MOLSON COORS BREWING CO, 10-Q filed on 11/5/2015
Quarterly Report
Document and Entity Information Document
9 Months Ended
Sep. 30, 2015
Oct. 30, 2015
Common Class A [Member]
Oct. 30, 2015
Common Class B [Member]
Oct. 30, 2015
Class A Exchangeable Shares [Member]
Oct. 30, 2015
Class B Exchangeable Shares [Member]
Entity Information [Line Items]
 
 
 
 
 
Entity Registrant Name
MOLSON COORS BREWING CO 
 
 
 
 
Trading Symbol
tap 
 
 
 
 
Entity Central Index Key
0000024545 
 
 
 
 
Document Type
10-Q 
 
 
 
 
Document Period End Date
Sep. 30, 2015 
 
 
 
 
Document Fiscal Year Focus
2015 
 
 
 
 
Document Fiscal Period Focus
Q3 
 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
 
Amendment Flag
false 
 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
 
Entity Common Stock, Shares Outstanding
 
2,562,594 
162,902,990 
2,891,237 
16,157,303 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sales
$ 1,454.3 
$ 1,650.0 
$ 3,890.5 
$ 4,514.2 
Excise taxes
(436.9)
(482.0)
(1,167.4)
(1,341.7)
Net sales
1,017.4 
1,168.0 
2,723.1 
3,172.5 
Cost of goods sold
(585.9)
(666.6)
(1,620.6)
(1,873.1)
Gross profit
431.5 
501.4 
1,102.5 
1,299.4 
Marketing, general and administrative expenses
(265.2)
(289.6)
(789.1)
(881.3)
Special items, net
(293.5)
(367.6)
(335.8)
(317.8)
Equity income in MillerCoors
135.3 
158.9 
470.1 
471.8 
Operating income (loss)
8.1 
3.1 
447.7 
572.1 
Interest income (expense), net
(26.8)
(31.3)
(86.6)
(102.9)
Other income (expense), net
3.7 
(5.0)
7.4 
(3.5)
Income (loss) from continuing operations before income taxes
(15.0)
(33.2)
368.5 
465.7 
Income tax benefit (expense)
27.3 
(0.7)
(43.9)
(41.9)
Net Income (loss) from continuing operations
12.3 
(33.9)
324.6 
423.8 
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) including noncontrolling interests
15.2 
(32.6)
329.1 
423.4 
Net (income) loss attributable to noncontrolling interests
1.4 
(1.8)
(2.4)
(3.5)
Net income (loss) attributable to Molson Coors Brewing Company
16.6 
(34.4)
326.7 
419.9 
Basic net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
From continuing operations (in dollars per share)
$ 0.07 
$ (0.20)
$ 1.74 
$ 2.27 
From discontinued operations (in dollars per share)
$ 0.02 
$ 0.01 
$ 0.02 
$ 0.00 
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$ 0.09 
$ (0.19)
$ 1.76 
$ 2.27 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
From continuing operations (in dollars per share)
$ 0.07 
$ (0.20)
$ 1.73 
$ 2.26 
From discontinued operations (in dollars per share)
$ 0.02 
$ 0.01 
$ 0.02 
$ 0.00 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$ 0.09 
$ (0.19)
$ 1.75 
$ 2.26 
Weighted average shares - basic (in shares)
185.0 
185.1 
185.5 
184.7 
Weighted average shares - diluted (in shares)
186.0 
185.1 
186.6 
185.9 
Amounts attributable to Molson Coors Brewing Company
 
 
 
 
Net income (loss) from continuing operations
13.7 
(35.7)
322.2 
420.3 
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) attributable to Molson Coors Brewing Company
$ 16.6 
$ (34.4)
$ 326.7 
$ 419.9 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Net income (loss) including noncontrolling interests
$ 15.2 
$ (32.6)
$ 329.1 
$ 423.4 
Other comprehensive income (loss), net of tax:
 
 
 
 
Foreign currency translation adjustments
(263.3)
(499.0)
(687.9)
(520.9)
Unrealized gain (loss) on derivative instruments
2.0 
(0.8)
10.6 
3.1 
Reclassification of derivative (gain) loss to income
(1.7)
9.9 
(4.7)
4.3 
Pension and other postretirement benefit adjustments
0 
0 
(1.8)
0 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
9.1 
4.3 
27.4 
19.7 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
(2.1)
4.1 
(2.4)
13.3 
Total other comprehensive income (loss), net of tax
(256.0)
(481.5)
(658.8)
(480.5)
Comprehensive income (loss)
(240.8)
(514.1)
(329.7)
(57.1)
Comprehensive (income) loss attributable to noncontrolling interests
1.4 
(1.8)
(2.4)
(3.5)
Comprehensive income (loss) attributable to Molson Coors Brewing Company
$ (239.4)
$ (515.9)
$ (332.1)
$ (60.6)
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 393.6 
$ 624.6 
Accounts receivable, net
524.6 
527.7 
Other receivables, net
91.8 
94.0 
Inventories:
 
 
Finished, net
173.1 
135.3 
In process
15.7 
20.7 
Raw materials
24.6 
34.5 
Packaging materials, net
11.1 
11.7 
Total inventories, net
224.5 
202.2 
Other current assets, net
89.8 
101.4 
Deferred tax assets
27.3 
27.2 
Total current assets
1,351.6 
1,577.1 
Properties, net
1,614.8 
1,798.0 
Goodwill
2,046.8 
2,191.6 
Other intangibles, net
4,923.6 
5,755.8 
Investment in MillerCoors
2,440.7 
2,388.6 
Deferred tax assets
38.5 
58.2 
Notes receivable, net
21.3 
21.6 
Other assets
208.0 
189.2 
Total assets
12,645.3 
13,980.1 
Current liabilities :
 
 
Accounts payable and other current liabilities
1,196.2 
1,305.0 
Deferred tax liabilities
164.8 
164.8 
Current portion of long-term debt and short-term borrowings
48.2 
849.0 
Discontinued operations
4.1 
6.1 
Total current liabilities
1,413.3 
2,324.9 
Long-term debt
2,953.9 
2,321.3 
Pension and postretirement benefits
243.0 
542.9 
Deferred tax liabilities
668.8 
784.3 
Unrecognized tax benefits
12.9 
25.4 
Other liabilities
70.3 
79.7 
Discontinued operations
10.4 
15.5 
Total liabilities
5,372.6 
6,094.0 
Commitments and contingencies (Note 16)
   
   
Capital stock:
 
 
Preferred stock, non-voting, no par value (authorized: 25.0 shares; none issued)
0 
0 
Paid-in capital
3,951.7 
3,871.2 
Retained earnings
4,538.5 
4,439.9 
Accumulated other comprehensive income (loss)
(1,556.7)
(898.4)
Class B common stock held in treasury at cost (8.8 shares and 7.5 shares, respectively)
(421.4)
(321.1)
Total Molson Coors Brewing Company stockholders' equity
7,250.3 
7,863.3 
Noncontrolling interests
22.4 
22.8 
Total equity
7,272.7 
7,886.1 
Total liabilities and equity
12,645.3 
13,980.1 
Class A common stock, voting [Member]
 
 
Capital stock:
 
 
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 171.7 shares and 169.9 shares, respectively)
0 
0 
Class B common stock, non-voting [Member]
 
 
Capital stock:
 
 
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 171.7 shares and 169.9 shares, respectively)
1.7 
1.7 
Class A Exchangeable Shares [Member]
 
 
Capital stock:
 
 
Exchangeable shares - Class A, no par value (issued and outstanding: 2.9 shares and 2.9 shares, respectively); Class B, no par value (issued and outstanding: 16.7 shares and 17.6 shares, respectively)
108.3 
108.5 
Class B Exchangeable Shares [Member]
 
 
Capital stock:
 
 
Exchangeable shares - Class A, no par value (issued and outstanding: 2.9 shares and 2.9 shares, respectively); Class B, no par value (issued and outstanding: 16.7 shares and 17.6 shares, respectively)
$ 628.2 
$ 661.5 
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) (USD $)
In Millions, except Per Share data, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Preferred Stock, Non-voting, No Par Value
$ 0 
$ 0 
Preferred Stock, Shares Authorized
25.0 
25.0 
Preferred Stock, Shares Issued
0 
0 
Treasury Stock, Shares
8.8 
7.5 
Common Class A [Member]
 
 
Common Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized
500.0 
500.0 
Common Stock, Shares, Issued
2.6 
2.6 
Common Stock, Shares, Outstanding
2.6 
2.6 
Common Class B [Member]
 
 
Common Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Common Stock, Shares Authorized
500.0 
500.0 
Common Stock, Shares, Issued
171.7 
169.9 
Class A Exchangeable Shares [Member]
 
 
Exchangeable Stock, No Par Value
$ 0 
$ 0 
Exchangeable Stock, Shares Issued
2.9 
2.9 
Exchangeable Stock, Shares Outstanding
2.9 
2.9 
Class B Exchangeable Shares [Member]
 
 
Exchangeable Stock, No Par Value
$ 0 
$ 0 
Exchangeable Stock, Shares Issued
16.7 
17.6 
Exchangeable Stock, Shares Outstanding
16.7 
17.6 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:
 
 
Net income (loss) including noncontrolling interests
$ 329.1 
$ 423.4 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
241.9 
233.0 
Amortization of debt issuance costs and discounts
3.6 
5.6 
Share-based compensation
12.9 
18.0 
(Gain) loss on sale or impairment of properties and other assets, net
272.1 
372.0 
Deferred income tax (benefit) expense
(93.1)
(19.0)
Equity in net income of other unconsolidated affiliates
(2.6)
(3.0)
Distributions from other unconsolidated affiliates
0 
15.4 
Excess tax benefits from share-based compensation
(8.5)
(6.6)
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net
10.0 
(10.2)
Change in current assets and liabilities (net of impact of business combinations) and other
(299.4)
29.4 
(Gain) loss from discontinued operations
(4.5)
0.4 
Net cash provided by operating activities
461.5 
1,058.4 
Cash flows from investing activities:
 
 
Additions to properties
(208.3)
(195.8)
Proceeds from sales of properties and other assets
8.8 
6.0 
Acquisition of businesses, net of cash acquired
(91.2)
0 
Proceeds from sale of business
8.7 
0 
Investment in MillerCoors
(1,144.5)
(1,100.4)
Return of capital from MillerCoors
1,088.2 
1,053.9 
Return of capital from an unconsolidated affiliate
0 
5.9 
Loan repayments
26.1 
7.1 
Loan advances
(29.9)
(14.6)
Other
(3.3)
0 
Net cash used in investing activities
(345.4)
(237.9)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
31.2 
38.5 
Excess tax benefits from share-based compensation
8.5 
6.6 
Dividends paid
(228.1)
(205.1)
Payments for the purchase of Treasury Stock
(100.1)
0 
Proceeds from long-term debt
679.9 
0 
Payments on long-term debt and capital lease obligations
(676.4)
(61.6)
Proceeds from short-term borrowings
33.1 
35.5 
Payments on short-term borrowings
(19.7)
(23.3)
Payments on settlement of derivative instruments
0 
(65.2)
Net proceeds from (payments on) revolving credit facilities and commercial paper
17.1 
(350.5)
Change in overdraft balances and other
(55.6)
111.9 
Net cash provided by (used in) financing activities
(310.1)
(513.2)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(194.0)
307.3 
Effect of foreign exchange rate changes on cash and cash equivalents
(37.0)
(27.5)
Balance at beginning of year
624.6 
442.3 
Balance at end of period
393.6 
722.1 
MillerCoors
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Equity in net income of other unconsolidated affiliates
(470.1)
(471.8)
Distributions from other unconsolidated affiliates
$ 470.1 
$ 471.8 
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we", "us" or "our" includes Molson Coors Brewing Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments and Corporate. Our reporting segments include: Molson Coors Canada ("MCC" or Canada segment), operating in Canada; MillerCoors LLC ("MillerCoors" or U.S. segment), which is accounted for by us under the equity method of accounting, operating in the United States ("U.S."); Molson Coors Europe (Europe segment), operating in Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, Slovakia and the United Kingdom ("U.K."); and Molson Coors International ("MCI"), operating in various other countries. Unless otherwise indicated, information in this report is presented in U.S. dollars ("USD" or "$") and comparisons are to comparable prior periods.
The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"). Such unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements ("Notes") included in our Annual Report. Our accounting policies did not change in the first three quarters of 2015.
The results of operations for the three and nine months ended September 30, 2015, are not necessarily indicative of the results that may be achieved for the full fiscal year.
New Accounting Pronouncements
New Accounting Pronouncements 
New Accounting Pronouncements
Adoption of New Accounting Pronouncements
In April 2015, the Financial Accounting Standards Board ("FASB") issued authoritative guidance intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs be presented as a direct deduction from the carrying amount of the related debt liabilities, consistent with the presentation of debt discounts. This results in the elimination of debt issuance costs as an asset and reduces the carrying value of our debt liabilities. As this guidance did not specifically address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements, the FASB issued an announcement in August 2015, stating that they would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We have early adopted this guidance effective for our quarter ended September 30, 2015, and have elected to continue to present our debt issuance costs associated with our line-of-credit arrangements as assets. The adoption of this guidance had an immaterial impact on our financial position and has resulted in the following retrospective adjustments to our condensed consolidated balance sheet:
 
December 31, 2014
 
As Reported
 
As Adjusted
 
(In millions)
Other current assets, net
$
103.2

 
$
101.4

Other assets
$
203.6

 
$
189.2

Current portion of long-term debt and short-term borrowings
$
849.4

 
$
849.0

Long-term debt
$
2,337.1

 
$
2,321.3


New Accounting Pronouncements Not Yet Adopted
In July 2015, the FASB issued authoritative guidance intended to simplify the measurement of inventory. The amendment requires entities to measure in-scope inventory at the lower of cost and net realizable value, and replaces the current requirement to measure in-scope inventory at the lower of cost or market, which considers replacement cost, net realizable value, and net realizable value less an approximate normal profit margin. This amendment will more closely align the measurement of inventory under U.S. GAAP with the measurement of inventory under International Financial Reporting Standards. This guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The amendment should be applied prospectively with early adoption permitted. We are currently evaluating the potential impact on our financial position and results of operations upon adoption of this guidance.
In May 2014, the FASB issued authoritative guidance related to new accounting requirements for the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services. In August 2015, the FASB deferred the effective date of the new revenue recognition standard for all entities by one year. As a result, the requirements of the new standard are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. In conjunction with the deferral, the FASB will permit all entities to apply the new revenue recognition standard early, but not before the original effective date. The use of either a full retrospective or cumulative effect transition method is permitted. We have not yet selected a transition method and are currently evaluating the potential impact on our financial position and results of operations upon adoption of this guidance.
In May 2015, the FASB issued an amendment to the fair value measurement guidance that applies to reporting entities that elect to measure the fair value of an investment using the net asset value (“NAV”) per share (or its equivalent) practical expedient. Under the new guidance, investments for which fair value is measured, or are eligible to be measured, using the NAV per share practical expedient are excluded from the fair value hierarchy. The amendment also removes certain disclosure requirements for these investments, and is effective for reporting periods beginning after December 15, 2015, with early adoption permitted. This amendment will result in revisions to the presentation of the fair value hierarchy within Part II - Item 8. Financial Statements and Supplementary Data, Note 16, “Employee Retirement Plans and Postretirement Benefits" of our Annual Report. There will be no impact on our financial position and results of operations upon adoption of this guidance.
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 condensed consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted 
New Accounting Pronouncements Not Yet Adopted
In July 2015, the FASB issued authoritative guidance intended to simplify the measurement of inventory. The amendment requires entities to measure in-scope inventory at the lower of cost and net realizable value, and replaces the current requirement to measure in-scope inventory at the lower of cost or market, which considers replacement cost, net realizable value, and net realizable value less an approximate normal profit margin. This amendment will more closely align the measurement of inventory under U.S. GAAP with the measurement of inventory under International Financial Reporting Standards. This guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2016. The amendment should be applied prospectively with early adoption permitted. We are currently evaluating the potential impact on our financial position and results of operations upon adoption of this guidance.
In May 2014, the FASB issued authoritative guidance related to new accounting requirements for the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services. In August 2015, the FASB deferred the effective date of the new revenue recognition standard for all entities by one year. As a result, the requirements of the new standard are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. In conjunction with the deferral, the FASB will permit all entities to apply the new revenue recognition standard early, but not before the original effective date. The use of either a full retrospective or cumulative effect transition method is permitted. We have not yet selected a transition method and are currently evaluating the potential impact on our financial position and results of operations upon adoption of this guidance.
In May 2015, the FASB issued an amendment to the fair value measurement guidance that applies to reporting entities that elect to measure the fair value of an investment using the net asset value (“NAV”) per share (or its equivalent) practical expedient. Under the new guidance, investments for which fair value is measured, or are eligible to be measured, using the NAV per share practical expedient are excluded from the fair value hierarchy. The amendment also removes certain disclosure requirements for these investments, and is effective for reporting periods beginning after December 15, 2015, with early adoption permitted. This amendment will result in revisions to the presentation of the fair value hierarchy within Part II - Item 8. Financial Statements and Supplementary Data, Note 16, “Employee Retirement Plans and Postretirement Benefits" of our Annual Report. There will be no impact on our financial position and results of operations upon adoption of this guidance.
Segment Reporting
Segment Reporting
Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate, which are the basis on which our chief operating decision maker evaluates the performance of the business. Our reporting segments consist of Canada, the U.S., Europe and MCI. Corporate is not a segment and primarily includes interest and certain other general and administrative costs that are not allocated to any of the operating segments. No single customer accounted for more than 10% of our consolidated sales for the three and nine months ended September 30, 2015, and September 30, 2014, respectively. Net sales represent sales to third-party external customers. Inter-segment transactions impacting sales revenues and income (loss) from continuing operations before income taxes are insignificant (other than those with MillerCoors, see Note 4, "Investments" for additional detail) and eliminated in consolidation.
The following table presents net sales by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Canada
$
411.2

 
$
507.2

 
$
1,169.6

 
$
1,370.8

Europe
566.0

 
618.7

 
1,448.7

 
1,685.7

MCI
41.3

 
43.4

 
107.6

 
119.3

Corporate
0.3

 
0.2

 
0.8

 
0.9

Eliminations(1)
(1.4
)
 
(1.5
)
 
(3.6
)
 
(4.2
)
         Consolidated
$
1,017.4

 
$
1,168.0

 
$
2,723.1

 
$
3,172.5


(1)
Represents inter-segment sales from the Europe segment to the MCI segment.
The following table presents income (loss) from continuing operations before income taxes by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Canada
$
91.8

 
$
121.5

 
$
228.8

 
$
330.6

U.S. 
135.3

 
158.9

 
470.1

 
471.8

Europe
(183.2
)
 
(255.1
)
 
(138.3
)
 
(143.6
)
MCI
(2.1
)
 
(2.7
)
 
(19.7
)
 
(9.4
)
Corporate
(56.8
)
 
(55.8
)
 
(172.4
)
 
(183.7
)
         Consolidated
$
(15.0
)
 
$
(33.2
)
 
$
368.5

 
$
465.7


The variances in the above table include the impact of special items. Refer to Note 6, "Special Items" for further discussion.
The following table presents total assets by segment:
 
As of
 
September 30, 2015
 
December 31, 2014(1)
 
(In millions)
Canada
$
4,766.9


$
5,537.2

U.S. 
2,440.7


2,388.6

Europe
5,060.5


5,773.3

MCI
133.4


75.2

Corporate
243.8


205.8

         Consolidated
$
12,645.3


$
13,980.1


(1)
Amounts have been adjusted to reflect the adoption of the authoritative guidance requiring debt issuance costs to be presented as a direct reduction from the carrying value of the related debt. See Note 2, "New Accounting Pronouncements" for further discussion.
Investments
Investments
Investments
Our investments include both equity method and consolidated investments. Those entities identified as variable interest entities ("VIEs") have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, consolidate these entities. None of our consolidated VIEs held debt as of September 30, 2015, or December 31, 2014. With the exception of the debt guarantee further discussed below, we have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable.
Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change, and we continually evaluate circumstances that could require consolidation or deconsolidation. As of September 30, 2015, and December 31, 2014, our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K.") and Grolsch U.K. Ltd. ("Grolsch"). Our unconsolidated VIEs are Brewers' Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL").
During the second quarter of 2015, our equity method investment, BRI, entered into a Canadian Dollar ("CAD") 150 million revolving credit facility with Canadian Imperial Bank of Commerce (“CIBC”), maturing one year after issuance, with one year renewal options subject to approval by CIBC. In conjunction with the issuance of the revolving credit facility, we, along with an additional shareholder of BRI, were each required to guarantee 50% of BRI’s obligations under the facility. As a result of this guarantee, we have recorded a current liability of $12.4 million as of September 30, 2015. The carrying value of the guarantee equals its 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 equity method investment balance, which carried a negative balance as of September 30, 2015. The guarantee liability was calculated based on our proportionate, 50% share of BRI’s total revolving credit facility outstanding balance at September 30, 2015. The resulting change in equity investment balance during the year due to movements in the guarantee represents a non-cash investing activity.
In October 2015, an additional shareholder of BRI was added as a guarantor to the revolving credit facility, which reduced our proportionate guarantee obligation to 45.9%. Our guarantee liability will be recorded based on this new proportionate share starting in the fourth quarter of 2015.
In conjunction with finalization of the new beer framework agreement (see Note 10, "Goodwill and Intangible Assets"), we, along with the other owners of BRI and the Province of Ontario, agreed to revise the ownership structure of BRI. The new BRI shareholder agreement (“New Shareholder Agreement”) incorporating these changes has not yet been executed and is anticipated to be executed and effective during the fourth quarter of 2015. The New Shareholder Agreement will adjust the existing BRI ownership structure to allow all other small and large Ontario based brewers the ability to participate in the ownership of BRI. As part of this proposed change, the board of directors of BRI will be expanded to include representation for these new ownership groups, as well as independent director representation. The new owners will be subject to the same fee structure as the current owners, with the exception of smaller brewers, who will have discounted fees, as they will not be required to fund certain costs associated with pension obligations. BRI will continue to operate on a break-even basis under the new ownership structure. BRI will also convert all existing capital stock into a new share class, as well as create a separate new share class to facilitate new and existing brewer participation and governance. While governance and board of director participation will continue to have the ability to fluctuate based on market share relative to the other owners, our equity interest will become fixed under the New Shareholder Agreement. We will continue to evaluate the accounting implications associated with the implementation of the New Shareholder Agreement and will make any necessary changes upon execution of the agreement.
Equity Investments
Investment in MillerCoors Summarized Financial Information
Condensed Balance Sheets
 
As of
 
September 30, 2015
 
December 31, 2014
 
(In millions)
Current assets
$
923.5

 
$
795.3

Non-current assets
8,983.4

 
9,047.4

Total assets
$
9,906.9

 
$
9,842.7

Current liabilities
$
1,131.0

 
$
1,061.3

Non-current liabilities
1,463.5

 
1,578.8

Total liabilities
2,594.5

 
2,640.1

Noncontrolling interests
17.4

 
23.5

Owners' equity
7,295.0

 
7,179.1

Total liabilities and equity
$
9,906.9

 
$
9,842.7

The following represents our proportionate share in MillerCoors' equity and reconciliation to our investment in MillerCoors:
 
As of
 
September 30, 2015
 
December 31, 2014
 
(In millions, except percentages)
MillerCoors owners' equity
$
7,295.0

 
$
7,179.1

MCBC economic interest
42
%
 
42
%
MCBC proportionate share in MillerCoors' equity
3,063.9

 
3,015.2

Difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors(1)
(658.2
)
 
(661.6
)
Accounting policy elections
35.0

 
35.0

Investment in MillerCoors
$
2,440.7


$
2,388.6

(1)
Our net investment in MillerCoors is based on the carrying values of the net assets contributed to the joint venture which is less than our proportionate share of underlying equity (42%) of MillerCoors (contributed by both Coors Brewing Company ("CBC") and Miller Brewing Company ("Miller")). This basis difference, with the exception of certain non-amortizing items (goodwill, land, etc.), is being amortized as additional equity income over the remaining useful lives of the contributed long-lived amortizing assets.
Results of Operations
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Net sales
$
2,000.0

 
$
2,069.5

 
$
5,977.3

 
$
6,066.6

Cost of goods sold
(1,173.9
)
 
(1,237.7
)
 
(3,490.6
)
 
(3,614.2
)
Gross profit
$
826.1

 
$
831.8

 
$
2,486.7

 
$
2,452.4

Operating income(1)
$
323.0

 
$
381.9

 
$
1,125.7

 
$
1,129.2

Net income attributable to MillerCoors(1)
$
316.5

 
$
376.5

 
$
1,108.3

 
$
1,112.9

(1)
Results include special charges of $28.0 million for the three and nine months ended September 30, 2015, related to the planned closure of the Eden, North Carolina, brewery, including $21.8 million of accelerated depreciation in excess of normal depreciation associated with this brewery. Results also include special charges related to restructuring activities of $0.2 million and $1.4 million for the three and nine months ended September 30, 2014, respectively.
The following represents our proportionate share in net income attributable to MillerCoors reported under the equity method of accounting:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions, except percentages)
Net income attributable to MillerCoors
$
316.5

 
$
376.5

 
$
1,108.3

 
$
1,112.9

MCBC economic interest
42
%
 
42
%
 
42
%
 
42
%
MCBC proportionate share of MillerCoors net income(1)
132.9

 
158.1

 
465.5

 
467.4

Amortization of the difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors
1.0

 
1.2

 
3.4

 
3.5

Share-based compensation adjustment(1)(2)
1.4

 
(0.4
)
 
1.2

 
0.9

Equity income in MillerCoors
$
135.3

 
$
158.9

 
$
470.1

 
$
471.8


(1)
The sum of the quarterly proportionate share of MillerCoors net income and share-based compensation adjustment amounts may not agree to the year-to-date amounts due to rounding.
(2)
The net adjustment is to eliminate all share-based compensation impacts related to pre-existing SABMiller plc equity awards held by former Miller employees employed by MillerCoors as well as to add back all share-based compensation impacts related to pre-existing MCBC equity awards held by former MCBC employees that transferred to MillerCoors.
The following table summarizes our transactions with MillerCoors:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Beer sales to MillerCoors
$
2.8

 
$
3.8

 
$
8.8

 
$
10.1

Beer purchases from MillerCoors
$
11.6

 
$
10.8

 
$
30.9

 
$
27.0

Service agreement costs and other charges to MillerCoors
$
0.7

 
$
0.6

 
$
2.0

 
$
1.7

Service agreement costs and other charges from MillerCoors
$
0.2

 
$
0.3

 
$
0.8

 
$
0.8


As of September 30, 2015, and December 31, 2014, we had $5.6 million and $8.3 million of net payables due to MillerCoors, respectively.
Consolidated VIEs
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 
As of
 
September 30, 2015
 
December 31, 2014
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
(In millions)
Grolsch
$
8.1

 
$
2.7

 
$
6.8

 
$
2.9

Cobra U.K.
$
36.5

 
$
0.8

 
$
31.0

 
$
0.8


Termination of MMI Operations
On February 28, 2014, Anheuser-Busch Inbev ("ABI") and MCBC finalized the accelerated termination of Modelo Molson Imports, L.P. ("MMI"), a 50% - 50% joint venture with Grupo Modelo S.A.B. de C.V. ("Modelo"), which provided for the import, distribution, and marketing of the Modelo beer brand portfolio across all Canadian provinces and territories. The joint venture was accounted for under the equity method of accounting.
Following the successful completion of the transition in the first quarter of 2014, we recognized income of $63.2 million (CAD 70.0 million) within special items, reflective of the agreed upon payment received from Modelo for the early termination of the joint venture. Additionally in the first quarter of 2014, we recorded a charge of $4.9 million representing the accelerated amortization of the remaining carrying value of our definite-lived intangible asset associated with the agreement. Under the MMI arrangement, during the nine months ended September 30, 2014, we recognized equity earnings within cost of goods sold of $0.7 million, and recognized marketing and administrative cost recoveries related to the promotion, sale and distribution of Modelo products under our agency and services agreement with MMI of $1.1 million. These cost recoveries are recorded within marketing, general and administrative expenses.
In accordance with the early termination agreement, the book value of the joint venture's net assets was required to be distributed to the respective joint venture partners for the owners' proportionate ownership interest at the end of the transition period. This distribution was finalized in the third quarter of 2014. Concurrently, we derecognized our equity investment within other non-current assets upon full recovery of our investment carrying value.
Share-Based Payments
Share-Based Payments
Share-Based Payments
The MCBC Incentive Compensation Plan ("Incentive Compensation Plan") was amended and restated effective February 19, 2015, to reaffirm the ability to grant awards that are intended to qualify as performance-based compensation, to extend the term of the Incentive Compensation Plan for ten years and to incorporate certain corporate governance practices. We continue to have only one incentive compensation plan as of September 30, 2015, and all outstanding awards fall under this plan.
During the nine months ended September 30, 2015, and September 30, 2014, we recognized share-based compensation expense related to the following Class B common stock awards to certain directors, officers and other eligible employees, pursuant to the Incentive Compensation Plan: restricted stock units ("RSUs"), deferred stock units ("DSUs"), performance units ("PUs"), performance share units ("PSUs") and stock options. The settlement amount of the PSUs is determined based on market and performance metrics, which include our total shareholder return performance relative to the S&P 500 and specified internal performance metrics designed to drive greater shareholder return. PSU compensation expense is based on a fair value assigned to the market metric using a Monte Carlo model, which will remain constant throughout the vesting period of three years, and a performance multiplier, which will vary due to changing estimates of the performance metric condition.
The following table summarizes share-based compensation expense:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Pretax compensation expense
$
4.8

 
$
5.9

 
$
12.9

 
$
18.0

Tax benefit
(1.2
)
 
(1.6
)
 
(3.3
)
 
(5.5
)
After-tax compensation expense
$
3.6

 
$
4.3

 
$
9.6

 
$
12.5

The decrease in expense in the first three quarters of 2015 was primarily driven by accelerated expense related to certain RSUs and PSUs granted in the first quarter of 2014, which were not granted in the first quarter of 2015.
As of September 30, 2015, there was $33.6 million of total unrecognized compensation expense from all share-based compensation arrangements granted under the Incentive Compensation Plan, related to unvested awards. This compensation expense is expected to be recognized over a weighted-average period of 2.0 years.
The following table represents non-vested RSUs, DSUs, PUs and PSUs as of September 30, 2015, and the activity during the nine months ended September 30, 2015:
 
RSUs and DSUs
 
PUs
 
PSUs
 
Units
 
Weighted-average
grant date fair value
per unit
 
Units
 
Weighted-average fair value
per unit
 
Units
 
Weighted-average
grant date fair value
per unit
 
(In millions, except per unit amounts)
Non-vested as of December 31, 2014
0.7

 
$47.75
 
0.5

 
$3.22
 
0.4

 
$50.49
Granted
0.2

 
$70.79
 
—

 
$—
 
0.1

 
$74.42
Vested
(0.2
)
 
$43.31
 
(0.5
)
 
$2.89
 
—

 
$—
Forfeited
(0.1
)
 
$51.95
 
—

 
$—
 
—

 
$—
Non-vested as of September 30, 2015
0.6

 
$56.17
 
—

 
$—
 
0.5

 
$57.05
The weighted-average fair value per unit for the non-vested PSUs is $64.90 as of September 30, 2015.
The following table represents the summary of stock options and stock-only stock appreciation rights ("SOSARs") outstanding as of September 30, 2015, and the activity during the nine months ended September 30, 2015:
 
Shares outstanding
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining contractual life
(years)
 
Aggregate
intrinsic value
 
(In millions, except per share amounts and years)
Outstanding as of December 31, 2014
2.2
 
$45.33
 
5.0
 
$
64.6

Granted
0.1
 
$74.81
 
 
 
 
Exercised
(0.9)
 
$44.23
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of September 30, 2015
1.4
 
$48.87
 
5.0
 
$
48.4

Exercisable at September 30, 2015
1.2
 
$45.61
 
4.2
 
$
44.3

The total intrinsic values of stock options exercised during the nine months ended September 30, 2015, and September 30, 2014, were $28.6 million and $24.9 million, respectively. During the nine months ended September 30, 2015, and September 30, 2014, cash received from stock option exercises was $31.2 million and $38.5 million, respectively, and the total excess tax benefit from these stock option exercises and other awards was $8.5 million and $6.6 million, respectively.
The fair value of each option granted in the first three quarters of 2015 and 2014 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
Risk-free interest rate
1.70%
 
2.29%
Dividend yield
2.20%
 
2.57%
Volatility range
21.65%-29.90%
 
22.66%-26.57%
Weighted-average volatility
23.71%
 
25.59%
Expected term (years)
5.7
 
7.5
Weighted-average fair market value
$13.98
 
$12.78
The risk-free interest rates utilized for periods throughout the contractual life of the stock options are based on a zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on a combination of historical and implied volatility of our stock. The expected term of stock options is estimated based upon observations of historical employee option exercise patterns and trends of those employees granted options in the respective year.
The fair value of the market metric for each PSU granted in the first three quarters of 2015 and 2014 was determined on the date of grant using a Monte Carlo model to simulate total shareholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
Risk-free interest rate
1.06%
 
0.72%
Dividend yield
2.20%
 
2.57%
Volatility range
12.73%-62.28%
 
12.45%-72.41%
Weighted-average volatility
21.53%
 
21.72%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$74.42
 
$58.69

The risk-free interest rates utilized for periods throughout the expected term of the PSUs are based on a zero-coupon U.S. Treasury security yield at the time of grant. Expected volatility is based on historical volatility of our stock as well as the stock of our peer firms, as shown within the volatility range above, for a period from the grant date consistent with the expected term. The expected term of PSUs is calculated based on the grant date to the end of the performance period.
As of September 30, 2015, there were 6.8 million shares of the Company's Class B common stock available for issuance as awards under the Incentive Compensation Plan.
Special items
Special Items
Special Items
We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items. The table below summarizes special items recorded by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Employee-related restructuring charges
 
 
 
 
 
 
 
Canada
$
—

 
$
2.2

 
$
—

 
$
7.6

Europe
0.5

 
—

 
(0.5
)
 
1.0

MCI(1)
—

 
—

 
3.2

 
—

Corporate
—

 
—

 
—

 
0.3

Impairments or asset abandonment charges
 
 
 
 
 
 
 
Canada - Intangible asset write-off(2)
—

 
8.9

 
—

 
13.8

Canada - Asset abandonment(3)
15.7

 
—

 
23.9

 
—

Europe - Asset abandonment(4)
2.3

 
—

 
23.4

 
—

Europe - Intangible asset impairment(5)
275.0

 
360.0

 
275.0

 
360.0

MCI - Asset write-off(1)
—

 
—

 
3.2

 
—

Unusual or infrequent items
 
 
 
 
 
 
 
Europe - Flood loss (insurance reimbursement), net(6)
—

 
(3.5
)
 
(2.4
)
 
(1.7
)
Termination fees and other (gains) losses
 
 
 
 
 
 
 
Canada - Termination fee income(2)
—

 
—

 
—

 
(63.2
)
Europe - Termination fee expense, net(7)
—

 
—

 
10.0

 
—

Total Special items, net
$
293.5

 
$
367.6

 
$
335.8

 
$
317.8


(1)
During the second quarter of 2015, we announced our decision to substantially restructure our business in China and consequently, recognized employee-related and asset write-off charges, including $0.7 million of accelerated depreciation.
(2)
During the third quarter of 2014, we recognized an impairment charge related to our definite-lived intangible asset associated with our license agreement with Miller in Canada. Additionally, upon termination of our MMI operations in the first quarter of 2014, we recognized termination fee income and charges associated with the write-off of the definite-lived intangible asset associated with the joint venture. See Note 4, "Investments" for further discussion.
(3)
During the third quarter of 2015, we incurred $15.7 million of charges related to the closure of a bottling line within our Vancouver brewery, including $15.4 million of accelerated depreciation associated with this bottling line. Additionally, during the second quarter of 2015, we incurred $8.2 million of charges related to the closure of a bottling line within our Toronto brewery, including $7.9 million of accelerated depreciation associated with this bottling line. The decisions to close these bottling lines were made as part of an ongoing strategic review of our Canadian supply chain network and the overall shift in consumer preference toward can consumption in Canada. Additionally, in the fourth quarter of 2015, as a result of the continuation of this strategic review, we entered into an agreement to sell the Vancouver brewery with the intent to use the proceeds from the sale to help fund the construction of an efficient and flexible brewery in British Columbia. The sale is anticipated to be completed in the first quarter of 2016. In conjunction with the sale, we also agreed to leaseback the existing property to continue operations on an uninterrupted basis while the new brewery is being constructed. This transaction will result in accelerated depreciation and other charges associated with the brewery sale starting during the fourth quarter of 2015. These charges will continue to be incurred on an ongoing basis until completion of the project and will be recorded as special items, along with the anticipated gain on the sale of the property.  
(4)
In the second quarter of 2015, we completed the closure of the Alton brewery in the U.K. as part of our strategic review of our European supply chain network. As a result, we incurred charges associated with the closure of $2.3 million and $23.4 million, for the three and nine months ended September 30, 2015, respectively, including accelerated depreciation in excess of our normal depreciation associated with this brewery, of $2.0 million and $21.8 million, respectively.
As part of this continued strategic review of our European supply chain network, in the fourth quarter of 2015, management has made a proposal and entered into a consultation process to close our Burton South Brewery in the U.K. and consolidate production within our recently modernized Burton North brewery. As a result of management's proposal, we will incur additional charges beginning in the fourth quarter of 2015 and through completion of the closure, which we anticipate will be recorded within special items. We will continue to evaluate our supply chain network and seek opportunities for further efficiencies and cost savings, and we therefore may incur additional restructuring related charges in the future.
(5)
During the third quarters of 2015 and 2014, we recognized impairment charges related to indefinite-lived intangible assets in Europe. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(6)
During the nine months ended September 30, 2015, we recorded $2.4 million of income for insurance proceeds received related to significant flooding in Czech Republic that occurred during the second quarter of 2013. During the three and nine months ended September 30, 2014, we recorded losses and related costs of $0.4 million and $2.2 million, respectively, associated with significant flooding in Serbia, Bosnia, and Croatia that occurred in the second quarter of 2014. These losses were offset by insurance proceeds of $3.9 million recorded in the third quarter of 2014 related to flooding in the second quarter of 2014.
(7)
In December 2013, we entered into an agreement with Heineken to early terminate our contract brewing and kegging agreement under which we produced and packaged the Foster's and Kronenbourg brands in the U.K. As a result of the termination, Heineken agreed to pay us an aggregate early termination payment of British Pound ("GBP") 13.0 million, of which we received GBP 5.0 million in 2014 and the remaining GBP 8.0 million on April 30, 2015. The full amount of the termination payment ($19.4 million upon recognition) is included in income within special items for the nine months ended September 30, 2015, following the completion of the transition period in the second quarter of 2015.
Separately, in June 2015, we terminated our agreement with Carlsberg whereby it held the exclusive distribution rights for the Staropramen brand in the U.K. As a result of this termination, we agreed to pay Carlsberg an early termination payment of GBP 19.0 million ($29.4 million at payment date), which was recognized as a special charge during the second quarter of 2015. The transition period concludes on December 27, 2015, at which time we will have the exclusive distribution rights of the Staropramen brand in the U.K.
Restructuring Activities
In 2012, we introduced several initiatives focused on increasing our efficiencies and reducing costs across all functions of the business in order to develop a more competitive supply chain and global cost structure. Included in these initiatives is a long-term focus on reducing labor and general overhead costs through restructuring activities. We view these restructuring activities as actions to allow us to meet our long-term growth targets by generating future cost savings within cost of goods sold and general and administrative expenses and include organizational changes that strengthen our business and accelerate efficiencies within our operational structure. As a result of these restructuring activities, we have reduced headcount and consequently recognized severance and other employee-related charges, which we have recorded as special items. During 2014, we finalized our restructuring initiatives that began in 2012. Additionally, in the second quarter of 2015, we completed the closure of the Alton brewing facility within our Europe segment resulting in restructuring charges as noted above. In the second quarter of 2015, we recognized employee-related charges within our MCI segment following the decision to substantially restructure our business in China as stated above. As a result of this action, employment levels were reduced by approximately 125 full-time employees. During 2015, we continued our ongoing assessment of our supply chain strategies across our segments in order to align with our cost saving objectives. We will continue to evaluate our supply chain network and seek opportunities for further efficiencies and cost savings, and we therefore may incur additional restructuring related charges in the future.
The accrued restructuring balances represent expected future cash payments required to satisfy the remaining severance obligations to terminated employees, the majority of which we expect to be paid in the next 12 to 15 months. The table below summarizes the activity in the restructuring accruals by segment:
 
Canada
 
Europe
 
MCI
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2014
$
3.8

 
$
11.5

 
$
—

 
$
0.2

 
$
15.5

Charges incurred
—

 
0.7

 
3.2

 
—

 
3.9

Payments made
(2.8
)
 
(6.4
)
 
(1.1
)
 
(0.2
)
 
(10.5
)
Changes in estimates
—

 
(1.2
)
 
—

 
—

 
(1.2
)
Foreign currency and other adjustments
(0.4
)
 
(0.3
)
 
—

 
—

 
(0.7
)
Total at September 30, 2015
$
0.6

 
$
4.3

 
$
2.1

 
$
—

 
$
7.0

 
Canada
 
Europe
 
MCI
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2013
$
9.7

 
$
13.6

 
$
0.5

 
$
0.9

 
$
24.7

Charges incurred
7.6

 
1.0

 
—

 
0.3

 
8.9

Payments made
(10.7
)
 
(4.0
)
 
(0.4
)
 
(0.8
)
 
(15.9
)
Foreign currency and other adjustments
(0.3
)
 
(0.2
)
 
—

 
—

 
(0.5
)
Total at September 30, 2014
$
6.3

 
$
10.4

 
$
0.1

 
$
0.4

 
$
17.2



Other Income and Expense
Other Income and Expense
Other Income and Expense
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Gain on sale of non-operating asset
$
—

 
$
—

 
$
3.3

 
$
—

Gain (loss) from foreign exchange and derivative activity
3.7

 
(4.0
)
 
3.8

 
(2.7
)
Other, net
—

 
(1.0
)
 
0.3

 
(0.8
)
Other income (expense), net
$
3.7

 
$
(5.0
)
 
$
7.4

 
$
(3.5
)


Income Tax
Income Tax
Income Tax
Our effective tax rates for the third quarter of 2015 and 2014 were approximately positive 182% and negative 2%, respectively. For the first nine months of 2015 and 2014, our effective tax rates were approximately positive 12% and 9%, respectively. Our effective tax rates deviate from the federal statutory rate of 35% primarily due to lower effective income tax rates applicable to our foreign businesses, driven by lower statutory income tax rates and tax planning impacts on statutory taxable income, as well as the impact of discrete items further discussed below. The change in the effective tax rate for the third quarter of 2015 versus 2014, was primarily due to a lower pretax loss in 2015 driven by the brand impairment charges in Europe, and higher net discrete and other tax benefits recognized in 2015. Our total net discrete tax benefit was $14.3 million in the third quarter of 2015, versus an $8.2 million net discrete tax benefit recognized in the third quarter of 2014. The net discrete tax benefit recognized in the third quarter of 2015 was driven by the release of unrecognized tax benefits, primarily resulting from the expiration of certain statutes of limitations. This activity includes the release of the remaining $8.1 million unrecognized tax benefit that was established during the second quarter of 2014, as well as the release of other unrecognized tax benefits in domestic and foreign jurisdictions. The net discrete tax benefit recognized in the third quarter of 2014 was also primarily driven by the release of unrecognized tax benefits. The increase in the effective tax rate during the first nine months of 2015 versus 2014 was primarily due to a lower net discrete tax benefit recognized in 2015, as well as lower pretax income.
Our tax rate is volatile and may move up or down with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, changes in tax laws and the movement of liabilities established for uncertain tax positions as statutes of limitations expire or positions are otherwise effectively settled. There are proposed or pending tax law changes in various jurisdictions that, if enacted, may have an impact on our effective tax rate.
In March 2015, we formally submitted a renewal application of our bilateral advanced pricing agreement ("BAPA") between the U.S. and Canada tax authorities. The BAPA submission covers both historical and future tax years and is subject to approval by both taxing authorities. The prior year impacts of the submission were recognized as a discrete item in the first quarter of 2015, and the related tax implications for the current year have been incorporated into our projected full year effective tax rate.
Earnings per Share ("EPS")
Earnings per Share ("EPS")
Earnings Per Share ("EPS")
Basic EPS was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted EPS includes the additional dilutive effect of our potentially dilutive securities, which include RSUs, DSUs, PUs, PSUs, stock options and SOSARs. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. The following summarizes the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
13.7

 
$
(35.7
)
 
$
322.2

 
$
420.3

Income (loss) from discontinued operations, net of tax
2.9

 
1.3

 
4.5

 
(0.4
)
Net income (loss) attributable to Molson Coors Brewing Company
$
16.6

 
$
(34.4
)
 
$
326.7

 
$
419.9

Weighted-average shares for basic EPS
185.0

 
185.1

 
185.5

 
184.7

Effect of dilutive securities:
 
 
 
 
 
 
 
RSUs, DSUs, PUs and PSUs
0.6

 
—

 
0.7

 
0.5

Stock options and SOSARs
0.4

 
—

 
0.4

 
0.7

Weighted-average shares for diluted EPS
186.0

 
185.1

 
186.6

 
185.9

Basic net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 

 

From continuing operations
$
0.07

 
$
(0.20
)
 
$
1.74

 
$
2.27

From discontinued operations
0.02

 
0.01

 
0.02

 
—

Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
0.09

 
$
(0.19
)
 
$
1.76

 
$
2.27

Diluted net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 


 
 
From continuing operations
$
0.07

 
$
(0.20
)
 
$
1.73

 
$
2.26

From discontinued operations
0.02

 
0.01

 
0.02

 
—

Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
0.09

 
$
(0.19
)
 
$
1.75

 
$
2.26

Dividends declared and paid per share
$
0.41

 
$
0.37

 
$
1.23

 
$
1.11


(1)
Due to the anti-dilutive effect resulting from the reported net loss from continuing operations for the three months ended September 30, 2014, the impact of potentially dilutive securities has been omitted from the quarterly calculation of weighted-average shares for diluted EPS for the third quarter of 2014. The impact of these potentially dilutive securities has been included in the calculation of weighted-average shares for diluted EPS for the nine months ended September 30, 2014.
Additionally, the sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the period for each reporting period presented. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
RSUs, stock options and SOSARs
0.1

 
1.2

 
0.1

 
0.1


Share Repurchase Program
In February 2015, our Board of Directors approved and authorized a new program to repurchase up to $1.0 billion of our Class A and Class B common stock with a program term of four years. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. The number, price and timing of the repurchases will be at the Company’s sole discretion and will be evaluated depending on market conditions, liquidity needs or other factors. The Company’s Board of Directors may suspend, modify or terminate the program at any time without prior notice. This repurchase program replaces and supersedes any repurchase programs previously approved by the Board of Directors. Under Delaware state law, these shares are not retired, and the issuer has the right to resell any of the shares repurchased. Beginning in April 2015, under this program, we entered into accelerated share repurchase agreements (“ASRs”) with a financial institution. In exchange for up-front payments, the financial institution delivers shares of our common stock during the purchase periods of each ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the applicable purchase period of each ASR based on the volume weighted-average price of our common stock during that period. The up-front payments for the treasury stock are accounted for as a reduction to shareholders’ equity in the unaudited condensed consolidated balance sheet in the periods the payments are made. We reflect each ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock. Each ASR meets all of the applicable criteria for equity classification, and therefore, is not accounted for as a derivative instrument.
During the second and third quarters of 2015, we purchased a total of 1.3 million shares of our Class B common stock under two separate ASRs for an aggregate of approximately $100 million. In early October 2015, under a separate ASR, we received Class B common stock for an up-front payment of approximately $50 million. The total number of shares ultimately delivered under this ASR, and therefore the average repurchase price paid per share, will be determined at the end of the purchase period in December 2015.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The following summarizes the change in goodwill for the nine months ended September 30, 2015:
 
Canada
 
Europe
 
MCI
 
Consolidated
 
(In millions)
Balance at December 31, 2014
$
656.5

 
$
1,528.0

 
$
7.1

 
$
2,191.6

Business acquisition and disposition (1)
—

 
(6.7
)
 
16.4

 
9.7

Foreign currency translation
(83.4
)
 
(70.5
)
 
(0.6
)
 
(154.5
)
Balance at September 30, 2015
$
573.1

 
$
1,450.8

 
$
22.9

 
$
2,046.8


(1)
In July 2015, we sold our U.K. malting facility resulting in an adjustment to the goodwill in our Europe reporting unit based on the proportionate fair value of the disposed business relative to the reporting unit. In addition, on April 1, 2015, we completed the acquisition of Mount Shivalik Breweries Ltd., a regional brewer in India. As part of the purchase price accounting, goodwill generated in conjunction with this acquisition has been recorded within our MCI segment beginning in the second quarter of 2015 and included within the India reporting unit of our MCI segment for purposes of our annual goodwill impairment testing.
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2015:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
 3 - 50
 
$
1,158.6

 
$
(225.0
)
 
$
933.6

License agreements and distribution rights
 3 - 28
 
139.5

 
(89.5
)
 
50.0

Other
 2 - 8
 
30.7

 
(29.2
)
 
1.5

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
 Indefinite
 
3,161.1

 
—

 
3,161.1

Distribution networks
 Indefinite
 
759.9

 
—

 
759.9

Other
 Indefinite
 
17.5

 
—

 
17.5

Total
 
 
$
5,267.3

 
$
(343.7
)
 
$
4,923.6


The following table presents details of our intangible assets, other than goodwill, as of December 31, 2014:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
3 - 40
 
$
483.5

 
$
(229.1
)
 
$
254.4

License agreements and distribution rights
3 - 28
 
122.0

 
(101.1
)
 
20.9

Other
2 - 8
 
31.7

 
(29.4
)
 
2.3

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
Indefinite
 
4,590.2

 
—

 
4,590.2

Distribution networks
Indefinite
 
870.5

 
—

 
870.5

Other
Indefinite
 
17.5

 
—

 
17.5

Total
 
 
$
6,115.4

 
$
(359.6
)
 
$
5,755.8

The changes in the gross carrying amounts of intangibles from December 31, 2014, to September 30, 2015, are primarily driven by the impact of foreign exchange rates, as a significant amount of intangibles are denominated in foreign currencies, the indefinite-lived brand intangible impairments recorded in the third quarter of 2015 and the change in classification of certain European brands from indefinite life to definite life subject to amortization as noted below. Additionally, we wrote-off the gross value and accumulated amortization associated with our licensing agreement with Miller in Canada upon finalizing the termination in the first quarter of 2015, and we acquired a definite-lived brand as part of our acquisition of the Rekorderlig distribution rights in the third quarter of 2015, as well as a definite-lived brand as part of our acquisition in India in the second quarter of 2015.
Based on foreign exchange rates as of September 30, 2015, the estimated future amortization expense of intangible assets, inclusive of the impact driven by the change in classification of certain European brands from an indefinite life to definite life subject to amortization, is as follows:
Fiscal year
Amount
 
(In millions)
2015 - remaining
$
10.0

2016
$
39.9

2017
$
29.2

2018
$
27.7

2019
$
27.7


Amortization expense of intangible assets was $6.4 million and $10.1 million for the three months ended September 30, 2015, and September 30, 2014, respectively, and $20.1 million and $31.1 million for the nine months ended September 30, 2015, and September 30, 2014, respectively. This expense is presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations and includes the $4.9 million accelerated amortization recognized for the write-off of the intangible asset associated with the termination of MMI operations in the first quarter of 2014. See Note 4, "Investments" for further discussion.
During the fourth quarter of 2014, we changed the date of our annual impairment test for goodwill and indefinite lived intangible assets from July 1, the first day of our fiscal third quarter, to October 1, the first day of our fiscal fourth quarter. The change was made to more closely align the impairment testing date with our strategic and annual operating planning and forecasting process. The change in accounting principle is preferable, as it will align the impairment testing data with the most current information available from the annual operating plan, and allow for the completion of the annual impairment testing closer to the end of our annual reporting period. Based on the results of our testing performed as of October 1, 2014, we concluded there were no impairments of goodwill within our Europe, Canada or India reporting units or impairments of our indefinite-lived intangible assets. The fair values determined during our October 1, 2014, testing were largely consistent with the results of our July 1, 2014, testing. See further discussion below.
In April 2014, the Ontario Premier's Advisory Council on Government Assets (the "Council") began a review that included evaluating the beer retailing and distribution system in Ontario, for which BRI is the primary beer retail and distribution channel. In April 2015, as a result of this review and our negotiations with the Council, we, along with the other owners of BRI, agreed, in principle and subject to entry into definitive binding documents, to enter into a new beer framework agreement (the "New Framework") with the Province of Ontario. The associated Master Framework Agreement was subsequently executed by all parties on September 22, 2015, and is anticipated to become effective during the fourth quarter of 2015. The New Framework is designed to further enhance the overall beer retail and distribution system within Ontario, as well as provide easier access to market for small brewers. The New Framework includes the implementation of an additional CAD 100.0 million annual tax on all beer volume sold in Ontario, which will be phased in over four years beginning November 1, 2015. Additionally, with the exception of adjustments for increases in annual inflation, the two largest brewers in Ontario will have restrictions on price increases for certain packaging types of the largest Ontario brands until the second quarter of 2017. The New Framework is also intended to increase convenience and choice available for consumers by increasing the number and types of outlets where beer is sold (including introducing beer sales to a specified number of grocery stores and standalone outlets), increasing the required level of shelf space allocated to small brewers in retail outlets, as well as allowing for incremental packaging options at the Liquor Control Board of Ontario ("LCBO") and agents of the LCBO. The New Framework also provides qualifying licensees (restaurants and bars) the ability to purchase beer at BRI retail outlets at the same price as retail consumers. Further, BRI has committed to invest CAD 100.0 million of capital spending through 2018, 80.0% of which will be directed toward enhancements to the purchasing experience for consumers. The New Framework also incorporates many of the proposed changes to the BRI ownership structure that were announced in January 2015, allowing all other Ontario brewers, regardless of size, to participate in the ownership and governance of BRI (see Note 4, "Investments"). We are still evaluating and beginning to implement actions to mitigate any adverse impacts to our Canada results due to the adoption of the New Framework. The ultimate outcome and potential impact to our Canada business remains to be fully determined.
Reporting Units and Goodwill
The operations in each of the specific regions within our Canada, Europe and MCI segments are considered components based on the availability of discrete financial information and the regular review by segment management. We have concluded that the components within the Canada and Europe segments each meet the criteria as having similar economic characteristics and therefore have aggregated these components into the Canada and Europe reporting units, respectively. Additionally, we determined that the components within our MCI segment do not meet the criteria for aggregation, and therefore, the operations of our India business constitute a separate reporting unit at the component level.
Our 2014 annual goodwill impairment testing determined that our Europe and Canada reporting units were at risk of failing step one of the goodwill impairment test. Specifically, the fair value of the Europe and Canada reporting units were estimated at approximately 14% and 11% in excess of carrying value, respectively, as of the October 1, 2014, testing date. Prior to recognizing the 2014 brand impairments discussed below, the excess of the fair value over the carrying value of the Europe reporting unit declined from the prior year. The decrease was driven by challenging macroeconomic conditions in Europe negatively impacting our business, as well as declines in the forecasts of certain European brands, which have been adversely impacted by the expected prolonged recovery from recent flooding and an accelerated consumer trend to value brands. These impacts were partially offset by improvements to market multiples. The impairment of certain European indefinite-lived brands during the third quarter of 2015, as discussed below, was a potential impairment indicator for the Europe reporting unit; however, we evaluated and based on other offsetting factors at the Europe reporting unit level, an interim impairment test at the reporting unit level was not required. We will complete our 2015 annual goodwill impairment test during the fourth quarter of 2015. The Canada reporting unit had a marginal decrease from the prior year primarily due to continued competitive pressures and economic weakness in the Canadian market, partially offset by improved market multiples.
Indefinite-Lived Intangibles
During the third quarter of 2015, we identified impairment indicators as it pertains to indefinite-lived intangible assets related to certain European brands driven by key changes to our underlying assumptions supporting the value of the brands. Specific changes include underperformance through the 2015 peak season driving a downward shift in management's forecasts, along with challenging macroeconomic and competitive conditions that we no longer expect to subside in the near term. As a result, we recorded an aggregate impairment charge across various European brands, including Jelen, of $275.0 million within special items in the third quarter of 2015. These lower projected cash flows along with higher weighted-average costs of capital attributed to these brands compared to previously made assumptions continue to result in lower brand valuations as this charge follows impairments of $360.0 million in 2014 and $150.9 million in 2013 related to European indefinite-lived brands as a result of our 2014 and 2013 annual impairment testing, respectively. The remaining Europe indefinite-lived intangibles' fair values, including Staropramen and Carling brands, while facing similar macroeconomic challenges, were sufficiently in excess of their respective carrying values.

In conjunction with the interim brand impairment review, we also reassessed each brand's indefinite-life classification and determined that these impaired brands have characteristics that have evolved and which now indicate a definite-life is more appropriate. Specifically, such characteristics include continued pressure on these brands given the geographical markets and price segments in which they participate, as well as significant competition from the value segment, which has challenged the segment in which these brands operate with continued stress on these brands driven by on-going macroeconomic conditions. These brands have therefore been reclassified as definite-lived intangible assets with the remaining aggregate fair value of $700.2 million, which equals the carrying value, to be amortized over useful lives ranging from 30 to 50 years.
Separately, our Molson core brand intangible asset continues to be at risk of future impairment with a fair value estimated at approximately 9% in excess of its carrying value as of the October 1, 2014, impairment testing date. The fair value of the Molson core brand intangible assets in excess of carrying value decreased slightly from the prior year, as they continue to face significant competitive pressures and challenging macroeconomic conditions in the Canada market. These challenges continue to be partially offset by anticipated cost savings initiatives. As part of our annual impairment testing during the fourth quarter of 2015, we will evaluate the impact to the fair value of the intangible asset as a result of management's completed strategic and annual operating planning and forecasting process along with potential changes in other key inputs, such as the weighted-average cost of capital, which could be adversely impacted by a number of factors. As of September 30, 2015, the Molson core brand intangible asset had a carrying value of $2,280.4 million. The value of the Coors Light brand distribution rights and our other indefinite-lived intangible assets in Canada continue to be sufficiently in excess of their carrying values.

We utilized Level 3 fair value measurements in our impairment analysis of our indefinite-lived intangible assets, which utilizes an excess earnings approach to determine the fair values of the assets as of the testing date, inclusive of the intangible assets mentioned above valued during the third quarter of 2015. 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.

Key Assumptions
The Europe and Canada reporting units' goodwill and the Molson core brand intangible asset are at risk of future impairment in the event of significant unfavorable changes in the forecasted cash flows (including significant delays in projected macroeconomic recovery or prolonged adverse economic conditions), terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flow analyses. For testing purposes, management's best estimates of the expected future results are the primary driver in determining the fair value. Current projections used for our Europe reporting unit testing reflect continued challenging environments in the future followed by growth resulting from a longer term recovery of the macroeconomic environment, as well as the benefit of anticipated cost savings and specific brand-building and innovation activities. Our Canada reporting unit and Molson core brand projections also reflect a continued challenging environment that has been adversely impacted by a weak economy across all industries, as well as weakened consumer demand driven by increased competitive pressures, partially offset by anticipated cost savings and specific brand-building and innovation activities. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our Canada and Europe reporting units and Molson core brand may include such items as: (i) a decrease in expected future cash flows, specifically, a decrease in sales volume and increase in costs due to another natural disaster or other unknown event 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) an economic recovery that significantly differs from our assumptions in timing and/or degree (such as a recession or continued worsening of the overall European economy), an inability of the market to successfully recover from the recent severe flooding in several of our Central European markets, (iii) volatility in the equity and debt markets or other country specific factors which could result in a higher weighted-average cost of capital; and (iv) sensitivity to market multiples.
While historical performance and current expectations have resulted in fair values of our reporting units in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future.
Definite-Lived Intangibles
Regarding definite-lived intangibles, we continuously monitor the performance of the underlying asset for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the third quarter of 2015.
In the third quarter of 2014, as a result of the settlement with Miller in Canada, we updated our assessment of the definite-lived intangible asset related to the Miller license agreement for impairment resulting in an $8.9 million impairment charge. The valuation of the asset at that time was primarily indicative of the settlement amount, as well as the remaining future cash flows expected to be generated under the license agreement through March 31, 2015. We received half of the mutually agreed upon settlement payment following the execution of the settlement and received the remainder upon finalization of transition at the end of the first quarter of 2015. The intangible asset was fully amortized as of the end of the first quarter of 2015 and the associated gross value and accumulated amortization balances were written off. We utilized Level 3 fair value measurements in our impairment analysis of this definite-lived intangible asset in the third quarter of 2014, which included cash flow assumptions by management related to the transition period.
Debt
Debt
Debt
Debt obligations
Our total borrowings as of September 30, 2015, and December 31, 2014, were comprised of the following:
 
As of
 
September 30, 2015
 
December 31, 2014(1)
 
(In millions)
Senior notes:
 
 
 
CAD 900 million 5.0% notes due 2015(2)
$
—

 
$
774.5

CAD 500 million 3.95% Series A notes due 2017
375.6

 
430.3

CAD 400 million 2.25% notes due 2018(2)
300.5

 
—

CAD 500 million 2.75% notes due 2020(2)
375.6

 
—

$300 million 2.0% notes due 2017(3)
301.3

 
300.0

$500 million 3.5% notes due 2022(3)
523.4

 
510.8

$1.1 billion 5.0% notes due 2042
1,100.0

 
1,100.0

Less: unamortized debt discounts and debt issuance costs
(22.5
)
 
(20.4
)
Total long-term debt (including current portion)
2,953.9

 
3,095.2

Less: current portion of long-term debt
—

 
(773.9
)
Total long-term debt
$
2,953.9

 
$
2,321.3

 
 
 
 
Short-term borrowings:
 
 
 
Commercial paper program(4)
$
10.0

 
$
—

Cash pool overdrafts(5)
9.4

 
64.6

Japanese Yen ("JPY") 1.5 billion line of credit(6)
10.8

 
4.9

Other short-term borrowings
18.0

 
5.6

Current portion of long-term debt
—

 
773.9

Current portion of long-term debt and short-term borrowings
$
48.2

 
$
849.0


(1)
Amounts have been adjusted to reflect the adoption of the authoritative guidance requiring debt issuance costs to be presented as a direct reduction from the carrying value of the related debt. See Note 2, "New Accounting Pronouncements" for further discussion.
(2)
On September 18, 2015, Molson Coors International, LP, a Delaware partnership and a wholly owned subsidiary of MCBC, issued CAD 500 million 2.75% notes due September 18, 2020 ("CAD 500 million notes"), and CAD 400 million 2.25% notes due September 18, 2018 ("CAD 400 million notes", and together with the CAD 500 million notes, the "2015 Notes"). Our previously issued CAD 900 million 5.0% notes matured on September 22, 2015, and were repaid using the proceeds from the new offerings. Prior to issuing the 2015 Notes, we entered into forward starting interest rate swap agreements to hedge the interest rate volatility on CAD 600 million of the 2015 Notes beginning in the second quarter of 2014. At the time of the issuance of the 2015 Notes, the government of Canada bond rates were trading at a yield lower than that locked in by the interest rate swaps, resulting in an aggregate realized loss of CAD 39.2 million ($29.5 million at settlement), which was recorded in other comprehensive income. A portion of this loss is being amortized into interest expense over the 5-year and 3-year lives of the respective 2015 Notes and will increase our effective cost of borrowing compared to the stated coupon rates by 0.65% on the CAD 500 million notes and 0.16% on the CAD 400 million notes. The remaining portion of the loss will be amortized on future debt issuances covering the full 10-year term of the interest rate swap agreements. The cash payment associated with the settlement of the forward starting interest rate swap agreements was recorded as an operating outflow within the other assets and liabilities line item on the unaudited condensed consolidated statement of cash flows. See Note 13, "Derivative Instruments and Hedging Activities" for further details on the forward starting interest rate swaps.
(3)
In the first quarter of 2015, we entered into interest rate swaps to economically convert our fixed rate $300 million 2.0% notes due 2017 ("$300 million notes") to floating rate debt consistent with the interest rate swaps on our $500 million 3.5% notes due 2022 ("$500 million notes") entered into during 2014. As a result of these hedge programs, the carrying value of the $300 million and $500 million notes include adjustments of $1.3 million and $23.4 million, respectively, for fair value movements attributable to the benchmark interest rate. The carrying value of the $500 million note included an adjustment of $10.8 million for fair value movements attributable to the benchmark interest rate as of December 31, 2014.
In the first quarter of 2015, we also entered into a cross currency swap with a total notional of Euro ("EUR") 265 million ($300 million upon execution) in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of this cross currency swap and the above mentioned interest rate swaps, we have economically converted the $300 million notes and associated interest to a floating rate EUR denomination. The effective interest rate for the $300 million notes, adjusted for these swaps, was (0.33)% and 0.98%, for the three and nine months ended September 30, 2015, respectively. The interest rate swaps on our $500 million notes resulted in an effective interest rate of 1.41% and 1.38% for the three and nine months ended September 30, 2015, and 1.41% and 2.74% for the three and nine months ended September 30, 2014, respectively. See Note 13, "Derivative Instruments and Hedging Activities" for further details.
(4)
As of September 30, 2015, the weighted-average effective interest rate and tenor for the outstanding commercial paper borrowings was 0.45% and 17.1 days, respectively. As of September 30, 2015, we have $740.0 million available to draw on under our $750 million revolving credit facility, as the borrowing capacity is reduced by borrowings under our commercial paper program, and we have no other borrowings drawn on this revolving credit facility.
(5)
As of September 30, 2015, we had $9.4 million in bank overdrafts and $63.3 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. As of December 31, 2014, we had $64.6 million in bank overdrafts and $80.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $15.4 million.
(6)
In addition to our JPY line of credit, we have a EUR revolving credit facility and GBP and CAD overdraft facilities which we had no borrowings under as of September 30, 2015, or December 31, 2014.
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 September 30, 2015, and December 31, 2014, the fair value of our outstanding long-term debt (including current portion) was $2,873.8 million and $3,240.6 million, respectively. All senior notes are valued based on significant observable inputs and would be 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.
Other
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include restrictions on priority indebtedness (certain threshold percentages of secured consolidated net tangible assets), leverage thresholds, liens, and restrictions on certain types of sale lease-back transactions and transfers of assets. As of September 30, 2015, and December 31, 2014, we were in compliance with all of these restrictions and have met all debt payment obligations.
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) ("AOCI")
 
MCBC shareholders
 
Foreign
currency
translation
adjustments
 
Gain (loss) on
derivative
instruments
 
Pension and
postretirement
benefit
adjustments
 
Equity method
investments
 
Accumulated
other
comprehensive
income (loss)
 
(In millions)
As of December 31, 2014
$
129.8

 
$
15.0

 
$
(658.5
)
 
$
(384.7
)
 
$
(898.4
)
Foreign currency translation adjustments
(630.2
)
 
—

 
—

 
—

 
(630.2
)
Unrealized gain (loss) on derivative instruments
—

 
6.5

 
—

 
—

 
6.5

Reclassification of derivative (gain) loss to income
—

 
(6.2
)
 
—

 
—

 
(6.2
)
Pension and other postretirement benefit adjustments
—

 
—

 
(2.2
)
 
—

 
(2.2
)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
—

 
—

 
35.2

 
—

 
35.2

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

 
—

 
—

 
(3.8
)
 
(3.8
)
Tax benefit (expense)
(57.2
)
 
5.6

 
(7.4
)
 
1.4

 
(57.6
)
As of September 30, 2015
$
(557.6
)
 
$
20.9

 
$
(632.9
)
 
$
(387.1
)
 
$
(1,556.7
)


Reclassifications from AOCI to income:
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
 
 
 
Reclassifications from AOCI
 
Location of gain (loss)
recognized in income
 
 
(In millions)
 
 
Gain/(loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Forward starting interest rate swaps
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.0
)
 
$
(1.2
)
 
Interest expense, net
Foreign currency forwards
 
(3.8
)
 
(6.1
)
 
(9.1
)
 
(3.8
)
 
Other income (expense), net
Foreign currency forwards
 
6.2

 
(6.4
)
 
16.3

 
(0.1
)
 
Cost of goods sold
Commodity swaps
 
—

 
—

 
—

 
0.4

 
Cost of goods sold
Total income (loss) reclassified, before tax
 
2.0

 
(12.9
)
 
6.2

 
(4.7
)
 
 
Income tax benefit (expense)
 
(0.3
)
 
3.0

 
(1.5
)
 
0.4

 
 
Net income (loss) reclassified, net of tax
 
$
1.7

 
$
(9.9
)
 
$
4.7

 
$
(4.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postretirement benefit plan items:
 
 
 
 
 
 
 
 
 
 
Prior service benefit (cost)
 
$
0.2

 
$
0.7

 
$
—

 
$
1.8

 
(1)
Net actuarial gain (loss)
 
(12.1
)
 
(9.0
)
 
(35.2
)
 
(26.9
)
 
(1)
Total income (loss) reclassified, before tax
 
(11.9
)
 
(8.3
)
 
(35.2
)
 
(25.1
)
 
 
Income tax benefit (expense)
 
2.8

 
4.0

 
7.8

 
5.4

 
 
Net income (loss) reclassified, net of tax
 
$
(9.1
)
 
$
(4.3
)
 
$
(27.4
)
 
$
(19.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total income (loss) reclassified, net of tax
 
$
(7.4
)
 
$
(14.2
)
 
$
(22.7
)
 
$
(24.0
)
 
 
(1)
These components of AOCI are included in the computation of net periodic pension and other postretirement benefit cost. See Note 14, "Pension and Other Postretirement Benefits" for additional details.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented in Notes 1 and 17 of the Notes included in our Annual Report and did not significantly change during the first three quarters of 2015. As noted in Note 17 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty, and therefore, present our derivative positions gross in our unaudited condensed consolidated balance sheets. Our significant derivative positions have not changed considerably since year-end, except as noted below.
Interest Rate Swaps
In the first quarter of 2015, we entered into interest rate swaps with an aggregate notional of $300 million to economically convert our fixed rate $300 million notes to floating rate debt. We will receive fixed interest payments semi-annually at a rate of 2% per annum on our $300 million hedges and pay a rate to our counterparties based on a credit spread plus the three month LIBOR rate, thereby effectively exchanging a fixed interest obligation for a floating interest obligation.
We entered into these interest rate swap agreements to minimize exposure to changes in the fair value of our $300 million notes that results from fluctuations in the benchmark interest rate, specifically LIBOR, and have designated these swaps as fair value hedges and determined that there is zero ineffectiveness, consistent with our $500 million interest rate hedges that we entered into in 2014. The changes in fair value of derivatives designated as fair value hedges and the offsetting changes in fair value of the hedged item are recognized in earnings. For the three and nine months ended September 30, 2015, the changes in fair value of the $500 million interest rate swap resulted in unrealized gains of $15.2 million and $12.6 million, respectively. The changes in fair value of the $300 million interest rate swap resulted in unrealized gains of $0.8 million and $1.3 million, respectively, for the same period. These changes were recorded in interest expense in our unaudited condensed consolidated statement of operations and were fully offset by changes in fair value of the $500 million notes and the $300 million notes attributable to the benchmark interest rate. Accordingly, as of September 30, 2015, and December 31, 2014, such cumulative adjustments had increased the carrying value of our $500 million notes by $23.4 million and $10.8 million, respectively, and as of September 30, 2015, such cumulative adjustments had increased the carrying value of our $300 million notes by $1.3 million. See Note 11, "Debt" for additional details.
Cross Currency Swap
In the first quarter of 2015, we entered into a cross currency swap agreement having a total notional of EUR 265 million ($300 million upon execution) in order to hedge a portion of the foreign currency translational impacts of our European investment. We will receive floating interest payments quarterly based on a credit spread plus the three month LIBOR (USD coupon) and pay a floating rate to our counterparty based on a credit spread plus EURIBOR (EUR coupon). As a result of this cross currency swap and the above mentioned interest rate swaps, we have economically converted the $300 million notes and associated interest to a floating rate EUR denomination. We have designated this cross currency swap as a net investment hedge and accordingly, record changes in fair value due to fluctuations in the spot rate to AOCI. The changes in fair value of the derivative 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.
Forward Starting Interest Rate Swaps
Prior to the September 2015 issuance of our privately placed CAD 500 million 2.75% notes due 2020 and CAD 400 million 2.25% private placement notes due 2018, 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 debt issuances. The swaps had effective dates mirroring the terms of the forecasted debt. 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 5-year and 3-year lives of the CAD 500 million and CAD 400 million notes, respectively, and the remaining portion of the loss will be amortized on future debt issuances covering the 10-year term of the interest rate swap agreements. See Note 11, "Debt", for further discussion.
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. The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2015, and December 31, 2014.
 
 
 
Fair value measurements as of September 30, 2015
 
Total at September 30, 2015
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Cross currency swap
$
3.7

 
$
—

 
$
3.7

 
$
—

Interest rate swaps
24.7

 
—

 
24.7

 
—

Foreign currency forwards
42.6

 
—

 
42.6

 
—

Commodity swaps
(17.3
)
 
—

 
(17.3
)
 
—

Total
$
53.7

 
$
—

 
$
53.7

 
$
—

 
 
 
Fair value measurements as of December 31, 2014
 
Total at December 31, 2014
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Interest rate swaps
$
(2.2
)
 
$
—

 
$
(2.2
)
 
$
—

Foreign currency forwards
31.6

 
—

 
31.6

 
—

Commodity swaps
(8.9
)
 
—

 
(8.9
)
 
—

Total
$
20.5

 
$
—

 
$
20.5

 
$
—



As of September 30, 2015, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three and nine months ended September 30, 2015, were all included in Level 2.
Results of Period Derivative Activity
The tables below include the year-to-date results of our derivative activity in the unaudited condensed consolidated balance sheets as of September 30, 2015, and December 31, 2014, and the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015, and September 30, 2014.
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet (in millions)
 
 
 
 
 
Asset derivatives
 
Liability derivatives
 
 
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Cross currency swap
$
296.3

 
Other non-current assets
 
$
3.7

 
Other liabilities
 
$
—

Interest rate swaps
$
800.0

 
Other non-current assets
 
24.7

 
Other liabilities
 
—

Foreign currency forwards
$
311.3

 
Other current assets
 
27.5

 
Accounts payable and other current liabilities
 
—

 
 
 
Other non-current assets
 
15.1

 
Other liabilities
 
—

Total derivatives designated as hedging instruments
 
 
 
$
71.0

 
 
 
$
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps
$
123.7

 
Other current assets
 
$
0.2

 
Accounts payable and other current liabilities
 
$
(10.1
)
 
 
 
Other non-current assets
 
0.6

 
Other liabilities
 
(8.0
)
Total derivatives not designated as hedging instruments
 
$
0.8

 
 
 
$
(18.1
)
 
 
 
 
 
Asset derivatives
 
Liability derivatives
 
 
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Interest rate swaps
$
844.2

 
Other current assets
 
$
—

 
Accounts payable and other current liabilities
 
$
(13.0
)
 
 
 
Other non-current assets
 
10.8

 
Other liabilities
 
—

Foreign currency forwards
$
343.4

 
Other current assets
 
19.5

 
Accounts payable and other current liabilities
 
—

 
 
 
Other non-current assets
 
12.1

 
Other liabilities
 
—

Total derivatives designated as hedging instruments
 
 
 
$
42.4

 
 
 
$
(13.0
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps
$
111.1

 
Other current assets
 
$
0.2

 
Accounts payable and other current liabilities
 
$
(4.9
)
 
 
 
Other non-current assets
 
0.4

 
Other liabilities
 
(4.6
)
Total derivatives not designated as hedging instruments
 
$
0.6

 
 
 
$
(9.5
)

The Pretax Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (in millions)
For the Three Months Ended September 30, 2015
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(14.3
)
 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
10.9

 
Other income (expense), net
 
(3.8
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
6.2

 
Cost of goods sold
 
—

Total
 
$
(3.4
)
 
 
 
$
2.0

 
 
 
$
—

For the Three Months Ended September 30, 2015
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
(0.8
)
 
Interest expense, net
 
$
—

 
Interest expense, net
 
$
0.8

Total
 
$
(0.8
)
 
 
 
$
—

 
 
 
$
0.8

For the Three Months Ended September 30, 2015
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss) recognized in income
Interest rate swaps
 
$
16.0

 
Interest expense, net
Total
 
$
16.0

 
 
For the Three Months Ended September 30, 2014
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(2.1
)
 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
1.2

 
Other income (expense), net
 
(6.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
(6.4
)
 
Cost of goods sold
 
—

Total
 
$
(0.9
)
 
 
 
$
(12.9
)
 
 
 
$
—


For the Three Months Ended September 30, 2014
Derivatives in fair value hedge relationships
 
Amount of gain
(loss) recognized
in income
 
Location of gain (loss) recognized in income
Interest rate swap
 
$
2.2

 
Interest expense, net
Total
 
$
2.2

 
 

For the Nine Months Ended September 30, 2015
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(19.3
)
 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
22.1

 
Other income (expense), net
 
(9.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
16.3

 
Cost of goods sold
 
—

Total
 
$
2.8

 
 
 
$
6.2

 
 
 
$
—

For the Nine Months Ended September 30, 2015
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
3.7

 
Interest expense, net
 
$
—

 
Interest expense, net
 
$
—

Total
 
$
3.7

 
 
 
$
—

 
 
 
$
—

For the Nine Months Ended September 30, 2015
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss) recognized in income
Interest rate swaps
 
$
13.9

 
Interest expense, net
Total
 
$
13.9

 
 
For the Nine Months Ended September 30, 2014
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(2.4
)
 
Interest expense, net
 
$
(1.2
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
0.8

 
Other income (expense), net
 
(3.8
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
(0.1
)
 
Cost of goods sold
 
—

Commodity swaps
 
0.5

 
Cost of goods sold
 
0.4

 
Cost of goods sold
 
—

Total
 
$
(1.1
)
 
 
 
$
(4.7
)
 
 
 
$
—

For the Nine Months Ended September 30, 2014
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
6.5

 
Other income (expense), net
 
$
—

 
Other income (expense), net
 
$
—

Total
 
$
6.5

 
 
 
$
—

 
 
 
$
—

For the Nine Months Ended September 30, 2014
Derivatives in fair value hedge relationships
 
Amount of gain
(loss) recognized
in income
 
Location of gain (loss) recognized in income
Interest rate swap
 
$
3.4

 
Interest expense, net
Total
 
$
3.4

 
 

We expect net gains of approximately $25 million (pretax) recorded in AOCI at September 30, 2015, will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged at September 30, 2015, is three years.
Other Derivatives (in millions)
For the Three Months Ended September 30, 2015
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(7.2
)
Total
 
 
 
$
(7.2
)
For the Three Months Ended September 30, 2014
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity Swaps
 
Cost of goods sold
 
$
0.4

Total
 
 
 
$
0.4

For the Nine Months Ended September 30, 2015
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(13.2
)
Foreign currency forwards
 
Other income (expense), net
 
0.1

Total
 
 
 
$
(13.1
)
For the Nine Months Ended September 30, 2014
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity Swaps
 
Cost of goods sold
 
(0.2
)
Total
 
 
 
$
(0.2
)
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
14. Pension and Other Postretirement Benefits ("OPEB")
 
For the Three Months Ended
 
September 30, 2015
 
September 30, 2014
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost - benefits earned during the year
$
2.1

 
$
0.7

 
$
2.8

 
$
3.4

 
$
0.8

 
$
4.2

Interest cost on projected benefit obligation
33.9

 
1.6

 
35.5

 
42.5

 
1.8

 
44.3

Expected return on plan assets
(44.0
)
 
—

 
(44.0
)
 
(50.6
)
 
—

 
(50.6
)
Amortization of prior service cost (benefit)
0.2

 
(0.4
)
 
(0.2
)
 
0.1

 
(0.8
)
 
(0.7
)
Amortization of net actuarial loss (gain)
12.1

 
—

 
12.1

 
9.2

 
(0.2
)
 
9.0

Less: expected participant contributions
(0.2
)
 
—

 
(0.2
)
 
(0.2
)
 
—

 
(0.2
)
Net periodic pension and OPEB cost
$
4.1

 
$
1.9

 
$
6.0

 
$
4.4

 
$
1.6

 
$
6.0


 
For the Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost:
 

 
 

 
 
 
 
 
 
 
 
Service cost - benefits earned during the year
$
7.3

 
$
1.6

 
$
8.9

 
$
10.0

 
$
2.3

 
$
12.3

Interest cost on projected benefit obligation
103.2

 
4.6

 
107.8

 
127.2

 
5.4

 
132.6

Expected return on plan assets
(132.7
)
 
—

 
(132.7
)
 
(149.5
)
 
—

 
(149.5
)
Amortization of prior service cost (benefit)
0.6

 
(0.6
)
 
—

 
0.5

 
(2.3
)
 
(1.8
)
Amortization of net actuarial loss (gain)
35.2

 
—

 
35.2

 
27.6

 
(0.7
)
 
26.9

Curtailment (gain) loss
(1.0
)
 
—

 
(1.0
)
 
—

 
—

 
—

Less: expected participant contributions
(0.6
)
 
—

 
(0.6
)
 
(0.8
)
 
—

 
(0.8
)
Net periodic pension and OPEB cost
$
12.0

 
$
5.6

 
$
17.6

 
$
15.0

 
$
4.7

 
$
19.7


Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
Discontinued Operations
Kaiser
In 2006, we sold our entire equity interest in our Brazilian unit, Cervejarias Kaiser Brasil S.A. ("Kaiser") to FEMSA Cerveza S.A. de C.V. ("FEMSA"). The terms of the sale agreement require us to indemnify FEMSA for certain exposures related to tax, civil and labor contingencies arising prior to FEMSA's purchase of Kaiser. In addition, we provided an indemnity to FEMSA for losses Kaiser may incur with respect to tax claims associated with certain previously utilized purchased tax credits. The discontinued operations balances within the current and non-current liabilities of our unaudited condensed consolidated balance sheets consist entirely of our estimates of these liabilities. These liabilities are denominated in Brazilian Reais and are therefore subject to foreign exchange gains or losses, which are recognized in the discontinued operations section of the unaudited condensed consolidated statements of operations. There have been no changes in the underlying liabilities from the year ended December 31, 2014; therefore, all changes in the current and non-current liabilities of discontinued operations during the first three quarters of 2015 are due to fluctuations in foreign exchange rates from December 31, 2014, to September 30, 2015. During the three months ended September 30, 2015, and September 30, 2014, we recognized gains of $2.9 million and $1.3 million, respectively, from discontinued operations associated with foreign exchange gains and losses related to indemnities we provided to FEMSA, and during the nine months ended September 30, 2015, and September 30, 2014, we recognized gains of $4.5 million and losses of $0.4 million, respectively. Our exposure related to the tax, civil and labor indemnity claims is capped at the amount of the sales price of the 68% equity interest of Kaiser, which was $68.0 million. Separately, the maximum potential claims amount remaining for the purchased tax credits was $88.6 million, based on foreign exchange rates as of September 30, 2015.
Future settlement procedures and related negotiation activities associated with these contingencies are largely outside of our control. Due to the uncertainty involved with the ultimate outcome and timing of these contingencies, significant adjustments to the carrying values of the indemnity obligations have been recorded to date, and additional future adjustments may be required.
Guarantees
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of September 30, 2015, accounts payable and other current liabilities in the accompanying unaudited condensed consolidated balance sheets includes $12.4 million related to the guarantee of the indebtedness of our equity method investments. See Note 4, "Investments" for more details. Additionally, related to our previous ownership in the Montréal Canadiens, we guarantee its obligations under a ground lease for the Bell Centre Arena (the "Ground Lease Guarantee"). Upon sale of our interest, the new owners agreed to indemnify us in connection with the liabilities we may incur under the Ground Lease Guarantee and provided us with a CAD 10 million letter of credit to guarantee such indemnity. This transaction did not materially affect our risk exposure related to the Ground Lease Guarantee, which continues to be recognized as a liability on our unaudited condensed consolidated balance sheets. Other liabilities in the accompanying unaudited condensed consolidated balance sheets include $4.6 million as of September 30, 2015, and $5.3 million as of December 31, 2014, related to the Ground Lease Guarantee, both of which are classified as non-current.
Litigation, Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we have accrued an aggregate of $14.1 million as of September 30, 2015, and $16.6 million as of December 31, 2014. We believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements, except as noted below.
In addition to the specific cases discussed below, we are involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as discussed below, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business.
During the fourth quarter of 2014 and the first quarter of 2015, we received assessments from a local country regulatory authority related to indirect tax calculations in our Europe operations during the 29 month period prior to receipt of the most recent assessment. The aggregate amount of the assessments received is approximately $78 million, based on foreign exchange rates at September 30, 2015. While we intend to vigorously challenge the validity of these assessments and defend our position regarding the method of calculation, if the assessments, as issued, are ultimately upheld, they could materially affect our results of operations. Specifically, if fully upheld, we would be required to record a charge at the high-end of the below range of loss, and this charge and on-going implications to our calculations would negatively impact our current and future operating income, respectively. Based on the assessments received and related impacts, we estimate a current range of loss of zero to approximately $106 million, based on foreign exchange rates at September 30, 2015. We continue to apply the methodology challenged in the assessments while the regulatory appeal process remains ongoing, and, as a result, the related range of loss is expected to increase until ultimately resolved. We continue to follow the required regulatory procedures in order to proceed with our appeal of the assessments. We currently believe this appeal process will take several months to reach a formal conclusion, and may not be resolved until fiscal year 2016. No provision is currently recorded for these assessments or the related range of loss. 
In 2013, we became aware of potential liabilities in several European countries primarily related to local country regulatory matters associated with StarBev Holdings S.à r.l. ("StarBev") pre-acquisition periods. We recorded liabilities related to these matters in the second quarter of 2013 as we finalized purchase price accounting related to the acquisition of StarBev. During the first quarter of 2014, these matters were favorably resolved, and we released the associated indirect-tax and income-tax-related reserves, inclusive of post-acquisition accrued interest, resulting in a gain of $13.0 million recorded within marketing, general and administrative expenses and an income tax benefit of $18.5 million.
While we cannot predict the eventual aggregate cost for environmental and related matters in which we are currently involved, we believe that any payments, if required, for these matters would be made over a period of time in amounts that would not be material in any one year to our results from operations, cash flows or our financial or competitive position. We believe adequate reserves have been provided for losses that are probable and estimable.
Litigation and Other Disputes
On December 12, 2014, a notice of action captioned David Hughes and 631992 Ontario Inc. v. Liquor Control Board of Ontario, Brewers Retail Inc., Labatt Breweries of Canada LP, Molson Coors Canada and Sleeman Breweries Ltd. No. CV-14-518059-00CP was filed in Ontario, Canada in the Ontario Superior Court of Justice. BRI and its owners, including Molson Coors Canada, as well as the LCBO are named as defendants in the action. The plaintiffs allege that The Beer Store (retail outlets owned and operated by BRI) and LCBO improperly entered into an agreement to fix prices and market allocation within the Ontario beer market to the detriment of licensees and consumers. The plaintiffs seek to have the claim certified as a class action on behalf of all Ontario beer consumers and licensees and, among other things, damages in the amount of CAD 1.4 billion. Although we are at an early stage of the proceedings, we note that The Beer Store operates according to the rules established by the Government of Ontario for regulation, sale and distribution of beer in the province. Additionally, prices at The Beer Store are independently set by each brewer and are approved by the LCBO on a weekly basis. As such, we currently believe the claim has been made without merit, and we intend to vigorously assert and defend our rights in this lawsuit.
Environmental
Canada
Our Canada brewing operations are subject to provincial environmental regulations and local permit requirements. Our Montréal and Toronto breweries have water treatment facilities to pre-treat waste water before it goes to the respective local governmental facility for final treatment. We have environmental programs in Canada including organization, monitoring and verification, regulatory compliance, reporting, education and training, and corrective action.
We sold a chemical specialties business in 1996. We are still responsible for certain aspects of environmental remediation, undertaken or planned, at those chemical specialties business locations. We have established provisions for the costs of these remediation programs.
United States
We were previously notified that we are or may be a potentially responsible party ("PRP") under the Comprehensive Environmental Response, Compensation and Liability Act or similar state laws for the cleanup of sites where hazardous substances have allegedly been released into the environment. We cannot predict with certainty the total costs of cleanup, our share of the total cost, the extent to which contributions will be available from other parties, the amount of time necessary to complete the cleanups or insurance coverage.
Lowry
We are one of a number of entities named by the Environmental Protection Agency ("EPA") as a PRP at the Lowry Superfund site. This landfill is owned by the City and County of Denver ("Denver") and is managed by Waste Management of Colorado, Inc. ("Waste Management"). In 1990, we recorded a pretax charge of $30 million, a portion of which was put into a trust in 1993 as part of a settlement with Denver and Waste Management regarding the then-outstanding litigation. Our settlement was based on an assumed remediation cost of $120 million (in 1992 adjusted dollars). We are obligated to pay a portion of future costs, if any, in excess of that amount.
Waste Management provides us with updated annual cost estimates through 2032. We review these cost estimates in the assessment of our accrual related to this issue. We use certain assumptions that differ from Waste Management's estimates to assess our expected liability. Our expected liability (based on the $120 million threshold being met) is based on our best estimates available.
The assumptions used are as follows:
•
trust management costs are included in projections with regard to the $120 million threshold, but are expensed only as incurred;
•
income taxes, which we believe are not an included cost, are excluded from projections with regard to the $120 million threshold;
•
a 2.5% inflation rate for future costs; and
•
certain operations and maintenance costs were discounted using a 2.47% risk-free rate of return.
Based on these assumptions, the present value and gross amount of the costs at September 30, 2015, are approximately $3.3 million and $6.2 million, respectively. We did not assume any future recoveries from insurance companies in the estimate of our liability, and none are expected.
Considering the estimates extend through the year 2032 and the related uncertainties at the site, including what additional remedial actions may be required by the EPA, new technologies and what costs are included in the determination of when the $120 million is reached, the estimate of our liability may change as further facts develop. We cannot predict the amount of any such change, but additional accruals in the future are possible.
Other
In prior years, we were notified by the EPA and certain state environmental divisions that we are a PRP, along with other parties, at the Cooper Drum site in southern California, the East Rutherford and Berry's Creek sites in New Jersey and the Chamblee and Smyrna sites in Georgia. Certain former non-beer business operations, which we discontinued use of and subsequently sold, were involved at these sites. Potential losses associated with these sites could increase as remediation planning progresses.
We are aware of groundwater contamination at some of our properties in Colorado resulting from historical, ongoing, or nearby activities. There may also be other contamination of which we are currently unaware.
Europe and MCI
We are subject to the requirements of governmental and local environmental and occupational health and safety laws and regulations within each of the countries in which we operate. Compliance with these laws and regulations did not materially affect our capital expenditures, results of operations or our financial or competitive position for the three and nine months ended September 30, 2015, and we do not anticipate that they will do so during the remainder of the year.
Supplemental Guarantor Information
Supplemental Guarantor Information
Supplemental Guarantor Information
        For purposes of this Note 16, including the tables, "Parent Guarantor and 2012 Issuer" shall mean MCBC and "Subsidiary Guarantors" shall mean certain Canadian, U.S. and European subsidiaries reflecting the substantial operations of each of our Canada and U.S. segments, as well as our U.K. operations of our Europe segment.
SEC Registered Securities
On May 3, 2012, MCBC issued $1.9 billion of senior notes, in a registered public offering, consisting of $300 million 2.0% senior notes due 2017, $500 million 3.5% senior notes due 2022, and $1.1 billion 5.0% senior notes due 2042. These senior notes are guaranteed on a senior unsecured basis by the Subsidiary Guarantors. Each of the Subsidiary Guarantors is 100% owned by the Parent Guarantor. The guarantees are full and unconditional and joint and several. See Note 11, "Debt" for additional details.
Other Debt
On September 22, 2005, MC Capital Finance ULC ("MC Capital Finance") issued $1.1 billion of senior notes consisting of $300 million 4.85% U.S. publicly registered notes due 2010 and CAD 900 million 5.0% privately placed notes maturing on September 22, 2015. These CAD 900 million senior notes were subsequently exchanged for substantially identical CAD 900 million senior notes which were quantified by way of a prospectus in Canada. In connection with an internal corporate reorganization, Molson Coors International LP ("MCI LP") was subsequently added as a co-issuer of the CAD 900 million senior notes in 2007. The $300 million senior notes were repaid in 2010. The CAD 900 million notes due September 22, 2015 were fully repaid using the proceeds from the issuance on September 18, 2015 of privately placed CAD 500 million 2.75% notes due 2020, and privately placed CAD 400 million 2.25% notes due 2018. Both offerings are guaranteed by MCBC, and certain of our U.S. and Canadian subsidiaries. Subsequent to settlement of the notes due on September 22, 2015, and local regulatory approval, MC Capital Finance ceased to be a reporting issuer in all the applicable provinces of Canada.
None of our other outstanding debt is publicly registered, and it is all guaranteed on a senior and unsecured basis by the Parent Guarantor and Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 11, "Debt" for details of all debt issued and outstanding as of September 30, 2015.
Presentation    
The following information sets forth the condensed consolidating statements of operations for the three and nine months ended September 30, 2015, and September 30, 2014, condensed consolidating balance sheets as of September 30, 2015, and December 31, 2014, and condensed consolidating statements of cash flows for the nine months ended September 30, 2015, and September 30, 2014. Investments in subsidiaries are accounted for under the equity method; accordingly, entries necessary to consolidate the Parent Guarantor and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
4.9

 
$
1,109.9

 
$
378.2

 
$
(38.7
)
 
$
1,454.3

Excise taxes
—

 
(354.3
)
 
(82.6
)
 
—

 
(436.9
)
Net sales
4.9

 
755.6

 
295.6

 
(38.7
)
 
1,017.4

Cost of goods sold
—

 
(439.5
)
 
(172.4
)
 
26.0

 
(585.9
)
Gross profit
4.9

 
316.1

 
123.2

 
(12.7
)
 
431.5

Marketing, general and administrative expenses
(28.9
)
 
(169.7
)
 
(79.3
)
 
12.7

 
(265.2
)
Special items, net
—

 
(17.9
)
 
(275.6
)
 
—

 
(293.5
)
Equity income (loss) in subsidiaries
96.6

 
(294.3
)
 
73.1

 
124.6

 
—

Equity income in MillerCoors
—

 
135.3

 
—

 
—

 
135.3

Operating income (loss)
72.6

 
(30.5
)
 
(158.6
)
 
124.6

 
8.1

Interest income (expense), net
(16.1
)
 
56.7

 
(67.4
)
 
—

 
(26.8
)
Other income (expense), net
(0.1
)
 
3.2

 
0.6

 
—

 
3.7

Income (loss) from continuing operations before income taxes
56.4

 
29.4

 
(225.4
)
 
124.6

 
(15.0
)
Income tax benefit (expense)
(39.8
)
 
66.2

 
0.9

 
—

 
27.3

Net income (loss) from continuing operations
16.6

 
95.6

 
(224.5
)
 
124.6

 
12.3

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

 
—

 
2.9

 
—

 
2.9

Net income (loss) including noncontrolling interests
16.6

 
95.6

 
(221.6
)
 
124.6

 
15.2

Net (income) loss attributable to noncontrolling interests
—

 
—

 
1.4

 
—

 
1.4

Net income (loss) attributable to MCBC
$
16.6

 
$
95.6

 
$
(220.2
)
 
$
124.6

 
$
16.6

Comprehensive income (loss) attributable to MCBC
$
(239.4
)
 
$
(134.2
)
 
$
(286.1
)
 
$
420.3

 
$
(239.4
)

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.5

 
$
1,290.6

 
$
407.8

 
$
(54.9
)
 
$
1,650.0

Excise taxes
—

 
(394.1
)
 
(87.9
)
 
—

 
(482.0
)
Net sales
6.5

 
896.5

 
319.9

 
(54.9
)
 
1,168.0

Cost of goods sold
—

 
(505.9
)
 
(200.4
)
 
39.7

 
(666.6
)
Gross profit
6.5

 
390.6

 
119.5

 
(15.2
)
 
501.4

Marketing, general and administrative expenses
(27.9
)
 
(196.5
)
 
(80.4
)
 
15.2

 
(289.6
)
Special items, net
—

 
(11.1
)
 
(356.5
)
 
—

 
(367.6
)
Equity income (loss) in subsidiaries
4.3

 
(405.0
)
 
141.5

 
259.2

 
—

Equity income in MillerCoors
—

 
158.9

 
—

 
—

 
158.9

Operating income (loss)
(17.1
)
 
(63.1
)
 
(175.9
)
 
259.2

 
3.1

Interest income (expense), net
(17.2
)
 
74.2

 
(88.3
)
 
—

 
(31.3
)
Other income (expense), net
(1.1
)
 
(2.9
)
 
(1.0
)
 
—

 
(5.0
)
Income (loss) from continuing operations before income taxes
(35.4
)
 
8.2

 
(265.2
)
 
259.2

 
(33.2
)
Income tax benefit (expense)
1.0

 
(2.3
)
 
0.6

 
—

 
(0.7
)
Net income (loss) from continuing operations
(34.4
)
 
5.9

 
(264.6
)
 
259.2

 
(33.9
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
1.3

 
—

 
1.3

Net income (loss) including noncontrolling interests
(34.4
)
 
5.9

 
(263.3
)
 
259.2

 
(32.6
)
Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) attributable to MCBC
$
(34.4
)
 
$
5.9

 
$
(265.1
)
 
$
259.2

 
$
(34.4
)
Comprehensive income (loss) attributable to MCBC
$
(515.9
)
 
$
(477.7
)
 
$
(481.0
)
 
$
958.7

 
$
(515.9
)


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6

Accounts receivable, net
—

 
359.8

 
164.8

 
—

 
524.6

Other receivables, net
13.0

 
56.6

 
22.2

 
—

 
91.8

Total inventories
—

 
183.6

 
40.9

 
—

 
224.5

Other current assets, net
3.0

 
49.6

 
37.2

 
—

 
89.8

Deferred tax assets
2.2

 
0.9

 
30.8

 
(6.6
)
 
27.3

Intercompany accounts receivable
—

 
3,906.9

 
321.0

 
(4,227.9
)
 
—

Total current assets
63.3

 
4,736.2

 
786.6

 
(4,234.5
)
 
1,351.6

Properties, net
32.3

 
985.1

 
597.4

 
—

 
1,614.8

Goodwill
—

 
1,021.0

 
1,025.8

 
—

 
2,046.8

Other intangibles, net
—

 
3,446.8

 
1,476.8

 
—

 
4,923.6

Investment in MillerCoors
—

 
2,440.7

 
—

 
—

 
2,440.7

Net investment in and advances to subsidiaries
12,500.8

 
4,013.5

 
5,429.4

 
(21,943.7
)
 
—

Deferred tax assets
11.9

 
14.1

 
0.2

 
12.3

 
38.5

Other assets, net
33.7

 
154.0

 
41.6

 
—

 
229.3

Total assets
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
65.7

 
$
762.2

 
$
368.3

 
$
—

 
$
1,196.2

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

Current portion of long-term debt and short-term borrowings
10.0

 
—

 
38.2

 
—

 
48.2

Discontinued operations
—

 
—

 
4.1

 
—

 
4.1

Intercompany accounts payable
3,396.8

 
368.6

 
462.5

 
(4,227.9
)
 
—

Total current liabilities
3,472.5

 
1,302.2

 
873.1

 
(4,234.5
)
 
1,413.3

Long-term debt
1,907.9

 
1,046.0

 
—

 
—

 
2,953.9

Pension and postretirement benefits
3.2

 
233.8

 
6.0

 
—

 
243.0

Deferred tax liabilities
—

 
—

 
656.5

 
12.3

 
668.8

Other liabilities
9.2

 
41.9

 
32.1

 
—

 
83.2

Discontinued operations
—

 
—

 
10.4

 
—

 
10.4

Intercompany notes payable
—

 
1,299.7

 
5,074.2

 
(6,373.9
)
 
—

Total liabilities
5,392.8

 
3,923.6

 
6,652.3

 
(10,596.1
)
 
5,372.6

MCBC stockholders' equity
7,250.3

 
17,961.2

 
3,982.5

 
(21,943.7
)
 
7,250.3

Intercompany notes receivable
(1.1
)
 
(5,073.4
)
 
(1,299.4
)
 
6,373.9

 
—

Total stockholders' equity
7,249.2

 
12,887.8

 
2,683.1

 
(15,569.8
)
 
7,250.3

Noncontrolling interests
—

 
—

 
22.4

 
—

 
22.4

Total equity
7,249.2

 
12,887.8

 
2,705.5

 
(15,569.8
)
 
7,272.7

Total liabilities and equity
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2014
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
40.9

 
$
470.7

 
$
113.0

 
$
—

 
$
624.6

Accounts receivable, net
2.3

 
391.0

 
134.4

 
—

 
527.7

Other receivables, net
17.4

 
50.3

 
26.3

 
—

 
94.0

Total inventories
—

 
170.1

 
32.1

 
—

 
202.2

Other current assets, net
5.6

 
55.0

 
40.8

 
—

 
101.4

Deferred tax assets
2.2

 
—

 
31.6

 
(6.6
)
 
27.2

Intercompany accounts receivable
—

 
3,313.0

 
251.8

 
(3,564.8
)
 
—

Total current assets
68.4

 
4,450.1

 
630.0

 
(3,571.4
)
 
1,577.1

Properties, net
26.9

 
1,161.4

 
609.7

 
—

 
1,798.0

Goodwill
—

 
1,085.2

 
1,106.4

 
—

 
2,191.6

Other intangibles, net
—

 
3,883.9

 
1,871.9

 
—

 
5,755.8

Investment in MillerCoors
—

 
2,388.6

 
—

 
—

 
2,388.6

Net investment in and advances to subsidiaries
12,582.8

 
3,618.6

 
5,998.2

 
(22,199.6
)
 
—

Deferred tax assets
21.3

 
23.4

 
1.2

 
12.3

 
58.2

Other assets, net
17.8

 
143.6

 
49.4

 
—

 
210.8

Total assets
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
61.9

 
$
903.3

 
$
339.8

 
$
—

 
$
1,305.0

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

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

 
773.9

 
75.1

 
—

 
849.0

Discontinued operations
—

 
—

 
6.1

 
—

 
6.1

Intercompany accounts payable
2,881.1

 
312.8

 
370.9

 
(3,564.8
)
 
—

Total current liabilities
2,943.0

 
2,161.4

 
791.9

 
(3,571.4
)
 
2,324.9

Long-term debt
1,892.6

 
428.7

 
—

 
—

 
2,321.3

Pension and postretirement benefits
2.9

 
534.0

 
6.0

 
—

 
542.9

Deferred tax liabilities
—

 
—

 
772.0

 
12.3

 
784.3

Other liabilities
16.6

 
45.8

 
42.7

 
—

 
105.1

Discontinued operations
—

 
—

 
15.5

 
—

 
15.5

Intercompany notes payable
—

 
1,211.9

 
5,669.5

 
(6,881.4
)
 
—

Total liabilities
4,855.1

 
4,381.8

 
7,297.6

 
(10,440.5
)
 
6,094.0

MCBC stockholders' equity
7,863.3

 
18,041.3

 
4,158.3

 
(22,199.6
)
 
7,863.3

Intercompany notes receivable
(1.2
)
 
(5,668.3
)
 
(1,211.9
)
 
6,881.4

 
—

Total stockholders' equity
7,862.1

 
12,373.0

 
2,946.4

 
(15,318.2
)
 
7,863.3

Noncontrolling interests
—

 
—

 
22.8

 
—

 
22.8

Total equity
7,862.1

 
12,373.0

 
2,969.2

 
(15,318.2
)
 
7,886.1

Total liabilities and equity
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
324.0

 
$
178.3

 
$
226.7

 
$
(267.5
)
 
$
461.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.7
)
 
(117.3
)
 
(82.3
)
 
—

 
(208.3
)
Proceeds from sales of properties and other assets
—

 
3.2

 
5.6

 
—

 
8.8

Acquisition of businesses, net of cash acquired
—

 
(46.4
)
 
(44.8
)
 
—

 
(91.2
)
Proceeds from sale of business
—

 
8.7

 
—

 
—

 
8.7

Investment in MillerCoors
—

 
(1,144.5
)
 
—

 
—

 
(1,144.5
)
Return of capital from MillerCoors
—

 
1,088.2

 
—

 
—

 
1,088.2

Loan repayments
—

 
6.5

 
19.6

 
—

 
26.1

Loan advances
—

 
(7.1
)
 
(22.8
)
 
—

 
(29.9
)
Other
—

 
(4.1
)
 
0.8

 
—

 
(3.3
)
Net intercompany investing activity
(56.3
)
 
(186.5
)
 
(167.2
)
 
410.0

 
—

Net cash provided by (used in) investing activities
(65.0
)
 
(399.3
)
 
(291.1
)
 
410.0

 
(345.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
31.2

 
—

 
—

 
—

 
31.2

Excess tax benefits from share-based compensation
8.5

 
—

 
—

 
—

 
8.5

Dividends paid
(203.8
)
 
(267.5
)
 
(24.3
)
 
267.5

 
(228.1
)
Payments for purchases of treasury stock
(100.1
)
 
—

 
—

 
—

 
(100.1
)
Proceeds on long-term borrowings
—

 
679.9

 
—

 
—

 
679.9

Payments on long-term debt
—

 
(676.4
)
 
—

 
—

 
(676.4
)
Proceeds from short-term borrowings
—

 
—

 
33.1

 
—

 
33.1

Payments on short-term borrowings
—

 
—

 
(19.7
)
 
—

 
(19.7
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
10.0

 
—

 
7.1

 
—

 
17.1

Change in overdraft balances and other
(0.6
)
 
(2.4
)
 
(52.6
)
 
—

 
(55.6
)
Net intercompany financing activity
—

 
223.5

 
186.5

 
(410.0
)
 
—

Net cash provided by (used in) financing activities
(254.8
)
 
(42.9
)
 
130.1

 
(142.5
)
 
(310.1
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
4.2

 
(263.9
)
 
65.7

 
—

 
(194.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(28.0
)
 
(9.0
)
 
—

 
(37.0
)
Balance at beginning of year
40.9

 
470.7

 
113.0

 
—

 
624.6

Balance at end of period
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
365.4

 
$
560.4

 
$
194.8

 
$
(62.2
)
 
$
1,058.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.2
)
 
(103.9
)
 
(83.7
)
 
—

 
(195.8
)
Proceeds from sales of properties and other assets
—

 
3.8

 
2.2

 
—

 
6.0

Investment in MillerCoors
—

 
(1,100.4
)
 
—

 
—

 
(1,100.4
)
Return of capital from MillerCoors
—

 
1,053.9

 
—

 
—

 
1,053.9

Investment in and advances to an unconsolidated affiliate
—

 
—

 
5.9

 
—

 
5.9

Loan repayments
—

 
7.1

 
—

 
—

 
7.1

Loan advances
—

 
(6.7
)
 
(7.9
)
 
—

 
(14.6
)
Net intercompany investing activity
(39.2
)
 
90.3

 
137.2

 
(188.3
)
 
—

Net cash provided by (used in) investing activities
(47.4
)
 
(55.9
)
 
53.7

 
(188.3
)
 
(237.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Exercise of stock options under equity compensation plans
38.5

 
—

 
—

 
—

 
38.5

Excess tax benefits from share-based compensation
6.6

 
—

 
—

 
—

 
6.6

Dividends paid
(181.4
)
 
(24.0
)
 
(61.9
)
 
62.2

 
(205.1
)
Payments on long-term debt
—

 
(61.4
)
 
(0.2
)
 
—

 
(61.6
)
Proceeds from short-term borrowings
—

 
—

 
35.5

 
—

 
35.5

Payments on short-term borrowings
—

 
—

 
(23.3
)
 
—

 
(23.3
)
Payments on settlement of derivative instruments
—

 
(65.2
)
 
—

 
—

 
(65.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
(218.3
)
 
—

 
(132.2
)
 
—

 
(350.5
)
Change in overdraft balances and other
(2.6
)
 
(0.5
)
 
115.0

 
—

 
111.9

Net intercompany financing activity
—

 
(98.0
)
 
(90.3
)
 
188.3

 
—

Net cash provided by (used in) financing activities
(357.2
)
 
(249.1
)
 
(157.4
)
 
250.5

 
(513.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(39.2
)
 
255.4

 
91.1

 
—

 
307.3

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

 
(16.7
)
 
(10.8
)
 
—

 
(27.5
)
Balance at beginning of year
90.6

 
248.7

 
103.0

 
—

 
442.3

Balance at end of period
$
51.4

 
$
487.4

 
$
183.3

 
$
—

 
$
722.1



Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies)
Segments
Our reporting segments include: Molson Coors Canada ("MCC" or Canada segment), operating in Canada; MillerCoors LLC ("MillerCoors" or U.S. segment), which is accounted for by us under the equity method of accounting, operating in the United States ("U.S."); Molson Coors Europe (Europe segment), operating in Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, Slovakia and the United Kingdom ("U.K."); and Molson Coors International ("MCI"), operating in various other countries. Unless otherwise indicated, information in this report is presented in U.S. dollars ("USD" or "$") and comparisons are to comparable prior periods.
New Accounting Pronouncements (Tables)
Schedule of New Accounting Pronouncements, Retrospective Adjustments
The adoption of this guidance had an immaterial impact on our financial position and has resulted in the following retrospective adjustments to our condensed consolidated balance sheet:
 
December 31, 2014
 
As Reported
 
As Adjusted
 
(In millions)
Other current assets, net
$
103.2

 
$
101.4

Other assets
$
203.6

 
$
189.2

Current portion of long-term debt and short-term borrowings
$
849.4

 
$
849.0

Long-term debt
$
2,337.1

 
$
2,321.3

Segment Reporting (Tables)
Net sales by segment 
The following table presents net sales by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Canada
$
411.2

 
$
507.2

 
$
1,169.6

 
$
1,370.8

Europe
566.0

 
618.7

 
1,448.7

 
1,685.7

MCI
41.3

 
43.4

 
107.6

 
119.3

Corporate
0.3

 
0.2

 
0.8

 
0.9

Eliminations(1)
(1.4
)
 
(1.5
)
 
(3.6
)
 
(4.2
)
         Consolidated
$
1,017.4

 
$
1,168.0

 
$
2,723.1

 
$
3,172.5


(1)
Represents inter-segment sales from the Europe segment to the MCI segment.
Income (loss) from continuing operations before income taxes by segment 
The following table presents income (loss) from continuing operations before income taxes by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Canada
$
91.8

 
$
121.5

 
$
228.8

 
$
330.6

U.S. 
135.3

 
158.9

 
470.1

 
471.8

Europe
(183.2
)
 
(255.1
)
 
(138.3
)
 
(143.6
)
MCI
(2.1
)
 
(2.7
)
 
(19.7
)
 
(9.4
)
Corporate
(56.8
)
 
(55.8
)
 
(172.4
)
 
(183.7
)
         Consolidated
$
(15.0
)
 
$
(33.2
)
 
$
368.5

 
$
465.7


The variances in the above table include the impact of special items. Refer to Note 6, "Special Items" for further discussion.
Total assets by segment 
The following table presents total assets by segment:
 
As of
 
September 30, 2015
 
December 31, 2014(1)
 
(In millions)
Canada
$
4,766.9


$
5,537.2

U.S. 
2,440.7


2,388.6

Europe
5,060.5


5,773.3

MCI
133.4


75.2

Corporate
243.8


205.8

         Consolidated
$
12,645.3


$
13,980.1


(1)
Amounts have been adjusted to reflect the adoption of the authoritative guidance requiring debt issuance costs to be presented as a direct reduction from the carrying value of the related debt. See Note 2, "New Accounting Pronouncements" for further discussion.
Investments (Tables)
Summarized financial information of MillerCoors 
Investment in MillerCoors Summarized Financial Information
Condensed Balance Sheets
 
As of
 
September 30, 2015
 
December 31, 2014
 
(In millions)
Current assets
$
923.5

 
$
795.3

Non-current assets
8,983.4

 
9,047.4

Total assets
$
9,906.9

 
$
9,842.7

Current liabilities
$
1,131.0

 
$
1,061.3

Non-current liabilities
1,463.5

 
1,578.8

Total liabilities
2,594.5

 
2,640.1

Noncontrolling interests
17.4

 
23.5

Owners' equity
7,295.0

 
7,179.1

Total liabilities and equity
$
9,906.9

 
$
9,842.7

The following represents our proportionate share in MillerCoors' equity and reconciliation to our investment in MillerCoors:
 
As of
 
September 30, 2015
 
December 31, 2014
 
(In millions, except percentages)
MillerCoors owners' equity
$
7,295.0

 
$
7,179.1

MCBC economic interest
42
%
 
42
%
MCBC proportionate share in MillerCoors' equity
3,063.9

 
3,015.2

Difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors(1)
(658.2
)
 
(661.6
)
Accounting policy elections
35.0

 
35.0

Investment in MillerCoors
$
2,440.7


$
2,388.6

(1)
Our net investment in MillerCoors is based on the carrying values of the net assets contributed to the joint venture which is less than our proportionate share of underlying equity (42%) of MillerCoors (contributed by both Coors Brewing Company ("CBC") and Miller Brewing Company ("Miller")). This basis difference, with the exception of certain non-amortizing items (goodwill, land, etc.), is being amortized as additional equity income over the remaining useful lives of the contributed long-lived amortizing assets.
Results of Operations
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Net sales
$
2,000.0

 
$
2,069.5

 
$
5,977.3

 
$
6,066.6

Cost of goods sold
(1,173.9
)
 
(1,237.7
)
 
(3,490.6
)
 
(3,614.2
)
Gross profit
$
826.1

 
$
831.8

 
$
2,486.7

 
$
2,452.4

Operating income(1)
$
323.0

 
$
381.9

 
$
1,125.7

 
$
1,129.2

Net income attributable to MillerCoors(1)
$
316.5

 
$
376.5

 
$
1,108.3

 
$
1,112.9

(1)
Results include special charges of $28.0 million for the three and nine months ended September 30, 2015, related to the planned closure of the Eden, North Carolina, brewery, including $21.8 million of accelerated depreciation in excess of normal depreciation associated with this brewery. Results also include special charges related to restructuring activities of $0.2 million and $1.4 million for the three and nine months ended September 30, 2014, respectively.
MCBC's proportional share in MillerCoors of net income reported under the equity method 
The following represents our proportionate share in net income attributable to MillerCoors reported under the equity method of accounting:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions, except percentages)
Net income attributable to MillerCoors
$
316.5

 
$
376.5

 
$
1,108.3

 
$
1,112.9

MCBC economic interest
42
%
 
42
%
 
42
%
 
42
%
MCBC proportionate share of MillerCoors net income(1)
132.9

 
158.1

 
465.5

 
467.4

Amortization of the difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors
1.0

 
1.2

 
3.4

 
3.5

Share-based compensation adjustment(1)(2)
1.4

 
(0.4
)
 
1.2

 
0.9

Equity income in MillerCoors
$
135.3

 
$
158.9

 
$
470.1

 
$
471.8


(1)
The sum of the quarterly proportionate share of MillerCoors net income and share-based compensation adjustment amounts may not agree to the year-to-date amounts due to rounding.
(2)
The net adjustment is to eliminate all share-based compensation impacts related to pre-existing SABMiller plc equity awards held by former Miller employees employed by MillerCoors as well as to add back all share-based compensation impacts related to pre-existing MCBC equity awards held by former MCBC employees that transferred to MillerCoors.
Summary of transactions with MillerCoors 
The following table summarizes our transactions with MillerCoors:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Beer sales to MillerCoors
$
2.8

 
$
3.8

 
$
8.8

 
$
10.1

Beer purchases from MillerCoors
$
11.6

 
$
10.8

 
$
30.9

 
$
27.0

Service agreement costs and other charges to MillerCoors
$
0.7

 
$
0.6

 
$
2.0

 
$
1.7

Service agreement costs and other charges from MillerCoors
$
0.2

 
$
0.3

 
$
0.8

 
$
0.8

Schedules of Consolidated Investments 
The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests):
 
As of
 
September 30, 2015
 
December 31, 2014
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
(In millions)
Grolsch
$
8.1

 
$
2.7

 
$
6.8

 
$
2.9

Cobra U.K.
$
36.5

 
$
0.8

 
$
31.0

 
$
0.8

Share-Based Payments (Tables)
Schedule of components of share-based compensation expense 
The following table summarizes share-based compensation expense:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Pretax compensation expense
$
4.8

 
$
5.9

 
$
12.9

 
$
18.0

Tax benefit
(1.2
)
 
(1.6
)
 
(3.3
)
 
(5.5
)
After-tax compensation expense
$
3.6

 
$
4.3

 
$
9.6

 
$
12.5

Schedule of non-vested RSUs, DSUs, PUs and PSUs outstanding and the activity for the period 
The following table represents non-vested RSUs, DSUs, PUs and PSUs as of September 30, 2015, and the activity during the nine months ended September 30, 2015:
 
RSUs and DSUs
 
PUs
 
PSUs
 
Units
 
Weighted-average
grant date fair value
per unit
 
Units
 
Weighted-average fair value
per unit
 
Units
 
Weighted-average
grant date fair value
per unit
 
(In millions, except per unit amounts)
Non-vested as of December 31, 2014
0.7

 
$47.75
 
0.5

 
$3.22
 
0.4

 
$50.49
Granted
0.2

 
$70.79
 
—

 
$—
 
0.1

 
$74.42
Vested
(0.2
)
 
$43.31
 
(0.5
)
 
$2.89
 
—

 
$—
Forfeited
(0.1
)
 
$51.95
 
—

 
$—
 
—

 
$—
Non-vested as of September 30, 2015
0.6

 
$56.17
 
—

 
$—
 
0.5

 
$57.05
The weighted-average fair value per unit for the non-vested PSUs is $64.90 as of September 30, 2015.
Schedule of stock options and SOSARs outstanding and the activity for the period 
The following table represents the summary of stock options and stock-only stock appreciation rights ("SOSARs") outstanding as of September 30, 2015, and the activity during the nine months ended September 30, 2015:
 
Shares outstanding
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining contractual life
(years)
 
Aggregate
intrinsic value
 
(In millions, except per share amounts and years)
Outstanding as of December 31, 2014
2.2
 
$45.33
 
5.0
 
$
64.6

Granted
0.1
 
$74.81
 
 
 
 
Exercised
(0.9)
 
$44.23
 
 
 
 
Forfeited
—
 
$—
 
 
 
 
Outstanding as of September 30, 2015
1.4
 
$48.87
 
5.0
 
$
48.4

Exercisable at September 30, 2015
1.2
 
$45.61
 
4.2
 
$
44.3

Schedule of share-based compensation weighted average assumptions 
The fair value of each option granted in the first three quarters of 2015 and 2014 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
Risk-free interest rate
1.70%
 
2.29%
Dividend yield
2.20%
 
2.57%
Volatility range
21.65%-29.90%
 
22.66%-26.57%
Weighted-average volatility
23.71%
 
25.59%
Expected term (years)
5.7
 
7.5
Weighted-average fair market value
$13.98
 
$12.78
Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions 
The fair value of the market metric for each PSU granted in the first three quarters of 2015 and 2014 was determined on the date of grant using a Monte Carlo model to simulate total shareholder return for MCBC and peer companies with the following weighted-average assumptions:
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
Risk-free interest rate
1.06%
 
0.72%
Dividend yield
2.20%
 
2.57%
Volatility range
12.73%-62.28%
 
12.45%-72.41%
Weighted-average volatility
21.53%
 
21.72%
Expected term (years)
2.8
 
2.8
Weighted-average fair market value
$74.42
 
$58.69
Special items (Tables)
Special items recorded by segment 
The table below summarizes special items recorded by segment:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Employee-related restructuring charges
 
 
 
 
 
 
 
Canada
$
—

 
$
2.2

 
$
—

 
$
7.6

Europe
0.5

 
—

 
(0.5
)
 
1.0

MCI(1)
—

 
—

 
3.2

 
—

Corporate
—

 
—

 
—

 
0.3

Impairments or asset abandonment charges
 
 
 
 
 
 
 
Canada - Intangible asset write-off(2)
—

 
8.9

 
—

 
13.8

Canada - Asset abandonment(3)
15.7

 
—

 
23.9

 
—

Europe - Asset abandonment(4)
2.3

 
—

 
23.4

 
—

Europe - Intangible asset impairment(5)
275.0

 
360.0

 
275.0

 
360.0

MCI - Asset write-off(1)
—

 
—

 
3.2

 
—

Unusual or infrequent items
 
 
 
 
 
 
 
Europe - Flood loss (insurance reimbursement), net(6)
—

 
(3.5
)
 
(2.4
)
 
(1.7
)
Termination fees and other (gains) losses
 
 
 
 
 
 
 
Canada - Termination fee income(2)
—

 
—

 
—

 
(63.2
)
Europe - Termination fee expense, net(7)
—

 
—

 
10.0

 
—

Total Special items, net
$
293.5

 
$
367.6

 
$
335.8

 
$
317.8


(1)
During the second quarter of 2015, we announced our decision to substantially restructure our business in China and consequently, recognized employee-related and asset write-off charges, including $0.7 million of accelerated depreciation.
(2)
During the third quarter of 2014, we recognized an impairment charge related to our definite-lived intangible asset associated with our license agreement with Miller in Canada. Additionally, upon termination of our MMI operations in the first quarter of 2014, we recognized termination fee income and charges associated with the write-off of the definite-lived intangible asset associated with the joint venture. See Note 4, "Investments" for further discussion.
(3)
During the third quarter of 2015, we incurred $15.7 million of charges related to the closure of a bottling line within our Vancouver brewery, including $15.4 million of accelerated depreciation associated with this bottling line. Additionally, during the second quarter of 2015, we incurred $8.2 million of charges related to the closure of a bottling line within our Toronto brewery, including $7.9 million of accelerated depreciation associated with this bottling line. The decisions to close these bottling lines were made as part of an ongoing strategic review of our Canadian supply chain network and the overall shift in consumer preference toward can consumption in Canada. Additionally, in the fourth quarter of 2015, as a result of the continuation of this strategic review, we entered into an agreement to sell the Vancouver brewery with the intent to use the proceeds from the sale to help fund the construction of an efficient and flexible brewery in British Columbia. The sale is anticipated to be completed in the first quarter of 2016. In conjunction with the sale, we also agreed to leaseback the existing property to continue operations on an uninterrupted basis while the new brewery is being constructed. This transaction will result in accelerated depreciation and other charges associated with the brewery sale starting during the fourth quarter of 2015. These charges will continue to be incurred on an ongoing basis until completion of the project and will be recorded as special items, along with the anticipated gain on the sale of the property.  
(4)
In the second quarter of 2015, we completed the closure of the Alton brewery in the U.K. as part of our strategic review of our European supply chain network. As a result, we incurred charges associated with the closure of $2.3 million and $23.4 million, for the three and nine months ended September 30, 2015, respectively, including accelerated depreciation in excess of our normal depreciation associated with this brewery, of $2.0 million and $21.8 million, respectively.
As part of this continued strategic review of our European supply chain network, in the fourth quarter of 2015, management has made a proposal and entered into a consultation process to close our Burton South Brewery in the U.K. and consolidate production within our recently modernized Burton North brewery. As a result of management's proposal, we will incur additional charges beginning in the fourth quarter of 2015 and through completion of the closure, which we anticipate will be recorded within special items. We will continue to evaluate our supply chain network and seek opportunities for further efficiencies and cost savings, and we therefore may incur additional restructuring related charges in the future.
(5)
During the third quarters of 2015 and 2014, we recognized impairment charges related to indefinite-lived intangible assets in Europe. See Note 10, "Goodwill and Intangible Assets" for further discussion.
(6)
During the nine months ended September 30, 2015, we recorded $2.4 million of income for insurance proceeds received related to significant flooding in Czech Republic that occurred during the second quarter of 2013. During the three and nine months ended September 30, 2014, we recorded losses and related costs of $0.4 million and $2.2 million, respectively, associated with significant flooding in Serbia, Bosnia, and Croatia that occurred in the second quarter of 2014. These losses were offset by insurance proceeds of $3.9 million recorded in the third quarter of 2014 related to flooding in the second quarter of 2014.
(7)
In December 2013, we entered into an agreement with Heineken to early terminate our contract brewing and kegging agreement under which we produced and packaged the Foster's and Kronenbourg brands in the U.K. As a result of the termination, Heineken agreed to pay us an aggregate early termination payment of British Pound ("GBP") 13.0 million, of which we received GBP 5.0 million in 2014 and the remaining GBP 8.0 million on April 30, 2015. The full amount of the termination payment ($19.4 million upon recognition) is included in income within special items for the nine months ended September 30, 2015, following the completion of the transition period in the second quarter of 2015.
Separately, in June 2015, we terminated our agreement with Carlsberg whereby it held the exclusive distribution rights for the Staropramen brand in the U.K. As a result of this termination, we agreed to pay Carlsberg an early termination payment of GBP 19.0 million ($29.4 million at payment date), which was recognized as a special charge during the second quarter of 2015. The transition period concludes on December 27, 2015, at which time we will have the exclusive distribution rights of the Staropramen brand in the U.K.
Change in the restructuring accrual 
The table below summarizes the activity in the restructuring accruals by segment:
 
Canada
 
Europe
 
MCI
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2014
$
3.8

 
$
11.5

 
$
—

 
$
0.2

 
$
15.5

Charges incurred
—

 
0.7

 
3.2

 
—

 
3.9

Payments made
(2.8
)
 
(6.4
)
 
(1.1
)
 
(0.2
)
 
(10.5
)
Changes in estimates
—

 
(1.2
)
 
—

 
—

 
(1.2
)
Foreign currency and other adjustments
(0.4
)
 
(0.3
)
 
—

 
—

 
(0.7
)
Total at September 30, 2015
$
0.6

 
$
4.3

 
$
2.1

 
$
—

 
$
7.0

 
Canada
 
Europe
 
MCI
 
Corporate
 
Total
 
(In millions)
Total at December 31, 2013
$
9.7

 
$
13.6

 
$
0.5

 
$
0.9

 
$
24.7

Charges incurred
7.6

 
1.0

 
—

 
0.3

 
8.9

Payments made
(10.7
)
 
(4.0
)
 
(0.4
)
 
(0.8
)
 
(15.9
)
Foreign currency and other adjustments
(0.3
)
 
(0.2
)
 
—

 
—

 
(0.5
)
Total at September 30, 2014
$
6.3

 
$
10.4

 
$
0.1

 
$
0.4

 
$
17.2

Other Income and Expense (Tables)
Summarization of other income and expenses
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
Gain on sale of non-operating asset
$
—

 
$
—

 
$
3.3

 
$
—

Gain (loss) from foreign exchange and derivative activity
3.7

 
(4.0
)
 
3.8

 
(2.7
)
Other, net
—

 
(1.0
)
 
0.3

 
(0.8
)
Other income (expense), net
$
3.7

 
$
(5.0
)
 
$
7.4

 
$
(3.5
)
Earnings per Share ("EPS") (Tables)
Effect of dilutive securities on diluted earnings per share 
The following summarizes the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
13.7

 
$
(35.7
)
 
$
322.2

 
$
420.3

Income (loss) from discontinued operations, net of tax
2.9

 
1.3

 
4.5

 
(0.4
)
Net income (loss) attributable to Molson Coors Brewing Company
$
16.6

 
$
(34.4
)
 
$
326.7

 
$
419.9

Weighted-average shares for basic EPS
185.0

 
185.1

 
185.5

 
184.7

Effect of dilutive securities:
 
 
 
 
 
 
 
RSUs, DSUs, PUs and PSUs
0.6

 
—

 
0.7

 
0.5

Stock options and SOSARs
0.4

 
—

 
0.4

 
0.7

Weighted-average shares for diluted EPS
186.0

 
185.1

 
186.6

 
185.9

Basic net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 

 

From continuing operations
$
0.07

 
$
(0.20
)
 
$
1.74

 
$
2.27

From discontinued operations
0.02

 
0.01

 
0.02

 
—

Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
0.09

 
$
(0.19
)
 
$
1.76

 
$
2.27

Diluted net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 


 
 
From continuing operations
$
0.07

 
$
(0.20
)
 
$
1.73

 
$
2.26

From discontinued operations
0.02

 
0.01

 
0.02

 
—

Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
0.09

 
$
(0.19
)
 
$
1.75

 
$
2.26

Dividends declared and paid per share
$
0.41

 
$
0.37

 
$
1.23

 
$
1.11


(1)
Due to the anti-dilutive effect resulting from the reported net loss from continuing operations for the three months ended September 30, 2014, the impact of potentially dilutive securities has been omitted from the quarterly calculation of weighted-average shares for diluted EPS for the third quarter of 2014. The impact of these potentially dilutive securities has been included in the calculation of weighted-average shares for diluted EPS for the nine months ended September 30, 2014.
Additionally, the sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the period for each reporting period presented. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
Anti-dilutive securities excluded from computation of diluted earnings per share 
The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted EPS:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(In millions)
RSUs, stock options and SOSARs
0.1

 
1.2

 
0.1

 
0.1

Goodwill and Intangible Assets (Tables)
Schedule of changes in goodwill 
The following summarizes the change in goodwill for the nine months ended September 30, 2015:
 
Canada
 
Europe
 
MCI
 
Consolidated
 
(In millions)
Balance at December 31, 2014
$
656.5

 
$
1,528.0

 
$
7.1

 
$
2,191.6

Business acquisition and disposition (1)
—

 
(6.7
)
 
16.4

 
9.7

Foreign currency translation
(83.4
)
 
(70.5
)
 
(0.6
)
 
(154.5
)
Balance at September 30, 2015
$
573.1

 
$
1,450.8

 
$
22.9

 
$
2,046.8


(1)
In July 2015, we sold our U.K. malting facility resulting in an adjustment to the goodwill in our Europe reporting unit based on the proportionate fair value of the disposed business relative to the reporting unit. In addition, on April 1, 2015, we completed the acquisition of Mount Shivalik Breweries Ltd., a regional brewer in India. As part of the purchase price accounting, goodwill generated in conjunction with this acquisition has been recorded within our MCI segment beginning in the second quarter of 2015 and included within the India reporting unit of our MCI segment for purposes of our annual goodwill impairment testing.
Schedule of intangible assets excluding goodwill 
The following table presents details of our intangible assets, other than goodwill, as of September 30, 2015:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
 3 - 50
 
$
1,158.6

 
$
(225.0
)
 
$
933.6

License agreements and distribution rights
 3 - 28
 
139.5

 
(89.5
)
 
50.0

Other
 2 - 8
 
30.7

 
(29.2
)
 
1.5

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
 Indefinite
 
3,161.1

 
—

 
3,161.1

Distribution networks
 Indefinite
 
759.9

 
—

 
759.9

Other
 Indefinite
 
17.5

 
—

 
17.5

Total
 
 
$
5,267.3

 
$
(343.7
)
 
$
4,923.6


The following table presents details of our intangible assets, other than goodwill, as of December 31, 2014:
 
Useful life
 
Gross
 
Accumulated
amortization
 
Net
 
(Years)
 
(In millions)
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Brands
3 - 40
 
$
483.5

 
$
(229.1
)
 
$
254.4

License agreements and distribution rights
3 - 28
 
122.0

 
(101.1
)
 
20.9

Other
2 - 8
 
31.7

 
(29.4
)
 
2.3

Intangible assets not subject to amortization:
 
 
 
 
 
 
 
Brands
Indefinite
 
4,590.2

 
—

 
4,590.2

Distribution networks
Indefinite
 
870.5

 
—

 
870.5

Other
Indefinite
 
17.5

 
—

 
17.5

Total
 
 
$
6,115.4

 
$
(359.6
)
 
$
5,755.8

Schedule of future amortization expense 
Based on foreign exchange rates as of September 30, 2015, the estimated future amortization expense of intangible assets, inclusive of the impact driven by the change in classification of certain European brands from an indefinite life to definite life subject to amortization, is as follows:
Fiscal year
Amount
 
(In millions)
2015 - remaining
$
10.0

2016
$
39.9

2017
$
29.2

2018
$
27.7

2019
$
27.7

Debt (Tables)
Total long-term borrowings
Our total borrowings as of September 30, 2015, and December 31, 2014, were comprised of the following:
 
As of
 
September 30, 2015
 
December 31, 2014(1)
 
(In millions)
Senior notes:
 
 
 
CAD 900 million 5.0% notes due 2015(2)
$
—

 
$
774.5

CAD 500 million 3.95% Series A notes due 2017
375.6

 
430.3

CAD 400 million 2.25% notes due 2018(2)
300.5

 
—

CAD 500 million 2.75% notes due 2020(2)
375.6

 
—

$300 million 2.0% notes due 2017(3)
301.3

 
300.0

$500 million 3.5% notes due 2022(3)
523.4

 
510.8

$1.1 billion 5.0% notes due 2042
1,100.0

 
1,100.0

Less: unamortized debt discounts and debt issuance costs
(22.5
)
 
(20.4
)
Total long-term debt (including current portion)
2,953.9

 
3,095.2

Less: current portion of long-term debt
—

 
(773.9
)
Total long-term debt
$
2,953.9

 
$
2,321.3

 
 
 
 
Short-term borrowings:
 
 
 
Commercial paper program(4)
$
10.0

 
$
—

Cash pool overdrafts(5)
9.4

 
64.6

Japanese Yen ("JPY") 1.5 billion line of credit(6)
10.8

 
4.9

Other short-term borrowings
18.0

 
5.6

Current portion of long-term debt
—

 
773.9

Current portion of long-term debt and short-term borrowings
$
48.2

 
$
849.0


(1)
Amounts have been adjusted to reflect the adoption of the authoritative guidance requiring debt issuance costs to be presented as a direct reduction from the carrying value of the related debt. See Note 2, "New Accounting Pronouncements" for further discussion.
(2)
On September 18, 2015, Molson Coors International, LP, a Delaware partnership and a wholly owned subsidiary of MCBC, issued CAD 500 million 2.75% notes due September 18, 2020 ("CAD 500 million notes"), and CAD 400 million 2.25% notes due September 18, 2018 ("CAD 400 million notes", and together with the CAD 500 million notes, the "2015 Notes"). Our previously issued CAD 900 million 5.0% notes matured on September 22, 2015, and were repaid using the proceeds from the new offerings. Prior to issuing the 2015 Notes, we entered into forward starting interest rate swap agreements to hedge the interest rate volatility on CAD 600 million of the 2015 Notes beginning in the second quarter of 2014. At the time of the issuance of the 2015 Notes, the government of Canada bond rates were trading at a yield lower than that locked in by the interest rate swaps, resulting in an aggregate realized loss of CAD 39.2 million ($29.5 million at settlement), which was recorded in other comprehensive income. A portion of this loss is being amortized into interest expense over the 5-year and 3-year lives of the respective 2015 Notes and will increase our effective cost of borrowing compared to the stated coupon rates by 0.65% on the CAD 500 million notes and 0.16% on the CAD 400 million notes. The remaining portion of the loss will be amortized on future debt issuances covering the full 10-year term of the interest rate swap agreements. The cash payment associated with the settlement of the forward starting interest rate swap agreements was recorded as an operating outflow within the other assets and liabilities line item on the unaudited condensed consolidated statement of cash flows. See Note 13, "Derivative Instruments and Hedging Activities" for further details on the forward starting interest rate swaps.
(3)
In the first quarter of 2015, we entered into interest rate swaps to economically convert our fixed rate $300 million 2.0% notes due 2017 ("$300 million notes") to floating rate debt consistent with the interest rate swaps on our $500 million 3.5% notes due 2022 ("$500 million notes") entered into during 2014. As a result of these hedge programs, the carrying value of the $300 million and $500 million notes include adjustments of $1.3 million and $23.4 million, respectively, for fair value movements attributable to the benchmark interest rate. The carrying value of the $500 million note included an adjustment of $10.8 million for fair value movements attributable to the benchmark interest rate as of December 31, 2014.
In the first quarter of 2015, we also entered into a cross currency swap with a total notional of Euro ("EUR") 265 million ($300 million upon execution) in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of this cross currency swap and the above mentioned interest rate swaps, we have economically converted the $300 million notes and associated interest to a floating rate EUR denomination. The effective interest rate for the $300 million notes, adjusted for these swaps, was (0.33)% and 0.98%, for the three and nine months ended September 30, 2015, respectively. The interest rate swaps on our $500 million notes resulted in an effective interest rate of 1.41% and 1.38% for the three and nine months ended September 30, 2015, and 1.41% and 2.74% for the three and nine months ended September 30, 2014, respectively. See Note 13, "Derivative Instruments and Hedging Activities" for further details.
(4)
As of September 30, 2015, the weighted-average effective interest rate and tenor for the outstanding commercial paper borrowings was 0.45% and 17.1 days, respectively. As of September 30, 2015, we have $740.0 million available to draw on under our $750 million revolving credit facility, as the borrowing capacity is reduced by borrowings under our commercial paper program, and we have no other borrowings drawn on this revolving credit facility.
(5)
As of September 30, 2015, we had $9.4 million in bank overdrafts and $63.3 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. As of December 31, 2014, we had $64.6 million in bank overdrafts and $80.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $15.4 million.
(6)
In addition to our JPY line of credit, we have a EUR revolving credit facility and GBP and CAD overdraft facilities which we had no borrowings under as of September 30, 2015, or December 31, 2014.
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 September 30, 2015, and December 31, 2014, the fair value of our outstanding long-term debt (including current portion) was $2,873.8 million and $3,240.6 million, respectively. All senior notes are valued based on significant observable inputs and would be 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.
Other
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include restrictions on priority indebtedness (certain threshold percentages of secured consolidated net tangible assets), leverage thresholds, liens, and restrictions on certain types of sale lease-back transactions and transfers of assets. As of September 30, 2015, and December 31, 2014, we were in compliance with all of these restrictions and have met all debt payment obligations.
Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) 
12. Accumulated Other Comprehensive Income (Loss) ("AOCI")
 
MCBC shareholders
 
Foreign
currency
translation
adjustments
 
Gain (loss) on
derivative
instruments
 
Pension and
postretirement
benefit
adjustments
 
Equity method
investments
 
Accumulated
other
comprehensive
income (loss)
 
(In millions)
As of December 31, 2014
$
129.8

 
$
15.0

 
$
(658.5
)
 
$
(384.7
)
 
$
(898.4
)
Foreign currency translation adjustments
(630.2
)
 
—

 
—

 
—

 
(630.2
)
Unrealized gain (loss) on derivative instruments
—

 
6.5

 
—

 
—

 
6.5

Reclassification of derivative (gain) loss to income
—

 
(6.2
)
 
—

 
—

 
(6.2
)
Pension and other postretirement benefit adjustments
—

 
—

 
(2.2
)
 
—

 
(2.2
)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
—

 
—

 
35.2

 
—

 
35.2

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

 
—

 
—

 
(3.8
)
 
(3.8
)
Tax benefit (expense)
(57.2
)
 
5.6

 
(7.4
)
 
1.4

 
(57.6
)
As of September 30, 2015
$
(557.6
)
 
$
20.9

 
$
(632.9
)
 
$
(387.1
)
 
$
(1,556.7
)
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Earnings 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
 
 
 
Reclassifications from AOCI
 
Location of gain (loss)
recognized in income
 
 
(In millions)
 
 
Gain/(loss) on cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Forward starting interest rate swaps
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.0
)
 
$
(1.2
)
 
Interest expense, net
Foreign currency forwards
 
(3.8
)
 
(6.1
)
 
(9.1
)
 
(3.8
)
 
Other income (expense), net
Foreign currency forwards
 
6.2

 
(6.4
)
 
16.3

 
(0.1
)
 
Cost of goods sold
Commodity swaps
 
—

 
—

 
—

 
0.4

 
Cost of goods sold
Total income (loss) reclassified, before tax
 
2.0

 
(12.9
)
 
6.2

 
(4.7
)
 
 
Income tax benefit (expense)
 
(0.3
)
 
3.0

 
(1.5
)
 
0.4

 
 
Net income (loss) reclassified, net of tax
 
$
1.7

 
$
(9.9
)
 
$
4.7

 
$
(4.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postretirement benefit plan items:
 
 
 
 
 
 
 
 
 
 
Prior service benefit (cost)
 
$
0.2

 
$
0.7

 
$
—

 
$
1.8

 
(1)
Net actuarial gain (loss)
 
(12.1
)
 
(9.0
)
 
(35.2
)
 
(26.9
)
 
(1)
Total income (loss) reclassified, before tax
 
(11.9
)
 
(8.3
)
 
(35.2
)
 
(25.1
)
 
 
Income tax benefit (expense)
 
2.8

 
4.0

 
7.8

 
5.4

 
 
Net income (loss) reclassified, net of tax
 
$
(9.1
)
 
$
(4.3
)
 
$
(27.4
)
 
$
(19.7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total income (loss) reclassified, net of tax
 
$
(7.4
)
 
$
(14.2
)
 
$
(22.7
)
 
$
(24.0
)
 
 
(1)
These components of AOCI are included in the computation of net periodic pension and other postretirement benefit cost. See Note 14, "Pension and Other Postretirement Benefits" for additional details.
Derivative Instruments and Hedging Activities (Tables)
Schedule of Derivative Assets and Liabilities at Fair Value 
The table below summarizes our derivative assets and liabilities that were measured at fair value as of September 30, 2015, and December 31, 2014.
 
 
 
Fair value measurements as of September 30, 2015
 
Total at September 30, 2015
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Cross currency swap
$
3.7

 
$
—

 
$
3.7

 
$
—

Interest rate swaps
24.7

 
—

 
24.7

 
—

Foreign currency forwards
42.6

 
—

 
42.6

 
—

Commodity swaps
(17.3
)
 
—

 
(17.3
)
 
—

Total
$
53.7

 
$
—

 
$
53.7

 
$
—

 
 
 
Fair value measurements as of December 31, 2014
 
Total at December 31, 2014
 
Quoted prices in
active markets
(Level 1)
 
Significant other
observable inputs
(Level 2)
 
Significant
unobservable
inputs (Level 3)
 
(In millions)
Interest rate swaps
$
(2.2
)
 
$
—

 
$
(2.2
)
 
$
—

Foreign currency forwards
31.6

 
—

 
31.6

 
—

Commodity swaps
(8.9
)
 
—

 
(8.9
)
 
—

Total
$
20.5

 
$
—

 
$
20.5

 
$
—

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets 
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheet (in millions)
 
 
 
 
 
Asset derivatives
 
Liability derivatives
 
 
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Cross currency swap
$
296.3

 
Other non-current assets
 
$
3.7

 
Other liabilities
 
$
—

Interest rate swaps
$
800.0

 
Other non-current assets
 
24.7

 
Other liabilities
 
—

Foreign currency forwards
$
311.3

 
Other current assets
 
27.5

 
Accounts payable and other current liabilities
 
—

 
 
 
Other non-current assets
 
15.1

 
Other liabilities
 
—

Total derivatives designated as hedging instruments
 
 
 
$
71.0

 
 
 
$
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps
$
123.7

 
Other current assets
 
$
0.2

 
Accounts payable and other current liabilities
 
$
(10.1
)
 
 
 
Other non-current assets
 
0.6

 
Other liabilities
 
(8.0
)
Total derivatives not designated as hedging instruments
 
$
0.8

 
 
 
$
(18.1
)
 
 
 
 
 
Asset derivatives
 
Liability derivatives
 
 
 
Balance sheet location
 
Fair value
 
Balance sheet location
 
Fair value
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Interest rate swaps
$
844.2

 
Other current assets
 
$
—

 
Accounts payable and other current liabilities
 
$
(13.0
)
 
 
 
Other non-current assets
 
10.8

 
Other liabilities
 
—

Foreign currency forwards
$
343.4

 
Other current assets
 
19.5

 
Accounts payable and other current liabilities
 
—

 
 
 
Other non-current assets
 
12.1

 
Other liabilities
 
—

Total derivatives designated as hedging instruments
 
 
 
$
42.4

 
 
 
$
(13.0
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity swaps
$
111.1

 
Other current assets
 
$
0.2

 
Accounts payable and other current liabilities
 
$
(4.9
)
 
 
 
Other non-current assets
 
0.4

 
Other liabilities
 
(4.6
)
Total derivatives not designated as hedging instruments
 
$
0.6

 
 
 
$
(9.5
)
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations 
The Pretax Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (in millions)
For the Three Months Ended September 30, 2015
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(14.3
)
 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
10.9

 
Other income (expense), net
 
(3.8
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
6.2

 
Cost of goods sold
 
—

Total
 
$
(3.4
)
 
 
 
$
2.0

 
 
 
$
—

For the Three Months Ended September 30, 2015
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
(0.8
)
 
Interest expense, net
 
$
—

 
Interest expense, net
 
$
0.8

Total
 
$
(0.8
)
 
 
 
$
—

 
 
 
$
0.8

For the Three Months Ended September 30, 2015
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss) recognized in income
Interest rate swaps
 
$
16.0

 
Interest expense, net
Total
 
$
16.0

 
 
For the Three Months Ended September 30, 2014
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(2.1
)
 
Interest expense, net
 
$
(0.4
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
1.2

 
Other income (expense), net
 
(6.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
(6.4
)
 
Cost of goods sold
 
—

Total
 
$
(0.9
)
 
 
 
$
(12.9
)
 
 
 
$
—


For the Three Months Ended September 30, 2014
Derivatives in fair value hedge relationships
 
Amount of gain
(loss) recognized
in income
 
Location of gain (loss) recognized in income
Interest rate swap
 
$
2.2

 
Interest expense, net
Total
 
$
2.2

 
 

For the Nine Months Ended September 30, 2015
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(19.3
)
 
Interest expense, net
 
$
(1.0
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
22.1

 
Other income (expense), net
 
(9.1
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
16.3

 
Cost of goods sold
 
—

Total
 
$
2.8

 
 
 
$
6.2

 
 
 
$
—

For the Nine Months Ended September 30, 2015
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
3.7

 
Interest expense, net
 
$
—

 
Interest expense, net
 
$
—

Total
 
$
3.7

 
 
 
$
—

 
 
 
$
—

For the Nine Months Ended September 30, 2015
Derivatives in fair value hedge relationships
 
Amount of gain (loss) recognized in income on derivative
 
Location of gain (loss) recognized in income
Interest rate swaps
 
$
13.9

 
Interest expense, net
Total
 
$
13.9

 
 
For the Nine Months Ended September 30, 2014
Derivatives in cash flow hedge relationships
 
Amount of gain
(loss) recognized
in OCI on
derivative
(effective
portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI on
derivative
(effective portion)
 
Location of gain (loss)
recognized in income on
derivative (ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
on derivative
(ineffective portion and
amount excluded from
effectiveness testing)
Forward starting interest rate swaps
 
$
(2.4
)
 
Interest expense, net
 
$
(1.2
)
 
Interest expense, net
 
$
—

Foreign currency forwards
 
0.8

 
Other income (expense), net
 
(3.8
)
 
Other income (expense), net
 
—

 
 
 

 
Cost of goods sold
 
(0.1
)
 
Cost of goods sold
 
—

Commodity swaps
 
0.5

 
Cost of goods sold
 
0.4

 
Cost of goods sold
 
—

Total
 
$
(1.1
)
 
 
 
$
(4.7
)
 
 
 
$
—

For the Nine Months Ended September 30, 2014
Derivatives and non-derivative financial instruments in net investment hedge relationships
 
Amount of gain
(loss) recognized in
OCI (effective portion)
 
Location of gain (loss)
reclassified from AOCI into
income (effective portion)
 
Amount of gain
(loss) recognized
from AOCI
(effective portion)
 
Location of gain (loss)
recognized in income
(ineffective portion
and amount excluded from
effectiveness testing)
 
Amount of gain (loss)
recognized in income
(ineffective portion and
amount excluded from
effectiveness testing)
Cross currency swap
 
$
6.5

 
Other income (expense), net
 
$
—

 
Other income (expense), net
 
$
—

Total
 
$
6.5

 
 
 
$
—

 
 
 
$
—

For the Nine Months Ended September 30, 2014
Derivatives in fair value hedge relationships
 
Amount of gain
(loss) recognized
in income
 
Location of gain (loss) recognized in income
Interest rate swap
 
$
3.4

 
Interest expense, net
Total
 
$
3.4

 
 
Other Derivatives 
Other Derivatives (in millions)
For the Three Months Ended September 30, 2015
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(7.2
)
Total
 
 
 
$
(7.2
)
For the Three Months Ended September 30, 2014
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity Swaps
 
Cost of goods sold
 
$
0.4

Total
 
 
 
$
0.4

For the Nine Months Ended September 30, 2015
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity swaps
 
Cost of goods sold
 
$
(13.2
)
Foreign currency forwards
 
Other income (expense), net
 
0.1

Total
 
 
 
$
(13.1
)
For the Nine Months Ended September 30, 2014
Derivatives not in hedging relationships
 
Location of gain (loss) recognized in
income on derivative
 
Amount of gain (loss) recognized in
income on derivative
Commodity Swaps
 
Cost of goods sold
 
(0.2
)
Total
 
 
 
$
(0.2
)
Pension and Other Postretirement Benefits (Tables)
Net periodic pension and OPEB cost
14. Pension and Other Postretirement Benefits ("OPEB")
 
For the Three Months Ended
 
September 30, 2015
 
September 30, 2014
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost - benefits earned during the year
$
2.1

 
$
0.7

 
$
2.8

 
$
3.4

 
$
0.8

 
$
4.2

Interest cost on projected benefit obligation
33.9

 
1.6

 
35.5

 
42.5

 
1.8

 
44.3

Expected return on plan assets
(44.0
)
 
—

 
(44.0
)
 
(50.6
)
 
—

 
(50.6
)
Amortization of prior service cost (benefit)
0.2

 
(0.4
)
 
(0.2
)
 
0.1

 
(0.8
)
 
(0.7
)
Amortization of net actuarial loss (gain)
12.1

 
—

 
12.1

 
9.2

 
(0.2
)
 
9.0

Less: expected participant contributions
(0.2
)
 
—

 
(0.2
)
 
(0.2
)
 
—

 
(0.2
)
Net periodic pension and OPEB cost
$
4.1

 
$
1.9

 
$
6.0

 
$
4.4

 
$
1.6

 
$
6.0


 
For the Nine Months Ended
 
September 30, 2015
 
September 30, 2014
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Net periodic pension and OPEB cost:
 

 
 

 
 
 
 
 
 
 
 
Service cost - benefits earned during the year
$
7.3

 
$
1.6

 
$
8.9

 
$
10.0

 
$
2.3

 
$
12.3

Interest cost on projected benefit obligation
103.2

 
4.6

 
107.8

 
127.2

 
5.4

 
132.6

Expected return on plan assets
(132.7
)
 
—

 
(132.7
)
 
(149.5
)
 
—

 
(149.5
)
Amortization of prior service cost (benefit)
0.6

 
(0.6
)
 
—

 
0.5

 
(2.3
)
 
(1.8
)
Amortization of net actuarial loss (gain)
35.2

 
—

 
35.2

 
27.6

 
(0.7
)
 
26.9

Curtailment (gain) loss
(1.0
)
 
—

 
(1.0
)
 
—

 
—

 
—

Less: expected participant contributions
(0.6
)
 
—

 
(0.6
)
 
(0.8
)
 
—

 
(0.8
)
Net periodic pension and OPEB cost
$
12.0

 
$
5.6

 
$
17.6

 
$
15.0

 
$
4.7

 
$
19.7


Supplemental Guarantor Information Supplemental (Tables)
Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
4.9

 
$
1,109.9

 
$
378.2

 
$
(38.7
)
 
$
1,454.3

Excise taxes
—

 
(354.3
)
 
(82.6
)
 
—

 
(436.9
)
Net sales
4.9

 
755.6

 
295.6

 
(38.7
)
 
1,017.4

Cost of goods sold
—

 
(439.5
)
 
(172.4
)
 
26.0

 
(585.9
)
Gross profit
4.9

 
316.1

 
123.2

 
(12.7
)
 
431.5

Marketing, general and administrative expenses
(28.9
)
 
(169.7
)
 
(79.3
)
 
12.7

 
(265.2
)
Special items, net
—

 
(17.9
)
 
(275.6
)
 
—

 
(293.5
)
Equity income (loss) in subsidiaries
96.6

 
(294.3
)
 
73.1

 
124.6

 
—

Equity income in MillerCoors
—

 
135.3

 
—

 
—

 
135.3

Operating income (loss)
72.6

 
(30.5
)
 
(158.6
)
 
124.6

 
8.1

Interest income (expense), net
(16.1
)
 
56.7

 
(67.4
)
 
—

 
(26.8
)
Other income (expense), net
(0.1
)
 
3.2

 
0.6

 
—

 
3.7

Income (loss) from continuing operations before income taxes
56.4

 
29.4

 
(225.4
)
 
124.6

 
(15.0
)
Income tax benefit (expense)
(39.8
)
 
66.2

 
0.9

 
—

 
27.3

Net income (loss) from continuing operations
16.6

 
95.6

 
(224.5
)
 
124.6

 
12.3

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

 
—

 
2.9

 
—

 
2.9

Net income (loss) including noncontrolling interests
16.6

 
95.6

 
(221.6
)
 
124.6

 
15.2

Net (income) loss attributable to noncontrolling interests
—

 
—

 
1.4

 
—

 
1.4

Net income (loss) attributable to MCBC
$
16.6

 
$
95.6

 
$
(220.2
)
 
$
124.6

 
$
16.6

Comprehensive income (loss) attributable to MCBC
$
(239.4
)
 
$
(134.2
)
 
$
(286.1
)
 
$
420.3

 
$
(239.4
)

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.5

 
$
1,290.6

 
$
407.8

 
$
(54.9
)
 
$
1,650.0

Excise taxes
—

 
(394.1
)
 
(87.9
)
 
—

 
(482.0
)
Net sales
6.5

 
896.5

 
319.9

 
(54.9
)
 
1,168.0

Cost of goods sold
—

 
(505.9
)
 
(200.4
)
 
39.7

 
(666.6
)
Gross profit
6.5

 
390.6

 
119.5

 
(15.2
)
 
501.4

Marketing, general and administrative expenses
(27.9
)
 
(196.5
)
 
(80.4
)
 
15.2

 
(289.6
)
Special items, net
—

 
(11.1
)
 
(356.5
)
 
—

 
(367.6
)
Equity income (loss) in subsidiaries
4.3

 
(405.0
)
 
141.5

 
259.2

 
—

Equity income in MillerCoors
—

 
158.9

 
—

 
—

 
158.9

Operating income (loss)
(17.1
)
 
(63.1
)
 
(175.9
)
 
259.2

 
3.1

Interest income (expense), net
(17.2
)
 
74.2

 
(88.3
)
 
—

 
(31.3
)
Other income (expense), net
(1.1
)
 
(2.9
)
 
(1.0
)
 
—

 
(5.0
)
Income (loss) from continuing operations before income taxes
(35.4
)
 
8.2

 
(265.2
)
 
259.2

 
(33.2
)
Income tax benefit (expense)
1.0

 
(2.3
)
 
0.6

 
—

 
(0.7
)
Net income (loss) from continuing operations
(34.4
)
 
5.9

 
(264.6
)
 
259.2

 
(33.9
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
1.3

 
—

 
1.3

Net income (loss) including noncontrolling interests
(34.4
)
 
5.9

 
(263.3
)
 
259.2

 
(32.6
)
Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) attributable to MCBC
$
(34.4
)
 
$
5.9

 
$
(265.1
)
 
$
259.2

 
$
(34.4
)
Comprehensive income (loss) attributable to MCBC
$
(515.9
)
 
$
(477.7
)
 
$
(481.0
)
 
$
958.7

 
$
(515.9
)


Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6

Accounts receivable, net
—

 
359.8

 
164.8

 
—

 
524.6

Other receivables, net
13.0

 
56.6

 
22.2

 
—

 
91.8

Total inventories
—

 
183.6

 
40.9

 
—

 
224.5

Other current assets, net
3.0

 
49.6

 
37.2

 
—

 
89.8

Deferred tax assets
2.2

 
0.9

 
30.8

 
(6.6
)
 
27.3

Intercompany accounts receivable
—

 
3,906.9

 
321.0

 
(4,227.9
)
 
—

Total current assets
63.3

 
4,736.2

 
786.6

 
(4,234.5
)
 
1,351.6

Properties, net
32.3

 
985.1

 
597.4

 
—

 
1,614.8

Goodwill
—

 
1,021.0

 
1,025.8

 
—

 
2,046.8

Other intangibles, net
—

 
3,446.8

 
1,476.8

 
—

 
4,923.6

Investment in MillerCoors
—

 
2,440.7

 
—

 
—

 
2,440.7

Net investment in and advances to subsidiaries
12,500.8

 
4,013.5

 
5,429.4

 
(21,943.7
)
 
—

Deferred tax assets
11.9

 
14.1

 
0.2

 
12.3

 
38.5

Other assets, net
33.7

 
154.0

 
41.6

 
—

 
229.3

Total assets
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
65.7

 
$
762.2

 
$
368.3

 
$
—

 
$
1,196.2

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

Current portion of long-term debt and short-term borrowings
10.0

 
—

 
38.2

 
—

 
48.2

Discontinued operations
—

 
—

 
4.1

 
—

 
4.1

Intercompany accounts payable
3,396.8

 
368.6

 
462.5

 
(4,227.9
)
 
—

Total current liabilities
3,472.5

 
1,302.2

 
873.1

 
(4,234.5
)
 
1,413.3

Long-term debt
1,907.9

 
1,046.0

 
—

 
—

 
2,953.9

Pension and postretirement benefits
3.2

 
233.8

 
6.0

 
—

 
243.0

Deferred tax liabilities
—

 
—

 
656.5

 
12.3

 
668.8

Other liabilities
9.2

 
41.9

 
32.1

 
—

 
83.2

Discontinued operations
—

 
—

 
10.4

 
—

 
10.4

Intercompany notes payable
—

 
1,299.7

 
5,074.2

 
(6,373.9
)
 
—

Total liabilities
5,392.8

 
3,923.6

 
6,652.3

 
(10,596.1
)
 
5,372.6

MCBC stockholders' equity
7,250.3

 
17,961.2

 
3,982.5

 
(21,943.7
)
 
7,250.3

Intercompany notes receivable
(1.1
)
 
(5,073.4
)
 
(1,299.4
)
 
6,373.9

 
—

Total stockholders' equity
7,249.2

 
12,887.8

 
2,683.1

 
(15,569.8
)
 
7,250.3

Noncontrolling interests
—

 
—

 
22.4

 
—

 
22.4

Total equity
7,249.2

 
12,887.8

 
2,705.5

 
(15,569.8
)
 
7,272.7

Total liabilities and equity
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2014
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
40.9

 
$
470.7

 
$
113.0

 
$
—

 
$
624.6

Accounts receivable, net
2.3

 
391.0

 
134.4

 
—

 
527.7

Other receivables, net
17.4

 
50.3

 
26.3

 
—

 
94.0

Total inventories
—

 
170.1

 
32.1

 
—

 
202.2

Other current assets, net
5.6

 
55.0

 
40.8

 
—

 
101.4

Deferred tax assets
2.2

 
—

 
31.6

 
(6.6
)
 
27.2

Intercompany accounts receivable
—

 
3,313.0

 
251.8

 
(3,564.8
)
 
—

Total current assets
68.4

 
4,450.1

 
630.0

 
(3,571.4
)
 
1,577.1

Properties, net
26.9

 
1,161.4

 
609.7

 
—

 
1,798.0

Goodwill
—

 
1,085.2

 
1,106.4

 
—

 
2,191.6

Other intangibles, net
—

 
3,883.9

 
1,871.9

 
—

 
5,755.8

Investment in MillerCoors
—

 
2,388.6

 
—

 
—

 
2,388.6

Net investment in and advances to subsidiaries
12,582.8

 
3,618.6

 
5,998.2

 
(22,199.6
)
 
—

Deferred tax assets
21.3

 
23.4

 
1.2

 
12.3

 
58.2

Other assets, net
17.8

 
143.6

 
49.4

 
—

 
210.8

Total assets
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
61.9

 
$
903.3

 
$
339.8

 
$
—

 
$
1,305.0

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

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

 
773.9

 
75.1

 
—

 
849.0

Discontinued operations
—

 
—

 
6.1

 
—

 
6.1

Intercompany accounts payable
2,881.1

 
312.8

 
370.9

 
(3,564.8
)
 
—

Total current liabilities
2,943.0

 
2,161.4

 
791.9

 
(3,571.4
)
 
2,324.9

Long-term debt
1,892.6

 
428.7

 
—

 
—

 
2,321.3

Pension and postretirement benefits
2.9

 
534.0

 
6.0

 
—

 
542.9

Deferred tax liabilities
—

 
—

 
772.0

 
12.3

 
784.3

Other liabilities
16.6

 
45.8

 
42.7

 
—

 
105.1

Discontinued operations
—

 
—

 
15.5

 
—

 
15.5

Intercompany notes payable
—

 
1,211.9

 
5,669.5

 
(6,881.4
)
 
—

Total liabilities
4,855.1

 
4,381.8

 
7,297.6

 
(10,440.5
)
 
6,094.0

MCBC stockholders' equity
7,863.3

 
18,041.3

 
4,158.3

 
(22,199.6
)
 
7,863.3

Intercompany notes receivable
(1.2
)
 
(5,668.3
)
 
(1,211.9
)
 
6,881.4

 
—

Total stockholders' equity
7,862.1

 
12,373.0

 
2,946.4

 
(15,318.2
)
 
7,863.3

Noncontrolling interests
—

 
—

 
22.8

 
—

 
22.8

Total equity
7,862.1

 
12,373.0

 
2,969.2

 
(15,318.2
)
 
7,886.1

Total liabilities and equity
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

Schedule of Supplemental Guarantor Information 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
324.0

 
$
178.3

 
$
226.7

 
$
(267.5
)
 
$
461.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.7
)
 
(117.3
)
 
(82.3
)
 
—

 
(208.3
)
Proceeds from sales of properties and other assets
—

 
3.2

 
5.6

 
—

 
8.8

Acquisition of businesses, net of cash acquired
—

 
(46.4
)
 
(44.8
)
 
—

 
(91.2
)
Proceeds from sale of business
—

 
8.7

 
—

 
—

 
8.7

Investment in MillerCoors
—

 
(1,144.5
)
 
—

 
—

 
(1,144.5
)
Return of capital from MillerCoors
—

 
1,088.2

 
—

 
—

 
1,088.2

Loan repayments
—

 
6.5

 
19.6

 
—

 
26.1

Loan advances
—

 
(7.1
)
 
(22.8
)
 
—

 
(29.9
)
Other
—

 
(4.1
)
 
0.8

 
—

 
(3.3
)
Net intercompany investing activity
(56.3
)
 
(186.5
)
 
(167.2
)
 
410.0

 
—

Net cash provided by (used in) investing activities
(65.0
)
 
(399.3
)
 
(291.1
)
 
410.0

 
(345.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
31.2

 
—

 
—

 
—

 
31.2

Excess tax benefits from share-based compensation
8.5

 
—

 
—

 
—

 
8.5

Dividends paid
(203.8
)
 
(267.5
)
 
(24.3
)
 
267.5

 
(228.1
)
Payments for purchases of treasury stock
(100.1
)
 
—

 
—

 
—

 
(100.1
)
Proceeds on long-term borrowings
—

 
679.9

 
—

 
—

 
679.9

Payments on long-term debt
—

 
(676.4
)
 
—

 
—

 
(676.4
)
Proceeds from short-term borrowings
—

 
—

 
33.1

 
—

 
33.1

Payments on short-term borrowings
—

 
—

 
(19.7
)
 
—

 
(19.7
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
10.0

 
—

 
7.1

 
—

 
17.1

Change in overdraft balances and other
(0.6
)
 
(2.4
)
 
(52.6
)
 
—

 
(55.6
)
Net intercompany financing activity
—

 
223.5

 
186.5

 
(410.0
)
 
—

Net cash provided by (used in) financing activities
(254.8
)
 
(42.9
)
 
130.1

 
(142.5
)
 
(310.1
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
4.2

 
(263.9
)
 
65.7

 
—

 
(194.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(28.0
)
 
(9.0
)
 
—

 
(37.0
)
Balance at beginning of year
40.9

 
470.7

 
113.0

 
—

 
624.6

Balance at end of period
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
365.4

 
$
560.4

 
$
194.8

 
$
(62.2
)
 
$
1,058.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.2
)
 
(103.9
)
 
(83.7
)
 
—

 
(195.8
)
Proceeds from sales of properties and other assets
—

 
3.8

 
2.2

 
—

 
6.0

Investment in MillerCoors
—

 
(1,100.4
)
 
—

 
—

 
(1,100.4
)
Return of capital from MillerCoors
—

 
1,053.9

 
—

 
—

 
1,053.9

Investment in and advances to an unconsolidated affiliate
—

 
—

 
5.9

 
—

 
5.9

Loan repayments
—

 
7.1

 
—

 
—

 
7.1

Loan advances
—

 
(6.7
)
 
(7.9
)
 
—

 
(14.6
)
Net intercompany investing activity
(39.2
)
 
90.3

 
137.2

 
(188.3
)
 
—

Net cash provided by (used in) investing activities
(47.4
)
 
(55.9
)
 
53.7

 
(188.3
)
 
(237.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Exercise of stock options under equity compensation plans
38.5

 
—

 
—

 
—

 
38.5

Excess tax benefits from share-based compensation
6.6

 
—

 
—

 
—

 
6.6

Dividends paid
(181.4
)
 
(24.0
)
 
(61.9
)
 
62.2

 
(205.1
)
Payments on long-term debt
—

 
(61.4
)
 
(0.2
)
 
—

 
(61.6
)
Proceeds from short-term borrowings
—

 
—

 
35.5

 
—

 
35.5

Payments on short-term borrowings
—

 
—

 
(23.3
)
 
—

 
(23.3
)
Payments on settlement of derivative instruments
—

 
(65.2
)
 
—

 
—

 
(65.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
(218.3
)
 
—

 
(132.2
)
 
—

 
(350.5
)
Change in overdraft balances and other
(2.6
)
 
(0.5
)
 
115.0

 
—

 
111.9

Net intercompany financing activity
—

 
(98.0
)
 
(90.3
)
 
188.3

 
—

Net cash provided by (used in) financing activities
(357.2
)
 
(249.1
)
 
(157.4
)
 
250.5

 
(513.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(39.2
)
 
255.4

 
91.1

 
—

 
307.3

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

 
(16.7
)
 
(10.8
)
 
—

 
(27.5
)
Balance at beginning of year
90.6

 
248.7

 
103.0

 
—

 
442.3

Balance at end of period
$
51.4

 
$
487.4

 
$
183.3

 
$
—

 
$
722.1

New Accounting Pronouncements (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Other current assets, net
$ 89.8 
$ 101.4 
Other assets
208.0 
189.2 
Current portion of long-term debt and short-term borrowings
48.2 
849.0 
Long-term debt
2,953.9 
2,321.3 
As Reported
 
 
Other current assets, net
 
103.2 
Other assets
 
203.6 
Current portion of long-term debt and short-term borrowings
 
849.4 
Long-term debt
 
$ 2,337.1 
Segment Reporting Net Sales (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Segment Reporting
 
 
 
 
Net sales
$ 1,017.4 
$ 1,168.0 
$ 2,723.1 
$ 3,172.5 
Maximum percentage of sales accounted for by a single customer (as a percent)
 
 
10.00% 
 
Canada [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
411.2 
507.2 
1,169.6 
1,370.8 
Europe [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
566.0 
618.7 
1,448.7 
1,685.7 
MCI [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
41.3 
43.4 
107.6 
119.3 
Corporate [Member]
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
0.3 
0.2 
0.8 
0.9 
Intersegment sales elimination
 
 
 
 
Segment Reporting
 
 
 
 
Net sales
$ (1.4)
$ (1.5)
$ (3.6)
$ (4.2)
Segment Reporting Income (Loss) From Continuing Operations (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Apr. 30, 2015
Heineken [Member]
GBP (£)
Sep. 30, 2015
Heineken [Member]
GBP (£)
Dec. 31, 2014
Heineken [Member]
GBP (£)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Mar. 31, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2015
U.S. [Member]
USD ($)
Sep. 30, 2014
U.S. [Member]
USD ($)
Sep. 30, 2015
U.S. [Member]
USD ($)
Sep. 30, 2014
U.S. [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
GBP (£)
Sep. 30, 2014
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Heineken [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
USD ($)
Sep. 30, 2015
Corporate [Member]
USD ($)
Sep. 30, 2014
Corporate [Member]
USD ($)
Sep. 30, 2015
Corporate [Member]
USD ($)
Sep. 30, 2014
Corporate [Member]
USD ($)
Segment Reporting
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$ (15.0)
$ (33.2)
 
$ 368.5 
$ 465.7 
 
 
 
 
 
 
 
 
$ 91.8 
$ 121.5 
$ 228.8 
$ 330.6 
 
 
 
 
$ 135.3 
$ 158.9 
$ 470.1 
$ 471.8 
$ (183.2)
$ (255.1)
$ (138.3)
 
$ (143.6)
 
$ (2.1)
$ (2.7)
$ (19.7)
$ (9.4)
$ (56.8)
$ (55.8)
$ (172.4)
$ (183.7)
Termination fee income
 
 
 
 
 
 
 
 
0 
0 
63.2 1
0 
63.2 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
(10.0)
 
0 
19.4 
 
 
 
 
 
 
 
 
Amortization of Intangible Assets
(6.4)
(10.1)
 
(20.1)
(31.1)
 
 
 
 
 
 
 
 
 
 
 
 
0 
(8.9)
0 
(13.8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Termination fee expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(29.4)
(19.0)
 
 
 
 
 
 
 
 
 
 
Proceeds from early contract termination
 
 
 
 
 
8.0 
13.0 
5.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain Related to Release of Indirect-Tax Reserve, including interest
 
 
$ 13.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Total Assets (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
Total assets
$ 12,645.3 
$ 13,980.1 
Canada [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
4,766.9 
5,537.2 
U.S. [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
2,440.7 
2,388.6 
Europe [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
5,060.5 
5,773.3 
MCI [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
133.4 
75.2 
Corporate [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
$ 243.8 
$ 205.8 
Investments Financials (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
 
 
 
 
 
Total equity
$ 7,272.7 
 
$ 7,272.7 
 
$ 7,886.1 
Results of operations
 
 
 
 
 
Restructuring costs and special charges
28.0 
 
 
 
 
Accelerated depreciation expense
21.8 
 
 
 
 
MillerCoors
 
 
 
 
 
Condensed balance sheets
 
 
 
 
 
Current assets
923.5 
 
923.5 
 
795.3 
Noncurrent assets
8,983.4 
 
8,983.4 
 
9,047.4 
Total assets
9,906.9 
 
9,906.9 
 
9,842.7 
Current liabilities
1,131.0 
 
1,131.0 
 
1,061.3 
Noncurrent liabilities
1,463.5 
 
1,463.5 
 
1,578.8 
Total liabilities
2,594.5 
 
2,594.5 
 
2,640.1 
Noncontrolling interests
17.4 
 
17.4 
 
23.5 
Owners' equity
7,295.0 
 
7,295.0 
 
7,179.1 
Total liabilities and equity
9,906.9 
 
9,906.9 
 
9,842.7 
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
 
 
 
 
 
Total equity
7,295.0 
 
7,295.0 
 
7,179.1 
MCBC economic interest
42.00% 
42.00% 
42.00% 
42.00% 
42.00% 
MCBC proportionate share of MillerCoors equity
3,063.9 
 
3,063.9 
 
3,015.2 
Difference between MCBC contributed cost basis and proportional share of the underlying equity in net assets of MillerCoors
(658.2)
 
(658.2)
 
(661.6)
Equity Method Investment, Difference From Accounting Policy Elections
35.0 
 
35.0 
 
35.0 
Investment in MillerCoors
2,440.7 
 
2,440.7 
 
2,388.6 
Results of operations
 
 
 
 
 
Net sales
2,000.0 
2,069.5 
5,977.3 
6,066.6 
 
Cost of goods sold
(1,173.9)
(1,237.7)
(3,490.6)
(3,614.2)
 
Gross profit
826.1 
831.8 
2,486.7 
2,452.4 
 
Operating income
323.0 
381.9 
1,125.7 
1,129.2 
 
Net income attributable to MillerCoors
316.5 
376.5 
1,108.3 
1,112.9 
 
Restructuring costs and special charges
 
0.2 
28.0 
1.4 
 
Accelerated depreciation expense
 
 
$ 21.8 
 
 
Investments Proportional (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Equity income in MillerCoors
$ 135.3 
$ 158.9 
$ 470.1 
$ 471.8 
 
MillerCoors
 
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
Net income attributable to MillerCoors
316.5 
376.5 
1,108.3 
1,112.9 
 
MCBC economic interest
42.00% 
42.00% 
42.00% 
42.00% 
42.00% 
MCBC proportionate share of MillerCoors net income
132.9 
158.1 
465.5 
467.4 
 
Amortization of the difference between MCBC contributed cost basis and proportional share of the underlying equity in the net assets of MillerCoors
1.0 
1.2 
3.4 
3.5 
 
Share-based compensation adjustment
1.4 
(0.4)
1.2 
0.9 
 
Equity income in MillerCoors
$ 135.3 
$ 158.9 
$ 470.1 
$ 471.8 
 
Investments Transactions with MillerCoors (Details) (MillerCoors, USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
MillerCoors
 
 
 
 
Schedule of Equity Method Investments [Line Items]
 
 
 
 
Sales of beer to MillerCoors
$ 2.8 
$ 3.8 
$ 8.8 
$ 10.1 
Purchases of beer from MillerCoors
11.6 
10.8 
30.9 
27.0 
Service agreement and other charges to MillerCoors
0.7 
0.6 
2.0 
1.7 
Service agreement costs from MillerCoors
$ 0.2 
$ 0.3 
$ 0.8 
$ 0.8 
Investments Other Equity Method Investments (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Nov. 5, 2013
Modelo Molson Imports L P MMI [Member]
CAD ($)
Sep. 30, 2014
Modelo Molson Imports L P MMI [Member]
Sep. 30, 2014
Modelo Molson Imports L P MMI [Member]
USD ($)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Mar. 31, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Mar. 31, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions
 
 
 
 
 
50.00% 
 
 
50.00% 
 
 
 
 
 
 
 
 
Termination fee income
 
 
 
 
 
 
 
$ 0 
$ 0 
$ 63.2 1
$ 0 
$ 63.2 
 
 
 
 
 
Gain on early termination of joint venture
 
 
 
 
70.0 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of Intangible Assets
6.4 
10.1 
20.1 
31.1 
 
 
 
 
 
 
 
 
0 
8.9 
0 
13.8 
 
Impairment of Intangible Assets, Finite-lived
 
 
 
 
 
 
 
 
 
 
 
 
 
8.9 
 
 
 
Finite-Lived Intangible Assets, Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.9 
Income (Loss) from Equity Method Investments
 
 
2.6 
3.0 
 
 
0.7 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
$ 1.1 
 
 
 
 
 
 
 
 
 
 
Investments Variable Interest Entity (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Grolsch
 
 
Variable Interest Entity
 
 
Total Assets
$ 8.1 
$ 6.8 
Total Liabilities
2.7 
2.9 
Cobra
 
 
Variable Interest Entity
 
 
Total Assets
36.5 
31.0 
Total Liabilities
$ 0.8 
$ 0.8 
Investments Narrative (Details)
1 Months Ended 3 Months Ended
Sep. 30, 2015
VIE
Dec. 31, 2014
VIE
Jun. 30, 2014
USD ($)
Sep. 30, 2015
MillerCoors
USD ($)
Dec. 31, 2014
MillerCoors
USD ($)
Mar. 31, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Oct. 31, 2015
Brewers' Retail Inc. (BRI) [Member]
Jun. 30, 2015
Brewers' Retail Inc. (BRI) [Member]
Jun. 30, 2015
Brewers' Retail Inc. (BRI) [Member]
Revolving credit facility [Member]
Canadian Imperial Bank of Commerce (CIBC) [Member]
CAD ($)
Sep. 30, 2015
Other Current Liabilities [Member]
Brewers' Retail Inc. (BRI) [Member]
USD ($)
Schedule of Equity Method Investments [Line Items]
 
 
 
 
 
 
 
 
 
 
Equity Method Investments, Intercompany Transactions, Net Payables Due
 
 
 
$ (5,600,000)
$ (8,300,000)
 
 
 
 
 
Finite-Lived Intangible Assets, Net
 
 
 
 
 
4,900,000 
 
 
 
 
Number of Variable Interest Entities with Debt
0 
0 
 
 
 
 
 
 
 
 
Revolving credit facility, maximum borrowing capacity
 
 
750,000,000 
 
 
 
 
 
150,000,000 
 
Revolving credit facility, term
 
 
 
 
 
 
 
 
1 year 
 
Revolving credit facility, renewal option, term
 
 
 
 
 
 
 
 
1 year 
 
Guarantee obligation, percentage
 
 
 
 
 
 
45.90% 
50.00% 
 
 
Guarantees, Fair Value Disclosure
 
 
 
 
 
 
 
 
 
$ 12,400,000 
Share-Based Payments Compensation Expense (Details) (Options and Sosars [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Options and Sosars [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Pre-tax compensation expense (in dollars)
$ 4.8 
$ 5.9 
$ 12.9 
$ 18.0 
Tax benefit (in dollars)
(1.2)
(1.6)
(3.3)
(5.5)
After-tax compensation expense (in dollars)
$ 3.6 
$ 4.3 
$ 9.6 
$ 12.5 
Share-Based Payments Non-vested (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended 9 Months Ended
Sep. 30, 2015
Rsus and Dsus [Member]
Sep. 30, 2015
PUs [Member]
Dec. 31, 2014
PUs [Member]
Sep. 30, 2015
PSUs [Member]
Sep. 30, 2014
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
 
 
 
 
Non-vested awards outstanding at the beginning of the period (in shares)
0.7 
0.5 
 
0.4 
 
Granted (in shares)
0.2 
0 
 
0.1 
 
Vested (in shares)
(0.2)
(0.5)
 
0 
 
Forfeited (in shares)
(0.1)
0 
 
0 
 
Non-vested awards outstanding at the end of the period (in shares)
0.6 
0 
 
0.5 
 
Non-vested, weighted-average grant date fair value at the beginning of the period (in dollars per unit)
$ 47.75 
 
 
$ 50.49 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share
 
$ 0.00 
$ 3.22 
$ 64.90 
 
Granted, weighted-average grant date fair value (in dollars per unit)
$ 70.79 
$ 0.00 
 
$ 74.42 
$ 58.69 
Vested, weighted-average grant date fair value (in dollars per unit)
$ 43.31 
$ 2.89 
 
$ 0.00 
 
Forfeited, weighted-average grant date fair value (in dollars per unit)
$ 51.95 
$ 0.00 
 
$ 0.00 
 
Non-vested, weighted-average grant date fair value at the end of the period (in dollars per unit)
$ 56.17 
 
 
$ 57.05 
 
Share-Based Payments Stock Options (Details) (Options and Sosars [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Options and Sosars [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
Outstanding at the beginning of the period (in shares)
2.2 
 
Granted (in shares)
0.1 
 
Exercised (in shares)
(0.9)
 
Forfeited (in shares)
0 
 
Outstanding at the end of the period (in shares)
1.4 
2.2 
Exercisable (in shares)
1.2 
 
Weighted-average exercise price of shares outstanding, beginning of the period (in dollars per share)
$ 45.33 
 
Weighted-average exercise price of shares granted (in dollars per share)
$ 74.81 
 
Weighted-average exercise price of shares exercised (in dollars per share)
$ 44.23 
 
Weighted-average exercise price of shares forfeited (in dollars per share)
$ 0.00 
 
Weighted-average exercise price of shares outstanding, end of the period (in dollars per share)
$ 48.87 
$ 45.33 
Weighted-average exercise price of shares exercisable (in dollars per share)
$ 45.61 
 
Weighted-average remaining contractual life, outstanding (in years)
5 years 
5 years 
Weighted-average remaining contractual life, exercisable (in years)
4 years 2 months 12 days 
 
Aggregate intrinsic value of shares outstanding (in dollars)
$ 64.6 
 
Aggregate intrinsic value of shares outstanding (in dollars)
48.4 
64.6 
Aggregate intrinsic value of shares exercisable (in dollars)
$ 44.3 
 
Share-Based Payments Weighted Average Assumptions (Details)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Options and Sosars [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Risk-free interest rate (as a percent)
1.70% 
2.29% 
Dividend yield (as a percent)
2.20% 
2.57% 
Weighted-average volatility (as a percent)
23.71% 
25.59% 
Expected term
5 years 8 months 12 days 
7 years 6 months 
Weighted-average fair market value
$ 13.98 
$ 12.78 
Options and Sosars [Member] |
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
21.65% 
22.66% 
Options and Sosars [Member] |
Maximum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
29.90% 
26.57% 
PSUs [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Risk-free interest rate (as a percent)
1.06% 
0.72% 
Dividend yield (as a percent)
2.20% 
2.57% 
Weighted-average volatility (as a percent)
21.53% 
21.72% 
Expected term
2 years 9 months 22 days 
2 years 9 months 26 days 
Weighted-average fair market value
$ 74.42 
$ 58.69 
PSUs [Member] |
Minimum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
12.73% 
12.45% 
PSUs [Member] |
Maximum [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate (percent)
62.28% 
72.41% 
Share-Based Payments Narrative (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 9 Months Ended 0 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Class B common stock, non-voting [Member]
Sep. 30, 2015
PSUs [Member]
Sep. 30, 2015
Options and Sosars [Member]
Sep. 30, 2014
Options and Sosars [Member]
Sep. 30, 2015
Gross [Member]
Options and Sosars [Member]
Sep. 30, 2014
Gross [Member]
Options and Sosars [Member]
Feb. 19, 2015
MCBC Incentive Compensation Plan [Member]
Sep. 30, 2015
MCBC Incentive Compensation Plan [Member]
plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
Award extension period
 
 
 
 
 
 
 
 
10 years 
 
Number of incentive compensation plans
 
 
 
 
 
 
 
 
 
1 
Award vesting period
 
 
 
3 years 
 
 
 
 
 
 
Total unrecognized compensation expense related to non-vested shares from share-based compensation arrangements (in dollars)
$ 33.6 
 
 
 
 
 
 
 
 
 
Weighted-average period over which compensation expense is expected to be recognized (in years)
2 years 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value
 
 
 
 
28.6 
24.9 
 
 
 
 
Proceeds from Stock Plans
31.2 
38.5 
 
 
31.2 
38.5 
 
 
 
 
Tax Benefit from Stock Options Exercised
 
 
 
 
 
 
$ 8.5 
$ 6.6 
 
 
Stock approved by Board of Directors and available for issuance (in shares)
 
 
6.8 
 
 
 
 
 
 
 
Special items Summary Special Items (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Apr. 30, 2015
Heineken [Member]
GBP (£)
Sep. 30, 2015
Heineken [Member]
GBP (£)
Dec. 31, 2014
Heineken [Member]
GBP (£)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Mar. 31, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Modelo [Member]
USD ($)
Sep. 30, 2014
Modelo [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
USD ($)
Jun. 30, 2015
Canada [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Asset Abandonment [Member]
USD ($)
Jun. 30, 2015
Canada [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2015
Canada [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2014
Canada [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
GBP (£)
Sep. 30, 2014
Europe [Member]
USD ($)
Dec. 31, 2014
Europe [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Heineken [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Asset Abandonment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Dec. 31, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Dec. 31, 2013
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Flood loss [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Flood loss [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Flood loss [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Flood loss [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
China Impairment [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
China Impairment [Member]
USD ($)
Sep. 30, 2015
MCI [Member]
China Impairment [Member]
USD ($)
Sep. 30, 2014
MCI [Member]
China Impairment [Member]
USD ($)
Sep. 30, 2015
Corporate [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Corporate [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2015
Corporate [Member]
Restructuring [Member]
USD ($)
Sep. 30, 2014
Corporate [Member]
Restructuring [Member]
USD ($)
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Special items
$ 293.5 
$ 367.6 
$ 335.8 
$ 317.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
$ 2.2 
$ 0 
$ 7.6 
$ 15.7 
$ 8.2 
$ 0 
$ 23.9 
$ 0 
 
 
 
 
 
 
 
$ 0.5 
$ 0 
$ (0.5)
$ 1.0 
$ 2.3 
$ 0 
$ 23.4 
$ 0 
$ 275.0 
$ 360.0 
$ 275.0 
$ 360.0 
$ 360.0 
$ 150.9 
 
 
 
 
 
$ 0 
$ 0 
$ 3.2 
$ 0 
$ 0 
$ 0 
$ 3.2 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0.3 
Intangible asset write-off
6.4 
10.1 
20.1 
31.1 
 
 
 
 
 
 
 
 
 
 
0 
8.9 
0 
13.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unusual or Infrequent Item, Net of Insurance Proceeds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
(3.5)
(2.4)
(1.7)
 
 
 
 
 
 
 
 
 
 
 
 
 
Termination fee (income) expense
 
 
 
 
 
 
 
0 
0 
(63.2)1
0 
(63.2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
10.0 
 
0 
 
(19.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accelerated depreciation expense
21.8 
 
 
 
 
 
 
 
 
 
 
 
15.4 
7.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.0 
 
21.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.7 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring, Settlement and Impairment Provisions - Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from early contract termination
 
 
 
 
8.0 
13.0 
5.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on contract termination
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29.4 
19.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unusual or Infrequent Item, Loss, Gross
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.4 
 
 
 
2.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unusual or Infrequent Item, Insurance Proceeds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 3.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income and Expense (Details) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Gain on Sale of Nonoperating Asset [Member]
Sep. 30, 2014
Gain on Sale of Nonoperating Asset [Member]
Sep. 30, 2015
Gain on Sale of Nonoperating Asset [Member]
Sep. 30, 2014
Gain on Sale of Nonoperating Asset [Member]
Sep. 30, 2015
Other Foreign Exchange and Derivative Activity [Member]
Sep. 30, 2014
Other Foreign Exchange and Derivative Activity [Member]
Sep. 30, 2015
Other Foreign Exchange and Derivative Activity [Member]
Sep. 30, 2014
Other Foreign Exchange and Derivative Activity [Member]
Sep. 30, 2015
Other income (expense), net [Member]
Sep. 30, 2014
Other income (expense), net [Member]
Sep. 30, 2015
Other income (expense), net [Member]
Sep. 30, 2014
Other income (expense), net [Member]
May 3, 2012
Senior Notes [Member]
Other income and expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
$ 0 
$ 0 
$ 3,300,000 
$ 0 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,900,000,000 
Other income (expense), net
$ 3,700,000 
$ (5,000,000)
$ 7,400,000 
$ (3,500,000)
 
 
 
 
$ 3,700,000 
$ (4,000,000)
$ 3,800,000 
$ (2,700,000)
$ 0 
$ (1,000,000)
$ 300,000 
$ (800,000)
 
Income Tax (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Operating Loss Carryforwards [Line Items]
 
 
 
 
Effective tax rate (as a percent)
182.00% 
(2.00%)
12.00% 
9.00% 
Federal statutory income tax rate (percent)
 
 
35.00% 
 
Net discrete tax benefit
$ 14.3 
$ 8.2 
 
 
Reduction in unrecognized tax benefits primarily resulting from expiration of statutes of limitations
$ 8.1 
 
 
 
Earnings per Share ("EPS") Basic and Diluted (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Amounts attributable to MCBC
 
 
 
 
Net income (loss) from continuing operations
$ 13.7 
$ (35.7)
$ 322.2 
$ 420.3 
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) attributable to Molson Coors Brewing Company
$ 16.6 
$ (34.4)
$ 326.7 
$ 419.9 
Weighted average shares for basic EPS (in shares)
185.0 
185.1 
185.5 
184.7 
Effect of dilutive securities:
 
 
 
 
Weighted average shares for diluted EPS (in shares)
186.0 
185.1 
186.6 
185.9 
Basic net income (loss) per share:
 
 
 
 
Continuing operations attributable to MCBC (in dollars per share)
$ 0.07 
$ (0.20)
$ 1.74 
$ 2.27 
Discontinued operations attributable to MCBC (in dollars per share)
$ 0.02 
$ 0.01 
$ 0.02 
$ 0.00 
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$ 0.09 
$ (0.19)
$ 1.76 
$ 2.27 
Diluted net income (loss) per share:
 
 
 
 
Continuing operations attributable to MCBC (in dollars per share)
$ 0.07 
$ (0.20)
$ 1.73 
$ 2.26 
Discontinued operations attributable to MCBC (in dollars per share)
$ 0.02 
$ 0.01 
$ 0.02 
$ 0.00 
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$ 0.09 
$ (0.19)
$ 1.75 
$ 2.26 
Dividends declared per share (in dollars per share)
$ 0.41 
$ 0.37 
$ 1.23 
$ 1.11 
RSU DSU PU PSU [Member]
 
 
 
 
Effect of dilutive securities:
 
 
 
 
Effect of dilutive securities of RSU's, DSU's, PU's, Options and SOSAR's
0.6 
0 
0.7 
0.5 
Options and Sosars [Member]
 
 
 
 
Effect of dilutive securities:
 
 
 
 
Effect of dilutive securities of RSU's, DSU's, PU's, Options and SOSAR's
0.4 
0 
0.4 
0.7 
Earnings per Share ("EPS") Antidilutive (Details) (RSUs, stock options and SOSARs)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
RSUs, stock options and SOSARs
 
 
 
 
Anti-dilutive securities:
 
 
 
 
Antidilutive Securities
0.1 
1.2 
0.1 
0.1 
Earnings per Share ("EPS") Share Repurchase Program (Details) (USD $)
Share data in Millions, unless otherwise specified
6 Months Ended 48 Months Ended 6 Months Ended 1 Months Ended
Sep. 30, 2015
Dec. 31, 2018
Class A and Class B common stock [Member]
Feb. 28, 2015
Class A and Class B common stock [Member]
Sep. 30, 2015
Class B common stock [Member]
Oct. 31, 2015
Class B common stock [Member]
Subsequent Event [Member]
Accelerated Share Repurchases [Line Items]
 
 
 
 
 
Stock repurchase program, amount authorized
 
 
$ 1,000,000,000 
 
 
Stock Repurchase Program, Period in Force
 
4 years 
 
 
 
Treasury Stock, Shares, Acquired
1.3 
 
 
 
 
Stock repurchased during period, amount
 
 
 
$ 100,000,000 
$ 50,000,000 
Goodwill (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Goodwill activity:
 
Balance at beginning of year
$ 2,191.6 
Business acquisition and disposition
9.7 
Foreign currency translation
(154.5)
Balance at end of year
2,046.8 
Canada [Member]
 
Goodwill activity:
 
Balance at beginning of year
656.5 
Business acquisition and disposition
0 
Foreign currency translation
(83.4)
Balance at end of year
573.1 
Europe [Member]
 
Goodwill activity:
 
Balance at beginning of year
1,528.0 
Goodwill, Written off Related to Sale of Business Unit
(6.7)
Foreign currency translation
(70.5)
Balance at end of year
1,450.8 
MCI [Member]
 
Goodwill activity:
 
Balance at beginning of year
7.1 
Business acquisition and disposition
16.4 
Foreign currency translation
(0.6)
Balance at end of year
$ 22.9 
Goodwill and Intangible Assets Intangible Assets (Details)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 0 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2015
Brands [Member]
Minimum [Member]
Sep. 30, 2015
Brands [Member]
Maximum [Member]
Sep. 30, 2015
Brands [Member]
USD ($)
Dec. 31, 2014
Brands [Member]
USD ($)
Sep. 30, 2015
Brands [Member]
Minimum [Member]
Dec. 31, 2014
Brands [Member]
Minimum [Member]
Sep. 30, 2015
Brands [Member]
Maximum [Member]
Dec. 31, 2014
Brands [Member]
Maximum [Member]
Sep. 30, 2015
Distribution Rights [Member]
USD ($)
Dec. 31, 2014
Distribution Rights [Member]
USD ($)
Sep. 30, 2015
Distribution Rights [Member]
Minimum [Member]
Dec. 31, 2014
Distribution Rights [Member]
Minimum [Member]
Sep. 30, 2015
Distribution Rights [Member]
Maximum [Member]
Dec. 31, 2014
Distribution Rights [Member]
Maximum [Member]
Sep. 30, 2015
Other Intangible Assets [Member]
USD ($)
Dec. 31, 2014
Other Intangible Assets [Member]
USD ($)
Sep. 30, 2015
Other Intangible Assets [Member]
Minimum [Member]
Dec. 31, 2014
Other Intangible Assets [Member]
Minimum [Member]
Sep. 30, 2015
Other Intangible Assets [Member]
Maximum [Member]
Dec. 31, 2014
Other Intangible Assets [Member]
Maximum [Member]
Sep. 30, 2015
Distribution Networks [Member]
USD ($)
Dec. 31, 2014
Distribution Networks [Member]
USD ($)
Apr. 30, 2015
Ontario, Canada [Member]
brewer
Dec. 31, 2014
Canada [Member]
Sep. 30, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Mar. 31, 2014
Canada [Member]
Licensing Agreements [Member]
USD ($)
Dec. 31, 2014
Europe [Member]
Sep. 30, 2015
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2015
Europe [Member]
Brand Impairment [Member]
USD ($)
Sep. 30, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Dec. 31, 2014
Europe [Member]
Brand Impairment [Member]
USD ($)
Dec. 31, 2013
Europe [Member]
Brand Impairment [Member]
USD ($)
Apr. 30, 2015
Brewer's Retail Inc. (BRI) [Member]
Canada [Member]
CAD ($)
Apr. 30, 2015
Brewer's Retail Inc. (BRI) [Member]
Canada [Member]
CAD ($)
Apr. 30, 2015
Enhancement of Purchasing Experience [Member]
Brewer's Retail Inc. (BRI) [Member]
Canada [Member]
Details of intangible assets, other than goodwill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales tax, annual charge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 100,000,000 
 
 
Sales Tax Agreement, Term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 years 
 
 
Number of largest brewers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term commitment to invest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
Long-term commitment to invest (percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80.00% 
Percentage Of Fair Value Exceeding Carrying Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.00% 
 
 
14.00% 
 
 
 
 
 
 
 
 
 
Restructuring charges
293,500,000 
367,600,000 
335,800,000 
317,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
275,000,000 
360,000,000 
275,000,000 
360,000,000 
360,000,000 
150,900,000 
 
 
 
Impairment of Intangible Assets, Finite-lived
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,900,000 
 
 
 
 
 
 
 
 
 
 
 
Intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Assets, Gross
 
 
 
 
 
 
 
1,158,600,000 
483,500,000 
 
 
 
 
139,500,000 
122,000,000 
 
 
 
 
30,700,000 
31,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Gross
5,267,300,000 
 
5,267,300,000 
 
6,115,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated amortization
(343,700,000)
 
(343,700,000)
 
(359,600,000)
 
 
(225,000,000)
(229,100,000)
 
 
 
 
(89,500,000)
(101,100,000)
 
 
 
 
(29,200,000)
(29,400,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
 
 
 
 
 
 
 
933,600,000 
254,400,000 
 
 
 
 
50,000,000 
20,900,000 
 
 
 
 
1,500,000 
2,300,000 
 
 
 
 
 
 
 
 
 
4,900,000 
 
 
 
 
 
 
 
 
 
 
Total Net
4,923,600,000 
 
4,923,600,000 
 
5,755,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indefinite-lived intangible assets
 
 
 
 
 
 
 
$ 3,161,100,000 
$ 4,590,200,000 
 
 
 
 
 
 
 
 
 
 
$ 17,500,000 
$ 17,500,000 
 
 
 
 
$ 759,900,000 
$ 870,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful life
 
 
 
 
 
30 years 
50 years 
 
 
3 years 
3 years 
40 years 
40 years 
 
 
3 years 
3 years 
28 years 
28 years 
 
 
2 years 
2 years 
8 years 
8 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and Intangible Assets Amortization Expense (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2015
event
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Brands [Member]
Sep. 30, 2015
Brands [Member]
Minimum [Member]
Sep. 30, 2015
Brands [Member]
Maximum [Member]
Dec. 31, 2014
Canada [Member]
Sep. 30, 2015
Molson Core Brands [Member]
Dec. 31, 2014
Molson Core Brands [Member]
Estimated amortization expense of finite-lived intangible assets
 
 
 
 
 
 
 
 
 
 
2015 - remaining
$ 10.0 
 
$ 10.0 
 
 
 
 
 
 
 
2016
39.9 
 
39.9 
 
 
 
 
 
 
 
2017
29.2 
 
29.2 
 
 
 
 
 
 
 
2018
27.7 
 
27.7 
 
 
 
 
 
 
 
2019
27.7 
 
27.7 
 
 
 
 
 
 
 
Amortization expense of intangible assets
6.4 
10.1 
20.1 
31.1 
 
 
 
 
 
 
Percentage Of Fair Value Exceeding Carrying Value
 
 
 
 
 
 
 
11.00% 
 
9.00% 
Intangible Assets, Reclassified, Fair Value
 
 
 
 
700.2 
 
 
 
 
 
Finite-Lived Intangible Asset, Useful Life
 
 
 
 
 
30 years 
50 years 
 
 
 
Indefinite-lived intangible assets
 
 
 
 
 
 
 
 
$ 2,280.4 
 
Number of events triggering potential impairment
0 
 
 
 
 
 
 
 
 
 
Debt Schedule (Details)
9 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 7 Months Ended 7 Months Ended 16 Months Ended
Sep. 30, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jun. 30, 2014
USD ($)
Sep. 30, 2015
Central Europe [Member]
USD ($)
Dec. 31, 2014
Central Europe [Member]
USD ($)
Sep. 30, 2015
Forward starting interest rate swap [Member]
CAD ($)
Sep. 30, 2015
Cross currency swaps [Member]
USD ($)
Sep. 30, 2015
Cross currency swaps [Member]
EUR (€)
Sep. 30, 2015
Credit facilities [Member]
Japanese Yen [Member]
USD ($)
Dec. 31, 2014
Credit facilities [Member]
Japanese Yen [Member]
USD ($)
Sep. 30, 2015
Commercial paper [Member]
May 3, 2012
Senior Notes [Member]
USD ($)
Sep. 18, 2015
Senior Notes [Member]
Interest rate swaps [Member]
Sep. 14, 2015
Senior Notes [Member]
Interest rate swaps [Member]
USD ($)
Sep. 14, 2015
Senior Notes [Member]
Interest rate swaps [Member]
CAD ($)
Sep. 30, 2015
Senior Notes [Member]
CAD 900 million 5.0% notes due 2015 [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
CAD 900 million 5.0% notes due 2015 [Member]
USD ($)
Sep. 22, 2005
Senior Notes [Member]
CAD 900 million 5.0% notes due 2015 [Member]
CAD ($)
Sep. 30, 2015
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017 [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017 [Member]
USD ($)
Oct. 6, 2010
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017 [Member]
CAD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 400 million 2.25% notes due 2018 [Member]
Sep. 30, 2015
Senior Notes [Member]
CAD 400 million 2.25% notes due 2018 [Member]
USD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 400 million 2.25% notes due 2018 [Member]
CAD ($)
Dec. 31, 2014
Senior Notes [Member]
CAD 400 million 2.25% notes due 2018 [Member]
USD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 500 million 2.75% notes due 2020 [Member]
Sep. 30, 2015
Senior Notes [Member]
CAD 500 million 2.75% notes due 2020 [Member]
USD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 500 million 2.75% notes due 2020 [Member]
CAD ($)
Dec. 31, 2014
Senior Notes [Member]
CAD 500 million 2.75% notes due 2020 [Member]
USD ($)
Sep. 30, 2015
Senior Notes [Member]
$300 million 2.0% notes due 2017 [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
$300 million 2.0% notes due 2017 [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
$300 million 2.0% notes due 2017 [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
USD ($)
Sep. 30, 2015
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
USD ($)
Sep. 30, 2015
Senior Notes [Member]
$1.1 billion 5.0% notes due 2042 [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
$1.1 billion 5.0% notes due 2042 [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
$1.1 billion 5.0% notes due 2042 [Member]
USD ($)
Sep. 30, 2015
Credit facilities [Member]
Revolving Multicurrency Bank Credit Facility [Member]
USD ($)
Sep. 30, 2015
Quarter To Date [Member]
Senior Notes [Member]
$300 million 2.0% notes due 2017 [Member]
Sep. 30, 2015
Quarter To Date [Member]
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
Sep. 30, 2014
Quarter To Date [Member]
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
Sep. 30, 2015
Year To Date [Member]
Senior Notes [Member]
$300 million 2.0% notes due 2017 [Member]
Sep. 30, 2015
Year To Date [Member]
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
Sep. 30, 2014
Year To Date [Member]
Senior Notes [Member]
$500 million 3.5% notes due 2022 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, carrying amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
$ 774,500,000 
 
$ 375,600,000 
$ 430,300,000 
 
 
$ 300,500,000 
 
$ 0 
 
$ 375,600,000 
 
$ 0 
$ 301,300,000 
$ 300,000,000 
$ 300,000,000 
$ 510,800,000 
$ 523,400,000 
$ 500,000,000 
$ 1,100,000,000 
$ 1,100,000,000 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
 
1,900,000,000 
 
 
 
 
 
900,000,000 
 
 
500,000,000 
 
 
400,000,000 
 
 
 
500,000,000 
 
 
 
300,000,000 
 
 
500,000,000 
 
 
1,100,000,000.0 
 
 
 
 
 
 
 
Increase in effective cost of borrowing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.16% 
 
 
 
0.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.00% 
 
 
3.95% 
 
 
2.25% 
 
 
 
2.75% 
 
 
 
2.00% 
 
 
3.50% 
 
 
5.00% 
 
 
 
 
 
 
 
Less: unamortized debt discounts
(22,500,000)
(20,400,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total long-term debt (including current portion)
2,953,900,000 
3,095,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
0 
(773,900,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total long-term debt
2,953,900,000 
2,321,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper program
10,000,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Overdraft facility
9,400,000 
64,600,000 
 
9,400,000 
64,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term facilities
 
 
 
 
 
 
 
 
10,800,000 
4,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other short-term borrowings
18,000,000 
5,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of long-term debt and short-term borrowings
48,200,000 
849,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, fair value adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
10,800,000 
23,400,000 
 
 
 
 
 
 
 
 
 
 
 
Derivative, notional amount
 
 
 
 
 
600,000,000 
300,000,000 
265,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on settlement of interest rate swap, recorded in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
29,500,000 
39,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, term
 
 
 
 
 
 
 
 
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
3 years 
 
 
 
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, effective interest rate (percent)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.33%)
1.41% 
1.41% 
0.98% 
1.38% 
2.74% 
Revolving credit facility, remaining borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
740,000,000 
 
 
 
 
 
 
Revolving credit facility, maximum borrowing capacity
 
 
750,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt, weighted average interest rate
 
 
 
 
 
 
 
 
 
 
0.45% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average interest rate, term
 
 
 
 
 
 
 
 
 
 
410 hours 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank cash
 
 
 
63,300,000 
80,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank cash, net of overdrafts
 
 
 
$ 53,900,000 
$ 15,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Debt Disclosure [Abstract]
 
 
Long-term debt, fair value
$ 2,873.8 
$ 3,240.6 
Accumulated Other Comprehensive Income (Loss) Table 1 (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
As of December 31, 2014
$ (898.4)
Foreign currency translation adjustments
(630.2)
Unrealized gain (loss) on derivative instruments
6.5 
Reclassification of derivative (gain) loss to income
(6.2)
Pension and other postretirement benefit adjustments
(2.2)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
35.2 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
(3.8)
Tax benefit (expense)
(57.6)
As of September 30, 2015
(1,556.7)
Foreign currency translation adjustments
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
As of December 31, 2014
129.8 
Foreign currency translation adjustments
(630.2)
Unrealized gain (loss) on derivative instruments
0 
Reclassification of derivative (gain) loss to income
0 
Pension and other postretirement benefit adjustments
0 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
0 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0 
Tax benefit (expense)
(57.2)
As of September 30, 2015
(557.6)
Gain (loss) on derivative instruments
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
As of December 31, 2014
15.0 
Foreign currency translation adjustments
0 
Unrealized gain (loss) on derivative instruments
6.5 
Reclassification of derivative (gain) loss to income
(6.2)
Pension and other postretirement benefit adjustments
0 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
0 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0 
Tax benefit (expense)
5.6 
As of September 30, 2015
20.9 
Pension and postretirement benefit adjustments
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
As of December 31, 2014
(658.5)
Foreign currency translation adjustments
0 
Unrealized gain (loss) on derivative instruments
0 
Reclassification of derivative (gain) loss to income
0 
Pension and other postretirement benefit adjustments
(2.2)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
35.2 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
0 
Tax benefit (expense)
(7.4)
As of September 30, 2015
(632.9)
Equity method investments
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
As of December 31, 2014
(384.7)
Foreign currency translation adjustments
0 
Unrealized gain (loss) on derivative instruments
0 
Reclassification of derivative (gain) loss to income
0 
Pension and other postretirement benefit adjustments
0 
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income
0 
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)
(3.8)
Tax benefit (expense)
1.4 
As of September 30, 2015
$ (387.1)
Accumulated Other Comprehensive Income (Loss) Table 2 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Foreign currency forwards and commodity swaps
$ 585.9 
$ 666.6 
$ 1,620.6 
$ 1,873.1 
Total income (loss) reclassified, before tax
12.3 
(33.9)
324.6 
423.8 
Income tax benefit (expense)
27.3 
(0.7)
(43.9)
(41.9)
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
 
Net income (loss) reclassified, net of tax
(7.4)
(14.2)
(22.7)
(24.0)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member]
 
 
 
 
Total income (loss) reclassified, before tax
2.0 
(12.9)
6.2 
(4.7)
Income tax benefit (expense)
(0.3)
3.0 
(1.5)
0.4 
Net income (loss) reclassified, net of tax
1.7 
(9.9)
4.7 
(4.3)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Other income (expense), net [Member]
 
 
 
 
Foreign currency forwards, other
(3.8)
(6.1)
(9.1)
(3.8)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Cost of goods sold [Member]
 
 
 
 
Foreign currency forwards and commodity swaps
6.2 
(6.4)
16.3 
(0.1)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Forward starting interest rate swaps [Member] |
Interest expense, net [Member]
 
 
 
 
Forward starting interest rate swaps
(0.4)
(0.4)
(1.0)
(1.2)
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Gain/(loss) on cash flow hedges [Member] |
Commodity swaps [Member] |
Cost of goods sold [Member]
 
 
 
 
Foreign currency forwards and commodity swaps
 
0 
0 
0.4 
Reclassification out of Accumulated Other Comprehensive Income [Member] |
Amortization of defined benefit pension and other postretirement benefit plan items [Member]
 
 
 
 
Prior service benefit (cost)
0.2 
0.7 
0 
1.8 
Net actuarial gain (loss)
(12.1)
(9.0)
(35.2)
(26.9)
Total income (loss) reclassified, before tax
(11.9)
(8.3)
(35.2)
(25.1)
Income tax benefit (expense)
2.8 
4.0 
7.8 
5.4 
Net income (loss) reclassified, net of tax
$ (9.1)
$ (4.3)
$ (27.4)
$ (19.7)
Derivative Instruments and Hedging Activities Narrative (Details)
12 Months Ended 36 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 7 Months Ended 7 Months Ended 16 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended
Sep. 30, 2016
Forecast [Member]
USD ($)
M
Sep. 30, 2018
Forecast [Member]
Sep. 30, 2015
Fair Value Hedging [Member]
USD ($)
Sep. 30, 2014
Fair Value Hedging [Member]
USD ($)
Sep. 30, 2015
Fair Value Hedging [Member]
USD ($)
Sep. 30, 2014
Fair Value Hedging [Member]
USD ($)
Sep. 30, 2015
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2014
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2015
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2014
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
USD ($)
Sep. 30, 2015
$300 million 2.0% notes due 2017 [Member]
Senior Notes [Member]
USD ($)
Dec. 31, 2014
$300 million 2.0% notes due 2017 [Member]
Senior Notes [Member]
USD ($)
May 3, 2012
$300 million 2.0% notes due 2017 [Member]
Senior Notes [Member]
USD ($)
May 3, 2012
$300M USD Interest Rate Swaps [Member]
Senior Notes [Member]
Dec. 31, 2014
$500 million 3.5% notes due 2022 [Member]
Senior Notes [Member]
USD ($)
Sep. 30, 2015
$500 million 3.5% notes due 2022 [Member]
Senior Notes [Member]
USD ($)
May 3, 2012
$500 million 3.5% notes due 2022 [Member]
Senior Notes [Member]
USD ($)
Sep. 18, 2015
CAD 500 million 2.75% notes due 2020 [Member]
Senior Notes [Member]
Sep. 30, 2015
CAD 500 million 2.75% notes due 2020 [Member]
Senior Notes [Member]
USD ($)
Sep. 18, 2015
CAD 500 million 2.75% notes due 2020 [Member]
Senior Notes [Member]
CAD ($)
Dec. 31, 2014
CAD 500 million 2.75% notes due 2020 [Member]
Senior Notes [Member]
USD ($)
Sep. 18, 2015
CAD 400 million 2.25% notes due 2018 [Member]
Senior Notes [Member]
Sep. 30, 2015
CAD 400 million 2.25% notes due 2018 [Member]
Senior Notes [Member]
USD ($)
Sep. 18, 2015
CAD 400 million 2.25% notes due 2018 [Member]
Senior Notes [Member]
CAD ($)
Dec. 31, 2014
CAD 400 million 2.25% notes due 2018 [Member]
Senior Notes [Member]
USD ($)
Sep. 30, 2015
$300M USD Interest Rate Swaps [Member]
USD ($)
Sep. 30, 2015
$300M USD Interest Rate Swaps [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2015
$300M USD Interest Rate Swaps [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2015
$500M USD Interest Rate Swaps [Member] [Member]
USD ($)
Sep. 30, 2015
$500M USD Interest Rate Swaps [Member] [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 30, 2015
$500M USD Interest Rate Swaps [Member] [Member]
Fair Value Hedging [Member]
Interest rate swaps [Member]
Interest expense, net [Member]
USD ($)
Sep. 18, 2015
Interest rate swaps [Member]
Senior Notes [Member]
Sep. 14, 2015
Interest rate swaps [Member]
Senior Notes [Member]
USD ($)
Sep. 14, 2015
Interest rate swaps [Member]
Senior Notes [Member]
CAD ($)
Sep. 30, 2015
Cross currency swaps [Member]
USD ($)
Sep. 30, 2015
Cross currency swaps [Member]
EUR (€)
Sep. 30, 2015
Forward starting interest rate swap [Member]
CAD ($)
Schedule of Trading Securities and Other Trading Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, notional amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 300,000,000 
 
 
$ 500,000,000 
 
 
 
 
 
$ 300,000,000 
€ 265,000,000 
$ 600,000,000 
Unrealized gain on interest rate swap
 
 
16,000,000 
2,200,000 
13,900,000 
3,400,000 
16,000,000 
2,200,000 
13,900,000 
3,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800,000 
1,300,000 
 
15,200,000 
12,600,000 
 
 
 
 
 
 
Long-term debt, carrying amount
 
 
 
 
 
 
 
 
 
 
 
301,300,000 
300,000,000 
300,000,000 
 
510,800,000 
523,400,000 
500,000,000 
 
375,600,000 
 
0 
 
300,500,000 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
2.00% 
2.00% 
 
 
3.50% 
 
 
2.75% 
 
 
 
2.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, fair value adjustment
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
 
10,800,000 
23,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
1,900,000,000 
 
 
300,000,000 
 
 
 
500,000,000 
 
 
500,000,000 
 
 
 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on settlement of interest rate swap, recorded in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29,500,000 
39,200,000 
 
 
 
Debt instrument, term
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
10 years 
 
 
 
 
 
Net gains on interest rate cash flow hedges, recorded in AOCI
$ 25,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term for expected losses recorded in AOCI
12 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum term of time in cash flow hedge
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments and Hedging Activities Derivative Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative, Fair Value, Net
$ 0 
$ 0 
Fair Value, Inputs, Level 1 [Member] |
Cross currency swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
 
Fair Value, Inputs, Level 1 [Member] |
Interest rate swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
 
Derivative Liability, Fair Value, Gross Liability
 
0 
Fair Value, Inputs, Level 1 [Member] |
Foreign currency forwards [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
0 
Fair Value, Inputs, Level 1 [Member] |
Commodity swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability
0 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative, Fair Value, Net
53.7 
20.5 
Fair Value, Inputs, Level 2 [Member] |
Cross currency swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
3.7 
 
Fair Value, Inputs, Level 2 [Member] |
Interest rate swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
(24.7)
 
Derivative Liability, Fair Value, Gross Liability
 
(2.2)
Fair Value, Inputs, Level 2 [Member] |
Foreign currency forwards [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
42.6 
31.6 
Fair Value, Inputs, Level 2 [Member] |
Commodity swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability
(17.3)
(8.9)
Significant unobservable inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative, Fair Value, Net
0 
0 
Significant unobservable inputs (Level 3) [Member] |
Cross currency swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
 
Significant unobservable inputs (Level 3) [Member] |
Interest rate swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
 
Derivative Liability, Fair Value, Gross Liability
 
0 
Significant unobservable inputs (Level 3) [Member] |
Foreign currency forwards [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
0 
0 
Significant unobservable inputs (Level 3) [Member] |
Commodity swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability
0 
0 
Reported Value Measurement [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative, Fair Value, Net
53.7 
20.5 
Reported Value Measurement [Member] |
Cross currency swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
3.7 
 
Reported Value Measurement [Member] |
Interest rate swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
24.7 
 
Derivative Liability, Fair Value, Gross Liability
 
(2.2)
Reported Value Measurement [Member] |
Foreign currency forwards [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset, Fair Value, Gross Asset
42.6 
31.6 
Reported Value Measurement [Member] |
Commodity swaps [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability, Fair Value, Gross Liability
$ (17.3)
$ (8.9)
Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Designated as Hedging Instrument [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
$ 71,000,000 
$ 42,400,000 
Derivative liability, fair value, designated as hedging instrument
0 
(13,000,000)
Designated as Hedging Instrument [Member] |
Cross currency swaps [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
296,300,000 
 
Designated as Hedging Instrument [Member] |
Cross currency swaps [Member] |
Other non-current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
3,700,000 
 
Designated as Hedging Instrument [Member] |
Cross currency swaps [Member] |
Other liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
0 
 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
800,000,000 
844,200,000 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
 
0 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other non-current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
24,700,000 
10,800,000 
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
 
(13,000,000)
Designated as Hedging Instrument [Member] |
Interest rate swaps [Member] |
Other liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
0 
0 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
311,300,000 
343,400,000 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
27,500,000 
19,500,000 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other non-current assets [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative asset, fair value, designated as hedging instrument
15,100,000 
12,100,000 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
0 
0 
Designated as Hedging Instrument [Member] |
Foreign currency forwards [Member] |
Other liabilities [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative liability, fair value, designated as hedging instrument
0 
0 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
800,000 
600,000 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(18,100,000)
(9,500,000)
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member]
 
 
Derivatives designated as hedging instruments:
 
 
Derivative, notional amount
123,700,000 
111,100,000 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
200,000 
200,000 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other non-current assets [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
600,000 
400,000 
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Accounts payable and other current liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
(10,100,000)
(4,900,000)
Not Designated as Hedging Instrument [Member] |
Commodity swaps [Member] |
Other liabilities [Member]
 
 
Derivatives not designated as hedging instruments:
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
$ (8,000,000)
$ (4,600,000)
Derivative Instruments and Hedging Activities Cash Flow Hedges (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Cash Flow Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
$ (3.4)
$ (0.9)
$ 2.8 
$ (1.1)
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
2.0 
(12.9)
6.2 
(4.7)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Forward starting interest rate swap [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
(14.3)
(2.1)
(19.3)
(2.4)
Cash Flow Hedging [Member] |
Forward starting interest rate swap [Member] |
Interest expense, net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
(0.4)
(0.4)
(1.0)
(1.2)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Foreign currency forwards [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
10.9 
1.2 
22.1 
0.8 
Cash Flow Hedging [Member] |
Foreign currency forwards [Member] |
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
(3.8)
(6.1)
(9.1)
(3.8)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Foreign currency forwards [Member] |
Cost of goods sold [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
6.2 
(6.4)
16.3 
(0.1)
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0 
0 
0 
0 
Cash Flow Hedging [Member] |
Commodity swaps [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
 
 
 
0.5 
Cash Flow Hedging [Member] |
Commodity swaps [Member] |
Cost of goods sold [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
 
 
 
0.4 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
 
 
 
0 
Investment Hedge [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
(0.8)
 
3.7 
6.5 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
0 
 
0 
0 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0.8 
 
0 
0 
Investment Hedge [Member] |
Cross currency swaps [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of (gain) loss recognized in OCI on derivative (effective portion)
(0.8)
 
3.7 
6.5 
Investment Hedge [Member] |
Cross currency swaps [Member] |
Interest expense, net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
0 
 
0 
 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
0.8 
 
0 
 
Investment Hedge [Member] |
Cross currency swaps [Member] |
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized from AOCI on derivative (effective portion)
 
 
 
0 
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)
 
 
 
0 
Fair Value Hedging [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized in income on derivative
16.0 
2.2 
13.9 
3.4 
Fair Value Hedging [Member] |
Interest rate swaps [Member] |
Interest expense, net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Amount of gain (loss) recognized in income on derivative
$ 16.0 
$ 2.2 
$ 13.9 
$ 3.4 
Derivative Instruments and Hedging Activities Other Derivatives (Details) (Not Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Gain (Loss) on Derivative Instruments:
 
 
 
 
Amount of Gain (Loss) Recognized in Income on Derivative
$ (7.2)
$ 0.4 
$ (13.1)
$ (0.2)
Commodity swaps [Member] |
Cost of goods sold [Member]
 
 
 
 
Gain (Loss) on Derivative Instruments:
 
 
 
 
Amount of Gain (Loss) Recognized in Income on Derivative
(7.2)
0.4 
(13.2)
(0.2)
Foreign currency forwards [Member] |
Other income (expense), net [Member]
 
 
 
 
Gain (Loss) on Derivative Instruments:
 
 
 
 
Amount of Gain (Loss) Recognized in Income on Derivative
 
 
$ 0.1 
 
Pension and Other Postretirement Benefits (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
Defined Benefit Plans
USD ($)
Sep. 30, 2014
Defined Benefit Plans
USD ($)
Sep. 30, 2015
Defined Benefit Plans
USD ($)
Sep. 30, 2014
Defined Benefit Plans
USD ($)
Dec. 31, 2015
Defined Benefit Plans
Forecast [Member]
USD ($)
Jan. 30, 2015
Defined Benefit Plans
United Kingdom (U.K.)
USD ($)
Jan. 30, 2015
Defined Benefit Plans
United Kingdom (U.K.)
GBP (£)
Sep. 30, 2015
Other Postretirement Benefits
USD ($)
Sep. 30, 2014
Other Postretirement Benefits
USD ($)
Sep. 30, 2015
Other Postretirement Benefits
USD ($)
Sep. 30, 2014
Other Postretirement Benefits
USD ($)
Net periodic pension and OPEB costs:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost - benefits earned during the year
$ 2.8 
$ 4.2 
$ 8.9 
$ 12.3 
$ 2.1 
$ 3.4 
$ 7.3 
$ 10.0 
 
 
 
$ 0.7 
$ 0.8 
$ 1.6 
$ 2.3 
Interest cost on projected benefit obligation
35.5 
44.3 
107.8 
132.6 
33.9 
42.5 
103.2 
127.2 
 
 
 
1.6 
1.8 
4.6 
5.4 
Expected return on plan assets
(44.0)
(50.6)
(132.7)
(149.5)
(44.0)
(50.6)
(132.7)
(149.5)
 
 
 
0 
0 
0 
0 
Amortization of prior service cost (benefit)
(0.2)
(0.7)
0 
(1.8)
0.2 
0.1 
0.6 
0.5 
 
 
 
(0.4)
(0.8)
(0.6)
(2.3)
Amortization of net actuarial loss (gain)
12.1 
9.0 
35.2 
26.9 
12.1 
9.2 
35.2 
27.6 
 
 
 
0 
(0.2)
0 
(0.7)
Curtailment (gain) loss
 
 
(1.0)
0 
 
 
(1.0)
0 
 
 
 
 
 
0 
0 
Defined Benefit Plan Expected Participant Contributions
(0.2)
(0.2)
(0.6)
(0.8)
(0.2)
(0.2)
(0.6)
(0.8)
 
 
 
0 
0 
0 
0 
Net periodic pension and OPEB cost
6.0 
6.0 
17.6 
19.7 
4.1 
4.4 
12.0 
15.0 
 
 
 
1.9 
1.6 
5.6 
4.7 
Contributions paid to defined benefit plans
 
 
246.4 
 
 
 
 
 
 
227.1 
150.0 
 
 
 
 
Expected total defined benefit plan employer contributions
 
 
 
 
 
 
 
 
$ 260 
 
 
 
 
 
 
Commitments and Contingencies Loss Contingency (Details)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2009
CAD ($)
Mar. 31, 2014
USD ($)
Sep. 30, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2015
Kaiser purchased tax credits indemnity reserve, category two
USD ($)
Sep. 30, 2015
Kaiser Tax, Civil and Labor Indemnity Reserve [Member]
USD ($)
Dec. 31, 1990
Environmental matters Lowry [Member]
USD ($)
Sep. 30, 2015
Environmental matters Lowry [Member]
USD ($)
Dec. 12, 2014
David Hughes and 631992 Ontario Inc [Member]
CAD ($)
Sep. 30, 2015
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Sep. 30, 2014
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Sep. 30, 2015
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Sep. 30, 2014
Cervejarias Kaiser Brasil S.A. [Member]
USD ($)
Sep. 30, 2015
Other Current Liabilities [Member]
Brewers' Retail Inc. (BRI) [Member]
USD ($)
Sep. 30, 2015
Other Noncurrent Liabilities [Member]
Canada [Member]
USD ($)
Dec. 31, 2014
Other Noncurrent Liabilities [Member]
Canada [Member]
USD ($)
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) discontinued operations
 
 
 
 
 
 
 
 
 
$ 2,900,000 
$ 1,300,000 
$ 4,500,000 
$ (400,000)
 
 
 
Equity interest sold (as a percent)
 
 
 
 
 
68.00% 
 
 
 
 
 
 
 
 
 
 
Loss contingency, possible loss, maximum
 
 
106,000,000 
 
88,600,000 
68,000,000 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations, Current Carrying Value
 
 
 
 
 
 
 
 
 
 
 
 
 
12,400,000 
4,600,000 
5,300,000 
Guarantees
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letter of credit provided to entity
10,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Litigation and Other Disputes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued liabilities, litigations and disputes
 
 
14,100,000 
16,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
Loss contingency, possible loss, portion not accrued
 
 
78,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss contingency, possible loss, minimum
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on litigation, favorable outcome
 
13,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit, litigation settlement
 
(18,500,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss contingency, damages sought
 
 
 
 
 
 
 
 
1,400,000,000 
 
 
 
 
 
 
 
Environmental
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Environmental remediation expense, pretax charge
 
 
 
 
 
 
30,000,000 
 
 
 
 
 
 
 
 
 
Environmental remediation threshold, assumed remediation cost
 
 
 
 
 
 
 
120,000,000 
 
 
 
 
 
 
 
 
Inflation rate assumption, future costs (as a percent)
 
 
 
 
 
 
 
2.50% 
 
 
 
 
 
 
 
 
Risk free rate of return assumption (as a percent)
 
 
 
 
 
 
 
2.47% 
 
 
 
 
 
 
 
 
Site contingency, accrual, present value
 
 
 
 
 
 
 
3,300,000 
 
 
 
 
 
 
 
 
Site contingency, accrual, undiscounted amount
 
 
 
 
 
 
 
$ 6,200,000 
 
 
 
 
 
 
 
 
Supplemental Guarantor Information Supplemental Narrative (Details)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2014
Parent Guarantor and 2012 Issuer [Member]
USD ($)
Sep. 30, 2014
Parent Guarantor and 2012 Issuer [Member]
USD ($)
Sep. 30, 2015
Parent Guarantor and 2012 Issuer [Member]
USD ($)
Dec. 31, 2014
Parent Guarantor and 2012 Issuer [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
USD ($)
Oct. 6, 2010
Senior Notes [Member]
Series A notes due 2017 CAD 500 million 3.95% [Member]
CAD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 500 million 2.75% notes due 2020 [Member]
CAD ($)
Sep. 18, 2015
Senior Notes [Member]
CAD 400 million 2.25% notes due 2018 [Member]
CAD ($)
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2017 $300M 2.0% [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2022 $500M 3.5% [Member]
USD ($)
May 3, 2012
Senior Notes [Member]
Parent Company [Member]
Senior Notes Due 2042 $1.1B 5.0% [Member]
USD ($)
Sep. 22, 2005
Senior Notes [Member]
Issuer 2005 And Issuer 2010 [Member]
USD ($)
Dec. 25, 2010
Senior Notes [Member]
Issuer 2005 And Issuer 2010 [Member]
Senior Notes 4.85 Percent and 5 Percent due 2010 and 2015 [Member]
USD ($)
Sep. 22, 2005
Senior Notes [Member]
Issuer 2005 And Issuer 2010 [Member]
Senior Notes 4.85 Percent and 5 Percent due 2010 and 2015 [Member]
USD ($)
Sep. 22, 2005
Senior Notes [Member]
Issuer 2005 And Issuer 2010 [Member]
Series A notes due 2017 CAD 500 million 3.95% [Member]
CAD ($)
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
$ 1,900,000,000 
$ 500,000,000 
$ 500,000,000 
$ 400,000,000 
$ 300,000,000 
$ 500,000,000 
$ 1,100,000,000 
$ 1,100,000,000 
 
$ 300,000,000 
$ 900,000,000 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
(239,400,000)
(515,900,000)
(332,100,000)
(60,600,000)
 
(515,900,000)
(60,600,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures
 
 
 
 
 
 
 
12,500,800,000 
12,582,800,000 
 
 
 
 
 
 
 
 
 
 
 
Stockholders' Equity Attributable to Parent
7,250,300,000 
 
7,250,300,000 
 
7,863,300,000 
 
 
7,250,300,000 
7,863,300,000 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate percentage
 
 
 
 
 
 
 
 
 
 
3.95% 
2.75% 
2.25% 
2.00% 
3.50% 
5.00% 
 
 
4.85% 
5.00% 
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 300,000,000 
 
 
Supplemental Guarantor Information Income statement (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
$ 1,454.3 
$ 1,650.0 
$ 3,890.5 
$ 4,514.2 
Excise taxes
(436.9)
(482.0)
(1,167.4)
(1,341.7)
Net sales
1,017.4 
1,168.0 
2,723.1 
3,172.5 
Cost of goods sold
(585.9)
(666.6)
(1,620.6)
(1,873.1)
Gross profit
431.5 
501.4 
1,102.5 
1,299.4 
Marketing, general and administrative expenses
(265.2)
(289.6)
(789.1)
(881.3)
Special items, net
(293.5)
(367.6)
(335.8)
(317.8)
Equity income in MillerCoors
135.3 
158.9 
470.1 
471.8 
Operating income (loss)
8.1 
3.1 
447.7 
572.1 
Interest income (expense), net
(26.8)
(31.3)
(86.6)
(102.9)
Other income (expense), net
3.7 
(5.0)
7.4 
(3.5)
Income (loss) from continuing operations before income taxes
(15.0)
(33.2)
368.5 
465.7 
Income tax benefit (expense)
27.3 
(0.7)
(43.9)
(41.9)
Net Income (loss) from continuing operations
12.3 
(33.9)
324.6 
423.8 
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) including noncontrolling interests
15.2 
(32.6)
329.1 
423.4 
Net (income) loss attributable to noncontrolling interests
1.4 
(1.8)
(2.4)
(3.5)
Net income (loss) attributable to MCBC
16.6 
(34.4)
326.7 
419.9 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
(239.4)
(515.9)
(332.1)
(60.6)
Parent Guarantor and 2012 Issuer [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
4.9 
6.5 
15.9 
11.3 
Excise taxes
0 
0 
0 
0 
Net sales
4.9 
6.5 
15.9 
11.3 
Cost of goods sold
0 
0 
0 
0 
Gross profit
4.9 
6.5 
15.9 
11.3 
Marketing, general and administrative expenses
(28.9)
(27.9)
(87.3)
(88.7)
Special items, net
0 
0 
0 
(0.3)
Equity income (loss) in subsidiaries
96.6 
4.3 
384.8 
501.7 
Equity income in MillerCoors
0 
0 
0 
0 
Operating income (loss)
72.6 
(17.1)
313.4 
424.0 
Interest income (expense), net
(16.1)
(17.2)
(49.2)
(61.0)
Other income (expense), net
(0.1)
(1.1)
(1.1)
1.3 
Income (loss) from continuing operations before income taxes
56.4 
(35.4)
263.1 
364.3 
Income tax benefit (expense)
(39.8)
1.0 
63.6 
55.6 
Net Income (loss) from continuing operations
16.6 
(34.4)
326.7 
419.9 
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
16.6 
(34.4)
326.7 
419.9 
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to MCBC
16.6 
(34.4)
326.7 
419.9 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
 
(515.9)
 
(60.6)
Subsidiary Guarantors [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
1,109.9 
1,290.6 
3,016.3 
3,503.9 
Excise taxes
(354.3)
(394.1)
(959.7)
(1,104.2)
Net sales
755.6 
896.5 
2,056.6 
2,399.7 
Cost of goods sold
(439.5)
(505.9)
(1,238.6)
(1,431.4)
Gross profit
316.1 
390.6 
818.0 
968.3 
Marketing, general and administrative expenses
(169.7)
(196.5)
(499.2)
(564.0)
Special items, net
(17.9)
(11.1)
(26.9)
(22.4)
Equity income (loss) in subsidiaries
(294.3)
(405.0)
(454.4)
(378.7)
Equity income in MillerCoors
135.3 
158.9 
470.1 
471.8 
Operating income (loss)
(30.5)
(63.1)
307.6 
475.0 
Interest income (expense), net
56.7 
74.2 
176.8 
223.9 
Other income (expense), net
3.2 
(2.9)
4.5 
0.3 
Income (loss) from continuing operations before income taxes
29.4 
8.2 
488.9 
699.2 
Income tax benefit (expense)
66.2 
(2.3)
(105.9)
(134.7)
Net Income (loss) from continuing operations
95.6 
5.9 
383.0 
564.5 
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
95.6 
5.9 
383.0 
564.5 
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to MCBC
95.6 
5.9 
383.0 
564.5 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
(134.2)
(477.7)
(221.7)
124.8 
Subsidiary Non Guarantors [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
378.2 
407.8 
937.2 
1,081.8 
Excise taxes
(82.6)
(87.9)
(207.7)
(237.5)
Net sales
295.6 
319.9 
729.5 
844.3 
Cost of goods sold
(172.4)
(200.4)
(426.3)
(490.4)
Gross profit
123.2 
119.5 
303.2 
353.9 
Marketing, general and administrative expenses
(79.3)
(80.4)
(237.2)
(262.7)
Special items, net
(275.6)
(356.5)
(308.9)
(295.1)
Equity income (loss) in subsidiaries
73.1 
141.5 
257.2 
261.7 
Equity income in MillerCoors
0 
0 
0 
0 
Operating income (loss)
(158.6)
(175.9)
14.3 
57.8 
Interest income (expense), net
(67.4)
(88.3)
(214.2)
(265.8)
Other income (expense), net
0.6 
(1.0)
4.0 
(5.1)
Income (loss) from continuing operations before income taxes
(225.4)
(265.2)
(195.9)
(213.1)
Income tax benefit (expense)
0.9 
0.6 
(1.6)
37.2 
Net Income (loss) from continuing operations
(224.5)
(264.6)
(197.5)
(175.9)
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) including noncontrolling interests
(221.6)
(263.3)
(193.0)
(176.3)
Net (income) loss attributable to noncontrolling interests
1.4 
(1.8)
(2.4)
(3.5)
Net income (loss) attributable to MCBC
(220.2)
(265.1)
(195.4)
(179.8)
Comprehensive income (loss) attributable to Molson Coors Brewing Company
(286.1)
(481.0)
(337.6)
(346.9)
Eliminations [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
(38.7)
(54.9)
(78.9)
(82.8)
Excise taxes
0 
0 
0 
0 
Net sales
(38.7)
(54.9)
(78.9)
(82.8)
Cost of goods sold
26.0 
39.7 
44.3 
48.7 
Gross profit
(12.7)
(15.2)
(34.6)
(34.1)
Marketing, general and administrative expenses
12.7 
15.2 
34.6 
34.1 
Special items, net
0 
0 
0 
0 
Equity income (loss) in subsidiaries
124.6 
259.2 
(187.6)
(384.7)
Equity income in MillerCoors
0 
0 
0 
0 
Operating income (loss)
124.6 
259.2 
(187.6)
(384.7)
Interest income (expense), net
0 
0 
0 
0 
Other income (expense), net
0 
0 
0 
0 
Income (loss) from continuing operations before income taxes
124.6 
259.2 
(187.6)
(384.7)
Income tax benefit (expense)
0 
0 
0 
0 
Net Income (loss) from continuing operations
124.6 
259.2 
(187.6)
(384.7)
Income (loss) from discontinued operations, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interests
124.6 
259.2 
(187.6)
(384.7)
Net (income) loss attributable to noncontrolling interests
0 
0 
0 
0 
Net income (loss) attributable to MCBC
124.6 
259.2 
(187.6)
(384.7)
Comprehensive income (loss) attributable to Molson Coors Brewing Company
420.3 
958.7 
559.3 
222.1 
Consolidated [Member]
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Sales
1,454.3 
1,650.0 
3,890.5 
4,514.2 
Excise taxes
(436.9)
(482.0)
(1,167.4)
(1,341.7)
Net sales
1,017.4 
1,168.0 
2,723.1 
3,172.5 
Cost of goods sold
(585.9)
(666.6)
(1,620.6)
(1,873.1)
Gross profit
431.5 
501.4 
1,102.5 
1,299.4 
Marketing, general and administrative expenses
(265.2)
(289.6)
(789.1)
(881.3)
Special items, net
(293.5)
(367.6)
(335.8)
(317.8)
Equity income (loss) in subsidiaries
0 
0 
0 
0 
Equity income in MillerCoors
135.3 
158.9 
470.1 
471.8 
Operating income (loss)
8.1 
3.1 
447.7 
572.1 
Interest income (expense), net
(26.8)
(31.3)
(86.6)
(102.9)
Other income (expense), net
3.7 
(5.0)
7.4 
(3.5)
Income (loss) from continuing operations before income taxes
(15.0)
(33.2)
368.5 
465.7 
Income tax benefit (expense)
27.3 
(0.7)
(43.9)
(41.9)
Net Income (loss) from continuing operations
12.3 
(33.9)
324.6 
423.8 
Income (loss) from discontinued operations, net of tax
2.9 
1.3 
4.5 
(0.4)
Net income (loss) including noncontrolling interests
15.2 
(32.6)
329.1 
423.4 
Net (income) loss attributable to noncontrolling interests
1.4 
(1.8)
(2.4)
(3.5)
Net income (loss) attributable to MCBC
16.6 
(34.4)
326.7 
419.9 
Comprehensive income (loss) attributable to Molson Coors Brewing Company
 
$ (515.9)
 
$ (60.6)
Supplemental Guarantor Information Balance Sheet (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Dec. 31, 2013
Current assets:
 
 
 
 
Cash and cash equivalents
$ 393.6 
$ 624.6 
$ 722.1 
$ 442.3 
Accounts receivable, net
524.6 
527.7 
 
 
Other receivables, net
91.8 
94.0 
 
 
Total inventories, net
224.5 
202.2 
 
 
Other current assets, net
89.8 
101.4 
 
 
Deferred tax assets
27.3 
27.2 
 
 
Total current assets
1,351.6 
1,577.1 
 
 
Properties, net
1,614.8 
1,798.0 
 
 
Goodwill
2,046.8 
2,191.6 
 
 
Other intangibles, net
4,923.6 
5,755.8 
 
 
Investment in MillerCoors
2,440.7 
2,388.6 
 
 
Deferred tax assets
38.5 
58.2 
 
 
Total assets
12,645.3 
13,980.1 
 
 
Current liabilities :
 
 
 
 
Deferred tax liabilities
164.8 
164.8 
 
 
Current portion of long-term debt and short-term borrowings
48.2 
849.0 
 
 
Discontinued operations
4.1 
6.1 
 
 
Total current liabilities
1,413.3 
2,324.9 
 
 
Long-term debt
2,953.9 
2,321.3 
 
 
Pension and postretirement benefits
243.0 
542.9 
 
 
Deferred tax liabilities
668.8 
784.3 
 
 
Discontinued operations
10.4 
15.5 
 
 
Total liabilities
5,372.6 
6,094.0 
 
 
MCBC stockholders' equity
7,250.3 
7,863.3 
 
 
Noncontrolling interests
22.4 
22.8 
 
 
Total equity
7,272.7 
7,886.1 
 
 
Total liabilities and equity
12,645.3 
13,980.1 
 
 
Parent Guarantor and 2012 Issuer [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
45.1 
40.9 
51.4 
90.6 
Accounts receivable, net
0 
2.3 
 
 
Other receivables, net
13.0 
17.4 
 
 
Total inventories, net
0 
0 
 
 
Other current assets, net
3.0 
5.6 
 
 
Deferred tax assets
2.2 
2.2 
 
 
Intercompany accounts receivable
0 
0 
 
 
Total current assets
63.3 
68.4 
 
 
Properties, net
32.3 
26.9 
 
 
Goodwill
0 
0 
 
 
Other intangibles, net
0 
0 
 
 
Investment in MillerCoors
0 
0 
 
 
Net investment in and advances to subsidiaries
12,500.8 
12,582.8 
 
 
Deferred tax assets
11.9 
21.3 
 
 
Other assets
33.7 
17.8 
 
 
Total assets
12,642.0 
12,717.2 
 
 
Current liabilities :
 
 
 
 
Accounts payable and other current liabilities
65.7 
61.9 
 
 
Deferred tax liabilities
0 
0 
 
 
Current portion of long-term debt and short-term borrowings
10.0 
0 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
3,396.8 
2,881.1 
 
 
Total current liabilities
3,472.5 
2,943.0 
 
 
Long-term debt
1,907.9 
1,892.6 
 
 
Pension and postretirement benefits
3.2 
2.9 
 
 
Deferred tax liabilities
0 
0 
 
 
Other liabilities
9.2 
16.6 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
0 
0 
 
 
Total liabilities
5,392.8 
4,855.1 
 
 
MCBC stockholders' equity
7,250.3 
7,863.3 
 
 
Intercompany notes receivable
(1.1)
(1.2)
 
 
Total stockholders' equity
7,249.2 
7,862.1 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
7,249.2 
7,862.1 
 
 
Total liabilities and equity
12,642.0 
12,717.2 
 
 
Subsidiary Guarantors [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
178.8 
470.7 
487.4 
248.7 
Accounts receivable, net
359.8 
391.0 
 
 
Other receivables, net
56.6 
50.3 
 
 
Total inventories, net
183.6 
170.1 
 
 
Other current assets, net
49.6 
55.0 
 
 
Deferred tax assets
0.9 
0 
 
 
Intercompany accounts receivable
3,906.9 
3,313.0 
 
 
Total current assets
4,736.2 
4,450.1 
 
 
Properties, net
985.1 
1,161.4 
 
 
Goodwill
1,021.0 
1,085.2 
 
 
Other intangibles, net
3,446.8 
3,883.9 
 
 
Investment in MillerCoors
2,440.7 
2,388.6 
 
 
Net investment in and advances to subsidiaries
4,013.5 
3,618.6 
 
 
Deferred tax assets
14.1 
23.4 
 
 
Other assets
154.0 
143.6 
 
 
Total assets
16,811.4 
16,754.8 
 
 
Current liabilities :
 
 
 
 
Accounts payable and other current liabilities
762.2 
903.3 
 
 
Deferred tax liabilities
171.4 
171.4 
 
 
Current portion of long-term debt and short-term borrowings
0 
773.9 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
368.6 
312.8 
 
 
Total current liabilities
1,302.2 
2,161.4 
 
 
Long-term debt
1,046.0 
428.7 
 
 
Pension and postretirement benefits
233.8 
534.0 
 
 
Deferred tax liabilities
0 
0 
 
 
Other liabilities
41.9 
45.8 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
1,299.7 
1,211.9 
 
 
Total liabilities
3,923.6 
4,381.8 
 
 
MCBC stockholders' equity
17,961.2 
18,041.3 
 
 
Intercompany notes receivable
(5,073.4)
(5,668.3)
 
 
Total stockholders' equity
12,887.8 
12,373.0 
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
12,887.8 
12,373.0 
 
 
Total liabilities and equity
16,811.4 
16,754.8 
 
 
Subsidiary Non Guarantors [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
169.7 
113.0 
183.3 
103.0 
Accounts receivable, net
164.8 
134.4 
 
 
Other receivables, net
22.2 
26.3 
 
 
Total inventories, net
40.9 
32.1 
 
 
Other current assets, net
37.2 
40.8 
 
 
Deferred tax assets
30.8 
31.6 
 
 
Intercompany accounts receivable
321.0 
251.8 
 
 
Total current assets
786.6 
630.0 
 
 
Properties, net
597.4 
609.7 
 
 
Goodwill
1,025.8 
1,106.4 
 
 
Other intangibles, net
1,476.8 
1,871.9 
 
 
Investment in MillerCoors
0 
0 
 
 
Net investment in and advances to subsidiaries
5,429.4 
5,998.2 
 
 
Deferred tax assets
0.2 
1.2 
 
 
Other assets
41.6 
49.4 
 
 
Total assets
9,357.8 
10,266.8 
 
 
Current liabilities :
 
 
 
 
Accounts payable and other current liabilities
368.3 
339.8 
 
 
Deferred tax liabilities
0 
0 
 
 
Current portion of long-term debt and short-term borrowings
38.2 
75.1 
 
 
Discontinued operations
4.1 
6.1 
 
 
Intercompany accounts payable
462.5 
370.9 
 
 
Total current liabilities
873.1 
791.9 
 
 
Long-term debt
0 
0 
 
 
Pension and postretirement benefits
6.0 
6.0 
 
 
Deferred tax liabilities
656.5 
772.0 
 
 
Other liabilities
32.1 
42.7 
 
 
Discontinued operations
10.4 
15.5 
 
 
Intercompany notes payable
5,074.2 
5,669.5 
 
 
Total liabilities
6,652.3 
7,297.6 
 
 
MCBC stockholders' equity
3,982.5 
4,158.3 
 
 
Intercompany notes receivable
(1,299.4)
(1,211.9)
 
 
Total stockholders' equity
2,683.1 
2,946.4 
 
 
Noncontrolling interests
22.4 
22.8 
 
 
Total equity
2,705.5 
2,969.2 
 
 
Total liabilities and equity
9,357.8 
10,266.8 
 
 
Eliminations [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
0 
0 
0 
0 
Accounts receivable, net
0 
0 
 
 
Other receivables, net
0 
0 
 
 
Total inventories, net
0 
0 
 
 
Other current assets, net
0 
0 
 
 
Deferred tax assets
(6.6)
(6.6)
 
 
Intercompany accounts receivable
(4,227.9)
(3,564.8)
 
 
Total current assets
(4,234.5)
(3,571.4)
 
 
Properties, net
0 
0 
 
 
Goodwill
0 
0 
 
 
Other intangibles, net
0 
0 
 
 
Investment in MillerCoors
0 
0 
 
 
Net investment in and advances to subsidiaries
(21,943.7)
(22,199.6)
 
 
Deferred tax assets
12.3 
12.3 
 
 
Other assets
0 
0 
 
 
Total assets
(26,165.9)
(25,758.7)
 
 
Current liabilities :
 
 
 
 
Accounts payable and other current liabilities
0 
0 
 
 
Deferred tax liabilities
(6.6)
(6.6)
 
 
Current portion of long-term debt and short-term borrowings
0 
0 
 
 
Discontinued operations
0 
0 
 
 
Intercompany accounts payable
(4,227.9)
(3,564.8)
 
 
Total current liabilities
(4,234.5)
(3,571.4)
 
 
Long-term debt
0 
0 
 
 
Pension and postretirement benefits
0 
0 
 
 
Deferred tax liabilities
12.3 
12.3 
 
 
Other liabilities
0 
0 
 
 
Discontinued operations
0 
0 
 
 
Intercompany notes payable
(6,373.9)
(6,881.4)
 
 
Total liabilities
(10,596.1)
(10,440.5)
 
 
MCBC stockholders' equity
(21,943.7)
(22,199.6)
 
 
Intercompany notes receivable
6,373.9 
6,881.4 
 
 
Total stockholders' equity
(15,569.8)
(15,318.2)
 
 
Noncontrolling interests
0 
0 
 
 
Total equity
(15,569.8)
(15,318.2)
 
 
Total liabilities and equity
(26,165.9)
(25,758.7)
 
 
Consolidated [Member]
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
393.6 
624.6 
722.1 
442.3 
Accounts receivable, net
524.6 
527.7 
 
 
Other receivables, net
91.8 
94.0 
 
 
Total inventories, net
224.5 
202.2 
 
 
Other current assets, net
89.8 
101.4 
 
 
Deferred tax assets
27.3 
27.2 
 
 
Intercompany accounts receivable
0 
0 
 
 
Total current assets
1,351.6 
1,577.1 
 
 
Properties, net
1,614.8 
1,798.0 
 
 
Goodwill
2,046.8 
2,191.6 
 
 
Other intangibles, net
4,923.6 
5,755.8 
 
 
Investment in MillerCoors
2,440.7 
2,388.6 
 
 
Net investment in and advances to subsidiaries
0 
0 
 
 
Deferred tax assets
38.5 
58.2 
 
 
Other assets
229.3 
210.8 
 
 
Total assets
12,645.3 
13,980.1 
 
 
Current liabilities :
 
 
 
 
Accounts payable and other current liabilities
1,196.2 
1,305.0 
 
 
Deferred tax liabilities
164.8 
164.8 
 
 
Current portion of long-term debt and short-term borrowings
48.2 
849.0 
 
 
Discontinued operations
4.1 
6.1 
 
 
Intercompany accounts payable
0 
0 
 
 
Total current liabilities
1,413.3 
2,324.9 
 
 
Long-term debt
2,953.9 
2,321.3 
 
 
Pension and postretirement benefits
243.0 
542.9 
 
 
Deferred tax liabilities
668.8 
784.3 
 
 
Other liabilities
83.2 
105.1 
 
 
Discontinued operations
10.4 
15.5 
 
 
Intercompany notes payable
0 
0 
 
 
Total liabilities
5,372.6 
6,094.0 
 
 
MCBC stockholders' equity
7,250.3 
7,863.3 
 
 
Intercompany notes receivable
0 
0 
 
 
Total stockholders' equity
7,250.3 
7,863.3 
 
 
Noncontrolling interests
22.4 
22.8 
 
 
Total equity
7,272.7 
7,886.1 
 
 
Total liabilities and equity
$ 12,645.3 
$ 13,980.1 
 
 
Supplemental Guarantor Information Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
$ 461.5 
$ 1,058.4 
Cash flows from investing activities:
 
 
Additions to properties
(208.3)
(195.8)
Proceeds from sales of properties and other assets
8.8 
6.0 
Payments to Acquire Businesses, Net of Cash Acquired
91.2 
0 
Proceeds from Divestiture of Businesses
8.7 
0 
Investment in MillerCoors
(1,144.5)
(1,100.4)
Loan repayments
26.1 
7.1 
Loan advances
(29.9)
(14.6)
Other
(3.3)
0 
Net cash used in investing activities
(345.4)
(237.9)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
31.2 
38.5 
Excess tax benefits from share-based compensation
8.5 
6.6 
Dividends paid
(228.1)
(205.1)
Payments for the Repurchase of Treasury Stock
(100.1)
0 
Proceeds from Issuance of Long-term Debt
679.9 
0 
Repayments of Long-term Debt
(676.4)
(61.6)
Payments on short-term borrowings
(19.7)
(23.3)
Payments on settlement of derivative instruments
0 
(65.2)
Net proceeds from (payments on) revolving credit facilities and commercial paper
17.1 
(350.5)
Net cash provided by (used in) financing activities
(310.1)
(513.2)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(194.0)
307.3 
Effect of foreign exchange rate changes on cash and cash equivalents
(37.0)
(27.5)
Balance at beginning of year
624.6 
442.3 
Balance at end of period
393.6 
722.1 
Parent Guarantor and 2012 Issuer [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
324.0 
365.4 
Cash flows from investing activities:
 
 
Additions to properties
(8.7)
(8.2)
Proceeds from sales of properties and other assets
0 
0 
Payments to Acquire Businesses, Net of Cash Acquired
0 
 
Proceeds from Divestiture of Businesses
0 
 
Investment in MillerCoors
0 
0 
Return of capital from MillerCoors
0 
0 
Payments for (Proceeds from) Businesses and Interest in Affiliates
 
0 
Loan repayments
0 
0 
Loan advances
0 
0 
Other
0 
 
Net intercompany investing activity
(56.3)
(39.2)
Net cash used in investing activities
(65.0)
(47.4)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
31.2 
38.5 
Excess tax benefits from share-based compensation
8.5 
6.6 
Dividends paid
(203.8)
(181.4)
Payments for the Repurchase of Treasury Stock
(100.1)
 
Proceeds from Issuance of Long-term Debt
0 
 
Repayments of Long-term Debt
0 
0 
Proceeds from short-term borrowings
0 
0 
Payments on short-term borrowings
0 
0 
Payments on settlement of derivative instruments
 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
10.0 
(218.3)
Change in overdraft balances and other
(0.6)
(2.6)
Net intercompany financing activity
0 
0 
Net cash provided by (used in) financing activities
(254.8)
(357.2)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
4.2 
(39.2)
Effect of foreign exchange rate changes on cash and cash equivalents
0 
0 
Balance at beginning of year
40.9 
90.6 
Balance at end of period
45.1 
51.4 
Subsidiary Guarantors [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
178.3 
560.4 
Cash flows from investing activities:
 
 
Additions to properties
(117.3)
(103.9)
Proceeds from sales of properties and other assets
3.2 
3.8 
Payments to Acquire Businesses, Net of Cash Acquired
46.4 
 
Proceeds from Divestiture of Businesses
8.7 
 
Investment in MillerCoors
(1,144.5)
(1,100.4)
Return of capital from MillerCoors
1,088.2 
1,053.9 
Payments for (Proceeds from) Businesses and Interest in Affiliates
 
0 
Loan repayments
6.5 
7.1 
Loan advances
(7.1)
(6.7)
Other
(4.1)
 
Net intercompany investing activity
(186.5)
90.3 
Net cash used in investing activities
(399.3)
(55.9)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
0 
0 
Excess tax benefits from share-based compensation
0 
0 
Dividends paid
(267.5)
(24.0)
Payments for the Repurchase of Treasury Stock
0 
 
Proceeds from Issuance of Long-term Debt
679.9 
 
Repayments of Long-term Debt
(676.4)
(61.4)
Proceeds from short-term borrowings
0 
0 
Payments on short-term borrowings
0 
0 
Payments on settlement of derivative instruments
 
(65.2)
Net proceeds from (payments on) revolving credit facilities and commercial paper
0 
0 
Change in overdraft balances and other
(2.4)
(0.5)
Net intercompany financing activity
223.5 
(98.0)
Net cash provided by (used in) financing activities
(42.9)
(249.1)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(263.9)
255.4 
Effect of foreign exchange rate changes on cash and cash equivalents
(28.0)
(16.7)
Balance at beginning of year
470.7 
248.7 
Balance at end of period
178.8 
487.4 
Subsidiary Non Guarantors [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
226.7 
194.8 
Cash flows from investing activities:
 
 
Additions to properties
(82.3)
(83.7)
Proceeds from sales of properties and other assets
5.6 
2.2 
Payments to Acquire Businesses, Net of Cash Acquired
44.8 
 
Proceeds from Divestiture of Businesses
0 
 
Investment in MillerCoors
0 
0 
Return of capital from MillerCoors
0 
0 
Payments for (Proceeds from) Businesses and Interest in Affiliates
 
(5.9)
Loan repayments
19.6 
0 
Loan advances
(22.8)
(7.9)
Other
0.8 
 
Net intercompany investing activity
(167.2)
137.2 
Net cash used in investing activities
(291.1)
53.7 
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
0 
0 
Excess tax benefits from share-based compensation
0 
0 
Dividends paid
(24.3)
(61.9)
Payments for the Repurchase of Treasury Stock
0 
 
Proceeds from Issuance of Long-term Debt
0 
 
Repayments of Long-term Debt
0 
(0.2)
Proceeds from short-term borrowings
33.1 
35.5 
Payments on short-term borrowings
(19.7)
(23.3)
Payments on settlement of derivative instruments
 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
7.1 
(132.2)
Change in overdraft balances and other
(52.6)
115.0 
Net intercompany financing activity
186.5 
(90.3)
Net cash provided by (used in) financing activities
130.1 
(157.4)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
65.7 
91.1 
Effect of foreign exchange rate changes on cash and cash equivalents
(9.0)
(10.8)
Balance at beginning of year
113.0 
103.0 
Balance at end of period
169.7 
183.3 
Eliminations [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
(267.5)
(62.2)
Cash flows from investing activities:
 
 
Additions to properties
0 
0 
Proceeds from sales of properties and other assets
0 
0 
Payments to Acquire Businesses, Net of Cash Acquired
0 
 
Proceeds from Divestiture of Businesses
0 
 
Investment in MillerCoors
0 
0 
Return of capital from MillerCoors
0 
0 
Payments for (Proceeds from) Businesses and Interest in Affiliates
 
0 
Loan repayments
0 
0 
Loan advances
0 
0 
Other
0 
 
Net intercompany investing activity
410.0 
(188.3)
Net cash used in investing activities
410.0 
(188.3)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
0 
0 
Excess tax benefits from share-based compensation
0 
0 
Dividends paid
267.5 
62.2 
Payments for the Repurchase of Treasury Stock
0 
 
Proceeds from Issuance of Long-term Debt
0 
 
Repayments of Long-term Debt
0 
0 
Proceeds from short-term borrowings
0 
0 
Payments on short-term borrowings
0 
0 
Payments on settlement of derivative instruments
 
0 
Net proceeds from (payments on) revolving credit facilities and commercial paper
0 
0 
Change in overdraft balances and other
0 
0 
Net intercompany financing activity
(410.0)
188.3 
Net cash provided by (used in) financing activities
(142.5)
250.5 
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
0 
0 
Effect of foreign exchange rate changes on cash and cash equivalents
0 
0 
Balance at beginning of year
0 
0 
Balance at end of period
0 
0 
Consolidated [Member]
 
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Net cash provided by (used in) operating activities
461.5 
1,058.4 
Cash flows from investing activities:
 
 
Additions to properties
(208.3)
(195.8)
Proceeds from sales of properties and other assets
8.8 
6.0 
Payments to Acquire Businesses, Net of Cash Acquired
91.2 
 
Proceeds from Divestiture of Businesses
8.7 
 
Investment in MillerCoors
(1,144.5)
(1,100.4)
Return of capital from MillerCoors
1,088.2 
1,053.9 
Payments for (Proceeds from) Businesses and Interest in Affiliates
 
(5.9)
Loan repayments
26.1 
7.1 
Loan advances
(29.9)
(14.6)
Other
(3.3)
 
Net intercompany investing activity
0 
0 
Net cash used in investing activities
(345.4)
(237.9)
Cash flows from financing activities:
 
 
Exercise of stock options under equity compensation plans
31.2 
38.5 
Excess tax benefits from share-based compensation
8.5 
6.6 
Dividends paid
(228.1)
(205.1)
Payments for the Repurchase of Treasury Stock
(100.1)
 
Proceeds from Issuance of Long-term Debt
679.9 
 
Repayments of Long-term Debt
(676.4)
(61.6)
Proceeds from short-term borrowings
33.1 
35.5 
Payments on short-term borrowings
(19.7)
(23.3)
Payments on settlement of derivative instruments
 
(65.2)
Net proceeds from (payments on) revolving credit facilities and commercial paper
17.1 
(350.5)
Change in overdraft balances and other
(55.6)
111.9 
Net intercompany financing activity
0 
0 
Net cash provided by (used in) financing activities
(310.1)
(513.2)
Cash and cash equivalents:
 
 
Net increase (decrease) in cash and cash equivalents
(194.0)
307.3 
Effect of foreign exchange rate changes on cash and cash equivalents
(37.0)
(27.5)
Balance at beginning of year
624.6 
442.3 
Balance at end of period
$ 393.6 
$ 722.1