Prior period results have been recast to retrospectively reflect these changes in segment reporting, with no impact to our consolidated prior period results. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Now we are showing what's possible when we execute that plan and its our strategy that will allow us to reach further as we drive toward top-line growth.". In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. ("U.S. GAAP"), we also present constant currency, "underlying COGS per hectoliter" (COGS adjusted for non-GAAP items divided by reported financial volume), "underlying MG&A," "underlying net income," "underlying income per diluted share," "underlying effective tax rate" and "underlying free cash flow" as well as net sales and pre-tax income in constant currency, among others, which are non-GAAP measures and should be viewed as supplements to (not substitutes for) our results of operations presented under U.S. GAAP. Includes estimated keg sales returns and estimated finished goods obsolescence reserves and costs related to the on-premise impacts resulting from the coronavirus pandemic. “This is another significant step in growing our above premium portfolio and becoming a major competitor in the rapidly-growing hard seltzer segment, both key components of our revitalization plan.”. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively. Molson Coors is giving away 175,000 12-packs of its new Coors Seltzer. In Stock; Check All Stores ... sales taxes and/or shipping and insurance costs. Marty Maloney Each can contains 90 calories, is certified gluten free and contains 4.5% alcohol by volume. Notably, working capital has benefited from the deferral of over $200 million in tax payments from various government-sponsored payment deferral programs initiated in response to the coronavirus pandemic, of which we currently anticipate approximately half to be paid in the fourth quarter of 2020 with the remaining amounts to be paid beyond this fiscal year as they become due. MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBCs annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. Preserving America’s rivers has never been easier. Our national champion brands in Europe saw significant volume trend improvement compared to the second quarter due to the phased re-opening, with restrictions, of the on-premise. Underlying EBITDA: increased 2.5% in constant currency due to the same factors as U.S. GAAP pretax income results with the exception of the lower special charges. This represents a reduction in net debt of $874.0 million since December 31, 2019. Underlying COGS per hectoliter: increased 1.5% in constant currency primarily driven by cost inflation and volume deleverage, partially offset by cost savings. Our relationship with Molson Coors Beverage Company allows Topo Chico Hard Seltzer to launch with scale, at an accelerated pace, delivering a product that consumers will love.”. The seltzer comes in variety packs of twelve 12 oz slim cans, and standalone 16 oz and 24 oz single cans of black cherry. These adjustments consist of special items from our U.S. GAAP financial statements as well as other non-core items, such as integration related costs, unrealized mark-to-market gains and losses, and gains and losses on sales of non-operating assets, included in our U.S. GAAP results that warrant adjustment to arrive at non-GAAP results.
Sales-To-Wholesaler to Sales-To-Retail adjustment.
The Company will post this release and related financial statements on its website today. View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005414/en/, Investor Relations Greg Tierney, (414) 931-3303Traci Mangini, (415) 308-0151, https://www.businesswire.com/news/home/20201029005414/en/, Xpeng Motors’ Brian Gu on earnings, company outlook, The top contenders to run Biden's financial agencies, Stocks Drop Amid Virus, Stimulus Angst; Bonds Rise: Markets Wrap, Disney is set to report Q4 earnings, here’s what to expect, Exclusive: Thyssenkrupp could change tack and keep hydrogen champion Uhde - sources. They provide clean drinking water, deliver vast economic value to communities and businesses and support critical fish and wildlife habitat and recreation in every state,” says Todd Reeve, CEO of Bonneville Environmental Foundation and co-creator of Change the Course. According to Change the Course, 80% of America’s largest rivers are experiencing diminished water flow due to forces including drought, reduced snowpack and precipitation, warmer temperatures and increased water use. for information about change the course, visit changethecourse.us. U.S. GAAP cash from operations: net cash provided by operating activities was $1,493.2 million for the nine months ended September 30, 2020 compared to $1,288.2 million in the prior year. Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Beverage Company. The unrealized changes in fair value on our commodity swaps, which are economic hedges, are recorded as cost of goods sold within Unallocated. See Reconciliations to Nearest U.S. GAAP Measures by Line Item table for detailed adjustments. The beverage maker’s 2025 sustainability goals include reducing water use by 22%, and it works with its communities to protect local waterways. Net sales per hectoliter on a brand volume basis declined 5.9% driven by unfavorable channel, brand and geographic mix, particularly from our higher margin U.K. business, which has a more significant exposure to the on-premise channel which re-opened with restrictions in the third quarter of 2020. The decrease in our Underlying effective tax rate was primarily due to lower net discrete tax expenses recognized in the third quarter of 2020 versus the third quarter of 2019. Our reporting segments include: North America, operating in the U.S., Canada and various countries in Latin and South America; and Europe, 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. Generally, the words "believe," "aims," "expect," "intend," "anticipate," "project," "will," "outlook," and similar expressions identify forward-looking statements, which generally are not historic in nature. Net sales per hectoliter on a brand volume basis increased 3.6% driven by favorable brand and package mix in the U.S. as well as net pricing increases in the U.S. and Canada, partially offset by negative brand and channel mix in Canada attributed to the shift of volume from on-premise to off-premise.
Underlying EBITDA: increased 0.5% in constant currency, driven by lower MG&A costs, as described above, and positive pricing in the U.S. and Canada, partially offset by lower financial volume. Molson Coors also recently struck a deal with Coca-Cola to distribute its new Topo Chico Hard Seltzer in the first half of 2021. While the company’s history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle as well.
Additionally during the third quarter of 2020, we recorded other non-core net benefits of $68.5 million primarily driven by changes in our unrealized mark-to-market positions on commodity hedges. Blue Moon LightSky has become the top selling new beer in the U.S. in 2020, per Nielsen.