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Summarized Financial Information of Obligor Group 

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## Cash Flows and Use of Cash 

Our business generates positive operating cash flow each year, and our debt maturities are of a longer-term nature. However, our liquidity could be impacted significantly by the risk factors described in Part I, Item 1A. Risk Factors. 

## Cash Flows from Operating activities 

Net cash provided by operating activities of approximately $1.7 billion in 2020 decreased by $201.6 million compared to 2019. This decrease was primarily driven by lower net income adjusted 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. 

## Cash Flows from Investing activities 

Net cash used in investing activities of $413.6 million in 2020 decreased by $19.7 million compared to 2019. This decrease was primarily driven by higher proceeds from the sale of breweries (approximately $150 million from the sale of the Irwindale brewery completed in the fourth quarter of 2020 compared with the receipt of $94.2 million of net proceeds from the sale of our Montreal brewery during the second quarter of 2019) and lower capital expenditures, partially offset by the lower cash inflows from other investing activities including proceeds received from the voluntary settlement of our cross currency swaps during the second quarter of 2019. 

