XML 21 R67.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt Table (Details)
9 Months Ended 6 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 3 Months Ended 9 Months Ended
Sep. 28, 2013
USD ($)
Sep. 29, 2012
USD ($)
Dec. 29, 2012
USD ($)
Jun. 30, 2007
USD ($)
Jun. 15, 2012
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
EUR (€)
Sep. 29, 2012
Line of Credit [Member]
Jun. 25, 2011
Line of Credit [Member]
Revolving Multicurrency Bank Credit Facility [Member]
Jun. 30, 2012
Line of Credit [Member]
Revolving Multicurrency Bank Credit Facility [Member]
USD ($)
Sep. 29, 2012
Revolving Credit [Member]
Sep. 28, 2013
Revolving Credit [Member]
USD ($)
Sep. 28, 2013
Revolving Credit [Member]
EUR (€)
Apr. 03, 2012
Revolving Credit [Member]
USD ($)
Sep. 28, 2013
Senior Notes [Member]
USD ($)
Sep. 29, 2012
Senior Notes [Member]
USD ($)
Sep. 28, 2013
Senior Notes [Member]
USD ($)
Sep. 29, 2012
Senior Notes [Member]
USD ($)
May 03, 2012
Senior Notes [Member]
USD ($)
Sep. 28, 2013
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Sep. 29, 2012
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Sep. 28, 2013
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Sep. 29, 2012
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Sep. 09, 2013
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 29, 2012
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Jun. 15, 2007
Senior Notes [Member]
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Sep. 28, 2013
Senior Notes [Member]
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Dec. 29, 2012
Senior Notes [Member]
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Sep. 28, 2013
Senior Notes [Member]
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
USD ($)
Dec. 29, 2012
Senior Notes [Member]
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
USD ($)
Sep. 22, 2005
Senior Notes [Member]
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
USD ($)
Sep. 28, 2013
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017
USD ($)
Dec. 29, 2012
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017
USD ($)
Oct. 06, 2010
Senior Notes [Member]
CAD 500 million 3.95% Series A notes due 2017
USD ($)
Sep. 28, 2013
Senior Notes [Member]
$300 million 2.0% notes due 2017
USD ($)
Dec. 29, 2012
Senior Notes [Member]
$300 million 2.0% notes due 2017
USD ($)
Sep. 28, 2013
Senior Notes [Member]
$500 million 3.5% notes due 2022
USD ($)
Dec. 29, 2012
Senior Notes [Member]
$500 million 3.5% notes due 2022
USD ($)
Sep. 28, 2013
Senior Notes [Member]
$1.1 billion 5.0% notes due 2042
USD ($)
Dec. 29, 2012
Senior Notes [Member]
$1.1 billion 5.0% notes due 2042
USD ($)
May 03, 2012
Senior Notes [Member]
5.0% Interest Rate, Maturing 2042 [Member]
USD ($)
Sep. 22, 2005
Senior Notes [Member]
5.0% Interest Rate, Maturing 2042 [Member]
May 03, 2012
Senior Notes [Member]
2.0% Interest Rate, Maturing 2017 [Member]
USD ($)
May 03, 2012
Senior Notes [Member]
3.5% Interest Rate, Maturing 2022 [Member]
USD ($)
Sep. 28, 2013
Tranch 2 [Member]
Term Loan Agreement [Member]
USD ($)
Sep. 28, 2013
Tranch 2 [Member]
Term Loan Agreement [Member]
EUR (€)
Dec. 29, 2012
Tranch 2 [Member]
Term Loan Agreement [Member]
USD ($)
Apr. 03, 2012
Tranch 2 [Member]
Term Loan Agreement [Member]
EUR (€)
Sep. 29, 2012
Molson Coors Central Europe (MCCE)
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
EUR (€)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Senior Notes [Member]
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Senior Notes [Member]
EUR (€)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
EUR (€)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
USD ($)
Sep. 28, 2013
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
USD ($)
Sep. 28, 2013
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
EUR (€)
Aug. 13, 2013
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
EUR (€)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
EUR (€)
Sep. 28, 2013
Equity conversion feature of debt
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
USD ($)
Sep. 28, 2013
Equity conversion feature of debt
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
USD ($)
Aug. 13, 2013
Equity conversion feature of debt
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
USD ($)
Aug. 13, 2013
Equity conversion feature of debt
Molson Coors Central Europe (MCCE)
Convertible Debt [Member]
Zero Coupon Senior Unsecured Note [Member]
EUR (€)
Sep. 28, 2013
Fair Value, Inputs, Level 3 [Member]
USD ($)
Aug. 13, 2013
Fair Value, Inputs, Level 3 [Member]
USD ($)
Dec. 29, 2012
Fair Value, Inputs, Level 3 [Member]
USD ($)
Jun. 15, 2012
Fair Value, Inputs, Level 3 [Member]
Debt [Member]
Molson Coors Central Europe (MCCE)
EUR (€)
Debt Instrument [Line Items]                                                                                                                                    
Unrealized Gain (Loss) on Derivatives                                                                                                                     $ 20,300,000 $ (6,500,000)            
Repayments of Long-term Debt                                                                                     71,800,000 53,700,000                                            
Total long-term debt (including current portion) before unamortized discounts and other                                   0 [1]   0 [1]     575,000,000   60,800,000 [2] 668,700,000 [2] 873,300,000 902,700,000   485,200,000 501,500,000   300,000,000 300,000,000 500,000,000 500,000,000 1,100,000,000 1,100,000,000         0 [3]   123,900,000 [3]                       510,900,000                  
Proceeds from Convertible Debt                                           2,600,000                                                                                        
Impact of Stock Received under Purchased Call Options Stock Price on Diluted EPS High                                   $ 66.13   $ 66.13                                                                                            
Other long-term debt 400,000   500,000                                                                                                                              
Commercial Paper Outstanding, Amount 391,100,000                                                                                                                                  
Debt Instrument, Term           4 years 4 years   1 year                                                                                                                  
Credit facilities 0 [4]   0 [4]             162,300,000                                                                                                                
Less: unamortized debt discounts and other (5,400,000)   (17,400,000)                                                                                                                              
Total long-term debt (including current portion) 3,314,300,000   4,654,900,000                                                                               123,800,000 93,700,000                                            
Derivative Financial Instruments, Liabilities, Fair Value Disclosure                                                                                                                         14,400,000 10,900,000 0 14,400,000 7,900,000  
Noncash or Part Noncash Acquisition, Debt Assumed                                                                                             645,900,000         645,900,000 511,100,000                          
Current portion of long-term debt (60,800,000)   (1,232,400,000)                                                                                                       (60,800,000) (44,900,000)                    
Total long-term debt 3,253,500,000   3,422,500,000                                                                                                                              
Short-term debt 577,500,000   13,200,000                                                                                                                              
Current portion of long-term debt and short-term borrowings 638,300,000   1,245,600,000                                                                                                                              
Debt instrument, face amount       575,000,000             150,000,000           1,900,000,000             575,000,000         900,000,000     500,000,000             1,100,000,000   300,000,000 500,000,000       120,000,000                       500,000,000                
Debt instrument, interest rate percentage                                   2.50%   2.50%       2.50%               3.95%             5.00% 5.00% 2.00% 3.50%                         0.00% 0.00%                    
Calculation of Debt Premium Conversion Price, Period Following Maturity Date                                       25 days                                                                                            
Proceeds from Call Options 2,600,000 0                                   2,600,000                                                                                            
Debt Instrument, Principal Amount, Per Share                                               1,000                                                                                    
Debt Instrument, Convertible Conversion Price Per Share                                   $ 51.8284   $ 51.8284       $ 54.76                                                                                    
Percentage of Premium over Stock Price of Convertible Debt                                               25.00%                                                                                    
Debt Instrument, Convertible Number of Equity Instruments, Ratio                                   19.2944   19.2944       18.263                                                                                    
Interest Expense Debt Amortization                         1,600,000 4,500,000 10,900,000 13,500,000                                                                                                    
Interest Expense, Debt                                   1,200,000 3,600,000 8,400,000 10,800,000                                                                                          
Debt Instruments, Interest Rate Effective Percentage                                   5.75% 5.78% 5.73% 5.79%                                                                                          
Debt Instrument, Unamortized Discount         1,000,000                                   10,800,000                                                                                      
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred                                                                                               3,400,000,000 2,700,000,000 585,000,000 500,000,000             500,000,000                
Stock Available, Shares, Upon Conversion of Convertible Securities                                                                                               12,894,044 12,894,044                                  
Repayments of Convertible Debt                                                                                                             614,700,000 466,000,000                    
Long-term Debt - Portion of Principal Repayment                                                                                                             600,300,000 455,100,000                    
Derivative Liabilities                                                                                                                                   12,100,000
Discounts to Long-term Debt                                                                                                           1,300,000                        
Commercial Paper, Maximum Borrowing Capacity 950,000,000                                                                                                                                  
Line of Credit Facility, Maximum Borrowing Capacity               400,000,000       550,000,000                                                                                                            
Line of Credit Facility, Additional Borrowing Capacity               $ 100,000,000                                                                                                                    
[1] Our $575 million convertible notes matured and were repaid on July 30, 2013, for their face value of $575 million. The required premium payment of $2.6 million, which was based on our weighted-average Class B common stock price exceeding the then-applicable conversion price on any of the 25 trading days following the maturity date, was paid in September 2013. This premium was hedged by call options that mitigated our exposure to increases in our stock price and resulted in proceeds of $2.6 million from these call options in September 2013, which fully offset the premium payment. Separately, the warrants entered into concurrent with these call options, pursuant to which we may be required to issue Class B common stock to the counterparty when our stock price reaches $66.13 per share, remain outstanding and will expire beginning December 2013 through February 2014. The original conversion price for each $1,000 aggregate principal amount of notes was $54.76 per share of our Class B common stock, which represented a 25% premium above the stock price on the day of issuance of the notes and corresponded to the initial conversion ratio of 18.263 shares per each $1,000 aggregate principal amount of notes. The conversion ratio and conversion price were subject to adjustments for certain events and provisions, as defined in the indenture, including adjustments reflected for exceeding defined thresholds related to our dividend payments. At the maturity date our conversion price and ratio were $51.8284 and 19.2944 shares, respectively. During the third quarters of 2013 and 2012, we incurred additional non-cash interest expense of $1.6 million and $4.5 million, respectively. For the first three quarters of 2013 and 2012, the amounts were $10.9 million and $13.5 million, respectively. We also incurred interest expense related to the 2.5% convertible coupon rate of $1.2 million and $3.6 million during the third quarters of 2013 and 2012, respectively. For the first three quarters of 2013 and 2012, the interest expenses incurred were $8.4 million and $10.8 million, respectively. The combination of non-cash and cash interest resulted in an effective interest rate of 5.75% and 5.78% for the third quarters of 2013, through settlement, and 2012, respectively. The effective interest rates for the first three quarters of 2013, through settlement, and 2012 were 5.73% and 5.79%, respectively. As of September 28, 2013, there was no unamortized debt discount outstanding as we recorded the remaining discount of $1.6 million upon maturity in the third quarter of 2013. As of December 29, 2012, $10.8 million of the unamortized debt discount related to our $575 million convertible debt.
[2] On June 15, 2012, we issued a €500 million Zero Coupon Senior Unsecured Convertible Note due December 31, 2013 (the ''Convertible Note'') to the Seller in conjunction with the closing of the Acquisition. The Seller had the ability to exercise a put right with respect to the Convertible Note as of March 14, 2013, (the “First Redemption Date”) and ending on December 19, 2013, for the greater of the principal amount of the Convertible Note or the aggregate cash value of 12,894,044 shares of our Class B Common Stock, as adjusted for certain corporate events. In accordance with these terms, on August 13, 2013, the Seller exercised the conversion feature for an agreed upon value upon exercise of €510.9 million, consisting of €500 million in principal and €10.9 million for the conversion feature. At issuance, the total value of the Convertible Note was €511.1 million, consisting of the principal (€500 million), discount (€1.0 million), and conversion feature (€12.1 million), initially recorded as a component of the purchase price associated with the Acquisition.Separate from the Seller's notice to put, we have made claims with regard to the representations and warranties provided to us upon close of the Acquisition. As a result, we have withheld €44.9 million ($60.8 million as of September 28, 2013) from the €500 million in principal related to these outstanding claims. The remaining balance continues to be classified as current portion of long-term debt pending the resolution of these claims. Therefore, on September 3, 2013, we paid the seller in cash a total of €466.0 million ($614.7 million) consisting of €455.1 million ($600.3 million) in principal and €10.9 million ($14.4 million) for the conversion feature. The Convertible Note's embedded conversion feature was determined to meet the definition of a derivative required to be bifurcated and separately accounted for at fair value with changes in fair value recorded in earnings. During the third quarter and first three quarters of 2013, we recognized a net gain of $20.3 million and a loss of $6.5 million, respectively, on the conversion feature primarily related to the change from the previously recorded fair value to the value upon exercise. The Convertible Note was issued at a discount of $1.3 million, which has been recognized as interest expense over the period from issuance to the First Redemption Date. The non-cash interest, excluding the change in fair value of the convertible feature, resulted in an immaterial impact to our effective interest rate for the third quarter and first three quarters of 2013. See Note 14, "Derivative Instruments and Hedging Activities" for further discussion.
[3] During the third quarter and first three quarters of 2013, we made principal repayments of $71.8 million (€53.7 million) and $123.8 million (€93.7 million), respectively, on the remaining balance of our €120 million term loan. As a result, the term loan, which was designated as a net investment hedge, was fully repaid in the third quarter of 2013. See Note 14, "Derivative Instruments and Hedging Activities" for further discussion.
[4] In the first quarter of 2013, a $950 million commercial paper program was approved and implemented. The commercial paper program is supported by our $550 million and $400 million revolving credit facilities. To fund the repayment of our €500 million Zero Coupon Senior Unsecured Convertible Note, we issued short-term commercial paper during the third quarter of 2013. As of September 28, 2013, the outstanding borrowings under the commercial paper program were $391.1 million.In the third quarter of 2012, we entered into a 1-year, €150 million revolving credit agreement, on an uncommitted basis, to support our operations in Central Europe within our Europe segment. In the third quarter of 2013, this revolving credit facility was renewed and restructured and will continue to provide €150 million on an uncommitted basis through September 2014. As of September 28, 2013, the outstanding borrowings under this revolving credit facility were $162.3 million. There were no outstanding borrowings under this revolving credit facility as of December 29, 2012.In the second quarter of 2012, we entered into a 4-year, $550 million revolving credit agreement. This credit agreement contains customary events of default and specified representations and warranties and covenants, including, among other things, covenants that limit our subsidiaries' ability to incur certain additional priority indebtedness, create or permit liens on assets, or engage in mergers or consolidations. As of September 28, 2013, and December 29, 2012, there were no outstanding borrowings under this revolving credit facility. In the second quarter of 2011, we entered into an agreement for a 4-year, $400 million revolving multicurrency credit facility, which provides a $100 million sub-facility available for the issuance of letters of credit. As of September 28, 2013 and December 29, 2012, there were no outstanding borrowings under this revolving credit facility. The remaining outstanding balances as of September 28, 2013, and December 29, 2012, relate to other short-term borrowings.