XML 67 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Guarantor Information
 9 Months Ended
Sep. 28, 2013
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information
Supplemental Guarantor Information
        For purposes of this Note 17, including the tables, "Parent Guarantor and 2012 Issuer" shall mean MCBC and "Subsidiary Guarantors" shall mean certain U.S., European and Canadian subsidiaries reflecting the substantial operations of each of our U.S. and Canadian segments, as well as our U.K. operations of our European segment.
SEC Registered Securities
On May 3, 2012, MCBC issued $1.9 billion of senior notes, in a registered public offering, consisting of $300 million 2.0% senior notes due 2017, $500 million 3.5% senior notes due 2022, and $1.1 billion 5.0% senior notes due 2042. These senior notes are guaranteed on a senior unsecured basis by the Subsidiary Guarantors. Each of the Subsidiary Guarantors is 100% owned by the Parent Guarantor. The guarantees are full and unconditional and joint and several.
On June 15, 2007, MCBC issued $575 million of 2.5% convertible senior notes due July 30, 2013, in a registered public offering. These notes matured and were repaid in cash in the third quarter 2013. See Note 12, "Debt" for further discussion.
Other Debt
On September 22, 2005, MC Capital Finance ULC ("MC Capital Finance") issued $1.1 billion of senior notes consisting of $300 million 4.85% U.S. publicly registered notes due 2010 and CAD 900 million 5.0% privately placed notes maturing on September 22, 2015. These CAD 900 million senior notes were subsequently exchanged for substantially identical CAD 900 million senior notes which were quantified by way of a prospectus in Canada. In connection with an internal corporate reorganization, Molson Coors International LP ("MCI LP") was subsequently added as a co-issuer of the CAD 900 million senior notes in 2007. The $300 million senior notes were repaid in 2010. The continuous disclosure requirements applicable to MC Capital Finance in Canada are satisfied through the consolidating financial information in respect of MC Capital Finance, MCI LP and other subsidiary guarantors of the CAD 900 million senior notes as currently presented within the Subsidiary Guarantors column.
None of our other outstanding debt is publicly registered, and it is all guaranteed on a senior and unsecured basis by the Parent Guarantor and certain Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 12, "Debt" for details of all debt issued and outstanding as of September 28, 2013.
Presentation    
During the third quarter of 2013, we identified that we had incorrectly recorded tax adjustments related to certain foreign currency movements in the financial statements for both the first and second quarters of 2013. See Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further information. We will revise comprehensive income (loss) attributable to MCBC in the condensed consolidating statement of operations for the thirteen weeks ended March 30, 2013, and June 29, 2013, and for the twenty-six weeks ended June 29, 2013, in future filings. The impact of correcting these errors has been reflected in our condensed consolidating statement of operations for the thirty-nine weeks ended September 28, 2013. This revision resulted in corrections to comprehensive income (loss) attributable to MCBC within the condensed consolidating statement of operations for the Parent Guarantor from $(206.2) million, as previously reported, to $(225.6) million, as adjusted, for the thirteen weeks ended March 30, 2013, $225.9 million, as previously reported, to $191.2 million, as adjusted, for the thirteen weeks ended June 29, 2013, and $19.7 million, as previously reported, to $(34.4) million, as adjusted, for the twenty-six weeks ended June 29, 2013. The error does not impact the condensed consolidating statement of comprehensive income (loss) for the thirteen weeks September 28, 2013, or the condensed consolidating balance sheet as of September 28, 2013.
During the first quarter of 2013, we identified necessary corrections to our historical treatment of certain intercompany transactions included as a component of the net investment in and advances to subsidiaries within total assets and MCBC stockholders' equity of the Parent Guarantor. While consolidated totals were not impacted, our December 29, 2012, guarantor condensed consolidating balance sheet presented within this note has been adjusted to reflect the impact of this change, which is limited to the Parent Guarantor column. This revision resulted in a reduction to the amounts attributable to the Parent Guarantor for net investment in and advances to subsidiaries from $11,342.2 million as previously reported, to $10,465.2 million as adjusted, with the offsetting adjustment to the "eliminations" column. This resulted in an equal reduction to MCBC stockholders' equity attributable to the Parent Guarantor from $8,843.9 million as previously reported, to $7,966.9 million as adjusted, with the offsetting adjustment to the "eliminations" column. The changes to our historical guarantor condensed consolidating balance sheet are not material to the financial statements taken as a whole for any periods impacted.
The following information sets forth the condensed consolidating statements of operations for the third quarter and first three quarters of 2013 and 2012, condensed consolidating balance sheets as of September 28, 2013, and December 29, 2012, and condensed consolidating statements of cash flows for the first three quarters of 2013 and 2012. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the Parent Guarantor and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 28, 2013
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
7.3

 
$
1,277.3

 
$
451.3

 
$
(70.5
)
 
$
1,665.4

Excise taxes
—

 
(401.2
)
 
(93.0
)
 
—

 
(494.2
)
Net sales
7.3

 
876.1

 
358.3

 
(70.5
)
 
1,171.2

Cost of goods sold
—

 
(501.7
)
 
(210.2
)
 
41.9

 
(670.0
)
Gross profit
7.3

 
374.4

 
148.1

 
(28.6
)
 
501.2

Marketing, general and administrative expenses
(26.3
)
 
(204.2
)
 
(105.9
)
 
28.6

 
(307.8
)
Special items, net
(0.2
)
 
(9.1
)
 
(153.7
)
 
—

 
(163.0
)
Equity income (loss) in subsidiaries
59.1

 
(161.9
)
 
115.1

 
(12.3
)
 
—

Equity income in MillerCoors
—

 
148.3

 
—

 
—

 
148.3

Operating income (loss)
39.9

 
147.5

 
3.6

 
(12.3
)
 
178.7

Interest income (expense), net
(24.6
)
 
91.4

 
(84.6
)
 
—

 
(17.8
)
Other income (expense), net
(7.4
)
 
(18.6
)
 
20.5

 
—

 
(5.5
)
Income (loss) from continuing operations before income taxes
7.9

 
220.3

 
(60.5
)
 
(12.3
)
 
155.4

Income tax benefit (expense)
113.9

 
(173.4
)
 
26.8

 
—

 
(32.7
)
Net income (loss) from continuing operations
121.8

 
46.9

 
(33.7
)
 
(12.3
)
 
122.7

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

 
—

 
0.9

 
—

 
0.9

Net income (loss) including noncontrolling interests
121.8

 
46.9

 
(32.8
)
 
(12.3
)
 
123.6

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) attributable to MCBC
$
121.8

 
$
46.9

 
$
(34.6
)
 
$
(12.3
)
 
$
121.8

Comprehensive income attributable to MCBC
$
403.7

 
$
317.0

 
$
106.9

 
$
(423.9
)
 
$
403.7



MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 29, 2012
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
7.4

 
$
1,311.1

 
$
428.4

 
$
(61.1
)
 
$
1,685.8

Excise taxes
—

 
(401.4
)
 
(88.9
)
 
—

 
(490.3
)
Net sales
7.4

 
909.7

 
339.5

 
(61.1
)
 
1,195.5

Cost of goods sold
—

 
(516.3
)
 
(222.2
)
 
51.5

 
(687.0
)
Gross profit
7.4

 
393.4

 
117.3

 
(9.6
)
 
508.5

Marketing, general and administrative expenses
(28.3
)
 
(208.2
)
 
(73.7
)
 
9.6

 
(300.6
)
Special items, net
(0.3
)
 
(7.0
)
 
(28.6
)
 
—

 
(35.9
)
Equity income (loss) in subsidiaries
215.7

 
(79.5
)
 
126.4

 
(262.6
)
 
—

Equity income in MillerCoors
—

 
132.0

 
—

 
—

 
132.0

Operating income (loss)
194.5

 
230.7

 
141.4

 
(262.6
)
 
304.0

Interest income (expense), net
(27.2
)
 
70.8

 
(98.0
)
 
—

 
(54.4
)
Other income (expense), net
8.8

 
(17.9
)
 
2.7

 
—

 
(6.4
)
Income (loss) from continuing operations before income taxes
176.1

 
283.6

 
46.1

 
(262.6
)
 
243.2

Income tax benefit (expense)
22.3

 
(66.8
)
 
2.0

 
—

 
(42.5
)
Net income (loss) from continuing operations
198.4

 
216.8

 
48.1

 
(262.6
)
 
200.7

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

 
—

 
0.7

 
—

 
0.7

Net income (loss) including noncontrolling interests
198.4

 
216.8

 
48.8

 
(262.6
)
 
201.4

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
(3.0
)
 
—

 
(3.0
)
Net income (loss) attributable to MCBC
$
198.4

 
$
216.8

 
$
45.8

 
$
(262.6
)
 
$
198.4

Comprehensive income attributable to MCBC
$
461.7

 
$
449.2

 
$
140.3

 
$
(589.5
)
 
$
461.7



MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2013
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
20.8

 
$
3,561.0

 
$
1,098.3

 
$
(170.2
)
 
$
4,509.9

Excise taxes
—

 
(1,096.5
)
 
(235.7
)
 
—

 
(1,332.2
)
Net sales
20.8

 
2,464.5

 
862.6

 
(170.2
)
 
3,177.7

Cost of goods sold
—

 
(1,451.1
)
 
(576.2
)
 
126.1

 
(1,901.2
)
Gross profit
20.8

 
1,013.4

 
286.4

 
(44.1
)
 
1,276.5

Marketing, general and administrative expenses
(91.2
)
 
(570.3
)
 
(280.0
)
 
44.1

 
(897.4
)
Special items, net
(1.2
)
 
(10.1
)
 
(154.5
)
 
—

 
(165.8
)
Equity income (loss) in subsidiaries
414.8

 
(427.5
)
 
308.6

 
(295.9
)
 
—

Equity income in MillerCoors
—

 
438.3

 
—

 
—

 
438.3

Operating income (loss)
343.2

 
443.8

 
160.5

 
(295.9
)
 
651.6

Interest income (expense), net
(78.3
)
 
223.5

 
(279.1
)
 
—

 
(133.9
)
Other income (expense), net
(6.0
)
 
2.0

 
(4.5
)
 
—

 
(8.5
)
Income (loss) from continuing operations before income taxes
258.9

 
669.3

 
(123.1
)
 
(295.9
)
 
509.2

Income tax benefit (expense)
176.9

 
(269.9
)
 
22.7

 
—

 
(70.3
)
Net income (loss) from continuing operations
435.8

 
399.4

 
(100.4
)
 
(295.9
)
 
438.9

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

 
—

 
1.7

 
—

 
1.7

Net income (loss) including noncontrolling interests
435.8

 
399.4

 
(98.7
)
 
(295.9
)
 
440.6

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
(4.8
)
 
—

 
(4.8
)
Net income (loss) attributable to MCBC
$
435.8

 
$
399.4

 
$
(103.5
)
 
$
(295.9
)
 
$
435.8

Comprehensive income attributable to MCBC
$
369.3

 
$
377.0

 
$
(56.0
)
 
$
(321.0
)
 
$
369.3


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 2012
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
20.6

 
$
3,622.7

 
$
651.0

 
$
(159.5
)
 
$
4,134.8

Excise taxes
—

 
(1,116.1
)
 
(132.4
)
 
—

 
(1,248.5
)
Net sales
20.6

 
2,506.6

 
518.6

 
(159.5
)
 
2,886.3

Cost of goods sold
—

 
(1,441.1
)
 
(397.4
)
 
132.6

 
(1,705.9
)
Gross profit
20.6

 
1,065.5

 
121.2

 
(26.9
)
 
1,180.4

Marketing, general and administrative expenses
(113.7
)
 
(629.9
)
 
(136.9
)
 
26.9

 
(853.6
)
Special items, net
(1.4
)
 
(18.2
)
 
(39.0
)
 
—

 
(58.6
)
Equity income (loss) in subsidiaries
505.9

 
(378.6
)
 
276.1

 
(403.4
)
 
—

Equity income in MillerCoors
—

 
436.5

 
—

 
—

 
436.5

Operating income (loss)
411.4

 
475.3

 
221.4

 
(403.4
)
 
704.7

Interest income (expense), net
(82.6
)
 
209.0

 
(289.2
)
 
—

 
(162.8
)
Other income (expense), net
1.7

 
(26.8
)
 
(53.2
)
 
—

 
(78.3
)
Income (loss) from continuing operations before income taxes
330.5

 
657.5

 
(121.0
)
 
(403.4
)
 
463.6

Income tax benefit (expense)
52.5

 
(157.3
)
 
19.1

 
—

 
(85.7
)
Net income (loss) from continuing operations
383.0

 
500.2

 
(101.9
)
 
(403.4
)
 
377.9

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

 
—

 
1.6

 
—

 
1.6

Net income (loss) including noncontrolling interests
383.0

 
500.2

 
(100.3
)
 
(403.4
)
 
379.5

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
3.5

 
—

 
3.5

Net income (loss) attributable to MCBC
$
383.0

 
$
500.2

 
$
(96.8
)
 
$
(403.4
)
 
$
383.0

Comprehensive income attributable to MCBC
$
708.0

 
$
794.2

 
$
35.2

 
$
(829.4
)
 
$
708.0

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF SEPTEMBER 28, 2013
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
39.2

 
$
173.0

 
$
194.7

 
$
—

 
$
406.9

Accounts receivable, net
0.6

 
465.1

 
192.9

 
—

 
658.6

Other receivables, net
41.6

 
46.0

 
16.6

 
—

 
104.2

Total inventories, net
—

 
191.5

 
46.9

 
—

 
238.4

Other assets, net
11.0

 
59.3

 
47.7

 
—

 
118.0

Deferred tax assets
—

 
—

 
71.4

 
(1.4
)
 
70.0

Intercompany accounts receivable
—

 
2,759.5

 
679.7

 
(3,439.2
)
 
—

Total current assets
92.4

 
3,694.4

 
1,249.9

 
(3,440.6
)
 
1,596.1

Properties, net
30.3

 
1,287.2

 
659.2

 
—

 
1,976.7

Goodwill
—

 
1,148.9

 
1,266.4

 
—

 
2,415.3

Other intangibles, net
—

 
4,429.5

 
2,544.2

 
—

 
6,973.7

Investment in MillerCoors
—

 
2,541.9

 
—

 
—

 
2,541.9

Net investment in and advances to subsidiaries
12,422.0

 
3,220.9

 
6,471.9

 
(22,114.8
)
 
—

Deferred tax assets
21.8

 
48.3

 
0.8

 
(31.4
)
 
39.5

Other assets, net
36.0

 
125.8

 
67.8

 
—

 
229.6

Total assets
$
12,602.5

 
$
16,496.9

 
$
12,260.2

 
$
(25,586.8
)
 
$
15,772.8

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
71.8

 
$
890.0

 
$
432.8

 
$
—

 
$
1,394.6

Derivative hedging instruments
—

 
135.9

 
0.8

 
—

 
136.7

Deferred tax liability
8.3

 
104.3

 
—

 
(1.4
)
 
111.2

Current portion of long-term debt and short-term borrowings
391.1

 
60.8

 
186.4

 
—

 
638.3

Discontinued operations
—

 
—

 
7.1

 
—

 
7.1

Intercompany accounts payable
1,931.1

 
667.5

 
840.6

 
(3,439.2
)
 
—

Total current liabilities
2,402.3

 
1,858.5

 
1,467.7

 
(3,440.6
)
 
2,287.9

Long-term debt
1,895.9

 
1,357.1

 
0.5

 
—

 
3,253.5

Pension and post-retirement benefits
3.6

 
742.2

 
6.9

 
—

 
752.7

Derivative hedging instruments
—

 
1.7

 
1.1

 
—

 
2.8

Deferred tax liability
—

 
—

 
973.3

 
(31.4
)
 
941.9

Other liabilities, net
13.3

 
60.5

 
123.4

 
—

 
197.2

Discontinued operations
—

 
—

 
18.1

 
—

 
18.1

Intercompany notes payable
—

 
920.0

 
6,333.9

 
(7,253.9
)
 
—

Total liabilities
4,315.1

 
4,940.0

 
8,924.9

 
(10,725.9
)
 
7,454.1

MCBC stockholders' equity
8,290.6

 
17,887.6

 
4,227.2

 
(22,114.8
)
 
8,290.6

Intercompany notes receivable
(3.2
)
 
(6,330.7
)
 
(920.0
)
 
7,253.9

 
—

Total stockholders' equity
8,287.4

 
11,556.9

 
3,307.2

 
(14,860.9
)
 
8,290.6

Noncontrolling interests
—

 
—

 
28.1

 
—

 
28.1

Total equity
8,287.4

 
11,556.9

 
3,335.3

 
(14,860.9
)
 
8,318.7

Total liabilities and equity
$
12,602.5

 
$
16,496.9

 
$
12,260.2

 
$
(25,586.8
)
 
$
15,772.8


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 29, 2012
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
189.8

 
$
249.3

 
$
184.9

 
$
—

 
$
624.0

Accounts receivable, net
1.7

 
524.7

 
134.1

 
—

 
660.5

Other receivables, net
22.7

 
54.6

 
15.6

 
—

 
92.9

Total inventories, net
—

 
172.5

 
41.4

 
—

 
213.9

Other assets, net
10.7

 
67.1

 
39.7

 
—

 
117.5

Deferred tax assets
—

 
—

 
40.7

 
(1.5
)
 
39.2

Intercompany accounts receivable
—

 
2,077.8

 
1,137.5

 
(3,215.3
)
 
—

Total current assets
224.9

 
3,146.0

 
1,593.9

 
(3,216.8
)
 
1,748.0

Properties, net
25.1

 
1,338.9

 
631.9

 
—

 
1,995.9

Goodwill
—

 
1,068.5

 
1,384.6

 
—

 
2,453.1

Other intangibles, net
—

 
4,606.8

 
2,628.0

 
—

 
7,234.8

Investment in MillerCoors
—

 
2,431.8

 
—

 
—

 
2,431.8

Net investment in and advances to subsidiaries
10,465.2

 
2,291.6

 
5,291.7

 
(18,048.5
)
 
—

Deferred tax assets
47.4

 
104.8

 
4.9

 
(31.7
)
 
125.4

Other assets
38.6

 
125.0

 
59.6

 
—

 
223.2

Total assets
$
10,801.2

 
$
15,113.4

 
$
11,594.6

 
$
(21,297.0
)
 
$
16,212.2

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
64.0

 
$
787.7

 
$
335.2

 
$
—

 
$
1,186.9

Derivative hedging instruments
—

 
6.0

 
—

 
—

 
6.0

Deferred tax liability
11.3

 
142.5

 
—

 
(1.5
)
 
152.3

Current portion of long-term debt and short-term borrowings
564.2

 
668.3

 
13.1

 
—

 
1,245.6

Discontinued operations
—

 
—

 
7.9

 
—

 
7.9

Intercompany accounts payable
1,166.3

 
1,133.3

 
915.7

 
(3,215.3
)
 
—

Total current liabilities
1,805.8

 
2,737.8

 
1,271.9

 
(3,216.8
)
 
2,598.7

Long-term debt
1,895.6

 
1,402.5

 
124.4

 
—

 
3,422.5

Pension and post-retirement benefits
3.3

 
823.1

 
6.6

 
—

 
833.0

Derivative hedging instruments
—

 
222.2

 
—

 
—

 
222.2

Deferred tax liability
—

 
—

 
980.2

 
(31.7
)
 
948.5

Other liabilities, net
6.6

 
64.4

 
104.7

 
—

 
175.7

Discontinued operations
—

 
—

 
20.0

 
—

 
20.0

Intercompany notes payable
—

 
1,135.8

 
6,971.9

 
(8,107.7
)
 
—

Total liabilities
3,711.3

 
6,385.8

 
9,479.7

 
(11,356.2
)
 
8,220.6

MCBC stockholders' equity
7,966.9

 
15,036.7

 
3,011.8

 
(18,048.5
)
 
7,966.9

Intercompany notes receivable
(877.0
)
 
(6,309.1
)
 
(921.6
)
 
8,107.7

 
—

Total stockholders' equity
7,089.9

 
8,727.6

 
2,090.2

 
(9,940.8
)
 
7,966.9

Noncontrolling interests
—

 
—

 
24.7

 
—

 
24.7

Total equity
7,089.9

 
8,727.6

 
2,114.9

 
(9,940.8
)
 
7,991.6

Total liabilities and equity
$
10,801.2

 
$
15,113.4

 
$
11,594.6

 
$
(21,297.0
)
 
$
16,212.2

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2013
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
565.5

 
$
327.2

 
$
394.0

 
$
(256.7
)
 
$
1,030.0

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(11.9
)
 
(103.4
)
 
(102.9
)
 
—

 
(218.2
)
Proceeds from sales of properties and other long-lived assets
—

 
3.2

 
4.3

 
—

 
7.5

Proceeds from sale of business
—

 
—

 
2.0

 
—

 
2.0

Investment in MillerCoors
—

 
(924.0
)
 
—

 
—

 
(924.0
)
Return of capital from MillerCoors
—

 
822.4

 
—

 
—

 
822.4

Investment in and advances to an unconsolidated affiliate
—

 
—

 
(2.4
)
 
—

 
(2.4
)
Loan repayments
—

 
7.7

 
(0.2
)
 
—

 
7.5

Loan advances
—

 
(5.4
)
 
—

 
—

 
(5.4
)
Net intercompany investing activity
(446.3
)
 
114.9

 
—

 
331.4

 
—

Net cash provided by (used in) investing activities
(458.2
)
 
(84.6
)
 
(99.2
)
 
331.4

 
(310.6
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
74.9

 
—

 
—

 
—

 
74.9

Excess tax benefits from share-based compensation
6.0

 
—

 
—

 
—

 
6.0

Payments for purchase of noncontrolling interest
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Dividends paid
(154.5
)
 
(68.0
)
 
(209.9
)
 
256.7

 
(175.7
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Debt issuance costs
(0.2
)
 
—

 
(0.1
)
 
—

 
(0.3
)
Payments on long-term debt and capital lease obligations
(577.6
)
 
(615.1
)
 
(123.8
)
 
—

 
(1,316.5
)
Proceeds from short-term borrowings
—

 
—

 
19.3

 
—

 
19.3

Payments on short-term borrowings
—

 
—

 
(15.1
)
 
—

 
(15.1
)
Proceeds from settlement of derivative instruments
2.6

 
—

 
—

 
—

 
2.6

Payments on settlement of derivative instruments
—

 
(66.2
)
 
—

 
—

 
(66.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
390.9

 
—

 
157.5

 
—

 
548.4

Change in overdraft balances and other
—

 
—

 
(0.8
)
 
—

 
(0.8
)
Net intercompany financing activity
—

 
446.3

 
(114.9
)
 
(331.4
)
 
—

Net cash provided by (used in) financing activities
(257.9
)
 
(303.0
)
 
(289.2
)
 
(74.7
)
 
(924.8
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(150.6
)
 
(60.4
)
 
5.6

 
—

 
(205.4
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(15.9
)
 
4.2

 
—

 
(11.7
)
Balance at beginning of year
189.8

 
249.3

 
184.9

 
—

 
624.0

Balance at end of period
$
39.2

 
$
173.0

 
$
194.7

 
$
—

 
$
406.9


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 29, 2012
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
595.4

 
$
895.6

 
$
(470.0
)
 
$
(181.0
)
 
$
840.0

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(6.3
)
 
(103.8
)
 
(33.3
)
 
—

 
(143.4
)
Proceeds from sales of properties and other long-lived assets
—

 
1.6

 
1.4

 
—

 
3.0

Acquisition of businesses, net of cash acquired
—

 
—

 
(2,257.4
)
 
—

 
(2,257.4
)
Payment on discontinued operations
—

 
—

 
(6.8
)
 
—

 
(6.8
)
Investment in MillerCoors
—

 
(826.1
)
 
—

 
—

 
(826.1
)
Return of capital from MillerCoors
—

 
723.3

 
—

 
—

 
723.3

Payments on settlement of derivative instruments
—

 
(110.6
)
 
—

 
—

 
(110.6
)
Investment in and advances to an unconsolidated affiliate
—

 
(0.1
)
 
(3.3
)
 
—

 
(3.4
)
Loan repayments
—

 
14.3

 
—

 
—

 
14.3

Loan advances
—

 
(7.4
)
 
—

 
—

 
(7.4
)
Net intercompany investing activity
(2,827.4
)
 
(2,695.0
)
 
—

 
5,522.4

 
—

Net cash provided by (used in) investing activities
(2,833.7
)
 
(3,003.8
)
 
(2,299.4
)
 
5,522.4

 
(2,614.5
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Exercise of stock options under equity compensation plans
27.4

 
—

 
—

 
—

 
27.4

Excess tax benefits from share-based compensation
4.2

 
—

 
—

 
—

 
4.2

Dividends paid
(152.5
)
 
(174.2
)
 
(28.3
)
 
181.0

 
(174.0
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(5.0
)
 
—

 
(5.0
)
Debt issuance costs
(39.2
)
 
—

 
(1.1
)
 
—

 
(40.3
)
Proceeds from issuances of long-term debt
2,045.4

 
—

 
150.0

 
—

 
2,195.4

Payments on long-term debt and capital lease obligations
(150.0
)
 
(44.8
)
 
(31.9
)
 
—

 
(226.7
)
Payments on debt assumed in acquisition
—

 
—

 
(424.3
)
 
—

 
(424.3
)
Proceeds from short-term borrowings
—

 
—

 
14.0

 
—

 
14.0

Payments on short-term borrowings
—

 
—

 
(14.0
)
 
—

 
(14.0
)
Payments on settlement of derivative instruments
—

 
(4.0
)
 
—

 
—

 
(4.0
)
Net proceeds from (payments on) revolving credit facilities
—

 
—

 
9.6

 
—

 
9.6

Change in overdraft balances and other
—

 
—

 
(105.0
)
 
—

 
(105.0
)
Net intercompany financing activity
—

 
2,184.3

 
3,338.1

 
(5,522.4
)
 
—

Net cash provided by (used in) financing activities
1,735.3

 
1,961.3

 
2,902.1

 
(5,341.4
)
 
1,257.3

CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(503.0
)
 
(146.9
)
 
132.7

 
—

 
(517.2
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
15.7

 
8.3

 
—

 
24.0

Balance at beginning of year
601.1

 
422.5

 
55.3

 
—

 
1,078.9

Balance at end of period
$
98.1

 
$
291.3

 
$
196.3

 
$
—

 
$
585.7