notes due 2024

TAP

New York Stock Exchange

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

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,

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

INDEX

												Page
Glossary of Terms and Abbreviations												3
Cautionary Statement												4
PART I. FINANCIAL INFORMATION
Item 1.						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						12
						Note 1, "Basis of Presentation and Summary of Significant Accounting Policies"						12
						Note 2, "New Accounting Pronouncements"						14
						Note 3, "Segment Reporting"						14
						Note 4, "Investments"						16
						Note 5, "Special Items"						17
						Note 6, "Income Tax"						19
						Note 7, "Goodwill and Intangible Assets"						19
						Note 8, "Debt"						23
						Note 9, "Inventories"						25
						Note 10, "Accumulated Other Comprehensive Income (Loss)"						25
						Note 11, "Derivative Instruments and Hedging Activities"						25
						Note 12, "Commitments and Contingencies"						31
						Note 13, "Leases"						34
						Note 14, "Supplemental Guarantor Information"						34
Item 2.						Management's Discussion and Analysis of Financial Condition and Results of Operations						44
Item 3.						Quantitative and Qualitative Disclosures About Market Risk						63
Item 4.						Controls and Procedures						64
PART II. OTHER INFORMATION
Item 1.						Legal Proceedings						64
Item 1A.						Risk Factors						65
Item 2.						Unregistered Sales of Equity Securities and Use of Proceeds						66
Item 3.						Defaults Upon Senior Securities						66
Item 4.						Mine Safety Disclosures						66
Item 5.						Other Information						66
Item 6.						Exhibits						67
Signature												68

AOCI			Accumulated other comprehensive income (loss)
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
HRK			Croatian Kuna
JPY			Japanese Yen
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
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
STRs			Sales-to-retailers
STWs			Sales-to-wholesalers
2017 Tax Act			U.S. Tax Cuts and Jobs Act
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 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 under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," and under the headings "Executive Summary" and "Outlook" therein, with respect to expectations regarding the impact of the coronavirus pandemic on our operations, liquidity, financial condition and financial results, overall volume trends, consumer preferences, pricing trends, industry forces, cost reduction strategies, including our revitalization plan announced in 2019 and the estimated range of related charges and timing of cash charges, anticipated results, expectations for funding future capital expenditures and operations, debt service capabilities, timing and amounts of debt and leverage levels, shipment levels and profitability, market share, and the sufficiency of capital resources. 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," "intend," "goals," "plans," "believes," "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 under the heading "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, 2019. 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.

The market and industry data used in this Quarterly Report on Form 10-Q 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.

MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
Sales			$	3,378.4					$	3,498.0					$	8,946.0					$	9,918.1
Excise taxes			(624.9)						(656.4)						(1,586.3)						(1,824.9)
Net sales			2,753.5						2,841.6						7,359.7						8,093.2
Cost of goods sold			(1,551.0)						(1,685.4)						(4,486.6)						(4,858.2)
Gross profit			1,202.5						1,156.2						2,873.1						3,235.0
Marketing, general and administrative expenses			(634.5)						(690.2)						(1,788.7)						(2,115.1)
Special items, net			(59.7)						(703.3)						(210.6)						(666.4)
Operating income (loss)			508.3						(237.3)						873.8						453.5
Interest income (expense), net			(67.9)						(65.6)						(206.5)						(204.5)
Other pension and postretirement benefits (costs), net			7.6						8.0						22.7						25.0
Other income (expense), net			2.4						(13.7)						3.4						(0.7)
Income (loss) before income taxes			450.4						(308.6)						693.4						273.3
Income tax benefit (expense)			(104.0)						(90.7)						(265.2)						(193.3)
Net income (loss)			346.4						(399.3)						428.2						80.0
Net (income) loss attributable to noncontrolling interests			(3.6)						(3.5)						(7.4)						(2.0)
Net income (loss) attributable to Molson Coors Beverage Company			$	342.8					$	(402.8)					$	420.8					$	78.0
Net income (loss) attributable to Molson Coors Beverage Company per share:
Basic			$	1.58					$	(1.86)					$	1.94					$	0.36
Diluted			$	1.58					$	(1.86)					$	1.94					$	0.36
Weighted-average shares outstanding:
Basic			216.9						216.6						216.8						216.6
Dilutive effect of share-based awards			0.1						—						0.2						0.3
Diluted			217.0						216.6						217.0						216.9
Anti-dilutive securities excluded from the computation of diluted EPS			2.3						1.6						2.3						1.3

See notes to unaudited condensed consolidated financial statements.

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
Net income (loss) including noncontrolling interests			$	346.4					$	(399.3)					$	428.2					$	80.0
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			149.8						(144.8)						(104.0)						(31.2)
Unrealized gain (loss) on derivative instruments			14.5						(55.8)						(114.1)						(123.8)
Reclassification of derivative (gain) loss to income			0.2						0.2						(0.9)						—
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income			(1.5)						(0.8)						(4.7)						(1.9)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)			0.7						0.5						2.2						2.3
Total other comprehensive income (loss), net of tax			163.7						(200.7)						(221.5)						(154.6)
Comprehensive income (loss)			510.1						(600.0)						206.7						(74.6)
Comprehensive (income) loss attributable to noncontrolling interests			(5.1)						(2.5)						(7.1)						(0.9)
Comprehensive income (loss) attributable to Molson Coors Beverage Company			$	505.0					$	(602.5)					$	199.6					$	(75.5)

			As of
			September 30, 2020						December 31, 2019
Assets
Current assets:
Cash and cash equivalents			$	731.3					$	523.4
Accounts receivable, net			694.2						714.8
Other receivables, net			123.1						105.5
Inventories, net			657.7						615.9
Other current assets, net			434.2						224.8
Total current assets			2,640.5						2,184.4
Properties, net			4,180.1						4,546.5
Goodwill			7,624.1						7,631.4
Other intangibles, net			13,410.4						13,656.0
Other assets			820.2						841.5
Total assets			$	28,675.3					$	28,859.8
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities			$	3,068.4					$	2,767.3
Current portion of long-term debt and short-term borrowings			1,242.1						928.2
Total current liabilities			4,310.5						3,695.5
Long-term debt			7,129.5						8,109.5
Pension and postretirement benefits			691.5						716.6
Deferred tax liabilities			2,276.0						2,258.6
Other liabilities			492.2						406.5
Total liabilities			14,899.7						15,186.7
Commitments and contingencies (Note 12)
Molson Coors Beverage Company stockholders' equity
Capital stock:
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)			—						—
Class A common stock, $0.01 par value per share (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively)			—						—
Class B common stock, $0.01 par value per share (authorized: 500.0 shares; issued: 209.8 shares and 205.7 shares, respectively)			2.1						2.1
Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively)			102.3						102.5
Class B exchangeable shares, no par value (issued and outstanding: 11.1 shares and 14.8 shares, respectively)			417.8						557.8
Paid-in capital			6,931.3						6,773.6
Retained earnings			7,914.0						7,617.0
Accumulated other comprehensive income (loss)			(1,383.4)						(1,162.2)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)			(471.4)						(471.4)
Total Molson Coors Beverage Company stockholders' equity			13,512.7						13,419.4
Noncontrolling interests			262.9						253.7
Total equity			13,775.6						13,673.1
Total liabilities and equity			$	28,675.3					$	28,859.8

			Nine Months Ended
			September 30, 2020						September 30, 2019
Cash flows from operating activities:
Net income (loss) including noncontrolling interests			$	428.2					$	80.0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			714.9						641.4
Amortization of debt issuance costs and discounts			6.3						11.2
Share-based compensation			18.0						7.5
(Gain) loss on sale or impairment of properties and other assets, net			39.8						630.6
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net			(25.9)						16.2
Income tax (benefit) expense			265.2						193.3
Income tax (paid) received			(75.7)						(50.3)
Interest expense, excluding interest amortization			202.5						207.0
Interest paid			(236.1)						(249.5)
Change in current assets and liabilities and other			156.0						(199.2)
Net cash provided by (used in) operating activities			1,493.2						1,288.2
Cash flows from investing activities:
Additions to properties			(456.4)						(457.3)
Proceeds from sales of properties and other assets			4.6						101.0
Other			0.5						37.3
Net cash provided by (used in) investing activities			(451.3)						(319.0)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans			4.0						1.5
Dividends paid			(125.3)						(300.9)
Payments on debt and borrowings			(913.5)						(1,575.9)
Proceeds on debt and borrowings			1.5						—
Net proceeds from (payments on) revolving credit facilities and commercial paper			224.6						262.9
Change in overdraft balances and other			(32.6)						(1.2)
Net cash provided by (used in) financing activities			(841.3)						(1,613.6)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents			200.6						(644.4)
Effect of foreign exchange rate changes on cash and cash equivalents			7.3						(3.3)
Balance at beginning of year			523.4						1,057.9
Balance at end of period			$	731.3					$	410.2

									Molson Coors Beverage Company Stockholders' Equity
																																													Accumulated						Common stock
									Common stock												Exchangeable																								other						held in						Non
									issued												shares issued												Paid-in-						Retained						comprehensive						treasury						controlling
			Total						Class A						Class B						Class A						Class B						capital						earnings						income (loss)						Class B						interests
As of June 30, 2019			$	14,145.0					$	—					$	2.1					$	103.0					$	557.9					$	6,783.3					$	8,103.1					$	(1,178.6)					$	(471.4)					$	245.6
Exchange of shares			—						—						—						(0.5)						(0.1)						0.6						—						—						—						—
Amortization of share-based compensation			(11.0)						—						—						—						—						(11.0)						—						—						—						—
Purchase of noncontrolling interest			(0.1)						—						—						—						—						—						—						—						—						(0.1)
Deconsolidation of VIE			(1.5)						—						—						—						—						—						—						—						—						(1.5)
Net income (loss) including noncontrolling interests			(399.3)						—						—						—						—						—						(402.8)						—						—						3.5
Other comprehensive income (loss), net of tax			(200.7)						—						—						—						—						—						—						(199.7)						—						(1.0)
Contributions from noncontrolling interests			3.9						—						—						—						—						—						—						—						—						3.9
Distributions and dividends to noncontrolling interests			(6.3)						—						—						—						—						—						—						—						—						(6.3)
Dividends declared and paid - $0.57 per share			(123.5)						—						—						—						—						—						(123.5)						—						—						—
As of September 30, 2019			$	13,406.5					$	—					$	2.1					$	102.5					$	557.8					$	6,772.9					$	7,576.8					$	(1,378.3)					$	(471.4)					$	244.1

									Molson Coors Beverage Company Stockholders' Equity
																																													Accumulated						Common stock
									Common stock												Exchangeable																								other						held in						Non
									issued												shares issued												Paid-in-						Retained						comprehensive						treasury						controlling
			Total						Class A						Class B						Class A						Class B						capital						earnings						income (loss)						Class B						interests
As of June 30, 2020			$	13,268.0					$	—					$	2.1					$	102.5					$	557.8					$	6,786.3					$	7,571.2					$	(1,545.6)					$	(471.4)					$	265.1
Exchange of shares			—						—						—						(0.2)						(140.0)						140.2						—						—						—						—
Shares issued under equity compensation plan			(1.4)						—						—						—						—						(1.4)						—						—						—						—
Amortization of share-based compensation			6.2						—						—						—						—						6.2						—						—						—						—
Net income (loss) including noncontrolling interests			346.4						—						—						—						—						—						342.8						—						—						3.6
Other comprehensive income (loss), net of tax			163.7						—						—						—						—						—						—						162.2						—						1.5
Distributions and dividends to noncontrolling interests			(7.3)						—						—						—						—						—						—						—						—						(7.3)
As of September 30, 2020			$	13,775.6					$	—					$	2.1					$	102.3					$	417.8					$	6,931.3					$	7,914.0					$	(1,383.4)					$	(471.4)					$	262.9

									Molson Coors Beverage Company Stockholders' Equity
																																													Accumulated						Common stock
									Common stock												Exchangeable																								other						held in						Non
									issued												shares issued												Paid-in-						Retained						comprehensive						treasury						controlling
			Total						Class A						Class B						Class A						Class B						capital						earnings						income (loss)						Class B						interests
As of December 31, 2018			$	13,735.8					$	—					$	2.0					$	103.2					$	557.6					$	6,773.1					$	7,692.9					$	(1,150.0)					$	(471.4)					$	228.4
Exchange of shares			—						—						—						(0.7)						0.2						0.5						—						—						—						—
Shares issued under equity compensation plan			(7.9)						—						0.1						—						—						(8.0)						—						—						—						—
Amortization of share-based compensation			7.3						—						—						—						—						7.3						—						—						—						—
Acquisition of business and purchase of noncontrolling interest			0.6						—						—						—						—						—						—						—						—						0.6
Deconsolidation of VIE			(1.5)						—						—						—						—						—						—						—						—						(1.5)
Net income (loss) including noncontrolling interests			80.0						—						—						—						—						—						78.0						—						—						2.0
Other comprehensive income (loss), net of tax			(154.6)						—						—						—						—						—						—						(153.5)						—						(1.1)
Adoption of lease accounting standard			32.0						—						—						—						—						—						32.0						—						—						—
Reclassification of stranded tax effects			—						—						—						—						—						—						74.8						(74.8)						—						—
Contributions from noncontrolling interests			25.4						—						—						—						—						—						—						—						—						25.4
Distributions and dividends to noncontrolling interests			(9.7)						—						—						—						—						—						—						—						—						(9.7)
Dividends declared and paid - $1.39 per share			(300.9)						—						—						—						—						—						(300.9)						—						—						—
As of September 30, 2019			$	13,406.5					$	—					$	2.1					$	102.5					$	557.8					$	6,772.9					$	7,576.8					$	(1,378.3)					$	(471.4)					$	244.1

									Molson Coors Beverage Company Stockholders' Equity
																																													Accumulated						Common stock
									Common stock												Exchangeable																								other						held in						Non
									issued												shares issued												Paid-in-						Retained						comprehensive						treasury						controlling
			Total						Class A						Class B						Class A						Class B						capital						earnings						income (loss)						Class B						interests
As of December 31, 2019			$	13,673.1					$	—					$	2.1					$	102.5					$	557.8					$	6,773.6					$	7,617.0					$	(1,162.2)					$	(471.4)					$	253.7
Exchange of shares			—						—						—						(0.2)						(140.0)						140.2						—						—						—						—
Shares issued under equity compensation plan			(0.5)						—						—						—						—						(0.5)						—						—						—						—
Amortization of share-based compensation			18.0						—						—						—						—						18.0						—						—						—						—
Purchase of noncontrolling interest			(0.1)						—						—						—						—						—						—						—						—						(0.1)
Net income (loss) including noncontrolling interests			428.2						—						—						—						—						—						420.8						—						—						7.4
Other comprehensive income (loss), net of tax			(221.5)						—						—						—						—						—						—						(221.2)						—						(0.3)
Contributions from noncontrolling interests			14.0						—						—						—						—						—						—						—						—						14.0
Distributions and dividends to noncontrolling interests			(11.8)						—						—						—						—						—						—						—						—						(11.8)
Dividends declared - $0.57 per share			(123.8)						—						—						—						—						—						(123.8)						—						—						—
As of September 30, 2020			$	13,775.6					$	—					$	2.1					$	102.3					$	417.8					$	6,931.3					$	7,914.0					$	(1,383.4)					$	(471.4)					$	262.9

Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly.

Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than the USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and RSD.

The accompanying unaudited condensed consolidated interim 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 interim 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 interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements" as well as the changes to our reportable segments and reporting units as discussed above and in Note 3, "Segment Reporting" and Note 7, "Goodwill and Intangible Assets," respectively.

The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be achieved for the full year.

On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic and recommended containment and mitigation measures. We are actively monitoring the impact of the coronavirus pandemic, which had a material adverse effect on our operations, liquidity, financial condition, and results of operations during the second quarter of 2020 due to the on-premise closures worldwide. While the adverse effects of the coronavirus pandemic continued into the third quarter of 2020 due to on-premise locations only being open at partial capacity and at reduced hours and is expected to have an impact for the rest of 2020 and beyond, we do not currently anticipate the adverse effects to be as material as were observed in the second quarter of 2020. The effects of the pandemic remain highly uncertain especially around the severity and duration of the outbreak and actions by government authorities to contain the pandemic or address its impact, among other things.

Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of September 30, 2020 and December 31, 2019, our allowance for trade receivables was approximately $9 million and $12 million, respectively, and allowance activity was immaterial during the three and nine months ended September 30, 2020.

Further, in response to the coronavirus pandemic, various governmental authorities globally have announced relief programs which among other items, provide temporary deferrals of non-income based tax payments, which have positively impacted our operating cash flows in the first nine months of 2020. These temporary deferrals of over $200 million as of September 30, 2020, are included within accounts payable and other current liabilities on our unaudited condensed consolidated balance sheet.

Finally, we continue to protect and support our liquidity position in response to the global economic uncertainty created by the coronavirus pandemic. During the second quarter, our board of directors suspended our regular quarterly dividends on our Class A and Class B common and exchangeable shares otherwise payable in fiscal year 2020.

For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and Intangible Assets."

On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. As discussed above, in connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have continued to incur charges in the first three quarters of 2020.

We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 5, "Special Items" and Note 7, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan.

Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. See Note 4, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $128.6 million and $126.3 million during the nine months ended September 30, 2020 and September 30, 2019, respectively.

Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 13, "Leases," there was no other significant non-cash activity during the nine months ended September 30, 2020 and September 30, 2019.

We grant stock options, RSUs and PSUs to certain officers and other eligible employees and recognized share-based compensation expense of $6.2 million and $18.0 million during the three and nine months ended September 30, 2020, respectively, and a benefit of $11.1 million and expense of $7.5 million during the three and nine months ended September 30, 2019, respectively. The benefit in share-based compensation expense recognized in the third quarter of 2019 was driven by the reversal of cumulative compensation expense previously recognized for our 2018 and 2017 PSU awards as the achievement of the performance conditions was no longer deemed probable for the respective performance periods.

In June 2016, the FASB issued authoritative guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements.

In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020.

In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020, through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements.

In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements.

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 significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S. segment, Canada segment, Europe segment and International segment. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidates the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly.

We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing related costs such as interest expense and income, foreign

Historical results have been recast to retrospectively reflect these changes in segment reporting.

No single customer accounted for more than 10% of our consolidated sales for the three and nine months ended September 30, 2020 and September 30, 2019. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to North America segment sales to the Europe segment.

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
			(In millions)
North America			$	2,252.3					$	2,274.3					$	6,242.2					$	6,607.5
Europe			504.1						574.0						1,128.8						1,503.8
Inter-segment net sales eliminations			(2.9)						(6.7)						(11.3)						(18.1)
Consolidated net sales			$	2,753.5					$	2,841.6					$	7,359.7					$	8,093.2

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
			(In millions)
North America(1)			$	400.8					$	(287.4)					$	888.5					$	407.0
Europe(2)			40.9						52.9						(46.9)						57.9
Unallocated(3)			8.7						(74.1)						(148.2)						(191.6)
Consolidated income (loss) before income taxes			$	450.4					$	(308.6)					$	693.4					$	273.3

(1)     During the three months ended September 30, 2019, we recorded a goodwill impairment loss in our North America segment of $668.3 million, which was recorded as a special item. See Note 7, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain. Also, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(2)    The decrease during the nine months ended September 30, 2020 was primarily driven by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel in second quarter followed by a reduced consumption after reopening, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020.

(3)    Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $64.4 million and $24.7 million during the three and nine months ended September 30, 2020, respectively, compared to unrealized losses of $14.9 million and $12.0 million during the three and nine months ended September 30, 2019, respectively.

Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion.

			As of
			September 30, 2020						December 31, 2019
			(In millions)
North America			$	23,118.6					$	23,360.2
Europe			5,556.7						5,499.6
Consolidated total assets			$	28,675.3					$	28,859.8

Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of September 30, 2020 or December 31, 2019. We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable.

In the third quarter of 2020, we, in collaboration with D.G. Yuengling & Son, Inc. ("Yuengling"), formed The Yuengling Company LLC ("TYC"), a 50% - 50% joint venture by MCBC and DGY West Holdings, LP that, pursuant to an operating agreement, formed to expand commercialization of Yuengling's brands with operation currently expected to commence in the second half of 2021. TYC will oversee any new market expansion in the U.S. outside Yuengling's current 22-state footprint and New England. We have concluded that TYC is a VIE for which we are not the primary beneficiary and will therefore apply the equity method of accounting. We have an obligation to proportionately fund TYC's operations. Initial funding of TYC is expected to begin in the fourth quarter of 2020 and is expected to be immaterial. Transactions between MCBC and TYC are expected to include billings for product under a supply agreement and fees under a services agreement and will be considered affiliate transactions.

Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss LP ("Truss"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), as well as other immaterial investments.

The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):

			As of
			September 30, 2020												December 31, 2019
			Total Assets						Total Liabilities						Total Assets						Total Liabilities
			(In millions)
RMMC/RMBC			$	220.6					$	17.5					$	207.4					$	17.9
Other			$	86.2					$	16.0					$	65.3					$	20.8

We incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we separately classified these charges (benefits) as special items.

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
			(In millions)
Employee-related charges
Restructuring			$	8.9					$	4.4					$	61.8					$	10.7
Impairments or asset abandonment charges
North America - Asset abandonment(1)			20.6						3.8						110.5						20.7
North America - Impairment losses(2)			—						669.6						7.6						669.6
Europe - Asset abandonment			0.1						0.3						0.6						0.9
Europe - Impairment losses(3)			30.0						12.2						30.0						12.2
Termination fees and other (gains) losses
North America(4)			0.1						—						0.1						(60.8)
Europe(5)			—						13.0						—						13.1
Total Special items, net			$	59.7					$	703.3					$	210.6					$	666.4

(1)    Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery, and such purchase is currently expected to be completed in the fourth quarter of 2020, subject to the satisfaction of certain customary closing conditions. Production at the Irwindale brewery ceased during the third quarter of 2020.

In addition, during the three and nine months ended September 30, 2020 and September 30, 2019 we incurred asset abandonment charges, primarily related to the accelerated depreciation in excess of normal depreciation as a result of the Vancouver brewery closure, which occurred in the third quarter of 2019, and the planned Montreal brewery closure, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 14 million, through the completion of the Montreal brewery closure. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change.

In addition, during the third quarter of 2019, we recorded aggregate impairment losses of $12.2 million related to goodwill and definite-lived intangible assets. See Note 7, "Goodwill and Intangible Assets" for further discussion.

(4)    During the second quarter of 2019, we completed the sale of the Montreal brewery property for $96.2 million and recognized a gain of $61.3 million.

(5)    During the third quarter of 2019, we recorded special charges of $12.4 million resulting from the deconsolidation of the Grolsch joint venture, which were primarily comprised of impairment losses of the associated definite-lived intangible assets.

On October 28, 2019, as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees have been extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees have been asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units, including Europe, the revitalization plan is expected to reduce employment levels, in aggregate, by approximately 600 employees globally.

In connection with these consolidation activities and related organizational and personnel changes, we currently expect to incur certain cash and non-cash restructuring charges related to severance, retention and transition costs, employee relocation, non-cash asset related costs, lease impairment and exit costs in connection with our office lease in Denver, Colorado, and other transition activities currently estimated in the range of approximately $90 million to $120 million in the aggregate, the majority of which will be cash charges that we began recognizing in the fourth quarter of 2019, and will be further recognized through the balance of fiscal years 2020 and 2021. During the three and nine months ended September 30, 2020, we recognized severance and retention charges of $2.8 million and $33.9 million, respectively, and our remaining accrued restructuring balance related to the revitalization plan as of September 30, 2020 was approximately $23 million. Actual severance and retention costs related to this restructuring, which are primarily being recognized ratably over the employees' required future service period, may differ from original estimates based on actual employee turnover levels prior to achieving severance and retention eligibility requirements. Employee relocation charges are recognized in the period incurred and totaled $2.6 million and $9.0 million for the three and nine months ended September 30, 2020, respectively. Additionally, during the second quarter of 2020, we recognized an aggregate impairment loss of $7.6 million related to the closure of the office facility in Denver, Colorado, including our lease right-of use asset, in light of the sublease market outlook as a result of the coronavirus pandemic. Should our ability to obtain future subtenant occupancy for the office location significantly differ from the estimates and assumptions used to determine its fair value, which represent Level 3 measurements, additional impairment losses may be recognized in the future.

Other than those noted above, there were no material changes to our restructuring activities since December 31, 2019, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time.

The accrued restructuring balances as of September 30, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months.

			North America						Europe						Total
			(In millions)
As of December 31, 2019			$	42.6					$	4.5					$	47.1
Charges incurred			58.3						8.3						66.6
Payments made			(60.6)						(10.2)						(70.8)
Changes in estimates			(4.0)						(0.8)						(4.8)
Foreign currency and other adjustments			(0.3)						—						(0.3)
As of September 30, 2020			$	36.0					$	1.8					$	37.8

			North America						Europe						Total
			(In millions)
As of December 31, 2018			$	24.5					$	1.1					$	25.6
Charges incurred and changes in estimates			5.8						4.9						10.7
Payments made			(22.9)						(3.4)						(26.3)
Foreign currency and other adjustments			0.1						(0.1)						—
As of September 30, 2019			$	7.5					$	2.5					$	10.0

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
Effective tax rate			23		%				(29)		%				38		%				71		%

The change in the effective tax rate for the three and nine months ended September 30, 2020 was primarily driven by the impact of the $668.3 million goodwill impairment loss within our North America segment recognized in the third quarter of 2019. Specifically, this impairment loss, which resulted in a pretax loss during the three months ended September 30, 2019 and a significant reduction to our pretax income during the nine months ended September 30, 2019, was nondeductible for income tax purposes, resulting in a negative effective tax rate during the three months ended September 30, 2019, and a significant increase to our effective tax rate during the nine months ended September 30, 2019. Separately, our effective tax rate during the nine months ended September 30, 2020 was impacted by the recognition of approximately $135 million of discrete tax expense in the second quarter of 2020 related to the hybrid regulations enacted in the second quarter of 2020 as further discussed below.

Since 2018, the U.S. Department of Treasury has continued to issue proposed, temporary and final regulations to implement provisions of the 2017 Tax Act. We have continued to monitor these regulations, and on April 7, 2020, the U.S. Department of Treasury enacted final hybrid regulations with full retroactive application to January 1, 2018, with a few exceptions. We have reviewed the final regulations and their impact on our tax positions and financial statements. The final regulations, associated with the taxability of certain interest, impact tax positions we took in 2018 and 2019 and have resulted in additional income tax expense of approximately $135 million, which was recognized upon enactment in the second quarter of 2020. The impact of the finalized regulations could result in cash tax outflows up to this amount in 2021. We continue to analyze the potential cash impacts of the final regulations to minimize any cash outflows.

During the third quarter of 2020, the U.K. government enacted, and royal assent was received, legislation to repeal the previously enacted reduction to the corporate income tax rate that was due to take effect April 1, 2020, that changed the previously anticipated corporate income tax rate from 17% to 19%. As a result, we remeasured our deferred tax liabilities resulting in the recognition of discrete tax expense of approximately $6 million during the three months ended September 30, 2020.

Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate.

			North America						Europe						Consolidated
Changes in Goodwill:			(In millions)
Balance as of December 31, 2019			$	6,146.6					$	1,484.8					$	7,631.4
Foreign currency translation			(5.4)						(1.9)						(7.3)
Balance as of September 30, 2020			$	6,141.2					$	1,482.9					$	7,624.1

The gross amount of goodwill totaled approximately $8.3 billion as of both September 30, 2020 and December 31, 2019. Accumulated impairment losses as of September 30, 2020 and December 31, 2019 totaled $664.5 million and $681.3 million, respectively, all of which was related to our North America segment.

The following table presents details of our intangible assets, other than goodwill, as of September 30, 2020:

			Useful life						Gross						Accumulated amortization						Net
			(Years)						(In millions)
Intangible assets subject to amortization:
Brands			10 - 50						$	5,011.2					$	(1,009.3)					$	4,001.9
License agreements and distribution rights			15 - 20						201.8						(94.1)						107.7
Other			3 - 40						124.4						(49.6)						74.8
Intangible assets not subject to amortization:
Brands			Indefinite						8,158.9						—						8,158.9
Distribution networks			Indefinite						759.5						—						759.5
Other			Indefinite						307.6						—						307.6
Total									$	14,563.4					$	(1,153.0)					$	13,410.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019:

			Useful life						Gross						Accumulated amortization						Net
			(Years)						(In millions)
Intangible assets subject to amortization:
Brands			10 - 50						$	5,036.3					$	(865.1)					$	4,171.2
License agreements and distribution rights			15 - 20						202.0						(90.6)						111.4
Other			3 - 40						124.0						(39.4)						84.6
Intangible assets not subject to amortization:
Brands			Indefinite						8,172.4						—						8,172.4
Distribution networks			Indefinite						778.8						—						778.8
Other			Indefinite						337.6						—						337.6
Total									$	14,651.1					$	(995.1)					$	13,656.0

The changes in the gross carrying amounts of intangible assets from December 31, 2019 to September 30, 2020 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies, and, $30.0 million of other intangibles held for sale reclassified to other current assets, net as discussed in Note 5, "Special Items."

Based on foreign exchange rates as of September 30, 2020, the estimated future amortization expense of intangible assets is as follows:

Fiscal year						Amount
						(In millions)
2020 - remaining						$	54.0
2021						$	215.3
2022						$	209.9
2023						$	208.8
2024						$	208.8

Amortization expense of intangible assets was $55.4 million for both the three months ended September 30, 2020 and September 30, 2019, and $164.9 million and $166.0 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations.

As of the date of completion of our 2019 impairment testing, the operations in each of the specific regions within our historical U.S., Canada, Europe and International segments were considered components based on the availability of discrete financial information and the regular review by segment management. We had further concluded that the components within the U.S., Canada and Europe segments each met the criteria of having similar economic characteristics and therefore we

As discussed in Note 3, "Segment Reporting," effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. These structural changes included leadership re-alignment with a centralized North America leadership team, an integrated North American supply chain network, and centralized marketing and innovations functions including movement to a single brand manager and North America marketing strategy for our major brands. Additionally, as part of our leadership re-alignment, we moved from two separate U.S. and Canada segment managers, to a single North America segment manager, our President and Chief Executive Officer, who reviews discrete financial information only at the consolidated North America segment level. As a result of these changes, we re-evaluated our historical reporting unit conclusions and have consolidated our previously separate U.S. and Canada reporting units into a single North America reporting unit effective January 1, 2020. There were no changes to our existing Europe reporting unit, which was considered to be at risk of future impairment following the completion of our October 1, 2019 annual impairment testing.

We completed an interim impairment assessment for our U.S. and Canada reporting units as of January 1, 2020 immediately prior to the reporting unit change, as well as an impairment assessment of the combined North America reporting unit immediately after the change, and determined that no impairments existed. Additionally, as the changes resulted in the combination of our U.S. and Canada reporting units into a single North America reporting unit, no further reallocation of goodwill was required.

Additionally, as a result of the structural changes discussed above, including the centralization of the brand management and strategy for our Coors brands across North America, we have aggregated our Coors brand indefinite-lived intangible asset in the U.S. and Coors Light distribution agreement indefinite-lived intangible asset in Canada into a single unit of accounting for the purpose of testing for impairment, effective January 1, 2020. We completed an interim impairment assessment for each individual indefinite-lived intangible asset immediately prior to aggregation, and determined that no impairments existed.

We have further evaluated whether the effects of the coronavirus pandemic, and related impacts to the interest rate environment as well as market multiples, required an additional interim impairment assessment as of September 30, 2020. While factors are present that indicate that triggering events may exist, such as the decline in our market capitalization since the pandemic began in March 2020 combined with recent weakened financial performance, current circumstances do not indicate that it is more likely than not that the fair values of our reporting units or indefinite-lived intangible assets have fallen below their carrying values. Therefore, an interim impairment assessment was not performed as of September 30, 2020. However, we believe that the effects of the coronavirus pandemic may, depending on severity and duration, place our North America and Europe reporting units and certain of our indefinite-lived intangible assets at risk of future impairment. We will continue to monitor the length and severity of the impacts of the pandemic to our business, and if the duration is prolonged and the severity of its impacts continues or worsens, this may indicate the need to perform future interim impairment analyses that could result in material impairments.