Molson Coors Beverage (TAP) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,561,670
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		200,532,624
Exchangeable Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,718,267
Exchangeable Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		11,104,565
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
	Mar. 31, 2021	Mar. 31, 2020
Sales	$ 2,256.1	$ 2,537.8
Excise taxes	(357.7)	(435)
Revenue from Contract with Customer, Including Assessed Tax	1,898.4	2,102.8
Cost of goods sold	(1,167.4)	(1,479)
Gross profit	731	623.8
Marketing, general and administrative expenses	(542.9)	(629.7)
Special items, net	(10.9)	(86.6)
Operating income (loss)	177.2	(92.5)
Interest income (expense), net	(65.3)	(68.9)
Other pension and postretirement benefits (costs), net	13	7.5
Other income (expense), net	1.4	(4.8)
Income (loss) before income taxes	126.3	(158.7)
Income tax benefit (expense)	(44.3)	43.3
Net income (loss)	82	(115.4)
Net (income) loss attributable to noncontrolling interests	2.1	(1.6)
Net income (loss) attributable to Molson Coors Beverage Company	$ 84.1	$ (117)
Net income (loss) attributable to Molson Coors Beverage Company per share
Net income (loss) per share, basic (in dollars per share)	$ 0.39	$ (0.54)
Diluted net income (loss) attributable to Molson Coors Beverage Company per share:
Net income (loss) per share, diluted (in dollars per share)	$ 0.39	$ (0.54)
Weighted average shares outstanding, basic
Weighted average shares - basic (in shares)	217	216.7
Weighted average shares outstanding, diluted
Dilutive effect of share-based awards (in shares)	0.4	0
Weighted average shares - diluted (in shares)	217.4	216.7
Share-based payment arrangement
Weighted average shares outstanding, diluted
Antidilutive securities excluded from the computation of diluted EPS (in shares)	1.8	2.9

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss) including noncontrolling interests	$ 82	$ (115.4)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	10.3	(373.5)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	7.5	0
Unrealized gain (loss) on derivative instruments	102.7	(127.9)
Reclassification of derivative (gain) loss to income (loss)	1.2	0
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income (loss)	0.4	(1.3)
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss)	0.4	0.7
Total other comprehensive income (loss), net of tax	122.5	(502)
Comprehensive income (loss)	204.5	(617.4)
Comprehensive (income) loss attributable to noncontrolling interests	2	1.3
Comprehensive income (loss) attributable to Molson Coors Beverage Company	$ 206.5	$ (616.1)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 532.7	$ 770.1
Accounts receivable, net	557.9	558
Other receivables, net	159.3	129.1
Inventories, net	746.4	664.3
Other current assets, net	369.6	297.3
Total current assets	2,365.9	2,418.8
Properties, net	4,143.5	4,250.3
Goodwill	6,153.9	6,151
Other intangibles, net	13,482.2	13,556.1
Other assets	1,018.1	954.9
Total assets	27,163.6	27,331.1
Current liabilities
Accounts payable and other current liabilities	2,532.8	2,889.5
Current portion of long-term debt and short-term borrowings	1,063.5	1,020.1
Total current liabilities	3,596.3	3,909.6
Long-term debt	7,181.2	7,208.2
Pension and postretirement benefits	757.7	763.2
Deferred tax liabilities	2,476.8	2,381.6
Other liabilities	317.6	447.2
Total liabilities	14,329.6	14,709.8
Commitments and contingencies (Note 12)
Capital stock
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued)	0	0
Paid-in capital	6,947.1	6,937.8
Retained earnings	6,628.3	6,544.2
Accumulated other comprehensive income (loss)	(1,045.4)	(1,167.8)
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively)	(471.4)	(471.4)
Total Molson Coors Beverage Company stockholders' equity	12,580.8	12,365
Noncontrolling interests	253.2	256.3
Total equity	12,834	12,621.3
Total liabilities and equity	27,163.6	27,331.1
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	102.3	102.3
Exchangeable Class B
Capital stock
Exchangeable shares issued	$ 417.8	$ 417.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	210,000,000	209,800,000
Common stock, shares outstanding (in shares)	210,000,000	209,800,000
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)	11,100,000	11,100,000
Exchangeable shares, outstanding (in shares)	11,100,000	11,100,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ 82	$ (115.4)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	202.3	256.5
Amortization of debt issuance costs and discounts	1.8	2.1
Share-based compensation	8.3	5.9
(Gain) loss on sale or impairment of properties and other assets, net	2.8	(0.2)
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net	(122.6)	103.3
Income tax (benefit) expense	44.3	(43.3)
Income tax (paid) received	(9.1)	(9.2)
Interest expense, excluding interest amortization	64.1	67.6
Interest paid	(86.6)	(90.3)
Change in current assets and liabilities and other	(378.2)	(195.1)
Net cash provided by (used in) operating activities	(190.9)	(18.1)
Cash flows from investing activities:
Additions to properties	(102.5)	(225.1)
Proceeds from sales of properties and other assets	1.1	1.6
Other	16.8	3.5
Net cash provided by (used in) investing activities	(84.6)	(220)
Cash flows from financing activities:
Exercise of stock options under equity compensation plans	4.5	4
Dividends paid	0	(123.4)
Payments on debt and borrowings	(0.9)	(502.9)
Proceeds on debt and borrowings	0	1
Net proceeds from (payments on) revolving credit facilities and commercial paper	0.5	1,025.5
Change in overdraft balances and other	40.9	(5.5)
Net cash provided by (used in) financing activities	45	398.7
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	(230.5)	160.6
Effect of foreign exchange rate changes on cash and cash equivalents	(6.9)	(17.9)
Balance at beginning of year	770.1	523.4
Balance at end of period	$ 532.7	$ 666.1

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, 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	1.2		0			1.2
Amortization of share-based compensation	5.9					5.9
Purchase of noncontrolling interest	(0.1)									(0.1)
Net income (loss) including noncontrolling interests	(115.4)						(117)			1.6
Other comprehensive income (loss), net of tax	(502)							(499.1)		(2.9)
Contributions from noncontrolling interests	8.6									8.6
Distributions and dividends to noncontrolling interests	(1.5)									(1.5)
Dividends declared and paid	(123.8)						(123.8)
Ending 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
Beginning balance at Dec. 31, 2020	12,621.3	0	2.1	102.3	417.8	6,937.8	6,544.2	(1,167.8)	(471.4)	256.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plan	1		0			1
Amortization of share-based compensation	8.3					8.3
Purchase of noncontrolling interest	(0.2)									(0.2)
Net income (loss) including noncontrolling interests	82						84.1			(2.1)
Other comprehensive income (loss), net of tax	122.5							122.4		0.1
Distributions and dividends to noncontrolling interests	(0.9)									(0.9)
Ending balance at Mar. 31, 2021	$ 12,834	$ 0	$ 2.1	$ 102.3	$ 417.8	$ 6,947.1	$ 6,628.3	$ (1,045.4)	$ (471.4)	$ 253.2

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (PARENTHETICAL)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.57
Dividends paid (in dollars per share)	$ 0.57

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. Our reporting segments include North America and Europe. Our North America segment operates in the U.S., Canada and various countries in Latin and South America, and our Europe segment operates 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. Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than the 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, 2020 ("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" . The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be achieved for the full year. Due to the anti-dilutive effect resulting from the reported net loss attributable to MCBC for the three months ended March 31, 2020, the impact of potentially dilutive securities has been excluded from the quarterly calculation of weighted-average shares for diluted EPS for the first quarter of 2020. Cybersecurity Incident During March 2021, we experienced a systems outage that was caused by a cybersecurity incident. We engaged leading forensic information technology firms and legal counsel to assist our investigation into the incident and we restored our systems after working to get the systems back up as quickly as possible. Despite these actions, we experienced some delays and disruptions to our business, including brewery operations, production and shipments. This incident caused us to not produce or ship as much as we would have in the first quarter of 2021. In addition, we incurred certain incremental one-time costs of $2.0 million in the first quarter of 2021 related to consultants, experts and data recovery efforts, net of insurance recoveries. We expect to incur additional incremental one-time costs related to the incident in the second quarter of 2021. Coronavirus Global Pandemic The coronavirus pandemic had a material adverse effect on our operations, liquidity, financial condition and results of operations in 2020, starting at the end of the first quarter of 2020, and we expect it will continue to have a material impact on our financial results in 2021 and possibly beyond. The extent to which our operations will continue to 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, roll out and efficacy of the vaccines, and actions by government authorities to contain the pandemic or treat its impact, among other things. We continue to actively monitor the ongoing evolution of the pandemic and resulting impacts to our business and have taken various mitigating actions in response to the impacts of the pandemic and to position our business for the long term. During the first quarter of 2020, we commenced a keg relief program in order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which were negatively impacted by the shutdowns at the onset of the coronavirus pandemic. We provided customers with reimbursements for untapped kegs that met certain established return requirements and as a result, during the three month period ended March 31, 2020, we recognized a reduction to net sales of $31.5 million reflecting estimated sales returns and reimbursements through these programs. Further, during the three months ended March 31, 2020, we recognized charges of $18.5 million within cost of goods sold related to obsolete finished goods keg inventories that were not expected to be sold within our freshness specifications, as well as the costs to facilitate the above mentioned keg returns. 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 recovery period relative to the assumptions utilized to derive the allowance for obsolete inventories, could result in future charges due to incremental finished goods keg inventory becoming obsolete in future periods. As the coronavirus pandemic continues to evolve, we continue to monitor the impacts 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 March 31, 2021 and December 31, 2020, our allowance for trade receivables was approximately $20 million and $18 million, respectively, and allowance activity was immaterial during the three months ended March 31, 2021. In response to the onset of the coronavirus pandemic in 2020, various governmental authorities globally announced relief programs which among other items, provided temporary deferrals of non-income based tax payments, which positively impacted our operating cash flows in 2020. These temporary deferrals of approximately $130 million as of March 31, 2021 and December 31, 2020 were included within accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets. Finally, we continue to protect and support our liquidity position in response to the global economic uncertainty created by the coronavirus pandemic. Beginning with the second quarter of 2020, our board of directors suspended our regular quarterly dividends on our Class A and Class B common and exchangeable shares. For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and Intangible Assets." Revitalization Plan On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. The revitalization plan established Chicago, Illinois as our North American operational headquarters. We closed our office in Denver, Colorado and consolidated certain administrative functions into our other existing office locations. As of January 1, 2020, we changed our name to Molson Coors Beverage Company and 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 will continue to incur charges through fiscal year 2021. See Note 5, "Special Items" 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 $116.2 million and $153.5 million during the three months ended March 31, 2021 and March 31, 2020, 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 three months ended March 31, 2021 and March 31, 2020. Share-Based Compensation

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminated certain exceptions to the general approach to the income tax accounting model and added new guidance to reduce the complexity in accounting for income taxes. We adopted this guidance in the first quarter of 2021, which did not have a material impact on our financial statements. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020 through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a significant impact, or potential significant impact, to our unaudited condensed consolidated interim financial statements.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reporting segments are based on the key geographic regions in which we operate, and include the North America and Europe segments. Our North America segment operates in the U.S., Canada and various countries in Latin and South America and our Europe segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within the Middle East, Africa and Asia Pacific. We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing-related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities, and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components remain unallocated. Summarized Financial Information No single customer accounted for more than 10% of our consolidated sales for the three months ended March 31, 2021 and March 31, 2020. 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 March 31, 2021 March 31, 2020 (In millions) North America $ 1,692.0 $ 1,789.7 Europe 206.9 317.6 Inter-segment net sales eliminations (0.5) (4.5) Consolidated net sales $ 1,898.4 $ 2,102.8 Three Months Ended March 31, 2021 March 31, 2020 (In millions) North America (1) $ 144.2 $ 76.2 Europe (2) (89.4) (76.8) Unallocated (3) 71.5 (158.1) Consolidated income (loss) before income taxes $ 126.3 $ (158.7) (1) The increase in income before income taxes for the North America segment for the three months ended March 31, 2021 when compared to the three months ended March 31, 2020 was primarily due to lower specials charges and lower marketing, general and administrative ("MG&A") expenses, partially offset by lower net sales. Lower net sales was primarily due to continued on-premise restrictions from the coronavirus pandemic, as well as the March 2021 cybersecurity incident and the February 2021 Fort Worth, TX brewery shutdown due to a winter storm, partially offset by the cycling of brewery downtime associated with the Milwaukee brewery tragedy in the prior year. (2) The increase in the loss before income taxes for the Europe segment for the three months ended March 31, 2021 when compared to the three months ended March 31, 2020, was primarily due to lower net sales. Lower net sales was primarily due to the impacts of the coronavirus pandemic, specifically related to the closures across Europe, especially in the U.K. where the on-premise channel remained closed for the entire first quarter of 2021. (3) Unallocated income (loss) before taxes included the unrealized mark-to-market valuation of our commodity hedge positions. We recorded unrealized gains of $121.5 million during the three months ended March 31, 2021 and unrealized losses of $99.1 million during the three months ended March 31, 2020. 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 March 31, 2021 December 31, 2020 (In millions) North America $ 23,393.6 $ 23,375.6 Europe 3,770.0 3,955.5 Consolidated total assets $ 27,163.6 $ 27,331.1

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of March 31, 2021 or December 31, 2020. 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 $45.4 million and $38.2 million recorded as of March 31, 2021 and December 31, 2020, respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity. Consolidated VIEs The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2021 December 31, 2020 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 231.4 $ 18.8 $ 239.3 $ 17.9 Other $ 81.8 $ 18.3 $ 93.4 $ 18.0

Special Items

Special Items	3 Months Ended
	Mar. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Special Items	Special Items We 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 separately classified these charges (benefits) as special items. Three Months Ended March 31, 2021 March 31, 2020 (In millions) Employee-related charges Restructuring $ 3.6 $ 32.1 Impairments or asset abandonment charges North America - Asset abandonment (1) 2.9 54.2 Europe - Asset abandonment 2.1 0.3 Termination fees and other (gains) losses North America 0.4 — Europe (2) 1.9 — Total Special items, net $ 10.9 $ 86.6 (1) In January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery and the purchase was completed in the fourth quarter of 2020. Production at the Irwindale brewery ceased during the third quarter of 2020. Charges incurred in the three months ended March 31, 2021 were immaterial. Charges associated with the brewery closure for the three months ended March 31, 2020 totaled $58 million and primarily consisted of accelerated depreciation in excess of normal depreciation, as well as other closure costs including employee related costs. In addition, during the three months ended March 31, 2021 and March 31, 2020 we incurred asset abandonment charges, primarily related to the accelerated depreciation in excess of normal depreciation as a result of the Montreal brewery closure, which is expected to occur in 2021. (2) During the three months ended March 31, 2021, we recognized termination fees and other losses of $1.9 million related to the sale of a disposal group within our India business which represented an insignificant part of our Europe segment. The loss includes the reclassification of the associated cumulative foreign currency translation adjustment losses from AOCI into specials at the time of sale. See Note 10, "Accumulated Other Comprehensive Income (Loss)" for further details. Restructuring Activities On October 28, 2019, as part of our revitalization plan, we established Chicago, Illinois as our North American operational headquarters, closed our office in Denver, Colorado and consolidated certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees were extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees were asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units, including Europe, the revitalization plan reduced employment levels, in aggregate, by approximately 600 employees globally. In connection with the revitalization plan, we incurred and expect we may continue to incur cash and non-cash restructuring charges related to severance, retention and transition costs, employee relocation, non-cash asset related costs, lease impairment and exit costs in connection with our office lease in Denver, Colorado, and other transition activities related to the consolidation activities and related organizational and personnel changes of the revitalization plan through 2021 which is expected to aggregate in the range of approximately $100 million to $120 million. During the three months ended March 31, 2021 and March 31, 2020, we recognized severance and retention charges of $1.5 million and $22.7 million, respectively, and our remaining accrued restructuring balance related to the revitalization plan as of March 31, 2021 was approximately $13 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. Other than those noted above, there were no material changes to our restructuring activities since December 31, 2020, 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 March 31, 2021 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, 2020 $ 24.5 $ 2.0 $ 26.5 Charges incurred 3.0 0.5 3.5 Payments made (10.9) (0.4) (11.3) Changes in estimates 0.2 (0.1) 0.1 Foreign currency and other adjustments 0.1 — 0.1 As of March 31, 2021 $ 16.9 $ 2.0 $ 18.9 North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 26.2 7.2 33.4 Payments made (19.4) (3.5) (22.9) Changes in estimates (1.3) — (1.3) Foreign currency and other adjustments (0.9) (0.2) (1.1) As of March 31, 2020 $ 47.2 $ 8.0 $ 55.2

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax	Income Tax Three Months Ended March 31, 2021 March 31, 2020 Effective tax rate 35 % 27 % The increase in the effective tax rate during the first quarter of 2021 was primarily driven by an increase in net discrete tax expense. We recognized $18.1 million net discrete tax expense in the first quarter of 2021 versus $13.9 million net discrete tax benefit in the first quarter of 2020. In addition, jurisdictions with a higher income tax rate had proportionally higher pretax income in 2021 compared to prior year driving the effective tax rate higher. Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill for the North America segment is presented in the table below. North America Changes in Goodwill: (In millions) Balance as of December 31, 2020 $ 6,151.0 Foreign currency translation 2.9 Balance as of March 31, 2021 $ 6,153.9 As of December 31, 2020, due to the goodwill impairment recorded in the fourth quarter of 2020, the Europe segment had no goodwill. The North America segment had goodwill as of March 31, 2021 and December 31, 2020 as presented in the table above. The gross amount of goodwill totaled approximately $8.4 billion as of both March 31, 2021 and December 31, 2020. Accumulated impairment losses as of March 31, 2021 and December 31, 2020 totaled $2,250.6 million and $2,264.5 million, respectively, and are comprised of a full impairment taken on the Europe reporting unit and a partial impairment taken on the North America reporting unit as well as our historic India reporting unit, which was fully impaired in 2019. As of the date of our annual impairment test, performed as of October 1, 2020, the North America reporting unit goodwill balance was at risk of future impairment in the event of significant unfavorable changes in assumptions including the forecasted cash flows (including company-specific risks like the performance of our above premium transformation efforts and overall market performance of new innovations like hard seltzers, along with macro-economic risks such as the continued prolonged weakening of economic conditions, or significant unfavorable changes in tax rates, environmental or other regulations, including interpretations thereof), terminal growth rates, market multiples and/or weighted-average cost of capital utilized in the discounted cash flow analyses. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value. Current projections used for our North America reporting unit testing reflect growth assumptions associated with our revitalization plan to build on the strength of our iconic core brands, aggressively grow our above premium portfolio, expand beyond the beer aisle, invest in our capabilities and support our people and our communities all of which are intended to benefit the projected cash flows of the business. The cash flow assumptions were tempered somewhat by the impacts the coronavirus has had on our overall business and specifically our more profitable on-premise business. We determined that there was no triggering event that occurred during the first quarter of 2021 that would indicate the carrying value of our goodwill was greater than its fair value. Intangible Assets, Other than Goodwill The following table presents details of our intangible assets, other than goodwill, as of March 31, 2021: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,118.6 $ (1,120.9) $ 3,997.7 License agreements and distribution rights 15 - 20 207.9 (102.3) 105.6 Other 3 - 40 98.7 (28.0) 70.7 Intangible assets not subject to amortization: Brands Indefinite 8,195.3 — 8,195.3 Distribution networks Indefinite 805.3 — 805.3 Other Indefinite 307.6 — 307.6 Total $ 14,733.4 $ (1,251.2) $ 13,482.2 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2020: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,128.4 $ (1,070.6) $ 4,057.8 License agreements and distribution rights 15 - 20 206.8 (99.5) 107.3 Other 3 - 40 109.1 (36.4) 72.7 Intangible assets not subject to amortization: Brands Indefinite 8,215.7 — 8,215.7 Distribution networks Indefinite 795.0 — 795.0 Other Indefinite 307.6 — 307.6 Total $ 14,762.6 $ (1,206.5) $ 13,556.1 The changes in the gross carrying amounts of intangible assets from December 31, 2020 to March 31, 2021 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 March 31, 2021, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2021 - remaining $ 162.5 2022 $ 212.4 2023 $ 211.4 2024 $ 209.7 2025 $ 209.6 Amortization expense of intangible assets was $54.5 million and $54.9 million for the three months ended March 31, 2021 and March 31, 2020, respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations. As of the date of our annual impairment test of indefinite-lived intangible assets, performed as of October 1, 2020, the fair value of the indefinite-lived Miller , Coors and Carling brands were sufficiently in excess of their carrying values. We determined at the annual impairment testing date that the Staropramen indefinite-lived intangible asset in Europe was considered to be at risk of future impairment as a result of the coronavirus' impact on the on-premise business throughout Europe that commenced in 2020 and is continuing in 2021. No triggering events occurred during the first quarter of 2021 that would indicate the carrying value of these indefinite-lived assets was greater than their fair value. We continuously monitor the performance of the underlying definite-lived intangible assets for potential triggering events suggesting an impairment review should be performed. While no triggering events have occurred in the first quarter of 2021, we continue to monitor the impacts of the coronavirus in our key markets and the potential implications that may have on the values of definite-lived intangible assets. Fair Value 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. Overall Considerations Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as the 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 progress we are making our revitalization plan, 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. Additionally, we are monitoring the impacts the coronavirus pandemic has on the market inputs used in calculating our discount rates, including risk-free rates, equity premiums and our cost of debt, which could result in a meaningful change to our weighted-average cost of capital calculation, as well as the market multiples used in our impairment assessment. Furthermore, increased volatility in the equity and debt markets or other country specific factors, including, but not limited to, extended or future government intervention in response to the pandemic, could also result in a meaningful change to our weighted-average cost of capital calculation and other inputs used in our impairment assessment. Separately, the Ontario government in Canada adopted a bill that, if enacted, could adversely impact the existing terms of the beer distribution and retail systems in the province, as further described in Note 12, "Commitments and Contingencies."

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt Obligations As of March 31, 2021 December 31, 2020 (In millions) Long-term debt: CAD 500 million 2.84% notes due July 2023 $ 398.0 $ 392.9 CAD 500 million 3.44% notes due July 2026 398.0 392.9 $1.0 billion 2.1% notes due July 2021 (1) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (2) 503.0 503.7 $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 938.4 977.3 Finance leases and other 98.6 97.8 Less: unamortized debt discounts and debt issuance costs (48.7) (50.3) Total long-term debt (including current portion) 8,187.3 8,214.3 Less: current portion of long-term debt (1,006.1) (1,006.1) Total long-term debt $ 7,181.2 $ 7,208.2 Short-term borrowings (3) $ 57.4 $ 14.0 Current portion of long-term debt 1,006.1 1,006.1 Current portion of long-term debt and short-term borrowings $ 1,063.5 $ 1,020.1 (1) As of March 31, 2021, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due July 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. See Note 11, "Derivative Instruments and Hedging Activities" for further details. (2) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (3) As of March 31, 2021, we had $54.2 million in bank overdrafts and $90.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $36.1 million. As of December 31, 2020, we had $11.0 million in bank overdrafts and $103.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $92.7 million. We had total outstanding borrowings of $3.2 million and $3.0 million under our two JPY facilities as of March 31, 2021 and December 31, 2020, respectively. In addition, we have USD, CAD and GBP overdraft facilities under which we had no outstanding borrowings as of March 31, 2021 or December 31, 2020. Debt Fair Value Measurements We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of March 31, 2021 and December 31, 2020, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $8.6 billion and $9.1 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy. Revolving Credit Facility and Commercial Paper We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024 that 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 facility from time to time to leverage cash needs including debt repayments. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of March 31, 2021 or December 31, 2020. In addition, 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., maintained a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that were eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, subject to certain conditions. The CCFF Program was closed to new purchases as of March 23, 2021, and therefore is no longer a source of available liquidity for MCBC U.K.. As of both March 31, 2021 and December 31, 2020, we had no borrowings outstanding under the CCFF Program. Debt Covenants

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories As of March 31, 2021 December 31, 2020 (In millions) Finished goods $ 305.9 $ 266.7 Work in process 80.1 72.7 Raw materials 261.4 242.2 Packaging materials 99.0 82.7 Inventories, net $ 746.4 $ 664.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ (539.5) $ (173.9) $ (397.7) $ (56.7) $ (1,167.8) Foreign currency translation adjustments (32.9) — — — (32.9) Reclassification of cumulative translation adjustment to income (loss) (1) 7.5 — — — 7.5 Gain (loss) on net investment hedges 54.1 — — — 54.1 Unrealized gain (loss) on derivative instruments — 137.2 — — 137.2 Reclassification of derivative (gain) loss to income (loss) — 1.6 — — 1.6 Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income (loss) — — 0.4 — 0.4 Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 0.5 0.5 Tax benefit (expense) (11.0) (34.9) — (0.1) (46.0) As of March 31, 2021 $ (521.8) $ (70.0) $ (397.3) $ (56.3) $ (1,045.4) (1) As a result of the sale of a disposal group within our India business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items. The reclassifications from AOCI to net income (loss) were immaterial for the three months ended March 31, 2021 and March 31, 2020.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2021
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 quarter of 2021. 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 December 31, 2020. 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 Corp. ("HEXO") at a strike price of CAD 24.00 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 March 31, 2021 and December 31, 2020. Fair value measurements as of March 31, 2021 As of March 31, 2021 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ (11.2) $ — $ (11.2) $ — Interest rate swaps (82.4) — (82.4) — Foreign currency forwards (6.1) — (6.1) — Commodity swaps 186.8 — 186.8 — Warrants 0.6 — 0.6 — Total $ 87.7 $ — $ 87.7 $ — Fair value measurements as of December 31, 2020 As of December 31, 2020 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ (26.5) $ — $ (26.5) $ — Interest rate swaps (221.5) — (221.5) — Foreign currency forwards (4.9) — (4.9) — Commodity swaps and options 65.2 — 65.2 — Warrants 0.3 — 0.3 — Total $ (187.4) $ — $ (187.4) $ — As of March 31, 2021 and December 31, 2020, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three months ended March 31, 2021 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 March 31, 2021 and December 31, 2020, and our unaudited condensed consolidated statements of operations for the three months ended March 31, 2021 and March 31, 2020. Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2021 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 $ (11.2) Interest rate swaps $ 1,500.0 Other current assets — Accounts payable and other current liabilities (26.2) Other non-current assets — Other liabilities (56.2) Foreign currency forwards $ 187.8 Other current assets 0.1 Accounts payable and other current liabilities (3.8) Other non-current assets — Other liabilities (2.4) Total derivatives designated as hedging instruments $ 0.1 $ (99.8) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 934.6 Other current assets $ 110.0 Accounts payable and other current liabilities $ (5.6) Other non-current assets 83.4 Other liabilities (1.0) Commodity options (1) $ 16.8 Other current assets — Accounts payable and other current liabilities — Warrants $ 54.9 Other current assets 0.6 Accounts payable and other current liabilities — Total derivatives not designated as hedging instruments $ 194.0 $ (6.6) As of December 31, 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 $ (26.5) Interest rate swaps $ 1,500.0 Other non-current assets — Accounts payable and other current liabilities (47.7) Other liabilities (173.8) Foreign currency forwards $ 181.2 Other current assets 0.3 Accounts payable and other current liabilities (3.0) Other non-current assets — Other liabilities (2.2) Total derivatives designated as hedging instruments $ 0.3 $ (253.2) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 918.9 Other current assets $ 44.5 Accounts payable and other current liabilities $ (20.6) Other non-current assets 45.4 Other liabilities (4.1) Commodity options (1) $ 16.8 Other current assets — Accounts payable and other current liabilities — Warrants $ 54.2 Other non-current assets 0.3 Other liabilities — Total derivatives not designated as hedging instruments $ 90.2 $ (24.7) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2021 As of December 31, 2020 As of March 31, 2021 As of December 31, 2020 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ — Long-term debt $ — $ — $ 3.0 $ 3.7 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2021 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ 139.1 Interest income (expense), net $ (0.8) Foreign currency forwards (1.9) Cost of goods sold (0.9) Other income (expense), net 0.1 Total $ 137.2 $ (1.6) Three Months Ended March 31, 2021 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 $ 15.2 Interest income (expense), net $ — Interest income (expense), net $ 2.9 Total $ 15.2 $ — $ 2.9 Three Months Ended March 31, 2021 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 $ 38.9 Other income (expense), net $ — Other income (expense), net $ — Total $ 38.9 $ — $ — Three Months Ended March 31, 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 $ (185.9) Interest income (expense), net $ (0.7) Foreign currency forwards 15.8 Cost of goods sold 1.0 Other income (expense), net (0.3) Total $ (170.1) $ — Three Months Ended March 31, 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 $ 13.0 Interest income (expense), net $ — Interest income (expense), net $ 5.7 Total $ 13.0 $ — $ 5.7 Three Months Ended March 31, 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 $ 14.5 Other income (expense), net $ — Other income (expense), net $ — Total $ 14.5 $ — $ — (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. As of March 31, 2021, we expect our reclassification of AOCI into earnings related to cash flow hedges to be $7 million over the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2021 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 March 31, 2021 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 $ (1,167.4) $ 1.4 $ (65.3) 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 (0.9) 0.1 — Three Months Ended March 31, 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 $ (1,479.0) $ (4.8) $ (68.9) 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 1.0 (0.3) — (1) We had no outstanding fair value hedges during the first quarter of 2021 or 2020. The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2021 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ 127.9 Warrants Other income (expense), net 0.3 Total $ 128.2 Three Months Ended March 31, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (112.5) Warrants Other income (expense), net (1.7) Total $ (114.2) 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 $33.3 million and $17.9 million as of March 31, 2021 and December 31, 2020, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2021, 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. The jury trial scheduled to begin on October 13, 2020 was continued by the court and has not yet been reset. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time. On 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. Relatedly, but in a different action, the United States District Court for the District of Colorado dismissed with prejudice on December 2, 2020 a putative class action complaint filed against the Company, Mark Hunter, and Tracey Joubert asserting largely the same allegations as those in the above mentioned purported derivative suits. No appeal was taken and that case is now fully resolved and closed. In the administratively closed purported derivative suits, a range of potential loss is not estimable at this time. Regulatory Contingencies In December 2018, the U.S. Department of Treasury issued a regulation that impacts our ability to claim a refund of certain federal duties, taxes and fees paid for beer sold between the U.S. and certain other countries effective in February 2019. As a result, based on the terms of the regulation, it is the U.S. Department of Treasury's position that future claims will no longer be accepted, and we may be further unable to collect previously claimed, but not yet received, refunds. In January 2020, the United States Court of International Trade issued an opinion and order ruling the challenged portions of this regulation dealing with refunds of certain federal duties, taxes and fees paid with respect to certain imported beer, to the extent of certain exported beer, to be unlawful. On April 17, 2020, the U.S. Department of Treasury appealed this ruling as well as filed a motion for stay of the enforcement of judgment and suspension of claims pending appeal. The U.S. Department of Treasury's motion to stay was denied pending appeal and they were ordered to pay on all claims under the accelerated payment program. As a result, we have collected approximately $49 million of previously filed claims through the first quarter of 2021, and have previously claimed, but not yet received, refunds of approximately $6 million recorded within other receivables, net on our unaudited condensed consolidated balance sheet as of March 31, 2021. On July 23, 2020, the U.S. Department of Treasury filed its opening appellate brief in the United States Court of Appeals for the Federal Circuit. An opposition/response brief was filed on October 1, 2020 and final reply brief was submitted on December 11, 2020. The Federal Circuit Court of Appeals heard oral argument on March 1, 2021 and took the matter under advisement. 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. 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 March 31, 2021 and December 31, 2020, the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $45.4 million and $38.2 million, respectively. See Note 4, "Investments" for further detail. Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we accrued $10.1 million and $7.7 million, in aggregate, as of March 31, 2021 and December 31, 2020, respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $62.1 million, based on foreign exchange rates as of March 31, 2021. Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2021.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases as of March 31, 2021 and December 31, 2020 was as follows: As of March 31, 2021 December 31, 2020 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 131.7 $ 136.2 Current operating lease liabilities Accounts payable and other current liabilities $ 47.4 $ 47.1 Non-current operating lease liabilities Other liabilities 101.3 106.4 Total operating lease liabilities $ 148.7 $ 153.5 Finance Leases Finance lease right-of-use assets Properties, net $ 61.9 $ 60.5 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 3.8 $ 4.1 Non-current finance lease liabilities Long-term debt 61.2 59.9 Total finance lease liabilities $ 65.0 $ 64.0 Supplemental cash flow information related to leases for the three months ended March 31, 2021 and March 31, 2020 was as follows: Three Months Ended March 31, 2021 March 31, 2020 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 13.4 $ 12.3 Operating cash flows from finance leases $ 1.4 $ 0.9 Financing cash flows from finance leases $ 0.5 $ 2.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7.8 $ 6.3 Finance leases $ 1.5 $ —
Leases	Leases Supplemental balance sheet information related to leases as of March 31, 2021 and December 31, 2020 was as follows: As of March 31, 2021 December 31, 2020 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 131.7 $ 136.2 Current operating lease liabilities Accounts payable and other current liabilities $ 47.4 $ 47.1 Non-current operating lease liabilities Other liabilities 101.3 106.4 Total operating lease liabilities $ 148.7 $ 153.5 Finance Leases Finance lease right-of-use assets Properties, net $ 61.9 $ 60.5 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 3.8 $ 4.1 Non-current finance lease liabilities Long-term debt 61.2 59.9 Total finance lease liabilities $ 65.0 $ 64.0 Supplemental cash flow information related to leases for the three months ended March 31, 2021 and March 31, 2020 was as follows: Three Months Ended March 31, 2021 March 31, 2020 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 13.4 $ 12.3 Operating cash flows from finance leases $ 1.4 $ 0.9 Financing cash flows from finance leases $ 0.5 $ 2.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7.8 $ 6.3 Finance leases $ 1.5 $ —

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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"), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. Our reporting segments include North America and Europe. Our North America segment operates in the U.S., Canada and various countries in Latin and South America, and our Europe segment operates 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.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminated certain exceptions to the general approach to the income tax accounting model and added new guidance to reduce the complexity in accounting for income taxes. We adopted this guidance in the first quarter of 2021, which did not have a material impact on our financial statements. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities upon issuance, March 12, 2020 through December 31, 2022, which is a full year after the current expected discontinuation date of LIBOR. We are currently evaluating the potential impact of this guidance on our financial statements. 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)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Net sales by segment	The following tables present net sales and income (loss) before income taxes by segment: Three Months Ended March 31, 2021 March 31, 2020 (In millions) North America $ 1,692.0 $ 1,789.7 Europe 206.9 317.6 Inter-segment net sales eliminations (0.5) (4.5) Consolidated net sales $ 1,898.4 $ 2,102.8
Income (loss) before income taxes by segment	Three Months Ended March 31, 2021 March 31, 2020 (In millions) North America (1) $ 144.2 $ 76.2 Europe (2) (89.4) (76.8) Unallocated (3) 71.5 (158.1) Consolidated income (loss) before income taxes $ 126.3 $ (158.7) (1) The increase in income before income taxes for the North America segment for the three months ended March 31, 2021 when compared to the three months ended March 31, 2020 was primarily due to lower specials charges and lower marketing, general and administrative ("MG&A") expenses, partially offset by lower net sales. Lower net sales was primarily due to continued on-premise restrictions from the coronavirus pandemic, as well as the March 2021 cybersecurity incident and the February 2021 Fort Worth, TX brewery shutdown due to a winter storm, partially offset by the cycling of brewery downtime associated with the Milwaukee brewery tragedy in the prior year. (2) The increase in the loss before income taxes for the Europe segment for the three months ended March 31, 2021 when compared to the three months ended March 31, 2020, was primarily due to lower net sales. Lower net sales was primarily due to the impacts of the coronavirus pandemic, specifically related to the closures across Europe, especially in the U.K. where the on-premise channel remained closed for the entire first quarter of 2021. (3) Unallocated income (loss) before taxes included the unrealized mark-to-market valuation of our commodity hedge positions. We recorded unrealized gains of $121.5 million during the three months ended March 31, 2021 and unrealized losses of $99.1 million during the three months ended March 31, 2020.
Total assets by segment	The following table presents total assets by segment: As of March 31, 2021 December 31, 2020 (In millions) North America $ 23,393.6 $ 23,375.6 Europe 3,770.0 3,955.5 Consolidated total assets $ 27,163.6 $ 27,331.1

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedules of Consolidated Investments	The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2021 December 31, 2020 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 231.4 $ 18.8 $ 239.3 $ 17.9 Other $ 81.8 $ 18.3 $ 93.4 $ 18.0

Special Items (Tables)

Special Items (Tables)	3 Months Ended
	Mar. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Special items recorded by segment	Three Months Ended March 31, 2021 March 31, 2020 (In millions) Employee-related charges Restructuring $ 3.6 $ 32.1 Impairments or asset abandonment charges North America - Asset abandonment (1) 2.9 54.2 Europe - Asset abandonment 2.1 0.3 Termination fees and other (gains) losses North America 0.4 — Europe (2) 1.9 — Total Special items, net $ 10.9 $ 86.6 (1) In January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land for $150 million, subject to adjustment as further specified in the option agreement. Pursuant to the option agreement, on May 4, 2020, Pabst exercised its option to purchase the Irwindale brewery and the purchase was completed in the fourth quarter of 2020. Production at the Irwindale brewery ceased during the third quarter of 2020. Charges incurred in the three months ended March 31, 2021 were immaterial. Charges associated with the brewery closure for the three months ended March 31, 2020 totaled $58 million and primarily consisted of accelerated depreciation in excess of normal depreciation, as well as other closure costs including employee related costs. In addition, during the three months ended March 31, 2021 and March 31, 2020 we incurred asset abandonment charges, primarily related to the accelerated depreciation in excess of normal depreciation as a result of the Montreal brewery closure, which is expected to occur in 2021. (2) During the three months ended March 31, 2021, we recognized termination fees and other losses of $1.9 million related to the sale of a disposal group within our India business which represented an insignificant part of our Europe segment. The loss includes the reclassification of the associated cumulative foreign currency translation adjustment losses from AOCI into specials at the time of sale. See Note 10, "Accumulated Other Comprehensive Income (Loss)" for further details.
Change in the restructuring accrual	The accrued restructuring balances as of March 31, 2021 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, 2020 $ 24.5 $ 2.0 $ 26.5 Charges incurred 3.0 0.5 3.5 Payments made (10.9) (0.4) (11.3) Changes in estimates 0.2 (0.1) 0.1 Foreign currency and other adjustments 0.1 — 0.1 As of March 31, 2021 $ 16.9 $ 2.0 $ 18.9 North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 26.2 7.2 33.4 Payments made (19.4) (3.5) (22.9) Changes in estimates (1.3) — (1.3) Foreign currency and other adjustments (0.9) (0.2) (1.1) As of March 31, 2020 $ 47.2 $ 8.0 $ 55.2

Income Tax (Tables)

Income Tax (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	Three Months Ended March 31, 2021 March 31, 2020 Effective tax rate 35 % 27 %

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The changes in the carrying amount of goodwill for the North America segment is presented in the table below. North America Changes in Goodwill: (In millions) Balance as of December 31, 2020 $ 6,151.0 Foreign currency translation 2.9 Balance as of March 31, 2021 $ 6,153.9
Schedule of intangible assets excluding goodwill	The following table presents details of our intangible assets, other than goodwill, as of March 31, 2021: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,118.6 $ (1,120.9) $ 3,997.7 License agreements and distribution rights 15 - 20 207.9 (102.3) 105.6 Other 3 - 40 98.7 (28.0) 70.7 Intangible assets not subject to amortization: Brands Indefinite 8,195.3 — 8,195.3 Distribution networks Indefinite 805.3 — 805.3 Other Indefinite 307.6 — 307.6 Total $ 14,733.4 $ (1,251.2) $ 13,482.2 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2020: Useful life Gross Accumulated Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,128.4 $ (1,070.6) $ 4,057.8 License agreements and distribution rights 15 - 20 206.8 (99.5) 107.3 Other 3 - 40 109.1 (36.4) 72.7 Intangible assets not subject to amortization: Brands Indefinite 8,215.7 — 8,215.7 Distribution networks Indefinite 795.0 — 795.0 Other Indefinite 307.6 — 307.6 Total $ 14,762.6 $ (1,206.5) $ 13,556.1
Schedule of future amortization expense	Based on foreign exchange rates as of March 31, 2021, the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2021 - remaining $ 162.5 2022 $ 212.4 2023 $ 211.4 2024 $ 209.7 2025 $ 209.6

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Total long-term borrowings	As of March 31, 2021 December 31, 2020 (In millions) Long-term debt: CAD 500 million 2.84% notes due July 2023 $ 398.0 $ 392.9 CAD 500 million 3.44% notes due July 2026 398.0 392.9 $1.0 billion 2.1% notes due July 2021 (1) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (2) 503.0 503.7 $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 938.4 977.3 Finance leases and other 98.6 97.8 Less: unamortized debt discounts and debt issuance costs (48.7) (50.3) Total long-term debt (including current portion) 8,187.3 8,214.3 Less: current portion of long-term debt (1,006.1) (1,006.1) Total long-term debt $ 7,181.2 $ 7,208.2 Short-term borrowings (3) $ 57.4 $ 14.0 Current portion of long-term debt 1,006.1 1,006.1 Current portion of long-term debt and short-term borrowings $ 1,063.5 $ 1,020.1 (1) As of March 31, 2021, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due July 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%. See Note 11, "Derivative Instruments and Hedging Activities" for further details. (2) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (3) As of March 31, 2021, we had $54.2 million in bank overdrafts and $90.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $36.1 million. As of December 31, 2020, we had $11.0 million in bank overdrafts and $103.7 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $92.7 million. We had total outstanding borrowings of $3.2 million and $3.0 million under our two JPY facilities as of March 31, 2021 and December 31, 2020, respectively. In addition, we have USD, CAD and GBP overdraft facilities under which we had no outstanding borrowings as of March 31, 2021 or December 31, 2020.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2021 December 31, 2020 (In millions) Finished goods $ 305.9 $ 266.7 Work in process 80.1 72.7 Raw materials 261.4 242.2 Packaging materials 99.0 82.7 Inventories, net $ 746.4 $ 664.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ (539.5) $ (173.9) $ (397.7) $ (56.7) $ (1,167.8) Foreign currency translation adjustments (32.9) — — — (32.9) Reclassification of cumulative translation adjustment to income (loss) (1) 7.5 — — — 7.5 Gain (loss) on net investment hedges 54.1 — — — 54.1 Unrealized gain (loss) on derivative instruments — 137.2 — — 137.2 Reclassification of derivative (gain) loss to income (loss) — 1.6 — — 1.6 Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income (loss) — — 0.4 — 0.4 Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 0.5 0.5 Tax benefit (expense) (11.0) (34.9) — (0.1) (46.0) As of March 31, 2021 $ (521.8) $ (70.0) $ (397.3) $ (56.3) $ (1,045.4) (1) As a result of the sale of a disposal group within our India business, the associated cumulative foreign currency translation adjustment was reclassified from AOCI and recognized within special items.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. Fair value measurements as of March 31, 2021 As of March 31, 2021 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ (11.2) $ — $ (11.2) $ — Interest rate swaps (82.4) — (82.4) — Foreign currency forwards (6.1) — (6.1) — Commodity swaps 186.8 — 186.8 — Warrants 0.6 — 0.6 — Total $ 87.7 $ — $ 87.7 $ — Fair value measurements as of December 31, 2020 As of December 31, 2020 Quoted prices in Significant other Significant (In millions) Cross currency swaps $ (26.5) $ — $ (26.5) $ — Interest rate swaps (221.5) — (221.5) — Foreign currency forwards (4.9) — (4.9) — Commodity swaps and options 65.2 — 65.2 — Warrants 0.3 — 0.3 — Total $ (187.4) $ — $ (187.4) $ —
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets	Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2021 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 $ (11.2) Interest rate swaps $ 1,500.0 Other current assets — Accounts payable and other current liabilities (26.2) Other non-current assets — Other liabilities (56.2) Foreign currency forwards $ 187.8 Other current assets 0.1 Accounts payable and other current liabilities (3.8) Other non-current assets — Other liabilities (2.4) Total derivatives designated as hedging instruments $ 0.1 $ (99.8) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 934.6 Other current assets $ 110.0 Accounts payable and other current liabilities $ (5.6) Other non-current assets 83.4 Other liabilities (1.0) Commodity options (1) $ 16.8 Other current assets — Accounts payable and other current liabilities — Warrants $ 54.9 Other current assets 0.6 Accounts payable and other current liabilities — Total derivatives not designated as hedging instruments $ 194.0 $ (6.6) As of December 31, 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 $ (26.5) Interest rate swaps $ 1,500.0 Other non-current assets — Accounts payable and other current liabilities (47.7) Other liabilities (173.8) Foreign currency forwards $ 181.2 Other current assets 0.3 Accounts payable and other current liabilities (3.0) Other non-current assets — Other liabilities (2.2) Total derivatives designated as hedging instruments $ 0.3 $ (253.2) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 918.9 Other current assets $ 44.5 Accounts payable and other current liabilities $ (20.6) Other non-current assets 45.4 Other liabilities (4.1) Commodity options (1) $ 16.8 Other current assets — Accounts payable and other current liabilities — Warrants $ 54.2 Other non-current assets 0.3 Other liabilities — Total derivatives not designated as hedging instruments $ 90.2 $ (24.7) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2021 As of December 31, 2020 As of March 31, 2021 As of December 31, 2020 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ — Long-term debt $ — $ — $ 3.0 $ 3.7 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships.
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations	The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2021 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ 139.1 Interest income (expense), net $ (0.8) Foreign currency forwards (1.9) Cost of goods sold (0.9) Other income (expense), net 0.1 Total $ 137.2 $ (1.6) Three Months Ended March 31, 2021 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 $ 15.2 Interest income (expense), net $ — Interest income (expense), net $ 2.9 Total $ 15.2 $ — $ 2.9 Three Months Ended March 31, 2021 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 $ 38.9 Other income (expense), net $ — Other income (expense), net $ — Total $ 38.9 $ — $ — Three Months Ended March 31, 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 $ (185.9) Interest income (expense), net $ (0.7) Foreign currency forwards 15.8 Cost of goods sold 1.0 Other income (expense), net (0.3) Total $ (170.1) $ — Three Months Ended March 31, 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 $ 13.0 Interest income (expense), net $ — Interest income (expense), net $ 5.7 Total $ 13.0 $ — $ 5.7 Three Months Ended March 31, 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 $ 14.5 Other income (expense), net $ — Other income (expense), net $ — Total $ 14.5 $ — $ — (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. As of March 31, 2021, we expect our reclassification of AOCI into earnings related to cash flow hedges to be $7 million over the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2021 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 March 31, 2021 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 $ (1,167.4) $ 1.4 $ (65.3) 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 (0.9) 0.1 — Three Months Ended March 31, 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 $ (1,479.0) $ (4.8) $ (68.9) 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 1.0 (0.3) — (1) We had no outstanding fair value hedges during the first quarter of 2021 or 2020.
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 March 31, 2021 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ 127.9 Warrants Other income (expense), net 0.3 Total $ 128.2 Three Months Ended March 31, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in Amount of gain (loss) recognized in Commodity swaps Cost of goods sold $ (112.5) Warrants Other income (expense), net (1.7) Total $ (114.2)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Supplemental Balance Sheet Lease Information	Supplemental balance sheet information related to leases as of March 31, 2021 and December 31, 2020 was as follows: As of March 31, 2021 December 31, 2020 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 131.7 $ 136.2 Current operating lease liabilities Accounts payable and other current liabilities $ 47.4 $ 47.1 Non-current operating lease liabilities Other liabilities 101.3 106.4 Total operating lease liabilities $ 148.7 $ 153.5 Finance Leases Finance lease right-of-use assets Properties, net $ 61.9 $ 60.5 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 3.8 $ 4.1 Non-current finance lease liabilities Long-term debt 61.2 59.9 Total finance lease liabilities $ 65.0 $ 64.0
Supplemental Cash Flow Lease Information	Supplemental cash flow information related to leases for the three months ended March 31, 2021 and March 31, 2020 was as follows: Three Months Ended March 31, 2021 March 31, 2020 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 13.4 $ 12.3 Operating cash flows from finance leases $ 1.4 $ 0.9 Financing cash flows from finance leases $ 0.5 $ 2.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 7.8 $ 6.3 Finance leases $ 1.5 $ —

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	2
Cybersecurity Incident
Unusual or Infrequent Item, or Both [Line Items]
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds | $	$ 2

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Coronavirus Global Pandemic (Details) - Coronavirus Global Pandemic - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Unusual or Infrequent Item, or Both [Line Items]
Liability for estimated sales returns due to global pandemic	$ 31.5
Obsolete finished keg inventories	$ 18.5
Allowance for credit loss		$ 20	$ 18
Temporary deferral of income and non-income based tax payments		$ 130	$ 130

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Non-Cash Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital expenditures incurred but not yet paid	$ 116.2	$ 153.5

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
	Mar. 31, 2021	Mar. 31, 2020
RSU, PSU and DSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8.3	$ 5.9

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Net Sales (

Segment Reporting - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net Sales	$ 1,898.4	$ 2,102.8
Inter-segment net sales eliminations
Segment Reporting Information [Line Items]
Net Sales	(0.5)	(4.5)
North America | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	1,692	1,789.7
Europe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	$ 206.9	$ 317.6

Segment Reporting - Income (Los

Segment Reporting - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Income (Loss) before Income Taxes	$ 126.3	$ (158.7)
Other income (expense), net	1.4	(4.8)
Unallocated
Segment Reporting Information [Line Items]
Income (Loss) before Income Taxes	71.5	(158.1)
Unrealized gain (loss) on commodity contracts	121.5	(99.1)
North America | Operating Segments
Segment Reporting Information [Line Items]
Income (Loss) before Income Taxes	144.2	76.2
Europe | Operating Segments
Segment Reporting Information [Line Items]
Income (Loss) before Income Taxes	$ (89.4)	$ (76.8)

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 27,163.6	$ 27,331.1
North America
Segment Reporting Information [Line Items]
Total assets	23,393.6	23,375.6
Europe
Segment Reporting Information [Line Items]
Total assets	$ 3,770	$ 3,955.5

Investments - Variable Interest

Investments - Variable Interest Entity (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity
Total Assets	$ 27,163.6	$ 27,331.1
Total Liabilities	14,329.6	14,709.8
RMMC/RMBC
Variable Interest Entity
Total Assets	231.4	239.3
Total Liabilities	18.8	17.9
Other
Variable Interest Entity
Total Assets	81.8	93.4
Total Liabilities	$ 18.3	$ 18

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
BRI and BDL
Schedule of Equity Method Investments [Line Items]
Guarantee liability	$ 45.4	$ 38.2

Special Items - Summary of Spec

Special Items - Summary of Special Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Special items	$ 10.9	$ 86.6
Employee-related charges
Restructuring Cost and Reserve [Line Items]
Special items	3.6	32.1
Impairments or asset abandonment charges | North America
Restructuring Cost and Reserve [Line Items]
Special items	2.9	54.2
Impairments or asset abandonment charges | Europe
Restructuring Cost and Reserve [Line Items]
Special items	2.1	0.3
Termination fees and other (gains) losses | North America
Restructuring Cost and Reserve [Line Items]
Special items	0.4	0
Termination fees and other (gains) losses | Europe
Restructuring Cost and Reserve [Line Items]
Special items	$ 1.9	$ 0

Special Items - Narrative (Deta

Special Items - Narrative (Details) $ in Millions	Oct. 28, 2019USD ($)employee	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Special items		$ 10.9	$ 86.6
Irwindale Brewery
Unusual or Infrequent Item, or Both [Line Items]
Special items			58
Agreement Purchase Price				$ 150
Revitalization restructuring costs
Unusual or Infrequent Item, or Both [Line Items]
Charges incurred and changes in estimates		1.5	22.7
Restructuring reserve		13
Employee-related charges
Unusual or Infrequent Item, or Both [Line Items]
Special items		$ 3.6	$ 32.1
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Expected restructuring cost	$ 100
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Payment of severance obligations, term	12 months
Revitalization restructuring costs
Changes in restructuring accruals [Roll Forward]
Charges incurred and changes in estimates	$ 1.5	$ 22.7
Ending balance of restructuring accruals	13
Severance and other employee-related costs
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	26.5	47.1
Charges incurred and changes in estimates	3.5	33.4
Payments made	(11.3)	(22.9)
Changes in estimates	0.1	(1.3)
Foreign currency and other adjustments	0.1	(1.1)
Ending balance of restructuring accruals	18.9	55.2
Severance and other employee-related costs | North America
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	24.5	42.6
Charges incurred and changes in estimates	3	26.2
Payments made	(10.9)	(19.4)
Changes in estimates	0.2	(1.3)
Foreign currency and other adjustments	0.1	(0.9)
Ending balance of restructuring accruals	16.9	47.2
Severance and other employee-related costs | Europe
Changes in restructuring accruals [Roll Forward]
Beginning balance of restructuring accruals	2	4.5
Charges incurred and changes in estimates	0.5	7.2
Payments made	(0.4)	(3.5)
Changes in estimates	(0.1)	0
Foreign currency and other adjustments	0	(0.2)
Ending balance of restructuring accruals	$ 2	$ 8

Income Tax - Schedule of Effect

Income Tax - Schedule of Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	35.00%	27.00%

Income Tax - Narrative (Details

Income Tax - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Discrete tax expense		$ 18.1
Discrete tax benefit			$ (13.9)
Estimated cash outflow related to income tax examination		$ 100
Minimum
Operating Loss Carryforwards [Line Items]
Estimated income tax expense	$ 135

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Changes in Goodwill:
Balance as of December 31, 2020	$ 6,151
Balance as of March 31, 2021	6,153.9
Gross goodwill	8,400	$ 8,400
Accumulated impairment losses	2,250.6	$ 2,264.5
North America
Changes in Goodwill:
Balance as of December 31, 2020	6,151
Foreign currency translation	2.9
Balance as of March 31, 2021	$ 6,153.9

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Intangible assets subject to amortization:
Accumulated amortization	$ (1,251.2)		$ (1,206.5)
Total Gross	14,733.4		14,762.6
Total Net	13,482.2		13,556.1
Brands
Intangible assets subject to amortization:
Gross	5,118.6		5,128.4
Accumulated amortization	(1,120.9)		(1,070.6)
Net	3,997.7		4,057.8
Indefinite-lived intangible assets	$ 8,195.3		8,215.7
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	$ 207.9		206.8
Accumulated amortization	(102.3)		(99.5)
Net	$ 105.6		107.3
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	$ 805.3		795
Other
Intangible assets subject to amortization:
Gross	98.7		109.1
Accumulated amortization	(28)		(36.4)
Net	70.7		72.7
Indefinite-lived intangible assets	$ 307.6		$ 307.6
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
	Mar. 31, 2021	Mar. 31, 2020
Estimated amortization expense of finite-lived intangible assets
2021 - remaining	$ 162.5
2022	212.4
2023	211.4
2024	209.7
2025	209.6
Amortization expense of intangible assets	$ 54.5	$ 54.9

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Indefinite-lived Intangible Assets [Line Items]
Number of reportable segments	2

Debt - Schedule (Details)

Debt - Schedule (Details)	Mar. 31, 2021USD ($)	Mar. 31, 2021CAD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Less: unamortized debt discounts and debt issuance costs	$ (48,700,000)			$ (50,300,000)
Total long-term debt (including current portion)	8,187,300,000			8,214,300,000
Current portion of long-term debt	(1,006,100,000)			(1,006,100,000)
Long-term debt	7,181,200,000			7,208,200,000
Other short-term borrowings	57,400,000			14,000,000
Current portion of long-term debt and short-term borrowings	$ 1,063,500,000			1,020,100,000
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%
$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 | CAD 500 million 2.84% notes due July 2023
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 398,000,000			392,900,000
Senior notes | CAD 500 million 3.44% notes due July 2026
Debt Instrument [Line Items]
Long-term debt, carrying amount	398,000,000			392,900,000
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	503,000,000			503,700,000
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	938,400,000			977,300,000
Finance leases and other
Debt Instrument [Line Items]
Long-term debt, carrying amount	$ 98,600,000			$ 97,800,000

Debt - Narrative (Details)

Debt - Narrative (Details)	Mar. 31, 2021USD ($)overdraftFacility	Dec. 31, 2020USD ($)overdraftFacility	May 26, 2020GBP (£)	Mar. 20, 2019	Mar. 15, 2017USD ($)
Debt Instrument [Line Items]
Number of overdraft facilities | overdraftFacility	2	2
Long-term debt, fair value	$ 8,600,000,000	$ 9,100,000,000
Central Europe
Debt Instrument [Line Items]
Overdraft facility	54,200,000	11,000,000
Bank cash	90,300,000	103,700,000
Bank cash, net of overdrafts	36,100,000	92,700,000
Commercial paper
Debt Instrument [Line Items]
Debt instrument, face amount | £			£ 300,000,000
Line of credit facility, maximum borrowing capacity	1,500,000,000
$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%
JPY overdraft
Debt Instrument [Line Items]
Revolving credit facility	$ 3,200,000	$ 3,000,000
Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Revolving credit facility | Line of credit | Quarter Ending March 31, 2021
Debt Instrument [Line Items]
Net Debt to EBITDA	5.25
Parent Company | $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 | $1.0 billion 2.1% notes due July 2021
Debt Instrument [Line Items]
Derivative, fixed interest rate				0.71%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 305.9	$ 266.7
Work in process	80.1	72.7
Raw materials	261.4	242.2
Packaging materials	99	82.7
Inventories, net	$ 746.4	$ 664.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,621.3
Ending balance	12,834
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(539.5)
Other comprehensive income (loss)	(32.9)
Reclassification of derivative (gain) loss to income)	7.5
Tax benefit (expense)	(11)
Ending balance	(521.8)
Net investment hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss)	54.1
Gain (loss) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(173.9)
Other comprehensive income (loss)	137.2
Reclassification of derivative (gain) loss to income)	1.6
Tax benefit (expense)	(34.9)
Ending balance	(70)
Pension and postretirement benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(397.7)
Other comprehensive income (loss)	0.4
Tax benefit (expense)	0
Ending balance	(397.3)
Equity method investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(56.7)
Other comprehensive income (loss)	0.5
Tax benefit (expense)	(0.1)
Ending balance	(56.3)
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,167.8)
Tax benefit (expense)	(46)
Ending balance	$ (1,045.4)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - 3 months ended Mar. 31, 2021 $ in Millions	USD ($)	$ / shares
Schedule of Trading Securities and Other Trading Assets
Maximum term of time in cash flow hedge	4 years
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months | $	$ 7
Warrants
Schedule of Trading Securities and Other Trading Assets
Strike price (in Canadian dollars per share) | $ / shares		$ 24

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Derivative Fair Value (Details) - Fair value, recurring - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net	$ 87.7	$ (187.4)
Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	(11.2)	(26.5)
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(82.4)	(221.5)
Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	(6.1)	(4.9)
Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	186.8	65.2
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0.6	0.3
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	87.7	(187.4)
Significant other observable inputs (Level 2) | Cross currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	(11.2)	(26.5)
Significant other observable inputs (Level 2) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	(82.4)	(221.5)
Significant other observable inputs (Level 2) | Foreign currency forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	(6.1)	(4.9)
Significant other observable inputs (Level 2) | Commodity swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities	186.8	65.2
Significant other observable inputs (Level 2) | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets	0.6	0.3
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	Mar. 31, 2021	Dec. 31, 2020
Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	$ 0.1	$ 0.3
Derivative Liabilities	(99.8)	(253.2)
Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	194	90.2
Derivative Liabilities	(6.6)	(24.7)
Cross currency swaps | Designated as hedging instruments | Net investment hedging
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	400	400
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	400	400
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	187.8	181.2
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	187.8	181.2
Commodity swaps | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	934.6	918.9
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	934.6	918.9
Commodity options | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	16.8	16.8
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	16.8	16.8
Warrants | Not designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Notional amount	54.9	54.2
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Notional amount	54.9	54.2
Other current assets | Cross currency swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0	0
Other current assets | Interest rate swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0
Other current assets | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0.1	0.3
Other current assets | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	110	44.5
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	(11.2)	(26.5)
Accounts payable and other current liabilities | Interest rate swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(26.2)
Accounts payable and other current liabilities | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(3.8)	(3)
Accounts payable and other current liabilities | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(5.6)	(20.6)
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 | 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	0	0
Other non-current assets | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	83.4	45.4
Other non-current assets | Warrants | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Assets	0.6	0.3
Other liabilities | Interest rate swaps | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(56.2)	(47.7)
Other liabilities | Foreign currency forwards | Designated as hedging instruments
Derivatives Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(2.4)	(2.2)
Other liabilities | Commodity swaps | Not designated as hedging instruments
Derivatives Not Designated as Hedging Instrument, Item List [Abstract]
Derivative Liabilities	(1)	(4.1)
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	Mar. 31, 2021	Dec. 31, 2020
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
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)	$ 3	$ 3.7

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Cash Flow Hedges (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	$ 137.2	$ (170.1)
Amount of gain (loss) recognized from AOCI on derivative	(1.6)	0
Cash flow hedging | Forward starting interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	139.1	(185.9)
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	(0.8)	(0.7)
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
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
Cash flow hedging | Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	(1.9)	15.8
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
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	(0.9)	1
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	0.1	(0.3)
Net investment hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	38.9	14.5
Amount of gain (loss) recognized from AOCI on derivative	0	0
Amount of gain (loss) recognized in income on derivative	0	0
Net investment hedging | Cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI on derivative	15.2	13
Amount of gain (loss) recognized from AOCI on derivative	0	0
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	2.9	5.7
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	15.2	13
Amount of gain (loss) recognized from AOCI on derivative	0	0
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)	2.9	5.7
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	38.9	14.5
Amount of gain (loss) recognized from AOCI on derivative	0	0
Amount of gain (loss) recognized in income on derivative	$ 0	$ 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
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Cost of goods sold	$ 1,167.4	$ 1,479
Other income (expense), net	1.4	(4.8)
Interest income (expense), net	(65.3)	(68.9)
Cash flow hedging
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(1.6)	0
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
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
Forward starting interest rate swaps | Cash flow hedging | Interest income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.8)	(0.7)
Foreign currency forwards | Cash flow hedging | Cost of goods sold
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	(0.9)	1
Foreign currency forwards | Cash flow hedging | Other income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	0.1	(0.3)
Foreign currency forwards | Cash flow hedging | Interest income (expense), net
Derivative [Line Items]
Amount of gain (loss) recognized from AOCI on derivative	$ 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
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ 128.2	$ (114.2)
Commodity swaps | Cost of goods sold
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	127.9	(112.5)
Warrants | Other income (expense), net
Gain (Loss) on Derivative Instruments:
Amount of gain (loss) recognized in income on derivative	$ 0.3	$ (1.7)

Commitments and Contingencies -

Commitments and Contingencies - Loss Contingency (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 12, 2019complaint
Loss Contingencies [Line Items]
Accrual for litigation, other Disputes and environmental loss contingencies	$ 33.3	$ 17.9
Proceeds from income tax refunds	49
Excise tax refund receivable, noncurrent	6
Number Of Derivative Complaints | complaint			3
Guarantor obligations, maximum undiscounted exposure	45.4	38.2
Kaiser Tax, Civil and Labor Indemnity Reserve
Loss Contingencies [Line Items]
Loss contingency accrual	10.1	$ 7.7
Maximum | Kaiser purchased tax credits indemnity reserve, category two
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 62.1

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Lease Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 131.7	$ 136.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Current operating lease liabilities	$ 47.4	$ 47.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and other current liabilities	Accounts payable and other current liabilities
Non-current operating lease liabilities	$ 101.3	$ 106.4
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Total operating lease liabilities	$ 148.7	$ 153.5
Finance lease right-of-use assets	$ 61.9	$ 60.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Properties, net	Properties, net
Current finance lease liabilities	$ 3.8	$ 4.1
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt and short-term borrowings	Current portion of long-term debt and short-term borrowings
Non-current finance lease liabilities	$ 61.2	$ 59.9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Total finance lease liabilities	$ 65	$ 64

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 13.4	$ 12.3
Operating cash flows from finance leases	1.4	0.9
Financing cash flows from finance leases	0.5	2.6
Operating leases	7.8	6.3
Finance leases	$ 1.5	$ 0