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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Net sales by segment
The following tables present net sales and income (loss) before income taxes by segment:
Three Months EndedNine Months Ended
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
(In millions)
North America$2,252.3 $2,274.3 $6,242.2 $6,607.5 
Europe504.1 574.0 1,128.8 1,503.8 
Inter-segment net sales eliminations(2.9)(6.7)(11.3)(18.1)
Consolidated net sales$2,753.5 $2,841.6 $7,359.7 $8,093.2 
Income (loss) before income taxes by segment
Three Months EndedNine Months Ended
September 30, 2020September 30, 2019September 30, 2020September 30, 2019
(In millions)
North America(1)
$400.8 $(287.4)$888.5 $407.0 
Europe(2)
40.9 52.9 (46.9)57.9 
Unallocated(3)
8.7 (74.1)(148.2)(191.6)
Consolidated income (loss) before income taxes$450.4 $(308.6)$693.4 $273.3 
(1)     During the three months ended September 30, 2019, we recorded a goodwill impairment loss in our North America segment of $668.3 million, which was recorded as a special item. See Note 7, "Goodwill and Intangible Assets" for further discussion. During the second quarter of 2019, we completed the sale of our Montreal brewery for $96.2 million, resulting in a $61.3 million gain. Also, 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.
(2)    The decrease during the nine months ended September 30, 2020 was primarily driven by the impacts of the coronavirus pandemic including lower volume and unfavorable channel and geographic mix due to the closure of the on-premise channel in second quarter followed by a reduced consumption after reopening, particularly in the higher margin U.K. business, which has a more significant exposure to the on-premise channel, as well as the estimated keg sales returns and finished goods obsolescence reserves recognized primarily in the first quarter of 2020.
(3)    Includes unrealized mark-to-market changes on our commodity hedge positions. We recorded unrealized gains of $64.4 million and $24.7 million during the three and nine months ended September 30, 2020, respectively, compared to unrealized losses of $14.9 million and $12.0 million during the three and nine months ended September 30, 2019, respectively.
Total assets by segment
The following table presents total assets by segment:
As of
September 30, 2020December 31, 2019
(In millions)
North America$23,118.6 $23,360.2 
Europe5,556.7 5,499.6 
Consolidated total assets$28,675.3 $28,859.8