Table of Contents See  "Results of Operations"  below for further analysis of our segment results. Worldwide brand volume (or "brand volume" when discussed by segment) reflects owned brands sold to unrelated external customers within our geographic markets, net of returns and allowances, royalty volume and an adjustment from STWs to STRs calculated consistently with MCBC owned volume. Contract brewing and wholesaler volume is removed from worldwide brand volume as this is non-owned volume for which we do not directly control performance. We believe this definition of worldwide brand volume more closely aligns with how we measure the performance of our owned brands within the markets in which they are sold. Financial volume represents owned brands sold to unrelated external customers within our geographical markets, net of returns and allowances as well as contract brewing, wholesale non-owned brand volume and company-owned distribution volume. Royalty volume consists of our brands produced and sold by third parties under various license and contract-brewing agreements and because this is owned volume, it is included in worldwide brand volume. The adjustment from STWs to STRs provides the closest indication of the performance of our owned brands in relation to market and competitor sales trends, as it reflects sales volume one step closer to the end consumer and generally means sales from our wholesalers or our company to retailers. N/M = Not meaningful 42 For the years ended December 31, 2020 Change December 31, 2019 Change December 31, 2018 (In millions, except percentages) Volume in hectoliters: Financial volume 84.479  (8.9) % 92.722  (4.0) % 96.627  Less: Contract brewing, wholesaler and non-beer volume (6.355) (17.6) % (7.715) (5.7) % (8.182) Add: Royalty volume 3.783  (10.5) % 4.226  4.2  % 4.054  Add: STW to STR adjustment 0.126  N/M (0.287) (19.8) % (0.358) Total worldwide brand volume 82.033  (7.8) % 88.946  (3.5) % 92.141  Worldwide Brand Volume by Segment North America 61.313  (5.1) % 64.640  (3.5) % 67.017  Europe 20.720  (14.8) % 24.306  (3.3) % 25.124  Total 82.033  (7.8) % 88.946  (3.5) % 92.141  Worldwide Brand Volume • In our  Europe  segment, we incurred a loss before income taxes of $1,603.7 million in 2020 compared to income before income taxes of $102.4 million in 2019, primarily due to higher special charges including the above mentioned goodwill impairment loss and lower gross profit as a result of the on-premise impacts of the coronavirus pandemic. • In our North America segment, income before income taxes increased 67.5% to $1,080.5 million in 2020, versus $645.0 million in 2019, driven by lower special charges, lower marketing, general and administrative expenses, and positive pricing, partially offset by impacts from lower financial volume, inflation and higher transportation costs within cost of goods sold. Lower special charges are primarily due to the goodwill impairment charge of $668.3 million in the third quarter of the prior year. • Regional financial highlights: • We generated cash flow from operating activities of approximately $1.7 billion, representing a 10.6% decrease from approximately $1.9 billion in 2019. The decrease in operating cash flow in 2020 compared to 2019 was primarily driven by lower net income after adjusting for non-cash add-backs and higher cash paid for taxes, partially offset by favorable timing of working capital. Notably, working capital benefited from the deferral of approximately $130 million in tax payments from various government-sponsored payment deferral programs initiated in response to the coronavirus pandemic, of which we currently anticipate the majority to be paid in 2021 as these amounts become due. • During 2020, we repaid our $500 million 2.25% notes and CAD $500 million 2.75% notes upon their respective maturities throughout the year as part of our deleveraging commitment.