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Quarterly Financial Information (Unaudited) Quarterly Financial Information (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The following summarizes selected quarterly financial information for 2016 and 2015.
2016
First
 
Second
 
Third
 
Fourth(2)
 
Full Year(3)
 
(In millions, except per share data)
Sales
$
950.8

 
$
1,407.0

 
$
1,337.7

 
$
2,901.9

 
$
6,597.4

Excise taxes
(293.6
)
 
(420.8
)
 
(390.1
)
 
(607.9
)
 
(1,712.4
)
Net sales
657.2

 
986.2

 
947.6

 
2,294.0

 
4,885.0

Cost of goods sold
(414.0
)
 
(562.2
)
 
(541.3
)
 
(1,485.6
)
 
(3,003.1
)
Gross profit
$
243.2

 
$
424.0

 
$
406.3

 
$
808.4

 
$
1,881.9

Amounts attributable to Molson Coors Brewing Company(1):
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
163.2

 
$
174.1

 
$
202.5

 
$
1,438.9

 
$
1,978.7

Income (loss) from discontinued operations, net of tax
(0.5
)
 
(1.8
)
 
—

 
(0.5
)
 
(2.8
)
Net income (loss) attributable to Molson Coors Brewing Company
$
162.7

 
$
172.3

 
$
202.5

 
$
1,438.4

 
$
1,975.9

Basic net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 
 
 
 
 
 
From continuing operations
$
0.80

 
$
0.81

 
$
0.94

 
$
6.70

 
$
9.33

From discontinued operations
—

 
(0.01
)
 
—

 
—

 
(0.01
)
Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
0.80

 
$
0.80

 
$
0.94

 
$
6.70

 
$
9.32

Diluted net income (loss) attributable to Molson Coors Brewing Company per share(1):
 
 
 
 
 
 
 
 
 
From continuing operations
$
0.80

 
$
0.81

 
$
0.94

 
$
6.65

 
$
9.27

From discontinued operations
—

 
(0.01
)
 
—

 
—

 
(0.01
)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
0.80

 
$
0.80

 
$
0.94

 
$
6.65

 
$
9.26

(1)
Income tax expense was revised for the first and second quarters of 2016 following the adoption of new guidance regarding accounting for share-based compensation. See Note 2, "New Accounting Pronouncements" for further discussion of these changes, and below for the impacts of these changes to previously filed quarterly results.
(2)
Prior to October 11, 2016, MCBC's 42% share of MillerCoors' results of operations were reported as equity income in MillerCoors in the consolidated statements of operations. As a result of the Acquisition, beginning October 11, 2016, MillerCoors' results of operations were consolidated into MCBC's consolidated financial statements.
(3)
The sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
2015
First
 
Second
 
Third
 
Fourth
 
Full Year(1)
 
(In millions, except per share data)
Sales
$
1,003.2

 
$
1,433.0

 
$
1,454.3

 
$
1,236.9

 
$
5,127.4

Excise taxes
(303.2
)
 
(427.3
)
 
(436.9
)
 
(392.5
)
 
(1,559.9
)
Net sales
700.0

 
1,005.7

 
1,017.4

 
844.4

 
3,567.5

Cost of goods sold
(454.8
)
 
(579.9
)
 
(585.9
)
 
(542.9
)
 
(2,163.5
)
Gross profit
$
245.2

 
$
425.8

 
$
431.5

 
$
301.5

 
$
1,404.0

Amounts attributable to Molson Coors Brewing Company:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
79.2

 
$
229.3

 
$
13.7

 
$
33.4

 
$
355.6

Income (loss) from discontinued operations, net of tax
1.9

 
(0.3
)
 
2.9

 
(0.6
)
 
3.9

Net income (loss) attributable to Molson Coors Brewing Company
$
81.1

 
$
229.0

 
$
16.6

 
$
32.8

 
$
359.5

Basic net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
 
 
 
 
 
From continuing operations
$
0.43

 
$
1.23

 
$
0.07

 
$
0.18

 
$
1.92

From discontinued operations
0.01

 
—

 
0.02

 
—

 
0.02

Basic net income (loss) attributable to Molson Coors Brewing Company per share
$
0.44

 
$
1.23

 
$
0.09

 
$
0.18

 
$
1.94

Diluted net income (loss) attributable to Molson Coors Brewing Company per share:
 
 
 
 
 
 
 
 
 
From continuing operations
$
0.42

 
$
1.23

 
$
0.07

 
$
0.18

 
$
1.91

From discontinued operations
0.01

 
—

 
0.02

 
—

 
0.02

Diluted net income (loss) attributable to Molson Coors Brewing Company per share
$
0.43

 
$
1.23

 
$
0.09

 
$
0.18

 
$
1.93


(1)
The sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
New Accounting Pronouncement, Early Adoption
The adoption of this guidance impacted our previously reported annual results for fiscal years 2015 and 2014 as follows:
 
Year Ended
December 31, 2015
 
Year Ended
December 31, 2014
 
As Reported
 
As Adjusted
 
As Reported
 
As Adjusted
 
(In millions)
Consolidated Statements of Cash Flows:
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
696.4

 
$
715.9

 
$
1,272.6

 
$
1,287.9

Net cash provided by (used in) financing activities
$
(512.0
)
 
$
(531.5
)
 
$
(802.0
)
 
$
(817.3
)
See Note 20, "Quarterly Financial Information (Unaudited)" for the impacts of the adoption of this guidance on our previously reported quarterly results for fiscal years 2016 and 2015.
The adoption of this guidance impacted our previously reported quarterly results for fiscal years 2016 and 2015, as follows:
 
Three Months Ended
March 31, 2016
 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
As Reported
 
As Adjusted
 
(In millions)
Condensed Consolidated Statements of Operations:
 
 
 
 
 
 
 
Income tax benefit (expense)
$
(20.6
)
 
$
(16.7
)
 
$
(41.8
)
 
$
(37.9
)
Net income (loss) attributable to Molson Coors Brewing Company
$
158.8

 
$
162.7

 
$
331.1

 
$
335.0

Basic earnings per share
$
0.78

 
$
0.80

 
$
1.58

 
$
1.60

Diluted earnings per share
$
0.78

 
$
0.80

 
$
1.58

 
$
1.59

Diluted weighted-average shares outstanding
204.8

 
205.1

 
210.2

 
210.5

 
Nine Months Ended
September 30, 2015

 
As Reported
 
As Adjusted
 
(In millions)
Condensed Consolidated Statements of Cash Flows:
 
 
 
Net cash provided by (used in) operating activities
$
461.5

 
$
479.0

Net cash provided by (used in) financing activities
$
(310.1
)
 
$
(327.6
)
 
Three Months Ended
March 31, 2016
 
Six Months Ended
June 30, 2016
 
As Reported
 
As Adjusted
 
As Reported
 
As Adjusted
 
(In millions)
Condensed Consolidated Statements of Cash Flows:
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(93.4
)
 
$
(88.3
)
 
$
264.4

 
$
282.4

Net cash provided by (used in) financing activities
$
2,463.6

 
$
2,458.5

 
$
2,356.6

 
$
2,338.6

 
As of
 
March 31, 2016
 
June 30, 2016
 
As Reported
 
As Adjusted
 
As Reported
 
As Adjusted
 
(In millions)
Condensed Consolidated Balance Sheets:
 
 
 
 
 
 
 
Paid-in capital
$
6,550.0

 
$
6,546.1

 
$
6,556.6

 
$
6,552.7

Retained earnings
$
4,566.5

 
$
4,570.4

 
$
4,650.6

 
$
4,654.5