MOLSON COORS BREWING CO, 10-Q filed on 8/2/2017
Quarterly Report
Document and Entity Information Document
6 Months Ended
Jun. 30, 2017
Jul. 28, 2017
Common Class A [Member]
Jul. 28, 2017
Common Class B [Member]
Jul. 28, 2017
Class A Exchangeable Shares [Member]
Jul. 28, 2017
Class B Exchangeable Shares [Member]
Entity Information [Line Items]
 
 
 
 
 
Entity Registrant Name
MOLSON COORS BREWING CO 
 
 
 
 
Trading Symbol
tap 
 
 
 
 
Entity Central Index Key
0000024545 
 
 
 
 
Document Type
10-Q 
 
 
 
 
Document Period End Date
Jun. 30, 2017 
 
 
 
 
Document Fiscal Year Focus
2017 
 
 
 
 
Document Fiscal Period Focus
Q2 
 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
 
Amendment Flag
false 
 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
 
Entity Common Stock, Shares Outstanding
 
2,560,918 
195,153,420 
2,878,935 
14,724,131 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net income (loss) including noncontrolling interests
$ 328.4 
$ 173.9 
$ 536.2 
$ 337.4 
Other comprehensive income (loss), net of tax:
 
 
 
 
Foreign currency translation adjustments
310.5 
(153.2)
392.1 
113.7 
Unrealized gain (loss) on derivative and non-derivative financial instruments
(68.6)
(6.9)
(77.2)
(26.6)
Reclassification of derivative (gain) loss to income
(0.4)
(0.7)
(0.4)
(3.1)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
6.7 
7.0 
8.3 
14.0 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0.9 
16.6 
2.0 
21.4 
Total other comprehensive income (loss), net of tax
249.1 
(137.2)
324.8 
119.4 
Comprehensive income (loss)
577.5 
36.7 
861.0 
456.8 
Comprehensive (income) loss attributable to noncontrolling interests
(6.3)
(0.4)
(13.2)
(0.8)
Comprehensive income (loss) attributable to Molson Coors Brewing Company
571.2 
36.3 
847.8 
456.0 
Consolidated [Member]
 
 
 
 
Net income (loss) including noncontrolling interests
328.4 
173.9 
536.2 
337.4 
Other comprehensive income (loss), net of tax:
 
 
 
 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
$ 571.2 
$ 36.3 
$ 847.8 
$ 456.0 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Sales Revenue, Goods, Gross
$ 3,793.1 
$ 1,407.0 
$ 6,706.9 
$ 2,357.8 
Excise taxes
(701.8)
(420.8)
(1,166.9)
(714.4)
Net sales
3,091.3 
986.2 
5,540.0 
1,643.4 
Cost of goods sold
(1,756.1)
(562.2)
(3,129.0)
(976.2)
Gross profit
1,335.2 
424.0 
2,411.0 
667.2 
Marketing, general and administrative expenses
(781.2)
(313.6)
(1,484.0)
(564.5)
Special items, net
(16.5)
(34.5)
(20.3)
74.1 
Equity income in MillerCoors
0 
191.9 
0 
334.3 
Operating income (loss)
537.5 
267.8 
906.7 
511.1 
Interest income (expense), net
(89.2)
(40.5)
(185.8)
(87.8)
Other income (expense), net
1.5 
(30.4)
1.9 
(45.7)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
449.8 
196.9 
722.8 
377.6 
Income (loss) from continuing operations before income taxes
449.8 
196.9 
722.8 
377.6 
Income tax benefit (expense)
(123.0)
(21.2)
(187.6)
(37.9)
Net Income (loss) from continuing operations
326.8 
175.7 
535.2 
339.7 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) including noncontrolling interests
328.4 
173.9 
536.2 
337.4 
Net (income) loss attributable to noncontrolling interests
(5.1)
(1.6)
(11.6)
(2.4)
Net income (loss) attributable to Molson Coors Brewing Company
323.3 
172.3 
524.6 
335.0 
Basic net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
From continuing operations (in dollars per share)
$ 1.49 
$ 0.81 
$ 2.43 
$ 1.61 
From discontinued operations (in dollars per share)
$ 0.01 
$ (0.01)
$ 0.01 
$ (0.01)
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.50 
$ 0.80 
$ 2.44 
$ 1.60 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
From continuing operations (in dollars per share)
$ 1.49 
$ 0.81 
$ 2.42 
$ 1.60 
From discontinued operations (in dollars per share)
$ 0.00 
$ (0.01)
$ 0.00 
$ (0.01)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.49 
$ 0.80 
$ 2.42 
$ 1.59 
Weighted average shares - basic (in shares)
215.4 
214.7 
215.3 
209.2 
Weighted average shares - diluted (in shares)
216.4 
216.0 
216.4 
210.5 
Amounts attributable to Molson Coors Brewing Company
 
 
 
 
Net income (loss) from continuing operations
321.7 
174.1 
523.6 
337.3 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) attributable to Molson Coors Brewing Company
$ 323.3 
$ 172.3 
$ 524.6 
$ 335.0 
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 502.9 
$ 560.9 
Accounts receivable, net
962.9 
669.5 
Other receivables, net
113.8 
135.8 
Inventories:
 
 
Total inventories
633.7 
592.7 
Other current assets, net
275.7 
210.7 
Total current assets
2,489.0 
2,169.6 
Properties, net
4,585.2 
4,507.4 
Goodwill
8,391.2 
8,250.1 
Other intangibles, net
14,199.6 
14,031.9 
Other assets
453.6 
382.5 
Total assets
30,118.6 
29,341.5 
Accounts Payable and Other Accrued Liabilities, Current
2,616.6 
2,467.7 
Current liabilities:
 
 
Current portion of long-term debt and short-term borrowings
686.6 
684.8 
Discontinued operations
4.9 
5.0 
Total current liabilities
3,308.1 
3,157.5 
Long-term debt
11,185.1 
11,387.7 
Pension and postretirement benefits
1,124.8 
1,196.0 
Deferred tax liabilities
1,865.2 
1,699.0 
Other liabilities
317.2 
267.0 
Discontinued operations
12.4 
12.6 
Total liabilities
17,812.8 
17,719.8 
Commitments and contingencies (Note 16)
   
   
Capital stock:
 
 
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)
0 
0 
Paid-in capital
6,658.5 
6,635.3 
Retained earnings
6,467.0 
6,119.0 
Accumulated other comprehensive income (loss)
(1,222.3)
(1,545.5)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)
(471.4)
(471.4)
Total Molson Coors Brewing Company stockholders' equity
12,095.9 
11,418.7 
Noncontrolling interests
209.9 
203.0 
Total equity
12,305.8 
11,621.7 
Total liabilities and equity
30,118.6 
29,341.5 
Class A common stock, voting [Member]
 
 
Capital stock:
 
 
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 204.6 shares and 203.7 shares, respectively)
0 
0 
Total equity
0 
0 
Class B common stock, non-voting [Member]
 
 
Capital stock:
 
 
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 204.6 shares and 203.7 shares, respectively)
2.0 
2.0 
Total equity
2.0 
2.0 
Class A Exchangeable Shares [Member]
 
 
Capital stock:
 
 
Exchangeable shares - Class A, no par value (issued and outstanding: 2.9 shares and 2.9 shares, respectively); Class B, no par value (issued and outstanding: 14.7 shares and 15.2 shares, respectively)
107.7 
108.1 
Total equity
107.7 
108.1 
Class B Exchangeable Shares [Member]
 
 
Capital stock:
 
 
Exchangeable shares - Class A, no par value (issued and outstanding: 2.9 shares and 2.9 shares, respectively); Class B, no par value (issued and outstanding: 14.7 shares and 15.2 shares, respectively)
554.4 
571.2 
Total equity
$ 554.4 
$ 571.2 
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) (USD $)
In Millions, except Per Share data, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Preferred Stock, Non-voting, No Par Value
$ 0.01 
$ 0.01 
Preferred Stock, Shares Authorized
25.0 
25.0 
Preferred Stock, Shares Issued
0 
0 
Treasury Stock, Shares
9.5 
9.5 
Common Class A [Member]
 
 
Common Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized
500.0 
500.0 
Common Stock, Shares, Issued
2.6 
2.6 
Common Stock, Shares, Outstanding
2.6 
2.6 
Common Class B [Member]
 
 
Common Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized
500.0 
500.0 
Common Stock, Shares, Issued
204.6 
203.7 
Class A Exchangeable Shares [Member]
 
 
Exchangeable Stock, No Par Value
$ 0 
$ 0 
Exchangeable Stock, Shares Issued
2.9 
2.9 
Exchangeable Stock, Shares Outstanding
2.9 
2.9 
Class B Exchangeable Shares [Member]
 
 
Exchangeable Stock, No Par Value
$ 0 
$ 0 
Exchangeable Stock, Shares Issued
14.7 
15.2 
Exchangeable Stock, Shares Outstanding
14.7 
15.2 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:
 
 
Net income (loss) including noncontrolling interests
$ 536.2 
$ 337.4 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
Depreciation and amortization
396.0 
137.7 
Amortization of debt issuance costs and discounts
11.2 
35.5 
Share-based compensation
31.6 
11.5 
(Gain) loss on sale or impairment of properties and other assets, net
(4.3)
(79.8)
Equity income in MillerCoors
0 
(323.2)
Distributions from MillerCoors
0 
323.2 
Equity in net (income) loss of other unconsolidated affiliates
4.7 
2.4 
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net
(40.5)
(5.2)
Income tax (benefit) expense
187.6 
37.9 
Income tax (paid) received
23.5 
(109.1)
Interest expense, excluding interest amortization
177.6 
95.5 
Interest paid
(175.4)
(95.1)
Pension expense (benefit)
(14.1)
4.0 
Pension Contributions Paid
(72.1)
(10.4)
Change in current assets and liabilities (net of impact of business combinations) and other
(242.5)
(82.2)
(Gain) loss from discontinued operations
(1.0)
2.3 
Net Cash Provided by (Used in) Operating Activities
818.5 
282.4 
Cash flows from investing activities:
 
 
Additions to properties
(354.0)
(121.6)
Proceeds from sales of properties and other assets
46.1 
144.6 
Investment in MillerCoors
0 
(810.6)
Return of capital from MillerCoors
0 
731.1 
Other
6.0 
(4.1)
Net cash provided by (used in) investing activities
(301.9)
(60.6)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
0 
2,525.9 
Exercise of stock options under equity compensation plans
1.1 
5.4 
Dividends paid
(176.6)
(176.5)
Debt issuance costs
(4.6)
(15.0)
Payments on debt and borrowings
(2,201.5)
(17.9)
Proceeds on debt and borrowings
1,536.0 
31.7 
Net proceeds from (payments on) revolving credit facilities and commercial paper
282.0 
2.5 
Change in overdraft balances and other
(29.6)
(17.5)
Net cash provided by (used in) financing activities
(593.2)
2,338.6 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(76.6)
2,560.4 
Effect of foreign exchange rate changes on cash and cash equivalents
18.6 
(1.0)
Balance at beginning of year
560.9 
430.9 
Balance at end of period
$ 502.9 
$ 2,990.3 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (USD $)
In Millions, unless otherwise specified
Total
Class A common stock, voting [Member]
Common Class B [Member]
Exchangeable shares issued, Class A
Exchangeable shares issued, Class B
Retained earnings
AOCI Attributable to Parent [Member]
Common stock held in treasury, Class B
Paid-in capital
Noncontrolling interest
Balance at Dec. 31, 2015
$ 7,063.1 
$ 0 
$ 1.7 
$ 108.2 
$ 603.0 
$ 4,496.0 
$ (1,694.9)
$ (471.4)
$ 4,000.4 
$ 20.1 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
Exchange of shares
0 
 
 
(0.1)
(22.7)
 
 
 
22.8 
 
Shares issued under equity compensation plan
(8.9)
 
 
 
 
 
 
 
(8.9)
 
Amortization of share-based compensation
13.1 
 
 
 
 
 
 
 
13.1 
 
Acquisition of business and purchase of noncontrolling interest
1.2 
 
 
 
 
 
 
 
 
1.2 
Net income (loss) including noncontrolling interests
337.4 
 
 
 
 
335.0 
 
 
 
2.4 
Other comprehensive income (loss), net of tax
119.4 
 
 
 
 
 
121.0 
 
 
(1.6)
Stock Issued During Period, Value, New Issues
2,525.6 
 
0.3 
 
 
 
 
 
2,525.3 
 
Dividends declared and paid
(179.0)
 
 
 
 
(176.5)
 
 
 
(2.5)
Balance at Jun. 30, 2016
9,871.9 
0 
2.0 
108.1 
580.3 
4,654.5 
(1,573.9)
(471.4)
6,552.7 
19.6 
Balance at Dec. 31, 2016
11,621.7 
0 
2.0 
108.1 
571.2 
6,119.0 
(1,545.5)
(471.4)
6,635.3 
203.0 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
Exchange of shares
0 
 
 
(0.4)
(16.8)
 
 
 
17.2 
 
Shares issued under equity compensation plan
(24.7)
 
 
 
 
 
 
 
(24.7)
 
Amortization of share-based compensation
30.7 
 
 
 
 
 
 
 
30.7 
 
Acquisition of business and purchase of noncontrolling interest
1.6 
 
 
 
 
 
 
 
 
1.6 
Net income (loss) including noncontrolling interests
536.2 
 
 
 
 
524.6 
 
 
 
11.6 
Other comprehensive income (loss), net of tax
324.8 
 
 
 
 
 
323.2 
 
 
1.6 
Dividends declared and paid
(184.5)
 
 
 
 
(176.6)
 
 
 
(7.9)
Balance at Jun. 30, 2017
$ 12,305.8 
$ 0 
$ 2.0 
$ 107.7 
$ 554.4 
$ 6,467.0 
$ (1,222.3)
$ (471.4)
$ 6,658.5 
$ 209.9 
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Brewing Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments and Corporate. Our reporting segments include: MillerCoors LLC ("MillerCoors" or U.S. segment), operating in the United States ("U.S."); Molson Coors Canada ("MCC" or Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, the United Kingdom ("U.K.") and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries.
On October 11, 2016, we completed the acquisition of SABMiller plc's ("SABMiller") 58% economic interest and 50% voting interest in MillerCoors and all trademarks, contracts and other assets primarily related to the "Miller International Business", as defined in the purchase agreement, outside of the U.S. and Puerto Rico (the "Acquisition") from Anheuser-Busch InBev SA/NV ("ABI"), and MillerCoors, previously a joint venture between MCBC and SABMiller, became a wholly-owned subsidiary of MCBC. Accordingly, for periods prior to October 11, 2016, our 42% economic ownership interest in MillerCoors was accounted for under the equity method of accounting, and, therefore, its results of operations were reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations, and our 42% share of MillerCoors' net assets was reported as investment in MillerCoors in the unaudited condensed consolidated balance sheets. Beginning October 11, 2016, MillerCoors was fully consolidated and continues to be reported as our U.S. segment. Additionally, our unaudited condensed consolidated balance sheets as of June 30, 2017, and December 31, 2016, include our acquired assets and liabilities, which were recorded at their respective acquisition-date fair values upon completion of the Acquisition. See Note 4, "Acquisition and Investments" for further discussion.
Unless otherwise indicated, information in this report is presented in U.S. dollars ("USD" or "$") and comparisons are to comparable prior periods. Our primary operating currencies, other than USD, include the Canadian Dollar ("CAD"), the British Pound ("GBP"), and our Central European operating currencies such as the Euro ("EUR"), Czech Koruna ("CZK"), Croatian Kuna ("HRK") and Serbian Dinar ("RSD").
The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"). Such unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change in the first half of 2017.
The results of operations for the three and six months ended June 30, 2017, are not necessarily indicative of the results that may be achieved for the full year.
New Accounting Pronouncements
New Accounting Pronouncements
New Accounting Pronouncements
New Accounting Pronouncements Previously Adopted
In March 2016, the Financial Accounting Standards Board ("FASB") issued authoritative guidance intended to simplify and improve several aspects of the accounting for share-based payment transactions. We early adopted this guidance in the third quarter of 2016. The adoption of this guidance impacted our previously reported unaudited condensed consolidated financial statements as follows:
 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions, except per share data)
Unaudited Condensed Consolidated Statement of Operations:
 
 
 
Income tax benefit (expense)
$
(41.8
)
 
$
(37.9
)
Net income (loss) attributable to Molson Coors Brewing Company
$
331.1

 
$
335.0

Basic earnings per share
$
1.58

 
$
1.60

Diluted earnings per share
$
1.58

 
$
1.59

Diluted weighted-average shares outstanding
210.2

 
210.5

 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Statement of Cash Flows:
 
 
 
Net cash provided by (used in) operating activities
$
264.4

 
$
282.4

Net cash provided by (used in) financing activities
$
2,356.6

 
$
2,338.6

 
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Balance Sheet:
 
 
 
Paid-in capital
$
6,556.6

 
$
6,552.7

Retained earnings
$
4,650.6

 
$
4,654.5


New Accounting Pronouncements Recently Adopted
In January 2017, the FASB issued authoritative guidance intended to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the new guidance, the recognition of an impairment charge is calculated based on the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance should be applied on a prospective basis and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We early adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance will impact our goodwill impairment testing on a prospective basis, to the extent that an impairment is identified in Step 1 of our testing procedures.
New Accounting Pronouncements Not Yet Adopted
In March 2017, the FASB issued authoritative guidance intended to improve the consistency, transparency and usefulness of financial information related to defined benefit pension or other postretirement plans. Under the new guidance, an employer must disaggregate the service cost component from the other components of net benefit cost within the income statement. Specifically, the new guidance will require us only to report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period; while the other components of net benefit cost will now be presented in the income statement separately from the service cost component and outside of operating income. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The guidance related to the income statement presentation of service costs and other pension and postretirement benefit costs should be applied retrospectively, while the capitalization of service costs component should be applied prospectively. These changes will impact the presentation of net periodic pension costs and net periodic postretirement benefit costs within our results of operations upon adoption of this guidance.
In February 2016, the FASB issued authoritative guidance intended to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Additionally, this guidance will require disclosures to help investors and other financial statement users to better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The guidance should be applied under a modified retrospective transition approach for leases existing at the beginning of the earliest comparative period presented in the adoption-period financial statements. Any leases that expire before the initial application date will not require any accounting adjustment. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact on our financial position and results of operations upon adoption of this guidance. This guidance will result in our existing operating leases, for certain real estate and equipment, to be recognized on our balance sheet. We will further analyze our lease arrangements as we complete our assessment and implementation of this new guidance.
In May 2014, the FASB issued authoritative guidance related to new accounting requirements for the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services. The guidance also includes enhanced disclosure requirements which are intended to help financial statement users better understand the nature, amount, timing and uncertainty of revenue being recognized. Subsequent to the release of this guidance, the FASB has issued additional updates intended to provide interpretive clarifications and to reduce the cost and complexity of applying the new revenue recognition standard both at transition and on an ongoing basis. The new standard and related amendments are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Upon adoption of the new standard, the use of either a full retrospective or cumulative effect transition method is permitted. We currently anticipate that we will utilize the cumulative effect transition method, however, this expectation may change following the completion of our evaluation of the impact of this guidance on our financial statements.
We are currently in the process of evaluating the impact this new guidance will have on our financial statements and to our revenue recognition policies, controls and procedures. Based on the work completed to-date and our evaluation of the five-step approach outlined within the guidance, we do not believe that the new guidance will have a significant impact to our core revenue generating activities. However, we currently anticipate that the new standard may impact the presentation of certain cash payments made to customers, as well as the timing of recognition of certain promotional discounts. Specifically, certain cash payments to customers are currently recorded within marketing, general and administration expenses in the consolidated statements of operations. Upon adoption of the new guidance, we anticipate that many of these cash payments may not meet the specific criteria within the new guidance of providing a “distinct” good or service, and therefore, would be required to be presented as a reduction of revenue. Furthermore, upon adoption of the new guidance, certain of our promotional discounts, which are deemed variable consideration under the new guidance, will be recognized at the time of the related shipment of product, which is earlier than recognized under current guidance. We anticipate that this change in recognition timing will shift financial statement recognition primarily amongst quarters, however, do not anticipate that the full-year impact will be significant to our financial results.
We are continuing to evaluate the potential impact the new guidance will have on our financial statements. We have not fully completed this evaluation and therefore, we may identify further impacts in addition to those identified above. We have begun training related to the implications of the new guidance and commenced implementation efforts for areas of impact identified to-date. As we further complete our evaluation process, we will update our discussion of the anticipated impacts of the new standard as appropriate.
Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated financial statements.
Segment Reporting
Segment Reporting
Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate, which are the basis on which our chief operating decision maker evaluates the performance of the business. Our reporting segments consist of the U.S., Canada, Europe and International. Corporate is not a segment and primarily includes interest, certain other general and administrative costs that are not allocated to any of the operating segments as well as the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Effective January 1, 2017, European markets including Sweden, Spain, Germany, Ukraine and Russia, which were previously reported under our International segment, are reported within our Europe segment. Additionally, effective January 1, 2017, the results of the MillerCoors Puerto Rico business, which were previously reported as part of the U.S. segment, are reported within the International segment. We have not recast historical results for these changes on the basis of immateriality.
No single customer accounted for more than 10% of our consolidated sales for the three and six months ended June 30, 2017, and June 30, 2016, respectively. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) from continuing operations before income taxes eliminate in consolidation.
The following tables present net sales, income (loss) from continuing operations before income taxes and total assets by segment:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
U.S.(1)
$
2,138.9

 
$
—

 
$
3,888.8

 
$
—

Canada
407.6

 
425.9

 
698.7

 
693.9

Europe
524.7

 
522.1

 
906.3

 
880.8

International
65.1

 
39.2

 
126.9

 
70.2

Corporate
0.3

 
0.2

 
0.6

 
0.6

Eliminations(2)
(45.3
)
 
(1.2
)
 
(81.3
)
 
(2.1
)
         Consolidated net sales
$
3,091.3

 
$
986.2

 
$
5,540.0

 
$
1,643.4


(1)
Prior to October 11, 2016, MCBC’s 42% share of MillerCoors' results of operations was reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations. As a result of the Acquisition, beginning October 11, 2016, MillerCoors' results were fully consolidated into MCBC’s consolidated financial statements.
(2)
Eliminations reflect gross inter-segment sales which are eliminated in the consolidated totals.

 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
U.S.(1)
$
484.7

 
$
191.9

 
$
800.3

 
$
334.3

Canada
68.7

 
88.5

 
91.8

 
235.1

Europe(2)
73.3

 
59.0

 
103.9

 
57.8

International
(7.7
)
 
(33.4
)
 
(6.2
)
 
(35.7
)
Corporate
(169.2
)
 
(109.1
)
 
(267.0
)
 
(213.9
)
Consolidated income (loss) from continuing operations before income taxes
$
449.8

 
$
196.9

 
$
722.8

 
$
377.6


(1)
Prior to October 11, 2016, MCBC’s 42% share of MillerCoors' results of operations was reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations. As a result of the Acquisition, beginning October 11, 2016, MillerCoors' results were fully consolidated into MCBC’s consolidated financial statements.
(2)
In the first quarter of 2017, the largest food and retail company in Croatia, Agrokor, announced that it was facing significant financial difficulties that raised doubt about the collectibility of certain of our outstanding receivables with its direct subsidiaries. These subsidiaries are customers of ours within the Europe segment and, therefore, we are closely monitoring the situation. Specifically, Agrokor has entered into active discussions with local regulators, financial institutions and other creditors to stabilize and restructure its business and sustain ongoing operations. Our exposure related to Agrokor, as of June 30, 2017, was approximately $17 million, based on foreign exchange rates as of June 30, 2017. Based on the facts and circumstances known at this time, we recorded a provision for an estimate of uncollectible receivables of approximately $11 million in the first quarter of 2017, and this allowance, in local currency, remains at June 30, 2017. Separately, we released an indirect tax loss contingency, which was initially recorded in the fourth quarter of 2016, for a benefit of approximately $50 million during the first quarter of 2017; see Note 16, "Commitments and Contingencies" for details.
Income (loss) from continuing operations before income taxes includes the impact of special items. Refer to Note 6, "Special Items" for further discussion. Additionally, various costs associated with the Acquisition, including its related financing, were recorded for the three and six months ended June 30, 2017, and June 30, 2016. Refer to Note 4, "Acquisition and Investments" for further details.
 
As of
 
June 30, 2017
 
December 31, 2016(1)
 
(In millions)
U.S.
$
19,936.1

 
$
19,844.7

Canada
4,388.7


4,206.8

Europe
5,191.7


4,673.7

International
317.0


302.8

Corporate
285.1


313.5

Consolidated total assets
$
30,118.6


$
29,341.5


(1)
The allocation of total assets by segment as of December 31, 2016, has been adjusted for a reclassification between Corporate and International to reflect certain assets acquired in the Acquisition that have been subsequently allocated to International for segment reporting.
Acquisition and Investments
Acquisition and Investments
Acquisition and Investments
Acquisition
On October 11, 2016, we completed the Acquisition for $12.0 billion in cash, subject to a downward adjustment as described in the purchase agreement. Prior to the Acquisition, MCBC owned a 50% voting and 42% economic interest in MillerCoors and MillerCoors was accounted for under the equity method of accounting. Following the completion of the Acquisition, MillerCoors, which was previously a joint venture between MCBC and SABMiller, became a wholly-owned subsidiary of MCBC and its results were fully consolidated by MCBC prospectively beginning on October 11, 2016.
We have a downward purchase price adjustment, as described in the purchase agreement, if the unaudited U.S. GAAP earnings before interest, tax, depreciation and amortization ("EBITDA") for the Miller International Business for the twelve months prior to closing is below $70 million. The determination for the amount of the downward purchase price adjustment, if any, is ongoing pursuant to the terms of the purchase agreement.
Under the acquisition method of accounting, MCBC recorded all assets acquired and liabilities assumed at their respective acquisition-date fair values. The excess of total consideration, including the estimated fair value of our previously held equity interest in MillerCoors, over the net identifiable assets acquired and liabilities assumed was recorded as goodwill. The detailed valuation analyses necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed and goodwill recognized have been completed, however, the analyses are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the Acquisition date. Therefore, there may be adjustments to the valuation of our previously held equity interest, as well as to the assigned values of acquired assets and assumed liabilities, including but not limited to brands and other intangible assets and property, plant and equipment that may give rise to increases or decreases in the amounts of depreciation and amortization expense.
During the second quarter of 2017, we recorded an adjustment to our preliminary purchase price allocation primarily related to certain accrued liabilities, resulting in an increase to goodwill of $18.5 million. There were no other changes to our allocated amounts during the first half of 2017. The final determination of the fair values will be completed within the measurement period of up to one year from the Acquisition date as permitted under U.S. GAAP and any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined. The size and complexity of the Acquisition could necessitate the need to use the full one year measurement period to adequately analyze and assess a number of the factors used in establishing the asset and liability fair values. Any potential adjustments made could be material in relation to these preliminary values.
Unaudited Pro Forma Financial Information
The following unaudited pro forma financial information gives effect to the Acquisition and the completed financing as if they were completed on January 1, 2016, the first day of our 2016 fiscal year and the pro forma adjustments are based on items that are factually supportable, are directly attributable to the Acquisition and are expected to have a continuing impact on MCBC's results of operations. The unaudited pro forma financial information has been calculated after applying MCBC’s accounting policies and adjusting the results of MillerCoors to reflect the additional depreciation and amortization that would have been charged assuming the preliminary fair value adjustments to property, plant and equipment and intangible assets had been applied from January 1, 2016, together with the consequential tax effects. Pro forma adjustments have been made to remove non-recurring transaction-related costs included in historical results as well as to reflect the incremental interest expense to be prospectively incurred on the debt and term loans issued to finance the Acquisition, in addition to other pro forma adjustments. See the below table for significant non-recurring costs. Also, see Note 7, "Other Income and Expense" for details related to certain financing-related expenses incurred.
Additionally, the following unaudited pro forma financial information does not reflect the impact of the acquisition of the Miller global brand portfolio and other assets primarily related to the Miller International Business as we are not able to estimate the historical results of operations from this business and have concluded, based on the limited information available to MCBC, that it is insignificant to the overall Acquisition. The preliminary purchase price allocation reflects the estimated value allocated to the Miller global brand portfolio reported within identifiable intangible assets subject to amortization. Based on the limited information regarding such brands received to date, this estimated value allocated to these brands remains subject to change as additional information, reflective of the performance of the brands as of the Acquisition date, becomes available.
The unaudited pro forma financial information below does not reflect the realization of any expected ongoing synergies relating to the integration of MillerCoors. Further, the unaudited pro forma financial information should not be considered indicative of the results that would have occurred if the Acquisition and related financing had been consummated on January 1, 2016, nor are they indicative of future results.     
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions)
Net sales
$
3,109.2

 
$
5,570.6

Net income from continuing operations attributable to MCBC
$
309.3

 
$
566.7

Net income attributable to MCBC
$
307.5

 
$
564.4

Net income from continuing operations attributable to MCBC per share:
 
 
 
Basic
$
1.44

 
$
2.64

Diluted
$
1.43

 
$
2.62

For the three and six months ended June 30, 2016, the following non-recurring charges (benefits) directly attributable to the Acquisition were made as adjustments to our pro forma results to remove the impact from our historical operating results within the below noted line items.
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2016
 
 
(In millions)
 
Non-recurring charges (benefits)
 
 
 
Location
Other transaction-related costs
$
19.6

 
$
34.5

Marketing, general and administrative expenses
Bridge loan - amortization of financing costs
$
20.2

 
$
38.6

Other income (expense)
Foreign currency forwards and transactional foreign currency loss
$
11.6

 
$
11.6

Other income (expense)
Term loan - commitment fee
$
1.3

 
$
2.5

Interest expense, net
Swaption - unrealized loss
$
15.3

 
$
36.4

Interest expense, net
Interest income earned on money market and fixed rate deposit accounts
$
(3.9
)
 
$
(6.4
)
Interest income, net

MillerCoors Pre-Acquisition Financial Information
Summarized financial information for MillerCoors for the periods prior to the Acquisition under the equity method of accounting are as follows:
Results of Operations
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions)
Net sales
$
2,126.7

 
$
3,942.8

Cost of goods sold
(1,174.5
)
 
(2,207.5
)
Gross profit
$
952.2

 
$
1,735.3

Operating income(1)
$
435.7

 
$
772.2

Net income attributable to MillerCoors(1)
$
429.5

 
$
764.8

(1)
Results include special charges related to the closure of the Eden, North Carolina, brewery of $39.4 million and $76.3 million for the three and six months ended June 30, 2016, respectively, including $33.0 million and $68.9 million of accelerated depreciation in excess of normal depreciation associated with the brewery and $6.4 million and $7.4 million of other charges, respectively.
The following represents our proportionate share in net income attributable to MillerCoors reported under the equity method of accounting prior to the Acquisition:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions, except percentages)
Net income attributable to MillerCoors
$
429.5

 
$
764.8

MCBC's economic interest
42
%
 
42
%
MCBC's proportionate share of MillerCoors' net income
180.4

 
321.2

Amortization of the difference between MCBC's contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors
1.1

 
2.2

Share-based compensation adjustment(1)
(0.7
)
 
(0.2
)
U.S. import tax benefit(2)
11.1

 
11.1

Equity income in MillerCoors
$
191.9

 
$
334.3


(1)
The net adjustment is to eliminate all share-based compensation impacts related to pre-existing SABMiller equity awards held by former Miller Brewing Company employees employed by MillerCoors, as well as to add back all share-based compensation impacts related to pre-existing MCBC equity awards held by former MCBC employees who transferred to MillerCoors.
(2)
Represents a benefit associated with an anticipated refund to Coors Brewing Company ("CBC"), a wholly-owned subsidiary of MCBC, of U.S. federal excise tax paid on products imported by CBC based on qualifying volumes exported by CBC from the U.S.
The following table summarizes our transactions with MillerCoors prior to the Acquisition when it was accounted for under the equity method of accounting:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(In millions)
Beer sales to MillerCoors
$
2.6

 
$
4.6

Beer purchases from MillerCoors
$
12.2

 
$
22.1

Service agreement costs and other charges to MillerCoors
$
0.6

 
$
1.3

Service agreement costs and other charges from MillerCoors
$
0.1

 
$
0.2


Investments
Our investments include both equity method and consolidated investments. Those entities identified as variable interest entities ("VIEs") have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, consolidate these entities. None of our consolidated VIEs held debt as of June 30, 2017, or December 31, 2016. We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable.
Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. As of June 30, 2017, and December 31, 2016, our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K.") and Grolsch U.K. Ltd. ("Grolsch"), Rocky Mountain Metal Container ("RMMC") and Rocky Mountain Bottle Company ("RMBC"). RMMC and RMBC were previously consolidated VIEs of MillerCoors and as a result of the Acquisition, are now MCBC consolidated VIEs. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL").
Both BRI and BDL have outstanding third party debt which is guaranteed by its shareholders. As a result, we have a guarantee liability of $44.8 million and $31.7 million recorded as of June 30, 2017, and December 31, 2016, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity.
Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 
As of
 
June 30, 2017
 
December 31, 2016
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
(In millions)
Grolsch
$
4.7

 
$
0.3

 
$
4.4

 
$
0.5

Cobra U.K.
$
17.5

 
$
0.7

 
$
14.2

 
$
1.1

RMMC
$
77.3

 
$
3.9

 
$
70.2

 
$
3.5

RMBC
$
54.7

 
$
2.0

 
$
53.1

 
$
2.5

Share-Based Payments
Share-Based Payments
Share-Based Payments
We have one share-based compensation plan, the MCBC Incentive Compensation Plan (the "Incentive Compensation Plan"), as of June 30, 2017, and all outstanding awards fall under this plan. During the three and six months ended June 30, 2017, and June 30, 2016, we recognized share-based compensation expense related to the following Class B common stock awards to certain directors, officers and other eligible employees, pursuant to the Incentive Compensation Plan: restricted stock units ("RSUs"), deferred stock units ("DSUs"), performance share units ("PSUs") and stock options. The settlement amount of the PSUs is determined based on market and performance metrics, which include our total shareholder return performance relative to the S&P 500 and specified internal performance metrics designed to drive greater shareholder return. PSU compensation expense is based on a fair value assigned to the market metric using a Monte Carlo model upon grant, which remains constant throughout the vesting period of three years and a performance multiplier, which will vary due to changing estimates of the performance metric condition.
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Pretax compensation expense
$
16.1

 
$
6.4

 
$
31.6

 
$
13.1

Tax benefit
(5.5
)
 
(1.9
)
 
(10.8
)
 
(3.8
)
After-tax compensation expense
$
10.6

 
$
4.5

 
$
20.8

 
$
9.3

The increase in expense in the first half of 2017 was primarily driven by the issuance of replacement awards to MillerCoors employees in connection with the completion of the Acquisition, as well as accelerated expense related to certain awards during the first quarter of 2017.
As of June 30, 2017, there was $92.2 million of total unrecognized compensation expense from all share-based compensation arrangements granted under the Incentive Compensation Plan, related to unvested awards. This total compensation expense is expected to be recognized over a weighted-average period of 1.9 years.

 
RSUs and DSUs
 
PSUs
 
Units
 
Weighted-average
grant date fair value
per unit
 
Units
 
Weighted-average
grant date fair value
per unit
 
(In millions, except per unit amounts)
Non-vested as of December 31, 2016
0.8

 
$87.01
 
0.5

 
$81.67
Granted
0.3

 
$92.15
 
0.2

 
$97.13
Vested
(0.3
)
 
$77.43
 
(0.2
)
 
$57.34
Converted(1)
0.3

 
$106.17
 
(0.1
)
 
$106.17
Forfeited
—

 
$—
 
—

 
$—
Non-vested as of June 30, 2017
1.1

 
$95.53
 
0.4

 
$89.46
(1)
During the three months ended March 31, 2017, the MillerCoors 2016 PSU replacement awards were converted to RSUs under the Incentive Compensation Plan based on the achievement of the performance metric during the one year performance period ended December 31, 2016. These awards cliff vest at the end of a three year service period in the first quarter of 2019.
The weighted-average fair value per unit for the non-vested PSUs is $111.50 as of June 30, 2017.
 
Stock options and SOSARS
 
Awards
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining contractual life
(years)
 
Aggregate
intrinsic value
 
(In millions, except per share amounts and years)
Outstanding as of December 31, 2016
1.5
 
$59.79
 
5.4
 
$
58.2

Granted
0.2
 
$96.77
 
 
 
 
Exercised
(0.1)
 
$55.71
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of June 30, 2017
1.6
 
$63.89
 
5.5
 
$
38.0

Expected to vest at June 30, 2017
0.4
 
$89.81
 
8.9
 
$
0.8

Exercisable at June 30, 2017
1.2
 
$56.28
 
4.5
 
$
37.2

The total intrinsic values of stock options and SOSARs exercised during the six months ended June 30, 2017, and June 30, 2016, were $5.3 million and $9.9 million, respectively. During the six months ended June 30, 2017, and June 30, 2016, cash received from stock option exercises was $1.1 million and $5.4 million, respectively, and total tax benefits realized, including excess tax benefits, from share-based awards vested or exercised was $19.2 million and $10.9 million, respectively.
The fair value of each option granted in the first half of 2017 and 2016 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
Risk-free interest rate
2.04%
 
1.40%
Dividend yield
1.64%
 
1.81%
Volatility range
22.40%-22.88%
 
23.16%-24.64%
Weighted-average volatility
22.52%
 
23.53%
Expected term (years)
5.1
 
5.2
Weighted-average fair market value
$18.66
 
$16.65
The risk-free interest rates utilized for periods throughout the contractual life of the stock options are based on a zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on a combination of historical and implied volatility of our stock. The expected term of stock options is estimated based upon observations of historical employee option exercise patterns and trends of those employees granted options in the respective year.
The fair value of the market metric for each PSU granted in the first half of 2017 and 2016 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
Risk-free interest rate
1.59%
 
1.04%
Dividend yield
1.64%
 
1.81%
Volatility range
13.71%-80.59%
 
14.10%-77.11%
Weighted-average volatility
24.24%
 
23.68%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$97.13
 
$90.49

The risk-free interest rates utilized for periods throughout the expected term of the PSUs are based on a zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on historical volatility of our stock as well as the stock of our peer firms, as shown within the volatility range above, for a period from the grant date consistent with the expected term. The expected term of PSUs is calculated based on the grant date to the end of the performance period.
As of June 30, 2017, there were 4.3 million shares of the Company's Class B common stock available for issuance as awards under the Incentive Compensation Plan.
Special Items
Special Items
Special Items
We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items.
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Employee-related charges
 
 
 
 
 
 
 
Restructuring
$
0.4

 
$
(0.2
)
 
$
1.3

 
$
(1.8
)
Canada - OPEB curtailment gain
—

 
—

 
(2.9
)
 
—

Impairments or asset abandonment charges
 
 
 
 
 
 
 
U.S. - Asset abandonment(1)
12.4

 
—

 
14.4

 
—

Canada - Asset abandonment(2)
1.1

 
1.4

 
2.3

 
2.5

Europe - Asset abandonment(3)
2.6

 
2.5

 
5.2

 
4.8

International - Asset impairment and write-off(4)
—

 
30.8

 
—

 
30.8

Termination fees and other (gains) losses
 
 
 
 
 
 
 
Canada - Gain on sale of asset(2)
—

 
—

 
—

 
(110.4
)
Total Special items, net
$
16.5

 
$
34.5

 
$
20.3

 
$
(74.1
)

(1)
During the third quarter of 2015, MillerCoors announced plans to close its brewery in Eden, North Carolina, in an effort to optimize the brewery footprint and streamline operations for greater efficiencies. Products produced in Eden were transitioned to other breweries in the U.S. supply chain network and the Eden brewery is now closed. For the three and six months ended June 30, 2017, certain costs related to the closure of the brewery were recorded within special items.
(2)
As part of our ongoing strategic review of our Canadian supply chain network, we completed the sale of our Vancouver brewery on March 31, 2016, and we recognized a gain of $110.4 million within special items in the first quarter of 2016, resulting in net cash proceeds received in the second quarter of 2016 of CAD 183.1 million ($140.8 million). In conjunction with the sale of the brewery, we agreed to leaseback the existing property to continue operations on an uninterrupted basis while our new brewery is being constructed. We have evaluated this transaction pursuant to the accounting guidance for sale-leaseback transactions, and concluded that the relevant criteria had been met for full gain recognition. Additionally, during the three and six months ended June 30, 2017, and 2016, we incurred other abandonment charges, consisting primarily of accelerated depreciation charges in excess of normal depreciation, related to the planned closure of the Vancouver brewery, which is currently expected to occur in the third quarter of 2019.
Additionally, in the third quarter of 2017, as a result of the continuation of this strategic review, we announced the plan to build a more efficient and flexible brewery in the greater Montreal area. As a result of this decision, we have begun to develop plans to transition out of our existing Montreal brewery. Accordingly, we will begin to incur accelerated depreciation and other charges associated with the existing brewery closure in the third quarter of 2017. These charges will continue to be incurred on an ongoing basis until completion of the project and will be recorded as special items.
(3)
As a result of our continued strategic review of our European supply chain network, for the three and six months ended June 30, 2017, and 2016, we incurred charges consisting primarily of accelerated depreciation charges in excess of normal depreciation related to the planned closure of our Burton South brewery.
(4)
Based on an interim impairment assessment performed during the second quarter of 2016, which was triggered by the enactment of total alcohol prohibition in the state of Bihar, India, on April 5, 2016, we recorded an impairment loss in the second quarter of 2016.
Restructuring Activities
Beginning in 2016, restructuring initiatives related to the integration of MillerCoors after the completion of the Acquisition were implemented in order to operate a more efficient business and achieve cost saving targets which to-date resulted in reduced employment levels by approximately 70 employees. Severance costs related to these restructuring activities were recorded as special items within our unaudited condensed consolidated statements of operations. As we continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of these initiatives, we may incur additional restructuring related charges in the future, however, we are unable to estimate the amount of charges at this time.
We have continued our ongoing assessment of our supply chain strategies across our segments in order to align with our cost saving objectives. As part of this strategic review, which began in 2014, we have had restructuring activities related to the closure of the Alton and Plovdiv breweries and our current planned closures of the Vancouver and Burton South breweries. As a result, we have reduced employment levels by a total of 404 employees, of which 332 and 72 relate to 2015 and 2014 restructuring programs, respectively. Consequently, we recognized severance and other employee-related charges, which we have recorded as special items within our unaudited condensed consolidated statements of operations. We will continue to evaluate our supply chain network and seek opportunities for further efficiencies and cost savings, and we therefore may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time.
The accrued restructuring balances represent expected future cash payments required to satisfy the remaining severance obligations to terminated employees, the majority of which we expect to be paid in the next 12 to 18 months.
 
U.S.
 
Canada
 
Europe
 
International
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2016
$
5.1

 
$
5.9

 
$
2.8

 
$
0.2

 
$
0.7

 
$
14.7

Charges incurred
0.7

 
(0.1
)
 
—

 
0.6

 
0.1

 
1.3

Payments made
(4.6
)
 
(0.8
)
 
(0.5
)
 
(0.2
)
 
(0.6
)
 
(6.7
)
Foreign currency and other adjustments
—

 
0.1

 
0.1

 
—

 
—

 
0.2

Total at June 30, 2017
$
1.2


$
5.1

 
$
2.4

 
$
0.6

 
$
0.2

 
$
9.5

 
U.S.
 
Canada
 
Europe
 
International
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2015
$
—

 
$
2.3

 
$
5.6

 
$
1.3

 
$
—

 
$
9.2

Payments made
—

 
(0.1
)
 
(0.6
)
 
(1.3
)
 
—

 
(2.0
)
Changes in estimates
—

 
—

 
(1.8
)
 
—

 
—

 
(1.8
)
Foreign currency and other adjustments
—

 
0.1

 
(0.4
)
 
—

 
—

 
(0.3
)
Total at June 30, 2016
$
—


$
2.3

 
$
2.8

 
$
—

 
$
—

 
$
5.1

Other Income and Expense
Other Income and Expense
Other Income and Expense
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Bridge loan commitment fees(1)
$
—

 
$
(20.2
)
 
$
—

 
$
(38.6
)
Gain (loss) from other foreign exchange and derivative activity, net(2)
1.5

 
(10.6
)
 
(6.7
)
 
(6.9
)
Other, net(3)
—

 
0.4

 
8.6

 
(0.2
)
Other income (expense), net
$
1.5

 
$
(30.4
)
 
$
1.9

 
$
(45.7
)

(1)
During the first half of 2016, we recognized amortization of commitment fees and other financing costs incurred in connection with our bridge loan agreement entered into subsequent to the announcement of the Acquisition.
(2)
During the three and six months ended June 30, 2016, we recorded unrealized losses of approximately $11.6 million related to the foreign currency forwards we entered into in the second quarter of 2016, in connection with our July 7, 2016, debt issuance.
(3)
During the first quarter of 2017, we recorded a gain of CAD 10.6 million, or $8.1 million, resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens. The CAD 10.6 million was paid by the Montreal Canadiens, who are a considered an affiliate of MCBC, in the first quarter of 2017.
Income Tax
Income Tax
Income Tax
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Effective tax rate
27
%
 
11
%
 
26
%
 
10
%
Our effective tax rates were lower than the U.S. federal statutory rate of 35% primarily due to lower effective income tax rates applicable to our foreign businesses, driven by lower statutory income tax rates and tax planning impacts on statutory taxable income, as well as the impact of discrete items. The increase in the effective tax rate during the second quarter and first half of 2017 versus 2016, is primarily driven by the inclusion of 100% of MillerCoors' pretax income following the completion of the Acquisition, which is subject to the U.S. federal and state income tax rates, as well as the favorable impacts of tax benefits recognized in the prior year from transaction-related costs resulting from the Acquisition and favorable tax treatment associated with the sale of our Vancouver brewery in the first quarter of 2016. These drivers were further impacted by a reduction of net discrete tax benefits recognized in 2017. Specifically, our total net discrete tax benefit was $1.3 million and $9.7 million in the second quarter and first half of 2017, respectively, versus a $6.5 million and $12.2 million net discrete tax benefit recognized in the second quarter and first half of 2016, respectively. The decrease in net discrete tax benefits in 2017 was driven by discrete tax expense of $13.6 million related to the recognition of a liability for uncertain tax positions established during the second quarter of 2017, which was partially offset by the release of valuation allowances in certain jurisdictions during the second quarter of 2017, as well as an increase in excess tax benefits from share-based compensation in the first half of 2017.
Our tax rate is volatile and may move up or down with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits from share-based compensation, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate.
Earnings per Share ("EPS")
Earnings per Share ("EPS")
Earnings Per Share ("EPS")
Basic EPS was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted EPS includes the additional dilutive effect of our potentially dilutive securities, which include RSUs, DSUs, PSUs, stock options and SOSARs. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method.
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
321.7

 
$
174.1

 
$
523.6

 
$
337.3

Income (loss) from discontinued operations, net of tax
1.6

 
(1.8
)
 
1.0

 
(2.3
)
Net income (loss) attributable to Molson Coors Brewing Company
$
323.3

 
$
172.3

 
$
524.6

 
$
335.0

Weighted-average shares for basic EPS
215.4

 
214.7

 
215.3

 
209.2

Effect of dilutive securities:
 
 
 
 
 
 
 
RSUs, DSUs, and PSUs
0.5

 
0.8

 
0.6

 
0.8

Stock options and SOSARs
0.5

 
0.5

 
0.5

 
0.5

Weighted-average shares for diluted EPS
216.4

 
216.0

 
216.4

 
210.5

Basic net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 

 

From continuing operations
$
1.49

 
$
0.81

 
$
2.43

 
$
1.61

From discontinued operations
0.01

 
(0.01
)
 
0.01

 
(0.01
)
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
1.50

 
$
0.80

 
$
2.44

 
$
1.60

Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 


 
 
From continuing operations
$
1.49

 
$
0.81

 
$
2.42

 
$
1.60

From discontinued operations
—

 
(0.01
)
 
—

 
(0.01
)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
1.49

 
$
0.80

 
$
2.42

 
$
1.59

Dividends declared and paid per share
$
0.41

 
$
0.41

 
$
0.82

 
$
0.82


The sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the period for each reporting period presented. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
RSUs and stock options
0.3

 
0.1

 
0.3

 
0.1


Class B Common Stock Equity Issuance
On February 3, 2016, we completed an underwritten public offering of our Class B common stock to partially fund the Acquisition, which increased the number of Class B common shares issued and outstanding by 29.9 million shares, and received proceeds of $2.5 billion, net of issuance costs.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill and Intangible Assets
 
U.S.
 
Canada
 
Europe
 
International
 
Consolidated
Changes in Goodwill:
 
 
(In millions)
Balance at December 31, 2016
$
6,415.6

 
$
567.6

 
$
1,260.5

 
$
6.4

 
$
8,250.1

Adjustments to preliminary purchase price allocation(1)
18.5

 
—

 
—

 
—

 
18.5

Foreign currency translation
—

 
20.9

 
101.3

 
0.4

 
122.6

Balance at June 30, 2017
$
6,434.1


$
588.5

 
$
1,361.8

 
$
6.8

 
$
8,391.2


(1)
During the second quarter of 2017, we recorded an adjustment to our preliminary purchase price allocation primarily related to certain accrued liabilities associated with the Acquisition. Refer to Note 4, "Acquisition and Investments" for further details.
The following table presents details of our intangible assets, other than goodwill, as of June 30, 2017:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
 10 - 50
 
$
5,075.3

 
$
(402.9
)
 
$
4,672.4

License agreements and distribution rights
 15 - 28
 
231.8

 
(96.9
)
 
134.9

Other
 2 - 40
 
144.2

 
(34.6
)
 
109.6

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
 Indefinite
 
8,164.9

 
—

 
8,164.9

Distribution networks
 Indefinite
 
780.3

 
—

 
780.3

Other
 Indefinite
 
337.5

 
—

 
337.5

Total
 
 
$
14,734.0

 
$
(534.4
)
 
$
14,199.6


The following table presents details of our intangible assets, other than goodwill, as of December 31, 2016:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
10 - 50
 
$
4,876.3

 
$
(288.2
)
 
$
4,588.1

License agreements and distribution rights
15 - 28
 
225.9

 
(89.4
)
 
136.5

Other
2 - 40
 
129.3

 
(26.4
)
 
102.9

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
Indefinite
 
8,114.2

 
—

 
8,114.2

Distribution networks
Indefinite
 
752.6

 
—

 
752.6

Other
Indefinite
 
337.6

 
—

 
337.6

Total
 
 
$
14,435.9

 
$
(404.0
)
 
$
14,031.9


The changes in the gross carrying amounts of intangibles from December 31, 2016, to June 30, 2017, are primarily driven by the impact of foreign exchange rates, as a significant amount of intangibles are denominated in foreign currencies.
Based on foreign exchange rates as of June 30, 2017, and the preliminary allocation of fair value to definite-lived intangible assets, the estimated future amortization expense of intangible assets is as follows:
Fiscal year
Amount
 
(In millions)
2017 - remaining
$
110.1

2018
$
219.4

2019
$
218.5

2020
$
217.4

2021
$
212.0


Amortization expense of intangible assets was $55.1 million and $10.1 million for the three months ended June 30, 2017, and June 30, 2016, respectively, and $110.3 million and $19.7 million for the six months ended June 30, 2017, and June 30, 2016, respectively. The increase in amortization expense over the prior year is primarily attributable to the addition of MillerCoors definite-lived intangible asset amortization following the completion of the Acquisition, as well as the reclassification of the Molson core brand intangible assets from indefinite to definite-lived following the completion of our annual impairment test as of October 1, 2016. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations.
We completed our required annual goodwill and indefinite-lived intangible impairment testing as of October 1, 2016, the first day of our fourth quarter, and concluded there were no impairments of goodwill within our Canada, Europe or India reporting units; however, an impairment charge was recorded on the Molson core brand intangible asset in Canada as a result of this review. Outside of the Molson core brands impairment, there were no other impairments of our indefinite-lived intangible assets as a result of the annual review process.
Annual Goodwill Impairment Testing
Our 2016 annual goodwill impairment testing determined that the fair value of our Canada reporting unit had declined, largely due to continued economic and competitive challenges negatively impacting our business, including sustained challenges facing the Molson core brands. Our Europe reporting unit continued to be considered at risk of failing step one of the goodwill impairment test. Specifically, the fair value of the Europe and Canada reporting units were estimated at approximately 14% and 29% in excess of carrying value, respectively, as of the October 1, 2016, testing date. The fair value of the India reporting unit approximated its carrying value, as there were no significant changes indicating a reduction in the fair value of the reporting unit since our completion of the interim impairment assessment during the second quarter of 2016 or annual impairment assessment as of October 1, 2016.

Key Assumptions
As of the date of our annual impairment test, performed as of October 1, the Europe reporting unit goodwill is at risk of future impairment in the event of significant unfavorable changes in the forecasted cash flows (including prolonged, or further weakening of, adverse economic conditions or significant unfavorable changes in tax, environmental or other regulations, including interpretations thereof), terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flow analyses. For testing purposes, management's best estimates of the expected future results are the primary driver in determining the fair value. Current projections used for our Europe reporting unit testing reflect continued challenging environments in the future followed by growth resulting from a longer term recovery of the macroeconomic environment, as well as the benefit of anticipated cost savings and specific brand-building and innovation activities. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units and indefinite-lived intangibles may include such items as: (i) a decrease in expected future cash flows, specifically, a decrease in sales volume and increase in costs that could significantly impact our immediate and long-range results, a decrease in sales volume driven by a prolonged weakness in consumer demand or other competitive pressures adversely affecting our long-term volume trends, a continuation of the trend away from core brands in certain of our markets, especially in markets where our core brands represent a significant portion of the market, unfavorable working capital changes and an inability to successfully achieve our cost savings targets, (ii) adverse changes in macroeconomic conditions or an economic recovery that significantly differs from our assumptions in timing and/or degree (such as a recession or worsening of the overall European economy), (iii) volatility in the equity and debt markets or other country specific factors which could result in a higher weighted-average cost of capital, (iv) sensitivity to market multiples; and (v) regulation limiting or banning the manufacturing, distribution or sale of alcoholic beverages.
Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual assessment and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses.
While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future.
Indefinite and Definite-Lived Intangibles
Regarding indefinite and definite-lived intangibles, we continuously monitor the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the first half of 2017.
Debt
Debt
Debt
Debt obligations
 
As of
 
June 30, 2017
 
December 31, 2016
 
(In millions)
Long-term debt:
 
 
 
Senior notes(1)(2)
$
11,250.4

 
$
9,842.2

Term loans(3)
400.0

 
2,300.0

Other long-term debt
2.0

 
2.2

Less: unamortized debt discounts and debt issuance costs
(81.7
)
 
(85.0
)
Less: current portion of long-term debt
(385.6
)
 
(671.7
)
Total long-term debt
$
11,185.1

 
$
11,387.7

 
 
 
 
Short-term borrowings:
 
 
 
Commercial paper program(4)
$
281.1

 
$
—

Other short-term borrowings(5)
19.9

 
13.1

Current portion of long-term debt
385.6

 
671.7

Current portion of long-term debt and short-term borrowings
$
686.6

 
$
684.8


(1)
As of June 30, 2017, and December 31, 2016, our senior notes consisted of CAD senior notes of $1,851.3 million and $1,785.6 million, respectively, with maturities ranging from 2017 to 2026; USD senior notes of $7,913.7 million and $7,215.2 million, respectively, with maturities ranging from 2017 to 2046; and EUR senior notes of $1,485.4 million with maturities ranging from 2019 to 2024 and $841.4 million maturing in 2024, respectively. As of June 30, 2017, and December 31, 2016, the aggregate weighted-average effective coupon interest rates of our senior notes were 2.91% and 3.33%, respectively.
(2)
On March 15, 2017, MCBC issued approximately $1.5 billion of senior notes, consisting of $500 million 1.90% senior notes due March 15, 2019, and $500 million 2.25% senior notes due March 15, 2020 (collectively, the "2017 USD Notes") and EUR 500 million floating rate senior notes due March 15, 2019 ("2017 EUR Notes") (2017 USD Notes and 2017 EUR Notes, collectively, the "2017 Notes"). We bear quarterly interest on the 2017 EUR Notes at the rate of 0.35% + 3-month EURIBOR. These issuances resulted in total proceeds of approximately $1.5 billion, net of underwriting fees and discounts of $3.1 million and $0.7 million, respectively. Total debt issuance costs capitalized in connection with these notes, including underwriting fees, discounts and other financing related costs, were $6.1 million and are being amortized over the respective terms of the 2017 Notes. The 2017 Notes began accruing interest upon issuance, with quarterly payments due on the 2017 EUR Notes beginning June 15, 2017, and semi-annual payments due on the 2017 USD Notes beginning September 15, 2017. During the second quarter of 2017, we repaid our $300.0 million 2.0% notes using commercial paper.
In the first quarter of 2017, we entered into interest rate swaps to economically convert our fixed rate 2017 USD Notes to floating rate debt. As a result of these hedge programs, the carrying value of the $500 million 1.90% notes and $500 million 2.25% notes include adjustments of $0.3 million decreasing and $0.4 million increasing, respectively, for fair value movements attributable to the benchmark interest rate as of June 30, 2017.
Prior to issuing the 2017 EUR Notes, we entered into foreign currency forward agreements to economically hedge the foreign currency exposure of a portion of the respective notes, which were subsequently settled on March 15, 2017, concurrent with the issuance of the 2017 EUR Notes. Additionally, upon issuance we designated the 2017 EUR Notes as a net investment hedge of our Europe business. See Note 14, "Derivative Instruments and Hedging Activities" for further details.
(3)
During the first quarter of 2017, the net proceeds from the 2017 Notes were used to repay the remaining $800.0 million on our 3-year tranche term loan due 2019 and make principal payments of $700.0 million on our 5-year tranche term loan due 2021, and accordingly we accelerated the related unamortized debt issuance costs. During the second quarter of 2017, we made principal payments of $400.0 million on our 5-year tranche term loan due 2021, and accordingly we accelerated the related unamortized debt issuance costs. For the three months ended June 30, 2017, and 2016, $1.0 million and $1.9 million, respectively, was recorded to interest expense related to amortization of issuance and other financing costs associated with the term loan, including the accelerated amortization noted above of $0.9 million. For the six months ended June 30, 2017, and 2016, $5.0 million and $3.7 million respectively, was recorded to interest expense related to amortization of issuance and other financing costs associated with the term loan, including the accelerated amortization noted above of $4.6 million.
Subsequent to quarter end on July 19, 2017, we repaid the remaining $400.0 million on our 5-year tranche term loan due 2021 utilizing borrowings under our commercial paper program, thereby further reducing our available borrowings under our $1.5 billion revolving multi-credit facility as further discussed below. We accordingly recorded the remaining $0.7 million of accelerated unamortized debt issuance costs. The term loans were fully repaid as of July 19, 2017.
(4)
As of June 30, 2017, the outstanding borrowings under our commercial paper program were $281.1 million at a weighted-average effective interest rate and tenor of 1.64% and 43 days. There were no outstanding borrowings under our commercial paper program as of December 31, 2016. As noted above, in the third quarter of 2017 we repaid the remaining outstanding balance on our 5-year tranche term loan using commercial paper.
(5)
As of June 30, 2017, we had $8.2 million in bank overdrafts and $58.8 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $50.6 million. As of December 31, 2016, we had $2.6 million in bank overdrafts and $18.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $15.4 million. We had total outstanding borrowings of $8.8 million and $7.0 million under our two Japanese Yen ("JPY") overdraft facilities as of June 30, 2017, and December 31, 2016, respectively. In addition, we have GBP and CAD lines of credit under which we had no borrowings as of June 30, 2017, or December 31, 2016.
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of June 30, 2017, and December 31, 2016, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $11.8 billion and $12.0 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Revolving Credit Facility
As of June 30, 2017, we had $468.9 million available to draw under our $750 million revolving multi-currency credit facility, as the borrowing capacity is reduced by borrowings under our commercial paper program, and we have no other borrowings drawn on this revolving credit facility. As of December 31, 2016, we had $750 million available to draw under this facility as there were no outstanding borrowings on the revolving credit facility nor was there any outstanding commercial paper.
On July 7, 2017, we entered into a 5-year, $1.5 billion revolving multi-currency credit facility, which provides a $150 million sub-facility available for the issuance of letters of credit. This $1.5 billion revolving credit facility replaced our existing $750 million revolving credit facility, which would have matured in the second quarter of 2019. In connection with the new revolving credit facility, we increased the size of our existing commercial paper program to a maximum aggregate amount outstanding at any time of $1.5 billion. Concurrent with the transactions, in the third quarter of 2017, we incurred $3.4 million of issuance costs related to the $1.5 billion revolving credit facility, which are being amortized over the term of the agreement, and recognized approximately $0.4 million of accelerated unamortized fees related to the termination of the pre-existing facility.
Additionally, under the new $1.5 billion revolving credit facility, the maximum leverage ratio has changed from 5.75x debt to EBITDA, with a decline to 3.75x debt to EBITDA in the fourth year following the closing of the Acquisition, to a maximum leverage ratio of 5.75x debt to EBITDA, with a decline to 4.00x debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2020.
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations and warranties and covenants, including, among other things, covenants that restrict our ability to incur certain additional priority indebtedness, create or permit liens on assets, or engage in mergers or consolidations. As of June 30, 2017, we were in compliance with all of these restrictions and have met all debt payment obligations. All of our outstanding senior notes as of June 30, 2017, rank pari-passu.
Inventories Inventories
Inventories
Inventories
 
As of
 
June 30, 2017
 
December 31, 2016
 
(In millions)
Finished goods
$
267.7

 
$
213.8

Work in process
88.9

 
81.6

Raw materials
220.7

 
238.5

Packaging materials
56.4

 
58.8

Inventories, net
$
633.7

 
$
592.7

Accumulated Other Comprehensive Income (Loss) ("AOCI") Accumulated Other Comprehensive Income (Loss) ("AOCI")
Accumulated Other Comprehensive Income (Loss) (AOCI)
Accumulated Other Comprehensive Income (Loss) ("AOCI")
 
MCBC shareholders
 
Foreign
currency
translation
adjustments
 
Gain (loss) on
derivative
instruments
 
Pension and
postretirement
benefit
adjustments
 
Equity method
investments
 
Accumulated
other
comprehensive
income (loss)
 
(In millions)
As of December 31, 2016
$
(994.1
)
 
$
21.2

 
$
(502.7
)
 
$
(69.9
)
 
$
(1,545.5
)
Foreign currency translation adjustments
367.8

 
—

 
—

 
—

 
367.8

Unrealized gain (loss) on derivative and non-derivative financial instruments
—

 
(121.2
)
 
—

 
—

 
(121.2
)
Reclassification of derivative (gain) loss to income
—

 
(0.7
)
 
—

 
—

 
(0.7
)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
—

 
—

 
10.2

 
—

 
10.2

Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
—

 
—

 
—

 
2.8

 
2.8

Tax benefit (expense)
22.7

 
44.3

 
(1.9
)
 
(0.8
)
 
64.3

As of June 30, 2017
$
(603.6
)
 
$
(56.4
)
 
$
(494.4
)
 
$
(67.9
)
 
$
(1,222.3
)


Reclassifications from AOCI to income:
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
 
 
 
Reclassifications from AOCI
 
Location of gain (loss)
recognized in income
 
 
(In millions)
 
 
Gain/(loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Forward starting interest rate swaps
 
$
(0.9
)
 
$
(1.0
)
 
$
(1.9
)
 
$
(1.9
)
 
Interest expense, net
Foreign currency forwards
 
(1.2
)
 
(2.1
)
 
(2.1
)
 
(4.0
)
 
Other income (expense), net
Foreign currency forwards
 
2.8

 
3.9

 
4.7

 
9.3

 
Cost of goods sold
Total income (loss) reclassified, before tax
 
0.7

 
0.8

 
0.7

 
3.4

 
 
Income tax benefit (expense)
 
(0.3
)
 
(0.1
)
 
(0.3
)
 
(0.3
)
 
 
Net income (loss) reclassified, net of tax
 
$
0.4

 
$
0.7

 
$
0.4

 
$
3.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postretirement benefit plan items:
 
 
 
 
 
 
 
 
 
 
Prior service benefit (cost)
 
$
(0.1
)
 
$
(0.1
)
 
$
(0.3
)
 
$
(0.3
)
 
(1) 
Curtailment and net actuarial gain (loss)
 
(7.8
)
 
(7.9
)
 
(9.9
)
 
(15.6
)
 
(1) 
Total income (loss) reclassified, before tax
 
(7.9
)
 
(8.0
)
 
(10.2
)
 
(15.9
)
 
 
Income tax benefit (expense)
 
1.2

 
1.0

 
1.9

 
1.9

 
 
Net income (loss) reclassified, net of tax
 
$
(6.7
)
 
$
(7.0
)
 
$
(8.3
)
 
$
(14.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total income (loss) reclassified, net of tax
 
$
(6.3
)
 
$
(6.3
)
 
$
(7.9
)
 
$
(10.9
)
 
 
(1)
These components of AOCI are included in the computation of net periodic pension and other postretirement benefit cost. See Note 15, "Pension and Other Postretirement Benefits" for additional details.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented in Notes 1 and 16 of the Notes included in our Annual Report and did not significantly change during the first half of 2017. As noted in Note 16 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Except as noted below, our significant derivative positions have not changed considerably since year-end.
Interest Rate Swaps
In the first quarter of 2017, we entered into interest rate swaps with an aggregate notional amount of $1.0 billion to economically convert our fixed rate $1.0 billion 2017 USD Notes to floating rate debt. We will receive fixed interest payments semi-annually at a rate of 1.90% and 2.25% per annum on our $500 million senior notes due March 15, 2019, and $500 million senior notes due March 15, 2020, respectively, and pay a rate to our counterparties based on a credit spread plus the one month LIBOR rate, thereby effectively exchanging a fixed interest obligation for a floating interest obligation.
We entered into these interest rate swap agreements to minimize exposure to changes in the fair value of each of our $500 million notes that results from fluctuations in the benchmark interest rate, specifically LIBOR, and have designated these swaps as fair value hedges and determined that there is zero ineffectiveness. The changes in fair value of derivatives designated as fair value hedges and the offsetting changes in fair value of the hedged item are recognized in earnings. For the three months ended March 31, 2017, the total changes in fair value of the two $500 million interest rate swaps resulted in total unrealized losses of $0.3 million, which were recorded in interest expense in our unaudited condensed consolidated statement of operations and were fully offset by changes in fair value of the two $500 million notes attributable to the benchmark interest rate, also recorded to interest expense. See Note 11, "Debt" for additional details.
Net Investment Hedges
On March 15, 2017, we issued an aggregate of EUR 500 million (approximately $530 million at issuance), three-month EURIBOR floating rate senior notes due March 15, 2019. We simultaneously designated the principal of the 2017 EUR Notes as a net investment hedge of our investment in our Europe business in order to hedge a portion of the foreign currency translational impacts and, accordingly, will record changes in the carrying value of the 2017 EUR Notes due to fluctuations in the spot rate to AOCI. See Note 11, "Debt" for further discussion.
Foreign Currency Forwards
Prior to issuing the 2017 EUR Notes on March 15, 2017, we entered into foreign currency forward agreements in the first quarter of 2017 with a total notional amount of EUR 499.0 million, representing a majority of the anticipated net proceeds from the issuance of the respective 2017 EUR Notes, to economically hedge the foreign currency exposure of the associated notes against the USD prior to issuance and to convert the proceeds to USD upon issuance through gross settlement. We settled these foreign currency forwards on March 15, 2017, resulting in a loss of $8.3 million. See Note 11, "Debt" for further details related to the issuance. These foreign currency forwards were not designated in hedge accounting relationships, and, accordingly, the mark-to-market fair value adjustments and resulting losses were recorded to other income (expense).
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate. The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2017, and December 31, 2016.
 
 
 
Fair value measurements as of June 30, 2017
 
Total at June 30, 2017
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Interest rate swaps
$
0.1

 
$
—

 
$
0.1

 
$
—

Foreign currency forwards
(2.5
)
 
—

 
(2.5
)
 
—

Commodity swaps
30.1

 
—

 
30.1

 
—

Total
$
27.7

 
$
—

 
$
27.7

 
$
—

 
 
 
Fair value measurements as of December 31, 2016
 
Total at December 31, 2016
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Foreign currency forwards
$
14.4

 
$
—

 
$
14.4

 
$
—

Commodity swaps
(18.1
)
 
—

 
(18.1
)
 
—

Total
$
(3.7
)
 
$
—

 
$
(3.7
)
 
$
—



As of June 30, 2017, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three and six months ended June 30, 2017, were all included in Level 2.
Results of Period Derivative Activity
The tables below include the year-to-date results of our derivative activity in the unaudited condensed consolidated balance sheets as of June 30, 2017, and December 31, 2016, and the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2017, and June 30, 2016.
Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):
 
June 30, 2017
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Interest rate swaps
$
1,000.0

 
Other current assets
 
$
—

 
Accounts payable and other current liabilities
 
$
—

 
 
 
Other non-current assets
 
0.4

 
Other liabilities
 
(0.3
)
Foreign currency forwards
$
317.2

 
Other current assets
 
2.9

 
Accounts payable and other current liabilities
 
(2.2
)
 
 
 
Other non-current assets
 
—

 
Other liabilities
 
(3.2
)
Total derivatives designated as hedging instruments
 
$
3.3

 
 
 
$
(5.7
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
687.8

 
Other current assets
 
$
21.9

 
Accounts payable and other current liabilities
 
$
(12.4
)

 
 
Other non-current assets
 
27.8

 
Other liabilities
 
(7.2
)
Commodity Options(1)
$
13.6

 
Other current assets
 
0.1

 
Accounts payable and other current liabilities
 
(0.1
)
 
 
 
Other non-current assets
 
0.1

 
Other liabilities
 
(0.1
)
Total derivatives not designated as hedging instruments
 
$
49.9

 
 
 
$
(19.8
)
 
December 31, 2016
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign currency forwards
$
329.4

 
Other current assets
 
$
12.0

 
Accounts payable and other current liabilities
 
$
(0.3
)
 
 
 
Other non-current assets
 
3.3

 
Other liabilities
 
(0.6
)
Total derivatives designated as hedging instruments
 
 
 
$
15.3

 
 
 
$
(0.9
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
791.4

 
Other current assets
 
$
11.8

 
Accounts payable and other current liabilities
 
$
(23.3
)
 
 
 
Other non-current assets
 
12.6

 
Other liabilities
 
(19.2
)
Commodity options(1)
$
13.6

 
Other current and non-current assets
 
—

 
Accounts payable and other current liabilities and other liabilities
 
—

Total derivatives not designated as hedging instruments
 
$
24.4

 
 
 
$
(42.5
)
(1)
Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
The Pretax Effect of Derivative Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
For the Three Months Ended June 30, 2017
Derivatives in cash flow hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps

$
—


Interest expense, net

$
(0.9
)

Interest expense, net

$
—

Foreign currency forwards

(8.4
)

Other income (expense), net

(1.2
)

Other income (expense), net

—



 


Cost of goods sold

2.8


Cost of goods sold

—

Total

$
(8.4
)

 

$
0.7


 

$
—


For the Three Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800 million notes due 2024

$
(61.9
)

Other income (expense), net

$
—


Other income (expense), net

$
—

EUR 500 million notes due 2019
 
(38.7
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total

$
(100.6
)

 

$
—


 

$
—

For the Three Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.4

 
Interest expense, net
Total
 
$
0.4

 
 
For the Three Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(7.6
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
3.9

 
Cost of goods sold
 
—

Total
 
$
(7.6
)
 
 
 
$
0.8

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(13.9
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
4.7

 
Cost of goods sold
 
—

Total
 
$
(13.9
)
 
 
 
$
0.7

 
 
 
$
—

For the Six Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800.0 million notes due 2024
 
$
(72.7
)
 
Other income (expense), net
 
$
—

 
Other income (expense), net
 
$
—

EUR 500 million notes due 2019
 
(34.6
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total
 
$
(107.3
)
 
 
 
$
—

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.1

 
Interest expense, net
Total
 
$
0.1

 
 
For the Six Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(29.2
)
 
Other income (expense), net
 
(4.0
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
9.3

 
Cost of goods sold
 
—

Total
 
$
(29.2
)
 
 
 
$
3.4

 
 
 
$
—

 

We expect net gains of approximately $2 million (pretax) recorded in AOCI at June 30, 2017, will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged at June 30, 2017, is approximately three years.
Other Derivatives (in millions):
For the Three Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(17.7
)
Total
 
 
 
$
(17.7
)
For the Three Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
9.7

Foreign currency forwards
 
Other income (expense), net
 
(12.1
)
Swaptions
 
Interest expense, net
 
(15.3
)
Total
 
 
 
$
(17.7
)
For the Six Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
48.0

Foreign currency forwards
 
Other income (expense), net
 
(8.3
)
Total
 
 
 
$
39.7

For the Six Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
8.1

Foreign currency forwards
 
Other income (expense), net
 
(12.2
)
Swaptions
 
Interest expense, net
 
(36.4
)
Total
 
 
 
$
(40.5
)

Higher commodity prices towards the end of the first quarter drove the total gain recognized in income related to commodity swaps for the six months ended June 30, 2017. Commodity prices specific to the items we hedge have since flattened out, driving the loss recognized during the second quarter of 2017.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits ("OPEB")
 
For the Three Months Ended
 
June 30, 2017
 
June 30, 2016
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost (benefit):
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
1.9

 
$
2.8

 
$
4.7

 
$
2.0

 
$
0.6

 
$
2.6

Interest cost
50.8

 
7.6

 
58.4

 
32.6

 
1.6

 
34.2

Expected return on plan assets
(66.8
)
 
—

 
(66.8
)
 
(40.5
)
 
—

 
(40.5
)
Amortization of prior service cost (benefit)
0.1

 
—

 
0.1

 
0.2

 
(0.1
)
 
0.1

Amortization of net actuarial loss (gain)
7.8

 
—

 
7.8

 
7.9

 
—

 
7.9

Less: expected participant contributions
(0.1
)
 
—

 
(0.1
)
 
(0.2
)
 
—

 
(0.2
)
Net periodic pension and OPEB cost (benefit)
$
(6.3
)
 
$
10.4

 
$
4.1

 
$
2.0

 
$
2.1

 
$
4.1


 
For the Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost (benefit):
 

 
 

 
 
 
 
 
 
 
 
Service cost
$
3.7

 
$
5.4

 
$
9.1

 
$
3.8

 
$
1.2

 
$
5.0

Interest cost
102.3

 
15.2

 
117.5

 
64.5

 
2.9

 
67.4

Expected return on plan assets
(132.9
)
 
0.1

 
(132.8
)
 
(80.0
)
 
—

 
(80.0
)
Amortization of prior service cost (benefit)
0.3

 
—

 
0.3

 
0.4

 
(0.1
)
 
0.3

Amortization of net actuarial loss (gain)
12.8

 
—

 
12.8

 
15.6

 
—

 
15.6

Curtailment (gain)
—

 
(2.9
)
 
(2.9
)
 
—

 
—

 
—

Less: expected participant contributions
(0.3
)
 
—

 
(0.3
)
 
(0.3
)
 
—

 
(0.3
)
Net periodic pension and OPEB cost (benefit)
$
(14.1
)
 
$
17.8

 
$
3.7

 
$
4.0

 
$
4.0

 
$
8.0


During the six months ended June 30, 2017, employer contributions to the defined benefit pension plans were approximately $72 million. Total 2017 employer contributions to the defined benefit plans are expected to be approximately $300 million to $320 million, based on foreign exchange rates as of June 30, 2017. This includes a $200 million discretionary contribution to the MillerCoors pension plan, which we plan to make in the third quarter of 2017.
MillerCoors' pension and OPEB expenses are not included in the three and six months ended June 30, 2016, as prior to the completion of the Acquisition on October 11, 2016, MillerCoors' pension and OPEB expenses were reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations. BRI and BDL contributions to their defined benefit pension plans are not included above, as they are not consolidated in our financial statements.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
Discontinued Operations
Kaiser
In 2006, we sold our entire equity interest in our Brazilian unit, Cervejarias Kaiser Brasil S.A. ("Kaiser") to FEMSA Cerveza S.A. de C.V. ("FEMSA"). The terms of the sale agreement require us to indemnify FEMSA for certain exposures related to tax, civil and labor contingencies arising prior to FEMSA's purchase of Kaiser. In addition, we provided an indemnity to FEMSA for losses Kaiser may incur with respect to tax claims associated with certain previously utilized purchased tax credits. The discontinued operations balances within the current and non-current liabilities of our unaudited condensed consolidated balance sheets consist entirely of our estimates of these liabilities. These liabilities are denominated in Brazilian Reais and are therefore subject to foreign exchange gains or losses, which are recognized in the discontinued operations section of the unaudited condensed consolidated statements of operations. There have been no changes in the underlying liabilities since December 31, 2016; therefore, all changes in the current and non-current liabilities of discontinued operations during the first half of 2017 are due to fluctuations in foreign exchange rates from December 31, 2016, to June 30, 2017. During the three months ended June 30, 2017, and June 30, 2016, we recognized unrealized foreign exchange gains of $1.6 million and losses of $1.8 million, respectively, from discontinued operations associated with foreign exchange movements related to indemnities we provided to FEMSA, and during the six months ended June 30, 2017, and June 30, 2016, we recognized gains of $1.0 million and losses of $2.3 million, respectively. Our exposure related to the tax, civil and labor indemnity claims is capped at the amount of the sales price of the 68% equity interest of Kaiser, which was $68.0 million. Separately, the maximum potential claims amount remaining for the purchased tax credits was $105.8 million, based on foreign exchange rates as of June 30, 2017.
Future settlement procedures and related negotiation activities associated with these contingencies are largely outside of our control. Due to the uncertainty involved with the ultimate outcome and timing of these contingencies, significant adjustments to the carrying values of the indemnity obligations have been recorded to date, and additional future adjustments may be required.
Guarantees
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of June 30, 2017, and December 31, 2016, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $49.4 million and $36.1 million, respectively, primarily related to the guarantee of the indebtedness of our equity method investments. See Note 4, "Acquisition and Investments" for further detail.
Litigation, Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we have accrued an aggregate of $20.2 million as of June 30, 2017, and $27.7 million as of December 31, 2016. While we cannot predict the eventual aggregate cost for environmental and related matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Further, we believe that any payments, if required, for these matters would be made over a period of time in amounts that would not be material in any one year to our results from operations, cash flows or our financial or competitive position. Additionally, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements, except as noted below.
In addition to the specific cases discussed below, we are involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as discussed below, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business.
Each year since 2014, we received assessments from a local country regulatory authority related to indirect tax calculations in our Europe operations. The aggregate amount of the assessments received through the second quarter of 2017 was approximately $141 million based on foreign exchange rates at June 30, 2017. Since their issuance, we have challenged the validity of these assessments and defended our position regarding our method of calculation, including by following the required regulatory procedures in order to proceed with an appeal of the assessments. During the fourth quarter of 2016, following discussions with the regulatory authority and consideration of existing facts and circumstances at that time, we concluded that a portion of this estimated range of loss was deemed probable. As a result, we recorded a charge of approximately $50 million within the excise taxes line item on the consolidated statement of operations for the year ended December 31, 2016. During the first quarter of 2017, a local jurisdictional court heard evidence in this matter and subsequently ruled in our favor in April 2017. Based on this favorable ruling, we released this provision in the first quarter of 2017 as we no longer deemed this loss probable. This resulted in a benefit of approximately $50 million, recorded within the excise taxes line item on the unaudited consolidated statement of operations during the quarter ended March, 31, 2017. During the second quarter of 2017, we received formal confirmation from the regulatory authority that they would not appeal the local jurisdictional court ruling, and the regulatory authority has since withdrawn its assessments. As a result, we believe this dispute is fully resolved.
Litigation and Other Disputes
On December 12, 2014, a notice of action captioned David Hughes and 631992 Ontario Inc. v. Liquor Control Board of Ontario ("LCBO"), Brewers Retail Inc., Labatt Breweries of Canada LP, Molson Coors Canada and Sleeman Breweries Ltd. No. CV-14-518059-00CP was filed in Ontario, Canada in the Ontario Superior Court of Justice. BRI and its owners, including Molson Coors Canada, as well as the LCBO are named as defendants in the action. The plaintiffs allege that The Beer Store (retail outlets owned and operated by BRI) and LCBO improperly entered into an agreement to fix prices and market allocation within the Ontario beer market to the detriment of licensees and consumers. The plaintiffs seek to have the claim certified as a class action on behalf of all Ontario beer consumers and licensees and, among other things, damages in the amount of approximately CAD 1.4 billion. We note that The Beer Store operates according to the rules established by the Government of Ontario for regulation, sale and distribution of beer in the province. Additionally, prices at The Beer Store are independently set by each brewer and are approved by the LCBO on a weekly basis. As such, we currently believe the claim has been made without merit, and we intend to vigorously assert and defend our rights in this lawsuit.
Environmental
Canada
Our Canada brewing operations are subject to provincial environmental regulations and local permit requirements. Our Montréal and Toronto breweries have water treatment facilities to pre-treat waste water before it goes to the respective local governmental facility for final treatment. We have environmental programs in Canada including organization, monitoring and verification, regulatory compliance, reporting, education and training, and corrective action.
We sold a chemical specialties business in 1996. We are still responsible for certain aspects of environmental remediation, undertaken or planned, at those chemical specialties business locations. We have established provisions for the costs of these remediation programs.
United States
We were previously notified that we are or may be a potentially responsible party ("PRP") under the Comprehensive Environmental Response, Compensation and Liability Act or similar state laws for the cleanup of sites where hazardous substances have allegedly been released into the environment. We cannot predict with certainty the total costs of cleanup, our share of the total cost, the extent to which contributions will be available from other parties, the amount of time necessary to complete the cleanups or insurance coverage.
Lowry
We are one of a number of entities named by the Environmental Protection Agency ("EPA") as a PRP at the Lowry Superfund site. This landfill is owned by the City and County of Denver ("Denver") and is managed by Waste Management of Colorado, Inc. ("Waste Management"). In 1990, we recorded a pretax charge of $30 million, a portion of which was put into a trust in 1993 as part of a settlement with Denver and Waste Management regarding the then-outstanding litigation. Our settlement was based on an assumed remediation cost of $120 million (in 1992 adjusted dollars). We are obligated to pay a portion of future costs, if any, in excess of that amount.
Waste Management provides us with updated annual cost estimates through 2032. We review these cost estimates in the assessment of our accrual related to this issue. We use certain assumptions that differ from Waste Management's estimates to assess our expected liability. Our expected liability (based on the $120 million threshold being met) is based on our best estimates available.
The assumptions used are as follows:
•
trust management costs are included in projections with regard to the $120 million threshold, but are expensed only as incurred;
•
income taxes, which we believe are not an included cost, are excluded from projections with regard to the $120 million threshold;
•
a 2.5% inflation rate for future costs; and
•
certain operations and maintenance costs were discounted using a 2.58% risk-free rate of return.
Based on these assumptions, the present value and gross amount of the costs at June 30, 2017, are approximately $3 million and $6 million, respectively. We did not assume any future recoveries from insurance companies in the estimate of our liability, and none are expected.
Considering the estimates extend through the year 2032 and the related uncertainties at the site, including what additional remedial actions may be required by the EPA, new technologies and what costs are included in the determination of when the $120 million is reached, the estimate of our liability may change as further facts develop. We cannot predict the amount of any such change, but additional accruals in the future are possible.
Other
In prior years, we were notified by the EPA and certain state environmental divisions that we are a PRP, along with other parties, at the East Rutherford and Berry's Creek sites in New Jersey and the Chamblee site in Georgia. Certain former non-beer business operations, which we discontinued use of and subsequently sold, were involved at these sites. Potential losses associated with these sites could increase as remediation planning progresses.
We are aware of groundwater contamination at some of our properties in Colorado resulting from historical, ongoing, or nearby activities. There may also be other contamination of which we are currently unaware.
Europe and International
We are subject to the requirements of governmental and local environmental and occupational health and safety laws and regulations within each of the countries in which we operate. Compliance with these laws and regulations did not materially affect our capital expenditures, results of operations or our financial or competitive position for the second quarter and first half of 2017, and we do not anticipate that they will do so during the remainder of the year.
Supplemental Guarantor Information
Supplemental Guarantor Information
Supplemental Guarantor Information
For purposes of this Note 17, including the tables, "Parent Issuer" shall mean MCBC. "Subsidiary Guarantors" shall mean certain Canadian and U.S. subsidiaries reflecting the substantial operations of each of our Canada and U.S. segments.
SEC Registered Securities
On May 3, 2012, MCBC issued $1.9 billion of senior notes, in a registered public offering, consisting of $300 million 2.0% senior notes due 2017 (subsequently repaid in the second quarter of 2017, see Note 11, "Debt" for further details), $500 million 3.5% senior notes due 2022, and $1.1 billion 5.0% senior notes due 2042. Additionally, on July 7, 2016, MCBC issued $500 million 1.45% senior notes due 2019, $1.0 billion 2.10% senior notes due 2021, $2.0 billion 3.0% senior notes due 2026, $1.8 billion 4.2% senior notes due 2046 and EUR $800.0 million 1.25% senior notes due 2024, in a registered public offering. "Parent Issuer" in the below tables is specifically referring to MCBC in its capacity as the issuer of these 2012 and 2016 issuances. These senior notes are guaranteed on a senior unsecured basis by the Subsidiary Guarantors. Each of the Subsidiary Guarantors is 100% owned by the Parent Issuer. The guarantees are full and unconditional and joint and several.
None of our other outstanding debt is registered with the SEC, and such other outstanding debt is guaranteed on a senior unsecured basis by the Parent and/or Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 11, "Debt" for details of all debt issued and outstanding as of June 30, 2017.
Presentation    
The following information sets forth the unaudited condensed consolidating statements of operations for the three and six months ended June 30, 2017, and June 30, 2016, unaudited condensed consolidating balance sheets as of June 30, 2017, and December 31, 2016, and unaudited condensed consolidating statements of cash flows for the six months ended June 30, 2017, and June 30, 2016. Investments in subsidiaries are accounted for under the equity method; accordingly, entries necessary to consolidate the Parent Issuer and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)


 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
8.3

 
$
2,954.1

 
$
973.2

 
$
(142.5
)
 
$
3,793.1

Excise taxes
—

 
(411.5
)
 
(290.3
)
 
—

 
(701.8
)
Net sales
8.3

 
2,542.6

 
682.9

 
(142.5
)
 
3,091.3

Cost of goods sold
(1.0
)
 
(1,423.9
)
 
(461.8
)
 
130.6

 
(1,756.1
)
Gross profit
7.3

 
1,118.7

 
221.1

 
(11.9
)
 
1,335.2

Marketing, general and administrative expenses
(68.2
)
 
(558.7
)
 
(166.2
)
 
11.9

 
(781.2
)
Special items, net
(0.3
)
 
(13.7
)
 
(2.5
)
 
—

 
(16.5
)
Equity income (loss) in subsidiaries
434.0

 
(138.0
)
 
61.3

 
(357.3
)
 
—

Operating income (loss)
372.8

 
408.3

 
113.7

 
(357.3
)
 
537.5

Interest income (expense), net
(74.4
)
 
60.3

 
(75.1
)
 
—

 
(89.2
)
Other income (expense), net
—

 
94.9

 
(93.4
)
 
—

 
1.5

Income (loss) from continuing operations before income taxes
298.4

 
563.5

 
(54.8
)
 
(357.3
)
 
449.8

Income tax benefit (expense)
24.9

 
(129.7
)
 
(18.2
)
 
—

 
(123.0
)
Net income (loss) from continuing operations
323.3

 
433.8

 
(73.0
)
 
(357.3
)
 
326.8

Income (loss) from discontinued operations, net of tax
—

 
—

 
1.6

 
—

 
1.6

Net income (loss) including noncontrolling interests
323.3

 
433.8

 
(71.4
)
 
(357.3
)
 
328.4

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(5.1
)
 
—

 
(5.1
)
Net income (loss) attributable to MCBC
$
323.3

 
$
433.8

 
$
(76.5
)
 
$
(357.3
)
 
$
323.3

Comprehensive income (loss) attributable to MCBC
$
571.2

 
$
725.7

 
$
87.0

 
$
(812.7
)
 
$
571.2


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.9

 
$
590.1

 
$
850.1

 
$
(40.1
)
 
$
1,407.0

Excise taxes
—

 
(131.8
)
 
(289.0
)
 
—

 
(420.8
)
Net sales
6.9

 
458.3

 
561.1

 
(40.1
)
 
986.2

Cost of goods sold
—

 
(242.9
)
 
(352.4
)
 
33.1

 
(562.2
)
Gross profit
6.9

 
215.4

 
208.7

 
(7.0
)
 
424.0

Marketing, general and administrative expenses
(51.1
)
 
(104.0
)
 
(165.5
)
 
7.0

 
(313.6
)
Special items, net
—

 
(1.4
)
 
(33.1
)
 
—

 
(34.5
)
Equity income (loss) in subsidiaries
228.5

 
(90.9
)
 
87.9

 
(225.5
)
 
—

Equity income in MillerCoors
—

 
191.9

 
—

 
—

 
191.9

Operating income (loss)
184.3

 
211.0

 
98.0

 
(225.5
)
 
267.8

Interest income (expense), net
(32.8
)
 
71.6

 
(79.3
)
 
—

 
(40.5
)
Other income (expense), net
(22.0
)
 
(8.7
)
 
0.3

 
—

 
(30.4
)
Income (loss) from continuing operations before income taxes
129.5

 
273.9

 
19.0

 
(225.5
)
 
196.9

Income tax benefit (expense)
42.8

 
(87.9
)
 
23.9

 
—

 
(21.2
)
Net income (loss) from continuing operations
172.3

 
186.0

 
42.9

 
(225.5
)
 
175.7

Income (loss) from discontinued operations, net of tax
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) including noncontrolling interests
172.3

 
186.0

 
41.1

 
(225.5
)
 
173.9

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net income (loss) attributable to MCBC
$
172.3

 
$
186.0

 
$
39.5

 
$
(225.5
)
 
$
172.3

Comprehensive income (loss) attributable to MCBC
$
36.3

 
$
46.4

 
$
(100.4
)
 
$
54.0

 
$
36.3




MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
15.3

 
$
5,330.7

 
$
1,623.2

 
$
(262.3
)
 
$
6,706.9

Excise taxes
—

 
(737.2
)
 
(429.7
)
 
—

 
(1,166.9
)
Net sales
15.3

 
4,593.5

 
1,193.5

 
(262.3
)
 
5,540.0

Cost of goods sold
(1.0
)
 
(2,566.9
)
 
(801.2
)
 
240.1

 
(3,129.0
)
Gross profit
14.3

 
2,026.6

 
392.3

 
(22.2
)
 
2,411.0

Marketing, general and administrative expenses
(135.9
)
 
(1,056.3
)
 
(314.0
)
 
22.2

 
(1,484.0
)
Special items, net
(0.8
)
 
(14.4
)
 
(5.1
)
 
—

 
(20.3
)
Equity income (loss) in subsidiaries
772.8

 
(216.1
)
 
80.3

 
(637.0
)
 
—

Operating income (loss)
650.4

 
739.8

 
153.5

 
(637.0
)
 
906.7

Interest income (expense), net
(155.5
)
 
119.2

 
(149.5
)
 
—

 
(185.8
)
Other income (expense), net
(8.2
)
 
111.6

 
(101.5
)
 
—

 
1.9

Income (loss) from continuing operations before income taxes
486.7

 
970.6

 
(97.5
)
 
(637.0
)
 
722.8

Income tax benefit (expense)
37.9

 
(197.8
)
 
(27.7
)
 
—

 
(187.6
)
Net income (loss) from continuing operations
524.6

 
772.8

 
(125.2
)
 
(637.0
)
 
535.2

Income (loss) from discontinued operations, net of tax
—

 
—

 
1.0

 
—

 
1.0

Net income (loss) including noncontrolling interests
524.6

 
772.8

 
(124.2
)
 
(637.0
)
 
536.2

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(11.6
)
 
—

 
(11.6
)
Net income (loss) attributable to MCBC
$
524.6

 
$
772.8

 
$
(135.8
)
 
$
(637.0
)
 
$
524.6

Comprehensive income attributable to MCBC
$
847.8

 
$
1,138.6

 
$
73.2

 
$
(1,211.8
)
 
$
847.8



MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
13.5

 
$
966.0

 
$
1,445.4

 
$
(67.1
)
 
$
2,357.8

Excise taxes
—

 
(215.8
)
 
(498.6
)
 
—

 
(714.4
)
Net sales
13.5

 
750.2

 
946.8

 
(67.1
)
 
1,643.4

Cost of goods sold
—

 
(406.6
)
 
(622.8
)
 
53.2

 
(976.2
)
Gross profit
13.5

 
343.6

 
324.0

 
(13.9
)
 
667.2

Marketing, general and administrative expenses
(98.1
)
 
(183.8
)
 
(296.5
)
 
13.9

 
(564.5
)
Special items, net
—

 
107.9

 
(33.8
)
 
—

 
74.1

Equity income (loss) in subsidiaries
444.3

 
(204.3
)
 
237.2

 
(477.2
)
 
—

Equity income in MillerCoors
—

 
334.3

 
—

 
—

 
334.3

Operating income (loss)
359.7

 
397.7

 
230.9

 
(477.2
)
 
511.1

Interest income (expense), net
(72.7
)
 
140.8

 
(155.9
)
 
—

 
(87.8
)
Other income (expense), net
(40.3
)
 
(4.1
)
 
(1.3
)
 
—

 
(45.7
)
Income (loss) from continuing operations before income taxes
246.7

 
534.4

 
73.7

 
(477.2
)
 
377.6

Income tax benefit (expense)
88.3

 
(173.3
)
 
47.1

 
—

 
(37.9
)
Net income (loss) from continuing operations
335.0

 
361.1

 
120.8

 
(477.2
)
 
339.7

Income (loss) from discontinued operations, net of tax
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Net income (loss) including noncontrolling interests
335.0

 
361.1

 
118.5

 
(477.2
)
 
337.4

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(2.4
)
 
—

 
(2.4
)
Net income (loss) attributable to MCBC
$
335.0

 
$
361.1

 
$
116.1

 
$
(477.2
)
 
$
335.0

Comprehensive income attributable to MCBC
$
456.0

 
$
455.2

 
$
(1.0
)
 
$
(454.2
)
 
$
456.0

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)


 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
8.3

 
$
2,954.1

 
$
973.2

 
$
(142.5
)
 
$
3,793.1

Excise taxes
—

 
(411.5
)
 
(290.3
)
 
—

 
(701.8
)
Net sales
8.3

 
2,542.6

 
682.9

 
(142.5
)
 
3,091.3

Cost of goods sold
(1.0
)
 
(1,423.9
)
 
(461.8
)
 
130.6

 
(1,756.1
)
Gross profit
7.3

 
1,118.7

 
221.1

 
(11.9
)
 
1,335.2

Marketing, general and administrative expenses
(68.2
)
 
(558.7
)
 
(166.2
)
 
11.9

 
(781.2
)
Special items, net
(0.3
)
 
(13.7
)
 
(2.5
)
 
—

 
(16.5
)
Equity income (loss) in subsidiaries
434.0

 
(138.0
)
 
61.3

 
(357.3
)
 
—

Operating income (loss)
372.8

 
408.3

 
113.7

 
(357.3
)
 
537.5

Interest income (expense), net
(74.4
)
 
60.3

 
(75.1
)
 
—

 
(89.2
)
Other income (expense), net
—

 
94.9

 
(93.4
)
 
—

 
1.5

Income (loss) from continuing operations before income taxes
298.4

 
563.5

 
(54.8
)
 
(357.3
)
 
449.8

Income tax benefit (expense)
24.9

 
(129.7
)
 
(18.2
)
 
—

 
(123.0
)
Net income (loss) from continuing operations
323.3

 
433.8

 
(73.0
)
 
(357.3
)
 
326.8

Income (loss) from discontinued operations, net of tax
—

 
—

 
1.6

 
—

 
1.6

Net income (loss) including noncontrolling interests
323.3

 
433.8

 
(71.4
)
 
(357.3
)
 
328.4

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(5.1
)
 
—

 
(5.1
)
Net income (loss) attributable to MCBC
$
323.3

 
$
433.8

 
$
(76.5
)
 
$
(357.3
)
 
$
323.3

Comprehensive income (loss) attributable to MCBC
$
571.2

 
$
725.7

 
$
87.0

 
$
(812.7
)
 
$
571.2


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.9

 
$
590.1

 
$
850.1

 
$
(40.1
)
 
$
1,407.0

Excise taxes
—

 
(131.8
)
 
(289.0
)
 
—

 
(420.8
)
Net sales
6.9

 
458.3

 
561.1

 
(40.1
)
 
986.2

Cost of goods sold
—

 
(242.9
)
 
(352.4
)
 
33.1

 
(562.2
)
Gross profit
6.9

 
215.4

 
208.7

 
(7.0
)
 
424.0

Marketing, general and administrative expenses
(51.1
)
 
(104.0
)
 
(165.5
)
 
7.0

 
(313.6
)
Special items, net
—

 
(1.4
)
 
(33.1
)
 
—

 
(34.5
)
Equity income (loss) in subsidiaries
228.5

 
(90.9
)
 
87.9

 
(225.5
)
 
—

Equity income in MillerCoors
—

 
191.9

 
—

 
—

 
191.9

Operating income (loss)
184.3

 
211.0

 
98.0

 
(225.5
)
 
267.8

Interest income (expense), net
(32.8
)
 
71.6

 
(79.3
)
 
—

 
(40.5
)
Other income (expense), net
(22.0
)
 
(8.7
)
 
0.3

 
—

 
(30.4
)
Income (loss) from continuing operations before income taxes
129.5

 
273.9

 
19.0

 
(225.5
)
 
196.9

Income tax benefit (expense)
42.8

 
(87.9
)
 
23.9

 
—

 
(21.2
)
Net income (loss) from continuing operations
172.3

 
186.0

 
42.9

 
(225.5
)
 
175.7

Income (loss) from discontinued operations, net of tax
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) including noncontrolling interests
172.3

 
186.0

 
41.1

 
(225.5
)
 
173.9

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net income (loss) attributable to MCBC
$
172.3

 
$
186.0

 
$
39.5

 
$
(225.5
)
 
$
172.3

Comprehensive income (loss) attributable to MCBC
$
36.3

 
$
46.4

 
$
(100.4
)
 
$
54.0

 
$
36.3



MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)
 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
71.4

 
$
109.3

 
$
322.2

 
$
—

 
$
502.9

Accounts receivable, net
—

 
536.5

 
426.4

 
—

 
962.9

Other receivables, net
10.9

 
61.6

 
41.3

 
—

 
113.8

Inventories, net
—

 
481.6

 
152.1

 
—

 
633.7

Other current assets, net
6.6

 
197.0

 
72.1

 
—

 
275.7

Intercompany accounts receivable
—

 
1,893.9

 
65.3

 
(1,959.2
)
 
—

Total current assets
88.9

 
3,279.9

 
1,079.4

 
(1,959.2
)
 
2,489.0

Properties, net
24.7

 
3,459.1

 
1,101.4

 
—

 
4,585.2

Goodwill
—

 
6,674.6

 
1,716.6

 
—

 
8,391.2

Other intangibles, net
9.0

 
12,188.1

 
2,002.5

 
—

 
14,199.6

Net investment in and advances to subsidiaries
23,716.5

 
3,466.1

 
4,529.8

 
(31,712.4
)
 
—

Other assets
90.0

 
178.4

 
220.2

 
(35.0
)
 
453.6

Total assets
$
23,929.1

 
$
29,246.2

 
$
10,649.9

 
$
(33,706.6
)
 
$
30,118.6

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
168.5

 
$
1,547.9

 
$
900.2

 
$
—

 
$
2,616.6

Current portion of long-term debt and short-term borrowings
281.1

 
385.5

 
20.0

 
—

 
686.6

Discontinued operations
—

 
—

 
4.9

 
—

 
4.9

Intercompany accounts payable
1,646.0

 
145.3

 
167.9

 
(1,959.2
)
 
—

Total current liabilities
2,095.6

 
2,078.7

 
1,093.0

 
(1,959.2
)
 
3,308.1

Long-term debt
9,724.4

 
1,460.7

 
—

 
—

 
11,185.1

Pension and postretirement benefits
2.7

 
1,108.2

 
13.9

 
—

 
1,124.8

Deferred tax liabilities
—

 
1,073.4

 
826.8

 
(35.0
)
 
1,865.2

Other liabilities
11.6

 
210.9

 
94.7

 
—

 
317.2

Discontinued operations
—

 
—

 
12.4

 
—

 
12.4

Intercompany notes payable
—

 
1,360.7

 
6,223.7

 
(7,584.4
)
 
—

Total liabilities
11,834.3

 
7,292.6

 
8,264.5

 
(9,578.6
)
 
17,812.8

MCBC stockholders' equity
12,095.9

 
28,176.2

 
3,536.2

 
(31,712.4
)
 
12,095.9

Intercompany notes receivable
(1.1
)
 
(6,222.6
)
 
(1,360.7
)
 
7,584.4

 
—

Total stockholders' equity
12,094.8

 
21,953.6

 
2,175.5

 
(24,128.0
)
 
12,095.9

Noncontrolling interests
—

 
—

 
209.9

 
—

 
209.9

Total equity
12,094.8

 
21,953.6

 
2,385.4

 
(24,128.0
)
 
12,305.8

Total liabilities and equity
$
23,929.1

 
$
29,246.2

 
$
10,649.9

 
$
(33,706.6
)
 
$
30,118.6


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
147.3

 
$
141.5

 
$
272.1

 
$
—

 
$
560.9

Accounts receivable, net
—

 
374.8

 
294.7

 
—

 
669.5

Other receivables, net
43.6

 
53.8

 
38.4

 
—

 
135.8

Inventories, net
—

 
466.6

 
126.1

 
—

 
592.7

Other current assets, net
1.3

 
139.3

 
70.1

 
—

 
210.7

Intercompany accounts receivable
—

 
1,098.5

 
36.0

 
(1,134.5
)
 
—

Total current assets
192.2

 
2,274.5

 
837.4

 
(1,134.5
)
 
2,169.6

Properties, net
27.5

 
3,459.9

 
1,020.0

 
—

 
4,507.4

Goodwill
—

 
6,647.5

 
1,602.6

 
—

 
8,250.1

Other intangibles, net
—

 
12,180.4

 
1,851.5

 
—

 
14,031.9

Net investment in and advances to subsidiaries
22,506.3

 
3,475.4

 
4,400.9

 
(30,382.6
)
 
—

Other assets
80.2

 
161.7

 
173.4

 
(32.8
)
 
382.5

Total assets
$
22,806.2

 
$
28,199.4

 
$
9,885.8

 
$
(31,549.9
)
 
$
29,341.5

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
203.6

 
$
1,493.5

 
$
770.6

 
$
—

 
$
2,467.7

Current portion of long-term debt and short-term borrowings
299.9

 
371.7

 
13.2

 
—

 
684.8

Discontinued operations
—

 
—

 
5.0

 
—

 
5.0

Intercompany accounts payable
893.5

 
101.8

 
139.2

 
(1,134.5
)
 
—

Total current liabilities
1,397.0

 
1,967.0

 
928.0

 
(1,134.5
)
 
3,157.5

Long-term debt
9,979.4

 
1,408.2

 
0.1

 
—

 
11,387.7

Pension and postretirement benefits
2.6

 
1,181.2

 
12.2

 
—

 
1,196.0

Deferred tax liabilities
—

 
972.0

 
759.8

 
(32.8
)
 
1,699.0

Other liabilities
9.6

 
229.2

 
28.2

 
—

 
267.0

Discontinued operations
—

 
—

 
12.6

 
—

 
12.6

Intercompany notes payable
—

 
1,360.3

 
5,868.4

 
(7,228.7
)
 
—

Total liabilities
11,388.6

 
7,117.9

 
7,609.3

 
(8,396.0
)
 
17,719.8

MCBC stockholders' equity
11,418.7

 
26,948.9

 
3,433.7

 
(30,382.6
)
 
11,418.7

Intercompany notes receivable
(1.1
)
 
(5,867.4
)
 
(1,360.2
)
 
7,228.7

 
—

Total stockholders' equity
11,417.6

 
21,081.5

 
2,073.5

 
(23,153.9
)
 
11,418.7

Noncontrolling interests
—

 
—

 
203.0

 
—

 
203.0

Total equity
11,417.6

 
21,081.5

 
2,276.5

 
(23,153.9
)
 
11,621.7

Total liabilities and equity
$
22,806.2

 
$
28,199.4

 
$
9,885.8

 
$
(31,549.9
)
 
$
29,341.5

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
496.0

 
$
471.3

 
$
111.8

 
$
(260.6
)
 
$
818.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(10.3
)
 
(275.3
)
 
(68.4
)
 
—

 
(354.0
)
Proceeds from sales of properties and other assets
—

 
2.2

 
43.9

 
—

 
46.1

Other
—

 
—

 
6.0

 
—

 
6.0

Net intercompany investing activity
—

 
(70.8
)
 
—

 
70.8

 
—

Net cash provided by (used in) investing activities
(10.3
)
 
(343.9
)
 
(18.5
)
 
70.8

 
(301.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
1.1

 
—

 
—

 
—

 
1.1

Dividends paid
(161.8
)
 
(150.5
)
 
(124.9
)
 
260.6

 
(176.6
)
Debt issuance costs
(4.6
)
 
—

 
—

 
—

 
(4.6
)
Payments on debt and borrowings
(2,200.0
)
 
—

 
(1.5
)
 
—

 
(2,201.5
)
Proceeds on debt and borrowings
1,536.0

 
—

 
—

 
—

 
1,536.0

Net proceeds from (payments on) revolving credit facilities and commercial paper
280.3

 
—

 
1.7

 
—

 
282.0

Change in overdraft balances and other
(12.6
)
 
(10.6
)
 
(6.4
)
 
—

 
(29.6
)
Net intercompany financing activity
—

 
—

 
70.8

 
(70.8
)
 
—

Net cash provided by (used in) financing activities
(561.6
)
 
(161.1
)
 
(60.3
)
 
189.8

 
(593.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(75.9
)
 
(33.7
)
 
33.0

 
—

 
(76.6
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
1.5

 
17.1

 
—

 
18.6

Balance at beginning of year
147.3

 
141.5

 
272.1

 
—

 
560.9

Balance at end of period
$
71.4

 
$
109.3

 
$
322.2

 
$
—

 
$
502.9


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)
 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
185.4

 
$
92.8

 
$
44.5

 
$
(40.3
)
 
$
282.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(10.2
)
 
(35.9
)
 
(75.5
)
 
—

 
(121.6
)
Proceeds from sales of properties and other assets
—

 
142.1

 
2.5

 
—

 
144.6

Investment in MillerCoors
—

 
(810.6
)
 
—

 
—

 
(810.6
)
Return of capital from MillerCoors
—

 
731.1

 
—

 
—

 
731.1

Other
0.9

 
1.3

 
(6.3
)
 
—

 
(4.1
)
Net intercompany investing activity
(1.1
)
 
(39.7
)
 
(0.9
)
 
41.7

 
—

Net cash provided by (used in) investing activities
(10.4
)
 
(11.7
)
 
(80.2
)
 
41.7

 
(60.6
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from issuance of common stock, net
2,525.9

 
—

 
—

 
—

 
2,525.9

Exercise of stock options under equity compensation plans
5.4

 
—

 
—

 
—

 
5.4

Dividends paid
(161.1
)
 
(40.3
)
 
(15.4
)
 
40.3

 
(176.5
)
Debt issuance costs
(15.0
)
 
—

 
—

 
—

 
(15.0
)
Payments on debt and borrowings
—

 
—

 
(17.9
)
 
—

 
(17.9
)
Proceeds on debt and borrowings
—

 
—

 
31.7

 
—

 
31.7

Net proceeds from (payments on) revolving credit facilities and commercial paper
—

 
—

 
2.5

 
—

 
2.5

Change in overdraft balances and other
(14.0
)
 
—

 
(3.5
)
 
—

 
(17.5
)
Net intercompany financing activity
—

 
2.0

 
39.7

 
(41.7
)
 
—

Net cash provided by (used in) financing activities
2,341.2

 
(38.3
)
 
37.1

 
(1.4
)
 
2,338.6

CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
2,516.2

 
42.8

 
1.4

 
—

 
2,560.4

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
3.9

 
(4.9
)
 
—

 
(1.0
)
Balance at beginning of year
146.4

 
106.2

 
178.3

 
—

 
430.9

Balance at end of period
$
2,662.6

 
$
152.9

 
$
174.8

 
$
—

 
$
2,990.3

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies)
Segments 
Our reporting segments include: MillerCoors LLC ("MillerCoors" or U.S. segment), operating in the United States ("U.S."); Molson Coors Canada ("MCC" or Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, the United Kingdom ("U.K.") and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries.
New Accounting Pronouncements Not Yet Adopted 
In March 2016, the Financial Accounting Standards Board ("FASB") issued authoritative guidance intended to simplify and improve several aspects of the accounting for share-based payment transactions. We early adopted this guidance in the third quarter of 2016. The adoption of this guidance impacted our previously reported unaudited condensed consolidated financial statements as follows:
 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions, except per share data)
Unaudited Condensed Consolidated Statement of Operations:
 
 
 
Income tax benefit (expense)
$
(41.8
)
 
$
(37.9
)
Net income (loss) attributable to Molson Coors Brewing Company
$
331.1

 
$
335.0

Basic earnings per share
$
1.58

 
$
1.60

Diluted earnings per share
$
1.58

 
$
1.59

Diluted weighted-average shares outstanding
210.2

 
210.5

 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Statement of Cash Flows:
 
 
 
Net cash provided by (used in) operating activities
$
264.4

 
$
282.4

Net cash provided by (used in) financing activities
$
2,356.6

 
$
2,338.6

 
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Balance Sheet:
 
 
 
Paid-in capital
$
6,556.6

 
$
6,552.7

Retained earnings
$
4,650.6

 
$
4,654.5


New Accounting Pronouncements (Tables)
New Accounting Pronouncement, Early Adoption
 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions, except per share data)
Unaudited Condensed Consolidated Statement of Operations:
 
 
 
Income tax benefit (expense)
$
(41.8
)
 
$
(37.9
)
Net income (loss) attributable to Molson Coors Brewing Company
$
331.1

 
$
335.0

Basic earnings per share
$
1.58

 
$
1.60

Diluted earnings per share
$
1.58

 
$
1.59

Diluted weighted-average shares outstanding
210.2

 
210.5

 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Statement of Cash Flows:
 
 
 
Net cash provided by (used in) operating activities
$
264.4

 
$
282.4

Net cash provided by (used in) financing activities
$
2,356.6

 
$
2,338.6

 
June 30, 2016
 
As Reported
 
As Adjusted
 
(In millions)
Unaudited Condensed Consolidated Balance Sheet:
 
 
 
Paid-in capital
$
6,556.6

 
$
6,552.7

Retained earnings
$
4,650.6

 
$
4,654.5

Segment Reporting (Tables)
Net sales by segment 
The following tables present net sales, income (loss) from continuing operations before income taxes and total assets by segment:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
U.S.(1)
$
2,138.9

 
$
—

 
$
3,888.8

 
$
—

Canada
407.6

 
425.9

 
698.7

 
693.9

Europe
524.7

 
522.1

 
906.3

 
880.8

International
65.1

 
39.2

 
126.9

 
70.2

Corporate
0.3

 
0.2

 
0.6

 
0.6

Eliminations(2)
(45.3
)
 
(1.2
)
 
(81.3
)
 
(2.1
)
         Consolidated net sales
$
3,091.3

 
$
986.2

 
$
5,540.0

 
$
1,643.4


(1)
Prior to October 11, 2016, MCBC’s 42% share of MillerCoors' results of operations was reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations. As a result of the Acquisition, beginning October 11, 2016, MillerCoors' results were fully consolidated into MCBC’s consolidated financial statements.
(2)
Eliminations reflect gross inter-segment sales which are eliminated in the consolidated totals.
Income (loss) from continuing operations before income taxes by segment 
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
U.S.(1)
$
484.7

 
$
191.9

 
$
800.3

 
$
334.3

Canada
68.7

 
88.5

 
91.8

 
235.1

Europe(2)
73.3

 
59.0

 
103.9

 
57.8

International
(7.7
)
 
(33.4
)
 
(6.2
)
 
(35.7
)
Corporate
(169.2
)
 
(109.1
)
 
(267.0
)
 
(213.9
)
Consolidated income (loss) from continuing operations before income taxes
$
449.8

 
$
196.9

 
$
722.8

 
$
377.6


(1)
Prior to October 11, 2016, MCBC’s 42% share of MillerCoors' results of operations was reported as equity income in MillerCoors in the unaudited condensed consolidated statements of operations. As a result of the Acquisition, beginning October 11, 2016, MillerCoors' results were fully consolidated into MCBC’s consolidated financial statements.
(2)
In the first quarter of 2017, the largest food and retail company in Croatia, Agrokor, announced that it was facing significant financial difficulties that raised doubt about the collectibility of certain of our outstanding receivables with its direct subsidiaries. These subsidiaries are customers of ours within the Europe segment and, therefore, we are closely monitoring the situation. Specifically, Agrokor has entered into active discussions with local regulators, financial institutions and other creditors to stabilize and restructure its business and sustain ongoing operations. Our exposure related to Agrokor, as of June 30, 2017, was approximately $17 million, based on foreign exchange rates as of June 30, 2017. Based on the facts and circumstances known at this time, we recorded a provision for an estimate of uncollectible receivables of approximately $11 million in the first quarter of 2017, and this allowance, in local currency, remains at June 30, 2017. Separately, we released an indirect tax loss contingency, which was initially recorded in the fourth quarter of 2016, for a benefit of approximately $50 million during the first quarter of 2017; see Note 16, "Commitments and Contingencies" for details.
Total assets by segment 
 
As of
 
June 30, 2017
 
December 31, 2016(1)
 
(In millions)
U.S.
$
19,936.1

 
$
19,844.7

Canada
4,388.7


4,206.8

Europe
5,191.7


4,673.7

International
317.0


302.8

Corporate
285.1


313.5

Consolidated total assets
$
30,118.6


$
29,341.5


(1)
The allocation of total assets by segment as of December 31, 2016, has been adjusted for a reclassification between Corporate and International to reflect certain assets acquired in the Acquisition that have been subsequently allocated to International for segment reporting.
Acquisition and Investments (Tables)
Business Acquisition, Pro Forma Information [Table Text Block] 
The unaudited pro forma financial information below does not reflect the realization of any expected ongoing synergies relating to the integration of MillerCoors. Further, the unaudited pro forma financial information should not be considered indicative of the results that would have occurred if the Acquisition and related financing had been consummated on January 1, 2016, nor are they indicative of future results.     
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions)
Net sales
$
3,109.2

 
$
5,570.6

Net income from continuing operations attributable to MCBC
$
309.3

 
$
566.7

Net income attributable to MCBC
$
307.5

 
$
564.4

Net income from continuing operations attributable to MCBC per share:
 
 
 
Basic
$
1.44

 
$
2.64

Diluted
$
1.43

 
$
2.62

For the three and six months ended June 30, 2016, the following non-recurring charges (benefits) directly attributable to the Acquisition were made as adjustments to our pro forma results to remove the impact from our historical operating results within the below noted line items.
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2016
 
 
(In millions)
 
Non-recurring charges (benefits)
 
 
 
Location
Other transaction-related costs
$
19.6

 
$
34.5

Marketing, general and administrative expenses
Bridge loan - amortization of financing costs
$
20.2

 
$
38.6

Other income (expense)
Foreign currency forwards and transactional foreign currency loss
$
11.6

 
$
11.6

Other income (expense)
Term loan - commitment fee
$
1.3

 
$
2.5

Interest expense, net
Swaption - unrealized loss
$
15.3

 
$
36.4

Interest expense, net
Interest income earned on money market and fixed rate deposit accounts
$
(3.9
)
 
$
(6.4
)
Interest income, net
Summarized financial information of MillerCoors 
Results of Operations
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions)
Net sales
$
2,126.7

 
$
3,942.8

Cost of goods sold
(1,174.5
)
 
(2,207.5
)
Gross profit
$
952.2

 
$
1,735.3

Operating income(1)
$
435.7

 
$
772.2

Net income attributable to MillerCoors(1)
$
429.5

 
$
764.8

(1)
Results include special charges related to the closure of the Eden, North Carolina, brewery of $39.4 million and $76.3 million for the three and six months ended June 30, 2016, respectively, including $33.0 million and $68.9 million of accelerated depreciation in excess of normal depreciation associated with the brewery and $6.4 million and $7.4 million of other charges, respectively.
MCBC's proportional share in MillerCoors of net income reported under the equity method 
The following represents our proportionate share in net income attributable to MillerCoors reported under the equity method of accounting prior to the Acquisition:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(in millions, except percentages)
Net income attributable to MillerCoors
$
429.5

 
$
764.8

MCBC's economic interest
42
%
 
42
%
MCBC's proportionate share of MillerCoors' net income
180.4

 
321.2

Amortization of the difference between MCBC's contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors
1.1

 
2.2

Share-based compensation adjustment(1)
(0.7
)
 
(0.2
)
U.S. import tax benefit(2)
11.1

 
11.1

Equity income in MillerCoors
$
191.9

 
$
334.3


(1)
The net adjustment is to eliminate all share-based compensation impacts related to pre-existing SABMiller equity awards held by former Miller Brewing Company employees employed by MillerCoors, as well as to add back all share-based compensation impacts related to pre-existing MCBC equity awards held by former MCBC employees who transferred to MillerCoors.
Summary of transactions with MillerCoors 
The following table summarizes our transactions with MillerCoors prior to the Acquisition when it was accounted for under the equity method of accounting:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2016
 
(In millions)
Beer sales to MillerCoors
$
2.6

 
$
4.6

Beer purchases from MillerCoors
$
12.2

 
$
22.1

Service agreement costs and other charges to MillerCoors
$
0.6

 
$
1.3

Service agreement costs and other charges from MillerCoors
$
0.1

 
$
0.2


Schedules of Consolidated Investments 
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 
As of
 
June 30, 2017
 
December 31, 2016
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
(In millions)
Grolsch
$
4.7

 
$
0.3

 
$
4.4

 
$
0.5

Cobra U.K.
$
17.5

 
$
0.7

 
$
14.2

 
$
1.1

RMMC
$
77.3

 
$
3.9

 
$
70.2

 
$
3.5

RMBC
$
54.7

 
$
2.0

 
$
53.1

 
$
2.5

Share-Based Payments (Tables)
Schedule of components of share-based compensation expense 
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Pretax compensation expense
$
16.1

 
$
6.4

 
$
31.6

 
$
13.1

Tax benefit
(5.5
)
 
(1.9
)
 
(10.8
)
 
(3.8
)
After-tax compensation expense
$
10.6

 
$
4.5

 
$
20.8

 
$
9.3

Schedule of non-vested RSUs, DSUs, PUs and PSUs outstanding and the activity for the period 
 
RSUs and DSUs
 
PSUs
 
Units
 
Weighted-average
grant date fair value
per unit
 
Units
 
Weighted-average
grant date fair value
per unit
 
(In millions, except per unit amounts)
Non-vested as of December 31, 2016
0.8

 
$87.01
 
0.5

 
$81.67
Granted
0.3

 
$92.15
 
0.2

 
$97.13
Vested
(0.3
)
 
$77.43
 
(0.2
)
 
$57.34
Converted(1)
0.3

 
$106.17
 
(0.1
)
 
$106.17
Forfeited
—

 
$—
 
—

 
$—
Non-vested as of June 30, 2017
1.1

 
$95.53
 
0.4

 
$89.46
(1)
During the three months ended March 31, 2017, the MillerCoors 2016 PSU replacement awards were converted to RSUs under the Incentive Compensation Plan based on the achievement of the performance metric during the one year performance period ended December 31, 2016. These awards cliff vest at the end of a three year service period in the first quarter of 2019.
The weighted-average fair value per unit for the non-vested PSUs is $111.50 as of June 30, 2017.
Schedule of stock options and SOSARs outstanding and the activity for the period 
 
Stock options and SOSARS
 
Awards
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining contractual life
(years)
 
Aggregate
intrinsic value
 
(In millions, except per share amounts and years)
Outstanding as of December 31, 2016
1.5
 
$59.79
 
5.4
 
$
58.2

Granted
0.2
 
$96.77
 
 
 
 
Exercised
(0.1)
 
$55.71
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of June 30, 2017
1.6
 
$63.89
 
5.5
 
$
38.0

Expected to vest at June 30, 2017
0.4
 
$89.81
 
8.9
 
$
0.8

Exercisable at June 30, 2017
1.2
 
$56.28
 
4.5
 
$
37.2

Schedule of share-based compensation weighted average assumptions 
The fair value of each option granted in the first half of 2017 and 2016 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
Risk-free interest rate
2.04%
 
1.40%
Dividend yield
1.64%
 
1.81%
Volatility range
22.40%-22.88%
 
23.16%-24.64%
Weighted-average volatility
22.52%
 
23.53%
Expected term (years)
5.1
 
5.2
Weighted-average fair market value
$18.66
 
$16.65
Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions 
The fair value of the market metric for each PSU granted in the first half of 2017 and 2016 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
Risk-free interest rate
1.59%
 
1.04%
Dividend yield
1.64%
 
1.81%
Volatility range
13.71%-80.59%
 
14.10%-77.11%
Weighted-average volatility
24.24%
 
23.68%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$97.13
 
$90.49
Special Items (Tables)
Special items recorded by segment 
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Employee-related charges
 
 
 
 
 
 
 
Restructuring
$
0.4

 
$
(0.2
)
 
$
1.3

 
$
(1.8
)
Canada - OPEB curtailment gain
—

 
—

 
(2.9
)
 
—

Impairments or asset abandonment charges
 
 
 
 
 
 
 
U.S. - Asset abandonment(1)
12.4

 
—

 
14.4

 
—

Canada - Asset abandonment(2)
1.1

 
1.4

 
2.3

 
2.5

Europe - Asset abandonment(3)
2.6

 
2.5

 
5.2

 
4.8

International - Asset impairment and write-off(4)
—

 
30.8

 
—

 
30.8

Termination fees and other (gains) losses
 
 
 
 
 
 
 
Canada - Gain on sale of asset(2)
—

 
—

 
—

 
(110.4
)
Total Special items, net
$
16.5

 
$
34.5

 
$
20.3

 
$
(74.1
)

(1)
During the third quarter of 2015, MillerCoors announced plans to close its brewery in Eden, North Carolina, in an effort to optimize the brewery footprint and streamline operations for greater efficiencies. Products produced in Eden were transitioned to other breweries in the U.S. supply chain network and the Eden brewery is now closed. For the three and six months ended June 30, 2017, certain costs related to the closure of the brewery were recorded within special items.
(2)
As part of our ongoing strategic review of our Canadian supply chain network, we completed the sale of our Vancouver brewery on March 31, 2016, and we recognized a gain of $110.4 million within special items in the first quarter of 2016, resulting in net cash proceeds received in the second quarter of 2016 of CAD 183.1 million ($140.8 million). In conjunction with the sale of the brewery, we agreed to leaseback the existing property to continue operations on an uninterrupted basis while our new brewery is being constructed. We have evaluated this transaction pursuant to the accounting guidance for sale-leaseback transactions, and concluded that the relevant criteria had been met for full gain recognition. Additionally, during the three and six months ended June 30, 2017, and 2016, we incurred other abandonment charges, consisting primarily of accelerated depreciation charges in excess of normal depreciation, related to the planned closure of the Vancouver brewery, which is currently expected to occur in the third quarter of 2019.
Additionally, in the third quarter of 2017, as a result of the continuation of this strategic review, we announced the plan to build a more efficient and flexible brewery in the greater Montreal area. As a result of this decision, we have begun to develop plans to transition out of our existing Montreal brewery. Accordingly, we will begin to incur accelerated depreciation and other charges associated with the existing brewery closure in the third quarter of 2017. These charges will continue to be incurred on an ongoing basis until completion of the project and will be recorded as special items.
(3)
As a result of our continued strategic review of our European supply chain network, for the three and six months ended June 30, 2017, and 2016, we incurred charges consisting primarily of accelerated depreciation charges in excess of normal depreciation related to the planned closure of our Burton South brewery.
(4)
Based on an interim impairment assessment performed during the second quarter of 2016, which was triggered by the enactment of total alcohol prohibition in the state of Bihar, India, on April 5, 2016, we recorded an impairment loss in the second quarter of 2016.
Change in the restructuring accrual 
 
U.S.
 
Canada
 
Europe
 
International
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2016
$
5.1

 
$
5.9

 
$
2.8

 
$
0.2

 
$
0.7

 
$
14.7

Charges incurred
0.7

 
(0.1
)
 
—

 
0.6

 
0.1

 
1.3

Payments made
(4.6
)
 
(0.8
)
 
(0.5
)
 
(0.2
)
 
(0.6
)
 
(6.7
)
Foreign currency and other adjustments
—

 
0.1

 
0.1

 
—

 
—

 
0.2

Total at June 30, 2017
$
1.2


$
5.1

 
$
2.4

 
$
0.6

 
$
0.2

 
$
9.5

 
U.S.
 
Canada
 
Europe
 
International
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2015
$
—

 
$
2.3

 
$
5.6

 
$
1.3

 
$
—

 
$
9.2

Payments made
—

 
(0.1
)
 
(0.6
)
 
(1.3
)
 
—

 
(2.0
)
Changes in estimates
—

 
—

 
(1.8
)
 
—

 
—

 
(1.8
)
Foreign currency and other adjustments
—

 
0.1

 
(0.4
)
 
—

 
—

 
(0.3
)
Total at June 30, 2016
$
—


$
2.3

 
$
2.8

 
$
—

 
$
—

 
$
5.1

Other Income and Expense (Tables)
Summarization of other income and expenses
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
Bridge loan commitment fees(1)
$
—

 
$
(20.2
)
 
$
—

 
$
(38.6
)
Gain (loss) from other foreign exchange and derivative activity, net(2)
1.5

 
(10.6
)
 
(6.7
)
 
(6.9
)
Other, net(3)
—

 
0.4

 
8.6

 
(0.2
)
Other income (expense), net
$
1.5

 
$
(30.4
)
 
$
1.9

 
$
(45.7
)

(1)
During the first half of 2016, we recognized amortization of commitment fees and other financing costs incurred in connection with our bridge loan agreement entered into subsequent to the announcement of the Acquisition.
(2)
During the three and six months ended June 30, 2016, we recorded unrealized losses of approximately $11.6 million related to the foreign currency forwards we entered into in the second quarter of 2016, in connection with our July 7, 2016, debt issuance.
(3)
During the first quarter of 2017, we recorded a gain of CAD 10.6 million, or $8.1 million, resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens. The CAD 10.6 million was paid by the Montreal Canadiens, who are a considered an affiliate of MCBC, in the first quarter of 2017.
Earnings per Share ("EPS") (Tables)
Effect of dilutive securities on diluted earnings per share 
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
321.7

 
$
174.1

 
$
523.6

 
$
337.3

Income (loss) from discontinued operations, net of tax
1.6

 
(1.8
)
 
1.0

 
(2.3
)
Net income (loss) attributable to Molson Coors Brewing Company
$
323.3

 
$
172.3

 
$
524.6

 
$
335.0

Weighted-average shares for basic EPS
215.4

 
214.7

 
215.3

 
209.2

Effect of dilutive securities:
 
 
 
 
 
 
 
RSUs, DSUs, and PSUs
0.5

 
0.8

 
0.6

 
0.8

Stock options and SOSARs
0.5

 
0.5

 
0.5

 
0.5

Weighted-average shares for diluted EPS
216.4

 
216.0

 
216.4

 
210.5

Basic net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 

 

From continuing operations
$
1.49

 
$
0.81

 
$
2.43

 
$
1.61

From discontinued operations
0.01

 
(0.01
)
 
0.01

 
(0.01
)
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
1.50

 
$
0.80

 
$
2.44

 
$
1.60

Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 


 
 
From continuing operations
$
1.49

 
$
0.81

 
$
2.42

 
$
1.60

From discontinued operations
—

 
(0.01
)
 
—

 
(0.01
)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
1.49

 
$
0.80

 
$
2.42

 
$
1.59

Dividends declared and paid per share
$
0.41

 
$
0.41

 
$
0.82

 
$
0.82

Schedule of antidilutive securities excluded from computation of earnings per share 
The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
(In millions)
RSUs and stock options
0.3

 
0.1

 
0.3

 
0.1

Goodwill and Intangible Assets (Tables)
Schedule of changes in goodwill 
 
U.S.
 
Canada
 
Europe
 
International
 
Consolidated
Changes in Goodwill:
 
 
(In millions)
Balance at December 31, 2016
$
6,415.6

 
$
567.6

 
$
1,260.5

 
$
6.4

 
$
8,250.1

Adjustments to preliminary purchase price allocation(1)
18.5

 
—

 
—

 
—

 
18.5

Foreign currency translation
—

 
20.9

 
101.3

 
0.4

 
122.6

Balance at June 30, 2017
$
6,434.1


$
588.5

 
$
1,361.8

 
$
6.8

 
$
8,391.2


(1)
During the second quarter of 2017, we recorded an adjustment to our preliminary purchase price allocation primarily related to certain accrued liabilities associated with the Acquisition. Refer to Note 4, "Acquisition and Investments" for further details.
Schedule of intangible assets excluding goodwill 
The following table presents details of our intangible assets, other than goodwill, as of June 30, 2017:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
 10 - 50
 
$
5,075.3

 
$
(402.9
)
 
$
4,672.4

License agreements and distribution rights
 15 - 28
 
231.8

 
(96.9
)
 
134.9

Other
 2 - 40
 
144.2

 
(34.6
)
 
109.6

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
 Indefinite
 
8,164.9

 
—

 
8,164.9

Distribution networks
 Indefinite
 
780.3

 
—

 
780.3

Other
 Indefinite
 
337.5

 
—

 
337.5

Total
 
 
$
14,734.0

 
$
(534.4
)
 
$
14,199.6


The following table presents details of our intangible assets, other than goodwill, as of December 31, 2016:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
10 - 50
 
$
4,876.3

 
$
(288.2
)
 
$
4,588.1

License agreements and distribution rights
15 - 28
 
225.9

 
(89.4
)
 
136.5

Other
2 - 40
 
129.3

 
(26.4
)
 
102.9

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
Indefinite
 
8,114.2

 
—

 
8,114.2

Distribution networks
Indefinite
 
752.6

 
—

 
752.6

Other
Indefinite
 
337.6

 
—

 
337.6

Total
 
 
$
14,435.9

 
$
(404.0
)
 
$
14,031.9

Schedule of future amortization expense 
Based on foreign exchange rates as of June 30, 2017, and the preliminary allocation of fair value to definite-lived intangible assets, the estimated future amortization expense of intangible assets is as follows:
Fiscal year
Amount
 
(In millions)
2017 - remaining
$
110.1

2018
$
219.4

2019
$
218.5

2020
$
217.4

2021
$
212.0

Debt (Tables)
Total long-term borrowings
Debt
Debt obligations
 
As of
 
June 30, 2017
 
December 31, 2016
 
(In millions)
Long-term debt:
 
 
 
Senior notes(1)(2)
$
11,250.4

 
$
9,842.2

Term loans(3)
400.0

 
2,300.0

Other long-term debt
2.0

 
2.2

Less: unamortized debt discounts and debt issuance costs
(81.7
)
 
(85.0
)
Less: current portion of long-term debt
(385.6
)
 
(671.7
)
Total long-term debt
$
11,185.1

 
$
11,387.7

 
 
 
 
Short-term borrowings:
 
 
 
Commercial paper program(4)
$
281.1

 
$
—

Other short-term borrowings(5)
19.9

 
13.1

Current portion of long-term debt
385.6

 
671.7

Current portion of long-term debt and short-term borrowings
$
686.6

 
$
684.8


(1)
As of June 30, 2017, and December 31, 2016, our senior notes consisted of CAD senior notes of $1,851.3 million and $1,785.6 million, respectively, with maturities ranging from 2017 to 2026; USD senior notes of $7,913.7 million and $7,215.2 million, respectively, with maturities ranging from 2017 to 2046; and EUR senior notes of $1,485.4 million with maturities ranging from 2019 to 2024 and $841.4 million maturing in 2024, respectively. As of June 30, 2017, and December 31, 2016, the aggregate weighted-average effective coupon interest rates of our senior notes were 2.91% and 3.33%, respectively.
(2)
On March 15, 2017, MCBC issued approximately $1.5 billion of senior notes, consisting of $500 million 1.90% senior notes due March 15, 2019, and $500 million 2.25% senior notes due March 15, 2020 (collectively, the "2017 USD Notes") and EUR 500 million floating rate senior notes due March 15, 2019 ("2017 EUR Notes") (2017 USD Notes and 2017 EUR Notes, collectively, the "2017 Notes"). We bear quarterly interest on the 2017 EUR Notes at the rate of 0.35% + 3-month EURIBOR. These issuances resulted in total proceeds of approximately $1.5 billion, net of underwriting fees and discounts of $3.1 million and $0.7 million, respectively. Total debt issuance costs capitalized in connection with these notes, including underwriting fees, discounts and other financing related costs, were $6.1 million and are being amortized over the respective terms of the 2017 Notes. The 2017 Notes began accruing interest upon issuance, with quarterly payments due on the 2017 EUR Notes beginning June 15, 2017, and semi-annual payments due on the 2017 USD Notes beginning September 15, 2017. During the second quarter of 2017, we repaid our $300.0 million 2.0% notes using commercial paper.
In the first quarter of 2017, we entered into interest rate swaps to economically convert our fixed rate 2017 USD Notes to floating rate debt. As a result of these hedge programs, the carrying value of the $500 million 1.90% notes and $500 million 2.25% notes include adjustments of $0.3 million decreasing and $0.4 million increasing, respectively, for fair value movements attributable to the benchmark interest rate as of June 30, 2017.
Prior to issuing the 2017 EUR Notes, we entered into foreign currency forward agreements to economically hedge the foreign currency exposure of a portion of the respective notes, which were subsequently settled on March 15, 2017, concurrent with the issuance of the 2017 EUR Notes. Additionally, upon issuance we designated the 2017 EUR Notes as a net investment hedge of our Europe business. See Note 14, "Derivative Instruments and Hedging Activities" for further details.
(3)
During the first quarter of 2017, the net proceeds from the 2017 Notes were used to repay the remaining $800.0 million on our 3-year tranche term loan due 2019 and make principal payments of $700.0 million on our 5-year tranche term loan due 2021, and accordingly we accelerated the related unamortized debt issuance costs. During the second quarter of 2017, we made principal payments of $400.0 million on our 5-year tranche term loan due 2021, and accordingly we accelerated the related unamortized debt issuance costs. For the three months ended June 30, 2017, and 2016, $1.0 million and $1.9 million, respectively, was recorded to interest expense related to amortization of issuance and other financing costs associated with the term loan, including the accelerated amortization noted above of $0.9 million. For the six months ended June 30, 2017, and 2016, $5.0 million and $3.7 million respectively, was recorded to interest expense related to amortization of issuance and other financing costs associated with the term loan, including the accelerated amortization noted above of $4.6 million.
Subsequent to quarter end on July 19, 2017, we repaid the remaining $400.0 million on our 5-year tranche term loan due 2021 utilizing borrowings under our commercial paper program, thereby further reducing our available borrowings under our $1.5 billion revolving multi-credit facility as further discussed below. We accordingly recorded the remaining $0.7 million of accelerated unamortized debt issuance costs. The term loans were fully repaid as of July 19, 2017.
(4)
As of June 30, 2017, the outstanding borrowings under our commercial paper program were $281.1 million at a weighted-average effective interest rate and tenor of 1.64% and 43 days. There were no outstanding borrowings under our commercial paper program as of December 31, 2016. As noted above, in the third quarter of 2017 we repaid the remaining outstanding balance on our 5-year tranche term loan using commercial paper.
(5)
As of June 30, 2017, we had $8.2 million in bank overdrafts and $58.8 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $50.6 million. As of December 31, 2016, we had $2.6 million in bank overdrafts and $18.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $15.4 million. We had total outstanding borrowings of $8.8 million and $7.0 million under our two Japanese Yen ("JPY") overdraft facilities as of June 30, 2017, and December 31, 2016, respectively. In addition, we have GBP and CAD lines of credit under which we had no borrowings as of June 30, 2017, or December 31, 2016.
Inventories (Tables)
Schedule of Inventory, Current
 
As of
 
June 30, 2017
 
December 31, 2016
 
(In millions)
Finished goods
$
267.7

 
$
213.8

Work in process
88.9

 
81.6

Raw materials
220.7

 
238.5

Packaging materials
56.4

 
58.8

Inventories, net
$
633.7

 
$
592.7

Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) 
13. Accumulated Other Comprehensive Income (Loss) ("AOCI")
 
MCBC shareholders
 
Foreign
currency
translation
adjustments
 
Gain (loss) on
derivative
instruments
 
Pension and
postretirement
benefit
adjustments
 
Equity method
investments
 
Accumulated
other
comprehensive
income (loss)
 
(In millions)
As of December 31, 2016
$
(994.1
)
 
$
21.2

 
$
(502.7
)
 
$
(69.9
)
 
$
(1,545.5
)
Foreign currency translation adjustments
367.8

 
—

 
—

 
—

 
367.8

Unrealized gain (loss) on derivative and non-derivative financial instruments
—

 
(121.2
)
 
—

 
—

 
(121.2
)
Reclassification of derivative (gain) loss to income
—

 
(0.7
)
 
—

 
—

 
(0.7
)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
—

 
—

 
10.2

 
—

 
10.2

Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
—

 
—

 
—

 
2.8

 
2.8

Tax benefit (expense)
22.7

 
44.3

 
(1.9
)
 
(0.8
)
 
64.3

As of June 30, 2017
$
(603.6
)
 
$
(56.4
)
 
$
(494.4
)
 
$
(67.9
)
 
$
(1,222.3
)
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Earnings 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
 
 
 
Reclassifications from AOCI
 
Location of gain (loss)
recognized in income
 
 
(In millions)
 
 
Gain/(loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Forward starting interest rate swaps
 
$
(0.9
)
 
$
(1.0
)
 
$
(1.9
)
 
$
(1.9
)
 
Interest expense, net
Foreign currency forwards
 
(1.2
)
 
(2.1
)
 
(2.1
)
 
(4.0
)
 
Other income (expense), net
Foreign currency forwards
 
2.8

 
3.9

 
4.7

 
9.3

 
Cost of goods sold
Total income (loss) reclassified, before tax
 
0.7

 
0.8

 
0.7

 
3.4

 
 
Income tax benefit (expense)
 
(0.3
)
 
(0.1
)
 
(0.3
)
 
(0.3
)
 
 
Net income (loss) reclassified, net of tax
 
$
0.4

 
$
0.7

 
$
0.4

 
$
3.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postretirement benefit plan items:
 
 
 
 
 
 
 
 
 
 
Prior service benefit (cost)
 
$
(0.1
)
 
$
(0.1
)
 
$
(0.3
)
 
$
(0.3
)
 
(1) 
Curtailment and net actuarial gain (loss)
 
(7.8
)
 
(7.9
)
 
(9.9
)
 
(15.6
)
 
(1) 
Total income (loss) reclassified, before tax
 
(7.9
)
 
(8.0
)
 
(10.2
)
 
(15.9
)
 
 
Income tax benefit (expense)
 
1.2

 
1.0

 
1.9

 
1.9

 
 
Net income (loss) reclassified, net of tax
 
$
(6.7
)
 
$
(7.0
)
 
$
(8.3
)
 
$
(14.0
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total income (loss) reclassified, net of tax
 
$
(6.3
)
 
$
(6.3
)
 
$
(7.9
)
 
$
(10.9
)
 
 
(1)
These components of AOCI are included in the computation of net periodic pension and other postretirement benefit cost. See Note 15, "Pension and Other Postretirement Benefits" for additional details.
Derivative Instruments and Hedging Activities (Tables)
Schedule of Derivative Assets and Liabilities at Fair Value 
The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2017, and December 31, 2016.
 
 
 
Fair value measurements as of June 30, 2017
 
Total at June 30, 2017
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Interest rate swaps
$
0.1

 
$
—

 
$
0.1

 
$
—

Foreign currency forwards
(2.5
)
 
—

 
(2.5
)
 
—

Commodity swaps
30.1

 
—

 
30.1

 
—

Total
$
27.7

 
$
—

 
$
27.7

 
$
—

 
 
 
Fair value measurements as of December 31, 2016
 
Total at December 31, 2016
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Foreign currency forwards
$
14.4

 
$
—

 
$
14.4

 
$
—

Commodity swaps
(18.1
)
 
—

 
(18.1
)
 
—

Total
$
(3.7
)
 
$
—

 
$
(3.7
)
 
$
—

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets 
Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):
 
June 30, 2017
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Interest rate swaps
$
1,000.0

 
Other current assets
 
$
—

 
Accounts payable and other current liabilities
 
$
—

 
 
 
Other non-current assets
 
0.4

 
Other liabilities
 
(0.3
)
Foreign currency forwards
$
317.2

 
Other current assets
 
2.9

 
Accounts payable and other current liabilities
 
(2.2
)
 
 
 
Other non-current assets
 
—

 
Other liabilities
 
(3.2
)
Total derivatives designated as hedging instruments
 
$
3.3

 
 
 
$
(5.7
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
687.8

 
Other current assets
 
$
21.9

 
Accounts payable and other current liabilities
 
$
(12.4
)

 
 
Other non-current assets
 
27.8

 
Other liabilities
 
(7.2
)
Commodity Options(1)
$
13.6

 
Other current assets
 
0.1

 
Accounts payable and other current liabilities
 
(0.1
)
 
 
 
Other non-current assets
 
0.1

 
Other liabilities
 
(0.1
)
Total derivatives not designated as hedging instruments
 
$
49.9

 
 
 
$
(19.8
)
 
December 31, 2016
 
 
 
Asset derivatives
 
Liability derivatives
 
Notional amount
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign currency forwards
$
329.4

 
Other current assets
 
$
12.0

 
Accounts payable and other current liabilities
 
$
(0.3
)
 
 
 
Other non-current assets
 
3.3

 
Other liabilities
 
(0.6
)
Total derivatives designated as hedging instruments
 
 
 
$
15.3

 
 
 
$
(0.9
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps(1)
$
791.4

 
Other current assets
 
$
11.8

 
Accounts payable and other current liabilities
 
$
(23.3
)
 
 
 
Other non-current assets
 
12.6

 
Other liabilities
 
(19.2
)
Commodity options(1)
$
13.6

 
Other current and non-current assets
 
—

 
Accounts payable and other current liabilities and other liabilities
 
—

Total derivatives not designated as hedging instruments
 
$
24.4

 
 
 
$
(42.5
)
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations 
The Pretax Effect of Derivative Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):
For the Three Months Ended June 30, 2017
Derivatives in cash flow hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps

$
—


Interest expense, net

$
(0.9
)

Interest expense, net

$
—

Foreign currency forwards

(8.4
)

Other income (expense), net

(1.2
)

Other income (expense), net

—



 


Cost of goods sold

2.8


Cost of goods sold

—

Total

$
(8.4
)

 

$
0.7


 

$
—


For the Three Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships

Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)

Location of gain (loss)
reclassified from AOCI into
income (effective portion)

Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)

Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)

Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800 million notes due 2024

$
(61.9
)

Other income (expense), net

$
—


Other income (expense), net

$
—

EUR 500 million notes due 2019
 
(38.7
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total

$
(100.6
)

 

$
—


 

$
—

For the Three Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.4

 
Interest expense, net
Total
 
$
0.4

 
 
For the Three Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(7.6
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
3.9

 
Cost of goods sold
 
—

Total
 
$
(7.6
)
 
 
 
$
0.8

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(13.9
)
 
Other income (expense), net
 
(2.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
4.7

 
Cost of goods sold
 
—

Total
 
$
(13.9
)
 
 
 
$
0.7

 
 
 
$
—

For the Six Months Ended June 30, 2017
Non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
EUR 800.0 million notes due 2024
 
$
(72.7
)
 
Other income (expense), net
 
$
—

 
Other income (expense), net
 
$
—

EUR 500 million notes due 2019
 
(34.6
)
 
Other income (expense), net
 
—

 
Other income (expense), net
 
—

Total
 
$
(107.3
)
 
 
 
$
—

 
 
 
$
—


For the Six Months Ended June 30, 2017
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss)recognized in income
Interest rate swaps
 
$
0.1

 
Interest expense, net
Total
 
$
0.1

 
 
For the Six Months Ended June 30, 2016
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
—

 
Interest expense, net
 
$
(1.9
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
(29.2
)
 
Other income (expense), net
 
(4.0
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
9.3

 
Cost of goods sold
 
—

Total
 
$
(29.2
)
 
 
 
$
3.4

 
 
 
$
—

Other Derivatives 
Other Derivatives (in millions):
For the Three Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(17.7
)
Total
 
 
 
$
(17.7
)
For the Three Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
9.7

Foreign currency forwards
 
Other income (expense), net
 
(12.1
)
Swaptions
 
Interest expense, net
 
(15.3
)
Total
 
 
 
$
(17.7
)
For the Six Months Ended June 30, 2017
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
48.0

Foreign currency forwards
 
Other income (expense), net
 
(8.3
)
Total
 
 
 
$
39.7

For the Six Months Ended June 30, 2016
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
8.1

Foreign currency forwards
 
Other income (expense), net
 
(12.2
)
Swaptions
 
Interest expense, net
 
(36.4
)
Total
 
 
 
$
(40.5
)
Pension and Other Postretirement Benefits (Tables)
Net periodic pension and OPEB cost
Pension and Other Postretirement Benefits ("OPEB")
 
For the Three Months Ended
 
June 30, 2017
 
June 30, 2016
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost (benefit):
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
1.9

 
$
2.8

 
$
4.7

 
$
2.0

 
$
0.6

 
$
2.6

Interest cost
50.8

 
7.6

 
58.4

 
32.6

 
1.6

 
34.2

Expected return on plan assets
(66.8
)
 
—

 
(66.8
)
 
(40.5
)
 
—

 
(40.5
)
Amortization of prior service cost (benefit)
0.1

 
—

 
0.1

 
0.2

 
(0.1
)
 
0.1

Amortization of net actuarial loss (gain)
7.8

 
—

 
7.8

 
7.9

 
—

 
7.9

Less: expected participant contributions
(0.1
)
 
—

 
(0.1
)
 
(0.2
)
 
—

 
(0.2
)
Net periodic pension and OPEB cost (benefit)
$
(6.3
)
 
$
10.4

 
$
4.1

 
$
2.0

 
$
2.1

 
$
4.1


 
For the Six Months Ended
 
June 30, 2017
 
June 30, 2016
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost (benefit):
 

 
 

 
 
 
 
 
 
 
 
Service cost
$
3.7

 
$
5.4

 
$
9.1

 
$
3.8

 
$
1.2

 
$
5.0

Interest cost
102.3

 
15.2

 
117.5

 
64.5

 
2.9

 
67.4

Expected return on plan assets
(132.9
)
 
0.1

 
(132.8
)
 
(80.0
)
 
—

 
(80.0
)
Amortization of prior service cost (benefit)
0.3

 
—

 
0.3

 
0.4

 
(0.1
)
 
0.3

Amortization of net actuarial loss (gain)
12.8

 
—

 
12.8

 
15.6

 
—

 
15.6

Curtailment (gain)
—

 
(2.9
)
 
(2.9
)
 
—

 
—

 
—

Less: expected participant contributions
(0.3
)
 
—

 
(0.3
)
 
(0.3
)
 
—

 
(0.3
)
Net periodic pension and OPEB cost (benefit)
$
(14.1
)
 
$
17.8

 
$
3.7

 
$
4.0

 
$
4.0

 
$
8.0

Supplemental Guarantor Information Supplemental (Tables)
Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)


 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
8.3

 
$
2,954.1

 
$
973.2

 
$
(142.5
)
 
$
3,793.1

Excise taxes
—

 
(411.5
)
 
(290.3
)
 
—

 
(701.8
)
Net sales
8.3

 
2,542.6

 
682.9

 
(142.5
)
 
3,091.3

Cost of goods sold
(1.0
)
 
(1,423.9
)
 
(461.8
)
 
130.6

 
(1,756.1
)
Gross profit
7.3

 
1,118.7

 
221.1

 
(11.9
)
 
1,335.2

Marketing, general and administrative expenses
(68.2
)
 
(558.7
)
 
(166.2
)
 
11.9

 
(781.2
)
Special items, net
(0.3
)
 
(13.7
)
 
(2.5
)
 
—

 
(16.5
)
Equity income (loss) in subsidiaries
434.0

 
(138.0
)
 
61.3

 
(357.3
)
 
—

Operating income (loss)
372.8

 
408.3

 
113.7

 
(357.3
)
 
537.5

Interest income (expense), net
(74.4
)
 
60.3

 
(75.1
)
 
—

 
(89.2
)
Other income (expense), net
—

 
94.9

 
(93.4
)
 
—

 
1.5

Income (loss) from continuing operations before income taxes
298.4

 
563.5

 
(54.8
)
 
(357.3
)
 
449.8

Income tax benefit (expense)
24.9

 
(129.7
)
 
(18.2
)
 
—

 
(123.0
)
Net income (loss) from continuing operations
323.3

 
433.8

 
(73.0
)
 
(357.3
)
 
326.8

Income (loss) from discontinued operations, net of tax
—

 
—

 
1.6

 
—

 
1.6

Net income (loss) including noncontrolling interests
323.3

 
433.8

 
(71.4
)
 
(357.3
)
 
328.4

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(5.1
)
 
—

 
(5.1
)
Net income (loss) attributable to MCBC
$
323.3

 
$
433.8

 
$
(76.5
)
 
$
(357.3
)
 
$
323.3

Comprehensive income (loss) attributable to MCBC
$
571.2

 
$
725.7

 
$
87.0

 
$
(812.7
)
 
$
571.2


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.9

 
$
590.1

 
$
850.1

 
$
(40.1
)
 
$
1,407.0

Excise taxes
—

 
(131.8
)
 
(289.0
)
 
—

 
(420.8
)
Net sales
6.9

 
458.3

 
561.1

 
(40.1
)
 
986.2

Cost of goods sold
—

 
(242.9
)
 
(352.4
)
 
33.1

 
(562.2
)
Gross profit
6.9

 
215.4

 
208.7

 
(7.0
)
 
424.0

Marketing, general and administrative expenses
(51.1
)
 
(104.0
)
 
(165.5
)
 
7.0

 
(313.6
)
Special items, net
—

 
(1.4
)
 
(33.1
)
 
—

 
(34.5
)
Equity income (loss) in subsidiaries
228.5

 
(90.9
)
 
87.9

 
(225.5
)
 
—

Equity income in MillerCoors
—

 
191.9

 
—

 
—

 
191.9

Operating income (loss)
184.3

 
211.0

 
98.0

 
(225.5
)
 
267.8

Interest income (expense), net
(32.8
)
 
71.6

 
(79.3
)
 
—

 
(40.5
)
Other income (expense), net
(22.0
)
 
(8.7
)
 
0.3

 
—

 
(30.4
)
Income (loss) from continuing operations before income taxes
129.5

 
273.9

 
19.0

 
(225.5
)
 
196.9

Income tax benefit (expense)
42.8

 
(87.9
)
 
23.9

 
—

 
(21.2
)
Net income (loss) from continuing operations
172.3

 
186.0

 
42.9

 
(225.5
)
 
175.7

Income (loss) from discontinued operations, net of tax
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) including noncontrolling interests
172.3

 
186.0

 
41.1

 
(225.5
)
 
173.9

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.6
)
 
—

 
(1.6
)
Net income (loss) attributable to MCBC
$
172.3

 
$
186.0

 
$
39.5

 
$
(225.5
)
 
$
172.3

Comprehensive income (loss) attributable to MCBC
$
36.3

 
$
46.4

 
$
(100.4
)
 
$
54.0

 
$
36.3




MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
15.3

 
$
5,330.7

 
$
1,623.2

 
$
(262.3
)
 
$
6,706.9

Excise taxes
—

 
(737.2
)
 
(429.7
)
 
—

 
(1,166.9
)
Net sales
15.3

 
4,593.5

 
1,193.5

 
(262.3
)
 
5,540.0

Cost of goods sold
(1.0
)
 
(2,566.9
)
 
(801.2
)
 
240.1

 
(3,129.0
)
Gross profit
14.3

 
2,026.6

 
392.3

 
(22.2
)
 
2,411.0

Marketing, general and administrative expenses
(135.9
)
 
(1,056.3
)
 
(314.0
)
 
22.2

 
(1,484.0
)
Special items, net
(0.8
)
 
(14.4
)
 
(5.1
)
 
—

 
(20.3
)
Equity income (loss) in subsidiaries
772.8

 
(216.1
)
 
80.3

 
(637.0
)
 
—

Operating income (loss)
650.4

 
739.8

 
153.5

 
(637.0
)
 
906.7

Interest income (expense), net
(155.5
)
 
119.2

 
(149.5
)
 
—

 
(185.8
)
Other income (expense), net
(8.2
)
 
111.6

 
(101.5
)
 
—

 
1.9

Income (loss) from continuing operations before income taxes
486.7

 
970.6

 
(97.5
)
 
(637.0
)
 
722.8

Income tax benefit (expense)
37.9

 
(197.8
)
 
(27.7
)
 
—

 
(187.6
)
Net income (loss) from continuing operations
524.6

 
772.8

 
(125.2
)
 
(637.0
)
 
535.2

Income (loss) from discontinued operations, net of tax
—

 
—

 
1.0

 
—

 
1.0

Net income (loss) including noncontrolling interests
524.6

 
772.8

 
(124.2
)
 
(637.0
)
 
536.2

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(11.6
)
 
—

 
(11.6
)
Net income (loss) attributable to MCBC
$
524.6

 
$
772.8

 
$
(135.8
)
 
$
(637.0
)
 
$
524.6

Comprehensive income attributable to MCBC
$
847.8

 
$
1,138.6

 
$
73.2

 
$
(1,211.8
)
 
$
847.8



MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
13.5

 
$
966.0

 
$
1,445.4

 
$
(67.1
)
 
$
2,357.8

Excise taxes
—

 
(215.8
)
 
(498.6
)
 
—

 
(714.4
)
Net sales
13.5

 
750.2

 
946.8

 
(67.1
)
 
1,643.4

Cost of goods sold
—

 
(406.6
)
 
(622.8
)
 
53.2

 
(976.2
)
Gross profit
13.5

 
343.6

 
324.0

 
(13.9
)
 
667.2

Marketing, general and administrative expenses
(98.1
)
 
(183.8
)
 
(296.5
)
 
13.9

 
(564.5
)
Special items, net
—

 
107.9

 
(33.8
)
 
—

 
74.1

Equity income (loss) in subsidiaries
444.3

 
(204.3
)
 
237.2

 
(477.2
)
 
—

Equity income in MillerCoors
—

 
334.3

 
—

 
—

 
334.3

Operating income (loss)
359.7

 
397.7

 
230.9

 
(477.2
)
 
511.1

Interest income (expense), net
(72.7
)
 
140.8

 
(155.9
)
 
—

 
(87.8
)
Other income (expense), net
(40.3
)
 
(4.1
)
 
(1.3
)
 
—

 
(45.7
)
Income (loss) from continuing operations before income taxes
246.7

 
534.4

 
73.7

 
(477.2
)
 
377.6

Income tax benefit (expense)
88.3

 
(173.3
)
 
47.1

 
—

 
(37.9
)
Net income (loss) from continuing operations
335.0

 
361.1

 
120.8

 
(477.2
)
 
339.7

Income (loss) from discontinued operations, net of tax
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Net income (loss) including noncontrolling interests
335.0

 
361.1

 
118.5

 
(477.2
)
 
337.4

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(2.4
)
 
—

 
(2.4
)
Net income (loss) attributable to MCBC
$
335.0

 
$
361.1

 
$
116.1

 
$
(477.2
)
 
$
335.0

Comprehensive income attributable to MCBC
$
456.0

 
$
455.2

 
$
(1.0
)
 
$
(454.2
)
 
$
456.0

Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)
 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
71.4

 
$
109.3

 
$
322.2

 
$
—

 
$
502.9

Accounts receivable, net
—

 
536.5

 
426.4

 
—

 
962.9

Other receivables, net
10.9

 
61.6

 
41.3

 
—

 
113.8

Inventories, net
—

 
481.6

 
152.1

 
—

 
633.7

Other current assets, net
6.6

 
197.0

 
72.1

 
—

 
275.7

Intercompany accounts receivable
—

 
1,893.9

 
65.3

 
(1,959.2
)
 
—

Total current assets
88.9

 
3,279.9

 
1,079.4

 
(1,959.2
)
 
2,489.0

Properties, net
24.7

 
3,459.1

 
1,101.4

 
—

 
4,585.2

Goodwill
—

 
6,674.6

 
1,716.6

 
—

 
8,391.2

Other intangibles, net
9.0

 
12,188.1

 
2,002.5

 
—

 
14,199.6

Net investment in and advances to subsidiaries
23,716.5

 
3,466.1

 
4,529.8

 
(31,712.4
)
 
—

Other assets
90.0

 
178.4

 
220.2

 
(35.0
)
 
453.6

Total assets
$
23,929.1

 
$
29,246.2

 
$
10,649.9

 
$
(33,706.6
)
 
$
30,118.6

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
168.5

 
$
1,547.9

 
$
900.2

 
$
—

 
$
2,616.6

Current portion of long-term debt and short-term borrowings
281.1

 
385.5

 
20.0

 
—

 
686.6

Discontinued operations
—

 
—

 
4.9

 
—

 
4.9

Intercompany accounts payable
1,646.0

 
145.3

 
167.9

 
(1,959.2
)
 
—

Total current liabilities
2,095.6

 
2,078.7

 
1,093.0

 
(1,959.2
)
 
3,308.1

Long-term debt
9,724.4

 
1,460.7

 
—

 
—

 
11,185.1

Pension and postretirement benefits
2.7

 
1,108.2

 
13.9

 
—

 
1,124.8

Deferred tax liabilities
—

 
1,073.4

 
826.8

 
(35.0
)
 
1,865.2

Other liabilities
11.6

 
210.9

 
94.7

 
—

 
317.2

Discontinued operations
—

 
—

 
12.4

 
—

 
12.4

Intercompany notes payable
—

 
1,360.7

 
6,223.7

 
(7,584.4
)
 
—

Total liabilities
11,834.3

 
7,292.6

 
8,264.5

 
(9,578.6
)
 
17,812.8

MCBC stockholders' equity
12,095.9

 
28,176.2

 
3,536.2

 
(31,712.4
)
 
12,095.9

Intercompany notes receivable
(1.1
)
 
(6,222.6
)
 
(1,360.7
)
 
7,584.4

 
—

Total stockholders' equity
12,094.8

 
21,953.6

 
2,175.5

 
(24,128.0
)
 
12,095.9

Noncontrolling interests
—

 
—

 
209.9

 
—

 
209.9

Total equity
12,094.8

 
21,953.6

 
2,385.4

 
(24,128.0
)
 
12,305.8

Total liabilities and equity
$
23,929.1

 
$
29,246.2

 
$
10,649.9

 
$
(33,706.6
)
 
$
30,118.6


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2016
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
147.3

 
$
141.5

 
$
272.1

 
$
—

 
$
560.9

Accounts receivable, net
—

 
374.8

 
294.7

 
—

 
669.5

Other receivables, net
43.6

 
53.8

 
38.4

 
—

 
135.8

Inventories, net
—

 
466.6

 
126.1

 
—

 
592.7

Other current assets, net
1.3

 
139.3

 
70.1

 
—

 
210.7

Intercompany accounts receivable
—

 
1,098.5

 
36.0

 
(1,134.5
)
 
—

Total current assets
192.2

 
2,274.5

 
837.4

 
(1,134.5
)
 
2,169.6

Properties, net
27.5

 
3,459.9

 
1,020.0

 
—

 
4,507.4

Goodwill
—

 
6,647.5

 
1,602.6

 
—

 
8,250.1

Other intangibles, net
—

 
12,180.4

 
1,851.5

 
—

 
14,031.9

Net investment in and advances to subsidiaries
22,506.3

 
3,475.4

 
4,400.9

 
(30,382.6
)
 
—

Other assets
80.2

 
161.7

 
173.4

 
(32.8
)
 
382.5

Total assets
$
22,806.2

 
$
28,199.4

 
$
9,885.8

 
$
(31,549.9
)
 
$
29,341.5

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
203.6

 
$
1,493.5

 
$
770.6

 
$
—

 
$
2,467.7

Current portion of long-term debt and short-term borrowings
299.9

 
371.7

 
13.2

 
—

 
684.8

Discontinued operations
—

 
—

 
5.0

 
—

 
5.0

Intercompany accounts payable
893.5

 
101.8

 
139.2

 
(1,134.5
)
 
—

Total current liabilities
1,397.0

 
1,967.0

 
928.0

 
(1,134.5
)
 
3,157.5

Long-term debt
9,979.4

 
1,408.2

 
0.1

 
—

 
11,387.7

Pension and postretirement benefits
2.6

 
1,181.2

 
12.2

 
—

 
1,196.0

Deferred tax liabilities
—

 
972.0

 
759.8

 
(32.8
)
 
1,699.0

Other liabilities
9.6

 
229.2

 
28.2

 
—

 
267.0

Discontinued operations
—

 
—

 
12.6

 
—

 
12.6

Intercompany notes payable
—

 
1,360.3

 
5,868.4

 
(7,228.7
)
 
—

Total liabilities
11,388.6

 
7,117.9

 
7,609.3

 
(8,396.0
)
 
17,719.8

MCBC stockholders' equity
11,418.7

 
26,948.9

 
3,433.7

 
(30,382.6
)
 
11,418.7

Intercompany notes receivable
(1.1
)
 
(5,867.4
)
 
(1,360.2
)
 
7,228.7

 
—

Total stockholders' equity
11,417.6

 
21,081.5

 
2,073.5

 
(23,153.9
)
 
11,418.7

Noncontrolling interests
—

 
—

 
203.0

 
—

 
203.0

Total equity
11,417.6

 
21,081.5

 
2,276.5

 
(23,153.9
)
 
11,621.7

Total liabilities and equity
$
22,806.2

 
$
28,199.4

 
$
9,885.8

 
$
(31,549.9
)
 
$
29,341.5

Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(IN MILLIONS)
(UNAUDITED)

 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
496.0

 
$
471.3

 
$
111.8

 
$
(260.6
)
 
$
818.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(10.3
)
 
(275.3
)
 
(68.4
)
 
—

 
(354.0
)
Proceeds from sales of properties and other assets
—

 
2.2

 
43.9

 
—

 
46.1

Other
—

 
—

 
6.0

 
—

 
6.0

Net intercompany investing activity
—

 
(70.8
)
 
—

 
70.8

 
—

Net cash provided by (used in) investing activities
(10.3
)
 
(343.9
)
 
(18.5
)
 
70.8

 
(301.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
1.1

 
—

 
—

 
—

 
1.1

Dividends paid
(161.8
)
 
(150.5
)
 
(124.9
)
 
260.6

 
(176.6
)
Debt issuance costs
(4.6
)
 
—

 
—

 
—

 
(4.6
)
Payments on debt and borrowings
(2,200.0
)
 
—

 
(1.5
)
 
—

 
(2,201.5
)
Proceeds on debt and borrowings
1,536.0

 
—

 
—

 
—

 
1,536.0

Net proceeds from (payments on) revolving credit facilities and commercial paper
280.3

 
—

 
1.7

 
—

 
282.0

Change in overdraft balances and other
(12.6
)
 
(10.6
)
 
(6.4
)
 
—

 
(29.6
)
Net intercompany financing activity
—

 
—

 
70.8

 
(70.8
)
 
—

Net cash provided by (used in) financing activities
(561.6
)
 
(161.1
)
 
(60.3
)
 
189.8

 
(593.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(75.9
)
 
(33.7
)
 
33.0

 
—

 
(76.6
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
1.5

 
17.1

 
—

 
18.6

Balance at beginning of year
147.3

 
141.5

 
272.1

 
—

 
560.9

Balance at end of period
$
71.4

 
$
109.3

 
$
322.2

 
$
—

 
$
502.9


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2016
(IN MILLIONS)
(UNAUDITED)
 
Parent
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
185.4

 
$
92.8

 
$
44.5

 
$
(40.3
)
 
$
282.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(10.2
)
 
(35.9
)
 
(75.5
)
 
—

 
(121.6
)
Proceeds from sales of properties and other assets
—

 
142.1

 
2.5

 
—

 
144.6

Investment in MillerCoors
—

 
(810.6
)
 
—

 
—

 
(810.6
)
Return of capital from MillerCoors
—

 
731.1

 
—

 
—

 
731.1

Other
0.9

 
1.3

 
(6.3
)
 
—

 
(4.1
)
Net intercompany investing activity
(1.1
)
 
(39.7
)
 
(0.9
)
 
41.7

 
—

Net cash provided by (used in) investing activities
(10.4
)
 
(11.7
)
 
(80.2
)
 
41.7

 
(60.6
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Proceeds from issuance of common stock, net
2,525.9

 
—

 
—

 
—

 
2,525.9

Exercise of stock options under equity compensation plans
5.4

 
—

 
—

 
—

 
5.4

Dividends paid
(161.1
)
 
(40.3
)
 
(15.4
)
 
40.3

 
(176.5
)
Debt issuance costs
(15.0
)
 
—

 
—

 
—

 
(15.0
)
Payments on debt and borrowings
—

 
—

 
(17.9
)
 
—

 
(17.9
)
Proceeds on debt and borrowings
—

 
—

 
31.7

 
—

 
31.7

Net proceeds from (payments on) revolving credit facilities and commercial paper
—

 
—

 
2.5

 
—

 
2.5

Change in overdraft balances and other
(14.0
)
 
—

 
(3.5
)
 
—

 
(17.5
)
Net intercompany financing activity
—

 
2.0

 
39.7

 
(41.7
)
 
—

Net cash provided by (used in) financing activities
2,341.2

 
(38.3
)
 
37.1

 
(1.4
)
 
2,338.6

CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
2,516.2

 
42.8

 
1.4

 
—

 
2,560.4

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
3.9

 
(4.9
)
 
—

 
(1.0
)
Balance at beginning of year
146.4

 
106.2

 
178.3

 
—

 
430.9

Balance at end of period
$
2,662.6

 
$
152.9

 
$
174.8

 
$
—

 
$
2,990.3

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details)
Oct. 10, 2016
MillerCoors
Oct. 11, 2016
SAB Miller [Member]
Oct. 10, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Business Acquisition [Line Items]
 
 
 
 
MCBC economic interest
 
58.00% 
42.00% 
42.00% 
Equity Method Investment, Voting Percentage
 
50.00% 
 
 
Business Acquisition, Percentage of Voting Interests Acquired
50.00% 
 
 
 
New Accounting Pronouncements (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Net Cash Provided by (Used in) Operating Activities
 
 
$ 818.5 
$ 282.4 
 
Net Cash Provided by (Used in) Financing Activities
 
 
593.2 
(2,338.6)
 
Income tax benefit (expense)
(123.0)
(21.2)
(187.6)
(37.9)
 
Net income (loss) attributable to MCBC
323.3 
172.3 
524.6 
335.0 
 
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.50 
$ 0.80 
$ 2.44 
$ 1.60 
 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.49 
$ 0.80 
$ 2.42 
$ 1.59 
 
Weighted average shares - diluted (in shares)
216.4 
216.0 
216.4 
210.5 
 
Paid-in capital
6,658.5 
6,552.7 
6,658.5 
6,552.7 
6,635.3 
Retained earnings
6,467.0 
4,654.5 
6,467.0 
4,654.5 
6,119.0 
Scenario, Previously Reported [Member]
 
 
 
 
 
Net Cash Provided by (Used in) Operating Activities
 
 
 
264.4 
 
Net Cash Provided by (Used in) Financing Activities
 
 
 
(2,356.6)
 
Income tax benefit (expense)
 
 
 
(41.8)
 
Net income (loss) attributable to MCBC
 
 
 
331.1 
 
Basic net income (loss) attributable to Molson Coors Brewing Company per share
 
 
 
$ 1.58 
 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
 
 
 
$ 1.58 
 
Weighted average shares - diluted (in shares)
 
 
 
210.2 
 
Paid-in capital
 
6,556.6 
 
6,556.6 
 
Retained earnings
 
$ 4,650.6 
 
$ 4,650.6 
 
Segment Reporting Net Sales (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Segment Reporting
 
 
 
 
Net sales
$ 3,091.3 
$ 986.2 
$ 5,540.0 
$ 1,643.4 
Maximum percentage of sales accounted for by a single customer (as a percent)
 
 
10.00% 
 
UNITED STATES
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
2,138.9 
0 
3,888.8 
0 
Canada [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
407.6 
425.9 
698.7 
693.9 
Europe [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
524.7 
522.1 
906.3 
880.8 
International [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
65.1 
39.2 
126.9 
70.2 
Corporate [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
0.3 
0.2 
0.6 
0.6 
Intersegment sales elimination
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
$ (45.3)
$ (1.2)
$ (81.3)
$ (2.1)
Segment Reporting Income (Loss) From Continuing Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$ 449.8 
 
$ 196.9 
$ 722.8 
$ 377.6 
Loss Contingency Accrual, Period Increase (Decrease)
 
50 
 
 
 
UNITED STATES
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
484.7 
 
191.9 
800.3 
334.3 
Canada [Member]
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
68.7 
 
88.5 
91.8 
235.1 
Europe [Member]
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
73.3 
 
59.0 
103.9 
57.8 
Europe [Member] |
Agrokor [Member]
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Loss Contingency, Estimate of Possible Loss
17.0 
 
 
17.0 
 
Provision for Doubtful Accounts
 
 
 
11 
 
International [Member]
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
(7.7)
 
(33.4)
(6.2)
(35.7)
Corporate [Member]
 
 
 
 
 
Segment Reporting
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$ (169.2)
 
$ (109.1)
$ (267.0)
$ (213.9)
Segment Reporting Total Assets (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 6 Months Ended
Feb. 3, 2016
Jun. 30, 2016
Jun. 30, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
$ 30,118.6 
$ 29,341.5 
Stock Issued During Period, Value, New Issues
2,500.0 
2,525.6 
 
 
Stock Issued During Period, Shares, New Issues
29.9 
 
 
 
UNITED STATES
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
19,936.1 
19,844.7 
Canada [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
4,388.7 
4,206.8 
Europe [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
5,191.7 
4,673.7 
International [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
317.0 
302.8 
Corporate [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total assets
 
 
$ 285.1 
$ 313.5 
Acquisition and Investments Financials (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Oct. 10, 2016
MillerCoors
Oct. 10, 2016
MillerCoors
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
 
 
 
 
 
 
 
 
Total equity
$ 12,305.8 
$ 11,621.7 
$ 9,871.9 
$ 7,063.1 
 
 
 
 
MCBC economic interest
 
 
 
 
42.00% 
42.00% 
42.00% 
 
Results of operations
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
2,126.7 
3,942.8 
 
 
Cost of goods sold
 
 
 
 
(1,174.5)
(2,207.5)
 
 
Gross profit
 
 
 
 
952.2 
1,735.3 
 
 
Operating income
 
 
 
 
435.7 
772.2 
 
 
Net income attributable to MillerCoors
 
 
 
 
429.5 
764.8 
 
 
Accelerated depreciation expense
 
 
 
 
$ 33.0 
$ 68.9 
 
 
Business Acquisition, Percentage of Voting Interests Acquired
 
 
 
 
 
 
 
50.00% 
Acquisition and Investments Proportional (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Oct. 10, 2016
MillerCoors
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
Net income attributable to MillerCoors
 
 
 
 
$ 429.5 
$ 764.8 
 
MCBC economic interest
 
 
 
 
42.00% 
42.00% 
42.00% 
MCBC proportionate share of MillerCoors net income
 
 
 
 
180.4 
321.2 
 
Amortization of the difference between MCBC contributed cost basis and proportionate share of the underlying equity in the net assets of MillerCoors
 
 
 
 
1.1 
2.2 
 
Share-based compensation adjustment
 
 
 
 
(0.7)
(0.2)
 
U.S. import tax benefit
 
 
 
 
11.1 
11.1 
 
Equity income in MillerCoors
0 
191.9 
0 
334.3 
191.9 
334.3 
 
Special items, net
(16.5)
(34.5)
(20.3)
74.1 
(39.4)
(76.3)
 
Accelerated depreciation expense
 
 
 
 
33.0 
68.9 
 
Charges incurred
 
 
 
 
$ 6.4 
$ 7.4 
 
Acquisition and Investments Transactions with MillerCoors (Details) (MillerCoors, USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
MillerCoors
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Beer sales to MillerCoors
$ 2.6 
$ 4.6 
Beer purchases from MillerCoors
12.2 
22.1 
Service agreement costs and other charges to MillerCoors
0.6 
1.3 
Service agreement costs and other charges from MillerCoors
$ 0.1 
$ 0.2 
Acquisition and Investments Variable Interest Entity (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Grolsch
 
 
Variable Interest Entity
 
 
Total Assets
$ 4.7 
$ 4.4 
Total Liabilities
0.3 
0.5 
Cobra
 
 
Variable Interest Entity
 
 
Total Assets
17.5 
14.2 
Total Liabilities
0.7 
1.1 
Rocky Mountain Metal Container [Member]
 
 
Variable Interest Entity
 
 
Total Assets
77.3 
70.2 
Total Liabilities
3.9 
3.5 
Rocky Mountain Bottle Company [Member]
 
 
Variable Interest Entity
 
 
Total Assets
54.7 
53.1 
Total Liabilities
$ 2.0 
$ 2.5 
Acquisition and Investments Narrative (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2017
VIE
Dec. 31, 2016
VIE
Jun. 30, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Jun. 30, 2017
UNITED STATES
Jun. 30, 2017
UNITED STATES
Jun. 30, 2017
Revolving Credit Facility [Member]
Jun. 30, 2017
Brewers' Retail Inc. (BRI) [Member]
Dec. 31, 2016
Brewers' Retail Inc. (BRI) [Member]
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
Goodwill, Purchase Accounting Adjustments
$ 18.5 
 
 
 
$ 18.5 
$ 18.5 
 
 
 
Number of Variable Interest Entities with Debt
0 
0 
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
750 
 
 
 
 
 
1,500 
 
 
Guarantees, Fair Value Disclosure
49.4 
36.1 
 
 
 
 
 
44.8 
31.7 
Accelerated depreciation expense
 
 
$ 33.0 
$ 68.9 
 
 
 
 
 
Acquisition and Investments Unaudited Pro Forma Financial Information (Details) (USD $)
0 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jul. 19, 2017
Jun. 30, 2017
Jun. 30, 2017
Oct. 11, 2016
MillerCoors
Dec. 31, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Oct. 10, 2016
MillerCoors
Jun. 30, 2016
Marketing, General and Administrative Expenses [Member]
MillerCoors
Jun. 30, 2016
Marketing, General and Administrative Expenses [Member]
MillerCoors
Jun. 30, 2016
Interest Income [Member]
MillerCoors
Jun. 30, 2016
Interest Income [Member]
MillerCoors
Jun. 30, 2016
Bridge Loan
Other income (expense), net [Member]
MillerCoors
Jun. 30, 2016
Bridge Loan
Other income (expense), net [Member]
MillerCoors
Jun. 30, 2016
MillerCoors Acquisition Term Loan [Member]
Interest Expense [Member]
MillerCoors
Jun. 30, 2016
MillerCoors Acquisition Term Loan [Member]
Interest Expense [Member]
MillerCoors
Jun. 30, 2016
Foreign currency forwards [Member]
Jun. 30, 2016
Foreign currency forwards [Member]
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
MillerCoors
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
MillerCoors
Oct. 10, 2016
MillerCoors
Jun. 30, 2016
MillerCoors
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred
 
 
 
$ 12,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
 
 
 
 
3,109,200,000 
5,570,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax
 
 
 
 
 
309,300,000 
566,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Pro Forma Net Income (Loss)
 
 
 
 
 
307,500,000 
564,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) attributable to Molson Coors Brewing Company per share
 
 
 
 
 
$ 1.44 
$ 2.64 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
 
 
 
 
 
$ 1.43 
$ 2.62 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Other Transaction Costs
 
 
 
 
 
 
 
 
19,600,000 
34,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Debt Issuance Costs
700,000 
900,000 
4,600,000 
 
 
 
 
 
 
 
 
 
20,200,000 
38,600,000 
 
 
 
 
 
 
 
 
 
 
Unrealized Gain (Loss) on Derivatives
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,600,000 
11,600,000 
 
 
 
 
 
 
Line of Credit Facility, Commitment Fee Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
2,500,000 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15,300,000 
36,400,000 
(15,300,000)
(36,400,000)
 
 
Interest Income, Deposits with Financial Institutions
 
 
 
 
 
 
 
 
 
 
(3,900,000)
(6,400,000)
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Percentage of Voting Interests Acquired
 
 
 
 
 
 
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investment, Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42.00% 
42.00% 
Finite-Lived Intangible Assets, Purchase Accounting Adjustments
 
 
 
 
$ 70,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-Based Payments Compensation Expense (Details) (Options and Sosars [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Options and Sosars [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Pre-tax compensation expense (in dollars)
$ 16.1 
$ 6.4 
$ 31.6 
$ 13.1 
Tax benefit (in dollars)
(5.5)
(1.9)
(10.8)
(3.8)
After-tax compensation expense (in dollars)
$ 10.6 
$ 4.5 
$ 20.8 
$ 9.3 
Share-Based Payments Non-vested (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
RSUs and DSUs [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
 
Non-vested awards outstanding at the beginning of the period (in shares)
0.8 
 
Granted (in shares)
0.3 
 
Vested (in shares)
(0.3)
 
Converted (in shares)
0.3 
 
Forfeited (in shares)
0 
 
Non-vested awards outstanding at the end of the period (in shares)
1.1 
 
Non-vested, weighted-average grant date fair value at the beginning of the period (in dollars per unit)
$ 87.01 
 
Granted, weighted-average grant date fair value (in dollars per unit)
$ 92.15 
 
Vested, weighted-average grant date fair value (in dollars per unit)
$ 77.43 
 
Converted, weighted-average grant date fair value (in dollars per unit)
$ 106.17 
 
Forfeited, weighted-average grant date fair value (in dollars per unit)
$ 0.00 
 
Non-vested, weighted-average grant date fair value at the end of the period (in dollars per unit)
$ 95.53 
 
PSUs [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
 
Non-vested awards outstanding at the beginning of the period (in shares)
0.5 
 
Granted (in shares)
0.2 
 
Vested (in shares)
(0.2)
 
Converted (in shares)
(0.1)
 
Forfeited (in shares)
0 
 
Non-vested awards outstanding at the end of the period (in shares)
0.4 
 
Non-vested, weighted-average grant date fair value at the beginning of the period (in dollars per unit)
$ 81.67 
 
Granted, weighted-average grant date fair value (in dollars per unit)
$ 97.13 
$ 90.49 
Vested, weighted-average grant date fair value (in dollars per unit)
$ 57.34 
 
Converted, weighted-average grant date fair value (in dollars per unit)
$ 106.17 
 
Forfeited, weighted-average grant date fair value (in dollars per unit)
$ 0.00 
 
Non-vested, weighted-average grant date fair value at the end of the period (in dollars per unit)
$ 89.46 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share
$ 111.50 
 
Share-Based Payments Stock Options (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Options and Sosars [Member]
Dec. 31, 2016
Options and Sosars [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Proceeds and Excess Tax Benefit from Share-based Compensation
$ 19.2 
$ 10.9 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
 
Outstanding at the beginning of the period (in shares)
 
 
1.5 
 
Granted (in shares)
 
 
0.2 
 
Exercised (in shares)
 
 
(0.1)
 
Forfeited (in shares)
 
 
0 
 
Outstanding at the end of the period (in shares)
 
 
1.6 
1.5 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Number
 
 
0.4 
 
Exercisable (in shares)
 
 
1.2 
 
Weighted-average exercise price of shares outstanding, beginning of the period (in dollars per share)
 
 
$ 59.79 
 
Weighted-average exercise price of shares granted (in dollars per share)
 
 
$ 96.77 
 
Weighted-average exercise price of shares exercised (in dollars per share)
 
 
$ 55.71 
 
Weighted-average exercise price of shares forfeited (in dollars per share)
 
 
$ 0.00 
 
Weighted-average exercise price of shares outstanding, end of the period (in dollars per share)
 
 
$ 63.89 
$ 59.79 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Weighted Average Exercise Price
 
 
$ 89.81 
 
Weighted-average exercise price of shares exercisable (in dollars per share)
 
 
$ 56.28 
 
Weighted-average remaining contractual life, outstanding (in years)
 
 
5 years 6 months 
5 years 4 months 24 days 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term
 
 
8 years 10 months 24 days 
 
Weighted-average remaining contractual life, exercisable (in years)
 
 
4 years 6 months 
 
Aggregate intrinsic value of shares outstanding (in dollars)
 
 
58.2 
 
Aggregate intrinsic value of shares outstanding (in dollars)
 
 
38.0 
58.2 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value
 
 
0.8 
 
Aggregate intrinsic value of shares exercisable (in dollars)
 
 
$ 37.2 
 
Share-Based Payments Weighted Average Assumptions (Details)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Options and Sosars [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Risk-free interest rate (as a percent)
2.04% 
1.40% 
Dividend yield (as a percent)
1.64% 
1.81% 
Weighted-average volatility (as a percent)
22.52% 
23.53% 
Expected term
5 years 1 month 21 days 
5 years 2 months 12 days 
Weighted-average fair market value
$ 18.66 
$ 16.65 
Options and Sosars [Member] |
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
22.40% 
23.16% 
Options and Sosars [Member] |
Maximum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
22.88% 
24.64% 
PSUs [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Risk-free interest rate (as a percent)
1.59% 
1.04% 
Dividend yield (as a percent)
1.64% 
1.81% 
Weighted-average volatility (as a percent)
24.24% 
23.68% 
Expected term
2 years 9 months 22 days 
2 years 9 months 22 days 
Weighted-average fair market value
$ 97.13 
$ 90.49 
PSUs [Member] |
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
13.71% 
14.10% 
PSUs [Member] |
Maximum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
80.59% 
77.11% 
Share-Based Payments Narrative (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Total unrecognized compensation expense related to non-vested shares from share-based compensation arrangements (in dollars)
$ 92.2 
 
Weighted-average period over which compensation expense is expected to be recognized (in years)
1 year 10 months 24 days 
 
Proceeds from Stock Plans
1.1 
5.4 
Proceeds and Excess Tax Benefit from Share-based Compensation
19.2 
10.9 
Class B common stock, non-voting [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Stock approved by Board of Directors and available for issuance (in shares)
4.3 
 
PSUs [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Award vesting period
3 years 
 
Options and Sosars [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value
5.3 
9.9 
Proceeds from Stock Plans
$ 1.1 
$ 5.4 
MCBC Incentive Compensation Plan [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Number of incentive compensation plans
1 
 
Special Items Summary Special Items (Details)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2016
CAD ($)
Jun. 30, 2016
MillerCoors
USD ($)
Jun. 30, 2016
MillerCoors
USD ($)
Oct. 10, 2016
MillerCoors
Jun. 30, 2017
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2016
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2017
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2016
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2017
UNITED STATES
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
UNITED STATES
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
UNITED STATES
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
UNITED STATES
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Other Employee-Related Costs [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Sale of Asset [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Sale of Asset [Member]
USD ($)
Jun. 30, 2017
Canada [Member]
Sale of Asset [Member]
USD ($)
Jun. 30, 2016
Canada [Member]
Sale of Asset [Member]
USD ($)
Jun. 30, 2017
Europe [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
Europe [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
Europe [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2016
Europe [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2017
International [Member]
China Impairment [Member]
USD ($)
Jun. 30, 2016
International [Member]
China Impairment [Member]
USD ($)
Jun. 30, 2017
International [Member]
China Impairment [Member]
USD ($)
Jun. 30, 2016
International [Member]
China Impairment [Member]
USD ($)
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts and Other Receivables, Net, Current
 
$ 140.8 
 
$ 140.8 
$ 183.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Special items
16.5 
34.5 
20.3 
(74.1)
 
39.4 
76.3 
 
0.4 
(0.2)
1.3 
(1.8)
12.4 
0 
14.4 
0 
 
 
 
 
1.1 
1.4 
2.3 
2.5 
 
 
 
 
2.6 
2.5 
5.2 
4.8 
0 
30.8 
0 
30.8 
OPEB Recognized Net (Gain) Loss Due to Curtailments
 
 
(2.9)
0 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
(2.9)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible asset write-off
55.1 
10.1 
110.3 
19.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unusual or Infrequent Item, Gain, Gross
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
0 
(110.4)
 
 
 
 
 
 
 
 
Accelerated depreciation expense
 
 
 
 
 
$ 33.0 
$ 68.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MCBC economic interest
 
 
 
 
 
42.00% 
42.00% 
42.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense (Details)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2016
Foreign currency forwards [Member]
USD ($)
Jun. 30, 2016
Foreign currency forwards [Member]
USD ($)
Jun. 30, 2017
Bridge Facility Fees [Member]
USD ($)
Jun. 30, 2016
Bridge Facility Fees [Member]
USD ($)
Jun. 30, 2017
Bridge Facility Fees [Member]
USD ($)
Jun. 30, 2016
Bridge Facility Fees [Member]
USD ($)
Jun. 30, 2017
Other Foreign Exchange and Derivative Activity [Member]
USD ($)
Jun. 30, 2016
Other Foreign Exchange and Derivative Activity [Member]
USD ($)
Jun. 30, 2017
Other Foreign Exchange and Derivative Activity [Member]
USD ($)
Jun. 30, 2016
Other Foreign Exchange and Derivative Activity [Member]
USD ($)
Jun. 30, 2017
Other income (expense), net [Member]
USD ($)
Jun. 30, 2016
Other income (expense), net [Member]
USD ($)
Jun. 30, 2017
Other income (expense), net [Member]
USD ($)
Jun. 30, 2016
Other income (expense), net [Member]
USD ($)
Mar. 31, 2017
Affiliated Entity [Member]
Purchase Price Adjustment [Member]
USD ($)
Mar. 31, 2017
Affiliated Entity [Member]
Purchase Price Adjustment [Member]
CAD ($)
Other income and expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
 
 
$ 0 
$ (20.2)
$ 0 
$ (38.6)
 
 
 
 
 
 
 
 
 
 
Other income (expense), net
1.5 
(30.4)
1.9 
(45.7)
 
 
 
 
 
 
1.5 
(10.6)
(6.7)
(6.9)
0 
0.4 
8.6 
(0.2)
8.1 
10.6 
Unrealized Gain (Loss) on Derivatives
 
 
 
 
$ (11.6)
$ (11.6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Tax Schedule of Effective Tax Rate (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Schedule of Effective Tax Rate [Abstract]
 
 
 
 
Effective tax rate (as a percent)
27.00% 
11.00% 
26.00% 
10.00% 
Income Tax (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating Loss Carryforwards [Line Items]
 
 
 
 
Effective tax rate (as a percent)
27.00% 
11.00% 
26.00% 
10.00% 
Federal statutory income tax rate (percent)
 
 
35.00% 
 
Net discrete tax expense (benefit)
$ 1.3 
$ 6.5 
$ 9.7 
$ 12.2 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense
$ 13.6 
 
 
 
Earnings per Share ("EPS") Basic and Diluted (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Amounts attributable to MCBC
 
 
 
 
Net income (loss) from continuing operations
$ 321.7 
$ 174.1 
$ 523.6 
$ 337.3 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) attributable to Molson Coors Brewing Company
$ 323.3 
$ 172.3 
$ 524.6 
$ 335.0 
Weighted average shares for basic EPS (in shares)
215.4 
214.7 
215.3 
209.2 
Effect of dilutive securities:
 
 
 
 
Weighted average shares for diluted EPS (in shares)
216.4 
216.0 
216.4 
210.5 
Basic net income (loss) per share:
 
 
 
 
Continuing operations attributable to MCBC (in dollars per share)
$ 1.49 
$ 0.81 
$ 2.43 
$ 1.61 
Discontinued operations attributable to MCBC (in dollars per share)
$ 0.01 
$ (0.01)
$ 0.01 
$ (0.01)
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.50 
$ 0.80 
$ 2.44 
$ 1.60 
Diluted net income (loss) per share:
 
 
 
 
Continuing operations attributable to MCBC (in dollars per share)
$ 1.49 
$ 0.81 
$ 2.42 
$ 1.60 
Discontinued operations attributable to MCBC (in dollars per share)
$ 0.00 
$ (0.01)
$ 0.00 
$ (0.01)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$ 1.49 
$ 0.80 
$ 2.42 
$ 1.59 
Dividends declared and paid per share (in dollars per share)
$ 0.41 
$ 0.41 
$ 0.82 
$ 0.82 
RSU DSU PU PSU [Member]
 
 
 
 
Effect of dilutive securities:
 
 
 
 
Effect of dilutive securities of RSU's, DSU's, PSU's, Options and SOSAR's
0.5 
0.8 
0.6 
0.8 
Options and Sosars [Member]
 
 
 
 
Effect of dilutive securities:
 
 
 
 
Effect of dilutive securities of RSU's, DSU's, PSU's, Options and SOSAR's
0.5 
0.5 
0.5 
0.5 
Earnings per Share ("EPS") Antidilutive (Details) (RSUs, stock options and SOSARs)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
RSUs, stock options and SOSARs
 
 
 
 
Anti-dilutive securities:
 
 
 
 
Antidilutive securities (in shares)
0.3 
0.1 
0.3 
0.1 
Earnings per Share ("EPS") Class B Common Stock Equity Issuance (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 6 Months Ended
Feb. 3, 2016
Jun. 30, 2016
Earnings Per Share [Abstract]
 
 
Stock Issued During Period, Shares, New Issues
29.9 
 
Stock Issued During Period, Value, New Issues
$ 2,500.0 
$ 2,525.6 
Goodwill (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2017
Goodwill activity:
 
 
Balance at beginning of year
 
$ 8,250.1 
Goodwill, Purchase Accounting Adjustments
 
18.5 
Foreign currency translation
 
122.6 
Balance at end of year
8,391.2 
8,391.2 
Canada [Member]
 
 
Goodwill activity:
 
 
Balance at beginning of year
 
567.6 
Foreign currency translation
 
20.9 
Balance at end of year
588.5 
588.5 
Europe [Member]
 
 
Goodwill activity:
 
 
Balance at beginning of year
 
1,260.5 
Foreign currency translation
 
101.3 
Balance at end of year
1,361.8 
1,361.8 
International [Member]
 
 
Goodwill activity:
 
 
Balance at beginning of year
 
6.4 
Foreign currency translation
 
0.4 
Balance at end of year
6.8 
6.8 
UNITED STATES
 
 
Goodwill activity:
 
 
Balance at beginning of year
 
6,415.6 
Goodwill, Purchase Accounting Adjustments
18.5 
18.5 
Foreign currency translation
 
0 
Balance at end of year
$ 6,434.1 
$ 6,434.1 
Goodwill and Intangible Assets Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2017
Brands [Member]
Dec. 31, 2016
Brands [Member]
Jun. 30, 2017
Brands [Member]
Minimum [Member]
Dec. 31, 2016
Brands [Member]
Minimum [Member]
Jun. 30, 2017
Brands [Member]
Maximum [Member]
Dec. 31, 2016
Brands [Member]
Maximum [Member]
Jun. 30, 2017
License agreements and distribution rights
Dec. 31, 2016
License agreements and distribution rights
Jun. 30, 2017
License agreements and distribution rights
Minimum [Member]
Dec. 31, 2016
License agreements and distribution rights
Minimum [Member]
Jun. 30, 2017
License agreements and distribution rights
Maximum [Member]
Dec. 31, 2016
License agreements and distribution rights
Maximum [Member]
Jun. 30, 2017
Distribution Networks [Member]
Dec. 31, 2016
Distribution Networks [Member]
Jun. 30, 2017
Other Intangible Assets [Member]
Dec. 31, 2016
Other Intangible Assets [Member]
Jun. 30, 2017
Other Intangible Assets [Member]
Minimum [Member]
Dec. 31, 2016
Other Intangible Assets [Member]
Minimum [Member]
Jun. 30, 2017
Other Intangible Assets [Member]
Maximum [Member]
Dec. 31, 2016
Other Intangible Assets [Member]
Maximum [Member]
Jun. 30, 2017
Canada [Member]
Dec. 31, 2016
Canada [Member]
Jun. 30, 2017
Europe [Member]
Dec. 31, 2016
Europe [Member]
Details of intangible assets, other than goodwill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$ 8,391.2 
 
$ 8,391.2 
 
$ 8,250.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 588.5 
$ 567.6 
$ 1,361.8 
$ 1,260.5 
Amortization of Intangible Assets
55.1 
10.1 
110.3 
19.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage Of Fair Value Exceeding Carrying Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29.00% 
 
14.00% 
Restructuring charges
16.5 
34.5 
20.3 
(74.1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
 
 
 
 
 
5,075.3 
4,876.3 
 
 
 
 
231.8 
225.9 
 
 
 
 
 
 
144.2 
129.3 
 
 
 
 
 
 
 
 
Total Gross
14,734.0 
 
14,734.0 
 
14,435.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated amortization
(534.4)
 
(534.4)
 
(404.0)
(402.9)
(288.2)
 
 
 
 
(96.9)
(89.4)
 
 
 
 
 
 
(34.6)
(26.4)
 
 
 
 
 
 
 
 
Net
 
 
 
 
 
4,672.4 
4,588.1 
 
 
 
 
134.9 
136.5 
 
 
 
 
 
 
109.6 
102.9 
 
 
 
 
 
 
 
 
Total Net
14,199.6 
 
14,199.6 
 
14,031.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indefinite-lived intangible assets
 
 
 
 
 
$ 8,164.9 
$ 8,114.2 
 
 
 
 
 
 
 
 
 
 
$ 780.3 
$ 752.6 
$ 337.5 
$ 337.6 
 
 
 
 
 
 
 
 
Useful life
 
 
 
 
 
 
 
10 years 
10 years 
50 years 
50 years 
 
 
15 years 
15 years 
28 years 
28 years 
 
 
 
 
2 years 
2 years 
40 years 
40 years 
 
 
 
 
Goodwill and Intangible Assets Amortization Expense (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Estimated amortization expense of finite-lived intangible assets
 
 
 
 
2017 - remaining
$ 110.1 
 
$ 110.1 
 
2018
219.4 
 
219.4 
 
2019
218.5 
 
218.5 
 
2020
217.4 
 
217.4 
 
2021
212.0 
 
212.0 
 
Amortization expense of intangible assets
$ 55.1 
$ 10.1 
$ 110.3 
$ 19.7 
Debt Schedule (Details) (USD $)
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2017
MillerCoors Acquisition Term Loan [Member]
Dec. 31, 2016
MillerCoors Acquisition Term Loan [Member]
Jun. 30, 2017
Other Long-Term Debt [Member]
Dec. 31, 2016
Other Long-Term Debt [Member]
May 3, 2012
Senior Notes [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
Long-term debt, carrying amount
$ 11,250,400,000 
$ 9,842,200,000 
$ 400,000,000 
$ 2,300,000,000 
$ 2,000,000 
$ 2,200,000 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
1,900,000,000 
Less: unamortized debt discounts
(81,700,000)
(85,000,000)
 
 
 
 
 
Current portion of long-term debt
(385,600,000)
(671,700,000)
 
 
 
 
 
Total long-term debt
11,185,100,000 
11,387,700,000 
 
 
 
 
 
Commercial Paper
281,100,000 
0 
 
 
 
 
 
Overdraft facility
19,900,000 
13,100,000 
 
 
 
 
 
Short-term facilities
8,800,000 
7,000,000 
 
 
 
 
 
Current portion of long-term debt and short-term borrowings
$ 686,600,000 
$ 684,800,000 
 
 
 
 
 
Debt Schedule (Narrative) (Details)
0 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jul. 19, 2017
USD ($)
Mar. 15, 2017
Jun. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Dec. 31, 2016
USD ($)
Jun. 30, 2017
Central Europe [Member]
USD ($)
Dec. 31, 2016
Central Europe [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
USD ($)
Jun. 30, 2017
CAD Senior Notes [Member]
USD ($)
Dec. 31, 2016
CAD Senior Notes [Member]
USD ($)
Jun. 30, 2017
USD Senior Notes [Member]
USD ($)
Dec. 31, 2016
USD Senior Notes [Member]
USD ($)
Jun. 30, 2017
EUR Senior Notes [Member]
USD ($)
Dec. 31, 2016
EUR Senior Notes [Member]
USD ($)
Mar. 31, 2017
MillerCoors Acquisition Term Loan [Member]
Three Year Tranche [Member]
USD ($)
Mar. 31, 2017
MillerCoors Acquisition Term Loan [Member]
Five Year Tranche [Member]
USD ($)
Mar. 15, 2017
2016 Notes [Member]
USD ($)
Mar. 15, 2017
2016 Notes [Member]
USD ($)
Mar. 15, 2017
2016 Notes [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen Notes [Member]
USD ($)
Mar. 15, 2017
2016 Notes [Member]
USD ($)
Jun. 30, 2017
$300 million 2.0% notes due 2017 [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
$300 million 2.0% notes due 2017 [Member]
Senior Notes [Member]
USD ($)
Jun. 30, 2017
$500 million 2.25% notes due 2021 [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
$500 million 2.25% notes due 2021 [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen EUR Notes [Member]
Senior Notes [Member]
EUR (€)
Jun. 30, 2016
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
USD ($)
Jun. 30, 2016
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
USD ($)
Jun. 30, 2016
MillerCoors
Interest Income [Member]
USD ($)
Jun. 30, 2016
MillerCoors
Interest Income [Member]
USD ($)
Jun. 30, 2017
Commercial Paper [Member]
Jun. 30, 2017
Quarter To Date [Member]
2017 Notes [Member]
Dec. 31, 2016
Quarter To Date [Member]
2017 Notes [Member]
Jun. 30, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
USD ($)
Jun. 30, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
USD ($)
Jun. 30, 2017
Revolving Multicurrency Bank Credit Facility [Member]
MillerCoors
May 3, 2012
Parent Company [Member]
Senior Notes Due 2017 $300M 2.0% [Member]
Senior Notes [Member]
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.91% 
3.33% 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
 
 
$ 468,900,000 
$ 468,900,000 
$ 750,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
 
 
 
 
 
 
 
1,851,300,000 
1,785,600,000 
7,913,700,000 
7,215,200,000 
1,485,400,000 
841,400,000 
 
 
 
1,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from Debt, Net of Issuance Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting Fees Related to Long-term Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Unamortized Discount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Issuance Costs, Gross
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Income, Deposits with Financial Institutions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,900,000 
6,400,000 
 
 
 
 
 
 
 
Debt instrument, fair value adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(300,000)
 
(400,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
1,900,000,000 
 
 
 
 
 
 
 
 
 
 
1,000,000,000 
 
 
 
 
500,000,000 
 
500,000,000 
500,000,000 
 
 
 
 
 
 
 
 
 
 
300,000,000 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.90% 
 
2.25% 
 
 
 
 
 
 
 
 
 
 
 
2.00% 
Debt Instrument, Interest Rate Terms
 
0.35% + 3-month EURIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Overdraft facility
 
 
19,900,000 
19,900,000 
13,100,000 
8,200,000 
2,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage Ratio Following Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.75x 
 
Bank cash
 
 
 
 
 
58,800,000 
18,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank cash, net of overdrafts
 
 
 
 
 
50,600,000 
15,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Debt
 
 
8,800,000 
8,800,000 
7,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Annual Principal Payment
 
 
400,000,000 
400,000,000 
 
 
 
 
 
 
 
 
 
 
800,000,000 
700,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
750,000,000 
750,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Financing Costs and Amortization of Financing Costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,900,000 
3,700,000 
 
 
 
 
 
1,000,000 
5,000,000 
 
 
Amortization of Debt Issuance Costs
700,000 
 
900,000 
4,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Paper
 
 
$ 281,100,000 
$ 281,100,000 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Debt, Weighted Average Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.64% 
 
 
 
 
 
 
Weighted Average Interest Rate, Term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43 days 
 
 
 
 
 
 
Leverage Ratio In Fourth Year Following Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.75x 
 
Debt Fair Value Measurements (Details) (USD $)
In Billions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Debt Disclosure [Abstract]
 
 
Long-term debt, fair value
$ 11.8 
$ 12.0 
Debt Acquisition and Other (Narrative) (Details) (USD $)
0 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jul. 19, 2017
Jun. 30, 2017
Jun. 30, 2017
Oct. 11, 2016
Jul. 7, 2017
Revolving Credit Facility [Member]
Jun. 30, 2016
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
Jun. 30, 2016
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
May 3, 2012
Senior Notes [Member]
Mar. 31, 2017
Three Year Tranche [Member]
MillerCoors Acquisition Term Loan [Member]
Mar. 31, 2017
Five Year Tranche [Member]
MillerCoors Acquisition Term Loan [Member]
Jul. 7, 2017
Unused lines of Credit [Member]
Jun. 30, 2017
Revolving Multicurrency Bank Credit Facility [Member]
Jun. 30, 2017
Revolving Multicurrency Bank Credit Facility [Member]
Jun. 30, 2016
MillerCoors
Other income (expense), net [Member]
Bridge Loan
Jun. 30, 2016
MillerCoors
Other income (expense), net [Member]
Bridge Loan
Jun. 30, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
Jun. 30, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Interest Expense [Member]
MillerCoors Acquisition Term Loan [Member]
Mar. 31, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Three Year Tranche [Member]
MillerCoors Acquisition Term Loan [Member]
Jun. 30, 2017
Lenders Party Thereto and Citibank [Member]
MillerCoors
Five Year Tranche [Member]
MillerCoors Acquisition Term Loan [Member]
May 3, 2012
Parent Company [Member]
Senior Notes [Member]
Senior Notes Due 2017 $300M 2.0% [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
0.35% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, term
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
 
3 years 
5 years 
 
Debt Instrument, Face Amount
 
 
 
 
 
 
 
$ 1,900,000,000 
 
 
 
 
 
 
 
 
 
 
 
$ 300,000,000 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.00% 
Debt Instrument, Annual Principal Payment
 
400,000,000 
400,000,000 
 
 
 
 
 
800,000,000 
700,000,000 
 
 
 
 
 
 
 
 
 
 
Other Financing Costs and Amortization of Financing Costs
 
 
 
 
 
1,900,000 
3,700,000 
 
 
 
 
 
 
 
 
1,000,000 
5,000,000 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
750,000,000 
750,000,000 
 
 
 
 
 
 
 
150,000,000 
1,500,000,000 
1,500,000,000 
 
 
 
 
 
 
 
Amortization of Debt Issuance Costs
700,000 
900,000 
4,600,000 
 
 
 
 
 
 
 
 
400,000 
 
20,200,000 
38,600,000 
 
 
 
 
 
Debt Issuance Costs, Gross
 
 
 
 
$ 3,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
EURIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Inventories (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]
 
 
Inventory, Finished Goods, Net of Reserves
$ 267.7 
$ 213.8 
Inventory, Work in Process, Net of Reserves
88.9 
81.6 
Inventory, Raw Materials, Net of Reserves
220.7 
238.5 
Inventory, Supplies, Net of Reserves
56.4 
58.8 
Total inventories
$ 633.7 
$ 592.7 
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 1 (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2017
Foreign currency translation adjustments
Jun. 30, 2017
Gain (loss) on derivative instruments
Jun. 30, 2017
Pension and postretirement benefit adjustments
Jun. 30, 2017
Equity method investments
Jun. 30, 2017
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
 
 
 
As of December 31, 2016
$ (1,222.3)
$ (1,545.5)
$ (994.1)
$ 21.2 
$ (502.7)
$ (69.9)
$ (1,545.5)
Foreign currency translation adjustments
 
 
367.8 
0 
0 
0 
367.8 
Unrealized gain (loss) on derivative and non-derivative financial instruments
 
 
0 
(121.2)
0 
0 
(121.2)
Reclassification of derivative (gain) loss to income
 
 
0 
(0.7)
0 
0 
(0.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
 
 
0 
0 
10.2 
0 
10.2 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
 
 
0 
0 
0 
2.8 
2.8 
Tax benefit (expense)
 
 
22.7 
44.3 
(1.9)
(0.8)
64.3 
As of June 30, 2017
$ (1,222.3)
$ (1,545.5)
$ (603.6)
$ (56.4)
$ (494.4)
$ (67.9)
$ (1,222.3)
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 2 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Foreign currency forwards
$ 1,756.1 
$ 562.2 
$ 3,129.0 
$ 976.2 
Total income (loss) reclassified, before tax
326.8 
175.7 
535.2 
339.7 
Income tax benefit (expense)
(123.0)
(21.2)
(187.6)
(37.9)
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
 
Net income (loss) reclassified, net of tax
(6.3)
(6.3)
(7.9)
(10.9)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member]
 
 
 
 
Total income (loss) reclassified, before tax
0.7 
0.8 
0.7 
3.4 
Income tax benefit (expense)
(0.3)
(0.1)
(0.3)
(0.3)
Net income (loss) reclassified, net of tax
0.4 
0.7 
0.4 
3.1 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Other income (expense), net [Member]
 
 
 
 
Foreign currency forwards, other
(1.2)
(2.1)
(2.1)
(4.0)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Cost of goods sold [Member]
 
 
 
 
Foreign currency forwards
2.8 
3.9 
4.7 
9.3 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Forward starting interest rate swaps [Member] |
Interest expense, net [Member]
 
 
 
 
Forward starting interest rate swaps
(0.9)
(1.0)
(1.9)
(1.9)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Amortization of defined benefit pension and other postretirement benefit plan items [Member]
 
 
 
 
Prior service benefit (cost)
(0.1)
(0.1)
(0.3)
(0.3)
Curtailment and net actuarial gain (loss)
(7.8)
(7.9)
(9.9)
(15.6)
Total income (loss) reclassified, before tax
(7.9)
(8.0)
(10.2)
(15.9)
Income tax benefit (expense)
1.2 
1.0 
1.9 
1.9 
Net income (loss) reclassified, net of tax
$ (6.7)
$ (7.0)
$ (8.3)
$ (14.0)
Derivative Instruments and Hedging Activities Narrative (Details)
12 Months Ended 34 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2018
Forecast [Member]
USD ($)
Apr. 30, 2020
Forecast [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
USD ($)
Jun. 30, 2017
Fair Value Hedging [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen USD Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen USD Notes [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
Two Thousand Seventeen EUR Notes [Member]
Senior Notes [Member]
EUR (€)
Mar. 15, 2017
$500 million 1.90% notes due 2019 [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
$500 million 2.25% notes due 2021 [Member]
Senior Notes [Member]
USD ($)
Mar. 15, 2017
EUR 2017 Notes USD Equivalent [Member]
USD ($)
Mar. 15, 2017
Foreign currency forwards [Member]
USD ($)
Jun. 30, 2017
Interest rate swaps [Member]
Fair Value Hedging [Member]
Interest expense, net [Member]
USD ($)
Mar. 31, 2017
Interest rate swaps [Member]
Fair Value Hedging [Member]
Interest expense, net [Member]
USD ($)
Jun. 30, 2017
Interest rate swaps [Member]
Fair Value Hedging [Member]
Interest expense, net [Member]
USD ($)
Mar. 15, 2017
Foreign Exchange Contract [Member]
EUR (€)
Schedule of Trading Securities and Other Trading Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
 
 
 
1.90% 
2.25% 
 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
 
 
$ 1,900,000,000 
 
$ 1,000,000,000 
€ 500,000,000 
$ 500,000,000 
$ 500,000,000 
 
 
 
 
 
 
Amount of gain (loss) recognized in income on derivative
 
 
400,000 
100,000 
 
 
 
 
 
 
 
 
400,000 
(300,000)
100,000 
 
Derivative, Gain (Loss) on Derivative, Net
 
 
 
 
 
 
 
 
 
 
 
8,300,000 
 
 
 
 
Derivative, notional amount
 
 
 
 
 
 
 
 
 
 
530,000,000 
 
 
 
 
499,000,000 
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months
2,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term for expected gains recorded in AOCI
12 months 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum term of time in cash flow hedge
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
 
 
 
 
 
$ 1,500,000,000 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments and Hedging Activities Derivative Fair Value (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Interest rate swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign currency forwards [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign currency forwards [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Commodity swaps [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
Commodity swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Interest rate swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign currency forwards [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign currency forwards [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Commodity swaps [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Commodity swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Interest rate swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Foreign currency forwards [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Foreign currency forwards [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Commodity swaps [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Significant unobservable inputs (Level 3) [Member]
Commodity swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Interest rate swaps [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Foreign currency forwards [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Foreign currency forwards [Member]
Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Commodity swaps [Member]
Dec. 31, 2016
Fair Value, Measurements, Recurring [Member]
Reported Value Measurement [Member]
Commodity swaps [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Jun. 30, 2017
Interest Expense [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Mar. 31, 2017
Interest Expense [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Jun. 30, 2017
Interest Expense [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.4 
$ 0.1 
$ 0.4 
$ (0.3)
$ 0.1 
Derivative Asset, Fair Value, Gross Asset
 
 
0 
 
0 
0 
 
 
 
0.1 
 
14.4 
30.1 
 
 
 
0 
 
0 
0 
 
 
 
0.1 
 
14.4 
30.1 
 
 
 
 
 
 
Derivative Liability, Fair Value, Gross Liability
 
 
 
0 
 
 
0 
 
 
 
(2.5)
 
 
(18.1)
 
 
 
0 
 
 
0 
 
 
 
(2.5)
 
 
(18.1)
 
 
 
 
 
Derivative, Fair Value, Net
$ 0 
$ 0 
 
 
 
 
 
$ 27.7 
$ (3.7)
 
 
 
 
 
$ 0 
$ 0 
 
 
 
 
 
$ 27.7 
$ (3.7)
 
 
 
 
 
 
 
 
 
 
Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Designated as Hedging Instrument [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
$ 3.3 
$ 15.3 
Derivative liability, fair value, designated as hedging instrument
(5.7)
(0.9)
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
1,000.0 
 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
0 
 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other non-current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
0.4 
 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
0 
 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
(0.3)
 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
2.9 
12.0 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other non-current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
0 
3.3 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
(2.2)
(0.3)
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
(3.2)
(0.6)
Not Designated as Hedging Instrument [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
49.9 
24.4 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(19.8)
(42.5)
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
687.8 
791.4 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
21.9 
11.8 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other non-current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
27.8 
12.6 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(12.4)
(23.3)
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(7.2)
(19.2)
Not Designated as Hedging Instrument [Member] |
Commodity Option [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
13.6 
13.6 
Not Designated as Hedging Instrument [Member] |
Commodity Option [Member] |
Other current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
0.1 
 
Not Designated as Hedging Instrument [Member] |
Commodity Option [Member] |
Other non-current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
0.1 
0 
Not Designated as Hedging Instrument [Member] |
Commodity Option [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(0.1)
 
Not Designated as Hedging Instrument [Member] |
Commodity Option [Member] |
Other liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(0.1)
0 
Cash Flow Hedging [Member] |
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
$ 317.2 
$ 329.4 
Derivative Instruments and Hedging Activities Cash Flow Hedges (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Cash Flow Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
$ (8.4)
$ (7.6)
$ (13.9)
$ (29.2)
Foreign currency translation adjustments
(100.6)
 
(107.3)
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
0.7 
0.8 
0.7 
3.4 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
0 
 
0 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
0 
 
0 
 
Cash Flow Hedging [Member] |
Forward starting interest rate swap [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Forward starting interest rate swap [Member] |
Interest expense, net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
(0.9)
(1.0)
(1.9)
(1.9)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Foreign currency forwards [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
(8.4)
(7.6)
(13.9)
(29.2)
Cash Flow Hedging [Member] |
Foreign currency forwards [Member] |
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
(1.2)
(2.1)
(2.1)
(4.0)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Foreign currency forwards [Member] |
Cost of goods sold [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
2.8 
3.9 
4.7 
9.3 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Fair Value Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized in income on derivative
0.4 
 
0.1 
 
EUR 800 million 1.25% notes due 2024 [Member] |
Senior Notes [Member] |
Cash Flow Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
0 
 
0 
 
EUR 800 million 1.25% notes due 2024 [Member] |
Senior Notes [Member] |
Cash Flow Hedging [Member] |
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Foreign currency translation adjustments
(61.9)
 
(72.7)
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
0 
 
0 
 
Two Thousand Seventeen EUR Notes [Member] |
Senior Notes [Member] |
Cash Flow Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
0 
 
0 
 
Two Thousand Seventeen EUR Notes [Member] |
Senior Notes [Member] |
Cash Flow Hedging [Member] |
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Foreign currency translation adjustments
(38.7)
 
(34.6)
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax
$ 0 
 
$ 0 
 
Derivative Instruments and Hedging Activities Other Derivatives (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
Jun. 30, 2016
Swaption [Member]
Interest Expense [Member]
Jun. 30, 2017
Not Designated as Hedging Instrument [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Jun. 30, 2017
Not Designated as Hedging Instrument [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Jun. 30, 2017
Not Designated as Hedging Instrument [Member]
Commodity swaps [Member]
Cost of goods sold [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Commodity swaps [Member]
Cost of goods sold [Member]
Jun. 30, 2017
Not Designated as Hedging Instrument [Member]
Commodity swaps [Member]
Cost of goods sold [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Commodity swaps [Member]
Cost of goods sold [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Foreign currency forwards [Member]
Other income (expense), net [Member]
Jun. 30, 2017
Not Designated as Hedging Instrument [Member]
Foreign currency forwards [Member]
Other income (expense), net [Member]
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Foreign currency forwards [Member]
Other income (expense), net [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest Expense [Member]
Mar. 31, 2017
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest Expense [Member]
Jun. 30, 2017
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest Expense [Member]
Gain (Loss) on Derivative Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) recognized in income on derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.4 
$ 0.1 
$ 0.4 
$ (0.3)
$ 0.1 
Amount of Gain (Loss) Recognized in Income on Derivative
$ (15.3)
$ (36.4)
$ (17.7)
$ (17.7)
$ 39.7 
$ (40.5)
$ (17.7)
$ 9.7 
$ 48.0 
$ 8.1 
$ (12.1)
$ (8.3)
$ (12.2)
 
 
 
 
 
Pension and Other Postretirement Benefits (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net periodic pension and OPEB costs:
 
 
 
 
Service cost - benefits earned during the year
$ 4.7 
$ 2.6 
$ 9.1 
$ 5.0 
Interest cost on projected benefit obligation
58.4 
34.2 
117.5 
67.4 
Expected return on plan assets
(66.8)
(40.5)
(132.8)
(80.0)
Amortization of prior service cost (benefit)
0.1 
0.1 
0.3 
0.3 
Amortization of net actuarial loss (gain)
7.8 
7.9 
12.8 
15.6 
OPEB Recognized Net (Gain) Loss Due to Curtailments
 
 
(2.9)
0 
Defined Benefit Plan Expected Participant Contributions
(0.1)
(0.2)
(0.3)
(0.3)
Net periodic pension and OPEB cost
4.1 
4.1 
3.7 
8.0 
Contributions paid to defined benefit plans
 
 
72 
 
Defined Benefit Plans
 
 
 
 
Net periodic pension and OPEB costs:
 
 
 
 
Service cost - benefits earned during the year
1.9 
2.0 
3.7 
3.8 
Interest cost on projected benefit obligation
50.8 
32.6 
102.3 
64.5 
Expected return on plan assets
(66.8)
(40.5)
(132.9)
(80.0)
Amortization of prior service cost (benefit)
0.1 
0.2 
0.3 
0.4 
Amortization of net actuarial loss (gain)
7.8 
7.9 
12.8 
15.6 
OPEB Recognized Net (Gain) Loss Due to Curtailments
 
 
0 
0 
Defined Benefit Plan Expected Participant Contributions
(0.1)
(0.2)
(0.3)
(0.3)
Net periodic pension and OPEB cost
(6.3)
2.0 
(14.1)
4.0 
Contributions paid to defined benefit plans
 
 
200 
 
Other Postretirement Benefits
 
 
 
 
Net periodic pension and OPEB costs:
 
 
 
 
Service cost - benefits earned during the year
2.8 
0.6 
5.4 
1.2 
Interest cost on projected benefit obligation
7.6 
1.6 
15.2 
2.9 
Expected return on plan assets
0 
0 
0.1 
0 
Amortization of prior service cost (benefit)
0 
(0.1)
0 
(0.1)
Amortization of net actuarial loss (gain)
0 
0 
0 
0 
OPEB Recognized Net (Gain) Loss Due to Curtailments
 
 
(2.9)
0 
Defined Benefit Plan Expected Participant Contributions
0 
0 
0 
0 
Net periodic pension and OPEB cost
10.4 
2.1 
17.8 
4.0 
Minimum [Member]
 
 
 
 
Net periodic pension and OPEB costs:
 
 
 
 
Defined Benefit Plan, Expected Contributions in Current Fiscal Year
 
 
300 
 
Maximum [Member]
 
 
 
 
Net periodic pension and OPEB costs:
 
 
 
 
Defined Benefit Plan, Expected Contributions in Current Fiscal Year
 
 
$ 320 
 
Commitments and Contingencies Loss Contingency (Details)
3 Months Ended 12 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2017
Kaiser Tax, Civil and Labor Indemnity Reserve [Member]
Dec. 31, 1990
Environmental matters Lowry [Member]
USD ($)
Jun. 30, 2017
Environmental matters Lowry [Member]
USD ($)
Dec. 12, 2014
David Hughes and 631992 Ontario Inc [Member]
CAD ($)
Jun. 30, 2017
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Jun. 30, 2016
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Jun. 30, 2017
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Jun. 30, 2016
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Jun. 30, 2017
Maximum [Member]
Kaiser purchased tax credits indemnity reserve, category two
USD ($)
Jun. 30, 2017
Maximum [Member]
Kaiser Tax, Civil and Labor Indemnity Reserve [Member]
USD ($)
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss Contingency Accrual, Period Increase (Decrease)
$ 50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) discontinued operations
 
 
 
 
 
 
 
1,600,000 
(1,800,000)
1,000,000 
(2,300,000)
 
 
Equity interest sold (as a percent)
 
 
 
68.00% 
 
 
 
 
 
 
 
 
 
Guarantor Obligations, Current Carrying Value
 
36,100,000 
49,400,000 
 
 
 
 
 
 
 
 
 
 
Litigation and Other Disputes
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities, litigations and disputes
 
27,700,000 
20,200,000 
 
 
 
 
 
 
 
 
 
 
Loss contingency, possible loss, portion not accrued
 
 
141,000,000 
 
 
 
 
 
 
 
 
 
 
Loss Contingency, Estimate of Possible Loss
 
 
 
 
 
 
 
 
 
 
 
105,800,000 
68,000,000 
Loss Contingency Accrual, Provision
 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
Loss contingency, damages sought
 
 
 
 
 
 
1,400,000,000 
 
 
 
 
 
 
Environmental
 
 
 
 
 
 
 
 
 
 
 
 
 
Environmental remediation expense, pretax charge
 
 
 
 
30,000,000 
 
 
 
 
 
 
 
 
Environmental remediation threshold, assumed remediation cost
 
 
 
 
 
120,000,000 
 
 
 
 
 
 
 
Inflation rate assumption, future costs (as a percent)
 
 
 
 
 
2.50% 
 
 
 
 
 
 
 
Risk free rate of return assumption (as a percent)
 
 
 
 
 
2.58% 
 
 
 
 
 
 
 
Site contingency, accrual, present value
 
 
 
 
 
3,000,000 
 
 
 
 
 
 
 
Site contingency, accrual, undiscounted amount
 
 
 
 
 
$ 6,000,000 
 
 
 
 
 
 
 
Supplemental Guarantor Information Supplemental Narrative (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2017
Parent Company [Member]
Jun. 30, 2016
Parent Company [Member]
Jun. 30, 2017
Parent Company [Member]
Jun. 30, 2016
Parent Company [Member]
Dec. 31, 2016
Parent Company [Member]
May 3, 2012
Senior Notes [Member]
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2017 $300M 2.0% [Member]
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2022 $500M 3.5% [Member]
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2042 $1.1B 5.0% [Member]
Jul. 7, 2016
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2019 $500M 1.45% [Member]
Jul. 7, 2016
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2021 $1B 2.1% [Member]
Jul. 7, 2016
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2026 $2B 3.0% [Member]
Jul. 7, 2016
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2046 $1.8B 4.2% [Member]
Jul. 7, 2016
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2024 EUR800M 1.25% [Member]
Debt Instrument, Face Amount
 
 
 
 
 
 
 
 
 
 
$ 1,900,000,000 
$ 300,000,000 
$ 500,000,000 
$ 1,100,000,000 
$ 500,000,000 
$ 1,000,000,000.0 
$ 2,000,000,000 
$ 1,800,000,000.0 
$ 800,000,000 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
571,200,000 
36,300,000 
847,800,000 
456,000,000 
 
571,200,000 
36,300,000 
847,800,000 
456,000,000 
 
 
 
 
 
 
 
 
 
 
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures
 
 
 
 
 
23,716,500,000 
 
23,716,500,000 
 
22,506,300,000 
 
 
 
 
 
 
 
 
 
Stockholders' Equity Attributable to Parent
$ 12,095,900,000 
 
$ 12,095,900,000 
 
$ 11,418,700,000 
$ 12,095,900,000 
 
$ 12,095,900,000 
 
$ 11,418,700,000 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate percentage
 
 
 
 
 
 
 
 
 
 
 
2.00% 
3.50% 
5.00% 
1.45% 
2.10% 
3.00% 
4.20% 
1.25% 
Supplemental Guarantor Information Income statement (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
$ 3,793.1 
$ 1,407.0 
$ 6,706.9 
$ 2,357.8 
Excise taxes
(701.8)
(420.8)
(1,166.9)
(714.4)
Net sales
3,091.3 
986.2 
5,540.0 
1,643.4 
Cost of goods sold
(1,756.1)
(562.2)
(3,129.0)
(976.2)
Gross profit
1,335.2 
424.0 
2,411.0 
667.2 
Marketing, general and administrative expenses
(781.2)
(313.6)
(1,484.0)
(564.5)
Special items, net
(16.5)
(34.5)
(20.3)
74.1 
Equity income in MillerCoors
0 
191.9 
0 
334.3 
Operating income (loss)
537.5 
267.8 
906.7 
511.1 
Interest income (expense), net
(89.2)
(40.5)
(185.8)
(87.8)
Other income (expense), net
1.5 
(30.4)
1.9 
(45.7)
Income (loss) from continuing operations before income taxes
449.8 
196.9 
722.8 
377.6 
Income tax benefit (expense)
(123.0)
(21.2)
(187.6)
(37.9)
Total income (loss) reclassified, before tax
326.8 
175.7 
535.2 
339.7 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) including noncontrolling interests
328.4 
173.9 
536.2 
337.4 
Net (income) loss attributable to noncontrolling interests
(5.1)
(1.6)
(11.6)
(2.4)
Net income (loss) attributable to Molson Coors Brewing Company
323.3 
172.3 
524.6 
335.0 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
571.2 
36.3 
847.8 
456.0 
Parent Company [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
8.3 
6.9 
15.3 
13.5 
Excise taxes
0 
0 
0 
0 
Net sales
8.3 
6.9 
15.3 
13.5 
Cost of goods sold
(1.0)
0 
(1.0)
0 
Gross profit
7.3 
6.9 
14.3 
13.5 
Marketing, general and administrative expenses
(68.2)
(51.1)
(135.9)
(98.1)
Special items, net
(0.3)
0 
(0.8)
0 
Equity income (loss) in subsidiaries
434.0 
228.5 
772.8 
444.3 
Equity income in MillerCoors
 
0 
 
0 
Operating income (loss)
372.8 
184.3 
650.4 
359.7 
Interest income (expense), net
(74.4)
(32.8)
(155.5)
(72.7)
Other income (expense), net
0 
(22.0)
(8.2)
(40.3)
Income (loss) from continuing operations before income taxes
298.4 
129.5 
486.7 
246.7 
Income tax benefit (expense)
24.9 
42.8 
37.9 
88.3 
Total income (loss) reclassified, before tax
323.3 
172.3 
524.6 
335.0 
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
323.3 
172.3 
524.6 
335.0 
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Molson Coors Brewing Company
323.3 
172.3 
524.6 
335.0 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
571.2 
36.3 
847.8 
456.0 
Subsidiary Guarantors [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
2,954.1 
590.1 
5,330.7 
966.0 
Excise taxes
(411.5)
(131.8)
(737.2)
(215.8)
Net sales
2,542.6 
458.3 
4,593.5 
750.2 
Cost of goods sold
(1,423.9)
(242.9)
(2,566.9)
(406.6)
Gross profit
1,118.7 
215.4 
2,026.6 
343.6 
Marketing, general and administrative expenses
(558.7)
(104.0)
(1,056.3)
(183.8)
Special items, net
(13.7)
(1.4)
(14.4)
107.9 
Equity income (loss) in subsidiaries
(138.0)
(90.9)
(216.1)
(204.3)
Equity income in MillerCoors
 
191.9 
 
334.3 
Operating income (loss)
408.3 
211.0 
739.8 
397.7 
Interest income (expense), net
60.3 
71.6 
119.2 
140.8 
Other income (expense), net
94.9 
(8.7)
111.6 
(4.1)
Income (loss) from continuing operations before income taxes
563.5 
273.9 
970.6 
534.4 
Income tax benefit (expense)
(129.7)
(87.9)
(197.8)
(173.3)
Total income (loss) reclassified, before tax
433.8 
186.0 
772.8 
361.1 
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
433.8 
186.0 
772.8 
361.1 
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Molson Coors Brewing Company
433.8 
186.0 
772.8 
361.1 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
725.7 
46.4 
1,138.6 
455.2 
Subsidiary Non Guarantors [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
973.2 
850.1 
1,623.2 
1,445.4 
Excise taxes
(290.3)
(289.0)
(429.7)
(498.6)
Net sales
682.9 
561.1 
1,193.5 
946.8 
Cost of goods sold
(461.8)
(352.4)
(801.2)
(622.8)
Gross profit
221.1 
208.7 
392.3 
324.0 
Marketing, general and administrative expenses
(166.2)
(165.5)
(314.0)
(296.5)
Special items, net
(2.5)
(33.1)
(5.1)
(33.8)
Equity income (loss) in subsidiaries
61.3 
87.9 
80.3 
237.2 
Equity income in MillerCoors
 
0 
 
0 
Operating income (loss)
113.7 
98.0 
153.5 
230.9 
Interest income (expense), net
(75.1)
(79.3)
(149.5)
(155.9)
Other income (expense), net
(93.4)
0.3 
(101.5)
(1.3)
Income (loss) from continuing operations before income taxes
(54.8)
19.0 
(97.5)
73.7 
Income tax benefit (expense)
(18.2)
23.9 
(27.7)
47.1 
Total income (loss) reclassified, before tax
(73.0)
42.9 
(125.2)
120.8 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) including noncontrolling interests
(71.4)
41.1 
(124.2)
118.5 
Net (income) loss attributable to noncontrolling interests
(5.1)
(1.6)
(11.6)
(2.4)
Net income (loss) attributable to Molson Coors Brewing Company
(76.5)
39.5 
(135.8)
116.1 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
87.0 
(100.4)
73.2 
(1.0)
Consolidated [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
3,793.1 
1,407.0 
6,706.9 
2,357.8 
Excise taxes
(701.8)
(420.8)
(1,166.9)
(714.4)
Net sales
3,091.3 
986.2 
5,540.0 
1,643.4 
Cost of goods sold
(1,756.1)
(562.2)
(3,129.0)
(976.2)
Gross profit
1,335.2 
424.0 
2,411.0 
667.2 
Marketing, general and administrative expenses
(781.2)
(313.6)
(1,484.0)
(564.5)
Special items, net
(16.5)
(34.5)
(20.3)
74.1 
Equity income (loss) in subsidiaries
0 
0 
0 
0 
Equity income in MillerCoors
 
191.9 
 
334.3 
Operating income (loss)
537.5 
267.8 
906.7 
511.1 
Interest income (expense), net
(89.2)
(40.5)
(185.8)
(87.8)
Other income (expense), net
1.5 
(30.4)
1.9 
(45.7)
Income (loss) from continuing operations before income taxes
449.8 
196.9 
722.8 
377.6 
Income tax benefit (expense)
(123.0)
(21.2)
(187.6)
(37.9)
Total income (loss) reclassified, before tax
326.8 
175.7 
535.2 
339.7 
Income (loss) from discontinued operations, net of tax
1.6 
(1.8)
1.0 
(2.3)
Net income (loss) including noncontrolling interests
328.4 
173.9 
536.2 
337.4 
Net (income) loss attributable to noncontrolling interests
(5.1)
(1.6)
(11.6)
(2.4)
Net income (loss) attributable to Molson Coors Brewing Company
323.3 
172.3 
524.6 
335.0 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
571.2 
36.3 
847.8 
456.0 
Consolidation, Eliminations [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales Revenue, Goods, Gross
(142.5)
(40.1)
(262.3)
(67.1)
Excise taxes
0 
0 
0 
0 
Net sales
(142.5)
(40.1)
(262.3)
(67.1)
Cost of goods sold
130.6 
33.1 
240.1 
53.2 
Gross profit
(11.9)
(7.0)
(22.2)
(13.9)
Marketing, general and administrative expenses
11.9 
7.0 
22.2 
13.9 
Special items, net
0 
0 
0 
0 
Equity income (loss) in subsidiaries
(357.3)
(225.5)
(637.0)
(477.2)
Equity income in MillerCoors
 
0 
 
0 
Operating income (loss)
(357.3)
(225.5)
(637.0)
(477.2)
Interest income (expense), net
0 
0 
0 
0 
Other income (expense), net
0 
0 
0 
0 
Income (loss) from continuing operations before income taxes
(357.3)
(225.5)
(637.0)
(477.2)
Income tax benefit (expense)
0 
0 
0 
0 
Total income (loss) reclassified, before tax
(357.3)
(225.5)
(637.0)
(477.2)
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
(357.3)
(225.5)
(637.0)
(477.2)
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to Molson Coors Brewing Company
(357.3)
(225.5)
(637.0)
(477.2)
Comprehensive income (loss) attributable to Molson Coors Brewing Company
$ (812.7)
$ 54.0 
$ (1,211.8)
$ (454.2)
Supplemental Guarantor Information Balance Sheet (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Current assets:
 
 
 
 
Cash and cash equivalents
$ 502.9 
$ 560.9 
$ 2,990.3 
$ 430.9 
Accounts receivable, net
962.9 
669.5 
 
 
Other receivables, net
113.8 
135.8 
 
 
Total inventories, net
633.7 
592.7 
 
 
Other current assets, net
275.7 
210.7 
 
 
Total current assets
2,489.0 
2,169.6 
 
 
Properties, net
4,585.2 
4,507.4 
 
 
Goodwill
8,391.2 
8,250.1 
 
 
Other intangibles, net
14,199.6 
14,031.9 
 
 
Total assets
30,118.6 
29,341.5 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
686.6 
684.8 
 
 
Discontinued operations
4.9 
5.0 
 
 
Total current liabilities
3,308.1 
3,157.5 
 
 
Long-term debt
11,185.1 
11,387.7 
 
 
Pension and postretirement benefits
1,124.8 
1,196.0 
 
 
Deferred tax liabilities
1,865.2 
1,699.0 
 
 
Discontinued operations
12.4 
12.6 
 
 
Total liabilities
17,812.8 
17,719.8 
 
 
MCBC stockholders' equity
12,095.9 
11,418.7 
 
 
Noncontrolling interests
209.9 
203.0 
 
 
Total equity
12,305.8 
11,621.7 
9,871.9 
7,063.1 
Total liabilities and equity
30,118.6 
29,341.5 
 
 
Consolidation, Eliminations [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Accounts receivable, net
0 
0 
 
 
Other receivables, net
0 
0 
 
 
Total inventories, net
0 
0 
 
 
Other current assets, net
0 
0 
 
 
Intercompany accounts receivable
(1,959.2)
(1,134.5)
 
 
Total current assets
(1,959.2)
(1,134.5)
 
 
Properties, net
0 
0 
 
 
Goodwill
0 
0 
 
 
Other intangibles, net
0 
0 
 
 
Net investment in and advances to subsidiaries
(31,712.4)
(30,382.6)
 
 
Other assets
(35.0)
(32.8)
 
 
Total assets
(33,706.6)
(31,549.9)
 
 
Accounts payable and other current liabilities
0 
0 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
0 
0 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
(1,959.2)
(1,134.5)
 
 
Total current liabilities
(1,959.2)
(1,134.5)
 
 
Long-term debt
0 
0 
 
 
Pension and postretirement benefits
0 
0 
 
 
Deferred tax liabilities
(35.0)
(32.8)
 
 
Other liabilities
0 
0 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
(7,584.4)
(7,228.7)
 
 
Total liabilities
(9,578.6)
(8,396.0)
 
 
MCBC stockholders' equity
(31,712.4)
(30,382.6)
 
 
Intercompany notes receivable
7,584.4 
7,228.7 
 
 
Total stockholders' equity
(24,128.0)
(23,153.9)
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
(24,128.0)
(23,153.9)
 
 
Total liabilities and equity
(33,706.6)
(31,549.9)
 
 
Parent Company [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
71.4 
147.3 
2,662.6 
146.4 
Accounts receivable, net
0 
0 
 
 
Other receivables, net
10.9 
43.6 
 
 
Total inventories, net
0 
0 
 
 
Other current assets, net
6.6 
1.3 
 
 
Intercompany accounts receivable
0 
0 
 
 
Total current assets
88.9 
192.2 
 
 
Properties, net
24.7 
27.5 
 
 
Goodwill
0 
0 
 
 
Other intangibles, net
9.0 
0 
 
 
Net investment in and advances to subsidiaries
23,716.5 
22,506.3 
 
 
Other assets
90.0 
80.2 
 
 
Total assets
23,929.1 
22,806.2 
 
 
Accounts payable and other current liabilities
168.5 
203.6 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
281.1 
299.9 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
1,646.0 
893.5 
 
 
Total current liabilities
2,095.6 
1,397.0 
 
 
Long-term debt
9,724.4 
9,979.4 
 
 
Pension and postretirement benefits
2.7 
2.6 
 
 
Deferred tax liabilities
0 
0 
 
 
Other liabilities
11.6 
9.6 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
0 
0 
 
 
Total liabilities
11,834.3 
11,388.6 
 
 
MCBC stockholders' equity
12,095.9 
11,418.7 
 
 
Intercompany notes receivable
(1.1)
(1.1)
 
 
Total stockholders' equity
12,094.8 
11,417.6 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
12,094.8 
11,417.6 
 
 
Total liabilities and equity
23,929.1 
22,806.2 
 
 
Subsidiary Guarantors [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
109.3 
141.5 
152.9 
106.2 
Accounts receivable, net
536.5 
374.8 
 
 
Other receivables, net
61.6 
53.8 
 
 
Total inventories, net
481.6 
466.6 
 
 
Other current assets, net
197.0 
139.3 
 
 
Intercompany accounts receivable
1,893.9 
1,098.5 
 
 
Total current assets
3,279.9 
2,274.5 
 
 
Properties, net
3,459.1 
3,459.9 
 
 
Goodwill
6,674.6 
6,647.5 
 
 
Other intangibles, net
12,188.1 
12,180.4 
 
 
Net investment in and advances to subsidiaries
3,466.1 
3,475.4 
 
 
Other assets
178.4 
161.7 
 
 
Total assets
29,246.2 
28,199.4 
 
 
Accounts payable and other current liabilities
1,547.9 
1,493.5 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
385.5 
371.7 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
145.3 
101.8 
 
 
Total current liabilities
2,078.7 
1,967.0 
 
 
Long-term debt
1,460.7 
1,408.2 
 
 
Pension and postretirement benefits
1,108.2 
1,181.2 
 
 
Deferred tax liabilities
1,073.4 
972.0 
 
 
Other liabilities
210.9 
229.2 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
1,360.7 
1,360.3 
 
 
Total liabilities
7,292.6 
7,117.9 
 
 
MCBC stockholders' equity
28,176.2 
26,948.9 
 
 
Intercompany notes receivable
(6,222.6)
(5,867.4)
 
 
Total stockholders' equity
21,953.6 
21,081.5 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
21,953.6 
21,081.5 
 
 
Total liabilities and equity
29,246.2 
28,199.4 
 
 
Subsidiary Non Guarantors [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
322.2 
272.1 
174.8 
178.3 
Accounts receivable, net
426.4 
294.7 
 
 
Other receivables, net
41.3 
38.4 
 
 
Total inventories, net
152.1 
126.1 
 
 
Other current assets, net
72.1 
70.1 
 
 
Intercompany accounts receivable
65.3 
36.0 
 
 
Total current assets
1,079.4 
837.4 
 
 
Properties, net
1,101.4 
1,020.0 
 
 
Goodwill
1,716.6 
1,602.6 
 
 
Other intangibles, net
2,002.5 
1,851.5 
 
 
Net investment in and advances to subsidiaries
4,529.8 
4,400.9 
 
 
Other assets
220.2 
173.4 
 
 
Total assets
10,649.9 
9,885.8 
 
 
Accounts payable and other current liabilities
900.2 
770.6 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
20.0 
13.2 
 
 
Discontinued operations
4.9 
5.0 
 
 
Intercompany accounts payable
167.9 
139.2 
 
 
Total current liabilities
1,093.0 
928.0 
 
 
Long-term debt
0 
0.1 
 
 
Pension and postretirement benefits
13.9 
12.2 
 
 
Deferred tax liabilities
826.8 
759.8 
 
 
Other liabilities
94.7 
28.2 
 
 
Discontinued operations
12.4 
12.6 
 
 
Intercompany notes payable
6,223.7 
5,868.4 
 
 
Total liabilities
8,264.5 
7,609.3 
 
 
MCBC stockholders' equity
3,536.2 
3,433.7 
 
 
Intercompany notes receivable
(1,360.7)
(1,360.2)
 
 
Total stockholders' equity
2,175.5 
2,073.5 
 
 
Noncontrolling interests
209.9 
203.0 
 
 
Total equity
2,385.4 
2,276.5 
 
 
Total liabilities and equity
10,649.9 
9,885.8 
 
 
Consolidated [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
502.9 
560.9 
2,990.3 
430.9 
Accounts receivable, net
962.9 
669.5 
 
 
Other receivables, net
113.8 
135.8 
 
 
Total inventories, net
633.7 
592.7 
 
 
Other current assets, net
275.7 
210.7 
 
 
Intercompany accounts receivable
0 
0 
 
 
Total current assets
2,489.0 
2,169.6 
 
 
Properties, net
4,585.2 
4,507.4 
 
 
Goodwill
8,391.2 
8,250.1 
 
 
Other intangibles, net
14,199.6 
14,031.9 
 
 
Net investment in and advances to subsidiaries
0 
0 
 
 
Other assets
453.6 
382.5 
 
 
Total assets
30,118.6 
29,341.5 
 
 
Accounts payable and other current liabilities
2,616.6 
2,467.7 
 
 
Current liabilities:
 
 
 
 
Current portion of long-term debt and short-term borrowings
686.6 
684.8 
 
 
Discontinued operations
4.9 
5.0 
 
 
Intercompany accounts payable
0 
0 
 
 
Total current liabilities
3,308.1 
3,157.5 
 
 
Long-term debt
11,185.1 
11,387.7 
 
 
Pension and postretirement benefits
1,124.8 
1,196.0 
 
 
Deferred tax liabilities
1,865.2 
1,699.0 
 
 
Other liabilities
317.2 
267.0 
 
 
Discontinued operations
12.4 
12.6 
 
 
Intercompany notes payable
0 
0 
 
 
Total liabilities
17,812.8 
17,719.8 
 
 
MCBC stockholders' equity
12,095.9 
11,418.7 
 
 
Intercompany notes receivable
0 
0 
 
 
Total stockholders' equity
12,095.9 
11,418.7 
 
 
Noncontrolling interests
209.9 
203.0 
 
 
Total equity
12,305.8 
11,621.7 
 
 
Total liabilities and equity
$ 30,118.6 
$ 29,341.5 
 
 
Supplemental Guarantor Information Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
$ 818.5 
$ 282.4 
Cash flows from investing activities:
 
 
Additions to properties
(354.0)
(121.6)
Proceeds from sales of properties and other assets
46.1 
144.6 
Investment in MillerCoors
0 
(810.6)
Return of capital from MillerCoors
0 
731.1 
Other
6.0 
(4.1)
Net cash provided by investing activities
(301.9)
(60.6)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
0 
2,525.9 
Exercise of stock options under equity compensation plans
1.1 
5.4 
Dividends paid
(176.6)
(176.5)
Debt issuance costs
(4.6)
(15.0)
Payments on debt and borrowings
(2,201.5)
(17.9)
Proceeds on debt and borrowings
1,536.0 
31.7 
Net proceeds from (payments on) revolving credit facilities and commercial paper
282.0 
2.5 
Change in overdraft balances and other
(29.6)
(17.5)
Net cash provided by (used in) financing activities
(593.2)
2,338.6 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(76.6)
2,560.4 
Effect of foreign exchange rate changes on cash and cash equivalents
18.6 
(1.0)
Balance at beginning of year
560.9 
430.9 
Balance at end of period
502.9 
2,990.3 
Parent Company [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
496.0 
185.4 
Cash flows from investing activities:
 
 
Additions to properties
(10.3)
(10.2)
Proceeds from sales of properties and other assets
0 
0 
Investment in MillerCoors
 
0 
Return of capital from MillerCoors
 
0 
Other
0 
0.9 
Net intercompany investing activity
0 
(1.1)
Net cash provided by investing activities
(10.3)
(10.4)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
 
2,525.9 
Exercise of stock options under equity compensation plans
1.1 
5.4 
Dividends paid
(161.8)
(161.1)
Debt issuance costs
(4.6)
(15.0)
Payments on debt and borrowings
(2,200.0)
0 
Proceeds on debt and borrowings
1,536.0 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
280.3 
0 
Change in overdraft balances and other
(12.6)
(14.0)
Net intercompany financing activity
0 
0 
Net cash provided by (used in) financing activities
(561.6)
2,341.2 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(75.9)
2,516.2 
Effect of foreign exchange rate changes on cash and cash equivalents
0 
0 
Balance at beginning of year
147.3 
146.4 
Balance at end of period
71.4 
2,662.6 
Subsidiary Guarantors [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
471.3 
92.8 
Cash flows from investing activities:
 
 
Additions to properties
(275.3)
(35.9)
Proceeds from sales of properties and other assets
2.2 
142.1 
Investment in MillerCoors
 
(810.6)
Return of capital from MillerCoors
 
731.1 
Other
0 
1.3 
Net intercompany investing activity
(70.8)
(39.7)
Net cash provided by investing activities
(343.9)
(11.7)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
 
0 
Exercise of stock options under equity compensation plans
0 
0 
Dividends paid
(150.5)
(40.3)
Debt issuance costs
0 
0 
Payments on debt and borrowings
0 
0 
Proceeds on debt and borrowings
0 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
0 
0 
Change in overdraft balances and other
(10.6)
0 
Net intercompany financing activity
0 
2.0 
Net cash provided by (used in) financing activities
(161.1)
(38.3)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(33.7)
42.8 
Effect of foreign exchange rate changes on cash and cash equivalents
1.5 
3.9 
Balance at beginning of year
141.5 
106.2 
Balance at end of period
109.3 
152.9 
Subsidiary Non Guarantors [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
111.8 
44.5 
Cash flows from investing activities:
 
 
Additions to properties
(68.4)
(75.5)
Proceeds from sales of properties and other assets
43.9 
2.5 
Investment in MillerCoors
 
0 
Return of capital from MillerCoors
 
0 
Other
6.0 
(6.3)
Net intercompany investing activity
0 
(0.9)
Net cash provided by investing activities
(18.5)
(80.2)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
 
0 
Exercise of stock options under equity compensation plans
0 
0 
Dividends paid
(124.9)
(15.4)
Debt issuance costs
0 
0 
Payments on debt and borrowings
(1.5)
(17.9)
Proceeds on debt and borrowings
0 
31.7 
Net proceeds from (payments on) revolving credit facilities and commercial paper
1.7 
2.5 
Change in overdraft balances and other
(6.4)
(3.5)
Net intercompany financing activity
70.8 
39.7 
Net cash provided by (used in) financing activities
(60.3)
37.1 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
33.0 
1.4 
Effect of foreign exchange rate changes on cash and cash equivalents
17.1 
(4.9)
Balance at beginning of year
272.1 
178.3 
Balance at end of period
322.2 
174.8 
Consolidated [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
818.5 
282.4 
Cash flows from investing activities:
 
 
Additions to properties
(354.0)
(121.6)
Proceeds from sales of properties and other assets
46.1 
144.6 
Investment in MillerCoors
 
(810.6)
Return of capital from MillerCoors
 
731.1 
Other
6.0 
(4.1)
Net intercompany investing activity
0 
0 
Net cash provided by investing activities
(301.9)
(60.6)
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
 
2,525.9 
Exercise of stock options under equity compensation plans
1.1 
5.4 
Dividends paid
(176.6)
(176.5)
Debt issuance costs
(4.6)
(15.0)
Payments on debt and borrowings
(2,201.5)
(17.9)
Proceeds on debt and borrowings
1,536.0 
31.7 
Net proceeds from (payments on) revolving credit facilities and commercial paper
282.0 
2.5 
Change in overdraft balances and other
(29.6)
(17.5)
Net intercompany financing activity
0 
0 
Net cash provided by (used in) financing activities
(593.2)
2,338.6 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(76.6)
2,560.4 
Effect of foreign exchange rate changes on cash and cash equivalents
18.6 
(1.0)
Balance at beginning of year
560.9 
430.9 
Balance at end of period
502.9 
2,990.3 
Consolidation, Eliminations [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by operating activities
(260.6)
(40.3)
Cash flows from investing activities:
 
 
Additions to properties
0 
0 
Proceeds from sales of properties and other assets
0 
0 
Investment in MillerCoors
 
0 
Return of capital from MillerCoors
 
0 
Other
0 
0 
Net intercompany investing activity
70.8 
41.7 
Net cash provided by investing activities
70.8 
41.7 
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock, net
 
0 
Exercise of stock options under equity compensation plans
0 
0 
Dividends paid
260.6 
40.3 
Debt issuance costs
0 
0 
Payments on debt and borrowings
0 
0 
Proceeds on debt and borrowings
0 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
0 
0 
Change in overdraft balances and other
0 
0 
Net intercompany financing activity
(70.8)
(41.7)
Net cash provided by (used in) financing activities
189.8 
(1.4)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
0 
0 
Effect of foreign exchange rate changes on cash and cash equivalents
0 
0 
Balance at beginning of year
0 
0 
Balance at end of period
$ 0 
$ 0