Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Net sales by segment

The following tables present net sales and income (loss) before income taxes by segment:

	Three Months Ended
	March 31, 2020			March 31, 2019
	(In millions)
North America	$	1,789.7		$	1,932.6
Europe	317.6			375.7
Inter-segment net sales eliminations	(4.5		)	(5.0		)
Consolidated net sales	$	2,102.8		$	2,303.3

Income (loss) from continuing operations before income taxes by segment

	Three Months Ended
	March 31, 2020			March 31, 2019
	(In millions)
North America(1)(2)	$	76.2		$	245.9
Europe	(76.8		)	(38.4		)
Unallocated(3)	(158.1		)	(26.2		)
Consolidated income (loss) before income taxes	$	(158.7	)	$	181.3

(1) The decrease during the three months ended March 31, 2020 was driven primarily by gross profit declines due to unfavorable timing of shipments, including brewery downtime associated with the Milwaukee tragedy, increased special charges, the recognition of estimated keg sales returns and finished good obsolescence reserves, as well as the unrealized mark-to-market changes on our HEXO Corp. ("HEXO") warrants.

(2) During the first quarter of 2019, we received payment and recorded a gain of $1.5 million resulting from a purchase price adjustment related to the historical sale of Molson Inc.’s ownership interest in the Montreal Canadiens, which is considered an affiliate of MCBC.

(3)

Related to the unrealized mark-to-market valuation on our commodity hedge positions, we recorded an unrealized loss of $99.1 million during the three months ended March 31, 2020, compared to an unrealized gain of $34.1 million during the three months ended March 31, 2019.

Total assets by segment

The following table presents total assets by segment:

	As of
	March 31, 2020		December 31, 2019
	(In millions)
North America	$	23,355.1	$	23,360.2
Europe	5,106.0		5,499.6
Consolidated total assets	$	28,461.1	$	28,859.8