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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Total long-term borrowings
As of
 September 30, 2020December 31, 2019
 (In millions)
Long-term debt:
CAD 500 million 2.75% notes due September 2020(1)
$— $384.9 
CAD 500 million 2.84% notes due July 2023
375.4 384.9 
CAD 500 million 3.44% notes due July 2026
375.4 384.9 
$500 million 2.25% notes due March 2020(2)(3)
— 499.8 
$1.0 billion 2.1% notes due July 2021(3)
1,000.0 1,000.0 
$500 million 3.5% notes due May 2022(2)
504.4 506.5 
$2.0 billion 3.0% notes due July 2026
2,000.0 2,000.0 
$1.1 billion 5.0% notes due May 2042
1,100.0 1,100.0 
$1.8 billion 4.2% notes due July 2046
1,800.0 1,800.0 
EUR 800 million 1.25% notes due July 2024
937.7 897.0 
Finance leases and other97.6 129.5 
Less: unamortized debt discounts and debt issuance costs(51.6)(56.7)
Total long-term debt (including current portion)8,138.9 9,030.8 
Less: current portion of long-term debt(1,009.4)(921.3)
Total long-term debt$7,129.5 $8,109.5 
Short-term borrowings:
Commercial paper programs(4)(5)
$224.9 $— 
Other short-term borrowings(6)
7.8 6.9 
Current portion of long-term debt1,009.4 921.3 
Current portion of long-term debt and short-term borrowings$1,242.1 $928.2 
(1)In September 2020, we repaid our CAD 500 million 2.75% notes upon maturity through a combination of commercial paper issuances and cash on hand.
(2)The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note.
(3)We repaid our $500 million 2.25% notes upon maturity in March 2020, at which time we also settled the associated cross currency swaps resulting in cash receipts of $3.2 million, which were classified as financing and investing activities in our unaudited condensed consolidated statement of cash flows. As of September 30, 2020, we have cross currency swaps associated with our $1.0 billion 2.1% senior notes due 2021 in order to hedge a portion of the foreign currency translational impacts of our European investment. As a result of the swaps, we have economically converted a portion of these notes and associated interest to EUR denominated, which results in a EUR interest rate to be received of 0.71%.
(4)We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024, that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this financing from time to time to leverage cash needs including debt repayments. During the first nine months of 2020, we utilized borrowings from this facility in order to fund the repayment of our $500 million 2.25% notes and CAD 500 million 2.75% notes upon maturity in March 2020 and September 2020, respectively, for working capital and general purposes, as well as a precautionary measure in order to provide enhanced financial flexibility due to uncertain market conditions arising from the impact of the coronavirus pandemic, as further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies."
As of September 30, 2020, we had $1.3 billion available to draw on the $1.5 billion revolving credit facility, as the borrowing capacity is also reduced by borrowings under our commercial paper program. The outstanding borrowings under our commercial paper program had a weighted-average effective interest rate and tenor of 0.72% and 90 days, respectively, as of September 30, 2020. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019.
Subsequent to September 30, 2020, we had commercial paper payments of approximately $125 million, for a total amount outstanding of approximately $100 million as of October 29, 2020. As such, as of October 29, 2020, we have approximately $1.4 billion available to draw on our total $1.5 billion revolving credit facility.
(5)On May 26, 2020, Molson Coors Brewing Company (UK) Limited (“MCBC U.K.”), a subsidiary of MCBC that operates and manages the Company’s business in the U.K., established a commercial paper facility for the purpose of issuing short-term, unsecured Sterling-denominated notes that are eligible for purchase under the Joint HM Treasury and Bank of England’s COVID Corporate Financing Facility commercial paper program (the “CCFF Program”) in an aggregate principal amount up to GBP 300 million, subject to certain conditions, which may be increased from time to time as provided in the Dealer Agreement (as defined below). Commercial paper issuances under the CCFF Program do not impact the borrowing capacity under our revolving credit facility.
In connection with the CCFF Program, MCBC U.K. and MCBC entered into a Dealer Agreement (the “Dealer Agreement”) with Lloyds Bank Corporate Markets PLC (“Lloyds”), as both the arranger and dealer, pursuant to which notes may be issued to Lloyds at such prices and upon such terms as MCBC U.K. and Lloyds may agree. The maturities of the notes vary but will not be less than seven days nor greater than 364 days. The Dealer Agreement contains customary representations, warranties, covenants and indemnification provisions typical for the issuance of commercial paper of this type. In addition, MCBC entered into a Deed of Guarantee to guarantee the payment of all sums payable from time to time by MCBC U.K. in respect of the notes to the holders of any notes.
As of both September 30, 2020 and October 29, 2020, we had no borrowings outstanding under the CCFF Program.
(6)As of September 30, 2020, we had $4.9 million in bank overdrafts and $82.3 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $77.4 million. As of December 31, 2019, we had $1.1 million in bank overdrafts and $55.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $53.9 million. We had total outstanding borrowings of $2.9 million and $2.8 million under our two JPY overdraft facilities as of September 30, 2020 and December 31, 2019, respectively. In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of September 30, 2020 or December 31, 2019.