XML 143 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
Supplemental Guarantor Information
 12 Months Ended
Dec. 31, 2014
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 Canadian, U.S. and European subsidiaries reflecting the substantial operations of each of our Canadian and U.S. 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.
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, 2014.
Presentation
During the second quarter of 2014, we identified an immaterial error related to unrecognized tax benefits in previous years and have revised our consolidated balance sheet as of December 31, 2013, to correct for this error. See Note 7, "Income Tax" for further information. We have revised our guarantor condensed consolidating balance sheet as of December 31, 2013, included herein, to reflect the correction of this error and we do not consider the impacts material to the presentation.
The following information sets forth the condensed consolidating statements of operations for the years ended December 31, 2014, December 31, 2013, and December 29, 2012, condensed consolidating balance sheets as of December 31, 2014, and December 31, 2013, and condensed consolidating statements of cash flows for the years ended December 31, 2014, December 31, 2013, and December 29, 2012. Investments in subsidiaries are accounted for under 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 YEAR ENDED DECEMBER 31, 2014
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
16.8

 
$
4,676.6

 
$
1,360.0

 
$
(125.9
)
 
$
5,927.5

Excise taxes
—

 
(1,482.8
)
 
(298.4
)
 
—

 
(1,781.2
)
Net sales
16.8

 
3,193.8

 
1,061.6

 
(125.9
)
 
4,146.3

Cost of goods sold
—

 
(1,934.1
)
 
(640.0
)
 
80.8

 
(2,493.3
)
Gross profit
16.8

 
1,259.7

 
421.6

 
(45.1
)
 
1,653.0

Marketing, general and administrative expenses
(123.8
)
 
(740.9
)
 
(344.3
)
 
45.1

 
(1,163.9
)
Special items, net
(0.3
)
 
(29.1
)
 
(295.0
)
 
—

 
(324.4
)
Equity income (loss) in subsidiaries
602.3

 
(324.5
)
 
264.3

 
(542.1
)
 
—

Equity income in MillerCoors
—

 
561.8

 
—

 
—

 
561.8

Operating income (loss)
495.0

 
727.0

 
46.6

 
(542.1
)
 
726.5

Interest income (expense), net
(78.9
)
 
184.0

 
(238.8
)
 
—

 
(133.7
)
Other income (expense), net
(2.1
)
 
(3.0
)
 
(1.4
)
 
—

 
(6.5
)
Income (loss) from continuing operations before income taxes
414.0

 
908.0

 
(193.6
)
 
(542.1
)
 
586.3

Income tax benefit (expense)
100.0

 
(166.5
)
 
(2.5
)
 
—

 
(69.0
)
Net income (loss) from continuing operations
514.0

 
741.5

 
(196.1
)
 
(542.1
)
 
517.3

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

 
—

 
0.5

 
—

 
0.5

Net income (loss) including noncontrolling interests
514.0

 
741.5

 
(195.6
)
 
(542.1
)
 
517.8

Net (income) loss attributable to noncontrolling interests
—

 
—

 
(3.8
)
 
—

 
(3.8
)
Net income (loss) attributable to MCBC
$
514.0

 
$
741.5

 
$
(199.4
)
 
$
(542.1
)
 
$
514.0

Comprehensive income (loss) attributable to MCBC
$
(539.3
)
 
$
(273.3
)
 
$
(675.5
)
 
$
948.8

 
$
(539.3
)

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE 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

Net (income) loss 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 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

Net (income) loss 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 BALANCE SHEETS
AS OF DECEMBER 31, 2014
(IN MILLIONS)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
40.9

 
$
470.7

 
$
113.0

 
$
—

 
$
624.6

Accounts receivable, net
2.3

 
391.0

 
134.4

 
—

 
527.7

Other receivables, net
17.4

 
50.3

 
26.3

 
—

 
94.0

Total inventories
—

 
170.1

 
32.1

 
—

 
202.2

Other current assets, net
7.0

 
55.4

 
40.8

 
—

 
103.2

Deferred tax assets
2.2

 
—

 
31.6

 
(6.6
)
 
27.2

Intercompany accounts receivable
—

 
3,313.0

 
251.8

 
(3,564.8
)
 
—

Total current assets
69.8

 
4,450.5

 
630.0

 
(3,571.4
)
 
1,578.9

Properties, net
26.9

 
1,161.4

 
609.7

 
—

 
1,798.0

Goodwill
—

 
1,085.2

 
1,106.4

 
—

 
2,191.6

Other intangibles, net
—

 
3,883.9

 
1,871.9

 
—

 
5,755.8

Investment in MillerCoors
—

 
2,388.6

 
—

 
—

 
2,388.6

Net investment in and advances to subsidiaries
12,582.8

 
3,618.6

 
5,998.2

 
(22,199.6
)
 
—

Deferred tax assets
21.3

 
23.4

 
1.2

 
12.3

 
58.2

Other assets, net
31.1

 
144.7

 
49.4

 
—

 
225.2

Total assets
$
12,731.9

 
$
16,756.3

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,996.3

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
61.9

 
$
903.3

 
$
339.8

 
$
—

 
$
1,305.0

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

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

 
774.3

 
75.1

 
—

 
849.4

Discontinued operations
—

 
—

 
6.1

 
—

 
6.1

Intercompany accounts payable
2,881.1

 
312.8

 
370.9

 
(3,564.8
)
 
—

Total current liabilities
2,943.0

 
2,161.8

 
791.9

 
(3,571.4
)
 
2,325.3

Long-term debt
1,907.3

 
429.8

 
—

 
—

 
2,337.1

Pension and postretirement benefits
2.9

 
534.0

 
6.0

 
—

 
542.9

Deferred tax liabilities
—

 
—

 
772.0

 
12.3

 
784.3

Other liabilities
16.6

 
45.8

 
42.7

 
—

 
105.1

Discontinued operations
—

 
—

 
15.5

 
—

 
15.5

Intercompany notes payable
—

 
1,211.9

 
5,669.5

 
(6,881.4
)
 
—

Total liabilities
4,869.8

 
4,383.3

 
7,297.6

 
(10,440.5
)
 
6,110.2

MCBC stockholders' equity
7,863.3

 
18,041.3

 
4,158.3

 
(22,199.6
)
 
7,863.3

Intercompany notes receivable
(1.2
)
 
(5,668.3
)
 
(1,211.9
)
 
6,881.4

 
—

Total stockholders' equity
7,862.1

 
12,373.0

 
2,946.4

 
(15,318.2
)
 
7,863.3

Noncontrolling interests
—

 
—

 
22.8

 
—

 
22.8

Total equity
7,862.1

 
12,373.0

 
2,969.2

 
(15,318.2
)
 
7,886.1

Total liabilities and equity
$
12,731.9

 
$
16,756.3

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,996.3

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
—

 
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, 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
$
71.5

 
$
998.6

 
$
359.5

 
$
—

 
$
1,429.6

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
2,580.7

 
1,420.9

 
1,546.0

 
(3,386.2
)
 
2,161.4

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
22.4

 
22.4

 
139.5

 
—

 
184.3

Discontinued operations
—

 
—

 
17.3

 
—

 
17.3

Intercompany notes payable
—

 
1,693.9

 
6,138.9

 
(7,832.8
)
 
—

Total liabilities
4,501.9

 
4,907.1

 
8,754.6

 
(11,213.6
)
 
6,950.0

MCBC stockholders' equity
8,605.2

 
18,332.5

 
4,487.0

 
(22,819.5
)
 
8,605.2

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

 
—

Total stockholders' equity
8,602.0

 
12,003.3

 
2,986.6

 
(14,986.7
)
 
8,605.2

Noncontrolling interests
—

 
—

 
24.9

 
—

 
24.9

Total equity
8,602.0

 
12,003.3

 
3,011.5

 
(14,986.7
)
 
8,630.1

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 STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2014
(IN MILLIONS)
 
Parent
Guarantor and
2013 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
572.0

 
$
891.0

 
$
314.3

 
$
(504.7
)
 
$
1,272.6

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(11.9
)
 
(131.7
)
 
(115.9
)
 
—

 
(259.5
)
Proceeds from sales of properties and other assets
—

 
5.6

 
3.2

 


 
8.8

Investment in MillerCoors
—

 
(1,388.1
)
 
—

 


 
(1,388.1
)
Return of capital from MillerCoors
—

 
1,382.5

 
—

 


 
1,382.5

Return of capital from an unconsolidated affiliate
—

 
9.9

 
5.9

 
—

 
15.8

Loan repayments
—

 
10.3

 
0.7

 


 
11.0

Loan advances
—

 
(8.9
)
 
(1.0
)
 


 
(9.9
)
Net intercompany investing activity
(37.4
)
 
218.8

 
182.3

 
(363.7
)
 
—

Net cash provided by (used in) investing activities
(49.3
)
 
98.4

 
75.2

 
(363.7
)
 
(239.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
44.4

 
—

 
—

 
—

 
44.4

Excess tax benefits from share-based compensation
8.2

 
—

 
—

 
—

 
8.2

Dividends paid
(242.5
)
 
(465.5
)
 
(70.3
)
 
504.7

 
(273.6
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(4.1
)
 
—

 
(4.1
)
Payments for purchase of noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Debt issuance costs
(1.8
)
 
—

 
(0.1
)
 
—

 
(1.9
)
Payments on long-term debt and capital lease obligations
(1.1
)
 
(61.7
)
 
(0.2
)
 
—

 
(63.0
)
Proceeds from short-term borrowings
—

 
—

 
4.8

 
—

 
4.8

Payments on short-term borrowings
—

 
—

 
(11.4
)
 
—

 
(11.4
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
(379.6
)
 
—

 
(134.3
)
 
—

 
(513.9
)
Payments on settlement of derivative instruments
—

 
(65.2
)
 
—

 
—

 
(65.2
)
Change in overdraft balances and other
—

 
—

 
74.1

 
—

 
74.1

Net intercompany financing activity
—

 
(143.2
)
 
(220.5
)
 
363.7

 
—

Net cash provided by (used in) financing activities
(572.4
)
 
(735.6
)
 
(362.4
)
 
868.4

 
(802.0
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(49.7
)
 
253.8

 
27.1

 
—

 
231.2

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(31.8
)
 
(17.1
)
 
—

 
(48.9
)
Balance at beginning of year
90.6

 
248.7

 
103.0

 
—

 
442.3

Balance at end of period
$
40.9

 
$
470.7

 
$
113.0

 
$
—

 
$
624.6

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2013
(IN MILLIONS)
 
Parent
Guarantor and
2012 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
)
Payments on settlement of derivative instruments
—

 
(119.4
)
 
—

 
—

 
(119.4
)
Proceeds from settlement of derivative instruments
6.6

 
—

 
—

 
—

 
6.6

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

 
—

 
127.8

 
—

 
507.4

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 settlement 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

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

 
(232.2
)
Dividends paid to noncontrolling interest holders
—

 
—

 
(5.0
)
 
—

 
(5.0
)
Payments for purchase of noncontrolling interest
—

 
—

 
(27.9
)
 
—

 
(27.9
)
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
)
Payments on settlement of derivative instruments
—

 
(8.2
)
 
—

 
—

 
(8.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
—

 
—

 
7.8

 
—

 
7.8

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