Segment Reporting

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Our reporting segments are based on the key geographic regions in which we operate, which are the basis on which our chief operating decision maker evaluates the performance of the business. Our reporting segments consist of Canada, the U.S., Europe and MCI. Corporate is not a segment and primarily includes interest and certain other general and administrative costs that are not allocated to any of the operating segments. No single customer accounted for more than 10% of our consolidated sales for the three and six months ended June 30, 2015, and June 30, 2014, respectively. Net sales represent sales to third-party external customers. Inter-segment transactions impacting sales revenues and income (loss) from continuing operations before income taxes are insignificant (other than those with MillerCoors, see Note 4, "Investments" for additional detail) and eliminated in consolidation.

The following table presents net sales by segment:

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In millions)
Canada	$	444.9		$	516.5		$	758.4		$	863.6
Europe	524.8			629.4			882.7			1,067.0
MCI	37.2			43.7			66.3			75.9
Corporate	0.1			0.4			0.5			0.7
Eliminations(1)	(1.3		)	(1.5		)	(2.2		)	(2.7		)
Consolidated	$	1,005.7		$	1,188.5		$	1,705.7		$	2,004.5

(1) Represents inter-segment sales from the Europe segment to the MCI segment.

The following table presents income (loss) from continuing operations before income taxes by segment:

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
	(In millions)
Canada(1)	$	106.1		$	120.8		$	137.0		$	209.1
U.S.	205.5			190.1			334.8			312.9
Europe(2)	49.0			84.5			44.9			111.5
MCI(3)	(12.2		)	(3.7		)	(17.6		)	(6.7		)
Corporate	(58.4		)	(62.4		)	(115.6		)	(127.9		)
Consolidated	$	290.0		$	329.3		$	383.5		$	498.9

(1) Results for the six months ended June 30, 2014, include $63.2 million of income related to the termination of our Modelo Molson Imports, L.P. ("MMI") joint venture in Canada. See Note 4, "Investments" for further discussion. Results for the three and six months ended June 30, 2015, included $8.2 million of charges related to the closure of a bottling line within our Toronto brewery as part of a strategic review of our Canadian supply chain network. See Note 6, "Special Items" for further discussion.

(2) Results for the three and six months ended June 30, 2015, include charges associated with the closure of one of our U.K. breweries of $9.3 million and $21.1 million for the three and six months ended June 30, 2015, respectively. See Note 6, "Special Items" for further discussion.

Additionally, included in Europe results for the three and six months ended June 30, 2015, are termination charges of $29.4 million partially offset by termination fee income of $19.4 million. See Note 6, "Special Items" for further discussion. Further, results for the six months ended June 30, 2014, include a gain of $13.0 million related to the release of an indirect-tax reserve, inclusive of accrued interest. See Note 15, "Commitments and Contingencies" for further discussion.

(3) Results for both the three and six months ended June 30, 2015, include $6.4 million of charges related to our decision to substantially restructure our business in China. See Note 6, "Special Items" for further discussion.

The following table presents total assets by segment:

	As of
	June 30, 2015		December 31, 2014
	(In millions)
Canada	$	5,121.2	$	5,537.2
U.S.	2,452.9		2,388.6
Europe	5,412.4		5,773.3
MCI	135.5		75.2
Corporate	275.2		222.0
Consolidated	$	13,397.2	$	13,996.3