Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2014 |
Supplemental Guarantor Information [Abstract] | ' |
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 Canadian and U.S. segments, as well as our U.K. operations of our European 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. |
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 continuous disclosure requirements applicable to MC Capital Finance in Canada are satisfied through the consolidating financial information in respect of MC Capital Finance, MCI LP and other subsidiary guarantors of the CAD 900 million senior notes as currently presented within the Subsidiary Guarantors column. |
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, 2014. |
Presentation |
During the second quarter of 2014, we identified an immaterial error related to unrecognized tax benefits in previous years and have revised our unaudited condensed consolidated balance sheet as of December 31, 2013, to correct for this error. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further information. We have revised our guarantor condensed consolidating balance sheet as of December 31, 2013 included herein, to reflect the correction of this error and we do not consider the impacts material to the presentation. |
Effective the first quarter of 2014, we changed our interim accounting for advertising expenses and have applied the change to our historical interim periods retrospectively. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further information. Note that we do not consider the impacts material to the presentation of our interim guarantor condensed consolidating statements of operations or condensed consolidating statement of cash flows. |
The following information sets forth the condensed consolidating statements of operations for the three and nine months ended September 30, 2014, and September 28, 2013, condensed consolidating balance sheets as of September 30, 2014, and December 31, 2013, and condensed consolidating statements of cash flows for the nine months ended September 30, 2014, and September 28, 2013. 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, 2014 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Sales | $ | 6.5 | | | $ | 1,290.60 | | | $ | 407.8 | | | $ | (54.9 | ) | | $ | 1,650.00 | |
|
Excise taxes | — | | | (394.1 | ) | | (87.9 | ) | | — | | | (482.0 | ) |
|
Net sales | 6.5 | | | 896.5 | | | 319.9 | | | (54.9 | ) | | 1,168.00 | |
|
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 | | | (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 STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED SEPTEMBER 28, 2013 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Sales | $ | 7.3 | | | $ | 1,277.30 | | | $ | 451.3 | | | $ | (70.5 | ) | | $ | 1,665.40 | |
|
Excise taxes | — | | | (401.2 | ) | | (93.0 | ) | | — | | | (494.2 | ) |
|
Net sales | 7.3 | | | 876.1 | | | 358.3 | | | (70.5 | ) | | 1,171.20 | |
|
Cost of goods sold | — | | | (501.7 | ) | | (210.2 | ) | | 41.9 | | | (670.0 | ) |
|
Gross profit | 7.3 | | | 374.4 | | | 148.1 | | | (28.6 | ) | | 501.2 | |
|
Marketing, general and administrative expenses | (26.3 | ) | | (190.4 | ) | | (102.7 | ) | | 28.6 | | | (290.8 | ) |
|
Special items, net | (0.2 | ) | | (9.1 | ) | | (153.7 | ) | | — | | | (163.0 | ) |
|
Equity income (loss) in subsidiaries | 64 | | | (155.6 | ) | | 128.6 | | | (37.0 | ) | | — | |
|
Equity income in MillerCoors | — | | | 148.3 | | | — | | | — | | | 148.3 | |
|
Operating income (loss) | 44.8 | | | 167.6 | | | 20.3 | | | (37.0 | ) | | 195.7 | |
|
Interest income (expense), net | (24.6 | ) | | 91.4 | | | (84.6 | ) | | — | | | (17.8 | ) |
|
Other income (expense), net | (7.4 | ) | | (18.6 | ) | | 20.5 | | | — | | | (5.5 | ) |
|
Income (loss) from continuing operations before income taxes | 12.8 | | | 240.4 | | | (43.8 | ) | | (37.0 | ) | | 172.4 | |
|
Income tax benefit (expense) | 121.5 | | | (186.2 | ) | | 27.5 | | | — | | | (37.2 | ) |
|
Net income (loss) from continuing operations | 134.3 | | | 54.2 | | | (16.3 | ) | | (37.0 | ) | | 135.2 | |
|
Income (loss) from discontinued operations, net of tax | — | | | — | | | 0.9 | | | — | | | 0.9 | |
|
Net income (loss) including noncontrolling interests | 134.3 | | | 54.2 | | | (15.4 | ) | | (37.0 | ) | | 136.1 | |
|
Net (income) loss attributable to noncontrolling interests | — | | | — | | | (1.8 | ) | | — | | | (1.8 | ) |
|
Net income (loss) attributable to MCBC | $ | 134.3 | | | $ | 54.2 | | | $ | (17.2 | ) | | $ | (37.0 | ) | | $ | 134.3 | |
|
Comprehensive income (loss) attributable to MCBC | $ | 415.6 | | | $ | 323.7 | | | $ | 123.8 | | | $ | (447.5 | ) | | $ | 415.6 | |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Sales | $ | 11.3 | | | $ | 3,503.90 | | | $ | 1,081.80 | | | $ | (82.8 | ) | | $ | 4,514.20 | |
|
Excise taxes | — | | | (1,104.2 | ) | | (237.5 | ) | | — | | | (1,341.7 | ) |
|
Net sales | 11.3 | | | 2,399.70 | | | 844.3 | | | (82.8 | ) | | 3,172.50 | |
|
Cost of goods sold | — | | | (1,431.4 | ) | | (490.4 | ) | | 48.7 | | | (1,873.1 | ) |
|
Gross profit | 11.3 | | | 968.3 | | | 353.9 | | | (34.1 | ) | | 1,299.40 | |
|
Marketing, general and administrative expenses | (88.7 | ) | | (564.0 | ) | | (262.7 | ) | | 34.1 | | | (881.3 | ) |
|
Special items, net | (0.3 | ) | | (22.4 | ) | | (295.1 | ) | | — | | | (317.8 | ) |
|
Equity income (loss) in subsidiaries | 501.7 | | | (378.7 | ) | | 261.7 | | | (384.7 | ) | | — | |
|
Equity income in MillerCoors | — | | | 471.8 | | | — | | | — | | | 471.8 | |
|
Operating income (loss) | 424 | | | 475 | | | 57.8 | | | (384.7 | ) | | 572.1 | |
|
Interest income (expense), net | (61.0 | ) | | 223.9 | | | (265.8 | ) | | — | | | (102.9 | ) |
|
Other income (expense), net | 1.3 | | | 0.3 | | | (5.1 | ) | | — | | | (3.5 | ) |
|
Income (loss) from continuing operations before income taxes | 364.3 | | | 699.2 | | | (213.1 | ) | | (384.7 | ) | | 465.7 | |
|
Income tax benefit (expense) | 55.6 | | | (134.7 | ) | | 37.2 | | | — | | | (41.9 | ) |
|
Net income (loss) from continuing operations | 419.9 | | | 564.5 | | | (175.9 | ) | | (384.7 | ) | | 423.8 | |
|
Income (loss) from discontinued operations, net of tax | — | | | — | | | (0.4 | ) | | — | | | (0.4 | ) |
|
Net income (loss) including noncontrolling interests | 419.9 | | | 564.5 | | | (176.3 | ) | | (384.7 | ) | | 423.4 | |
|
Net (income) loss attributable to noncontrolling interests | — | | | — | | | (3.5 | ) | | — | | | (3.5 | ) |
|
Net income (loss) attributable to MCBC | $ | 419.9 | | | $ | 564.5 | | | $ | (179.8 | ) | | $ | (384.7 | ) | | $ | 419.9 | |
|
Comprehensive income attributable to MCBC | $ | (60.6 | ) | | $ | 124.8 | | | $ | (346.9 | ) | | $ | 222.1 | | | $ | (60.6 | ) |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2013 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Sales | $ | 20.8 | | | $ | 3,561.00 | | | $ | 1,098.30 | | | $ | (170.2 | ) | | $ | 4,509.90 | |
|
Excise taxes | — | | | (1,096.5 | ) | | (235.7 | ) | | — | | | (1,332.2 | ) |
|
Net sales | 20.8 | | | 2,464.50 | | | 862.6 | | | (170.2 | ) | | 3,177.70 | |
|
Cost of goods sold | — | | | (1,451.1 | ) | | (576.2 | ) | | 126.1 | | | (1,901.2 | ) |
|
Gross profit | 20.8 | | | 1,013.40 | | | 286.4 | | | (44.1 | ) | | 1,276.50 | |
|
Marketing, general and administrative expenses | (91.2 | ) | | (573.2 | ) | | (283.9 | ) | | 44.1 | | | (904.2 | ) |
|
Special items, net | (1.2 | ) | | (10.1 | ) | | (154.5 | ) | | — | | | (165.8 | ) |
|
Equity income (loss) in subsidiaries | 414 | | | (428.3 | ) | | 305.3 | | | (291.0 | ) | | — | |
|
Equity income in MillerCoors | — | | | 438.3 | | | — | | | — | | | 438.3 | |
|
Operating income (loss) | 342.4 | | | 440.1 | | | 153.3 | | | (291.0 | ) | | 644.8 | |
|
Interest income (expense), net | (78.3 | ) | | 223.5 | | | (279.1 | ) | | — | | | (133.9 | ) |
|
Other income (expense), net | (6.0 | ) | | 2 | | | (4.5 | ) | | — | | | (8.5 | ) |
|
Income (loss) from continuing operations before income taxes | 258.1 | | | 665.6 | | | (130.3 | ) | | (291.0 | ) | | 502.4 | |
|
Income tax benefit (expense) | 172 | | | (263.6 | ) | | 22.4 | | | — | | | (69.2 | ) |
|
Net income (loss) from continuing operations | 430.1 | | | 402 | | | (107.9 | ) | | (291.0 | ) | | 433.2 | |
|
Income (loss) from discontinued operations, net of tax | — | | | — | | | 1.7 | | | — | | | 1.7 | |
|
Net income (loss) including noncontrolling interests | 430.1 | | | 402 | | | (106.2 | ) | | (291.0 | ) | | 434.9 | |
|
Net (income) loss attributable to noncontrolling interests | — | | | — | | | (4.8 | ) | | — | | | (4.8 | ) |
|
Net income (loss) attributable to MCBC | $ | 430.1 | | | $ | 402 | | | $ | (111.0 | ) | | $ | (291.0 | ) | | $ | 430.1 | |
|
Comprehensive income attributable to MCBC | $ | 363.5 | | | $ | 379.6 | | | $ | (63.5 | ) | | $ | (316.1 | ) | | $ | 363.5 | |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF SEPTEMBER 30, 2014 |
(IN MILLIONS) |
(UNAUDITED) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 51.4 | | | $ | 487.4 | | | $ | 183.3 | | | $ | — | | | $ | 722.1 | |
|
Accounts receivable, net | 1.6 | | | 406.9 | | | 169.8 | | | — | | | 578.3 | |
|
Other receivables, net | 29.6 | | | 53.2 | | | 32.9 | | | — | | | 115.7 | |
|
Total inventories | — | | | 220.6 | | | 40.6 | | | — | | | 261.2 | |
|
Other current assets, net | 5 | | | 60 | | | 44.2 | | | — | | | 109.2 | |
|
Deferred tax assets | — | | | 1.4 | | | 27 | | | (3.0 | ) | | 25.4 | |
|
Intercompany accounts receivable | — | | | 3,668.80 | | | 259.7 | | | (3,928.5 | ) | | — | |
|
Total current assets | 87.6 | | | 4,898.30 | | | 757.5 | | | (3,931.5 | ) | | 1,811.90 | |
|
Properties, net | 31.9 | | | 1,192.80 | | | 625.5 | | | — | | | 1,850.20 | |
|
Goodwill | — | | | 1,128.70 | | | 1,165.40 | | | — | | | 2,294.10 | |
|
Other intangibles, net | — | | | 4,047.10 | | | 1,978.80 | | | — | | | 6,025.90 | |
|
Investment in MillerCoors | — | | | 2,580.10 | | | — | | | — | | | 2,580.10 | |
|
Net investment in and advances to subsidiaries | 13,002.10 | | | 2,860.80 | | | 6,727.30 | | | (22,590.2 | ) | | — | |
|
Deferred tax assets | 10.4 | | | 2.1 | | | 0.1 | | | 5.1 | | | 17.7 | |
|
Other assets, net | 23.9 | | | 177.5 | | | 52.1 | | | — | | | 253.5 | |
|
Total assets | $ | 13,155.90 | | | $ | 16,887.40 | | | $ | 11,306.70 | | | $ | (26,516.6 | ) | | $ | 14,833.40 | |
|
Liabilities and equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable and other current liabilities | $ | 65.2 | | | $ | 921.1 | | | $ | 380.1 | | | $ | — | | | $ | 1,366.40 | |
|
Deferred tax liabilities | 8.8 | | | 132.3 | | | — | | | (3.0 | ) | | 138.1 | |
|
Current portion of long-term debt and short-term borrowings | 161.5 | | | 803.4 | | | 143.8 | | | — | | | 1,108.70 | |
|
Discontinued operations | — | | | — | | | 6.6 | | | — | | | 6.6 | |
|
Intercompany accounts payable | 2,604.50 | | | 321 | | | 1,003.00 | | | (3,928.5 | ) | | — | |
|
Total current liabilities | 2,840.00 | | | 2,177.80 | | | 1,533.50 | | | (3,931.5 | ) | | 2,619.80 | |
|
Long-term debt | 1,899.80 | | | 445.9 | | | 0.1 | | | — | | | 2,345.80 | |
|
Pension and postretirement benefits | 2.8 | | | 407.4 | | | 6.8 | | | — | | | 417 | |
|
Deferred tax liabilities | — | | | 0.2 | | | 897.2 | | | 5.1 | | | 902.5 | |
|
Other liabilities | 18.3 | | | 21.6 | | | 69.3 | | | — | | | 109.2 | |
|
Discontinued operations | — | | | — | | | 16.7 | | | — | | | 16.7 | |
|
Intercompany notes payable | — | | | 1,489.60 | | | 5,952.50 | | | (7,442.1 | ) | | — | |
|
Total liabilities | 4,760.90 | | | 4,542.50 | | | 8,476.10 | | | (11,368.5 | ) | | 6,411.00 | |
|
MCBC stockholders' equity | 8,398.00 | | | 18,477.90 | | | 4,112.30 | | | (22,590.2 | ) | | 8,398.00 | |
|
Intercompany notes receivable | (3.0 | ) | | (6,133.0 | ) | | (1,306.1 | ) | | 7,442.10 | | | — | |
|
Total stockholders' equity | 8,395.00 | | | 12,344.90 | | | 2,806.20 | | | (15,148.1 | ) | | 8,398.00 | |
|
Noncontrolling interests | — | | | — | | | 24.4 | | | — | | | 24.4 | |
|
Total equity | 8,395.00 | | | 12,344.90 | | | 2,830.60 | | | (15,148.1 | ) | | 8,422.40 | |
|
Total liabilities and equity | $ | 13,155.90 | | | $ | 16,887.40 | | | $ | 11,306.70 | | | $ | (26,516.6 | ) | | $ | 14,833.40 | |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2013 |
(IN MILLIONS) |
(UNAUDITED) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 90.6 | | | $ | 248.7 | | | $ | 103 | | | $ | — | | | $ | 442.3 | |
|
Accounts receivable, net | 0.7 | | | 466.3 | | | 136.6 | | | — | | | 603.6 | |
|
Other receivables, net | 48 | | | 56.5 | | | 19.9 | | | — | | | 124.4 | |
|
Total inventories | — | | | 166.8 | | | 38.5 | | | — | | | 205.3 | |
|
Other current assets, net | 8.4 | | | 60.1 | | | 43.2 | | | — | | | 111.7 | |
|
Deferred tax assets | — | | | — | | | 53.3 | | | (2.9 | ) | | 50.4 | |
|
Intercompany accounts receivable | — | | | 3,186.80 | | | 196.5 | | | (3,383.3 | ) | | — | |
|
Total current assets | 147.7 | | | 4,185.20 | | | 591 | | | (3,386.2 | ) | | 1,537.70 | |
|
Properties, net | 31 | | | 1,282.80 | | | 656.3 | | | — | | | 1,970.10 | |
|
Goodwill | — | | | 1,161.80 | | | 1,256.90 | | | — | | | 2,418.70 | |
|
Other intangibles, net | — | | | 4,292.30 | | | 2,532.80 | | | — | | | 6,825.10 | |
|
Investment in MillerCoors | — | | | 2,506.50 | | | — | | | — | | | 2,506.50 | |
|
Net investment in and advances to subsidiaries | 12,860.90 | | | 3,303.70 | | | 6,654.90 | | | (22,819.5 | ) | | — | |
|
Deferred tax assets | 28.8 | | | 3.1 | | | 1 | | | 5.4 | | | 38.3 | |
|
Other assets, net | 35.5 | | | 175 | | | 73.2 | | | — | | | 283.7 | |
|
Total assets | $ | 13,103.90 | | | $ | 16,910.40 | | | $ | 11,766.10 | | | $ | (26,200.3 | ) | | $ | 15,580.10 | |
|
Liabilities and equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Accounts payable and other current liabilities | $ | 71.5 | | | $ | 998.6 | | | $ | 359.5 | | | $ | — | | | $ | 1,429.60 | |
|
Deferred tax liabilities | 8.8 | | | 132.2 | | | — | | | (2.9 | ) | | 138.1 | |
|
Current portion of long-term debt and short-term borrowings | 379.7 | | | 61.8 | | | 145.4 | | | — | | | 586.9 | |
|
Discontinued operations | — | | | — | | | 6.8 | | | — | | | 6.8 | |
|
Intercompany accounts payable | 2,120.70 | | | 228.3 | | | 1,034.30 | | | (3,383.3 | ) | | — | |
|
Total current liabilities | 2,580.70 | | | 1,420.90 | | | 1,546.00 | | | (3,386.2 | ) | | 2,161.40 | |
|
Long-term debt | 1,896.20 | | | 1,316.60 | | | 0.2 | | | — | | | 3,213.00 | |
|
Pension and postretirement benefits | 2.6 | | | 453.3 | | | 6.7 | | | — | | | 462.6 | |
|
Deferred tax liabilities | — | | | — | | | 906 | | | 5.4 | | | 911.4 | |
|
Other liabilities | 22.4 | | | 22.4 | | | 139.5 | | | — | | | 184.3 | |
|
Discontinued operations | — | | | — | | | 17.3 | | | — | | | 17.3 | |
|
Intercompany notes payable | — | | | 1,693.90 | | | 6,138.90 | | | (7,832.8 | ) | | — | |
|
Total liabilities | 4,501.90 | | | 4,907.10 | | | 8,754.60 | | | (11,213.6 | ) | | 6,950.00 | |
|
MCBC stockholders' equity | 8,605.20 | | | 18,332.50 | | | 4,487.00 | | | (22,819.5 | ) | | 8,605.20 | |
|
Intercompany notes receivable | (3.2 | ) | | (6,329.2 | ) | | (1,500.4 | ) | | 7,832.80 | | | — | |
|
Total stockholders' equity | 8,602.00 | | | 12,003.30 | | | 2,986.60 | | | (14,986.7 | ) | | 8,605.20 | |
|
Noncontrolling interests | — | | | — | | | 24.9 | | | — | | | 24.9 | |
|
Total equity | 8,602.00 | | | 12,003.30 | | | 3,011.50 | | | (14,986.7 | ) | | 8,630.10 | |
|
Total liabilities and equity | $ | 13,103.90 | | | $ | 16,910.40 | | | $ | 11,766.10 | | | $ | (26,200.3 | ) | | $ | 15,580.10 | |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Net cash provided by (used in) operating activities | $ | 365.4 | | | $ | 560.4 | | | $ | 194.8 | | | $ | (62.2 | ) | | $ | 1,058.40 | |
|
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 | |
|
Investment in MillerCoors | — | | | (1,100.4 | ) | | — | | | — | | | (1,100.4 | ) |
|
Return of capital from MillerCoors | — | | | 1,053.90 | | | — | | | — | | | 1,053.90 | |
|
Return of capital from 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 | ) |
|
Dividends paid to noncontrolling interest holders | — | | | — | | | (2.4 | ) | | — | | | (2.4 | ) |
|
Payments for purchase of noncontrolling interest | — | | | — | | | (0.7 | ) | | | | | (0.7 | ) |
|
Debt issuance costs | (1.8 | ) | | — | | | — | | | — | | | (1.8 | ) |
|
Payments on long-term debt and capital lease obligations | (0.8 | ) | | (61.9 | ) | | (0.2 | ) | | — | | | (62.9 | ) |
|
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 | — | | | — | | | 118.1 | | | — | | | 118.1 | |
|
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 | | | — | | | 442.3 | |
|
Balance at end of period | $ | 51.4 | | | $ | 487.4 | | | $ | 183.3 | | | $ | — | | | $ | 722.1 | |
|
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE NINE MONTHS ENDED SEPTEMBER 28, 2013 |
(IN MILLIONS) |
(UNAUDITED) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Subsidiary | | Subsidiary | | Eliminations | | Consolidated |
Guarantor and | Guarantors | Non |
2012 Issuer | | Guarantors |
Net cash provided by (used in) operating activities | $ | 565.5 | | | $ | 327.2 | | | $ | 394 | | | $ | (256.7 | ) | | $ | 1,030.00 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | |
Additions to properties | (11.9 | ) | | (103.4 | ) | | (102.9 | ) | | — | | | (218.2 | ) |
|
Proceeds from sales of properties and other assets | — | | | 3.2 | | | 4.3 | | | — | | | 7.5 | |
|
Proceeds from sale of business | — | | | — | | | 2 | | | — | | | 2 | |
|
Investment in MillerCoors | — | | | (924.0 | ) | | — | | | — | | | (924.0 | ) |
|
Return of capital from MillerCoors | — | | | 822.4 | | | — | | | — | | | 822.4 | |
|
Investment in and advances to an unconsolidated affiliate | — | | | — | | | (2.4 | ) | | — | | | (2.4 | ) |
|
Loan repayments | — | | | 7.7 | | | (0.2 | ) | | — | | | 7.5 | |
|
Loan advances | — | | | (5.4 | ) | | — | | | — | | | (5.4 | ) |
|
Net intercompany investing activity | (446.3 | ) | | 114.9 | | | — | | | 331.4 | | | — | |
|
Net cash provided by (used in) investing activities | (458.2 | ) | | (84.6 | ) | | (99.2 | ) | | 331.4 | | | (310.6 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | |
|
Exercise of stock options under equity compensation plans | 74.9 | | | — | | | — | | | — | | | 74.9 | |
|
Excess tax benefits from share-based compensation | 6 | | | — | | | — | | | — | | | 6 | |
|
Dividends paid | (154.5 | ) | | (68.0 | ) | | (209.9 | ) | | 256.7 | | | (175.7 | ) |
|
Dividends paid to noncontrolling interest holders | — | | | — | | | (1.2 | ) | | — | | | (1.2 | ) |
|
Payments for purchase of noncontrolling interest | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) |
|
Debt issuance costs | (0.2 | ) | | — | | | (0.1 | ) | | — | | | (0.3 | ) |
|
Payments on long-term debt and capital lease obligations | (577.6 | ) | | (615.1 | ) | | (123.8 | ) | | — | | | (1,316.5 | ) |
|
Proceeds from short-term borrowings | — | | | — | | | 19.3 | | | — | | | 19.3 | |
|
Payments on short-term borrowings | — | | | — | | | (15.1 | ) | | — | | | (15.1 | ) |
|
Proceeds from settlement of derivative instruments | 2.6 | | | — | | | — | | | — | | | 2.6 | |
|
Payments on settlement of derivative instruments | — | | | (66.2 | ) | | — | | | — | | | (66.2 | ) |
|
Net proceeds from (payments on) revolving credit facilities and commercial paper | 390.9 | | | — | | | 157.5 | | | — | | | 548.4 | |
|
Change in overdraft balances and other | — | | | — | | | (0.8 | ) | | — | | | (0.8 | ) |
|
Net intercompany financing activity | — | | | 446.3 | | | (114.9 | ) | | (331.4 | ) | | — | |
|
Net cash provided by (used in) financing activities | (257.9 | ) | | (303.0 | ) | | (289.2 | ) | | (74.7 | ) | | (924.8 | ) |
CASH AND CASH EQUIVALENTS: | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | (150.6 | ) | | (60.4 | ) | | 5.6 | | | — | | | (205.4 | ) |
|
Effect of foreign exchange rate changes on cash and cash equivalents | — | | | (15.9 | ) | | 4.2 | | | — | | | (11.7 | ) |
|
Balance at beginning of year | 189.8 | | | 249.3 | | | 184.9 | | | — | | | 624 | |
|
Balance at end of period | $ | 39.2 | | | $ | 173 | | | $ | 194.7 | | | $ | — | | | $ | 406.9 | |
|
| | | | | | | | | | | | | | | | | | | | |