Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 25, 2019 | |
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 | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,560,668 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 196,188,247 | |
Class A Exchangeable Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,757,201 | |
Class B Exchangeable Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,807,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Sales | $ 2,800.1 | $ 2,868 |
Excise taxes | (496.8) | (536.5) |
Net Sales | 2,303.3 | 2,331.5 |
Cost of Goods Sold | (1,413) | (1,535.7) |
Gross profit | 890.3 | 795.8 |
Marketing, general and administrative expenses | (655.2) | (681.1) |
Special items, net | (13) | 314.8 |
Operating income (loss) | 222.1 | 429.5 |
Interest income (expense), net | (73.3) | (83.2) |
Other pension and postretirement benefits (costs), net | 8.6 | 10 |
Other income (expense), net | 23.9 | 1.1 |
Income (loss) before income taxes | 181.3 | 357.4 |
Income tax benefit (expense) | (32.2) | (74.9) |
Net Income (loss) | 149.1 | 282.5 |
Net (income) loss attributable to noncontrolling interests | 2.3 | (4.4) |
Net income (loss) attributable to Molson Coors Brewing Company | $ 151.4 | $ 278.1 |
Basic net income (loss) attributable to Molson Coors Brewing Company per share: | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.70 | $ 1.29 |
Diluted net income (loss) attributable to Molson Coors Brewing Company per share: | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.70 | $ 1.28 |
Weighted average shares - basic (in shares) | 216.5 | 215.8 |
Dilutive effect of share-based awards | 0.4 | 0.8 |
Weighted average shares - diluted (in shares) | 216.9 | 216.6 |
Stock Compensation Plan [Member] | ||
Diluted net income (loss) attributable to Molson Coors Brewing Company per share: | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.1 | 0.5 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 234.4 | $ 1,057.9 |
Accounts receivable, net | 909.5 | 744.4 |
Other receivables, net | 141.6 | 126.6 |
Total inventories, net | 687.9 | 591.8 |
Other current assets, net | 364.6 | 245.6 |
Total current assets | 2,338 | 2,766.3 |
Properties, net | 4,553.3 | 4,608.3 |
Goodwill | 8,279.4 | 8,260.8 |
Other intangibles, net | 13,749.6 | 13,776.4 |
Other assets | 903.3 | 698 |
Total assets | 29,823.6 | 30,109.8 |
Current liabilities: | ||
Accounts payable and other current liabilities | 2,561.3 | 2,706.4 |
Current portion of long-term debt and short-term borrowings | 1,641.1 | 1,594.5 |
Total current liabilities | 4,202.4 | 4,300.9 |
Long-term debt | 8,484.8 | 8,893.8 |
Pension and postretirement benefits | 726.9 | 726.6 |
Deferred tax liabilities | 2,151.5 | 2,128.9 |
Other liabilities | 369.9 | 323.8 |
Total liabilities | 15,935.5 | 16,374 |
Capital stock: | ||
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) | 0 | 0 |
Paid-in capital | 6,776.2 | 6,773.1 |
Retained earnings | 7,862.4 | 7,692.9 |
Accumulated other comprehensive income (loss) | (1,182.7) | (1,150) |
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively) | (471.4) | (471.4) |
Total Molson Coors Brewing Company stockholders' equity | 13,647.3 | 13,507.4 |
Noncontrolling interests | 240.8 | 228.4 |
Total equity | 13,888.1 | 13,735.8 |
Total liabilities and equity | 29,823.6 | 30,109.8 |
Class A common stock, voting [Member] | ||
Capital stock: | ||
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 205.7 shares and 205.4 shares, respectively) | 0 | 0 |
Total equity | 0 | 0 |
Class B common stock, non-voting [Member] | ||
Capital stock: | ||
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 205.7 shares and 205.4 shares, respectively) | 2 | 2 |
Total equity | 2 | 2 |
Class A Exchangeable Shares [Member] | ||
Capital stock: | ||
Exchangeable shares - Class A, no par value (issued and outstanding: 2.8 shares and 2.8 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively) | 103.2 | 103.2 |
Total equity | 103.2 | 103.2 |
Class B Exchangeable Shares [Member] | ||
Capital stock: | ||
Exchangeable shares - Class A, no par value (issued and outstanding: 2.8 shares and 2.8 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively) | 557.6 | 557.6 |
Total equity | $ 557.6 | $ 557.6 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) including noncontrolling interests | $ 149.1 | $ 282.5 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 71.5 | 74.1 |
Unrealized gain (loss) on derivative instruments | (29.7) | (25.8) |
Reclassification of derivative (gain) loss to income | 0.1 | 1.1 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (0.6) | 1.7 |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 1 | (1.2) |
Total other comprehensive income (loss), net of tax | 42.3 | 49.9 |
Comprehensive income (loss) | 191.4 | 332.4 |
Comprehensive (income) loss attributable to noncontrolling interests | 2.1 | (5.2) |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 193.5 | 327.2 |
Consolidated [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Comprehensive income (loss) attributable to Molson Coors Brewing Company | $ 193.5 | $ 327.2 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - $ / shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Preferred Stock, Non-voting, No Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25 | 25 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury Stock, Shares | 9.5 | 9.5 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500 | 500 |
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 | 500 |
Common Stock, Shares, Issued | 205.7 | 205.4 |
Class A Exchangeable Shares [Member] | ||
Exchangeable Stock, No Par Value | $ 0 | $ 0 |
Exchangeable Stock, Shares Issued | 2.8 | 2.8 |
Exchangeable Stock, Shares Outstanding | 2.8 | 2.8 |
Class B Exchangeable Shares [Member] | ||
Exchangeable Stock, No Par Value | $ 0 | $ 0 |
Exchangeable Stock, Shares Issued | 14.8 | 14.8 |
Exchangeable Stock, Shares Outstanding | 14.8 | 14.8 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 149.1 | $ 282.5 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 212.9 | 213.7 |
Amortization of debt issuance costs and discounts | 3.7 | 4.1 |
Share-based compensation | 11.4 | 14.8 |
(Gain) loss on sale or impairment of properties and other assets, net | 0.5 | 0.7 |
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net | (57.2) | 83.5 |
Income tax (benefit) expense | 32.2 | 74.9 |
Income tax (paid) received | (8.5) | (8.9) |
Interest expense, excluding interest amortization | 72.1 | 79.3 |
Interest paid | (103.1) | (115.2) |
Change in current assets and liabilities (net of impact of business combinations) and other | (411.6) | (314.2) |
Net Cash Provided by (Used in) Operating Activities | (98.5) | 315.2 |
Cash flows from investing activities: | ||
Additions to properties | (198) | (208.3) |
Proceeds from sales of properties and other assets | 2.4 | 1.6 |
Other | 1 | (45.4) |
Net cash provided by (used in) investing activities | (194.6) | (252.1) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0.6 | 6.1 |
Dividends paid | (88.7) | (88.5) |
Payments on debt and borrowings | (1,067.2) | (0.8) |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 604.3 | (248.7) |
Change in overdraft balances and other | 16.2 | 42 |
Net cash provided by (used in) financing activities | (534.8) | (289.9) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (827.9) | (226.8) |
Effect of foreign exchange rate changes on cash and cash equivalents | 4.4 | 6.1 |
Balance at beginning of year | 1,057.9 | 418.6 |
Balance at end of period | $ 234.4 | $ 197.9 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Millions | Total | Class A common stock, voting [Member] | Common Class B [Member] | Exchangeable shares issued, Class A | Exchangeable shares issued, Class B | Paid-in capital | Retained earnings | AOCI Attributable to Parent [Member] | Common stock held in treasury, Class B | Noncontrolling interest |
Balance at Dec. 31, 2017 | $ 13,187.3 | $ 0 | $ 2 | $ 107.7 | $ 553.2 | $ 6,688.5 | $ 6,958.4 | $ (860) | $ (471.4) | $ 208.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued under equity compensation plan | (5.8) | (5.8) | ||||||||
Amortization of share-based compensation | 14.7 | 14.7 | ||||||||
Net income (loss) including noncontrolling interests | 282.5 | 278.1 | 4.4 | |||||||
Other comprehensive income (loss), net of tax | 49.9 | 49.1 | 0.8 | |||||||
Adoption of New Accounting Standards Update 2014-09 | (27.8) | (27.8) | ||||||||
Contributions from noncontrolling interests | 6.4 | 6.4 | ||||||||
Distributions and dividends to noncontrolling interests | (2.9) | (2.9) | ||||||||
Dividends declared and paid | (88.5) | (88.5) | 0 | |||||||
Balance at Mar. 31, 2018 | 13,415.8 | 0 | 2 | 107.7 | 553.2 | 6,697.4 | 7,120.2 | (810.9) | (471.4) | 217.6 |
Balance at Dec. 31, 2018 | 13,735.8 | 0 | 2 | 103.2 | 557.6 | 6,773.1 | 7,692.9 | (1,150) | (471.4) | 228.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued under equity compensation plan | (8.2) | (8.2) | ||||||||
Amortization of share-based compensation | 11.3 | 11.3 | ||||||||
Net income (loss) including noncontrolling interests | 149.1 | 151.4 | (2.3) | |||||||
Other comprehensive income (loss), net of tax | 42.3 | 42.1 | 0.2 | |||||||
Initial Application Period Cumulative Effect Transition for Accounting Standards Update 2016-02 | 32 | 32 | ||||||||
Increase in retained earnings due to reclassification of stranded tax effects | 0 | 74.8 | (74.8) | |||||||
Contributions from noncontrolling interests | 14.5 | 14.5 | ||||||||
Dividends declared and paid | (88.7) | (88.7) | 0 | |||||||
Balance at Mar. 31, 2019 | $ 13,888.1 | $ 0 | $ 2 | $ 103.2 | $ 557.6 | $ 6,776.2 | $ 7,862.4 | $ (1,182.7) | $ (471.4) | $ 240.8 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Brewing Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments and Corporate. Our reporting segments include: MillerCoors LLC ("MillerCoors" or U.S. segment), operating in the U.S.; Molson Coors Canada ("MCC" or Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries. Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and RSD. The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted below and in Note 2, "New Accounting Pronouncements." The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that may be achieved for the full year. Non-Cash Activity Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. We also had non-cash activities related to capital expenditures incurred but not yet paid of $112.7 million and $140.8 million for the three months ended March 31, 2019 and March 31, 2018 , respectively. Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed below, there was no other significant non-cash activity during the three months ended March 31, 2019 and March 31, 2018 . See Note 4, "Investments," and Note 5, "Share-Based Payments" for further discussion. Leases We account for leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases, which we adopted on January 1, 2019 , electing not to adjust comparative periods presented and applying a modified retrospective transition approach as of the effective date of adoption (see Note 2, "New Accounting Pronouncements" for impacts of adoption). We enter into contractual arrangements for the utilization of certain non-owned assets, primarily real estate and equipment, which are evaluated as finance (previously known as capital) or operating leases upon commencement and are accounted for accordingly. Specifically, under ASC 842, a contract is or contains a lease when, (1) the contract contains an explicitly or implicitly identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration. We assess whether an arrangement is or contains a lease at inception of the contract. For all contractual arrangements deemed to be leases (other than short-term leases), as of the lease commencement date, we recognize on the consolidated balance sheet a liability for our obligation related to the lease and a corresponding asset representing our right to use the underlying asset over the period of use. For leases that qualify as short-term leases, we have elected, for all classes of underlying assets, to not apply the balance sheet recognition requirements of ASC 842, and instead, we recognize the lease payments in the consolidated statements of operations on a straight-line basis over the lease term. We have also made the election, for our real estate and certain equipment classes of underlying assets, to account for lease and non-lease components as a single lease component. Our leases have remaining lease terms of up to approximately 18 years. Certain of our lease agreements contain options to extend or early terminate the agreement. The lease term used to calculate the right-of-use asset ("ROU") and lease liability at commencement includes the impacts of options to extend or terminate the lease when it is reasonably certain that we will exercise that option. When determining whether it is reasonably certain that we will exercise an option at commencement, we consider various existing economic factors, including real estate strategies, the nature, length, and terms of the agreement, as well as the uncertainty of the condition of leased equipment at the end of the lease term. Based on these determinations, we generally conclude that the exercise of renewal options would not be reasonably certain in determining the lease term at commencement. Assumptions made at the commencement date are re-evaluated upon occurrence of certain events requiring a lease modification. Additionally, for certain equipment leases involving groups of similar leased assets with similar lease terms, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The discount rate used to calculate the present value of the future minimum lease payments is the rate implicit in the lease, when readily determinable. As the rate implicit in the lease is not readily determinable for most of our leases, we use our incremental borrowing rate relative to the leased asset. Certain of our leases include variable lease payments, including payments that depend on an index or rate, as well as variable payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of our lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of our lease assets and liabilities and are recognized in the period in which the obligation for those payments is incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease-related expense is recorded within either cost of goods sold or marketing, general and administrative expenses on the consolidated statements of operations, depending on the function of the underlying leased asset, with the exception of interest on finance lease liabilities, which is recorded within interest income (expense), net on the consolidated statements of operations. For the three months ended March 31, 2019 , lease expense (including immaterial short-term and variable lease costs) was as follows: Three Months Ended March 31, 2019 (In millions) Operating lease expense $ 17.2 Finance lease expense 2.8 Total lease expense $ 20.0 Supplemental cash flow information related to leases for the three months ended March 31, 2019 was as follows: Three Months Ended March 31, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 12.0 Operating cash flows from finance leases $ 0.8 Financing cash flows from finance leases $ 0.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 10.7 Finance leases $ — Supplemental balance sheet information related to leases as of March 31, 2019 was as follows: As of March 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 154.1 Current operating lease liabilities Accounts payable and other current liabilities $ 43.6 Non-current operating lease liabilities Other liabilities 121.4 Total operating lease liabilities $ 165.0 Finance Leases Finance lease right-of-use assets Properties, net $ 68.4 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 3.3 Non-current finance lease liabilities Long-term debt 82.5 Total finance lease liabilities $ 85.8 The weighted-average remaining lease term and discount rate as of March 31, 2019 are as follows: Weighted-Average Remaining Lease Term (Years) Weighted-Average Discount Rate Operating leases 4.8 4.2% Finance leases 10.1 6.4% Based on foreign exchange rates as of March 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases (In millions) 2019 - remaining $ 38.4 $ 4.5 2020 41.9 36.3 2021 34.7 6.0 2022 27.1 5.9 2023 18.9 5.9 Thereafter 21.0 66.0 Total lease payments $ 182.0 $ 124.6 Less: interest (17.0 ) (38.8 ) Present value of lease liabilities $ 165.0 $ 85.8 Executed leases that have not yet commenced as of March 31, 2019 are immaterial. Information as of December 31, 2018, as well as comparative interim period information under historical lease accounting guidance Gross assets recorded under finance leases as of December 31, 2018 were $82.5 million . The associated accumulated amortization on these assets as of December 31, 2018 was $13.2 million . These amounts are recorded within properties, net on the consolidated balance sheet. Current and non-current finance lease liabilities as of December 31, 2018 were $3.2 million and $82.1 million , respectively, and were recorded in accounts payable and other current liabilities and other non-current liabilities, respectively, on the consolidated balance sheet. Separately, during the three months ended March 31, 2018 , non-cash activities related to the recognition of finance leases was $15.0 million . Based on foreign exchange rates as of December 31, 2018 , future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows: Operating Leases Finance Leases Year (In millions) 2019 $ 49.4 $ 6.1 2020 40.2 36.2 2021 32.6 5.9 2022 24.6 5.9 2023 17.0 5.8 Thereafter 21.0 64.2 Total future minimum lease payments $ 184.8 $ 124.1 Less: interest on finance leases (38.8 ) Present value of future minimum finance lease payments $ 85.3 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Pronouncements Recently Adopted Leases In February 2016, the FASB issued authoritative guidance intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and liabilities on the balance sheet and disclosure of key information about leasing arrangements. We adopted this guidance and all related amendments applying the modified retrospective transition approach to all lease arrangements as of the effective date of adoption, January 1, 2019 . As permitted under the guidance, financial statements for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts have not been adjusted and continue to be reported and disclosed in accordance with historical accounting guidance. Additionally, for existing leases as of the effective date, we have elected the package of practical expedients available at transition to not reassess the historical lease determination, lease classification and initial direct costs. For operating leases, the adoption of the new guidance resulted in the recognition of ROU assets of approximately $154 million and aggregate current and non-current lease liabilities of approximately $164 million , as of January 1, 2019 , including immaterial reclassifications of prepaid and deferred rent balances into ROU assets. Separately, as a result of the cumulative impact of adopting the new guidance, we recorded a net increase to opening retained earnings of approximately $32 million as of January 1, 2019 with the offsetting impact within other assets, related to our share of the accelerated recognition of deferred gains on non-qualifying and other sale-leaseback transactions by an equity method investment within our Canada segment. Additionally, while our accounting for finance leases remains unchanged at adoption, we have prospectively changed the presentation of finance lease liabilities within the consolidated balance sheets to be presented within current portion of long-term debt and short-term borrowings, and long-term debt, as appropriate. As of January 1, 2019 , we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively. The adoption of this guidance had no impact to our cash flows from operating, investing, or financing activities. See Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” for additional discussion on our leasing arrangements. Accumulated Other Comprehensive Income (Loss) In February 2018, the FASB issued authoritative guidance intended to improve the usefulness of financial information related to the enactment of the 2017 Tax Act. This guidance provides an option to reclassify from AOCI to retained earnings the stranded tax effects resulting from the change in the U.S. federal corporate income tax rate as a result of the 2017 Tax Act. We adopted this guidance as of January 1, 2019 and elected to reclassify stranded tax effects related to the 2017 Tax Act, resulting in an approximate $75 million increase to retained earnings in the period of adoption. Our policy is to release stranded tax effects from AOCI using either a specific identification approach or portfolio approach based on the nature of the underlying item. New Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. This guidance is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact on our financial position, results of operations and statement of cash flows upon adoption of this guidance, which will result in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Our reporting segments are based on the key geographic regions in which we operate, which are the basis on which our chief operating decision maker evaluates the performance of the business. Our reporting segments consist of the U.S., Canada, Europe and International. Corporate is not a reportable segment and primarily includes interest and certain other general and administrative costs that are not allocated to any of the operating segments as well as the results of our water resources and energy operations in Colorado and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components are reported within the Corporate segment. No single customer accounted for more than 10% of our consolidated sales for the three months ended March 31, 2019 or March 31, 2018 . Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to U.S. segment sales to the other segments. The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended March 31, 2019 March 31, 2018 (In millions) U.S. $ 1,659.2 $ 1,647.8 Canada 261.0 283.8 Europe 362.9 374.3 International 47.9 57.5 Corporate 0.2 0.2 Inter-segment net sales eliminations (27.9 ) (32.1 ) Consolidated net sales $ 2,303.3 $ 2,331.5 Three Months Ended March 31, 2019 March 31, 2018 (In millions) U.S. $ 269.4 $ 261.7 Canada (1) 21.8 9.1 Europe (27.5 ) (29.9 ) International (0.3 ) 3.7 Corporate (2) (82.1 ) 112.8 Consolidated income (loss) before income taxes $ 181.3 $ 357.4 (1) During the three months ended March 31, 2019, we recorded an unrealized mark-to-market gain of approximately $23 million on the HEXO Corp. ("HEXO") warrants received in connection with the formation of the Truss joint venture. Additionally, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC. (2) During the three months ended March 31, 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 6, "Special Items." Additionally, related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized gain of $34.1 million during the three months ended March 31, 2019 compared to an unrealized loss of $84.7 million during the three months ended March 31, 2018 . Income (loss) before income taxes includes the impact of special items. Refer to Note 6, "Special Items" for further discussion. The following table presents total assets by segment: As of March 31, 2019 December 31, 2018 (In millions) U.S. $ 19,247.7 $ 19,057.1 Canada 4,736.0 4,640.5 Europe 5,334.1 5,430.0 International 277.5 274.1 Corporate 228.3 708.1 Consolidated total assets $ 29,823.6 $ 30,109.8 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of March 31, 2019 or December 31, 2018 . We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable. Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. As of March 31, 2019 and December 31, 2018 , our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Grolsch U.K. Ltd. ("Grolsch"), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss LP ("Truss"). Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"). Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we have a guarantee liability of $50.1 million and $35.9 million recorded as of March 31, 2019 and December 31, 2018 , respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity. Consolidated VIEs The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2019 December 31, 2018 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 212.2 $ 31.9 $ 189.8 $ 35.0 Other $ 29.5 $ 1.7 $ 31.0 $ 5.1 |
Share-Based Payments
Share-Based Payments | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Share-Based Payments We have one share-based compensation plan, the MCBC Incentive Compensation Plan (the "Incentive Compensation Plan"), as of March 31, 2019 and all outstanding awards fall under this plan. During the three months ended March 31, 2019 and March 31, 2018 , 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: RSUs, DSUs, PSUs and stock options. Three Months Ended March 31, 2019 March 31, 2018 (In millions) Pretax compensation expense $ 11.4 $ 14.8 Tax benefit (1.2 ) (1.6 ) After-tax compensation expense $ 10.2 $ 13.2 As of March 31, 2019 , there was $61.1 million of total unrecognized compensation expense from all share-based compensation arrangements granted under the Incentive Compensation Plan, related to unvested awards. This total compensation expense is expected to be recognized over a weighted-average period of 2.3 years. RSUs and DSUs PSUs Units Weighted-average grant date fair value per unit Units Weighted-average grant date fair value per unit (In millions, except per unit amounts) Non-vested as of December 31, 2018 1.0 $88.53 0.5 $86.85 Granted 0.4 $54.46 0.3 $53.31 Vested (0.3 ) $100.91 (0.1 ) $90.41 Forfeited — $— — $— Non-vested as of March 31, 2019 1.1 $70.06 0.7 $71.42 The weighted-average fair value per unit for the non-vested PSUs is $62.07 as of March 31, 2019 . Stock options Awards Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (In millions, except per share amounts and years) Outstanding as of December 31, 2018 1.3 $70.56 5.2 $ 4.3 Granted 0.3 $61.09 Exercised — $— Forfeited — $— Outstanding as of March 31, 2019 1.6 $68.70 6.0 $ 5.4 Expected to vest as of March 31, 2019 0.5 $68.79 9.4 $ — Exercisable as of March 31, 2019 1.1 $68.66 4.3 $ 5.4 The total intrinsic value of exercises during the three months ended March 31, 2019 and March 31, 2018 were $0.3 million and $4.6 million , respectively. During the three months ended March 31, 2019 and March 31, 2018 , total tax benefits realized from share-based awards vested or exercised was $4.0 million and $5.4 million , respectively. The fair value of each option granted in the first quarter of 2019 and 2018 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2019 March 31, 2018 Risk-free interest rate 2.52% 2.65% Dividend yield 4.17% 2.08% Volatility range 24.41%-24.48% 22.36%-24.14% Weighted-average volatility 24.42% 22.81% Expected term (years) 5.3 5.3 Weighted-average fair market value $9.24 $15.44 The risk-free interest rates utilized for periods throughout the contractual life of the stock options are based on a zero-coupon U.S. 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 quarter of 2019 and 2018 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and its peer companies with the following weighted-average assumptions: Three Months Ended March 31, 2019 March 31, 2018 Risk-free interest rate 2.49% 2.34% Dividend yield 4.17% 2.08% Volatility range 13.82%-42.46% 13.03%-81.87% Weighted-average volatility 24.97% 22.76% Expected term (years) 2.8 2.8 Weighted-average fair market value $53.31 $78.30 The risk-free interest rates utilized for periods throughout the expected term of the PSUs are based on a zero-coupon U.S. 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 March 31, 2019 , there were 2.9 million shares of the Company's Class B common stock available for issuance as awards under the Incentive Compensation Plan. |
Special Items
Special Items | 3 Months Ended |
Mar. 31, 2019 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Special Items | Special Items We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items. Three Months Ended March 31, 2019 March 31, 2018 (In millions) Employee-related charges Restructuring $ 3.7 $ 3.9 Impairments or asset abandonment charges (1) U.S. - Asset abandonment 0.8 1.5 Canada - Asset abandonment 7.6 6.1 Europe - Asset abandonment 0.6 1.7 Termination fees and other (gains) losses International 0.3 — Purchase price adjustment settlement gain (2) — (328.0 ) Total Special items, net $ 13.0 $ (314.8 ) (1) Charges for the three months ended March 31, 2019 and March 31, 2018 consist primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Colfax, California cidery, which was completed during the first quarter of 2019, the planned closures of the Vancouver and Montreal breweries, which are currently expected to occur in 2019 and 2021, respectively, as well as the Burton South, U.K. brewery which closed in the first quarter of 2018. (2) During the first quarter of 2018, we received $330.0 million from ABI, of which $328.0 million constituted a purchase price adjustment (the "Adjustment Amount"), related to the Miller International Business which was acquired in our acquisition of the remaining portion of MillerCoors which occurred on October 11, 2016 . As this settlement occurred following the finalization of purchase accounting, we recorded the settlement proceeds related to the Adjustment Amount as a gain within special items, net in our unaudited condensed consolidated statement of operations in our Corporate segment and within cash provided by operating activities in our unaudited condensed consolidated statement of cash flows for the three months ended March 31, 2018 . Restructuring Activities There were no material changes to our restructuring activities since December 31, 2018, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time. The accrued restructuring balances below represent expected future cash payments required to satisfy the remaining severance obligations to terminated employees, the majority of which we expect to be paid in the next 12 months. U.S. Canada Europe International Corporate Total (In millions) As of December 31, 2018 $ 21.6 $ 1.5 $ 0.6 $ 0.6 $ 1.3 $ 25.6 Charges incurred and changes in estimates 0.6 — 2.7 0.1 0.3 3.7 Payments made (11.6 ) (0.1 ) (0.8 ) (0.1 ) (0.3 ) (12.9 ) As of March 31, 2019 $ 10.6 $ 1.4 $ 2.5 $ 0.6 $ 1.3 $ 16.4 U.S. Canada Europe International Corporate Total (In millions) As of December 31, 2017 $ 0.6 $ 4.3 $ 1.8 $ 0.2 $ — $ 6.9 Charges incurred and changes in estimates — (0.5 ) 3.4 1.0 — 3.9 Payments made (0.3 ) (0.9 ) (0.6 ) (0.2 ) — (2.0 ) Foreign currency and other adjustments — (0.1 ) — — — (0.1 ) As of March 31, 2018 $ 0.3 $ 2.8 $ 4.6 $ 1.0 $ — $ 8.7 |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Three Months Ended March 31, 2019 March 31, 2018 Effective tax rate 18 % 21 % The decrease in the effective tax rate during the first quarter of 2019 versus 2018 was primarily driven by the impact of discrete items. Specifically, during the first quarter of 2019 , we recognized a net discrete tax benefit of $1.2 million , versus a $5.5 million net discrete tax expense recognized in the first quarter of 2018 . Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate. Additionally, we continue to monitor the 2017 Tax Act, including proposed regulations which may change upon finalization, as well as yet to be issued regulations and interpretations. If the forthcoming regulations and interpretations change relative to our current understanding and initial assessment of the impacts of the 2017 Tax Act, the resulting impacts could have a material adverse impact on our effective tax rate. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets U.S. Canada Europe International Consolidated Changes in Goodwill: (In millions) As of December 31, 2018 $ 5,928.5 $ 856.6 $ 1,469.4 $ 6.3 $ 8,260.8 Foreign currency translation — 18.5 0.1 — 18.6 As of March 31, 2019 $ 5,928.5 $ 875.1 $ 1,469.5 $ 6.3 $ 8,279.4 The following table presents details of our intangible assets, other than goodwill, as of March 31, 2019 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,013.8 $ (737.0 ) $ 4,276.8 License agreements and distribution rights 15 - 28 222.8 (99.5 ) 123.3 Other 2 - 40 129.2 (35.6 ) 93.6 Intangible assets not subject to amortization: Brands Indefinite 8,160.5 — 8,160.5 Distribution networks Indefinite 757.8 — 757.8 Other Indefinite 337.6 — 337.6 Total $ 14,621.7 $ (872.1 ) $ 13,749.6 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2018 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,988.0 $ (682.4 ) $ 4,305.6 License agreements and distribution rights 15 - 28 220.2 (95.7 ) 124.5 Other 2 - 40 129.2 (32.2 ) 97.0 Intangible assets not subject to amortization: Brands Indefinite 8,169.9 — 8,169.9 Distribution networks Indefinite 741.8 — 741.8 Other Indefinite 337.6 — 337.6 Total $ 14,586.7 $ (810.3 ) $ 13,776.4 The changes in the gross carrying amounts of intangibles from December 31, 2018 to March 31, 2019 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangibles are denominated in foreign currencies. Based on foreign exchange rates as of March 31, 2019 , the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2019 - remaining $ 165.8 2020 $ 220.1 2021 $ 213.8 2022 $ 209.2 2023 $ 208.2 Amortization expense of intangible assets was $55.4 million and $56.6 million for the three months ended March 31, 2019 and March 31, 2018 , respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations. Annual Goodwill and Indefinite-Lived Intangible Impairment Testing We completed our required annual goodwill and indefinite-lived intangible impairment testing as of October 1, 2018, the first day of our fourth quarter and concluded there were no impairments of goodwill within our reporting units or our indefinite-lived intangible assets. The fair value of the U.S., Europe and Canada reporting units were estimated at approximately 19% , 11% and 6% in excess of carrying value, respectively, as of the October 1, 2018 testing date, resulting in our Europe and Canada reporting units now being considered at risk of impairment. Key Assumptions Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangibles are discussed in Part II—Item 8 Financial Statements, Note 10, "Goodwill and Intangible Assets" in our Annual Report. Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual assessment and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses. While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets in excess of carrying values, if our assumptions are not realized, it is possible that an impairment charge may need to be recorded in the future. Definite-Lived Intangibles Regarding definite-lived intangibles, we continuously monitor the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the first quarter of 2019 that resulted in an impairment. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt obligations As of March 31, 2019 December 31, 2018 (In millions) Long-term debt: CAD 500 million 2.75% notes due 2020 $ 374.6 $ 366.6 CAD 500 million 2.84% notes due 2023 374.6 366.6 CAD 500 million 3.44% notes due 2026 374.6 366.6 $500 million 1.45% notes due 2019 500.0 500.0 $500 million 1.9% notes due 2019 — 499.8 $500 million 2.25% notes due 2020 (1)(2) 499.2 499.0 $1.0 billion 2.1% notes due 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due 2022 (1) 508.6 509.3 $2.0 billion 3.0% notes due 2026 2,000.0 2,000.0 $1.1 billion 5.0% notes due 2042 1,100.0 1,100.0 $1.8 billion 4.2% notes due 2046 1,800.0 1,800.0 EUR 500 million notes due 2019 — 573.4 EUR 800 million 1.25% notes due 2024 897.4 917.4 Finance leases and other (3) 131.3 43.0 Less: unamortized debt discounts and debt issuance costs (62.5 ) (64.8 ) Total long-term debt (including current portion) 9,497.8 10,476.9 Less: current portion of long-term debt (1,013.0 ) (1,583.1 ) Total long-term debt $ 8,484.8 $ 8,893.8 Short-term borrowings: Commercial paper program (4) $ 604.2 $ — Other short-term borrowings (5) 23.9 11.4 Current portion of long-term debt 1,013.0 1,583.1 Current portion of long-term debt and short-term borrowings $ 1,641.1 $ 1,594.5 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) During the first quarter of 2019, we entered into cross currency swaps in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71% . As of March 31, 2019 , we also held outstanding cross currency swaps on our $500 million 2.25% notes due 2020 which resulted in a EUR interest rate to be received of 0.85% . See Note 12, "Derivative Instruments and Hedging Activities" for further details. (3) As of January 1, 2019 , we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively, in connection with our adoption of the new lease accounting standard. See Note 2, "New Accounting Pronouncements" for further details. (4) During the first quarter of 2019, we used proceeds from the issuance of commercial paper to partially fund the repayment of our notes upon maturity. As of March 31, 2019 , the outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 2.91% and 33 days, respectively. (5) As of March 31, 2019 , we had $11.6 million in bank overdrafts and $40.4 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $28.8 million . As of December 31, 2018 , we had $1.1 million in bank overdrafts and $88.9 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $87.8 million . We had total outstanding borrowings of $8.1 million and $7.3 million under our two JPY overdraft facilities as of March 31, 2019 and December 31, 2018 , respectively. In addition, we have USD and CAD lines of credit under which we had no borrowings as of March 31, 2019 or December 31, 2018 . Debt Fair Value Measurements We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of March 31, 2019 and December 31, 2018 , the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $9.1 billion and $9.9 billion , respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy. Revolving Credit Facility As of March 31, 2019 , we had $895.8 million available to draw under our $1.5 billion revolving credit facility, as the borrowing capacity is reduced by borrowings under our commercial paper program. We had no other borrowings drawn on this revolving credit facility as of March 31, 2019 . We had no borrowings drawn on this revolving credit facility as of December 31, 2018 . The maximum leverage ratio of this facility is 4.75x debt to EBITDA, with a decline to 4.00x debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2020. Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations and warranties and covenants, including, among other things, covenants that restrict our ability to incur certain additional priority indebtedness, create or permit liens on assets, or engage in mergers or consolidations. As of March 31, 2019 , we were in compliance with all of these restrictions and have met all debt payment obligations. All of our outstanding senior notes as of March 31, 2019 rank pari-passu. |
Inventories Inventories
Inventories Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of March 31, 2019 December 31, 2018 (In millions) Finished goods $ 314.2 $ 229.8 Work in process 86.3 83.4 Raw materials 219.7 224.3 Packaging materials 67.7 54.3 Inventories, net $ 687.9 $ 591.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") Accumulated Other Comprehensive Income (Loss) ("AOCI") | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) (AOCI) | Accumulated Other Comprehensive Income (Loss) MCBC shareholders Foreign currency translation adjustments Gain (loss) on derivative and non-derivative instruments Pension and postretirement benefit adjustments Equity method investments Accumulated other comprehensive income (loss) (In millions) As of December 31, 2018 $ (744.7 ) $ (17.8 ) $ (327.2 ) $ (60.3 ) $ (1,150.0 ) Foreign currency translation adjustments 4.6 72.8 — — 77.4 Unrealized gain (loss) on derivative instruments — (39.4 ) — — (39.4 ) Reclassification of derivative (gain) loss to income — 0.1 — — 0.1 Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (0.9 ) — (0.9 ) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 1.4 1.4 Tax benefit (expense) 12.1 (8.5 ) 0.3 (0.4 ) 3.5 Net current-period other comprehensive income (loss) 16.7 25.0 (0.6 ) 1.0 42.1 Reclassification of stranded tax effects (see Note 2 ) (61.0 ) (16.1 ) 2.3 — (74.8 ) As of March 31, 2019 $ (789.0 ) $ (8.9 ) $ (325.5 ) $ (59.3 ) $ (1,182.7 ) Reclassifications from AOCI to income: Three Months Ended March 31, 2019 March 31, 2018 Reclassifications from AOCI Location of gain (loss) recognized in income (In millions) Gain/(loss) on cash flow hedges: Forward starting interest rate swaps $ (0.7 ) $ (0.8 ) Interest expense, net Foreign currency forwards 0.8 (0.6 ) Cost of goods sold Foreign currency forwards (0.2 ) — Other income (expense), net Total income (loss) reclassified, before tax (0.1 ) (1.4 ) Income tax benefit (expense) — 0.3 Net income (loss) reclassified, net of tax $ (0.1 ) $ (1.1 ) Amortization of defined benefit pension and other postretirement benefit plan items: Prior service benefit (cost) $ (0.1 ) $ (0.2 ) Other pension and postretirement benefits (costs), net Curtailment and net actuarial gain (loss) 1.0 (1.7 ) Other pension and postretirement benefits (costs), net Total income (loss) reclassified, before tax 0.9 (1.9 ) Income tax benefit (expense) (0.3 ) 0.2 Net income (loss) reclassified, net of tax $ 0.6 $ (1.7 ) Total income (loss) reclassified, net of tax $ 0.5 $ (2.8 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Our risk management and derivative accounting policies are presented in Notes 1 and 16 of the Notes included in our Annual Report and did not significantly change during the first quarter of 2019 . As noted in Note 16 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Except as noted below, our significant derivative positions have not changed considerably since year-end. Cross Currency Swaps Effective March 20, 2019, we entered into cross currency swap agreements having a total notional value of approximately EUR 353 million ( $400 million upon execution) in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71% . Separately, effective April 3, 2019, we voluntarily early terminated our $500 million cross currency swaps due in 2020 under which we were receiving EUR interest payments at a rate of 0.85% , and concurrently entered into new cross currency swap agreements having a total notional of approximately EUR 445 million ( $500 million upon execution) in order to hedge a portion of the foreign currency translation impacts of our European investment. As a result of the swaps, we economically converted our $500 million 2.25% senior notes due 2020 and associated interest to EUR denominated, which will result in a EUR interest rate to be received of 0.68% . The termination of the original $500 million cross currency swaps resulted in cash receipts of approximately $47 million during the second quarter of 2019. We have designated each of these cross currency swaps as net investment hedges and accordingly, record changes in fair value due to fluctuations in the spot rate to AOCI. The changes in fair value of the swaps attributable to changes other than those due to fluctuations in the spot rate are excluded from the assessment of hedge effectiveness and recorded to interest expense over the life of the hedge. Derivative Fair Value Measurements We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate. The fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of March 31, 2019 and December 31, 2018 , respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows: As of March 31, 2019 As of December 31, 2018 Expected term (years) 2.5 2.8 Estimated volatility 74.92 % 88.71 % Risk-free interest rate 1.65 % 2.04 % Expected dividend yield — % — % The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility along with historical volatility levels of both peer companies and HEXO. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels. The table below summarizes our derivative assets and liabilities that were measured at fair value as of March 31, 2019 and December 31, 2018 . Fair value measurements as of March 31, 2019 As of March 31, 2019 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 52.6 $ — $ 52.6 $ — Interest rate swaps (44.7 ) — (44.7 ) — Foreign currency forwards 9.0 — 9.0 — Commodity swaps and options (7.6 ) — (7.6 ) — Warrants 43.0 — 43.0 — Total $ 52.3 $ — $ 52.3 $ — Fair value measurements as of December 31, 2018 As of December 31, 2018 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 36.5 $ — $ 36.5 $ — Interest rate swaps (12.3 ) — (12.3 ) — Foreign currency forwards 16.3 — 16.3 — Commodity swaps and options (42.0 ) — (42.0 ) — Warrants 19.6 — 19.6 — Total $ 18.1 $ — $ 18.1 $ — As of March 31, 2019 , we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three months ended March 31, 2019 were all included in Level 2. Results of Period Derivative Activity The tables below include the results of our derivative activity in the unaudited condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 , and the unaudited condensed consolidated statements of operations for the three months ended March 31, 2019 and March 31, 2018 . Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2019 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 900.0 Other current assets $ 47.3 Accounts payable and other current liabilities $ — Other non-current assets 5.3 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (44.7 ) Foreign currency forwards $ 311.6 Other current assets 4.3 Accounts payable and other current liabilities (0.1 ) Other non-current assets 4.8 Other liabilities — Total derivatives designated as hedging instruments $ 61.7 $ (44.8 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 781.8 Other current assets $ 22.1 Accounts payable and other current liabilities $ (27.1 ) Other non-current assets 7.7 Other liabilities (10.3 ) Commodity options (1) $ 46.6 Other current assets 0.2 Accounts payable and other current liabilities (0.2 ) Warrants $ 51.7 Other non-current assets 43.0 Total derivatives not designated as hedging instruments $ 73.0 $ (37.6 ) As of December 31, 2018 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 500.0 Other non-current assets $ 36.5 Other liabilities $ — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (12.3 ) Foreign currency forwards $ 338.6 Other current assets 7.3 Accounts payable and other current liabilities (0.1 ) Other non-current assets 9.2 Other liabilities (0.1 ) Total derivatives designated as hedging instruments $ 53.0 $ (12.5 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 868.4 Other current assets $ 12.1 Accounts payable and other current liabilities $ (37.9 ) Other non-current assets 6.1 Other liabilities (22.3 ) Commodity options (1) $ 46.6 Other current assets 0.1 Accounts payable and other current liabilities (0.1 ) Warrants $ 50.6 Other non-current assets 19.6 Total derivatives not designated as hedging instruments $ 37.9 $ (60.3 ) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ (0.8 ) $ (0.2 ) Long-term debt $ — $ — $ 8.6 $ 8.3 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ (32.4 ) Interest expense, net $ (0.7 ) Foreign currency forwards (7.0 ) Cost of goods sold 0.8 Other income (expense), net (0.2 ) Total $ (39.4 ) $ (0.1 ) Three Months Ended March 31, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) $500 million 2020 cross currency swaps $ 10.8 Interest income (expense), net $ — Interest income (expense), net $ 3.7 $400 million 2021 cross currency swaps 5.3 Interest income (expense), net — Interest income (expense), net 0.3 Total $ 16.1 $ — $ 4.0 (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. Three Months Ended March 31, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 20.0 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 30.1 $ — $ — Three Months Ended March 31, 2018 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) recognized from AOCI on derivative (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Forward starting interest rate swaps $ — Interest expense, net $ (0.8 ) Interest expense, net $ — Foreign currency forwards 7.5 Cost of goods sold (0.6 ) Cost of goods sold — Total $ 7.5 $ (1.4 ) $ — Three Months Ended March 31, 2018 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) recognized from AOCI on derivative (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ (25.5 ) Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 (16.0 ) Other income (expense), net — Other income (expense), net — Total $ (41.5 ) $ — $ — We expect net gains of approximately $1 million (pretax) recorded in AOCI as of March 31, 2019 related to cash flow hedges will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2019 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Three Months Ended March 31, 2019 Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,413.0 ) $ 23.9 $ (73.3 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 0.8 (0.2 ) — (1) We had no outstanding fair value hedges during the first quarter of 2019. The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ 32.7 Warrants Other income (expense), net 22.9 Total $ 55.6 Three Months Ended March 31, 2018 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ (74.4 ) Total $ (74.4 ) Higher commodity prices, primarily aluminum and diesel, relative to year-end market prices drove the total gain recognized in income related to commodity swaps for the three months ended March 31, 2019 compared to the total loss driven by lower commodity prices, primarily aluminum, in the first quarter of 2018. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Three Months Ended March 31, 2019 March 31, 2018 Pension OPEB Consolidated Pension OPEB Consolidated (In millions) Service cost: Service cost $ 1.0 $ 1.8 $ 2.8 $ 1.4 $ 2.3 $ 3.7 Other pension and postretirement costs (benefits), net: Interest cost $ 40.7 $ 6.5 $ 47.2 $ 41.2 $ 6.6 $ 47.8 Expected return on plan assets (54.9 ) — (54.9 ) (59.7 ) — (59.7 ) Amortization of prior service cost (benefit) 0.3 (0.2 ) 0.1 0.2 — 0.2 Amortization of net actuarial loss (gain) 2.5 (3.5 ) (1.0 ) 1.9 (0.3 ) 1.6 Curtailment, settlement or special termination benefit loss (gain) — — — 0.1 — 0.1 Total other pension and postretirement cost (benefits), net $ (11.4 ) $ 2.8 $ (8.6 ) $ (16.3 ) $ 6.3 $ (10.0 ) Net periodic pension and OPEB cost (benefit) $ (10.4 ) $ 4.6 $ (5.8 ) $ (14.9 ) $ 8.6 $ (6.3 ) During the three months ended March 31, 2019 , employer contributions to the defined benefit pension plans were approximately $1 million . Total 2019 employer contributions to the defined benefit plans are expected to be approximately $6 million , based on foreign exchange rates as of March 31, 2019 . BRI and BDL contributions to their defined benefit pension plans are not included above, as they are not consolidated in our financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Disputes and Environmental Related to litigation, other disputes and environmental issues, we have accrued an aggregate of $13.0 million and $13.7 million as of March 31, 2019 and December 31, 2018 , respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2019 , except as noted 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 noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against MillerCoors LLC alleging that the Keystone brand has “rebranded” itself as “Stone” and is marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. Stone Brewing Company seeks treble damages in the amount of MillerCoors’ profit from Keystone sales. MillerCoors subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MillerCoors' counterclaims and for a preliminary injunction seeking to bar MillerCoors from continuing to use “STONE” on Keystone Light cans and related marketing materials. In March 2019, the court denied Stone Brewing Company’s motion for preliminary injunction and its motion to dismiss MillerCoors’ counterclaims. No trial date has been scheduled. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time. In December 2018, the U.S. Department of Treasury issued a regulation that impacts our ability to claim a refund of certain federal duties, taxes, and fees paid for beer sold between the U.S. and certain other countries effective in February 2019. As a result, future claims will no longer be accepted, and we may be further unable to collect historically claimed, but not yet received, refunds of approximately $40 million , which are recorded within other non-current assets on our unaudited condensed consolidated balance sheet as of March 31, 2019 . On February 15, 2019, two purported stockholders filed substantially similar putative class action complaints against the Company, Mark R. Hunter, and Tracey I. Joubert (the “Defendants”) in the United States District Court for the District of Colorado (the “Colorado District Court”), and in the United States District Court for the Northern District of Illinois. On February 21, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The plaintiffs purport to represent a class of the Company’s stockholders and assert that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act by allegedly making false and misleading statements or omissions regarding the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017, and that the Company purportedly lacked adequate internal controls over financial reporting. The plaintiffs seek, among other things, an unspecified amount of damages and reasonable attorneys’ fees, expert fees and other costs. On April 16, 2019, motions to consolidate and appoint a lead plaintiff were filed in each case. We intend to defend the claims vigorously. A range of potential loss is not estimable at this time. On March 26, 2019, a purported stockholder filed a purported shareholder derivative action in Colorado District Court against the Company’s board of directors and certain current officers (the “Individual Defendants”), and the Company as a nominal defendant. The complaint asserts claims against the Individual Defendants for breaches of fiduciary duty and unjust enrichment arising out of the Company’s dissemination to shareholders of purportedly materially misleading and inaccurate information in connection with the Company’s restatement of consolidated financial statements for the year ended December 31, 2016 and December 31, 2017. The complaint further alleges that the Company lacked adequate internal controls over financial reporting. The relief sought in the complaint includes changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees and other costs. The parties have agreed to stay the proceedings in the shareholder derivative action until the federal district courts rule on anticipated motions to dismiss in the above described class action complaints after consolidation. A range of potential loss is not estimable at this time. Guarantees and Indemnities We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of March 31, 2019 and December 31, 2018 , the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $50.1 million and $35.9 million , respectively. See Note 4, "Investments" for further detail. Separately, related to our Kaiser indemnities, we have accrued $14.6 million and $14.7 million , in aggregate, as of March 31, 2019 and December 31, 2018 , respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $89.3 million , based on foreign exchange rates as of March 31, 2019 . Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2019 . |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segments | Our reporting segments include: MillerCoors LLC ("MillerCoors" or U.S. segment), operating in the U.S.; Molson Coors Canada ("MCC" or Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K. and various other European countries; and Molson Coors International ("MCI" or International segment), operating in various other countries. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Lease Expense | For the three months ended March 31, 2019 , lease expense (including immaterial short-term and variable lease costs) was as follows: Three Months Ended March 31, 2019 (In millions) Operating lease expense $ 17.2 Finance lease expense 2.8 Total lease expense $ 20.0 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases for the three months ended March 31, 2019 was as follows: Three Months Ended March 31, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 12.0 Operating cash flows from finance leases $ 0.8 Financing cash flows from finance leases $ 0.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 10.7 Finance leases $ — |
Schedule of Operating and Finance Lease Liabilities | Supplemental balance sheet information related to leases as of March 31, 2019 was as follows: As of March 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 154.1 Current operating lease liabilities Accounts payable and other current liabilities $ 43.6 Non-current operating lease liabilities Other liabilities 121.4 Total operating lease liabilities $ 165.0 Finance Leases Finance lease right-of-use assets Properties, net $ 68.4 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 3.3 Non-current finance lease liabilities Long-term debt 82.5 Total finance lease liabilities $ 85.8 The weighted-average remaining lease term and discount rate as of March 31, 2019 are as follows: Weighted-Average Remaining Lease Term (Years) Weighted-Average Discount Rate Operating leases 4.8 4.2% Finance leases 10.1 6.4% |
Finance Lease, Liability, Maturity | Based on foreign exchange rates as of December 31, 2018 , future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows: Operating Leases Finance Leases Year (In millions) 2019 $ 49.4 $ 6.1 2020 40.2 36.2 2021 32.6 5.9 2022 24.6 5.9 2023 17.0 5.8 Thereafter 21.0 64.2 Total future minimum lease payments $ 184.8 $ 124.1 Less: interest on finance leases (38.8 ) Present value of future minimum finance lease payments $ 85.3 Based on foreign exchange rates as of March 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases (In millions) 2019 - remaining $ 38.4 $ 4.5 2020 41.9 36.3 2021 34.7 6.0 2022 27.1 5.9 2023 18.9 5.9 Thereafter 21.0 66.0 Total lease payments $ 182.0 $ 124.6 Less: interest (17.0 ) (38.8 ) Present value of lease liabilities $ 165.0 $ 85.8 |
Lessee, Operating Lease, Liability, Maturity | Based on foreign exchange rates as of December 31, 2018 , future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as well as finance leases, are as follows: Operating Leases Finance Leases Year (In millions) 2019 $ 49.4 $ 6.1 2020 40.2 36.2 2021 32.6 5.9 2022 24.6 5.9 2023 17.0 5.8 Thereafter 21.0 64.2 Total future minimum lease payments $ 184.8 $ 124.1 Less: interest on finance leases (38.8 ) Present value of future minimum finance lease payments $ 85.3 Based on foreign exchange rates as of March 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases (In millions) 2019 - remaining $ 38.4 $ 4.5 2020 41.9 36.3 2021 34.7 6.0 2022 27.1 5.9 2023 18.9 5.9 Thereafter 21.0 66.0 Total lease payments $ 182.0 $ 124.6 Less: interest (17.0 ) (38.8 ) Present value of lease liabilities $ 165.0 $ 85.8 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Net sales by segment | The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended March 31, 2019 March 31, 2018 (In millions) U.S. $ 1,659.2 $ 1,647.8 Canada 261.0 283.8 Europe 362.9 374.3 International 47.9 57.5 Corporate 0.2 0.2 Inter-segment net sales eliminations (27.9 ) (32.1 ) Consolidated net sales $ 2,303.3 $ 2,331.5 |
Income (loss) from continuing operations before income taxes by segment | Three Months Ended March 31, 2019 March 31, 2018 (In millions) U.S. $ 269.4 $ 261.7 Canada (1) 21.8 9.1 Europe (27.5 ) (29.9 ) International (0.3 ) 3.7 Corporate (2) (82.1 ) 112.8 Consolidated income (loss) before income taxes $ 181.3 $ 357.4 (1) During the three months ended March 31, 2019, we recorded an unrealized mark-to-market gain of approximately $23 million on the HEXO Corp. ("HEXO") warrants received in connection with the formation of the Truss joint venture. Additionally, during the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC. (2) During the three months ended March 31, 2018, we recorded a gain of $328.0 million related to the Adjustment Amount as defined and further discussed in Note 6, "Special Items." Additionally, related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized gain of $34.1 million during the three months ended March 31, 2019 compared to an unrealized loss of $84.7 million during the three months ended March 31, 2018 |
Total assets by segment | The following table presents total assets by segment: As of March 31, 2019 December 31, 2018 (In millions) U.S. $ 19,247.7 $ 19,057.1 Canada 4,736.0 4,640.5 Europe 5,334.1 5,430.0 International 277.5 274.1 Corporate 228.3 708.1 Consolidated total assets $ 29,823.6 $ 30,109.8 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedules of Consolidated Investments | The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2019 December 31, 2018 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 212.2 $ 31.9 $ 189.8 $ 35.0 Other $ 29.5 $ 1.7 $ 31.0 $ 5.1 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of components of share-based compensation expense | Three Months Ended March 31, 2019 March 31, 2018 (In millions) Pretax compensation expense $ 11.4 $ 14.8 Tax benefit (1.2 ) (1.6 ) After-tax compensation expense $ 10.2 $ 13.2 |
Schedule of non-vested RSUs, DSUs, PUs and PSUs outstanding and the activity for the period | RSUs and DSUs PSUs Units Weighted-average grant date fair value per unit Units Weighted-average grant date fair value per unit (In millions, except per unit amounts) Non-vested as of December 31, 2018 1.0 $88.53 0.5 $86.85 Granted 0.4 $54.46 0.3 $53.31 Vested (0.3 ) $100.91 (0.1 ) $90.41 Forfeited — $— — $— Non-vested as of March 31, 2019 1.1 $70.06 0.7 $71.42 The weighted-average fair value per unit for the non-vested PSUs is $62.07 as of March 31, 2019 . |
Schedule of stock options and SOSARs outstanding and the activity for the period | Stock options Awards Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (In millions, except per share amounts and years) Outstanding as of December 31, 2018 1.3 $70.56 5.2 $ 4.3 Granted 0.3 $61.09 Exercised — $— Forfeited — $— Outstanding as of March 31, 2019 1.6 $68.70 6.0 $ 5.4 Expected to vest as of March 31, 2019 0.5 $68.79 9.4 $ — Exercisable as of March 31, 2019 1.1 $68.66 4.3 $ 5.4 |
Schedule of share-based compensation weighted average assumptions | The fair value of each option granted in the first quarter of 2019 and 2018 was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2019 March 31, 2018 Risk-free interest rate 2.52% 2.65% Dividend yield 4.17% 2.08% Volatility range 24.41%-24.48% 22.36%-24.14% Weighted-average volatility 24.42% 22.81% Expected term (years) 5.3 5.3 Weighted-average fair market value $9.24 $15.44 |
Schedule of Share-based payment Award, Performance Share Units, Valuation Assumptions | The fair value of the market metric for each PSU granted in the first quarter of 2019 and 2018 was determined on the date of grant using a Monte Carlo model to simulate total stockholder return for MCBC and its peer companies with the following weighted-average assumptions: Three Months Ended March 31, 2019 March 31, 2018 Risk-free interest rate 2.49% 2.34% Dividend yield 4.17% 2.08% Volatility range 13.82%-42.46% 13.03%-81.87% Weighted-average volatility 24.97% 22.76% Expected term (years) 2.8 2.8 Weighted-average fair market value $53.31 $78.30 |
Special Items (Tables)
Special Items (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Special items recorded by segment | Three Months Ended March 31, 2019 March 31, 2018 (In millions) Employee-related charges Restructuring $ 3.7 $ 3.9 Impairments or asset abandonment charges (1) U.S. - Asset abandonment 0.8 1.5 Canada - Asset abandonment 7.6 6.1 Europe - Asset abandonment 0.6 1.7 Termination fees and other (gains) losses International 0.3 — Purchase price adjustment settlement gain (2) — (328.0 ) Total Special items, net $ 13.0 $ (314.8 ) (1) Charges for the three months ended March 31, 2019 and March 31, 2018 consist primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Colfax, California cidery, which was completed during the first quarter of 2019, the planned closures of the Vancouver and Montreal breweries, which are currently expected to occur in 2019 and 2021, respectively, as well as the Burton South, U.K. brewery which closed in the first quarter of 2018. (2) During the first quarter of 2018, we received $330.0 million from ABI, of which $328.0 million constituted a purchase price adjustment (the "Adjustment Amount"), related to the Miller International Business which was acquired in our acquisition of the remaining portion of MillerCoors which occurred on October 11, 2016 . As this settlement occurred following the finalization of purchase accounting, we recorded the settlement proceeds related to the Adjustment Amount as a gain within special items, net in our unaudited condensed consolidated statement of operations in our Corporate segment and within cash provided by operating activities in our unaudited condensed consolidated statement of cash flows for the three months ended March 31, 2018 . |
Change in the restructuring accrual | U.S. Canada Europe International Corporate Total (In millions) As of December 31, 2018 $ 21.6 $ 1.5 $ 0.6 $ 0.6 $ 1.3 $ 25.6 Charges incurred and changes in estimates 0.6 — 2.7 0.1 0.3 3.7 Payments made (11.6 ) (0.1 ) (0.8 ) (0.1 ) (0.3 ) (12.9 ) As of March 31, 2019 $ 10.6 $ 1.4 $ 2.5 $ 0.6 $ 1.3 $ 16.4 U.S. Canada Europe International Corporate Total (In millions) As of December 31, 2017 $ 0.6 $ 4.3 $ 1.8 $ 0.2 $ — $ 6.9 Charges incurred and changes in estimates — (0.5 ) 3.4 1.0 — 3.9 Payments made (0.3 ) (0.9 ) (0.6 ) (0.2 ) — (2.0 ) Foreign currency and other adjustments — (0.1 ) — — — (0.1 ) As of March 31, 2018 $ 0.3 $ 2.8 $ 4.6 $ 1.0 $ — $ 8.7 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | U.S. Canada Europe International Consolidated Changes in Goodwill: (In millions) As of December 31, 2018 $ 5,928.5 $ 856.6 $ 1,469.4 $ 6.3 $ 8,260.8 Foreign currency translation — 18.5 0.1 — 18.6 As of March 31, 2019 $ 5,928.5 $ 875.1 $ 1,469.5 $ 6.3 $ 8,279.4 |
Schedule of intangible assets excluding goodwill | The following table presents details of our intangible assets, other than goodwill, as of March 31, 2019 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,013.8 $ (737.0 ) $ 4,276.8 License agreements and distribution rights 15 - 28 222.8 (99.5 ) 123.3 Other 2 - 40 129.2 (35.6 ) 93.6 Intangible assets not subject to amortization: Brands Indefinite 8,160.5 — 8,160.5 Distribution networks Indefinite 757.8 — 757.8 Other Indefinite 337.6 — 337.6 Total $ 14,621.7 $ (872.1 ) $ 13,749.6 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2018 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,988.0 $ (682.4 ) $ 4,305.6 License agreements and distribution rights 15 - 28 220.2 (95.7 ) 124.5 Other 2 - 40 129.2 (32.2 ) 97.0 Intangible assets not subject to amortization: Brands Indefinite 8,169.9 — 8,169.9 Distribution networks Indefinite 741.8 — 741.8 Other Indefinite 337.6 — 337.6 Total $ 14,586.7 $ (810.3 ) $ 13,776.4 |
Schedule of future amortization expense | Based on foreign exchange rates as of March 31, 2019 , the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2019 - remaining $ 165.8 2020 $ 220.1 2021 $ 213.8 2022 $ 209.2 2023 $ 208.2 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Total long-term borrowings | As of March 31, 2019 December 31, 2018 (In millions) Long-term debt: CAD 500 million 2.75% notes due 2020 $ 374.6 $ 366.6 CAD 500 million 2.84% notes due 2023 374.6 366.6 CAD 500 million 3.44% notes due 2026 374.6 366.6 $500 million 1.45% notes due 2019 500.0 500.0 $500 million 1.9% notes due 2019 — 499.8 $500 million 2.25% notes due 2020 (1)(2) 499.2 499.0 $1.0 billion 2.1% notes due 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due 2022 (1) 508.6 509.3 $2.0 billion 3.0% notes due 2026 2,000.0 2,000.0 $1.1 billion 5.0% notes due 2042 1,100.0 1,100.0 $1.8 billion 4.2% notes due 2046 1,800.0 1,800.0 EUR 500 million notes due 2019 — 573.4 EUR 800 million 1.25% notes due 2024 897.4 917.4 Finance leases and other (3) 131.3 43.0 Less: unamortized debt discounts and debt issuance costs (62.5 ) (64.8 ) Total long-term debt (including current portion) 9,497.8 10,476.9 Less: current portion of long-term debt (1,013.0 ) (1,583.1 ) Total long-term debt $ 8,484.8 $ 8,893.8 Short-term borrowings: Commercial paper program (4) $ 604.2 $ — Other short-term borrowings (5) 23.9 11.4 Current portion of long-term debt 1,013.0 1,583.1 Current portion of long-term debt and short-term borrowings $ 1,641.1 $ 1,594.5 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) During the first quarter of 2019, we entered into cross currency swaps in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we economically converted a portion of our $1.0 billion 2.1% senior notes due 2021 and associated interest to EUR denominated, which will result in a EUR interest rate to be received at 0.71% . As of March 31, 2019 , we also held outstanding cross currency swaps on our $500 million 2.25% notes due 2020 which resulted in a EUR interest rate to be received of 0.85% . See Note 12, "Derivative Instruments and Hedging Activities" for further details. (3) As of January 1, 2019 , we reclassified approximately $3 million and $82 million of short-term and long-term finance lease liabilities from accounts payable and other current liabilities and other non-current liabilities to current portion of long-term debt and short-term borrowings and long-term debt, respectively, in connection with our adoption of the new lease accounting standard. See Note 2, "New Accounting Pronouncements" for further details. (4) During the first quarter of 2019, we used proceeds from the issuance of commercial paper to partially fund the repayment of our notes upon maturity. As of March 31, 2019 , the outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 2.91% and 33 days, respectively. (5) As of March 31, 2019 , we had $11.6 million in bank overdrafts and $40.4 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $28.8 million . As of December 31, 2018 , we had $1.1 million in bank overdrafts and $88.9 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $87.8 million . We had total outstanding borrowings of $8.1 million and $7.3 million under our two JPY overdraft facilities as of March 31, 2019 and December 31, 2018 , respectively. In addition, we have USD and CAD lines of credit under which we had no borrowings as of March 31, 2019 or December 31, 2018 . |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | As of March 31, 2019 December 31, 2018 (In millions) Finished goods $ 314.2 $ 229.8 Work in process 86.3 83.4 Raw materials 219.7 224.3 Packaging materials 67.7 54.3 Inventories, net $ 687.9 $ 591.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 11. Accumulated Other Comprehensive Income (Loss) MCBC shareholders Foreign currency translation adjustments Gain (loss) on derivative and non-derivative instruments Pension and postretirement benefit adjustments Equity method investments Accumulated other comprehensive income (loss) (In millions) As of December 31, 2018 $ (744.7 ) $ (17.8 ) $ (327.2 ) $ (60.3 ) $ (1,150.0 ) Foreign currency translation adjustments 4.6 72.8 — — 77.4 Unrealized gain (loss) on derivative instruments — (39.4 ) — — (39.4 ) Reclassification of derivative (gain) loss to income — 0.1 — — 0.1 Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (0.9 ) — (0.9 ) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 1.4 1.4 Tax benefit (expense) 12.1 (8.5 ) 0.3 (0.4 ) 3.5 Net current-period other comprehensive income (loss) 16.7 25.0 (0.6 ) 1.0 42.1 Reclassification of stranded tax effects (see Note 2 ) (61.0 ) (16.1 ) 2.3 — (74.8 ) As of March 31, 2019 $ (789.0 ) $ (8.9 ) $ (325.5 ) $ (59.3 ) $ (1,182.7 ) |
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Earnings | Three Months Ended March 31, 2019 March 31, 2018 Reclassifications from AOCI Location of gain (loss) recognized in income (In millions) Gain/(loss) on cash flow hedges: Forward starting interest rate swaps $ (0.7 ) $ (0.8 ) Interest expense, net Foreign currency forwards 0.8 (0.6 ) Cost of goods sold Foreign currency forwards (0.2 ) — Other income (expense), net Total income (loss) reclassified, before tax (0.1 ) (1.4 ) Income tax benefit (expense) — 0.3 Net income (loss) reclassified, net of tax $ (0.1 ) $ (1.1 ) Amortization of defined benefit pension and other postretirement benefit plan items: Prior service benefit (cost) $ (0.1 ) $ (0.2 ) Other pension and postretirement benefits (costs), net Curtailment and net actuarial gain (loss) 1.0 (1.7 ) Other pension and postretirement benefits (costs), net Total income (loss) reclassified, before tax 0.9 (1.9 ) Income tax benefit (expense) (0.3 ) 0.2 Net income (loss) reclassified, net of tax $ 0.6 $ (1.7 ) Total income (loss) reclassified, net of tax $ 0.5 $ (2.8 ) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities at Fair Value | The fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of March 31, 2019 and December 31, 2018 , respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows: As of March 31, 2019 As of December 31, 2018 Expected term (years) 2.5 2.8 Estimated volatility 74.92 % 88.71 % Risk-free interest rate 1.65 % 2.04 % Expected dividend yield — % — % The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility along with historical volatility levels of both peer companies and HEXO. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels. The table below summarizes our derivative assets and liabilities that were measured at fair value as of March 31, 2019 and December 31, 2018 . Fair value measurements as of March 31, 2019 As of March 31, 2019 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 52.6 $ — $ 52.6 $ — Interest rate swaps (44.7 ) — (44.7 ) — Foreign currency forwards 9.0 — 9.0 — Commodity swaps and options (7.6 ) — (7.6 ) — Warrants 43.0 — 43.0 — Total $ 52.3 $ — $ 52.3 $ — Fair value measurements as of December 31, 2018 As of December 31, 2018 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 36.5 $ — $ 36.5 $ — Interest rate swaps (12.3 ) — (12.3 ) — Foreign currency forwards 16.3 — 16.3 — Commodity swaps and options (42.0 ) — (42.0 ) — Warrants 19.6 — 19.6 — Total $ 18.1 $ — $ 18.1 $ — |
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets | Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2019 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 900.0 Other current assets $ 47.3 Accounts payable and other current liabilities $ — Other non-current assets 5.3 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (44.7 ) Foreign currency forwards $ 311.6 Other current assets 4.3 Accounts payable and other current liabilities (0.1 ) Other non-current assets 4.8 Other liabilities — Total derivatives designated as hedging instruments $ 61.7 $ (44.8 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 781.8 Other current assets $ 22.1 Accounts payable and other current liabilities $ (27.1 ) Other non-current assets 7.7 Other liabilities (10.3 ) Commodity options (1) $ 46.6 Other current assets 0.2 Accounts payable and other current liabilities (0.2 ) Warrants $ 51.7 Other non-current assets 43.0 Total derivatives not designated as hedging instruments $ 73.0 $ (37.6 ) As of December 31, 2018 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 500.0 Other non-current assets $ 36.5 Other liabilities $ — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (12.3 ) Foreign currency forwards $ 338.6 Other current assets 7.3 Accounts payable and other current liabilities (0.1 ) Other non-current assets 9.2 Other liabilities (0.1 ) Total derivatives designated as hedging instruments $ 53.0 $ (12.5 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 868.4 Other current assets $ 12.1 Accounts payable and other current liabilities $ (37.9 ) Other non-current assets 6.1 Other liabilities (22.3 ) Commodity options (1) $ 46.6 Other current assets 0.1 Accounts payable and other current liabilities (0.1 ) Warrants $ 50.6 Other non-current assets 19.6 Total derivatives not designated as hedging instruments $ 37.9 $ (60.3 ) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2019 As of December 31, 2018 As of March 31, 2019 As of December 31, 2018 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ (0.8 ) $ (0.2 ) Long-term debt $ — $ — $ 8.6 $ 8.3 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. |
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ (32.4 ) Interest expense, net $ (0.7 ) Foreign currency forwards (7.0 ) Cost of goods sold 0.8 Other income (expense), net (0.2 ) Total $ (39.4 ) $ (0.1 ) Three Months Ended March 31, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) $500 million 2020 cross currency swaps $ 10.8 Interest income (expense), net $ — Interest income (expense), net $ 3.7 $400 million 2021 cross currency swaps 5.3 Interest income (expense), net — Interest income (expense), net 0.3 Total $ 16.1 $ — $ 4.0 (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. Three Months Ended March 31, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 20.0 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 30.1 $ — $ — Three Months Ended March 31, 2018 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) recognized from AOCI on derivative (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Forward starting interest rate swaps $ — Interest expense, net $ (0.8 ) Interest expense, net $ — Foreign currency forwards 7.5 Cost of goods sold (0.6 ) Cost of goods sold — Total $ 7.5 $ (1.4 ) $ — Three Months Ended March 31, 2018 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from AOCI into income (effective portion) Amount of gain (loss) recognized from AOCI on derivative (effective portion) Location of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ (25.5 ) Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 (16.0 ) Other income (expense), net — Other income (expense), net — Total $ (41.5 ) $ — $ — We expect net gains of approximately $1 million (pretax) recorded in AOCI as of March 31, 2019 related to cash flow hedges will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2019 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Three Months Ended March 31, 2019 Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,413.0 ) $ 23.9 $ (73.3 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 0.8 (0.2 ) — (1) We had no outstanding fair value hedges during the first quarter of 2019. |
Other Derivatives | The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ 32.7 Warrants Other income (expense), net 22.9 Total $ 55.6 Three Months Ended March 31, 2018 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ (74.4 ) Total $ (74.4 ) Higher commodity prices, primarily aluminum and diesel, relative to year-end market prices drove the total gain recognized in income related to commodity swaps for the three months ended March 31, 2019 compared to the total loss driven by lower commodity prices, primarily aluminum, in the first quarter of 2018. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net periodic pension and OPEB cost | Three Months Ended March 31, 2019 March 31, 2018 Pension OPEB Consolidated Pension OPEB Consolidated (In millions) Service cost: Service cost $ 1.0 $ 1.8 $ 2.8 $ 1.4 $ 2.3 $ 3.7 Other pension and postretirement costs (benefits), net: Interest cost $ 40.7 $ 6.5 $ 47.2 $ 41.2 $ 6.6 $ 47.8 Expected return on plan assets (54.9 ) — (54.9 ) (59.7 ) — (59.7 ) Amortization of prior service cost (benefit) 0.3 (0.2 ) 0.1 0.2 — 0.2 Amortization of net actuarial loss (gain) 2.5 (3.5 ) (1.0 ) 1.9 (0.3 ) 1.6 Curtailment, settlement or special termination benefit loss (gain) — — — 0.1 — 0.1 Total other pension and postretirement cost (benefits), net $ (11.4 ) $ 2.8 $ (8.6 ) $ (16.3 ) $ 6.3 $ (10.0 ) Net periodic pension and OPEB cost (benefit) $ (10.4 ) $ 4.6 $ (5.8 ) $ (14.9 ) $ 8.6 $ (6.3 ) |
Supplemental Guarantor Informat
Supplemental Guarantor Information Supplemental (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Statement of Operations [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Sales $ 26.3 $ 2,209.3 $ 694.9 $ (130.4 ) $ 2,800.1 Excise taxes — (284.7 ) (212.1 ) — (496.8 ) Net sales 26.3 1,924.6 482.8 (130.4 ) 2,303.3 Cost of goods sold (1.5 ) (1,135.3 ) (365.6 ) 89.4 (1,413.0 ) Gross profit 24.8 789.3 117.2 (41.0 ) 890.3 Marketing, general and administrative expenses (71.6 ) (457.9 ) (166.7 ) 41.0 (655.2 ) Special items, net (0.4 ) (8.4 ) (4.2 ) — (13.0 ) Equity income (loss) in subsidiaries 245.3 (63.0 ) (5.9 ) (176.4 ) — Operating income (loss) 198.1 260.0 (59.6 ) (176.4 ) 222.1 Interest income (expense), net (77.4 ) 80.2 (76.1 ) — (73.3 ) Other pension and postretirement benefits (costs), net — 1.2 7.4 — 8.6 Other income (expense), net — (29.9 ) 53.8 — 23.9 Income (loss) before income taxes 120.7 311.5 (74.5 ) (176.4 ) 181.3 Income tax benefit (expense) 30.7 (66.0 ) 3.1 — (32.2 ) Net income (loss) 151.4 245.5 (71.4 ) (176.4 ) 149.1 Net (income) loss attributable to noncontrolling interests — — 2.3 — 2.3 Net income (loss) attributable to MCBC $ 151.4 $ 245.5 $ (69.1 ) $ (176.4 ) $ 151.4 Comprehensive income (loss) attributable to MCBC $ 193.5 $ 270.8 $ (64.4 ) $ (206.4 ) $ 193.5 MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2018 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Sales $ 4.9 $ 2,234.6 $ 742.6 $ (114.1 ) $ 2,868.0 Excise taxes — (301.4 ) (235.1 ) — (536.5 ) Net sales 4.9 1,933.2 507.5 (114.1 ) 2,331.5 Cost of goods sold (0.5 ) (1,241.7 ) (399.7 ) 106.2 (1,535.7 ) Gross profit 4.4 691.5 107.8 (7.9 ) 795.8 Marketing, general and administrative expenses (70.2 ) (463.3 ) (155.5 ) 7.9 (681.1 ) Special items, net — 321.4 (6.6 ) — 314.8 Equity income (loss) in subsidiaries 635.5 (158.8 ) 4.8 (481.5 ) — Operating income (loss) 569.7 390.8 (49.5 ) (481.5 ) 429.5 Interest income (expense), net (85.2 ) 82.0 (80.0 ) — (83.2 ) Other pension and postretirement benefits (costs), net — 1.4 8.6 — 10.0 Other income (expense), net (0.2 ) 40.2 (38.9 ) — 1.1 Income (loss) before income taxes 484.3 514.4 (159.8 ) (481.5 ) 357.4 Income tax benefit (expense) (206.2 ) 121.9 9.4 — (74.9 ) Net income (loss) 278.1 636.3 (150.4 ) (481.5 ) 282.5 Net (income) loss attributable to noncontrolling interests — — (4.4 ) — (4.4 ) Net income (loss) attributable to MCBC $ 278.1 $ 636.3 $ (154.8 ) $ (481.5 ) $ 278.1 Comprehensive income (loss) attributable to MCBC $ 327.2 $ 743.2 $ (47.3 ) $ (695.9 ) $ 327.2 |
Balance Sheet [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of March 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 11.7 $ 26.5 $ 196.2 $ — $ 234.4 Accounts receivable, net — 556.5 353.0 — 909.5 Other receivables, net 47.9 61.3 32.4 — 141.6 Inventories, net — 501.8 186.1 — 687.9 Other current assets, net 49.2 216.7 98.7 — 364.6 Intercompany accounts receivable — 2,628.2 51.6 (2,679.8 ) — Total current assets 108.8 3,991.0 918.0 (2,679.8 ) 2,338.0 Properties, net 16.1 3,361.7 1,175.5 — 4,553.3 Goodwill — 6,455.1 1,824.3 — 8,279.4 Other intangibles, net 5.5 11,810.5 1,933.6 — 13,749.6 Net investment in and advances to subsidiaries 25,765.0 3,727.6 4,679.9 (34,172.5 ) — Other assets 139.6 337.1 517.7 (91.1 ) 903.3 Total assets $ 26,035.0 $ 29,683.0 $ 11,049.0 $ (36,943.4 ) $ 29,823.6 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 121.8 $ 1,627.7 $ 811.8 $ — $ 2,561.3 Current portion of long-term debt and short-term borrowings 1,602.4 1.4 37.3 — 1,641.1 Intercompany accounts payable 1,989.0 139.1 551.7 (2,679.8 ) — Total current liabilities 3,713.2 1,768.2 1,400.8 (2,679.8 ) 4,202.4 Long-term debt 7,248.7 1,160.8 75.3 — 8,484.8 Pension and postretirement benefits 3.3 711.3 12.3 — 726.9 Deferred tax liabilities — 1,476.0 766.6 (91.1 ) 2,151.5 Other liabilities 75.9 208.6 85.4 — 369.9 Intercompany notes payable 1,347.6 29.4 6,022.1 (7,399.1 ) — Total liabilities 12,388.7 5,354.3 8,362.5 (10,170.0 ) 15,935.5 MCBC stockholders' equity 13,647.3 30,349.8 3,822.7 (34,172.5 ) 13,647.3 Intercompany notes receivable (1.0 ) (6,021.1 ) (1,377.0 ) 7,399.1 — Total stockholders' equity 13,646.3 24,328.7 2,445.7 (26,773.4 ) 13,647.3 Noncontrolling interests — — 240.8 — 240.8 Total equity 13,646.3 24,328.7 2,686.5 (26,773.4 ) 13,888.1 Total liabilities and equity $ 26,035.0 $ 29,683.0 $ 11,049.0 $ (36,943.4 ) $ 29,823.6 MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of December 31, 2018 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 515.8 $ 156.1 $ 386.0 $ — $ 1,057.9 Accounts receivable, net — 427.3 317.1 — 744.4 Other receivables, net 50.0 48.3 28.3 — 126.6 Inventories, net — 451.6 140.2 — 591.8 Other current assets, net 3.0 157.2 85.4 — 245.6 Intercompany accounts receivable — 2,366.0 31.0 (2,397.0 ) — Total current assets 568.8 3,606.5 988.0 (2,397.0 ) 2,766.3 Properties, net 19.0 3,427.5 1,161.8 — 4,608.3 Goodwill — 6,444.0 1,816.8 — 8,260.8 Other intangibles, net 6.0 11,800.0 1,970.4 — 13,776.4 Net investment in and advances to subsidiaries 25,475.0 3,893.2 4,579.7 (33,947.9 ) — Other assets 159.9 193.2 436.0 (91.1 ) 698.0 Total assets $ 26,228.7 $ 29,364.4 $ 10,952.7 $ (36,436.0 ) $ 30,109.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 170.8 $ 1,651.0 $ 884.6 $ — $ 2,706.4 Current portion of long-term debt and short-term borrowings 1,572.6 — 21.9 — 1,594.5 Intercompany accounts payable 1,836.5 120.9 439.6 (2,397.0 ) — Total current liabilities 3,579.9 1,771.9 1,346.1 (2,397.0 ) 4,300.9 Long-term debt 7,765.6 1,097.4 30.8 — 8,893.8 Pension and postretirement benefits 3.2 711.2 12.2 — 726.6 Deferred tax liabilities — 1,461.1 758.9 (91.1 ) 2,128.9 Other liabilities 26.0 199.3 98.5 — 323.8 Intercompany notes payable 1,347.6 63.6 5,998.6 (7,409.8 ) — Total liabilities 12,722.3 5,304.5 8,245.1 (9,897.9 ) 16,374.0 MCBC stockholders' equity 13,507.4 30,057.5 3,890.4 (33,947.9 ) 13,507.4 Intercompany notes receivable (1.0 ) (5,997.6 ) (1,411.2 ) 7,409.8 — Total stockholders' equity 13,506.4 24,059.9 2,479.2 (26,538.1 ) 13,507.4 Noncontrolling interests — — 228.4 — 228.4 Total equity 13,506.4 24,059.9 2,707.6 (26,538.1 ) 13,735.8 Total liabilities and equity $ 26,228.7 $ 29,364.4 $ 10,952.7 $ (36,436.0 ) $ 30,109.8 |
Statement of Cash Flows [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 32.6 $ 70.2 $ (171.8 ) $ (29.5 ) $ (98.5 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (2.6 ) (127.7 ) (67.7 ) — (198.0 ) Proceeds from sales of properties and other assets — 1.4 1.0 — 2.4 Other — (0.3 ) 1.3 — 1.0 Net intercompany investing activity 9.4 4.1 35.8 (49.3 ) — Net cash provided by (used in) investing activities 6.8 (122.5 ) (29.6 ) (49.3 ) (194.6 ) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 0.6 — — — 0.6 Dividends paid (81.4 ) (29.5 ) (7.3 ) 29.5 (88.7 ) Payments on debt and borrowings (1,066.3 ) (0.1 ) (0.8 ) — (1,067.2 ) Net proceeds from (payments on) revolving credit facilities and commercial paper 603.4 — 0.9 — 604.3 Change in overdraft balances and other (2.8 ) (4.7 ) 23.7 — 16.2 Net intercompany financing activity — (46.2 ) (3.1 ) 49.3 — Net cash provided by (used in) financing activities (546.5 ) (80.5 ) 13.4 78.8 (534.8 ) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents (507.1 ) (132.8 ) (188.0 ) — (827.9 ) Effect of foreign exchange rate changes on cash and cash equivalents 3.0 3.2 (1.8 ) — 4.4 Balance at beginning of year 515.8 156.1 386.0 — 1,057.9 Balance at end of period $ 11.7 $ 26.5 $ 196.2 $ — $ 234.4 MOLSON COORS BREWING COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2018 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 353.0 $ 208.1 $ (111.6 ) $ (134.3 ) $ 315.2 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (1.2 ) (161.6 ) (45.5 ) — (208.3 ) Proceeds from sales of properties and other assets — 0.7 0.9 — 1.6 Other — (1.1 ) (44.3 ) — (45.4 ) Net intercompany investing activity 12.7 (8.2 ) 171.3 (175.8 ) — Net cash provided by (used in) investing activities 11.5 (170.2 ) 82.4 (175.8 ) (252.1 ) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 6.1 — — — 6.1 Dividends paid (81.2 ) — (141.6 ) 134.3 (88.5 ) Payments on debt and borrowings — (0.5 ) (0.3 ) — (0.8 ) Net proceeds from (payments on) revolving credit facilities and commercial paper (250.5 ) — 1.8 — (248.7 ) Change in overdraft balances and other (2.9 ) (6.1 ) 51.0 — 42.0 Net intercompany financing activity (32.6 ) (145.4 ) 2.2 175.8 — Net cash provided by (used in) financing activities (361.1 ) (152.0 ) (86.9 ) 310.1 (289.9 ) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents 3.4 (114.1 ) (116.1 ) — (226.8 ) Effect of foreign exchange rate changes on cash and cash equivalents — (0.3 ) 6.4 — 6.1 Balance at beginning of year 6.6 140.9 271.1 — 418.6 Balance at end of period $ 10.0 $ 26.5 $ 161.4 $ — $ 197.9 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Capital expenditures | $ 112.7 | $ 140.8 | |
Finance lease right-of-use assets | $ 82.5 | ||
Finance lease accumulated amortization | 13.2 | ||
Finance leases | $ 0 | $ 15 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating leases | 18 years | ||
Accounts Payable and Accrued Liabilities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Current finance lease liabilities | 3.2 | ||
Other Noncurrent Liabilities [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Non-current finance lease liabilities | $ 82.1 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Cost of Goods Sold | $ (1,413) | $ (1,535.7) |
Capital Expenditures Incurred but Not yet Paid | 112.7 | 140.8 |
Selling, General and Administrative Expense | (655.2) | (681.1) |
Special items, net | (13) | 314.8 |
Income tax benefit (expense) | (32.2) | (74.9) |
Net income (loss) attributable to Molson Coors Brewing Company | $ 151.4 | $ 278.1 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operating lease expense | $ 17.2 |
Finance lease expense | 2.8 |
Total lease expense | $ 20 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash paid for amounts included in the measurements of lease liabilities: | ||
Operating cash flows from operating leases | $ 12 | |
Operating cash flows from finance leases | 0.8 | |
Financing cash flows from finance leases | 0.6 | |
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: | ||
Operating leases | 10.7 | |
Finance leases | $ 0 | $ 15 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Operating and Finance Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Operating lease right-of-use assets | $ 154.1 | |
Current operating lease liabilities | 43.6 | |
Non-current operating lease liabilities | 121.4 | |
Total operating lease liabilities | 165 | |
Finance Leases | ||
Finance lease right-of-use assets | 68.4 | |
Current finance lease liabilities | 3.3 | |
Non-current finance lease liabilities | 82.5 | |
Total finance lease liabilities | $ 85.8 | $ 85.3 |
Weighted-Average Remaining Lease Term (Years) | ||
Operating leases | 4 years 9 months 18 days | |
Finance leases | 10 years 1 month 6 days | |
Weighted-Average Discount Rate | ||
Operating leases | 4.20% | |
Finance leases | 6.40% |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Lease Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2019 - remaining | $ 38.4 | $ 49.4 |
2020 | 41.9 | 40.2 |
2021 | 34.7 | 32.6 |
2022 | 27.1 | 24.6 |
2023 | 18.9 | 17 |
Thereafter | 21 | 21 |
Total lease payments | 182 | 184.8 |
Less: interest | (17) | |
Present value of lease liabilities | 165 | |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
2019 - remaining | 4.5 | 6.1 |
2020 | 36.3 | 36.2 |
2021 | 6 | 5.9 |
2022 | 5.9 | 5.9 |
2023 | 5.9 | 5.8 |
Thereafter | 66 | 64.2 |
Total lease payments | 124.6 | 124.1 |
Less: interest | (38.8) | (38.8) |
Present value of lease liabilities | $ 85.8 | $ 85.3 |
New Accounting Pronouncements -
New Accounting Pronouncements - Leases (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 154.1 | ||
Operating lease, liability | 165 | ||
Retained earnings | 7,862.4 | $ 7,692.9 | |
Current finance lease liabilities | 3.3 | ||
Non-current finance lease liabilities | $ 82.5 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 154 | ||
Operating lease, liability | 164 | ||
Retained earnings | 32 | ||
Current finance lease liabilities | 3 | ||
Non-current finance lease liabilities | $ 82 |
New Accounting Pronouncements_2
New Accounting Pronouncements - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Increase in retained earnings due to reclassification of stranded tax effects | $ 75 | $ 0 |
Segment Reporting Net Sales (De
Segment Reporting Net Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting | ||
Net Sales | $ 2,303.3 | $ 2,331.5 |
Maximum percentage of sales accounted for by a single customer (as a percent) | 10.00% | |
UNITED STATES | ||
Segment Reporting | ||
Net Sales | $ 1,659.2 | 1,647.8 |
Canada [Member] | ||
Segment Reporting | ||
Net Sales | 261 | 283.8 |
Europe [Member] | ||
Segment Reporting | ||
Net Sales | 362.9 | 374.3 |
International [Member] | ||
Segment Reporting | ||
Net Sales | 47.9 | 57.5 |
Corporate [Member] | ||
Segment Reporting | ||
Net Sales | 0.2 | 0.2 |
Intersegment sales elimination | ||
Segment Reporting | ||
Net Sales | $ (27.9) | $ (32.1) |
Segment Reporting Income (Loss)
Segment Reporting Income (Loss) From Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting | ||
Income (loss) before income taxes | $ 181.3 | $ 357.4 |
Other income (expense), net | 23.9 | 1.1 |
Unrealized Gain (Loss) on Commodity Contracts | 34.1 | (84.7) |
UNITED STATES | ||
Segment Reporting | ||
Income (loss) before income taxes | 269.4 | 261.7 |
Canada [Member] | ||
Segment Reporting | ||
Income (loss) before income taxes | 21.8 | 9.1 |
Europe [Member] | ||
Segment Reporting | ||
Income (loss) before income taxes | (27.5) | (29.9) |
International [Member] | ||
Segment Reporting | ||
Income (loss) before income taxes | (0.3) | 3.7 |
Corporate [Member] | ||
Segment Reporting | ||
Income (loss) before income taxes | (82.1) | 112.8 |
Purchase Price Adjustment [Member] | Affiliated Entity [Member] | ||
Segment Reporting | ||
Other income (expense), net | 1.5 | |
Purchase Price Adjustment [Member] | ||
Segment Reporting | ||
AdjustmentAmount | 0 | 328 |
Purchase Price Adjustment [Member] | Corporate [Member] | ||
Segment Reporting | ||
AdjustmentAmount | $ 328 | |
Warrant [Member] | Nonoperating Income (Expense) [Member] | ||
Segment Reporting | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 22.9 |
Segment Reporting Total Assets
Segment Reporting Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting | ||
Total assets | $ 29,823.6 | $ 30,109.8 |
UNITED STATES | ||
Segment Reporting | ||
Total assets | 19,247.7 | 19,057.1 |
Canada [Member] | ||
Segment Reporting | ||
Total assets | 4,736 | 4,640.5 |
Europe [Member] | ||
Segment Reporting | ||
Total assets | 5,334.1 | 5,430 |
International [Member] | ||
Segment Reporting | ||
Total assets | 277.5 | 274.1 |
Corporate [Member] | ||
Segment Reporting | ||
Total assets | $ 228.3 | $ 708.1 |
Investments Variable Interest E
Investments Variable Interest Entity (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
RMMC RMBC [Member] | ||
Variable Interest Entity | ||
Total Assets | $ 212.2 | $ 189.8 |
Total Liabilities | 31.9 | 35 |
Grolsch Cobra Truss [Member] | ||
Variable Interest Entity | ||
Total Assets | 29.5 | 31 |
Total Liabilities | $ 1.7 | $ 5.1 |
Investments Narrative (Details)
Investments Narrative (Details) $ in Millions | Mar. 31, 2019USD ($)VIE | Dec. 31, 2018USD ($)VIE |
Schedule of Equity Method Investments [Line Items] | ||
Number of Variable Interest Entities with Debt | VIE | 0 | 0 |
BRI BDL [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Guarantees, Fair Value Disclosure | $ | $ 50.1 | $ 35.9 |
Share-Based Payments Compensati
Share-Based Payments Compensation Expense (Details) - Stock Options - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense (in dollars) | $ 11.4 | $ 14.8 |
Tax benefit (in dollars) | (1.2) | (1.6) |
After-tax compensation expense (in dollars) | $ 10.2 | $ 13.2 |
Share-Based Payments Non-vested
Share-Based Payments Non-vested (Details) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
RSUs and DSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested awards outstanding at the beginning of the period (in shares) | 1 | |
Granted (in shares) | 0.4 | |
Vested (in shares) | (0.3) | |
Forfeited (in shares) | 0 | |
Non-vested awards outstanding at the end of the period (in shares) | 1.1 | |
Non-vested, weighted-average grant date fair value at the beginning of the period (in dollars per unit) | $ 88.53 | |
Granted, weighted-average grant date fair value (in dollars per unit) | 54.46 | |
Vested, weighted-average grant date fair value (in dollars per unit) | 100.91 | |
Forfeited, weighted-average grant date fair value (in dollars per unit) | 0 | |
Non-vested, weighted-average grant date fair value at the end of the period (in dollars per unit) | 70.06 | |
PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 62.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested awards outstanding at the beginning of the period (in shares) | 0.5 | |
Granted (in shares) | 0.3 | |
Vested (in shares) | (0.1) | |
Forfeited (in shares) | 0 | |
Non-vested awards outstanding at the end of the period (in shares) | 0.7 | |
Non-vested, weighted-average grant date fair value at the beginning of the period (in dollars per unit) | $ 86.85 | |
Granted, weighted-average grant date fair value (in dollars per unit) | 53.31 | $ 78.30 |
Vested, weighted-average grant date fair value (in dollars per unit) | 90.41 | |
Forfeited, weighted-average grant date fair value (in dollars per unit) | 0 | |
Non-vested, weighted-average grant date fair value at the end of the period (in dollars per unit) | $ 71.42 |
Share-Based Payments Stock Opti
Share-Based Payments Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 4 | $ 5.4 | |
Proceeds from Stock Plans | $ 0.6 | $ 6.1 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at the beginning of the period (in shares) | 1.3 | ||
Granted (in shares) | 0.3 | ||
Exercised (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Outstanding at the end of the period (in shares) | 1.6 | 1.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Number | 0.5 | ||
Exercisable (in shares) | 1.1 | ||
Weighted-average exercise price of shares outstanding, beginning of the period (in dollars per share) | $ 70.56 | ||
Weighted-average exercise price of shares granted (in dollars per share) | 61.09 | ||
Weighted-average exercise price of shares exercised (in dollars per share) | 0 | ||
Weighted-average exercise price of shares forfeited (in dollars per share) | 0 | ||
Weighted-average exercise price of shares outstanding, end of the period (in dollars per share) | 68.70 | $ 70.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Weighted Average Exercise Price | 68.79 | ||
Weighted-average exercise price of shares exercisable (in dollars per share) | $ 68.66 | ||
Weighted-average remaining contractual life, outstanding (in years) | 6 years | 5 years 2 months 12 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 9 years 4 months 24 days | ||
Weighted-average remaining contractual life, exercisable (in years) | 4 years 3 months 18 days | ||
Aggregate intrinsic value of shares outstanding (in dollars) | $ 4.3 | ||
Aggregate intrinsic value of shares outstanding (in dollars) | 5.4 | $ 4.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0 | ||
Aggregate intrinsic value of shares exercisable (in dollars) | $ 5.4 |
Share-Based Payments Weighted A
Share-Based Payments Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (as a percent) | 1.65% | 2.04% | |
Dividend yield (as a percent) | 0.00% | 0.00% | |
Volatility rate (percent) | 74.92% | 88.71% | |
Expected term | 2 years 6 months | 2 years 9 months | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (as a percent) | 2.52% | 2.65% | |
Dividend yield (as a percent) | 4.17% | 2.08% | |
Weighted-average volatility (as a percent) | 24.42% | 22.81% | |
Expected term | 5 years 3 months 26 days | 5 years 3 months 28 days | |
Weighted-average fair market value | $ 9.24 | $ 15.44 | |
Stock Options | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate (percent) | 24.41% | 22.36% | |
Stock Options | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate (percent) | 24.48% | 24.14% | |
PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (as a percent) | 2.49% | 2.34% | |
Dividend yield (as a percent) | 4.17% | 2.08% | |
Weighted-average volatility (as a percent) | 24.97% | 22.76% | |
Expected term | 2 years 9 months 29 days | 2 years 9 months 25 days | |
Weighted-average fair market value | $ 53.31 | $ 78.30 | |
PSUs [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate (percent) | 13.82% | 13.03% | |
PSUs [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate (percent) | 42.46% | 81.87% |
Share-Based Payments Narrative
Share-Based Payments Narrative (Details) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)Share-based_Compensation_Plansshares | Mar. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense related to non-vested shares from share-based compensation arrangements (in dollars) | $ 61.1 | |
Weighted-average period over which compensation expense is expected to be recognized (in years) | 2 years 3 months 18 days | |
Proceeds from Stock Plans | $ 0.6 | $ 6.1 |
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 4 | 5.4 |
Class B common stock, non-voting [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock approved by Board of Directors and available for issuance (in shares) | shares | 2.9 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 0.3 | $ 4.6 |
MCBC Incentive Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of incentive compensation plans | Share-based_Compensation_Plans | 1 |
Special Items Summary Special I
Special Items Summary Special Items (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Special items | $ 13 | $ (314.8) |
Other Employee-Related Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Special items | 3.7 | 3.9 |
Purchase Price Adjustment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Unusual or Infrequent Item, or Both, Gain, Gross | 0 | (328) |
UNITED STATES | Asset Abandonment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Special items | 0.8 | 1.5 |
Canada [Member] | Asset Abandonment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Special items | 7.6 | 6.1 |
Europe [Member] | Asset Abandonment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Special items | 0.6 | 1.7 |
International [Member] | China Business [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Special items | $ 0.3 | 0 |
Corporate [Member] | Purchase Price Adjustment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Unusual or Infrequent Item, or Both, Gain, Gross | (328) | |
MillerCoors | ||
Restructuring Cost and Reserve [Line Items] | ||
CashReceivedforAdjustmentAmount | 330 | |
AdjustmentAmount | $ 328 |
Special Items Severance and Oth
Special Items Severance and Other Employee Related (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Severance and other employee-related costs [Member] | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | $ 25.6 | $ 6.9 |
Charges incurred and changes in estimates | 3.7 | 3.9 |
Payments made | (12.9) | (2) |
Foreign currency and other adjustments | (0.1) | |
Ending balance of restructuring accruals | 16.4 | 8.7 |
Severance and other employee-related costs [Member] | UNITED STATES | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | 21.6 | 0.6 |
Charges incurred and changes in estimates | 0.6 | 0 |
Payments made | (11.6) | (0.3) |
Foreign currency and other adjustments | 0 | |
Ending balance of restructuring accruals | 10.6 | 0.3 |
Severance and other employee-related costs [Member] | Canada [Member] | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | 1.5 | 4.3 |
Charges incurred and changes in estimates | 0 | (0.5) |
Payments made | (0.1) | (0.9) |
Foreign currency and other adjustments | (0.1) | |
Ending balance of restructuring accruals | 1.4 | 2.8 |
Severance and other employee-related costs [Member] | Europe [Member] | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | 0.6 | 1.8 |
Charges incurred and changes in estimates | 2.7 | 3.4 |
Payments made | (0.8) | (0.6) |
Foreign currency and other adjustments | 0 | |
Ending balance of restructuring accruals | 2.5 | 4.6 |
Severance and other employee-related costs [Member] | International [Member] | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | 0.6 | 0.2 |
Charges incurred and changes in estimates | 0.1 | 1 |
Payments made | (0.1) | (0.2) |
Foreign currency and other adjustments | 0 | |
Ending balance of restructuring accruals | 0.6 | 1 |
Severance and other employee-related costs [Member] | Corporate [Member] | ||
Changes in restructuring accruals [Roll Forward] | ||
Beginning balance of restructuring accruals | 1.3 | 0 |
Charges incurred and changes in estimates | 0.3 | 0 |
Payments made | (0.3) | 0 |
Foreign currency and other adjustments | 0 | |
Ending balance of restructuring accruals | $ 1.3 | $ 0 |
Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Payment of severance obligations, term | 12 months |
Income Tax Schedule of Effectiv
Income Tax Schedule of Effective Tax Rate (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Effective Tax Rate [Abstract] | ||
Effective tax rate (as a percent) | 18.00% | 21.00% |
Net discrete tax expense (benefit) | $ (1.2) | $ 5.5 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill activity: | ||
Balance at beginning of year | $ 8,260.8 | |
Foreign currency translation | 18.6 | |
Balance at end of year | 8,279.4 | |
UNITED STATES | ||
Goodwill [Line Items] | ||
Percentage Of Fair Value Exceeding Carrying Value | 19.00% | |
Goodwill activity: | ||
Balance at beginning of year | 5,928.5 | |
Foreign currency translation | 0 | |
Balance at end of year | 5,928.5 | |
Canada [Member] | ||
Goodwill [Line Items] | ||
Percentage Of Fair Value Exceeding Carrying Value | 6.00% | |
Goodwill activity: | ||
Balance at beginning of year | 856.6 | |
Foreign currency translation | 18.5 | |
Balance at end of year | 875.1 | |
Europe [Member] | ||
Goodwill [Line Items] | ||
Percentage Of Fair Value Exceeding Carrying Value | 11.00% | |
Goodwill activity: | ||
Balance at beginning of year | 1,469.4 | |
Foreign currency translation | 0.1 | |
Balance at end of year | 1,469.5 | |
International [Member] | ||
Goodwill activity: | ||
Balance at beginning of year | 6.3 | |
Foreign currency translation | 0 | |
Balance at end of year | $ 6.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Intangible assets subject to amortization: | ||
Total Gross | $ 14,621.7 | $ 14,586.7 |
Accumulated amortization | (872.1) | (810.3) |
Total Net | 13,749.6 | 13,776.4 |
Brands [Member] | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | 5,013.8 | 4,988 |
Accumulated amortization | (737) | (682.4) |
Net | 4,276.8 | 4,305.6 |
Indefinite-lived intangible assets | $ 8,160.5 | $ 8,169.9 |
Brands [Member] | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 10 years | 10 years |
Brands [Member] | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 50 years | 50 years |
License agreements and distribution rights | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | $ 222.8 | $ 220.2 |
Accumulated amortization | (99.5) | (95.7) |
Net | $ 123.3 | $ 124.5 |
License agreements and distribution rights | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 15 years | 15 years |
License agreements and distribution rights | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 28 years | 28 years |
Distribution Networks [Member] | ||
Intangible assets subject to amortization: | ||
Indefinite-lived intangible assets | $ 757.8 | $ 741.8 |
Other Intangible Assets [Member] | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | 129.2 | 129.2 |
Accumulated amortization | (35.6) | (32.2) |
Net | 93.6 | 97 |
Indefinite-lived intangible assets | $ 337.6 | $ 337.6 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 2 years | 2 years |
Other Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 40 years | 40 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Estimated amortization expense of finite-lived intangible assets | ||
2019 - remaining | $ 165.8 | |
2020 | 220.1 | |
2021 | 213.8 | |
2022 | 209.2 | |
2023 | 208.2 | |
Amortization expense of intangible assets | $ 55.4 | $ 56.6 |
Debt Schedule (Details)
Debt Schedule (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Apr. 18, 2018 | Mar. 15, 2017 | May 03, 2012 |
Debt Instrument [Line Items] | |||||
Less: unamortized debt discounts | $ (62.5) | $ (64.8) | |||
Total long-term debt (including current portion) | 9,497.8 | 10,476.9 | |||
Current portion of long-term debt | (1,013) | (1,583.1) | |||
Total long-term debt | 8,484.8 | 8,893.8 | |||
Commercial Paper | 604.2 | 0 | |||
Other short-term borrowings | 23.9 | 11.4 | |||
Current portion of long-term debt and short-term borrowings | 1,641.1 | 1,594.5 | |||
Finance leases and other [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 131.3 | 43 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 1,900 | ||||
Senior Notes [Member] | CAD 500 million 2.75% Notes Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 374.6 | 366.6 | |||
Senior Notes [Member] | CAD 500 million 2.84% notes due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 374.6 | 366.6 | |||
Senior Notes [Member] | CAD 500 million 3.44% notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 374.6 | 366.6 | |||
Senior Notes [Member] | $500 million 1.45% notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 500 | 500 | |||
Senior Notes [Member] | $500 million 1.90% notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 0 | 499.8 | |||
Senior Notes [Member] | $500 million 2.25% notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 499.2 | 499 | |||
Debt Instrument, Face Amount | $ 500 | ||||
Debt instrument, interest rate percentage | 2.25% | ||||
Senior Notes [Member] | $1.0 billion 2.10% notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 1,000 | 1,000 | |||
Debt Instrument, Face Amount | $ 1,000 | ||||
Senior Notes [Member] | $500 million 3.5% notes due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 508.6 | 509.3 | |||
Senior Notes [Member] | $2.0 billion 3.0% notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 2,000 | 2,000 | |||
Senior Notes [Member] | $1.1 billion 5.0% notes due 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 1,100 | 1,100 | |||
Senior Notes [Member] | $1.8 billion 4.2% notes due 2046 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 1,800 | 1,800 | |||
Senior Notes [Member] | EUR 500 million notes due 2019 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | 0 | 573.4 | |||
Senior Notes [Member] | EUR 800 million 1.25% notes due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, carrying amount | $ 897.4 | $ 917.4 |
Debt Schedule (Narrative) (Deta
Debt Schedule (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2019 | Mar. 20, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Apr. 18, 2018 | Mar. 15, 2017 | May 03, 2012 | |
Debt Instrument [Line Items] | |||||||
Current finance lease liabilities | $ 3.3 | ||||||
Non-current finance lease liabilities | 82.5 | ||||||
Commercial Paper | 604.2 | $ 0 | |||||
Central Europe [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Bank cash | 40.4 | 88.9 | |||||
Bank cash, net of overdrafts | 28.8 | 87.8 | |||||
Overdraft facility | $ 11.6 | 1.1 | |||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,900 | ||||||
$500 million 2.25% notes due 2020 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||||||
$1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||
Commercial Paper [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.91% | ||||||
Weighted Average Interest Rate, Term | 33 days | ||||||
JPY Overdraft [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term Debt | $ 8.1 | $ 7.3 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||||||
Revolving Multicurrency Bank Credit Facility [Member] | MillerCoors | |||||||
Debt Instrument [Line Items] | |||||||
Leverage Ratio Following Acquisition | 4.75x | ||||||
Leverage Ratio In Fourth Year Following Acquisition | 4.00x | ||||||
Parent Company [Member] | $500 million 2.25% notes due 2020 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||||||
Parent Company [Member] | $1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | ||||||
Cross currency swaps | $500 million 2.25% notes due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Fixed Interest Rate | 0.85% | ||||||
Cross currency swaps | $1.0 billion 2.10% notes due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Fixed Interest Rate | 0.71% | ||||||
Accounting Standards Update 2016-02 | |||||||
Debt Instrument [Line Items] | |||||||
Current finance lease liabilities | $ 3 | ||||||
Non-current finance lease liabilities | $ 82 |
Debt Fair Value Measurements (D
Debt Fair Value Measurements (Details) - USD ($) $ in Billions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Long-term debt, fair value | $ 9.1 | $ 9.9 |
Debt Acquisition and Other (Nar
Debt Acquisition and Other (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | May 03, 2012 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 895.8 | |
Senior Notes [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Face Amount | $ 1,900 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 314.2 | $ 229.8 |
Work in Process | 86.3 | 83.4 |
Raw Materials | 219.7 | 224.3 |
Packaging Materials | 67.7 | 54.3 |
Total inventories, net | $ 687.9 | $ 591.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 1 (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | $ (1,150) |
As of March 31, 2019 | (1,182.7) |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | (744.7) |
Foreign currency translation adjustments | 4.6 |
Unrealized gain (loss) on derivative instruments | 0 |
Reclassification of derivative (gain) loss to income | 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) | 12.1 |
Net current-period other comprehensive income (loss) | 16.7 |
Reclassification of stranded tax effects | (61) |
As of March 31, 2019 | (789) |
Gain (loss) on derivative and non-derivative instruments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | (17.8) |
Foreign currency translation adjustments | 72.8 |
Unrealized gain (loss) on derivative instruments | (39.4) |
Reclassification of derivative (gain) loss to income | 0.1 |
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) | (8.5) |
Net current-period other comprehensive income (loss) | 25 |
Reclassification of stranded tax effects | (16.1) |
As of March 31, 2019 | (8.9) |
Pension and postretirement benefit adjustments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | (327.2) |
Foreign currency translation adjustments | 0 |
Unrealized gain (loss) on derivative instruments | 0 |
Reclassification of derivative (gain) loss to income | 0 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (0.9) |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 0 |
Tax benefit (expense) | 0.3 |
Net current-period other comprehensive income (loss) | (0.6) |
Reclassification of stranded tax effects | 2.3 |
As of March 31, 2019 | (325.5) |
Equity method investments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | (60.3) |
Foreign currency translation adjustments | 0 |
Unrealized gain (loss) on derivative instruments | 0 |
Reclassification of derivative (gain) loss to income | 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) | 1.4 |
Tax benefit (expense) | (0.4) |
Net current-period other comprehensive income (loss) | 1 |
Reclassification of stranded tax effects | 0 |
As of March 31, 2019 | (59.3) |
AOCI Attributable to Parent [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2018 | (1,150) |
Foreign currency translation adjustments | 77.4 |
Unrealized gain (loss) on derivative instruments | (39.4) |
Reclassification of derivative (gain) loss to income | 0.1 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (0.9) |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 1.4 |
Tax benefit (expense) | 3.5 |
Net current-period other comprehensive income (loss) | 42.1 |
Reclassification of stranded tax effects | (74.8) |
As of March 31, 2019 | $ (1,182.7) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 2 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cost of Goods Sold | $ 1,413 | $ 1,535.7 |
Net Income (loss) | 149.1 | 282.5 |
Income tax benefit (expense) | (32.2) | (74.9) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net income (loss) reclassified, net of tax | 0.5 | (2.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain/(loss) on cash flow hedges [Member] | ||
Net Income (loss) | (0.1) | (1.4) |
Income tax benefit (expense) | 0 | 0.3 |
Net income (loss) reclassified, net of tax | (0.1) | (1.1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain/(loss) on cash flow hedges [Member] | Other income (expense), net [Member] | ||
Foreign currency forwards, other | (0.2) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain/(loss) on cash flow hedges [Member] | Cost of goods sold [Member] | ||
Cost of Goods Sold | 0.8 | (0.6) |
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 | (0.7) | (0.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of defined benefit pension and other postretirement benefit plan items [Member] | ||
Prior service benefit (cost) | (0.1) | (0.2) |
Curtailment and net actuarial gain (loss) | 1 | (1.7) |
Net Income (loss) | 0.9 | (1.9) |
Income tax benefit (expense) | (0.3) | 0.2 |
Net income (loss) reclassified, net of tax | $ 0.6 | $ (1.7) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | 49 Months Ended | ||||||||
Mar. 31, 2020USD ($) | Apr. 03, 2019USD ($) | Jul. 15, 2022 | Apr. 03, 2019EUR (€) | Mar. 20, 2019USD ($) | Mar. 20, 2019EUR (€) | Oct. 04, 2018$ / shares | Apr. 18, 2018USD ($) | Mar. 15, 2017USD ($) | May 03, 2012USD ($) | |
Forecast [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months | $ 1 | |||||||||
Term for expected gains recorded in AOCI | 12 months | |||||||||
Maximum term of time in cash flow hedge | 4 years | |||||||||
Senior Notes [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Debt Instrument, Face Amount | $ 1,900 | |||||||||
$1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
$500 million 2.25% notes due 2020 [Member] | Senior Notes [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||
Cross currency swaps | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Derivative, notional amount | $ 400 | € 353 | ||||||||
Cross currency swaps | $1.0 billion 2.10% notes due 2021 [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Derivative, Fixed Interest Rate | 0.71% | 0.71% | ||||||||
Cross currency swaps | $500 million 2.25% notes due 2020 [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Derivative, Fixed Interest Rate | 0.85% | |||||||||
Warrant [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Derivative, Price Risk Option Strike Price | $ / shares | $ 6 | |||||||||
Subsequent Event | Cross currency swaps | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Derivative, Fixed Interest Rate | 0.68% | 0.68% | ||||||||
Derivative, notional amount | $ 500 | € 445 | ||||||||
Subsequent Event | Cross currency swaps | $500 million 2.25% notes due 2020 [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Proceeds from the Termination and cash Settlement of Derivatives | $ 47 | |||||||||
Parent Company [Member] | $1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||
Parent Company [Member] | $500 million 2.25% notes due 2020 [Member] | Senior Notes [Member] | ||||||||||
Schedule of Trading Securities and Other Trading Assets | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||||||||
Debt Instrument, Face Amount | $ 500 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
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 1 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 52.3 | 18.1 |
Fair Value, Inputs, Level 2 [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (44.7) | (12.3) |
Fair Value, Inputs, Level 2 [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 9 | 16.3 |
Fair Value, Inputs, Level 2 [Member] | Commodity swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (7.6) | (42) |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 43 | 19.6 |
Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
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 |
Significant unobservable inputs (Level 3) [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 52.3 | 18.1 |
Reported Value Measurement [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 52.6 | 36.5 |
Reported Value Measurement [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (44.7) | (12.3) |
Reported Value Measurement [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 9 | 16.3 |
Reported Value Measurement [Member] | Commodity swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (7.6) | (42) |
Reported Value Measurement [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 43 | 19.6 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 52.6 | 36.5 |
Reported Value Measurement [Member] | Significant unobservable inputs (Level 3) [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details) € in Millions, $ in Millions | Mar. 31, 2019USD ($) | Mar. 20, 2019USD ($) | Mar. 20, 2019EUR (€) | Dec. 31, 2018USD ($) |
Cross currency swaps | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | $ 400 | € 353 | ||
Designated as Hedging Instrument [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | $ 61.7 | $ 53 | ||
Derivative liability, fair value, designated as hedging instrument | (44.8) | (12.5) | ||
Designated as Hedging Instrument [Member] | Cross currency swaps | Other Noncurrent Assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 5.3 | 36.5 | ||
Designated as Hedging Instrument [Member] | Cross currency swaps | Other current assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 47.3 | |||
Designated as Hedging Instrument [Member] | Cross currency swaps | Accounts payable and other current liabilities [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative liability, fair value, designated as hedging instrument | 0 | |||
Designated as Hedging Instrument [Member] | Cross currency swaps | Other liabilities [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative liability, fair value, designated as hedging instrument | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 1,500 | |||
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other Noncurrent Assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 0 | |||
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other non-current assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 0 | |||
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 | (44.7) | (12.3) | ||
Designated as Hedging Instrument [Member] | Foreign currency forwards [Member] | Other current assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 4.3 | 7.3 | ||
Designated as Hedging Instrument [Member] | Foreign currency forwards [Member] | Other non-current assets [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative asset, fair value, designated as hedging instrument | 4.8 | 9.2 | ||
Designated as Hedging Instrument [Member] | Foreign currency forwards [Member] | Accounts payable and other current liabilities [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative liability, fair value, designated as hedging instrument | (0.1) | (0.1) | ||
Designated as Hedging Instrument [Member] | Foreign currency forwards [Member] | Other liabilities [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative liability, fair value, designated as hedging instrument | 0 | (0.1) | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 73 | 37.9 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | (37.6) | (60.3) | ||
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 781.8 | 868.4 | ||
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | Other current assets [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 22.1 | 12.1 | ||
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | Other non-current assets [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 7.7 | 6.1 | ||
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | Accounts payable and other current liabilities [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | (27.1) | (37.9) | ||
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | Other liabilities [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | (10.3) | (22.3) | ||
Not Designated as Hedging Instrument [Member] | Commodity Option [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 46.6 | 46.6 | ||
Not Designated as Hedging Instrument [Member] | Commodity Option [Member] | Other current assets [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0.2 | 0.1 | ||
Not Designated as Hedging Instrument [Member] | Commodity Option [Member] | Accounts payable and other current liabilities [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | (0.2) | (0.1) | ||
Not Designated as Hedging Instrument [Member] | Warrant [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 51.7 | 50.6 | ||
Not Designated as Hedging Instrument [Member] | Warrant [Member] | Other Noncurrent Assets [Member] | ||||
Derivatives not designated as hedging instruments: | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 43 | 19.6 | ||
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross currency swaps | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 500 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cross currency swaps | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 900 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | 1,500 | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign currency forwards [Member] | ||||
Derivatives designated as hedging instruments: | ||||
Derivative, notional amount | $ 311.6 | $ 338.6 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cost of Goods Sold | $ (1,413) | $ (1,535.7) |
Nonoperating Income (Expense) | 23.9 | 1.1 |
Interest income (expense), net | (73.3) | (83.2) |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | (1.4) |
Cash Flow Hedging [Member] | Forward starting interest rate swap [Member] | Interest expense, net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.7) | (0.8) |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | Cost of goods sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.8 | (0.6) |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | Nonoperating Income (Expense) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.2) | |
Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 30.1 | (41.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities Hedging Activities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current portion of long-term debt and short-term borrowings | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets/liabilities | $ 0 | $ 0 |
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease) | (0.8) | (0.2) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets/liabilities | 0 | 0 |
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease) | $ 8.6 | $ 8.3 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities Other Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Warrant [Member] | Nonoperating Income (Expense) [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 22.9 | |
Not Designated as Hedging Instrument [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 55.6 | $ (74.4) |
Not Designated as Hedging Instrument [Member] | Commodity swaps [Member] | Cost of goods sold [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 32.7 | (74.4) |
Net Investment Hedging [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 30.1 | (41.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
EUR 800 million 1.25% notes due 2024 [Member] | Senior Notes [Member] | Net Investment Hedging [Member] | Other income (expense), net [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 20 | (25.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
EUR 500 million notes due 2019 | Senior Notes [Member] | Net Investment Hedging [Member] | Other income (expense), net [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 10.1 | (16) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities Schedule of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | $ 30.1 | $ (41.5) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Net Investment Hedging [Member] | Cross currency swaps | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | 16.1 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 4 | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | (39.4) | 7.5 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | (1.4) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Cash Flow Hedging [Member] | Forward starting interest rate swap [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | (32.4) | 0 |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | (7) | 7.5 |
Cash Flow Hedging [Member] | Interest Expense [Member] | Forward starting interest rate swap [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.7) | (0.8) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Cash Flow Hedging [Member] | Cost of goods sold [Member] | Foreign currency forwards [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.8 | (0.6) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | |
$500 million 2.25% notes due 2020 [Member] | Net Investment Hedging [Member] | Interest Income (Expense) | Cross currency swaps | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | 10.8 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 3.7 | |
Senior Notes Due 2021 $1B 2.1% [Member] | Net Investment Hedging [Member] | Interest Income (Expense) | Cross currency swaps | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | 5.3 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0.3 |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities Fair Value Assumptions of Warrants (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Expected term (years) | 2 years 6 months | 2 years 9 months |
Estimated volatility | 74.92% | 88.71% |
Risk-free interest rate | 1.65% | 2.04% |
Expected dividend yield | 0.00% | 0.00% |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net periodic pension and OPEB costs: | ||
Other pension and postretirement benefits (costs), net | $ (8.6) | $ (10) |
Contributions paid to defined benefit plans | 1 | |
Defined Benefit Plans | ||
Net periodic pension and OPEB costs: | ||
Service cost | 1 | 1.4 |
Interest cost | 40.7 | 41.2 |
Expected return on plan assets | (54.9) | (59.7) |
Amortization of prior service cost (benefit) | 0.3 | 0.2 |
Amortization of net actuarial loss (gain) | 2.5 | 1.9 |
Curtailment and settlement loss (gain) | 0 | (0.1) |
Other pension and postretirement benefits (costs), net | (11.4) | (16.3) |
Net periodic pension and OPEB cost | (10.4) | (14.9) |
Other Postretirement Benefits | ||
Net periodic pension and OPEB costs: | ||
Service cost | 1.8 | 2.3 |
Interest cost | 6.5 | 6.6 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (benefit) | (0.2) | 0 |
Amortization of net actuarial loss (gain) | (3.5) | (0.3) |
Curtailment and settlement loss (gain) | 0 | 0 |
Other pension and postretirement benefits (costs), net | 2.8 | 6.3 |
Net periodic pension and OPEB cost | 4.6 | 8.6 |
defined benefit plans and other postretirement benefit plans [Member] | ||
Net periodic pension and OPEB costs: | ||
Service cost | 2.8 | 3.7 |
Interest cost | 47.2 | 47.8 |
Expected return on plan assets | (54.9) | (59.7) |
Amortization of prior service cost (benefit) | 0.1 | 0.2 |
Amortization of net actuarial loss (gain) | (1) | 1.6 |
Curtailment and settlement loss (gain) | 0 | (0.1) |
Other pension and postretirement benefits (costs), net | (8.6) | (10) |
Net periodic pension and OPEB cost | (5.8) | $ (6.3) |
Maximum [Member] | ||
Net periodic pension and OPEB costs: | ||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 6 |
Commitments and Contingencies L
Commitments and Contingencies Loss Contingency (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Accrual for Litigation, Other Disputes and Environmental Loss Contingencies | $ 13 | $ 13.7 |
Excise Tax Refund Receivable, Noncurrent | 40 | |
Guarantor Obligations, Current Carrying Value | 50.1 | 35.9 |
Kaiser Tax, Civil and Labor Indemnity Reserve [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 14.6 | $ 14.7 |
Maximum [Member] | Kaiser purchased tax credits indemnity reserve, category two | ||
Litigation and Other Disputes | ||
Loss Contingency, Estimate of Possible Loss | $ 89.3 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information Supplemental Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | |||||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Apr. 18, 2018USD ($) | Mar. 15, 2017USD ($) | Mar. 15, 2017EUR (€) | Jul. 07, 2016USD ($) | May 03, 2012USD ($) | |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | $ 193.5 | $ 327.2 | ||||||
Stockholders' Equity Attributable to Parent | 13,647.3 | $ 13,507.4 | ||||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | 149.1 | 282.5 | ||||||
Net income (loss) including noncontrolling interests | 149.1 | 282.5 | ||||||
Payments of Dividends | 88.7 | 88.5 | ||||||
Parent Company [Member] | ||||||||
Income (Loss) from Equity Method Investments Consolidating | 245.3 | 635.5 | ||||||
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 193.5 | 327.2 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 25,765 | 25,475 | ||||||
Stockholders' Equity Attributable to Parent | 13,647.3 | 13,507.4 | ||||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | 151.4 | 278.1 | ||||||
Payments of Dividends | 81.4 | 81.2 | ||||||
Subsidiary Guarantors [Member] | ||||||||
Payments of Dividends | 1,700 | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 1,900 | |||||||
Senior Notes [Member] | $500 million 2.25% notes due 2020 [Member] | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt instrument, interest rate percentage | 2.25% | 2.25% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2017 $300M 2.0% [Member] | ||||||||
Debt Instrument, Face Amount | $ 300 | |||||||
Debt instrument, interest rate percentage | 2.00% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2022 $500M 3.5% [Member] | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt instrument, interest rate percentage | 3.50% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2042 $1.1B 5.0% [Member] | ||||||||
Debt Instrument, Face Amount | $ 1,100 | |||||||
Debt instrument, interest rate percentage | 5.00% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2019 $500M 1.45% [Member] | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt instrument, interest rate percentage | 1.45% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2021 $1B 2.1% [Member] | ||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||
Debt instrument, interest rate percentage | 2.10% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2026 $2B 3.0% [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||
Debt instrument, interest rate percentage | 3.00% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2046 $1.8B 4.2% [Member] | ||||||||
Debt Instrument, Face Amount | $ 1,800 | |||||||
Debt instrument, interest rate percentage | 4.20% | |||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2024 EUR800M 1.25% [Member] | ||||||||
Debt Instrument, Face Amount | $ 800 | |||||||
Debt instrument, interest rate percentage | 1.25% | |||||||
Senior Notes [Member] | Parent Company [Member] | $500 million 1.90% notes due 2019 [Member] | ||||||||
Debt instrument, interest rate percentage | 1.90% | 1.90% | ||||||
Senior Notes [Member] | Parent Company [Member] | $500 million 2.25% notes due 2020 [Member] | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt instrument, interest rate percentage | 2.25% | 2.25% | ||||||
Senior Notes [Member] | Parent Company [Member] | Two Thousand Seventeen EUR Notes [Member] | ||||||||
Debt Instrument, Face Amount | € | € 500 | |||||||
Consolidation, Eliminations [Member] | ||||||||
Income (Loss) from Equity Method Investments Consolidating | (176.4) | (481.5) | ||||||
Comprehensive income (loss) attributable to Molson Coors Brewing Company | (206.4) | (695.9) | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (34,172.5) | (33,947.9) | ||||||
Stockholders' Equity Attributable to Parent | (34,172.5) | $ (33,947.9) | ||||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | (176.4) | (481.5) | ||||||
Payments of Dividends | $ (29.5) | $ (134.3) |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Income statement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed financial statements | ||
Sales | $ 2,800.1 | $ 2,868 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (496.8) | (536.5) |
Net Sales | 2,303.3 | 2,331.5 |
Cost of Goods Sold | (1,413) | (1,535.7) |
Gross profit | 890.3 | 795.8 |
Marketing, general and administrative expenses | (655.2) | (681.1) |
Special items, net | (13) | 314.8 |
Operating income (loss) | 222.1 | 429.5 |
Interest income (expense), net | (73.3) | (83.2) |
Other pension and postretirement benefits (costs), net | (8.6) | (10) |
Other income (expense), net | 23.9 | 1.1 |
Income tax benefit (expense) | (32.2) | (74.9) |
Net Income (loss) | 149.1 | 282.5 |
Net (income) loss attributable to noncontrolling interests | 2.3 | (4.4) |
Net income (loss) attributable to Molson Coors Brewing Company | 151.4 | 278.1 |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 193.5 | 327.2 |
Parent Company [Member] | ||
Condensed financial statements | ||
Sales | 26.3 | 4.9 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | 0 | 0 |
Net Sales | 26.3 | 4.9 |
Cost of Goods Sold | (1.5) | (0.5) |
Gross profit | 24.8 | 4.4 |
Marketing, general and administrative expenses | (71.6) | (70.2) |
Special items, net | (0.4) | 0 |
Equity income (loss) in subsidiaries | 245.3 | 635.5 |
Operating income (loss) | 198.1 | 569.7 |
Interest income (expense), net | (77.4) | (85.2) |
Other pension and postretirement benefits (costs), net | 0 | 0 |
Other income (expense), net | 0 | (0.2) |
Income (loss) before income taxes | 120.7 | 484.3 |
Income tax benefit (expense) | 30.7 | (206.2) |
Net Income (loss) | 151.4 | 278.1 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Brewing Company | 151.4 | 278.1 |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 193.5 | 327.2 |
Subsidiary Guarantors [Member] | ||
Condensed financial statements | ||
Sales | 2,209.3 | 2,234.6 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (284.7) | (301.4) |
Net Sales | 1,924.6 | 1,933.2 |
Cost of Goods Sold | (1,135.3) | (1,241.7) |
Gross profit | 789.3 | 691.5 |
Marketing, general and administrative expenses | (457.9) | (463.3) |
Special items, net | (8.4) | 321.4 |
Equity income (loss) in subsidiaries | (63) | (158.8) |
Operating income (loss) | 260 | 390.8 |
Interest income (expense), net | 80.2 | 82 |
Other pension and postretirement benefits (costs), net | 1.2 | 1.4 |
Other income (expense), net | (29.9) | 40.2 |
Income (loss) before income taxes | 311.5 | 514.4 |
Income tax benefit (expense) | (66) | 121.9 |
Net Income (loss) | 245.5 | 636.3 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Brewing Company | 245.5 | 636.3 |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 270.8 | 743.2 |
Subsidiary Non Guarantors [Member] | ||
Condensed financial statements | ||
Sales | 694.9 | 742.6 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (212.1) | (235.1) |
Net Sales | 482.8 | 507.5 |
Cost of Goods Sold | (365.6) | (399.7) |
Gross profit | 117.2 | 107.8 |
Marketing, general and administrative expenses | (166.7) | (155.5) |
Special items, net | (4.2) | (6.6) |
Equity income (loss) in subsidiaries | (5.9) | 4.8 |
Operating income (loss) | (59.6) | (49.5) |
Interest income (expense), net | (76.1) | (80) |
Other pension and postretirement benefits (costs), net | 7.4 | 8.6 |
Other income (expense), net | 53.8 | (38.9) |
Income (loss) before income taxes | (74.5) | (159.8) |
Income tax benefit (expense) | 3.1 | 9.4 |
Net Income (loss) | (71.4) | (150.4) |
Net (income) loss attributable to noncontrolling interests | 2.3 | (4.4) |
Net income (loss) attributable to Molson Coors Brewing Company | (69.1) | (154.8) |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | (64.4) | (47.3) |
Consolidated [Member] | ||
Condensed financial statements | ||
Sales | 2,800.1 | 2,868 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (496.8) | (536.5) |
Net Sales | 2,303.3 | 2,331.5 |
Cost of Goods Sold | (1,413) | (1,535.7) |
Gross profit | 890.3 | 795.8 |
Marketing, general and administrative expenses | (655.2) | (681.1) |
Special items, net | (13) | 314.8 |
Equity income (loss) in subsidiaries | 0 | 0 |
Operating income (loss) | 222.1 | 429.5 |
Interest income (expense), net | (73.3) | (83.2) |
Other pension and postretirement benefits (costs), net | 8.6 | 10 |
Other income (expense), net | 23.9 | 1.1 |
Income (loss) before income taxes | 181.3 | 357.4 |
Income tax benefit (expense) | (32.2) | (74.9) |
Net Income (loss) | 149.1 | 282.5 |
Net (income) loss attributable to noncontrolling interests | 2.3 | (4.4) |
Net income (loss) attributable to Molson Coors Brewing Company | 151.4 | 278.1 |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | 193.5 | 327.2 |
Consolidation, Eliminations [Member] | ||
Condensed financial statements | ||
Sales | (130.4) | (114.1) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | 0 | 0 |
Net Sales | (130.4) | (114.1) |
Cost of Goods Sold | 89.4 | 106.2 |
Gross profit | (41) | (7.9) |
Marketing, general and administrative expenses | 41 | 7.9 |
Special items, net | 0 | 0 |
Equity income (loss) in subsidiaries | (176.4) | (481.5) |
Operating income (loss) | (176.4) | (481.5) |
Interest income (expense), net | 0 | 0 |
Other pension and postretirement benefits (costs), net | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before income taxes | (176.4) | (481.5) |
Income tax benefit (expense) | 0 | 0 |
Net Income (loss) | (176.4) | (481.5) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Brewing Company | (176.4) | (481.5) |
Comprehensive income (loss) attributable to Molson Coors Brewing Company | $ (206.4) | $ (695.9) |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed financial statements | ||||
Other Assets, Noncurrent | $ 903.3 | $ 698 | ||
Current assets: | ||||
Cash and cash equivalents | 234.4 | 1,057.9 | $ 197.9 | $ 418.6 |
Accounts receivable, net | 909.5 | 744.4 | ||
Other receivables, net | 141.6 | 126.6 | ||
Total inventories, net | 687.9 | 591.8 | ||
Other current assets, net | 364.6 | 245.6 | ||
Total current assets | 2,338 | 2,766.3 | ||
Properties, net | 4,553.3 | 4,608.3 | ||
Goodwill | 8,279.4 | 8,260.8 | ||
Other intangibles, net | 13,749.6 | 13,776.4 | ||
Total assets | 29,823.6 | 30,109.8 | ||
Accounts payable and other current liabilities | 2,561.3 | 2,706.4 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,641.1 | 1,594.5 | ||
Total current liabilities | 4,202.4 | 4,300.9 | ||
Long-term debt | 8,484.8 | 8,893.8 | ||
Pension and postretirement benefits | 726.9 | 726.6 | ||
Deferred tax liabilities | 2,151.5 | 2,128.9 | ||
Other Liabilities, Noncurrent | 369.9 | 323.8 | ||
Total liabilities | 15,935.5 | 16,374 | ||
MCBC stockholders' equity | 13,647.3 | 13,507.4 | ||
Noncontrolling interests | 240.8 | 228.4 | ||
Total equity | 13,888.1 | 13,735.8 | 13,415.8 | 13,187.3 |
Total liabilities and equity | 29,823.6 | 30,109.8 | ||
Consolidation, Eliminations [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | (91.1) | (91.1) | ||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Other receivables, net | 0 | 0 | ||
Total inventories, net | 0 | 0 | ||
Other current assets, net | 0 | 0 | ||
Intercompany accounts receivable | (2,679.8) | (2,397) | ||
Total current assets | (2,679.8) | (2,397) | ||
Properties, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Net investment in and advances to subsidiaries | (34,172.5) | (33,947.9) | ||
Total assets | (36,943.4) | (36,436) | ||
Accounts payable and other current liabilities | 0 | 0 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 0 | 0 | ||
Intercompany accounts payable | (2,679.8) | (2,397) | ||
Total current liabilities | (2,679.8) | (2,397) | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Deferred tax liabilities | (91.1) | (91.1) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Intercompany notes payable | (7,399.1) | (7,409.8) | ||
Total liabilities | (10,170) | (9,897.9) | ||
MCBC stockholders' equity | (34,172.5) | (33,947.9) | ||
Intercompany notes receivable | 7,399.1 | 7,409.8 | ||
Total stockholders' equity | (26,773.4) | (26,538.1) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (26,773.4) | (26,538.1) | ||
Total liabilities and equity | (36,943.4) | (36,436) | ||
Parent Company [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 139.6 | 159.9 | ||
Current assets: | ||||
Cash and cash equivalents | 11.7 | 515.8 | 10 | 6.6 |
Accounts receivable, net | 0 | 0 | ||
Other receivables, net | 47.9 | 50 | ||
Total inventories, net | 0 | 0 | ||
Other current assets, net | 49.2 | 3 | ||
Intercompany accounts receivable | 0 | 0 | ||
Total current assets | 108.8 | 568.8 | ||
Properties, net | 16.1 | 19 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 5.5 | 6 | ||
Net investment in and advances to subsidiaries | 25,765 | 25,475 | ||
Total assets | 26,035 | 26,228.7 | ||
Accounts payable and other current liabilities | 121.8 | 170.8 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,602.4 | 1,572.6 | ||
Intercompany accounts payable | 1,989 | 1,836.5 | ||
Total current liabilities | 3,713.2 | 3,579.9 | ||
Long-term debt | 7,248.7 | 7,765.6 | ||
Pension and postretirement benefits | 3.3 | 3.2 | ||
Deferred tax liabilities | 0 | 0 | ||
Other Liabilities, Noncurrent | 75.9 | 26 | ||
Intercompany notes payable | 1,347.6 | 1,347.6 | ||
Total liabilities | 12,388.7 | 12,722.3 | ||
MCBC stockholders' equity | 13,647.3 | 13,507.4 | ||
Intercompany notes receivable | (1) | (1) | ||
Total stockholders' equity | 13,646.3 | 13,506.4 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 13,646.3 | 13,506.4 | ||
Total liabilities and equity | 26,035 | 26,228.7 | ||
Subsidiary Guarantors [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 337.1 | 193.2 | ||
Current assets: | ||||
Cash and cash equivalents | 26.5 | 156.1 | 26.5 | 140.9 |
Accounts receivable, net | 556.5 | 427.3 | ||
Other receivables, net | 61.3 | 48.3 | ||
Total inventories, net | 501.8 | 451.6 | ||
Other current assets, net | 216.7 | 157.2 | ||
Intercompany accounts receivable | 2,628.2 | 2,366 | ||
Total current assets | 3,991 | 3,606.5 | ||
Properties, net | 3,361.7 | 3,427.5 | ||
Goodwill | 6,455.1 | 6,444 | ||
Other intangibles, net | 11,810.5 | 11,800 | ||
Net investment in and advances to subsidiaries | 3,727.6 | 3,893.2 | ||
Total assets | 29,683 | 29,364.4 | ||
Accounts payable and other current liabilities | 1,627.7 | 1,651 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1.4 | 0 | ||
Intercompany accounts payable | 139.1 | 120.9 | ||
Total current liabilities | 1,768.2 | 1,771.9 | ||
Long-term debt | 1,160.8 | 1,097.4 | ||
Pension and postretirement benefits | 711.3 | 711.2 | ||
Deferred tax liabilities | 1,476 | 1,461.1 | ||
Other Liabilities, Noncurrent | 208.6 | 199.3 | ||
Intercompany notes payable | 29.4 | 63.6 | ||
Total liabilities | 5,354.3 | 5,304.5 | ||
MCBC stockholders' equity | 30,349.8 | 30,057.5 | ||
Intercompany notes receivable | (6,021.1) | (5,997.6) | ||
Total stockholders' equity | 24,328.7 | 24,059.9 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 24,328.7 | 24,059.9 | ||
Total liabilities and equity | 29,683 | 29,364.4 | ||
Subsidiary Non Guarantors [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 517.7 | 436 | ||
Current assets: | ||||
Cash and cash equivalents | 196.2 | 386 | 161.4 | 271.1 |
Accounts receivable, net | 353 | 317.1 | ||
Other receivables, net | 32.4 | 28.3 | ||
Total inventories, net | 186.1 | 140.2 | ||
Other current assets, net | 98.7 | 85.4 | ||
Intercompany accounts receivable | 51.6 | 31 | ||
Total current assets | 918 | 988 | ||
Properties, net | 1,175.5 | 1,161.8 | ||
Goodwill | 1,824.3 | 1,816.8 | ||
Other intangibles, net | 1,933.6 | 1,970.4 | ||
Net investment in and advances to subsidiaries | 4,679.9 | 4,579.7 | ||
Total assets | 11,049 | 10,952.7 | ||
Accounts payable and other current liabilities | 811.8 | 884.6 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 37.3 | 21.9 | ||
Intercompany accounts payable | 551.7 | 439.6 | ||
Total current liabilities | 1,400.8 | 1,346.1 | ||
Long-term debt | 75.3 | 30.8 | ||
Pension and postretirement benefits | 12.3 | 12.2 | ||
Deferred tax liabilities | 766.6 | 758.9 | ||
Other Liabilities, Noncurrent | 85.4 | 98.5 | ||
Intercompany notes payable | 6,022.1 | 5,998.6 | ||
Total liabilities | 8,362.5 | 8,245.1 | ||
MCBC stockholders' equity | 3,822.7 | 3,890.4 | ||
Intercompany notes receivable | (1,377) | (1,411.2) | ||
Total stockholders' equity | 2,445.7 | 2,479.2 | ||
Noncontrolling interests | 240.8 | 228.4 | ||
Total equity | 2,686.5 | 2,707.6 | ||
Total liabilities and equity | 11,049 | 10,952.7 | ||
Consolidated [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 903.3 | 698 | ||
Current assets: | ||||
Cash and cash equivalents | 234.4 | 1,057.9 | $ 197.9 | $ 418.6 |
Accounts receivable, net | 909.5 | 744.4 | ||
Other receivables, net | 141.6 | 126.6 | ||
Total inventories, net | 687.9 | 591.8 | ||
Other current assets, net | 364.6 | 245.6 | ||
Intercompany accounts receivable | 0 | 0 | ||
Total current assets | 2,338 | 2,766.3 | ||
Properties, net | 4,553.3 | 4,608.3 | ||
Goodwill | 8,279.4 | 8,260.8 | ||
Other intangibles, net | 13,749.6 | 13,776.4 | ||
Net investment in and advances to subsidiaries | 0 | 0 | ||
Total assets | 29,823.6 | 30,109.8 | ||
Accounts payable and other current liabilities | 2,561.3 | 2,706.4 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,641.1 | 1,594.5 | ||
Intercompany accounts payable | 0 | 0 | ||
Total current liabilities | 4,202.4 | 4,300.9 | ||
Long-term debt | 8,484.8 | 8,893.8 | ||
Pension and postretirement benefits | 726.9 | 726.6 | ||
Deferred tax liabilities | 2,151.5 | 2,128.9 | ||
Other Liabilities, Noncurrent | 369.9 | 323.8 | ||
Intercompany notes payable | 0 | 0 | ||
Total liabilities | 15,935.5 | 16,374 | ||
MCBC stockholders' equity | 13,647.3 | 13,507.4 | ||
Intercompany notes receivable | 0 | 0 | ||
Total stockholders' equity | 13,647.3 | 13,507.4 | ||
Noncontrolling interests | 240.8 | 228.4 | ||
Total equity | 13,888.1 | 13,735.8 | ||
Total liabilities and equity | $ 29,823.6 | $ 30,109.8 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | $ (98.5) | $ 315.2 |
Cash flows from investing activities: | ||
Additions to properties | (198) | (208.3) |
Proceeds from sales of properties and other assets | 2.4 | 1.6 |
Other | 1 | (45.4) |
Net cash provided by (used in) investing activities | (194.6) | (252.1) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0.6 | 6.1 |
Dividends paid | (88.7) | (88.5) |
Payments on debt and borrowings | (1,067.2) | (0.8) |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 604.3 | (248.7) |
Change in overdraft balances and other | 16.2 | 42 |
Net cash provided by (used in) financing activities | (534.8) | (289.9) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (827.9) | (226.8) |
Effect of foreign exchange rate changes on cash and cash equivalents | 4.4 | 6.1 |
Balance at beginning of year | 1,057.9 | 418.6 |
Balance at end of period | 234.4 | 197.9 |
Parent Company [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | 32.6 | 353 |
Cash flows from investing activities: | ||
Additions to properties | (2.6) | (1.2) |
Proceeds from sales of properties and other assets | 0 | 0 |
Other | 0 | 0 |
Net intercompany investing activity | 9.4 | 12.7 |
Net cash provided by (used in) investing activities | 6.8 | 11.5 |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0.6 | 6.1 |
Dividends paid | (81.4) | (81.2) |
Payments on debt and borrowings | (1,066.3) | 0 |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 603.4 | (250.5) |
Change in overdraft balances and other | (2.8) | (2.9) |
Net intercompany financing activity | 0 | (32.6) |
Net cash provided by (used in) financing activities | (546.5) | (361.1) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (507.1) | 3.4 |
Effect of foreign exchange rate changes on cash and cash equivalents | 3 | 0 |
Balance at beginning of year | 515.8 | 6.6 |
Balance at end of period | 11.7 | 10 |
Subsidiary Guarantors [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | 70.2 | 208.1 |
Cash flows from investing activities: | ||
Additions to properties | (127.7) | (161.6) |
Proceeds from sales of properties and other assets | 1.4 | 0.7 |
Other | (0.3) | (1.1) |
Net intercompany investing activity | 4.1 | (8.2) |
Net cash provided by (used in) investing activities | (122.5) | (170.2) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | (29.5) | 0 |
Payments on debt and borrowings | (0.1) | (0.5) |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0 | 0 |
Change in overdraft balances and other | (4.7) | (6.1) |
Net intercompany financing activity | (46.2) | (145.4) |
Net cash provided by (used in) financing activities | (80.5) | (152) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (132.8) | (114.1) |
Effect of foreign exchange rate changes on cash and cash equivalents | 3.2 | (0.3) |
Balance at beginning of year | 156.1 | 140.9 |
Balance at end of period | 26.5 | 26.5 |
Subsidiary Non Guarantors [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (171.8) | (111.6) |
Cash flows from investing activities: | ||
Additions to properties | (67.7) | (45.5) |
Proceeds from sales of properties and other assets | 1 | 0.9 |
Other | 1.3 | (44.3) |
Net intercompany investing activity | 35.8 | 171.3 |
Net cash provided by (used in) investing activities | (29.6) | 82.4 |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | (7.3) | (141.6) |
Payments on debt and borrowings | (0.8) | (0.3) |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0.9 | 1.8 |
Change in overdraft balances and other | 23.7 | 51 |
Net intercompany financing activity | (3.1) | 2.2 |
Net cash provided by (used in) financing activities | 13.4 | (86.9) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (188) | (116.1) |
Effect of foreign exchange rate changes on cash and cash equivalents | (1.8) | 6.4 |
Balance at beginning of year | 386 | 271.1 |
Balance at end of period | 196.2 | 161.4 |
Consolidated [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (98.5) | 315.2 |
Cash flows from investing activities: | ||
Additions to properties | (198) | (208.3) |
Proceeds from sales of properties and other assets | 2.4 | 1.6 |
Other | 1 | (45.4) |
Net intercompany investing activity | 0 | 0 |
Net cash provided by (used in) investing activities | (194.6) | (252.1) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0.6 | 6.1 |
Dividends paid | (88.7) | (88.5) |
Payments on debt and borrowings | (1,067.2) | (0.8) |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 604.3 | (248.7) |
Change in overdraft balances and other | 16.2 | 42 |
Net intercompany financing activity | 0 | 0 |
Net cash provided by (used in) financing activities | (534.8) | (289.9) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (827.9) | (226.8) |
Effect of foreign exchange rate changes on cash and cash equivalents | 4.4 | 6.1 |
Balance at beginning of year | 1,057.9 | 418.6 |
Balance at end of period | 234.4 | 197.9 |
Consolidation, Eliminations [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (29.5) | (134.3) |
Cash flows from investing activities: | ||
Additions to properties | 0 | 0 |
Proceeds from sales of properties and other assets | 0 | 0 |
Other | 0 | 0 |
Net intercompany investing activity | (49.3) | (175.8) |
Net cash provided by (used in) investing activities | (49.3) | (175.8) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | 29.5 | 134.3 |
Payments on debt and borrowings | 0 | 0 |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0 | 0 |
Change in overdraft balances and other | 0 | 0 |
Net intercompany financing activity | 49.3 | 175.8 |
Net cash provided by (used in) financing activities | 78.8 | 310.1 |
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 |