MOLSON COORS BEVERAGE CO, 10-K filed on 2/11/2021
Annual Report
v3.20.4
Cover Page - USD ($)
$ in Billions
12 Months Ended
Dec. 31, 2020
Feb. 04, 2021
Jun. 30, 2020
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-14829    
Entity Registrant Name Molson Coors Beverage Company    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 84-0178360    
Entity Address, Address Line One P.O. Box 4030, NH353    
Entity Address, City or Town Golden    
Entity Address, State or Province CO    
Entity Address, Country US    
Entity Address, Postal Zip Code 80401    
City Area Code 303    
Local Phone Number 279-6565    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 6.3
Entity Central Index Key 0000024545    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock, voting      
Document Information [Line Items]      
Entity Common Stock, shares outstanding   2,561,670  
Common stock issued, Class B      
Document Information [Line Items]      
Entity Common Stock, shares outstanding   200,395,991  
Class A exchangeable shares      
Document Information [Line Items]      
Entity Common Stock, shares outstanding   2,718,267  
Class B Exchangeable Shares      
Document Information [Line Items]      
Entity Common Stock, shares outstanding   11,104,594  
Canada      
Document Information [Line Items]      
Entity Address, Address Line One 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    
NEW YORK STOCK EXCHANGE, INC. | Class A common stock, voting      
Document 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. | Common stock issued, Class B      
Document Information [Line Items]      
Title of 12(b) Security Class B Common Stock, $0.01 par value    
Trading Symbol TAP    
Security Exchange Name NYSE    
NEW YORK STOCK EXCHANGE, INC. | Senior Notes Due 2024      
Document Information [Line Items]      
Title of 12(b) Security 1.25% Senior Notes due 2024    
Trading Symbol TAP    
Security Exchange Name NYSE    
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sales $ 11,723.8 $ 13,009.1 $ 13,338.0
Excise taxes (2,069.8) (2,429.7) (2,568.4)
Net Sales 9,654.0 10,579.4 10,769.6
Cost of Goods Sold (5,885.7) (6,378.2) (6,584.8)
Gross profit 3,768.3 4,201.2 4,184.8
Marketing, general and administrative expenses (2,437.0) (2,728.0) (2,802.7)
Special items, net (1,740.2) (708.8) 249.7
Operating income (loss) (408.9) 764.4 1,631.8
Other income (expense), net      
Interest expense 274.6 280.9 306.2
Interest income 3.3 8.2 8.0
Total other non-service pension and postretirement benefits (costs), net 30.3 2.9 38.2
Other income (expense), net 6.0 (14.7) (12.0)
Total other income (expense), net (235.0) (284.5) (272.0)
Income (loss) before income taxes (643.9) 479.9 1,359.8
Income tax benefit (expense) (301.8) (233.7) (225.2)
Net Income (Loss) (945.7) 246.2 1,134.6
Net (income) loss attributable to noncontrolling interests (3.3) (4.5) (18.1)
Net income (loss) attributable to Molson Coors Beverage Company $ (949.0) $ 241.7 $ 1,116.5
Basic net income (loss) attributable to Molson Coors Beverage Company per share:      
Basic net income (loss) attributable to Molson Coors Beverage Company per share (in dollars per share) $ (4.38) $ 1.12 $ 5.17
Diluted net income (loss) attributable to Molson Coors Beverage Company per share:      
Diluted net income (loss) attributable to Molson Coors Beverage Company per share (in dollars per share) $ (4.38) $ 1.11 $ 5.15
Weighted-average shares—basic 216.8 216.6 216.0
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 0.0 0.3 0.6
Weighted-average shares for diluted EPS 216.8 216.9 216.6
Common Stock, Dividends, Per Share, Declared $ 0.57 $ 1.96 $ 1.64
Amounts attributable to Molson Coors Beverage Company      
Net income (loss) attributable to Molson Coors Beverage Company $ (949.0) $ 241.7 $ 1,116.5
Share-based Payment Arrangement [Member]      
Diluted net income (loss) attributable to Molson Coors Beverage Company per share:      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 2.7 1.3 0.8
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net income (loss) including noncontrolling interests $ (945.7) $ 246.2 $ 1,134.6
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments 113.6 177.6 (359.0)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax 0.0 0.0 6.0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax (85.7) (84.2) 10.9
Reclassification of derivative (gain) loss to income (0.4) 0.5 2.5
Pension and other postretirement benefit adjustments (39.9) (39.8) 43.5
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement (5.2) 19.7 4.9
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) 14.2 (10.6) (0.8)
Total other comprehensive income (loss), net of tax (3.4) 63.2 (292.0)
Comprehensive income (loss) (949.1) 309.4 842.6
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest (5.5) (5.1) (16.1)
Comprehensive income (loss) attributable to Molson Coors Beverage Company $ (954.6) $ 304.3 $ 826.5
v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 770.1 $ 523.4
Accounts and other receivables:    
Trade, less allowance for doubtful accounts of $18.1 and $12.1, respectively 549.6 705.9
Affiliate receivables 8.4 8.9
Other receivables, less allowance for doubtful accounts of $2.4 and $0.1, respectively 129.1 105.5
Inventories:    
Inventories, less allowance for obsolete inventories of $22.0 and $10.8, respectively 664.3 615.9
Other current assets, net 297.3 224.8
Total current assets 2,418.8 2,184.4
Properties, less accumulated depreciation of $3,416.4 and $3,004.6, respectively 4,250.3 4,546.5
Goodwill 6,151.0 7,631.4
Other intangibles, less accumulated amortization of $1,206.5 and $995.1, respectively 13,556.1 13,656.0
Other assets 954.9 841.5
Total assets 27,331.1 28,859.8
Current liabilities:    
Accounts payable and other current liabilities (includes affiliate payables of $0.5 and $0.0, respectively) 2,889.5 2,767.3
Current portion of long-term debt and short-term borrowings 1,020.1 928.2
Total current liabilities 3,909.6 3,695.5
Long-term debt 7,208.2 8,109.5
Pension and postretirement benefits 763.2 716.6
Deferred tax liabilities 2,381.6 2,258.6
Other liabilities 447.2 406.5
Total liabilities 14,709.8 15,186.7
Commitments and contingencies (Note 18)
Molson Coors Beverage Company stockholders' equity    
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) 0.0 0.0
Paid-in capital 6,937.8 6,773.6
Retained earnings 6,544.2 7,617.0
Accumulated other comprehensive income (loss) (1,167.8) (1,162.2)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively) (471.4) (471.4)
Total Molson Coors Beverage Company stockholders' equity 12,365.0 13,419.4
Noncontrolling interests 256.3 253.7
Total equity 12,621.3 13,673.1
Total liabilities and equity 27,331.1 28,859.8
Class A common stock, voting    
Molson Coors Beverage Company stockholders' equity    
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: 209.8 shares and 205.7 shares, respectively) 0.0 0.0
Total equity 0.0 0.0
Common stock issued, Class B    
Molson Coors Beverage Company stockholders' equity    
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: 209.8 shares and 205.7 shares, respectively) 2.1 2.1
Total equity 2.1 2.1
Class A exchangeable shares    
Molson Coors Beverage Company stockholders' equity    
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively); Class B, no par value (issued and outstanding: 11.1 shares and 14.8 shares, respectively) 102.3 102.5
Total equity 102.3 102.5
Class B Exchangeable Shares    
Molson Coors Beverage Company stockholders' equity    
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively); Class B, no par value (issued and outstanding: 11.1 shares and 14.8 shares, respectively) 417.8 557.8
Total equity $ 417.8 $ 557.8
v3.20.4
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Assets    
Accounts Receivable, Allowance for Credit Loss, Current $ 18.1 $ 12.1
Financing Receivable, Allowance for Credit Loss, Current 2.4 0.1
Allowance for Obsolete Inventory, Finished Goods 22.0 10.8
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 3,416.4 3,004.6
Finite-Lived Intangible Assets, Accumulated Amortization 1,206.5 995.1
Due to Affiliate, Current $ 0.5 $ 0.0
Equity [Abstract]    
Preferred Stock, Non-voting, No Par Value $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 25,000,000.0 25,000,000.0
Preferred Stock, Shares Issued 0 0
Treasury Stock, Shares 9,500,000 9,500,000
Class A common stock, voting    
Equity [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 500,000,000.0 500,000,000.0
Common Stock, Shares, Issued 2,600,000 2,600,000
Common Stock, Shares, Outstanding 2,600,000 2,600,000
Common stock issued, Class B    
Equity [Abstract]    
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 500,000,000.0 500,000,000.0
Common Stock, Shares, Issued 209,800,000 205,700,000
Class A exchangeable shares    
Equity [Abstract]    
Exchangeable Stock, No Par Value $ 0 $ 0
Exchangeable Stock, Shares Issued 2,700,000 2,700,000
Exchangeable Stock, Shares Outstanding 2,700,000 2,700,000
Class B Exchangeable Shares    
Equity [Abstract]    
Exchangeable Stock, No Par Value $ 0 $ 0
Exchangeable Stock, Shares Issued 11,100,000 11,100,000
Exchangeable Stock, Shares Outstanding 14,800,000 14,800,000
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]      
Net Income (Loss) $ (945.7) $ 246.2 $ 1,134.6
Cash flows from operating activities:      
Net income (loss) including noncontrolling interests (945.7) 246.2 1,134.6
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 922.0 859.0 857.5
Amortization of debt issuance costs and discounts 8.1 13.6 12.7
Share-based compensation 24.2 8.5 42.6
(Gain) loss on sale or impairment of properties and other assets, net 1,553.5 614.7 (8.1)
Unrealized (Gain) Loss on Foreign Currency Fluctuations and Derivative Instruments, net (111.4) 18.9 193.1
Income tax (benefit) expense 301.8 233.7 225.2
Income tax (paid) received (127.0) (57.0) 32.3
Interest expense, excluding interest amortization 266.0 272.4 304.2
Interest paid (271.9) (285.0) (308.7)
Change in current assets and liabilities (net of impact of business combinations) and other:      
Receivables 160.8 38.5 (38.4)
Inventories (46.2) (17.7) (10.6)
Payables and other current liabilities (50.1) (53.0) 27.6
Other assets and other liabilities 11.6 4.5 (132.7)
Net cash provided by operating activities 1,695.7 1,897.3 2,331.3
Cash flows from investing activities:      
Additions to properties (574.8) (593.8) (651.7)
Proceeds from sales of properties and other assets 158.8 115.9 32.5
Other 2.4 44.6 (49.9)
Net cash used in investing activities (413.6) (433.3) (669.1)
Cash flows from financing activities:      
Exercise of stock options under equity compensation plans 4.1 1.6 16.0
Dividends paid (125.3) (424.4) (354.2)
Payments on debt and borrowings (918.9) (1,586.2) (319.8)
Proceeds on debt and borrowings 1.5 3.0 0.0
Net proceeds from (payments on) revolving credit facilities and commercial paper 0.0 (4.7) (374.3)
Other (31.8) 3.7 23.4
Net Cash Provided by (Used in) Financing Activities (1,070.4) (2,007.0) (1,008.9)
Cash and cash equivalents:      
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, Total 211.7 (543.0) 653.3
Effect of foreign exchange rate changes on cash and cash equivalents 35.0 8.5 (14.0)
Balance at beginning of year 523.4 1,057.9 418.6
Balance at end of year $ 770.1 $ 523.4 $ 1,057.9
v3.20.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($)
$ in Millions
Total
Common stock issued, Class A
Common stock issued, Class B
Exchangeable shares issued, Class A
Exchangeable shares issued, Class B
Paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
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]                    
Exchange of shares 0.0     (4.5) 4.4 0.1        
Shares issued under equity compensation plan 2.8         2.8        
Amortization of share-based compensation 42.2         42.2        
Payments to Acquire Interest in Joint Venture 44.3         39.4       4.9
Purchase of noncontrolling Interest (0.2)         0.1       (0.3)
Net income (loss) including noncontrolling interests 1,134.6           1,116.5     18.1
Other comprehensive income (loss), net of tax (292.0)             (290.0)   (2.0)
Initial Application Period Cumulative Effect Transition for Accounting Standards Update 2014-09 (27.8)           (27.8)      
Contributions from noncontrolling interests 21.6                 21.6
Distributions and dividends to noncontrolling interests (22.8)                 (22.8)
Dividends declared and paid $ (354.2)           (354.2)      
Common Stock, Dividends, Per Share, Declared $ 1.64                  
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     (0.7) 0.2 0.5        
Shares issued under equity compensation plan (8.3)   0.1     (8.4)        
Amortization of share-based compensation 8.3         8.3        
Purchase of noncontrolling Interest 0.6         0.1       0.5
Noncontrolling Interest, Decrease from Deconsolidation (1.7)                 (1.7)
Net income (loss) including noncontrolling interests 246.2           241.7     4.5
Other comprehensive income (loss), net of tax 63.2             62.6   0.6
Initial Application Period Cumulative Effect Transition for Accounting Standards Update 2016-02 32.0           32.0      
Increase in retained earnings due to reclassification of stranded tax effects 0.0           74.8 (74.8)    
Contributions from noncontrolling interests 34.1                 34.1
Distributions and dividends to noncontrolling interests (12.7)                 (12.7)
Dividends declared and paid $ (424.4)           (424.4)      
Common Stock, Dividends, Per Share, Declared $ 1.96                  
Balance at Dec. 31, 2019 $ 13,673.1 0.0 2.1 102.5 557.8 6,773.6 7,617.0 (1,162.2) (471.4) 253.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of shares 0.0     (0.2) (140.0) 140.2        
Shares issued under equity compensation plan (0.5)   0.0     (0.5)        
Amortization of share-based compensation 24.2         24.2        
Purchase of noncontrolling Interest (0.2)         0.3       (0.5)
Net income (loss) including noncontrolling interests (945.7)           (949.0)     3.3
Other comprehensive income (loss), net of tax (3.4)             (5.6)   2.2
Contributions from noncontrolling interests 16.3                 16.3
Distributions and dividends to noncontrolling interests (18.7)                 (18.7)
Dividends declared and paid $ (123.8)           (123.8)      
Common Stock, Dividends, Per Share, Declared $ 0.57                  
Balance at Dec. 31, 2020 $ 12,621.3 $ 0.0 $ 2.1 $ 102.3 $ 417.8 $ 6,937.8 $ 6,544.2 $ (1,167.8) $ (471.4) $ 256.3
v3.20.4
Basis of Presentation and Summary of Significant Accounting Policies Cash flows (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Capital Expenditures Incurred but Not yet Paid $ 171.9 $ 214.9 $ 221.0
Cash paid for interest 271.9 285.0 308.7
Cash paid for taxes, net of refunds $ 127.0 $ 57.0 $ (32.3)
v3.20.4
Basis of Presentation and Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC," "Molson Coors" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. On January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The previous International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly.
Unless otherwise indicated, comparisons are to comparable prior periods, and 2020, 2019 and 2018 refers to the 12 months ended December 31, 2020, December 31, 2019, and December 31, 2018, respectively.
Our consolidated financial statements and related disclosures reflect new accounting pronouncements adopted during the year as discussed in Note 2, "New Accounting Pronouncements."
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.
Coronavirus Global Pandemic
We are actively monitoring the impact of the coronavirus pandemic, which had a material adverse effect on our operations, liquidity, financial condition and results of operations during 2020 due to on-premise closures worldwide. The effects of the pandemic remain highly uncertain especially around the severity and duration of the outbreak and actions by government authorities to contain the pandemic or address its impact, among other things.
During 2020, we recorded charges of $15.5 million within cost of goods sold related to temporary "thank you" pay for certain essential North America brewery employees. Additionally, in order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which have been negatively impacted by the coronavirus pandemic, during the first quarter of 2020, we initiated temporary keg relief programs in many of our markets. As part of these voluntary programs, we committed to provide customers with reimbursements for untapped kegs that met certain established return requirements. As a result, during 2020, we recognized a reduction to net sales of $30.3 million reflecting sales returns and reimbursements through these keg relief programs, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates recognized during the remainder of 2020. Further, during 2020, we recognized charges of $12.1 million, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates recognized during the remainder of 2020, within cost of goods sold related to obsolete finished goods keg inventories that were not expected to be sold within our freshness specifications, as well as the costs to facilitate the above mentioned keg returns. As of December 31, 2020 and December 31, 2019, our aggregate allowance for obsolete inventories was approximately $22 million and $11 million, respectively. The actual duration of the coronavirus pandemic, including the length of government-mandated closures or ceased sit-down service limitations at bars and restaurants coupled with the subsequent economic recovery period relative to the assumptions utilized to derive these estimates, could result in further charges due to incremental finished goods keg inventory becoming obsolete in future periods.
Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of December 31, 2020 and December 31, 2019, our allowance for trade receivables was approximately $18 million and $12 million, respectively, and allowance activity was immaterial during the year ended December 31, 2020.
Further, in response to the coronavirus pandemic, various governmental authorities globally have announced relief programs which among other items, provide temporary deferrals of income and non-income based tax payments, which have
positively impacted our operating cash flows in the year ended December 31, 2020. These temporary deferrals of approximately $130 million as of December 31, 2020, are included within accounts payable and other current liabilities and other liabilities on the consolidated balance sheets.
Finally, we continue to protect and support our liquidity position in response to the global economic uncertainty created by the coronavirus pandemic. In May 2020, our board of directors suspended our regular quarterly dividends on our Class A and Class B common and exchangeable shares.
For considerations of the effects of the coronavirus pandemic and impairment charges taken related to our goodwill and indefinite-lived intangible assets, see Note 10, "Goodwill and Intangible Assets."
Revitalization Plan
On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have been, and will continue to, further recognize charges through fiscal 2021.
We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 7, "Special Items" and Note 10, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan.
Principles of Consolidation
Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as certain VIEs for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
Revenue Recognition
Our net sales represent the sale of beer, malt beverages and other adjacencies, net of excise tax. Sales are stated net of incentives, discounts and returns. Sales of products are for cash or otherwise agreed upon credit terms. Our payment terms vary by location and customer, however, the time period between when revenue is recognized and when payment is due is not significant. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution and shipping terms. Where our products are sold under consignment arrangements, revenue is not recognized until control has transferred, which is when the product is sold to the end customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. The cost of various programs, such as price promotions, rebates and coupons, are treated as a reduction of sales. In certain of our markets, we make cash payments to customers such as slotting or listing fees, or payments for other marketing or promotional activities. These cash payments are recorded as a reduction of revenue unless we receive a distinct good or service. Specifically, a good or service is considered distinct when it is separately identifiable from other promises in the contract, we receive a benefit from the good or service, and the benefit is separable from the sale of our product to the customer.
Certain payments made to customers are conditional on the achievement of volume targets, marketing commitments, or both. If paid in advance, we record such payments as prepayments and amortize them over the relevant period to which the customer commitment is made (generally up to five years). When the payment is not for a distinct good or service, or fair value cannot be reasonably estimated, the amortization of the prepayment or the cost as incurred is recorded as a reduction of revenue. Where a distinct good or service is received and fair value can be reasonably estimated, the cost is included as marketing, general and administrative expenses. The amounts deferred are reassessed regularly for recoverability over the
contract period and are impaired where there is objective evidence that the benefits will not be realized or the asset is otherwise not recoverable. Separately, as discussed below, we analyze whether these advance payments contain a significant financing component for potential adjustment to the transaction price.
Our primary revenue generating activity represents the sale of beer and other malt beverages to customers, including both domestic and exported product sales. Our customer could be a distributor, retail or on-premise outlet, depending on the market. The majority of our revenues are generated from brands that we own and brew ourselves, however, we also import or brew and sell certain non-owned partner brands under licensing and related arrangements. In addition, primarily in the U.K., as well as certain other countries in our Europe segment, we sell other beverage companies' products to on-premise customers to provide them with a full range of products for their retail outlets. We refer to this as the "factored brand business." Sales from this business are included in our net sales and cost of goods sold when ultimately sold. In the factored brand business, we normally purchase inventory, which includes excise taxes charged by the vendor, take orders from customers for such brands, negotiate with the customers on pricing and invoice customers for the product and related costs of delivery. In addition, we incur the risk of loss at times we are in possession of the inventory and for the receivables due from the customers. Revenues for owned brands, partner and imported brands, as well as factored brands are recognized at the point in time when control is transferred to the customer as discussed above.
Other Revenue Generating Activities
We contract manufacture for other brewers in some of our markets. These contractual agreements require us to brew, package and ship certain brands to these brewers, who then sell the products to their own customers in their respective markets. Revenues under contract brewing arrangements are recognized when our obligation related to the finished product is fulfilled and control of the product transfers to these other brewers.
We also have licensing agreements with third party partners who brew and distribute our products in various markets across our segments. Under these agreements, we are compensated based on the amount of products sold by our partners in these markets at an agreed upon royalty rate or profit percentage. We apply the sales-based royalty practical expedient to these licensing arrangements and recognize revenue as product is sold by our partners at the agreed upon rate.
Disaggregation of Revenue
We have evaluated our primary revenue generating activities under the disaggregation disclosure criteria outlined within the guidance and concluded that disclosure at the geographical segment level depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. We have also evaluated our other revenue generating activities and concluded that these activities are immaterial for separate disclosure. See Note 3, "Segment Reporting," for disclosure of revenues by geographic segment.
Variable Consideration
Our revenue generating activities include variable consideration which is recorded as a reduction of the transaction price based upon expected amounts at the time revenue for the corresponding product sale is recognized. For example, customer promotional discount programs are entered into with certain distributors for certain periods of time. The amount ultimately reimbursed to distributors is determined based upon agreed-upon promotional discounts which are applied to distributors' sales to retailers. Other common forms of variable consideration include volume rebates for meeting established sales targets, and coupons and mail-in rebates offered to the end consumer. The determination of the reduction of the transaction price for variable consideration requires that we make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. We estimate this variable consideration, including analyzing for a potential constraint on variable consideration, by taking into account factors such as the nature of the promotional activity, historical information and current trends, availability of actual results, and expectations of customer and consumer behavior.
We do not have standard terms that permit return of product; however, in certain markets where returns occur we estimate the amount of returns as variable consideration based on historical return experience and adjust our revenue accordingly. Products that do not meet our high quality standards are returned by the customer or recalled and destroyed and are recorded as a reduction of revenue. The reversal of revenue is recorded upon determination that the product will be recalled and destroyed. We estimate the costs required to facilitate product returns and record them in cost of goods sold as required.
During the years ended December 31, 2020 and December 31, 2019, adjustments to revenue from performance obligations satisfied in the prior period due to changes in estimates in variable consideration were immaterial.
Significant Financing Component and Costs to Obtain Contracts
In certain of our businesses where such practices are legally permitted, we make loans or advanced payments to retail outlets that sell our brands. For arrangements that do not span greater than one year, we apply the practical expedient available under ASC 606 and do not adjust the transaction price for the effects of a potential significant financing component. We further analyze arrangements that span greater than one year on an ongoing basis to determine whether a significant financing component exists. No such arrangements existed during the years ended December 31, 2020 or December 31, 2019.
Advance payments to customers, where legally permitted, are deferred and amortized as a reduction to revenue over the expected period of benefit and tested for recoverability as appropriate. All other costs to obtain and fulfill contracts are expensed as incurred based on the nature, significance and expected benefit of these costs relative to the contract.
Contract Assets and Liabilities
We continually evaluate whether our revenue generating activities and advanced payment arrangements with customers result in the recognition of contract assets or liabilities. No such assets or liabilities existed as of December 31, 2020 or December 31, 2019. Separately, trade accounts receivable, including affiliate receivables, approximates receivables from contracts with customers.
Shipping and Handling
Freight costs billed to customers for shipping and handling are recorded as revenue. Shipping and handling expense related to costs incurred to deliver product are recognized within cost of goods sold. We account for shipping and handling activities that occur after control has transferred as a fulfillment cost as opposed to a separate performance obligation, and the costs of shipping and handling are recognized concurrently with the related revenue.
Excise Taxes
Excise taxes remitted to tax authorities are government-imposed excise taxes on beer. Excise taxes are shown in a separate line item in the consolidated statements of operations as a reduction of sales. Excise taxes are recognized as a current liability within accounts payable and other current liabilities on the consolidated balance sheets, with the liability subsequently reduced when the taxes are remitted to the tax authority.
Cost of Goods Sold
Our cost of goods sold includes costs we incur to make and ship beer and other malt beverages. These costs include brewing materials, such as barley, hops and various grains. Packaging materials, such as glass bottles, aluminum cans, cardboard and paperboard are also included in our cost of goods sold. Additionally, our cost of goods sold include both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, warehousing costs, purchasing and receiving costs, depreciation, promotional packaging, other manufacturing overheads and costs to purchase factored and other non-owned brands from suppliers, as well as the estimated cost to facilitate product returns.
Marketing, General and Administrative Expenses
Our marketing, general and administrative expenses include media advertising (television, radio, digital, print), tactical advertising (signs, banners, point-of-sale materials) and promotion costs on both local and national levels within our operating segments. The creative portion of our advertising activities is expensed as incurred. Production costs of advertising and promotional materials are expensed when the advertising is first run. Marketing, general and administrative expenses also include integration costs of $25.0 million and $38.8 million for 2019 and 2018, respectively. There were no integration costs recorded in 2020 as the activity related to the acquisition of the remaining portion of MillerCoors LLC ("MillerCoors"), which occurred on October 11, 2016 (the "Acquisition"), was completed by the end of 2019.
This classification also includes general and administrative costs for functions such as finance, legal, human resources and information technology, along with integration costs as noted above. These costs primarily consist of labor and outside services, as well as bad debt expense related to our allowance for doubtful accounts. Unless capitalization is allowed or required by U.S. GAAP, legal costs are expensed when incurred. These costs also include our marketing and sales organizations, including labor and other overheads. This line item additionally includes amortization costs associated with intangible assets, as well as certain depreciation costs related to non-production equipment and share-based compensation.
Share-based compensation is recognized using a straight-line method over the vesting period of the awards. We include estimated forfeitures expected to occur when calculating share-based compensation expense. Our share-based compensation plan and the awards within it contain provisions that accelerate vesting of awards upon change in control, retirement, disability or death of eligible employees and directors. Our share-based awards are considered vested when the employee's retention of
the award is no longer contingent on providing service, which for certain awards can result in immediate recognition for awards granted to retirement-eligible individuals or accelerated recognition for awards granted to individuals that will become retirement eligible within the stated vesting period. Also, if less than the stated vesting period, we recognize these costs over the period from the grant date to the date retirement eligibility is achieved.
Special Items
Our special items represent charges incurred or benefits realized 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; specifically, such items are considered to be one of the following:
infrequent or unusual items,
impairment or asset abandonment-related losses,
restructuring charges and other atypical employee-related costs, or
fees on termination of significant operating agreements and gains (losses) on disposal of investments.
The items classified as special items are not necessarily non-recurring, however, they are deemed to be incremental to income earned or costs incurred by the company in conducting normal operations, and therefore are presented separately from other components of operating income.
Interest Expense, net
Our interest costs are associated with borrowings to finance our operations and acquisitions. Interest earned on our cash and cash equivalents across our business is recorded as interest income.
We capitalize interest cost as a part of the original cost of acquiring certain fixed assets if the cost of the capital expenditure and the expected time to complete the project are considered significant.
Other Income (Expense)
Our other income (expense) classification primarily includes gains and losses associated with activities not directly related to our operations. For instance, aggregate unrealized and realized foreign exchange gains and losses resulting from the remeasurement and settlement of foreign-denominated monetary assets and liabilities, as well as certain gains or losses on sales of non-operating assets and the mark-to-market activity associated with warrants are classified in this line item. These gains and losses are reported in the operating segment in which they occur; however, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities remain unallocated. The initial recording of foreign-denominated transactions are classified based on the nature of the transaction, with the unrealized or realized foreign exchange gains or losses resulting from the subsequent remeasurement of the monetary asset or liability, and its ultimate settlement, classified in other income (expense).
Income Taxes
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive income (loss). We apply the intraperiod tax allocation rules to allocate our provision for income taxes between continuing operations and other categories of earnings, such as other comprehensive income (loss), when we meet the criteria prescribed by U.S. GAAP.
When working capital funds are available after satisfying all other business obligations, we may distribute cash from a foreign subsidiary to its U.S. parent and record the tax impacts associated with these transactions. However, to the extent current earnings are not otherwise distributed or planned to be distributed, in the current year, they are considered permanently reinvested in our foreign operations. We currently would not expect the aggregate of these permanently reinvested earnings, which are largely in deficit positions for U.S. tax purposes, to result in any material U.S. taxes, if distributed.
The tax benefit from an uncertain tax position is recognized only if it is determined that the tax position will more likely be sustained based on its technical merits. We measure and record the tax benefits from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest, penalties and offsetting positions related to unrecognized tax benefits are recognized as a component of income tax expense. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized.
Other Comprehensive Income (Loss)
OCI represents income and losses for the reporting period, including the related tax impacts, which are excluded from net income (loss) and recognized directly within AOCI as a component of equity. OCI also includes amounts reclassified to income during the reporting period that were previously recognized within AOCI. Amounts remaining within AOCI are expected to be reclassified out of AOCI in the future, at which point they will be recognized within the consolidated statement of operations as a component of net income (loss). We recognize OCI related to the translation of assets and liabilities of our foreign subsidiaries which are denominated in currencies other than USD, unrealized gains and losses on the effective portion of our derivatives designated in cash flow hedging relationships and derivative and non-derivative instruments designated in net investment hedging relationships, actuarial gains and losses and prior service costs related to our pension and other post-retirement benefit plans, as well as our proportionate share of our equity method investments' OCI. Additionally, when we do not have the expectation or intent to cash settle certain of our intercompany note receivable and note payable positions in the foreseeable future, the remeasurement of these instruments is recorded as a component of foreign currency translation adjustments within OCI. We release stranded tax effects from AOCI using either a specific identification approach or portfolio approach based on the nature of the underlying item.
Earnings Per Share
Basic EPS was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted EPS includes the additional dilutive effect of our potentially dilutive securities, which include RSUs, DSUs, PSUs, and stock options. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. Our calculation of weighted-average shares includes Class A common stock and Class B common stock, and Class A exchangeable shares and Class B exchangeable shares. All classes of stock have in effect the same dividend rights and share equitably in undistributed earnings. Holders of Class A common stock receive dividends only to the extent dividends are declared and paid to holders of Class B common stock. See Note 8, "Stockholders' Equity" for further discussion of the Class A common stock and Class B common stock and Class A exchangeable shares and Class B exchangeable shares. We have no unvested outstanding equity share awards that contain non-forfeitable rights to dividends.
Cash and Cash Equivalents
Cash consists of cash on hand and bank deposits. Cash equivalents represent highly liquid investments with original maturities of three months or less. Our cash deposits are maintained with multiple, reputable financial institutions.
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 other non-cash activities primarily related to capital expenditures incurred but not yet paid of $171.9 million, $214.9 million and $221.0 million during 2020, 2019 and 2018, respectively. Additionally, the initial recognition of the warrants discussed in Note 16, “Derivative Instruments and Hedging Activities” represents a non-cash financing activity in 2018.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases discussed in Note 19, "Leases," there was no other significant non-cash activity in 2020, 2019 and 2018. See Note 4, "Investments," Note 13, "Share-Based Payments," Note 16, “Derivative Instruments and Hedging Activities” and Note 19, "Leases" for further discussion.
Accounts Receivable and Notes Receivable
We record accounts and notes receivable at net realizable value. This carrying value includes an appropriate allowance for estimated uncollectible amounts to reflect any loss anticipated on the accounts and notes receivable balances. We calculate this allowance based on our country-specific history of write-offs, level of past-due accounts based on the contractual terms of the receivables and our relationships with and the economic status of our customers, which may be impacted by current macroeconomic and regulatory factors specific to the country of origin. This methodology takes into consideration historical loss experience and current and forecasted changes in cash flows based on internal and external information.
In the U.K., loans are extended to a portion of the retail outlets that sell our brands. We establish an allowance through a provision for loan losses charged against earnings and recorded in marketing, general and administrative expenses. Loan balances that are written off are recorded against the allowance as a write-off. Activity within the allowance for credit losses was immaterial for fiscal years 2020, 2019 and 2018.
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. We regularly assess the shelf-life of our inventories and reserve for those inventories when it becomes apparent the product will not be sold within our freshness specifications.
Other current assets
Other current assets include prepaid assets, maintenance and operating supplies, promotion materials and derivative assets that are expected to be recognized or realized within the next 12 months. Maintenance and operating supplies include our inventories of spare parts, which are kept on hand for repairs and maintenance of machinery and equipment. The majority of spare parts within our business include motors, fillers and other components that are required to maintain a normal level of production in the event that expected maintenance and/or repairs are required. These parts are inventoried within current assets as they are reasonably expected to be used during the normal operating cycle of the business and are reserved for excess and obsolescence, as appropriate. The allowance for obsolete supplies was $16.4 million and $11.4 million as of December 31, 2020, and December 31, 2019, respectively.
Properties
Properties are stated at original cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, which are reviewed periodically and have the following ranges: buildings and improvements: 20-40 years; machinery and equipment: 3-25 years; furniture and fixtures: 3-10 years; returnable containers: 2-15 years; and software: 3-5 years. Land is not depreciated, and construction in progress is not depreciated until ready for service. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. When property is sold or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets and the resulting gain or loss, if any, is reflected in our consolidated statements of operations. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset (or asset group) may not be recoverable.
Returnable containers are recorded at acquisition cost and consist of returnable bottles, kegs, pallets and crates that are both in our direct control within our breweries, warehouses and distribution facilities and those that we indirectly control in the market through our agreements with our customers and other brewers and for which a deposit is received. The deposits received on our returnable containers in the market are recorded as deposit liabilities, included as current liabilities within accounts payable and other current liabilities in the consolidated balance sheets. We estimate that the loss, breakage and deterioration of our returnable containers is comparable to the depreciation calculated on an estimated useful life of up to 4 years for bottles, 5 years for pallets, 7 years for crates, and 15 years for returnable kegs. We also own and maintain other equipment in the market related to delivery of our products to end consumers, for example on-premise dispense equipment and refrigeration units. This equipment is recorded at acquisition cost and depreciated over lives of up to 7 years, depending on the market, reflecting the use of the equipment, as well as the loss and deterioration of the asset.
The costs of acquiring or developing internal-use computer software, including directly-related payroll costs for internal resources, are capitalized and classified within properties. Software maintenance and training costs are expensed in the period incurred. Implementation costs incurred in hosting arrangements that are service contracts are capitalized within other assets and are immaterial. See Note 2, "New Accounting Pronouncements" for further discussion of the changes to the accounting for implementation costs incurred in a hosting arrangement that became effective January 1, 2020.
Properties held under finance lease are depreciated using the straight-line method over the estimated useful life or the lease term, whichever is shorter, and the related depreciation is included in depreciation expense. Finance lease assets for which ownership is transferred at the end of the lease, or there is a purchase option that we are reasonably certain to exercise, are amortized over the useful life that would be assigned if the asset were owned.
Goodwill and Other Intangible Assets
Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. Effective January 1, 2020, we have two reporting units, North America and Europe. See further discussion in Note 10, "Goodwill and Intangibles."
As required, we evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event occurs that would indicate that impairment may have taken place. Our annual test is performed as of the first day of our fiscal fourth quarter. We continuously monitor the performance of our other definite-lived intangible assets and evaluate for impairment when evidence exists that certain events
or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets as this approximates the pattern in which the assets economic benefits are consumed.
Equity Method Investments
We apply the equity method of accounting to 20% to 50% owned investments where we exercise significant influence or VIEs for which we are not the primary beneficiary. We use the cumulative earnings approach for determining cash flow presentation of cash distributions received from equity method investees. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions exceed our portion of the cumulative equity in the net earnings of the equity method investment, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. See Note 4, "Investments" for further information regarding our equity method investments.
There are no related parties that own interests in our equity method investments as of December 31, 2020.
Derivative Hedging Instruments
We use derivatives as part of our normal business operations to manage our exposure to fluctuations in interest rates, foreign currency exchange, commodity prices, production and packaging material costs and for other strategic purposes related to our core business. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize our derivatives on the consolidated balance sheets as assets or liabilities at fair value and are classified in either current or non-current assets or liabilities based on each contract's respective unrealized gain or loss position and each contract's respective maturity. Our policy is to present all derivative balances on a gross basis, without regard to counterparty master netting agreements or similar arrangements. Further, our current derivative agreements do not allow us to net positions with the same counterparty and therefore, we present our derivative positions gross in our consolidated balance sheets.
Changes in fair values of outstanding cash flow and net investment hedges are recorded in OCI, until earnings are affected by the variability of cash flows of the underlying hedged item or the sale of the underlying net investment, respectively. Effective cash flow hedges offset the gains or losses recognized on the underlying exposure in the consolidated statements of operations, or for net investment hedges, the foreign exchange translation gain or loss recognized in AOCI. Changes in fair value of outstanding fair value hedges and the offsetting changes in fair value of the hedged item are recognized in earnings. Changes in fair value of the derivative attributable to components allowed to be excluded from the assessment of hedge effectiveness are deferred in AOCI and recognized in earnings over the life of the hedge.
We record realized gains and losses from derivative instruments in the same financial statement line item as the hedged item/forecasted transaction. Changes in unrealized gains and losses for derivatives not designated in a hedge accounting relationship are recorded directly in earnings each period and are also recorded in the same financial statement line item as the hedged item/forecasted transaction. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear in the consolidated statements of cash flows in the same categories as the cash flows of the hedged item.
In accordance with authoritative accounting guidance, we do not record the fair value of derivatives for which we have elected the Normal Purchase Normal Sale ("NPNS") exemption. We account for these contracts on an accrual basis, recording realized settlements related to these contracts in the same financial statement line items as the corresponding transaction.
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.
We enter into contractual arrangements for the utilization of certain non-owned assets, primarily real estate and equipment, which are evaluated as finance 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 existing real estate and 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 rarely readily determinable, we use our incremental borrowing rate relative to the leased asset.
Certain of our leases include variable lease payments, primarily for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. These variable 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 expense on the consolidated statements of operations.
Pension and Postretirement Benefits
We maintain retirement plans for the majority of our employees. We offer different types of plans within each segment, including defined benefit plans, defined contribution plans and OPEB plans. Each plan is managed locally and in accordance with respective local laws and regulations. Our equity investments, Brewers' Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), maintain defined benefit, defined contribution and postretirement benefit plans as well.
We recognize the underfunded or overfunded status of a defined benefit postretirement plan as an asset or liability in the consolidated balance sheets. The funded status of a plan, measured as the difference between the fair value of plan assets and the projected benefit obligation, and the related net periodic pension cost are calculated using a number of significant actuarial assumptions. Changes in net periodic pension cost and funding status may occur in the future due to changes in these assumptions.
We use the fair value approach to calculate the market-related value of pension plan assets used to determine net periodic pension cost, which includes measuring the market-related value of plan assets at fair value for purposes of determining the expected return on plan assets and amount of gain or loss subject to amortization.
Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels and years of service if the plan benefit formula is based on those future compensation levels and years of service. Accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. Accumulated benefit obligation differs from projected benefit obligation in that it includes no assumption about future compensation levels and years of service.
We employ the corridor approach for determining each plan's potential amortization from AOCI of deferred gains and losses, which occur when actual experience differs from estimates, into our net periodic pension and postretirement benefit cost. This approach defines the "corridor" as the greater of 10% of the projected benefit obligation or 10% of the market-related value of plan assets and requires amortization of the excess net gain or loss that exceeds the corridor over the average remaining
service periods of active plan participants. For plans closed to new entrants and the future accrual of benefits, the average remaining life expectancy of all plan participants (including retirees) is used.
Fair Value Measurements
The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value as recorded due to the short-term nature of these instruments. In addition, the carrying amounts of our trade loan receivables, net of allowances, approximate fair value. The fair value of derivatives is estimated by discounting the estimated future cash flows utilizing observable market interest, foreign exchange and commodity rates adjusted for non-performance credit risk associated with our counterparties (assets) or with MCBC (liabilities), as appropriate. Additionally, the fair value of warrants is estimated using the Black-Scholes valuation model. See Note 16, "Derivative Instruments and Hedging Activities" for additional information. Based on current market rates for similar instruments, the fair value of long-term debt is presented in Note 11, "Debt."
U.S. GAAP guidance for fair value includes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy.
The three levels of the hierarchy are as follows:
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are less active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs that reflect the assumptions that we believe market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Foreign Currency
Assets and liabilities recorded in foreign currencies that are the functional currencies for the respective operations are translated at the prevailing exchange rate at the balance sheet date. Translation adjustments resulting from this process are reported as a separate component of OCI. Gains and losses from foreign currency transactions are included in earnings for the period. Revenue and expenses are translated at the average exchange rates during the respective period throughout the year.
v3.20.4
New Accounting Pronouncements
12 Months Ended
Dec. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements
Adoption of New Accounting Pronouncements and Securities and Exchange Commission Rules
In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements.
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. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted 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 beginning in the first quarter of 2020.
In March 2020, the SEC finalized its proposed updates to Rule 3-10 of Regulation S-X, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities (the
"Rule"). The Rule simplifies the disclosure requirements for issuers and guarantors of securities that are registered or being registered under the Securities Act of 1933. The Rule also eliminates the requirement to disclose condensed consolidating financial information within the financial statements for qualifying entities and permits abbreviated disclosures of the guarantor/issuer relationship within Part II, Item 7, Management's Discussion and Analysis. The Rule is effective on January 4, 2021 and voluntary compliance prior to the effective date is permitted. We adopted the Rule effective January 1, 2020 and, as such, no longer include condensed consolidating information within Part II, Item 8, Financial Statements.
New Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020 through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements.
In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We plan to adopt this guidance in the first quarter of 2021 and do not expect it will have a material impact on our financial statements.
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 consolidated financial statements.
New Accounting Pronouncements and Changes in Accounting Principles New Accounting Pronouncements
Adoption of New Accounting Pronouncements and Securities and Exchange Commission Rules
In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements.
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. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted 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 beginning in the first quarter of 2020.
In March 2020, the SEC finalized its proposed updates to Rule 3-10 of Regulation S-X, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities (the
"Rule"). The Rule simplifies the disclosure requirements for issuers and guarantors of securities that are registered or being registered under the Securities Act of 1933. The Rule also eliminates the requirement to disclose condensed consolidating financial information within the financial statements for qualifying entities and permits abbreviated disclosures of the guarantor/issuer relationship within Part II, Item 7, Management's Discussion and Analysis. The Rule is effective on January 4, 2021 and voluntary compliance prior to the effective date is permitted. We adopted the Rule effective January 1, 2020 and, as such, no longer include condensed consolidating information within Part II, Item 8, Financial Statements.
New Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020 through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements.
In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We plan to adopt this guidance in the first quarter of 2021 and do not expect it will have a material impact on our financial statements.
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 consolidated financial statements.
v3.20.4
Segment Reporting
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S., Canada, Europe and International segments. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, closed our office in Denver, Colorado and consolidated certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidated the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly.
Historical results have been recast to retrospectively reflect these changes in segment reporting.
Reporting Segments
North America
The North America segment consists of our production, marketing and sales of our brands and other owned and licensed brands in the U.S., Canada and various countries in Latin and South America. In the U.S., we have an agreement to brew, package and ship products for Pabst Brewing Company, LLC, and in Canada, we contract brew and package certain Labatt brands for the U.S. market. We also have an agreement with Heineken N.V. ("Heineken") that grants us the right to import, market, distribute and sell certain Heineken products in Canada.
The North America segment also includes BRI, our joint venture arrangement related to the distribution and retail sale of beer in Ontario, and BDL, our joint venture arrangement related to the distribution of beer in the western provinces. In the third quarter of 2020, we formed The Yuengling Company LLC ("TYC"), a joint venture owned equally by MCBC and DGY West Holdings, LP ("DGY West") that, pursuant to an operating agreement, formed to expand commercialization of Yuengling's brands with operation currently expected to commence in the second half of 2021. BRI, BDL and TYC are all accounted for as equity method investments.
Europe
The Europe segment consists of our production, marketing and sales of our brands as well as a number of smaller regional brands in the U.K., Central Europe and various other European countries, along with certain countries within Africa and Asia Pacific. Our European business also has licensing agreements and distribution agreements with various other brewers.
Unallocated
We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing-related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities, 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 remain unallocated.
Summarized Financial Information
No single customer accounted for more than 10% of our consolidated sales in 2020, 2019 or 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 North America segment sales to, and royalties received from, the Europe segment.
The following tables represent consolidated net sales, interest expense, interest income and reconciliations of amounts shown as income (loss) before income taxes to income (loss) attributable to MCBC. Income (loss) before income taxes includes the impact of special items; refer to Note 7, "Special Items" for further discussion. Additionally, integration costs of $25.0 million and $38.8 million for 2019 and 2018, respectively, were recorded within marketing, general and administrative expenses, primarily within our North America segment. No integration costs were recorded in the year ended December 31, 2020.
Year ended December 31, 2020
 North America
Europe(1)
Unallocated(2)
Inter-segment net sales eliminations
Consolidated(3)
 (In millions)
Net sales$8,237.0 $1,431.9 $— $(14.9)$9,654.0 
Interest expense(2.6)(5.7)(266.3)— (274.6)
Interest income0.2 0.3 2.8 — 3.3 
Income (loss) before income taxes$1,080.5 $(1,603.7)$(120.7)$— $(643.9)
Income tax benefit (expense)  (301.8)
Net income (loss)  (945.7)
Net (income) loss attributable to noncontrolling interests  (3.3)
Net income (loss) attributable to MCBC  $(949.0)
(1)During the fourth quarter of 2020, we recorded a goodwill impairment loss related to the Europe reporting unit of $1,484.3 million, which was recorded as a special item. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(2)Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $107.6 million for the year ended December 31, 2020.
(3)During 2020, the coronavirus pandemic had a material adverse effect on our operations, liquidity, financial condition and results of operations during 2020 due to on-premise closures worldwide. In 2020, we experienced a reduction in volume as a result of the on-premise closures worldwide and due to the keg relief program, experienced a reduction in net sales and an increase in our inventory allowance for obsolete inventory.
 Year ended December 31, 2019
 
North America(1)
Europe
Unallocated(2)
Inter-segment net sales eliminationsConsolidated
 (In millions)
Net sales$8,618.2 $1,986.4 $— $(25.2)$10,579.4 
Interest expense2.8 (6.2)(277.5)— (280.9)
Interest income— 0.5 7.7 — 8.2 
Income (loss) before income taxes$645.0 $102.4 $(267.5)$— $479.9 
Income tax benefit (expense)  (233.7)
Net income (loss)  246.2 
Net (income) loss attributable to noncontrolling interests  (4.5)
Net income (loss) attributable to MCBC  $241.7 
(1)During the third quarter of 2019, we recorded a goodwill impairment loss to our North America reporting unit of $668.3 million, which was recorded as a special item. See Note 10, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our existing Montreal brewery for $96.2 million, resulting in a $61.3 million gain.
(2)Includes unrealized mark-to-market valuation on our commodity hedge positions. We recorded unrealized losses of $0.8 million for the year ended December 31, 2019.
 Year ended December 31, 2018
 
North America(1)
Europe
Unallocated(2)
Inter-segment net sales eliminationsConsolidated
 (In millions)
Net sales$8,724.4 $2,070.4 $— $(25.2)$10,769.6 
Interest expense8.8 (5.6)(309.4)— (306.2)
Interest income— 0.5 7.5 — 8.0 
Income (loss) before income taxes$1,661.9 $128.6 $(430.7)$— $1,359.8 
Income tax benefit (expense)  (225.2)
Net income (loss)  1,134.6 
Net (income) loss attributable to noncontrolling interests  (18.1)
Net income (loss) attributable to MCBC  $1,116.5 
(1)During the first quarter of 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 7, "Special Items."
(2)Includes unrealized mark-to-market valuation on our commodity hedge positions. We recorded unrealized losses of $166.2 million for the year ended December 31, 2018.
The following table presents total assets and select cash flow information by segment:
AssetsDepreciation and amortizationCapital expenditures
 As of December 31,For the years ended December 31,For the years ended December 31,
 20202019202020192018202020192018
 (In millions)
North America$23,375.6 $23,360.2 $743.0 $676.9 $667.6 $461.4 $450.7 $499.7 
Europe3,955.5 5,499.6 179.0 182.1 189.9 113.4 143.1 152.0 
Consolidated$27,331.1 $28,859.8 $922.0 $859.0 $857.5 $574.8 $593.8 $651.7 
The following table presents net sales by geography, based on the location of the customer:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Net sales to unaffiliated customers:   
United States and its territories$7,016.1 $7,244.9 $7,272.1 
Canada1,111.6 1,231.3 1,298.2 
United Kingdom663.7 1,119.1 1,184.6 
Other foreign countries(1)
862.6 984.1 1,014.7 
Consolidated net sales$9,654.0 $10,579.4 $10,769.6 
(1)Reflects net sales from the individual countries within certain countries in Europe, Latin America, South America, Africa and Asia. No individual country has total net sales exceeding 10% of the total consolidated net sales.
The following table presents net properties by geographic location:
 As of
 December 31, 2020December 31, 2019
 (In millions)
Net properties:  
United States and its territories$2,393.7 $2,760.2 
Canada941.9 831.9 
United Kingdom384.2 406.5 
Other foreign countries(1)
530.5 547.9 
Consolidated net properties$4,250.3 $4,546.5 
(1)Reflects net sales from the individual countries within certain countries in Europe, Latin America, South America, Africa and Asia. No individual country has total net properties exceeding 10% of the total consolidated net properties.
v3.20.4
Investments
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investments 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 December 31, 2020 or December 31, 2019. We have not provided any financial support to any of our VIEs during 2020 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. See below under "Affiliate Transactions" for further details.
In the third quarter of 2020, we formed The Yuengling Company LLC ("TYC") , a joint venture equally owned by MCBC and DGY West that, pursuant to an operating agreement, formed to expand commercialization of Yuengling's brands with operation currently expected to commence in the second half of 2021. TYC will oversee any new market expansion outside Yuengling's current 22-state footprint and New England. We have concluded that TYC is a VIE for which we are not the primary beneficiary and will therefore apply the equity method of accounting. We have an obligation to proportionately fund TYC's operations. Initial funding of TYC is expected to begin in the first quarter of 2021 and is expected to be immaterial. Transactions between MCBC and TYC are expected to include billings for product under a supply agreement and fees under a services agreement and will be considered affiliate transactions.
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. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container (“RMMC”), Rocky Mountain Bottle Company (“RMBC”) and Truss, as well as other immaterial entities. Our unconsolidated VIEs are BRI and BDL, as well as other immaterial investments.
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 $38.2 million and $37.7 million recorded as of December 31, 2020 and December 31, 2019, respectively, which is presented within accounts payable and other current liabilities on the 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 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.
Equity Method Investments
Brewers' Retail Inc.
BRI is a beer distribution and retail network for the Ontario region of Canada, with majority of the ownership residing with Molson Coors Canada ("MCC"), Labatt Breweries of Canada LP (a subsidiary of ABI) and Sleeman Breweries Ltd. (a subsidiary of Sapporo International). BRI charges its owners administrative fees that are designed so the entity operates on a cash neutral basis. This administrative fee is based on costs incurred, net of other revenues earned, and is allocated in accordance with the operating agreement to its owners based on volume of products. Contractual provisions cause participation in governance and other interests to fluctuate based on this calculated market share requiring frequent primary beneficiary evaluations. However, based on the existing structure, control is shared, and remains shared through such changes, and therefore we do not anticipate becoming the primary beneficiary in the foreseeable future. We consider BRI an affiliate. See "Affiliate Transactions" section below summarizing our transactions and balances with affiliates, including BRI.
We have an obligation to proportionately fund BRI's operations. As a result of this obligation, we continue to record our proportional share of BRI's net income or loss and OCI activity, including when we have a negative equity method balance. As of December 31, 2020 and December 31, 2019, we had a positive equity method investment balance of $31.9 million and $27.2 million, respectively. See "Affiliate Transactions" below for BRI affiliate transactions including administrative fees charged to MCBC under the agreement with BRI which are recorded in cost of goods sold, as well as for BRI affiliate due to and due from balances as of December 31, 2020 and December 31, 2019, respectively, related to trade receivables and payables for sales to external customers and costs incurred by BRI offset by administrative fees charged and paid by MCBC (which may be in a payable or receivable position depending on the amount under or over charged).
Brewers' Distributor Ltd.
BDL is a distribution operation owned by MCC and Labatt Breweries of Canada LP (a subsidiary of ABI) that, pursuant to an operating agreement, acts as an agent for the distribution of their products in the western provinces of Canada. The two owners share equal voting control of this business. We consider BDL an affiliate. See "Affiliate Transactions" section below summarizing our transactions and balances with affiliates, including BDL.
BDL charges the owners administrative fees that are designed so the entity operates at break-even profit levels. This administrative fee is based on costs incurred, net of other revenues earned, and is allocated in accordance with the operating agreement to the owners based on volume of products. Our investment in BDL was $27.0 million and $30.0 million as of December 31, 2020 and December 31, 2019, respectively. See "Affiliate Transactions" section below for BDL affiliate transactions including administrative fees charged to MCBC under the agreement with BDL which are recorded in cost of goods sold, as well as for BDL affiliate due to and due from balances as of December 31, 2020 and December 31, 2019, respectively, related to trade receivables and payables for sales to external customers and costs incurred by BDL offset by administrative fees charged and paid by MCBC (which may be in a payable or receivable position depending on the amount under or over charged).
Other
We have certain other immaterial equity investments we enter into from time to time that align with our organizational strategies and growth initiatives.
Our equity method investments are not considered significant for disclosure of financial information on either an individual or aggregated basis and there were no significant undistributed earnings as of December 31, 2020 or December 31, 2019, for any of these companies.
Affiliate Transactions
All transactions with our equity method investments are considered related party transactions and recorded within our affiliate accounts. The following table summarizes transactions with affiliates:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
(In millions)
Administrative fees, net charged from BRI$87.6 $96.8 $94.0 
Administrative fees, net charged from BDL$32.1 $35.7 $40.2 
Amounts due to and due from affiliates as of December 31, 2020 and December 31, 2019, respectively, are as follows:
Amounts due from affiliatesAmounts due to affiliates
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
(In millions)
BRI$6.0 $4.6 $— $— 
BDL2.1 4.0 — — 
Other0.3 0.3 0.5 — 
Total$8.4 $8.9 $0.5 $— 
Consolidated VIEs
Rocky Mountain Metal Container
RMMC, a Colorado limited liability company, is a joint venture with Ball Corporation in which we hold a 50% interest. Our U.S. business has a can and end supply agreement with RMMC. Under this agreement, we purchase substantially all of the output of RMMC. RMMC manufactures cans and ends at our facilities, which RMMC is operating under a use and license agreement. As RMMC is a limited liability company (“LLC”), the tax consequences flow to the joint venture partners.
Rocky Mountain Bottle Company
RMBC, a Colorado limited liability company, is a joint venture with Owens-Brockway Glass Container, Inc. in which we hold a 50% interest. Our U.S. business has a supply agreement with RMBC under which we agree to purchase output approximating the agreed upon annual plant capacity of RMBC. RMBC manufactures bottles at our facilities, which RMBC is operating under a lease agreement. As RMBC is an LLC, the tax consequences flow to the joint venture partners.
Cobra U.K.
We hold a 50.1% interest in Cobra U.K., which owns the worldwide rights to the Cobra beer brand (with the exception of the Indian sub-continent, owned by Cobra India). The noncontrolling interest is held by the founder of the Cobra beer brand. We consolidate the results and financial position of Cobra U.K., and it is reported within our Europe operating segment.
Truss
On October 4, 2018, a wholly-owned subsidiary within our Canadian business completed the formation of Truss LP, an independent Canadian joint venture with HEXO to pursue opportunities to develop, produce and market non-alcoholic, cannabis-infused beverages in Canada. Truss is structured as a standalone company with its own board of directors and an independent management team. We maintain a 57.5% controlling interest in Truss, which is a VIE that is consolidated. In connection with the formation of Truss, HEXO also issued warrants to our Canadian subsidiary, which are further discussed in Note 16, "Derivative Instruments and Hedging Activities." Truss also subleases the location of its production facility in Belleville, Ontario from HEXO.
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 As of
 December 31, 2020December 31, 2019
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$239.3 $17.9 $207.4 $17.9 
Other$93.4 $18.0 $65.3 $20.8 
Grolsch Deconsolidation
In 2019, we received termination notices of our Grolsch U.K. Ltd. ("Grolsch") joint venture arrangement, as well as the related brewing and distribution agreements for the Grolsch brands in the U.K. and Ireland. We therefore reassessed our status as the primary beneficiary of the joint venture and concluded that we were no longer able to exert control over the operations or direction of the joint venture or otherwise influence the activities that most significantly impact the economics of the entity. As a result, we deconsolidated the joint venture and recorded an aggregate immaterial loss on the deconsolidation and termination of the Grolsch business as a special item in 2019.
v3.20.4
Other Income and Expense
12 Months Ended
Dec. 31, 2020
Other Income and Expenses [Abstract]  
Other Income and Expense Other Income and Expense
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Gain on sale of non-operating asset$— $— $11.7 
Gain (loss) from other foreign exchange and derivative activity, net2.8 (20.4)(31.9)
Other, net(1)
3.2 5.7 8.2 
Other income (expense), net$6.0 $(14.7)$(12.0)
(1)During 2019, we received a payment and recorded a gain of CAD 2.0 million, or $1.5 million, resulting from a purchase price agreement related to the historical sale of Molson Inc.'s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.
    During 2018, we recorded a non-cash gain of CAD 5.8 million, or $4.3 million, resulting from the release of our guarantee of the Montreal Canadiens' obligations under a ground lease for the Bell Centre Arena as a result of an independent transaction by the Montreal Canadiens with the lessor.
v3.20.4
Income Tax
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
Our income (loss) before income taxes on which the provision for income taxes was computed is as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Domestic$1,151.7 $1,136.1 $1,320.4 
Foreign(1,795.6)(656.2)39.4 
Total$(643.9)$479.9 $1,359.8 
The components of the provision for income taxes are as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Current:   
Federal$79.0 $69.1 $(22.9)
State5.2 9.4 (4.7)
Foreign111.4 46.7 38.7 
Total current tax (benefit) expense$195.6 $125.2 $11.1 
Deferred:   
Federal$101.9 $128.3 $232.2 
State19.5 22.2 31.2 
Foreign(15.2)(42.0)(49.3)
Total deferred tax (benefit) expense$106.2 $108.5 $214.1 
Total income tax (benefit) expense$301.8 $233.7 $225.2 
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
($ in millions)
Statutory federal income tax rate21.0 %$(135.2)21.0 %$100.8 21.0 %$285.5 
State income taxes, net of federal benefits(1.7)%11.0 3.4 %16.4 1.4 %18.8 
Effect of foreign tax rates and tax planning3.5 %(22.3)(21.2)%(101.8)(8.1)%(109.5)
Effect of foreign tax law and rate changes(0.9)%6.0 — %— — %— 
Effect of unrecognized tax benefits(26.1)%167.9 3.7 %18.0 0.8 %10.9 
Change in valuation allowance1.3 %(8.4)6.0 %28.8 0.7 %9.5 
Goodwill impairment(41.4)%266.8 36.5 %175.3 — %— 
Other, net(2.6)%16.0 (0.7)%(3.8)0.8 %10.0 
Effective tax rate / Tax (benefit) expense(46.9)%$301.8 48.7 %$233.7 16.6 %$225.2 
The decrease to the effective tax rate, when compared to the statutory rate, for fiscal year 2020 is primarily driven by two items. The impact of the $1,484.3 million goodwill impairment, recorded within our Europe segment in the fourth quarter of 2020, of which a majority related to nondeductible goodwill and the recognition of approximately $135 million of tax expense following the enactment of the U.S. final hybrid regulations, recorded in the second quarter of 2020. The increase in the effective tax rate, when compared to the statutory rate, for fiscal year 2019 was primarily driven by the $668.3 million goodwill impairment recorded within our North America segment in 2019, increased valuation allowances, and the recognition of other one-time tax expenses. The decrease in the effective tax rate, when compared to the statutory rate, for fiscal year 2018 was primarily driven by one-time tax benefits.
Additionally, our foreign businesses operate in jurisdictions with statutory income tax rates that differ from the U.S. Federal statutory rate. Specifically, the statutory income tax rates in the countries in Europe in which we operate range from 9% to 25%, and Canada has a statutory income tax rate of approximately 26%.
During the third quarter of 2020, the U.K. government enacted legislation to repeal the previously enacted reduction to the U.K. corporate income tax rate. Remeasurement of our deferred tax liabilities resulted in the recognition of additional tax expense of approximately $6 million in 2020.
 As of
 December 31, 2020December 31, 2019
 (In millions)
Non-current deferred tax assets:  
Compensation-related obligations$60.9 $54.8 
Pension and postretirement benefits102.4 115.9 
Derivative instruments76.5 41.8 
Tax credit carryforwards56.2 41.1 
Tax loss carryforwards331.6 267.1 
Accrued liabilities and other75.5 50.1 
Valuation allowance(62.2)(73.8)
Total non-current deferred tax assets$640.9 $497.0 
Non-current deferred tax liabilities:  
Fixed assets358.3 353.7 
Partnerships and investments19.6 18.8 
Foreign exchange gain/loss— — 
Intangible assets2,396.9 2,279.9 
Total non-current deferred tax liabilities$2,774.8 $2,652.4 
Net non-current deferred tax assets— — 
Net non-current deferred tax liabilities$2,133.9 $2,155.4 
The overall decrease in net deferred tax liabilities of $21.5 million in 2020 is primarily due to an increase in deferred tax assets of $143.9 million attributable to additional tax loss carryforwards, tax credits, and future deductible temporary differences generated in 2020, offset by an increase in deferred tax liabilities of $122.4 million related to the amortization of goodwill and indefinite-lived intangible assets for U.S. tax purposes due to the Acquisition. Additionally, our deferred tax balances are also impacted by foreign exchange rates, as a significant amount of our deferred tax assets and liabilities are in foreign jurisdictions.
Our deferred tax valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards from operations in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. Based on this analysis, we have determined that the valuation allowances recorded in each period presented are appropriate.
We have deferred tax assets for U.S. tax carryforwards that expire between 2021 and 2040 of $62.4 million as of December 31, 2020, and that expire between 2020 and 2039 of $63.2 million as of December 31, 2019. We have U.S. tax losses that may be carried forward indefinitely of $19.9 million and $0 million as of December 31, 2020 and December 31, 2019, respectively. We have foreign tax loss carryforwards that expire between 2021 and 2040 of $283.5 million as of December 31, 2020, and that expire between 2020 and 2039 of $233.8 million as of December 31, 2019. We have foreign tax losses that may be carried forward indefinitely of $22.0 million and $11.2 million as of December 31, 2020 and December 31, 2019, respectively.
 As of
 December 31, 2020December 31, 2019
 (In millions)
Domestic net non-current deferred tax liabilities$1,542.8 $1,488.5 
Foreign net non-current deferred tax assets105.7 34.8 
Foreign net non-current deferred tax liabilities696.8 701.7 
Net non-current deferred tax liabilities$2,133.9 $2,155.4 
The fiscal year 2020 and 2019 amounts above exclude $142.1 million and $68.4 million, respectively, of unrecognized tax benefits that have been recorded as a reduction of non-current deferred tax assets, which is presented within non-current deferred tax liabilities due to jurisdictional netting on the consolidated balance sheets.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Balance at beginning of year$72.4 $51.6 $41.9 
Additions for tax positions related to the current year22.8 18.1 22.3 
Additions for tax positions of prior years132.1 — 0.7 
Reductions for tax positions of prior years(1.6)— (8.4)
Settlements(0.4)— — 
Release due to statute expirations— (0.8)(1.6)
Foreign currency adjustment10.4 3.5 (3.3)
Balance at end of year$235.7 $72.4 $51.6 
Our remaining unrecognized tax benefits as of December 31, 2020, relate to tax years that are currently open to examination. Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued.     
Due to anticipated settlements and expected expiration of statutes of limitation, it is reasonably possible that the amount of unrecognized tax benefits may decrease by an amount up to $150 million within the next 12 months.
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
(In millions)
Reconciliation of unrecognized tax benefits balance
Estimated interest and penalties$11.4 $2.9 $2.3 
Unrecognized tax positions235.7 72.4 51.6 
Total unrecognized tax benefits$247.1 $75.3 $53.9 
Presented net against non-current deferred tax assets$142.1 $68.4 $47.8 
Current (included in accounts payable and other current liabilities)98.0 — — 
Non-current (included within other liabilities)7.0 6.9 6.1 
Total unrecognized tax benefits$247.1 $75.3 $53.9 
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized(1)
$87.7 $72.4 $51.6 
(1)Amounts exclude the potential effects of valuation allowances, which may fully or partially offset the impact to the effective tax rate.
We file income tax returns in most of the federal, state and provincial jurisdictions in the U.S., Canada and various countries in Europe. Tax years through 2013 are closed in the U.S. In Canada, tax years through tax year 2014 are closed or have been effectively settled through examination except for issues relating to intercompany cross-border transactions. The statute of limitations for intercompany cross-border transactions is closed through tax year 2012. Tax years through 2013 are closed for most European jurisdictions in which we operate, with statutes of limitations varying from 3 to 7 years. When working capital funds are available after satisfying all other business obligations, we may distribute cash from a foreign subsidiary to its U.S. parent and record the tax impacts associated with these transactions. However, to the extent current earnings are not otherwise distributed or planned to be distributed, in the current year, they are considered permanently reinvested in our foreign operations. We currently would not expect the aggregate of these permanently reinvested earnings, which are largely in deficit positions for U.S. tax purposes, to result in any material U.S. taxes, if distributed.
v3.20.4
Special Items
12 Months Ended
Dec. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]  
Special Items Special Items
We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items.
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Employee-related charges
Restructuring$67.6 $52.4 $34.7 
Impairments or asset abandonment charges
North America - Asset abandonment(1)
115.8 38.8 32.7 
North America - Impairment losses(2)
39.6 671.7 — 
Europe - Asset abandonment(3)
3.7 1.2 3.8 
Europe - Impairment losses(4)
1,516.2 12.2 — 
Termination fees and other (gains) losses
North America(5)
(2.0)(68.3)(326.9)
Europe(6)
(0.7)0.8 6.0 
Total Special items, net$1,740.2 $708.8 $(249.7)
(1)Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery and the purchase was completed in the fourth quarter of 2020. Production at the Irwindale brewery ceased during the third quarter of 2020.
Charges associated with the brewery closure for the year ended December 31, 2020 and 2019 totaled $117.7 million and $15.8 million, respectively, excluding the fourth quarter gain on sale of the brewery of $2.1 million. The charges for the year ended December 31, 2020 primarily consisted of accelerated depreciation in excess of normal depreciation of $96.0 million and employee related costs of retention and severance of $16.5 million. The employee related costs of retention and severance are included in the restructuring line above. The charges for fiscal year 2019 primarily consisted of accelerated depreciation in excess of normal depreciation of $8.0 million and employee related costs of retention and severance of $1.1 million.
In addition to incurring accelerated depreciation for Irwindale, in 2020, 2019 and 2018, we incurred asset abandonment charges, related to the accelerated depreciation in excess of normal depreciation as a result of the Vancouver brewery closure, which occurred in the third quarter of 2019, and the planned Montreal brewery closure, 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 10 million, through the completion of the Montreal brewery closure. 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.
Charges in 2018 also included accelerated depreciation in excess of normal depreciation related to the closure of the Colfax, California cidery, which was completed during the first quarter of 2019, as well as other costs associated with
the previously closed Eden, North Carolina brewery, including net charges associated with the sale of the Eden real property.
(2)Of the $39.6 million of impairment losses recognized in the North America segment for the year ended December 31, 2020, we recorded aggregate impairment losses of $17.0 million related to certain regional craft brand definite-lived intangible assets during the fourth quarter of 2020. The estimates and assumptions used to determine the fair value represent Level 3 measurements and additional impairment losses may be recognized in the future. The remaining $22.6 million of impairments recognized in 2020 were related to definite-lived tangible assets associated with these regional craft brands.
Of the $671.7 million of impairment losses recognized in the North America segment in fiscal year 2019, we recorded $668.3 million of goodwill impairment losses related to the North America reporting unit. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(3)We incurred asset abandonment charges in our Europe segment in fiscal year 2020 primarily related to the closure of a small brewery in Europe as a result of the ongoing impacts of the coronavirus pandemic. Further, as a result of our continued strategic review of our European supply chain network, during 2020, 2019 and 2018, we incurred charges consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of our Burton South brewery and Alton brewery and other associated closure costs.
(4)During the fourth quarter of 2020, we recognized goodwill impairment losses on the Europe reporting unit of $1,484.3 million. See Note 10, "Goodwill and Intangible Assets" for further discussion. In addition, during the fourth quarter of 2020, we incurred impairment losses as a result of small brewery closures in Europe as a result of the ongoing impact of the coronavirus pandemic. During the third quarter of 2020, we recognized an impairment loss of $30.0 million related to the held for sale classification of a disposal group within our India business, representing an insignificant part of our Europe segment. The held for sale disposal group was measured at fair value on a nonrecurring basis using Level 3 inputs. The estimated fair value less cost to sell was determined using a market approach, based upon the expected net sales proceeds of the disposal group. The remaining carrying value of the disposal group held for sale is presented within other current assets, net on our consolidated balance sheet as of December 31, 2020.
During the third quarter of 2019, we recorded goodwill impairment losses within the former India reporting unit of $6.1 million. We also recorded impairment losses related to definite-lived intangible assets in India of $6.1 million. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(5)During 2020, we recognized termination fees and other gains of $2.0 million, which was primarily due to the gain recorded on the sale of the Irwindale brewery.
During the second quarter of 2019, we completed the sale of the existing Montreal brewery property for $96.2 million, and recognized a gain of $61.3 million. See Note 19, "Leases" for further discussion.
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 consolidated statement of operations in the North America segment and within cash provided by operating activities in our consolidated statement of cash flows for the year ended December 31, 2018.
(6)During 2019, we recognized a special charge of $0.5 million related to the deconsolidation of the Grolsch joint venture.
Represents charges related to the exit of our China business in 2018, consisting primarily of the reclassification of the associated cumulative foreign currency translation adjustment from AOCI upon substantial liquidation in the fourth quarter of 2018. See Note 14, "Accumulated Other Comprehensive Income (Loss)" for further details.
Restructuring Activities
On October 28, 2019, as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees were extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees were asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units,
including Europe, the revitalization plan has reduced employment levels, in aggregate, by approximately 600 employees globally.
In connection with these consolidation activities and related organizational and personnel changes, we currently expect to incur certain cash and non-cash restructuring charges related to severance, retention and transition costs, employee relocation, non-cash asset related costs, lease impairment and exit costs in connection with our office lease in Denver, Colorado, and other transition activities currently estimated in the range of approximately $100 million to $120 million in the aggregate, the majority of which will be cash charges that we began recognizing in the fourth quarter of 2019, and will be further recognized through the balance of 2021. During 2020 and 2019 we recognized severance and retention charges of $35.6 million and $41.2 million, respectively, and our remaining accrued restructuring balance related to the revitalization plan as of December 31, 2020 was approximately $19 million. Actual severance and retention costs related to this restructuring, which are primarily being recognized ratably over the employees’ required future service period, may differ from original estimates based on actual employee turnover levels prior to achieving severance and retention eligibility requirements. Employee relocation charges are recognized in the period incurred and totaled $11.0 million in 2020. Additionally, during 2020 and 2019, we recognized aggregate impairment losses of $7.6 million and $2.1 million, respectively, related to the closure of the office facility in Denver, Colorado, including our lease right-of-use asset, in light of the sublease market outlook as a result of the coronavirus pandemic. Should our ability to obtain future subtenant occupancy for the office location significantly differ from the estimates and assumptions used to determine its fair value, which represent Level 3 measurements, additional impairment losses may be recognized in the future.
Separately, during the third quarter of 2018, we initiated global restructuring activities primarily in the U.S. in order to align our cost base with our scale of business. As a result, we reduced U.S. employment levels by approximately 300 employees in the fourth quarter of 2018. Severance costs related to these restructuring activities were recorded as special items in our consolidated statements of operations.
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 as of December 31, 2020 represent expected future cash payments required to satisfy our remaining obligations, the majority of which we expect to be paid in the next 12 months.
North AmericaEuropeTotal
(In millions)
Balance as of December 31, 2017$4.9 $2.0 $6.9 
Charges incurred and changes in estimates31.2 3.5 34.7 
Payments made(11.5)(4.3)(15.8)
Foreign currency and other adjustments(0.1)(0.1)(0.2)
Balance as of December 31, 2018$24.5 $1.1 $25.6 
Charges incurred and changes in estimates43.4 9.0 52.4 
Payments made(25.5)(5.6)(31.1)
Foreign currency and other adjustments0.2 — 0.2 
Balance as of December 31, 2019$42.6 $4.5 $47.1 
Charges incurred63.7 9.5 73.2 
Payments made(77.3)(11.1)(88.4)
Changes in estimates(4.6)(1.0)(5.6)
Foreign currency and other adjustments0.1 0.1 0.2 
Balance as of December 31, 2020$24.5 $2.0 $26.5 
v3.20.4
Stockholders' Equity
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Changes to the number of shares of capital stock issued were as follows:
 Common stock
issued
Exchangeable
shares issued
 Class AClass BClass AClass B
 (Share amounts in millions)
Balance as of December 31, 20172.6 204.7 2.9 14.7 
Shares issued under equity compensation plans— 0.7 — — 
Shares exchanged for Class B exchangeable shares— — (0.1)0.1 
Balance as of December 31, 20182.6 205.4 2.8 14.8 
Shares issued under equity compensation plans— 0.2 — — 
Shares exchanged for common stock— 0.1 — (0.1)
Shares exchanged for Class B exchangeable shares— — (0.1)0.1 
Balance as of December 31, 20192.6 205.7 2.7 14.8 
Shares issued under equity compensation plans— 0.4 — — 
Shares exchanged for common stock— 3.7 — (3.7)
Balance as of December 31, 20202.6 209.8 2.7 11.1 
Exchangeable Shares
The Class A exchangeable shares and Class B exchangeable shares were issued by Molson Coors Canada Inc. ("MCCI"), a wholly-owned subsidiary of the Company. The exchangeable shares are substantially the economic equivalent of the corresponding shares of Class A and Class B common stock that a Molson shareholder would have received in the merger of Adolph Coors Company with Molson Inc. in February 2005, if the holder had elected to receive shares of Molson Coors common stock. Exchangeable shareholders receive the CAD equivalent of dividends declared on Class A and B common stock on the date of declaration. Holders of exchangeable shares also receive, through a voting trust, the benefit of Molson Coors voting rights, entitling the holder to one vote on the same basis and in the same circumstances as one corresponding share of Molson Coors common stock.
Voting Rights
Each holder of record of Class A common stock, Class B common stock, Class A exchangeable shares and Class B exchangeable shares is entitled to one vote for each share held, without the ability to cumulate votes on the election of directors. Our Class B common stock has fewer voting rights than our Class A common stock and holders of our Class A common stock have the ability to effectively control or have a significant influence over company actions requiring stockholder approval. Specifically, holders of Class B common stock voting together as a single class have the right to elect three directors of the Molson Coors Board of Directors, as well as the right to vote on certain additional matters as outlined in the Restated Certificate of Incorporation (as amended, the “Certificate”), such as merger agreements that require approval under applicable law, sales of all or substantially all of our assets to unaffiliated third parties, proposals to dissolve MCBC, and certain amendments to the Certificate that require approval under applicable law, each as further described and limited by the Certificate. The Certificate also provides that holders of Class A common stock and Class B common stock shall vote together as a single class, on an advisory basis, on any proposal to approve the compensation of MCBC's named executive officers.
Conversion Rights
The Certificate provides for the right of holders of Class A common stock to convert their stock into Class B common stock on a one-for-one basis at any time. The exchangeable shares are exchangeable at any time, at the option of the holder on a one-for-one basis for corresponding shares of Molson Coors common stock. Therefore, a portion of our authorized and unissued Class A and Class B common shares are reserved to meet exchange requirements.
v3.20.4
Properties
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Properties Properties
 As of
 December 31, 2020December 31, 2019
 (In millions)
Land and improvements$341.3 $417.0 
Buildings and improvements1,074.8 1,025.8 
Machinery and equipment4,537.7 4,540.9 
Returnable containers414.8 386.7 
Furniture and fixtures295.9 264.6 
Software466.3 468.1 
Natural resource properties3.8 3.8 
Construction in progress532.1 444.2 
Total properties cost7,666.7 7,551.1 
Less: accumulated depreciation(3,416.4)(3,004.6)
Properties, net$4,250.3 $4,546.5 
Depreciation expense was $702.0 million, $637.8 million and $633.4 million in 2020, 2019 and 2018, respectively. The increase in depreciation expense for the year ended December 31, 2020 compared to 2019 was due to the increase in accelerated depreciation recorded as a result of certain facility closures. Accelerated depreciation recorded during the years ended December 31, 2020, 2019 and 2018 was $112.3 million, $31.7 million and $30.7 million respectively. See Note 7, "Special Items" for further discussion. Loss and breakage expense related to our returnable containers, included in the depreciation expense amounts noted above, was $42.6 million, $48.8 million and $48.4 million in 2020, 2019 and 2018, respectively, and is classified within cost of goods sold in the consolidated statements of operations.
v3.20.4
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
 
North America(1)
Europe(1)
Consolidated
Changes in Goodwill:(In millions)
Balance as of December 31, 2018$6,785.1 $1,475.7 $8,260.8 
Impairments(668.3)(6.1)(674.4)
Foreign currency translation29.8 15.2 45.0 
Balance as of December 31, 2019$6,146.6 $1,484.8 $7,631.4 
Impairments— (1,484.3)(1,484.3)
Foreign currency translation4.4 (0.5)3.9 
Balance as of December 31, 2020$6,151.0 $— $6,151.0 
(1)    On January 1, 2020, we changed our management structure from four segments and a corporate center to two reportable segments. Under this new structure we have two reporting units, North America and Europe.
The gross amount of goodwill totaled approximately $8.4 billion as of December 31, 2020. Accumulated impairment losses as of December 31, 2020 totaled $2,264.5 million, and are comprised of impairments taken on both the Europe and North America reporting units as well as our historic India reporting unit, which was fully impaired in 2019.
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2020:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization:    
Brands
10 - 50
$5,128.4 $(1,070.6)$4,057.8 
License agreements and distribution rights
15 - 20
206.8 (99.5)107.3 
Other
3 - 40
109.1 (36.4)72.7 
Intangible assets not subject to amortization:    
BrandsIndefinite8,215.7 — 8,215.7 
Distribution networksIndefinite795.0 — 795.0 
OtherIndefinite307.6 — 307.6 
Total $14,762.6 $(1,206.5)$13,556.1 

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization:    
Brands
10 - 50
$5,036.3 $(865.1)$4,171.2 
License agreements and distribution rights
15 - 20
202.0 (90.6)111.4 
Other
3 - 40
124.0 (39.4)84.6 
Intangible assets not subject to amortization:    
BrandsIndefinite8,172.4 — 8,172.4 
Distribution networksIndefinite778.8 — 778.8 
OtherIndefinite337.6 — 337.6 
Total $14,651.1 $(995.1)$13,656.0 
The changes in the gross carrying amounts of intangible assets from December 31, 2019 to December 31, 2020 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies, impairment of definite-lived brand intangible assets and $30.0 million of other intangibles disposed of as part of the Irwindale brewery sale as discussed in Note 7, "Special Items."
Based on foreign exchange rates as of December 31, 2020, the estimated future amortization expense of intangible assets is as follows:
YearAmount
 (In millions)
2021$217.3 
2022$212.6 
2023$211.7 
2024$210.0 
2025$209.9 
Amortization expense of intangible assets was $220.0 million, $221.2 million, and $224.1 million for the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively. This expense is primarily presented within marketing, general and administrative expenses in our consolidated statements of operations.
Annual Impairment Assessment
We completed our required annual goodwill and indefinite-lived intangible asset impairment testing as of October 1, 2020, the first day of our fourth quarter, and concluded the carrying value of the Europe reporting unit was determined to be in excess of its fair value such that an impairment loss of $1,484.3 million was recorded. The goodwill impairment was the result of continued challenges and declines within the European beer industry brought on by the extended impacts and continued duration of the coronavirus pandemic and related outlook of recovery. The ongoing uncertainty related to the pandemic and related unknown expectations of when the European beer industry will return to normal operating levels have created significant performance headwinds. Specifically, the discount rate used in developing our fair value estimate for the Europe reporting unit was 10.00%, as compared to 8.50% used as of the October 1, 2019 annual testing date. The recent performance declines and continued challenges within the beer industry and broader economies throughout Europe, including the additional lockdowns and increased restrictions to the on-premise, have had a material adverse impact on the expected future cash flows utilized in the valuation approaches for the Europe reporting unit. As a result, it was determined that the fair value of the reporting unit was more likely than not reduced below its carrying amount during the fourth quarter of 2020. Using a combination of discounted cash flow analyses and market-based approaches, it was determined that the carrying value of the Europe reporting unit exceeded its fair value to such an extent that the analysis resulted in the aforementioned goodwill impairment.
We also evaluated the indefinite-lived and definite-lived intangible assets within our European reporting unit, prior to recording the goodwill impairment, and concluded that an insignificant impairment was required for a definite-lived intangible asset but no impairments were required for the indefinite-lived intangible assets; however, the Staropramen indefinite-lived intangible asset is considered to be at risk of future impairment as further discussed below.
The North America reporting unit did not have an impairment of goodwill but is considered to be at risk of future impairment as further discussed below. Apart from the Staropramen indefinite-lived intangible asset, none of our other indefinite-lived intangible assets were impaired as a result of the annual review process.
Reporting Units and Goodwill
As of the date of our annual impairment test, October 1, the operations in each of the specific regions within our North America and Europe segments are considered components based on the availability of discrete financial information and the regular review by segment. We have concluded that the components within the North America segments each meet the criteria of having similar economic characteristics and therefore have aggregated these components into the North America reporting unit. Additionally, we determined that all of the components within the Europe segment, with the exception of India and the Asia Pacific export and license businesses, meet the criteria for aggregation, and will thus have been aggregated into the Europe reporting unit. The operations of our India and Asia Pacific export and licensing businesses constitute separate reporting units at the component level. However, no goodwill exists within these reporting units that require testing.
The carrying value of the Europe reporting unit was determined to be in excess of its fair value such that an impairment loss of $1,484.3 million was recorded. The fair value of the North America reporting unit was estimated at approximately 7% in excess of carrying value, as of the October 1, 2020 testing date, which is a decline during the year, and therefore the reporting unit is considered to be at risk of future impairment. The decline in fair value of the North America reporting unit in the current year is largely due to the perceived risk in the execution of our revitalization efforts amidst a global pandemic, which adversely impacted the results of our impairment testing. These challenges were partially offset by the reduction to the discount rate as a result of the recent interest rate environment. Specifically, the discount rate used in developing our annual fair value estimates for the North America and Europe reporting units in the current year was 8.00% and 10.00%, respectively, based on market-specific factors, as compared to 8.50% for all reporting units used as of the October 1, 2019 annual testing date. In North America, we continue to invest behind above premium brands and innovation. While the preliminary results are promising, including successful launches of brands like Blue Moon LightSky, Vizzy and Coors Seltzer in the current year, the growth targets included in management’s forecasted future cash flows are inherently at risk given the recent introduction of these brands. In the Europe reporting unit, impacts from the coronavirus pandemic drove significant headwinds that had an adverse impact on current year brand volumes and overall company performance as the Europe business relies heavily on the on-premise business. The uncertainty around the ongoing impacts of the pandemic including governmental or societal impositions on bars and restaurants and restrictions on public gatherings that limit many on-premise locations to operate at full capacity if at all have negatively impacted the forecasted future cash flows of the reporting unit.
As of the October 1, 2020 testing date, the fair value of our North America reporting unit was determined to be in excess of its carrying value, although considered to be at risk of future impairment, while the Europe reporting unit's fair value resulted in an impairment. The fair value determinations are sensitive to further unfavorable changes in forecasted cash flows, macroeconomic conditions, market multiples or discount rates that could negatively impact future analyses, including the
further extent, duration and impact of the ongoing pandemic on our reporting units. The key assumptions used to derive the estimated fair values of our reporting units represent Level 3 measurements.
Indefinite-Lived Intangible Assets
The fair value of the indefinite-lived Miller brands in the U.S. is sufficiently in excess of its carrying values as of the annual testing date.
The fair value of the indefinite-lived Coors brands in North America is sufficiently in excess of its carrying value as of the annual testing date.
The fair value of our Carling indefinite-lived intangible assets in Europe continues to be sufficiently in excess of its carrying value as of the annual testing date. However, the fair value of our Staropramen indefinite-lived intangible assets in Europe is considered to be at risk of future impairment with a fair value estimated to be approximately 9% in excess of its carrying value as of the annual testing date. The carrying value of the Staropramen indefinite-lived intangible assets as of December 31, 2020 was $621.7 million. The fair value decline of the Staropramen brand versus the prior year was a result of the coronavirus’ impact on the on-premise business throughout Europe during 2020 and potentially beyond.
We utilized Level 3 fair value measurements in our impairment analysis of certain indefinite-lived intangible brand assets, including the Coors brands in North America, Miller brands in the U.S. and the Staropramen and Carling brands in Europe. An excess earnings approach is used to determine the fair values of these assets as of the testing date. The future cash flows used in the analysis are based on internal cash flow projections based on our long range plans and include significant assumptions by management as noted below. Separately, we performed a qualitative assessment of our water rights indefinite-lived intangible assets in the U.S. to determine whether it was more likely than not that the fair values of these assets were greater than their respective carrying amounts. Based on this qualitative assessment, we determined that a full quantitative analysis was not necessary.
Key Assumptions
As of the date of our annual impairment test, performed as of October 1, the North America reporting unit goodwill balance is at risk of future impairment in the event of significant unfavorable changes in the forecasted cash flows (including company-specific risks like the performance of our above-premium transformation efforts and overall market performance of new innovations like seltzers, along with macro-economic risks like the continued prolonged weakening of economic conditions, or significant unfavorable changes in tax rates, environmental or other regulations, including interpretations thereof), terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flow analyses. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value. Current projections used for our North America reporting unit testing reflect growth assumptions associated with our revitalization plan to build on the strength of our iconic core brands, aggressively grow our above premium portfolio, expand beyond the beer aisle, invest in our capabilities and support our people and our communities all of which are intended to benefit the projected cash flows of the business. These cash flow assumptions are tempered somewhat by the impacts the coronavirus has had on our overall business and specifically our more profitable on-premise business. Coronavirus impacts had a disproportional impact on our Europe business as a greater portion of its business takes place on-premise. Additionally, European countries have had and continue to impose stricter measures, i.e. lockdowns and social distancing requirements, to control the spread of the pandemic relative to various North American markets, which limit many on-premise locations to operate at full capacity.
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units and indefinite-lived intangible assets may include such items as: (i) a decrease in expected future cash flows, specifically, a decrease in sales volume and increase in costs that could significantly impact our immediate and long-range results, a decrease in sales volume driven by a prolonged weakness in consumer demand or other competitive pressures adversely affecting our long-term volume trends, a continuation of the trend away from core brands in certain of our markets, especially in markets where our core brands represent a significant portion of the market, unfavorable working capital changes and an inability to successfully achieve our cost savings targets, (ii) adverse changes in macroeconomic conditions or an economic recovery that significantly differs from our assumptions in timing and/or degree (such as a global pandemic or recession), (iii) significant unfavorable changes in tax rates such as increased corporate income tax rates (iv) volatility in the equity and debt markets or other country specific factors which could result in a higher weighted-average cost of capital, (v) sensitivity to market multiples; and (vi) regulation limiting or banning the manufacturing, distribution or sale of alcoholic beverages.
Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual assessment and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses. For example, we continue to monitor the challenges within the beer industry for further weakening or additional systemic structural declines, as well as for adverse changes in macroeconomic conditions such as the coronavirus pandemic that could significantly impact our immediate and long-range results. Specifically, subsequent to the January 1, 2020 interim impairment assessments, the World Health Organization characterized the outbreak of the coronavirus disease as a global pandemic as further discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies.” Our business has been, and could continue to be, materially and adversely impacted by the coronavirus pandemic. The related weakening of economic conditions during a prolonged pandemic could lead to a material impairment as the duration and severity of the pandemic and resulting impacts to our financial projections are further understood. Additionally, we are monitoring the impacts the coronavirus pandemic has on the market inputs used in calculating our discount rates, including risk-free rates, equity premiums and our cost of debt, which could result in a meaningful change to our weighted-average cost of capital calculation, as well as the market multiples used in our impairment assessment. Furthermore, increased volatility in the equity and debt markets or other country specific factors, including, but not limited to, extended or future government intervention in response to the pandemic, could also result in a meaningful change to our weighted-average cost of capital calculation and other inputs used in our impairment assessment. Separately, the Ontario government in Canada 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 18, "Commitments and Contingencies".
While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets equal to or 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.
Reporting Unit Changes and Interim Impairment Testing
As discussed in Note 3, "Segment Reporting," effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. These structural changes included leadership re-alignment with a centralized North America leadership team, an integrated North American supply chain network, and centralized marketing and innovations functions including movement to a single brand manager and North America marketing strategy for our major brands. Additionally, as part of our leadership re-alignment, we moved from two separate U.S. and Canada segment managers to a single North America segment manager, our President and Chief Executive Officer, who reviews discrete financial information only at the consolidated North America segment level. As a result of these changes, we re-evaluated our historical reporting unit conclusions and have consolidated our previously separate U.S. and Canada reporting units into a single North America reporting unit effective January 1, 2020. There were no changes to our existing Europe reporting unit, which was previously considered to be at risk of future impairment following the completion of our October 1, 2019 annual impairment testing.
We completed an interim impairment assessment for our U.S. and Canada reporting units as of January 1, 2020 immediately prior to the reporting unit change, as well as an impairment assessment of the combined North America reporting unit immediately after the change, and determined that no impairments existed. Additionally, as the changes resulted in the combination of our U.S. and Canada reporting units into a single North America reporting unit, no further reallocation of goodwill was required.
Additionally, as a result of the structural changes discussed above, including the centralization of the brand management and strategy for our Coors brands across North America, we have aggregated our Coors brand indefinite-lived intangible asset in the U.S. and Coors Light distribution agreement indefinite-lived intangible asset in Canada into a single unit of accounting for the purpose of testing for impairment, effective January 1, 2020. We completed an interim impairment assessment for each individual indefinite-lived intangible asset immediately prior to aggregation, and determined that no impairments existed.
Definite-Lived Intangible Assets
Regarding definite-lived intangible assets, we continuously monitor the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. In the current year, we recognized impairment losses on some of our definite-lived intangible assets related to certain regional craft breweries in North America and Europe. Impairment losses on the Grolsch brand and distribution agreement definite-lived intangible assets and the brand intangible asset related to our historical India business were recognized in 2019. See Note 7, "Special Items" for further details on these impairment losses. No such triggering events resulting in an impairment loss were identified in 2018.
2019 Impairment Assessment
We identified a triggering event requiring an interim impairment assessment of the goodwill within our former Canada reporting unit, now part of our North America reporting unit, at the end of the third quarter of 2019, which resulted in a goodwill impairment loss of $668.3 million. The goodwill impairment trigger was the result of continued challenges and steepening declines within the Canadian beer industry reflected in the prolonged weakened performance of the Canada reporting unit through the third quarter of 2019.
Separately, during the third quarter of 2019 we also identified an interim triggering event related to goodwill within our former India reporting unit resulting from significant declines in performance in 2019, coupled with the continuation of challenging business conditions, which required us to perform an interim quantitative impairment analysis at the end of the third quarter of 2019. As a result of this interim analysis, we determined that the carrying value of the former India reporting unit exceeded its fair value, resulting in an aggregate impairment loss of $12.2 million related to the goodwill of our India reporting unit and a definite-lived brand intangible asset.
Further we completed our required annual goodwill and indefinite-lived intangible asset impairment testing as of October 1, 2019 and concluded there were no additional impairments of goodwill within any of our reporting units. Also, there were no impairments of our other indefinite-lived intangible assets as a result of the annual review process.
v3.20.4
Debt
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations
 As of
 December 31, 2020December 31, 2019
 (In millions)
Long-term debt:  
CAD 500 million 2.75% notes due September 2020(1)
$— $384.9 
CAD 500 million 2.84% notes due July 2023(2)
392.9 384.9 
CAD 500 million 3.44% notes due July 2026(1)(2)
392.9 384.9 
$500 million 2.25% notes due March 2020(3)
— 499.8 
$1.0 billion 2.1% notes due July 2021(2)
1,000.0 1,000.0 
$500 million 3.5% notes due May 2022(4)
503.7 506.5 
$2.0 billion 3.0% notes due July 2026(2)
2,000.0 2,000.0 
$1.1 billion 5.0% notes due May 2042(4)
1,100.0 1,100.0 
$1.8 billion 4.2% notes due July 2046(2)
1,800.0 1,800.0 
EUR 800 million 1.25% notes due July 2024(2)
977.3 897.0 
Finance leases and other97.8 129.5 
Less: unamortized debt discounts and debt issuance costs(50.3)(56.7)
Total long-term debt (including current portion)8,214.3 9,030.8 
Less: current portion of long-term debt(1,006.1)(921.3)
Total long-term debt$7,208.2 $8,109.5 
Short-term borrowings(5)
$14.0 $6.9 
Current portion of long-term debt1,006.1 921.3 
Current portion of long-term debt and short-term borrowings$1,020.1 $928.2 
(1)Prior to Molson Coors International, L.P., a Delaware limited partnership and wholly-owned subsidiary of MCBC ("Molson Coors International L.P."), issuing our CAD 500 million 2.75% notes due September 18, 2020 (the "2015 Notes,"), on September 18, 2015, we entered into forward starting interest rate swap agreements to hedge the interest rate volatility for a 10 year period. We settled these swaps at the time of issuance of the 2015 Notes and are amortizing a portion of the resulting loss from AOCI to interest expense over the remaining term of the 2015 Notes as well as over a portion of the 2016 Notes defined below up to the full 10-year term of the interest rate swap agreements. During the third quarter of 2020, we repaid the 2015 Notes upon maturity. The amortizing loss resulted in an increase in our effective cost of borrowing compared to the stated coupon rates by 0.65% and 0.60% on each of the CAD 500 million
notes repaid in 2020 and due in 2026, respectively. See Note 16, "Derivative Instruments and Hedging Activities" for further details on the forward starting interest rate swaps.
(2)On July 7, 2016, MCBC issued approximately $5.3 billion senior notes with portions maturing from July 15, 2019 through July 15, 2046 ("2016 USD Notes"), and EUR 800.0 million senior notes maturing July 15, 2024 ("2016 EUR Notes"), and Molson Coors International L.P., completed a private placement of CAD 1.0 billion senior notes maturing July 15, 2023, and July 15, 2026 ("2016 CAD Notes"), in order to partially fund the financing of the Acquisition (2016 USD Notes, 2016 EUR Notes and 2016 CAD Notes, collectively, the "2016 Notes"). These issuances resulted in total proceeds of approximately $6.9 billion, net of underwriting fees and discounts of $36.5 million and $17.7 million, respectively. Total debt issuance costs capitalized in connection with these notes including underwriting fees, discounts and other financing related costs, were approximately $65 million and are being amortized over the respective terms of the 2016 Notes. The 2016 Notes began accruing interest upon issuance, with semi-annual payments due on the 2016 USD Notes and 2016 CAD Notes in January and July beginning in 2017, and annual interest payments due on the 2016 EUR Notes in July beginning in 2017. During the third quarter of 2019, we repaid the $500 million 1.45% notes which matured in July 2019.
As of December 31, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. See Note 16, "Derivative Instruments and Hedging Activities" for further details.
(3)On March 15, 2017, MCBC issued approximately $1.5 billion of senior notes. These issuances resulted in total proceeds of approximately $1.5 billion, net of underwriting fees and discounts of $3.1 million and $0.7 million, respectively. Total debt issuance costs capitalized in connection with these notes, including underwriting fees, discounts and other financing related costs, were $6.1 million and were amortized over the respective terms of the notes. As of December 31, 2020, these notes have been repaid.
(4)On May 3, 2012, we issued approximately $1.9 billion of senior notes with portions maturing in 2017, 2022 and 2042. The issuance resulted in total proceeds, before expenses, of approximately $1.9 billion, net of underwriting fees and discounts of $14.7 million and $4.6 million, respectively. Total debt issuance costs capitalized in connection with these senior notes, including the underwriting fees and discounts, were approximately $18.0 million and are being amortized over the term of the notes.
During 2014, we entered into interest rate swaps to economically convert our fixed rate $500 million 3.5% notes due 2022 ("$500 million notes") to floating rate debt. As a result of fair value hedge accounting, the carrying value of the $500 million notes included a cumulative adjustment for the change in fair value of $18.1 million at the time of termination of the swaps. Beginning in the fourth quarter of 2015, we began amortizing this cumulative adjustment to interest expense over the remaining term of the $500 million notes and will accordingly decrease the annual effective interest rate for the remaining term by 0.56%. The fair value adjustments and subsequent amortization have been excluded from the aggregate principal debt maturities table presented below.
(5)As of December 31, 2020, we had $11.0 million in bank overdrafts and $103.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $92.7 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million.
We had total outstanding borrowings of $3.0 million and $2.8 million under our JPY facilities as of December 31, 2020 and December 31, 2019, respectively. In addition, we have USD, GBP and CAD overdraft facilities under which we had no outstanding borrowings as of December 31, 2020 or December 31, 2019. A summary of our short-term facility availability is presented below. See Note 18, "Commitments and Contingencies" for further discussion related to letters of credit.
JPY 1.3 billion line of credit at Japan TIBOR plus 0.30%
JPY 100 million overdraft facility at Japan short-term Prime rate
CAD unlimited overdraft facility at CAD Prime plus 0.50%
GBP 20 million overdraft facility at GBP base rate plus 1.5%
USD 10 million overdraft facility at USD Prime plus 5%
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 December 31, 2020 and December 31, 2019, the fair value of our outstanding long-term debt (including current portion of long-term debt) was approximately $9.1 billion and $9.2 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
We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that also allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During 2020, we utilized borrowings from this facility in order to fund the repayment of debt upon maturity, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies." We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2020 and December 31, 2019.
On May 26, 2020, Molson Coors Brewing Company (UK) Limited (“MCBC U.K.”), a subsidiary of MCBC that operates and manages the Company’s business in the U.K., established a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that are eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, subject to certain conditions, which may be increased from time to time as provided in the Dealer Agreement (as defined below). Commercial paper issuances under the CCFF Program do not impact the borrowing capacity under our revolving credit facility.
In connection with the CCFF Program, MCBC U.K. and MCBC entered into a Dealer Agreement (the “Dealer Agreement”) with Lloyds Bank Corporate Markets PLC (“Lloyds”), as both the arranger and dealer, pursuant to which notes may be issued to Lloyds at such prices and upon such terms as MCBC U.K. and Lloyds may agree. The maturities of the notes vary but will not be less than seven days nor greater than 364 days. The Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions typical for the issuance of commercial paper of this type. In addition, MCBC entered into a Deed of Guarantee to guarantee the payment of all sums payable from time to time by MCBC U.K. in respect of the notes to the holders of any notes.

We had no borrowings outstanding under the CCFF Program as of December 31, 2020. To the extent MCBC U.K. has borrowings outstanding under the CCFF Program with maturities extending beyond May 19, 2021, there are certain additional conditions placed on the operations of MCBC U.K., including capital distributions and senior executive compensation, and as a consequence we currently do not anticipate having any borrowings under the CCFF Program with maturities extending beyond May 19, 2021, unless such previously described conditions under the CCFF Program are modified.
Debt Covenants
On June 19, 2020, we entered into to an amendment to our existing revolving credit facility agreement, which among other things, revised the leverage ratios under the financial maintenance covenant for each fiscal quarter ending on or after June 30, 2020 through the maturity of the credit facility. The maximum net debt to EBITDA leverage ratio, as such terms are defined by the amended revolving credit facility agreement, as of December 31, 2020 is 5.25x net debt to EBITDA, with a 0.50x reduction to 4.75x net debt to EBITDA for the fiscal quarter ending June 30, 2021. The leverage ratio requirement as of the last day of the fiscal quarter ending September 30, 2021 is reduced by 0.25x to 4.50x net debt to EBITDA, with a further 0.50x reduction to 4.00x net debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2021 through maturity of the credit facility.
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 December 31, 2020 and December 31, 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 December 31, 2020 rank pari-passu.
As of December 31, 2020, the aggregate principal debt maturities of long-term debt and short-term borrowings, based on foreign exchange rates as of December 31, 2020, for the next 5 years are as follows:
YearAmount
 (In millions)
2021$1,019.3 
2022505.2 
2023397.8 
2024982.0 
202520.3 
Thereafter5,286.3 
Total$8,210.9 
The aggregate principal debt maturities in the table above excludes finance leases which are disclosed in Note 19, "Leases."
Interest
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Interest incurred$282.3 $289.2 $311.7 
Interest capitalized(7.7)(8.3)(5.5)
Interest expensed$274.6 $280.9 $306.2 
v3.20.4
Inventories (Notes)
12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block] Inventories
 As of
 December 31, 2020December 31, 2019
(In millions)
Finished goods$266.7 $236.7 
Work in process72.7 84.0 
Raw materials242.2 227.1 
Packaging materials82.7 68.1 
Inventories, net$664.3 $615.9 
v3.20.4
Share-Based Payments
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
We have one share-based compensation plan, the MCBC Incentive Compensation Plan (the "Incentive Compensation Plan"), as of December 31, 2020 and all outstanding awards fall under this plan.
Incentive Compensation Plan
We issue the following types of awards related to shares of Class B common stock to certain directors, officers, and other eligible employees, pursuant to the Incentive Compensation Plan: RSUs, DSUs, PSUs, and stock options.
RSU awards are issued based upon the market value equal to the price of our stock at the date of the grant and vest over a period of three years. In 2020, 2019 and 2018, we granted 0.5 million, 0.5 million and 0.4 million RSUs, respectively, with a weighted-average market value of $48.99, $55.03 and $72.78 each, respectively. Prior to vesting, RSUs have no voting rights.
DSU awards, under the Directors' Stock Plan pursuant to the Incentive Compensation Plan, are elections made by non-employee directors of MCBC that enable them to receive all or one-half of their annual cash retainer payments in our stock. The DSU awards are issued at the market value equal to the price of our stock at the date of the grant. The DSUs are paid in shares of stock upon termination of service. Prior to vesting, DSUs have no voting rights. In 2020, 2019 and 2018, we granted a small number of DSUs with a weighted-average market value of $37.53, $56.68 and $64.48 per share, respectively.
PSU awards are granted with a target value established at the date of grant and vest upon completion of a service requirement. The settlement amount of the PSUs is determined based on market and performance metrics, which include our total shareholder return performance relative to the stock market index defined by each award and specified internal performance metrics designed to drive greater shareholder return. PSU compensation expense is based on a fair value assigned to the market metric upon grant using a Monte Carlo model, which remains constant throughout the vesting period of three years and a performance multiplier, which will vary due to changing estimates of the performance metric condition. During 2020, 2019 and 2018, we granted 0.3 million, 0.3 million and 0.2 million PSUs, respectively, each with a weighted-average fair value of $52.60, $53.31 and $78.30, respectively.
Stock options are granted with an exercise price equal to the market value of a share of Class B common stock on the date of grant. Stock options have a term of ten years and generally vest over three years. During 2020, 2019 and 2018, we granted 0.4 million, 0.4 million and 0.2 million options, respectively, each with a weighted-average fair value of $6.70, $9.20 and $15.44, respectively.
Certain RSU and PSU awards granted in 2020 entitle participants to receive dividends upon vesting, subject to the performance, vesting and other conditions, including forfeiture, applicable to the respective awards.
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Pretax share-based compensation expense(1)
$24.2 $8.5 $42.6 
Tax benefit(4.3)(1.6)(6.9)
After-tax share-based compensation expense$19.9 $6.9 $35.7 
(1)    The decrease in share-based compensation expense in 2019 was primarily driven by the reversal of cumulative compensation expense previously recognized for our 2018 and 2017 PSU awards as the achievement of the performance conditions are no longer deemed probable for the respective performance periods, as well as the impacts of the reversal of expense associated with forfeitures related to the revitalization plan initiated in 2019. Additionally, our share-based compensation expense in 2018 also includes expense associated with replacement awards issued in connection with the Acquisition.
As of December 31, 2020, there was $34.2 million of total unrecognized compensation cost from all share-based compensation arrangements granted under the Incentive Compensation Plan, related to unvested awards. This total compensation expense is expected to be recognized over a weighted-average period of 1.9 years.
 RSUs and DSUsPSUs
 UnitsWeighted-average
grant date fair value per unit
UnitsWeighted-average grant date fair value per unit
 (In millions, except per unit amounts)
Non-vested as of December 31, 20191.0$68.180.6$70.37
Granted0.5$48.810.3$52.60
Vested(0.3)$84.81$—
Forfeited(0.2)$64.12(0.2)$66.22
Non-vested as of December 31, 20201.0$56.210.7$58.12
The weighted-average fair value per unit for the non-vested PSUs is $32.76 as of December 31, 2020.
The total intrinsic values of RSUs and DSUs vested during 2020, 2019 and 2018 were $14.8 million, $23.6 million and $24.8 million, respectively.
 Stock options
 AwardsWeighted-
average
exercise price per unit
Weighted-
average
remaining
contractual
life (years)
Aggregate
intrinsic
value
(In millions, except per share amounts and years)
Outstanding as of December 31, 20191.6$68.773.8$3.1 
Granted0.4$51.48  
Exercised(0.1)$43.13  
Forfeited(0.1)$60.01  
Outstanding as of December 31, 20201.8$66.324.5$0.2 
Expected to vest as of December 31, 20200.6$54.898.8$— 
Exercisable as of December 31, 20201.2$71.702.5$0.2 
The total intrinsic values of exercises during 2020, 2019 and 2018 were $0.8 million, $0.6 million and $9.6 million, respectively. Total tax benefits realized, including excess tax benefits, from share-based awards vested or exercised during 2020, 2019 and 2018 was $3.1 million, $4.5 million and $8.4 million, respectively.
The shares of Class B common stock to be issued under our equity plans are made available from authorized and unissued MCBC Class B common stock. As of December 31, 2020, there were 2.3 million shares of MCBC Class B common stock available for the issuance under the Incentive Compensation Plan.
The fair value of each option granted in 2020, 2019 and 2018 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
Risk-free interest rate0.91%2.46%2.65%
Dividend yield4.40%4.16%2.08%
Volatility range
25.09% - 26.31%
24.46% - 24.60%
22.36% - 24.14%
Weighted-average volatility25.40%24.48%22.81%
Expected term (years)5.55.35.3
Weighted-average fair value$6.70$9.20$15.44
The risk-free interest rates utilized for periods throughout the contractual life of the stock options are based on a zero-coupon U.S. Department of Treasury security yield at the time of grant. Expected volatility is based on a combination of historical and implied volatility of our stock. The expected term of stock options is estimated based upon observations of historical employee option exercise patterns and trends of those employees granted options in the respective year.
The fair value of the market metric for each PSU granted in 2020, 2019 and 2018 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
Risk-free interest rate0.84%2.49%2.34%
Dividend yieldN/A4.17%2.08%
Volatility range
15.21% - 45.75%
13.82% - 42.46%
13.03% - 81.87%
Weighted-average volatility26.02%24.97%22.76%
Expected term (years)2.82.82.8
Weighted-average fair market value$52.60$53.31$78.30
The risk-free interest rates utilized for periods throughout the expected term of the PSUs are based on a zero-coupon U.S. Department of Treasury security yield at the time of grant. Expected volatility is based on historical volatility of our stock as well as the stock of our peer firms, as shown within the volatility range above, for a period from the grant date consistent with the expected term. The expected term of PSUs is calculated based on the grant date to the end of the performance period.
v3.20.4
Accumulated Other Comprehensive Income (Loss)
12 Months Ended
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) OCI represents income and losses for the reporting period, including the related tax impacts, which are excluded from net income (loss) and recognized directly within AOCI as a component of equity. OCI also includes amounts reclassified to income during the reporting period that were previously recognized within AOCI. Amounts remaining within AOCI are expected to be reclassified out of AOCI in the future, at which point they will be recognized within the consolidated statement of operations as a component of net income (loss). We recognize OCI related to the translation of assets and liabilities of our foreign subsidiaries which are denominated in currencies other than USD, unrealized gains and losses on the effective portion of our derivatives designated in cash flow hedging relationships and derivative and non-derivative instruments designated in net investment hedging relationships, actuarial gains and losses and prior service costs related to our pension and other post-retirement benefit plans, as well as our proportionate share of our equity method investments' OCI. Additionally, when we do not have the expectation or intent to cash settle certain of our intercompany note receivable and note payable positions in the foreseeable future, the remeasurement of these instruments is recorded as a component of foreign currency translation adjustments within OCI. We release stranded tax effects from AOCI using either a specific identification approach or portfolio approach based on the nature of the underlying item. 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, 2017$(408.5)$(13.5)$(378.5)$(59.5)$(860.0)
Foreign currency translation adjustments(411.6)— (0.6)— (412.2)
Reclassification of cumulative translation adjustment to
income
(1)
6.0 — — — 6.0 
Gain (loss) on net investment hedges106.4 — — — 106.4 
Unrealized gain (loss) on derivative instruments— 14.5 — — 14.5 
Reclassification of derivative (gain) loss to income— 3.4 — — 3.4 
Pension and other postretirement benefit adjustments— — 55.4 — 55.4 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 6.5 — 6.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (1.0)(1.0)
Tax benefit (expense)(51.0)(4.7)(13.5)0.2 (69.0)
As of December 31, 2018$(758.7)$(0.3)$(330.7)$(60.3)$(1,150.0)
Foreign currency translation adjustments129.3 — (2.5)— 126.8 
Gain (loss) on net investment hedges50.3 — — — 50.3 
Unrealized gain (loss) on derivative instruments— (111.3)— — (111.3)
Reclassification of derivative (gain) loss to income— 0.6 — — 0.6 
Pension and other postretirement benefit adjustments— — (43.7)— (43.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 26.5 — 26.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (14.4)(14.4)
Tax benefit (expense)(0.1)27.0 (2.9)3.8 27.8 
Net period other comprehensive income (loss)179.5 (83.7)(22.6)(10.6)62.6 
Reclassification of stranded tax effects (2)
(73.3)(3.8)2.3 — (74.8)
As of December 31, 2019$(652.5)$(87.8)$(351.0)$(70.9)$(1,162.2)
Foreign currency translation adjustments196.0 — (1.6)— 194.4 
Gain (loss) on net investment hedges(113.5)— — — (113.5)
Unrealized gain (loss) on derivative instruments— (113.5)— — (113.5)
Reclassification of derivative (gain) loss to income— (0.5)— — (0.5)
Pension and other postretirement benefit adjustments— — (52.9)— (52.9)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income— — (7.6)— (7.6)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 19.4 19.4 
Tax benefit (expense)30.5 27.9 15.4 (5.2)68.6 
As of December 31, 2020$(539.5)$(173.9)$(397.7)$(56.7)$(1,167.8)
(1)As a result of exiting our China business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items, net upon substantial liquidation. See Note 7, "Special Items" for further details.
(2)Represents the one-time reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the U.S. federal corporate income tax rate as part of the 2017 Tax Act. This reclassification occurred on January 1, 2019 upon adoption of the associated FASB authoritative guidance.
We have significant levels of net assets denominated in currencies other than the USD due to our operations in foreign countries, and therefore we recognize OCI gains and/or losses when those items are translated to USD. The foreign currency translation gains recognized during 2020 and 2019 were primarily due to the strengthening of the CAD and GBP versus the USD. Additionally, the 2020 foreign currency translation adjustment gains were further impacted by the strengthening of other currencies of our Europe operations versus the USD. The foreign currency translation losses recognized during 2018 were due to the weakening of the CAD, GBP and other currencies of our Europe operations versus the USD.
Reclassifications from AOCI to income:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
Reclassifications from AOCILocation of gain (loss)
recognized in income
(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps$(2.9)$(3.0)$(3.0)Interest expense, net
Foreign currency forwards4.6 3.1 (0.2)Cost of goods sold
Foreign currency forwards(1.2)(0.7)(0.2)Other income (expense), net
Total income (loss) reclassified, before tax0.5 (0.6)(3.4)
Income tax benefit (expense)(0.1)0.1 0.9 
Net income (loss) reclassified, net of tax$0.4 $(0.5)$(2.5)
Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)$0.4 $(0.4)$(0.5)Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement7.2 (26.1)(6.0)Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax7.6 (26.5)(6.5)
Income tax benefit (expense)(2.4)6.8 1.6 
Net income (loss) reclassified, net of tax$5.2 $(19.7)$(4.9)
Other reclassifications from AOCI to Income:
China cumulative translation adjustment resulting from substantial liquidation$— $— $(6.0)Special items, net
Income tax benefit (expense)— — — 
Net income (loss) reclassified, net of tax$— $— $(6.0)
Total income (loss) reclassified, net of tax$5.6 $(20.2)$(13.4)
v3.20.4
Employee Retirement Plans and Postretirement Benefits
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Retirement Plans and Postretirement Benefits Employee Retirement Plans and Postretirement Benefits
We maintain retirement plans for the majority of our employees. Depending on the location and benefit program, we provide either defined benefit pension or defined contribution pension plans to our employees. Each plan is managed locally and in accordance with respective local laws and regulations. We have defined benefit pension plans in the U.S., U.K., Canada and Japan. Additionally, we offer OPEB plans to a portion of our Canadian, U.S., and Central European employees which are unfunded plans. BRI and BDL maintain defined benefit, defined contribution and postretirement benefit plans as well; however, those plans are excluded from this disclosure as BRI and BDL are equity method investments and not consolidated.
The U.S. participates in and makes contributions to multi-employer pension plans. Contributions to multi-employer pension plans were $8.2 million in 2020 and $7.9 million for both 2019 and 2018. Additionally, the U.S. postretirement health plan qualifies for the federal subsidy under the Medicare Prescription Drug Improvement and Modernization Act of 2003 (“the Act”) because the prescription drug benefits provided under the Company's postretirement health plan for Medicare eligible retirees generally require lower premiums from covered retirees and have lower co-payments and deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than the benefits provided under the Act. The benefits paid, including prescription drugs, were $33.0 million, $37.6 million and $37.1 million in 2020, 2019 and 2018, respectively. There were immaterial subsidies received in each of 2020, 2019 and 2018.
Defined Benefit and OPEB Plans
Net Periodic Pension and OPEB Cost (Benefit)
For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 PensionOPEBConsolidatedPensionOPEBConsolidatedPensionOPEBConsolidated
 (In millions)
Service cost:   
Service cost$2.7 $6.0 $8.7 $4.0 $7.0 $11.0 $5.5 $9.3 $14.8 
Other pension and postretirement (benefit) cost, net:
Interest cost120.5 18.8 139.3 161.9 25.5 187.4 161.8 25.8 187.6 
Expected return on plan assets, net of expenses(161.8)0.2 (161.6)(217.3)0.5 (216.8)(232.8)0.5 (232.3)
Amortization of prior service (benefit) cost0.3 (0.7)(0.4)1.1 (0.7)0.4 0.7 (0.2)0.5 
Amortization of net actuarial (gain) loss7.3 (14.5)(7.2)10.4 (14.1)(3.7)7.6 (1.7)5.9 
Curtailment, settlement or special termination benefit (gain) loss(1)
— — — 30.5 — 30.5 0.8 0.1 0.9 
Expected participant contributions(0.4)— (0.4)(0.7)— (0.7)(0.8)— (0.8)
Total other pension and postretirement (benefit) cost, net(34.1)3.8 (30.3)(14.1)11.2 (2.9)(62.7)24.5 (38.2)
Net periodic pension and OPEB (benefit) cost$(31.4)$9.8 $(21.6)$(10.1)$18.2 $8.1 $(57.2)$33.8 $(23.4)
(1)During the fourth quarter of 2019, we utilized plan assets to purchase buy-out annuity contracts for a portion of our Canadian pension plans and recognized a pension settlement charge of $29.8 million.
Obligations and Changes in Funded Status
For the year ended December 31, 2020For the year ended December 31, 2019
PensionOPEBTotalPensionOPEBTotal
(In millions)
Change in benefit obligation:
Prior year benefit obligation$5,198.6 $672.5 $5,871.1 $4,904.7 $672.1 $5,576.8 
Service cost, net of expected employee contributions2.3 6.0 8.3 3.3 7.0 10.3 
Interest cost120.5 18.8 139.3 161.9 25.5 187.4 
Actual employee contributions0.4 — 0.4 0.5 — 0.5 
Actuarial loss (gain)460.3 43.7 504.0 533.4 7.4 540.8 
Plan amendments0.8 — 0.8 (1.4)— (1.4)
Benefits paid(316.6)(39.2)(355.8)(350.6)(44.1)(394.7)
Curtailment, settlement and special termination(0.1)— (0.1)(192.9)(0.2)(193.1)
Foreign currency exchange rate change105.3 2.9 108.2 139.7 4.8 144.5 
Benefit obligation at end of year$5,571.5 $704.7 $6,276.2 $5,198.6 $672.5 $5,871.1 
Change in plan assets:
Prior year fair value of assets$5,542.1 $— $5,542.1 $5,217.3 $— $5,217.3 
Actual return on plan assets614.0 — 614.0 712.2 — 712.2 
Employer contributions4.8 39.7 44.5 5.1 44.1 49.2 
Actual employee contributions0.4 — 0.4 0.5 — 0.5 
Curtailment, settlement and special termination(0.2)— (0.2)(192.9)— (192.9)
Benefits and plan expenses paid(316.6)(39.7)(356.3)(350.6)(44.1)(394.7)
Foreign currency exchange rate change113.9 — 113.9 150.5 — 150.5 
Fair value of plan assets at end of year$5,958.4 $— $5,958.4 $5,542.1 $— $5,542.1 
Funded status:$386.9 $(704.7)$(317.8)$343.5 $(672.5)$(329.0)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets$492.8 $— $492.8 $434.3 $— $434.3 
Accounts payable and other current liabilities(4.1)(43.3)(47.4)(4.1)(42.6)(46.7)
Pension and postretirement benefits(101.8)(661.4)(763.2)(86.7)(629.9)(716.6)
Net amounts recognized$386.9 $(704.7)$(317.8)$343.5 $(672.5)$(329.0)
The accumulated benefit obligation for our defined benefit pension plans was approximately $5.6 billion and $5.2 billion as of December 31, 2020 and December 31, 2019, respectively. The $11.2 million decrease in the net underfunded status of our aggregate pension and OPEB plans from December 31, 2019 to December 31, 2020, was primarily driven by strong asset returns, partially offset by the impacts of decreased discount rates. During the fourth quarter of 2019, we purchased buy-out annuity contracts for a portion of our Canadian pension plans resulting in a decrease to our projected benefit obligation and a corresponding reduction to our plan assets in fiscal year 2019.
As of December 31, 2020 and December 31, 2019, our defined benefit pension plan in the U.K. and certain defined benefit pension plans in the U.S. and Canada were overfunded as a result of our ongoing de-risking strategy. Information for our defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
As of
December 31, 2020December 31, 2019
(In millions)
Accumulated benefit obligation$831.4 $793.6 
Projected benefit obligation$831.6 $794.0 
Fair value of plan assets$725.7 $703.2 
Information for OPEB plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed above in "Obligations and Changes in Funded Status" as all of our OPEB plans are unfunded.
Accumulated Other Comprehensive Income (Loss)
Amounts recognized in AOCI not yet recognized as components of net periodic pension and OPEB cost, pretax, were as follows:
As of December 31, 2020As of December 31, 2019
PensionOPEBTotalPensionOPEBTotal
(In millions)
Net actuarial loss (gain)$684.6 $(108.6)$576.0 $685.7 $(167.5)$518.2 
Net prior service cost (benefit)10.5 (4.0)6.5 7.1 (4.9)2.2 
Total not yet recognized$695.1 $(112.6)$582.5 $692.8 $(172.4)$520.4 

Changes in plan assets and benefit obligations recognized in OCI, pretax, were as follows:
PensionOPEBTotal
 (In millions)
Accumulated other comprehensive loss (income) as of December 31, 2018$698.0 $(197.3)$500.7 
Amortization of prior service (costs) benefit(1.1)0.7 (0.4)
Amortization of net actuarial (loss) gain(10.4)14.1 3.7 
Net prior service cost(2.0)— (2.0)
Settlement and curtailment(29.8)(0.2)(30.0)
Current year actuarial loss (gain)38.5 7.4 45.9 
Foreign currency exchange rate change(0.4)2.9 2.5 
Accumulated other comprehensive loss (income) as of December 31, 2019$692.8 $(172.4)$520.4 
Amortization of prior service (costs) benefit(0.3)0.7 0.4 
Amortization of net actuarial (loss) gain(7.3)14.5 7.2 
Net prior service cost0.8 — 0.8 
Current year actuarial loss (gain)8.1 44.0 52.1 
Foreign currency exchange rate change1.0 0.6 1.6 
Accumulated other comprehensive loss (income) as of December 31, 2020$695.1 $(112.6)$582.5 
Assumptions
Periodic pension and OPEB cost is actuarially calculated annually for each individual plan based on data available and assumptions made at the beginning of each year. Assumptions used in the calculation include the settlement discount rate selected and disclosed at the end of the previous year as well as other assumptions detailed in the table below. The weighted-average rates used in determining the periodic pension and OPEB cost for the fiscal years 2020, 2019 and 2018 were as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 PensionOPEBPensionOPEBPensionOPEB
Weighted-average assumptions:    
Settlement discount rate2.55%2.91%3.44%3.92%3.01%3.34%
Rate of compensation increase2.00%N/A2.00%N/A2.00%N/A
Expected return on plan assets(1)
3.24%N/A4.38%N/A4.10%N/A
Health care cost trend rateN/A
Ranging ratably from 6.25% in 2020 to 3.57% in 2040
N/A
Ranging ratably from 6.5% in 2019 to 4.5% in 2037
N/A
Ranging ratably from 6.75% in 2018 to 4.5% in 2037
(1)We develop our EROA assumptions annually with input from independent investment specialists including our actuaries, investment consultants, plan trustee and other specialists. Each EROA assumption is based on historical data, including historical returns, historical market rates and is calculated for each plan's individual asset class. The calculation includes inputs for interest, inflation, credit, and risk premium (active investment management) rates and fees paid to service providers. We consider our EROA to be a significant management estimate. Any material changes in the inputs to our methodology used in calculating our EROA could have a significant impact on our reported defined benefit pension plans' expense.
Benefit obligations are actuarially calculated annually at the end of each year based on the assumptions detailed in the table below. Obligations under the OPEB plans are determined by the application of the terms of medical, dental, vision and life insurance plans, together with relevant actuarial assumptions and heath care cost trend rates. The weighted-average rates used in determining the projected benefit obligation for defined pension plans and the accumulated postretirement benefit obligation for OPEB plans, as of December 31, 2020 and December 31, 2019, were as follows:
As of December 31, 2020As of December 31, 2019
PensionOPEBPensionOPEB
Weighted-average assumptions:
Settlement discount rate1.84%2.10%2.55%2.91%
Rate of compensation increase2.00%N/A2.00%N/A
Health care cost trend rateN/A
Ranging ratably from 6.00% in 2021 to 3.57% in 2040
N/A
Ranging ratably from 6.25% in 2020 to 3.57% in 2040
The change to the weighted-average discount rates used for our defined benefit pension plans and postretirement plans as of December 31, 2020 from December 31, 2019, is primarily the result of declining interest rates during 2020.
Investment Strategy
The obligations of our defined benefit pension plans in the U.S., Canada and the U.K. are supported by assets held in trusts for the payment of future benefits. The business segments are obligated to adequately fund these asset trusts. The underlying investments within our defined benefit pension plans include: cash and short-term instruments, debt securities, equity securities, investment funds, and other investments including derivatives, hedge fund of funds and real estate. Investment allocations reflect the customized strategies of the respective plans.
The plans use liability driven investment strategies in managing defined pension benefits. For all defined benefit pension plan assets the plans have the following primary investment objectives:
(1)optimize the long-term return on plan assets at an acceptable level of risk and manage projected future cash contributions;
(2)maintain a broad diversification across asset classes and among investment managers; and
(3)manage the risk level of the plans' assets in relation to the plans' liabilities.
Each plan's respective allocation targets promote optimal expected return and volatility characteristics given a focus on a long-term time horizon for fulfilling the plans' obligations. All assets are managed by external investment managers with a mandate to either match or outperform their benchmark. The plans used different asset managers in the U.S., U.K. and Canada and each plan's respective asset allocation could be impacted by a change in asset managers.
Our investment strategies for our defined benefit pension plans also consider the funding status for each plan. For defined benefit pension plans that are highly funded, assets are invested primarily in fixed income holdings that have a similar duration to the associated liabilities. For plans with lower funding levels, the fixed income component is managed in a similar manner to the highly funded plans. In addition to this liability-matching fixed income allocation, these plans also contain exposure to return generating assets including: equities, real estate, debt, and other investments held with the goal of producing higher returns, which may also have a higher risk profile. These investments are diversified by investing globally with limitations placed on issuer concentration.
Both our U.K. and Canadian plans hedge a portion of the foreign exchange exposure between plan assets that are not denominated in the local plan currency and the local currency as the Canadian and U.K. pension liabilities will be settled in CAD and GBP, respectively.
Target Allocations
The following compares target asset allocation percentages with actual asset allocations on a weighted-average asset basis as of December 31, 2020:
 Target
allocations
Actual
allocations
Equities10.3%10.4%
Fixed income64.6%66.9%
Real estate7.0%6.0%
Annuities14.7%14.7%
Other3.4%2.0%
Significant Concentration Risks
We periodically evaluate our defined benefit pension plan assets for concentration risks. As of December 31, 2020, we did not have any individual underlying asset position that composed a significant concentration of each plan's overall assets. However, we currently have significant plan assets invested in U.K., U.S. and Canadian government fixed income holdings. A provisional credit rating downgrade for any of these governments could negatively impact the asset values.
Further, as our benefit plans maintain exposure to non-government investments, a significant system-wide increase in credit spreads would also negatively impact the reported plan asset values. In general, equity and fixed income risks have been mitigated by company-specific concentration limits and by utilizing multiple equity managers. We do have significant amounts of assets invested with individual fixed income and hedge fund managers, therefore, the plans use outside investment consultants to aid in the oversight of these managers and fund performance.
Valuation Techniques
We use a variety of industry accepted valuation techniques to value our plan assets. The techniques vary depending upon instrument type. Whenever possible, we prioritize the use of observable market data in our valuation processes. We use market, income and cost approaches to value our plan assets as of period end. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for additional information on our fair value methodologies and accounting policies. We have not changed our fair value techniques used to value plan assets this year.
Major Categories of Plan Assets
As of December 31, 2020, our major categories of plan assets included the following:
Cash and short-term instruments—Includes cash, trades awaiting settlement, bank deposits, short-term bills and short-term notes. Our "trades awaiting settlement" category includes payables and receivables associated with asset purchases and sales that are awaiting final cash settlement as of year-end due to the use of trade date accounting for our pension plans assets. These payables normally settle within a few business days of the purchase or sale of the respective asset. The respective assets are included in or removed from our year-end plan assets and categorized in their respective asset categories in the fair value hierarchy below. We include these items in Level 1 of this hierarchy, as the values are derived from quoted prices in active markets. Short-term instruments are included in Level 2 of the fair value hierarchy as these are highly liquid instruments that are valued using observable inputs, but their asset values are not publicly quoted.
Debt securities—Includes various government and corporate fixed income securities, interest and inflation-linked assets such as bonds and swaps, collateralized securities, and other debt securities. The majority of the plans' fixed income assets trade on "over the counter" exchanges, which provides observable inputs that are the primary data used to determine each individual investment's fair value. We also use independent pricing vendors, as well as matrix pricing techniques. Matrix pricing uses observable data from other similar investments as the primary input to determine the individual security's fair value. Government and corporate fixed income securities are generally classified as Level 2 in the fair value hierarchy as they are valued using observable inputs. Assets included in our collateralized securities include mortgage backed securities and collateralized mortgage obligations, which are considered Level 3 due to the use of the significant unobservable inputs used in deriving these assets' fair values.
Equities—Includes publicly traded common and other equity-like holdings, primarily publicly traded common stock and real estate investment trusts. Equity assets are well diversified between international and domestic investments. We consider equities quoted on public exchanges as Level 1 while other assets that are not quoted on public exchanges but valued using significant observable inputs as Level 2 depending on the individual asset's characteristics.
NAV per share practical expedient—Includes our debt funds, equity funds, hedge fund of funds, infrastructure funds, real estate fund holdings and private equity funds. The market values for these funds are based on the net asset values multiplied by the number of shares owned.
Annuities—Includes non-participating annuity buy-in insurance policies purchased to cover a portion of the plan members. The fair value of non-participating contracts fluctuates based on changes in the obligation associated with covered plan members. These values are considered Level 3 due to the use of the significant unobservable inputs used in deriving these assets' fair values.
Other—Includes derivatives, repurchase agreements, recoverable taxes for taxes paid and awaiting reclaim due to the tax exempt nature of the pension plan, venture capital, and private equity. Derivatives are priced using observable inputs including yields, interest rate curves and spreads. Exchange traded derivatives are typically priced using the last trade price. Repurchase agreements are agreements where our plan has created an asset exposure using borrowed assets, creating a repurchase agreement liability, to facilitate the trade. The assets associated with the repurchase agreement and equity options are included in the other category in the fair value hierarchy, and the corresponding repurchase agreement liability is classified as Level 1 in the hierarchy, as the liability is valued using quoted prices in active markets. When determining the presentation of our target and asset allocations for repurchase agreements, we are viewing the asset type, as opposed to the investment vehicle, and accordingly include the associated assets within fixed income, specifically interest and inflation linked assets. We include recoverable tax items in Level 1 of this hierarchy, as these are cash receivables and the values are derived from quoted prices in active markets. Private equity is included in Level 3 as the values are based upon the use of unobservable inputs.
Fair Value Hierarchy
The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):
  Fair value measurements as of December 31, 2020
 Total as of
December 31, 2020
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents    
Cash$144.6 $144.6 $— $— 
Trades awaiting settlement16.7 16.7 — — 
Bank deposits, short-term bills and notes25.0 — 25.0 — 
Debt
Government debt securities869.6 — 869.6 — 
Corporate debt securities112.7 — 112.7 — 
Interest and inflation linked assets1,059.6 — 1,048.6 11.0 
Annuities
Buy-in annuities783.9 — — 783.9 
Other
Repurchase agreements(483.5)(483.5)— — 
Recoverable taxes0.2 0.2 — — 
Private equity61.4 — — 61.4 
Total fair value of investments excluding NAV per share practical expedient$2,590.2 $(322.0)$2,055.9 $856.3 
The following presents our total fair value of plan assets including the NAV per share practical expedient for our defined benefit pension plan assets:
Total as of
December 31, 2020
(In millions)
Fair value of investments excluding NAV per share practical expedient$2,590.2 
Fair value of investments using NAV per share practical expedient
Debt funds1,591.4 
Equity funds1,418.6 
Real estate funds274.4 
Private equity funds77.1 
Hedge funds6.7 
Total fair value of plan assets$5,958.4 
The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):
  Fair value measurements as of December 31, 2019
 Total as of
December 31, 2019
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents    
Cash$107.2 $107.2 $— $— 
Trades awaiting settlement17.2 17.2 — — 
Bank deposits, short-term bills and notes16.4 — 16.4 — 
Debt
Government securities711.8 — 711.8 — 
Corporate debt securities272.3 — 272.3 — 
Interest and inflation linked assets948.1 — 938.8 9.3 
Annuities
Buy-in annuities748.1 — — 748.1 
Other
Equity options6.3 6.3 — — 
Repurchase agreements(923.2)(923.2)— — 
Recoverable taxes0.5 0.5 — — 
Private equity72.8 — — 72.8 
Total fair value of investments excluding NAV per share practical expedient$1,977.5 $(792.0)$1,939.3 $830.2 

The following presents our fair value hierarchy including the NAV per share practical expedient for our defined benefit pension plan assets:
Total as of
December 31, 2019
(In millions)
Fair value of investments excluding NAV per share practical expedient$1,977.5 
Fair value of investments using NAV per share practical expedient
Debt funds1,636.7 
Equity funds1,820.5 
Real estate funds20.4 
Private equity funds87.0 
Total fair value of plan assets$5,542.1 
Fair Value: Level Three Rollforward
The following presents our Level 3 Rollforward for our defined pension plan assets excluding investments using the NAV per share practical expedient:
Amount
(In millions)
Balance as of December 31, 2018$695.7 
Total gain or loss (realized/unrealized): 
Realized gain (loss)15.3 
Unrealized gain (loss) included in AOCI(19.6)
Purchases, issuances, settlements105.2 
Foreign exchange translation (loss)/gain33.6 
Balance as of December 31, 2019$830.2 
Total gain or loss (realized/unrealized): 
Realized gain (loss)2.1 
Unrealized gain (loss) included in AOCI11.0 
Purchases, issuances, settlements(12.7)
Foreign exchange translation (loss)/gain25.7 
Balance as of December 31, 2020$856.3 
Expected Cash Flows
In 2021, we expect to make contributions to our defined benefit pension plans of approximately $4 million and benefit payments under our OPEB plans of approximately $43 million based on foreign exchange rates as of December 31, 2020. BRI and BDL contributions to their respective defined benefit pension plans are excluded here, as they are not consolidated in our financial statements. Plan funding strategies are influenced by employee benefits, tax laws and plan governance documents.
Expected future benefit payments for defined benefit pension and OPEB plans, based on foreign exchange rates as of December 31, 2020, are as follows:
Expected benefit paymentsPensionOPEB
 (In millions)
2021$327.1 $43.4 
2022$327.1 $42.8 
2023$327.9 $42.2 
2024$328.1 $42.0 
2025$329.5 $41.2 
2026-2030$1,643.8 $200.2 
Defined Contribution Plans
We offer defined contribution pension plans for the majority of our U.S., Canadian and U.K. employees. The investment strategy for defined contribution plans are determined by each individual participant from the options we have made available as the plan sponsor. U.S. non-union employees are eligible to participate in qualified defined contribution plans which provide for employer contributions ranging from 5% to 11% of eligible compensation (certain employees were also eligible for additional employer contributions). In addition, U.S. union employees are eligible to participate in a qualified defined contribution plan which provides for employer contributions based on factors associated with various collective bargaining agreements. The employer contributions to the U.K. and Canadian plans range from 3% to 10% of employee compensation. Both employee and employer contributions were made in cash in accordance with participant investment elections.
We recognized costs associated with defined contribution plans of $75.5 million, $80.0 million and $78.5 million in 2020, 2019 and 2018, respectively.
In addition, we have other deferred compensation and nonqualified defined contribution plans. We have voluntarily funded these liabilities through rabbi trusts. These assets are invested in publicly traded mutual funds whose performance is expected to closely match changes in the plan liabilities. As of December 31, 2020, and December 31, 2019, the plan liabilities
were equal to the plan assets and were included in other liabilities and other assets on our consolidated balance sheets, respectively.
v3.20.4
Derivative Instruments and Hedging Activities
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Overview and Risk Management Policies
We use derivatives as part of our normal business operations to manage our exposure to fluctuations in interest rates, foreign currency, commodity price risk and for other strategic purposes related to our core business. We have established policies and procedures that govern the risk management of these exposures. Our primary objective in managing these exposures is to decrease the volatility of cash flows affected by changes in the underlying rates and prices.
To achieve our objectives, we enter into a variety of financial derivatives, including foreign currency exchange, commodity, interest rate, cross currency swaps as well as options. We also enter into physical hedging agreements directly with our suppliers to manage our exposure to certain commodities.
Counterparty Risk
While, by policy, the counterparties to any of the financial derivatives we enter into are major institutions with investment grade credit ratings of at least A- by Standard & Poor's (or the equivalent) or A3 by Moody's, we are exposed to credit-related losses in the event of non-performance by counterparties. This credit risk is generally limited to the unrealized gains in such contracts, should any of these counterparties fail to perform as contracted.
We have established a counterparty credit policy and guidelines that are monitored and reported to management according to prescribed guidelines to assist in managing this risk. As an additional measure, we utilize a portfolio of institutions either headquartered or operating in the same countries that we conduct our business. In calculating the fair value of our derivative balances, we also record an adjustment to recognize the risk of counterparty credit and our own non-performance risk, as appropriate.
Price and Liquidity Risks
We base the fair value of our derivative instruments upon market rates and prices. The volatility of these rates and prices are dependent on many factors that cannot be forecasted with reliable accuracy. The current fair values of our contracts could differ significantly from the cash settled values with our counterparties. As such, we are exposed to price risk related to unfavorable changes in the fair value of our derivative contracts.
We may be forced to cash settle all or a portion of our derivative contracts before the expected settlement date upon the occurrence of certain contractual triggers including a change of control, termination event or other breach of agreement. This could have a negative impact on our liquidity. For derivative contracts that we have designated as hedging instruments, early cash settlement would result in the timing of our hedge settlement not being matched to the cash settlement of the forecasted transaction or firm commitment. We may also decide to cash settle all or a portion of our derivative contracts before the expected settlement date through negotiations with our counterparties, which could also impact our cash position.
Due to the nature of our counterparty agreements, we are not able to net positions with the same counterparty across business units. Thus, in the event of default, we may be required to early settle all out-of-the-money contracts, without the benefit of netting the fair value of any in-the-money positions against this exposure.
Collateral
We do not receive and are not required to post collateral unless a change of control event occurs. This termination event would give either party the right to early terminate all outstanding swap transactions in the event that the other party consolidates, merges with, or transfers all or substantially all of its assets to, another entity, and the creditworthiness of the surviving entity that has assumed such party's obligations is materially weaker than that of such party. As of December 31, 2020, we did not have any collateral posted with any of our counterparties.
Derivative Accounting Policies
Overview
Our foreign currency forwards and our forward starting interest rate swaps are designated in hedging relationships as cash flow hedges, and our cross currency swaps are designated as net investment hedges. Prior to settlements discussed below, our interest rate swaps were designated as fair value hedges. In certain situations, we may execute derivatives that do not qualify for, or we do not otherwise seek, hedge accounting but are determined to be important for managing risk. For example, our commodity swaps and commodity options are not designated in hedge accounting relationships. These outstanding economic
hedges are measured at fair value on our consolidated balance sheets with changes in fair value recorded in earnings. We have historically elected to apply the NPNS exemption to certain contracts, as applicable. These contracts are typically transacted with our suppliers and include risk management features that allow us to fix the price on specific volumes of purchases for specified delivery periods. We also consider whether any provisions in our contracts represent embedded derivative instruments as defined in authoritative accounting guidance and apply the appropriate accounting.
Hedge Accounting Policies
We formally document all relationships receiving hedge accounting treatment between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking hedge transactions pursuant to prescribed guidance. We also formally assess effectiveness both at the hedge's inception and on an ongoing basis, specifically whether the derivatives that are used in hedging transactions have been highly effective in mitigating the risk designated as being hedged and whether those hedges may be expected to remain highly effective in future periods. Specific to net investment hedges, we have elected to use the spot-to-spot methodology to assess effectiveness.
We discontinue hedge accounting prospectively when (1) the derivative is no longer highly effective in offsetting changes in the cash flows of a forecasted future transaction; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; (4) management determines that designating the derivative as a hedging instrument is no longer appropriate; or (5) management decides to cease hedge accounting.
When we discontinue hedge accounting prospectively, but it continues to be probable that the forecasted transaction will occur in the originally expected period, the existing gain or loss on the derivative remains in AOCI for cash flow hedges and net investment hedges or in the carrying value of the hedged item for fair value hedges and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is no longer probable that a forecasted transaction will occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses in AOCI are recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its fair value on the consolidated balance sheets until maturity, recognizing future changes in the fair value in current period earnings.
Significant Derivative/Hedge Positions
Interest Rate Swaps
In prior years, we entered into interest rate swap agreements to economically convert our fixed rate $1.0 billion 2017 USD Notes and $500 million 3.5% notes due in 2022 to floating rate debt. These interest rate swap agreements, which were designated as fair value hedges, were previously voluntarily cash settled, at which time we ceased adjusting the carrying value of the notes for the fair value movements. The cumulative adjustments on the $1.0 billion 2017 USD Notes were amortized as a charge to interest expense over the remaining term of each respective note. The cumulative adjustments on the $500 million 3.5% notes increased the carrying value of the notes and are being amortized as a benefit to interest expense over the expected remaining term of the notes.
Net Investment Hedges
On July 7, 2016, we issued EUR 800.0 million senior notes maturing July 15, 2024 to partially fund the Acquisition. Separately, on March 15, 2017, we issued an aggregate of EUR 500 million, 0.35% plus three-month EURIBOR floating rate senior notes due March 15, 2019. Concurrent with the issuances of both sets of Notes, we simultaneously designated the principals as net investment hedges of our investment in our Europe business in order to hedge a portion of the foreign currency translational impacts and, accordingly, record the changes in the carrying value of the 2016 EUR Notes and 2017 EUR Notes due to fluctuations in the spot rate to AOCI. In March 2019, we repaid the 2017 EUR Notes. See Note 11, "Debt" for further discussion.
Forward Starting Interest Rate Swaps
Forward starting interest rate swaps are instruments we use to manage our exposure to the volatility of the interest rates associated with future interest payments on a forecasted debt issuance. During the third quarter of 2018, we entered into forward starting interest rate swaps with notional amounts totaling $1.5 billion. The forward starting interest rate swaps have an effective date of July 2018 and termination dates of July 2021, May 2022 and July 2026, mirroring the terms of the forecasted debt issuances. Weighted-average interest rates on the swaps are fixed at 3.00%, 3.01% and 3.10% for July 2021, May 2022 and July 2026, respectively. Under the agreements we are required to early terminate these swaps at the time we expect to issue the related forecasted debt. We have designated these contracts as cash flow hedges. As a result, the unrealized mark-to-market gains or losses will be recorded to AOCI until termination at which point the realized gain or loss of these swaps at issuance of the hedged debt will be reclassified from AOCI and amortized to interest expense over the term of the hedged debt.
In 2015 we entered into forward starting interest rate swaps with a notional of CAD 600 million in order to manage our exposure to the volatility of the interest rates associated with the future interest payments on the forecasted CAD debt issuances, which ultimately became the 2015 Notes and a portion of the 2016 Notes. The swaps had an effective date of September 2015 and a termination date of September 2025 mirroring the terms of the initially forecasted CAD debt issuance. Under these agreements we were required to early terminate these swaps at the approximate time we issued the previously forecasted debt. We had designated these contracts as cash flow hedges and accordingly, a portion of the CAD 39.2 million ($29.5 million at settlement) loss on the forward starting interest rate swaps is being reclassified from AOCI and amortized to interest expense over the remaining term of the 2015 Notes, repaid in September 2020, and over a portion of the CAD 500 million notes due in 2026 up to the full 10-year term of the interest rate swap agreements.
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 results 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 received 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 resulted 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 during the second quarter of 2019. Upon repayment of the $500 million 2.25% senior notes at maturity in March 2020, we settled the associated cross currency swaps resulting in cash receipts of $3.2 million. The cash receipts upon settlement of these cross currency swaps were classified as investing activities in our consolidated statement of cash flows.
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.
Foreign Currency Forwards
We have financial foreign exchange forward contracts in place to manage our exposure to foreign currency fluctuations. We hedge foreign currency exposure related to certain royalty agreements, exposure associated with the purchase of production inputs and imports that are denominated in currencies other than the functional entity's local currency, and other foreign exchanges exposures. These contracts have been designated as cash flow hedges of forecasted foreign currency transactions. We use foreign currency forward contracts to hedge these future forecasted transactions up to a 60 month horizon.
Commodity Swaps and Options
We have financial commodity swap and option contracts in place to hedge changes in the prices of natural gas, aluminum, including surcharges relating to our aluminum exposures, corn, barley and diesel. These contracts allow us to swap our floating exposure to changes in these commodity prices for a fixed rate. These contracts are not designated in hedge accounting relationships. As such, changes in fair value of these derivatives are recorded in cost of goods sold in the consolidated statements of operations. We hedge forecasted purchases of natural gas, aluminum, corn and diesel each up to 60 months out in the future for use in our supply chain, in line with our risk management policy. Further, we hedge forecasted purchases of barley based on crop year and physical inventory management. For purposes of measuring segment operating performance, the unrealized changes in fair value of the swaps not designated in hedge accounting relationships are reported in Unallocated outside of the segment specific operating results until such time that the exposure we are managing is realized. At that time we reclassify the gain or loss from Unallocated to the operating segment, allowing our operating segments to realize the economic effects of the derivative without the resulting unrealized mark-to-market volatility.
Warrants
On October 4, 2018, in connection with the formation of the Truss joint venture, as discussed further in Note 4, "Investments," our joint venture partner, HEXO, issued to our Canadian subsidiary a total of 11.5 million warrants to purchase common shares of HEXO at a strike price of CAD 6.00 per share at any time during the three year period following the formation of the joint venture. The fair value of the warrants at issuance of approximately $45 million was recorded as a non-current asset and as an adjustment to paid-in capital, net of tax. On December 23, 2020, HEXO consolidated its issued and
outstanding common shares on the basis of four old shares for one new share that resulted in the adjustment of the strike price to CAD 24.00 per share and a reduction in warrants to 2.9 million. All changes in the fair value of the warrants subsequent to issuance are recorded in other income (expense), net on the consolidated statements of operations.
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate. The fair value of our warrants to acquire common shares of HEXO is estimated using the Black-Scholes option-pricing model.
The tables below summarize our derivative assets and (liabilities) that were measured at fair value as of December 31, 2020 and December 31, 2019. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further discussion related to measuring the fair value of derivative instruments.
  Fair Value Measurements as of
December 31, 2020
 Total as of
December 31, 2020
Quoted prices
in active markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (In millions)
Cross currency swaps$(26.5)$— $(26.5)$— 
Interest rate swaps(221.5)— (221.5)— 
Foreign currency forwards(4.9)— (4.9)— 
Commodity swaps and options65.2 — 65.2 — 
Warrants0.3 — 0.3 — 
Total$(187.4)$— $(187.4)$— 
  Fair Value Measurements as of
December 31, 2019
 Total as of
December 31, 2019
Quoted prices
in active markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (In millions)
Cross currency swaps$10.0 $— $10.0 $— 
Interest rate swaps(111.5)— (111.5)— 
Foreign currency forwards2.1 — 2.1 — 
Commodity swaps and options(41.2)— (41.2)— 
Warrants2.7 — 2.7 — 
Total$(137.9)$— $(137.9)$— 
As of December 31, 2020 and December 31, 2019, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during 2020 were all included in Level 2.
Results of Period Derivative Activity
The following tables include the year-to-date results of our derivative activity in our consolidated balance sheets as of December 31, 2020 and December 31, 2019, and our consolidated statements of operations for the years ended December 31, 2020, December 31, 2019 and December 31, 2018.
Fair Value of Derivative Instruments in the Consolidated Balance Sheets (in millions):
 December 31, 2020
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments:
Cross currency swaps$400.0 Other current assets$— Accounts payable and other current liabilities$(26.5)
Other non-current assets— Other liabilities— 
Interest rate swaps$1,500.0 Other non-current assets— Accounts payable and other current liabilities(47.7)
Other liabilities(173.8)
Foreign currency forwards$181.2 Other current assets0.3 Accounts payable and other current liabilities(3.0)
Other non-current assets— Other liabilities(2.2)
Total derivatives designated as hedging instruments$0.3 $(253.2)
Derivatives not designated as hedging instruments:
Commodity swaps(1)
$918.9 Other current assets$44.5 Accounts payable and other current liabilities$(20.6)
Other non-current assets45.4 Other liabilities(4.1)
Commodity options(1)
$16.8 Other current assets— Accounts payable and other current liabilities— 
Warrants$54.2 Other non-current assets0.3 Other liabilities— 
Total derivatives not designated as hedging instruments$90.2 $(24.7)
 December 31, 2019
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments:  
Cross currency swaps$900.0 Other current assets$1.8 Accounts payable and other current liabilities$— 
Other non-current assets8.2 Other liabilities— 
Interest rate swaps$1,500.0 Other non-current assets— Other liabilities(111.5)
Foreign currency forwards$237.9 Other current assets1.9 Accounts payable and other current liabilities(0.8)
Other non-current assets1.4 Other liabilities(0.4)
Total derivatives designated as hedging instruments$13.3 $(112.7)
Derivatives not designated as hedging instruments: 
Commodity swaps(1)
$598.4 Other current assets$5.7 Accounts payable and other current liabilities$(36.4)
Other non-current assets1.0 Other liabilities(11.5)
Commodity options(1)
$18.4 Other current assets— Accounts payable and other current liabilities — 
Warrants$53.1 Other non-current assets2.7 Other liabilities— 
Total derivatives not designated as hedging instruments$9.4 $(47.9)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Consolidated Balance Sheets (in millions):
Line item in the balance sheet in which the hedged item is included
Carrying amount of the hedged assets/liabilities
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)
As of December 31, 2020As of December 31, 2019As of December 31, 2020As of December 31, 2019
(In millions)
Current portion of long-term debt and short-term borrowings$— $— $— $(0.2)
Long-term debt$— $— $3.7 $6.5 
(1)    Entire balances relate to hedging adjustments on discontinued hedging relationships.

The Pretax Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):
For the year ended December 31, 2020
Derivatives in cash flow hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(110.0)Interest expense$(2.9)
Foreign currency forwards(3.5)Cost of goods sold4.6 
Other income (expense), net(1.2)
Total$(113.5) $0.5 
For the year ended December 31, 2020
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps$(33.2)Interest expense$— Interest expense$14.2 
Total$(33.2)$— $14.2 
For the year ended December 31, 2020
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$(80.3)Other income (expense), net$— Other income (expense), net$— 
Total$(80.3) $—  $— 
For the year ended December 31, 2019
Derivatives in cash flow hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(99.2)Interest expense$(3.0)
Foreign currency forwards(12.1)Cost of goods sold3.1 
 Other income (expense), net(0.7)
Total$(111.3) $(0.6)
For the year ended December 31, 2019
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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$19.8 Interest expense$— Interest expense$23.5 
Total$19.8 $— $23.5 
(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.
For the year ended December 31, 2019
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$20.4 Other income (expense), net$— Other income (expense), net$— 
EUR 500 million notes due 2019
10.1 Other income (expense), net— Other income (expense), net— 
Total$30.5  $—  $— 
For the year ended December 31, 2018
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on
derivative
(effective portion)
Location of gain (loss) reclassified from AOCI into income
Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(12.3)Interest expense$(3.0)
Foreign currency forwards26.8 Cost of goods sold(0.2)
 Other income (expense), net(0.2)
Total$14.5  $(3.4)
For the year ended December 31, 2018
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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$36.5 Interest expense$— Interest expense$10.7 
Total$36.5 $— $10.7 
For the year ended December 31, 2018
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCIAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$43.0 Other income (expense), net$— Other income (expense), net$— 
EUR 500 million notes due 2019
26.9 Other income (expense), net— Other income (expense), net— 
Total$69.9  $—  $— 
We expect net losses of approximately $6 million (pretax) recorded in AOCI as of December 31, 2020 will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of December 31, 2020 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026.
The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations (in millions):
For the year ended December 31, 2020
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(5,885.7)$6.0 $(274.6)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(2.9)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$4.6 $(1.2)$— 
For the year ended December 31, 2019
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(6,378.2)$(14.7)$(280.9)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$3.1 $(0.7)$— 
For the year ended December 31, 2018
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(6,584.8)$(12.0)$(306.2)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$(0.2)$(0.2)$— 
(1)     We had no outstanding fair value hedges during 2020, 2019 or 2018.
The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Operations (in millions):
For the year ended December 31, 2020
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$28.5 
WarrantsOther income (expense), net(2.4)
Total $26.1 
For the year ended December 31, 2019
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$(26.8)
WarrantsOther income (expense), net(17.8)
Total$(44.6)
For the year ended December 31, 2018
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$(110.5)
WarrantsOther income (expense), net(23.8)
Total$(134.3)
Higher commodity prices relative to our hedged positions in the current year drove the total gain recognized in income related to commodity swaps for the year ended December 31, 2020. Conversely, lower commodity prices relative to our hedged positions, primarily in aluminum and diesel during 2019 and primarily in aluminum during 2018, drove the total losses recognized in income related to commodity swaps for the years ended December 31, 2019 and December 31, 2018.
v3.20.4
Accounts Payable and Other Current Liabilities
12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accounts Payable and Other Current Liabilities
 As of
 December 31, 2020December 31, 2019
 (In millions)
Accounts payable and accrued trade payables$1,732.7 $1,686.8 
Accrued compensation278.5 260.9 
Accrued excise and other non-income related taxes257.6 278.3 
Accrued interest101.4 107.0 
Container liability100.9 123.5 
Operating leases47.1 46.6 
Other(1)
371.3 264.2 
Accounts payable and other current liabilities$2,889.5 $2,767.3 
(1)Includes current liabilities related to derivatives, income taxes, pensions and other postretirement benefits, guarantee liabilities for some of our equity method investments, and various other accrued expenses.
v3.20.4
Commitments and Contingencies
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit
As of December 31, 2020, we had $67.5 million outstanding in letters of credit with financial institutions. These letters primarily expire throughout 2021 and $18.8 million of the letters contain a feature that automatically renews the letter for an additional year if no cancellation notice is submitted. These letters of credit are being maintained as security for deferred compensation payments, reimbursements to insurance companies, reimbursements to the trustee for pension payments, deductibles or retention payments made on our behalf, various payments due to governmental agencies, operations of underground storage tanks and other general business purposes, and are not included on our consolidated balance sheets.
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 December 31, 2020 and December 31, 2019, the consolidated balance sheets include liabilities related to these guarantees of $38.2 million and $37.7 million, respectively. See Note 4, "Investments" for further detail.
Kaiser
In 2006, we sold our entire equity interest in our Brazilian unit, Cervejarias Kaiser Brasil S.A. ("Kaiser") to FEMSA Cerveza S.A. de C.V. ("FEMSA"). The terms of the sale agreement require us to indemnify FEMSA for certain exposures related to tax, civil and labor contingencies arising prior to FEMSA's purchase of Kaiser. In addition, we provided an indemnity to FEMSA for losses Kaiser may incur with respect to tax claims associated with certain previously utilized purchased tax credits. We settled a portion of our tax credit indemnity obligation during 2010. The maximum potential claims amount for the remainder of the purchased tax credits was $67.4 million as of December 31, 2020. Our total estimate of the indemnity liability as of December 31, 2020 was $7.7 million, which is classified as non-current.
Our estimates consider a number of scenarios for the ultimate resolution of these issues, the probabilities of which are influenced not only by legal developments in Brazil but also by management's intentions with regard to various alternatives that could present themselves leading to the ultimate resolution of these issues. The liabilities are impacted by changes in estimates regarding amounts that could be paid, the timing of such payments, adjustments to the probabilities assigned to various scenarios and foreign currency exchange rates. Our indemnity also covers fees and expenses that Kaiser incurs to manage the cases through the administrative and judicial systems.
Additionally, we also provided FEMSA with indemnity related to all other tax, civil, and labor contingencies existing as of the date of sale. In this regard, however, FEMSA assumed their full share of all of these contingent liabilities that had been previously recorded and disclosed by us prior to the sale on January 13, 2006. However, we may have to provide indemnity to FEMSA if those contingencies settle at amounts greater than those amounts previously recorded or disclosed by us. We will be able to offset any indemnity exposures in these circumstances with amounts that settle favorably to amounts previously recorded. Our exposure related to these indemnity claims is capped at the amount of the sales price of the 68% equity interest of Kaiser, which was $68.0 million. As a result of these contract provisions, our estimates include not only probability-weighted potential cash outflows associated with indemnity provisions, but also probability-weighted cash inflows that could result from favorable settlements, which could occur through negotiation or settlement programs arising from the federal or any of the various state governments in Brazil. The recorded value of the tax, civil, and labor indemnity liability was $3.3 million as of December 31, 2020, which is classified as non-current. For the remaining portion of our indemnity obligations, not deemed probable, we continue to utilize probability-weighted scenarios in determining the value of the indemnity obligations.
Future settlement procedures and related negotiation activities associated with these contingencies are largely outside of our control. The sale agreement requires annual cash settlements relating to the tax, civil, and labor indemnities. Indemnity obligations related to purchased tax credits must be settled upon notification of FEMSA's settlement. Due to the uncertainty involved with the ultimate outcome and timing of these contingencies, significant adjustments to the carrying values of the indemnity obligations have been recorded to date, and additional future adjustments may be required. These liabilities are denominated in Brazilian Reais and are therefore, subject to foreign exchange gains or losses. As a result, these foreign exchange gains and losses are the only impacts recorded within other income (expense), net.
The table below provides a summary of reserves associated with the Kaiser indemnity obligations from December 31, 2017, through December 31, 2020:
Total indemnity
reserves
 (In millions)
Balance as of December 31, 2017$17.3 
Changes in estimates— 
Foreign exchange impacts(2.6)
Balance as of December 31, 2018$14.7 
Changes in estimates
Foreign exchange impacts(0.5)
Balance as of December 31, 2019$14.2 
Changes in estimates— 
Foreign exchange impacts(3.2)
Balance as of December 31, 2020$11.0 
Purchase Obligations
We have various long-term supply contracts and distribution agreements with unaffiliated third parties and our joint venture partners to purchase materials used in production and packaging and to provide distribution services. The supply contracts provide that we purchase certain minimum levels of materials throughout the terms of the contracts. Additionally, we have various long-term non-cancelable commitments for advertising, sponsorships and promotions, including marketing at sports arenas, stadiums and other venues and events. The future aggregate minimum required commitments under these purchase obligations are shown in the table below based on foreign exchange rates as of December 31, 2020. The amounts in the table do not represent all anticipated payments under long-term contracts. Rather, they represent unconditional, non-cancelable purchase commitments under contracts with remaining terms greater than one year.
YearSupply and DistributionAdvertising and Promotions
 (Amounts in millions)
2021$301.6 $152.8 
2022397.8 136.6 
2023282.7 115.0 
2024148.4 108.2 
2025151.6 82.5 
Thereafter367.7 183.9 
Total$1,649.8 $779.0 
Total purchases under our supply and distribution contracts in 2020, 2019 and 2018 were $542.6 million and approximately $1.0 billion and $1.1 billion, respectively. Total marketing and advertising expense was $923.2 million and approximately $1.2 billion and $1.2 billion in 2020, 2019 and 2018, respectively.
Litigation and Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we had an aggregate accrued contingent liability of $17.9 million and $16.2 million as of December 31, 2020 and December 31, 2019, 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 consolidated financial statements.
We are involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as 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 MCBC USA 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 MCBC USA's profit from Keystone sales. MCBC USA subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MCBC USA's counterclaims and for a preliminary injunction seeking to bar MCBC USA 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 MCBC USA's counterclaims. Discovery is closed. The jury trial scheduled to begin October 13, 2020 was continued by the court and has not yet been reset. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time.
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 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, and subsequently was voluntarily dismissed on July 25, 2019. On October 2, 2019, the class action lawsuits originally filed in Colorado District Court were consolidated, and, on October 3, 2019, the court appointed a lead plaintiff and lead counsel for the consolidated case. On December 9, 2019, the lead plaintiff filed its amended complaint alleging that the Defendants made false statements and material omissions to the market beginning in February 2017 and ending in February 2019, which, it alleges, misled the market as to the strength of our financial condition and internal control processes related to financial accounting. The amended complaint further alleges that the Company and the Defendants caused the Company to falsely report its financial results by overstating retained earnings, net income, and tax benefits and understating deferred tax liabilities in an effort to inflate the price of our common stock. We filed a motion to dismiss the amended complaint on January 23, 2020; the plaintiff subsequently filed an opposition to our motion to dismiss on March 9, 2020; and we filed our reply brief in support of our motion to dismiss on April 8, 2020. Oral argument on the motion occurred on October 28, 2020. On December 2, 2020, the Court granted our motion to dismiss with prejudice and the deadline to appeal has passed. This case is now fully resolved and closed.
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 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. On August 12, 2019, a third derivative complaint was filed in Colorado District Court by a purported stockholder. All three derivative 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 years ended December 31, 2016 and December 31, 2017. The complaints further allege that the Company lacked adequate internal controls over financial reporting. The third derivative complaint filed in August also alleges the Individual Defendants violated Sections 14(a) and 20(a) of the Exchange Act by issuing misleading statements in the Company’s proxy statement. The relief sought in the complaints include changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees, other costs and such other relief as the court deems proper. All three derivative actions have been administratively closed. A range of potential loss is not estimable at this time.
Regulatory Contingencies
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, based on the terms of the regulation, it is the U.S. Department of Treasury's position that future claims will no longer be accepted, and we may be further unable to collect previously claimed, but not yet received, refunds. In January 2020, the United States Court of International Trade issued an opinion and order ruling the challenged portions of this regulation dealing with refunds of certain federal duties, taxes and fees paid with respect to certain imported beer, to the extent of certain
exported beer, to be unlawful. On April 17, 2020, the U.S. Department of Treasury appealed this ruling as well as filed a motion for stay of the enforcement of judgment and suspension of claims pending appeal. The U.S. Department of Treasury's motion to stay was denied pending appeal and they were ordered to pay on all claims under the accelerated payment program. As a result, we have collected approximately $49 million of previously filed claims during 2020, and have previously claimed, but not yet received, refunds of approximately $4 million recorded within other receivables, net on our unaudited condensed consolidated balance sheet as of December 31, 2020. On July 23, 2020, the U.S. Department of Treasury filed its opening appellate brief in the United States Court of Appeals for the Federal Circuit. An opposition/response brief was filed on October 1, 2020 and a final reply brief was submitted on December 11, 2020. We will continue to monitor this matter including our ability to collect the remainder of our previously claimed refunds, our potential liability to repay refunds received, as well as our ability to claim ongoing refunds as the appeal process progresses.
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 Canada 2005, a wholly owned indirect subsidiary of the Company, 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 North America segment. While discussions remain ongoing with the government to reach a mutually agreeable alternative to the enactment of the law, it is unclear how the coronavirus pandemic will impact these discussions. Molson Canada 2005 and the other Master Framework Agreement signatories are prepared to vigorously defend our rights and pursue legal recourse, should the Master Framework Agreement be unilaterally terminated by the enactment of the legislation.
Environmental
When we determine it is probable that a liability for environmental matters or other legal actions exists and the amount of the loss is reasonably estimable, an estimate of the future costs is recorded as a liability in the financial statements. Costs that extend the life, increase the capacity or improve the safety or efficiency of our assets or are incurred to mitigate or prevent future environmental contamination may be capitalized. Other environmental costs are expensed when incurred. Total environmental expenditures recognized for 2020, 2019 and 2018 were immaterial to our consolidated financial statements.
North America
Our Canada brewing operations are subject to provincial environmental regulations and local permit requirements. Our Montréal, Chilliwack and Toronto breweries have water treatment facilities to pre-treat waste water before it goes to the respective local governmental facility for final treatment. We have environmental programs in Canada including organization, monitoring and verification, regulatory compliance, reporting, education and training, and corrective action.
In Canada, we sold a chemical specialties business in 1996. We are still responsible for certain aspects of environmental remediation, undertaken or planned, at those chemical specialties business locations. We have established provisions for the costs of these remediation programs.
In the United States, we were previously notified that we are or may be a potentially responsible party ("PRP") under the Comprehensive Environmental Response, Compensation and Liability Act or similar state laws for the cleanup of sites where hazardous substances have allegedly been released into the environment. We cannot predict with certainty the total costs of cleanup, our share of the total cost, the extent to which contributions will be available from other parties, the amount of time necessary to complete the cleanups or insurance coverage.
Lowry
We are one of a number of entities named by the Environmental Protection Agency ("EPA") as a PRP at the Lowry Superfund site in Colorado. This landfill is owned by the City and County of Denver ("Denver") and is managed by Waste Management of Colorado, Inc. ("Waste Management"). In 1990, we recorded a pretax charge of $30 million, a portion of which was put into a trust in 1993 as part of a settlement with Denver and Waste Management regarding the then-outstanding litigation. Our settlement was based on an assumed remediation cost of $120 million (in 1992 adjusted dollars). We are obligated to pay a portion of future costs in excess of that amount.
Waste Management provides us with updated annual cost estimates through 2032. We review these cost estimates in the assessment of our accrual related to this issue. Our expected liability is based on our best estimates available.
Based on the assumptions utilized, the present value and gross amount of the costs as of December 31, 2020 are approximately $7 million and $7 million, respectively. Cost estimates were discounted using a 0.93% risk-free rate of return. We did not assume any future recoveries from insurance companies in the estimate of our liability, and none are expected.
Considering the estimates extend through the year 2032 and the related uncertainties at the site, including what additional remedial actions may be required by the EPA, new technologies and what costs we are required to cover, the estimate of our liability may change as further facts develop. We cannot predict the amount of any such change, but additional accruals in the future are possible.
Other
In prior years, we were notified by the EPA and certain state environmental divisions that we are a PRP, along with other parties, at the East Rutherford and Berry's Creek sites in New Jersey and the Chamblee site in Georgia. Certain former non-beer business operations, which we discontinued use of and subsequently sold, were involved at these sites. Potential losses associated with these sites could increase as remediation planning progresses.
We are aware of groundwater contamination at some of our properties in Colorado resulting from historical, ongoing, or nearby activities. There may also be other contamination of which we are currently unaware.
Europe
We are subject to the requirements of governmental and local environmental and occupational health and safety laws and regulations within each of the countries in which we operate. Compliance with these laws and regulations did not materially affect our 2020 capital expenditures, results of operations or our financial or competitive position, and we do not currently anticipate that they will do so in 2021.
v3.20.4
Leases (Notes)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
Montreal Brewery Sale and Leaseback Transaction
In June 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain, which was recorded as a special item in the year ended December 31, 2019. 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, in the year ended December 31, 2019, we 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 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 years ended December 31, 2020 and December 31, 2019, lease expense (including immaterial short-term and variable lease costs) was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Operating lease expense$71.4 $71.0 
Finance lease expense11.5 12.1 
Total lease expense$82.9 $83.1 
Separately, we recorded impairment losses on certain right-of-use assets, primarily related to our Denver, Colorado office lease, during 2020 and 2019 as discussed in Note 7, "Special Items."
Supplemental cash flow information related to leases for the years ended December 31, 2020 and December 31, 2019 was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases$53.2 $52.2 
Operating cash flows from finance leases$7.6 $3.8 
Financing cash flows from finance leases$34.5 $2.8 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$28.5 $45.6 
Finance leases$5.4 $9.2 

Supplemental balance sheet information related to leases as of December 31, 2020 and December 31, 2019 was as follows:
As of
December 31, 2020December 31, 2019
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$136.2 $154.5 
Current operating lease liabilitiesAccounts payable and other current liabilities$47.1 $46.6 
Non-current operating lease liabilitiesOther liabilities106.4 119.5 
Total operating lease liabilities$153.5 $166.1 
Finance Leases
Finance lease right-of-use assetsProperties, net$60.5 $73.0 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$4.1 $34.5 
Non-current finance lease liabilitiesLong-term debt59.9 60.0 
Total finance lease liabilities$64.0 $94.5 

The weighted-average remaining lease term and discount rate as of December 31, 2020 are as follows:
Weighted-Average Remaining Lease Term (Years)Weighted-Average Discount Rate
Operating leases4.54.1%
Finance leases13.26.7%
Based on foreign exchange rates as of December 31, 2020, maturities of lease liabilities were as follows:
Operating LeasesFinance Leases
(In millions)
2021$52.0 $7.5 
202241.0 7.0 
202330.3 6.9 
202416.0 6.9 
20259.9 6.6 
Thereafter17.2 64.1 
Total lease payments$166.4 $99.0 
Less: interest(12.9)(35.0)
Present value of lease liabilities$153.5 $64.0 
Executed leases that have not yet commenced as of December 31, 2020 are immaterial.
Comparative Period Information Under Historical Lease Accounting Guidance
During the year ended December 31, 2018, non-cash activities related to the recognition of finance leases was $15.5 million and total rent expense for the year ended December 31, 2018 was $66.1 million.
Leases Leases
Montreal Brewery Sale and Leaseback Transaction
In June 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain, which was recorded as a special item in the year ended December 31, 2019. 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, in the year ended December 31, 2019, we 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 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 years ended December 31, 2020 and December 31, 2019, lease expense (including immaterial short-term and variable lease costs) was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Operating lease expense$71.4 $71.0 
Finance lease expense11.5 12.1 
Total lease expense$82.9 $83.1 
Separately, we recorded impairment losses on certain right-of-use assets, primarily related to our Denver, Colorado office lease, during 2020 and 2019 as discussed in Note 7, "Special Items."
Supplemental cash flow information related to leases for the years ended December 31, 2020 and December 31, 2019 was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases$53.2 $52.2 
Operating cash flows from finance leases$7.6 $3.8 
Financing cash flows from finance leases$34.5 $2.8 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$28.5 $45.6 
Finance leases$5.4 $9.2 

Supplemental balance sheet information related to leases as of December 31, 2020 and December 31, 2019 was as follows:
As of
December 31, 2020December 31, 2019
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$136.2 $154.5 
Current operating lease liabilitiesAccounts payable and other current liabilities$47.1 $46.6 
Non-current operating lease liabilitiesOther liabilities106.4 119.5 
Total operating lease liabilities$153.5 $166.1 
Finance Leases
Finance lease right-of-use assetsProperties, net$60.5 $73.0 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$4.1 $34.5 
Non-current finance lease liabilitiesLong-term debt59.9 60.0 
Total finance lease liabilities$64.0 $94.5 

The weighted-average remaining lease term and discount rate as of December 31, 2020 are as follows:
Weighted-Average Remaining Lease Term (Years)Weighted-Average Discount Rate
Operating leases4.54.1%
Finance leases13.26.7%
Based on foreign exchange rates as of December 31, 2020, maturities of lease liabilities were as follows:
Operating LeasesFinance Leases
(In millions)
2021$52.0 $7.5 
202241.0 7.0 
202330.3 6.9 
202416.0 6.9 
20259.9 6.6 
Thereafter17.2 64.1 
Total lease payments$166.4 $99.0 
Less: interest(12.9)(35.0)
Present value of lease liabilities$153.5 $64.0 
Executed leases that have not yet commenced as of December 31, 2020 are immaterial.
Comparative Period Information Under Historical Lease Accounting Guidance
During the year ended December 31, 2018, non-cash activities related to the recognition of finance leases was $15.5 million and total rent expense for the year ended December 31, 2018 was $66.1 million.
v3.20.4
SCHEDULE II
12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II
SCHEDULE II
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
(IN MILLIONS)
Balance at
beginning
of year
Additions
charged to
costs and
expenses
DeductionsForeign
exchange
impact
Balance at
end of year
Allowance for doubtful accounts—trade accounts receivable     
Year ended:     
December 31, 2020$12.1 $12.8 $(7.4)$0.6 $18.1 
December 31, 2019$14.5 $7.0 $(9.3)$(0.1)$12.1 
December 31, 2018$17.2 $5.1 $(7.1)$(0.7)$14.5 
Allowance for obsolete supplies and inventory     
Year ended:     
December 31, 2020$22.2 $70.6 $(54.3)$(0.1)$38.4 
December 31, 2019$25.4 $34.8 $(38.2)$0.2 $22.2 
December 31, 2018$15.5 $30.1 $(19.6)$(0.6)$25.4 
Deferred tax valuation account     
Year ended:     
December 31, 2020$73.8 $31.8 $(43.4)$— $62.2 
December 31, 2019$1,040.0 $46.4 $(990.4)$(22.2)$73.8 
December 31, 2018$1,077.7 $18.7 $(7.3)$(49.1)$1,040.0 
Deductions relate to write-offs of uncollectible accounts, claims or obsolete inventories and supplies. Deduction amounts related to the deferred tax valuation allowance are primarily due to the utilization of capital loss and operating loss carryforwards and re-evaluations of deferred tax assets. The impacts of changes in income tax rates on deferred tax valuation allowances are reported in the additions or deductions column accordingly. Deductions for the year ended December 31, 2019 also includes write-offs of valuation allowances resulting from the liquidation of certain European entities. See Part II—Item 8 Financial Statements and Supplementary Data, Note 6, “Income Tax” for additional details.
v3.20.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation Our consolidated financial statements include our accounts and our majority-owned and controlled domestic and foreign subsidiaries, as well as certain VIEs for which we are the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
Revenue Recognition
Our net sales represent the sale of beer, malt beverages and other adjacencies, net of excise tax. Sales are stated net of incentives, discounts and returns. Sales of products are for cash or otherwise agreed upon credit terms. Our payment terms vary by location and customer, however, the time period between when revenue is recognized and when payment is due is not significant. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution and shipping terms. Where our products are sold under consignment arrangements, revenue is not recognized until control has transferred, which is when the product is sold to the end customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. The cost of various programs, such as price promotions, rebates and coupons, are treated as a reduction of sales. In certain of our markets, we make cash payments to customers such as slotting or listing fees, or payments for other marketing or promotional activities. These cash payments are recorded as a reduction of revenue unless we receive a distinct good or service. Specifically, a good or service is considered distinct when it is separately identifiable from other promises in the contract, we receive a benefit from the good or service, and the benefit is separable from the sale of our product to the customer.
Certain payments made to customers are conditional on the achievement of volume targets, marketing commitments, or both. If paid in advance, we record such payments as prepayments and amortize them over the relevant period to which the customer commitment is made (generally up to five years). When the payment is not for a distinct good or service, or fair value cannot be reasonably estimated, the amortization of the prepayment or the cost as incurred is recorded as a reduction of revenue. Where a distinct good or service is received and fair value can be reasonably estimated, the cost is included as marketing, general and administrative expenses. The amounts deferred are reassessed regularly for recoverability over the
contract period and are impaired where there is objective evidence that the benefits will not be realized or the asset is otherwise not recoverable. Separately, as discussed below, we analyze whether these advance payments contain a significant financing component for potential adjustment to the transaction price.
Our primary revenue generating activity represents the sale of beer and other malt beverages to customers, including both domestic and exported product sales. Our customer could be a distributor, retail or on-premise outlet, depending on the market. The majority of our revenues are generated from brands that we own and brew ourselves, however, we also import or brew and sell certain non-owned partner brands under licensing and related arrangements. In addition, primarily in the U.K., as well as certain other countries in our Europe segment, we sell other beverage companies' products to on-premise customers to provide them with a full range of products for their retail outlets. We refer to this as the "factored brand business." Sales from this business are included in our net sales and cost of goods sold when ultimately sold. In the factored brand business, we normally purchase inventory, which includes excise taxes charged by the vendor, take orders from customers for such brands, negotiate with the customers on pricing and invoice customers for the product and related costs of delivery. In addition, we incur the risk of loss at times we are in possession of the inventory and for the receivables due from the customers. Revenues for owned brands, partner and imported brands, as well as factored brands are recognized at the point in time when control is transferred to the customer as discussed above.
Other Revenue Generating Activities
We contract manufacture for other brewers in some of our markets. These contractual agreements require us to brew, package and ship certain brands to these brewers, who then sell the products to their own customers in their respective markets. Revenues under contract brewing arrangements are recognized when our obligation related to the finished product is fulfilled and control of the product transfers to these other brewers.
We also have licensing agreements with third party partners who brew and distribute our products in various markets across our segments. Under these agreements, we are compensated based on the amount of products sold by our partners in these markets at an agreed upon royalty rate or profit percentage. We apply the sales-based royalty practical expedient to these licensing arrangements and recognize revenue as product is sold by our partners at the agreed upon rate.
Disaggregation of Revenue
We have evaluated our primary revenue generating activities under the disaggregation disclosure criteria outlined within the guidance and concluded that disclosure at the geographical segment level depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. We have also evaluated our other revenue generating activities and concluded that these activities are immaterial for separate disclosure. See Note 3, "Segment Reporting," for disclosure of revenues by geographic segment.
Variable Consideration
Our revenue generating activities include variable consideration which is recorded as a reduction of the transaction price based upon expected amounts at the time revenue for the corresponding product sale is recognized. For example, customer promotional discount programs are entered into with certain distributors for certain periods of time. The amount ultimately reimbursed to distributors is determined based upon agreed-upon promotional discounts which are applied to distributors' sales to retailers. Other common forms of variable consideration include volume rebates for meeting established sales targets, and coupons and mail-in rebates offered to the end consumer. The determination of the reduction of the transaction price for variable consideration requires that we make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. We estimate this variable consideration, including analyzing for a potential constraint on variable consideration, by taking into account factors such as the nature of the promotional activity, historical information and current trends, availability of actual results, and expectations of customer and consumer behavior.
We do not have standard terms that permit return of product; however, in certain markets where returns occur we estimate the amount of returns as variable consideration based on historical return experience and adjust our revenue accordingly. Products that do not meet our high quality standards are returned by the customer or recalled and destroyed and are recorded as a reduction of revenue. The reversal of revenue is recorded upon determination that the product will be recalled and destroyed. We estimate the costs required to facilitate product returns and record them in cost of goods sold as required.
During the years ended December 31, 2020 and December 31, 2019, adjustments to revenue from performance obligations satisfied in the prior period due to changes in estimates in variable consideration were immaterial.
Significant Financing Component and Costs to Obtain Contracts
In certain of our businesses where such practices are legally permitted, we make loans or advanced payments to retail outlets that sell our brands. For arrangements that do not span greater than one year, we apply the practical expedient available under ASC 606 and do not adjust the transaction price for the effects of a potential significant financing component. We further analyze arrangements that span greater than one year on an ongoing basis to determine whether a significant financing component exists. No such arrangements existed during the years ended December 31, 2020 or December 31, 2019.
Advance payments to customers, where legally permitted, are deferred and amortized as a reduction to revenue over the expected period of benefit and tested for recoverability as appropriate. All other costs to obtain and fulfill contracts are expensed as incurred based on the nature, significance and expected benefit of these costs relative to the contract.
Contract Assets and Liabilities
We continually evaluate whether our revenue generating activities and advanced payment arrangements with customers result in the recognition of contract assets or liabilities. No such assets or liabilities existed as of December 31, 2020 or December 31, 2019. Separately, trade accounts receivable, including affiliate receivables, approximates receivables from contracts with customers.
Shipping and Handling
Freight costs billed to customers for shipping and handling are recorded as revenue. Shipping and handling expense related to costs incurred to deliver product are recognized within cost of goods sold. We account for shipping and handling activities that occur after control has transferred as a fulfillment cost as opposed to a separate performance obligation, and the costs of shipping and handling are recognized concurrently with the related revenue.
Excise Taxes Excise taxes remitted to tax authorities are government-imposed excise taxes on beer. Excise taxes are shown in a separate line item in the consolidated statements of operations as a reduction of sales. Excise taxes are recognized as a current liability within accounts payable and other current liabilities on the consolidated balance sheets, with the liability subsequently reduced when the taxes are remitted to the tax authority.
Cost of Goods Sold Our cost of goods sold includes costs we incur to make and ship beer and other malt beverages. These costs include brewing materials, such as barley, hops and various grains. Packaging materials, such as glass bottles, aluminum cans, cardboard and paperboard are also included in our cost of goods sold. Additionally, our cost of goods sold include both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, warehousing costs, purchasing and receiving costs, depreciation, promotional packaging, other manufacturing overheads and costs to purchase factored and other non-owned brands from suppliers, as well as the estimated cost to facilitate product returns.
Marketing, General and Administrative Expenses
Our marketing, general and administrative expenses include media advertising (television, radio, digital, print), tactical advertising (signs, banners, point-of-sale materials) and promotion costs on both local and national levels within our operating segments. The creative portion of our advertising activities is expensed as incurred. Production costs of advertising and promotional materials are expensed when the advertising is first run. Marketing, general and administrative expenses also include integration costs of $25.0 million and $38.8 million for 2019 and 2018, respectively. There were no integration costs recorded in 2020 as the activity related to the acquisition of the remaining portion of MillerCoors LLC ("MillerCoors"), which occurred on October 11, 2016 (the "Acquisition"), was completed by the end of 2019.
This classification also includes general and administrative costs for functions such as finance, legal, human resources and information technology, along with integration costs as noted above. These costs primarily consist of labor and outside services, as well as bad debt expense related to our allowance for doubtful accounts. Unless capitalization is allowed or required by U.S. GAAP, legal costs are expensed when incurred. These costs also include our marketing and sales organizations, including labor and other overheads. This line item additionally includes amortization costs associated with intangible assets, as well as certain depreciation costs related to non-production equipment and share-based compensation.
Share-based compensation is recognized using a straight-line method over the vesting period of the awards. We include estimated forfeitures expected to occur when calculating share-based compensation expense. Our share-based compensation plan and the awards within it contain provisions that accelerate vesting of awards upon change in control, retirement, disability or death of eligible employees and directors. Our share-based awards are considered vested when the employee's retention of
the award is no longer contingent on providing service, which for certain awards can result in immediate recognition for awards granted to retirement-eligible individuals or accelerated recognition for awards granted to individuals that will become retirement eligible within the stated vesting period. Also, if less than the stated vesting period, we recognize these costs over the period from the grant date to the date retirement eligibility is achieved.
Special Items
Our special items represent charges incurred or benefits realized 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; specifically, such items are considered to be one of the following:
infrequent or unusual items,
impairment or asset abandonment-related losses,
restructuring charges and other atypical employee-related costs, or
fees on termination of significant operating agreements and gains (losses) on disposal of investments.
The items classified as special items are not necessarily non-recurring, however, they are deemed to be incremental to income earned or costs incurred by the company in conducting normal operations, and therefore are presented separately from other components of operating income.
Interest Expense, Policy Our interest costs are associated with borrowings to finance our operations and acquisitions. Interest earned on our cash and cash equivalents across our business is recorded as interest income. We capitalize interest cost as a part of the original cost of acquiring certain fixed assets if the cost of the capital expenditure and the expected time to complete the project are considered significant.
Other Income (Expense) Our other income (expense) classification primarily includes gains and losses associated with activities not directly related to our operations. For instance, aggregate unrealized and realized foreign exchange gains and losses resulting from the remeasurement and settlement of foreign-denominated monetary assets and liabilities, as well as certain gains or losses on sales of non-operating assets and the mark-to-market activity associated with warrants are classified in this line item. These gains and losses are reported in the operating segment in which they occur; however, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities remain unallocated. The initial recording of foreign-denominated transactions are classified based on the nature of the transaction, with the unrealized or realized foreign exchange gains or losses resulting from the subsequent remeasurement of the monetary asset or liability, and its ultimate settlement, classified in other income (expense).
Income Taxes
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets, liabilities, and certain unrecognized gains and losses recorded in accumulated other comprehensive income (loss). We apply the intraperiod tax allocation rules to allocate our provision for income taxes between continuing operations and other categories of earnings, such as other comprehensive income (loss), when we meet the criteria prescribed by U.S. GAAP.
When working capital funds are available after satisfying all other business obligations, we may distribute cash from a foreign subsidiary to its U.S. parent and record the tax impacts associated with these transactions. However, to the extent current earnings are not otherwise distributed or planned to be distributed, in the current year, they are considered permanently reinvested in our foreign operations. We currently would not expect the aggregate of these permanently reinvested earnings, which are largely in deficit positions for U.S. tax purposes, to result in any material U.S. taxes, if distributed.
The tax benefit from an uncertain tax position is recognized only if it is determined that the tax position will more likely be sustained based on its technical merits. We measure and record the tax benefits from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest, penalties and offsetting positions related to unrecognized tax benefits are recognized as a component of income tax expense. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized.
Comprehensive Income (Loss) Note OCI represents income and losses for the reporting period, including the related tax impacts, which are excluded from net income (loss) and recognized directly within AOCI as a component of equity. OCI also includes amounts reclassified to income during the reporting period that were previously recognized within AOCI. Amounts remaining within AOCI are expected to be reclassified out of AOCI in the future, at which point they will be recognized within the consolidated statement of operations as a component of net income (loss). We recognize OCI related to the translation of assets and liabilities of our foreign subsidiaries which are denominated in currencies other than USD, unrealized gains and losses on the effective portion of our derivatives designated in cash flow hedging relationships and derivative and non-derivative instruments designated in net investment hedging relationships, actuarial gains and losses and prior service costs related to our pension and other post-retirement benefit plans, as well as our proportionate share of our equity method investments' OCI. Additionally, when we do not have the expectation or intent to cash settle certain of our intercompany note receivable and note payable positions in the foreseeable future, the remeasurement of these instruments is recorded as a component of foreign currency translation adjustments within OCI. We release stranded tax effects from AOCI using either a specific identification approach or portfolio approach based on the nature of the underlying item. 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, 2017$(408.5)$(13.5)$(378.5)$(59.5)$(860.0)
Foreign currency translation adjustments(411.6)— (0.6)— (412.2)
Reclassification of cumulative translation adjustment to
income
(1)
6.0 — — — 6.0 
Gain (loss) on net investment hedges106.4 — — — 106.4 
Unrealized gain (loss) on derivative instruments— 14.5 — — 14.5 
Reclassification of derivative (gain) loss to income— 3.4 — — 3.4 
Pension and other postretirement benefit adjustments— — 55.4 — 55.4 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 6.5 — 6.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (1.0)(1.0)
Tax benefit (expense)(51.0)(4.7)(13.5)0.2 (69.0)
As of December 31, 2018$(758.7)$(0.3)$(330.7)$(60.3)$(1,150.0)
Foreign currency translation adjustments129.3 — (2.5)— 126.8 
Gain (loss) on net investment hedges50.3 — — — 50.3 
Unrealized gain (loss) on derivative instruments— (111.3)— — (111.3)
Reclassification of derivative (gain) loss to income— 0.6 — — 0.6 
Pension and other postretirement benefit adjustments— — (43.7)— (43.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 26.5 — 26.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (14.4)(14.4)
Tax benefit (expense)(0.1)27.0 (2.9)3.8 27.8 
Net period other comprehensive income (loss)179.5 (83.7)(22.6)(10.6)62.6 
Reclassification of stranded tax effects (2)
(73.3)(3.8)2.3 — (74.8)
As of December 31, 2019$(652.5)$(87.8)$(351.0)$(70.9)$(1,162.2)
Foreign currency translation adjustments196.0 — (1.6)— 194.4 
Gain (loss) on net investment hedges(113.5)— — — (113.5)
Unrealized gain (loss) on derivative instruments— (113.5)— — (113.5)
Reclassification of derivative (gain) loss to income— (0.5)— — (0.5)
Pension and other postretirement benefit adjustments— — (52.9)— (52.9)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income— — (7.6)— (7.6)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 19.4 19.4 
Tax benefit (expense)30.5 27.9 15.4 (5.2)68.6 
As of December 31, 2020$(539.5)$(173.9)$(397.7)$(56.7)$(1,167.8)
(1)As a result of exiting our China business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items, net upon substantial liquidation. See Note 7, "Special Items" for further details.
(2)Represents the one-time reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the U.S. federal corporate income tax rate as part of the 2017 Tax Act. This reclassification occurred on January 1, 2019 upon adoption of the associated FASB authoritative guidance.
We have significant levels of net assets denominated in currencies other than the USD due to our operations in foreign countries, and therefore we recognize OCI gains and/or losses when those items are translated to USD. The foreign currency translation gains recognized during 2020 and 2019 were primarily due to the strengthening of the CAD and GBP versus the USD. Additionally, the 2020 foreign currency translation adjustment gains were further impacted by the strengthening of other currencies of our Europe operations versus the USD. The foreign currency translation losses recognized during 2018 were due to the weakening of the CAD, GBP and other currencies of our Europe operations versus the USD.
Reclassifications from AOCI to income:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
Reclassifications from AOCILocation of gain (loss)
recognized in income
(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps$(2.9)$(3.0)$(3.0)Interest expense, net
Foreign currency forwards4.6 3.1 (0.2)Cost of goods sold
Foreign currency forwards(1.2)(0.7)(0.2)Other income (expense), net
Total income (loss) reclassified, before tax0.5 (0.6)(3.4)
Income tax benefit (expense)(0.1)0.1 0.9 
Net income (loss) reclassified, net of tax$0.4 $(0.5)$(2.5)
Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)$0.4 $(0.4)$(0.5)Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement7.2 (26.1)(6.0)Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax7.6 (26.5)(6.5)
Income tax benefit (expense)(2.4)6.8 1.6 
Net income (loss) reclassified, net of tax$5.2 $(19.7)$(4.9)
Other reclassifications from AOCI to Income:
China cumulative translation adjustment resulting from substantial liquidation$— $— $(6.0)Special items, net
Income tax benefit (expense)— — — 
Net income (loss) reclassified, net of tax$— $— $(6.0)
Total income (loss) reclassified, net of tax$5.6 $(20.2)$(13.4)
Cash and Cash Equivalents
Cash consists of cash on hand and bank deposits. Cash equivalents represent highly liquid investments with original maturities of three months or less. Our cash deposits are maintained with multiple, reputable financial institutions.
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 other non-cash activities primarily related to capital expenditures incurred but not yet paid of $171.9 million, $214.9 million and $221.0 million during 2020, 2019 and 2018, respectively. Additionally, the initial recognition of the warrants discussed in Note 16, “Derivative Instruments and Hedging Activities” represents a non-cash financing activity in 2018.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases discussed in Note 19, "Leases," there was no other significant non-cash activity in 2020, 2019 and 2018. See Note 4, "Investments," Note 13, "Share-Based Payments," Note 16, “Derivative Instruments and Hedging Activities” and Note 19, "Leases" for further discussion.
Accounts Receivables and Notes Receivable
We record accounts and notes receivable at net realizable value. This carrying value includes an appropriate allowance for estimated uncollectible amounts to reflect any loss anticipated on the accounts and notes receivable balances. We calculate this allowance based on our country-specific history of write-offs, level of past-due accounts based on the contractual terms of the receivables and our relationships with and the economic status of our customers, which may be impacted by current macroeconomic and regulatory factors specific to the country of origin. This methodology takes into consideration historical loss experience and current and forecasted changes in cash flows based on internal and external information.
In the U.K., loans are extended to a portion of the retail outlets that sell our brands. We establish an allowance through a provision for loan losses charged against earnings and recorded in marketing, general and administrative expenses. Loan balances that are written off are recorded against the allowance as a write-off. Activity within the allowance for credit losses was immaterial for fiscal years 2020, 2019 and 2018.
Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. We regularly assess the shelf-life of our inventories and reserve for those inventories when it becomes apparent the product will not be sold within our freshness specifications.
Maintenance and operating supplies Other current assets include prepaid assets, maintenance and operating supplies, promotion materials and derivative assets that are expected to be recognized or realized within the next 12 months. Maintenance and operating supplies include our inventories of spare parts, which are kept on hand for repairs and maintenance of machinery and equipment. The majority of spare parts within our business include motors, fillers and other components that are required to maintain a normal level of production in the event that expected maintenance and/or repairs are required. These parts are inventoried within current assets as they are reasonably expected to be used during the normal operating cycle of the business and are reserved for excess and obsolescence, as appropriate. The allowance for obsolete supplies was $16.4 million and $11.4 million as of December 31, 2020, and December 31, 2019, respectively.
Properties
Properties are stated at original cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, which are reviewed periodically and have the following ranges: buildings and improvements: 20-40 years; machinery and equipment: 3-25 years; furniture and fixtures: 3-10 years; returnable containers: 2-15 years; and software: 3-5 years. Land is not depreciated, and construction in progress is not depreciated until ready for service. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. When property is sold or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets and the resulting gain or loss, if any, is reflected in our consolidated statements of operations. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset (or asset group) may not be recoverable.
Returnable containers are recorded at acquisition cost and consist of returnable bottles, kegs, pallets and crates that are both in our direct control within our breweries, warehouses and distribution facilities and those that we indirectly control in the market through our agreements with our customers and other brewers and for which a deposit is received. The deposits received on our returnable containers in the market are recorded as deposit liabilities, included as current liabilities within accounts payable and other current liabilities in the consolidated balance sheets. We estimate that the loss, breakage and deterioration of our returnable containers is comparable to the depreciation calculated on an estimated useful life of up to 4 years for bottles, 5 years for pallets, 7 years for crates, and 15 years for returnable kegs. We also own and maintain other equipment in the market related to delivery of our products to end consumers, for example on-premise dispense equipment and refrigeration units. This equipment is recorded at acquisition cost and depreciated over lives of up to 7 years, depending on the market, reflecting the use of the equipment, as well as the loss and deterioration of the asset.
The costs of acquiring or developing internal-use computer software, including directly-related payroll costs for internal resources, are capitalized and classified within properties. Software maintenance and training costs are expensed in the period incurred. Implementation costs incurred in hosting arrangements that are service contracts are capitalized within other assets and are immaterial. See Note 2, "New Accounting Pronouncements" for further discussion of the changes to the accounting for implementation costs incurred in a hosting arrangement that became effective January 1, 2020.
Properties held under finance lease are depreciated using the straight-line method over the estimated useful life or the lease term, whichever is shorter, and the related depreciation is included in depreciation expense. Finance lease assets for which ownership is transferred at the end of the lease, or there is a purchase option that we are reasonably certain to exercise, are amortized over the useful life that would be assigned if the asset were owned.
Goodwill and Other Intangible Assets
Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. Effective January 1, 2020, we have two reporting units, North America and Europe. See further discussion in Note 10, "Goodwill and Intangibles."
As required, we evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event occurs that would indicate that impairment may have taken place. Our annual test is performed as of the first day of our fiscal fourth quarter. We continuously monitor the performance of our other definite-lived intangible assets and evaluate for impairment when evidence exists that certain events
or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets as this approximates the pattern in which the assets economic benefits are consumed.
Equity Method Investments
We apply the equity method of accounting to 20% to 50% owned investments where we exercise significant influence or VIEs for which we are not the primary beneficiary. We use the cumulative earnings approach for determining cash flow presentation of cash distributions received from equity method investees. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions exceed our portion of the cumulative equity in the net earnings of the equity method investment, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. See Note 4, "Investments" for further information regarding our equity method investments.
There are no related parties that own interests in our equity method investments as of December 31, 2020.
Derivative Hedging Instruments
We use derivatives as part of our normal business operations to manage our exposure to fluctuations in interest rates, foreign currency exchange, commodity prices, production and packaging material costs and for other strategic purposes related to our core business. We enter into derivatives for risk management purposes only, including derivatives designated in hedge accounting relationships as well as those derivatives utilized as economic hedges. We do not enter into derivatives for trading or speculative purposes. We recognize our derivatives on the consolidated balance sheets as assets or liabilities at fair value and are classified in either current or non-current assets or liabilities based on each contract's respective unrealized gain or loss position and each contract's respective maturity. Our policy is to present all derivative balances on a gross basis, without regard to counterparty master netting agreements or similar arrangements. Further, our current derivative agreements do not allow us to net positions with the same counterparty and therefore, we present our derivative positions gross in our consolidated balance sheets.
Changes in fair values of outstanding cash flow and net investment hedges are recorded in OCI, until earnings are affected by the variability of cash flows of the underlying hedged item or the sale of the underlying net investment, respectively. Effective cash flow hedges offset the gains or losses recognized on the underlying exposure in the consolidated statements of operations, or for net investment hedges, the foreign exchange translation gain or loss recognized in AOCI. Changes in fair value of outstanding fair value hedges and the offsetting changes in fair value of the hedged item are recognized in earnings. Changes in fair value of the derivative attributable to components allowed to be excluded from the assessment of hedge effectiveness are deferred in AOCI and recognized in earnings over the life of the hedge.
We record realized gains and losses from derivative instruments in the same financial statement line item as the hedged item/forecasted transaction. Changes in unrealized gains and losses for derivatives not designated in a hedge accounting relationship are recorded directly in earnings each period and are also recorded in the same financial statement line item as the hedged item/forecasted transaction. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear in the consolidated statements of cash flows in the same categories as the cash flows of the hedged item.
In accordance with authoritative accounting guidance, we do not record the fair value of derivatives for which we have elected the Normal Purchase Normal Sale ("NPNS") exemption. We account for these contracts on an accrual basis, recording realized settlements related to these contracts in the same financial statement line items as the corresponding transaction.
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.
We enter into contractual arrangements for the utilization of certain non-owned assets, primarily real estate and equipment, which are evaluated as finance 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 existing real estate and 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 rarely readily determinable, we use our incremental borrowing rate relative to the leased asset.
Certain of our leases include variable lease payments, primarily for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. These variable 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 expense on the consolidated statements of operations.
Pension and Postretirement Benefits
We maintain retirement plans for the majority of our employees. We offer different types of plans within each segment, including defined benefit plans, defined contribution plans and OPEB plans. Each plan is managed locally and in accordance with respective local laws and regulations. Our equity investments, Brewers' Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), maintain defined benefit, defined contribution and postretirement benefit plans as well.
We recognize the underfunded or overfunded status of a defined benefit postretirement plan as an asset or liability in the consolidated balance sheets. The funded status of a plan, measured as the difference between the fair value of plan assets and the projected benefit obligation, and the related net periodic pension cost are calculated using a number of significant actuarial assumptions. Changes in net periodic pension cost and funding status may occur in the future due to changes in these assumptions.
We use the fair value approach to calculate the market-related value of pension plan assets used to determine net periodic pension cost, which includes measuring the market-related value of plan assets at fair value for purposes of determining the expected return on plan assets and amount of gain or loss subject to amortization.
Projected benefit obligation is the actuarial present value as of the measurement date of all benefits attributed by the plan benefit formula to employee service rendered before the measurement date using assumptions as to future compensation levels and years of service if the plan benefit formula is based on those future compensation levels and years of service. Accumulated benefit obligation is the actuarial present value of benefits (whether vested or unvested) attributed by the plan benefit formula to employee service rendered before the measurement date and based on employee service and compensation, if applicable, prior to that date. Accumulated benefit obligation differs from projected benefit obligation in that it includes no assumption about future compensation levels and years of service.
We employ the corridor approach for determining each plan's potential amortization from AOCI of deferred gains and losses, which occur when actual experience differs from estimates, into our net periodic pension and postretirement benefit cost. This approach defines the "corridor" as the greater of 10% of the projected benefit obligation or 10% of the market-related value of plan assets and requires amortization of the excess net gain or loss that exceeds the corridor over the average remaining
service periods of active plan participants. For plans closed to new entrants and the future accrual of benefits, the average remaining life expectancy of all plan participants (including retirees) is used.
Fair Value Measurement
The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate fair value as recorded due to the short-term nature of these instruments. In addition, the carrying amounts of our trade loan receivables, net of allowances, approximate fair value. The fair value of derivatives is estimated by discounting the estimated future cash flows utilizing observable market interest, foreign exchange and commodity rates adjusted for non-performance credit risk associated with our counterparties (assets) or with MCBC (liabilities), as appropriate. Additionally, the fair value of warrants is estimated using the Black-Scholes valuation model. See Note 16, "Derivative Instruments and Hedging Activities" for additional information. Based on current market rates for similar instruments, the fair value of long-term debt is presented in Note 11, "Debt."
U.S. GAAP guidance for fair value includes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy.
The three levels of the hierarchy are as follows:
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are less active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (market corroborated inputs).
Level 3—Unobservable inputs that reflect the assumptions that we believe market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Foreign Currency Translation Assets and liabilities recorded in foreign currencies that are the functional currencies for the respective operations are translated at the prevailing exchange rate at the balance sheet date. Translation adjustments resulting from this process are reported as a separate component of OCI. Gains and losses from foreign currency transactions are included in earnings for the period. Revenue and expenses are translated at the average exchange rates during the respective period throughout the year.
Segment Reporting, Policy Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC," "Molson Coors" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. On January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The previous International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly
Earnings Per Share, Policy Basic EPS was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted EPS includes the additional dilutive effect of our potentially dilutive securities, which include RSUs, DSUs, PSUs, and stock options. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. Our calculation of weighted-average shares includes Class A common stock and Class B common stock, and Class A exchangeable shares and Class B exchangeable shares. All classes of stock have in effect the same dividend rights and share equitably in undistributed earnings. Holders of Class A common stock receive dividends only to the extent dividends are declared and paid to holders of Class B common stock. See Note 8, "Stockholders' Equity" for further discussion of the Class A common stock and Class B common stock and Class A exchangeable shares and Class B exchangeable shares. We have no unvested outstanding equity share awards that contain non-forfeitable rights to dividends.
v3.20.4
Accounting Changes and Error Corrections (Policies)
12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
New Accounting Pronouncements
Adoption of New Accounting Pronouncements and Securities and Exchange Commission Rules
In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements.
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. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted 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 beginning in the first quarter of 2020.
In March 2020, the SEC finalized its proposed updates to Rule 3-10 of Regulation S-X, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities (the
"Rule"). The Rule simplifies the disclosure requirements for issuers and guarantors of securities that are registered or being registered under the Securities Act of 1933. The Rule also eliminates the requirement to disclose condensed consolidating financial information within the financial statements for qualifying entities and permits abbreviated disclosures of the guarantor/issuer relationship within Part II, Item 7, Management's Discussion and Analysis. The Rule is effective on January 4, 2021 and voluntary compliance prior to the effective date is permitted. We adopted the Rule effective January 1, 2020 and, as such, no longer include condensed consolidating information within Part II, Item 8, Financial Statements.
New Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020 through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements.
In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We plan to adopt this guidance in the first quarter of 2021 and do not expect it will have a material impact on our financial statements.
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 consolidated financial statements.
v3.20.4
Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Income (loss) before income taxes by segment
The following tables represent consolidated net sales, interest expense, interest income and reconciliations of amounts shown as income (loss) before income taxes to income (loss) attributable to MCBC. Income (loss) before income taxes includes the impact of special items; refer to Note 7, "Special Items" for further discussion. Additionally, integration costs of $25.0 million and $38.8 million for 2019 and 2018, respectively, were recorded within marketing, general and administrative expenses, primarily within our North America segment. No integration costs were recorded in the year ended December 31, 2020.
Year ended December 31, 2020
 North America
Europe(1)
Unallocated(2)
Inter-segment net sales eliminations
Consolidated(3)
 (In millions)
Net sales$8,237.0 $1,431.9 $— $(14.9)$9,654.0 
Interest expense(2.6)(5.7)(266.3)— (274.6)
Interest income0.2 0.3 2.8 — 3.3 
Income (loss) before income taxes$1,080.5 $(1,603.7)$(120.7)$— $(643.9)
Income tax benefit (expense)  (301.8)
Net income (loss)  (945.7)
Net (income) loss attributable to noncontrolling interests  (3.3)
Net income (loss) attributable to MCBC  $(949.0)
(1)During the fourth quarter of 2020, we recorded a goodwill impairment loss related to the Europe reporting unit of $1,484.3 million, which was recorded as a special item. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(2)Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $107.6 million for the year ended December 31, 2020.
(3)During 2020, the coronavirus pandemic had a material adverse effect on our operations, liquidity, financial condition and results of operations during 2020 due to on-premise closures worldwide. In 2020, we experienced a reduction in volume as a result of the on-premise closures worldwide and due to the keg relief program, experienced a reduction in net sales and an increase in our inventory allowance for obsolete inventory.
 Year ended December 31, 2019
 
North America(1)
Europe
Unallocated(2)
Inter-segment net sales eliminationsConsolidated
 (In millions)
Net sales$8,618.2 $1,986.4 $— $(25.2)$10,579.4 
Interest expense2.8 (6.2)(277.5)— (280.9)
Interest income— 0.5 7.7 — 8.2 
Income (loss) before income taxes$645.0 $102.4 $(267.5)$— $479.9 
Income tax benefit (expense)  (233.7)
Net income (loss)  246.2 
Net (income) loss attributable to noncontrolling interests  (4.5)
Net income (loss) attributable to MCBC  $241.7 
(1)During the third quarter of 2019, we recorded a goodwill impairment loss to our North America reporting unit of $668.3 million, which was recorded as a special item. See Note 10, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our existing Montreal brewery for $96.2 million, resulting in a $61.3 million gain.
(2)Includes unrealized mark-to-market valuation on our commodity hedge positions. We recorded unrealized losses of $0.8 million for the year ended December 31, 2019.
 Year ended December 31, 2018
 
North America(1)
Europe
Unallocated(2)
Inter-segment net sales eliminationsConsolidated
 (In millions)
Net sales$8,724.4 $2,070.4 $— $(25.2)$10,769.6 
Interest expense8.8 (5.6)(309.4)— (306.2)
Interest income— 0.5 7.5 — 8.0 
Income (loss) before income taxes$1,661.9 $128.6 $(430.7)$— $1,359.8 
Income tax benefit (expense)  (225.2)
Net income (loss)  1,134.6 
Net (income) loss attributable to noncontrolling interests  (18.1)
Net income (loss) attributable to MCBC  $1,116.5 
(1)During the first quarter of 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 7, "Special Items."
(2)Includes unrealized mark-to-market valuation on our commodity hedge positions. We recorded unrealized losses of $166.2 million for the year ended December 31, 2018.
Cash flows information by segment The following table presents total assets and select cash flow information by segment:
AssetsDepreciation and amortizationCapital expenditures
 As of December 31,For the years ended December 31,For the years ended December 31,
 20202019202020192018202020192018
 (In millions)
North America$23,375.6 $23,360.2 $743.0 $676.9 $667.6 $461.4 $450.7 $499.7 
Europe3,955.5 5,499.6 179.0 182.1 189.9 113.4 143.1 152.0 
Consolidated$27,331.1 $28,859.8 $922.0 $859.0 $857.5 $574.8 $593.8 $651.7 
Net sales by geographic segment
The following table presents net sales by geography, based on the location of the customer:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Net sales to unaffiliated customers:   
United States and its territories$7,016.1 $7,244.9 $7,272.1 
Canada1,111.6 1,231.3 1,298.2 
United Kingdom663.7 1,119.1 1,184.6 
Other foreign countries(1)
862.6 984.1 1,014.7 
Consolidated net sales$9,654.0 $10,579.4 $10,769.6 
(1)Reflects net sales from the individual countries within certain countries in Europe, Latin America, South America, Africa and Asia. No individual country has total net sales exceeding 10% of the total consolidated net sales.
Properties by geographic segment
The following table presents net properties by geographic location:
 As of
 December 31, 2020December 31, 2019
 (In millions)
Net properties:  
United States and its territories$2,393.7 $2,760.2 
Canada941.9 831.9 
United Kingdom384.2 406.5 
Other foreign countries(1)
530.5 547.9 
Consolidated net properties$4,250.3 $4,546.5 
(1)Reflects net sales from the individual countries within certain countries in Europe, Latin America, South America, Africa and Asia. No individual country has total net properties exceeding 10% of the total consolidated net properties.
v3.20.4
Investments (Tables)
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Transactions with Affiliates
All transactions with our equity method investments are considered related party transactions and recorded within our affiliate accounts. The following table summarizes transactions with affiliates:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
(In millions)
Administrative fees, net charged from BRI$87.6 $96.8 $94.0 
Administrative fees, net charged from BDL$32.1 $35.7 $40.2 
Amounts due to and due from affiliates as of December 31, 2020 and December 31, 2019, respectively, are as follows:
Amounts due from affiliatesAmounts due to affiliates
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
(In millions)
BRI$6.0 $4.6 $— $— 
BDL2.1 4.0 — — 
Other0.3 0.3 0.5 — 
Total$8.4 $8.9 $0.5 $— 
Schedules of Consolidated Investments
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 As of
 December 31, 2020December 31, 2019
 Total AssetsTotal LiabilitiesTotal AssetsTotal Liabilities
 (In millions)
RMMC/RMBC$239.3 $17.9 $207.4 $17.9 
Other$93.4 $18.0 $65.3 $20.8 
v3.20.4
Other Income and Expense (Tables)
12 Months Ended
Dec. 31, 2020
Other Income and Expenses [Abstract]  
Summarization of other income and expenses
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Gain on sale of non-operating asset$— $— $11.7 
Gain (loss) from other foreign exchange and derivative activity, net2.8 (20.4)(31.9)
Other, net(1)
3.2 5.7 8.2 
Other income (expense), net$6.0 $(14.7)$(12.0)
(1)During 2019, we received a payment and recorded a gain of CAD 2.0 million, or $1.5 million, resulting from a purchase price agreement related to the historical sale of Molson Inc.'s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.
    During 2018, we recorded a non-cash gain of CAD 5.8 million, or $4.3 million, resulting from the release of our guarantee of the Montreal Canadiens' obligations under a ground lease for the Bell Centre Arena as a result of an independent transaction by the Montreal Canadiens with the lessor.
v3.20.4
Income Tax (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Pretax income for computation of income tax provision
Our income (loss) before income taxes on which the provision for income taxes was computed is as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Domestic$1,151.7 $1,136.1 $1,320.4 
Foreign(1,795.6)(656.2)39.4 
Total$(643.9)$479.9 $1,359.8 
Current and deferred provisions of income tax expense (benefits)
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Current:   
Federal$79.0 $69.1 $(22.9)
State5.2 9.4 (4.7)
Foreign111.4 46.7 38.7 
Total current tax (benefit) expense$195.6 $125.2 $11.1 
Deferred:   
Federal$101.9 $128.3 $232.2 
State19.5 22.2 31.2 
Foreign(15.2)(42.0)(49.3)
Total deferred tax (benefit) expense$106.2 $108.5 $214.1 
Total income tax (benefit) expense$301.8 $233.7 $225.2 
Computation of effective income tax rate
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
($ in millions)
Statutory federal income tax rate21.0 %$(135.2)21.0 %$100.8 21.0 %$285.5 
State income taxes, net of federal benefits(1.7)%11.0 3.4 %16.4 1.4 %18.8 
Effect of foreign tax rates and tax planning3.5 %(22.3)(21.2)%(101.8)(8.1)%(109.5)
Effect of foreign tax law and rate changes(0.9)%6.0 — %— — %— 
Effect of unrecognized tax benefits(26.1)%167.9 3.7 %18.0 0.8 %10.9 
Change in valuation allowance1.3 %(8.4)6.0 %28.8 0.7 %9.5 
Goodwill impairment(41.4)%266.8 36.5 %175.3 — %— 
Other, net(2.6)%16.0 (0.7)%(3.8)0.8 %10.0 
Effective tax rate / Tax (benefit) expense(46.9)%$301.8 48.7 %$233.7 16.6 %$225.2 
The decrease to the effective tax rate, when compared to the statutory rate, for fiscal year 2020 is primarily driven by two items. The impact of the $1,484.3 million goodwill impairment, recorded within our Europe segment in the fourth quarter of 2020, of which a majority related to nondeductible goodwill and the recognition of approximately $135 million of tax expense following the enactment of the U.S. final hybrid regulations, recorded in the second quarter of 2020. The increase in the effective tax rate, when compared to the statutory rate, for fiscal year 2019 was primarily driven by the $668.3 million goodwill impairment recorded within our North America segment in 2019, increased valuation allowances, and the recognition of other one-time tax expenses. The decrease in the effective tax rate, when compared to the statutory rate, for fiscal year 2018 was primarily driven by one-time tax benefits.
Additionally, our foreign businesses operate in jurisdictions with statutory income tax rates that differ from the U.S. Federal statutory rate. Specifically, the statutory income tax rates in the countries in Europe in which we operate range from 9% to 25%, and Canada has a statutory income tax rate of approximately 26%.
During the third quarter of 2020, the U.K. government enacted legislation to repeal the previously enacted reduction to the U.K. corporate income tax rate. Remeasurement of our deferred tax liabilities resulted in the recognition of additional tax expense of approximately $6 million in 2020.
Composition of deferred tax assets and liabilities
 As of
 December 31, 2020December 31, 2019
 (In millions)
Non-current deferred tax assets:  
Compensation-related obligations$60.9 $54.8 
Pension and postretirement benefits102.4 115.9 
Derivative instruments76.5 41.8 
Tax credit carryforwards56.2 41.1 
Tax loss carryforwards331.6 267.1 
Accrued liabilities and other75.5 50.1 
Valuation allowance(62.2)(73.8)
Total non-current deferred tax assets$640.9 $497.0 
Non-current deferred tax liabilities:  
Fixed assets358.3 353.7 
Partnerships and investments19.6 18.8 
Foreign exchange gain/loss— — 
Intangible assets2,396.9 2,279.9 
Total non-current deferred tax liabilities$2,774.8 $2,652.4 
Net non-current deferred tax assets— — 
Net non-current deferred tax liabilities$2,133.9 $2,155.4 
The overall decrease in net deferred tax liabilities of $21.5 million in 2020 is primarily due to an increase in deferred tax assets of $143.9 million attributable to additional tax loss carryforwards, tax credits, and future deductible temporary differences generated in 2020, offset by an increase in deferred tax liabilities of $122.4 million related to the amortization of goodwill and indefinite-lived intangible assets for U.S. tax purposes due to the Acquisition. Additionally, our deferred tax balances are also impacted by foreign exchange rates, as a significant amount of our deferred tax assets and liabilities are in foreign jurisdictions.
Our deferred tax valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards from operations in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. Based on this analysis, we have determined that the valuation allowances recorded in each period presented are appropriate.
We have deferred tax assets for U.S. tax carryforwards that expire between 2021 and 2040 of $62.4 million as of December 31, 2020, and that expire between 2020 and 2039 of $63.2 million as of December 31, 2019. We have U.S. tax losses that may be carried forward indefinitely of $19.9 million and $0 million as of December 31, 2020 and December 31, 2019, respectively. We have foreign tax loss carryforwards that expire between 2021 and 2040 of $283.5 million as of December 31, 2020, and that expire between 2020 and 2039 of $233.8 million as of December 31, 2019. We have foreign tax losses that may be carried forward indefinitely of $22.0 million and $11.2 million as of December 31, 2020 and December 31, 2019, respectively.
 As of
 December 31, 2020December 31, 2019
 (In millions)
Domestic net non-current deferred tax liabilities$1,542.8 $1,488.5 
Foreign net non-current deferred tax assets105.7 34.8 
Foreign net non-current deferred tax liabilities696.8 701.7 
Net non-current deferred tax liabilities$2,133.9 $2,155.4 
The fiscal year 2020 and 2019 amounts above exclude $142.1 million and $68.4 million, respectively, of unrecognized tax benefits that have been recorded as a reduction of non-current deferred tax assets, which is presented within non-current deferred tax liabilities due to jurisdictional netting on the consolidated balance sheets.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Balance at beginning of year$72.4 $51.6 $41.9 
Additions for tax positions related to the current year22.8 18.1 22.3 
Additions for tax positions of prior years132.1 — 0.7 
Reductions for tax positions of prior years(1.6)— (8.4)
Settlements(0.4)— — 
Release due to statute expirations— (0.8)(1.6)
Foreign currency adjustment10.4 3.5 (3.3)
Balance at end of year$235.7 $72.4 $51.6 
Our remaining unrecognized tax benefits as of December 31, 2020, relate to tax years that are currently open to examination. Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued.     
Due to anticipated settlements and expected expiration of statutes of limitation, it is reasonably possible that the amount of unrecognized tax benefits may decrease by an amount up to $150 million within the next 12 months.
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
(In millions)
Reconciliation of unrecognized tax benefits balance
Estimated interest and penalties$11.4 $2.9 $2.3 
Unrecognized tax positions235.7 72.4 51.6 
Total unrecognized tax benefits$247.1 $75.3 $53.9 
Presented net against non-current deferred tax assets$142.1 $68.4 $47.8 
Current (included in accounts payable and other current liabilities)98.0 — — 
Non-current (included within other liabilities)7.0 6.9 6.1 
Total unrecognized tax benefits$247.1 $75.3 $53.9 
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized(1)
$87.7 $72.4 $51.6 
(1)Amounts exclude the potential effects of valuation allowances, which may fully or partially offset the impact to the effective tax rate.
v3.20.4
Special Items (Tables)
12 Months Ended
Dec. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]  
Summary of Special Items Recorded by Segment
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Employee-related charges
Restructuring$67.6 $52.4 $34.7 
Impairments or asset abandonment charges
North America - Asset abandonment(1)
115.8 38.8 32.7 
North America - Impairment losses(2)
39.6 671.7 — 
Europe - Asset abandonment(3)
3.7 1.2 3.8 
Europe - Impairment losses(4)
1,516.2 12.2 — 
Termination fees and other (gains) losses
North America(5)
(2.0)(68.3)(326.9)
Europe(6)
(0.7)0.8 6.0 
Total Special items, net$1,740.2 $708.8 $(249.7)
(1)Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery and the purchase was completed in the fourth quarter of 2020. Production at the Irwindale brewery ceased during the third quarter of 2020.
Charges associated with the brewery closure for the year ended December 31, 2020 and 2019 totaled $117.7 million and $15.8 million, respectively, excluding the fourth quarter gain on sale of the brewery of $2.1 million. The charges for the year ended December 31, 2020 primarily consisted of accelerated depreciation in excess of normal depreciation of $96.0 million and employee related costs of retention and severance of $16.5 million. The employee related costs of retention and severance are included in the restructuring line above. The charges for fiscal year 2019 primarily consisted of accelerated depreciation in excess of normal depreciation of $8.0 million and employee related costs of retention and severance of $1.1 million.
In addition to incurring accelerated depreciation for Irwindale, in 2020, 2019 and 2018, we incurred asset abandonment charges, related to the accelerated depreciation in excess of normal depreciation as a result of the Vancouver brewery closure, which occurred in the third quarter of 2019, and the planned Montreal brewery closure, 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 10 million, through the completion of the Montreal brewery closure. 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.
Charges in 2018 also included accelerated depreciation in excess of normal depreciation related to the closure of the Colfax, California cidery, which was completed during the first quarter of 2019, as well as other costs associated with
the previously closed Eden, North Carolina brewery, including net charges associated with the sale of the Eden real property.
(2)Of the $39.6 million of impairment losses recognized in the North America segment for the year ended December 31, 2020, we recorded aggregate impairment losses of $17.0 million related to certain regional craft brand definite-lived intangible assets during the fourth quarter of 2020. The estimates and assumptions used to determine the fair value represent Level 3 measurements and additional impairment losses may be recognized in the future. The remaining $22.6 million of impairments recognized in 2020 were related to definite-lived tangible assets associated with these regional craft brands.
Of the $671.7 million of impairment losses recognized in the North America segment in fiscal year 2019, we recorded $668.3 million of goodwill impairment losses related to the North America reporting unit. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(3)We incurred asset abandonment charges in our Europe segment in fiscal year 2020 primarily related to the closure of a small brewery in Europe as a result of the ongoing impacts of the coronavirus pandemic. Further, as a result of our continued strategic review of our European supply chain network, during 2020, 2019 and 2018, we incurred charges consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of our Burton South brewery and Alton brewery and other associated closure costs.
(4)During the fourth quarter of 2020, we recognized goodwill impairment losses on the Europe reporting unit of $1,484.3 million. See Note 10, "Goodwill and Intangible Assets" for further discussion. In addition, during the fourth quarter of 2020, we incurred impairment losses as a result of small brewery closures in Europe as a result of the ongoing impact of the coronavirus pandemic. During the third quarter of 2020, we recognized an impairment loss of $30.0 million related to the held for sale classification of a disposal group within our India business, representing an insignificant part of our Europe segment. The held for sale disposal group was measured at fair value on a nonrecurring basis using Level 3 inputs. The estimated fair value less cost to sell was determined using a market approach, based upon the expected net sales proceeds of the disposal group. The remaining carrying value of the disposal group held for sale is presented within other current assets, net on our consolidated balance sheet as of December 31, 2020.
During the third quarter of 2019, we recorded goodwill impairment losses within the former India reporting unit of $6.1 million. We also recorded impairment losses related to definite-lived intangible assets in India of $6.1 million. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(5)During 2020, we recognized termination fees and other gains of $2.0 million, which was primarily due to the gain recorded on the sale of the Irwindale brewery.
During the second quarter of 2019, we completed the sale of the existing Montreal brewery property for $96.2 million, and recognized a gain of $61.3 million. See Note 19, "Leases" for further discussion.
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 consolidated statement of operations in the North America segment and within cash provided by operating activities in our consolidated statement of cash flows for the year ended December 31, 2018.
(6)During 2019, we recognized a special charge of $0.5 million related to the deconsolidation of the Grolsch joint venture.
Represents charges related to the exit of our China business in 2018, consisting primarily of the reclassification of the associated cumulative foreign currency translation adjustment from AOCI upon substantial liquidation in the fourth quarter of 2018. See Note 14, "Accumulated Other Comprehensive Income (Loss)" for further details.
Schedule of Restructuring Accruals
North AmericaEuropeTotal
(In millions)
Balance as of December 31, 2017$4.9 $2.0 $6.9 
Charges incurred and changes in estimates31.2 3.5 34.7 
Payments made(11.5)(4.3)(15.8)
Foreign currency and other adjustments(0.1)(0.1)(0.2)
Balance as of December 31, 2018$24.5 $1.1 $25.6 
Charges incurred and changes in estimates43.4 9.0 52.4 
Payments made(25.5)(5.6)(31.1)
Foreign currency and other adjustments0.2 — 0.2 
Balance as of December 31, 2019$42.6 $4.5 $47.1 
Charges incurred63.7 9.5 73.2 
Payments made(77.3)(11.1)(88.4)
Changes in estimates(4.6)(1.0)(5.6)
Foreign currency and other adjustments0.1 0.1 0.2 
Balance as of December 31, 2020$24.5 $2.0 $26.5 
v3.20.4
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule Of Capital Stock
Changes to the number of shares of capital stock issued were as follows:
 Common stock
issued
Exchangeable
shares issued
 Class AClass BClass AClass B
 (Share amounts in millions)
Balance as of December 31, 20172.6 204.7 2.9 14.7 
Shares issued under equity compensation plans— 0.7 — — 
Shares exchanged for Class B exchangeable shares— — (0.1)0.1 
Balance as of December 31, 20182.6 205.4 2.8 14.8 
Shares issued under equity compensation plans— 0.2 — — 
Shares exchanged for common stock— 0.1 — (0.1)
Shares exchanged for Class B exchangeable shares— — (0.1)0.1 
Balance as of December 31, 20192.6 205.7 2.7 14.8 
Shares issued under equity compensation plans— 0.4 — — 
Shares exchanged for common stock— 3.7 — (3.7)
Balance as of December 31, 20202.6 209.8 2.7 11.1 
v3.20.4
Properties (Tables)
12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
 As of
 December 31, 2020December 31, 2019
 (In millions)
Land and improvements$341.3 $417.0 
Buildings and improvements1,074.8 1,025.8 
Machinery and equipment4,537.7 4,540.9 
Returnable containers414.8 386.7 
Furniture and fixtures295.9 264.6 
Software466.3 468.1 
Natural resource properties3.8 3.8 
Construction in progress532.1 444.2 
Total properties cost7,666.7 7,551.1 
Less: accumulated depreciation(3,416.4)(3,004.6)
Properties, net$4,250.3 $4,546.5 
v3.20.4
Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in goodwill
 
North America(1)
Europe(1)
Consolidated
Changes in Goodwill:(In millions)
Balance as of December 31, 2018$6,785.1 $1,475.7 $8,260.8 
Impairments(668.3)(6.1)(674.4)
Foreign currency translation29.8 15.2 45.0 
Balance as of December 31, 2019$6,146.6 $1,484.8 $7,631.4 
Impairments— (1,484.3)(1,484.3)
Foreign currency translation4.4 (0.5)3.9 
Balance as of December 31, 2020$6,151.0 $— $6,151.0 
(1)    On January 1, 2020, we changed our management structure from four segments and a corporate center to two reportable segments. Under this new structure we have two reporting units, North America and Europe.
Schedule of intangible assets excluding goodwill
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2020:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization:    
Brands
10 - 50
$5,128.4 $(1,070.6)$4,057.8 
License agreements and distribution rights
15 - 20
206.8 (99.5)107.3 
Other
3 - 40
109.1 (36.4)72.7 
Intangible assets not subject to amortization:    
BrandsIndefinite8,215.7 — 8,215.7 
Distribution networksIndefinite795.0 — 795.0 
OtherIndefinite307.6 — 307.6 
Total $14,762.6 $(1,206.5)$13,556.1 

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019:
Useful lifeGrossAccumulated
amortization
Net
 (Years)(In millions)
Intangible assets subject to amortization:    
Brands
10 - 50
$5,036.3 $(865.1)$4,171.2 
License agreements and distribution rights
15 - 20
202.0 (90.6)111.4 
Other
3 - 40
124.0 (39.4)84.6 
Intangible assets not subject to amortization:    
BrandsIndefinite8,172.4 — 8,172.4 
Distribution networksIndefinite778.8 — 778.8 
OtherIndefinite337.6 — 337.6 
Total $14,651.1 $(995.1)$13,656.0 
Schedule of estimated amortization expense related to intangible assets
Based on foreign exchange rates as of December 31, 2020, the estimated future amortization expense of intangible assets is as follows:
YearAmount
 (In millions)
2021$217.3 
2022$212.6 
2023$211.7 
2024$210.0 
2025$209.9 
v3.20.4
Debt (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block] Debt
Debt Obligations
 As of
 December 31, 2020December 31, 2019
 (In millions)
Long-term debt:  
CAD 500 million 2.75% notes due September 2020(1)
$— $384.9 
CAD 500 million 2.84% notes due July 2023(2)
392.9 384.9 
CAD 500 million 3.44% notes due July 2026(1)(2)
392.9 384.9 
$500 million 2.25% notes due March 2020(3)
— 499.8 
$1.0 billion 2.1% notes due July 2021(2)
1,000.0 1,000.0 
$500 million 3.5% notes due May 2022(4)
503.7 506.5 
$2.0 billion 3.0% notes due July 2026(2)
2,000.0 2,000.0 
$1.1 billion 5.0% notes due May 2042(4)
1,100.0 1,100.0 
$1.8 billion 4.2% notes due July 2046(2)
1,800.0 1,800.0 
EUR 800 million 1.25% notes due July 2024(2)
977.3 897.0 
Finance leases and other97.8 129.5 
Less: unamortized debt discounts and debt issuance costs(50.3)(56.7)
Total long-term debt (including current portion)8,214.3 9,030.8 
Less: current portion of long-term debt(1,006.1)(921.3)
Total long-term debt$7,208.2 $8,109.5 
Short-term borrowings(5)
$14.0 $6.9 
Current portion of long-term debt1,006.1 921.3 
Current portion of long-term debt and short-term borrowings$1,020.1 $928.2 
(1)Prior to Molson Coors International, L.P., a Delaware limited partnership and wholly-owned subsidiary of MCBC ("Molson Coors International L.P."), issuing our CAD 500 million 2.75% notes due September 18, 2020 (the "2015 Notes,"), on September 18, 2015, we entered into forward starting interest rate swap agreements to hedge the interest rate volatility for a 10 year period. We settled these swaps at the time of issuance of the 2015 Notes and are amortizing a portion of the resulting loss from AOCI to interest expense over the remaining term of the 2015 Notes as well as over a portion of the 2016 Notes defined below up to the full 10-year term of the interest rate swap agreements. During the third quarter of 2020, we repaid the 2015 Notes upon maturity. The amortizing loss resulted in an increase in our effective cost of borrowing compared to the stated coupon rates by 0.65% and 0.60% on each of the CAD 500 million
notes repaid in 2020 and due in 2026, respectively. See Note 16, "Derivative Instruments and Hedging Activities" for further details on the forward starting interest rate swaps.
(2)On July 7, 2016, MCBC issued approximately $5.3 billion senior notes with portions maturing from July 15, 2019 through July 15, 2046 ("2016 USD Notes"), and EUR 800.0 million senior notes maturing July 15, 2024 ("2016 EUR Notes"), and Molson Coors International L.P., completed a private placement of CAD 1.0 billion senior notes maturing July 15, 2023, and July 15, 2026 ("2016 CAD Notes"), in order to partially fund the financing of the Acquisition (2016 USD Notes, 2016 EUR Notes and 2016 CAD Notes, collectively, the "2016 Notes"). These issuances resulted in total proceeds of approximately $6.9 billion, net of underwriting fees and discounts of $36.5 million and $17.7 million, respectively. Total debt issuance costs capitalized in connection with these notes including underwriting fees, discounts and other financing related costs, were approximately $65 million and are being amortized over the respective terms of the 2016 Notes. The 2016 Notes began accruing interest upon issuance, with semi-annual payments due on the 2016 USD Notes and 2016 CAD Notes in January and July beginning in 2017, and annual interest payments due on the 2016 EUR Notes in July beginning in 2017. During the third quarter of 2019, we repaid the $500 million 1.45% notes which matured in July 2019.
As of December 31, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. See Note 16, "Derivative Instruments and Hedging Activities" for further details.
(3)On March 15, 2017, MCBC issued approximately $1.5 billion of senior notes. These issuances resulted in total proceeds of approximately $1.5 billion, net of underwriting fees and discounts of $3.1 million and $0.7 million, respectively. Total debt issuance costs capitalized in connection with these notes, including underwriting fees, discounts and other financing related costs, were $6.1 million and were amortized over the respective terms of the notes. As of December 31, 2020, these notes have been repaid.
(4)On May 3, 2012, we issued approximately $1.9 billion of senior notes with portions maturing in 2017, 2022 and 2042. The issuance resulted in total proceeds, before expenses, of approximately $1.9 billion, net of underwriting fees and discounts of $14.7 million and $4.6 million, respectively. Total debt issuance costs capitalized in connection with these senior notes, including the underwriting fees and discounts, were approximately $18.0 million and are being amortized over the term of the notes.
During 2014, we entered into interest rate swaps to economically convert our fixed rate $500 million 3.5% notes due 2022 ("$500 million notes") to floating rate debt. As a result of fair value hedge accounting, the carrying value of the $500 million notes included a cumulative adjustment for the change in fair value of $18.1 million at the time of termination of the swaps. Beginning in the fourth quarter of 2015, we began amortizing this cumulative adjustment to interest expense over the remaining term of the $500 million notes and will accordingly decrease the annual effective interest rate for the remaining term by 0.56%. The fair value adjustments and subsequent amortization have been excluded from the aggregate principal debt maturities table presented below.
(5)As of December 31, 2020, we had $11.0 million in bank overdrafts and $103.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $92.7 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million.
We had total outstanding borrowings of $3.0 million and $2.8 million under our JPY facilities as of December 31, 2020 and December 31, 2019, respectively. In addition, we have USD, GBP and CAD overdraft facilities under which we had no outstanding borrowings as of December 31, 2020 or December 31, 2019. A summary of our short-term facility availability is presented below. See Note 18, "Commitments and Contingencies" for further discussion related to letters of credit.
JPY 1.3 billion line of credit at Japan TIBOR plus 0.30%
JPY 100 million overdraft facility at Japan short-term Prime rate
CAD unlimited overdraft facility at CAD Prime plus 0.50%
GBP 20 million overdraft facility at GBP base rate plus 1.5%
USD 10 million overdraft facility at USD Prime plus 5%
Schedule of Maturities of Long-term Debt [Table Text Block]
As of December 31, 2020, the aggregate principal debt maturities of long-term debt and short-term borrowings, based on foreign exchange rates as of December 31, 2020, for the next 5 years are as follows:
YearAmount
 (In millions)
2021$1,019.3 
2022505.2 
2023397.8 
2024982.0 
202520.3 
Thereafter5,286.3 
Total$8,210.9 
Schedule of Interest Costs Incurred [Table Text Block]
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Interest incurred$282.3 $289.2 $311.7 
Interest capitalized(7.7)(8.3)(5.5)
Interest expensed$274.6 $280.9 $306.2 
v3.20.4
Inventories (Tables)
12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current [Table Text Block]
 As of
 December 31, 2020December 31, 2019
(In millions)
Finished goods$266.7 $236.7 
Work in process72.7 84.0 
Raw materials242.2 227.1 
Packaging materials82.7 68.1 
Inventories, net$664.3 $615.9 
v3.20.4
Share-Based Payments (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of components of share-based compensation expense
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 (In millions)
Pretax share-based compensation expense(1)
$24.2 $8.5 $42.6 
Tax benefit(4.3)(1.6)(6.9)
After-tax share-based compensation expense$19.9 $6.9 $35.7 
(1)    The decrease in share-based compensation expense in 2019 was primarily driven by the reversal of cumulative compensation expense previously recognized for our 2018 and 2017 PSU awards as the achievement of the performance conditions are no longer deemed probable for the respective performance periods, as well as the impacts of the reversal of expense associated with forfeitures related to the revitalization plan initiated in 2019. Additionally, our share-based compensation expense in 2018 also includes expense associated with replacement awards issued in connection with the Acquisition.
Schedule of non-vested RSUs, PSUs and DSUs outstanding and the activity for the period
 RSUs and DSUsPSUs
 UnitsWeighted-average
grant date fair value per unit
UnitsWeighted-average grant date fair value per unit
 (In millions, except per unit amounts)
Non-vested as of December 31, 20191.0$68.180.6$70.37
Granted0.5$48.810.3$52.60
Vested(0.3)$84.81$—
Forfeited(0.2)$64.12(0.2)$66.22
Non-vested as of December 31, 20201.0$56.210.7$58.12
Schedule of stock options outstanding and the activity for the period
 Stock options
 AwardsWeighted-
average
exercise price per unit
Weighted-
average
remaining
contractual
life (years)
Aggregate
intrinsic
value
(In millions, except per share amounts and years)
Outstanding as of December 31, 20191.6$68.773.8$3.1 
Granted0.4$51.48  
Exercised(0.1)$43.13  
Forfeited(0.1)$60.01  
Outstanding as of December 31, 20201.8$66.324.5$0.2 
Expected to vest as of December 31, 20200.6$54.898.8$— 
Exercisable as of December 31, 20201.2$71.702.5$0.2 
Schedule of share-based compensation weighted average assumptions
The fair value of each option granted in 2020, 2019 and 2018 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
Risk-free interest rate0.91%2.46%2.65%
Dividend yield4.40%4.16%2.08%
Volatility range
25.09% - 26.31%
24.46% - 24.60%
22.36% - 24.14%
Weighted-average volatility25.40%24.48%22.81%
Expected term (years)5.55.35.3
Weighted-average fair value$6.70$9.20$15.44
Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions
The fair value of the market metric for each PSU granted in 2020, 2019 and 2018 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and peer companies with the following weighted-average assumptions:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
Risk-free interest rate0.84%2.49%2.34%
Dividend yieldN/A4.17%2.08%
Volatility range
15.21% - 45.75%
13.82% - 42.46%
13.03% - 81.87%
Weighted-average volatility26.02%24.97%22.76%
Expected term (years)2.82.82.8
Weighted-average fair market value$52.60$53.31$78.30
v3.20.4
Accumulated Other Comprehensive Income (Loss) (Tables)
12 Months Ended
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary Of The Components Of Accumulated Other Comprehensive Income (Loss)
 MCBC stockholders' equity
 Foreign
currency
translation
adjustments
Gain (loss) on
derivative
instruments
Pension and
postretirement
benefit
adjustments
Equity method
investments
Accumulated
other
comprehensive
income (loss)
 (In millions)
As of December 31, 2017$(408.5)$(13.5)$(378.5)$(59.5)$(860.0)
Foreign currency translation adjustments(411.6)— (0.6)— (412.2)
Reclassification of cumulative translation adjustment to
income
(1)
6.0 — — — 6.0 
Gain (loss) on net investment hedges106.4 — — — 106.4 
Unrealized gain (loss) on derivative instruments— 14.5 — — 14.5 
Reclassification of derivative (gain) loss to income— 3.4 — — 3.4 
Pension and other postretirement benefit adjustments— — 55.4 — 55.4 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 6.5 — 6.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (1.0)(1.0)
Tax benefit (expense)(51.0)(4.7)(13.5)0.2 (69.0)
As of December 31, 2018$(758.7)$(0.3)$(330.7)$(60.3)$(1,150.0)
Foreign currency translation adjustments129.3 — (2.5)— 126.8 
Gain (loss) on net investment hedges50.3 — — — 50.3 
Unrealized gain (loss) on derivative instruments— (111.3)— — (111.3)
Reclassification of derivative (gain) loss to income— 0.6 — — 0.6 
Pension and other postretirement benefit adjustments— — (43.7)— (43.7)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement— — 26.5 — 26.5 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — (14.4)(14.4)
Tax benefit (expense)(0.1)27.0 (2.9)3.8 27.8 
Net period other comprehensive income (loss)179.5 (83.7)(22.6)(10.6)62.6 
Reclassification of stranded tax effects (2)
(73.3)(3.8)2.3 — (74.8)
As of December 31, 2019$(652.5)$(87.8)$(351.0)$(70.9)$(1,162.2)
Foreign currency translation adjustments196.0 — (1.6)— 194.4 
Gain (loss) on net investment hedges(113.5)— — — (113.5)
Unrealized gain (loss) on derivative instruments— (113.5)— — (113.5)
Reclassification of derivative (gain) loss to income— (0.5)— — (0.5)
Pension and other postretirement benefit adjustments— — (52.9)— (52.9)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income— — (7.6)— (7.6)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)— — — 19.4 19.4 
Tax benefit (expense)30.5 27.9 15.4 (5.2)68.6 
As of December 31, 2020$(539.5)$(173.9)$(397.7)$(56.7)$(1,167.8)
(1)As a result of exiting our China business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items, net upon substantial liquidation. See Note 7, "Special Items" for further details.
(2)Represents the one-time reclassification of stranded tax effects from AOCI to retained earnings resulting from the change in the U.S. federal corporate income tax rate as part of the 2017 Tax Act. This reclassification occurred on January 1, 2019 upon adoption of the associated FASB authoritative guidance.
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income
Reclassifications from AOCI to income:
For the years ended
December 31, 2020December 31, 2019December 31, 2018
Reclassifications from AOCILocation of gain (loss)
recognized in income
(In millions)
Gain/(loss) on cash flow hedges:
Forward starting interest rate swaps$(2.9)$(3.0)$(3.0)Interest expense, net
Foreign currency forwards4.6 3.1 (0.2)Cost of goods sold
Foreign currency forwards(1.2)(0.7)(0.2)Other income (expense), net
Total income (loss) reclassified, before tax0.5 (0.6)(3.4)
Income tax benefit (expense)(0.1)0.1 0.9 
Net income (loss) reclassified, net of tax$0.4 $(0.5)$(2.5)
Amortization of defined benefit pension and other postretirement benefit plan items:
Prior service benefit (cost)$0.4 $(0.4)$(0.5)Other pension and postretirement benefits (costs), net
Net actuarial gain (loss) and settlement7.2 (26.1)(6.0)Other pension and postretirement benefits (costs), net
Total income (loss) reclassified, before tax7.6 (26.5)(6.5)
Income tax benefit (expense)(2.4)6.8 1.6 
Net income (loss) reclassified, net of tax$5.2 $(19.7)$(4.9)
Other reclassifications from AOCI to Income:
China cumulative translation adjustment resulting from substantial liquidation$— $— $(6.0)Special items, net
Income tax benefit (expense)— — — 
Net income (loss) reclassified, net of tax$— $— $(6.0)
Total income (loss) reclassified, net of tax$5.6 $(20.2)$(13.4)
v3.20.4
Employee Retirement Plans and Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Net Periodic Pension and OPEB Cost (Benefit)
For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 PensionOPEBConsolidatedPensionOPEBConsolidatedPensionOPEBConsolidated
 (In millions)
Service cost:   
Service cost$2.7 $6.0 $8.7 $4.0 $7.0 $11.0 $5.5 $9.3 $14.8 
Other pension and postretirement (benefit) cost, net:
Interest cost120.5 18.8 139.3 161.9 25.5 187.4 161.8 25.8 187.6 
Expected return on plan assets, net of expenses(161.8)0.2 (161.6)(217.3)0.5 (216.8)(232.8)0.5 (232.3)
Amortization of prior service (benefit) cost0.3 (0.7)(0.4)1.1 (0.7)0.4 0.7 (0.2)0.5 
Amortization of net actuarial (gain) loss7.3 (14.5)(7.2)10.4 (14.1)(3.7)7.6 (1.7)5.9 
Curtailment, settlement or special termination benefit (gain) loss(1)
— — — 30.5 — 30.5 0.8 0.1 0.9 
Expected participant contributions(0.4)— (0.4)(0.7)— (0.7)(0.8)— (0.8)
Total other pension and postretirement (benefit) cost, net(34.1)3.8 (30.3)(14.1)11.2 (2.9)(62.7)24.5 (38.2)
Net periodic pension and OPEB (benefit) cost$(31.4)$9.8 $(21.6)$(10.1)$18.2 $8.1 $(57.2)$33.8 $(23.4)
(1)During the fourth quarter of 2019, we utilized plan assets to purchase buy-out annuity contracts for a portion of our Canadian pension plans and recognized a pension settlement charge of $29.8 million.
Schedule of Changes in Projected Benefit Obligation Plan, Assets and Funded Status of Pension Plans
Obligations and Changes in Funded Status
For the year ended December 31, 2020For the year ended December 31, 2019
PensionOPEBTotalPensionOPEBTotal
(In millions)
Change in benefit obligation:
Prior year benefit obligation$5,198.6 $672.5 $5,871.1 $4,904.7 $672.1 $5,576.8 
Service cost, net of expected employee contributions2.3 6.0 8.3 3.3 7.0 10.3 
Interest cost120.5 18.8 139.3 161.9 25.5 187.4 
Actual employee contributions0.4 — 0.4 0.5 — 0.5 
Actuarial loss (gain)460.3 43.7 504.0 533.4 7.4 540.8 
Plan amendments0.8 — 0.8 (1.4)— (1.4)
Benefits paid(316.6)(39.2)(355.8)(350.6)(44.1)(394.7)
Curtailment, settlement and special termination(0.1)— (0.1)(192.9)(0.2)(193.1)
Foreign currency exchange rate change105.3 2.9 108.2 139.7 4.8 144.5 
Benefit obligation at end of year$5,571.5 $704.7 $6,276.2 $5,198.6 $672.5 $5,871.1 
Change in plan assets:
Prior year fair value of assets$5,542.1 $— $5,542.1 $5,217.3 $— $5,217.3 
Actual return on plan assets614.0 — 614.0 712.2 — 712.2 
Employer contributions4.8 39.7 44.5 5.1 44.1 49.2 
Actual employee contributions0.4 — 0.4 0.5 — 0.5 
Curtailment, settlement and special termination(0.2)— (0.2)(192.9)— (192.9)
Benefits and plan expenses paid(316.6)(39.7)(356.3)(350.6)(44.1)(394.7)
Foreign currency exchange rate change113.9 — 113.9 150.5 — 150.5 
Fair value of plan assets at end of year$5,958.4 $— $5,958.4 $5,542.1 $— $5,542.1 
Funded status:$386.9 $(704.7)$(317.8)$343.5 $(672.5)$(329.0)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets$492.8 $— $492.8 $434.3 $— $434.3 
Accounts payable and other current liabilities(4.1)(43.3)(47.4)(4.1)(42.6)(46.7)
Pension and postretirement benefits(101.8)(661.4)(763.2)(86.7)(629.9)(716.6)
Net amounts recognized$386.9 $(704.7)$(317.8)$343.5 $(672.5)$(329.0)
The accumulated benefit obligation for our defined benefit pension plans was approximately $5.6 billion and $5.2 billion as of December 31, 2020 and December 31, 2019, respectively. The $11.2 million decrease in the net underfunded status of our aggregate pension and OPEB plans from December 31, 2019 to December 31, 2020, was primarily driven by strong asset returns, partially offset by the impacts of decreased discount rates. During the fourth quarter of 2019, we purchased buy-out annuity contracts for a portion of our Canadian pension plans resulting in a decrease to our projected benefit obligation and a corresponding reduction to our plan assets in fiscal year 2019.
As of December 31, 2020 and December 31, 2019, our defined benefit pension plan in the U.K. and certain defined benefit pension plans in the U.S. and Canada were overfunded as a result of our ongoing de-risking strategy. Information for our defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
As of
December 31, 2020December 31, 2019
(In millions)
Accumulated benefit obligation$831.4 $793.6 
Projected benefit obligation$831.6 $794.0 
Fair value of plan assets$725.7 $703.2 
Information for OPEB plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed above in "Obligations and Changes in Funded Status" as all of our OPEB plans are unfunded.
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI not yet recognized as components of net periodic pension and OPEB cost, pretax, were as follows:
As of December 31, 2020As of December 31, 2019
PensionOPEBTotalPensionOPEBTotal
(In millions)
Net actuarial loss (gain)$684.6 $(108.6)$576.0 $685.7 $(167.5)$518.2 
Net prior service cost (benefit)10.5 (4.0)6.5 7.1 (4.9)2.2 
Total not yet recognized$695.1 $(112.6)$582.5 $692.8 $(172.4)$520.4 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in plan assets and benefit obligations recognized in OCI, pretax, were as follows:
PensionOPEBTotal
 (In millions)
Accumulated other comprehensive loss (income) as of December 31, 2018$698.0 $(197.3)$500.7 
Amortization of prior service (costs) benefit(1.1)0.7 (0.4)
Amortization of net actuarial (loss) gain(10.4)14.1 3.7 
Net prior service cost(2.0)— (2.0)
Settlement and curtailment(29.8)(0.2)(30.0)
Current year actuarial loss (gain)38.5 7.4 45.9 
Foreign currency exchange rate change(0.4)2.9 2.5 
Accumulated other comprehensive loss (income) as of December 31, 2019$692.8 $(172.4)$520.4 
Amortization of prior service (costs) benefit(0.3)0.7 0.4 
Amortization of net actuarial (loss) gain(7.3)14.5 7.2 
Net prior service cost0.8 — 0.8 
Current year actuarial loss (gain)8.1 44.0 52.1 
Foreign currency exchange rate change1.0 0.6 1.6 
Accumulated other comprehensive loss (income) as of December 31, 2020$695.1 $(112.6)$582.5 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Periodic pension and OPEB cost is actuarially calculated annually for each individual plan based on data available and assumptions made at the beginning of each year. Assumptions used in the calculation include the settlement discount rate selected and disclosed at the end of the previous year as well as other assumptions detailed in the table below. The weighted-average rates used in determining the periodic pension and OPEB cost for the fiscal years 2020, 2019 and 2018 were as follows:
 For the years ended
 December 31, 2020December 31, 2019December 31, 2018
 PensionOPEBPensionOPEBPensionOPEB
Weighted-average assumptions:    
Settlement discount rate2.55%2.91%3.44%3.92%3.01%3.34%
Rate of compensation increase2.00%N/A2.00%N/A2.00%N/A
Expected return on plan assets(1)
3.24%N/A4.38%N/A4.10%N/A
Health care cost trend rateN/A
Ranging ratably from 6.25% in 2020 to 3.57% in 2040
N/A
Ranging ratably from 6.5% in 2019 to 4.5% in 2037
N/A
Ranging ratably from 6.75% in 2018 to 4.5% in 2037
(1)We develop our EROA assumptions annually with input from independent investment specialists including our actuaries, investment consultants, plan trustee and other specialists. Each EROA assumption is based on historical data, including historical returns, historical market rates and is calculated for each plan's individual asset class. The calculation includes inputs for interest, inflation, credit, and risk premium (active investment management) rates and fees paid to service providers. We consider our EROA to be a significant management estimate. Any material changes in the inputs to our methodology used in calculating our EROA could have a significant impact on our reported defined benefit pension plans' expense.
Schedule of Assumptions Used The weighted-average rates used in determining the projected benefit obligation for defined pension plans and the accumulated postretirement benefit obligation for OPEB plans, as of December 31, 2020 and December 31, 2019, were as follows:
As of December 31, 2020As of December 31, 2019
PensionOPEBPensionOPEB
Weighted-average assumptions:
Settlement discount rate1.84%2.10%2.55%2.91%
Rate of compensation increase2.00%N/A2.00%N/A
Health care cost trend rateN/A
Ranging ratably from 6.00% in 2021 to 3.57% in 2040
N/A
Ranging ratably from 6.25% in 2020 to 3.57% in 2040
Schedule of Defined Benefit Plan, Assets Target and Actual Allocations
The following compares target asset allocation percentages with actual asset allocations on a weighted-average asset basis as of December 31, 2020:
 Target
allocations
Actual
allocations
Equities10.3%10.4%
Fixed income64.6%66.9%
Real estate7.0%6.0%
Annuities14.7%14.7%
Other3.4%2.0%
Schedule of Fair Value of Plan Assets by Measurement
The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):
  Fair value measurements as of December 31, 2020
 Total as of
December 31, 2020
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents    
Cash$144.6 $144.6 $— $— 
Trades awaiting settlement16.7 16.7 — — 
Bank deposits, short-term bills and notes25.0 — 25.0 — 
Debt
Government debt securities869.6 — 869.6 — 
Corporate debt securities112.7 — 112.7 — 
Interest and inflation linked assets1,059.6 — 1,048.6 11.0 
Annuities
Buy-in annuities783.9 — — 783.9 
Other
Repurchase agreements(483.5)(483.5)— — 
Recoverable taxes0.2 0.2 — — 
Private equity61.4 — — 61.4 
Total fair value of investments excluding NAV per share practical expedient$2,590.2 $(322.0)$2,055.9 $856.3 
The following presents our total fair value of plan assets including the NAV per share practical expedient for our defined benefit pension plan assets:
Total as of
December 31, 2020
(In millions)
Fair value of investments excluding NAV per share practical expedient$2,590.2 
Fair value of investments using NAV per share practical expedient
Debt funds1,591.4 
Equity funds1,418.6 
Real estate funds274.4 
Private equity funds77.1 
Hedge funds6.7 
Total fair value of plan assets$5,958.4 
The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):
  Fair value measurements as of December 31, 2019
 Total as of
December 31, 2019
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents    
Cash$107.2 $107.2 $— $— 
Trades awaiting settlement17.2 17.2 — — 
Bank deposits, short-term bills and notes16.4 — 16.4 — 
Debt
Government securities711.8 — 711.8 — 
Corporate debt securities272.3 — 272.3 — 
Interest and inflation linked assets948.1 — 938.8 9.3 
Annuities
Buy-in annuities748.1 — — 748.1 
Other
Equity options6.3 6.3 — — 
Repurchase agreements(923.2)(923.2)— — 
Recoverable taxes0.5 0.5 — — 
Private equity72.8 — — 72.8 
Total fair value of investments excluding NAV per share practical expedient$1,977.5 $(792.0)$1,939.3 $830.2 

The following presents our fair value hierarchy including the NAV per share practical expedient for our defined benefit pension plan assets:
Total as of
December 31, 2019
(In millions)
Fair value of investments excluding NAV per share practical expedient$1,977.5 
Fair value of investments using NAV per share practical expedient
Debt funds1,636.7 
Equity funds1,820.5 
Real estate funds20.4 
Private equity funds87.0 
Total fair value of plan assets$5,542.1 
Schedule of Effect of Significant Unobservable Inputs Changes in Defined Benefit Pension Plan Assets
The following presents our Level 3 Rollforward for our defined pension plan assets excluding investments using the NAV per share practical expedient:
Amount
(In millions)
Balance as of December 31, 2018$695.7 
Total gain or loss (realized/unrealized): 
Realized gain (loss)15.3 
Unrealized gain (loss) included in AOCI(19.6)
Purchases, issuances, settlements105.2 
Foreign exchange translation (loss)/gain33.6 
Balance as of December 31, 2019$830.2 
Total gain or loss (realized/unrealized): 
Realized gain (loss)2.1 
Unrealized gain (loss) included in AOCI11.0 
Purchases, issuances, settlements(12.7)
Foreign exchange translation (loss)/gain25.7 
Balance as of December 31, 2020$856.3 
Schedule of Expected Benefit Payments
Expected future benefit payments for defined benefit pension and OPEB plans, based on foreign exchange rates as of December 31, 2020, are as follows:
Expected benefit paymentsPensionOPEB
 (In millions)
2021$327.1 $43.4 
2022$327.1 $42.8 
2023$327.9 $42.2 
2024$328.1 $42.0 
2025$329.5 $41.2 
2026-2030$1,643.8 $200.2 
v3.20.4
Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Value of Derivative Instruments in the Consolidated Balance Sheets (in millions):
 December 31, 2020
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments:
Cross currency swaps$400.0 Other current assets$— Accounts payable and other current liabilities$(26.5)
Other non-current assets— Other liabilities— 
Interest rate swaps$1,500.0 Other non-current assets— Accounts payable and other current liabilities(47.7)
Other liabilities(173.8)
Foreign currency forwards$181.2 Other current assets0.3 Accounts payable and other current liabilities(3.0)
Other non-current assets— Other liabilities(2.2)
Total derivatives designated as hedging instruments$0.3 $(253.2)
Derivatives not designated as hedging instruments:
Commodity swaps(1)
$918.9 Other current assets$44.5 Accounts payable and other current liabilities$(20.6)
Other non-current assets45.4 Other liabilities(4.1)
Commodity options(1)
$16.8 Other current assets— Accounts payable and other current liabilities— 
Warrants$54.2 Other non-current assets0.3 Other liabilities— 
Total derivatives not designated as hedging instruments$90.2 $(24.7)
 December 31, 2019
  Asset derivativesLiability derivatives
 Notional amountBalance sheet locationFair valueBalance sheet locationFair value
Derivatives designated as hedging instruments:  
Cross currency swaps$900.0 Other current assets$1.8 Accounts payable and other current liabilities$— 
Other non-current assets8.2 Other liabilities— 
Interest rate swaps$1,500.0 Other non-current assets— Other liabilities(111.5)
Foreign currency forwards$237.9 Other current assets1.9 Accounts payable and other current liabilities(0.8)
Other non-current assets1.4 Other liabilities(0.4)
Total derivatives designated as hedging instruments$13.3 $(112.7)
Derivatives not designated as hedging instruments: 
Commodity swaps(1)
$598.4 Other current assets$5.7 Accounts payable and other current liabilities$(36.4)
Other non-current assets1.0 Other liabilities(11.5)
Commodity options(1)
$18.4 Other current assets— Accounts payable and other current liabilities — 
Warrants$53.1 Other non-current assets2.7 Other liabilities— 
Total derivatives not designated as hedging instruments$9.4 $(47.9)
(1)Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Consolidated Balance Sheets (in millions):
Line item in the balance sheet in which the hedged item is included
Carrying amount of the hedged assets/liabilities
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease)
As of December 31, 2020As of December 31, 2019As of December 31, 2020As of December 31, 2019
(In millions)
Current portion of long-term debt and short-term borrowings$— $— $— $(0.2)
Long-term debt$— $— $3.7 $6.5 
(1)    Entire balances relate to hedging adjustments on discontinued hedging relationships.
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations
The Pretax Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions):
For the year ended December 31, 2020
Derivatives in cash flow hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(110.0)Interest expense$(2.9)
Foreign currency forwards(3.5)Cost of goods sold4.6 
Other income (expense), net(1.2)
Total$(113.5) $0.5 
For the year ended December 31, 2020
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)(1)
Cross currency swaps$(33.2)Interest expense$— Interest expense$14.2 
Total$(33.2)$— $14.2 
For the year ended December 31, 2020
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$(80.3)Other income (expense), net$— Other income (expense), net$— 
Total$(80.3) $—  $— 
For the year ended December 31, 2019
Derivatives in cash flow hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(99.2)Interest expense$(3.0)
Foreign currency forwards(12.1)Cost of goods sold3.1 
 Other income (expense), net(0.7)
Total$(111.3) $(0.6)
For the year ended December 31, 2019
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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$19.8 Interest expense$— Interest expense$23.5 
Total$19.8 $— $23.5 
(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.
For the year ended December 31, 2019
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$20.4 Other income (expense), net$— Other income (expense), net$— 
EUR 500 million notes due 2019
10.1 Other income (expense), net— Other income (expense), net— 
Total$30.5  $—  $— 
For the year ended December 31, 2018
Derivatives in cash flow hedge relationshipsAmount of gain
(loss) recognized
in OCI on
derivative
(effective portion)
Location of gain (loss) reclassified from AOCI into income
Amount of gain (loss) recognized from AOCI on derivative
Forward starting interest rate swaps$(12.3)Interest expense$(3.0)
Foreign currency forwards26.8 Cost of goods sold(0.2)
 Other income (expense), net(0.2)
Total$14.5  $(3.4)
For the year ended December 31, 2018
Derivatives in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCI into incomeAmount of gain (loss) recognized from AOCI on derivativeLocation 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$36.5 Interest expense$— Interest expense$10.7 
Total$36.5 $— $10.7 
For the year ended December 31, 2018
Non-derivative financial instruments in net investment hedge relationshipsAmount of gain (loss) recognized in OCI on derivativeLocation of gain (loss) reclassified from AOCIAmount of gain (loss) recognized from AOCI on derivativeLocation 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
$43.0 Other income (expense), net$— Other income (expense), net$— 
EUR 500 million notes due 2019
26.9 Other income (expense), net— Other income (expense), net— 
Total$69.9  $—  $— 
The Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations (in millions):
For the year ended December 31, 2020
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(5,885.7)$6.0 $(274.6)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(2.9)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$4.6 $(1.2)$— 
For the year ended December 31, 2019
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(6,378.2)$(14.7)$(280.9)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$3.1 $(0.7)$— 
For the year ended December 31, 2018
Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships(1)
Cost of goods soldOther income (expense), netInterest expense
Total amount of income and expense line items presented in the consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded$(6,584.8)$(12.0)$(306.2)
Gain (loss) on cash flow hedging relationships:
Forward starting interest rate swaps
Amount of gain (loss) reclassified from AOCI into income$— $— $(3.0)
Foreign currency forwards
Amount of gain (loss) reclassified from AOCI into income$(0.2)$(0.2)$— 
(1)     We had no outstanding fair value hedges during 2020, 2019 or 2018.
Other Derivatives
The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Operations (in millions):
For the year ended December 31, 2020
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$28.5 
WarrantsOther income (expense), net(2.4)
Total $26.1 
For the year ended December 31, 2019
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$(26.8)
WarrantsOther income (expense), net(17.8)
Total$(44.6)
For the year ended December 31, 2018
Derivatives not in hedging relationshipLocation of gain (loss) recognized
in income on derivative
Amount of gain (loss) recognized
in income on derivative
Commodity swapsCost of goods sold$(110.5)
WarrantsOther income (expense), net(23.8)
Total$(134.3)
Schedule of Derivative Assets and Liabilities at Fair Value
The tables below summarize our derivative assets and (liabilities) that were measured at fair value as of December 31, 2020 and December 31, 2019. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further discussion related to measuring the fair value of derivative instruments.
  Fair Value Measurements as of
December 31, 2020
 Total as of
December 31, 2020
Quoted prices
in active markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (In millions)
Cross currency swaps$(26.5)$— $(26.5)$— 
Interest rate swaps(221.5)— (221.5)— 
Foreign currency forwards(4.9)— (4.9)— 
Commodity swaps and options65.2 — 65.2 — 
Warrants0.3 — 0.3 — 
Total$(187.4)$— $(187.4)$— 
  Fair Value Measurements as of
December 31, 2019
 Total as of
December 31, 2019
Quoted prices
in active markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (In millions)
Cross currency swaps$10.0 $— $10.0 $— 
Interest rate swaps(111.5)— (111.5)— 
Foreign currency forwards2.1 — 2.1 — 
Commodity swaps and options(41.2)— (41.2)— 
Warrants2.7 — 2.7 — 
Total$(137.9)$— $(137.9)$— 
v3.20.4
Accounts Payable and Other Current Liabilities (Tables)
12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities
 As of
 December 31, 2020December 31, 2019
 (In millions)
Accounts payable and accrued trade payables$1,732.7 $1,686.8 
Accrued compensation278.5 260.9 
Accrued excise and other non-income related taxes257.6 278.3 
Accrued interest101.4 107.0 
Container liability100.9 123.5 
Operating leases47.1 46.6 
Other(1)
371.3 264.2 
Accounts payable and other current liabilities$2,889.5 $2,767.3 
(1)Includes current liabilities related to derivatives, income taxes, pensions and other postretirement benefits, guarantee liabilities for some of our equity method investments, and various other accrued expenses.
v3.20.4
Commitments and Contingencies Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule Supply Contracts
We have various long-term supply contracts and distribution agreements with unaffiliated third parties and our joint venture partners to purchase materials used in production and packaging and to provide distribution services. The supply contracts provide that we purchase certain minimum levels of materials throughout the terms of the contracts. Additionally, we have various long-term non-cancelable commitments for advertising, sponsorships and promotions, including marketing at sports arenas, stadiums and other venues and events. The future aggregate minimum required commitments under these purchase obligations are shown in the table below based on foreign exchange rates as of December 31, 2020. The amounts in the table do not represent all anticipated payments under long-term contracts. Rather, they represent unconditional, non-cancelable purchase commitments under contracts with remaining terms greater than one year.
YearSupply and DistributionAdvertising and Promotions
 (Amounts in millions)
2021$301.6 $152.8 
2022397.8 136.6 
2023282.7 115.0 
2024148.4 108.2 
2025151.6 82.5 
Thereafter367.7 183.9 
Total$1,649.8 $779.0 
Total purchases under our supply and distribution contracts in 2020, 2019 and 2018 were $542.6 million and approximately $1.0 billion and $1.1 billion, respectively. Total marketing and advertising expense was $923.2 million and approximately $1.2 billion and $1.2 billion in 2020, 2019 and 2018, respectively.
Schedule of Income (Loss) From Discontinued Operations
The table below provides a summary of reserves associated with the Kaiser indemnity obligations from December 31, 2017, through December 31, 2020:
Total indemnity
reserves
 (In millions)
Balance as of December 31, 2017$17.3 
Changes in estimates— 
Foreign exchange impacts(2.6)
Balance as of December 31, 2018$14.7 
Changes in estimates
Foreign exchange impacts(0.5)
Balance as of December 31, 2019$14.2 
Changes in estimates— 
Foreign exchange impacts(3.2)
Balance as of December 31, 2020$11.0 
v3.20.4
Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost
For the years ended December 31, 2020 and December 31, 2019, lease expense (including immaterial short-term and variable lease costs) was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Operating lease expense$71.4 $71.0 
Finance lease expense11.5 12.1 
Total lease expense$82.9 $83.1 
Assets and Liabilities, Lessee
Supplemental balance sheet information related to leases as of December 31, 2020 and December 31, 2019 was as follows:
As of
December 31, 2020December 31, 2019
Balance Sheet Classification(In millions)
Operating Leases
Operating lease right-of-use assetsOther assets$136.2 $154.5 
Current operating lease liabilitiesAccounts payable and other current liabilities$47.1 $46.6 
Non-current operating lease liabilitiesOther liabilities106.4 119.5 
Total operating lease liabilities$153.5 $166.1 
Finance Leases
Finance lease right-of-use assetsProperties, net$60.5 $73.0 
Current finance lease liabilitiesCurrent portion of long-term debt and short-term borrowings$4.1 $34.5 
Non-current finance lease liabilitiesLong-term debt59.9 60.0 
Total finance lease liabilities$64.0 $94.5 

The weighted-average remaining lease term and discount rate as of December 31, 2020 are as follows:
Weighted-Average Remaining Lease Term (Years)Weighted-Average Discount Rate
Operating leases4.54.1%
Finance leases13.26.7%
Lease Liability, Maturity
Based on foreign exchange rates as of December 31, 2020, maturities of lease liabilities were as follows:
Operating LeasesFinance Leases
(In millions)
2021$52.0 $7.5 
202241.0 7.0 
202330.3 6.9 
202416.0 6.9 
20259.9 6.6 
Thereafter17.2 64.1 
Total lease payments$166.4 $99.0 
Less: interest(12.9)(35.0)
Present value of lease liabilities$153.5 $64.0 
Lessee, Lease Liability, Maturity
Based on foreign exchange rates as of December 31, 2020, maturities of lease liabilities were as follows:
Operating LeasesFinance Leases
(In millions)
2021$52.0 $7.5 
202241.0 7.0 
202330.3 6.9 
202416.0 6.9 
20259.9 6.6 
Thereafter17.2 64.1 
Total lease payments$166.4 $99.0 
Less: interest(12.9)(35.0)
Present value of lease liabilities$153.5 $64.0 
Supplemental Cash Flow Information, Lessee
Supplemental cash flow information related to leases for the years ended December 31, 2020 and December 31, 2019 was as follows:
Year ended December 31, 2020Year ended December 31, 2019
(In millions)
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases$53.2 $52.2 
Operating cash flows from finance leases$7.6 $3.8 
Financing cash flows from finance leases$34.5 $2.8 
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities:
Operating leases$28.5 $45.6 
Finance leases$5.4 $9.2 
v3.20.4
Basis of Presentation and Summary of Significant Accounting Policies Narrative (Details)
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
segment
Dec. 31, 2018
USD ($)
Capital Expenditures Incurred but Not yet Paid $ 171.9 $ 214.9 $ 221.0
Other Current Assets, Period Expected for Recognition 12 months    
Allowance For Obsolete Supplies Current $ 16.4 11.4  
Advertising expense 923.2 1,200.0 1,200.0
Interest income 3.3 8.2 8.0
Allowance for obsolete finished goods or packing materials 22.0 10.8  
Other comprehensive income (loss), net of tax (3.4) $ 63.2 (292.0)
Deferred Income Tax Liabilities, Net $ 21.5    
Number of Reportable Segments | segment 2 4  
Unusual Or Infrequent Item, Or Both, Temporary Pay Incentives Expense $ 15.5    
Coronavirus Global Pandemic [Member]      
Liability for Estimated Sales Returns Due to Global Pandemic 30.3    
Cost of Goods Sold, Obsolete Finished Keg Inventories 12.1    
Allowance for Obsolete Inventory 22.0 $ 11.0  
Accounts Receivable, Allowance for Credit Loss 18.0 12.0  
Temporary Deferral, Income and Non-Income Based Tax Payments $ 130.0    
Returnable bottles      
Useful economic lives, minimum (in years) 4 years    
Crates      
Useful economic lives, minimum (in years) 7 years    
Returnable kegs      
Useful economic lives, minimum (in years) 15 years    
Returnable pallets      
Useful economic lives, minimum (in years) 5 years    
Dispensing equipment [Member]      
Useful economic lives, minimum (in years) 7 years    
Minimum | Buildings and improvements      
Useful economic lives, minimum (in years) 20 years    
Minimum | Machinery and equipment      
Useful economic lives, minimum (in years) 3 years    
Minimum | Furniture and fixtures      
Useful economic lives, minimum (in years) 3 years    
Minimum | Returnable containers      
Useful economic lives, minimum (in years) 2 years    
Minimum | Software      
Useful economic lives, minimum (in years) 3 years    
Maximum | Buildings and improvements      
Useful economic lives, minimum (in years) 40 years    
Maximum | Machinery and equipment      
Useful economic lives, minimum (in years) 25 years    
Maximum | Furniture and fixtures      
Useful economic lives, minimum (in years) 10 years    
Maximum | Returnable containers      
Useful economic lives, minimum (in years) 15 years    
Maximum | Software      
Useful economic lives, minimum (in years) 5 years    
Selling, General and Administrative Expenses [Member] | Millercoors [Member]      
Business Combination, Acquisition Related Costs   $ 25.0 $ 38.8
Accounting Standards Update 2016-02 [Member]      
Longest Remaining Lease Term 18 years    
v3.20.4
New Accounting Pronouncements New Accounting Pronouncements - Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Operating lease right-of-use assets $ 136.2 $ 154.5
Operating Lease, Liability 153.5 166.1
Retained earnings 6,544.2 7,617.0
Current finance lease liabilities 4.1 34.5
Non-current finance lease liabilities $ 59.9 $ 60.0
v3.20.4
New Accounting Pronouncements New Accounting Pronouncements - Accumulated Other Comprehensive Income (Details)
$ in Millions
12 Months Ended
Dec. 31, 2019
USD ($)
Accounting Policies [Abstract]  
Increase in retained earnings due to reclassification of stranded tax effects $ 0.0
v3.20.4
Segment Reporting Income (Loss) From Continuing Operations (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2019
Sep. 30, 2019
Mar. 31, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting            
Goodwill, Impairment Loss       $ 1,484.3 $ 674.4  
Net Sales       9,654.0 10,579.4 $ 10,769.6
Interest expense       (274.6) (280.9) (306.2)
Interest income       3.3 8.2 8.0
Income (loss) before income taxes       (643.9) 479.9 1,359.8
Income tax benefit (expense)       (301.8) (233.7) (225.2)
Net Income (Loss)       (945.7) 246.2 1,134.6
Net (income) loss attributable to noncontrolling interests       (3.3) (4.5) (18.1)
Net income (loss) attributable to Molson Coors Beverage Company       (949.0) 241.7 1,116.5
Total special items       1,740.2 708.8 (249.7)
North America [Member]            
Segment Reporting            
Goodwill, Impairment Loss   $ 668.3   0.0 668.3  
Segment Reconciling Items [Member]            
Segment Reporting            
Unrealized Gain (Loss) on Commodity Contracts       107.6 (0.8) (166.2)
Sale of Montreal Brewery            
Segment Reporting            
Proceeds from Sale of Property, Plant, and Equipment $ 96.2          
Sale and Leaseback Transaction, Gain (Loss), Net $ 61.3          
Acquisition purchase price adjustment settlement gain [Member]            
Segment Reporting            
Unusual or Infrequent Item, or Both, Gain, Gross     $ 328.0      
North America [Member]            
Segment Reporting            
Net Sales       8,237.0 8,618.2 8,724.4
Interest expense       (2.6) 2.8 8.8
Interest income       0.2 0.0 0.0
Income (loss) before income taxes       1,080.5 645.0 1,661.9
Europe [Member]            
Segment Reporting            
Net Sales       1,431.9 1,986.4 2,070.4
Interest expense       (5.7) (6.2) (5.6)
Interest income       0.3 0.5 0.5
Income (loss) before income taxes       (1,603.7) 102.4 128.6
Unallocated [Member]            
Segment Reporting            
Net Sales       0.0 0.0 0.0
Interest expense       (266.3) (277.5) (309.4)
Interest income       2.8 7.7 7.5
Income (loss) before income taxes       (120.7) (267.5) (430.7)
Eliminations            
Segment Reporting            
Net Sales       (14.9) (25.2) (25.2)
Interest expense       0.0 0.0 0.0
Interest income       0.0 0.0 0.0
Income (loss) before income taxes       $ 0.0 0.0 0.0
International            
Segment Reporting            
Goodwill, Impairment Loss   $ 6.1        
Selling, General and Administrative Expenses [Member] | Millercoors [Member]            
Segment Reporting            
Business Combination, Acquisition Related Costs         $ 25.0 $ 38.8
v3.20.4
Segment Reporting Total Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting    
Total assets $ 27,331.1 $ 28,859.8
North America [Member]    
Segment Reporting    
Total assets 23,375.6 23,360.2
Europe [Member]    
Segment Reporting    
Total assets $ 3,955.5 $ 5,499.6
v3.20.4
Segment Reporting Cash Flows (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting      
Depreciation and amortization $ 922.0 $ 859.0 $ 857.5
Capital expenditures 574.8 593.8 651.7
North America [Member]      
Segment Reporting      
Depreciation and amortization 743.0 676.9 667.6
Capital expenditures 461.4 450.7 499.7
Europe [Member]      
Segment Reporting      
Depreciation and amortization 179.0 182.1 189.9
Capital expenditures $ 113.4 $ 143.1 $ 152.0
v3.20.4
Segment Reporting Net Sales (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting      
Net Sales $ 9,654.0 $ 10,579.4 $ 10,769.6
Maximum Percentage of Sales Accounted for by Single Customer 10.00%    
Unaffiliated Customers      
Segment Reporting      
Net Sales $ 9,654.0 10,579.4 10,769.6
United States and Territories [Member] | Unaffiliated Customers      
Segment Reporting      
Net Sales 7,016.1 7,244.9 7,272.1
Canada | Unaffiliated Customers      
Segment Reporting      
Net Sales 1,111.6 1,231.3 1,298.2
United Kingdom | Unaffiliated Customers      
Segment Reporting      
Net Sales 663.7 1,119.1 1,184.6
Other foreign countries | Unaffiliated Customers      
Segment Reporting      
Net Sales $ 862.6 $ 984.1 $ 1,014.7
v3.20.4
Segment Reporting Properties (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting    
Properties, net $ 4,250.3 $ 4,546.5
Maximum Percentage of Properties Accounted for by Single Country 10.00%  
United States and Territories [Member]    
Segment Reporting    
Properties, net $ 2,393.7 2,760.2
Canada    
Segment Reporting    
Properties, net 941.9 831.9
United Kingdom    
Segment Reporting    
Properties, net 384.2 406.5
Other foreign countries    
Segment Reporting    
Properties, net $ 530.5 $ 547.9
v3.20.4
Investments Schedule Of Amounts Due To And From Affiliates (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]      
Due from Affiliates $ 8.4 $ 8.9  
Due to Affiliate $ 0.5 0.0  
Cobra [Member]      
Related Party Transaction [Line Items]      
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.10%    
BRI BDL [Member]      
Related Party Transaction [Line Items]      
Guarantees, Fair Value Disclosure $ 38.2 37.7  
BRI [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Administrative Fees Related to Agreements 87.6 96.8 $ 94.0
Due from Affiliates 6.0 4.6  
Due to Affiliate 0.0 0.0  
BDL [Member]      
Related Party Transaction [Line Items]      
Equity Method Investment, Administrative Fees Related to Agreements 32.1 35.7 $ 40.2
Due from Affiliates 2.1 4.0  
Due to Affiliate 0.0 0.0  
Other      
Related Party Transaction [Line Items]      
Due from Affiliates 0.3 0.3  
Due to Affiliate $ 0.5 $ 0.0  
v3.20.4
Investments Consolidated Variable Interest Entity and Other (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Variable Interest Entity    
Total assets $ 27,331.1 $ 28,859.8
Liabilities 14,709.8 15,186.7
Variable Interest Entity, Primary Beneficiary, Other    
Variable Interest Entity    
Total assets 93.4 65.3
Liabilities 18.0 20.8
Variable Interest Entity, Primary Beneficiary, RMMC/RMBC    
Variable Interest Entity    
Total assets 239.3 207.4
Liabilities $ 17.9 $ 17.9
Cobra [Member]    
Variable Interest Entity    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.10%  
Rocky Mountain Bottle Company [Member]    
Variable Interest Entity    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.00%  
Rocky Mountain Metal Container [Member]    
Variable Interest Entity    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.00%  
Joint Venture [Member]    
Variable Interest Entity    
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 57.50%  
v3.20.4
Investments Other Equity Investments (Details)
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
members
Dec. 31, 2019
USD ($)
BRI BDL [Member]    
Schedule of Equity Method Investments [Line Items]    
Guarantees, Fair Value Disclosure $ 38.2 $ 37.7
BRI [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investments $ 31.9 27.2
BDL [Member]    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Number of Members in Distribution Operation | members 2  
Equity Method Investments $ 27.0 $ 30.0
Rocky Mountain Metal Container [Member]    
Schedule of Equity Method Investments [Line Items]    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.00%  
Rocky Mountain Bottle Company [Member]    
Schedule of Equity Method Investments [Line Items]    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.00%  
Cobra [Member]    
Schedule of Equity Method Investments [Line Items]    
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 50.10%  
Joint Venture [Member]    
Schedule of Equity Method Investments [Line Items]    
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage 57.50%  
v3.20.4
Other Income and Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other income and expense [Line Items]      
Other income (expense), net $ 6.0 $ (14.7) $ (12.0)
Gain on sale of non-operating asset      
Other income and expense [Line Items]      
Other income (expense), net 0.0 0.0 11.7
Gain (loss) from other foreign exchange and derivative activity, net      
Other income and expense [Line Items]      
Other income (expense), net 2.8 (20.4) (31.9)
Other income (expense), net      
Other income and expense [Line Items]      
Other income (expense), net $ 3.2 $ 5.7 $ 8.2
v3.20.4
Other Income and Expense Footnotes (Details)
$ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
CAD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
CAD ($)
Other income and expense [Line Items]          
Nonoperating Income (Expense) $ (235.0) $ (284.5)   $ (272.0)  
Affiliated Entity [Member] | Release of guarantee obligations [Member]          
Other income and expense [Line Items]          
Nonoperating Income (Expense)       $ 4.3 $ 5.8
Affiliated Entity [Member] | Acquisition purchase price adjustment settlement gain [Member]          
Other income and expense [Line Items]          
Nonoperating Income (Expense)   $ 1.5 $ 2.0    
v3.20.4
Income Tax Tax (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Pre-tax income      
Domestic $ 1,151.7 $ 1,136.1 $ 1,320.4
Foreign (1,795.6) (656.2) 39.4
Income (loss) before income taxes (643.9) 479.9 1,359.8
Current:      
Federal 79.0 69.1 (22.9)
State 5.2 9.4 (4.7)
Foreign 111.4 46.7 38.7
Total current tax (benefit) expense 195.6 125.2 11.1
Deferred:      
Federal 101.9 128.3 232.2
State 19.5 22.2 31.2
Foreign (15.2) (42.0) (49.3)
Total deferred tax (benefit) expense 106.2 108.5 214.1
Total income tax (benefit) expense $ 301.8 $ 233.7 $ 225.2
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Statutory federal income tax rate $ (135.2) $ 100.8 $ 285.5
State income taxes, net of federal benefits (1.70%) 3.40% 1.40%
State income taxes, net of federal benefits $ 11.0 $ 16.4 $ 18.8
Effect of foreign tax rates and tax planning 3.50% (21.20%) (8.10%)
Effect of foreign tax rates and tax planning $ (22.3) $ (101.8) $ (109.5)
Effect of foreign tax law and rate changes (0.90%) 0.00% 0.00%
Effect of foreign tax law and rate changes $ 6.0 $ 0.0 $ 0.0
Effect of unrecognized tax benefits (26.10%) 3.70% 0.80%
Effect of unrecognized tax benefits $ 167.9 $ 18.0 $ 10.9
Change in valuation allowance 1.30% 6.00% 0.70%
Change in valuation allowance $ (8.4) $ 28.8 $ 9.5
Goodwill impairment (41.40%) 36.50% 0.00%
Goodwill impairment $ 266.8 $ 175.3 $ 0.0
Other, net (2.60%) (0.70%) 0.80%
Other, net $ 16.0 $ (3.8) $ 10.0
Effective tax rate / Tax (benefit) expense (46.90%) 48.70% 16.60%
Total income tax (benefit) expense $ 301.8 $ 233.7 $ 225.2
Canada      
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 26.00%    
Minimum | Europe Segment      
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 9.00%    
Maximum | Europe Segment      
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Statutory federal income tax rate 25.00%    
v3.20.4
Income Tax Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Tax loss carryforwards      
Goodwill, Impairment Loss $ 1,484.3 $ 674.4  
Statutory federal income tax rate 21.00% 21.00% 21.00%
Tax deferred income $ 6.0    
Deferred tax liabilities, net 21.5    
Unrecognized tax benefits, decrease resulting from current period tax positions $ 142.1 $ 68.4  
Significant change in unrecognized tax benefit, settlement and expiration period 12 months    
Income tax benefit (expense) $ 301.8 233.7 $ 225.2
Adjustment to deferred tax (asset) liability, operating loss carryforwards (143.9)    
Adjustment to deferred tax (asset) liability, goodwill and intangible assets $ 122.4    
Minimum      
Tax loss carryforwards      
Statutes of limitations, term 3 years    
Income Tax Examination, Estimate of Possible Loss $ 135.0    
Maximum      
Tax loss carryforwards      
Statutes of limitations, term 7 years    
State and Local Jurisdiction [Member] | General Business      
Tax loss carryforwards      
Capital Loss Carryforwards, tax effect $ 62.4 63.2  
Domestic Tax Authority | General Business      
Tax loss carryforwards      
Operating loss carryforwards, not subject to expiration 19.9 0.0  
Foreign Tax Authority [Member] | General Business      
Tax loss carryforwards      
Capital Loss Carryforwards, tax effect $ 283.5 233.8  
Europe Segment | Minimum      
Tax loss carryforwards      
Statutory federal income tax rate 9.00%    
Europe Segment | Maximum      
Tax loss carryforwards      
Statutory federal income tax rate 25.00%    
Europe | General Business      
Tax loss carryforwards      
Capital Loss Carryforwards, tax effect $ 22.0 $ 11.2  
Canada      
Tax loss carryforwards      
Statutory federal income tax rate 26.00%    
v3.20.4
Income Tax Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]    
Deferred tax liabilities, net $ 21.5  
Non-current deferred tax assets:    
Compensation-related obligations 60.9 $ 54.8
Pension and postretirement benefits 102.4 115.9
Derivative instruments 76.5 41.8
Tax credit carryforwards 56.2 41.1
Tax loss carryforwards 331.6 267.1
Accrued liabilities and other 75.5 50.1
Valuation allowance (62.2) (73.8)
Total non-current deferred tax assets 640.9 497.0
Non-current deferred tax liabilities:    
Fixed assets 358.3 353.7
Partnerships and investments 19.6 18.8
Foreign exchange gain/loss 0.0 0.0
Intangible assets 2,396.9 2,279.9
Total non-current deferred tax liabilities 2,774.8 2,652.4
Deferred Tax Assets, Net, Noncurrent 0.0 0.0
Net non-current deferred tax liabilities $ 2,133.9 $ 2,155.4
v3.20.4
Income Tax Net Deferred Tax Assets and Liabilities Components (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Loss Carryforwards [Line Items]      
Deferred Income Tax Expense (Benefit) $ 106.2 $ 108.5 $ 214.1
Domestic net non-current deferred tax liabilities 1,542.8 1,488.5  
Foreign net non-current deferred tax assets 105.7 34.8  
Foreign net non-current deferred tax liabilities 696.8 701.7  
Net non-current deferred tax liabilities $ 2,133.9 $ 2,155.4  
Significant change in unrecognized tax benefit, settlement and expiration period 12 months    
v3.20.4
Income Tax Unrecognized Tax Benefit (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 72.4 $ 51.6 $ 41.9
Additions for tax positions related to the current year 22.8 18.1 22.3
Additions for tax positions of prior years 132.1 0.0 0.7
Reductions for tax positions of prior years (1.6) 0.0 (8.4)
Settlements (0.4) 0.0 0.0
Release due to statute expirations 0.0 (0.8) (1.6)
Foreign currency adjustment 10.4 3.5 (3.3)
Balance at end of year $ 235.7 $ 72.4 $ 51.6
v3.20.4
Income Tax Unrecognized Tax Benefits Balance (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]        
Estimated interest and penalties $ 11.4 $ 2.9 $ 2.3  
Unrecognized tax positions 235.7 72.4 51.6 $ 41.9
Total unrecognized tax benefits 247.1 75.3 53.9  
Presented net against non-current deferred tax assets 142.1 68.4 47.8  
Current (included in accounts payable and other current liabilities) 98.0 0.0 0.0  
Unrecognized tax benefits 7.0 6.9 6.1  
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized(1) 87.7 $ 72.4 $ 51.6  
Operating Loss Carryforwards [Line Items]        
Decrease in Unrecognized Tax Benefits is Reasonably Possible $ 150.0      
v3.20.4
Special Items Schedule of Special Items Recorded By Segment (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 21, 2018
Jun. 30, 2019
Dec. 31, 2020
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]                    
Special items, net               $ 1,740.2 $ 708.8 $ (249.7)
Goodwill, Impairment Loss               1,484.3 674.4  
Millercoors [Member]                    
Restructuring Cost and Reserve [Line Items]                    
CashReceivedforAdjustmentAmount $ 330.0                  
AdjustmentAmount $ 328.0                  
Other Employee-Related Costs [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               67.6 52.4 34.7
Acquisition purchase price adjustment settlement gain [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Unusual or Infrequent Item, or Both, Gain, Gross             $ (328.0)      
Sale of Montreal Brewery                    
Restructuring Cost and Reserve [Line Items]                    
Proceeds from Sale of Property, Plant, and Equipment   $ 96.2                
Sale and Leaseback Transaction, Gain (Loss), Net   $ 61.3                
International                    
Restructuring Cost and Reserve [Line Items]                    
Goodwill, Impairment Loss         $ 6.1          
Impairment of finite-lived intangible assets         6.1          
Irwindale Brewery [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               117.7 15.8  
North America [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Goodwill, Impairment Loss         $ 668.3     0.0 668.3  
North America [Member] | Asset Abandonment [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               115.8 38.8 32.7
North America [Member] | Impairment Losses [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               39.6 671.7 0.0
North America [Member] | Termination fees and other [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net                 (68.3) (326.9)
North America [Member] | Irwindale Brewery [Member] | Termination fees and other [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               (2.0)    
Europe [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Goodwill, Impairment Loss     $ 1,484.3         1,484.3 6.1  
Goodwill and Intangible Asset Impairment                 12.2  
Europe [Member] | Asset Abandonment [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               3.7 1.2 3.8
Europe [Member] | Impairment Losses [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net       $ 30.0       1,516.2 12.2 0.0
Europe [Member] | Termination fees and other [Member]                    
Restructuring Cost and Reserve [Line Items]                    
Special items, net               $ (0.7) $ 0.8 $ 6.0
Canada | Sale of Montreal Brewery                    
Restructuring Cost and Reserve [Line Items]                    
Proceeds from Sale of Property, Plant, and Equipment           $ 96.2        
Sale and Leaseback Transaction, Gain (Loss), Net           $ 61.3        
v3.20.4
Special Items Special Items Recorded By Segment (Narrative) (Details)
$ in Millions, $ in Millions
3 Months Ended 12 Months Ended
Jan. 21, 2018
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
CAD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Unusual or Infrequent Item [Line Items]                
Goodwill, Impairment Loss         $ 1,484.3   $ 674.4  
Accelerated depreciation         112.3   31.7 $ 30.7
Special items, net         1,740.2   708.8 (249.7)
North America [Member]                
Unusual or Infrequent Item [Line Items]                
Goodwill, Impairment Loss       $ 668.3 0.0   668.3  
Europe [Member]                
Unusual or Infrequent Item [Line Items]                
Goodwill, Impairment Loss   $ 1,484.3     1,484.3   6.1  
Other Employee-Related Costs [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net         67.6   52.4 34.7
Asset Abandonment [Member] | North America [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net         115.8   38.8 32.7
Asset Abandonment [Member] | Europe [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net         3.7   1.2 3.8
Revitalization Restructuring Costs [Member]                
Unusual or Infrequent Item [Line Items]                
Restructuring Charges         35.6   41.2  
Impairment Losses [Member] | North America [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net         39.6   671.7 0.0
Impairment Losses [Member] | Europe [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net     $ 30.0   1,516.2   12.2 $ 0.0
Grolsch [Member]                
Unusual or Infrequent Item [Line Items]                
Unusual or Infrequent Item, Loss, Gross             0.5  
Craft Brand Definite-Lived Intangible Asset Impairment Losses [Member] | North America [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net   17.0            
Definite-Lived Intangible Asset Impairment Losses [Member] | North America [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net   $ 22.6            
International                
Unusual or Infrequent Item [Line Items]                
Goodwill, Impairment Loss       6.1        
Impairment of finite-lived intangible assets       $ 6.1        
Corporate | Closure of Denver Office [Member]                
Unusual or Infrequent Item [Line Items]                
Special items, net         7.6   2.1  
Irwindale Brewery [Member]                
Unusual or Infrequent Item [Line Items]                
Agreement Purchase Price         150.0      
Accelerated depreciation         96.0   8.0  
Special items, net         117.7   15.8  
Gain (Loss) on Disposition of Other Assets         2.1      
Irwindale Brewery [Member] | Other Employee-Related Costs [Member]                
Unusual or Infrequent Item [Line Items]                
Restructuring Charges         16.5   $ 1.1  
Montreal Brewery [Member] | Estimated future charges [Member]                
Unusual or Infrequent Item [Line Items]                
Accelerated depreciation           $ 10    
Employee Relocation [Member]                
Unusual or Infrequent Item [Line Items]                
Restructuring Costs         $ 11.0      
Millercoors [Member]                
Unusual or Infrequent Item [Line Items]                
CashReceivedforAdjustmentAmount $ 330.0              
AdjustmentAmount $ 328.0              
v3.20.4
Special Items Restructuring Accruals (Details)
$ in Millions
3 Months Ended 12 Months Ended
Oct. 28, 2019
USD ($)
employee
Sep. 30, 2018
employee
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Restructuring Cost and Reserve [Line Items]          
Special items, net     $ 1,740.2 $ 708.8 $ (249.7)
U.S.          
Restructuring Cost and Reserve [Line Items]          
Number of positions eliminated | employee   300      
Employee Severance          
Restructuring Reserve [Roll Forward]          
Restructuring accruals, beginning balance     47.1 25.6 6.9
Charges incurred and changes in estimates     73.2 52.4 34.7
Payments made     (88.4) (31.1) (15.8)
Changes in estimates     (5.6)    
Foreign currency and other adjustments     0.2 0.2 (0.2)
Restructuring accruals, ending balance     26.5 47.1 25.6
Employee Severance | North America [Member]          
Restructuring Reserve [Roll Forward]          
Restructuring accruals, beginning balance     42.6 24.5 4.9
Charges incurred and changes in estimates     63.7 43.4 31.2
Payments made     (77.3) (25.5) (11.5)
Changes in estimates     (4.6)    
Foreign currency and other adjustments     0.1 0.2 (0.1)
Restructuring accruals, ending balance     24.5 42.6 24.5
Employee Severance | Europe [Member]          
Restructuring Reserve [Roll Forward]          
Restructuring accruals, beginning balance     4.5 1.1 2.0
Charges incurred and changes in estimates     9.5 9.0 3.5
Payments made     (11.1) (5.6) (4.3)
Changes in estimates     (1.0)    
Foreign currency and other adjustments     0.1 0.0 (0.1)
Restructuring accruals, ending balance     2.0 4.5 $ 1.1
Revitalization Restructuring Costs [Member]          
Restructuring Reserve [Roll Forward]          
Charges incurred and changes in estimates     35.6 41.2  
Restructuring accruals, ending balance     19.0    
Corporate | Closure of Denver Office [Member]          
Restructuring Cost and Reserve [Line Items]          
Special items, net     $ 7.6 $ 2.1  
Minimum | Revitalization Restructuring Costs [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Cost $ 100.0        
Maximum          
Restructuring Cost and Reserve [Line Items]          
Payment of Severance Obligations, Term     12 months    
Maximum | Revitalization Restructuring Costs [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee 600        
Restructuring and Related Cost, Expected Cost $ 120.0        
v3.20.4
Stockholders' Equity Common Stock (Details) - shares
shares in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Common stock issued, Class A      
Capital Stock Activity [Roll Forward]      
Common stock issued, beginning balance (in shares) 2.6 2.6 2.6
Shares issued under equity compensation plans 0.0 0.0 0.0
Shares exchanged for common stock 0.0 0.0  
Stock Issued During Period Shares Exchanged For Exchangeble Class B Shares   0.0 0.0
Common stock issued, ending balance (in shares) 2.6 2.6 2.6
Common stock issued, Class B      
Capital Stock Activity [Roll Forward]      
Common stock issued, beginning balance (in shares) 205.7 205.4 204.7
Shares issued under equity compensation plans 0.4 0.2 0.7
Shares exchanged for common stock 3.7 0.1  
Stock Issued During Period Shares Exchanged For Exchangeble Class B Shares   0.0 0.0
Common stock issued, ending balance (in shares) 209.8 205.7 205.4
Exchangeable shares issued, Class A      
Capital Stock Activity [Roll Forward]      
Exchangeable stock issued, beginning balance (in shares) 2.7 2.8 2.9
Shares issued under equity compensation plans 0.0 0.0 0.0
Shares exchanged for common stock 0.0 0.0  
Stock Issued During Period Shares Exchanged For Exchangeble Class B Shares   (0.1) (0.1)
Exchangeable stock issued, ending balance (in shares) 2.7 2.7 2.8
Exchangeable shares issued, Class B      
Capital Stock Activity [Roll Forward]      
Exchangeable stock issued, beginning balance (in shares) 14.8 14.8 14.7
Shares issued under equity compensation plans 0.0 0.0 0.0
Shares exchanged for common stock (3.7) (0.1)  
Stock Issued During Period Shares Exchanged For Exchangeble Class B Shares   0.1 0.1
Exchangeable stock issued, ending balance (in shares) 11.1 14.8 14.8
v3.20.4
Stockholders' Equity Exchangeable Shares and Conversion Rights (Details)
12 Months Ended
Dec. 31, 2020
shares
votes
Class B Exchangeable Shares  
Class of Stock [Line Items]  
Common stock, votes per share 1
Exchangeable shares issued, Class A  
Class of Stock [Line Items]  
Common stock, votes per share 1
Common stock, conversion ratio | shares 1
v3.20.4
Properties (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cost of properties and related accumulated depreciation and amortization      
Total properties cost $ 7,666.7 $ 7,551.1  
Less: accumulated depreciation (3,416.4) (3,004.6)  
Properties, net 4,250.3 4,546.5  
Depreciation expense 702.0 637.8 $ 633.4
Loss and breakage expense 42.6 48.8 48.4
Accelerated depreciation 112.3 31.7 $ 30.7
Land and improvements      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 341.3 417.0  
Buildings and improvements      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 1,074.8 1,025.8  
Machinery and equipment      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 4,537.7 4,540.9  
Returnable containers      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 414.8 386.7  
Furniture and fixtures      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 295.9 264.6  
Software      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 466.3 468.1  
Natural resource properties      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost 3.8 3.8  
Construction in progress      
Cost of properties and related accumulated depreciation and amortization      
Total properties cost $ 532.1 $ 444.2  
v3.20.4
Goodwill and Intangible Assets Goodwill (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill [Line Items]          
Total special items     $ 1,740.2 $ 708.8 $ (249.7)
Goodwill activity:          
Balance at beginning of year     7,631.4 8,260.8  
Goodwill, Impairment Loss     (1,484.3) (674.4)  
Foreign currency translation     3.9 45.0  
Balance at end of year $ 6,151.0   6,151.0 $ 7,631.4 8,260.8
Goodwill, Impaired, Accumulated Impairment Loss 2,264.5   2,264.5    
Goodwill, Gross $ 8,400.0   $ 8,400.0    
North America Segment [Member]          
Goodwill [Line Items]          
Fair Value of Reporting Unit, Discount Rate 8.00%   8.00%    
Europe Segment          
Goodwill [Line Items]          
Fair Value of Reporting Unit, Discount Rate 10.00%   10.00%    
North America and Europe [Member]          
Goodwill [Line Items]          
Fair Value of Reporting Unit, Discount Rate       8.50%  
Europe [Member]          
Goodwill [Line Items]          
Goodwill and Intangible Asset Impairment       $ 12.2  
Goodwill activity:          
Balance at beginning of year     $ 1,484.8 1,475.7  
Goodwill, Impairment Loss $ (1,484.3)   (1,484.3) (6.1)  
Foreign currency translation     (0.5) 15.2  
Balance at end of year $ 0.0   $ 0.0 1,484.8 1,475.7
North America [Member]          
Goodwill [Line Items]          
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount 7.00%   7.00%    
Goodwill activity:          
Balance at beginning of year     $ 6,146.6 6,785.1  
Goodwill, Impairment Loss   $ (668.3) 0.0 (668.3)  
Foreign currency translation     4.4 29.8  
Balance at end of year $ 6,151.0   $ 6,151.0 $ 6,146.6 $ 6,785.1
v3.20.4
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Intangible assets subject to amortization:      
Accumulated amortization $ (1,206.5) $ (995.1)  
Intangible assets not subject to amortization:      
Total Gross 14,762.6 14,651.1  
Total Net 13,556.1 13,656.0  
Goodwill 6,151.0 7,631.4 $ 8,260.8
Brands      
Intangible assets subject to amortization:      
Gross 5,128.4 5,036.3  
Accumulated amortization (1,070.6) (865.1)  
Net 4,057.8 4,171.2  
Indefinite-lived Intangible Assets (Excluding Goodwill) $ 8,215.7 $ 8,172.4  
Brands | Minimum      
Intangible assets subject to amortization:      
Useful life 10 years 10 years  
Brands | Maximum      
Intangible assets subject to amortization:      
Useful life 50 years 50 years  
License agreements and distribution rights      
Intangible assets subject to amortization:      
Gross $ 206.8 $ 202.0  
Accumulated amortization (99.5) (90.6)  
Net $ 107.3 $ 111.4  
License agreements and distribution rights | Minimum      
Intangible assets subject to amortization:      
Useful life 15 years 15 years  
License agreements and distribution rights | Maximum      
Intangible assets subject to amortization:      
Useful life 20 years 20 years  
Distribution networks      
Intangible assets subject to amortization:      
Indefinite-lived Intangible Assets (Excluding Goodwill) $ 795.0 $ 778.8  
Other Intangible Assets [Member]      
Intangible assets subject to amortization:      
Gross 109.1 124.0  
Accumulated amortization (36.4) (39.4)  
Net 72.7 84.6  
Indefinite-lived Intangible Assets (Excluding Goodwill) $ 307.6 $ 337.6  
Other Intangible Assets [Member] | Minimum      
Intangible assets subject to amortization:      
Useful life 3 years 3 years  
Other Intangible Assets [Member] | Maximum      
Intangible assets subject to amortization:      
Useful life 40 years 40 years  
Staropramen brand indefinite-lived intangible assets [Member]      
Intangible assets subject to amortization:      
Indefinite-lived Intangible Assets (Excluding Goodwill) $ 621.7    
v3.20.4
Goodwill and Intangible Assets Amortization Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
2021 $ 217.3    
2022 212.6    
2023 211.7    
2024 210.0    
2025 209.9    
Amortization of Intangible Assets $ 220.0 $ 221.2 $ 224.1
v3.20.4
Goodwill and Intangible Assets - Narrative (Details)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
segment
Indefinite-lived Intangible Assets [Line Items]      
Number of Reportable Segments | segment   2 4
Goodwill, impairment loss   $ 1,484.3 $ 674.4
Europe [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Goodwill, impairment loss $ 1,484.3 1,484.3 6.1
Goodwill and intangible asset impairment     12.2
Other Intangible Assets [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived Intangible Assets (Excluding Goodwill) 307.6 307.6 337.6
Brands      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived Intangible Assets (Excluding Goodwill) 8,215.7 8,215.7 $ 8,172.4
Staropramen brand indefinite-lived intangible assets [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-lived Intangible Assets (Excluding Goodwill) $ 621.7 $ 621.7  
Staropramen brand indefinite-lived intangible assets [Member] | Europe [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Percentage Of Fair Value Exceeding Carrying Value 9.00% 9.00%  
Held for sale | Other Intangible Assets [Member]      
Indefinite-lived Intangible Assets [Line Items]      
Disposal Group, Including Discontinued Operation, Intangible Assets $ 30.0 $ 30.0  
v3.20.4
Debt Schedule of Debt Obligations (Details)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
CAD ($)
Dec. 31, 2020
EUR (€)
May 26, 2020
GBP (£)
Dec. 31, 2019
USD ($)
Apr. 18, 2018
USD ($)
Mar. 15, 2017
USD ($)
Jul. 07, 2016
USD ($)
Sep. 18, 2015
CAD ($)
May 03, 2012
USD ($)
Debt Instrument [Line Items]                    
Less: unamortized debt discounts and debt issuance costs $ (50,300,000)       $ (56,700,000)          
Total long-term debt (including current portion) 8,214,300,000       9,030,800,000          
Less: current portion of long-term debt 1,006,100,000       921,300,000          
Total long-term debt 7,208,200,000       8,109,500,000          
Other short-term borrowings 14,000,000.0       6,900,000          
Current portion of long-term debt and short-term borrowings 1,020,100,000       928,200,000          
Central Europe [Member]                    
Debt Instrument [Line Items]                    
Cash Held in Bank $ 103,700,000       55,000,000.0          
CAD 500 million 2.75% Notes Due 2020 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount   $ 500,000,000             $ 500,000,000  
Debt instrument, interest rate percentage 2.75% 2.75% 2.75%           2.75%  
CAD 500 million 2.84% notes due 2023 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount   $ 500,000,000                
Debt instrument, interest rate percentage 2.84% 2.84% 2.84%              
CAD 500 million 3.44% notes due 2026 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount   $ 500,000,000                
Debt instrument, interest rate percentage 3.44% 3.44% 3.44%              
$500 million 2.25% notes due 2020 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 500,000,000                  
Debt instrument, interest rate percentage 2.25% 2.25% 2.25%              
$1.0 billion 2.10% notes due 2021 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 1,000,000,000.0                  
Debt instrument, interest rate percentage 2.10% 2.10% 2.10%              
$500 million 3.5% notes due 2022 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 500,000,000                  
Debt instrument, interest rate percentage 3.50% 3.50% 3.50%              
$1.1 billion 5.0% notes due 2042 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 1,100,000,000                  
Debt instrument, interest rate percentage 5.00% 5.00% 5.00%              
$1.8 billion 4.2% notes due 2046 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 1,800,000,000                  
Debt instrument, interest rate percentage 4.20% 4.20% 4.20%              
EUR 800 million 1.25% notes due 2024 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount | €     € 800,000,000              
Debt instrument, interest rate percentage 1.25% 1.25% 1.25%              
$2.0 billion 1.45% notes due 2019 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount $ 2,000,000,000.0                  
Debt instrument, interest rate percentage 3.00% 3.00% 3.00%              
Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount                   $ 1,900,000,000
Senior Notes [Member] | CAD 500 million 2.75% Notes Due 2020 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross $ 0       384,900,000          
Senior Notes [Member] | CAD 500 million 2.84% notes due 2023 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 392,900,000       384,900,000          
Senior Notes [Member] | CAD 500 million 3.44% notes due 2026 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount               $ 500,000,000    
Long-term debt, gross 392,900,000       384,900,000          
Senior Notes [Member] | $500 million 2.25% notes due 2020 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount           $ 500,000,000 $ 500,000,000      
Debt instrument, interest rate percentage             2.25%      
Long-term debt, gross 0       499,800,000          
Senior Notes [Member] | $1.0 billion 2.10% notes due 2021 [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount             $ 1,000,000,000.0      
Long-term debt, gross 1,000,000,000.0       1,000,000,000.0          
Senior Notes [Member] | $1.0 billion 2.10% notes due 2021 [Member] | Parent Guarantor and 2007 Issuer                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount               $ 1,000,000,000.0    
Debt instrument, interest rate percentage             2.10% 2.10%    
Senior Notes [Member] | $500 million 3.5% notes due 2022 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 503,700,000       506,500,000          
Senior Notes [Member] | $500 million 3.5% notes due 2022 [Member] | Parent Guarantor and 2007 Issuer                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount                   $ 500,000,000
Debt instrument, interest rate percentage                   3.50%
Senior Notes [Member] | $2.0 billion 3.0% notes due 2026 [Member] [Domain]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 2,000,000,000.0       2,000,000,000.0          
Senior Notes [Member] | $1.1 billion 5.0% notes due 2042 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 1,100,000,000.0       1,100,000,000.0          
Senior Notes [Member] | $1.8 billion 4.2% notes due 2046 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 1,800,000,000.0       1,800,000,000.0          
Senior Notes [Member] | EUR 800 million 1.25% notes due 2024 [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 977,300,000       897,000,000.0          
Other Long-Term Debt [Member]                    
Debt Instrument [Line Items]                    
Long-term debt, gross 97,800,000       $ 129,500,000          
Commercial Paper [Member]                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount | £       £ 300,000,000            
Commercial Paper [Member] | Revolving Credit Facility [Member]                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Remaining Borrowing Capacity $ 1,500,000,000                  
v3.20.4
Debt Obligations (Narrative) (Details)
€ in Millions, ¥ in Millions, £ in Millions
3 Months Ended 12 Months Ended
Mar. 15, 2017
USD ($)
Jul. 07, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2015
CAD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2020
CAD ($)
Dec. 31, 2020
JPY (¥)
Dec. 31, 2020
GBP (£)
Mar. 20, 2019
Apr. 18, 2018
USD ($)
Jul. 07, 2016
CAD ($)
Jul. 07, 2016
EUR (€)
Sep. 18, 2015
CAD ($)
May 03, 2012
USD ($)
Debt Instrument [Line Items]                                    
Other income (expense), net       $ 6,000,000.0 $ (14,700,000) $ (12,000,000.0)                        
Current finance lease liabilities       4,100,000 34,500,000                          
Non-current finance lease liabilities       59,900,000 60,000,000.0                          
Other short-term borrowings       14,000,000.0 6,900,000                          
Central Europe [Member]                                    
Debt Instrument [Line Items]                                    
Bank Overdrafts       11,000,000.0 1,100,000                          
Cash Held in Bank, Net of Bank Overdrafts       92,700,000 53,900,000                          
July 15, 2019 through July 15, 2046 [Member]                                    
Debt Instrument [Line Items]                                    
Senior Notes   $ 5,300,000,000                                
Maturing July 15, 2024 [Member]                                    
Debt Instrument [Line Items]                                    
Senior Notes | €                               € 800.0    
Maturing July 15, 2023 and July 15, 2026 [Member]                                    
Debt Instrument [Line Items]                                    
Senior Notes                             $ 1,000,000,000.0      
$500 million 2.25% notes due 2020 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount       $ 500,000,000                            
Debt instrument, interest rate percentage       2.25%           2.25% 2.25% 2.25%            
Two Thousand Seventeen Notes [Member]                                    
Debt Instrument [Line Items]                                    
Underwriting Fees Related to Long-term Debt $ 3,100,000                                  
Debt Instrument, Unamortized Discount 700,000                                  
$500 million 3.5% notes due 2022 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount       $ 500,000,000                            
Debt instrument, interest rate percentage       3.50%           3.50% 3.50% 3.50%            
$1.1 billion 5.0% notes due 2042 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount       $ 1,100,000,000                            
Debt instrument, interest rate percentage       5.00%           5.00% 5.00% 5.00%            
CAD 500 million 2.75% Notes Due 2020 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount                   $ 500,000,000             $ 500,000,000  
Debt instrument, interest rate percentage       2.75%           2.75% 2.75% 2.75%         2.75%  
Debt Instrument, Increase (Decrease) in Effective Cost of Borrowing       0.65%                            
CAD 500 million 3.44% notes due 2026 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount                   $ 500,000,000                
Debt instrument, interest rate percentage       3.44%           3.44% 3.44% 3.44%            
Debt Instrument, Increase (Decrease) in Effective Cost of Borrowing       0.60%                            
Two Thousand Sixteen Notes [Member]                                    
Debt Instrument [Line Items]                                    
Underwriting Fees Related to Long-term Debt   36,500,000                                
Debt Instrument, Unamortized Discount   17,700,000                                
Debt Issuance Cost 6,100,000 65,000,000                                
Proceeds from Debt, Net of Issuance Costs   6,900,000,000                                
Senior Notes Due 2019 $500M 1.45% [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount   $ 500,000,000                                
Debt instrument, interest rate percentage   1.45%                         1.45% 1.45%    
Overdraft facility and Line of Credit (GBP) [Member]                                    
Debt Instrument [Line Items]                                    
Line of Credit Facility, Maximum Borrowing Capacity | £                       £ 20            
Line of Credit Facility, Interest Rate During Period       1.50%                            
Line Of Credit USD [Member] [Member]                                    
Debt Instrument [Line Items]                                    
Line of Credit Facility, Maximum Borrowing Capacity       $ 10,000,000                            
Line of Credit Facility, Interest Rate During Period       5.00%                            
Line Of Credit CAD [Member]                                    
Debt Instrument [Line Items]                                    
Line of Credit Facility, Interest Rate During Period       0.50%                            
Overdraft Facility YEN 500M [Member]                                    
Debt Instrument [Line Items]                                    
Line of Credit Facility, Maximum Borrowing Capacity | ¥                     ¥ 100              
Two Thousand Seventeen USD Notes [Member]                                    
Debt Instrument [Line Items]                                    
Senior Notes 1,500,000,000                                  
Proceeds from Debt, Net of Issuance Costs 1,500,000,000                                  
Overdraft Facility JPY 1.3B [Member]                                    
Debt Instrument [Line Items]                                    
Line of Credit Facility, Maximum Borrowing Capacity | ¥                     ¥ 1,300              
Line of Credit Facility, Interest Rate During Period       0.30%                            
JPY Overdraft [Member]                                    
Debt Instrument [Line Items]                                    
Short-term Debt       $ 3,000,000.0 $ 2,800,000                          
Senior Notes [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount                                   $ 1,900,000,000
Proceeds from issuances of long-term debt                 $ 1,900,000,000                  
Underwriting Fees Related to Long-term Debt                 14,700,000                  
Discounts to Long-term Debt                 $ 4,600,000                  
Debt Issuance Costs, Capitalized                                   $ 18,000,000.0
Senior Notes [Member] | $500 million 2.25% notes due 2020 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount $ 500,000,000                         $ 500,000,000        
Debt instrument, interest rate percentage 2.25%                                  
Senior Notes [Member] | $500 million 3.5% notes due 2022 [Member]                                    
Debt Instrument [Line Items]                                    
Liabilities, Fair Value Adjustment     $ 18,100,000                              
Debt Instrument, Increase (Decrease) in Effective Cost of Borrowing       0.56%                            
Senior Notes [Member] | CAD 500 million 3.44% notes due 2026 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount   $ 500,000,000                                
Senior Notes [Member] | Two Thousand Seventeen USD Notes [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Face Amount $ 1,000,000,000.0                                  
Cross Currency Interest Rate Contract [Member] | $500 million 2.25% notes due 2020 [Member]                                    
Debt Instrument [Line Items]                                    
Derivative, Fixed Interest Rate                         0.68% 0.85%        
Forward Starting Interest Rate Swap [Member]                                    
Debt Instrument [Line Items]                                    
Unrealized gain (loss) on derivative instruments             $ 29,500,000 $ 39,200,000                    
Revolving Credit Facility [Member] | Line of Credit [Member] | Quarter Ending March 31, 2021 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Covenant Terms, Debt to EBITDA Ratio       5.25           5.25 5.25 5.25            
Revolving Credit Facility [Member] | Line of Credit [Member] | Quarter Ending June 30, 2021 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Covenant Terms, Debt to EBITDA Ratio       4.75           4.75 4.75 4.75            
Debt Instrument, Covenant Terms, Quarterly Leverage Ratio Reduction       0.50                            
Revolving Credit Facility [Member] | Line of Credit [Member] | Quarter Ending September 30, 2021 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Covenant Terms, Debt to EBITDA Ratio       4.50           4.50 4.50 4.50            
Debt Instrument, Covenant Terms, Net Debt To EBITDA Reduction       0.25                            
Revolving Credit Facility [Member] | Line of Credit [Member] | Quarter Ending December 31, 2021 [Member]                                    
Debt Instrument [Line Items]                                    
Debt Instrument, Covenant Terms, Quarterly Leverage Ratio Reduction       0.50                            
Debt Instrument, Covenant Terms, Quarterly Leverage Ratio, Further Reduction       4.00                            
v3.20.4
Debt Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Billions
Dec. 31, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]    
Long-term Debt, Fair Value $ 9.1 $ 9.2
v3.20.4
Debt Schedule of Maturities (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Debt Disclosure [Abstract]  
2021 $ 1,019.3
2022 505.2
2023 397.8
2024 982.0
2025 20.3
Thereafter 5,286.3
Total $ 8,210.9
v3.20.4
Debt Schedule of Interest Charges (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]      
Interest incurred $ 282.3 $ 289.2 $ 311.7
Interest capitalized (7.7) (8.3) (5.5)
Interest expense $ 274.6 $ 280.9 $ 306.2
v3.20.4
Debt Acquisition Bridge Financing (Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]      
Other income (expense), net $ 6.0 $ (14.7) $ (12.0)
v3.20.4
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Finished Goods $ 266.7 $ 236.7
Work in Process 72.7 84.0
Raw Materials 242.2 227.1
Packaging Materials 82.7 68.1
Inventories, less allowance for obsolete inventories of $22.0 and $10.8, respectively $ 664.3 $ 615.9
v3.20.4
Share-Based Payments Narrative (Details)
shares in Millions
12 Months Ended
Dec. 31, 2020
plan
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
Dec. 31, 2018
$ / shares
shares
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Awards granted (in shares) | shares 0.5 0.5 0.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 48.99 $ 55.03 $ 72.78
DSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 37.53 $ 56.68 $ 64.48
Performance shares (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards granted (in shares) | shares 0.3 0.3 0.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 58.12 $ 70.37  
Weighted-average fair value $ 52.60 $ 53.31 $ 78.30
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Awards granted (in shares) | shares 0.4 0.4 0.2
Weighted-average fair value $ 6.70 $ 9.20 $ 15.44
Terms of SBC award ten    
Incentive Compensation Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of share-based compensation plans | plan 1    
v3.20.4
Share-Based Payments Compensation Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 34.2    
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 10 months 24 days    
Options, RSUs, DSUs and PSUs Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pre-tax compensation expense (in dollars) $ 24.2 $ 8.5 $ 42.6
Tax benefit (in dollars) (4.3) (1.6) (6.9)
After-tax compensation expense (in dollars) $ 19.9 $ 6.9 $ 35.7
v3.20.4
Share-Based Payments Non-vested (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
RSUs and DSUs      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested awards outstanding at the beginning of the period (in shares) 1.0    
Awards granted (in shares) 0.5    
Vested (in shares) (0.3)    
Forfeited (in shares) (0.2)    
Non-vested awards outstanding at the end of the period (in shares) 1.0 1.0  
Equity instruments other than options, nonvested, weighted average grant date fair value $ 56.21 $ 68.18  
Weighted-average fair value 48.81    
Vested, weighted-average grant date fair value (in dollars per unit) 84.81    
Forfeited, weighted-average grant date fair value (in dollars per unit) $ 64.12    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 14.8 $ 23.6 $ 24.8
Performance shares (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested awards outstanding at the beginning of the period (in shares) 0.6    
Awards granted (in shares) 0.3 0.3 0.2
Vested (in shares) 0.0    
Forfeited (in shares) (0.2)    
Non-vested awards outstanding at the end of the period (in shares) 0.7 0.6  
Equity instruments other than options, nonvested, weighted average grant date fair value $ 58.12 $ 70.37  
Weighted-average fair value 52.60 $ 53.31 $ 78.30
Vested, weighted-average grant date fair value (in dollars per unit) 0    
Forfeited, weighted-average grant date fair value (in dollars per unit) 66.22    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value $ 32.76    
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Awards granted (in shares) 0.5 0.5 0.4
Equity instruments other than options, nonvested, weighted average grant date fair value $ 48.99 $ 55.03 $ 72.78
v3.20.4
Share-Based Payments Stock Options (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Proceeds from Stock Plans $ 4.1 $ 1.6 $ 16.0
Share-based Payment Arrangement, Exercise of Option, Tax Benefit $ 3.1 $ 4.5 $ 8.4
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding at the beginning of the period (in shares) 1.6    
Granted (in shares) 0.4    
Awards granted in period 0.4 0.4 0.2
Exercised (0.1)    
Forfeited (0.1)    
Outstanding at the end of the period (in shares) 1.8 1.6  
Exercisable at end of period (in shares) 1.2    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Weighted-average exercise price of shares outstanding, beginning of the period (in dollars per share) $ 68.77    
Weighted-average exercise price of shares granted (in dollars per share) 51.48    
Weighted-average exercise price of shares exercised (in dollars per share) 43.13    
Weighted-average exercise price of shares forfeited (in dollars per share) 60.01    
Weighted-average exercise price of shares outstanding, end of the period (in dollars per share) $ 66.32 $ 68.77  
Weighted-average remaining contractual life outstanding 4 years 6 months 3 years 9 months 18 days  
Aggregate intrinsic value of shares outstanding $ 0.2 $ 3.1  
Weighted-average exercise price of shares exercisable (in dollars per share) $ 71.70    
Weighted-average remaining contractual life exercisable 2 years 6 months    
Aggregate intrinsic value of shares exercisable (in dollars) $ 0.2    
Total intrinsic value of stock options exercised $ 0.8 $ 0.6 $ 9.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number 0.6    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 54.89    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term 8 years 9 months 18 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value $ 0.0    
Options, RSUs, DSUs and PSUs Awards      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]      
Shares authorized and available for issuance (in shares) 2.3    
v3.20.4
Share-Based Payments Weighted Average Assumptions (Details) - $ / shares
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 0.91% 2.46% 2.65%
Dividend yield 4.40% 4.16% 2.08%
Weighted-average volatility (as a percent) 25.40% 24.48% 22.81%
Expected term (years) 5 years 6 months 5 years 3 months 18 days 5 years 3 months 18 days
Weighted-average fair value $ 6.70 $ 9.20 $ 15.44
Stock options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility range 25.09% 24.46% 22.36%
Stock options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility range 26.31% 24.60% 24.14%
Performance shares (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 0.84% 2.49% 2.34%
Dividend yield   4.17% 2.08%
Weighted-average volatility (as a percent) 26.02% 24.97% 22.76%
Expected term (years) 2 years 9 months 18 days 2 years 9 months 18 days 2 years 9 months 18 days
Weighted-average fair value $ 52.60 $ 53.31 $ 78.30
Performance shares (PSUs) | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility range 15.21% 13.82% 13.03%
Performance shares (PSUs) | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility range 45.75% 42.46% 81.87%
v3.20.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance $ 13,673.1 $ 13,735.8 $ 13,187.3
Balance 12,621.3 13,673.1 13,735.8
Foreign currency translation adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance (652.5) (758.7) (408.5)
Reclassification of derivative (gain) loss to income     (6.0)
Tax benefit (expense) 30.5 (0.1) (51.0)
Balance (539.5) (652.5) (758.7)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax 196.0 129.3 (411.6)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   179.5  
Other Comprehensive Income (Loss), Reclassification Of Stranded Tax Effects   (73.3)  
Pension and postretirement benefit adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance (351.0) (330.7) (378.5)
Reclassification of derivative (gain) loss to income (52.9) (43.7) 55.4
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income and settlement 7.6 (26.5) (6.5)
Tax benefit (expense) 15.4 (2.9) (13.5)
Balance (397.7) (351.0) (330.7)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax (1.6) (2.5) (0.6)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (22.6)  
Other Comprehensive Income (Loss), Reclassification Of Stranded Tax Effects   2.3  
Accumulated other comprehensive income (loss)      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance (1,162.2) (1,150.0) (860.0)
Tax benefit (expense) 68.6 27.8 (69.0)
Balance (1,167.8) (1,162.2) (1,150.0)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax 194.4 126.8 (412.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   62.6  
Other Comprehensive Income (Loss), Reclassification Of Stranded Tax Effects   (74.8)  
AOCI, Equity Method Investments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Unrealized gain (loss) on derivative instruments 19.4 (14.4) (1.0)
AOCI, Net Investment Hedges      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Unrealized gain (loss) on derivative instruments (113.5) 50.3 106.4
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance (87.8) (0.3) (13.5)
Unrealized gain (loss) on derivative instruments (113.5) (111.3) 14.5
Reclassification of derivative (gain) loss to income (0.5) 0.6 3.4
Tax benefit (expense) 27.9 27.0 (4.7)
Balance (173.9) (87.8) (0.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (83.7)  
Other Comprehensive Income (Loss), Reclassification Of Stranded Tax Effects   (3.8)  
Equity Method Investments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Balance (70.9) (60.3) (59.5)
Unrealized gain (loss) on derivative instruments 19.4 (14.4) (1.0)
Tax benefit (expense) (5.2) 3.8 0.2
Balance $ (56.7) (70.9) $ (60.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax   (10.6)  
Other Comprehensive Income (Loss), Reclassification Of Stranded Tax Effects   $ 0.0  
v3.20.4
Accumulated Other Comprehensive Income (Loss) AOCI Reclassifications (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Foreign currency forwards, Other income (expense), net $ 6.0 $ (14.7) $ (12.0)
Cost of Goods Sold (5,885.7) (6,378.2) (6,584.8)
Prior service benefit (cost) 0.8 (2.0)  
Net actuarial gain (loss) and settlement 7.2 3.7  
Net Income (Loss) (945.7) 246.2 1,134.6
Income tax benefit (expense) (301.8) (233.7) (225.2)
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income (loss) reclassified, net of tax 5.6 (20.2) (13.4)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net Income (Loss) 0.5 (0.6) (3.4)
Income tax benefit (expense) (0.1) 0.1 0.9
Net income (loss) reclassified, net of tax 0.4 (0.5) (2.5)
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Prior service benefit (cost) 0.4 (0.4) (0.5)
Net actuarial gain (loss) and settlement 7.2 (26.1) (6.0)
Net Income (Loss) 7.6 (26.5) (6.5)
Income tax benefit (expense) (2.4) 6.8 1.6
Net income (loss) reclassified, net of tax 5.2 (19.7) (4.9)
Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax benefit (expense) 0.0 0.0 0.0
Net income (loss) reclassified, net of tax 0.0 0.0 (6.0)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0.0 0.0 (6.0)
Cost of goods sold | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Cost of Goods Sold 4.6 3.1 (0.2)
Other income (expense), net | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Foreign currency forwards, Other income (expense), net (1.2) (0.7) (0.2)
Interest rate swaps | Interest expense, net | Cash Flow Hedges | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Forward starting interest rate swaps, Interest expense, net $ (2.9) $ (3.0) $ (3.0)
v3.20.4
Employee Retirement Plans and Postretirement Benefits Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]      
Multiemployer Plans, Plan Contributions $ 8.2 $ 7.9 $ 7.9
Prescription Drug Benefit, Amount Paid $ 33.0 $ 37.6 $ 37.1
v3.20.4
Employee Retirement Plans and Postretirement Benefits Net Periodic Pension (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]        
Total other non-service pension and postretirement benefits (costs), net   $ (30.3) $ (2.9) $ (38.2)
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost   6.0 7.0 9.3
Interest cost   18.8 25.5 25.8
Expected return on plan assets   0.2 0.5 0.5
Amortization of prior service cost (benefit)   (0.7) (0.7) (0.2)
Amortization of net actuarial loss (gain)   (14.5) (14.1) (1.7)
Curtailment, settlement or special termination benefit loss (gain)   0.0 0.0 0.1
Expected Participant Contributions   0.0 0.0 0.0
Total other non-service pension and postretirement benefits (costs), net   3.8 11.2 24.5
Net periodic pension cost (benefit)   9.8 18.2 33.8
Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost   2.7 4.0 5.5
Interest cost   120.5 161.9 161.8
Expected return on plan assets   (161.8) (217.3) (232.8)
Amortization of prior service cost (benefit)   0.3 1.1 0.7
Amortization of net actuarial loss (gain)   7.3 10.4 7.6
Curtailment, settlement or special termination benefit loss (gain)   0.0 30.5 0.8
Expected Participant Contributions   (0.4) (0.7) (0.8)
Total other non-service pension and postretirement benefits (costs), net   (34.1) (14.1) (62.7)
Net periodic pension cost (benefit)   (31.4) (10.1) (57.2)
Pension Plan [Member] | Canada        
Defined Benefit Plan Disclosure [Line Items]        
Curtailment, settlement or special termination benefit loss (gain) $ 29.8      
defined benefit plans and other postretirement benefit plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost   8.7 11.0 14.8
Interest cost   139.3 187.4 187.6
Expected return on plan assets   (161.6) (216.8) (232.3)
Amortization of prior service cost (benefit)   (0.4) 0.4 0.5
Amortization of net actuarial loss (gain)   (7.2) (3.7) 5.9
Curtailment, settlement or special termination benefit loss (gain)   0.0 30.5 0.9
Expected Participant Contributions   (0.4) (0.7) (0.8)
Total other non-service pension and postretirement benefits (costs), net   (30.3) (2.9) (38.2)
Net periodic pension cost (benefit)   $ (21.6) $ 8.1 $ (23.4)
v3.20.4
Employee Retirement Plans and Postretirement Benefits Projected Benefit Obligation (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in benefit obligation:          
Prior year benefit obligation $ 5,871.1 $ 5,576.8      
Service cost, net of expected employee contributions 8.3 10.3      
Interest cost 139.3 187.4      
Actual employee contributions 0.4 0.5      
Actuarial loss (gain) 504.0 540.8      
Plan amendments 0.8 (1.4)      
Benefits paid (355.8) (394.7)      
Curtailment, settlement and special termination (0.1) (193.1)      
Foreign currency exchange rate change 108.2 144.5      
Benefit obligation at end of year 6,276.2 5,871.1      
Change in plan assets:          
Prior year fair value of assets 5,542.1 5,217.3      
Actual return on plan assets 614.0 712.2      
Employer contributions 44.5 49.2      
Actual employee contributions 0.4 0.5      
Curtailment, settlement and special termination (0.2) (192.9)      
Benefits and plan expenses paid (356.3) (394.7)      
Foreign currency exchange rate change 113.9 150.5      
Fair value of plan assets at end of year 5,958.4 5,542.1      
Funded status:     $ (317.8) $ (329.0)  
Amounts recognized in the Consolidated Balance Sheets:          
Other non-current assets     492.8 434.3  
Accounts payable and other current liabilities     (47.4) (46.7)  
Pension and postretirement benefits     (763.2) (716.6)  
Net amounts recognized     (317.8) (329.0)  
Funded status:          
Projected benefit obligation 5,871.1 5,871.1 6,276.2 5,871.1 $ 5,576.8
Fair value of plan assets 5,958.4 5,217.3 5,958.4 5,542.1 5,217.3
Amounts in Accumulated Other Comprehensive Loss (Income) not yet recognized as components of net periodic pension cost or (benefit), pre-tax:          
Net actuarial (gain) loss     576.0 518.2  
Net prior service cost     6.5 2.2  
Total not yet recognized     582.5 520.4 500.7
Pension Plan [Member]          
Change in benefit obligation:          
Prior year benefit obligation 5,198.6 4,904.7      
Service cost, net of expected employee contributions 2.3 3.3      
Interest cost 120.5 161.9      
Actual employee contributions 0.4 0.5      
Actuarial loss (gain) 460.3 533.4      
Plan amendments 0.8 (1.4)      
Benefits paid (316.6) (350.6)      
Curtailment, settlement and special termination (0.1) (192.9)      
Foreign currency exchange rate change 105.3 139.7      
Benefit obligation at end of year 5,571.5 5,198.6      
Change in plan assets:          
Prior year fair value of assets 5,542.1 5,217.3      
Actual return on plan assets 614.0 712.2      
Employer contributions 4.8 5.1      
Actual employee contributions 0.4 0.5      
Curtailment, settlement and special termination (0.2) (192.9)      
Benefits and plan expenses paid (316.6) (350.6)      
Foreign currency exchange rate change 113.9 150.5      
Fair value of plan assets at end of year 5,958.4 5,542.1      
Funded status:     386.9 343.5  
Amounts recognized in the Consolidated Balance Sheets:          
Other non-current assets     492.8 434.3  
Accounts payable and other current liabilities     (4.1) (4.1)  
Pension and postretirement benefits     (101.8) (86.7)  
Net amounts recognized     386.9 343.5  
Accumulated benefit obligation     5,600.0 5,200.0  
Improvement in net underfunded status of aggregate pension and OPEB plans (11.2)        
Funded status:          
Accumulated benefit obligation     5,600.0 5,200.0  
Projected benefit obligation 5,198.6 5,198.6 5,571.5 5,198.6 4,904.7
Fair value of plan assets 5,958.4 5,217.3 5,958.4 5,542.1 5,217.3
Amounts in Accumulated Other Comprehensive Loss (Income) not yet recognized as components of net periodic pension cost or (benefit), pre-tax:          
Net actuarial (gain) loss     684.6 685.7  
Net prior service cost     10.5 7.1  
Total not yet recognized     695.1 692.8 698.0
Pension Plan [Member] | Accumulated Benefit Obligations In Excess Of Plan Assets [Member]          
Amounts recognized in the Consolidated Balance Sheets:          
Accumulated benefit obligation     831.4 793.6  
Funded status:          
Accumulated benefit obligation     831.4 793.6  
Pension Plan [Member] | Projected Benefit Obligation In Excess Of Plan Assets [Member]          
Change in benefit obligation:          
Prior year benefit obligation 794.0        
Benefit obligation at end of year 831.6 794.0      
Funded status:          
Projected benefit obligation 794.0 794.0 831.6 794.0  
Pension Plan [Member] | Accumulated Benefit and Projected Benefit Obligations in Excess of Plan Assets [Member]          
Change in plan assets:          
Prior year fair value of assets 703.2        
Fair value of plan assets at end of year 725.7 703.2      
Funded status:          
Fair value of plan assets 703.2 703.2 725.7 703.2  
Other Postretirement Benefits Plan [Member]          
Change in benefit obligation:          
Prior year benefit obligation 672.5 672.1      
Service cost, net of expected employee contributions 6.0 7.0      
Interest cost 18.8 25.5      
Actual employee contributions 0.0 0.0      
Actuarial loss (gain) 43.7 7.4      
Plan amendments 0.0 0.0      
Benefits paid (39.2) (44.1)      
Curtailment, settlement and special termination 0.0 (0.2)      
Foreign currency exchange rate change 2.9 4.8      
Benefit obligation at end of year 704.7 672.5      
Change in plan assets:          
Prior year fair value of assets 0.0 0.0      
Actual return on plan assets 0.0 0.0      
Employer contributions 39.7 44.1      
Actual employee contributions 0.0 0.0      
Curtailment, settlement and special termination 0.0 0.0      
Benefits and plan expenses paid (39.7) (44.1)      
Foreign currency exchange rate change 0.0 0.0      
Fair value of plan assets at end of year 0.0 0.0      
Funded status:     (704.7) (672.5)  
Amounts recognized in the Consolidated Balance Sheets:          
Other non-current assets     0.0 0.0  
Accounts payable and other current liabilities     (43.3) (42.6)  
Pension and postretirement benefits     (661.4) (629.9)  
Net amounts recognized     (704.7) (672.5)  
Funded status:          
Projected benefit obligation 704.7 672.1 704.7 672.5 672.1
Fair value of plan assets $ 0.0 $ 0.0 0.0 0.0 0.0
Amounts in Accumulated Other Comprehensive Loss (Income) not yet recognized as components of net periodic pension cost or (benefit), pre-tax:          
Net actuarial (gain) loss     (108.6) (167.5)  
Net prior service cost     (4.0) (4.9)  
Total not yet recognized     $ (112.6) $ (172.4) $ (197.3)
v3.20.4
Employee Retirement Plans and Postretirement Benefits Changes Recognized Pre-tax (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]    
Accumulated other comprehensive loss (income), at the beginning of the period $ 520.4 $ 500.7
Amortization of prior service (costs) benefit 0.4 (0.4)
Amortization of net actuarial (loss) gain 7.2 3.7
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0.8 (2.0)
Settlement   (30.0)
Current year actuarial loss (gain) 52.1 45.9
Foreign currency exchange rate change 1.6 2.5
Accumulated other comprehensive loss (income), at the end of the period 582.5 520.4
Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated other comprehensive loss (income), at the beginning of the period 692.8 698.0
Amortization of prior service (costs) benefit (0.3) (1.1)
Amortization of net actuarial (loss) gain (7.3) (10.4)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0.8 (2.0)
Settlement   (29.8)
Current year actuarial loss (gain) 8.1 38.5
Foreign currency exchange rate change 1.0 (0.4)
Accumulated other comprehensive loss (income), at the end of the period 695.1 692.8
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated other comprehensive loss (income), at the beginning of the period (172.4) (197.3)
Amortization of prior service (costs) benefit 0.7 0.7
Amortization of net actuarial (loss) gain 14.5 14.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax 0.0 0.0
Settlement   (0.2)
Current year actuarial loss (gain) 44.0 7.4
Foreign currency exchange rate change 0.6 2.9
Accumulated other comprehensive loss (income), at the end of the period $ (112.6) $ (172.4)
v3.20.4
Employee Retirement Plans and Postretirement Benefits Weighted Average Assumptions (Details)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Settlement discount rate 2.55% 3.44% 3.01%
Rate of compensation increase (as a percent) 2.00% 2.00% 2.00%
Expected return on plan assets (as a percent) 3.24% 4.38% 4.10%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 1.84% 2.55%  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase 2.00% 2.00%  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Settlement discount rate 2.91% 3.92% 3.34%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 2.10% 2.91%  
Other Postretirement Benefits Plan [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate 6.25% 6.50% 6.75%
Other Postretirement Benefits Plan [Member] | Maximum | Determining PBO      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate 6.00% 6.25%  
Other Postretirement Benefits Plan [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate 3.57% 4.50% 4.50%
Other Postretirement Benefits Plan [Member] | Minimum | Determining PBO      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate 3.57% 3.57%  
v3.20.4
Employee Retirement Plans and Postretirement Benefits Target And Actual Allocations (Details)
Dec. 31, 2020
Equity funds  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocations (as a percent) 10.30%
Actual allocations (as a percent) 10.40%
Fixed Income Funds [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocations (as a percent) 64.60%
Actual allocations (as a percent) 66.90%
Real estate funds  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocations (as a percent) 7.00%
Actual allocations (as a percent) 6.00%
Annuities [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocations (as a percent) 14.70%
Actual allocations (as a percent) 14.70%
Other assets  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target allocations (as a percent) 3.40%
Actual allocations (as a percent) 2.00%
v3.20.4
Employee Retirement Plans and Postretirement Benefits Pension Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount $ 5,958.4 $ 5,542.1 $ 5,217.3
Fair Value Excluding NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,590.2 1,977.5  
Quoted prices in active markets (Level 1) | Fair Value Excluding NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount (322.0) (792.0)  
Significant observable inputs (Level 2) | Fair Value Excluding NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 2,055.9 1,939.3  
Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 856.3 830.2 695.7
Significant unobservable inputs (Level 3) | Fair Value Excluding NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 856.3 830.2  
Cash      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 144.6 107.2  
Cash | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 144.6 107.2  
Cash | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Cash | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Trades awaiting settlement      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 16.7 17.2  
Trades awaiting settlement | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 16.7 17.2  
Trades awaiting settlement | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Trades awaiting settlement | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Bank deposits, short-term bills and notes      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 25.0 16.4  
Bank deposits, short-term bills and notes | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Bank deposits, short-term bills and notes | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 25.0 16.4  
Bank deposits, short-term bills and notes | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 869.6 711.8  
Government securities | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Government securities | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 869.6 711.8  
Government securities | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Corporate debt securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 112.7 272.3  
Corporate debt securities | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Corporate debt securities | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 112.7 272.3  
Corporate debt securities | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Interest and inflation linked assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,059.6 948.1  
Interest and inflation linked assets | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Interest and inflation linked assets | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,048.6 938.8  
Interest and inflation linked assets | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 11.0 9.3  
Annuities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 783.9 748.1  
Annuities [Member] | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Annuities [Member] | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Annuities [Member] | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 783.9 748.1  
Equity Option [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   6.3  
Equity Option [Member] | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   6.3  
Equity Option [Member] | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   0.0  
Equity Option [Member] | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   0.0  
Debt funds | Fair Value Using NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,591.4 1,636.7  
Equity funds | Fair Value Using NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,418.6 1,820.5  
Real estate funds | Fair Value Using NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 274.4 20.4  
Hedge funds of funds | Fair Value Using NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 6.7    
Repurchase agreements      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount (483.5) (923.2)  
Repurchase agreements | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount (483.5) (923.2)  
Repurchase agreements | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Repurchase agreements | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Private equity      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 61.4 72.8  
Private equity | Fair Value Using NAV Per Share Practical Expedient [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 77.1 87.0  
Private equity | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Private equity | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Private equity | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 61.4 72.8  
Recoverable taxes      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.2 0.5  
Recoverable taxes | Quoted prices in active markets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.2 0.5  
Recoverable taxes | Significant observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Recoverable taxes | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0.0 0.0  
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount $ 5,958.4 $ 5,542.1 $ 5,217.3
v3.20.4
Employee Retirement Plans and Postretirement Benefits Level 3 Rollforward (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]    
Prior year fair value of assets $ 5,542.1 $ 5,217.3
Total gain or loss (realized/unrealized):    
Foreign exchange translation (loss)/gain 113.9 150.5
Fair value of plan assets at end of year 5,958.4 5,542.1
Significant unobservable inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Prior year fair value of assets 830.2 695.7
Total gain or loss (realized/unrealized):    
Realized gain (loss) 2.1 15.3
Unrealized gain (loss) included in AOCI 11.0 (19.6)
Purchases, issuances, settlements (12.7) 105.2
Foreign exchange translation (loss)/gain 25.7 33.6
Fair value of plan assets at end of year $ 856.3 $ 830.2
v3.20.4
Employee Retirement Plans and Postretirement Benefits Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Pension Plan [Member]  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2019 $ 327.1
2020 327.1
2021 327.9
2022 328.1
2023 329.5
2026-2030 1,643.8
Other Postretirement Benefits Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Low End of Range 43.0
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2019 43.4
2020 42.8
2021 42.2
2022 42.0
2023 41.2
2026-2030 200.2
Minimum | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, High End of Range $ 4.0
v3.20.4
Employee Retirement Plans and Postretirement Benefits Defined Contribution Plans (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, contribution during the period $ 75.5 $ 80.0 $ 78.5
U.S. defined contribution plans      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, contributions by employer, low end of the range (as a percent) 5.00%    
Defined contribution plan, contributions by employer, high end of the range (as a percent) 11.00%    
U.K. and Canadian Defined Contribution Plans      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, contributions by employer, low end of the range (as a percent) 3.00%    
Defined contribution plan, contributions by employer, high end of the range (as a percent) 10.00%    
v3.20.4
Derivative Instruments and Hedging Activities Narrative (Details)
$ / shares in Units, € in Millions
11 Months Ended 12 Months Ended 49 Months Ended
Mar. 16, 2020
USD ($)
Dec. 31, 2020
USD ($)
Apr. 02, 2019
USD ($)
Dec. 31, 2015
CAD ($)
Dec. 31, 2015
USD ($)
Jul. 15, 2022
Jul. 15, 2026
May 01, 2022
Jul. 15, 2021
Dec. 31, 2020
CAD ($)
Dec. 31, 2020
USD ($)
Dec. 23, 2020
USD ($)
Dec. 23, 2020
$ / shares
Dec. 31, 2019
USD ($)
Apr. 03, 2019
EUR (€)
Mar. 20, 2019
USD ($)
Mar. 20, 2019
EUR (€)
Oct. 04, 2018
USD ($)
Oct. 04, 2018
$ / shares
Jul. 18, 2018
USD ($)
Apr. 18, 2018
USD ($)
Mar. 15, 2017
USD ($)
Jul. 07, 2016
USD ($)
Jul. 07, 2016
EUR (€)
Jun. 30, 2014
CAD ($)
May 03, 2012
USD ($)
Schedule of Trading Securities and Other Trading Assets                                                    
Maximum Length of time Hedged Economic Hedges   60 months                                                
Cash flow hedge loss expected to be reclassified from AOCI to income within twelve months   $ 6,000,000                                                
Forecast [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Maximum length of time over which forecasted transactions are hedged           4 years                                        
Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                                   $ 1,900,000,000
$500 million 2.25% notes due 2020 [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                     $ 500,000,000                              
Debt instrument, interest rate percentage                   2.25% 2.25%                              
$500 million 2.25% notes due 2020 [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                         $ 500,000,000 $ 500,000,000        
Debt instrument, interest rate percentage                                           2.25%        
Two Thousand Seventeen USD Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Senior Notes                                           $ 1,500,000,000        
Two Thousand Seventeen USD Notes [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                           1,000,000,000.0        
CAD 500 million 3.44% notes due 2026 [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                   $ 500,000,000                                
Debt instrument, interest rate percentage                   3.44% 3.44%                              
CAD 500 million 3.44% notes due 2026 [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                             $ 500,000,000      
$500 million 3.5% notes due 2022 [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                     $ 500,000,000                              
Debt instrument, interest rate percentage                   3.50% 3.50%                              
$1.0 billion 2.10% notes due 2021 [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                     $ 1,000,000,000.0                              
Debt instrument, interest rate percentage                   2.10% 2.10%                              
$1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                           1,000,000,000.0        
Interest rate swaps                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative, Notional Amount                                           $ 500,000,000        
Forward Starting Interest Rate Swap [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative, Notional Amount                                       $ 1,500,000,000         $ 600,000,000  
Unrealized gain (loss) on derivative instruments       $ 39,200,000 $ 29,500,000                                          
Forward Starting Interest Rate Swap [Member] | Forecast [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative, Fixed Interest Rate             3.10% 3.01% 3.00%                                  
Foreign currency forwards                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Maximum term, commodity swap contract hedge   60 months                                                
Cross Currency Interest Rate Contract [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative, Notional Amount                             € 445.0 $ 400,000,000 € 353.0                  
Cross Currency Interest Rate Contract [Member] | $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 $ 3,200,000   $ 47,000,000                                              
Cross Currency Interest Rate Contract [Member] | $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%                  
Warrant [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative, Notional Amount                       $ 2,900,000           $ 11,500,000                
Derivative, Strike Price | $ / shares                         $ 24.00           $ 6.00              
Maturing July 15, 2024 [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Senior Notes | €                                               € 800.0    
Fair Value, Measurements, Recurring | Foreign currency forwards                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     $ (4,900,000)     $ 2,100,000                        
Fair Value, Measurements, Recurring | Foreign currency forwards | Fair value, level 3 inputs                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     0     0                        
Fair Value, Measurements, Recurring | Cross Currency Interest Rate Contract [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     (26,500,000)     10,000,000.0                        
Fair Value, Measurements, Recurring | Cross Currency Interest Rate Contract [Member] | Fair value, level 3 inputs                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     0     0                        
Fair Value, Measurements, Recurring | Warrant [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     300,000     2,700,000                        
Fair Value, Measurements, Recurring | Warrant [Member] | Fair value, level 3 inputs                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                     $ 0     $ 0                        
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring | Warrant [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Derivative Asset, Fair Value, Gross Asset                                   $ 45,000,000                
Parent Issuer | $500 million 3.5% notes due 2022 [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                                   $ 500,000,000
Debt instrument, interest rate percentage                                                   3.50%
Parent Issuer | $1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member]                                                    
Schedule of Trading Securities and Other Trading Assets                                                    
Debt instrument, face amount                                             $ 1,000,000,000.0      
Debt instrument, interest rate percentage                                           2.10% 2.10% 2.10%    
v3.20.4
Derivative Instruments and Hedging Activities Derivative Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Oct. 04, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives, fair value, net $ 187.4 $ 137.9  
Cross Currency Interest Rate Contract [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset (26.5) 10.0  
Interest rate swaps      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value (221.5) (111.5)  
Foreign currency forwards      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset (4.9) 2.1  
Commodity Option [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 65.2 (41.2)  
Warrant [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset 0.3 2.7  
Quoted prices in active markets (Level 1)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives, fair value, net 0.0 0.0  
Quoted prices in active markets (Level 1) | Cross Currency Interest Rate Contract [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset 0.0 0.0  
Quoted prices in active markets (Level 1) | Interest rate swaps      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 0.0 0.0  
Quoted prices in active markets (Level 1) | Foreign currency forwards      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset 0.0 0.0  
Quoted prices in active markets (Level 1) | Commodity Option [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 0.0 0.0  
Quoted prices in active markets (Level 1) | 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  
Significant observable inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives, fair value, net 187.4 137.9  
Significant observable inputs (Level 2) | Cross Currency Interest Rate Contract [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset (26.5) 10.0  
Significant observable inputs (Level 2) | Interest rate swaps      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value (221.5) (111.5)  
Significant observable inputs (Level 2) | Foreign currency forwards      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset (4.9) 2.1  
Significant observable inputs (Level 2) | Commodity Option [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 65.2 (41.2)  
Significant observable inputs (Level 2) | Warrant [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset 0.3 2.7  
Significant unobservable inputs (Level 3)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivatives, fair value, net 0.0 0.0  
Significant unobservable inputs (Level 3) | Cross Currency Interest Rate Contract [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) | Interest rate swaps      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 0.0 0.0  
Significant unobservable inputs (Level 3) | Foreign currency forwards      
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) | Commodity Option [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative liability, fair value 0.0 0.0  
Significant unobservable inputs (Level 3) | 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  
Carrying (Reported) Amount, Fair Value Disclosure | Warrant [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset     $ 45.0
v3.20.4
Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details)
€ in Millions, $ in Millions
Dec. 31, 2020
USD ($)
Dec. 23, 2020
USD ($)
Dec. 31, 2019
USD ($)
Apr. 03, 2019
EUR (€)
Mar. 20, 2019
USD ($)
Mar. 20, 2019
EUR (€)
Oct. 04, 2018
USD ($)
Mar. 15, 2017
USD ($)
Current Portion of Long-term and Short-term Debt [Member]                
Derivatives designated as hedging instruments:                
Derivative, Amount of Hedged Item $ 0.0   $ 0.0          
Derivatives not designated as hedging instruments:                
Accumulated Change In Unrealized Gain (Loss) On Fair Value Hedging Instruments 0.0   (0.2)          
Long-term Debt [Member]                
Derivatives designated as hedging instruments:                
Derivative, Amount of Hedged Item 0.0   0.0          
Derivatives not designated as hedging instruments:                
Accumulated Change In Unrealized Gain (Loss) On Fair Value Hedging Instruments 3.7   6.5          
Cross Currency Interest Rate Contract [Member]                
Derivatives designated as hedging instruments:                
Notional amount       € 445 $ 400.0 € 353    
Interest rate swaps                
Derivatives designated as hedging instruments:                
Notional amount               $ 500.0
Warrant [Member]                
Derivatives designated as hedging instruments:                
Notional amount   $ 2.9         $ 11.5  
Designated as Hedging Instrument                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.3   13.3          
Derivative liability, fair value, designated as hedging instrument (253.2)   (112.7)          
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other current assets                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.0   1.8          
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Accounts payable and accrued liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument (26.5)   0.0          
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument 0.0   0.0          
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Noncurrent Assets                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.0   8.2          
Designated as Hedging Instrument | Interest rate swaps | Accounts payable and accrued liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument (47.7)              
Designated as Hedging Instrument | Interest rate swaps | Other Liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument (173.8)   (111.5)          
Designated as Hedging Instrument | Interest rate swaps | Other Noncurrent Assets                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.0   0.0          
Designated as Hedging Instrument | Interest rate swaps | Other current assets                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.3   1.9          
Designated as Hedging Instrument | Interest rate swaps | Accounts payable and accrued liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument (3.0)   (0.8)          
Designated as Hedging Instrument | Interest rate swaps | Other Liabilities                
Derivatives designated as hedging instruments:                
Derivative liability, fair value, designated as hedging instrument (2.2)   (0.4)          
Designated as Hedging Instrument | Interest rate swaps | Other Noncurrent Assets                
Derivatives designated as hedging instruments:                
Derivative asset, fair value, designated as hedging instrument 0.0   1.4          
Not Designated as Hedging Instrument                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 90.2   9.4          
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value (24.7)   (47.9)          
Not Designated as Hedging Instrument | Foreign currency forwards                
Derivatives designated as hedging instruments:                
Notional amount 918.9   598.4          
Not Designated as Hedging Instrument | Foreign currency forwards | Other current assets                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 44.5   5.7          
Not Designated as Hedging Instrument | Foreign currency forwards | Accounts payable and accrued liabilities                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value (20.6)   (36.4)          
Not Designated as Hedging Instrument | Foreign currency forwards | Other Liabilities                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value (4.1)   (11.5)          
Not Designated as Hedging Instrument | Foreign currency forwards | Other Noncurrent Assets                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 45.4   1.0          
Not Designated as Hedging Instrument | Commodity Option [Member]                
Derivatives designated as hedging instruments:                
Notional amount 16.8   18.4          
Not Designated as Hedging Instrument | Commodity Option [Member] | Other current assets                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 0.0   0.0          
Not Designated as Hedging Instrument | Commodity Option [Member] | Accounts payable and accrued liabilities                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value 0.0   0.0          
Not Designated as Hedging Instrument | Warrant [Member]                
Derivatives designated as hedging instruments:                
Notional amount 54.2   53.1          
Not Designated as Hedging Instrument | Warrant [Member] | Other Liabilities                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value 0.0   0.0          
Not Designated as Hedging Instrument | Warrant [Member] | Other Noncurrent Assets                
Derivatives not designated as hedging instruments:                
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value 0.3   2.7          
Net Investment Hedges | Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member]                
Derivatives designated as hedging instruments:                
Notional amount 400.0   900.0          
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps                
Derivatives designated as hedging instruments:                
Notional amount 1,500.0   1,500.0          
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps                
Derivatives designated as hedging instruments:                
Notional amount $ 181.2   $ 237.9          
v3.20.4
Derivative Instruments and Hedging Activities Cash Flow Hedges and Net Investment Hedges (Details)
$ in Millions
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2020
EUR (€)
Mar. 15, 2017
EUR (€)
May 03, 2012
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]            
Cost of Goods Sold $ 5,885.7 $ 6,378.2 $ 6,584.8      
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ 6.0          
cash flow hedge gain (loss) to be reclassified within twelve months term 12 months          
Nonoperating Income (Expense) $ (235.0) (284.5) (272.0)      
Other income (expense), net 6.0 (14.7) (12.0)      
Interest expense (274.6) (280.9) (306.2)      
Cash Flow Hedges            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (113.5) (111.3) 14.5      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 0.5 (0.6) (3.4)      
Cash Flow Hedges | Interest rate swaps            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (110.0) (99.2) (12.3)      
Cash Flow Hedges | Interest rate swaps | Interest expense, net            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (2.9)          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax   (3.0) (3.0)      
Cash Flow Hedges | Interest rate swaps            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (3.5) (12.1) 26.8      
Cash Flow Hedges | Interest rate swaps | Cost of goods sold            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 4.6          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax   3.1 (0.2)      
Cash Flow Hedges | Interest rate swaps | Nonoperating Income (Expense) [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax   (0.7)        
Cash Flow Hedges | Interest rate swaps | Other income (expense), net            
Derivative Instruments, Gain (Loss) [Line Items]            
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax (1.2)          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax   (0.7) (0.2)      
Net Investment Hedges            
Derivative Instruments, Gain (Loss) [Line Items]            
Foreign currency translation adjustments (80.3) 30.5 69.9      
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 Not Designated as Hedging Instruments, Gain (Loss), Net 0.0 0.0 0.0      
Net Investment Hedges | Cross Currency Interest Rate Contract [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Foreign currency translation adjustments (33.2) 19.8 36.5      
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 14.2 23.5 10.7      
Net Investment Hedges | Cross Currency Interest Rate Contract [Member] | interest Income (Expense), Net [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Foreign currency translation adjustments (33.2) 19.8 36.5      
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 14.2 23.5 10.7      
EUR 800 million 1.25% notes due 2024 [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Debt Instrument, Face Amount | €       € 800,000,000    
Senior Notes [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Debt Instrument, Face Amount           $ 1,900.0
Senior Notes [Member] | EUR 800 million 1.25% notes due 2024 [Member] | Net Investment Hedges | Other income (expense), net            
Derivative Instruments, Gain (Loss) [Line Items]            
Foreign currency translation adjustments (80.3) 20.4 43.0      
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 Not Designated as Hedging Instruments, Gain (Loss), Net $ 0.0 0.0 0.0      
Senior Notes [Member] | EUR 500 million notes due 2019 [Member] [Member]            
Derivative Instruments, Gain (Loss) [Line Items]            
Debt Instrument, Face Amount | €         € 500,000,000  
Senior Notes [Member] | EUR 500 million notes due 2019 [Member] [Member] | Net Investment Hedges | Other income (expense), net            
Derivative Instruments, Gain (Loss) [Line Items]            
Foreign currency translation adjustments   10.1 26.9      
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax   0.0 0.0      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net   $ 0.0 $ 0.0      
v3.20.4
Derivative Instruments and Hedging Activities Other Derivatives (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Gain (Loss) on Derivative Instruments:      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ 26.1 $ (44.6) $ (134.3)
Foreign currency forwards | Cost of goods sold      
Gain (Loss) on Derivative Instruments:      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 28.5 (26.8) (110.5)
Warrant [Member] | Other income (expense), net [Member]      
Gain (Loss) on Derivative Instruments:      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (2.4) $ (17.8) $ (23.8)
v3.20.4
Accounts Payable and Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Payables and Accruals [Abstract]    
Accounts payable and accrued trade payables $ 1,732.7 $ 1,686.8
Accrued compensation 278.5 260.9
Accrued excise and other non-income related taxes 257.6 278.3
Accrued Interest 101.4 107.0
Container liability 100.9 123.5
Current operating lease liabilities 47.1 46.6
Other(1) [1] 371.3 264.2
Accounts Payable and Accrued Liabilities, Current $ 2,889.5 $ 2,767.3
[1] Includes current liabilities related to derivatives, income taxes, pensions and other postretirement benefits, guarantee liabilities for some of our equity method investments, and various other accrued expenses.
v3.20.4
Commitments and Contingencies Loss Contingency (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 1990
Dec. 31, 2017
Letter of Credit          
Letters of Credit Outstanding $ 67.5        
Letters of Credit Outstanding with Automatic Renewal 18.8        
Guarantor Obligations, Maximum Exposure, Undiscounted 38.2 $ 37.7      
Litigation and Other Disputes          
Accrual for Litigation, Other Disputes and Environmental Loss Contingencies 17.9 16.2      
Excise Tax Refund Receivable, Noncurrent 4.0        
Environmental          
Proceeds from Income Tax Refunds 49.0        
Environmental matters, Lowry          
Environmental          
Environmental remediation expense, pretax charge       $ 30.0  
Environmental remediation threshold, assumed remediation cost $ 120.0        
Risk free rate of return assumption (percent) 0.93%        
Site contingency, accrual, undiscounted amount $ 7.0        
Total indemnity reserves          
Litigation and Other Disputes          
Total estimate of indemnity liability 11.0 14.2 $ 14.7   $ 17.3
Loss Contingency, Accrual Carrying Value Changes in Estimate 0.0 0.0 0.0    
Loss Contingency, Accrual Carrying Value, Foreign Exchange Impact (3.2) $ (0.5) $ (2.6)    
Purchased tax credits indemnity reserve          
Indemnity Obligation [Abstract]          
Indemnity liability, noncurrent 7.7        
Tax, civil and labor indemnity reserve          
Indemnity Obligation [Abstract]          
Indemnity liability, noncurrent $ 3.3        
Equity interest sold (as a percent) 68.00%        
Minimum | Environmental matters, Lowry          
Litigation and Other Disputes          
Loss Contingency, Estimate of Possible Loss $ 7.0        
Maximum | Kaiser Purchased Tax Credits Indemnity Reserve, Category Two [Member]          
Litigation and Other Disputes          
Loss Contingency, Estimate of Possible Loss 67.4        
Maximum | Tax, civil and labor indemnity reserve          
Litigation and Other Disputes          
Loss Contingency, Estimate of Possible Loss $ 68.0        
v3.20.4
Commitments and Contingencies Obligation Reserves (Details) - Total indemnity reserves - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Loss Contingency Accrual [Roll Forward]      
Balance at beginning of period $ 14.2 $ 14.7 $ 17.3
Changes in estimates 0.0 0.0 0.0
Foreign exchange impacts (3.2) (0.5) (2.6)
Balance at end of period $ 11.0 $ 14.2 $ 14.7
v3.20.4
Commitments and Contingencies Discontinued Operations (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Kaiser Purchased Tax Credits Indemnity Reserve, Category Two [Member] | Maximum  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Loss Contingency, Estimate of Possible Loss $ 67.4
v3.20.4
Commitments and Contingencies Future Commitments (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Supply contracts [Abstract]      
2020 $ 301.6    
2021 397.8    
2022 282.7    
2023 148.4    
2024 151.6    
Thereafter 367.7    
Total 1,649.8    
Unrecorded Unconditional Purchase Obligation, Purchases 542.6 $ 1,000.0 $ 1,100.0
Advertising and Promotions Future Commitments Due [Abstract]      
2020 152.8    
2021 136.6    
2022 115.0    
2023 108.2    
2024 82.5    
Thereafter 183.9    
Total 779.0    
Advertising expense $ 923.2 $ 1,200.0 1,200.0
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]      
Operating Leases, Rent Expense     $ 66.1
v3.20.4
Commitments and Contingencies Leases (Details)
$ in Millions
12 Months Ended
Dec. 31, 2018
USD ($)
Leases [Abstract]  
Operating Leases, Rent Expense $ 66.1
v3.20.4
Leases (Details)
$ in Millions, $ in Millions
1 Months Ended 12 Months Ended
Jun. 30, 2019
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Jun. 30, 2019
CAD ($)
Lessee, Lease, Description [Line Items]          
Operating Leases, Rent Expense       $ 66.1  
Finance leases   $ 5.4 $ 9.2 $ 15.5  
Sale of Montreal Brewery          
Lessee, Lease, Description [Line Items]          
Proceeds from Sale of Property, Plant, and Equipment $ 96.2        
Sale and Leaseback Transaction, Gain (Loss), Net $ 61.3        
Sale Leaseback Transaction, Lease Terms 5        
Operating lease ROU asset and liability, respectively         $ 6
v3.20.4
Leases Lease Cost (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease expense $ 71.4 $ 71.0
Finance lease expense 11.5 12.1
Total lease expense $ 82.9 $ 83.1
v3.20.4
Leases Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Leases [Abstract]      
Operating cash flows from operating leases $ 53.2 $ 52.2  
Operating cash flows from finance leases 7.6 3.8  
Financing cash flows from finance leases 34.5 2.8  
Operating leases 28.5 45.6  
Finance leases $ 5.4 $ 9.2 $ 15.5
v3.20.4
Leases Assets and Liabilities, Lessee (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Leases [Abstract]      
Operating lease right-of-use assets $ 136.2 $ 154.5  
Current operating lease liabilities 47.1 46.6  
Non-current operating lease liabilities 106.4 119.5  
Operating Lease, Liability 153.5 166.1  
Finance lease right-of-use assets 60.5 73.0  
Current finance lease liabilities 4.1 34.5  
Non-current finance lease liabilities 59.9 60.0  
Total finance lease liabilities $ 64.0 94.5  
Operating leases, weighted-average remaining lease term (in years) 4 years 6 months    
Operating leases, weighted average discount rate 4.10%    
Finance leases, weighted average remaining lease term (in years) 13 years 2 months 12 days    
Finance leases, weighted average discount rate 6.70%    
Operating cash flows from operating leases $ 53.2 52.2  
Operating cash flows from finance leases 7.6 3.8  
Financing cash flows from finance leases 34.5 2.8  
Operating leases 28.5 45.6  
Finance leases $ 5.4 $ 9.2 $ 15.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsNoncurrent us-gaap:OtherAssetsNoncurrent  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent  
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:PropertyPlantAndEquipmentNet us-gaap:PropertyPlantAndEquipmentNet  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:DebtCurrent us-gaap:DebtCurrent  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:LongTermDebtNoncurrent us-gaap:LongTermDebtNoncurrent  
v3.20.4
Leases Lease Liability, Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
2020 $ 52.0  
2021 41.0  
2022 30.3  
2023 16.0  
2024 9.9  
Thereafter 17.2  
Total lease payments 166.4  
Less: interest (12.9)  
Present value of operating lease liabilities 153.5 $ 166.1
2020 7.5  
2021 7.0  
2022 6.9  
2023 6.9  
2024 6.6  
Thereafter 64.1  
Total lease payments 99.0  
Less: interest (35.0)  
Present value of finance lease liabilities $ 64.0 $ 94.5
v3.20.4
SCHEDULE II (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Allowance for doubtful accounts—trade accounts receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year $ 12.1 $ 14.5 $ 17.2
Additions charged to costs and expenses 12.8 7.0 5.1
Deductions (7.4) (9.3) (7.1)
Foreign exchange impact 0.6 (0.1) (0.7)
Balance at end of year 18.1 12.1 14.5
Allowance for obsolete supplies and inventory      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year 22.2 25.4 15.5
Additions charged to costs and expenses 70.6 34.8 30.1
Deductions (54.3) (38.2) (19.6)
Foreign exchange impact (0.1) 0.2 (0.6)
Balance at end of year 38.4 22.2 25.4
Deferred tax valuation account      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of year 73.8 1,040.0 1,077.7
Additions charged to costs and expenses 31.8 46.4 18.7
Deductions (43.4) (990.4) (7.3)
Foreign exchange impact 0.0 (22.2) (49.1)
Balance at end of year $ 62.2 $ 73.8 $ 1,040.0