XML 56 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Guarantor Information Supplemental (Tables)
 3 Months Ended
Mar. 31, 2014
Mar. 30, 2013
Statement of Operations [Member]
    
Schedule of Supplemental Guarantor Information


 
 
 
 
 
 
 
 
 
 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
8.0

 
$
950.8

 
$
259.0

 
$
(39.5
)
 
$
1,178.3

Excise taxes
—

 
(304.9
)
 
(57.4
)
 
—

 
(362.3
)
Net sales
8.0

 
645.9

 
201.6

 
(39.5
)
 
816.0

Cost of goods sold
—

 
(404.7
)
 
(142.8
)
 
24.3

 
(523.2
)
Gross profit
8.0

 
241.2

 
58.8

 
(15.2
)
 
292.8

Marketing, general and administrative expenses
(31.2
)
 
(173.8
)
 
(74.1
)
 
15.2

 
(263.9
)
Special items, net
—

 
(10.7
)
 
63.2

 
—

 
52.5

Equity income (loss) in subsidiaries
201.4

 
(33.7
)
 
21.2

 
(188.9
)
 
—

Equity income in MillerCoors
—

 
122.8

 
—

 
—

 
122.8

Operating income (loss)
178.2

 
145.8

 
69.1

 
(188.9
)
 
204.2

Interest income (expense), net
(21.4
)
 
75.8

 
(89.8
)
 
—

 
(35.4
)
Other income (expense), net
0.3

 
2.0

 
(1.5
)
 
—

 
0.8

Income (loss) from continuing operations before income taxes
157.1

 
223.6

 
(22.2
)
 
(188.9
)
 
169.6

Income tax benefit (expense)
6.3

 
(15.3
)
 
4.2

 
—

 
(4.8
)
Net income (loss) from continuing operations
163.4

 
208.3

 
(18.0
)
 
(188.9
)
 
164.8

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

 
—

 
(1.9
)
 
—

 
(1.9
)
Net income (loss) including noncontrolling interests
163.4

 
208.3

 
(19.9
)
 
(188.9
)
 
162.9

Less: Net (income) loss attributable to noncontrolling interests
—

 
—

 
0.5

 
—

 
0.5

Net income (loss) attributable to MCBC
$
163.4

 
$
208.3

 
$
(19.4
)
 
$
(188.9
)
 
$
163.4

Comprehensive income (loss) attributable to MCBC
$
1.9

 
$
94.0

 
$
(21.9
)
 
$
(72.1
)
 
$
1.9


 
 
 
 
 
 
 
 
 
 
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 30, 2013
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
3.9

 
$
972.8

 
$
240.4

 
$
(32.3
)
 
$
1,184.8

Excise taxes
—

 
(303.8
)
 
(52.5
)
 
—

 
(356.3
)
Net sales
3.9

 
669.0

 
187.9

 
(32.3
)
 
828.5

Cost of goods sold
—

 
(427.7
)
 
(146.7
)
 
27.3

 
(547.1
)
Gross profit
3.9

 
241.3

 
41.2

 
(5.0
)
 
281.4

Marketing, general and administrative expenses
(37.1
)
 
(184.3
)
 
(77.5
)
 
5.0

 
(293.9
)
Special items, net
(0.3
)
 
(0.8
)
 
(0.4
)
 
—

 
(1.5
)
Equity income (loss) in subsidiaries
99.6

 
(151.3
)
 
35.2

 
16.5

 
—

Equity income in MillerCoors
—

 
117.4

 
—

 
—

 
117.4

Operating income (loss)
66.1

 
22.3

 
(1.5
)
 
16.5

 
103.4

Interest income (expense), net
(26.0
)
 
48.1

 
(97.0
)
 
—

 
(74.9
)
Other income (expense), net
(13.6
)
 
30.8

 
(12.9
)
 
—

 
4.3

Income (loss) from continuing operations before income taxes
26.5

 
101.2

 
(111.4
)
 
16.5

 
32.8

Income tax benefit (expense)
2.0

 
(3.0
)
 
(1.0
)
 
—

 
(2.0
)
Net income (loss) from continuing operations
28.5

 
98.2

 
(112.4
)
 
16.5

 
30.8

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

 
—

 
(0.9
)
 
—

 
(0.9
)
Net income (loss) including noncontrolling interests
28.5

 
98.2

 
(113.3
)
 
16.5

 
29.9

Less: Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.4
)
 
—

 
(1.4
)
Net income (loss) attributable to MCBC
$
28.5

 
$
98.2

 
$
(114.7
)
 
$
16.5

 
$
28.5

Comprehensive income (loss) attributable to MCBC
$
(232.7
)
 
$
(124.5
)
 
$
(226.0
)
 
$
350.5

 
$
(232.7
)
Balance Sheet [Member]
    
Schedule of Supplemental Guarantor Information
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF MARCH 31, 2014
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
28.6

 
$
108.3

 
$
200.7

 
$
—

 
$
337.6

Accounts receivable, net
0.4

 
405.8

 
145.9

 
—

 
552.1

Other receivables, net
65.8

 
57.6

 
37.9

 
—

 
161.3

Total inventories, net
—

 
215.1

 
48.1

 
—

 
263.2

Other current assets, net
9.1

 
64.1

 
50.5

 
—

 
123.7

Deferred tax assets
—

 
1.4

 
47.8

 
(2.8
)
 
46.4

Intercompany accounts receivable
—

 
3,340.5

 
167.8

 
(3,508.3
)
 
—

Total current assets
103.9

 
4,192.8

 
698.7

 
(3,511.1
)
 
1,484.3

Properties, net
31.7

 
1,241.7

 
662.8

 
—

 
1,936.2

Goodwill
—

 
1,155.9

 
1,238.8

 
—

 
2,394.7

Other intangibles, net
—

 
4,130.7

 
2,521.6

 
—

 
6,652.3

Investment in MillerCoors
—

 
2,608.5

 
—

 
—

 
2,608.5

Net investment in and advances to subsidiaries
12,930.3

 
3,428.5

 
6,500.6

 
(22,859.4
)
 
—

Deferred tax assets
8.5

 
1.9

 
0.1

 
5.2

 
15.7

Other assets
34.8

 
177.1

 
62.2

 
—

 
274.1

Total assets
$
13,109.2

 
$
16,937.1

 
$
11,684.8

 
$
(26,365.3
)
 
$
15,365.8

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
67.7

 
$
845.3

 
$
354.0

 
$
—

 
$
1,267.0

Deferred tax liabilities
10.6

 
159.5

 
—

 
(2.8
)
 
167.3

Current portion of long-term debt and short-term borrowings
351.1

 
15.0

 
264.3

 
—

 
630.4

Discontinued operations
—

 
—

 
7.1

 
—

 
7.1

Intercompany accounts payable
2,173.4

 
258.1

 
1,076.8

 
(3,508.3
)
 
—

Total current liabilities
2,602.8

 
1,277.9

 
1,702.2

 
(3,511.1
)
 
2,071.8

Long-term debt
1,896.2

 
1,266.0

 
0.1

 
—

 
3,162.3

Pension and postretirement benefits
2.6

 
427.0

 
6.9

 
—

 
436.5

Deferred tax liabilities
—

 
0.2

 
927.1

 
5.2

 
932.5

Other liabilities
9.8

 
22.9

 
87.3

 
—

 
120.0

Discontinued operations
—

 
—

 
18.0

 
—

 
18.0

Intercompany notes payable
—

 
1,546.7

 
5,824.5

 
(7,371.2
)
 
—

Total liabilities
4,511.4

 
4,540.7

 
8,566.1

 
(10,877.1
)
 
6,741.1

MCBC stockholders' equity
8,600.9

 
18,403.8

 
4,455.6

 
(22,859.4
)
 
8,600.9

Intercompany notes receivable
(3.1
)
 
(6,007.4
)
 
(1,360.7
)
 
7,371.2

 
—

Total stockholders' equity
8,597.8

 
12,396.4

 
3,094.9

 
(15,488.2
)
 
8,600.9

Noncontrolling interests
—

 
—

 
23.8

 
—

 
23.8

Total equity
8,597.8

 
12,396.4

 
3,118.7

 
(15,488.2
)
 
8,624.7

Total liabilities and equity
$
13,109.2

 
$
16,937.1

 
$
11,684.8

 
$
(26,365.3
)
 
$
15,365.8

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 31, 2013
(IN MILLIONS)
(UNAUDITED)
 
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 current 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
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

 
$
998.6

 
$
359.5

 
$
—

 
$
1,410.3

Deferred tax liabilities
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

Deferred tax liabilities
—

 
—

 
906.0

 
5.4

 
911.4

Other liabilities
8.0

 
22.4

 
139.5

 
—

 
169.9

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

  
Statement of Cash Flows [Member]
    
Schedule of Supplemental Guarantor Information
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
8.0

 
$
98.1

 
$
43.6

 
$
—

 
$
149.7

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(3.0
)
 
(42.5
)
 
(19.8
)
 
—

 
(65.3
)
Proceeds from sales of properties and other assets
—

 
1.4

 
0.3

 
—

 
1.7

Investment in MillerCoors
—

 
(354.9
)
 
—

 
—

 
(354.9
)
Return of capital from MillerCoors
—

 
259.5

 
—

 
—

 
259.5

Loan repayments
—

 
2.2

 
—

 
—

 
2.2

Loan advances
—

 
(1.6
)
 
(15.1
)
 
—

 
(16.7
)
Net intercompany investing activity
—

 
140.1

 
127.5

 
(267.6
)
 
—

Net cash provided by (used in) investing activities
(3.0
)
 
4.2

 
92.9

 
(267.6
)
 
(173.5
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
20.2

 
—

 
—

 
—

 
20.2

Excess tax benefits from share-based compensation
2.0

 
—

 
—

 
—

 
2.0

Dividends paid
(60.2
)
 
—

 
(8.0
)
 
—

 
(68.2
)
Payments for purchase of noncontrolling interest
—

 
—

 
(0.2
)
 


 
(0.2
)
Payments on long-term debt and capital lease obligations
(0.4
)
 
(46.4
)
 
(0.1
)
 
—

 
(46.9
)
Proceeds from short-term borrowings
—

 
—

 
20.9

 
—

 
20.9

Payments on short-term borrowings
—

 
—

 
(12.5
)
 
—

 
(12.5
)
Payments on settlement of derivative instruments
—

 
(65.2
)
 
—

 
—

 
(65.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
(28.6
)
 
—

 
(13.2
)
 
—

 
(41.8
)
Change in overdraft balances and other
—

 
—

 
111.5

 
—

 
111.5

Net intercompany financing activity
—

 
(127.5
)
 
(140.1
)
 
267.6

 
—

Net cash provided by (used in) financing activities
(67.0
)
 
(239.1
)
 
(41.7
)
 
267.6

 
(80.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(62.0
)
 
(136.8
)
 
94.8

 
—

 
(104.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(3.6
)
 
2.9

 
—

 
(0.7
)
Balance at beginning of year
90.6

 
248.7

 
103.0

 
—

 
442.3

Balance at end of period
$
28.6

 
$
108.3

 
$
200.7

 
$
—

 
$
337.6
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 30, 2013
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
(58.0
)
 
$
174.6

 
$
2.5

 
$
(0.7
)
 
$
118.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(1.6
)
 
(30.2
)
 
(36.5
)
 
—

 
(68.3
)
Proceeds from sales of properties and other assets
—

 
1.2

 
2.5

 
—

 
3.7

Investment in MillerCoors
—

 
(331.8
)
 
—

 
—

 
(331.8
)
Return of capital from MillerCoors
—

 
222.4

 
—

 
—

 
222.4

Loan repayments
—

 
2.6

 
—

 
—

 
2.6

Loan advances
—

 
(2.5
)
 
—

 
—

 
(2.5
)
Net intercompany investing activity
—

 
(9.4
)
 
—

 
9.4

 
—

Net cash provided by (used in) investing activities
(1.6
)
 
(147.7
)
 
(34.0
)
 
9.4

 
(173.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Exercise of stock options under equity compensation plans
27.2

 
—

 
—

 
—

 
27.2

Excess tax benefits from share-based compensation
1.6

 
—

 
—

 
—

 
1.6

Dividends paid
(51.2
)
 
—

 
(7.7
)
 
0.7

 
(58.2
)
Payments for purchase of noncontrolling interest
—

 
—

 
(0.2
)
 
—

 
(0.2
)
Proceeds from short-term borrowings
—

 
—

 
5.9

 
—

 
5.9

Payments on short-term borrowings
—

 
—

 
(13.8
)
 
—

 
(13.8
)
Net proceeds from (payments on) revolving credit facilities
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Change in overdraft balances and other
—

 
(0.2
)
 
3.7

 
—

 
3.5

Net intercompany financing activity
—

 
—

 
9.4

 
(9.4
)
 
—

Net cash provided by (used in) financing activities
(22.4
)
 
(0.2
)
 
(3.9
)
 
(8.7
)
 
(35.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(82.0
)
 
26.7

 
(35.4
)
 
—

 
(90.7
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(16.7
)
 
(5.1
)
 
—

 
(21.8
)
Balance at beginning of year
189.8

 
249.3

 
184.9

 
—

 
624.0

Balance at end of period
$
107.8

 
$
259.3

 
$
144.4

 
$
—

 
$
511.5