Segment Reporting

6 Months Ended

Jun. 30, 2016

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, 2016, and June 30, 2015, respectively. Net sales represent sales to third-party external customers less excise taxes. 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, 2016			June 30, 2015			June 30, 2016			June 30, 2015
	(In millions)
Canada	$	425.9		$	444.9		$	693.9		$	758.4
Europe	522.1			524.8			880.8			882.7
MCI	39.2			37.2			70.2			66.3
Corporate	0.2			0.1			0.6			0.5
Eliminations(1)	(1.2		)	(1.3		)	(2.1		)	(2.2		)
Consolidated	$	986.2		$	1,005.7		$	1,643.4		$	1,705.7

(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, 2016			June 30, 2015			June 30, 2016			June 30, 2015
	(In millions)
Canada	$	88.5		$	106.1		$	235.1		$	137.0
U.S.	191.9			205.5			334.3			334.8
Europe	59.0			49.0			57.8			44.9
MCI	(33.4		)	(12.2		)	(35.7		)	(17.6		)
Corporate	(109.1		)	(58.4		)	(213.9		)	(115.6		)
Consolidated	$	196.9		$	290.0		$	377.6		$	383.5

Income (loss) from continuing operations before income taxes includes the impact of special items. Refer to Note 6, "Special Items" for further discussion. Additionally, various costs associated with the pending Acquisition as defined in Note 4, "Investments" and its related financing have been recorded within our Corporate segment for the three and six months ended June 30, 2016, including $19.6 million and $34.5 million, respectively, of transaction related fees recorded within marketing, general & administrative expenses, $31.8 million and $50.2 million, respectively, of derivative losses and financing costs related to our bridge loan within other income (expense), and $13.3 million and $33.7 million, respectively, of financing costs related to our term loan, losses on our swaptions that settled during the second quarter of 2016, and interest income related to our fixed rate deposit and money market accounts within, interest income (expense) net.

The following table presents total assets by segment:

	As of
	June 30, 2016		December 31, 2015
	(In millions)
Canada	$	4,942.1	$	4,560.6
U.S.	2,557.1		2,441.0
Europe	4,784.5		4,807.5
MCI(1)	118.0		133.7
Corporate(2)	2,920.5		333.5
Consolidated	$	15,322.2	$	12,276.3

(1) Reflects the impact from the impairment recorded in the second quarter of 2016 related to the enactment of total alcohol prohibition in the state of Bihar, India. See Note 10, "Goodwill and Intangible Assets" for further details.

(2) On February 3, 2016, we received proceeds of $2.5 billion, net of issuance costs, from our equity offering of 29.9 million shares of our Class B common stock. See Note 16, "Pending Acquisition" for further discussion.