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Wiki	Wiki Summary
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operation (mathematics)	In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Shareholders' agreement	A shareholders' agreement (sometimes referred to in the U.S. as a stockholders' agreement) (SHA) is an agreement amongst the shareholders or members of a company. In practical effect, it is analogous to a partnership agreement.
Adverse effect	An adverse effect is an undesired harmful effect resulting from a medication or other intervention, such as surgery. An adverse effect may be termed a "side effect", when judged to be secondary to a main or therapeutic effect.
United Kingdom	The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a sovereign country in Europe, off the north-western coast of the continental mainland. It comprises England, Wales, Scotland, and Northern Ireland.
Politics of the United Kingdom	The United Kingdom is a unitary state with devolution that is governed within the framework of a parliamentary democracy under a constitutional monarchy in which the monarch, currently Queen Elizabeth II, is the head of state while the Prime Minister of the United Kingdom, currently Boris Johnson, is the head of government. Executive power is exercised by the British government, on behalf of and by the consent of the monarch, and the devolved governments of Scotland, Wales and Northern Ireland.
Countries of the United Kingdom	The United Kingdom of Great Britain and Northern Ireland (UK), since 1922, comprises four constituent countries: England, Scotland, and Wales (which collectively make up Great Britain), as well as Northern Ireland (variously described as a country, province or region). The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom.
Religion in the United Kingdom	Religion in the United Kingdom, and in the countries that preceded it, has been dominated for over 1,000 years by various forms of Christianity, replacing Romano-British religions, Celtic and Anglo-Saxon paganism as the primary religion. Religious affiliations of United Kingdom citizens are recorded by regular surveys, the four major ones being the national decennial census, the Labour Force Survey, the British Social Attitudes survey and the European Social Survey.
Demography of the United Kingdom	The current population of the United Kingdom is estimated at over 67.0 million, as of 2020. It is the 21st most populated country in the world and has a population density of 270 people per square kilometre (700 people per square mile), with England having significantly greater density than Wales, Scotland, and Northern Ireland.
Economy of the United Kingdom	The economy of the United Kingdom is a highly developed social market and market-oriented economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), eighth-largest by purchasing power parity (PPP), and twenty fifth-highest by GDP per capita, constituting 3.3% of world GDP.The United Kingdom is one of the most globalised economies, and comprises England, Scotland, Wales and Northern Ireland.
List of British monarchs	There have been 12 British monarchs since the political union of the Kingdom of England and the Kingdom of Scotland on 1 May 1707. England and Scotland had been in personal union since 24 March 1603.
A United Kingdom	A United Kingdom is a 2016 biographical romantic drama film directed by Amma Asante and written by Guy Hibbert, based on the true-life romance between Seretse Khama, heir to the throne of Bechuanaland (later Botswana, of which he became president), and his wife Ruth Williams Khama. David Oyelowo and Rosamund Pike portray Seretse and Ruth, respectively.
Parliament of the United Kingdom	The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It alone possesses legislative supremacy and thereby ultimate power over all other political bodies in the UK and the overseas territories.
Normal distribution	In statistics, a normal distribution (also known as Gaussian, Gauss, or Laplace–Gauss distribution) is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is\n\n \n \n \n f\n (\n x\n )\n =\n \n \n 1\n \n σ\n \n \n 2\n π\n \n \n \n \n \n \n e\n \n −\n \n \n 1\n 2\n \n \n \n \n (\n \n \n \n x\n −\n μ\n \n σ\n \n \n )\n \n \n 2\n \n \n \n \n \n \n {\displaystyle f(x)={\frac {1}{\sigma {\sqrt {2\pi }}}}e^{-{\frac {1}{2}}\left({\frac {x-\mu }{\sigma }}\right)^{2}}}\n The parameter \n \n \n \n μ\n \n \n {\displaystyle \mu }\n is the mean or expectation of the distribution (and also its median and mode), while the parameter \n \n \n \n σ\n \n \n {\displaystyle \sigma }\n is its standard deviation.
Competition	Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Regulation A	In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Regulation (European Union)	A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Radio regulation	Radio regulation refers to the regulation and licensing of radio in international law, by individual governments, and by municipalities.\n\n\n== International regulation ==\nThe International Telecommunication Union (ITU) is a specialized agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies.
Formula One regulations	The numerous Formula One regulations, made and enforced by the FIA and later the FISA, have changed dramatically since the first Formula One World Championship in 1950. This article covers the current state of F1 technical and sporting regulations, as well as the history of the technical regulations since 1950.
Regulation of therapeutic goods	The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
New York Codes, Rules and Regulations	The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules.
Queen's Regulations	The Queen's Regulations (first published in 1731 and known as the King's Regulations when the monarch is a king) is a collection of orders and regulations in force in the Royal Navy, British Army, Royal Air Force, and Commonwealth Realm Forces (where the same person as on the British throne is also their separate head of state), forming guidance for officers of these armed services in all matters of discipline and personal conduct. Originally, a single set of regulations were published in one volume.
Gamma distribution	In probability theory and statistics, the gamma distribution is a two-parameter family of continuous probability distributions. The exponential distribution, Erlang distribution, and chi-square distribution are special cases of the gamma distribution.
Binomial distribution	In probability theory and statistics, the binomial distribution with parameters n and p is the discrete probability distribution of the number of successes in a sequence of n independent experiments, each asking a yes–no question, and each with its own Boolean-valued outcome: success (with probability p) or failure (with probability q = 1 − p). A single success/failure experiment is also called a Bernoulli trial or Bernoulli experiment, and a sequence of outcomes is called a Bernoulli process; for a single trial, i.e., n = 1, the binomial distribution is a Bernoulli distribution.
Beta distribution	In probability theory and statistics, the beta distribution is a family of continuous probability distributions defined on the interval [0, 1] parameterized by two positive shape parameters, denoted by alpha (α) and beta (β), that appear as exponents of the random variable and control the shape of the distribution. The generalization to multiple variables is called a Dirichlet distribution.
Probability distribution	In probability theory and statistics, a probability distribution is the mathematical function that gives the probabilities of occurrence of different possible outcomes for an experiment. It is a mathematical description of a random phenomenon in terms of its sample space and the probabilities of events (subsets of the sample space).For instance, if X is used to denote the outcome of a coin toss ("the experiment"), then the probability distribution of X would take the value 0.5 (1 in 2 or 1/2) for X = heads, and 0.5 for X = tails (assuming that the coin is fair).
Laplace distribution	In probability theory and statistics, the Laplace distribution is a continuous probability distribution named after Pierre-Simon Laplace. It is also sometimes called the double exponential distribution, because it can be thought of as two exponential distributions (with an additional location parameter) spliced together back-to-back, although the term is also sometimes used to refer to the Gumbel distribution.

Risk Factors
MOLSON COORS BREWING CO ITEM 1A Risk Factors The reader should carefully consider the following factors and the other information contained within this document
The most important factors that could influence the achievement of our goals, and cause actual results to differ materially from those expressed in the forward-looking statements, include, but are not limited to, the following: Risks specific to the Molson Merger We may not realize the cost savings and other benefits we currently anticipate due to challenges associated with integrating the operations, technologies, sales and other aspects of the businesses of Molson and Coors
Our success will depend in large part on managementapstas success in integrating the operations, technologies and personnel of Molson and Coors
If we fail to integrate the operations of Molson and Coors or otherwise fail to realize any of the anticipated benefits of the Merger transaction, including the estimated cost savings of approximately dlra175 million annually by the third year following the Merger, our results of operations could be impaired
In addition, the overall integration of the two companies may result in unanticipated operations problems, expenses and liabilities, and diversion of managementapstas attention
If Pentland and the Coors Trust do not agree on a matter submitted to stockholders, generally the matter will not be approved, even if beneficial to the Company or favored by other stockholders
Pentland and the Coors Trust, which together control more than two-thirds of the Companyapstas Class A Common and Exchangeable stock, have voting trust agreements through which they have combined their voting power over the shares of our Class A common stock and the Class A exchangeable shares that they own
However, in the event that these two stockholders do not agree to vote in favor of a matter submitted to a stockholder vote (other than the election of directors), the voting trustees will be required to vote all of the Class A common stock and Class A exchangeable shares deposited in the voting trusts against the matter
There is no other mechanism in the voting trust agreements to resolve 15 _________________________________________________________________ a potential deadlock between these stockholders
Therefore, if either Pentland or the Coors Trust is unwilling to vote in favor of a transaction that is subject to a stockholder vote, we may be unable to complete the transaction even if our board, management or other stockholders believe the transaction is beneficial for Molson Coors
Risks specific to our Discontinued Operations Indemnities provided to the purchaser of 68prca of the Kaiser business in Brazil could result in future cash outflows and income statement charges
On January 13, 2006, we sold a 68prca equity interest in Kaiser to FEMSA for dlra68 million cash, including the assumption by FEMSA of Kaiser-related debt and contingencies
The terms of the agreement require us to indemnify FEMSA for exposures related to certain tax, civil and labor contingencies
The ultimate resolution of these claims is not under our control, and we cannot predict the outcomes of administrative and judicial proceedings that will occur with regard to these claims
It is possible that we will have to make cash outlays to FEMSA with regard to these indemnities
While the fair values of these indemnity obligations will be recorded on our balance sheet in conjunction with the sale, we could incur future income statement charges as facts further develop resulting in changes to our fair value estimates
Risks specific to our Company Our success as an enterprise depends largely on the success of three primary products; the failure or weakening of one or more could materially adversely affect our financial results
Although we currently have 14 products in our US portfolio, Coors Light represented more than 72prca of our US sales volume for 2005
Carling lager is the best-selling brand in the United Kingdom and represented approximately 75prca of CBL sales volume in 2005
The combination of the Molson Canadian and Coors Light brands represented approximately 45prca of our Canada segmentapstas sales volume for the year ended December 25, 2005
Consequently, any material shift in consumer preferences away from these brands would have a disproportionately large adverse impact on our business
We have indebtedness that is substantial in relation to our stockholders &apos equity, which could hinder our ability to adjust to rapid changes in market conditions or to respond to competitive pressures
As of December 25, 2005, we had dlra850 million in debt primarily related to our acquisition of CBL, and dlra1dtta4 billion of debt primarily related to our Merger with Molson
As a result, we must use a substantial portion of our cash flow from operations to pay principal and interest on our debt
If our financial and operating performance is insufficient to generate sufficient cash flow for all of our activities, our operations could be adversely impacted
We rely on a small number of suppliers to obtain the packaging we need to operate our business, of which the loss or inability to obtain materials could negatively affect our ability to produce our products
For our US business, we purchase most of our paperboard and container supplies from a single supplier or a small number of suppliers
Additionally, we are contractually obligated to purchase substantially all our can and bottle needs in the United States from our container joint ventures or from our partners in those ventures, Ball Corporation (RMMC) and Owens-Brockway Glass Container, Inc
Consolidation of the glass bottle industry in North America has reduced local supply alternatives and increased risks of glass bottle supply disruptions
CBL has only a single source for its can supply (Ball)
The inability of any of these suppliers to meet our production requirements without sufficient time to develop an alternative source could have a material adverse effect on our business
Our primary production facilities in Europe and the United States are located at single sites, so we could be more vulnerable than our competitors to transportation disruptions, fuel increases and natural disasters
Our primary production facility in the United States is in Golden, Colorado and in Europe, our primary production facility is located in Burton-on-Trent, England
In both countries, our competitors 16 _________________________________________________________________ have multiple geographically dispersed breweries and packaging facilities
As a result, we must ship our products greater distances than some of our competitors, making us more vulnerable to fluctuations in costs such as fuel, as well as the impact of any localized natural disasters should they occur
The termination of one or more manufacturer/distribution agreements could have a material adverse effect on our business
We manufacture and/or distribute products of other beverage companies, including those of one or more competitors, through various licensing, distribution or other arrangements in Canada and the United Kingdom
The loss of one or more of these arrangements could have a material adverse effect on the results of one or more reporting segments
Because we will continue to face intense global competition, operating results may be negatively impacted
The brewing industry is highly competitive and requires substantial human and capital resources
Competition in our various markets could cause us to reduce prices, increase capital and other expenditures or lose sales volume, any of which could have a material adverse effect on our business and financial results
In addition, in some of our markets, our primary competitors have substantially greater financial, marketing, production and distribution resources than Molson Coors has
In all of the markets where Molson Coors operates, aggressive marketing strategies by our main competitors could adversely affect our financial results
Changes in tax, environmental or other regulations or failure to comply with existing licensing, trade and other regulations could have a material adverse effect on our financial condition
Our business is highly regulated by federal, state, provincial and local laws and regulations in various countries regarding such matters as licensing requirements, trade and pricing practices, labeling, advertising, promotion and marketing practices, relationships with distributors, environmental matters and other matters
Failure to comply with these laws and regulations could result in the loss, revocation or suspension of our licenses, permits or approvals
In addition, changes in tax, environmental or any other laws or regulations could have a material adverse effect on our business, financial condition and results of operations
We are subject to fluctuations in foreign exchange rates, most significantly the British pound and the Canadian dollar
We hold assets and incur liabilities, earn revenues and pay expenses in different currencies, most significantly sales of Coors Light in Canada, and sales of the Carling brand in the United Kingdom
Since our financial statements are presented in US dollars, we must translate our assets, liabilities, income and expenses into US dollars at current exchange rates
Increases and decreases in the value of the US dollar will affect, perhaps adversely, the value of these items in our financial statements, even if their local currency value has not changed
Our operations face significant commodity price change and foreign exchange rate exposure which could materially and adversely affect our operating results
We will use a large volume of agricultural and other raw materials to produce our products, including malt, hops, water and packaging materials
The supply and price of these raw materials can be affected by a number of factors beyond our control, including frosts, droughts and other weather conditions, economic factors affecting growth decisions, plant diseases, theft and market demand
To the extent any of the foregoing factors affect the prices of ingredients or packaging; our results of operations could be materially and adversely impacted
We have active hedging programs to address commodity price and foreign exchange rate changes
However, to the extent we fail to adequately manage the foregoing risks, including if our hedging arrangements do not effectively or completely hedge changes in foreign currency rates or commodity price risks, our results of operations may be adversely impacted
We could be adversely affected by overall declines in the beer market
Industry trends in many global markets indicate increases in consumer preference for wine and spirits, as well as for lower priced, value segment beer brands in some Canada markets, which could result in loss of volume or operating margins
17 _________________________________________________________________ Because of our reliance on a limited number of technical service suppliers, we could experience significant disruption to our business
We rely exclusively on one information technology services provider for our network, help desk, hardware, and software configuration for our US and UK businesses
Additionally, we rely on a single provider in Canada
If the service providers fail and we are unable to find a suitable replacement in a timely manner, we could be unable to properly administer our information technology systems
Due to a high concentration of unionized workers in the United Kingdom and Canada, we could be significantly affected by labor strikes, work stoppages or other employee-related issues
Approximately 29prca of CBLapstas total workforce and approximately 67prca of Molsonapstas total workforce is represented by trade unions
Although we believe relations with our employees are good, more stringent labor laws in the United Kingdom expose us to a greater risk of loss should we experience labor disruptions in that market
Changes to the regulation of the distribution systems for our products could adversely impact our business
The US Supreme Court recently ruled that certain state regulations of interstate wine shipments are unlawful
As a result of this decision, states may alter the three-tier distribution system that has historically applied to the distribution of our products
Although it is too early to tell what, if any, changes states may make as a result of this decision, changes to the three-tier distribution system could have a materially adverse impact on our business
Further, in certain Canadian provinces, our products are distributed through joint venture arrangements that are mandated and regulated by provincial government regulators
If provincial regulation should change, effectively eliminating the distribution channels, the costs to adjust our distribution methods could have a material adverse impact on our business
Risks specific to the US Segment Litigation directed at the alcohol beverage industry may adversely affect our sales volumes, our business and our financial results
Molson Coors and many other brewers and distilled spirits manufacturers have been sued in several courts regarding advertising practices and underage consumption
The suits allege that each defendant intentionally marketed its products to &quote children and other underage consumers &quote
In essence, each suit seeks, on behalf of an undefined class of parents and guardians, an injunction and unspecified money damages
We will vigorously defend these lawsuits and it is not possible at this time to estimate the possible loss or range of loss, if any, in these lawsuits
We are highly dependent on independent distributors in the United States to sell our products, with no assurance that these distributors will effectively sell our products
We sell all of our products in the United States to distributors for resale to retail outlets
Some of our distributors are at a competitive disadvantage because they are smaller than the largest distributors in their markets
Our distributors also sell products that compete with our products
These distributors may give our competitors &apos products higher priority, thereby reducing sales of our products
In addition, the regulatory environment of many states makes it very difficult to change distributors
Consequently, if we are not allowed or are unable to replace unproductive or inefficient distributors, our business, financial position, and results of operation may be adversely affected
Risks specific to the Canada Segment We may be required to provide funding to or exercise control over the entity that owns the entertainment business and the Montreal Canadiens pursuant to the guarantees given to its lenders and the NHL Pursuant to certain guarantees given to the lenders and the NHL in support of the entity that owns the majority of the entertainment business and the Montreal Canadiens professional hockey club (purchased from Molson in 2001), Molson shall provide funding to the entity to meet its obligations to the lenders and the entityapstas operating expenses and Molson shall exercise control over the entity that owns the hockey 18 _________________________________________________________________ club at predetermined conditions, subject to NHL approval, if the entity does not meet its obligations under various agreements
An adverse result in a lawsuit brought by Miller could have an adverse impact on our business
In December 2005, Miller Brewing Company sued the Company and several subsidiaries in a Wisconsin federal court
Miller seeks to invalidate a licensing agreement allowing Molson Canada the sole distribution of Miller products in Canada
Miller claims US and Canadian antitrust violations, and violations of the Agreementapstas confidentiality provisions
Miller also claims that the Agreementapstas purposes have been frustrated as a result of the Molson Coors merger
If Miller were to prevail in this action, it could have an adverse impact on our business
If we are unsuccessful in renegotiating licensing, distribution and related agreements, our business could suffer adverse effects
We manufacture and/or distribute products of other beverage companies in Canada, including those of one or more competitors, through various licensing, distribution or other arrangements
We are currently in negotiations with two of such companies to enter into new agreements
The loss of one or more of these arrangements could adversely impact our business
If regulatory authorities determine that industry understandings regarding the bottle standards are invalid, our business could be adversely impacted
The Canadian Competition Bureau is currently reviewing the validity of industry arrangements regarding industry bottle standards
If the Bureau were to determine that the agreement is anticompetitive, we may be required to use multiple bottle types which could significantly increase our production and other related costs
Risks specific to the Europe Segment Consolidation of pubs and growth in the size of pub chains in the United Kingdom could result in less ability to achieve pricing
The trend toward consolidation of pubs, away from independent pub and club operations, is continuing in the United Kingdom
These larger entities have stronger price negotiating power, which could impact CBLapstas ability to obtain favorable pricing in the on-premise channel (due to spillover effect of reduced negotiating leverage) and could reduce our revenues and profit margins
In addition, these larger customers are beginning to purchase directly more of the products that, in the past, we have provided as part of our factored business
This consolidation could impact us adversely
We depend exclusively on one logistics provider in England, Wales and Scotland for distribution of our CBL products
We are involved in a joint venture with Exel Logistics called Tradeteam
Tradeteam handles all of the physical distribution for CBL in England, Wales and Scotland, except where a different distribution system is requested by a customer
If Tradeteam were unable to continue distribution of our product and we were unable to find a suitable replacement in a timely manner, we could experience significant disruptions in our business that could have an adverse impact on our operations
We are reliant on a single third party as a supplier for kegs in the United Kingdom
We do not own our kegs in the United Kingdom; rather we source our kegs from a logistics provider who is responsible for their ownership, upkeep, and to maintain an adequate stock
If this third party provider were to have a business failure, we may be required to purchase a stock of kegs, the estimated cost of which would be dlra61 million
Sales volumes in the United Kingdom brewing industry have been moving from on-premise locations to off-premise locations, a trend which unfavorably impacts our profitability
We have noted in recent years that beer volume sales in the UK have been shifting from pubs and restaurants (on-premise) to retail stores (off-premise), for the industry in general
Margins on sales to off-premise customers tend to be lower than margins on sales to on-premise customers
A continuation of this trend could adversely impact our profitability