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Supplemental Guarantor Information
 12 Months Ended
Dec. 31, 2013
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information
Supplemental Guarantor Information
        For purposes of this Note 20, 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. See Note 13, "Debt" for further discussion.
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 13, "Debt" for further discussion.
Other Debt
On September 22, 2005, Molson Coors 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 13, "Debt" for details of all debt issued and outstanding as of December 31, 2013.
Presentation
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 fiscal years ended December 31, 2013, December 29, 2012, and December 31, 2011, condensed consolidating balance sheets as of December 31, 2013, and December 29, 2012, and condensed consolidating statements of cash flows for the fiscal years ended December 31, 2013, December 29, 2012, and December 31, 2011. 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 FISCAL YEAR ENDED DECEMBER 31, 2013
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
27.5

 
$
4,784.7

 
$
1,388.8

 
$
(201.4
)
 
$
5,999.6

Excise taxes
—

 
(1,491.5
)
 
(302.0
)
 
—

 
(1,793.5
)
Net sales
27.5

 
3,293.2

 
1,086.8

 
(201.4
)
 
4,206.1

Cost of goods sold
—

 
(1,968.8
)
 
(718.0
)
 
141.2

 
(2,545.6
)
Gross profit
27.5

 
1,324.4

 
368.8

 
(60.2
)
 
1,660.5

Marketing, general and administrative expenses
(117.4
)
 
(779.1
)
 
(357.5
)
 
60.2

 
(1,193.8
)
Special items, net
(2.8
)
 
(53.5
)
 
(143.7
)
 
—

 
(200.0
)
Equity income (loss) in subsidiaries
668.5

 
(375.1
)
 
251.4

 
(544.8
)
 
—

Equity income in MillerCoors
—

 
539.0

 
—

 
—

 
539.0

Operating income (loss)
575.8

 
655.7

 
119.0

 
(544.8
)
 
805.7

Interest income (expense), net
(99.5
)
 
317.5

 
(388.1
)
 
—

 
(170.1
)
Other income (expense), net
(4.4
)
 
27.0

 
(3.7
)
 
—

 
18.9

Income (loss) from continuing operations before income taxes
471.9

 
1,000.2

 
(272.8
)
 
(544.8
)
 
654.5

Income tax benefit (expense)
95.4

 
(231.3
)
 
51.9

 
—

 
(84.0
)
Net income (loss) from continuing operations
567.3

 
768.9

 
(220.9
)
 
(544.8
)
 
570.5

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

 
—

 
2.0

 
—

 
2.0

Net income (loss) including noncontrolling interests
567.3

 
768.9

 
(218.9
)
 
(544.8
)
 
572.5

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

 
—

 
(5.2
)
 
—

 
(5.2
)
Net income (loss) attributable to MCBC
$
567.3

 
$
768.9

 
$
(224.1
)
 
$
(544.8
)
 
$
567.3

Comprehensive income (loss) attributable to MCBC
$
760.2

 
$
1,021.8

 
$
146.8

 
$
(1,168.6
)
 
$
760.2


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE FISCAL YEAR ENDED DECEMBER 29, 2012
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
20.7

 
$
4,839.5

 
$
947.8

 
$
(193.0
)
 
$
5,615.0

Excise taxes
—

 
(1,503.9
)
 
(194.6
)
 
—

 
(1,698.5
)
Net sales
20.7

 
3,335.6

 
753.2

 
(193.0
)
 
3,916.5

Cost of goods sold
—

 
(1,954.2
)
 
(558.1
)
 
159.8

 
(2,352.5
)
Gross profit
20.7

 
1,381.4

 
195.1

 
(33.2
)
 
1,564.0

Marketing, general and administrative expenses
(113.7
)
 
(814.7
)
 
(230.9
)
 
33.2

 
(1,126.1
)
Special items, net
(4.1
)
 
(35.2
)
 
(42.1
)
 
—

 
(81.4
)
Equity income (loss) in subsidiaries
391.9

 
(582.7
)
 
393.6

 
(202.8
)
 
—

Equity income in MillerCoors
—

 
510.9

 
—

 
—

 
510.9

Operating income (loss)
294.8

 
459.7

 
315.7

 
(202.8
)
 
867.4

Interest income (expense), net
(107.7
)
 
312.8

 
(390.1
)
 
—

 
(185.0
)
Other income (expense), net
30.1

 
(39.9
)
 
(80.5
)
 
—

 
(90.3
)
Income (loss) from continuing operations before income taxes
217.2

 
732.6

 
(154.9
)
 
(202.8
)
 
592.1

Income tax benefit (expense)
225.8

 
(345.8
)
 
(34.5
)
 
—

 
(154.5
)
Net income (loss) from continuing operations
443.0

 
386.8

 
(189.4
)
 
(202.8
)
 
437.6

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

 
—

 
1.5

 
—

 
1.5

Net income (loss) including noncontrolling interests
443.0

 
386.8

 
(187.9
)
 
(202.8
)
 
439.1

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

 
—

 
3.9

 
—

 
3.9

Net income (loss) attributable to MCBC
$
443.0

 
$
386.8

 
$
(184.0
)
 
$
(202.8
)
 
$
443.0

Comprehensive income (loss) attributable to MCBC
$
598.3

 
$
529.8

 
$
(167.7
)
 
$
(362.1
)
 
$
598.3


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
28.2

 
$
5,061.3

 
$
276.4

 
$
(196.0
)
 
$
5,169.9

Excise taxes
—

 
(1,603.3
)
 
(50.9
)
 
—

 
(1,654.2
)
Net sales
28.2

 
3,458.0

 
225.5

 
(196.0
)
 
3,515.7

Cost of goods sold
—

 
(1,947.9
)
 
(266.0
)
 
164.8

 
(2,049.1
)
Gross profit
28.2

 
1,510.1

 
(40.5
)
 
(31.2
)
 
1,466.6

Marketing, general and administrative expenses
(119.3
)
 
(852.7
)
 
(78.2
)
 
31.2

 
(1,019.0
)
Special items, net
(0.8
)
 
(11.2
)
 
(0.3
)
 
—

 
(12.3
)
Equity income (loss) in subsidiaries
736.5

 
(426.1
)
 
446.6

 
(757.0
)
 
—

Equity income in MillerCoors
—

 
457.9

 
—

 
—

 
457.9

Operating income (loss)
644.6

 
678.0

 
327.6

 
(757.0
)
 
893.2

Interest income (expense), net
(28.8
)
 
275.9

 
(355.1
)
 
—

 
(108.0
)
Other income (expense), net
(10.6
)
 
(2.4
)
 
2.0

 
—

 
(11.0
)
Income (loss) from continuing operations before income taxes
605.2

 
951.5

 
(25.5
)
 
(757.0
)
 
774.2

Income tax benefit (expense)
71.1

 
(213.2
)
 
42.7

 
—

 
(99.4
)
Net income (loss) from continuing operations
676.3

 
738.3

 
17.2

 
(757.0
)
 
674.8

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

 
—

 
2.3

 
—

 
2.3

Net income (loss) including noncontrolling interests
676.3

 
738.3

 
19.5

 
(757.0
)
 
677.1

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

 
—

 
(0.8
)
 
—

 
(0.8
)
Net income (loss) attributable to MCBC
$
676.3

 
$
738.3

 
$
18.7

 
$
(757.0
)
 
$
676.3

Comprehensive income (loss) attributable to MCBC
$
375.5

 
$
455.7

 
$
(145.0
)
 
$
(310.7
)
 
$
375.5

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 31, 2013
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
90.6

 
$
248.7

 
$
103.0

 
$
—

 
$
442.3

Accounts receivable, net
0.7

 
466.3

 
136.6

 
—

 
603.6

Other receivables, net
48.0

 
56.5

 
19.9

 
—

 
124.4

Total inventories, net
—

 
166.8

 
38.5

 
—

 
205.3

Other assets, net
8.4

 
60.1

 
43.2

 
—

 
111.7

Deferred tax assets
—

 
—

 
53.3

 
(2.9
)
 
50.4

Intercompany accounts receivable
—

 
3,186.8

 
196.5

 
(3,383.3
)
 
—

Total current assets
147.7

 
4,185.2

 
591.0

 
(3,386.2
)
 
1,537.7

Properties, net
31.0

 
1,282.8

 
656.3

 
—

 
1,970.1

Goodwill
—

 
1,161.8

 
1,256.9

 
—

 
2,418.7

Other intangibles, net
—

 
4,292.3

 
2,532.8

 
—

 
6,825.1

Investment in MillerCoors
—

 
2,506.5

 
—

 
—

 
2,506.5

Net investment in and advances to subsidiaries
12,860.9

 
3,303.7

 
6,654.9

 
(22,819.5
)
 
—

Deferred tax assets
28.8

 
3.1

 
1.0

 
5.4

 
38.3

Other assets, net
35.5

 
175.0

 
73.2

 
—

 
283.7

Total assets
$
13,103.9

 
$
16,910.4

 
$
11,766.1

 
$
(26,200.3
)
 
$
15,580.1

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
52.2

 
$
925.4

 
$
358.8

 
$
—

 
$
1,336.4

Derivative hedging instruments
—

 
73.2

 
0.7

 
—

 
73.9

Deferred tax liability
8.8

 
132.2

 
—

 
(2.9
)
 
138.1

Current portion of long-term debt and short-term borrowings
379.7

 
61.8

 
145.4

 
—

 
586.9

Discontinued operations
—

 
—

 
6.8

 
—

 
6.8

Intercompany accounts payable
2,120.7

 
228.3

 
1,034.3

 
(3,383.3
)
 
—

Total current liabilities
2,561.4

 
1,420.9

 
1,546.0

 
(3,386.2
)
 
2,142.1

Long-term debt
1,896.2

 
1,316.6

 
0.2

 
—

 
3,213.0

Pension and postretirement benefits
2.6

 
453.3

 
6.7

 
—

 
462.6

Derivative hedging instruments
—

 
1.6

 
1.4

 
—

 
3.0

Deferred tax liability
—

 
—

 
906.0

 
5.4

 
911.4

Other liabilities, net
8.0

 
20.8

 
138.1

 
—

 
166.9

Discontinued operations
—

 
—

 
17.3

 
—

 
17.3

Intercompany notes payable
—

 
1,693.9

 
6,138.9

 
(7,832.8
)
 
—

Total liabilities
4,468.2

 
4,907.1

 
8,754.6

 
(11,213.6
)
 
6,916.3

MCBC stockholders' equity
8,638.9

 
18,332.5

 
4,487.0

 
(22,819.5
)
 
8,638.9

Intercompany notes receivable
(3.2
)
 
(6,329.2
)
 
(1,500.4
)
 
7,832.8

 
—

Total stockholders' equity
8,635.7

 
12,003.3

 
2,986.6

 
(14,986.7
)
 
8,638.9

Noncontrolling interests
—

 
—

 
24.9

 
—

 
24.9

Total equity
8,635.7

 
12,003.3

 
3,011.5

 
(14,986.7
)
 
8,663.8

Total liabilities and equity
$
13,103.9

 
$
16,910.4

 
$
11,766.1

 
$
(26,200.3
)
 
$
15,580.1

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 29, 2012
(IN MILLIONS)
 
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, net
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 postretirement 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 YEAR ENDED DECEMBER 31, 2013
(IN MILLIONS)
 
Parent
Guarantor and
2013 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
660.9

 
$
579.2

 
$
297.3

 
$
(369.2
)
 
$
1,168.2

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(11.7
)
 
(154.0
)
 
(128.2
)
 
—

 
(293.9
)
Proceeds from sales of properties and other assets
—

 
45.7

 
7.9

 
—

 
53.6

Investment in MillerCoors
—

 
(1,186.5
)
 
—

 
—

 
(1,186.5
)
Return of capital from MillerCoors
—

 
1,146.0

 
—

 
—

 
1,146.0

Loan repayments
—

 
10.6

 
—

 
—

 
10.6

Loan advances
—

 
(6.8
)
 
—

 
—

 
(6.8
)
Net intercompany investing activity
(446.4
)
 
(59.3
)
 
(70.5
)
 
576.2

 
—

Net cash provided by (used in) investing activities
(458.1
)
 
(204.3
)
 
(190.8
)
 
576.2

 
(277.0
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
88.8

 
—

 
—

 
—

 
88.8

Excess tax benefits from share-based compensation
7.7

 
—

 
—

 
—

 
7.7

Dividends paid
(206.5
)
 
(142.8
)
 
(254.5
)
 
369.2

 
(234.6
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(4.1
)
 
—

 
(4.1
)
Payments for purchase of noncontrolling interest
—

 
—

 
(0.7
)
 
—

 
(0.7
)
Debt issuance costs
(0.2
)
 
—

 
(0.2
)
 
—

 
(0.4
)
Payments on long-term debt and capital lease obligations
(578.0
)
 
(615.1
)
 
(123.9
)
 
—

 
(1,317.0
)
Proceeds from short-term borrowings
—

 
—

 
15.0

 
—

 
15.0

Payments on short-term borrowings
—

 
—

 
(15.2
)
 
—

 
(15.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
379.6

 
—

 
127.8

 
—

 
507.4

Payments on settlement of derivative instruments
—

 
(119.4
)
 
—

 
—

 
(119.4
)
Proceeds from settlement of derivative instruments
6.6

 
—

 
—

 
—

 
6.6

Change in overdraft balances and other
—

 
—

 
6.7

 
—

 
6.7

Net intercompany financing activity
—

 
516.9

 
59.3

 
(576.2
)
 
—

Net cash provided by (used in) financing activities
(302.0
)
 
(360.4
)
 
(189.8
)
 
(207.0
)
 
(1,059.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(99.2
)
 
14.5

 
(83.3
)
 
—

 
(168.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(15.1
)
 
1.4

 
—

 
(13.7
)
Balance at beginning of year
189.8

 
249.3

 
184.9

 
—

 
624.0

Balance at end of period
$
90.6

 
$
248.7

 
$
103.0

 
$
—

 
$
442.3

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 29, 2012
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
757.6

 
$
1,241.6

 
$
(380.1
)
 
$
(635.4
)
 
$
983.7

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(6.7
)
 
(162.8
)
 
(52.8
)
 
—

 
(222.3
)
Proceeds from sales of properties and other assets
—

 
7.9

 
7.8

 
—

 
15.7

Acquisition of businesses, net of cash acquired
—

 
—

 
(2,258.3
)
 
—

 
(2,258.3
)
Investment in MillerCoors
—

 
(1,008.8
)
 
—

 
—

 
(1,008.8
)
Return of capital from MillerCoors
—

 
942.4

 
—

 
—

 
942.4

Payment on discontinued operations
—

 
—

 
(6.8
)
 
—

 
(6.8
)
Loan repayments
—

 
22.9

 
—

 
—

 
22.9

Loan advances
—

 
(9.3
)
 
—

 
—

 
(9.3
)
Proceeds from settlements of derivative instruments
—

 
(110.6
)
 
—

 
—

 
(110.6
)
Net intercompany investing activity
(2,853.9
)
 
(2,621.5
)
 
—

 
5,475.4

 
—

Net cash provided by (used in) investing activities
(2,860.6
)
 
(2,939.8
)
 
(2,310.1
)
 
5,475.4

 
(2,635.1
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
34.1

 
—

 
—

 
—

 
34.1

Excess tax benefits from share-based compensation
4.9

 
—

 
—

 
—

 
4.9

Payments for purchase of noncontrolling interest
—

 
—

 
(27.9
)
 
—

 
(27.9
)
Dividends paid
(203.5
)
 
(628.6
)
 
(35.5
)
 
635.4

 
(232.2
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(5.0
)
 
—

 
(5.0
)
Debt issuance costs
(39.2
)
 
—

 
(1.1
)
 
—

 
(40.3
)
Proceeds from issuance 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
—

 
—

 
16.0

 
—

 
16.0

Payments on short-term borrowings
—

 
—

 
(17.2
)
 
—

 
(17.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
—

 
—

 
7.8

 
—

 
7.8

Payments on settlement of derivative instruments
—

 
(8.2
)
 
—

 
—

 
(8.2
)
Change in overdraft balances and other
—

 
—

 
(105.0
)
 
—

 
(105.0
)
Net intercompany financing activity
—

 
2,193.1

 
3,282.3

 
(5,475.4
)
 
—

Net cash provided by (used in) financing activities
1,691.7

 
1,511.5

 
2,808.2

 
(4,840.0
)
 
1,171.4

CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(411.3
)
 
(186.7
)
 
118.0

 
—

 
(480.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
13.5

 
11.6

 
—

 
25.1

Balance at beginning of year
601.1

 
422.5

 
55.3

 
—

 
1,078.9

Balance at end of period
$
189.8

 
$
249.3

 
$
184.9

 
$
—

 
$
624.0

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2011
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
253.1

 
$
156.6

 
$
1,761.8

 
$
(1,303.4
)
 
$
868.1

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(3.7
)
 
(207.2
)
 
(24.5
)
 
—

 
(235.4
)
Proceeds from sales of properties and other assets
—

 
4.6

 
—

 
—

 
4.6

Acquisition of businesses, net of cash acquired
—

 
(30.7
)
 
(10.6
)
 
—

 
(41.3
)
Change in restricted cash balances
—

 
—

 
6.7

 
—

 
6.7

Investment in MillerCoors
—

 
(800.1
)
 
—

 
—

 
(800.1
)
Return of capital from MillerCoors
—

 
782.7

 
—

 
—

 
782.7

Investment in and advances to an unconsolidated affiliate
—

 
(93.9
)
 
10.7

 
—

 
(83.2
)
Loan repayments
—

 
22.4

 
—

 
—

 
22.4

Loan advances
—

 
(9.9
)
 
—

 
—

 
(9.9
)
Proceeds from settlements of derivative instruments
15.4

 
—

 
—

 
—

 
15.4

Net intercompany investing activity
15.4

 
(800.7
)
 
(2,004.5
)
 
2,789.8

 
—

Net cash provided by (used in) investing activities
27.1

 
(1,132.8
)
 
(2,022.2
)
 
2,789.8

 
(338.1
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
11.6

 
—

 
—

 
—

 
11.6

Excess tax benefits from share-based compensation
2.0

 
—

 
—

 
—

 
2.0

Payments for purchase of treasury stock
(321.1
)
 
—

 
—

 
—

 
(321.1
)
Dividends paid
(201.4
)
 
(1,192.9
)
 
(137.2
)
 
1,303.4

 
(228.1
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Debt issuance costs
(2.2
)
 
—

 
—

 
—

 
(2.2
)
Payments on long term-debt and capital lease obligations
—

 
(0.3
)
 
—

 
—

 
(0.3
)
Proceeds from short-term borrowings
—

 
11.9

 
(5.1
)
 
—

 
6.8

Payments on short-term borrowings
—

 
(3.0
)
 
(15.3
)
 
—

 
(18.3
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
—

 
2.1

 
—

 
—

 
2.1

Payments on settlement of derivative instruments
—

 
(104.5
)
 
—

 
—

 
(104.5
)
Change in overdraft balances and other
—

 
(10.8
)
 
—

 
—

 
(10.8
)
Net intercompany financing activity
—

 
2,364.0

 
425.8

 
(2,789.8
)
 
—

Net cash provided by (used in) financing activities
(511.1
)
 
1,066.5

 
265.9

 
(1,486.4
)
 
(665.1
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(230.9
)
 
90.3

 
5.5

 
—

 
(135.1
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(17.3
)
 
13.7

 
—

 
(3.6
)
Balance at beginning of year
832.0

 
349.5

 
36.1

 
—

 
1,217.6

Balance at end of period
$
601.1

 
$
422.5

 
$
55.3

 
$
—

 
$
1,078.9