Molson Coors Beverage (TAP) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 23, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-14829
Entity Registrant Name	Molson Coors Beverage Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0178360
Entity Address, Address Line One	P.O. BOX 4030, NH353
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Country	US
Entity Address, Postal Zip Code	80401
City Area Code	303
Local Phone Number	279-6565
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000024545
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,560,668
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		196,568,046
Exchangeable Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,725,047
Exchangeable Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,826,118
NEW YORK STOCK EXCHANGE | Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	TAP.A
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE | Common Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	TAP
Security Exchange Name	NYSE
1.25% Senior Notes due 2024 | NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	1.25% Senior Notes due 2024
Trading Symbol	TAP
Security Exchange Name	NYSE
CANADA
Entity Information [Line Items]
Entity Address, Address Line Two	1555 Notre Dame Street East
Entity Address, City or Town	Montréal
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Postal Zip Code	H2L 2R5
City Area Code	514
Local Phone Number	521-1786

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Sales	$ 3,029.8	$ 3,620	$ 5,567.6	$ 6,420.1
Excise taxes	(526.4)	(671.7)	(961.4)	(1,168.5)
Net sales	2,503.4	2,948.3	4,606.2	5,251.6
Cost of goods sold	(1,456.6)	(1,759.8)	(2,935.6)	(3,172.8)
Gross profit	1,046.8	1,188.5	1,670.6	2,078.8
Marketing, general and administrative expenses	(524.5)	(769.7)	(1,154.2)	(1,424.9)
Special items, net	(64.3)	49.9	(150.9)	36.9
Operating income (loss)	458	468.7	365.5	690.8
Interest income (expense), net	(69.7)	(65.6)	(138.6)	(138.9)
Other pension and postretirement benefits (costs), net	7.6	8.4	15.1	17
Other income (expense), net	5.8	(10.9)	1	13
Income (loss) before income taxes	401.7	400.6	243	581.9
Income tax benefit (expense)	(204.5)	(70.4)	(161.2)	(102.6)
Net income (loss)	197.2	330.2	81.8	479.3
Net (income) loss attributable to noncontrolling interests	(2.2)	(0.8)	(3.8)	1.5
Net income (loss) attributable to MCBC	$ 195	$ 329.4	$ 78	$ 480.8
Net income (loss) attributable to Molson Coors Beverage Company per share:
Net income (loss) per share, basic (in dollars per share)	$ 0.90	$ 1.52	$ 0.36	$ 2.22
Diluted net income (loss) attributable to Molson Coors Beverage Company per share:
Net income (loss) per share, diluted (in dollars per share)	$ 0.90	$ 1.52	$ 0.36	$ 2.22
Weighted average shares outstanding, basic
Weighted average shares - basic (in shares)	216.9	216.6	216.8	216.6
Weighted average shares outstanding, diluted
Dilutive effect of share-based awards (in shares)	0.1	0.3	0.2	0.3
Weighted average shares - diluted (in shares)	217	216.9	217	216.9
Share-based payment arrangement
Weighted average shares outstanding, diluted
Antidilutive securities excluded from the computation of diluted EPS (in shares)	2.3	1.3	2.1	1.3

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss) including noncontrolling interests	$ 197.2	$ 330.2	$ 81.8	$ 479.3
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	119.7	42.1	(253.8)	113.6
Unrealized gain (loss) on derivative instruments	(0.7)	(38.3)	(128.6)	(68)
Reclassification of derivative (gain) loss to income	(1.1)	(0.3)	(1.1)	(0.2)
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income	(1.9)	(0.5)	(3.2)	(1.1)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.8	0.8	1.5	1.8
Total other comprehensive income (loss), net of tax	116.8	3.8	(385.2)	46.1
Comprehensive income (loss)	314	334	(303.4)	525.4
Comprehensive (income) loss attributable to noncontrolling interests	(3.3)	(0.5)	(2)	1.6
Comprehensive income (loss) attributable to Molson Coors Beverage Company	$ 310.7	$ 333.5	$ (305.4)	$ 527

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 780.8	$ 523.4
Accounts receivable, net	713.7	714.8
Other receivables, net	129.1	105.5
Inventories, net	639.1	615.9
Other current assets, net	280	224.8
Total current assets	2,542.7	2,184.4
Properties, net	4,344	4,546.5
Goodwill	7,561.8	7,631.4
Other intangibles, net	13,384	13,656
Other assets	806.3	841.5
Total Assets	28,638.8	28,859.8
Current liabilities:
Accounts payable and other current liabilities	3,192.7	2,767.3
Current portion of long-term debt and short-term borrowings	613	928.2
Total current liabilities	3,805.7	3,695.5
Long-term debt	8,073.7	8,109.5
Pension and postretirement benefits	694.7	716.6
Deferred tax liabilities	2,218.5	2,258.6
Other liabilities	578.2	406.5
Total Liabilities	15,370.8	15,186.7
Commitments and contingencies (Note 12)
Capital stock:
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)	0	0
Paid-in capital	6,786.3	6,773.6
Retained earnings	7,571.2	7,617
Accumulated other comprehensive income (loss)	(1,545.6)	(1,162.2)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)	(471.4)	(471.4)
Total Molson Coors Beverage Company stockholders' equity	13,002.9	13,419.4
Noncontrolling interests	265.1	253.7
Total equity	13,268	13,673.1
Total liabilities and equity	28,638.8	28,859.8
Common Class A
Capital stock:
Common stock issued	0	0
Common Class B
Capital stock:
Common stock issued	2.1	2.1
Exchangeable Class A
Capital stock:
Exchangeable shares issued	102.5	102.5
Exchangeable Class B
Capital stock:
Exchangeable shares issued	$ 557.8	$ 557.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	9,500,000	9,500,000
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	2,600,000	2,600,000
Common stock, shares outstanding (in shares)	2,600,000	2,600,000
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	206,000,000	205,700,000
Common stock, shares outstanding (in shares)	206,000,000	205,700,000
Exchangeable Class A
Exchangeable shares, no par value (in dollars per share)	$ 0	$ 0
Exchangeable shares, issued (in shares)	2,700,000	2,700,000
Exchangeable shares, outstanding (in shares)	2,700,000	2,700,000
Exchangeable Class B
Exchangeable shares, no par value (in dollars per share)	$ 0	$ 0
Exchangeable shares, issued (in shares)	14,800,000	14,800,000
Exchangeable shares, outstanding (in shares)	14,800,000	14,800,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ 81.8	$ 479.3
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	494.2	429.7
Amortization of debt issuance costs and discounts	4	7.5
Share-based compensation	11.8	18.6
(Gain) loss on sale or impairment of properties and other assets, net	7.7	(67.7)
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net	40.9	(12.4)
Income tax (benefit) expense	161.2	102.6
Income tax (paid) received	(16.7)	(41.4)
Interest expense, excluding interest amortization	136	140.5
Interest paid	(129.8)	(140.9)
Change in current assets and liabilities and other	268.8	(87.8)
Net cash provided by (used in) operating activities	1,059.9	828
Cash flows from investing activities:
Additions to properties	(345.1)	(310.5)
Proceeds from sales of properties and other assets	3	99.9
Other	0.6	42.8
Net cash provided by (used in) investing activities	(341.5)	(167.8)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	4	1.4
Dividends paid	(125.3)	(177.4)
Payments on debt and borrowings	(507.6)	(1,070.8)
Proceeds on debt and borrowings	1	0
Net proceeds from (payments on) revolving credit facilities and commercial paper	199.8	(1.9)
Change in overdraft balances and other	(21.7)	12.8
Net cash provided by (used in) financing activities	(449.8)	(1,235.9)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	268.6	(575.7)
Effect of foreign exchange rate changes on cash and cash equivalents	(11.2)	8
Balance at beginning of year	523.4	1,057.9
Balance at end of period	$ 780.8	$ 490.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Millions	Total	Common StockCommon Class A	Common StockCommon Class B	Common StockExchangeable Class A	Common StockExchangeable Class B	Paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Common stock held in treasury, Class B	Noncontrolling interest
Beginning 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]
Exchange of shares				(0.2)	0.3	(0.1)
Shares issued under equity compensation plan	(7.9)		0.1			(8)
Amortization of share-based compensation	18.3					18.3
Acquisition of business	0.7									0.7
Net income (loss) including noncontrolling interests	479.3						480.8			(1.5)
Other comprehensive income (loss), net of tax	46.1							46.2		(0.1)
Adoption of lease accounting standard	32						32
Reclassification of stranded tax effects							74.8	(74.8)
Contributions from noncontrolling interests	21.5									21.5
Distributions and dividends to noncontrolling interests	(3.4)									(3.4)
Dividends declared and paid	(177.4)						(177.4)
Ending balance at Jun. 30, 2019	14,145	0	2.1	103	557.9	6,783.3	8,103.1	(1,178.6)	(471.4)	245.6
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of shares				(0.2)	0.3	(0.1)
Shares issued under equity compensation plan	0.3		0.1			0.2
Amortization of share-based compensation	7					7
Acquisition of business	0.7									0.7
Net income (loss) including noncontrolling interests	330.2						329.4			0.8
Other comprehensive income (loss), net of tax	3.8							4.1		(0.3)
Contributions from noncontrolling interests	7									7
Distributions and dividends to noncontrolling interests	(3.4)									(3.4)
Dividends declared and paid	(88.7)						(88.7)
Ending balance at Jun. 30, 2019	14,145	0	2.1	103	557.9	6,783.3	8,103.1	(1,178.6)	(471.4)	245.6
Beginning balance at Dec. 31, 2019	13,673.1	0	2.1	102.5	557.8	6,773.6	7,617	(1,162.2)	(471.4)	253.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plan	0.9		0			0.9
Amortization of share-based compensation	11.8					11.8
Purchase of noncontrolling interest	(0.1)									(0.1)
Net income (loss) including noncontrolling interests	81.8						78			3.8
Other comprehensive income (loss), net of tax	(385.2)							(383.4)		(1.8)
Contributions from noncontrolling interests	14									14
Distributions and dividends to noncontrolling interests	(4.5)									(4.5)
Dividends declared and paid	(123.8)						(123.8)
Ending balance at Jun. 30, 2020	13,268	0	2.1	102.5	557.8	6,786.3	7,571.2	(1,545.6)	(471.4)	265.1
Beginning balance at Mar. 31, 2020	12,946	0	2.1	102.5	557.8	6,780.7	7,376.2	(1,661.3)	(471.4)	259.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plan	(0.3)					(0.3)
Amortization of share-based compensation	5.9					5.9
Net income (loss) including noncontrolling interests	197.2						195			2.2
Other comprehensive income (loss), net of tax	116.8							115.7		1.1
Contributions from noncontrolling interests	5.4									5.4
Distributions and dividends to noncontrolling interests	(3)									(3)
Ending balance at Jun. 30, 2020	$ 13,268	$ 0	$ 2.1	$ 102.5	$ 557.8	$ 6,786.3	$ 7,571.2	$ (1,545.6)	$ (471.4)	$ 265.1

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (PARENTHETICAL) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.41	$ 0.57	$ 0.82
Dividends paid (in dollars per share)	$ 0.41	$ 0.57	$ 0.82

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly. Unless otherwise indicated, 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, 2019 ("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 in Note 2, "New Accounting Pronouncements" as well as the changes to our reportable segments and reporting units as discussed above and in Note 3, "Segment Reporting" and Note 7, "Goodwill and Intangible Assets," respectively. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be achieved for the full year. Coronavirus Global Pandemic On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic and recommended containment and mitigation measures. We are actively monitoring the impact of the coronavirus pandemic, which has had, and we currently expect will continue to have, a material adverse effect on our operations, liquidity, financial condition and financial results for our full year 2020 and, possibly, beyond. The extent to which our operations will be impacted by the pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity and duration of the outbreak and actions by government authorities to contain the pandemic or treat its impact, among other things. During the three and six months ended June 30, 2020, we recorded charges of $15.5 million within cost of goods sold related to temporary "thank you" pay for certain essential North America brewery employees. Additionally, in order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which have been negatively impacted by the coronavirus pandemic, during the first quarter of 2020, we initiated temporary keg relief programs in many of our markets. As part of these voluntary programs, we committed to provide customers with reimbursements for untapped kegs that meet certain established return requirements. As a result, during the six months ended June 30, 2020, we recognized a reduction to net sales of $31.8 million, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates during the second quarter of 2020, reflecting estimated sales returns and reimbursements through these keg relief programs. This estimate was derived considering various factors, including but not limited to, the actual amount of previously sold keg product eligible for reimbursement, along with the assumed length of time the product has been at a customer location to estimate the number of kegs that remain untapped. Further, during the six months ended June 30, 2020, we recognized charges of $16.8 million, substantially all of which was recognized in the first quarter other than immaterial adjustments for changes in estimates during the second quarter of 2020, within cost of goods sold related to obsolete finished goods keg inventories that are not expected to be sold within our freshness specifications, as well as the estimated costs to facilitate the above mentioned keg returns. As of June 30, 2020 and December 31, 2019, our aggregate allowance for obsolete inventories was approximately $15 million and $11 million, respectively. These estimates are subject to change, and actual results could deviate from our current estimates due to many factors, including, but not limited to, the number of customers ultimately participating in the voluntary keg relief programs and the number of untapped kegs in the market relative to our expectations. Further, the actual duration of the coronavirus pandemic, including the length of government-mandated closures or ceased sit-down service limitations at bars and restaurants coupled with the subsequent economic recovery period relative to the assumptions utilized to derive these estimates, could result in further charges due to incremental finished goods keg inventory becoming obsolete in future periods. Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of both June 30, 2020 and December 31, 2019, our allowance for trade receivables was approximately $12 million, and allowance activity was immaterial during the three and six months ended June 30, 2020. Further, in response to the coronavirus pandemic, various governmental authorities globally have announced relief programs which among other items, provide temporary deferrals of income and non-income based tax payments, which have positively impacted our operating cash flows in the first half of 2020. These temporary deferrals of over $500 million as of June 30, 2020, are included within accounts payable and other current liabilities on our unaudited condensed consolidated balance sheet. Finally, we continue to protect and support our liquidity position in response to the global economic uncertainty created by the coronavirus pandemic. During the second quarter, our board of directors suspended our regular quarterly dividends on our Class A and Class B common and exchangeable shares otherwise payable in fiscal year 2020. For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and I ntangible Assets." Revitalization Plan On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. As discussed above, in connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have continued to incur charges in the first half of 2020. We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 5, "Special Items" and Note 7, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan. 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. See Note 4, "Investments" for further discussion. We also had non-cash activities related to capital expenditures incurred but not yet paid of $135.4 million and $149.9 million during the six months ended June 30, 2020 and June 30, 2019, respectively. Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 13, "Leases," there was no other significant non-cash activity during the six months ended June 30, 2020 and June 30, 2019. Share-Based Compensation

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements. In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020, through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S. segment, Canada segment, Europe segment and International segment. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidates the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly. We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities, and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components remain unallocated. Historical results have been recast to retrospectively reflect these changes in segment reporting. Summarized Financial Information No single customer accounted for more than 10% of our consolidated sales for the three and six months ended June 30, 2020 or June 30, 2019. Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to North America segment sales to the Europe segment. The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) North America $ 2,200.2 $ 2,400.6 $ 3,989.9 $ 4,333.2 Europe 307.1 554.1 624.7 929.8 Inter-segment net sales eliminations (3.9) (6.4) (8.4) (11.4) Consolidated net sales $ 2,503.4 $ 2,948.3 $ 4,606.2 $ 5,251.6 Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) North America (1)(2) $ 411.5 $ 448.5 $ 487.7 $ 694.4 Europe (3) (11.0) 43.4 (87.8) 5.0 Unallocated (4) 1.2 (91.3) (156.9) (117.5) Consolidated income (loss) before income taxes $ 401.7 $ 400.6 $ 243.0 $ 581.9 (1) The decrease during the three and six months ended June 30, 2020 was driven primarily by the impacts of the coronavirus pandemic including gross profit decline due to the closure of the on-premise channel, the estimated keg sales returns and finished good obsolescence reserves recognized primarily during the first quarter of 2020 and increased special charges. (2) During the three months ended June 30, 2019, we completed the sale of our Montreal brewery for $96.2 million (CAD 126.0 million), resulting in a $61.3 million gain. Also, 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. (3) The decrease during the three and six months ended June 30, 2020 was driven primarily by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020. (4) Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded an unrealized gain of $59.4 million and an unrealized loss of $39.7 million during the three and six months ended June 30, 2020, respectively, compared to an unrealized loss of $31.2 million and an unrealized gain of $2.9 million during the three and six months ended June 30, 2019, respectively. Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion. The following table presents total assets by segment: As of June 30, 2020 December 31, 2019 (In millions) North America $ 23,316.8 $ 23,360.2 Europe 5,322.0 5,499.6 Consolidated total assets $ 28,638.8 $ 28,859.8

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of June 30, 2020 or December 31, 2019. 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. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss LP ("Truss"), as well as other immaterial entities. Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), as well as other immaterial investments. Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we have a guarantee liability of $57.3 million and $37.7 million recorded as of June 30, 2020 and December 31, 2019, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity. Consolidated VIEs The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of June 30, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 201.5 $ 17.7 $ 207.4 $ 17.9 Other $ 87.1 $ 15.4 $ 65.3 $ 20.8

Special Items

Special Items	6 Months Ended
	Jun. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
Special Items	Special Items We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items. Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) Employee-related charges Restructuring $ 20.8 $ 2.6 $ 52.9 $ 6.3 Impairments or asset abandonment charges North America - Asset abandonment (1) 35.7 8.5 89.9 16.9 North America - Impairment losses 7.6 — 7.6 — Europe - Asset abandonment 0.2 — 0.5 0.6 Termination fees and other (gains) losses North America (2) — (61.0) — (60.8) Europe — — — 0.1 Total Special items, net $ 64.3 $ (49.9) $ 150.9 $ (36.9) (1) Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery, and such purchase is expected to be completed in the fourth quarter of 2020, subject to the satisfaction of certain customary closing conditions. Charges associated with the planned brewery closure for the three and six months ended June 30, 2020 totaled $40.3 million and $98.3 million, respectively, and consist primarily of accelerated depreciation in excess of normal depreciation of $33.5 million and $83.0 million, respectively. Charges also include employee related costs of $7.5 million and $14.8 million, recognized during the three and six months ended June 30, 2020, respectively, which are included within the restructuring line above. We will continue to incur special charges during each reporting period through the expected sale of the brewery in the fourth quarter of 2020. Remaining net special charges associated with the planned closure are expected to be approximately $10 million to $15 million, consisting primarily of accelerated depreciation charges. However, this estimated range contains significant uncertainty, and actual results could differ materially from these estimates due to uncertainty regarding the ultimate net cost associated with the disposition of assets and restructuring charges. Separately, during the three and six months ended June 30, 2020 and June 30, 2019 we incurred asset abandonment charges, consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Vancouver brewery, which occurred in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 21 million, through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change. (2) During the second quarter of 2019, we completed the sale of the existing Montreal brewery property for $96.2 million (CAD 126.0 million) and recognized a gain of $61.3 million. Restructuring Activities On October 28, 2019, as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees have been extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees have been asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units, including Europe, the revitalization plan is expected to reduce employment levels, in aggregate, by approximately 600 employees globally. In connection with these consolidation activities and related organizational and personnel changes, we currently expect to incur certain cash and non-cash restructuring charges related to severance, retention and transition costs, employee relocation, non-cash asset related costs, lease exit costs in connection with our office lease in Denver, Colorado, and other transition activities currently estimated in the range of approximately $90 million to $120 million in the aggregate, the majority of which will be cash charges that we began recognizing in the fourth quarter of 2019, and will be further recognized through the balance of fiscal years 2020 and 2021. During the three and six months ended June 30, 2020, we recognized severance and retention charges of $8.4 million and $31.1 million, respectively, and our remaining accrued restructuring balance related to the revitalization plan as of June 30, 2020 was approximately $33 million. Actual severance and retention costs related to this restructuring, which are primarily being recognized ratably over the employees' required future service period, may differ from original estimates based on actual employee turnover levels prior to achieving severance and retention eligibility requirements. Employee relocation charges are recognized in the period incurred and totaled $4.4 million and $6.4 million for the three and six months ended June 30, 2020, respectively. Additionally, during the second quarter of 2020, we recognized an aggregate impairment loss of $7.6 million related to the closure of the office facility in Denver, Colorado, including our lease right-of use asset, in light of the sublease market outlook as a result of the coronavirus pandemic. Should our ability to obtain future subtenant occupancy for the office location significantly differ from the estimates and assumptions used to determine its fair value, which represent Level 3 measurements, additional impairment losses may be recognized in the future. Other than those noted above, there were no material changes to our restructuring activities since December 31, 2019, 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 as of June 30, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months. North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 47.8 8.0 55.8 Payments made (39.5) (9.2) (48.7) Changes in estimates (2.1) (0.8) (2.9) Foreign currency and other adjustments (0.5) (0.1) (0.6) As of June 30, 2020 $ 48.3 $ 2.4 $ 50.7 North America Europe Total (In millions) As of December 31, 2018 $ 24.5 $ 1.1 $ 25.6 Charges incurred and changes in estimates 1.9 4.4 6.3 Payments made (18.7) (3.0) (21.7) Foreign currency and other adjustments 0.1 — 0.1 As of June 30, 2019 $ 7.8 $ 2.5 $ 10.3

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax	Income Tax Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Effective tax rate 51 % 18 % 66 % 18 % The increase in the effective tax rate for the three and six months ended June 30, 2020 was primarily driven by approximately $135 million of discrete tax expense recognized in the second quarter of 2020 related to the hybrid regulations enacted in the second quarter of 2020, as further discussed below. The increase in the effective tax rate during the six months ended June 30, 2020 was further driven by lower pretax income during the first half of 2020. Since 2018, the U.S. Department of Treasury has continued to issue proposed, temporary and final regulations to implement provisions of the 2017 Tax Act. We have continued to monitor these regulations, and on April 7, 2020, the U.S. Department of Treasury enacted final hybrid regulations with full retroactive application to January 1, 2018, with a few exceptions. We have reviewed the final regulations and their impact on our tax positions and financial statements. The final regulations, associated with the taxability of certain interest, impact tax positions we took in 2018 and 2019 and have resulted in additional income tax expense of approximately $135 million, which was recognized upon enactment in the second quarter of 2020. The impact of the finalized regulations could result in cash tax outflows up to this amount in 2021. We continue to analyze the potential cash impacts of the final regulations to minimize any cash outflows. In July 2020, the U.K. government enacted legislation to repeal the previously enacted reduction to the corporate income tax rate that was due to take effect April 1, 2020, which will change the previously anticipated corporate income tax rate from 17% to 19%. We anticipate the impact to estimated income tax expense in the third quarter of 2020 will be immaterial.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets North America (1) Europe Consolidated Changes in Goodwill: (In millions) Balance as of December 31, 2019 $ 6,146.6 $ 1,484.8 $ 7,631.4 Foreign currency translation (9.4) (60.2) (69.6) Balance as of June 30, 2020 $ 6,137.2 $ 1,424.6 $ 7,561.8 (1) As a result of the structural changes resulting from the revitalization plan, we re-evaluated our reporting units and have combined our historical U.S. and Canada reporting units into a single North America reporting unit. There were no related changes to our Europe reporting unit. See further discussion below. The gross amount of goodwill totaled approximately $8.2 billion and $8.3 billion as of June 30, 2020 and December 31, 2019, respectively. Accumulated impairment losses as of June 30, 2020 and December 31, 2019 totaled $651.9 million and $681.3 million, respectively, all of which was related to our North America segment. The following table presents details of our intangible assets, other than goodwill, as of June 30, 2020: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,928.7 $ (945.8) $ 3,982.9 License agreements and distribution rights 15 - 20 199.2 (90.7) 108.5 Other 3 - 40 124.0 (46.2) 77.8 Intangible assets not subject to amortization: Brands Indefinite 8,132.0 — 8,132.0 Distribution networks Indefinite 745.2 — 745.2 Other Indefinite 337.6 — 337.6 Total $ 14,466.7 $ (1,082.7) $ 13,384.0 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,036.3 $ (865.1) $ 4,171.2 License agreements and distribution rights 15 - 20 202.0 (90.6) 111.4 Other 3 - 40 124.0 (39.4) 84.6 Intangible assets not subject to amortization: Brands Indefinite 8,172.4 — 8,172.4 Distribution networks Indefinite 778.8 — 778.8 Other Indefinite 337.6 — 337.6 Total $ 14,651.1 $ (995.1) $ 13,656.0 The changes in the gross carrying amounts of intangible assets from December 31, 2019 to June 30, 2020 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies. Based on foreign exchange rates as of June 30, 2020, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2020 - remaining $ 108.3 2021 $ 213.2 2022 $ 207.8 2023 $ 206.7 2024 $ 206.6 Amortization expense of intangible assets was $54.6 million and $55.2 million for the three months ended June 30, 2020 and June 30, 2019, respectively, and $109.5 million and $110.6 million for the six months ended June 30, 2020 and June 30, 2019, respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations. Reporting Unit Changes and Interim Impairment Testing As of the date of completion of our 2019 impairment testing discussed above, the operations in each of the specific regions within our historical U.S., Canada, Europe and International segments were considered components based on the availability of discrete financial information and the regular review by segment management. We had further concluded that the components within the U.S., Canada and Europe segments each met the criteria of having similar economic characteristics and therefore we previously aggregated these components into the U.S., Canada and Europe reporting units, respectively. Additionally, we previously determined that the components within our International segment did not meet the criteria for aggregation, and therefore, the operations of our India business constituted a separate reporting unit at the component level, however, the associated goodwill balance was fully impaired in the third quarter of 2019. As discussed in Note 3, "Segment Reporting," effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. These structural changes included leadership re-alignment with a centralized North America leadership team, an integrated North American supply chain network, and centralized marketing and innovations functions including movement to a single brand manager and North America marketing strategy for our major brands. Additionally, as part of our leadership re-alignment, we moved from two separate U.S. and Canada segment managers, to a single North America segment manager, our President and Chief Executive Officer, who reviews discrete financial information only at the consolidated North America segment level. As a result of these changes, we re-evaluated our historical reporting unit conclusions and have consolidated our previously separate U.S. and Canada reporting units into a single North America reporting unit effective January 1, 2020. There were no changes to our existing Europe reporting unit, which was considered to be at risk of future impairment following the completion of our October 1, 2019 annual impairment testing. We completed an interim impairment assessment for our U.S. and Canada reporting units as of January 1, 2020 immediately prior to the reporting unit change, as well as an impairment assessment of the combined North America reporting unit immediately after the change, and determined that no impairments existed. Additionally, as the changes resulted in the combination of our historical U.S. and Canada reporting units into a single North America reporting unit, no further reallocation of goodwill was required. Additionally, as a result of the structural changes discussed above, including the centralization of the brand management and strategy for our Coors brands across North America, we have aggregated our Coors brand indefinite-lived intangible asset in the U.S. and Coors Light distribution agreement indefinite-lived intangible asset in Canada into a single unit of accounting for the purpose of testing for impairment, effective January 1, 2020. We completed an interim impairment assessment for each individual indefinite-lived intangible asset immediately prior to aggregation, and determined that no impairments existed. We have further evaluated whether the effects of the coronavirus pandemic, and related impacts to the interest rate environment as well as market multiples, required an additional interim impairment assessment as of June 30, 2020. While factors are present that indicate that triggering events may exist, such as the decline in our market capitalization since the pandemic began in March 2020 combined with recent weakened financial performance, current circumstances do not indicate that it is more likely than not that the fair values of our reporting units or indefinite-lived intangible assets have fallen below their carrying values. Therefore, an interim impairment assessment was not performed as of June 30, 2020. However, we believe that the effects of the coronavirus pandemic may, depending on severity and duration, place our North America and Europe reporting units and certain of our indefinite-lived intangible assets at risk of future impairment. We will continue to monitor the length and severity of the impacts of the pandemic to our business, and if the duration is prolonged and the severity of its impacts continues or worsens, this may indicate the need to perform future interim impairment analyses that could result in material impairments. 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 intangible assets are discussed in Part II—Item 8 Financial Statements, Note 10, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements. 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 and interim assessments and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses. For example, we continue to monitor the challenges within the beer industry for further weakening or additional systemic structural declines, as well as for adverse changes in macroeconomic conditions such as the coronavirus pandemic that could significantly impact our immediate and long-range results. Specifically, subsequent to the January 1, 2020 interim impairment assessments, the World Health Organization characterized the outbreak of the coronavirus disease as a global pandemic as further discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies.” Our business has been, and could continue to be, materially and adversely impacted by the coronavirus pandemic. The related weakening of economic conditions during a prolonged pandemic could lead to a material impairment as the duration and severity of the pandemic and resulting impacts to our financial projections are further understood. Additionally, we are monitoring the impacts the coronavirus pandemic has on the market inputs used in calculating our discount rates, including risk-free rates, equity premiums and our cost of debt, which could result in a meaningful change to our weighted-average cost of capital calculation, as well as the market multiples used in our impairment assessment. Furthermore, increased volatility in the equity and debt markets or other country specific factors, including, but not limited to, extended or future government intervention in response to the pandemic, could also result in a meaningful change to our weighted-average cost of capital calculation and other inputs used in our impairment assessment. Separately, the Ontario government adopted a bill that, if enacted, could adversely impact the existing terms of the beer distribution and retail systems in the province, as further described in Note 12, "Commitments and Contingencies." While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets equal to or in excess of carrying values, if our assumptions are not realized, it is possible that an impairment loss may need to be recorded in the future. Definite-Lived Intangible Assets

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt obligations As of June 30, 2020 December 31, 2019 (In millions) Long-term debt: CAD 500 million 2.75% notes due September 2020 $ 368.3 $ 384.9 CAD 500 million 2.84% notes due July 2023 368.3 384.9 CAD 500 million 3.44% notes due July 2026 368.3 384.9 $500 million 2.25% notes due March 2020 (1)(2) — 499.8 $1.0 billion 2.1% notes due July 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (1) 505.1 506.5 $2.0 billion 3.0% notes due July 2026 2,000.0 2,000.0 $1.1 billion 5.0% notes due May 2042 1,100.0 1,100.0 $1.8 billion 4.2% notes due July 2046 1,800.0 1,800.0 EUR 800 million 1.25% notes due July 2024 898.7 897.0 Finance leases and other 121.5 129.5 Less: unamortized debt discounts and debt issuance costs (53.1) (56.7) Total long-term debt (including current portion) 8,477.1 9,030.8 Less: current portion of long-term debt (403.4) (921.3) Total long-term debt $ 8,073.7 $ 8,109.5 Short-term borrowings: Commercial paper programs (3)(4) $ 199.9 $ — Other short-term borrowings (5) 9.7 6.9 Current portion of long-term debt 403.4 921.3 Current portion of long-term debt and short-term borrowings $ 613.0 $ 928.2 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) We repaid our $500 million 2.25% notes upon maturity in March 2020, at which time we also settled the associated cross currency swaps resulting in cash receipts of $3.2 million, which were classified as financing and investing activities in our unaudited condensed consolidated statement of cash flows. As of June 30, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. (3) We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During the first half of 2020, we utilized borrowings from this facility in order to fund the repayment of our $500 million 2.25% notes upon maturity in March 2020, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies." These borrowings were subsequently repaid during the second quarter of 2020. As of June 30, 2020, we had $1.3 billion available to draw on the $1.5 billion revolving credit facility, as the borrowing capacity is also reduced by borrowings under our commercial paper program. The outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 1.05% and 31 days, respectively, as of June 30, 2020. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019. Subsequent to June 30, 2020, we had net commercial paper payments of approximately $25 million, for a total amount outstanding of approximately $175 million as of July 30, 2020. As such, as of July 30, 2020, we have approximately $1.3 billion available to draw on our total $1.5 billion revolving credit facility. Additionally, we expect to use commercial paper issuances and cash on hand to fund the upcoming repayment of our CAD 500 million 2.75% notes due September 2020, which we began purchasing CAD in anticipation of this upcoming maturity during July 2020. (4) On May 26, 2020, Molson Coors Brewing Company (UK) Limited (“MCBC U.K.”), a subsidiary of MCBC that operates and manages the Company’s business in the U.K., established a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that are eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, which may be increased from time to time as provided in the Dealer Agreement (as defined below). Commercial paper issuances under the CCFF Program do not impact the borrowing capacity under our revolving credit facility. In connection with the CCFF Program, MCBC U.K. and MCBC entered into a Dealer Agreement (the “Dealer Agreement”) with Lloyds Bank Corporate Markets PLC (“Lloyds”), as both the arranger and dealer, pursuant to which notes may be issued to Lloyds at such prices and upon such terms as MCBC U.K. and Lloyds may agree. The maturities of the notes vary but will not be less than seven days nor greater than 364 days. The Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions typical for the issuance of commercial paper of this type. In addition, MCBC entered into a Deed of Guarantee to guarantee the payment of all sums payable from time to time by MCBC U.K. in respect of the notes to the holders of any notes. As of both June 30, 2020 and July 30, 2020, we had no borrowings outstanding under the CCFF Program. (5) As of June 30, 2020, we had $6.9 million in bank overdrafts and $39.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $32.4 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. We had total outstanding borrowings of $2.8 million under our two JPY overdraft facilities as of both June 30, 2020 and December 31, 2019. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of June 30, 2020 or December 31, 2019. Debt Fair Value Measurements We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of June 30, 2020 and December 31, 2019, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $8.7 billion and $9.2 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy. Debt Covenants On June 19, 2020, we entered into to an amendment to our existing revolving credit facility agreement, which among other things, revised the leverage ratios under the financial maintenance covenant for each fiscal quarter ending on or after June 30, 2020 through the maturity of the credit facility. The maximum leverage ratio, as defined by the amended revolving credit facility agreement as of June 30, 2020 is 4.75x net debt to EBITDA, with an increase to 5.25x net debt to EBITDA as of the last day of the fiscal quarter ending September 30, 2020 through March 31, 2021, followed by a 0.50x reduction to 4.75x net debt to EBITDA for the fiscal quarter ending June 30, 2021. The leverage ratio requirement as of the last day of the fiscal quarter ending September 30, 2021 is reduced by 0.25x to 4.50x net debt to EBITDA, with a further 0.50x reduction to 4.00x net debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2021 through maturity of the credit facility.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories As of June 30, 2020 December 31, 2019 (In millions) Finished goods $ 244.9 $ 236.7 Work in process 93.1 84.0 Raw materials 223.2 227.1 Packaging materials 77.9 68.1 Inventories, net $ 639.1 $ 615.9

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) MCBC stockholders' equity Foreign Gain (loss) on Pension and Equity method Accumulated (In millions) As of December 31, 2019 $ (652.5) $ (87.8) $ (351.0) $ (70.9) $ (1,162.2) Foreign currency translation adjustments (242.9) — — — (242.9) Gain (loss) on net investment hedges 3.5 — — — 3.5 Unrealized gain (loss) on derivative instruments — (171.0) — — (171.0) Reclassification of derivative (gain) loss to income — (1.4) — — (1.4) Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (4.2) — (4.2) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 2.0 2.0 Tax benefit (expense) (12.6) 42.7 1.0 (0.5) 30.6 As of June 30, 2020 $ (904.5) $ (217.5) $ (354.2) $ (69.4) $ (1,545.6) Reclassifications from AOCI to net income (loss) were immaterial for the three and six months ended June 30, 2020 and June 30, 2019.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
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 within Part II—Item 8 Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 16, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the first half of 2020. 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. Our significant derivative positions have not changed considerably since year-end. 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. The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2020 and December 31, 2019. Fair value measurements as of June 30, 2020 As of June 30, 2020 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ 12.0 $ — $ 12.0 $ — Interest rate swaps (291.3) — (291.3) — Foreign currency forwards 8.1 — 8.1 — Commodity swaps and options (81.3) — (81.3) — Warrants 1.1 — 1.1 — Total $ (351.4) $ — $ (351.4) $ — Fair value measurements as of December 31, 2019 As of December 31, 2019 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ 10.0 $ — $ 10.0 $ — Interest rate swaps (111.5) — (111.5) — Foreign currency forwards 2.1 — 2.1 — Commodity swaps and options (41.2) — (41.2) — Warrants 2.7 — 2.7 — Total $ (137.9) $ — $ (137.9) $ — As of June 30, 2020 and December 31, 2019, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the six months ended June 30, 2020 were all included in Level 2. Results of Period Derivative Activity The tables below include the results of our derivative activity in our unaudited condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019, and our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2020 and June 30, 2019. Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of June 30, 2020 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 400.0 Other current assets $ — Accounts payable and other current liabilities $ — Other non-current assets 12.0 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (291.3) Foreign currency forwards $ 191.2 Other current assets 5.8 Accounts payable and other current liabilities (0.2) Other non-current assets 2.7 Other liabilities (0.2) Total derivatives designated as hedging instruments $ 20.5 $ (291.7) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 950.3 Other current assets $ 6.4 Accounts payable and other current liabilities $ (76.4) Other non-current assets 9.4 Other liabilities (20.7) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 50.8 Other non-current assets 1.1 Other liabilities — Total derivatives not designated as hedging instruments $ 16.9 $ (97.1) As of December 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 $ 1.8 Accounts payable and other current liabilities $ — Other non-current assets 8.2 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (111.5) Foreign currency forwards $ 237.9 Other current assets 1.9 Accounts payable and other current liabilities (0.8) Other non-current assets 1.4 Other liabilities (0.4) Total derivatives designated as hedging instruments $ 13.3 $ (112.7) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 598.4 Other current assets $ 5.7 Accounts payable and other current liabilities $ (36.4) Other non-current assets 1.0 Other liabilities (11.5) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 53.1 Other non-current assets 2.7 Other liabilities — Total derivatives not designated as hedging instruments $ 9.4 $ (47.9) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of June 30, 2020 As of December 31, 2019 As of June 30, 2020 As of December 31, 2019 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ (0.2) Long-term debt $ — $ — $ 5.1 $ 6.5 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended June 30, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ 6.1 Interest income (expense), net $ (0.7) Foreign currency forwards (7.0) Cost of goods sold 2.6 Other income (expense), net (0.5) Total $ (0.9) $ 1.4 Three Months Ended June 30, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ (7.8) Interest income (expense), net $ — Interest income (expense), net $ 2.8 Total $ (7.8) $ — $ 2.8 Three Months Ended June 30, 2020 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 $ (16.2) Other income (expense), net $ — Other income (expense), net $ — Total $ (16.2) $ — $ — Three Months Ended June 30, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (46.3) Interest income (expense), net $ (0.8) Foreign currency forwards (4.5) Cost of goods sold 1.5 Other income (expense), net (0.3) Total $ (50.8) $ 0.4 Three Months Ended June 30, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ (9.5) Interest income (expense), net $ — Interest income (expense), net $ 6.4 Total $ (9.5) $ — $ 6.4 Three Months Ended June 30, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ (12.4) Other income (expense), net $ — Other income (expense), net $ — Total $ (12.4) $ — $ — Six Months Ended June 30, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (179.8) Interest income (expense), net $ (1.4) Foreign currency forwards 8.8 Cost of goods sold 3.6 Other income (expense), net (0.8) Total $ (171.0) $ 1.4 Six Months Ended June 30, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 5.2 Interest income (expense), net $ — Interest income (expense), net $ 8.5 Total $ 5.2 $ — $ 8.5 Six Months Ended June 30, 2020 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 $ (1.7) Other income (expense), net $ — Other income (expense), net $ — Total $ (1.7) $ — $ — Six Months Ended June 30, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (78.7) Interest income (expense), net $ (1.5) Foreign currency forwards (11.5) Cost of goods sold 2.3 Other income (expense), net (0.5) Total $ (90.2) -90200000 $ 0.3 Six Months Ended June 30, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 6.6 Interest income (expense), net $ — Interest income (expense), net $ 10.4 Total $ 6.6 $ — $ 10.4 Six Months Ended June 30, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 7.6 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 17.7 $ — $ — (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. We expect net gains of approximately $3 million (pretax) recorded in AOCI as of June 30, 2020 related to cash flow hedges will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of June 30, 2020 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Three Months Ended June 30, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,456.6) $ 5.8 $ (69.7) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 2.6 (0.5) — Three Months Ended June 30, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,759.8) $ (10.9) $ (65.6) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.8) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 1.5 (0.3) — Six Months Ended June 30, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (2,935.6) $ 1.0 $ (138.6) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (1.4) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 3.6 (0.8) — Six Months Ended June 30, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (3,172.8) $ 13.0 $ (138.9) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (1.5) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 2.3 (0.5) — (1) We had no outstanding fair value hedges during the first half of 2020 or 2019. The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended June 30, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ 24.6 Warrants Other income (expense), net 0.3 Total $ 24.9 Three Months Ended June 30, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (37.2) Warrants Other income (expense), net (15.0) Total $ (52.2) Six Months Ended June 30, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (87.9) Warrants Other income (expense), net (1.4) Total $ (89.3) Six Months Ended June 30, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (4.5) Warrants Other income (expense), net 7.9 Total $ 3.4 The gains and losses recognized in income related to our commodity swaps are largely driven by changes in the respective commodity market prices, primarily in aluminum and diesel.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 an aggregate accrued contingent liability of $20.6 million and $16.2 million as of June 30, 2020 and December 31, 2019, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first half of 2020, except as noted below. Other than those disclosed below, we are also involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against Molson Coors Beverage Company USA LLC ("MCBC USA" formerly known as 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 MCBC USA's profit from Keystone sales. MCBC USA subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MCBC USA's counterclaims and for a preliminary injunction seeking to bar MCBC USA from continuing to use “STONE” on Keystone Light cans and related marketing materials. In March 2019, the court denied Stone Brewing Company’s motion for preliminary injunction and its motion to dismiss MCBC USA's counterclaims. Discovery is closed and trial is currently scheduled to begin in October 2020. 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, based on the terms of the regulation, it is the U.S. Department of Treasury's position that future claims will no longer be accepted, and we may be further unable to collect previously claimed, but not yet received, refunds. In January 2020, the United States Court of International Trade issued an opinion and order ruling the challenged portions of this regulation dealing with refunds of certain federal duties, taxes and fees paid with respect to certain imported beer, to the extent of certain exported beer, to be unlawful. On April 17, 2020, the U.S. Department of Treasury appealed this ruling as well as filed a motion for stay of the enforcement of judgment and suspension of claims pending appeal. The U.S. Department of Treasury's motion to stay was denied pending appeal and they were ordered to pay on all claims under the accelerated payment program. As a result, we have collected approximately $24 million of previously filed claims during the second quarter of 2020, and have previously claimed, but not yet received, refunds of approximately $20 million recorded within other receivables, net on our unaudited condensed consolidated balance sheet as of June 30, 2020. On July 23, 2020, the U.S. Department of Treasury filed its opening appellate brief in the United States Court of Appeals for the Federal Circuit. We will continue to monitor this matter including our ability to collect the remainder of our previously claimed refunds, our potential liability to repay refunds received, as well our ability to claim ongoing refunds as the appeal process progresses. On February 15, 2019, two purported stockholders filed substantially similar putative class action complaints against the Company, Mark R. Hunter, and Tracey I. Joubert (the “Defendants”) in the United States District Court for the District of Colorado (the “Colorado District Court”), and in the United States District Court for the Northern District of Illinois (the “Illinois District Court”). On February 21, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The plaintiffs purport to represent a class of the Company’s stockholders and assert that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act by allegedly making false and misleading statements or omissions regarding the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017, and that the Company purportedly lacked adequate internal controls over financial reporting. The plaintiffs seek, among other things, an unspecified amount of damages and attorneys’ fees, expert fees and other costs. On April 16, 2019, motions to consolidate and appoint a lead plaintiff were filed in each case. On May 24, 2019, the securities class action suit filed with the Illinois District Court was transferred to the Colorado District Court, and subsequently was voluntarily dismissed on July 25, 2019. On October 2, 2019, the class action lawsuits originally filed in Colorado District Court were consolidated, and, on October 3, 2019, the court appointed a lead plaintiff and lead counsel for the consolidated case. On December 9, 2019, the lead plaintiff filed its amended complaint alleging that the Defendants made false statements and material omissions to the market beginning in February 2017 and ending in February 2019, which, it alleges, misled the market as to the strength of our financial condition and internal control processes related to financial accounting. The amended complaint further alleges that the Company and the Defendants caused the Company to falsely report its financial results by overstating retained earnings, net income, and tax benefits and understating deferred tax liabilities in an effort to inflate the price of our common stock. We filed a motion to dismiss the amended complaint on January 23, 2020; the plaintiff subsequently filed an opposition to our motion to dismiss on March 9, 2020; and we filed our reply brief in support of our motion to dismiss on April 8, 2020. The motion remains pending before the trial judge. 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 officers (the “Individual Defendants”), and the Company as a nominal defendant. On May 14, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. On August 12, 2019, a third derivative complaint was filed in Colorado District Court by a purported stockholder. All three derivative complaints assert claims against the Individual Defendants for breaches of fiduciary duty and unjust enrichment arising out of the Company’s dissemination to shareholders of purportedly materially misleading and inaccurate information in connection with the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017. The complaints further allege that the Company lacked adequate internal controls over financial reporting. The third derivative complaint filed in August also alleges the Individual Defendants violated Sections 14(a) and 20(a) of the Exchange Act by issuing misleading statements in the Company’s proxy statement. The relief sought in the complaints include changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees, other costs and such other relief as the court deems proper. All three derivative actions have been administratively closed, subject to being reopened for good cause shown. A range of potential loss is not estimable at this time. In June 2019, the Ontario government adopted a bill that, if enacted, would terminate a 10-year Master Framework Agreement that was originally signed between the previous government administration and Molson Canada 2005, a wholly owned indirect subsidiary of the Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd., and Brewers Retail Inc. in 2015 and dictates the terms of the beer distribution and retail systems in Ontario through 2025. The government has not yet proclaimed the bill as law. The impacts of these potential legislative changes are unknown at this time, but could have a negative impact on the results of operations, cash flows and financial position of the North America segment. While discussions remain ongoing with the government to reach a mutually agreeable alternative to the enactment of the law, it is unclear how the coronavirus pandemic will impact these discussions. Molson Canada 2005 and the other Master Framework Agreement signatories are prepared to vigorously defend our rights and pursue legal recourse, should the Master Framework Agreement be unilaterally terminated by the enactment of the legislation. Guarantees and Indemnities We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of June 30, 2020 and December 31, 2019, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $57.3 million and $37.7 million, respectively. See Note 4, "Investments" for further detail. Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we have accrued $10.4 million and $14.2 million, in aggregate, as of June 30, 2020 and December 31, 2019, respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $64.0 million, based on foreign exchange rates as of June 30, 2020. Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first half of 2020.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 was as follows: As of June 30, 2020 December 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 140.6 $ 154.5 Current operating lease liabilities Accounts payable and other current liabilities $ 47.2 $ 46.6 Non-current operating lease liabilities Other liabilities 108.5 119.5 Total operating lease liabilities $ 155.7 $ 166.1 Finance Leases Finance lease right-of-use assets Properties, net $ 64.6 $ 73.0 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 32.8 $ 34.5 Non-current finance lease liabilities Long-term debt 56.2 60.0 Total finance lease liabilities $ 89.0 $ 94.5 Supplemental cash flow information related to leases for the six months ended June 30, 2020 and June 30, 2019 was as follows: Six Months Ended June 30, 2020 June 30, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 25.7 $ 26.2 Operating cash flows from finance leases $ 1.9 $ 1.8 Financing cash flows from finance leases $ 3.1 $ 1.1 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 12.0 $ 25.6 Separately, we recorded an impairment loss inclusive of our Denver, Colorado office lease right-of use asset during the three months ended June 30, 2020 as discussed in Note 5, "Special Items" .
Leases	Leases Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 was as follows: As of June 30, 2020 December 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 140.6 $ 154.5 Current operating lease liabilities Accounts payable and other current liabilities $ 47.2 $ 46.6 Non-current operating lease liabilities Other liabilities 108.5 119.5 Total operating lease liabilities $ 155.7 $ 166.1 Finance Leases Finance lease right-of-use assets Properties, net $ 64.6 $ 73.0 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 32.8 $ 34.5 Non-current finance lease liabilities Long-term debt 56.2 60.0 Total finance lease liabilities $ 89.0 $ 94.5 Supplemental cash flow information related to leases for the six months ended June 30, 2020 and June 30, 2019 was as follows: Six Months Ended June 30, 2020 June 30, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 25.7 $ 26.2 Operating cash flows from finance leases $ 1.9 $ 1.8 Financing cash flows from finance leases $ 3.1 $ 1.1 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 12.0 $ 25.6 Separately, we recorded an impairment loss inclusive of our Denver, Colorado office lease right-of use asset during the three months ended June 30, 2020 as discussed in Note 5, "Special Items" .

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2020
Supplemental Guarantor Information [Abstract]
Supplemental Guarantor Information	Supplemental Guarantor Information For purposes of this Note 14, including the tables, "Parent Issuer" shall mean MCBC. "Subsidiary Guarantors" shall mean certain Canadian and U.S. subsidiaries reflecting the substantial operations of our North America segment. SEC Registered Securities On May 3, 2012, MCBC issued $1.9 billion of senior notes, in a registered public offering, consisting of $300 million 2.0% senior notes due 2017 (subsequently repaid in the second quarter of 2017), $500 million 3.5% senior notes due 2022, and $1.1 billion 5.0% senior notes due 2042. Additionally, on July 7, 2016, MCBC issued $500 million 1.45% senior notes due 2019 (subsequently repaid in the third quarter of 2019), $1.0 billion 2.10% senior notes due 2021, $2.0 billion 3.0% senior notes due 2026, $1.8 billion 4.2% senior notes due 2046 and EUR $800.0 million 1.25% senior notes due 2024, in a registered public offering. "Parent Issuer" in the below tables is specifically referring to MCBC in its capacity as the issuer of these 2012 and 2016 issuances. These senior notes are guaranteed on a senior unsecured basis by the Subsidiary Guarantors. Each of the Subsidiary Guarantors is 100% owned by the Parent Issuer. The guarantees are full and unconditional and joint and several. None of our other outstanding debt is registered with the SEC, and such other outstanding debt is guaranteed on a senior unsecured basis by the Parent and/or Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 8, "Debt" for details of all debt issued and outstanding as of June 30, 2020. Presentation The following information sets forth the unaudited condensed consolidating statements of operations for the three and six months ended June 30, 2020 and June 30, 2019, unaudited condensed consolidating balance sheets as of June 30, 2020 and December 31, 2019, and unaudited condensed consolidating statements of cash flows for the six months ended June 30, 2020 and June 30, 2019. Investments in subsidiaries are accounted for under the equity method; accordingly, entries necessary to consolidate the Parent Issuer and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition. MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 4.0 $ 2,529.4 $ 631.7 $ (135.3) $ 3,029.8 Excise taxes — (346.8) (179.6) — (526.4) Net sales 4.0 2,182.6 452.1 (135.3) 2,503.4 Cost of goods sold (0.5) (1,237.8) (346.9) 128.6 (1,456.6) Gross profit 3.5 944.8 105.2 (6.7) 1,046.8 Marketing, general and administrative expenses (26.4) (384.7) (120.1) 6.7 (524.5) Special items, net (10.1) (54.0) (0.2) — (64.3) Equity income (loss) in subsidiaries 275.9 (158.4) 16.5 (134.0) — Operating income (loss) 242.9 347.7 1.4 (134.0) 458.0 Interest income (expense), net (60.9) 22.0 (30.8) — (69.7) Other pension and postretirement benefits (costs), net (0.3) 5.1 2.8 — 7.6 Other income (expense), net 0.3 3.9 1.6 — 5.8 Income (loss) before income taxes 182.0 378.7 (25.0) (134.0) 401.7 Income tax benefit (expense) 13.0 (102.9) (114.6) — (204.5) Net income (loss) 195.0 275.8 (139.6) (134.0) 197.2 Net (income) loss attributable to noncontrolling interests — — (2.2) — (2.2) Net income (loss) attributable to MCBC $ 195.0 $ 275.8 $ (141.8) $ (134.0) $ 195.0 Comprehensive income (loss) attributable to MCBC $ 310.7 $ 394.8 $ 18.1 $ (412.9) $ 310.7 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 38.3 $ 2,765.8 $ 988.9 $ (173.0) $ 3,620.0 Excise taxes — (380.2) (291.5) — (671.7) Net sales 38.3 2,385.6 697.4 (173.0) 2,948.3 Cost of goods sold (2.4) (1,398.4) (479.9) 120.9 (1,759.8) Gross profit 35.9 987.2 217.5 (52.1) 1,188.5 Marketing, general and administrative expenses (71.5) (565.6) (184.7) 52.1 (769.7) Special items, net — 52.0 (2.1) — 49.9 Equity income (loss) in subsidiaries 374.5 (66.7) 85.0 (392.8) — Operating income (loss) 338.9 406.9 115.7 (392.8) 468.7 Interest income (expense), net (76.2) 88.3 (77.7) — (65.6) Other pension and postretirement benefits (costs), net — 1.1 7.3 — 8.4 Other income (expense), net (0.1) 22.5 (33.3) — (10.9) Income (loss) before income taxes 262.6 518.8 12.0 (392.8) 400.6 Income tax benefit (expense) 66.8 (143.8) 6.6 — (70.4) Net income (loss) 329.4 375.0 18.6 (392.8) 330.2 Net (income) loss attributable to noncontrolling interests — — (0.8) — (0.8) Net income (loss) attributable to MCBC $ 329.4 $ 375.0 $ 17.8 $ (392.8) $ 329.4 Comprehensive income (loss) attributable to MCBC $ 333.5 $ 424.0 $ 1.1 $ (425.1) $ 333.5 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 5.7 $ 4,568.4 $ 1,245.0 $ (251.5) $ 5,567.6 Excise taxes — (610.0) (351.4) — (961.4) Net sales 5.7 3,958.4 893.6 (251.5) 4,606.2 Cost of goods sold (0.9) (2,455.5) (719.3) 240.1 (2,935.6) Gross profit 4.8 1,502.9 174.3 (11.4) 1,670.6 Marketing, general and administrative expenses (63.1) (825.3) (277.2) 11.4 (1,154.2) Special items, net (15.4) (127.1) (8.4) — (150.9) Equity income (loss) in subsidiaries 241.1 (233.3) (3.7) (4.1) — Operating income (loss) 167.4 317.2 (115.0) (4.1) 365.5 Interest income (expense), net (120.4) 14.9 (33.1) — (138.6) Other pension and postretirement benefits (costs), net (0.3) 10.2 5.2 — 15.1 Other income (expense), net (0.3) (0.1) 1.4 — 1.0 Income (loss) before income taxes 46.4 342.2 (141.5) (4.1) 243.0 Income tax benefit (expense) 31.6 (99.7) (93.1) — (161.2) Net income (loss) 78.0 242.5 (234.6) (4.1) 81.8 Net (income) loss attributable to noncontrolling interests — — (3.8) — (3.8) Net income (loss) attributable to MCBC $ 78.0 $ 242.5 $ (238.4) $ (4.1) $ 78.0 Comprehensive income (loss) attributable to MCBC $ (305.4) $ 1.8 $ (523.2) $ 521.4 $ (305.4) MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 64.6 $ 4,975.1 $ 1,683.8 $ (303.4) $ 6,420.1 Excise taxes — (664.9) (503.6) — (1,168.5) Net sales 64.6 4,310.2 1,180.2 (303.4) 5,251.6 Cost of goods sold (3.9) (2,533.7) (845.5) 210.3 (3,172.8) Gross profit 60.7 1,776.5 334.7 (93.1) 2,078.8 Marketing, general and administrative expenses (143.1) (1,023.5) (351.4) 93.1 (1,424.9) Special items, net (0.4) 43.6 (6.3) — 36.9 Equity income (loss) in subsidiaries 619.8 (129.7) 79.1 (569.2) — Operating income (loss) 537.0 666.9 56.1 (569.2) 690.8 Interest income (expense), net (153.6) 168.5 (153.8) — (138.9) Other pension and postretirement benefits (costs), net — 2.3 14.7 — 17.0 Other income (expense), net (0.1) (7.4) 20.5 — 13.0 Income (loss) before income taxes 383.3 830.3 (62.5) (569.2) 581.9 Income tax benefit (expense) 97.5 (209.8) 9.7 — (102.6) Net income (loss) 480.8 620.5 (52.8) (569.2) 479.3 Net (income) loss attributable to noncontrolling interests — — 1.5 — 1.5 Net income (loss) attributable to MCBC $ 480.8 $ 620.5 $ (51.3) $ (569.2) $ 480.8 Comprehensive income attributable to MCBC $ 527.0 $ 694.8 $ (63.3) $ (631.5) $ 527.0 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 217.5 $ 119.1 $ 444.2 $ — $ 780.8 Accounts receivable, net — 406.7 307.0 — 713.7 Other receivables, net 4.5 96.8 27.8 — 129.1 Inventories, net — 470.6 168.5 — 639.1 Other current assets, net 1.4 172.5 106.1 — 280.0 Intercompany accounts receivable 123.4 1,149.1 105.5 (1,378.0) — Total current assets 346.8 2,414.8 1,159.1 (1,378.0) 2,542.7 Properties, net 6.4 3,161.7 1,175.9 — 4,344.0 Goodwill — 6,137.1 1,424.7 — 7,561.8 Other intangibles, net 3.0 11,556.6 1,824.4 — 13,384.0 Net investment in and advances to subsidiaries 21,339.2 8,006.1 4,352.5 (33,697.8) — Other assets 142.0 346.7 400.9 (83.3) 806.3 Total assets $ 21,837.4 $ 31,623.0 $ 10,337.5 $ (35,159.1) $ 28,638.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 133.8 $ 2,001.5 $ 1,057.4 $ — $ 3,192.7 Current portion of long-term debt and short-term borrowings 199.9 399.2 13.9 — 613.0 Intercompany accounts payable 920.8 167.9 289.3 (1,378.0) — Total current liabilities 1,254.5 2,568.6 1,360.6 (1,378.0) 3,805.7 Long-term debt 7,253.3 746.2 74.2 — 8,073.7 Pension and postretirement benefits 7.5 673.8 13.4 — 694.7 Deferred tax liabilities — 1,569.6 732.2 (83.3) 2,218.5 Other liabilities 320.3 166.5 91.4 — 578.2 Intercompany notes payable — 3,683.0 3,726.2 (7,409.2) — Total liabilities 8,835.6 9,407.7 5,998.0 (8,870.5) 15,370.8 MCBC stockholders' equity 13,002.9 25,940.4 7,757.4 (33,697.8) 13,002.9 Intercompany notes receivable (1.1) (3,725.1) (3,683.0) 7,409.2 — Total stockholders' equity 13,001.8 22,215.3 4,074.4 (26,288.6) 13,002.9 Noncontrolling interests — — 265.1 — 265.1 Total equity 13,001.8 22,215.3 4,339.5 (26,288.6) 13,268.0 Total liabilities and equity $ 21,837.4 $ 31,623.0 $ 10,337.5 $ (35,159.1) $ 28,638.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of December 31, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 15.7 $ 119.6 $ 388.1 $ — $ 523.4 Accounts receivable, net — 396.3 318.5 — 714.8 Other receivables, net 14.4 58.4 32.7 — 105.5 Inventories, net — 449.1 166.8 — 615.9 Other current assets, net 3.0 126.0 95.8 — 224.8 Intercompany accounts receivable 94.1 190.0 14.9 (299.0) — Total current assets 127.2 1,339.4 1,016.8 (299.0) 2,184.4 Properties, net 19.8 3,294.7 1,232.0 — 4,546.5 Goodwill — 6,146.5 1,484.9 — 7,631.4 Other intangibles, net 4.0 11,750.6 1,901.4 — 13,656.0 Net investment in and advances to subsidiaries 21,200.6 8,364.9 4,497.9 (34,063.4) — Other assets 137.2 364.4 417.9 (78.0) 841.5 Total assets $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4) $ 28,859.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 170.7 $ 1,722.0 $ 874.6 $ — $ 2,767.3 Current portion of long-term debt and short-term borrowings 499.7 415.1 13.4 — 928.2 Intercompany accounts payable — 150.7 148.3 (299.0) — Total current liabilities 670.4 2,287.8 1,036.3 (299.0) 3,695.5 Long-term debt 7,250.3 779.1 80.1 — 8,109.5 Pension and postretirement benefits 7.2 695.5 13.9 — 716.6 Deferred tax liabilities — 1,593.3 743.3 (78.0) 2,258.6 Other liabilities 142.6 172.2 91.7 — 406.5 Intercompany notes payable — — 65.0 (65.0) — Total liabilities 8,070.5 5,527.9 2,030.3 (442.0) 15,186.7 MCBC stockholders' equity 13,419.4 25,796.5 8,266.9 (34,063.4) 13,419.4 Intercompany notes receivable (1.1) (63.9) — 65.0 — Total stockholders' equity 13,418.3 25,732.6 8,266.9 (33,998.4) 13,419.4 Noncontrolling interests — — 253.7 — 253.7 Total equity 13,418.3 25,732.6 8,520.6 (33,998.4) 13,673.1 Total liabilities and equity $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4) $ 28,859.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Net cash provided by (used in) operating activities $ 690.7 $ 262.9 $ 106.3 $ — $ 1,059.9 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (4.8) (255.3) (85.0) — (345.1) Proceeds from sales of properties and other assets — 1.4 1.6 — 3.0 Other 3.2 (4.2) 1.6 — 0.6 Net intercompany investing activity (73.2) (3,626.6) (3,587.7) 7,287.5 — Net cash provided by (used in) investing activities (74.8) (3,884.7) (3,669.5) 7,287.5 (341.5) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 4.0 — — — 4.0 Dividends paid (115.3) — (10.0) — (125.3) Payments on debt and borrowings (500.0) (0.2) (7.4) — (507.6) Proceeds on debt and borrowings — — 1.0 — 1.0 Net proceeds from (payments on) revolving credit facilities and commercial paper 199.8 — — — 199.8 Change in overdraft balances and other (2.6) (34.5) 15.4 — (21.7) Net intercompany financing activity — 3,659.7 3,627.8 (7,287.5) — Net cash provided by (used in) financing activities (414.1) 3,625.0 3,626.8 (7,287.5) (449.8) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents 201.8 3.2 63.6 — 268.6 Effect of foreign exchange rate changes on cash and cash equivalents — (3.7) (7.5) — (11.2) Balance at beginning of year 15.7 119.6 388.1 — 523.4 Balance at end of period $ 217.5 $ 119.1 $ 444.2 $ — $ 780.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Net cash provided by (used in) operating activities $ 663.1 $ 217.6 $ (23.2) $ (29.5) $ 828.0 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (5.1) (186.0) (119.4) — (310.5) Proceeds from sales of properties and other assets — 96.5 3.4 — 99.9 Other 46.2 0.2 (3.6) — 42.8 Net intercompany investing activity 20.0 (9.5) 48.4 (58.9) — Net cash provided by (used in) investing activities 61.1 (98.8) (71.2) (58.9) (167.8) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 1.4 — — — 1.4 Dividends paid (163.0) (29.5) (14.4) 29.5 (177.4) Payments on debt and borrowings (1,066.3) (0.2) (4.3) — (1,070.8) Net proceeds from (payments on) revolving credit facilities and commercial paper — — (1.9) — (1.9) Change in overdraft balances and other (2.9) (9.6) 25.3 — 12.8 Net intercompany financing activity — (69.3) 10.4 58.9 — Net cash provided by (used in) financing activities (1,230.8) (108.6) 15.1 88.4 (1,235.9) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents (506.6) 10.2 (79.3) — (575.7) Effect of foreign exchange rate changes on cash and cash equivalents 3.0 4.2 0.8 — 8.0 Balance at beginning of year 515.8 156.1 386.0 — 1,057.9 Balance at end of period $ 12.2 $ 170.5 $ 307.5 $ — $ 490.2

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements. In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020, through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Net sales by segment	The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) North America $ 2,200.2 $ 2,400.6 $ 3,989.9 $ 4,333.2 Europe 307.1 554.1 624.7 929.8 Inter-segment net sales eliminations (3.9) (6.4) (8.4) (11.4) Consolidated net sales $ 2,503.4 $ 2,948.3 $ 4,606.2 $ 5,251.6
Income (loss) before income taxes by segment	Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) North America (1)(2) $ 411.5 $ 448.5 $ 487.7 $ 694.4 Europe (3) (11.0) 43.4 (87.8) 5.0 Unallocated (4) 1.2 (91.3) (156.9) (117.5) Consolidated income (loss) before income taxes $ 401.7 $ 400.6 $ 243.0 $ 581.9 (1) The decrease during the three and six months ended June 30, 2020 was driven primarily by the impacts of the coronavirus pandemic including gross profit decline due to the closure of the on-premise channel, the estimated keg sales returns and finished good obsolescence reserves recognized primarily during the first quarter of 2020 and increased special charges. (2) During the three months ended June 30, 2019, we completed the sale of our Montreal brewery for $96.2 million (CAD 126.0 million), resulting in a $61.3 million gain. Also, 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. (3) The decrease during the three and six months ended June 30, 2020 was driven primarily by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020. (4) Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded an unrealized gain of $59.4 million and an unrealized loss of $39.7 million during the three and six months ended June 30, 2020, respectively, compared to an unrealized loss of $31.2 million and an unrealized gain of $2.9 million during the three and six months ended June 30, 2019, respectively.
Total assets by segment	The following table presents total assets by segment: As of June 30, 2020 December 31, 2019 (In millions) North America $ 23,316.8 $ 23,360.2 Europe 5,322.0 5,499.6 Consolidated total assets $ 28,638.8 $ 28,859.8

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Consolidated Investments	The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of June 30, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 201.5 $ 17.7 $ 207.4 $ 17.9 Other $ 87.1 $ 15.4 $ 65.3 $ 20.8

Special Items (Tables)

Special Items (Tables)	6 Months Ended
	Jun. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
Special items recorded by segment	Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 (In millions) Employee-related charges Restructuring $ 20.8 $ 2.6 $ 52.9 $ 6.3 Impairments or asset abandonment charges North America - Asset abandonment (1) 35.7 8.5 89.9 16.9 North America - Impairment losses 7.6 — 7.6 — Europe - Asset abandonment 0.2 — 0.5 0.6 Termination fees and other (gains) losses North America (2) — (61.0) — (60.8) Europe — — — 0.1 Total Special items, net $ 64.3 $ (49.9) $ 150.9 $ (36.9) (1) Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery, and such purchase is expected to be completed in the fourth quarter of 2020, subject to the satisfaction of certain customary closing conditions. Charges associated with the planned brewery closure for the three and six months ended June 30, 2020 totaled $40.3 million and $98.3 million, respectively, and consist primarily of accelerated depreciation in excess of normal depreciation of $33.5 million and $83.0 million, respectively. Charges also include employee related costs of $7.5 million and $14.8 million, recognized during the three and six months ended June 30, 2020, respectively, which are included within the restructuring line above. We will continue to incur special charges during each reporting period through the expected sale of the brewery in the fourth quarter of 2020. Remaining net special charges associated with the planned closure are expected to be approximately $10 million to $15 million, consisting primarily of accelerated depreciation charges. However, this estimated range contains significant uncertainty, and actual results could differ materially from these estimates due to uncertainty regarding the ultimate net cost associated with the disposition of assets and restructuring charges. Separately, during the three and six months ended June 30, 2020 and June 30, 2019 we incurred asset abandonment charges, consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Vancouver brewery, which occurred in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 21 million, through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change.
Change in the restructuring accrual	The accrued restructuring balances as of June 30, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months. North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 47.8 8.0 55.8 Payments made (39.5) (9.2) (48.7) Changes in estimates (2.1) (0.8) (2.9) Foreign currency and other adjustments (0.5) (0.1) (0.6) As of June 30, 2020 $ 48.3 $ 2.4 $ 50.7 North America Europe Total (In millions) As of December 31, 2018 $ 24.5 $ 1.1 $ 25.6 Charges incurred and changes in estimates 1.9 4.4 6.3 Payments made (18.7) (3.0) (21.7) Foreign currency and other adjustments 0.1 — 0.1 As of June 30, 2019 $ 7.8 $ 2.5 $ 10.3

Income Tax (Tables)

Income Tax (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Effective tax rate 51 % 18 % 66 % 18 %

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	North America (1) Europe Consolidated Changes in Goodwill: (In millions) Balance as of December 31, 2019 $ 6,146.6 $ 1,484.8 $ 7,631.4 Foreign currency translation (9.4) (60.2) (69.6) Balance as of June 30, 2020 $ 6,137.2 $ 1,424.6 $ 7,561.8 (1) As a result of the structural changes resulting from the revitalization plan, we re-evaluated our reporting units and have combined our historical U.S. and Canada reporting units into a single North America reporting unit. There were no related changes to our Europe reporting unit. See further discussion below.
Schedule of intangible assets excluding goodwill	The following table presents details of our intangible assets, other than goodwill, as of June 30, 2020: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,928.7 $ (945.8) $ 3,982.9 License agreements and distribution rights 15 - 20 199.2 (90.7) 108.5 Other 3 - 40 124.0 (46.2) 77.8 Intangible assets not subject to amortization: Brands Indefinite 8,132.0 — 8,132.0 Distribution networks Indefinite 745.2 — 745.2 Other Indefinite 337.6 — 337.6 Total $ 14,466.7 $ (1,082.7) $ 13,384.0 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,036.3 $ (865.1) $ 4,171.2 License agreements and distribution rights 15 - 20 202.0 (90.6) 111.4 Other 3 - 40 124.0 (39.4) 84.6 Intangible assets not subject to amortization: Brands Indefinite 8,172.4 — 8,172.4 Distribution networks Indefinite 778.8 — 778.8 Other Indefinite 337.6 — 337.6 Total $ 14,651.1 $ (995.1) $ 13,656.0
Schedule of future amortization expense	Based on foreign exchange rates as of June 30, 2020, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2020 - remaining $ 108.3 2021 $ 213.2 2022 $ 207.8 2023 $ 206.7 2024 $ 206.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Total long-term borrowings	As of June 30, 2020 December 31, 2019 (In millions) Long-term debt: CAD 500 million 2.75% notes due September 2020 $ 368.3 $ 384.9 CAD 500 million 2.84% notes due July 2023 368.3 384.9 CAD 500 million 3.44% notes due July 2026 368.3 384.9 $500 million 2.25% notes due March 2020 (1)(2) — 499.8 $1.0 billion 2.1% notes due July 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (1) 505.1 506.5 $2.0 billion 3.0% notes due July 2026 2,000.0 2,000.0 $1.1 billion 5.0% notes due May 2042 1,100.0 1,100.0 $1.8 billion 4.2% notes due July 2046 1,800.0 1,800.0 EUR 800 million 1.25% notes due July 2024 898.7 897.0 Finance leases and other 121.5 129.5 Less: unamortized debt discounts and debt issuance costs (53.1) (56.7) Total long-term debt (including current portion) 8,477.1 9,030.8 Less: current portion of long-term debt (403.4) (921.3) Total long-term debt $ 8,073.7 $ 8,109.5 Short-term borrowings: Commercial paper programs (3)(4) $ 199.9 $ — Other short-term borrowings (5) 9.7 6.9 Current portion of long-term debt 403.4 921.3 Current portion of long-term debt and short-term borrowings $ 613.0 $ 928.2 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) We repaid our $500 million 2.25% notes upon maturity in March 2020, at which time we also settled the associated cross currency swaps resulting in cash receipts of $3.2 million, which were classified as financing and investing activities in our unaudited condensed consolidated statement of cash flows. As of June 30, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. (3) We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During the first half of 2020, we utilized borrowings from this facility in order to fund the repayment of our $500 million 2.25% notes upon maturity in March 2020, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies." These borrowings were subsequently repaid during the second quarter of 2020. As of June 30, 2020, we had $1.3 billion available to draw on the $1.5 billion revolving credit facility, as the borrowing capacity is also reduced by borrowings under our commercial paper program. The outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 1.05% and 31 days, respectively, as of June 30, 2020. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019. Subsequent to June 30, 2020, we had net commercial paper payments of approximately $25 million, for a total amount outstanding of approximately $175 million as of July 30, 2020. As such, as of July 30, 2020, we have approximately $1.3 billion available to draw on our total $1.5 billion revolving credit facility. Additionally, we expect to use commercial paper issuances and cash on hand to fund the upcoming repayment of our CAD 500 million 2.75% notes due September 2020, which we began purchasing CAD in anticipation of this upcoming maturity during July 2020. (4) On May 26, 2020, Molson Coors Brewing Company (UK) Limited (“MCBC U.K.”), a subsidiary of MCBC that operates and manages the Company’s business in the U.K., established a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that are eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, which may be increased from time to time as provided in the Dealer Agreement (as defined below). Commercial paper issuances under the CCFF Program do not impact the borrowing capacity under our revolving credit facility. In connection with the CCFF Program, MCBC U.K. and MCBC entered into a Dealer Agreement (the “Dealer Agreement”) with Lloyds Bank Corporate Markets PLC (“Lloyds”), as both the arranger and dealer, pursuant to which notes may be issued to Lloyds at such prices and upon such terms as MCBC U.K. and Lloyds may agree. The maturities of the notes vary but will not be less than seven days nor greater than 364 days. The Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions typical for the issuance of commercial paper of this type. In addition, MCBC entered into a Deed of Guarantee to guarantee the payment of all sums payable from time to time by MCBC U.K. in respect of the notes to the holders of any notes. As of both June 30, 2020 and July 30, 2020, we had no borrowings outstanding under the CCFF Program. (5) As of June 30, 2020, we had $6.9 million in bank overdrafts and $39.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $32.4 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. We had total outstanding borrowings of $2.8 million under our two JPY overdraft facilities as of both June 30, 2020 and December 31, 2019. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of June 30, 2020 or December 31, 2019.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2020 December 31, 2019 (In millions) Finished goods $ 244.9 $ 236.7 Work in process 93.1 84.0 Raw materials 223.2 227.1 Packaging materials 77.9 68.1 Inventories, net $ 639.1 $ 615.9

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	MCBC stockholders' equity Foreign Gain (loss) on Pension and Equity method Accumulated (In millions) As of December 31, 2019 $ (652.5) $ (87.8) $ (351.0) $ (70.9) $ (1,162.2) Foreign currency translation adjustments (242.9) — — — (242.9) Gain (loss) on net investment hedges 3.5 — — — 3.5 Unrealized gain (loss) on derivative instruments — (171.0) — — (171.0) Reclassification of derivative (gain) loss to income — (1.4) — — (1.4) Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (4.2) — (4.2) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 2.0 2.0 Tax benefit (expense) (12.6) 42.7 1.0 (0.5) 30.6 As of June 30, 2020 $ (904.5) $ (217.5) $ (354.2) $ (69.4) $ (1,545.6)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities at Fair Value	The table below summarizes our derivative assets and liabilities that were measured at fair value as of June 30, 2020 and December 31, 2019. Fair value measurements as of June 30, 2020 As of June 30, 2020 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ 12.0 $ — $ 12.0 $ — Interest rate swaps (291.3) — (291.3) — Foreign currency forwards 8.1 — 8.1 — Commodity swaps and options (81.3) — (81.3) — Warrants 1.1 — 1.1 — Total $ (351.4) $ — $ (351.4) $ — Fair value measurements as of December 31, 2019 As of December 31, 2019 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ 10.0 $ — $ 10.0 $ — Interest rate swaps (111.5) — (111.5) — Foreign currency forwards 2.1 — 2.1 — Commodity swaps and options (41.2) — (41.2) — Warrants 2.7 — 2.7 — Total $ (137.9) $ — $ (137.9) $ —
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets	Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of June 30, 2020 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 400.0 Other current assets $ — Accounts payable and other current liabilities $ — Other non-current assets 12.0 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (291.3) Foreign currency forwards $ 191.2 Other current assets 5.8 Accounts payable and other current liabilities (0.2) Other non-current assets 2.7 Other liabilities (0.2) Total derivatives designated as hedging instruments $ 20.5 $ (291.7) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 950.3 Other current assets $ 6.4 Accounts payable and other current liabilities $ (76.4) Other non-current assets 9.4 Other liabilities (20.7) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 50.8 Other non-current assets 1.1 Other liabilities — Total derivatives not designated as hedging instruments $ 16.9 $ (97.1) As of December 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 $ 1.8 Accounts payable and other current liabilities $ — Other non-current assets 8.2 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (111.5) Foreign currency forwards $ 237.9 Other current assets 1.9 Accounts payable and other current liabilities (0.8) Other non-current assets 1.4 Other liabilities (0.4) Total derivatives designated as hedging instruments $ 13.3 $ (112.7) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 598.4 Other current assets $ 5.7 Accounts payable and other current liabilities $ (36.4) Other non-current assets 1.0 Other liabilities (11.5) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 53.1 Other non-current assets 2.7 Other liabilities — Total derivatives not designated as hedging instruments $ 9.4 $ (47.9) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of June 30, 2020 As of December 31, 2019 As of June 30, 2020 As of December 31, 2019 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ (0.2) Long-term debt $ — $ — $ 5.1 $ 6.5 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships.
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations	The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended June 30, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ 6.1 Interest income (expense), net $ (0.7) Foreign currency forwards (7.0) Cost of goods sold 2.6 Other income (expense), net (0.5) Total $ (0.9) $ 1.4 Three Months Ended June 30, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ (7.8) Interest income (expense), net $ — Interest income (expense), net $ 2.8 Total $ (7.8) $ — $ 2.8 Three Months Ended June 30, 2020 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 $ (16.2) Other income (expense), net $ — Other income (expense), net $ — Total $ (16.2) $ — $ — Three Months Ended June 30, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (46.3) Interest income (expense), net $ (0.8) Foreign currency forwards (4.5) Cost of goods sold 1.5 Other income (expense), net (0.3) Total $ (50.8) $ 0.4 Three Months Ended June 30, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ (9.5) Interest income (expense), net $ — Interest income (expense), net $ 6.4 Total $ (9.5) $ — $ 6.4 Three Months Ended June 30, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ (12.4) Other income (expense), net $ — Other income (expense), net $ — Total $ (12.4) $ — $ — Six Months Ended June 30, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (179.8) Interest income (expense), net $ (1.4) Foreign currency forwards 8.8 Cost of goods sold 3.6 Other income (expense), net (0.8) Total $ (171.0) $ 1.4 Six Months Ended June 30, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 5.2 Interest income (expense), net $ — Interest income (expense), net $ 8.5 Total $ 5.2 $ — $ 8.5 Six Months Ended June 30, 2020 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 $ (1.7) Other income (expense), net $ — Other income (expense), net $ — Total $ (1.7) $ — $ — Six Months Ended June 30, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (78.7) Interest income (expense), net $ (1.5) Foreign currency forwards (11.5) Cost of goods sold 2.3 Other income (expense), net (0.5) Total $ (90.2) -90200000 $ 0.3 Six Months Ended June 30, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 6.6 Interest income (expense), net $ — Interest income (expense), net $ 10.4 Total $ 6.6 $ — $ 10.4 Six Months Ended June 30, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 7.6 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 17.7 $ — $ — (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. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Three Months Ended June 30, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,456.6) $ 5.8 $ (69.7) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 2.6 (0.5) — Three Months Ended June 30, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,759.8) $ (10.9) $ (65.6) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.8) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 1.5 (0.3) — Six Months Ended June 30, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (2,935.6) $ 1.0 $ (138.6) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (1.4) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 3.6 (0.8) — Six Months Ended June 30, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (3,172.8) $ 13.0 $ (138.9) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (1.5) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 2.3 (0.5) — (1) We had no outstanding fair value hedges during the first half of 2020 or 2019.
Derivatives Not Designated as Hedging Instruments	The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended June 30, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ 24.6 Warrants Other income (expense), net 0.3 Total $ 24.9 Three Months Ended June 30, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (37.2) Warrants Other income (expense), net (15.0) Total $ (52.2) Six Months Ended June 30, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (87.9) Warrants Other income (expense), net (1.4) Total $ (89.3) Six Months Ended June 30, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (4.5) Warrants Other income (expense), net 7.9 Total $ 3.4

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Supplemental Balance Sheet Lease Information	Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 was as follows: As of June 30, 2020 December 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 140.6 $ 154.5 Current operating lease liabilities Accounts payable and other current liabilities $ 47.2 $ 46.6 Non-current operating lease liabilities Other liabilities 108.5 119.5 Total operating lease liabilities $ 155.7 $ 166.1 Finance Leases Finance lease right-of-use assets Properties, net $ 64.6 $ 73.0 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 32.8 $ 34.5 Non-current finance lease liabilities Long-term debt 56.2 60.0 Total finance lease liabilities $ 89.0 $ 94.5
Supplemental Cash Flow Lease Information	Supplemental cash flow information related to leases for the six months ended June 30, 2020 and June 30, 2019 was as follows: Six Months Ended June 30, 2020 June 30, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 25.7 $ 26.2 Operating cash flows from finance leases $ 1.9 $ 1.8 Financing cash flows from finance leases $ 3.1 $ 1.1 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 12.0 $ 25.6

Supplemental Guarantor Inform_2

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Guarantor Information [Abstract]
Schedule of Supplemental Guarantor Information	MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 4.0 $ 2,529.4 $ 631.7 $ (135.3) $ 3,029.8 Excise taxes — (346.8) (179.6) — (526.4) Net sales 4.0 2,182.6 452.1 (135.3) 2,503.4 Cost of goods sold (0.5) (1,237.8) (346.9) 128.6 (1,456.6) Gross profit 3.5 944.8 105.2 (6.7) 1,046.8 Marketing, general and administrative expenses (26.4) (384.7) (120.1) 6.7 (524.5) Special items, net (10.1) (54.0) (0.2) — (64.3) Equity income (loss) in subsidiaries 275.9 (158.4) 16.5 (134.0) — Operating income (loss) 242.9 347.7 1.4 (134.0) 458.0 Interest income (expense), net (60.9) 22.0 (30.8) — (69.7) Other pension and postretirement benefits (costs), net (0.3) 5.1 2.8 — 7.6 Other income (expense), net 0.3 3.9 1.6 — 5.8 Income (loss) before income taxes 182.0 378.7 (25.0) (134.0) 401.7 Income tax benefit (expense) 13.0 (102.9) (114.6) — (204.5) Net income (loss) 195.0 275.8 (139.6) (134.0) 197.2 Net (income) loss attributable to noncontrolling interests — — (2.2) — (2.2) Net income (loss) attributable to MCBC $ 195.0 $ 275.8 $ (141.8) $ (134.0) $ 195.0 Comprehensive income (loss) attributable to MCBC $ 310.7 $ 394.8 $ 18.1 $ (412.9) $ 310.7 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 38.3 $ 2,765.8 $ 988.9 $ (173.0) $ 3,620.0 Excise taxes — (380.2) (291.5) — (671.7) Net sales 38.3 2,385.6 697.4 (173.0) 2,948.3 Cost of goods sold (2.4) (1,398.4) (479.9) 120.9 (1,759.8) Gross profit 35.9 987.2 217.5 (52.1) 1,188.5 Marketing, general and administrative expenses (71.5) (565.6) (184.7) 52.1 (769.7) Special items, net — 52.0 (2.1) — 49.9 Equity income (loss) in subsidiaries 374.5 (66.7) 85.0 (392.8) — Operating income (loss) 338.9 406.9 115.7 (392.8) 468.7 Interest income (expense), net (76.2) 88.3 (77.7) — (65.6) Other pension and postretirement benefits (costs), net — 1.1 7.3 — 8.4 Other income (expense), net (0.1) 22.5 (33.3) — (10.9) Income (loss) before income taxes 262.6 518.8 12.0 (392.8) 400.6 Income tax benefit (expense) 66.8 (143.8) 6.6 — (70.4) Net income (loss) 329.4 375.0 18.6 (392.8) 330.2 Net (income) loss attributable to noncontrolling interests — — (0.8) — (0.8) Net income (loss) attributable to MCBC $ 329.4 $ 375.0 $ 17.8 $ (392.8) $ 329.4 Comprehensive income (loss) attributable to MCBC $ 333.5 $ 424.0 $ 1.1 $ (425.1) $ 333.5 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 5.7 $ 4,568.4 $ 1,245.0 $ (251.5) $ 5,567.6 Excise taxes — (610.0) (351.4) — (961.4) Net sales 5.7 3,958.4 893.6 (251.5) 4,606.2 Cost of goods sold (0.9) (2,455.5) (719.3) 240.1 (2,935.6) Gross profit 4.8 1,502.9 174.3 (11.4) 1,670.6 Marketing, general and administrative expenses (63.1) (825.3) (277.2) 11.4 (1,154.2) Special items, net (15.4) (127.1) (8.4) — (150.9) Equity income (loss) in subsidiaries 241.1 (233.3) (3.7) (4.1) — Operating income (loss) 167.4 317.2 (115.0) (4.1) 365.5 Interest income (expense), net (120.4) 14.9 (33.1) — (138.6) Other pension and postretirement benefits (costs), net (0.3) 10.2 5.2 — 15.1 Other income (expense), net (0.3) (0.1) 1.4 — 1.0 Income (loss) before income taxes 46.4 342.2 (141.5) (4.1) 243.0 Income tax benefit (expense) 31.6 (99.7) (93.1) — (161.2) Net income (loss) 78.0 242.5 (234.6) (4.1) 81.8 Net (income) loss attributable to noncontrolling interests — — (3.8) — (3.8) Net income (loss) attributable to MCBC $ 78.0 $ 242.5 $ (238.4) $ (4.1) $ 78.0 Comprehensive income (loss) attributable to MCBC $ (305.4) $ 1.8 $ (523.2) $ 521.4 $ (305.4) MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Sales $ 64.6 $ 4,975.1 $ 1,683.8 $ (303.4) $ 6,420.1 Excise taxes — (664.9) (503.6) — (1,168.5) Net sales 64.6 4,310.2 1,180.2 (303.4) 5,251.6 Cost of goods sold (3.9) (2,533.7) (845.5) 210.3 (3,172.8) Gross profit 60.7 1,776.5 334.7 (93.1) 2,078.8 Marketing, general and administrative expenses (143.1) (1,023.5) (351.4) 93.1 (1,424.9) Special items, net (0.4) 43.6 (6.3) — 36.9 Equity income (loss) in subsidiaries 619.8 (129.7) 79.1 (569.2) — Operating income (loss) 537.0 666.9 56.1 (569.2) 690.8 Interest income (expense), net (153.6) 168.5 (153.8) — (138.9) Other pension and postretirement benefits (costs), net — 2.3 14.7 — 17.0 Other income (expense), net (0.1) (7.4) 20.5 — 13.0 Income (loss) before income taxes 383.3 830.3 (62.5) (569.2) 581.9 Income tax benefit (expense) 97.5 (209.8) 9.7 — (102.6) Net income (loss) 480.8 620.5 (52.8) (569.2) 479.3 Net (income) loss attributable to noncontrolling interests — — 1.5 — 1.5 Net income (loss) attributable to MCBC $ 480.8 $ 620.5 $ (51.3) $ (569.2) $ 480.8 Comprehensive income attributable to MCBC $ 527.0 $ 694.8 $ (63.3) $ (631.5) $ 527.0 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 217.5 $ 119.1 $ 444.2 $ — $ 780.8 Accounts receivable, net — 406.7 307.0 — 713.7 Other receivables, net 4.5 96.8 27.8 — 129.1 Inventories, net — 470.6 168.5 — 639.1 Other current assets, net 1.4 172.5 106.1 — 280.0 Intercompany accounts receivable 123.4 1,149.1 105.5 (1,378.0) — Total current assets 346.8 2,414.8 1,159.1 (1,378.0) 2,542.7 Properties, net 6.4 3,161.7 1,175.9 — 4,344.0 Goodwill — 6,137.1 1,424.7 — 7,561.8 Other intangibles, net 3.0 11,556.6 1,824.4 — 13,384.0 Net investment in and advances to subsidiaries 21,339.2 8,006.1 4,352.5 (33,697.8) — Other assets 142.0 346.7 400.9 (83.3) 806.3 Total assets $ 21,837.4 $ 31,623.0 $ 10,337.5 $ (35,159.1) $ 28,638.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 133.8 $ 2,001.5 $ 1,057.4 $ — $ 3,192.7 Current portion of long-term debt and short-term borrowings 199.9 399.2 13.9 — 613.0 Intercompany accounts payable 920.8 167.9 289.3 (1,378.0) — Total current liabilities 1,254.5 2,568.6 1,360.6 (1,378.0) 3,805.7 Long-term debt 7,253.3 746.2 74.2 — 8,073.7 Pension and postretirement benefits 7.5 673.8 13.4 — 694.7 Deferred tax liabilities — 1,569.6 732.2 (83.3) 2,218.5 Other liabilities 320.3 166.5 91.4 — 578.2 Intercompany notes payable — 3,683.0 3,726.2 (7,409.2) — Total liabilities 8,835.6 9,407.7 5,998.0 (8,870.5) 15,370.8 MCBC stockholders' equity 13,002.9 25,940.4 7,757.4 (33,697.8) 13,002.9 Intercompany notes receivable (1.1) (3,725.1) (3,683.0) 7,409.2 — Total stockholders' equity 13,001.8 22,215.3 4,074.4 (26,288.6) 13,002.9 Noncontrolling interests — — 265.1 — 265.1 Total equity 13,001.8 22,215.3 4,339.5 (26,288.6) 13,268.0 Total liabilities and equity $ 21,837.4 $ 31,623.0 $ 10,337.5 $ (35,159.1) $ 28,638.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of December 31, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 15.7 $ 119.6 $ 388.1 $ — $ 523.4 Accounts receivable, net — 396.3 318.5 — 714.8 Other receivables, net 14.4 58.4 32.7 — 105.5 Inventories, net — 449.1 166.8 — 615.9 Other current assets, net 3.0 126.0 95.8 — 224.8 Intercompany accounts receivable 94.1 190.0 14.9 (299.0) — Total current assets 127.2 1,339.4 1,016.8 (299.0) 2,184.4 Properties, net 19.8 3,294.7 1,232.0 — 4,546.5 Goodwill — 6,146.5 1,484.9 — 7,631.4 Other intangibles, net 4.0 11,750.6 1,901.4 — 13,656.0 Net investment in and advances to subsidiaries 21,200.6 8,364.9 4,497.9 (34,063.4) — Other assets 137.2 364.4 417.9 (78.0) 841.5 Total assets $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4) $ 28,859.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 170.7 $ 1,722.0 $ 874.6 $ — $ 2,767.3 Current portion of long-term debt and short-term borrowings 499.7 415.1 13.4 — 928.2 Intercompany accounts payable — 150.7 148.3 (299.0) — Total current liabilities 670.4 2,287.8 1,036.3 (299.0) 3,695.5 Long-term debt 7,250.3 779.1 80.1 — 8,109.5 Pension and postretirement benefits 7.2 695.5 13.9 — 716.6 Deferred tax liabilities — 1,593.3 743.3 (78.0) 2,258.6 Other liabilities 142.6 172.2 91.7 — 406.5 Intercompany notes payable — — 65.0 (65.0) — Total liabilities 8,070.5 5,527.9 2,030.3 (442.0) 15,186.7 MCBC stockholders' equity 13,419.4 25,796.5 8,266.9 (34,063.4) 13,419.4 Intercompany notes receivable (1.1) (63.9) — 65.0 — Total stockholders' equity 13,418.3 25,732.6 8,266.9 (33,998.4) 13,419.4 Noncontrolling interests — — 253.7 — 253.7 Total equity 13,418.3 25,732.6 8,520.6 (33,998.4) 13,673.1 Total liabilities and equity $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4) $ 28,859.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2020 Parent Subsidiary Subsidiary Eliminations Consolidated Net cash provided by (used in) operating activities $ 690.7 $ 262.9 $ 106.3 $ — $ 1,059.9 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (4.8) (255.3) (85.0) — (345.1) Proceeds from sales of properties and other assets — 1.4 1.6 — 3.0 Other 3.2 (4.2) 1.6 — 0.6 Net intercompany investing activity (73.2) (3,626.6) (3,587.7) 7,287.5 — Net cash provided by (used in) investing activities (74.8) (3,884.7) (3,669.5) 7,287.5 (341.5) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 4.0 — — — 4.0 Dividends paid (115.3) — (10.0) — (125.3) Payments on debt and borrowings (500.0) (0.2) (7.4) — (507.6) Proceeds on debt and borrowings — — 1.0 — 1.0 Net proceeds from (payments on) revolving credit facilities and commercial paper 199.8 — — — 199.8 Change in overdraft balances and other (2.6) (34.5) 15.4 — (21.7) Net intercompany financing activity — 3,659.7 3,627.8 (7,287.5) — Net cash provided by (used in) financing activities (414.1) 3,625.0 3,626.8 (7,287.5) (449.8) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents 201.8 3.2 63.6 — 268.6 Effect of foreign exchange rate changes on cash and cash equivalents — (3.7) (7.5) — (11.2) Balance at beginning of year 15.7 119.6 388.1 — 523.4 Balance at end of period $ 217.5 $ 119.1 $ 444.2 $ — $ 780.8 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Six Months Ended June 30, 2019 Parent Subsidiary Subsidiary Eliminations Consolidated Net cash provided by (used in) operating activities $ 663.1 $ 217.6 $ (23.2) $ (29.5) $ 828.0 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (5.1) (186.0) (119.4) — (310.5) Proceeds from sales of properties and other assets — 96.5 3.4 — 99.9 Other 46.2 0.2 (3.6) — 42.8 Net intercompany investing activity 20.0 (9.5) 48.4 (58.9) — Net cash provided by (used in) investing activities 61.1 (98.8) (71.2) (58.9) (167.8) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 1.4 — — — 1.4 Dividends paid (163.0) (29.5) (14.4) 29.5 (177.4) Payments on debt and borrowings (1,066.3) (0.2) (4.3) — (1,070.8) Net proceeds from (payments on) revolving credit facilities and commercial paper — — (1.9) — (1.9) Change in overdraft balances and other (2.9) (9.6) 25.3 — 12.8 Net intercompany financing activity — (69.3) 10.4 58.9 — Net cash provided by (used in) financing activities (1,230.8) (108.6) 15.1 88.4 (1,235.9) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents (506.6) 10.2 (79.3) — (575.7) Effect of foreign exchange rate changes on cash and cash equivalents 3.0 4.2 0.8 — 8.0 Balance at beginning of year 515.8 156.1 386.0 — 1,057.9 Balance at end of period $ 12.2 $ 170.5 $ 307.5 $ — $ 490.2

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2	4

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Coronavirus Global Pandemic (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Unusual or Infrequent Item, or Both [Line Items]
Temporary "thank you" pay incentives		$ 15.5
Coronavirus Global Pandemic
Unusual or Infrequent Item, or Both [Line Items]
Temporary "thank you" pay incentives	$ 15.5
Liability for estimated sales returns due to global pandemic		31.8
Obsolete finished keg inventories		16.8
Allowance for obsolete inventory	15	15	$ 11
Allowance for credit loss	12	12	$ 12
Temporary deferral of income and non-income based tax payments	$ 500	$ 500

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Non-Cash Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital expenditures incurred but not yet paid	$ 135.4	$ 149.9

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
RSU, PSU and DSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.9	$ 7.2	$ 11.8	$ 18.6

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of reportable segments	2	4

Segment Reporting - Net Sales (

Segment Reporting - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 2,503.4	$ 2,948.3	$ 4,606.2	$ 5,251.6
Inter-segment net sales eliminations
Segment Reporting Information [Line Items]
Net sales	(3.9)	(6.4)	(8.4)	(11.4)
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,200.2	2,400.6	3,989.9	4,333.2
Europe | Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 307.1	$ 554.1	$ 624.7	$ 929.8

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) Before Income Taxes (Details) $ in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019CAD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ 401.7	$ 400.6			$ 243	$ 581.9
Other income (expense), net	5.8	(10.9)			1	13
Montreal brewery
Segment Reporting Information [Line Items]
Proceeds from sale of Montreal brewery		96.2	$ 126
Gain on sale of Montreal brewery		61.3
Unallocated
Segment Reporting Information [Line Items]
Income (loss) before income taxes	1.2	(91.3)			(156.9)	(117.5)
Unrealized gain (loss) on commodity contracts	59.4	(31.2)			(39.7)	2.9
North America | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	411.5	448.5			487.7	694.4
Europe | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ (11)	$ 43.4			$ (87.8)	$ 5
Acquisition purchase price adjustment settlement gain | Affiliated entity
Segment Reporting Information [Line Items]
Other income (expense), net				$ 1.5

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total assets	$ 28,638.8	$ 28,859.8
North America
Segment Reporting Information [Line Items]
Total assets	23,316.8	23,360.2
Europe
Segment Reporting Information [Line Items]
Total assets	$ 5,322	$ 5,499.6

Investments - Variable Interest

Investments - Variable Interest Entity (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity
Total Assets	$ 28,638.8	$ 28,859.8
Total Liabilities	15,370.8	15,186.7
RMMC/RMBC
Variable Interest Entity
Total Assets	201.5	207.4
Total Liabilities	17.7	17.9
Other
Variable Interest Entity
Total Assets	87.1	65.3
Total Liabilities	$ 15.4	$ 20.8

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
BRI and BDL
Schedule of Equity Method Investments [Line Items]
Guarantee liability	$ 57.3	$ 37.7

Special Items - Summary of Spec

Special Items - Summary of Special Items (Details) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Jun. 30, 2019USD ($)	Oct. 28, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Special items	$ 64.3	$ (49.9)	$ 150.9		$ (36.9)
Employee-related charges
Restructuring Cost and Reserve [Line Items]
Special items	20.8	2.6	52.9		6.3
Impairments or asset abandonment charges | North America
Restructuring Cost and Reserve [Line Items]
Special items	35.7	8.5	89.9		16.9
Impairments or asset abandonment charges | Europe
Restructuring Cost and Reserve [Line Items]
Special items	0.2	0	0.5		0.6
Impairment Losses | North America
Restructuring Cost and Reserve [Line Items]
Special items	7.6	0	7.6		0
Termination fees and other (gains) losses | North America
Restructuring Cost and Reserve [Line Items]
Special items	0	(61)	0		(60.8)
Termination fees and other (gains) losses | Europe
Restructuring Cost and Reserve [Line Items]
Special items	0	$ 0	0		$ 0.1
Sale of Montreal Brewery | North America
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation				$ 21
Irwindale Brewery
Restructuring Cost and Reserve [Line Items]
Special items	40.3		98.3
Agreement purchase price			150
Accelerated depreciation	33.5		83
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost						$ 90
Minimum | Irwindale Brewery | Facility closing
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost	10		10
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost						$ 120
Maximum | Irwindale Brewery | Facility closing
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost	$ 15		$ 15

Special Items - Narrative (Deta

Special Items - Narrative (Details) $ in Millions	Oct. 28, 2019USD ($)employee	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Employee relocation
Unusual or Infrequent Item, or Both [Line Items]
Restructuring costs		$ 4.4	$ 6.4
Restructuring charges
Unusual or Infrequent Item, or Both [Line Items]
Charges incurred and changes in estimates		8.4	31.1
Impairment loss, closure of office facility		7.6
Revitalization restructuring costs
Unusual or Infrequent Item, or Both [Line Items]
Restructuring reserve		33	33
Employee-related charges
Unusual or Infrequent Item, or Both [Line Items]
Charges incurred and changes in estimates		$ 7.5	$ 14.8
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Expected restructuring cost	$ 90
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Expected number of positions eliminated | employee	600
Expected restructuring cost	$ 120

Special Items - Severance and O

Special Items - Severance and Other Employee Related (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Payment of severance obligations, term	12 months
Severance and other employee-related costs
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	$ 47.1	$ 25.6
Charges incurred and changes in estimates	55.8	6.3
Payments made	(48.7)	(21.7)
Changes in estimates	(2.9)
Foreign currency and other adjustments	(0.6)	0.1
Ending balance of restructuring accruals	50.7	10.3
Severance and other employee-related costs | North America
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	42.6	24.5
Charges incurred and changes in estimates	47.8	1.9
Payments made	(39.5)	(18.7)
Changes in estimates	(2.1)
Foreign currency and other adjustments	(0.5)	0.1
Ending balance of restructuring accruals	48.3	7.8
Severance and other employee-related costs | Europe
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	4.5	1.1
Charges incurred and changes in estimates	8	4.4
Payments made	(9.2)	(3)
Changes in estimates	(0.8)
Foreign currency and other adjustments	(0.1)	0
Ending balance of restructuring accruals	$ 2.4	$ 2.5

Income Tax - Schedule of Effect

Income Tax - Schedule of Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	51.00%	18.00%	66.00%	18.00%

Income Tax - Narrative (Details

Income Tax - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Minimum
Operating Loss Carryforwards [Line Items]
Estimated income tax expense	$ 135	$ 135

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Changes in Goodwill:
Balance as of December 31, 2019	$ 7,631.4
Foreign currency translation	(69.6)
Balance as of June 30, 2020	7,561.8
Gross goodwill	8,200	$ 8,300
North America
Changes in Goodwill:
Balance as of December 31, 2019	6,146.6
Foreign currency translation	(9.4)
Balance as of June 30, 2020	6,137.2
Accumulated impairment losses	651.9	$ 681.3
Europe
Changes in Goodwill:
Balance as of December 31, 2019	1,484.8
Foreign currency translation	(60.2)
Balance as of June 30, 2020	$ 1,424.6

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Intangible assets subject to amortization:
Accumulated amortization	$ (1,082.7)	$ (995.1)
Total Gross	14,466.7	14,651.1
Total Net	13,384	13,656
Brands
Intangible assets subject to amortization:
Gross	4,928.7	5,036.3
Accumulated amortization	(945.8)	(865.1)
Net	3,982.9	4,171.2
Indefinite-lived intangible assets	$ 8,132	$ 8,172.4
Brands | Minimum
Intangible assets subject to amortization:
Useful life	10 years	10 years
Brands | Maximum
Intangible assets subject to amortization:
Useful life	50 years	50 years
License agreements and distribution rights
Intangible assets subject to amortization:
Gross	$ 199.2	$ 202
Accumulated amortization	(90.7)	(90.6)
Net	$ 108.5	$ 111.4
License agreements and distribution rights | Minimum
Intangible assets subject to amortization:
Useful life	15 years	15 years
License agreements and distribution rights | Maximum
Intangible assets subject to amortization:
Useful life	20 years	20 years
Distribution networks
Intangible assets subject to amortization:
Indefinite-lived intangible assets	$ 745.2	$ 778.8
Other
Intangible assets subject to amortization:
Gross	124	124
Accumulated amortization	(46.2)	(39.4)
Net	77.8	84.6
Indefinite-lived intangible assets	$ 337.6	$ 337.6
Other | Minimum
Intangible assets subject to amortization:
Useful life	3 years	3 years
Other | Maximum
Intangible assets subject to amortization:
Useful life	40 years	40 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Estimated amortization expense of finite-lived intangible assets
2020 - remaining	$ 108.3		$ 108.3
2021	213.2		213.2
2022	207.8		207.8
2023	206.7		206.7
2024	206.6		206.6
Amortization expense of intangible assets	$ 54.6	$ 55.2	$ 109.5	$ 110.6

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Narrative (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments	2	4

Debt - Schedule (Details)

Debt - Schedule (Details)	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	May 03, 2012USD ($)
Debt Instrument [Line Items]
Less: unamortized debt discounts and debt issuance costs	$ (53,100,000)			$ (56,700,000)
Total long-term debt (including current portion)	8,477,100,000			9,030,800,000
Current portion of long-term debt	(403,400,000)			(921,300,000)
Long-term debt	8,073,700,000			8,109,500,000
Commercial paper programs	199,900,000			0
Other short-term borrowings	9,700,000			6,900,000
Current portion of long-term debt and short-term borrowings	$ 613,000,000			928,200,000
CAD 500 million 2.75% notes due September 2020
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, stated interest rate	2.75%	2.75%	2.75%
CAD 500 million 2.84% notes due July 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, stated interest rate	2.84%	2.84%	2.84%
CAD 500 million 3.44% notes due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, stated interest rate	3.44%	3.44%	3.44%
$500 million 2.25% notes due March 2020
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, stated interest rate	2.25%	2.25%	2.25%
$1.0 billion 2.1% notes due July 2021
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Debt instrument, stated interest rate	2.10%	2.10%	2.10%
$500 million 3.5% notes due May 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, stated interest rate	3.50%	3.50%	3.50%
$2.0 billion 3.0% notes due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,000,000,000
Debt instrument, stated interest rate	3.00%	3.00%	3.00%
$1.1 billion 5.0% notes due May 2042
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,100,000,000
Debt instrument, stated interest rate	5.00%	5.00%	5.00%
$1.8 billion 4.2% notes due July 2046
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,800,000,000
Debt instrument, stated interest rate	4.20%	4.20%	4.20%
EUR 800 million 1.25% notes due July 2024
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 800,000,000
Debt instrument, stated interest rate	1.25%	1.25%	1.25%
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 1,900,000,000
Senior notes | CAD 500 million 2.75% notes due September 2020
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 368,300,000			384,900,000
Senior notes | CAD 500 million 2.84% notes due July 2023
Debt Instrument [Line Items]
Long-term debt, carrying amount	368,300,000			384,900,000
Senior notes | CAD 500 million 3.44% notes due July 2026
Debt Instrument [Line Items]
Long-term debt, carrying amount	368,300,000			384,900,000
Senior notes | $500 million 2.25% notes due March 2020
Debt Instrument [Line Items]
Long-term debt, carrying amount	0			499,800,000
Senior notes | $1.0 billion 2.1% notes due July 2021
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,000,000,000			1,000,000,000
Senior notes | $500 million 3.5% notes due May 2022
Debt Instrument [Line Items]
Long-term debt, carrying amount	505,100,000			506,500,000
Senior notes | $2.0 billion 3.0% notes due July 2026
Debt Instrument [Line Items]
Long-term debt, carrying amount	2,000,000,000			2,000,000,000
Senior notes | $1.1 billion 5.0% notes due May 2042
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,100,000,000			1,100,000,000
Senior notes | $1.8 billion 4.2% notes due July 2046
Debt Instrument [Line Items]
Long-term debt, carrying amount	1,800,000,000			1,800,000,000
Senior notes | EUR 800 million 1.25% notes due July 2024
Debt Instrument [Line Items]
Long-term debt, carrying amount	898,700,000			897,000,000
Finance leases and other
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 121,500,000			$ 129,500,000

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 30, 2020USD ($)	Jun. 30, 2020USD ($)overdraftFacility	Apr. 03, 2019USD ($)	May 26, 2020GBP (£)	Dec. 31, 2019USD ($)overdraftFacility	Mar. 20, 2019	Mar. 15, 2017USD ($)	May 03, 2012USD ($)
Debt Instrument [Line Items]
Weighted-average effective interest rate		1.05%
Commercial paper programs		$ 199,900,000			$ 0
Tenor		31 days
Number of overdraft facilities | overdraftFacility		2			2
Long-term debt, fair value		$ 8,700,000,000			$ 9,200,000,000
Central Europe
Debt Instrument [Line Items]
Overdraft facility		6,900,000			1,100,000
Bank cash		39,300,000			55,000,000
Bank cash, net of overdrafts		32,400,000			53,900,000
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount								$ 1,900,000,000
Commercial paper
Debt Instrument [Line Items]
Debt instrument, face amount | £				£ 300,000,000
Line of credit facility, maximum borrowing capacity		1,500,000,000
$500 million 2.25% notes due March 2020
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt Instrument, interest rate		2.25%
$1.0 billion 2.1% notes due July 2021
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Debt Instrument, interest rate		2.10%
Dealer Agreement Notes | Minimum
Debt Instrument [Line Items]
Term		7 days
Dealer Agreement Notes | Maximum
Debt Instrument [Line Items]
Term		364 days
JPY overdraft
Debt Instrument [Line Items]
Revolving credit facility		$ 2,800,000			2,800,000
Commercial paper
Debt Instrument [Line Items]
Revolving credit facility		0
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		1,300,000,000
Line of credit					$ 0
Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
Leverage ratio following acquisition		4.75
Revolving credit facility | Line of credit | Quarter Ending March 31, 2021
Debt Instrument [Line Items]
Leverage ratio in fourth year following acquisition		5.25
Revolving credit facility | Line of credit | Quarter Ending June 30, 2021
Debt Instrument [Line Items]
Quarterly leverage ratio reduction		0.50
Net Debt to EBITDA		4.75
Revolving credit facility | Line of credit | Quarter Ending September 30, 2021
Debt Instrument [Line Items]
Net debt to EBITDA reduction		0.25
Net Debt to EBITDA		4.50
Revolving credit facility | Line of credit | Quarter Ending December 31, 2021
Debt Instrument [Line Items]
Quarterly leverage ratio reduction		0.50
Further reduction in ratio, net debt to EBITDA		4
Parent Issuer | $500 million 2.25% notes due March 2020 | Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 500,000,000
Debt Instrument, interest rate							2.25%
Parent Issuer | $1.0 billion 2.1% notes due July 2021 | Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 1,000,000,000
Debt Instrument, interest rate							2.10%
Cross currency swaps | $500 million 2.25% notes due March 2020
Debt Instrument [Line Items]
Proceeds from the termination and cash settlement of derivatives			$ 3,200,000
Cross currency swaps | $1.0 billion 2.1% notes due July 2021
Debt Instrument [Line Items]
Derivative, fixed interest rate						0.71%
Subsequent Event
Debt Instrument [Line Items]
Commercial paper programs	$ 175,000,000
Line of credit facility, remaining borrowing capacity	1,300,000,000
Repayments of commercial paper	25,000,000
Subsequent Event | Commercial paper
Debt Instrument [Line Items]
Revolving credit facility	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 244.9	$ 236.7
Work in process	93.1	84
Raw materials	223.2	227.1
Packaging materials	77.9	68.1
Inventories, net	$ 639.1	$ 615.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 13,673.1
Ending balance	13,268
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(652.5)
Other comprehensive income (loss)	(242.9)
Tax benefit (expense)	(12.6)
Ending balance	(904.5)
Net investment hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss)	3.5
Gain (loss) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(87.8)
Other comprehensive income (loss)	(171)
Reclassification of derivative (gain) loss to income)	(1.4)
Tax benefit (expense)	42.7
Ending balance	(217.5)
Pension and postretirement benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(351)
Other comprehensive income (loss)	(4.2)
Tax benefit (expense)	1
Ending balance	(354.2)
Equity method investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(70.9)
Other comprehensive income (loss)	2
Tax benefit (expense)	(0.5)
Ending balance	(69.4)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,162.2)
Tax benefit (expense)	30.6
Ending balance	$ (1,545.6)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - 6 months ended Jun. 30, 2020 $ in Millions	USD ($)	$ / shares
Schedule of Trading Securities and Other Trading Assets
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months | $	$ 3
Maximum term of time in cash flow hedge	4 years
Warrants
Schedule of Trading Securities and Other Trading Assets
Strike price (in Canadian dollars per share) | $ / shares		$ 6

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Derivative Fair Value (Details) - Fair value, recurring - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net	$ (351.4)	$ (137.9)
Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	12	10
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(291.3)	(111.5)
Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	8.1	2.1
Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(81.3)	(41.2)
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	1.1	2.7
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net	0	0
Quoted prices in active markets (Level 1) | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Quoted prices in active markets (Level 1) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	0	0
Quoted prices in active markets (Level 1) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Quoted prices in active markets (Level 1) | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	0	0
Quoted prices in active markets (Level 1) | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net	(351.4)	(137.9)
Significant other observable inputs (Level 2) | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	12	10
Significant other observable inputs (Level 2) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(291.3)	(111.5)
Significant other observable inputs (Level 2) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	8.1	2.1
Significant other observable inputs (Level 2) | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(81.3)	(41.2)
Significant other observable inputs (Level 2) | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	1.1	2.7
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net	0	0
Significant unobservable inputs (Level 3) | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Significant unobservable inputs (Level 3) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	0	0
Significant unobservable inputs (Level 3) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0	0
Significant unobservable inputs (Level 3) | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	0	0
Significant unobservable inputs (Level 3) | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	$ 0	$ 0

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	$ 20.5	$ 13.3
Derivative Liabilities	(291.7)	(112.7)
Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	16.9	9.4
Derivative Liabilities	(97.1)	(47.9)
Cross currency swaps | Designated as hedging instruments | Net investment hedging
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	400	900
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	400	900
Interest rate swaps | Designated as hedging instruments | Cash flow hedging
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	1,500	1,500
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	1,500	1,500
Foreign currency forwards | Designated as hedging instruments | Cash flow hedging
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	191.2	237.9
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	191.2	237.9
Commodity swaps | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	950.3	598.4
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	950.3	598.4
Commodity options | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	18.4	18.4
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	18.4	18.4
Warrants | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	50.8	53.1
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	50.8	53.1
Other current assets | Cross currency swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0	1.8
Other current assets | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	5.8	1.9
Other current assets | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	6.4	5.7
Other current assets | Commodity options | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0	0
Accounts payable and other current liabilities | Cross currency swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	0	0
Accounts payable and other current liabilities | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(0.2)	(0.8)
Accounts payable and other current liabilities | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(76.4)	(36.4)
Accounts payable and other current liabilities | Commodity options | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	0	0
Other non-current assets | Cross currency swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	12	8.2
Other non-current assets | Interest rate swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0	0
Other non-current assets | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	2.7	1.4
Other non-current assets | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	9.4	1
Other non-current assets | Warrants | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	1.1	2.7
Other liabilities | Cross currency swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	0	0
Other liabilities | Interest rate swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(291.3)	(111.5)
Other liabilities | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(0.2)	(0.4)
Other liabilities | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(20.7)	(11.5)
Other liabilities | Warrants | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	$ 0	$ 0

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Hedging Activities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
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 Increase/(Decrease)	0	(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 Increase/(Decrease)	$ 5.1	$ 6.5

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)	Mar. 15, 2017EUR (€)	May 03, 2012USD ($)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	$ (0.9)	$ (50.8)	$ (171)	$ (90.2)
Amount of gain (loss) recognized from AOCI on derivative	1.4	0.4	1.4	0.3
Cash flow hedging | Forward starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	6.1	(46.3)	(179.8)	(78.7)
Cash flow hedging | Forward starting interest rate swaps | Interest income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.7)	(0.8)	(1.4)	(1.5)
Cash flow hedging | Forward starting interest rate swaps | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Cash flow hedging | Forward starting interest rate swaps | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Cash flow hedging | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(7)	(4.5)	8.8	(11.5)
Cash flow hedging | Foreign currency forwards | Interest income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Cash flow hedging | Foreign currency forwards | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	2.6	1.5	3.6	2.3
Cash flow hedging | Foreign currency forwards | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.5)	(0.3)	(0.8)	(0.5)
Net investment hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(16.2)	(12.4)	(1.7)	17.7
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Amount of gain (loss) recognized in income on derivative	0	0	0	0
Net investment hedging | Cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(7.8)	(9.5)	5.2	6.6
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	2.8	6.4	8.5	10.4
Net investment hedging | Cross currency swaps | Interest income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(7.8)	(9.5)	5.2	6.6
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	2.8	6.4	8.5	10.4
Senior notes
Derivative Instruments, Gain (Loss) [Line Items]
Debt instrument, face amount							$ 1,900
EUR 800 million 1.25% notes due July 2024
Derivative Instruments, Gain (Loss) [Line Items]
Debt instrument, face amount | €					€ 800,000,000
EUR 800 million 1.25% notes due July 2024 | Senior notes | Net investment hedging | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(16.2)	(12.4)	(1.7)	7.6
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Amount of gain (loss) recognized in income on derivative	$ 0	$ 0	$ 0	0
EUR 500 million notes due 2019 | Senior notes
Derivative Instruments, Gain (Loss) [Line Items]
Debt instrument, face amount | €						€ 500,000,000
EUR 500 million notes due 2019 | Senior notes | Net investment hedging | Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative				10.1
Amount of gain (loss) recognized from AOCI on derivative				0
Amount of gain (loss) recognized in income on derivative				$ 0

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Effect of Fair Value and Cash Flow Hedge Accounting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Cost of goods sold	$ 1,456.6	$ 1,759.8	$ 2,935.6	$ 3,172.8
Other income (expense), net	5.8	(10.9)	1	13
Interest income (expense), net	(69.7)	(65.6)	(138.6)	(138.9)
Cash flow hedging
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	1.4	0.4	1.4	0.3
Forward starting interest rate swaps | Cash flow hedging | Cost of goods sold
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Forward starting interest rate swaps | Cash flow hedging | Other income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0	0	0	0
Forward starting interest rate swaps | Cash flow hedging | Interest income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.7)	(0.8)	(1.4)	(1.5)
Foreign currency forwards | Cash flow hedging | Cost of goods sold
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	2.6	1.5	3.6	2.3
Foreign currency forwards | Cash flow hedging | Other income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.5)	(0.3)	(0.8)	(0.5)
Foreign currency forwards | Cash flow hedging | Interest income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	$ 0	$ 0	$ 0	$ 0

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Other Derivatives (Details) - Not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ 24.9	$ (52.2)	$ (89.3)	$ 3.4
Commodity swaps | Cost of goods sold
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	24.6	(37.2)	(87.9)	(4.5)
Warrants | Other income (expense), net
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ 0.3	$ (15)	$ (1.4)	$ 7.9

Commitments and Contingencies -

Commitments and Contingencies - Loss Contingency (Details) $ in Millions	Feb. 15, 2019plaintiff	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 12, 2019complaint
Loss Contingencies [Line Items]
Accrual for litigation, other Disputes and environmental loss contingencies		$ 20.6	$ 16.2
Proceeds from income tax refunds		24
Excise tax refund receivable, noncurrent		20
Number Of Derivative Complaints | complaint				3
Guarantor obligations, maximum undiscounted exposure		57.3	37.7
Stockholder complaint
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff	2
Kaiser Tax, Civil and Labor Indemnity Reserve
Loss Contingencies [Line Items]
Loss contingency accrual		10.4	$ 14.2
Maximum | Kaiser purchased tax credits indemnity reserve, category two
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss		$ 64

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Lease Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 140.6	$ 154.5
Current operating lease liabilities	47.2	46.6
Non-current operating lease liabilities	108.5	119.5
Total operating lease liabilities	155.7	166.1
Finance lease right-of-use assets	64.6	73
Current finance lease liabilities	32.8	34.5
Non-current finance lease liabilities	56.2	60
Total finance lease liabilities	$ 89	$ 94.5

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 25.7	$ 26.2
Operating cash flows from finance leases	1.9	1.8
Financing cash flows from finance leases	3.1	1.1
Operating leases	$ 12	$ 25.6

Supplemental Guarantor Inform_3

Supplemental Guarantor Information - Narrative (Details) - Senior notes - USD ($)	Jul. 07, 2016	May 03, 2012
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,900,000,000
Parent Issuer | Senior Notes Due 2017 $300M 2.0%
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300,000,000
Debt instrument, stated interest rate		2.00%
Parent Issuer | Senior Notes Due 2022 $500M 3.5%
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, stated interest rate		3.50%
Parent Issuer | Senior Notes Due 2042 $1.1B 5.0%
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,100,000,000
Debt instrument, stated interest rate		5.00%
Parent Issuer | Senior Notes Due 2019 $500M 1.45%
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument, stated interest rate	1.45%
Parent Issuer | Senior Notes Due 2021 $1B 2.1%
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Debt instrument, stated interest rate	2.10%
Parent Issuer | Senior Notes Due 2026 $2B 3.0%
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,000,000,000
Debt instrument, stated interest rate	3.00%
Parent Issuer | Senior Notes Due 2046 $1.8B 4.2%
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,800,000,000
Debt instrument, stated interest rate	4.20%
Parent Issuer | Senior Notes Due 2024 EUR800M 1.25%
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800,000,000
Debt instrument, stated interest rate	1.25%

Supplemental Guarantor Inform_4

Supplemental Guarantor Information - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidating Statement of Operations
Sales	$ 3,029.8	$ 3,620	$ 5,567.6	$ 6,420.1
Excise taxes	(526.4)	(671.7)	(961.4)	(1,168.5)
Net sales	2,503.4	2,948.3	4,606.2	5,251.6
Cost of goods sold	(1,456.6)	(1,759.8)	(2,935.6)	(3,172.8)
Gross profit	1,046.8	1,188.5	1,670.6	2,078.8
Marketing, general and administrative expenses	(524.5)	(769.7)	(1,154.2)	(1,424.9)
Special items, net	(64.3)	49.9	(150.9)	36.9
Equity income (loss) in subsidiaries	0	0	0	0
Operating income (loss)	458	468.7	365.5	690.8
Interest income (expense), net	(69.7)	(65.6)	(138.6)	(138.9)
Other pension and postretirement benefits (costs), net	7.6	8.4	15.1	17
Other income (expense), net	5.8	(10.9)	1	13
Income (loss) before income taxes	401.7	400.6	243	581.9
Income tax benefit (expense)	(204.5)	(70.4)	(161.2)	(102.6)
Net income (loss) including noncontrolling interests	197.2	330.2	81.8	479.3
Net (income) loss attributable to noncontrolling interests	(2.2)	(0.8)	(3.8)	1.5
Net income (loss) attributable to MCBC	195	329.4	78	480.8
Comprehensive income (loss) attributable to MCBC	310.7	333.5	(305.4)	527
Parent Issuer
Condensed Consolidating Statement of Operations
Sales	4	38.3	5.7	64.6
Excise taxes	0	0	0	0
Net sales	4	38.3	5.7	64.6
Cost of goods sold	(0.5)	(2.4)	(0.9)	(3.9)
Gross profit	3.5	35.9	4.8	60.7
Marketing, general and administrative expenses	(26.4)	(71.5)	(63.1)	(143.1)
Special items, net	(10.1)	0	(15.4)	(0.4)
Equity income (loss) in subsidiaries	275.9	374.5	241.1	619.8
Operating income (loss)	242.9	338.9	167.4	537
Interest income (expense), net	(60.9)	(76.2)	(120.4)	(153.6)
Other pension and postretirement benefits (costs), net	(0.3)	0	(0.3)	0
Other income (expense), net	0.3	(0.1)	(0.3)	(0.1)
Income (loss) before income taxes	182	262.6	46.4	383.3
Income tax benefit (expense)	13	66.8	31.6	97.5
Net income (loss) including noncontrolling interests	195	329.4	78	480.8
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to MCBC	195	329.4	78	480.8
Comprehensive income (loss) attributable to MCBC	310.7	333.5	(305.4)	527
Subsidiary Guarantors
Condensed Consolidating Statement of Operations
Sales	2,529.4	2,765.8	4,568.4	4,975.1
Excise taxes	(346.8)	(380.2)	(610)	(664.9)
Net sales	2,182.6	2,385.6	3,958.4	4,310.2
Cost of goods sold	(1,237.8)	(1,398.4)	(2,455.5)	(2,533.7)
Gross profit	944.8	987.2	1,502.9	1,776.5
Marketing, general and administrative expenses	(384.7)	(565.6)	(825.3)	(1,023.5)
Special items, net	(54)	52	(127.1)	43.6
Equity income (loss) in subsidiaries	(158.4)	(66.7)	(233.3)	(129.7)
Operating income (loss)	347.7	406.9	317.2	666.9
Interest income (expense), net	22	88.3	14.9	168.5
Other pension and postretirement benefits (costs), net	5.1	1.1	10.2	2.3
Other income (expense), net	3.9	22.5	(0.1)	(7.4)
Income (loss) before income taxes	378.7	518.8	342.2	830.3
Income tax benefit (expense)	(102.9)	(143.8)	(99.7)	(209.8)
Net income (loss) including noncontrolling interests	275.8	375	242.5	620.5
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to MCBC	275.8	375	242.5	620.5
Comprehensive income (loss) attributable to MCBC	394.8	424	1.8	694.8
Subsidiary Non Guarantors
Condensed Consolidating Statement of Operations
Sales	631.7	988.9	1,245	1,683.8
Excise taxes	(179.6)	(291.5)	(351.4)	(503.6)
Net sales	452.1	697.4	893.6	1,180.2
Cost of goods sold	(346.9)	(479.9)	(719.3)	(845.5)
Gross profit	105.2	217.5	174.3	334.7
Marketing, general and administrative expenses	(120.1)	(184.7)	(277.2)	(351.4)
Special items, net	(0.2)	(2.1)	(8.4)	(6.3)
Equity income (loss) in subsidiaries	16.5	85	(3.7)	79.1
Operating income (loss)	1.4	115.7	(115)	56.1
Interest income (expense), net	(30.8)	(77.7)	(33.1)	(153.8)
Other pension and postretirement benefits (costs), net	2.8	7.3	5.2	14.7
Other income (expense), net	1.6	(33.3)	1.4	20.5
Income (loss) before income taxes	(25)	12	(141.5)	(62.5)
Income tax benefit (expense)	(114.6)	6.6	(93.1)	9.7
Net income (loss) including noncontrolling interests	(139.6)	18.6	(234.6)	(52.8)
Net (income) loss attributable to noncontrolling interests	(2.2)	(0.8)	(3.8)	1.5
Net income (loss) attributable to MCBC	(141.8)	17.8	(238.4)	(51.3)
Comprehensive income (loss) attributable to MCBC	18.1	1.1	(523.2)	(63.3)
Eliminations
Condensed Consolidating Statement of Operations
Sales	(135.3)	(173)	(251.5)	(303.4)
Excise taxes	0	0	0	0
Net sales	(135.3)	(173)	(251.5)	(303.4)
Cost of goods sold	128.6	120.9	240.1	210.3
Gross profit	(6.7)	(52.1)	(11.4)	(93.1)
Marketing, general and administrative expenses	6.7	52.1	11.4	93.1
Special items, net	0	0	0	0
Equity income (loss) in subsidiaries	(134)	(392.8)	(4.1)	(569.2)
Operating income (loss)	(134)	(392.8)	(4.1)	(569.2)
Interest income (expense), net	0	0	0	0
Other pension and postretirement benefits (costs), net	0	0	0	0
Other income (expense), net	0	0	0	0
Income (loss) before income taxes	(134)	(392.8)	(4.1)	(569.2)
Income tax benefit (expense)	0	0	0	0
Net income (loss) including noncontrolling interests	(134)	(392.8)	(4.1)	(569.2)
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to MCBC	(134)	(392.8)	(4.1)	(569.2)
Comprehensive income (loss) attributable to MCBC	$ (412.9)	$ (425.1)	$ 521.4	$ (631.5)

Supplemental Guarantor Inform_5

Supplemental Guarantor Information - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 780.8		$ 523.4	$ 490.2		$ 1,057.9
Accounts receivable, net	713.7		714.8
Other receivables, net	129.1		105.5
Inventories, net	639.1		615.9
Other current assets, net	280		224.8
Intercompany accounts receivable	0		0
Total current assets	2,542.7		2,184.4
Properties, net	4,344		4,546.5
Goodwill	7,561.8		7,631.4
Other intangibles, net	13,384		13,656
Net investment in and advances to subsidiaries	0		0
Other assets	806.3		841.5
Total assets	28,638.8		28,859.8
Current liabilities:
Accounts payable and other current liabilities	3,192.7		2,767.3
Current portion of long-term debt and short-term borrowings	613		928.2
Intercompany accounts payable	0		0
Total current liabilities	3,805.7		3,695.5
Long-term debt	8,073.7		8,109.5
Pension and postretirement benefits	694.7		716.6
Deferred tax liabilities	2,218.5		2,258.6
Other liabilities	578.2		406.5
Intercompany notes payable	0		0
Total liabilities	15,370.8		15,186.7
MCBC stockholders' equity	13,002.9		13,419.4
Intercompany notes receivable	0		0
Total Molson Coors Beverage Company stockholders' equity	13,002.9		13,419.4
Noncontrolling interests	265.1		253.7
Total equity	13,268	$ 12,946	13,673.1	14,145	$ 13,888.1	13,735.8
Total liabilities and equity	28,638.8		28,859.8
Eliminations
Current assets:
Cash and cash equivalents	0		0	0		0
Accounts receivable, net	0		0
Other receivables, net	0		0
Inventories, net	0		0
Other current assets, net	0		0
Intercompany accounts receivable	(1,378)		(299)
Total current assets	(1,378)		(299)
Properties, net	0		0
Goodwill	0		0
Other intangibles, net	0		0
Net investment in and advances to subsidiaries	(33,697.8)		(34,063.4)
Other assets	(83.3)		(78)
Total assets	(35,159.1)		(34,440.4)
Current liabilities:
Accounts payable and other current liabilities	0		0
Current portion of long-term debt and short-term borrowings	0		0
Intercompany accounts payable	(1,378)		(299)
Total current liabilities	(1,378)		(299)
Long-term debt	0		0
Pension and postretirement benefits	0		0
Deferred tax liabilities	(83.3)		(78)
Other liabilities	0		0
Intercompany notes payable	(7,409.2)		(65)
Total liabilities	(8,870.5)		(442)
MCBC stockholders' equity	(33,697.8)		(34,063.4)
Intercompany notes receivable	7,409.2		65
Total Molson Coors Beverage Company stockholders' equity	(26,288.6)		(33,998.4)
Noncontrolling interests	0		0
Total equity	(26,288.6)		(33,998.4)
Total liabilities and equity	(35,159.1)		(34,440.4)
Parent Issuer
Current assets:
Cash and cash equivalents	217.5		15.7	12.2		515.8
Accounts receivable, net	0		0
Other receivables, net	4.5		14.4
Inventories, net	0		0
Other current assets, net	1.4		3
Intercompany accounts receivable	123.4		94.1
Total current assets	346.8		127.2
Properties, net	6.4		19.8
Goodwill	0		0
Other intangibles, net	3		4
Net investment in and advances to subsidiaries	21,339.2		21,200.6
Other assets	142		137.2
Total assets	21,837.4		21,488.8
Current liabilities:
Accounts payable and other current liabilities	133.8		170.7
Current portion of long-term debt and short-term borrowings	199.9		499.7
Intercompany accounts payable	920.8		0
Total current liabilities	1,254.5		670.4
Long-term debt	7,253.3		7,250.3
Pension and postretirement benefits	7.5		7.2
Deferred tax liabilities	0		0
Other liabilities	320.3		142.6
Intercompany notes payable	0		0
Total liabilities	8,835.6		8,070.5
MCBC stockholders' equity	13,002.9		13,419.4
Intercompany notes receivable	(1.1)		(1.1)
Total Molson Coors Beverage Company stockholders' equity	13,001.8		13,418.3
Noncontrolling interests	0		0
Total equity	13,001.8		13,418.3
Total liabilities and equity	21,837.4		21,488.8
Subsidiary Guarantors
Current assets:
Cash and cash equivalents	119.1		119.6	170.5		156.1
Accounts receivable, net	406.7		396.3
Other receivables, net	96.8		58.4
Inventories, net	470.6		449.1
Other current assets, net	172.5		126
Intercompany accounts receivable	1,149.1		190
Total current assets	2,414.8		1,339.4
Properties, net	3,161.7		3,294.7
Goodwill	6,137.1		6,146.5
Other intangibles, net	11,556.6		11,750.6
Net investment in and advances to subsidiaries	8,006.1		8,364.9
Other assets	346.7		364.4
Total assets	31,623		31,260.5
Current liabilities:
Accounts payable and other current liabilities	2,001.5		1,722
Current portion of long-term debt and short-term borrowings	399.2		415.1
Intercompany accounts payable	167.9		150.7
Total current liabilities	2,568.6		2,287.8
Long-term debt	746.2		779.1
Pension and postretirement benefits	673.8		695.5
Deferred tax liabilities	1,569.6		1,593.3
Other liabilities	166.5		172.2
Intercompany notes payable	3,683		0
Total liabilities	9,407.7		5,527.9
MCBC stockholders' equity	25,940.4		25,796.5
Intercompany notes receivable	(3,725.1)		(63.9)
Total Molson Coors Beverage Company stockholders' equity	22,215.3		25,732.6
Noncontrolling interests	0		0
Total equity	22,215.3		25,732.6
Total liabilities and equity	31,623		31,260.5
Subsidiary Non Guarantors
Current assets:
Cash and cash equivalents	444.2		388.1	$ 307.5		$ 386
Accounts receivable, net	307		318.5
Other receivables, net	27.8		32.7
Inventories, net	168.5		166.8
Other current assets, net	106.1		95.8
Intercompany accounts receivable	105.5		14.9
Total current assets	1,159.1		1,016.8
Properties, net	1,175.9		1,232
Goodwill	1,424.7		1,484.9
Other intangibles, net	1,824.4		1,901.4
Net investment in and advances to subsidiaries	4,352.5		4,497.9
Other assets	400.9		417.9
Total assets	10,337.5		10,550.9
Current liabilities:
Accounts payable and other current liabilities	1,057.4		874.6
Current portion of long-term debt and short-term borrowings	13.9		13.4
Intercompany accounts payable	289.3		148.3
Total current liabilities	1,360.6		1,036.3
Long-term debt	74.2		80.1
Pension and postretirement benefits	13.4		13.9
Deferred tax liabilities	732.2		743.3
Other liabilities	91.4		91.7
Intercompany notes payable	3,726.2		65
Total liabilities	5,998		2,030.3
MCBC stockholders' equity	7,757.4		8,266.9
Intercompany notes receivable	(3,683)		0
Total Molson Coors Beverage Company stockholders' equity	4,074.4		8,266.9
Noncontrolling interests	265.1		253.7
Total equity	4,339.5		8,520.6
Total liabilities and equity	$ 10,337.5		$ 10,550.9

Supplemental Guarantor Inform_6

Supplemental Guarantor Information - Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	$ 1,059.9	$ 828
Cash flows from investing activities:
Additions to properties	(345.1)	(310.5)
Proceeds from sales of properties and other assets	3	99.9
Other	0.6	42.8
Net intercompany investing activity	0	0
Net cash provided by (used in) investing activities	(341.5)	(167.8)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	4	1.4
Dividends paid	(125.3)	(177.4)
Payments on debt and borrowings	(507.6)	(1,070.8)
Proceeds on debt and borrowings	1	0
Net proceeds from (payments on) revolving credit facilities and commercial paper	199.8	(1.9)
Change in overdraft balances and other	(21.7)	12.8
Net intercompany financing activity	0	0
Net cash provided by (used in) financing activities	(449.8)	(1,235.9)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	268.6	(575.7)
Effect of foreign exchange rate changes on cash and cash equivalents	(11.2)	8
Balance at beginning of year	523.4	1,057.9
Balance at end of period	780.8	490.2
Parent Issuer
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	690.7	663.1
Cash flows from investing activities:
Additions to properties	(4.8)	(5.1)
Proceeds from sales of properties and other assets	0	0
Other	3.2	46.2
Net intercompany investing activity	(73.2)	20
Net cash provided by (used in) investing activities	(74.8)	61.1
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	4	1.4
Dividends paid	(115.3)	(163)
Payments on debt and borrowings	(500)	(1,066.3)
Proceeds on debt and borrowings	0
Net proceeds from (payments on) revolving credit facilities and commercial paper	199.8	0
Change in overdraft balances and other	(2.6)	(2.9)
Net intercompany financing activity	0	0
Net cash provided by (used in) financing activities	(414.1)	(1,230.8)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	201.8	(506.6)
Effect of foreign exchange rate changes on cash and cash equivalents	0	3
Balance at beginning of year	15.7	515.8
Balance at end of period	217.5	12.2
Subsidiary Guarantors
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	262.9	217.6
Cash flows from investing activities:
Additions to properties	(255.3)	(186)
Proceeds from sales of properties and other assets	1.4	96.5
Other	(4.2)	0.2
Net intercompany investing activity	(3,626.6)	(9.5)
Net cash provided by (used in) investing activities	(3,884.7)	(98.8)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0	0
Dividends paid	0	(29.5)
Payments on debt and borrowings	(0.2)	(0.2)
Proceeds on debt and borrowings	0
Net proceeds from (payments on) revolving credit facilities and commercial paper	0	0
Change in overdraft balances and other	(34.5)	(9.6)
Net intercompany financing activity	3,659.7	(69.3)
Net cash provided by (used in) financing activities	3,625	(108.6)
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	3.2	10.2
Effect of foreign exchange rate changes on cash and cash equivalents	(3.7)	4.2
Balance at beginning of year	119.6	156.1
Balance at end of period	119.1	170.5
Subsidiary Non Guarantors
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	106.3	(23.2)
Cash flows from investing activities:
Additions to properties	(85)	(119.4)
Proceeds from sales of properties and other assets	1.6	3.4
Other	1.6	(3.6)
Net intercompany investing activity	(3,587.7)	48.4
Net cash provided by (used in) investing activities	(3,669.5)	(71.2)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0	0
Dividends paid	(10)	(14.4)
Payments on debt and borrowings	(7.4)	(4.3)
Proceeds on debt and borrowings	1
Net proceeds from (payments on) revolving credit facilities and commercial paper	0	(1.9)
Change in overdraft balances and other	15.4	25.3
Net intercompany financing activity	3,627.8	10.4
Net cash provided by (used in) financing activities	3,626.8	15.1
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	63.6	(79.3)
Effect of foreign exchange rate changes on cash and cash equivalents	(7.5)	0.8
Balance at beginning of year	388.1	386
Balance at end of period	444.2	307.5
Eliminations
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities	0	(29.5)
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	7,287.5	(58.9)
Net cash provided by (used in) investing activities	7,287.5	(58.9)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	0	0
Dividends paid	0	29.5
Payments on debt and borrowings	0	0
Proceeds on debt and borrowings	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	(7,287.5)	58.9
Net cash provided by (used in) financing activities	(7,287.5)	88.4
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