Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2019	Jul. 25, 2019
Entity Information [Line Items]
Document Type	10-Q
Entity Central Index Key	0000024545
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-14829
Entity Registrant Name	Molson Coors Brewing Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0178360
Entity Address, Address Line One	1801 California Street, Suite 4600
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	927-2337
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,560,668
Common Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		196,230,312
Class A Exchangeable Shares [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,725,317
Class B Exchangeable Shares [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,839,184
NEW YORK STOCK EXCHANGE, INC. [Member] \| Common Class A [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	TAP.A
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] \| Common Class B [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	TAP
Security Exchange Name	NYSE
Senior Notes Due 2024 [Member] \| NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.25% Senior Notes due 2024
Trading Symbol	TAP
Security Exchange Name	NYSE
CANADA
Entity Information [Line Items]
Entity Address, Address Line Two	1555 Notre Dame Street East
Entity Address, City or Town	Montréal
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Postal Zip Code	H2L 2R5
City Area Code	514
Local Phone Number	521-1786

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Sales	$ 3,620.0	$ 3,820.5	$ 6,420.1	$ 6,688.5
Excise taxes	(671.7)	(735.3)	(1,168.5)	(1,271.8)
Net Sales	2,948.3	3,085.2	5,251.6	5,416.7
Cost of Goods Sold	(1,759.8)	(1,739.1)	(3,172.8)	(3,274.8)
Gross profit	1,188.5	1,346.1	2,078.8	2,141.9
Marketing, general and administrative expenses	(769.7)	(744.7)	(1,424.9)	(1,425.8)
Special items, net	49.9	(10.5)	36.9	304.3
Operating income (loss)	468.7	590.9	690.8	1,020.4
Interest income (expense), net	(65.6)	(76.7)	(138.9)	(159.9)
Other pension and postretirement benefits (costs), net	8.4	9.9	17.0	19.9
Other income (expense), net	(10.9)	(1.1)	13.0	0.0
Income (loss) before income taxes	400.6	523.0	581.9	880.4
Income tax benefit (expense)	(70.4)	(92.2)	(102.6)	(167.1)
Net Income (loss)	330.2	430.8	479.3	713.3
Net (income) loss attributable to noncontrolling interests	(0.8)	(6.7)	1.5	(11.1)
Net income (loss) attributable to Molson Coors Brewing Company	$ 329.4	$ 424.1	$ 480.8	$ 702.2
Basic net income (loss) attributable to Molson Coors Brewing Company per share:
Income (Loss) from Continuing Operations, Per Basic Share	$ 1.52	$ 1.96	$ 2.22	$ 3.25
Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
Income (Loss) from Continuing Operations, Per Diluted Share	$ 1.52	$ 1.96	$ 2.22	$ 3.24
Weighted average shares - basic (in shares)	216.6	216.0	216.6	215.9
Dilutive effect of share-based awards	0.3	0.5	0.3	0.7
Weighted average shares - diluted (in shares)	216.9	216.5	216.9	216.6
Share-based Payment Arrangement [Member]
Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.3	1.2	1.3	0.7

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 490.2	$ 1,057.9
Accounts receivable, net	932.3	744.4
Other receivables, net	175.8	126.6
Total inventories, net	698.1	591.8
Other current assets, net	304.0	245.6
Total current assets	2,600.4	2,766.3
Properties, net	4,505.1	4,608.3
Goodwill	8,288.9	8,260.8
Other intangibles, net	13,767.4	13,776.4
Other assets	899.8	698.0
Total assets	30,061.6	30,109.8
Current liabilities:
Accounts payable and other current liabilities	3,045.6	2,706.4
Current portion of long-term debt and short-term borrowings	1,034.7	1,594.5
Total current liabilities	4,080.3	4,300.9
Long-term debt	8,517.9	8,893.8
Pension and postretirement benefits	725.5	726.6
Deferred tax liabilities	2,199.6	2,128.9
Other liabilities	393.3	323.8
Total liabilities	15,916.6	16,374.0
Capital stock:
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)	0.0	0.0
Paid-in capital	6,783.3	6,773.1
Retained earnings	8,103.1	7,692.9
Accumulated other comprehensive income (loss)	(1,178.6)	(1,150.0)
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	13,899.4	13,507.4
Noncontrolling interests	245.6	228.4
Total equity	14,145.0	13,735.8
Total liabilities and equity	30,061.6	30,109.8
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: 205.7 shares and 205.4 shares, respectively)	0.0	0.0
Total equity	0.0	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: 205.7 shares and 205.4 shares, respectively)	2.1	2.0
Total equity	2.1	2.0
Class A Exchangeable Shares [Member]
Capital stock:
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.8 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively)	103.0	103.2
Total equity	103.0	103.2
Class B Exchangeable Shares [Member]
Capital stock:
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.8 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively)	557.9	557.6
Total equity	$ 557.9	$ 557.6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income (loss) including noncontrolling interests	$ 330.2	$ 430.8	$ 479.3	$ 713.3
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	42.1	(255.0)	113.6	(180.9)
Unrealized gain (loss) on derivative instruments	(38.3)	36.2	(68.0)	10.4
Reclassification of derivative (gain) loss to income	(0.3)	0.7	(0.2)	1.8
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	(0.5)	1.3	(1.1)	3.0
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.8	0.7	1.8	(0.5)
Total other comprehensive income (loss), net of tax	3.8	(216.1)	46.1	(166.2)
Comprehensive income (loss)	334.0	214.7	525.4	547.1
Comprehensive (income) loss attributable to noncontrolling interests	(0.5)	(5.1)	1.6	(10.3)
Comprehensive income (loss) attributable to Molson Coors Brewing Company	333.5	209.6	527.0	536.8
Consolidated [Member]
Other comprehensive income (loss), net of tax:
Comprehensive income (loss) attributable to Molson Coors Brewing Company	$ 333.5	$ 209.6	$ 527.0	$ 536.8

CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - $ / shares shares in Millions	Jun. 30, 2019	Dec. 31, 2018
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	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	205.7	205.4
Class A Exchangeable Shares [Member]
Exchangeable Stock, No Par Value	$ 0	$ 0
Exchangeable Stock, Shares Issued	2.7	2.8
Exchangeable Stock, Shares Outstanding	2.7	2.8
Class B Exchangeable Shares [Member]
Exchangeable Stock, No Par Value	$ 0	$ 0
Exchangeable Stock, Shares Issued	14.8	14.8
Exchangeable Stock, Shares Outstanding	14.8	14.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 479.3	$ 713.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	429.7	429.6
Amortization of debt issuance costs and discounts	7.5	7.2
Share-based compensation	18.6	25.1
(Gain) loss on sale or impairment of properties and other assets, net	(67.7)	0.0
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net	(12.4)	38.4
Income tax (benefit) expense	102.6	167.1
Income tax (paid) received	(41.4)	20.0
Interest expense, excluding interest amortization	140.5	155.8
Interest paid	(140.9)	(152.5)
Change in current assets and liabilities (net of impact of business combinations) and other	(87.8)	(106.2)
Net Cash Provided by (Used in) Operating Activities	828.0	1,297.8
Cash flows from investing activities:
Additions to properties	(310.5)	(351.1)
Proceeds from sales of properties and other assets	99.9	4.4
Other	42.8	(50.5)
Net cash provided by (used in) investing activities	(167.8)	(397.2)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	1.4	6.3
Dividends paid	(177.4)	(177.0)
Payments on debt and borrowings	(1,070.8)	(2.4)
Net proceeds from (payments on) revolving credit facilities and commercial paper	(1.9)	(376.1)
Change in overdraft balances and other	12.8	24.5
Net cash provided by (used in) financing activities	(1,235.9)	(524.7)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(575.7)	375.9
Effect of foreign exchange rate changes on cash and cash equivalents	8.0	(1.6)
Balance at beginning of year	1,057.9	418.6
Balance at end of period	$ 490.2	$ 792.9

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Millions	Total	Class A common stock, voting [Member]	Common Class B [Member]	Exchangeable shares issued, Class A	Exchangeable shares issued, Class B	Paid-in capital	Retained earnings	AOCI Attributable to Parent [Member]	Common stock held in treasury, Class B	Noncontrolling interest
Balance at Dec. 31, 2017	$ 13,187.3	$ 0.0	$ 2.0	$ 107.7	$ 553.2	$ 6,688.5	$ 6,958.4	$ (860.0)	$ (471.4)	$ 208.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plan	(6.4)					(6.4)
Amortization of share-based compensation	24.9					24.9
Acquisition of business and purchase of noncontrolling interest	(0.1)									(0.1)
Net income (loss) including noncontrolling interests	713.3						702.2			11.1
Other comprehensive income (loss), net of tax	(166.2)							(165.4)		(0.8)
Adoption of New Accounting Standards Update 2014-09	(27.8)						(27.8)
Contributions from noncontrolling interests	6.4									6.4
Distributions and dividends to noncontrolling interests	(5.5)									(5.5)
Dividends declared and paid	(177.0)						(177.0)
Balance at Jun. 30, 2018	13,548.9	0.0	2.0	107.7	553.2	6,707.0	7,455.8	(1,025.4)	(471.4)	220.0
Balance at Mar. 31, 2018	13,415.8	0.0	2.0	107.7	553.2	6,697.4	7,120.2	(810.9)	(471.4)	217.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plan	(0.6)					(0.6)
Amortization of share-based compensation	10.2					10.2
Acquisition of business and purchase of noncontrolling interest	(0.1)									(0.1)
Net income (loss) including noncontrolling interests	430.8						424.1			6.7
Other comprehensive income (loss), net of tax	(216.1)							(214.5)		(1.6)
Distributions and dividends to noncontrolling interests	(2.6)									(2.6)
Dividends declared and paid	(88.5)						(88.5)			0.0
Balance at Jun. 30, 2018	13,548.9	0.0	2.0	107.7	553.2	6,707.0	7,455.8	(1,025.4)	(471.4)	220.0
Balance at Dec. 31, 2018	13,735.8	0.0	2.0	103.2	557.6	6,773.1	7,692.9	(1,150.0)	(471.4)	228.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares	0.0			(0.2)	0.3	(0.1)
Shares issued under equity compensation plan	(7.9)		0.1			(8.0)
Amortization of share-based compensation	18.3					18.3
Acquisition of business and purchase of noncontrolling interest	0.7									0.7
Net income (loss) including noncontrolling interests	479.3						480.8			(1.5)
Other comprehensive income (loss), net of tax	46.1							46.2		(0.1)
Initial Application Period Cumulative Effect Transition for Accounting Standards Update 2016-02	32.0						32.0
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	0.0						74.8	(74.8)
Contributions from noncontrolling interests	21.5									21.5
Distributions and dividends to noncontrolling interests	(3.4)									(3.4)
Dividends declared and paid	(177.4)						(177.4)
Balance at Jun. 30, 2019	14,145.0	0.0	2.1	103.0	557.9	6,783.3	8,103.1	(1,178.6)	(471.4)	245.6
Balance at Mar. 31, 2019	13,888.1	0.0	2.0	103.2	557.6	6,776.2	7,862.4	(1,182.7)	(471.4)	240.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares	0.0			(0.2)	0.3	(0.1)
Shares issued under equity compensation plan	0.3		0.1			0.2
Amortization of share-based compensation	7.0					7.0
Acquisition of business and purchase of noncontrolling interest	0.7									0.7
Net income (loss) including noncontrolling interests	330.2						329.4			0.8
Other comprehensive income (loss), net of tax	3.8							4.1		(0.3)
Contributions from noncontrolling interests	7.0									7.0
Distributions and dividends to noncontrolling interests	(3.4)									(3.4)
Dividends declared and paid	(88.7)						(88.7)			0.0
Balance at Jun. 30, 2019	$ 14,145.0	$ 0.0	$ 2.1	$ 103.0	$ 557.9	$ 6,783.3	$ 8,103.1	$ (1,178.6)	$ (471.4)	$ 245.6

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 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, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries.

Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and 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 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 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, 2018 ("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, except as noted below and in Note 2, "New Accounting Pronouncements."

The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be achieved for the full year.

Non-Cash Activity

Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. We also had non-cash activities related to capital expenditures incurred but not yet paid of $149.9 million and $138.0 million for the six months ended June 30, 2019 and June 30, 2018, respectively.

Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed below, there was no other significant non-cash activity during the six months ended June 30, 2019 and June 30, 2018. See Note 4, "Investments" for further discussion.

Leases

We account for leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, which we adopted on January 1, 2019, electing not to adjust comparative periods presented and applying a modified retrospective transition approach as of the effective date of adoption (see Note 2, "New Accounting Pronouncements" for impacts of adoption).

We enter into contractual arrangements for the utilization of certain non-owned assets, primarily real estate and equipment, which are evaluated as finance (previously known as capital) or operating leases upon commencement and are accounted for accordingly. Specifically, under ASC 842, a contract is or contains a lease when, (1) the contract contains an explicitly or implicitly identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration. We assess whether an arrangement is or contains a lease at inception of the contract. For all contractual arrangements deemed to be leases (other than short-term leases), as of the lease commencement date, we recognize on the consolidated balance sheet a liability for our obligation related to the lease and a corresponding asset representing our right to use the underlying asset over the period of use.

For leases that qualify as short-term leases, we have elected, for all classes of underlying assets, to not apply the balance sheet recognition requirements of ASC 842, and instead, we recognize the lease payments in the consolidated statements of

operations on a straight-line basis over the lease term. We have also made the election, for our real estate and certain equipment classes of underlying assets, to account for lease and non-lease components as a single lease component.

Our leases have remaining lease terms of up to approximately 18 years. Certain of our lease agreements contain options to extend or early terminate the agreement. The lease term used to calculate the right-of-use asset and lease liability at commencement includes the impacts of options to extend or terminate the lease when it is reasonably certain that we will exercise that option. When determining whether it is reasonably certain that we will exercise an option at commencement, we consider various existing economic factors, including real estate strategies, the nature, length, and terms of the agreement, as well as the uncertainty of the condition of leased equipment at the end of the lease term. Based on these determinations, we generally conclude that the exercise of renewal options would not be reasonably certain in determining the lease term at commencement. Assumptions made at the commencement date are re-evaluated upon occurrence of certain events requiring a lease modification. Additionally, for certain equipment leases involving groups of similar leased assets with similar lease terms, we apply a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities.

The discount rate used to calculate the present value of the future minimum lease payments is the rate implicit in the lease, when readily determinable. As the rate implicit in the lease is not readily determinable for most of our leases, we use our incremental borrowing rate relative to the leased asset.

Certain of our leases include variable lease payments, including payments that depend on an index or rate, as well as variable payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of our lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of our lease assets and liabilities and are recognized in the period in which the obligation for those payments is incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Lease-related expense is recorded within either cost of goods sold or marketing, general and administrative expenses on the consolidated statements of operations, depending on the function of the underlying leased asset, with the exception of interest on finance lease liabilities, which is recorded within interest income (expense), net on the consolidated statements of operations.

Montreal Brewery Sale and Leaseback Transaction

In June 2019, we completed the sale of our Montreal brewery for $96.2 million (CAD 126.0 million), resulting in a $61.3 million gain, which was recorded as a special item. In conjunction with the sale, we agreed to lease back the existing property to continue operations on an uninterrupted basis for a period up to 5 years with early termination options at our discretion, while our new brewery in Longueuil, Quebec is being constructed. Accordingly, we have recorded operating lease right-of-use assets and liabilities of approximately CAD 6 million assuming a lease term that is coterminous with the construction of our new brewery, which is currently expected to be operational in 2021. However, due to the uncertainty inherent in our estimates, the term of the brewery lease is subject to reassessment. Once the existing property has been entirely redeveloped by the purchaser, we plan to lease a minor portion of the future space for administrative and other purposes. We have evaluated this transaction pursuant to the accounting guidance for sale and leaseback transactions and concluded that the relevant criteria have been met for full gain recognition upon completion of the transaction in the second quarter of 2019.

Lease Financial Information

For the three and six months ended June 30, 2019, lease expense (including immaterial short-term and variable lease costs) was as follows:



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	(In millions)
Operating lease expense	$	18.9	$	36.1
Finance lease expense	3.0		5.8
Total lease expense	$	21.9	$	41.9

Supplemental cash flow information related to leases for the six months ended June 30, 2019 was as follows:



	Six Months Ended June 30, 2019
	(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$	26.2
Operating cash flows from finance leases	$	1.8
Financing cash flows from finance leases	$	1.1
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	25.6
Finance leases	$	—

Supplemental balance sheet information related to leases as of June 30, 2019 was as follows:



		As of June 30, 2019
	Balance Sheet Classification	(In millions)
Operating Leases
Operating lease right-of-use assets	Other assets	$	157.6
Current operating lease liabilities	Accounts payable and other current liabilities	$	45.2
Non-current operating lease liabilities	Other liabilities	123.0
Total operating lease liabilities		$	168.2

Finance Leases
Finance lease right-of-use assets	Properties, net	$	65.7
Current finance lease liabilities	Current portion of long-term debt and short-term borrowings	$	3.5
Non-current finance lease liabilities	Long-term debt	80.9
Total finance lease liabilities		$	84.4

The weighted-average remaining lease term and discount rate as of June 30, 2019 are as follows:



	Weighted-Average Remaining Lease Term (Years)	Weighted-Average Discount Rate
Operating leases	4.7	4.2%
Finance leases	9.7	6.4%

Based on foreign exchange rates as of June 30, 2019, maturities of lease liabilities are as follows:



	Operating Leases			Finance Leases
	(In millions)
2019 - remaining	$	26.8		$	3.4
2020	47.0			36.1
2021	38.2			5.9
2022	29.1			5.8
2023	20.4			5.8
Thereafter	23.1			64.4
Total lease payments	$	184.6		$	121.4
Less: interest	(16.4		)	(37.0		)
Present value of lease liabilities	$	168.2		$	84.4

Executed leases that have not yet commenced as of June 30, 2019 are immaterial.

Information as of December 31, 2018, as well as comparative interim period information under historical lease accounting guidance

Gross assets recorded under finance leases as of December 31, 2018 were $82.5 million. The associated accumulated amortization on these assets as of December 31, 2018 was $13.2 million. These amounts are recorded within properties, net on the consolidated balance sheet. Current and non-current finance lease liabilities as of December 31, 2018 were $3.2 million and $82.1 million, respectively, and were recorded in accounts payable and other current liabilities and other non-current liabilities, respectively, on the consolidated balance sheet. Separately, during the six months ended June 30, 2018, non-cash activities related to the recognition of finance leases was $15.0 million.

Based on foreign exchange rates as of December 31, 2018, future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows:



	Operating Leases		Finance Leases
Year	(In millions)
2019	$	49.4	$	6.1
2020	40.2		36.2
2021	32.6		5.9
2022	24.6		5.9
2023	17.0		5.8
Thereafter	21.0		64.2
Total future minimum lease payments	$	184.8	$	124.1
Less: interest on finance leases			(38.8		)
Present value of future minimum finance lease payments			$	85.3

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements New Accounting Pronouncements Recently Adopted Leases In February 2016, the FASB issued authoritative guidance intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and liabilities on the balance sheet and disclosure of key information about leasing arrangements. We adopted this guidance and all related amendments applying the modified retrospective transition approach to all lease arrangements as of the effective date of adoption, January 1, 2019. As permitted under the guidance, financial statements for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts have not been adjusted and continue to be reported and disclosed in accordance with historical accounting guidance. Additionally, for existing leases as of the effective date, we have elected the package of practical expedients available at transition to not reassess the historical lease determination, lease classification and initial direct costs. For operating leases, the adoption of the new guidance resulted in the recognition of right-of-use assets of approximately $154 million and aggregate current and non-current lease liabilities of approximately $164 million as of January 1, 2019, including immaterial reclassifications of prepaid and deferred rent balances into right-of-use assets. Separately, as a result of the cumulative impact of adopting the new guidance, we recorded a net increase to opening retained earnings of approximately $32 million as of January 1, 2019 with the offsetting impact within other assets, related to our share of the accelerated recognition of deferred gains on non-qualifying and other sale-leaseback transactions by an equity method investment within our Canada segment. Additionally, while our accounting for finance leases remains unchanged at adoption, we have prospectively changed the presentation of finance lease liabilities within the consolidated balance sheets to be presented within current portion of long-term debt and short-term borrowings, and long-term debt, as appropriate. As of January 1, 2019, we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively. The adoption of this guidance had no impact to our cash flows from operating, investing, or financing activities. See Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” for additional discussion on our leasing arrangements. Accumulated Other Comprehensive Income (Loss) In February 2018, the FASB issued authoritative guidance intended to improve the usefulness of financial information related to the enactment of the 2017 Tax Act. This guidance provides an option to reclassify from AOCI to retained earnings the stranded tax effects resulting from the change in the U.S. federal corporate income tax rate as a result of the 2017 Tax Act. We adopted this guidance as of January 1, 2019 and elected to reclassify stranded tax effects related to the 2017 Tax Act, resulting in an approximate $75 million increase to retained earnings in the period of adoption. Our policy is to release stranded tax effects from AOCI using either a specific identification approach or portfolio approach based on the nature of the underlying item. New Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact on our financial position, results of operations and statement of cash flows upon adoption of this guidance, which will result in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities. 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 interim financial statements.

Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

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 reportable segment and primarily includes interest and certain other general and administrative costs that are not allocated to any of the operating segments as well as the results of our water resources and energy operations in Colorado and 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. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components are reported within the Corporate segment.

No single customer accounted for more than 10% of our consolidated sales for the three and six months ended June 30, 2019 or June 30, 2018. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to U.S. segment sales to the other segments.

The following tables present net sales and income (loss) before income taxes by segment:



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(In millions)
U.S.	$	2,011.7		$	2,072.5		$	3,670.9		$	3,720.3
Canada	373.0			397.4			634.0			681.2
Europe	538.5			586.1			901.4			960.4
International	58.9			67.9			106.8			125.4
Corporate	0.3			0.3			0.5			0.5
Inter-segment net sales eliminations	(34.1		)	(39.0		)	(62.0		)	(71.1		)
Consolidated net sales	$	2,948.3		$	3,085.2		$	5,251.6		$	5,416.7



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(In millions)
U.S.	$	401.0		$	445.5		$	670.4		$	707.2
Canada⁽¹⁾	80.4			61.3			102.2			70.4
Europe	55.8			86.8			28.3			56.9
International	2.5			1.3			2.2			5.0
Corporate⁽²⁾	(139.1		)	(71.9		)	(221.2		)	40.9
Consolidated income (loss) before income taxes	$	400.6		$	523.0		$	581.9		$	880.4

(1)

During the three months ended June 30, 2019, we completed the sale of our existing Montreal brewery for $96.2 million (CAD 126.0 million), resulting in a $61.3 million gain, which was recorded as a special item. Also, during the three and six months ended June 30, 2019, we recorded an unrealized mark-to-market loss of approximately $15 million and an unrealized mark-to-market gain of approximately $8 million, respectively, on the HEXO Corp. ("HEXO") warrants received in connection with the formation of the Truss LP ("Truss") joint venture. Additionally, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(2)

During the three months ended March 31, 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 5, "Special Items." Additionally, related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized loss of $31.2 million and an unrealized gain of $2.9 million during the three and six months ended June 30, 2019, respectively, compared to an unrealized gain of $45.1 million and an unrealized loss of $39.6 million during the three and six months ended June 30, 2018, respectively.

Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion.

The following table presents total assets by segment:



	As of
	June 30, 2019		December 31, 2018
	(In millions)
U.S.	$	19,085.3	$	19,057.1
Canada	4,977.2		4,640.5
Europe	5,510.2		5,430.0
International	278.3		274.1
Corporate	210.6		708.1
Consolidated total assets	$	30,061.6	$	30,109.8

Investments

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments

Our investments include both equity method and consolidated investments. Those entities identified as 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, we have consolidated these entities. None of our consolidated VIEs held debt as of June 30, 2019 or December 31, 2018. 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, 2019 and December 31, 2018, our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Grolsch U.K. Ltd. ("Grolsch"), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss. 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 their respective shareholders. As a result, we have a guarantee liability of $63.2 million and $35.9 million recorded as of June 30, 2019 and December 31, 2018, 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, 2019				December 31, 2018
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
RMMC/RMBC	$	213.8	$	18.5	$	189.8	$	35.0
Other	$	29.1	$	2.5	$	31.0	$	5.1

Special Items

6 Months Ended

Jun. 30, 2019

Unusual or Infrequent Items, or Both [Abstract]

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, 2019			June 30, 2018		June 30, 2019			June 30, 2018
	(In millions)
Employee-related charges
Restructuring	$	2.6		$	1.0	$	6.3		$	4.9
Impairments or asset abandonment charges
U.S. - Asset abandonment	0.4			1.3		1.2			2.8
Canada - Asset abandonment⁽¹⁾	8.1			6.0		15.7			12.1
Europe - Asset abandonment	—			1.0		0.6			2.7
Termination fees and other (gains) losses
Canada - Gain on sale of brewery⁽²⁾	(61.3		)	—		(61.3		)	—
International	0.3			1.2		0.6			1.2
Purchase price adjustment settlement gain⁽³⁾	—			—		—			(328.0		)
Total Special items, net	$	(49.9	)	$	10.5	$	(36.9	)	$	(304.3	)

(1)

Charges for the three and six months ended June 30, 2019 and June 30, 2018 primarily consist of accelerated depreciation in excess of normal depreciation related to the planned closure of the Vancouver brewery, which we expect will occur in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 36 million, through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change.


(2)	During the second quarter of 2019, we completed the sale of the existing Montreal brewery property for $96.2 million (CAD 126.0 million) and recognized a gain of $61.3 million. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further discussion.


(3)	During the first quarter of 2018, we received $330.0 million from ABI, of which $328.0 million constituted a purchase price adjustment (the "Adjustment Amount"), related to the Miller International Business which was acquired in our acquisition of the remaining portion of MillerCoors which occurred on October 11, 2016. As this settlement occurred

following the finalization of purchase accounting, we recorded the settlement proceeds related to the Adjustment Amount as a gain within special items, net in our unaudited condensed consolidated statement of operations in our Corporate segment and within cash provided by operating activities in our unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2018.

Restructuring Activities

There were no material changes to our restructuring activities since December 31, 2018, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we 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 below 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 9 months.



	U.S.			Canada			Europe			International			Corporate			Total
	(In millions)
As of December 31, 2018	$	21.6		$	1.5		$	0.6		$	0.6		$	1.3		$	25.6
Charges incurred and changes in estimates	1.9			(0.3		)	4.3			0.2			0.2			6.3
Payments made	(17.7		)	(0.2		)	(2.4		)	(0.8		)	(0.6		)	(21.7		)
Foreign currency and other adjustments	—			0.1			—			—			—			0.1
As of June 30, 2019	$	5.8		$	1.1		$	2.5		$	—		$	0.9		$	10.3



	U.S.			Canada			Europe			International			Corporate		Total
	(In millions)
As of December 31, 2017	$	0.6		$	4.3		$	1.8		$	0.2		$	—	$	6.9
Charges incurred and changes in estimates	2.0			(0.8		)	2.1			1.6			—		4.9
Payments made	(0.6		)	(1.5		)	(2.3		)	(0.2		)	—		(4.6		)
Foreign currency and other adjustments	—			(0.1		)	—			—			—		(0.1		)
As of June 30, 2018	$	2.0		$	1.9		$	1.6		$	1.6		$	—	$	7.1

Income Tax

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax



	Three Months Ended				Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Effective tax rate	18	%	18	%	18	%	19	%

Our effective tax rates during the second quarter and first half of 2019 remained consistent with the prior year comparable periods. The slight decrease in the rate during the first half of 2019 was primarily driven by the recognition of net discrete tax benefits in 2019 versus net discrete tax expense in 2018.

Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies 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. Additionally, we continue to monitor the 2017 Tax Act, including proposed regulations which may change upon finalization, as well as yet to be issued regulations and interpretations. If the forthcoming regulations and interpretations change relative to our current understanding and initial assessment of the impacts of the 2017 Tax Act, the resulting impacts could have a material adverse impact on our effective tax rate.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets



	U.S.		Canada		Europe			International		Consolidated
Changes in Goodwill:			(In millions)
As of December 31, 2018	$	5,928.5	$	856.6	$	1,469.4		$	6.3	$	8,260.8
Foreign currency translation	—		35.5		(7.4		)	—		28.1
As of June 30, 2019	$	5,928.5	$	892.1	$	1,462.0		$	6.3	$	8,288.9

The following table presents details of our intangible assets, other than goodwill, as of June 30, 2019:



	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,052.1	$	(775.5	)	$	4,276.6
License agreements and distribution rights	15 - 28	222.4		(102.0		)	120.4
Other	2 - 40	123.2		(32.9		)	90.3
Intangible assets not subject to amortization:
Brands	Indefinite	8,170.0		—			8,170.0
Distribution networks	Indefinite	772.5		—			772.5
Other	Indefinite	337.6		—			337.6
Total		$	14,677.8	$	(910.4	)	$	13,767.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2018:



	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	4,988.0	$	(682.4	)	$	4,305.6
License agreements and distribution rights	15 - 28	220.2		(95.7		)	124.5
Other	2 - 40	129.2		(32.2		)	97.0
Intangible assets not subject to amortization:
Brands	Indefinite	8,169.9		—			8,169.9
Distribution networks	Indefinite	741.8		—			741.8
Other	Indefinite	337.6		—			337.6
Total		$	14,586.7	$	(810.3	)	$	13,776.4

The changes in the gross carrying amounts of intangibles from December 31, 2018 to June 30, 2019 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, 2019, the estimated future amortization expense of intangible assets is as follows:



Fiscal year	Amount
	(In millions)
2019 - remaining	$	111.3
2020	$	221.6
2021	$	215.2
2022	$	210.6
2023	$	209.7

Amortization expense of intangible assets was $55.2 million and $56.2 million for the three months ended June 30, 2019 and June 30, 2018, respectively and $110.6 million and $112.8 million for the six months ended June 30, 2019 and June 30, 2018, respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations.

Annual Goodwill and Indefinite-Lived Intangible Impairment Testing

We completed our required annual goodwill and indefinite-lived intangible impairment testing as of October 1, 2018, the first day of our fourth quarter and concluded there were no impairments of goodwill within our reporting units or our indefinite-lived intangible assets. The fair value of the U.S., Europe and Canada reporting units were estimated at approximately 19%, 11% and 6% in excess of carrying value, respectively, as of the October 1, 2018 testing date, resulting in our Europe and Canada reporting units now being considered at risk of impairment.

Key Assumptions

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangibles are discussed in Part II—Item 8 Financial Statements, Note 10, "Goodwill and Intangible Assets" in our Annual Report.

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. For example, we continue to monitor the challenges within the beer industry reflected in the performance of the Canada reporting unit in the current year. These industry performance headwinds have been countered, in part, by the benefit of the recent interest rate environment, which has resulted in a decrease in the risk-free rate expected to be included in our current year discount rate calculations. Additionally, the Ontario government adopted a bill that, if enacted, could adversely impact the existing terms of the beer distribution and retail systems in the province, as further described in Note 12, "Commitments and Contingencies."

This alone or in combination with the potential realization of prolonged weakened performance within the Canada reporting unit could have a material adverse impact on the underlying cash flow assumptions used in developing our Canada reporting unit fair value estimates for the purpose of goodwill impairment testing, which could result in a goodwill impairment.

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.

Definite-Lived Intangibles

Regarding 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 2019 that resulted in an impairment.

Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt obligations



	As of
	June 30, 2019			December 31, 2018
	(In millions)
Long-term debt:
CAD 500 million 2.75% notes due 2020	$	381.8		$	366.6
CAD 500 million 2.84% notes due 2023	381.8			366.6
CAD 500 million 3.44% notes due 2026	381.8			366.6
$500 million 1.45% notes due 2019⁽¹⁾	500.0			500.0
$500 million 1.9% notes due 2019	—			499.8
$500 million 2.25% notes due 2020⁽²⁾⁽³⁾	499.4			499.0
$1.0 billion 2.1% notes due 2021⁽³⁾	1,000.0			1,000.0
$500 million 3.5% notes due 2022⁽²⁾	507.9			509.3
$2.0 billion 3.0% notes due 2026	2,000.0			2,000.0
$1.1 billion 5.0% notes due 2042	1,100.0			1,100.0
$1.8 billion 4.2% notes due 2046	1,800.0			1,800.0
EUR 500 million notes due 2019	—			573.4
EUR 800 million 1.25% notes due 2024	909.8			917.4
Finance leases and other⁽⁴⁾	131.1			43.0
Less: unamortized debt discounts and debt issuance costs	(60.4		)	(64.8		)
Total long-term debt (including current portion)	9,533.2			10,476.9
Less: current portion of long-term debt	(1,015.3		)	(1,583.1		)
Total long-term debt	$	8,517.9		$	8,893.8

Short-term borrowings:
Other short-term borrowings⁽⁵⁾	$	19.4		$	11.4
Current portion of long-term debt	1,015.3			1,583.1
Current portion of long-term debt and short-term borrowings	$	1,034.7		$	1,594.5


(1)	On July 15, 2019, we repaid our $500 million 1.45% notes through a combination of cash on hand and proceeds from net commercial paper issuances in July of approximately $400 million.


(2)	The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note.

(3)

During the first quarter of 2019, we entered into cross currency swaps in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71%. As of June 30, 2019, we also held outstanding cross currency swaps on our $500 million 2.25% notes due 2020 which result in a EUR interest rate to be received of 0.68%. See Note 11, "Derivative Instruments and Hedging Activities" for further details.

(4)

As of January 1, 2019, we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively, in connection with our adoption of the new lease accounting standard. See Note 2, "New Accounting Pronouncements" for further details.

(5)

As of June 30, 2019, we had $11.9 million in bank overdrafts and $43.4 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $31.5 million. As of December 31, 2018, we had $1.1 million in bank overdrafts and $88.9 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $87.8 million. We had total outstanding borrowings of $5.6 million and $7.3 million under our two JPY overdraft facilities as of June 30, 2019 and December 31, 2018, respectively. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of June 30, 2019 or December 31, 2018.

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, 2019 and December 31, 2018, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $9.6 billion and $9.9 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 and Commercial Paper Program

As of June 30, 2019 and December 31, 2018, we had $1.5 billion available to draw on our $1.5 billion revolving credit facility, as there were no outstanding borrowings on the revolving credit facility nor was there any outstanding commercial paper. Subsequent to quarter end, we extended the maturity date of our revolving credit facility by one year to July 7, 2024.

The maximum leverage ratio, as defined by the revolving credit facility agreement, is 4.75x net debt to EBITDA, with a decline to 4.00x net 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, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions, and certain types of sale lease-back transactions. As of June 30, 2019, 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, 2019 rank pari-passu.

Inventories Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories



	As of
	June 30, 2019		December 31, 2018
	(In millions)
Finished goods	$	327.9	$	229.8
Work in process	89.7		83.4
Raw materials	211.4		224.3
Packaging materials	69.1		54.3
Inventories, net	$	698.1	$	591.8

Accumulated Other Comprehensive Income (Loss) ("AOCI") Accumulated Other Comprehensive Income (Loss) ("AOCI")

6 Months Ended

Jun. 30, 2019

Statement of Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss) (AOCI)

Accumulated Other Comprehensive Income (Loss)



	MCBC stockholders' equity
	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, 2018⁽¹⁾	$	(758.7	)	$	(0.3	)	$	(330.7	)	$	(60.3	)	$	(1,150.0	)
Foreign currency translation adjustments	84.9			—			—			—			84.9
Gain (loss) on net investment hedges	24.3			—			—			—			24.3
Unrealized gain (loss) on derivative instruments	—			(90.2		)	—			—			(90.2		)
Reclassification of derivative (gain) loss to income	—			(0.3		)	—			—			(0.3		)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	—			—			(1.8		)	—			(1.8		)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—			—			—			2.4			2.4
Tax benefit (expense)	4.5			22.3			0.7			(0.6		)	26.9
Net current-period other comprehensive income (loss)	113.7			(68.2		)	(1.1		)	1.8			46.2
Reclassification of stranded tax effects (see Note 2)	(73.3		)	(3.8		)	2.3			—			(74.8		)
As of June 30, 2019	$	(718.3	)	$	(72.3	)	$	(329.5	)	$	(58.5	)	$	(1,178.6	)

(1)

Amounts have been adjusted to reflect the retrospective application of a change in presentation. Specifically, the unrealized gain (loss) on outstanding net investment hedge positions was historically presented within the "Gain (loss) on derivative instruments" column of this table. Once settled, the realized gain (loss) was reclassified to be presented within the "Foreign currency translation adjustments" column. We have retrospectively adjusted this table to present all activity associated with net investment hedge positions within the "Foreign currency translation adjustments" column, along with other insignificant presentational reclassifications. These presentational changes had no net impact on the aggregate AOCI balance, and did not impact the unaudited condensed consolidated statements of comprehensive income for any period presented.

Reclassifications from AOCI to income:



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	Reclassifications from AOCI												Location of gain (loss) recognized in income
	(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps	$	(0.8	)	$	(0.7	)	$	(1.5	)	$	(1.5	)	Interest expense, net
Foreign currency forwards	1.5			(0.3		)	2.3			(0.9		)	Cost of goods sold
Foreign currency forwards	(0.3		)	—			(0.5		)	—			Other income (expense), net
Total income (loss) reclassified, before tax	0.4			(1.0		)	0.3			(2.4		)
Income tax benefit (expense)	(0.1		)	0.3			(0.1		)	0.6
Net income (loss) reclassified, net of tax	$	0.3		$	(0.7	)	$	0.2		$	(1.8	)

Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.3	)	Other pension and postretirement benefits (costs), net
Curtailment and net actuarial gain (loss)	1.0			(1.6		)	2.0			(3.3		)	Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	0.9			(1.7		)	1.8			(3.6		)
Income tax benefit (expense)	(0.4		)	0.4			(0.7		)	0.6
Net income (loss) reclassified, net of tax	$	0.5		$	(1.3	)	$	1.1		$	(3.0	)

Total income (loss) reclassified, net of tax	$	0.8		$	(2.0	)	$	1.3		$	(4.8	)

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Our risk management and derivative accounting policies are presented within Part II—Item 8 Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 16, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the first half of 2019. 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.

Cross Currency Swaps

Effective March 20, 2019, we entered into cross currency swap agreements having a total notional value of approximately EUR 353 million ($400 million upon execution) in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71%.

Separately, effective April 3, 2019, we voluntarily early terminated our $500 million cross currency swaps due in 2020 under which we were receiving EUR interest payments at a rate of 0.85%, and concurrently entered into new cross currency swap agreements having a total notional of approximately EUR 445 million ($500 million upon execution) in order to hedge a portion of the foreign currency translation impacts of our European investment. As a result of the swaps, we economically

converted our $500 million 2.25% senior notes due 2020 and associated interest to EUR denominated, which will result in a EUR interest rate to be received of 0.68%. The termination of the original $500 million cross currency swaps resulted in cash receipts of approximately $47 million which were classified as investing activities in our unaudited condensed consolidated statement of cash flows during the second quarter of 2019.

We have designated each of these cross currency swaps as net investment hedges and accordingly, record changes in fair value due to fluctuations in the spot rate to AOCI. The changes in fair value of the swaps attributable to changes other than those due to fluctuations in the spot rate are excluded from the assessment of hedge effectiveness and recorded to interest expense over the life of the hedge.

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 fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of June 30, 2019 and December 31, 2018, respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows:



	As of June 30, 2019		As of December 31, 2018
Expected term (years)	2.3		2.8
Estimated volatility	71.77	%	88.71	%
Risk-free interest rate	1.42	%	2.04	%
Expected dividend yield	—	%	—	%

The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility and historical volatility of HEXO's stock. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels.

The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2019 and December 31, 2018.



				Fair value measurements as of June 30, 2019
	As of June 30, 2019			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(3.1	)	$	—	$	(3.1	)	$	—
Interest rate swaps	(91.0		)	—		(91.0		)	—
Foreign currency forwards	3.2			—		3.2			—
Commodity swaps and options	(38.1		)	—		(38.1		)	—
Warrants	28.5			—		28.5			—
Total	$	(100.5	)	$	—	$	(100.5	)	$	—



				Fair value measurements as of December 31, 2018
	As of December 31, 2018			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	36.5		$	—	$	36.5		$	—
Interest rate swaps	(12.3		)	—		(12.3		)	—
Foreign currency forwards	16.3			—		16.3			—
Commodity swaps and options	(42.0		)	—		(42.0		)	—
Warrants	19.6			—		19.6			—
Total	$	18.1		$	—	$	18.1		$	—

As of June 30, 2019, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the six months ended June 30, 2019 were all included in Level 2.

Results of Period Derivative Activity

The tables below include the results of our derivative activity in the unaudited condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018, and the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2019 and June 30, 2018.

Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions):



	As of June 30, 2019
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	900.0	Other current assets	$	—	Accounts payable and other current liabilities	$	(5.2	)
			Other non-current assets	2.1		Other liabilities	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(91.0		)
Foreign currency forwards	$	317.7	Other current assets	2.1		Accounts payable and other current liabilities	(1.1		)
			Other non-current assets	2.6		Other liabilities	(0.4		)
Total derivatives designated as hedging instruments				$	6.8		$	(97.7	)
Derivatives not designated as hedging instruments:
Commodity swaps⁽¹⁾	$	697.8	Other current assets	$	10.4	Accounts payable and other current liabilities	$	(36.3	)
			Other non-current assets	2.6		Other liabilities	(14.8		)
Commodity options⁽¹⁾	$	46.6	Other current assets	0.1		Accounts payable and other current liabilities	(0.1		)
Warrants	$	52.7	Other non-current assets	28.5
Total derivatives not designated as hedging instruments				$	41.6		$	(51.2	)



	As of December 31, 2018
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	500.0	Other non-current assets	$	36.5	Other liabilities	$	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(12.3		)
Foreign currency forwards	$	338.6	Other current assets	7.3		Accounts payable and other current liabilities	(0.1		)
			Other non-current assets	9.2		Other liabilities	(0.1		)
Total derivatives designated as hedging instruments				$	53.0		$	(12.5	)
Derivatives not designated as hedging instruments:
Commodity swaps⁽¹⁾	$	868.4	Other current assets	$	12.1	Accounts payable and other current liabilities	$	(37.9	)
			Other non-current assets	6.1		Other liabilities	(22.3		)
Commodity options⁽¹⁾	$	46.6	Other current assets	0.1		Accounts payable and other current liabilities	(0.1		)
Warrants	$	50.6	Other non-current assets	19.6
Total derivatives not designated as hedging instruments				$	37.9		$	(60.3	)


(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.

Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions):



Line item in the balance sheet in which the hedged item is included	Carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities⁽¹⁾ Increase/(Decrease)
	As of June 30, 2019		As of December 31, 2018		As of June 30, 2019			As of December 31, 2018
	(In millions)
Current portion of long-term debt and short-term borrowings	$	—	$	—	$	(0.6	)	$	(0.2	)
Long-term debt	$	—	$	—	$	7.9		$	8.3

(1) Entire balances relate to hedging adjustments on discontinued hedging relationships.

The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):



Three Months Ended June 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(46.3	)	Interest expense, net	$	(0.8	)
Foreign currency forwards	(4.5		)	Cost of goods sold	1.5
				Other income (expense), net	(0.3		)
Total	$	(50.8	)		$	0.4



Three Months Ended June 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	(9.5	)	Interest income (expense), net	$	—	Interest income (expense), net	$	6.4
Total	$	(9.5	)		$	—		$	6.4



Three Months Ended June 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	(12.4	)	Other income (expense), net	$	—	Other income (expense), net	$	—
Total	$	(12.4	)		$	—		$	—



Three Months Ended June 30, 2018
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	—	Interest expense, net	$	(0.7	)
Foreign currency forwards	6.5		Cost of goods sold	(0.3		)
Total	$	6.5		$	(1.0	)



Three Months Ended June 30, 2018
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	27.6	Interest income (expense), net	$	—	Interest income (expense), net	$	2.4
Total	$	27.6		$	—		$	2.4



Three Months Ended June 30, 2018
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	51.2	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	32.0		Other income (expense), net	—		Other income (expense), net	—
Total	$	83.2		$	—		$	—



Six Months Ended June 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(78.7	)	Interest expense, net	$	(1.5	)
Foreign currency forwards	(11.5		)	Cost of goods sold	2.3
				Other income (expense), net	(0.5		)
Total	$	(90.2	)		$	0.3



Six Months Ended June 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	6.6	Interest income (expense), net	$	—	Interest income (expense), net	$	10.4
Total	$	6.6		$	—		$	10.4



Six Months Ended June 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	7.6	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	10.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	17.7		$	—		$	—



Six Months Ended June 30, 2018
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	—	Interest expense, net	$	(1.5	)
Foreign currency forwards	14.0		Cost of goods sold	(0.9		)
Total	$	14.0		$	(2.4	)



Six Months Ended June 30, 2018
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	27.6	Interest income (expense), net	$	—	Interest income (expense), net	$	2.4
Total	$	27.6		$	—		$	2.4



Six Months Ended June 30, 2018
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	25.7	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	16.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	41.8		$	—		$	—


(1)	Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income.

We expect net losses of approximately $2 million (pretax) recorded in AOCI as of June 30, 2019 related to cash flow hedges 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 as of June 30, 2019 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026.

The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions):



Three Months Ended June 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Other income (expense), net			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,759.8	)	$	(10.9	)	$	(65.6	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—			—			(0.8		)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	1.5			(0.3		)	—



Three Months Ended June 30, 2018
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,739.1	)	(76.7	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—			(0.7	)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	(0.3		)	—



Six Months Ended June 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Other income (expense), net			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(3,172.8	)	$	13.0		$	(138.9	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	—			—			(1.5		)
Foreign currency forwards
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	2.3			(0.5		)	—



Six Months Ended June 30, 2018
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(3,274.8	)	$	(159.9	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	—			(1.5		)
Foreign currency forwards
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.9		)	—

(1) We had no outstanding fair value hedges during the first half of 2019 or 2018.

The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):



Three Months Ended June 30, 2019
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	$	(37.2	)
Warrants	Other income (expense), net	(15.0		)
Total		$	(52.2	)

Lower commodity prices year over year, primarily for aluminum and diesel, drove the total loss recognized in income related to commodity swaps for the three months ended June 30, 2019 compared to the total gain in the second quarter of 2018.



Six Months Ended June 30, 2019
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	$	(4.5	)
Warrants	Other income (expense), net	7.9
Total		$	3.4



Six Months Ended June 30, 2018
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	$	(12.2	)
Total		$	(12.2	)

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Other Disputes and Environmental Related to litigation, other disputes and environmental issues, we have accrued an aggregate of $12.5 million and $13.7 million as of June 30, 2019 and December 31, 2018, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first half of 2019, except as noted below. We are also 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 noted, 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. On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against MillerCoors LLC alleging that the Keystone brand has “rebranded” itself as “Stone” and is marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. Stone Brewing Company seeks treble damages in the amount of MillerCoors’ profit from Keystone sales. MillerCoors subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MillerCoors' counterclaims and for a preliminary injunction seeking to bar MillerCoors from continuing to use “STONE” on Keystone Light cans and related marketing materials. In March 2019, the court denied Stone Brewing Company’s motion for preliminary injunction and its motion to dismiss MillerCoors’ counterclaims. No trial date has been scheduled. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time. In December 2018, the U.S. Department of Treasury issued a regulation that impacts our ability to claim a refund of certain federal duties, taxes, and fees paid for beer sold between the U.S. and certain other countries effective in February 2019. As a result, future claims will no longer be accepted, and we may be further unable to collect historically claimed, but not yet received, refunds of approximately $40 million, which are recorded within other non-current assets on our unaudited condensed consolidated balance sheet as of June 30, 2019. On February 15, 2019, two purported stockholders filed substantially similar putative class action complaints against the Company, Mark R. Hunter, and Tracey I. Joubert (the “Defendants”) in the United States District Court for the District of Colorado (the “Colorado District Court”), and in the United States District Court for the Northern District of Illinois (the “Illinois District Court”). On February 21, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The plaintiffs purport to represent a class of the Company’s stockholders and assert that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act by allegedly making false and misleading statements or omissions regarding the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017, and that the Company purportedly lacked adequate internal controls over financial reporting. The plaintiffs seek, among other things, an unspecified amount of damages and reasonable attorneys’ fees, expert fees and other costs. On April 16, 2019, motions to consolidate and appoint a lead plaintiff were filed in each case. On May 24, 2019, the securities class action suit filed with the Illinois District Court was transferred to the Colorado District Court, but has not been consolidated with any of the other class action suits filed in that district. We intend to defend the claims vigorously. A range of potential loss is not estimable at this time. On March 26, 2019, a purported stockholder filed a purported shareholder derivative action in Colorado District Court against the Company’s board of directors and certain current officers (the “Individual Defendants”), and the Company as a nominal defendant. On May 14, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The complaints assert claims against the Individual Defendants for breaches of fiduciary duty and unjust enrichment arising out of the Company’s dissemination to shareholders of purportedly materially misleading and inaccurate information in connection with the Company’s restatement of consolidated financial statements for the year ended December 31, 2016 and December 31, 2017. The complaints further allege that the Company lacked adequate internal controls over financial reporting. The relief sought in the complaints include changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees and other costs. The parties have agreed to stay the proceedings in the shareholder derivative action until the federal district courts rule on anticipated motions to dismiss in the above described class action complaints after consolidation. On June 5, 2019, the court administratively closed one of the derivative matters, subject to being reopened for good cause shown. A range of potential loss is not estimable at this time. In June 2019, the Ontario government adopted a bill that, if enacted, would terminate a 10-year Master Framework Agreement that was originally signed between the previous government administration and Molson Coors, Labatt Brewing Company Limited, Sleeman Breweries Ltd., and Brewers Retail Inc. in 2015 and dictates the terms of the beer distribution and retail systems in Ontario through 2025. The government has not yet proclaimed the bill as law. The impacts of these potential legislative changes are unknown at this time, but could have a negative impact on the results of operations, cash flows and financial position of the Canada segment. While discussions remain ongoing with the government to reach a mutually agreeable alternative to the enactment of the law, the Company and the other Master Framework Agreement signatories are prepared to vigorously defend their rights and pursue legal recourse, should the Master Framework Agreement be unilaterally terminated by the enactment of the legislation. Guarantees and Indemnities 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, 2019 and December 31, 2018, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $63.2 million and $35.9 million, respectively. See Note 4, "Investments" for further detail. Separately, related to our Kaiser indemnities, we have accrued $14.8 million and $14.7 million, in aggregate, as of June 30, 2019 and December 31, 2018, respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $90.9 million, based on foreign exchange rates as of June 30, 2019. Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first half of 2019.

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	Our reporting segments include: MillerCoors LLC ("MillerCoors" or U.S. segment), operating in the 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, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries.

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Lease Expense

For the three and six months ended June 30, 2019, lease expense (including immaterial short-term and variable lease costs) was as follows:



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	(In millions)
Operating lease expense	$	18.9	$	36.1
Finance lease expense	3.0		5.8
Total lease expense	$	21.9	$	41.9

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the six months ended June 30, 2019 was as follows:



	Six Months Ended June 30, 2019
	(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$	26.2
Operating cash flows from finance leases	$	1.8
Financing cash flows from finance leases	$	1.1
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	25.6
Finance leases	$	—

Schedule of Operating and Finance Lease Liabilities

Supplemental balance sheet information related to leases as of June 30, 2019 was as follows:



		As of June 30, 2019
	Balance Sheet Classification	(In millions)
Operating Leases
Operating lease right-of-use assets	Other assets	$	157.6
Current operating lease liabilities	Accounts payable and other current liabilities	$	45.2
Non-current operating lease liabilities	Other liabilities	123.0
Total operating lease liabilities		$	168.2

Finance Leases
Finance lease right-of-use assets	Properties, net	$	65.7
Current finance lease liabilities	Current portion of long-term debt and short-term borrowings	$	3.5
Non-current finance lease liabilities	Long-term debt	80.9
Total finance lease liabilities		$	84.4

The weighted-average remaining lease term and discount rate as of June 30, 2019 are as follows:



	Weighted-Average Remaining Lease Term (Years)	Weighted-Average Discount Rate
Operating leases	4.7	4.2%
Finance leases	9.7	6.4%

Finance Lease, Liability, Maturity

Based on foreign exchange rates as of December 31, 2018, future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows:



	Operating Leases		Finance Leases
Year	(In millions)
2019	$	49.4	$	6.1
2020	40.2		36.2
2021	32.6		5.9
2022	24.6		5.9
2023	17.0		5.8
Thereafter	21.0		64.2
Total future minimum lease payments	$	184.8	$	124.1
Less: interest on finance leases			(38.8		)
Present value of future minimum finance lease payments			$	85.3

Based on foreign exchange rates as of June 30, 2019, maturities of lease liabilities are as follows:



	Operating Leases			Finance Leases
	(In millions)
2019 - remaining	$	26.8		$	3.4
2020	47.0			36.1
2021	38.2			5.9
2022	29.1			5.8
2023	20.4			5.8
Thereafter	23.1			64.4
Total lease payments	$	184.6		$	121.4
Less: interest	(16.4		)	(37.0		)
Present value of lease liabilities	$	168.2		$	84.4

Lessee, Operating Lease, Liability, Maturity

Based on foreign exchange rates as of June 30, 2019, maturities of lease liabilities are as follows:



	Operating Leases			Finance Leases
	(In millions)
2019 - remaining	$	26.8		$	3.4
2020	47.0			36.1
2021	38.2			5.9
2022	29.1			5.8
2023	20.4			5.8
Thereafter	23.1			64.4
Total lease payments	$	184.6		$	121.4
Less: interest	(16.4		)	(37.0		)
Present value of lease liabilities	$	168.2		$	84.4

Based on foreign exchange rates as of December 31, 2018, future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows:



	Operating Leases		Finance Leases
Year	(In millions)
2019	$	49.4	$	6.1
2020	40.2		36.2
2021	32.6		5.9
2022	24.6		5.9
2023	17.0		5.8
Thereafter	21.0		64.2
Total future minimum lease payments	$	184.8	$	124.1
Less: interest on finance leases			(38.8		)
Present value of future minimum finance lease payments			$	85.3

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Net sales by segment

The following tables present net sales and income (loss) before income taxes by segment:



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(In millions)
U.S.	$	2,011.7		$	2,072.5		$	3,670.9		$	3,720.3
Canada	373.0			397.4			634.0			681.2
Europe	538.5			586.1			901.4			960.4
International	58.9			67.9			106.8			125.4
Corporate	0.3			0.3			0.5			0.5
Inter-segment net sales eliminations	(34.1		)	(39.0		)	(62.0		)	(71.1		)
Consolidated net sales	$	2,948.3		$	3,085.2		$	5,251.6		$	5,416.7

Income (loss) from continuing operations before income taxes by segment



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	(In millions)
U.S.	$	401.0		$	445.5		$	670.4		$	707.2
Canada⁽¹⁾	80.4			61.3			102.2			70.4
Europe	55.8			86.8			28.3			56.9
International	2.5			1.3			2.2			5.0
Corporate⁽²⁾	(139.1		)	(71.9		)	(221.2		)	40.9
Consolidated income (loss) before income taxes	$	400.6		$	523.0		$	581.9		$	880.4

(1)

During the three months ended June 30, 2019, we completed the sale of our existing Montreal brewery for $96.2 million (CAD 126.0 million), resulting in a $61.3 million gain, which was recorded as a special item. Also, during the three and six months ended June 30, 2019, we recorded an unrealized mark-to-market loss of approximately $15 million and an unrealized mark-to-market gain of approximately $8 million, respectively, on the HEXO Corp. ("HEXO") warrants received in connection with the formation of the Truss LP ("Truss") joint venture. Additionally, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(2)

During the three months ended March 31, 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 5, "Special Items." Additionally, related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized loss of $31.2 million and an unrealized gain of $2.9 million during the three and six months ended June 30, 2019, respectively, compared to an unrealized gain of $45.1 million and an unrealized loss of $39.6 million during the three and six months ended June 30, 2018, respectively.

Total assets by segment

The following table presents total assets by segment:



	As of
	June 30, 2019		December 31, 2018
	(In millions)
U.S.	$	19,085.3	$	19,057.1
Canada	4,977.2		4,640.5
Europe	5,510.2		5,430.0
International	278.3		274.1
Corporate	210.6		708.1
Consolidated total assets	$	30,061.6	$	30,109.8

Investments (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedules of Consolidated Investments

The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):



	As of
	June 30, 2019				December 31, 2018
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
RMMC/RMBC	$	213.8	$	18.5	$	189.8	$	35.0
Other	$	29.1	$	2.5	$	31.0	$	5.1

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Special Items (Tables)

6 Months Ended

Jun. 30, 2019

Unusual or Infrequent Items, or Both [Abstract]

Special items recorded by segment



	Three Months Ended					Six Months Ended
	June 30, 2019			June 30, 2018		June 30, 2019			June 30, 2018
	(In millions)
Employee-related charges
Restructuring	$	2.6		$	1.0	$	6.3		$	4.9
Impairments or asset abandonment charges
U.S. - Asset abandonment	0.4			1.3		1.2			2.8
Canada - Asset abandonment⁽¹⁾	8.1			6.0		15.7			12.1
Europe - Asset abandonment	—			1.0		0.6			2.7
Termination fees and other (gains) losses
Canada - Gain on sale of brewery⁽²⁾	(61.3		)	—		(61.3		)	—
International	0.3			1.2		0.6			1.2
Purchase price adjustment settlement gain⁽³⁾	—			—		—			(328.0		)
Total Special items, net	$	(49.9	)	$	10.5	$	(36.9	)	$	(304.3	)

(1)

Charges for the three and six months ended June 30, 2019 and June 30, 2018 primarily consist of accelerated depreciation in excess of normal depreciation related to the planned closure of the Vancouver brewery, which we expect will occur in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 36 million, through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change.


(2)	During the second quarter of 2019, we completed the sale of the existing Montreal brewery property for $96.2 million (CAD 126.0 million) and recognized a gain of $61.3 million. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further discussion.


(3)	During the first quarter of 2018, we received $330.0 million from ABI, of which $328.0 million constituted a purchase price adjustment (the "Adjustment Amount"), related to the Miller International Business which was acquired in our acquisition of the remaining portion of MillerCoors which occurred on October 11, 2016. As this settlement occurred

following the finalization of purchase accounting, we recorded the settlement proceeds related to the Adjustment Amount as a gain within special items, net in our unaudited condensed consolidated statement of operations in our Corporate segment and within cash provided by operating activities in our unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2018.

Change in the restructuring accrual



	U.S.			Canada			Europe			International			Corporate			Total
	(In millions)
As of December 31, 2018	$	21.6		$	1.5		$	0.6		$	0.6		$	1.3		$	25.6
Charges incurred and changes in estimates	1.9			(0.3		)	4.3			0.2			0.2			6.3
Payments made	(17.7		)	(0.2		)	(2.4		)	(0.8		)	(0.6		)	(21.7		)
Foreign currency and other adjustments	—			0.1			—			—			—			0.1
As of June 30, 2019	$	5.8		$	1.1		$	2.5		$	—		$	0.9		$	10.3



	U.S.			Canada			Europe			International			Corporate		Total
	(In millions)
As of December 31, 2017	$	0.6		$	4.3		$	1.8		$	0.2		$	—	$	6.9
Charges incurred and changes in estimates	2.0			(0.8		)	2.1			1.6			—		4.9
Payments made	(0.6		)	(1.5		)	(2.3		)	(0.2		)	—		(4.6		)
Foreign currency and other adjustments	—			(0.1		)	—			—			—		(0.1		)
As of June 30, 2018	$	2.0		$	1.9		$	1.6		$	1.6		$	—	$	7.1

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill



	U.S.		Canada		Europe			International		Consolidated
Changes in Goodwill:			(In millions)
As of December 31, 2018	$	5,928.5	$	856.6	$	1,469.4		$	6.3	$	8,260.8
Foreign currency translation	—		35.5		(7.4		)	—		28.1
As of June 30, 2019	$	5,928.5	$	892.1	$	1,462.0		$	6.3	$	8,288.9

Schedule of intangible assets excluding goodwill

The following table presents details of our intangible assets, other than goodwill, as of June 30, 2019:



	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,052.1	$	(775.5	)	$	4,276.6
License agreements and distribution rights	15 - 28	222.4		(102.0		)	120.4
Other	2 - 40	123.2		(32.9		)	90.3
Intangible assets not subject to amortization:
Brands	Indefinite	8,170.0		—			8,170.0
Distribution networks	Indefinite	772.5		—			772.5
Other	Indefinite	337.6		—			337.6
Total		$	14,677.8	$	(910.4	)	$	13,767.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2018:



	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	4,988.0	$	(682.4	)	$	4,305.6
License agreements and distribution rights	15 - 28	220.2		(95.7		)	124.5
Other	2 - 40	129.2		(32.2		)	97.0
Intangible assets not subject to amortization:
Brands	Indefinite	8,169.9		—			8,169.9
Distribution networks	Indefinite	741.8		—			741.8
Other	Indefinite	337.6		—			337.6
Total		$	14,586.7	$	(810.3	)	$	13,776.4

Schedule of future amortization expense

Based on foreign exchange rates as of June 30, 2019, the estimated future amortization expense of intangible assets is as follows:



Fiscal year	Amount
	(In millions)
2019 - remaining	$	111.3
2020	$	221.6
2021	$	215.2
2022	$	210.6
2023	$	209.7

Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Total long-term borrowings



	As of
	June 30, 2019			December 31, 2018
	(In millions)
Long-term debt:
CAD 500 million 2.75% notes due 2020	$	381.8		$	366.6
CAD 500 million 2.84% notes due 2023	381.8			366.6
CAD 500 million 3.44% notes due 2026	381.8			366.6
$500 million 1.45% notes due 2019⁽¹⁾	500.0			500.0
$500 million 1.9% notes due 2019	—			499.8
$500 million 2.25% notes due 2020⁽²⁾⁽³⁾	499.4			499.0
$1.0 billion 2.1% notes due 2021⁽³⁾	1,000.0			1,000.0
$500 million 3.5% notes due 2022⁽²⁾	507.9			509.3
$2.0 billion 3.0% notes due 2026	2,000.0			2,000.0
$1.1 billion 5.0% notes due 2042	1,100.0			1,100.0
$1.8 billion 4.2% notes due 2046	1,800.0			1,800.0
EUR 500 million notes due 2019	—			573.4
EUR 800 million 1.25% notes due 2024	909.8			917.4
Finance leases and other⁽⁴⁾	131.1			43.0
Less: unamortized debt discounts and debt issuance costs	(60.4		)	(64.8		)
Total long-term debt (including current portion)	9,533.2			10,476.9
Less: current portion of long-term debt	(1,015.3		)	(1,583.1		)
Total long-term debt	$	8,517.9		$	8,893.8

Short-term borrowings:
Other short-term borrowings⁽⁵⁾	$	19.4		$	11.4
Current portion of long-term debt	1,015.3			1,583.1
Current portion of long-term debt and short-term borrowings	$	1,034.7		$	1,594.5


(1)	On July 15, 2019, we repaid our $500 million 1.45% notes through a combination of cash on hand and proceeds from net commercial paper issuances in July of approximately $400 million.


(2)	The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note.

(3)

During the first quarter of 2019, we entered into cross currency swaps in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71%. As of June 30, 2019, we also held outstanding cross currency swaps on our $500 million 2.25% notes due 2020 which result in a EUR interest rate to be received of 0.68%. See Note 11, "Derivative Instruments and Hedging Activities" for further details.

(4)

As of January 1, 2019, we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively, in connection with our adoption of the new lease accounting standard. See Note 2, "New Accounting Pronouncements" for further details.

(5)

As of June 30, 2019, we had $11.9 million in bank overdrafts and $43.4 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $31.5 million. As of December 31, 2018, we had $1.1 million in bank overdrafts and $88.9 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $87.8 million. We had total outstanding borrowings of $5.6 million and $7.3 million under our two JPY overdraft facilities as of June 30, 2019 and December 31, 2018, respectively. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of June 30, 2019 or December 31, 2018.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory, Current



	As of
	June 30, 2019		December 31, 2018
	(In millions)
Finished goods	$	327.9	$	229.8
Work in process	89.7		83.4
Raw materials	211.4		224.3
Packaging materials	69.1		54.3
Inventories, net	$	698.1	$	591.8

Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)

6 Months Ended

Jun. 30, 2019

Statement of Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

10. Accumulated Other Comprehensive Income (Loss)



	MCBC stockholders' equity
	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, 2018⁽¹⁾	$	(758.7	)	$	(0.3	)	$	(330.7	)	$	(60.3	)	$	(1,150.0	)
Foreign currency translation adjustments	84.9			—			—			—			84.9
Gain (loss) on net investment hedges	24.3			—			—			—			24.3
Unrealized gain (loss) on derivative instruments	—			(90.2		)	—			—			(90.2		)
Reclassification of derivative (gain) loss to income	—			(0.3		)	—			—			(0.3		)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	—			—			(1.8		)	—			(1.8		)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	—			—			—			2.4			2.4
Tax benefit (expense)	4.5			22.3			0.7			(0.6		)	26.9
Net current-period other comprehensive income (loss)	113.7			(68.2		)	(1.1		)	1.8			46.2
Reclassification of stranded tax effects (see Note 2)	(73.3		)	(3.8		)	2.3			—			(74.8		)
As of June 30, 2019	$	(718.3	)	$	(72.3	)	$	(329.5	)	$	(58.5	)	$	(1,178.6	)

Schedule of Reclassifications from Accumulated Other Comprehensive Income to Earnings



	Three Months Ended						Six Months Ended
	June 30, 2019			June 30, 2018			June 30, 2019			June 30, 2018
	Reclassifications from AOCI												Location of gain (loss) recognized in income
	(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps	$	(0.8	)	$	(0.7	)	$	(1.5	)	$	(1.5	)	Interest expense, net
Foreign currency forwards	1.5			(0.3		)	2.3			(0.9		)	Cost of goods sold
Foreign currency forwards	(0.3		)	—			(0.5		)	—			Other income (expense), net
Total income (loss) reclassified, before tax	0.4			(1.0		)	0.3			(2.4		)
Income tax benefit (expense)	(0.1		)	0.3			(0.1		)	0.6
Net income (loss) reclassified, net of tax	$	0.3		$	(0.7	)	$	0.2		$	(1.8	)

Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.3	)	Other pension and postretirement benefits (costs), net
Curtailment and net actuarial gain (loss)	1.0			(1.6		)	2.0			(3.3		)	Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax	0.9			(1.7		)	1.8			(3.6		)
Income tax benefit (expense)	(0.4		)	0.4			(0.7		)	0.6
Net income (loss) reclassified, net of tax	$	0.5		$	(1.3	)	$	1.1		$	(3.0	)

Total income (loss) reclassified, net of tax	$	0.8		$	(2.0	)	$	1.3		$	(4.8	)

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Liabilities at Fair Value

The fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of June 30, 2019 and December 31, 2018, respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows:



	As of June 30, 2019		As of December 31, 2018
Expected term (years)	2.3		2.8
Estimated volatility	71.77	%	88.71	%
Risk-free interest rate	1.42	%	2.04	%
Expected dividend yield	—	%	—	%

The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility and historical volatility of HEXO's stock. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels.

The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2019 and December 31, 2018.



				Fair value measurements as of June 30, 2019
	As of June 30, 2019			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	(3.1	)	$	—	$	(3.1	)	$	—
Interest rate swaps	(91.0		)	—		(91.0		)	—
Foreign currency forwards	3.2			—		3.2			—
Commodity swaps and options	(38.1		)	—		(38.1		)	—
Warrants	28.5			—		28.5			—
Total	$	(100.5	)	$	—	$	(100.5	)	$	—



				Fair value measurements as of December 31, 2018
	As of December 31, 2018			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)
	(In millions)
Cross currency swaps	$	36.5		$	—	$	36.5		$	—
Interest rate swaps	(12.3		)	—		(12.3		)	—
Foreign currency forwards	16.3			—		16.3			—
Commodity swaps and options	(42.0		)	—		(42.0		)	—
Warrants	19.6			—		19.6			—
Total	$	18.1		$	—	$	18.1		$	—

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):



	As of June 30, 2019
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	900.0	Other current assets	$	—	Accounts payable and other current liabilities	$	(5.2	)
			Other non-current assets	2.1		Other liabilities	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(91.0		)
Foreign currency forwards	$	317.7	Other current assets	2.1		Accounts payable and other current liabilities	(1.1		)
			Other non-current assets	2.6		Other liabilities	(0.4		)
Total derivatives designated as hedging instruments				$	6.8		$	(97.7	)
Derivatives not designated as hedging instruments:
Commodity swaps⁽¹⁾	$	697.8	Other current assets	$	10.4	Accounts payable and other current liabilities	$	(36.3	)
			Other non-current assets	2.6		Other liabilities	(14.8		)
Commodity options⁽¹⁾	$	46.6	Other current assets	0.1		Accounts payable and other current liabilities	(0.1		)
Warrants	$	52.7	Other non-current assets	28.5
Total derivatives not designated as hedging instruments				$	41.6		$	(51.2	)



	As of December 31, 2018
			Derivative Assets			Derivative Liabilities
	Notional amount		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Cross currency swaps	$	500.0	Other non-current assets	$	36.5	Other liabilities	$	—
Interest rate swaps	$	1,500.0	Other non-current assets	—		Other liabilities	(12.3		)
Foreign currency forwards	$	338.6	Other current assets	7.3		Accounts payable and other current liabilities	(0.1		)
			Other non-current assets	9.2		Other liabilities	(0.1		)
Total derivatives designated as hedging instruments				$	53.0		$	(12.5	)
Derivatives not designated as hedging instruments:
Commodity swaps⁽¹⁾	$	868.4	Other current assets	$	12.1	Accounts payable and other current liabilities	$	(37.9	)
			Other non-current assets	6.1		Other liabilities	(22.3		)
Commodity options⁽¹⁾	$	46.6	Other current assets	0.1		Accounts payable and other current liabilities	(0.1		)
Warrants	$	50.6	Other non-current assets	19.6
Total derivatives not designated as hedging instruments				$	37.9		$	(60.3	)


(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.

Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions):



Line item in the balance sheet in which the hedged item is included	Carrying amount of the hedged assets/liabilities				Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities⁽¹⁾ Increase/(Decrease)
	As of June 30, 2019		As of December 31, 2018		As of June 30, 2019			As of December 31, 2018
	(In millions)
Current portion of long-term debt and short-term borrowings	$	—	$	—	$	(0.6	)	$	(0.2	)
Long-term debt	$	—	$	—	$	7.9		$	8.3

(1) Entire balances relate to hedging adjustments on discontinued hedging relationships.

The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):



Three Months Ended June 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(46.3	)	Interest expense, net	$	(0.8	)
Foreign currency forwards	(4.5		)	Cost of goods sold	1.5
				Other income (expense), net	(0.3		)
Total	$	(50.8	)		$	0.4



Three Months Ended June 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	(9.5	)	Interest income (expense), net	$	—	Interest income (expense), net	$	6.4
Total	$	(9.5	)		$	—		$	6.4



Three Months Ended June 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	(12.4	)	Other income (expense), net	$	—	Other income (expense), net	$	—
Total	$	(12.4	)		$	—		$	—



Three Months Ended June 30, 2018
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	—	Interest expense, net	$	(0.7	)
Foreign currency forwards	6.5		Cost of goods sold	(0.3		)
Total	$	6.5		$	(1.0	)



Three Months Ended June 30, 2018
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	27.6	Interest income (expense), net	$	—	Interest income (expense), net	$	2.4
Total	$	27.6		$	—		$	2.4



Three Months Ended June 30, 2018
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	51.2	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	32.0		Other income (expense), net	—		Other income (expense), net	—
Total	$	83.2		$	—		$	—



Six Months Ended June 30, 2019
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative			Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	(78.7	)	Interest expense, net	$	(1.5	)
Foreign currency forwards	(11.5		)	Cost of goods sold	2.3
				Other income (expense), net	(0.5		)
Total	$	(90.2	)		$	0.3



Six Months Ended June 30, 2019
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	6.6	Interest income (expense), net	$	—	Interest income (expense), net	$	10.4
Total	$	6.6		$	—		$	10.4



Six Months Ended June 30, 2019
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	7.6	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	10.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	17.7		$	—		$	—



Six Months Ended June 30, 2018
Derivatives in cash flow hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps	$	—	Interest expense, net	$	(1.5	)
Foreign currency forwards	14.0		Cost of goods sold	(0.9		)
Total	$	14.0		$	(2.4	)



Six Months Ended June 30, 2018
Derivatives in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)⁽¹⁾
Cross currency swaps	$	27.6	Interest income (expense), net	$	—	Interest income (expense), net	$	2.4
Total	$	27.6		$	—		$	2.4



Six Months Ended June 30, 2018
Non-derivative financial instruments in net investment hedge relationships	Amount of gain (loss) recognized in OCI on derivative		Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) recognized from AOCI on derivative		Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
EUR 800 million notes due 2024	$	25.7	Other income (expense), net	$	—	Other income (expense), net	$	—
EUR 500 million notes due 2019	16.1		Other income (expense), net	—		Other income (expense), net	—
Total	$	41.8		$	—		$	—


(1)	Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income.

We expect net losses of approximately $2 million (pretax) recorded in AOCI as of June 30, 2019 related to cash flow hedges 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 as of June 30, 2019 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026.

The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions):



Three Months Ended June 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Other income (expense), net			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,759.8	)	$	(10.9	)	$	(65.6	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—			—			(0.8		)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	1.5			(0.3		)	—



Three Months Ended June 30, 2018
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(1,739.1	)	(76.7	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income	—			(0.7	)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income	(0.3		)	—



Six Months Ended June 30, 2019
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Other income (expense), net			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(3,172.8	)	$	13.0		$	(138.9	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	—			—			(1.5		)
Foreign currency forwards
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	2.3			(0.5		)	—



Six Months Ended June 30, 2018
	Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships⁽¹⁾
	Cost of goods sold			Interest income (expense), net
Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded	$	(3,274.8	)	$	(159.9	)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	—			(1.5		)
Foreign currency forwards
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.9		)	—

(1) We had no outstanding fair value hedges during the first half of 2019 or 2018.

Other Derivatives

The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions):



Three Months Ended June 30, 2019
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	$	(37.2	)
Warrants	Other income (expense), net	(15.0		)
Total		$	(52.2	)

Lower commodity prices year over year, primarily for aluminum and diesel, drove the total loss recognized in income related to commodity swaps for the three months ended June 30, 2019 compared to the total gain in the second quarter of 2018.



Six Months Ended June 30, 2019
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	$	(4.5	)
Warrants	Other income (expense), net	7.9
Total		$	3.4



Six Months Ended June 30, 2018
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	$	(12.2	)
Total		$	(12.2	)

Supplemental Guarantor Information Supplemental (Tables)

6 Months Ended

Jun. 30, 2019

Statement of Operations [Member]

Schedule of Supplemental Guarantor Information

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)



	Three Months Ended
	June 30, 2019
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Sales	$	38.3		$	2,765.8		$	988.9		$	(173.0	)	$	3,620.0
Excise taxes	—			(380.2		)	(291.5		)	—			(671.7		)
Net sales	38.3			2,385.6			697.4			(173.0		)	2,948.3
Cost of goods sold	(2.4		)	(1,398.4		)	(479.9		)	120.9			(1,759.8		)
Gross profit	35.9			987.2			217.5			(52.1		)	1,188.5
Marketing, general and administrative expenses	(71.5		)	(565.6		)	(184.7		)	52.1			(769.7		)
Special items, net	—			52.0			(2.1		)	—			49.9
Equity income (loss) in subsidiaries	374.5			(66.7		)	85.0			(392.8		)	—
Operating income (loss)	338.9			406.9			115.7			(392.8		)	468.7
Interest income (expense), net	(76.2		)	88.3			(77.7		)	—			(65.6		)
Other pension and postretirement benefits (costs), net	—			1.1			7.3			—			8.4
Other income (expense), net	(0.1		)	22.5			(33.3		)	—			(10.9		)
Income (loss) before income taxes	262.6			518.8			12.0			(392.8		)	400.6
Income tax benefit (expense)	66.8			(143.8		)	6.6			—			(70.4		)
Net income (loss)	329.4			375.0			18.6			(392.8		)	330.2
Net (income) loss attributable to noncontrolling interests	—			—			(0.8		)	—			(0.8		)
Net income (loss) attributable to MCBC	$	329.4		$	375.0		$	17.8		$	(392.8	)	$	329.4
Comprehensive income (loss) attributable to MCBC	$	333.5		$	424.0		$	1.1		$	(425.1	)	$	333.5

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)



	Three Months Ended
	June 30, 2018
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Sales	$	—		$	2,874.7		$	1,079.7		$	(133.9	)	$	3,820.5
Excise taxes	—			(406.4		)	(328.9		)	—			(735.3		)
Net sales	—			2,468.3			750.8			(133.9		)	3,085.2
Cost of goods sold	(0.5		)	(1,385.0		)	(485.8		)	132.2			(1,739.1		)
Gross profit	(0.5		)	1,083.3			265.0			(1.7		)	1,346.1
Marketing, general and administrative expenses	(60.9		)	(514.0		)	(171.5		)	1.7			(744.7		)
Special items, net	(0.4		)	(7.7		)	(2.4		)	—			(10.5		)
Equity income (loss) in subsidiaries	261.9			79.2			57.4			(398.5		)	—
Operating income (loss)	200.1			640.8			148.5			(398.5		)	590.9
Interest income (expense), net	(81.2		)	84.8			(80.3		)	—			(76.7		)
Other pension and postretirement benefits (costs), net	—			1.6			8.3			—			9.9
Other income (expense), net	0.3			(80.5		)	79.1			—			(1.1		)
Income (loss) before income taxes	119.2			646.7			155.6			(398.5		)	523.0
Income tax benefit (expense)	304.9			(385.1		)	(12.0		)	—			(92.2		)
Net income (loss)	424.1			261.6			143.6			(398.5		)	430.8
Net (income) loss attributable to noncontrolling interests	—			—			(6.7		)	—			(6.7		)
Net income (loss) attributable to MCBC	$	424.1		$	261.6		$	136.9		$	(398.5	)	$	424.1
Comprehensive income (loss) attributable to MCBC	$	209.6		$	(30.7	)	$	(47.0	)	$	77.7		$	209.6

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)



	Six Months Ended
	June 30, 2019
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Sales	$	64.6		$	4,975.1		$	1,683.8		$	(303.4	)	$	6,420.1
Excise taxes	—			(664.9		)	(503.6		)	—			(1,168.5		)
Net sales	64.6			4,310.2			1,180.2			(303.4		)	5,251.6
Cost of goods sold	(3.9		)	(2,533.7		)	(845.5		)	210.3			(3,172.8		)
Gross profit	60.7			1,776.5			334.7			(93.1		)	2,078.8
Marketing, general and administrative expenses	(143.1		)	(1,023.5		)	(351.4		)	93.1			(1,424.9		)
Special items, net	(0.4		)	43.6			(6.3		)	—			36.9
Equity income (loss) in subsidiaries	619.8			(129.7		)	79.1			(569.2		)	—
Operating income (loss)	537.0			666.9			56.1			(569.2		)	690.8
Interest income (expense), net	(153.6		)	168.5			(153.8		)	—			(138.9		)
Other pension and postretirement benefits (costs), net	—			2.3			14.7			—			17.0
Other income (expense), net	(0.1		)	(7.4		)	20.5			—			13.0
Income (loss) before income taxes	383.3			830.3			(62.5		)	(569.2		)	581.9
Income tax benefit (expense)	97.5			(209.8		)	9.7			—			(102.6		)
Net income (loss)	480.8			620.5			(52.8		)	(569.2		)	479.3
Net (income) loss attributable to noncontrolling interests	—			—			1.5			—			1.5
Net income (loss) attributable to MCBC	$	480.8		$	620.5		$	(51.3	)	$	(569.2	)	$	480.8
Comprehensive income (loss) attributable to MCBC	$	527.0		$	694.8		$	(63.3	)	$	(631.5	)	$	527.0

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(IN MILLIONS)

(UNAUDITED)



	Six Months Ended
	June 30, 2018
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Sales	$	4.9		$	5,109.3		$	1,822.3		$	(248.0	)	$	6,688.5
Excise taxes	—			(707.8		)	(564.0		)	—			(1,271.8		)
Net sales	4.9			4,401.5			1,258.3			(248.0		)	5,416.7
Cost of goods sold	(1.0		)	(2,626.7		)	(885.5		)	238.4			(3,274.8		)
Gross profit	3.9			1,774.8			372.8			(9.6		)	2,141.9
Marketing, general and administrative expenses	(131.1		)	(977.3		)	(327.0		)	9.6			(1,425.8		)
Special items, net	(0.4		)	313.7			(9.0		)	—			304.3
Equity income (loss) in subsidiaries	897.4			(79.6		)	62.2			(880.0		)	—
Operating income (loss)	769.8			1,031.6			99.0			(880.0		)	1,020.4
Interest income (expense), net	(166.4		)	166.8			(160.3		)	—			(159.9		)
Other pension and postretirement benefits (costs), net	—			3.0			16.9			—			19.9
Other income (expense), net	0.1			(40.3		)	40.2			—			—
Income (loss) before income taxes	603.5			1,161.1			(4.2		)	(880.0		)	880.4
Income tax benefit (expense)	98.7			(263.2		)	(2.6		)	—			(167.1		)
Net income (loss)	702.2			897.9			(6.8		)	(880.0		)	713.3
Net (income) loss attributable to noncontrolling interests	—			—			(11.1		)	—			(11.1		)
Net income (loss) attributable to MCBC	$	702.2		$	897.9		$	(17.9	)	$	(880.0	)	$	702.2
Comprehensive income attributable to MCBC	$	536.8		$	712.5		$	(94.3	)	$	(618.2	)	$	536.8

Balance Sheet [Member]

Schedule of Supplemental Guarantor Information

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

(IN MILLIONS)

(UNAUDITED)



	As of
	June 30, 2019
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	12.2		$	170.5		$	307.5		$	—		$	490.2
Accounts receivable, net	—			534.3			398.0			—			932.3
Other receivables, net	73.2			72.2			30.4			—			175.8
Inventories, net	—			495.6			202.5			—			698.1
Other current assets, net	3.0			196.0			105.0			—			304.0
Intercompany accounts receivable	—			3,474.7			83.2			(3,557.9		)	—
Total current assets	88.4			4,943.3			1,126.6			(3,557.9		)	2,600.4
Properties, net	14.9			3,295.6			1,194.6			—			4,505.1
Goodwill	—			6,465.4			1,823.5			—			8,288.9
Other intangibles, net	5.0			11,816.3			1,946.1			—			13,767.4
Net investment in and advances to subsidiaries	26,267.4			3,559.1			4,835.4			(34,661.9		)	—
Other assets	134.2			357.6			499.1			(91.1		)	899.8
Total assets	$	26,509.9		$	30,437.3		$	11,425.3		$	(38,310.9	)	$	30,061.6
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities	$	159.2		$	1,944.4		$	942.0		$	—		$	3,045.6
Current portion of long-term debt and short-term borrowings	998.8			1.5			34.4			—			1,034.7
Intercompany accounts payable	2,718.7			165.6			673.6			(3,557.9		)	—
Total current liabilities	3,876.7			2,111.5			1,650.0			(3,557.9		)	4,080.3
Long-term debt	7,261.7			1,183.0			73.2			—			8,517.9
Pension and postretirement benefits	3.4			709.8			12.3			—			725.5
Deferred tax liabilities	—			1,507.7			783.0			(91.1		)	2,199.6
Other liabilities	122.2			188.1			83.0			—			393.3
Intercompany notes payable	1,347.6			17.1			6,131.5			(7,496.2		)	—
Total liabilities	12,611.6			5,717.2			8,733.0			(11,145.2		)	15,916.6
MCBC stockholders' equity	13,899.4			30,850.5			3,811.4			(34,661.9		)	13,899.4
Intercompany notes receivable	(1.1		)	(6,130.4		)	(1,364.7		)	7,496.2			—
Total stockholders' equity	13,898.3			24,720.1			2,446.7			(27,165.7		)	13,899.4
Noncontrolling interests	—			—			245.6			—			245.6
Total equity	13,898.3			24,720.1			2,692.3			(27,165.7		)	14,145.0
Total liabilities and equity	$	26,509.9		$	30,437.3		$	11,425.3		$	(38,310.9	)	$	30,061.6

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

(IN MILLIONS)

(UNAUDITED)



	As of
	December 31, 2018
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	515.8		$	156.1		$	386.0		$	—		$	1,057.9
Accounts receivable, net	—			427.3			317.1			—			744.4
Other receivables, net	50.0			48.3			28.3			—			126.6
Inventories, net	—			451.6			140.2			—			591.8
Other current assets, net	3.0			157.2			85.4			—			245.6
Intercompany accounts receivable	—			2,366.0			31.0			(2,397.0		)	—
Total current assets	568.8			3,606.5			988.0			(2,397.0		)	2,766.3
Properties, net	19.0			3,427.5			1,161.8			—			4,608.3
Goodwill	—			6,444.0			1,816.8			—			8,260.8
Other intangibles, net	6.0			11,800.0			1,970.4			—			13,776.4
Net investment in and advances to subsidiaries	25,475.0			3,893.2			4,579.7			(33,947.9		)	—
Other assets	159.9			193.2			436.0			(91.1		)	698.0
Total assets	$	26,228.7		$	29,364.4		$	10,952.7		$	(36,436.0	)	$	30,109.8
Liabilities and equity
Current liabilities:
Accounts payable and other current liabilities	$	170.8		$	1,651.0		$	884.6		$	—		$	2,706.4
Current portion of long-term debt and short-term borrowings	1,572.6			—			21.9			—			1,594.5
Intercompany accounts payable	1,836.5			120.9			439.6			(2,397.0		)	—
Total current liabilities	3,579.9			1,771.9			1,346.1			(2,397.0		)	4,300.9
Long-term debt	7,765.6			1,097.4			30.8			—			8,893.8
Pension and postretirement benefits	3.2			711.2			12.2			—			726.6
Deferred tax liabilities	—			1,461.1			758.9			(91.1		)	2,128.9
Other liabilities	26.0			199.3			98.5			—			323.8
Intercompany notes payable	1,347.6			63.6			5,998.6			(7,409.8		)	—
Total liabilities	12,722.3			5,304.5			8,245.1			(9,897.9		)	16,374.0
MCBC stockholders' equity	13,507.4			30,057.5			3,890.4			(33,947.9		)	13,507.4
Intercompany notes receivable	(1.0		)	(5,997.6		)	(1,411.2		)	7,409.8			—
Total stockholders' equity	13,506.4			24,059.9			2,479.2			(26,538.1		)	13,507.4
Noncontrolling interests	—			—			228.4			—			228.4
Total equity	13,506.4			24,059.9			2,707.6			(26,538.1		)	13,735.8
Total liabilities and equity	$	26,228.7		$	29,364.4		$	10,952.7		$	(36,436.0	)	$	30,109.8

Statement of Cash Flows [Member]

Schedule of Supplemental Guarantor Information

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(IN MILLIONS)

(UNAUDITED)



	Six Months Ended
	June 30, 2019
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	663.1		$	217.6		$	(23.2	)	$	(29.5	)	$	828.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to properties	(5.1		)	(186.0		)	(119.4		)	—			(310.5		)
Proceeds from sales of properties and other assets	—			96.5			3.4			—			99.9
Other	46.2			0.2			(3.6		)	—			42.8
Net intercompany investing activity	20.0			(9.5		)	48.4			(58.9		)	—
Net cash provided by (used in) investing activities	61.1			(98.8		)	(71.2		)	(58.9		)	(167.8		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options under equity compensation plans	1.4			—			—			—			1.4
Dividends paid	(163.0		)	(29.5		)	(14.4		)	29.5			(177.4		)
Payments on debt and borrowings	(1,066.3		)	(0.2		)	(4.3		)	—			(1,070.8		)
Net proceeds from (payments on) revolving credit facilities and commercial paper	—			—			(1.9		)	—			(1.9		)
Change in overdraft balances and other	(2.9		)	(9.6		)	25.3			—			12.8
Net intercompany financing activity	—			(69.3		)	10.4			58.9			—
Net cash provided by (used in) financing activities	(1,230.8		)	(108.6		)	15.1			88.4			(1,235.9		)
CASH AND CASH EQUIVALENTS:
Net increase (decrease) in cash and cash equivalents	(506.6		)	10.2			(79.3		)	—			(575.7		)
Effect of foreign exchange rate changes on cash and cash equivalents	3.0			4.2			0.8			—			8.0
Balance at beginning of year	515.8			156.1			386.0			—			1,057.9
Balance at end of period	$	12.2		$	170.5		$	307.5		$	—		$	490.2

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(IN MILLIONS)

(UNAUDITED)



	Six Months Ended
	June 30, 2018
	Parent Issuer			Subsidiary Guarantors			Subsidiary Non Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	987.7		$	368.8		$	78.1		$	(136.8	)	$	1,297.8
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to properties	(7.0		)	(256.8		)	(87.3		)	—			(351.1		)
Proceeds from sales of properties and other assets	—			1.7			2.7			—			4.4
Other	—			(0.7		)	(49.8		)	—			(50.5		)
Net intercompany investing activity	18.3			(20.8		)	177.8			(175.3		)	—
Net cash provided by (used in) investing activities	11.3			(276.6		)	43.4			(175.3		)	(397.2		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options under equity compensation plans	6.3			—			—			—			6.3
Dividends paid	(162.5		)	—			(151.3		)	136.8			(177.0		)
Payments on debt and borrowings	—			(0.4		)	(2.0		)	—			(2.4		)
Net proceeds from (payments on) revolving credit facilities and commercial paper	(378.4		)	—			2.3			—			(376.1		)
Change in overdraft balances and other	(4.9		)	(6.9		)	36.3			—			24.5
Net intercompany financing activity	(32.6		)	(157.5		)	14.8			175.3			—
Net cash provided by (used in) financing activities	(572.1		)	(164.8		)	(99.9		)	312.1			(524.7		)
CASH AND CASH EQUIVALENTS:
Net increase (decrease) in cash and cash equivalents	426.9			(72.6		)	21.6			—			375.9
Effect of foreign exchange rate changes on cash and cash equivalents	—			0.3			(1.9		)	—			(1.6		)
Balance at beginning of year	6.6			140.9			271.1			—			418.6
Balance at end of period	$	433.5		$	68.6		$	290.8		$	—		$	792.9

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019 CAD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capital expenditures			$ 149.9	$ 138.0
Finance lease right-of-use assets					$ 82.5
Finance lease accumulated amortization					13.2
Finance leases			$ 0.0	$ 15.0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases			18 years
Accounts Payable and Accrued Liabilities [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Current finance lease liabilities					3.2
Other Noncurrent Liabilities [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Non-current finance lease liabilities					$ 82.1
Sale of Montreal Brewery [Member] \| CANADA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale Leaseback Transaction, Lease Terms	P5Y	P5Y
Operating lease right-of-use assets	$ 6.0
Proceeds from Sale of Property, Plant, and Equipment	$ 126.0	$ 96.2
Gain (Loss) on Disposition of Property Plant Equipment		$ 61.3

Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Cost of Goods Sold	$ (1,759.8)	$ (1,739.1)	$ (3,172.8)	$ (3,274.8)
Capital Expenditures Incurred but Not yet Paid			149.9	138.0
Selling, General and Administrative Expense	(769.7)	(744.7)	(1,424.9)	(1,425.8)
Special items, net	49.9	(10.5)	36.9	304.3
Income tax benefit (expense)	(70.4)	(92.2)	(102.6)	(167.1)
Net income (loss) attributable to Molson Coors Brewing Company	$ 329.4	$ 424.1	$ 480.8	$ 702.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Lease, Expense	$ 18.9	$ 36.1
Finance lease expense	3.0	5.8
Total lease expense	$ 21.9	$ 41.9

Basis of Presentation and Summary of Significant Accounting Policies - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$ 26.2
Operating cash flows from finance leases	1.8
Financing cash flows from finance leases	1.1
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	25.6
Finance leases	$ 0.0	$ 15.0

Basis of Presentation and Summary of Significant Accounting Policies - Operating and Finance Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
Operating lease right-of-use assets	$ 157.6
Current operating lease liabilities	45.2
Non-current operating lease liabilities	123.0
Total operating lease liabilities	168.2
Finance Leases
Finance lease right-of-use assets	65.7
Current finance lease liabilities	3.5
Non-current finance lease liabilities	80.9
Total finance lease liabilities	$ 84.4	$ 85.3
Weighted-Average Remaining Lease Term (Years)
Operating leases	4 years 8 months 12 days
Finance leases	9 years 8 months 12 days
Weighted-Average Discount Rate
Operating leases	4.20%
Finance leases	6.40%

Basis of Presentation and Summary of Significant Accounting Policies - Lease Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019 - remaining	$ 26.8	$ 49.4
2020	47.0	40.2
2021	38.2	32.6
2022	29.1	24.6
2023	20.4	17.0
Thereafter	23.1	21.0
Total lease payments	184.6	184.8
Less: interest	(16.4)
Present value of lease liabilities	168.2
Finance Lease, Liability, Payment, Due [Abstract]
2019 - remaining	3.4	6.1
2020	36.1	36.2
2021	5.9	5.9
2022	5.8	5.9
2023	5.8	5.8
Thereafter	64.4	64.2
Total lease payments	121.4	124.1
Less: interest	(37.0)	(38.8)
Present value of lease liabilities	$ 84.4	$ 85.3

New Accounting Pronouncements - Leases (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 157.6
Operating lease, liability	168.2
Retained earnings	8,103.1		$ 7,692.9
Current finance lease liabilities	3.5
Non-current finance lease liabilities	$ 80.9
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 154.0
Operating lease, liability		164.0
Retained earnings		32.0
Current finance lease liabilities		3.0
Non-current finance lease liabilities		$ 82.0

New Accounting Pronouncements - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2019
Accounting Policies [Abstract]
Increase in retained earnings due to reclassification of stranded tax effects	$ 75.0	$ 0.0

Segment Reporting Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting
Net Sales	$ 2,948.3	$ 3,085.2	$ 5,251.6	$ 5,416.7
Maximum percentage of sales accounted for by a single customer (as a percent)			10.00%
UNITED STATES
Segment Reporting
Net Sales	2,011.7	2,072.5	$ 3,670.9	3,720.3
CANADA
Segment Reporting
Net Sales	373.0	397.4	634.0	681.2
Europe [Member]
Segment Reporting
Net Sales	538.5	586.1	901.4	960.4
International [Member]
Segment Reporting
Net Sales	58.9	67.9	106.8	125.4
Corporate [Member]
Segment Reporting
Net Sales	0.3	0.3	0.5	0.5
Intersegment sales elimination
Segment Reporting
Net Sales	$ (34.1)	$ (39.0)	$ (62.0)	$ (71.1)

Segment Reporting Income (Loss) From Continuing Operations (Details) $ in Millions, $ in Millions	3 Months Ended					6 Months Ended
	Jun. 30, 2019 CAD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Segment Reporting
Income (loss) before income taxes		$ 400.6		$ 523.0		$ 581.9	$ 880.4
Other income (expense), net		(10.9)		(1.1)		13.0	0.0
Unrealized Gain (Loss) on Commodity Contracts		(31.2)		45.1		2.9	(39.6)
UNITED STATES
Segment Reporting
Income (loss) before income taxes		401.0		445.5		670.4	707.2
CANADA
Segment Reporting
Income (loss) before income taxes		80.4		61.3		102.2	70.4
Europe [Member]
Segment Reporting
Income (loss) before income taxes		55.8		86.8		28.3	56.9
International [Member]
Segment Reporting
Income (loss) before income taxes		2.5		1.3		2.2	5.0
Corporate [Member]
Segment Reporting
Income (loss) before income taxes		(139.1)		(71.9)		(221.2)	40.9
Purchase Price Adjustment [Member] \| Affiliated Entity [Member]
Segment Reporting
Other income (expense), net			$ 1.5
Sale of Montreal Brewery [Member] \| CANADA
Segment Reporting
Proceeds from Sale of Property, Plant, and Equipment	$ 126.0	96.2
Gain (Loss) on Disposition of Property Plant Equipment		61.3
Unusual or Infrequent Item, or Both, Gain, Gross		(61.3)		0.0		(61.3)	0.0
Purchase Price Adjustment [Member]
Segment Reporting
Unusual or Infrequent Item, or Both, Gain, Gross		0.0		$ 0.0		0.0	(328.0)
Purchase Price Adjustment [Member] \| Corporate [Member]
Segment Reporting
Unusual or Infrequent Item, or Both, Gain, Gross					$ (328.0)
Warrant [Member] \| Nonoperating Income (Expense) [Member]
Segment Reporting
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (15.0)				$ 8.0	$ 7.9

Segment Reporting Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting
Total assets	$ 30,061.6	$ 30,109.8
UNITED STATES
Segment Reporting
Total assets	19,085.3	19,057.1
CANADA
Segment Reporting
Total assets	4,977.2	4,640.5
Europe [Member]
Segment Reporting
Total assets	5,510.2	5,430.0
International [Member]
Segment Reporting
Total assets	278.3	274.1
Corporate [Member]
Segment Reporting
Total assets	$ 210.6	$ 708.1

Investments Variable Interest Entity (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
RMMC RMBC [Member]
Variable Interest Entity
Total Assets	$ 213.8	$ 189.8
Total Liabilities	18.5	35.0
Grolsch Cobra Truss [Member]
Variable Interest Entity
Total Assets	29.1	31.0
Total Liabilities	$ 2.5	$ 5.1

Investments Narrative (Details) $ in Millions	Jun. 30, 2019 USD ($) VIE	Dec. 31, 2018 USD ($) VIE
Schedule of Equity Method Investments [Line Items]
Number of Variable Interest Entities with Debt \| VIE	0	0
BRI BDL [Member]
Schedule of Equity Method Investments [Line Items]
Guarantees, Fair Value Disclosure \| $	$ 63.2	$ 35.9

Special Items Summary Special Items (Details) $ in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019 CAD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jun. 30, 2019 CAD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Restructuring Cost and Reserve [Line Items]
Special items		$ (49.9)	$ 10.5			$ (36.9)	$ (304.3)
Other Employee-Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Special items		2.6	1.0			6.3	4.9
Purchase Price Adjustment [Member]
Restructuring Cost and Reserve [Line Items]
Unusual or Infrequent Item, or Both, Gain, Gross		0.0	0.0			0.0	(328.0)
UNITED STATES \| Asset Abandonment [Member]
Restructuring Cost and Reserve [Line Items]
Special items		0.4	1.3			1.2	2.8
CANADA \| Asset Abandonment [Member]
Restructuring Cost and Reserve [Line Items]
Special items		8.1	6.0			15.7	12.1
CANADA \| Sale of Montreal Brewery [Member]
Restructuring Cost and Reserve [Line Items]
Unusual or Infrequent Item, or Both, Gain, Gross		(61.3)	0.0			(61.3)	0.0
Restructuring and Related Cost, Accelerated Depreciation					$ 36.0
Proceeds from Sale of Property, Plant, and Equipment	$ 126.0	96.2
Gain (Loss) on Disposition of Property Plant Equipment		61.3
Europe [Member] \| Asset Abandonment [Member]
Restructuring Cost and Reserve [Line Items]
Special items		0.0	1.0			0.6	2.7
International [Member] \| China Business [Member]
Restructuring Cost and Reserve [Line Items]
Special items		$ 0.3	$ 1.2			$ 0.6	$ 1.2
Corporate [Member] \| Purchase Price Adjustment [Member]
Restructuring Cost and Reserve [Line Items]
Unusual or Infrequent Item, or Both, Gain, Gross				$ (328.0)
MillerCoors
Restructuring Cost and Reserve [Line Items]
CashReceivedforAdjustmentAmount				330.0
AdjustmentAmount				$ 328.0

Special Items Severance and Other Employee Related (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Severance and other employee-related costs [Member]
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	$ 25.6	$ 6.9
Charges incurred and changes in estimates	6.3	4.9
Payments made	(21.7)	(4.6)
Foreign currency and other adjustments	0.1	(0.1)
Ending balance of restructuring accruals	10.3	7.1
Severance and other employee-related costs [Member] \| UNITED STATES
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	21.6	0.6
Charges incurred and changes in estimates	1.9	2.0
Payments made	(17.7)	(0.6)
Foreign currency and other adjustments	0.0	0.0
Ending balance of restructuring accruals	5.8	2.0
Severance and other employee-related costs [Member] \| CANADA
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	1.5	4.3
Charges incurred and changes in estimates	(0.3)	(0.8)
Payments made	(0.2)	(1.5)
Foreign currency and other adjustments	0.1	(0.1)
Ending balance of restructuring accruals	1.1	1.9
Severance and other employee-related costs [Member] \| Europe [Member]
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	0.6	1.8
Charges incurred and changes in estimates	4.3	2.1
Payments made	(2.4)	(2.3)
Foreign currency and other adjustments	0.0	0.0
Ending balance of restructuring accruals	2.5	1.6
Severance and other employee-related costs [Member] \| International [Member]
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	0.6	0.2
Charges incurred and changes in estimates	0.2	1.6
Payments made	(0.8)	(0.2)
Foreign currency and other adjustments	0.0	0.0
Ending balance of restructuring accruals	0.0	1.6
Severance and other employee-related costs [Member] \| Corporate [Member]
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	1.3	0.0
Charges incurred and changes in estimates	0.2	0.0
Payments made	(0.6)	0.0
Foreign currency and other adjustments	0.0	0.0
Ending balance of restructuring accruals	$ 0.9	$ 0.0
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Payment of severance obligations, term	9 months

Income Tax Schedule of Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
Income Tax Schedule of Effective Tax Rate (Details)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Effective Tax Rate [Abstract]
Effective tax rate (as a percent)	18.00%	18.00%	18.00%	19.00%

Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Goodwill activity:
Balance at beginning of year	$ 8,260.8
Foreign currency translation	28.1
Balance at end of year	8,288.9
UNITED STATES
Goodwill [Line Items]
Percentage Of Fair Value Exceeding Carrying Value		19.00%
Goodwill activity:
Balance at beginning of year	5,928.5
Foreign currency translation	0.0
Balance at end of year	5,928.5
CANADA
Goodwill [Line Items]
Percentage Of Fair Value Exceeding Carrying Value		6.00%
Goodwill activity:
Balance at beginning of year	856.6
Foreign currency translation	35.5
Balance at end of year	892.1
Europe [Member]
Goodwill [Line Items]
Percentage Of Fair Value Exceeding Carrying Value		11.00%
Goodwill activity:
Balance at beginning of year	1,469.4
Foreign currency translation	(7.4)
Balance at end of year	1,462.0
International [Member]
Goodwill activity:
Balance at beginning of year	6.3
Foreign currency translation	0.0
Balance at end of year	$ 6.3

Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Intangible assets subject to amortization:
Total Gross	$ 14,677.8	$ 14,586.7
Accumulated amortization	(910.4)	(810.3)
Total Net	13,767.4	13,776.4
Brands [Member]
Intangible assets subject to amortization:
Finite-Lived Intangible Assets, Gross	5,052.1	4,988.0
Accumulated amortization	(775.5)	(682.4)
Net	4,276.6	4,305.6
Indefinite-lived intangible assets	$ 8,170.0	$ 8,169.9
Brands [Member] \| Minimum [Member]
Intangible assets subject to amortization:
Useful life	10 years	10 years
Brands [Member] \| Maximum [Member]
Intangible assets subject to amortization:
Useful life	50 years	50 years
License agreements and distribution rights
Intangible assets subject to amortization:
Finite-Lived Intangible Assets, Gross	$ 222.4	$ 220.2
Accumulated amortization	(102.0)	(95.7)
Net	$ 120.4	$ 124.5
License agreements and distribution rights \| Minimum [Member]
Intangible assets subject to amortization:
Useful life	15 years	15 years
License agreements and distribution rights \| Maximum [Member]
Intangible assets subject to amortization:
Useful life	28 years	28 years
Distribution Networks [Member]
Intangible assets subject to amortization:
Indefinite-lived intangible assets	$ 772.5	$ 741.8
Other Intangible Assets [Member]
Intangible assets subject to amortization:
Finite-Lived Intangible Assets, Gross	123.2	129.2
Accumulated amortization	(32.9)	(32.2)
Net	90.3	97.0
Indefinite-lived intangible assets	$ 337.6	$ 337.6
Other Intangible Assets [Member] \| Minimum [Member]
Intangible assets subject to amortization:
Useful life	2 years	2 years
Other Intangible Assets [Member] \| Maximum [Member]
Intangible assets subject to amortization:
Useful life	40 years	40 years

Goodwill and Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Estimated amortization expense of finite-lived intangible assets
2019 - remaining	$ 111.3		$ 111.3
2020	221.6		221.6
2021	215.2		215.2
2022	210.6		210.6
2023	209.7		209.7
Amortization expense of intangible assets	$ 55.2	$ 56.2	$ 110.6	$ 112.8

Debt Schedule (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Apr. 18, 2018	Mar. 15, 2017	May 03, 2012
Debt Instrument [Line Items]
Less: unamortized debt discounts	$ (60.4)	$ (64.8)
Total long-term debt (including current portion)	9,533.2	10,476.9
Current portion of long-term debt	(1,015.3)	(1,583.1)
Total long-term debt	8,517.9	8,893.8
Other short-term borrowings	19.4	11.4
Current portion of long-term debt and short-term borrowings	1,034.7	1,594.5
Finance leases and other [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	131.1	43.0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 1,900.0
Senior Notes [Member] \| CAD 500 million 2.75% Notes Due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	381.8	366.6
Senior Notes [Member] \| CAD 500 million 2.84% notes due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	381.8	366.6
Senior Notes [Member] \| CAD 500 million 3.44% notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	381.8	366.6
Senior Notes [Member] \| $500 million 1.45% notes due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	500.0	500.0
Senior Notes [Member] \| $500 million 1.90% notes due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	0.0	499.8
Senior Notes [Member] \| $500 million 2.25% notes due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	499.4	499.0
Debt Instrument, Face Amount			$ 500.0
Debt instrument, interest rate percentage				2.25%
Senior Notes [Member] \| $1.0 billion 2.10% notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,000.0	1,000.0
Debt Instrument, Face Amount				$ 1,000.0
Senior Notes [Member] \| $500 million 3.5% notes due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	507.9	509.3
Senior Notes [Member] \| $2.0 billion 3.0% notes due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	2,000.0	2,000.0
Senior Notes [Member] \| $1.1 billion 5.0% notes due 2042 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,100.0	1,100.0
Senior Notes [Member] \| $1.8 billion 4.2% notes due 2046 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,800.0	1,800.0
Senior Notes [Member] \| EUR 500 million notes due 2019
Debt Instrument [Line Items]
Long-term debt, carrying amount	0.0	573.4
Senior Notes [Member] \| EUR 800 million 1.25% notes due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 909.8	$ 917.4

Debt Schedule (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Debt Schedule (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jul. 15, 2019	Mar. 20, 2019	Jan. 01, 2019	Dec. 31, 2018	Apr. 18, 2018	Mar. 15, 2017	Jul. 07, 2016	May 03, 2012
Debt Instrument [Line Items]
Current finance lease liabilities	$ 3.5
Non-current finance lease liabilities	80.9
Central Europe [Member]
Debt Instrument [Line Items]
Bank cash	43.4				$ 88.9
Bank cash, net of overdrafts	31.5				87.8
Overdraft facility	11.9				1.1
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 1,900.0
$500 million 2.25% notes due 2020 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 500.0
Debt Instrument, Interest Rate, Stated Percentage							2.25%
$1.0 billion 2.10% notes due 2021 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 1,000.0
JPY Overdraft [Member]
Debt Instrument [Line Items]
Short-term Debt	5.6				$ 7.3
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500.0
Revolving Multicurrency Bank Credit Facility [Member] \| MillerCoors
Debt Instrument [Line Items]
Leverage Ratio Following Acquisition	4.75x
Leverage Ratio In Fourth Year Following Acquisition	4.00x
Parent Company [Member] \| $500 million 1.45% notes due 2019 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 500.0
Debt Instrument, Interest Rate, Stated Percentage								1.45%
Parent Company [Member] \| $500 million 2.25% notes due 2020 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 500.0
Debt Instrument, Interest Rate, Stated Percentage							2.25%
Parent Company [Member] \| $1.0 billion 2.10% notes due 2021 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 1,000.0
Debt Instrument, Interest Rate, Stated Percentage							2.10%
Cross currency swaps \| $500 million 2.25% notes due 2020 [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			0.68%			0.85%
Cross currency swaps \| $1.0 billion 2.10% notes due 2021 [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			0.71%
Accounting Standards Update 2016-02
Debt Instrument [Line Items]
Current finance lease liabilities				$ 3.0
Non-current finance lease liabilities				$ 82.0
Subsequent Event
Debt Instrument [Line Items]
Commercial Paper		$ 400.0

Debt Fair Value Measurements (Details) - USD ($) $ in Billions	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Long-term debt, fair value	$ 9.6	$ 9.9

Debt Acquisition and Other (Narrative) (Details) - USD ($) $ in Billions	Jun. 30, 2019	May 03, 2012
Line of Credit Facility [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 1.5
Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount		$ 1.9
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1.5

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished Goods	$ 327.9	$ 229.8
Work in Process	89.7	83.4
Raw Materials	211.4	224.3
Packaging Materials	69.1	54.3
Total inventories, net	$ 698.1	$ 591.8

Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 1 (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	$ (1,150.0)
As of June 30, 2019	(1,178.6)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	(758.7)
Foreign currency translation adjustments	84.9
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	24.3
Unrealized gain (loss) on derivative instruments	0.0
Reclassification of derivative (gain) loss to income	0.0
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	0.0
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.0
Tax benefit (expense)	4.5
Net current-period other comprehensive income (loss)	113.7
Reclassification of stranded tax effects	(73.3)
As of June 30, 2019	(718.3)
Gain (loss) on derivative instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	(0.3)
Foreign currency translation adjustments	0.0
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	0.0
Unrealized gain (loss) on derivative instruments	(90.2)
Reclassification of derivative (gain) loss to income	(0.3)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	0.0
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.0
Tax benefit (expense)	22.3
Net current-period other comprehensive income (loss)	(68.2)
Reclassification of stranded tax effects	(3.8)
As of June 30, 2019	(72.3)
Pension and postretirement benefit adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	(330.7)
Foreign currency translation adjustments	0.0
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	0.0
Unrealized gain (loss) on derivative instruments	0.0
Reclassification of derivative (gain) loss to income	0.0
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	(1.8)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.0
Tax benefit (expense)	0.7
Net current-period other comprehensive income (loss)	(1.1)
Reclassification of stranded tax effects	2.3
As of June 30, 2019	(329.5)
Equity method investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	(60.3)
Foreign currency translation adjustments	0.0
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	0.0
Unrealized gain (loss) on derivative instruments	0.0
Reclassification of derivative (gain) loss to income	0.0
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	0.0
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	2.4
Tax benefit (expense)	(0.6)
Net current-period other comprehensive income (loss)	1.8
Reclassification of stranded tax effects	0.0
As of June 30, 2019	(58.5)
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
As of December 31, 2018(1)	(1,150.0)
Foreign currency translation adjustments	84.9
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	24.3
Unrealized gain (loss) on derivative instruments	(90.2)
Reclassification of derivative (gain) loss to income	(0.3)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	(1.8)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	2.4
Tax benefit (expense)	26.9
Net current-period other comprehensive income (loss)	46.2
Reclassification of stranded tax effects	(74.8)
As of June 30, 2019	$ (1,178.6)

Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Cost of Goods Sold	$ 1,759.8	$ 1,739.1	$ 3,172.8	$ 3,274.8
Net Income (loss)	330.2	430.8	479.3	713.3
Income tax benefit (expense)	(70.4)	(92.2)	(102.6)	(167.1)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net income (loss) reclassified, net of tax	0.8	(2.0)	1.3	(4.8)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gain/(loss) on cash flow hedges [Member]
Net Income (loss)	0.4	(1.0)	0.3	(2.4)
Income tax benefit (expense)	(0.1)	0.3	(0.1)	0.6
Net income (loss) reclassified, net of tax	0.3	(0.7)	0.2	(1.8)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gain/(loss) on cash flow hedges [Member] \| Other income (expense), net [Member]
Foreign currency forwards, other	(0.3)	0.0	(0.5)	0.0
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Gain/(loss) on cash flow hedges [Member] \| Cost of goods sold [Member]
Cost of Goods Sold	1.5	(0.3)	2.3	(0.9)
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	(0.8)	(0.7)	(1.5)	(1.5)
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)	(0.2)	(0.3)
Curtailment and net actuarial gain (loss)	1.0	(1.6)	2.0	(3.3)
Net Income (loss)	0.9	(1.7)	1.8	(3.6)
Income tax benefit (expense)	(0.4)	0.4	(0.7)	0.6
Net income (loss) reclassified, net of tax	$ 0.5	$ (1.3)	$ 1.1	$ (3.0)

Derivative Instruments and Hedging Activities Narrative (Details) € in Millions, $ in Millions	12 Months Ended		49 Months Ended
	Jun. 30, 2020 USD ($)	Apr. 03, 2019 USD ($)	Jul. 15, 2022	Apr. 03, 2019 EUR (€)	Mar. 20, 2019 USD ($)	Mar. 20, 2019 EUR (€)	Oct. 04, 2018 $ / shares	Apr. 18, 2018 USD ($)	Mar. 15, 2017 USD ($)	May 03, 2012 USD ($)
Forecast [Member]
Schedule of Trading Securities and Other Trading Assets
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months	$ 2.0
Term for expected gains recorded in AOCI	12 months
Maximum term of time in cash flow hedge			4 years
Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets
Debt Instrument, Face Amount										$ 1,900.0
$1.0 billion 2.10% notes due 2021 [Member] \| Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets
Debt Instrument, Face Amount									$ 1,000.0
$500 million 2.25% notes due 2020 [Member] \| Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets
Debt Instrument, Interest Rate, Stated Percentage									2.25%
Debt Instrument, Face Amount								$ 500.0
Cross currency swaps
Schedule of Trading Securities and Other Trading Assets
Derivative, notional amount		$ 500.0		€ 445	$ 400.0	€ 353
Cross currency swaps \| $1.0 billion 2.10% notes due 2021 [Member]
Schedule of Trading Securities and Other Trading Assets
Derivative, Fixed Interest Rate					0.71%	0.71%
Cross currency swaps \| $500 million 2.25% notes due 2020 [Member]
Schedule of Trading Securities and Other Trading Assets
Derivative, Fixed Interest Rate					0.68%	0.68%		0.85%
Proceeds from the Termination and cash Settlement of Derivatives		$ 47.0
Warrant [Member]
Schedule of Trading Securities and Other Trading Assets
Derivative, Price Risk Option Strike Price \| $ / shares							$ 6.00
Parent Company [Member] \| $1.0 billion 2.10% notes due 2021 [Member] \| Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets
Debt Instrument, Interest Rate, Stated Percentage									2.10%
Debt Instrument, Face Amount									$ 1,000.0
Parent Company [Member] \| $500 million 2.25% notes due 2020 [Member] \| Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets
Debt Instrument, Interest Rate, Stated Percentage									2.25%
Debt Instrument, Face Amount									$ 500.0

Derivative Instruments and Hedging Activities Derivative Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	$ 0.0	$ 0.0
Fair Value, Inputs, Level 1 [Member] \| Interest rate swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.0	0.0
Fair Value, Inputs, Level 1 [Member] \| Foreign currency forwards [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Fair Value, Inputs, Level 1 [Member] \| Commodity swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.0	0.0
Fair Value, Inputs, Level 1 [Member] \| Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	(100.5)	18.1
Fair Value, Inputs, Level 2 [Member] \| Interest rate swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	(91.0)	(12.3)
Fair Value, Inputs, Level 2 [Member] \| Foreign currency forwards [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	3.2	16.3
Fair Value, Inputs, Level 2 [Member] \| Commodity swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	(38.1)	(42.0)
Fair Value, Inputs, Level 2 [Member] \| Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	28.5	19.6
Significant unobservable inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	0.0	0.0
Significant unobservable inputs (Level 3) [Member] \| Interest rate swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.0	0.0
Significant unobservable inputs (Level 3) [Member] \| Foreign currency forwards [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Significant unobservable inputs (Level 3) [Member] \| Commodity swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	0.0	0.0
Significant unobservable inputs (Level 3) [Member] \| Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	0.0	0.0
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	(100.5)	18.1
Reported Value Measurement [Member] \| Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		36.5
Derivative Liability, Fair Value, Gross Liability	(3.1)
Reported Value Measurement [Member] \| Interest rate swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	(91.0)	(12.3)
Reported Value Measurement [Member] \| Foreign currency forwards [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	3.2	16.3
Reported Value Measurement [Member] \| Commodity swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	(38.1)	(42.0)
Reported Value Measurement [Member] \| Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	28.5	19.6
Reported Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		0.0
Derivative Liability, Fair Value, Gross Liability	0.0
Reported Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		36.5
Derivative Liability, Fair Value, Gross Liability	(3.1)
Reported Value Measurement [Member] \| Significant unobservable inputs (Level 3) [Member] \| Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 0.0
Derivative Liability, Fair Value, Gross Liability	$ 0.0

Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details) € in Millions, $ in Millions	Jun. 30, 2019 USD ($)	Apr. 03, 2019 USD ($)	Apr. 03, 2019 EUR (€)	Mar. 20, 2019 USD ($)	Mar. 20, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Cross currency swaps
Derivatives designated as hedging instruments:
Derivative, notional amount		$ 500.0	€ 445	$ 400.0	€ 353
Designated as Hedging Instrument [Member]
Derivatives designated as hedging instruments:
Derivative asset, fair value, designated as hedging instrument	$ 6.8					$ 53.0
Derivative liability, fair value, designated as hedging instrument	(97.7)					(12.5)
Designated as Hedging Instrument [Member] \| Cross currency swaps \| Other Noncurrent Assets [Member]
Derivatives designated as hedging instruments:
Derivative asset, fair value, designated as hedging instrument	2.1					36.5
Designated as Hedging Instrument [Member] \| Cross currency swaps \| Other current assets [Member]
Derivatives designated as hedging instruments:
Derivative asset, fair value, designated as hedging instrument	0.0
Designated as Hedging Instrument [Member] \| Cross currency swaps \| Accounts payable and other current liabilities [Member]
Derivatives designated as hedging instruments:
Derivative liability, fair value, designated as hedging instrument	(5.2)
Designated as Hedging Instrument [Member] \| Cross currency swaps \| Other liabilities [Member]
Derivatives designated as hedging instruments:
Derivative liability, fair value, designated as hedging instrument	0.0					0.0
Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount	1,500.0
Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Other Noncurrent Assets [Member]
Derivatives designated as hedging instruments:
Derivative asset, fair value, designated as hedging instrument						0.0
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	0.0
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	(91.0)					(12.3)
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	2.1					7.3
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	2.6					9.2
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	(1.1)					(0.1)
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	(0.4)					(0.1)
Not Designated as Hedging Instrument [Member]
Derivatives not designated as hedging instruments:
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	41.6					37.9
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	(51.2)					(60.3)
Not Designated as Hedging Instrument [Member] \| Commodity swaps [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount	697.8					868.4
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	10.4					12.1
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	2.6					6.1
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	(36.3)					(37.9)
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	(14.8)					(22.3)
Not Designated as Hedging Instrument [Member] \| Commodity Option [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount	46.6					46.6
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					0.1
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)					(0.1)
Not Designated as Hedging Instrument [Member] \| Warrant [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount	52.7					50.6
Not Designated as Hedging Instrument [Member] \| Warrant [Member] \| Other Noncurrent Assets [Member]
Derivatives not designated as hedging instruments:
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	28.5					19.6
Net Investment Hedging [Member] \| Designated as Hedging Instrument [Member] \| Cross currency swaps
Derivatives designated as hedging instruments:
Derivative, notional amount						500.0
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Cross currency swaps
Derivatives designated as hedging instruments:
Derivative, notional amount	900.0
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount						1,500.0
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Foreign currency forwards [Member]
Derivatives designated as hedging instruments:
Derivative, notional amount	$ 317.7					$ 338.6

Derivative Instruments and Hedging Activities Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Goods Sold	$ (1,759.8)	$ (1,739.1)	$ (3,172.8)	$ (3,274.8)
Nonoperating Income (Expense)	(10.9)	(1.1)	13.0	0.0
Interest income (expense), net	(65.6)	(76.7)	(138.9)	(159.9)
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.4	(1.0)	0.3	(2.4)
Cash Flow Hedging [Member] \| Forward starting interest rate swap [Member] \| Interest expense, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(0.8)	(0.7)	(1.5)	(1.5)
Cash Flow Hedging [Member] \| Foreign currency forwards [Member] \| Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	1.5	(0.3)	2.3	(0.9)
Cash Flow Hedging [Member] \| Foreign currency forwards [Member] \| Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(0.3)		(0.5)
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation adjustments	(12.4)	83.2	17.7	41.8
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0.0	0.0	0.0	0.0
Net Investment Hedging [Member] \| Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation adjustments	(9.5)	27.6	6.6	27.6
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	6.4	2.4	10.4	2.4
Net Investment Hedging [Member] \| Cross Currency Interest Rate Contract [Member] \| interest Income (Expense), Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation adjustments	(9.5)	27.6	6.6	27.6
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 6.4	$ 2.4	10.4	2.4
EUR 800 million 1.25% notes due 2024 [Member] \| Senior Notes [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net			0.0	0.0
EUR 500 million notes due 2019 \| Senior Notes [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net			$ 0.0	$ 0.0

Derivative Instruments and Hedging Activities Hedging Activities (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current portion of long-term debt and short-term borrowings
Derivative [Line Items]
Carrying amount of the hedged assets/liabilities	$ 0.0	$ 0.0
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)	(0.6)	(0.2)
Long-term debt
Derivative [Line Items]
Carrying amount of the hedged assets/liabilities	0.0	0.0
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)	$ 7.9	$ 8.3

Derivative Instruments and Hedging Activities Other Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Warrant [Member] \| Nonoperating Income (Expense) [Member]
Gain (Loss) on Derivative Instruments:
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (15.0)		$ 8.0	$ 7.9
Not Designated as Hedging Instrument [Member]
Gain (Loss) on Derivative Instruments:
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(52.2)	$ 62.2	3.4	(12.2)
Not Designated as Hedging Instrument [Member] \| Commodity swaps [Member] \| Cost of goods sold [Member]
Gain (Loss) on Derivative Instruments:
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(37.2)	62.2	(4.5)	(12.2)
Net Investment Hedging [Member]
Gain (Loss) on Derivative Instruments:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(12.4)	83.2	17.7	41.8
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0.0	0.0	0.0	0.0
EUR 800 million 1.25% notes due 2024 [Member] \| Senior Notes [Member] \| Net Investment Hedging [Member]
Gain (Loss) on Derivative Instruments:
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net			0.0	0.0
EUR 800 million 1.25% notes due 2024 [Member] \| Senior Notes [Member] \| Net Investment Hedging [Member] \| Other income (expense), net [Member]
Gain (Loss) on Derivative Instruments:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(12.4)	51.2	7.6	25.7
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0.0	0.0
EUR 500 million notes due 2019 \| Senior Notes [Member] \| Net Investment Hedging [Member]
Gain (Loss) on Derivative Instruments:
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net			0.0	0.0
EUR 500 million notes due 2019 \| Senior Notes [Member] \| Net Investment Hedging [Member] \| Other income (expense), net [Member]
Gain (Loss) on Derivative Instruments:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax		32.0	10.1	16.1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax		0.0	$ 0.0	$ 0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ 0.0

Derivative Instruments and Hedging Activities Schedule of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Investment Hedging [Member]
Derivative [Line Items]
Foreign currency translation adjustments	$ (12.4)	$ 83.2	$ 17.7	$ 41.8
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0.0	0.0	0.0	0.0
Net Investment Hedging [Member] \| Cross currency swaps
Derivative [Line Items]
Foreign currency translation adjustments	(9.5)	27.6	6.6	27.6
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	6.4	2.4	10.4	2.4
Net Investment Hedging [Member] \| Interest Income (Expense) \| Cross currency swaps
Derivative [Line Items]
Foreign currency translation adjustments	(9.5)	27.6	6.6	27.6
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0.0	0.0	0.0	0.0
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	6.4	2.4	10.4	2.4
Cash Flow Hedging [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	(50.8)	6.5	(90.2)	14.0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	0.4	(1.0)	0.3	(2.4)
Cash Flow Hedging [Member] \| Forward starting interest rate swap [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	(46.3)	0.0	(78.7)	0.0
Cash Flow Hedging [Member] \| Foreign currency forwards [Member]
Derivative [Line Items]
Unrealized gain (loss) on derivative instruments	(4.5)	6.5	(11.5)	14.0
Cash Flow Hedging [Member] \| Interest Expense [Member] \| Forward starting interest rate swap [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(0.8)	(0.7)	(1.5)	(1.5)
Cash Flow Hedging [Member] \| Cost of goods sold [Member] \| Foreign currency forwards [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 1.5	$ (0.3)	$ 2.3	$ (0.9)

Derivative Instruments and Hedging Activities Fair Value Assumptions of Warrants (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Expected term (years)	2 years 3 months 18 days	2 years 9 months 18 days
Estimated volatility	71.77%	88.71%
Risk-free interest rate	1.42%	2.04%
Expected dividend yield	0.00%	0.00%

Commitments and Contingencies Loss Contingency (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Excise Tax Refund Receivable, Noncurrent	$ 40.0
Guarantor Obligations, Current Carrying Value	63.2	$ 35.9
Loss Contingency Accrual	12.5	13.7
Kaiser Tax, Civil and Labor Indemnity Reserve [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	14.8	$ 14.7
Maximum [Member] \| Kaiser purchased tax credits indemnity reserve, category two
Litigation and Other Disputes
Loss Contingency, Estimate of Possible Loss	$ 90.9

Supplemental Guarantor Information Supplemental Narrative (Details) € in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Apr. 18, 2018 USD ($)	Mar. 15, 2017 USD ($)	Mar. 15, 2017 EUR (€)	Jul. 07, 2016 USD ($)	May 03, 2012 USD ($)
Comprehensive income (loss) attributable to Molson Coors Brewing Company	$ 333.5	$ 209.6		$ 527.0	$ 536.8
Stockholders' Equity Attributable to Parent	13,899.4			13,899.4		$ 13,507.4
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest	330.2	430.8		479.3	713.3
Net income (loss) including noncontrolling interests	330.2	430.8		479.3	713.3
Payments of Dividends				177.4	177.0
Parent Company [Member]
Income (Loss) from Equity Method Investments Consolidating	374.5	261.9		619.8	897.4
Comprehensive income (loss) attributable to Molson Coors Brewing Company	333.5	209.6		527.0	536.8
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	26,267.4			26,267.4		25,475.0
Stockholders' Equity Attributable to Parent	13,899.4			13,899.4		13,507.4
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest	329.4	424.1		480.8	702.2
Payments of Dividends				163.0	162.5
Subsidiary Guarantors [Member]
Payments of Dividends			$ 1,700.0
Senior Notes [Member]
Debt Instrument, Face Amount											$ 1,900.0
Senior Notes [Member] \| $500 million 2.25% notes due 2020 [Member]
Debt Instrument, Face Amount							$ 500.0
Debt instrument, interest rate percentage								2.25%	2.25%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2017 $300M 2.0% [Member]
Debt Instrument, Face Amount											$ 300.0
Debt instrument, interest rate percentage											2.00%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2022 $500M 3.5% [Member]
Debt Instrument, Face Amount											$ 500.0
Debt instrument, interest rate percentage											3.50%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2042 $1.1B 5.0% [Member]
Debt Instrument, Face Amount											$ 1,100.0
Debt instrument, interest rate percentage											5.00%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2019 $500M 1.45% [Member]
Debt Instrument, Face Amount										$ 500.0
Debt instrument, interest rate percentage										1.45%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2021 $1B 2.1% [Member]
Debt Instrument, Face Amount										$ 1,000.0
Debt instrument, interest rate percentage										2.10%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2026 $2B 3.0% [Member]
Debt Instrument, Face Amount										$ 2,000.0
Debt instrument, interest rate percentage										3.00%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2046 $1.8B 4.2% [Member]
Debt Instrument, Face Amount										$ 1,800.0
Debt instrument, interest rate percentage										4.20%
Senior Notes [Member] \| Parent Company [Member] \| Senior Notes Due 2024 EUR800M 1.25% [Member]
Debt Instrument, Face Amount										$ 800.0
Debt instrument, interest rate percentage										1.25%
Senior Notes [Member] \| Parent Company [Member] \| $500 million 1.90% notes due 2019 [Member]
Debt instrument, interest rate percentage								1.90%	1.90%
Senior Notes [Member] \| Parent Company [Member] \| $500 million 2.25% notes due 2020 [Member]
Debt Instrument, Face Amount								$ 500.0
Debt instrument, interest rate percentage								2.25%	2.25%
Senior Notes [Member] \| Parent Company [Member] \| Two Thousand Seventeen EUR Notes [Member]
Debt Instrument, Face Amount \| €									€ 500
Consolidation, Eliminations [Member]
Income (Loss) from Equity Method Investments Consolidating	(392.8)	(398.5)		(569.2)	(880.0)
Comprehensive income (loss) attributable to Molson Coors Brewing Company	(425.1)	77.7		(631.5)	(618.2)
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(34,661.9)			(34,661.9)		(33,947.9)
Stockholders' Equity Attributable to Parent	(34,661.9)			(34,661.9)		$ (33,947.9)
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (392.8)	$ (398.5)		(569.2)	(880.0)
Payments of Dividends				$ (29.5)	$ (136.8)

Supplemental Guarantor Information Income statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed financial statements
Sales	$ 3,620.0	$ 3,820.5	$ 6,420.1	$ 6,688.5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	(671.7)	(735.3)	(1,168.5)	(1,271.8)
Net Sales	2,948.3	3,085.2	5,251.6	5,416.7
Cost of Goods Sold	(1,759.8)	(1,739.1)	(3,172.8)	(3,274.8)
Gross profit	1,188.5	1,346.1	2,078.8	2,141.9
Marketing, general and administrative expenses	(769.7)	(744.7)	(1,424.9)	(1,425.8)
Special items, net	49.9	(10.5)	36.9	304.3
Operating income (loss)	468.7	590.9	690.8	1,020.4
Interest income (expense), net	(65.6)	(76.7)	(138.9)	(159.9)
Other pension and postretirement benefits (costs), net	(8.4)	(9.9)	(17.0)	(19.9)
Other income (expense), net	(10.9)	(1.1)	13.0	0.0
Income tax benefit (expense)	(70.4)	(92.2)	(102.6)	(167.1)
Net Income (loss)	330.2	430.8	479.3	713.3
Net (income) loss attributable to noncontrolling interests	(0.8)	(6.7)	1.5	(11.1)
Net income (loss) attributable to Molson Coors Brewing Company	329.4	424.1	480.8	702.2
Comprehensive income (loss) attributable to Molson Coors Brewing Company	333.5	209.6	527.0	536.8
Parent Company [Member]
Condensed financial statements
Sales	38.3	0.0	64.6	4.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	0.0	0.0	0.0	0.0
Net Sales	38.3	0.0	64.6	4.9
Cost of Goods Sold	(2.4)	(0.5)	(3.9)	(1.0)
Gross profit	35.9	(0.5)	60.7	3.9
Marketing, general and administrative expenses	(71.5)	(60.9)	(143.1)	(131.1)
Special items, net	0.0	(0.4)	(0.4)	(0.4)
Equity income (loss) in subsidiaries	374.5	261.9	619.8	897.4
Operating income (loss)	338.9	200.1	537.0	769.8
Interest income (expense), net	(76.2)	(81.2)	(153.6)	(166.4)
Other pension and postretirement benefits (costs), net	0.0	0.0	0.0	0.0
Other income (expense), net	(0.1)	0.3	(0.1)	0.1
Income (loss) before income taxes	262.6	119.2	383.3	603.5
Income tax benefit (expense)	66.8	304.9	97.5	98.7
Net Income (loss)	329.4	424.1	480.8	702.2
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income (loss) attributable to Molson Coors Brewing Company	329.4	424.1	480.8	702.2
Comprehensive income (loss) attributable to Molson Coors Brewing Company	333.5	209.6	527.0	536.8
Subsidiary Guarantors [Member]
Condensed financial statements
Sales	2,765.8	2,874.7	4,975.1	5,109.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	(380.2)	(406.4)	(664.9)	(707.8)
Net Sales	2,385.6	2,468.3	4,310.2	4,401.5
Cost of Goods Sold	(1,398.4)	(1,385.0)	(2,533.7)	(2,626.7)
Gross profit	987.2	1,083.3	1,776.5	1,774.8
Marketing, general and administrative expenses	(565.6)	(514.0)	(1,023.5)	(977.3)
Special items, net	52.0	(7.7)	43.6	313.7
Equity income (loss) in subsidiaries	(66.7)	79.2	(129.7)	(79.6)
Operating income (loss)	406.9	640.8	666.9	1,031.6
Interest income (expense), net	88.3	84.8	168.5	166.8
Other pension and postretirement benefits (costs), net	1.1	1.6	2.3	3.0
Other income (expense), net	22.5	(80.5)	(7.4)	(40.3)
Income (loss) before income taxes	518.8	646.7	830.3	1,161.1
Income tax benefit (expense)	(143.8)	(385.1)	(209.8)	(263.2)
Net Income (loss)	375.0	261.6	620.5	897.9
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income (loss) attributable to Molson Coors Brewing Company	375.0	261.6	620.5	897.9
Comprehensive income (loss) attributable to Molson Coors Brewing Company	424.0	(30.7)	694.8	712.5
Subsidiary Non Guarantors [Member]
Condensed financial statements
Sales	988.9	1,079.7	1,683.8	1,822.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	(291.5)	(328.9)	(503.6)	(564.0)
Net Sales	697.4	750.8	1,180.2	1,258.3
Cost of Goods Sold	(479.9)	(485.8)	(845.5)	(885.5)
Gross profit	217.5	265.0	334.7	372.8
Marketing, general and administrative expenses	(184.7)	(171.5)	(351.4)	(327.0)
Special items, net	(2.1)	(2.4)	(6.3)	(9.0)
Equity income (loss) in subsidiaries	85.0	57.4	79.1	62.2
Operating income (loss)	115.7	148.5	56.1	99.0
Interest income (expense), net	(77.7)	(80.3)	(153.8)	(160.3)
Other pension and postretirement benefits (costs), net	7.3	8.3	14.7	16.9
Other income (expense), net	(33.3)	79.1	20.5	40.2
Income (loss) before income taxes	12.0	155.6	(62.5)	(4.2)
Income tax benefit (expense)	6.6	(12.0)	9.7	(2.6)
Net Income (loss)	18.6	143.6	(52.8)	(6.8)
Net (income) loss attributable to noncontrolling interests	(0.8)	(6.7)	1.5	(11.1)
Net income (loss) attributable to Molson Coors Brewing Company	17.8	136.9	(51.3)	(17.9)
Comprehensive income (loss) attributable to Molson Coors Brewing Company	1.1	(47.0)	(63.3)	(94.3)
Consolidated [Member]
Condensed financial statements
Sales	3,620.0	3,820.5	6,420.1	6,688.5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	(671.7)	(735.3)	(1,168.5)	(1,271.8)
Net Sales	2,948.3	3,085.2	5,251.6	5,416.7
Cost of Goods Sold	(1,759.8)	(1,739.1)	(3,172.8)	(3,274.8)
Gross profit	1,188.5	1,346.1	2,078.8	2,141.9
Marketing, general and administrative expenses	(769.7)	(744.7)	(1,424.9)	(1,425.8)
Special items, net	49.9	(10.5)	36.9	304.3
Equity income (loss) in subsidiaries	0.0	0.0	0.0	0.0
Operating income (loss)	468.7	590.9	690.8	1,020.4
Interest income (expense), net	(65.6)	(76.7)	(138.9)	(159.9)
Other pension and postretirement benefits (costs), net	8.4	9.9	17.0	19.9
Other income (expense), net	(10.9)	(1.1)	13.0	0.0
Income (loss) before income taxes	400.6	523.0	581.9	880.4
Income tax benefit (expense)	(70.4)	(92.2)	(102.6)	(167.1)
Net Income (loss)	330.2	430.8	479.3	713.3
Net (income) loss attributable to noncontrolling interests	(0.8)	(6.7)	1.5	(11.1)
Net income (loss) attributable to Molson Coors Brewing Company	329.4	424.1	480.8	702.2
Comprehensive income (loss) attributable to Molson Coors Brewing Company	333.5	209.6	527.0	536.8
Consolidation, Eliminations [Member]
Condensed financial statements
Sales	(173.0)	(133.9)	(303.4)	(248.0)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excise taxes	0.0	0.0	0.0	0.0
Net Sales	(173.0)	(133.9)	(303.4)	(248.0)
Cost of Goods Sold	120.9	132.2	210.3	238.4
Gross profit	(52.1)	(1.7)	(93.1)	(9.6)
Marketing, general and administrative expenses	52.1	1.7	93.1	9.6
Special items, net	0.0	0.0	0.0	0.0
Equity income (loss) in subsidiaries	(392.8)	(398.5)	(569.2)	(880.0)
Operating income (loss)	(392.8)	(398.5)	(569.2)	(880.0)
Interest income (expense), net	0.0	0.0	0.0	0.0
Other pension and postretirement benefits (costs), net	0.0	0.0	0.0	0.0
Other income (expense), net	0.0	0.0	0.0	0.0
Income (loss) before income taxes	(392.8)	(398.5)	(569.2)	(880.0)
Income tax benefit (expense)	0.0	0.0	0.0	0.0
Net Income (loss)	(392.8)	(398.5)	(569.2)	(880.0)
Net (income) loss attributable to noncontrolling interests	0.0	0.0	0.0	0.0
Net income (loss) attributable to Molson Coors Brewing Company	(392.8)	(398.5)	(569.2)	(880.0)
Comprehensive income (loss) attributable to Molson Coors Brewing Company	$ (425.1)	$ 77.7	$ (631.5)	$ (618.2)

Supplemental Guarantor Information Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed financial statements
Other Assets, Noncurrent	$ 899.8		$ 698.0
Current assets:
Cash and cash equivalents	490.2		1,057.9	$ 792.9		$ 418.6
Accounts receivable, net	932.3		744.4
Other receivables, net	175.8		126.6
Total inventories, net	698.1		591.8
Other current assets, net	304.0		245.6
Total current assets	2,600.4		2,766.3
Properties, net	4,505.1		4,608.3
Goodwill	8,288.9		8,260.8
Other intangibles, net	13,767.4		13,776.4
Total assets	30,061.6		30,109.8
Accounts payable and other current liabilities	3,045.6		2,706.4
Current liabilities:
Current portion of long-term debt and short-term borrowings	1,034.7		1,594.5
Total current liabilities	4,080.3		4,300.9
Long-term debt	8,517.9		8,893.8
Pension and postretirement benefits	725.5		726.6
Deferred tax liabilities	2,199.6		2,128.9
Other Liabilities, Noncurrent	393.3		323.8
Total liabilities	15,916.6		16,374.0
MCBC stockholders' equity	13,899.4		13,507.4
Noncontrolling interests	245.6		228.4
Total equity	14,145.0	$ 13,888.1	13,735.8	13,548.9	$ 13,415.8	13,187.3
Total liabilities and equity	30,061.6		30,109.8
Consolidation, Eliminations [Member]
Condensed financial statements
Other Assets, Noncurrent	(91.1)		(91.1)
Current assets:
Cash and cash equivalents	0.0		0.0	0.0		0.0
Accounts receivable, net	0.0		0.0
Other receivables, net	0.0		0.0
Total inventories, net	0.0		0.0
Other current assets, net	0.0		0.0
Intercompany accounts receivable	(3,557.9)		(2,397.0)
Total current assets	(3,557.9)		(2,397.0)
Properties, net	0.0		0.0
Goodwill	0.0		0.0
Other intangibles, net	0.0		0.0
Net investment in and advances to subsidiaries	(34,661.9)		(33,947.9)
Total assets	(38,310.9)		(36,436.0)
Accounts payable and other current liabilities	0.0		0.0
Current liabilities:
Current portion of long-term debt and short-term borrowings	0.0		0.0
Intercompany accounts payable	(3,557.9)		(2,397.0)
Total current liabilities	(3,557.9)		(2,397.0)
Long-term debt	0.0		0.0
Pension and postretirement benefits	0.0		0.0
Deferred tax liabilities	(91.1)		(91.1)
Other Liabilities, Noncurrent	0.0		0.0
Intercompany notes payable	(7,496.2)		(7,409.8)
Total liabilities	(11,145.2)		(9,897.9)
MCBC stockholders' equity	(34,661.9)		(33,947.9)
Intercompany notes receivable	7,496.2		7,409.8
Total stockholders' equity	(27,165.7)		(26,538.1)
Noncontrolling interests	0.0		0.0
Total equity	(27,165.7)		(26,538.1)
Total liabilities and equity	(38,310.9)		(36,436.0)
Parent Company [Member]
Condensed financial statements
Other Assets, Noncurrent	134.2		159.9
Current assets:
Cash and cash equivalents	12.2		515.8	433.5		6.6
Accounts receivable, net	0.0		0.0
Other receivables, net	73.2		50.0
Total inventories, net	0.0		0.0
Other current assets, net	3.0		3.0
Intercompany accounts receivable	0.0		0.0
Total current assets	88.4		568.8
Properties, net	14.9		19.0
Goodwill	0.0		0.0
Other intangibles, net	5.0		6.0
Net investment in and advances to subsidiaries	26,267.4		25,475.0
Total assets	26,509.9		26,228.7
Accounts payable and other current liabilities	159.2		170.8
Current liabilities:
Current portion of long-term debt and short-term borrowings	998.8		1,572.6
Intercompany accounts payable	2,718.7		1,836.5
Total current liabilities	3,876.7		3,579.9
Long-term debt	7,261.7		7,765.6
Pension and postretirement benefits	3.4		3.2
Deferred tax liabilities	0.0		0.0
Other Liabilities, Noncurrent	122.2		26.0
Intercompany notes payable	1,347.6		1,347.6
Total liabilities	12,611.6		12,722.3
MCBC stockholders' equity	13,899.4		13,507.4
Intercompany notes receivable	(1.1)		(1.0)
Total stockholders' equity	13,898.3		13,506.4
Noncontrolling interests	0.0		0.0
Total equity	13,898.3		13,506.4
Total liabilities and equity	26,509.9		26,228.7
Subsidiary Guarantors [Member]
Condensed financial statements
Other Assets, Noncurrent	357.6		193.2
Current assets:
Cash and cash equivalents	170.5		156.1	68.6		140.9
Accounts receivable, net	534.3		427.3
Other receivables, net	72.2		48.3
Total inventories, net	495.6		451.6
Other current assets, net	196.0		157.2
Intercompany accounts receivable	3,474.7		2,366.0
Total current assets	4,943.3		3,606.5
Properties, net	3,295.6		3,427.5
Goodwill	6,465.4		6,444.0
Other intangibles, net	11,816.3		11,800.0
Net investment in and advances to subsidiaries	3,559.1		3,893.2
Total assets	30,437.3		29,364.4
Accounts payable and other current liabilities	1,944.4		1,651.0
Current liabilities:
Current portion of long-term debt and short-term borrowings	1.5		0.0
Intercompany accounts payable	165.6		120.9
Total current liabilities	2,111.5		1,771.9
Long-term debt	1,183.0		1,097.4
Pension and postretirement benefits	709.8		711.2
Deferred tax liabilities	1,507.7		1,461.1
Other Liabilities, Noncurrent	188.1		199.3
Intercompany notes payable	17.1		63.6
Total liabilities	5,717.2		5,304.5
MCBC stockholders' equity	30,850.5		30,057.5
Intercompany notes receivable	(6,130.4)		(5,997.6)
Total stockholders' equity	24,720.1		24,059.9
Noncontrolling interests	0.0		0.0
Total equity	24,720.1		24,059.9
Total liabilities and equity	30,437.3		29,364.4
Subsidiary Non Guarantors [Member]
Condensed financial statements
Other Assets, Noncurrent	499.1		436.0
Current assets:
Cash and cash equivalents	307.5		386.0	290.8		271.1
Accounts receivable, net	398.0		317.1
Other receivables, net	30.4		28.3
Total inventories, net	202.5		140.2
Other current assets, net	105.0		85.4
Intercompany accounts receivable	83.2		31.0
Total current assets	1,126.6		988.0
Properties, net	1,194.6		1,161.8
Goodwill	1,823.5		1,816.8
Other intangibles, net	1,946.1		1,970.4
Net investment in and advances to subsidiaries	4,835.4		4,579.7
Total assets	11,425.3		10,952.7
Accounts payable and other current liabilities	942.0		884.6
Current liabilities:
Current portion of long-term debt and short-term borrowings	34.4		21.9
Intercompany accounts payable	673.6		439.6
Total current liabilities	1,650.0		1,346.1
Long-term debt	73.2		30.8
Pension and postretirement benefits	12.3		12.2
Deferred tax liabilities	783.0		758.9
Other Liabilities, Noncurrent	83.0		98.5
Intercompany notes payable	6,131.5		5,998.6
Total liabilities	8,733.0		8,245.1
MCBC stockholders' equity	3,811.4		3,890.4
Intercompany notes receivable	(1,364.7)		(1,411.2)
Total stockholders' equity	2,446.7		2,479.2
Noncontrolling interests	245.6		228.4
Total equity	2,692.3		2,707.6
Total liabilities and equity	11,425.3		10,952.7
Consolidated [Member]
Condensed financial statements
Other Assets, Noncurrent	899.8		698.0
Current assets:
Cash and cash equivalents	490.2		1,057.9	$ 792.9		$ 418.6
Accounts receivable, net	932.3		744.4
Other receivables, net	175.8		126.6
Total inventories, net	698.1		591.8
Other current assets, net	304.0		245.6
Intercompany accounts receivable	0.0		0.0
Total current assets	2,600.4		2,766.3
Properties, net	4,505.1		4,608.3
Goodwill	8,288.9		8,260.8
Other intangibles, net	13,767.4		13,776.4
Net investment in and advances to subsidiaries	0.0		0.0
Total assets	30,061.6		30,109.8
Accounts payable and other current liabilities	3,045.6		2,706.4
Current liabilities:
Current portion of long-term debt and short-term borrowings	1,034.7		1,594.5
Intercompany accounts payable	0.0		0.0
Total current liabilities	4,080.3		4,300.9
Long-term debt	8,517.9		8,893.8
Pension and postretirement benefits	725.5		726.6
Deferred tax liabilities	2,199.6		2,128.9
Other Liabilities, Noncurrent	393.3		323.8
Intercompany notes payable	0.0		0.0
Total liabilities	15,916.6		16,374.0
MCBC stockholders' equity	13,899.4		13,507.4
Intercompany notes receivable	0.0		0.0
Total stockholders' equity	13,899.4		13,507.4
Noncontrolling interests	245.6		228.4
Total equity	14,145.0		13,735.8
Total liabilities and equity	$ 30,061.6		$ 30,109.8

Supplemental Guarantor Information Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	$ 828.0	$ 1,297.8
Cash flows from investing activities:
Additions to properties	(310.5)	(351.1)
Proceeds from sales of properties and other assets	99.9	4.4
Other	42.8	(50.5)
Net cash provided by (used in) investing activities	(167.8)	(397.2)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	1.4	6.3
Dividends paid	(177.4)	(177.0)
Payments on debt and borrowings	(1,070.8)	(2.4)
Net proceeds from (payments on) revolving credit facilities and commercial paper	(1.9)	(376.1)
Change in overdraft balances and other	12.8	24.5
Net cash provided by (used in) financing activities	(1,235.9)	(524.7)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(575.7)	375.9
Effect of foreign exchange rate changes on cash and cash equivalents	8.0	(1.6)
Balance at beginning of year	1,057.9	418.6
Balance at end of period	490.2	792.9
Parent Company [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	663.1	987.7
Cash flows from investing activities:
Additions to properties	(5.1)	(7.0)
Proceeds from sales of properties and other assets	0.0	0.0
Other	46.2	0.0
Net intercompany investing activity	20.0	18.3
Net cash provided by (used in) investing activities	61.1	11.3
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	1.4	6.3
Dividends paid	(163.0)	(162.5)
Payments on debt and borrowings	(1,066.3)	0.0
Net proceeds from (payments on) revolving credit facilities and commercial paper	0.0	(378.4)
Change in overdraft balances and other	(2.9)	(4.9)
Net intercompany financing activity	0.0	(32.6)
Net cash provided by (used in) financing activities	(1,230.8)	(572.1)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(506.6)	426.9
Effect of foreign exchange rate changes on cash and cash equivalents	3.0	0.0
Balance at beginning of year	515.8	6.6
Balance at end of period	12.2	433.5
Subsidiary Guarantors [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	217.6	368.8
Cash flows from investing activities:
Additions to properties	(186.0)	(256.8)
Proceeds from sales of properties and other assets	96.5	1.7
Other	0.2	(0.7)
Net intercompany investing activity	(9.5)	(20.8)
Net cash provided by (used in) investing activities	(98.8)	(276.6)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0.0	0.0
Dividends paid	(29.5)	0.0
Payments on debt and borrowings	(0.2)	(0.4)
Net proceeds from (payments on) revolving credit facilities and commercial paper	0.0	0.0
Change in overdraft balances and other	(9.6)	(6.9)
Net intercompany financing activity	(69.3)	(157.5)
Net cash provided by (used in) financing activities	(108.6)	(164.8)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	10.2	(72.6)
Effect of foreign exchange rate changes on cash and cash equivalents	4.2	0.3
Balance at beginning of year	156.1	140.9
Balance at end of period	170.5	68.6
Subsidiary Non Guarantors [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	(23.2)	78.1
Cash flows from investing activities:
Additions to properties	(119.4)	(87.3)
Proceeds from sales of properties and other assets	3.4	2.7
Other	(3.6)	(49.8)
Net intercompany investing activity	48.4	177.8
Net cash provided by (used in) investing activities	(71.2)	43.4
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0.0	0.0
Dividends paid	(14.4)	(151.3)
Payments on debt and borrowings	(4.3)	(2.0)
Net proceeds from (payments on) revolving credit facilities and commercial paper	(1.9)	2.3
Change in overdraft balances and other	25.3	36.3
Net intercompany financing activity	10.4	14.8
Net cash provided by (used in) financing activities	15.1	(99.9)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(79.3)	21.6
Effect of foreign exchange rate changes on cash and cash equivalents	0.8	(1.9)
Balance at beginning of year	386.0	271.1
Balance at end of period	307.5	290.8
Consolidated [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	828.0	1,297.8
Cash flows from investing activities:
Additions to properties	(310.5)	(351.1)
Proceeds from sales of properties and other assets	99.9	4.4
Other	42.8	(50.5)
Net intercompany investing activity	0.0	0.0
Net cash provided by (used in) investing activities	(167.8)	(397.2)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	1.4	6.3
Dividends paid	(177.4)	(177.0)
Payments on debt and borrowings	(1,070.8)	(2.4)
Net proceeds from (payments on) revolving credit facilities and commercial paper	(1.9)	(376.1)
Change in overdraft balances and other	12.8	24.5
Net intercompany financing activity	0.0	0.0
Net cash provided by (used in) financing activities	(1,235.9)	(524.7)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(575.7)	375.9
Effect of foreign exchange rate changes on cash and cash equivalents	8.0	(1.6)
Balance at beginning of year	1,057.9	418.6
Balance at end of period	490.2	792.9
Consolidation, Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	(29.5)	(136.8)
Cash flows from investing activities:
Additions to properties	0.0	0.0
Proceeds from sales of properties and other assets	0.0	0.0
Other	0.0	0.0
Net intercompany investing activity	(58.9)	(175.3)
Net cash provided by (used in) investing activities	(58.9)	(175.3)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0.0	0.0
Dividends paid	29.5	136.8
Payments on debt and borrowings	0.0	0.0
Net proceeds from (payments on) revolving credit facilities and commercial paper	0.0	0.0
Change in overdraft balances and other	0.0	0.0
Net intercompany financing activity	58.9	175.3
Net cash provided by (used in) financing activities	88.4	312.1
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	0.0	0.0
Effect of foreign exchange rate changes on cash and cash equivalents	0.0	0.0
Balance at beginning of year	0.0	0.0
Balance at end of period	$ 0.0	$ 0.0

Three Months Ended June 30, 2018

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