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Supplemental Guarantor Information
 9 Months Ended
Sep. 30, 2015
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information
Supplemental Guarantor Information
        For purposes of this Note 16, 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 Canada and U.S. segments, as well as our U.K. operations of our Europe 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 11, "Debt" for additional details.
Other Debt
On September 22, 2005, MC 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 CAD 900 million notes due September 22, 2015 were fully repaid using the proceeds from the issuance on September 18, 2015 of privately placed CAD 500 million 2.75% notes due 2020, and privately placed CAD 400 million 2.25% notes due 2018. Both offerings are guaranteed by MCBC, and certain of our U.S. and Canadian subsidiaries. Subsequent to settlement of the notes due on September 22, 2015, and local regulatory approval, MC Capital Finance ceased to be a reporting issuer in all the applicable provinces of Canada.
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 Subsidiary Guarantors. These guarantees are full and unconditional and joint and several. See Note 11, "Debt" for details of all debt issued and outstanding as of September 30, 2015.
Presentation    
The following information sets forth the condensed consolidating statements of operations for the three and nine months ended September 30, 2015, and September 30, 2014, condensed consolidating balance sheets as of September 30, 2015, and December 31, 2014, and condensed consolidating statements of cash flows for the nine months ended September 30, 2015, and September 30, 2014. 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 THREE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
4.9

 
$
1,109.9

 
$
378.2

 
$
(38.7
)
 
$
1,454.3

Excise taxes
—

 
(354.3
)
 
(82.6
)
 
—

 
(436.9
)
Net sales
4.9

 
755.6

 
295.6

 
(38.7
)
 
1,017.4

Cost of goods sold
—

 
(439.5
)
 
(172.4
)
 
26.0

 
(585.9
)
Gross profit
4.9

 
316.1

 
123.2

 
(12.7
)
 
431.5

Marketing, general and administrative expenses
(28.9
)
 
(169.7
)
 
(79.3
)
 
12.7

 
(265.2
)
Special items, net
—

 
(17.9
)
 
(275.6
)
 
—

 
(293.5
)
Equity income (loss) in subsidiaries
96.6

 
(294.3
)
 
73.1

 
124.6

 
—

Equity income in MillerCoors
—

 
135.3

 
—

 
—

 
135.3

Operating income (loss)
72.6

 
(30.5
)
 
(158.6
)
 
124.6

 
8.1

Interest income (expense), net
(16.1
)
 
56.7

 
(67.4
)
 
—

 
(26.8
)
Other income (expense), net
(0.1
)
 
3.2

 
0.6

 
—

 
3.7

Income (loss) from continuing operations before income taxes
56.4

 
29.4

 
(225.4
)
 
124.6

 
(15.0
)
Income tax benefit (expense)
(39.8
)
 
66.2

 
0.9

 
—

 
27.3

Net income (loss) from continuing operations
16.6

 
95.6

 
(224.5
)
 
124.6

 
12.3

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

 
—

 
2.9

 
—

 
2.9

Net income (loss) including noncontrolling interests
16.6

 
95.6

 
(221.6
)
 
124.6

 
15.2

Net (income) loss attributable to noncontrolling interests
—

 
—

 
1.4

 
—

 
1.4

Net income (loss) attributable to MCBC
$
16.6

 
$
95.6

 
$
(220.2
)
 
$
124.6

 
$
16.6

Comprehensive income (loss) attributable to MCBC
$
(239.4
)
 
$
(134.2
)
 
$
(286.1
)
 
$
420.3

 
$
(239.4
)

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.5

 
$
1,290.6

 
$
407.8

 
$
(54.9
)
 
$
1,650.0

Excise taxes
—

 
(394.1
)
 
(87.9
)
 
—

 
(482.0
)
Net sales
6.5

 
896.5

 
319.9

 
(54.9
)
 
1,168.0

Cost of goods sold
—

 
(505.9
)
 
(200.4
)
 
39.7

 
(666.6
)
Gross profit
6.5

 
390.6

 
119.5

 
(15.2
)
 
501.4

Marketing, general and administrative expenses
(27.9
)
 
(196.5
)
 
(80.4
)
 
15.2

 
(289.6
)
Special items, net
—

 
(11.1
)
 
(356.5
)
 
—

 
(367.6
)
Equity income (loss) in subsidiaries
4.3

 
(405.0
)
 
141.5

 
259.2

 
—

Equity income in MillerCoors
—

 
158.9

 
—

 
—

 
158.9

Operating income (loss)
(17.1
)
 
(63.1
)
 
(175.9
)
 
259.2

 
3.1

Interest income (expense), net
(17.2
)
 
74.2

 
(88.3
)
 
—

 
(31.3
)
Other income (expense), net
(1.1
)
 
(2.9
)
 
(1.0
)
 
—

 
(5.0
)
Income (loss) from continuing operations before income taxes
(35.4
)
 
8.2

 
(265.2
)
 
259.2

 
(33.2
)
Income tax benefit (expense)
1.0

 
(2.3
)
 
0.6

 
—

 
(0.7
)
Net income (loss) from continuing operations
(34.4
)
 
5.9

 
(264.6
)
 
259.2

 
(33.9
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
1.3

 
—

 
1.3

Net income (loss) including noncontrolling interests
(34.4
)
 
5.9

 
(263.3
)
 
259.2

 
(32.6
)
Net (income) loss attributable to noncontrolling interests
—

 
—

 
(1.8
)
 
—

 
(1.8
)
Net income (loss) attributable to MCBC
$
(34.4
)
 
$
5.9

 
$
(265.1
)
 
$
259.2

 
$
(34.4
)
Comprehensive income (loss) attributable to MCBC
$
(515.9
)
 
$
(477.7
)
 
$
(481.0
)
 
$
958.7

 
$
(515.9
)


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6

Accounts receivable, net
—

 
359.8

 
164.8

 
—

 
524.6

Other receivables, net
13.0

 
56.6

 
22.2

 
—

 
91.8

Total inventories
—

 
183.6

 
40.9

 
—

 
224.5

Other current assets, net
3.0

 
49.6

 
37.2

 
—

 
89.8

Deferred tax assets
2.2

 
0.9

 
30.8

 
(6.6
)
 
27.3

Intercompany accounts receivable
—

 
3,906.9

 
321.0

 
(4,227.9
)
 
—

Total current assets
63.3

 
4,736.2

 
786.6

 
(4,234.5
)
 
1,351.6

Properties, net
32.3

 
985.1

 
597.4

 
—

 
1,614.8

Goodwill
—

 
1,021.0

 
1,025.8

 
—

 
2,046.8

Other intangibles, net
—

 
3,446.8

 
1,476.8

 
—

 
4,923.6

Investment in MillerCoors
—

 
2,440.7

 
—

 
—

 
2,440.7

Net investment in and advances to subsidiaries
12,500.8

 
4,013.5

 
5,429.4

 
(21,943.7
)
 
—

Deferred tax assets
11.9

 
14.1

 
0.2

 
12.3

 
38.5

Other assets, net
33.7

 
154.0

 
41.6

 
—

 
229.3

Total assets
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3

Liabilities and equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and other current liabilities
$
65.7

 
$
762.2

 
$
368.3

 
$
—

 
$
1,196.2

Deferred tax liabilities
—

 
171.4

 
—

 
(6.6
)
 
164.8

Current portion of long-term debt and short-term borrowings
10.0

 
—

 
38.2

 
—

 
48.2

Discontinued operations
—

 
—

 
4.1

 
—

 
4.1

Intercompany accounts payable
3,396.8

 
368.6

 
462.5

 
(4,227.9
)
 
—

Total current liabilities
3,472.5

 
1,302.2

 
873.1

 
(4,234.5
)
 
1,413.3

Long-term debt
1,907.9

 
1,046.0

 
—

 
—

 
2,953.9

Pension and postretirement benefits
3.2

 
233.8

 
6.0

 
—

 
243.0

Deferred tax liabilities
—

 
—

 
656.5

 
12.3

 
668.8

Other liabilities
9.2

 
41.9

 
32.1

 
—

 
83.2

Discontinued operations
—

 
—

 
10.4

 
—

 
10.4

Intercompany notes payable
—

 
1,299.7

 
5,074.2

 
(6,373.9
)
 
—

Total liabilities
5,392.8

 
3,923.6

 
6,652.3

 
(10,596.1
)
 
5,372.6

MCBC stockholders' equity
7,250.3

 
17,961.2

 
3,982.5

 
(21,943.7
)
 
7,250.3

Intercompany notes receivable
(1.1
)
 
(5,073.4
)
 
(1,299.4
)
 
6,373.9

 
—

Total stockholders' equity
7,249.2

 
12,887.8

 
2,683.1

 
(15,569.8
)
 
7,250.3

Noncontrolling interests
—

 
—

 
22.4

 
—

 
22.4

Total equity
7,249.2

 
12,887.8

 
2,705.5

 
(15,569.8
)
 
7,272.7

Total liabilities and equity
$
12,642.0

 
$
16,811.4

 
$
9,357.8

 
$
(26,165.9
)
 
$
12,645.3


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2014
(IN MILLIONS)
(UNAUDITED)
 
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
5.6

 
55.0

 
40.8

 
—

 
101.4

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
68.4

 
4,450.1

 
630.0

 
(3,571.4
)
 
1,577.1

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
17.8

 
143.6

 
49.4

 
—

 
210.8

Total assets
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

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
—

 
773.9

 
75.1

 
—

 
849.0

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

 
2,161.4

 
791.9

 
(3,571.4
)
 
2,324.9

Long-term debt
1,892.6

 
428.7

 
—

 
—

 
2,321.3

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
4,855.1

 
4,381.8

 
7,297.6

 
(10,440.5
)
 
6,094.0

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
$
12,717.2

 
$
16,754.8

 
$
10,266.8

 
$
(25,758.7
)
 
$
13,980.1

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
324.0

 
$
178.3

 
$
226.7

 
$
(267.5
)
 
$
461.5

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.7
)
 
(117.3
)
 
(82.3
)
 
—

 
(208.3
)
Proceeds from sales of properties and other assets
—

 
3.2

 
5.6

 
—

 
8.8

Acquisition of businesses, net of cash acquired
—

 
(46.4
)
 
(44.8
)
 
—

 
(91.2
)
Proceeds from sale of business
—

 
8.7

 
—

 
—

 
8.7

Investment in MillerCoors
—

 
(1,144.5
)
 
—

 
—

 
(1,144.5
)
Return of capital from MillerCoors
—

 
1,088.2

 
—

 
—

 
1,088.2

Loan repayments
—

 
6.5

 
19.6

 
—

 
26.1

Loan advances
—

 
(7.1
)
 
(22.8
)
 
—

 
(29.9
)
Other
—

 
(4.1
)
 
0.8

 
—

 
(3.3
)
Net intercompany investing activity
(56.3
)
 
(186.5
)
 
(167.2
)
 
410.0

 
—

Net cash provided by (used in) investing activities
(65.0
)
 
(399.3
)
 
(291.1
)
 
410.0

 
(345.4
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
31.2

 
—

 
—

 
—

 
31.2

Excess tax benefits from share-based compensation
8.5

 
—

 
—

 
—

 
8.5

Dividends paid
(203.8
)
 
(267.5
)
 
(24.3
)
 
267.5

 
(228.1
)
Payments for purchases of treasury stock
(100.1
)
 
—

 
—

 
—

 
(100.1
)
Proceeds on long-term borrowings
—

 
679.9

 
—

 
—

 
679.9

Payments on long-term debt
—

 
(676.4
)
 
—

 
—

 
(676.4
)
Proceeds from short-term borrowings
—

 
—

 
33.1

 
—

 
33.1

Payments on short-term borrowings
—

 
—

 
(19.7
)
 
—

 
(19.7
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
10.0

 
—

 
7.1

 
—

 
17.1

Change in overdraft balances and other
(0.6
)
 
(2.4
)
 
(52.6
)
 
—

 
(55.6
)
Net intercompany financing activity
—

 
223.5

 
186.5

 
(410.0
)
 
—

Net cash provided by (used in) financing activities
(254.8
)
 
(42.9
)
 
130.1

 
(142.5
)
 
(310.1
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
4.2

 
(263.9
)
 
65.7

 
—

 
(194.0
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
(28.0
)
 
(9.0
)
 
—

 
(37.0
)
Balance at beginning of year
40.9

 
470.7

 
113.0

 
—

 
624.6

Balance at end of period
$
45.1

 
$
178.8

 
$
169.7

 
$
—

 
$
393.6


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor and
2012 Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
365.4

 
$
560.4

 
$
194.8

 
$
(62.2
)
 
$
1,058.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
Additions to properties
(8.2
)
 
(103.9
)
 
(83.7
)
 
—

 
(195.8
)
Proceeds from sales of properties and other assets
—

 
3.8

 
2.2

 
—

 
6.0

Investment in MillerCoors
—

 
(1,100.4
)
 
—

 
—

 
(1,100.4
)
Return of capital from MillerCoors
—

 
1,053.9

 
—

 
—

 
1,053.9

Investment in and advances to an unconsolidated affiliate
—

 
—

 
5.9

 
—

 
5.9

Loan repayments
—

 
7.1

 
—

 
—

 
7.1

Loan advances
—

 
(6.7
)
 
(7.9
)
 
—

 
(14.6
)
Net intercompany investing activity
(39.2
)
 
90.3

 
137.2

 
(188.3
)
 
—

Net cash provided by (used in) investing activities
(47.4
)
 
(55.9
)
 
53.7

 
(188.3
)
 
(237.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Exercise of stock options under equity compensation plans
38.5

 
—

 
—

 
—

 
38.5

Excess tax benefits from share-based compensation
6.6

 
—

 
—

 
—

 
6.6

Dividends paid
(181.4
)
 
(24.0
)
 
(61.9
)
 
62.2

 
(205.1
)
Payments on long-term debt
—

 
(61.4
)
 
(0.2
)
 
—

 
(61.6
)
Proceeds from short-term borrowings
—

 
—

 
35.5

 
—

 
35.5

Payments on short-term borrowings
—

 
—

 
(23.3
)
 
—

 
(23.3
)
Payments on settlement of derivative instruments
—

 
(65.2
)
 
—

 
—

 
(65.2
)
Net proceeds from (payments on) revolving credit facilities and commercial paper
(218.3
)
 
—

 
(132.2
)
 
—

 
(350.5
)
Change in overdraft balances and other
(2.6
)
 
(0.5
)
 
115.0

 
—

 
111.9

Net intercompany financing activity
—

 
(98.0
)
 
(90.3
)
 
188.3

 
—

Net cash provided by (used in) financing activities
(357.2
)
 
(249.1
)
 
(157.4
)
 
250.5

 
(513.2
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(39.2
)
 
255.4

 
91.1

 
—

 
307.3

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

 
(16.7
)
 
(10.8
)
 
—

 
(27.5
)
Balance at beginning of year
90.6

 
248.7

 
103.0

 
—

 
442.3

Balance at end of period
$
51.4

 
$
487.4

 
$
183.3

 
$
—

 
$
722.1