Paragraphs with nothing like them in last year's 10-K
Quoted exactly
9 paragraphs in Risk Factors of the 10-K filed Feb 18, 2026
with nothing like them in the 10-K filed Feb 18, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Our restructuring activities may not be successful and the estimated costs associated with such activities may be more than expected, and our restructuring activities may adversely impact employee hiring and retention. On October 20, 2025, we announced a corporate restructuring plan, the Americas Restructuring Plan, designed to create a leaner, more agile Americas organization while advancing our ability to reinvest in our business and position us for future growth. The restructuring involved the elimination of salaried positions across our Americas segment during the fourth quarter of 2025. The implementation of this plan may be disruptive to our operations, result in higher than anticipated restructuring charges, including severance and related costs, and otherwise adversely affect our results of operations and financial condition, and may not generate the expected savings or other benefits intended by management. Additional risks associated with the continuing impact of the restructuring activities include employee attrition, the ability to hire new employees in the future, diversion of management attention, and adverse effects on employee morale. In addition, our ability to complete this plan and achieve the anticipated benefits from it within the expected time frame, or at all, is subject to management’s estimates and assumptions and may vary materially from our expectations, including as a result of factors that are beyond our control. If we do not realize the expected benefits of this plan on a timely basis, or at all, our business, results of operations and financial condition could be adversely affected. Furthermore, following completion of this plan, our business may not be more efficient or effective than prior to the implementation of such plan.
As we premiumize and expand our portfolio to address emerging consumer needs, our existing brands could be adversely affected if we do not sufficiently allocate resources to support them. A material adverse impact on our brands' sales could affect how distributors and consumers prioritize our products and could create broader challenges for our route to market and ability to reach consumers. Furthermore, new beer or beyond beer premium products may require unique or higher quality ingredients, which, coupled with a highly competitive marketplace, could negatively impact the profitability and financial return of such new products.
In addition, our Americas segment is exposed to variability in the market price of a regional premium differential (referred to as “Midwest Premium” in the U.S.) charged by industry participants to deliver aluminum from the smelter to the manufacturing facility. This premium differential also fluctuates in relation to several conditions, including based on the supply of and demand for aluminum in a particular region, associated transportation costs and warehouse financing transactions, which limit the amount of physical aluminum available to consumers and increases the price differential as a result. Due to the opaque pricing of Midwest Premium and the limited liquidity of the market, hedging Midwest Premium can be costly. During times of greater volatility in the Midwest Premium, the variability in our cost of goods sold can also increase. For example, in 2025, the Midwest Premium increased, which resulted in an approximate $35 million unfavorable impact on our results for the year ended December 31, 2025. In addition to impacting the price we pay for the raw materials we purchase, changing premium differentials impact our end consumers as we may pass on the increased cost to those consumers in order to maintain our profit margins. To the extent any of the foregoing factors, including fluctuations in Midwest Premium, affect the availability or prices of ingredients or packaging, or our hedging arrangements do not effectively or completely hedge changes in commodity price risks, and we are not able to pass these increased costs along to customers, our business and financial results could be further materially adversely impacted.
Complications in the design or implementation of our expanded and optimized enterprise resource planning ("ERP") system could adversely affect our business and operations. We rely heavily on information systems and technology to manage operations and report results. Beginning in the third quarter of 2025, we initiated a multi-year implementation of a global ERP system intended to replace legacy operating and financial systems with a single global system. This system is being designed to maintain accurate financial records, underpin operational capabilities and provide timely information to senior management. The implementation requires significant personnel and financial resources and may involve delays, cost overruns or other challenges. Disruptions or failures during design or implementation could impair critical processes, including forecasting, manufacturing, procurement, vendor payments, customer ordering and fulfillment, revenue recognition, receivables collection, contractual compliance, and internal controls and financial reporting. If we are unable to execute the implementation as planned, our financial position, operating results and cash flow could be negatively impacted. Furthermore, if the ERP system does not function as intended, the effectiveness of our internal control over financial reporting could be compromised.
Further, as we implement our new ERP system, our exposure to system attacks may be elevated because we will be operating current and new processes in parallel and must simultaneously protect both the new system and legacy systems. Additionally, our implementation of the ERP system involves greater utilization of third-party cloud computing services in connection with our business operations. Problems faced by us or our third-party cloud computing providers, including technological or business-related disruptions, as well as cybersecurity threats, could adversely impact our business, results of operations and financial condition for future periods.
Further, during the third quarter of 2025, as we began updating our long-range plan based on our current year results to date, we identified a triggering event for the Blue Run Spirits asset group in the Americas segment. The results of our recoverability test indicated that the carrying value was in excess of its fair value and a full impairment of the definite-lived intangible brand of $75.3 million was recorded in our consolidated statements of operations during the third quarter of 2025. In addition, during the third quarter of 2025, as we began updating our long-range plan based on current year results to date, we identified a triggering event for the Staropramen family of brands in the EMEA&APAC segment. The results of the recoverability test indicated that the carrying value was in excess of its fair value and a partial impairment loss of $198.6 million was recorded in our consolidated statements of operations during the third quarter of 2025. In conjunction with the impairment review of the Staropramen family of brands, we also reassessed the brand's indefinite-life classification and determined that certain factors supported the reclassification to a definite-lived intangible asset, and therefore we assigned a useful life of 50 years. In addition, during the fourth quarter of 2023, a partial impairment charge of $160.7 million was recorded as a result of our 2023 annual impairment testing of the Staropramen family of brands.
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Our ability to secure the correct quantities of raw and packaging materials on a timely basis depends on our ability to forecast demand for our finished products. Significant variances between forecasted and actual sales could disrupt supplier operations, which in turn could result in certain product shortages and increase the risk of customers switching to competitor brands.
On July 4, 2025, the OBBBA was enacted into law in the U.S. This law included various provisions which permanently extend certain expiring provisions from the Tax Cuts and Jobs Act of 2017. Changes in the OBBBA included the accelerated tax recovery for certain capital investments and research and development expenditures and changes to the business interest expense limitation. The OBBBA did not materially affect our effective tax rate but did result in the reduction of our cash paid for taxes in the second half of 2025.
As of January 1, 2026, all licensed grocery and big-box stores are required as a condition of license to accept and sort empty beverage alcohol containers for recycling. Convenience stores are exempt from any recycling requirement. Any licensed grocery store or big-box store that enters into an alternative arrangement with TBS for the recycling of empty containers can seek a regulatory exemption from the condition of license to accept and sort empty containers. As of January 1, 2026, a number of grocery and big-box chains and independent grocery stores have entered into alternative arrangements with TBS under which TBS will have responsibility for collecting the empty container returns on behalf of those grocery and big-box stores (who will not be obligated once exempted from the condition to accept empty containers). The expansion of the number of retail points of sale relative to the number of return locations could interrupt the flow of returnable-refillable bottles and may impact the quality of the returnable-refillable bottle. While the volume of beer sold in the industry standard returnable-refillable bottle has diminished due to consumer preference for one-way aluminum cans, a disruption to the return rate could result in inefficiencies in our operations.
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
New in the latest 10-Q
14 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like
them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
4. Inventories As of September 30, 2026 December 31, 2025 (In millions) Finished goods $ 338.5 $ 267.0 Work in process 97.7 82.8 Raw materials 224.9 234.6 Packaging materials 186.2 131.5 Inventories, net $ 847.3 $ 715.9
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We perform our annual goodwill impairment assessment as of October 1 each year. In connection with our annual assessment, we update our projected future cash flows based on our annual operating plan and long-range financial forecasts, which are subject to management review and approval. As part of our current annual planning process, we identified revisions to our forecasted future cash flows that resulted in the identification of a goodwill impairment triggering event for our Americas reporting unit. Accordingly, we elected to bypass the optional qualitative assessment and proceed directly to a quantitative goodwill impairment assessment as of October 1, 2026. Given these developments, our Americas reporting unit continues to be at a heightened risk of goodwill impairment.
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As of the date of this filing, our annual quantitative goodwill impairment assessment remains in progress, and we have not yet determined whether a goodwill impairment charge will be required or the amount of any such charge. Any impairment identified as a result of our October 1, 2026 assessment would be recognized in the fourth quarter of 2026.
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During the third quarter of 2025, we identified a triggering event for the Blue Run Spirits asset group in the Americas segment resulting in the full impairment of the definite-lived intangible brand of $ 75.3 million which was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. Also during the third quarter of 2025, we identified a triggering event for the Staropramen family of brands in the EMEA&APAC segment resulting in a partial impairment of $ 198.6 million which was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. Subsequent to the impairment, we reclassified the useful life of the Staropramen family of brands from indefinite to 50 years effective August 31, 2025.
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We continuously monitor the performance of our definite-lived assets for potential triggering events suggesting an impairment review should be performed. Due to a reduction in forecasted cash flows associated with our asset group, Coors Distributing Company ("CDC"), we identified this as a triggering event during the third quarter of 2026 and performed a recoverability test for the long-lived assets at the asset group level but concluded that the recoverability test passed and no impairment was recorded.
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Show the other 9
Our annual indefinite-lived asset impairment analysis as of October 1, 2026 is currently in progress, and we have not yet finalized our results.
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During the third quarter of 2026, certain brand owners sought to terminate their distribution agreements with CDC, our wholly owned distributor in Colorado. In response to this, CDC is pursuing legal actions to enforce its rights under the distribution agreements and applicable law. As of the date of this report, we do not anticipate that this development will have a material impact on our results of operations for the year ended December 31, 2026. We will continue to monitor the status of these legal actions. The outcome of these legal actions remains uncertain.
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Intangible and tangible asset impairments, excluding goodwill(2) - (273.9) - (273.9)
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(2) During the third quarter of 2025, we recognized a partial impairment charge of $ 198.6 million related to the Staropramen family of brands indefinite-lived intangible asset in our EMEA&APAC segment. Also during the third quarter of 2025, we recognized a full impairment charge of $ 75.3 million related to the Blue Run Spirits definite-lived intangible asset in our Americas segment.
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Americas EMEA&APAC Unallocated Inter-segment net sales eliminations Consolidated
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During the third quarter of 2026, certain brand owners sought to terminate their distribution agreements with CDC, our wholly owned distributor in Colorado. In response to this, CDC is pursuing legal actions to enforce its rights under the distribution agreements and applicable law. As of the date of this report, we do not anticipate that this development will have a material impact on our results of operations for the year ended December 31, 2026. The outcome of these legal actions remains uncertain. However, these brands represent an immaterial amount of our Americas' net sales and income (loss) before income taxes for the year ended December 31, 2025 as well as for the nine months ended September 30, 2026.
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During the third quarter of 2025, we recorded a partial goodwill impairment charge of $3,645.7 million to goodwill impairment in the unaudited condensed consolidated statements of operations related to our Americas reporting unit.
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During the third quarter of 2025, we recorded a full impairment charge of $75.3 million related to our Blue Run Spirits definite-lived intangible asset within other operating income (expense), net in the unaudited condensed consolidated statements of operations. See Part I. - Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for further information.
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by our Company and each of our operating subsidiaries. We believe these financing arrangements, along with cash flows from operating activities within the U.S., are sufficient to fund our current cash needs in the U.S.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 18, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q Nov 5, 2026 vs 10-K Feb 18, 2026
In addition to the other information set forth in this report, the factors discussed in Part I. - Item 1A. "Risk Factors" in our Annual Report, which could materially affect our business, financial condition and/or future results, should be carefully considered. There have been no material changes to the risk factors contained in our Annual Report. The risks described in our Annual Report and herein are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows and/or future results.
Read it in the 10-Q at sec.govopen_in_new
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 18, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 18, 2025
midwest premium ×10erp system ×5restructuring activities ×3restructuring plan ×3began updating ×3long-range plan ×3plan based ×3current year ×3identified triggering ×3triggering event ×3current strategy ×3market advertise ×3advertise promote ×3promote sell ×3empty containers ×3represented approximately ×2
Where each one is used
- midwest premium: In addition, our Americas segment is exposed to variability in the market price of a regional premium differential (referred to as “Midwest Premium” in the U.S.) charged by industry participants to deliver aluminum from the smelter to the manufacturing facility. This premium differential also fluctuates in relation...
- erp system: Complications in the design or implementation of our expanded and optimized enterprise resource planning ("ERP") system could adversely affect our business and operations. We rely heavily on information systems and technology to manage operations and report results. Beginning in the third quarter of 2025, we...
- restructuring activities: Our restructuring activities may not be successful and the estimated costs associated with such activities may be more than expected, and our restructuring activities may adversely impact employee hiring and retention. On October 20, 2025, we announced a corporate restructuring plan, the Americas Restructuring...
- restructuring plan: Our restructuring activities may not be successful and the estimated costs associated with such activities may be more than expected, and our restructuring activities may adversely impact employee hiring and retention. On October 20, 2025, we announced a corporate restructuring plan, the Americas Restructuring...
- began updating: We may incur impairments of the carrying value of our goodwill and other intangible assets which could have a material adverse effect on our financial results. In connection with various business combinations, we have historically allocated material amounts of the related purchase prices to goodwill and other...
- long-range plan: We may incur impairments of the carrying value of our goodwill and other intangible assets which could have a material adverse effect on our financial results. In connection with various business combinations, we have historically allocated material amounts of the related purchase prices to goodwill and other...
- plan based: We may incur impairments of the carrying value of our goodwill and other intangible assets which could have a material adverse effect on our financial results. In connection with various business combinations, we have historically allocated material amounts of the related purchase prices to goodwill and other...
- current year: We may incur impairments of the carrying value of our goodwill and other intangible assets which could have a material adverse effect on our financial results. In connection with various business combinations, we have historically allocated material amounts of the related purchase prices to goodwill and other...
The 10-K at sec.govopen_in_new
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
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