Table of Contents MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN MILLIONS) For the Years Ended December 31, 2020 December 31, 2019 December 31, 2018 Cash flows from operating activities: Net income (loss) including noncontrolling interests $ (945.7) $ 246.2  $ 1,134.6  Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 922.0  859.0  857.5  Amortization of debt issuance costs and discounts 8.1  13.6  12.7  Share-based compensation 24.2  8.5  42.6  (Gain) loss on sale or impairment of properties and other assets, net 1,553.5  614.7  (8.1) Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net (111.4) 18.9  193.1  Income tax (benefit) expense 301.8  233.7  225.2  Income tax (paid) received (127.0) (57.0) 32.3  Interest expense, excluding interest amortization 266.0  272.4  304.2  Interest paid (271.9) (285.0) (308.7) Change in current assets and liabilities (net of impact of business combinations) and other: Receivables 160.8  38.5  (38.4) Inventories (46.2) (17.7) (10.6) Payables and other current liabilities (50.1) (53.0) 27.6  Other assets and other liabilities 11.6  4.5  (132.7) Net cash provided by operating activities 1,695.7  1,897.3  2,331.3  Cash flows from investing activities: Additions to properties (574.8) (593.8) (651.7) Proceeds from sales of properties and other assets 158.8  115.9  32.5  Other 2.4  44.6  (49.9) Net cash used in investing activities (413.6) (433.3) (669.1) Cash flows from financing activities: Exercise of stock options under equity compensation plans 4.1  1.6  16.0  Dividends paid (125.3) (424.4) (354.2) Payments on debt and borrowings (918.9) (1,586.2) (319.8) Proceeds on debt and borrowings 1.5  3.0  —  Net proceeds from (payments on) revolving credit facilities and commercial paper —  (4.7) (374.3) Other (31.8) 3.7  23.4  Net cash provided by (used in) financing activities (1,070.4) (2,007.0) (1,008.9) Cash and cash equivalents: Net increase (decrease) in cash and cash equivalents 211.7  (543.0) 653.3  Effect of foreign exchange rate changes on cash and cash equivalents 35.0  8.5  (14.0) Balance at beginning of year 523.4  1,057.9  418.6  Balance at end of year $ 770.1  $ 523.4  $ 1,057.9  See notes to consolidated financial statements. See  Note 1, "Basis of Presentation and Summary of Significant Accounting Policies"  for supplementary cash flow data. 78