Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Entity Central Index Key | 0000024545 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-14829 | |
Entity Registrant Name | Molson Coors Beverage Company | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-0178360 | |
Entity Address, Address Line One | P.O. BOX 4030, NH353 | |
Entity Address, City or Town | Golden | |
Entity Address, State or Province | CO | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 80401 | |
City Area Code | 303 | |
Local Phone Number | 927-2337 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,560,668 | |
Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 196,472,022 | |
Class A Exchangeable Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,725,047 | |
Class B Exchangeable Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,826,118 | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Class A [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | TAP.A | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Class B [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, $0.01 par value | |
Trading Symbol | TAP | |
Security Exchange Name | NYSE | |
Senior Notes Due 2024 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.25% Senior Notes due 2024 | |
Trading Symbol | TAP | |
Security Exchange Name | NYSE | |
CANADA | ||
Entity Information [Line Items] | ||
Entity Address, Address Line Two | 1555 Notre Dame Street East | |
Entity Address, City or Town | Montréal | |
Entity Address, State or Province | QC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | H2L 2R5 | |
City Area Code | 514 | |
Local Phone Number | 521-1786 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Sales | $ 2,537.8 | $ 2,800.1 |
Excise taxes | (435) | (496.8) |
Net Sales | 2,102.8 | 2,303.3 |
Cost of Goods Sold | (1,479) | (1,413) |
Gross profit | 623.8 | 890.3 |
Marketing, general and administrative expenses | (629.7) | (655.2) |
Special items, net | (86.6) | (13) |
Operating income (loss) | (92.5) | 222.1 |
Interest income (expense), net | (68.9) | (73.3) |
Other pension and postretirement benefits (costs), net | 7.5 | 8.6 |
Other income (expense), net | (4.8) | 23.9 |
Income (loss) before income taxes | (158.7) | 181.3 |
Income tax benefit (expense) | 43.3 | (32.2) |
Net Income (loss) | (115.4) | 149.1 |
Net (income) loss attributable to noncontrolling interests | (1.6) | 2.3 |
Net income (loss) attributable to Molson Coors Beverage Company | $ (117) | $ 151.4 |
Basic net income (loss) attributable to Molson Coors Beverage Company per share: | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.54) | $ 0.70 |
Diluted net income (loss) attributable to Molson Coors Beverage Company per share: | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.54) | $ 0.70 |
Weighted average shares - basic (in shares) | 216.7 | 216.5 |
Dilutive effect of share-based awards | 0 | 0.4 |
Weighted average shares - diluted (in shares) | 216.7 | 216.9 |
Share-based Payment Arrangement [Member] | ||
Diluted net income (loss) attributable to Molson Coors Beverage Company per share: | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.9 | 1.1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 666.1 | $ 523.4 |
Accounts receivable, net | 637.8 | 714.8 |
Other receivables, net | 107.1 | 105.5 |
Total inventories, net | 681.5 | 615.9 |
Other current assets, net | 280 | 224.8 |
Total current assets | 2,372.5 | 2,184.4 |
Properties, net | 4,393.6 | 4,546.5 |
Goodwill | 7,539 | 7,631.4 |
Other intangibles, net | 13,305.1 | 13,656 |
Other assets | 850.9 | 841.5 |
Total assets | 28,461.1 | 28,859.8 |
Current liabilities: | ||
Accounts payable and other current liabilities | 2,558.4 | 2,767.3 |
Current portion of long-term debt and short-term borrowings | 1,445 | 928.2 |
Total current liabilities | 4,003.4 | 3,695.5 |
Long-term debt | 8,032.1 | 8,109.5 |
Pension and postretirement benefits | 693.9 | 716.6 |
Deferred tax liabilities | 2,184.2 | 2,258.6 |
Other liabilities | 601.5 | 406.5 |
Total liabilities | 15,515.1 | 15,186.7 |
Capital stock: | ||
Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) | 0 | 0 |
Paid-in capital | 6,780.7 | 6,773.6 |
Retained earnings | 7,376.2 | 7,617 |
Accumulated other comprehensive income (loss) | (1,661.3) | (1,162.2) |
Class B common stock held in treasury at cost (9.5 shares and 9.5 shares, respectively) | (471.4) | (471.4) |
Total Molson Coors Beverage Company stockholders' equity | 12,686.6 | 13,419.4 |
Noncontrolling interests | 259.4 | 253.7 |
Total equity | 12,946 | 13,673.1 |
Total liabilities and equity | 28,461.1 | 28,859.8 |
Class A common stock, voting [Member] | ||
Capital stock: | ||
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 205.9 shares and 205.7 shares, respectively) | 0 | 0 |
Total equity | 0 | 0 |
Class B common stock, non-voting [Member] | ||
Capital stock: | ||
Common stock - Class A, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively); Class B, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 205.9 shares and 205.7 shares, respectively) | 2.1 | 2.1 |
Total equity | 2.1 | 2.1 |
Class A Exchangeable Shares [Member] | ||
Capital stock: | ||
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively) | 102.5 | 102.5 |
Total equity | 102.5 | 102.5 |
Class B Exchangeable Shares [Member] | ||
Capital stock: | ||
Exchangeable shares - Class A, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively); Class B, no par value (issued and outstanding: 14.8 shares and 14.8 shares, respectively) | 557.8 | 557.8 |
Total equity | $ 557.8 | $ 557.8 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) including noncontrolling interests | $ (115.4) | $ 149.1 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (373.5) | 71.5 |
Unrealized gain (loss) on derivative instruments | (127.9) | (29.7) |
Reclassification of derivative (gain) loss to income | 0 | 0.1 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (1.3) | (0.6) |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 0.7 | 1 |
Total other comprehensive income (loss), net of tax | (502) | 42.3 |
Comprehensive income (loss) | (617.4) | 191.4 |
Comprehensive (income) loss attributable to noncontrolling interests | 1.3 | 2.1 |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (616.1) | 193.5 |
Consolidated [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Comprehensive income (loss) attributable to Molson Coors Beverage Company | $ (616.1) | $ 193.5 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - $ / shares shares in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred Stock, Non-voting, No Par Value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25 | 25 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury Stock, Shares | 9.5 | 9.5 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500 | 500 |
Common Stock, Shares, Issued | 2.6 | 2.6 |
Common Stock, Shares, Outstanding | 2.6 | 2.6 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500 | 500 |
Common Stock, Shares, Issued | 205.9 | 205.7 |
Class A Exchangeable Shares [Member] | ||
Exchangeable Stock, No Par Value | $ 0 | $ 0 |
Exchangeable Stock, Shares Issued | 2.7 | 2.7 |
Exchangeable Stock, Shares Outstanding | 2.7 | 2.7 |
Class B Exchangeable Shares [Member] | ||
Exchangeable Stock, No Par Value | $ 0 | $ 0 |
Exchangeable Stock, Shares Issued | 14.8 | 14.8 |
Exchangeable Stock, Shares Outstanding | 14.8 | 14.8 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (115.4) | $ 149.1 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 256.5 | 212.9 |
Amortization of debt issuance costs and discounts | 2.1 | 3.7 |
Share-based compensation | 5.9 | 11.4 |
(Gain) loss on sale or impairment of properties and other assets, net | (0.2) | 0.5 |
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net | 103.3 | (57.2) |
Income tax (benefit) expense | (43.3) | 32.2 |
Income tax (paid) received | (9.2) | (8.5) |
Interest expense, excluding interest amortization | 67.6 | 72.1 |
Interest paid | (90.3) | (103.1) |
Change in current assets and liabilities and other | (195.1) | (411.6) |
Net Cash Provided by (Used in) Operating Activities | (18.1) | (98.5) |
Cash flows from investing activities: | ||
Additions to properties | (225.1) | (198) |
Proceeds from sales of properties and other assets | 1.6 | 2.4 |
Other | 3.5 | 1 |
Net cash provided by (used in) investing activities | (220) | (194.6) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 4 | 0.6 |
Dividends paid | (123.4) | (88.7) |
Payments on debt and borrowings | (502.9) | (1,067.2) |
Proceeds on debt and borrowings | 1 | 0 |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 1,025.5 | 604.3 |
Change in overdraft balances and other | (5.5) | 16.2 |
Net cash provided by (used in) financing activities | 398.7 | (534.8) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | 160.6 | (827.9) |
Effect of foreign exchange rate changes on cash and cash equivalents | (17.9) | 4.4 |
Balance at beginning of year | 523.4 | 1,057.9 |
Balance at end of period | $ 666.1 | $ 234.4 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - USD ($) $ in Millions | Total | Class A common stock, voting [Member] | Common Class B [Member] | Exchangeable shares issued, Class A | Exchangeable shares issued, Class B | Paid-in capital | Retained earnings | AOCI Attributable to Parent [Member] | Common stock held in treasury, Class B | Noncontrolling interest |
Balance at Dec. 31, 2018 | $ 13,735.8 | $ 0 | $ 2 | $ 103.2 | $ 557.6 | $ 6,773.1 | $ 7,692.9 | $ (1,150) | $ (471.4) | $ 228.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued under equity compensation plan | (8.2) | (8.2) | ||||||||
Amortization of share-based compensation | 11.3 | 11.3 | ||||||||
Net income (loss) including noncontrolling interests | 149.1 | 151.4 | (2.3) | |||||||
Other comprehensive income (loss), net of tax | 42.3 | 42.1 | 0.2 | |||||||
Initial Application Period Cumulative Effect Transition for Accounting Standards Update 2016-02 | 32 | 32 | ||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 74.8 | (74.8) | |||||||
Contributions from noncontrolling interests | 14.5 | 14.5 | ||||||||
Dividends declared and paid | (88.7) | (88.7) | 0 | |||||||
Balance at Mar. 31, 2019 | 13,888.1 | 0 | 2 | 103.2 | 557.6 | 6,776.2 | 7,862.4 | (1,182.7) | (471.4) | 240.8 |
Balance at Dec. 31, 2019 | 13,673.1 | 0 | 2.1 | 102.5 | 557.8 | 6,773.6 | 7,617 | (1,162.2) | (471.4) | 253.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares issued under equity compensation plan | 1.2 | 1.2 | ||||||||
Amortization of share-based compensation | 5.9 | 5.9 | ||||||||
Acquisition of business and purchase of noncontrolling interest | (0.1) | (0.1) | ||||||||
Net income (loss) including noncontrolling interests | (115.4) | (117) | 1.6 | |||||||
Other comprehensive income (loss), net of tax | (502) | (499.1) | (2.9) | |||||||
Contributions from noncontrolling interests | 8.6 | 8.6 | ||||||||
Distributions and dividends to noncontrolling interests | (1.5) | (1.5) | ||||||||
Dividends declared and paid | (123.8) | (123.8) | 0 | |||||||
Balance at Mar. 31, 2020 | $ 12,946 | $ 0 | $ 2.1 | $ 102.5 | $ 557.8 | $ 6,780.7 | $ 7,376.2 | $ (1,661.3) | $ (471.4) | $ 259.4 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly. Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than USD, include the CAD, the GBP, and our Central European operating currencies such as the EUR, CZK, HRK and RSD. The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019 ("Annual Report"), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to the Audited Consolidated Financial Statements included in our Annual Report, except as noted in Note 2, "New Accounting Pronouncements" as well as the changes to our reportable segments and reporting units as discussed above and in Note 3, "Segment Reporting" and Note 7, "Goodwill and Intangible Assets," respectively. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be achieved for the full year. Due to the anti-dilutive effect resulting from the reported net loss attributable to MCBC for the three months ended March 31, 2020 , the impact of potentially dilutive securities has been excluded from the quarterly calculation of weighted-average shares for diluted EPS for the first quarter of 2020. Coronavirus Global Pandemic On March 11, 2020, the World Health Organization characterized the outbreak of the novel coronavirus disease, known as COVID-19, as a global pandemic and recommended containment and mitigation measures. We are actively monitoring the impact of the coronavirus pandemic, which has had, and we currently expect will continue to have, a material adverse effect on our operations, liquidity, financial condition and financial results for our full year 2020 and, possibly, beyond. The extent to which our operations will be impacted by the pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity and duration of the outbreak and actions by government authorities to contain the pandemic or treat its impact, among other things. In order to support and demonstrate our commitment to the continued viability of the many bars and restaurants which have been negatively impacted by the coronavirus pandemic, we have initiated temporary keg relief programs in many of our markets. As part of these voluntary programs, we have committed to provide customers with reimbursements for untapped kegs that meet certain established return requirements. As a result, during the first quarter of 2020, we recognized a reduction to net sales and corresponding liability of $31.5 million reflecting estimated sales returns and reimbursements through these keg relief programs. This estimate was derived considering various factors, including but not limited to, the actual amount of previously sold keg product eligible for reimbursement, along with the assumed length of time the product has been at a customer location to estimate the number of kegs which remain untapped. Additionally, during the first quarter of 2020, we recognized charges of $18.5 million within cost of goods sold related to obsolete finished goods keg inventories that are not expected to be sold within our freshness specifications, as well as the estimated costs to facilitate the above mentioned keg returns. As of March 31, 2020 and December 31, 2019, our aggregate allowance for obsolete inventories was approximately $22 million and $11 million , respectively. These estimates are subject to change, and actual results could deviate from our current estimates due to many factors, including, but not limited to, the number of customers ultimately participating in the voluntary keg relief programs and the number of untapped kegs in the market relative to our expectations. Further, the actual duration of the coronavirus pandemic, including the length of government-mandated closures or ceased sit-down service limitations at bars and restaurants coupled with the subsequent economic recovery period relative to the assumptions utilized to derive these estimates, could result in further charges due to incremental finished goods keg inventory in certain of our Central and Eastern European markets becoming obsolete in future periods. Additionally, we continue to monitor the impacts of the coronavirus pandemic on our customers’ liquidity and capital resources and therefore our ability to collect, or the timeliness of collection of our accounts receivable. While these receivables are not concentrated in any specific customer and our allowance on these receivables factors in expected credit loss, continued disruption and declines in the global economy could result in difficulties in our ability to collect and require increases to our allowance for doubtful accounts. As of both March 31, 2020 and December 31, 2019, our allowance for trade receivables was approximately $12 million , and allowance activity was immaterial during the three months ended March 31, 2020. For considerations of the effects of the coronavirus pandemic and related potential impairment risks to our goodwill and indefinite-lived intangible assets, see Note 7, "Goodwill and Intangible Assets." Revitalization Plan On October 28, 2019, we initiated a revitalization plan designed to allow us to invest across our portfolio to drive long-term, sustainable success. As part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. As discussed above, in connection with these consolidation activities, effective January 1, 2020, we changed our management structure to two segments - North America and Europe. We began to incur charges related to these restructuring activities during the fourth quarter of 2019 and have continued to incur charges in the first quarter of 2020. We also changed our name from Molson Coors Brewing Company to Molson Coors Beverage Company in January 2020 in order to better reflect our strategic intent to expand beyond beer and into other growth adjacencies in the beverage industry. See Note 3, "Segment Reporting," Note 5, "Special Items" and Note 7, "Goodwill and Intangible Assets" for further discussion of the impacts of this plan. Non-Cash Activity Non-cash activity includes non-cash issuances of share-based awards, as well as non-cash investing activities related to movements in our guarantee of indebtedness of certain equity method investments. See Note 4, "Investments" for further discussion. We also had non-cash activities primarily related to capital expenditures incurred but not yet paid of $153.5 million and $112.7 million during the three months ended March 31, 2020 and March 31, 2019 , respectively. Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases further discussed in Note 13, "Leases," there was no other significant non-cash activity during the three months ended March 31, 2020 and March 31, 2019 . Share-Based Compensation During the first quarter of 2020, we granted stock options, RSUs and PSUs to certain officers and other eligible employees, and recognized share-based compensation expense of $5.9 million and $11.4 million during the three months ended March 31, 2020 and March 31, 2019 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial instruments. The new guidance replaces the existing incurred credit loss model, and requires the application of a forward-looking expected credit loss model, which will generally result in earlier recognition of allowances for credit losses for financial instruments that are in scope of the new guidance, including trade receivables. We adopted this guidance in the first quarter of 2020, which did not have a material impact on our financial statements. In August 2018, the FASB issued authoritative guidance intended to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance also requires presentation of the capitalized implementation costs in the statement of financial position and in the statement of cash flows in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented, and the expense related to the capitalized implementation costs to be presented in the same line item in the statement of operations as the fees associated with the hosting element (service) of the arrangement. We adopted this guidance prospectively in the first quarter of 2020, which did not have a material impact on our financial statements. However, the adoption of this guidance resulted in the change in presentation of capitalized implementation costs related to hosting arrangements from properties to other assets on the consolidated balance sheet, as well as the expense related to such costs no longer being classified as depreciation expense and cash flows related to those costs no longer being presented as investing activities beginning in the first quarter of 2020. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued authoritative guidance which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the potential impact of this guidance on our financial statements. In December 2019, the FASB issued authoritative guidance intended to simplify the accounting for income taxes. This guidance eliminates certain exceptions to the general approach to the income tax accounting model, and adds new guidance to reduce the complexity in accounting for income taxes. This guidance is effective for annual periods beginning after December 15, 2020, including interim periods within those annual periods. We are currently evaluating the potential impact of this guidance and do not expect it will have a material impact on our financial statements. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Our reporting segments are based on the key geographic regions in which we operate, and previously included the U.S. segment, Canada segment, Europe segment and International segment. As part of our revitalization plan announced in the fourth quarter of 2019, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. The North America segment consolidates the United States, Canada and corporate center, with a centralized North American leadership team, integrated North American supply chain network and centralized marketing and support functions, enabling us to move more quickly with an integrated portfolio strategy. The Europe segment allows for standalone operations, developed and supported by a European-based team, including local leadership, commercial, supply chain and support functions. The previous International segment was reconstituted to more effectively grow our global brands with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. As a result of these structural changes, the review of discrete financial information by our chief operating decision maker, our President and Chief Executive Officer, is now performed only at the consolidated North America and Europe geographic segment level, which is the basis on which our chief operating decision maker evaluates the performance of the business and allocates resources accordingly. We also have certain activity that is not allocated to our segments, which has been reflected as “Unallocated” below. Specifically, "Unallocated" activity primarily includes financing related costs such as interest expense and income, foreign exchange gains and losses on intercompany balances related to financing and other treasury-related activities, and the unrealized changes in fair value on our commodity swaps not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment, and all other components remain unallocated. Historical results have been recast to retrospectively reflect these changes in segment reporting. Summarized Financial Information No single customer accounted for more than 10% of our consolidated sales for the three months ended March 31, 2020 or March 31, 2019 . Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales revenues and income (loss) before income taxes eliminate upon consolidation and are primarily related to North America segment sales to the Europe 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 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 . Income (loss) before income taxes includes the impact of special items. Refer to Note 5, "Special Items" for further discussion. 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 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Our investments include both equity method and consolidated investments. Those entities identified as VIEs have been evaluated to determine whether we are the primary beneficiary. The VIEs included under "Consolidated VIEs" below are those for which we have concluded that we are the primary beneficiary and accordingly, we have consolidated these entities. None of our consolidated VIEs held debt as of March 31, 2020 or December 31, 2019 . We have not provided any financial support to any of our VIEs during the year that we were not previously contractually obligated to provide. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable. Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation. Our consolidated VIEs are Cobra Beer Partnership, Ltd. ("Cobra U.K."), Rocky Mountain Metal Container ("RMMC"), Rocky Mountain Bottle Company ("RMBC") and Truss LP ("Truss"). Our unconsolidated VIEs are Brewers Retail Inc. ("BRI") and Brewers' Distributor Ltd. ("BDL"), as well as other immaterial investments. Both BRI and BDL have outstanding third party debt which is guaranteed by their respective shareholders. As a result, we have a guarantee liability of $51.5 million and $37.7 million recorded as of March 31, 2020 and December 31, 2019 , respectively, which is presented within accounts payable and other current liabilities on the unaudited condensed consolidated balance sheets and represents our proportionate share of the outstanding balance of these debt instruments. The carrying value of the guarantee liability equals fair value, which considers an adjustment for our own non-performance risk and is considered a Level 2 measurement. The offset to the guarantee liability was recorded as an adjustment to our respective equity method investment within the unaudited condensed consolidated balance sheets. The resulting change in our equity method investments during the year due to movements in the guarantee represents a non-cash investing activity. Consolidated VIEs The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 201.8 $ 22.4 $ 207.4 $ 17.9 Other $ 71.9 $ 12.2 $ 65.3 $ 20.8 |
Special Items
Special Items | 3 Months Ended |
Mar. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Special Items | Special Items We have incurred charges or realized benefits that either we do not believe to be indicative of our core operations, or we believe are significant to our current operating results warranting separate classification. As such, we have separately classified these charges (benefits) as special items. Three Months Ended March 31, 2020 March 31, 2019 (In millions) Employee-related charges Restructuring $ 32.1 $ 3.7 Impairments or asset abandonment charges North America - Asset abandonment (1) 54.2 8.4 Europe - Asset abandonment 0.3 0.6 Termination fees and other (gains) losses North America — 0.2 Europe — 0.1 Total Special items, net $ 86.6 $ 13.0 (1) Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land. Pursuant to the agreement, Pabst has 120 days from receipt of the previously provided notice of the Irwindale brewery closure from Molson Coors Beverage Company USA LLC ("MCBC USA" formerly known as MillerCoors LLC) to exercise the option to purchase the Irwindale brewery. If Pabst exercises its option to purchase the Irwindale brewery, the agreement provides (i) the purchase price will be $150 million , subject to adjustment as further specified in the agreement, (ii) the closing will be within six months from Pabst’s exercise of the option, but no earlier than September 1, 2020 and no later than December 31, 2020, subject to the satisfaction of certain customary closing conditions, (iii) for the treatment and allocation of certain liabilities related to the operation of the Irwindale brewery prior to closing, and (iv) for customary representations and warranties and certain post-closing restrictions on Pabst regarding the operations and disposal of the Irwindale brewery. In conjunction with the agreement, MCBC USA and Pabst also executed mutual releases of claims related to their ongoing litigation and agreed to dismiss the litigation with prejudice. Charges associated with the planned brewery closure for three months ended March 31, 2020 totaled $58 million and consist primarily of accelerated depreciation in excess of normal depreciation, as well as other closure costs including employee related costs. We will continue to incur special charges during each reporting period through the planned closure of the brewery in September 2020. Remaining special charges associated with the planned closure are expected to be approximately $75 million to $100 million , consisting primarily of accelerated depreciation charges. However, this estimated range contains significant uncertainty, and actual results could differ materially from these estimates due to uncertainty regarding the ultimate net cost associated with the disposition of assets, restructuring charges, as well as the overall outcome of the Pabst purchase option, which if exercised, could significantly impact these estimates. Separately, during the three months ended March 31, 2020 and March 31, 2019 we incurred asset abandonment charges, consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Vancouver brewery, which occurred in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 26 million , through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change. Restructuring Activities On October 28, 2019, as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, certain impacted employees have been extended an opportunity to continue their employment with MCBC in the new organization and locations and, for those not continuing with MCBC, certain of such employees have been asked to provide transition assistance and offered severance and retention packages in connection with their termination of service. We expect the costs associated with the restructuring to be substantially recognized by the end of fiscal year 2021. After taking into account all changes in each of the business units, including Europe, the plan is expected to reduce employment levels, in aggregate, by approximately 500 to 600 employees globally. In connection with these consolidation activities and related organizational and personnel changes, we currently expect to incur certain cash and non-cash restructuring charges related to employee relocation, severance, retention and transition costs, non-cash asset related costs, lease exit costs in connection with our office lease in Denver, Colorado, and other transition activities currently estimated in the range of approximately $90 million to $120 million in the aggregate, the majority of which will be cash charges that we began recognizing in the fourth quarter of 2019, and will be further spread through the balance of fiscal years 2020 and 2021. In the first quarter of 2020, we recognized severance and retention charges of $22.7 million , and our remaining accrued restructuring balance related to the revitalization plan as of March 31, 2020 was approximately $43 million . Actual severance and retention costs related to this restructuring, which are primarily being recognized ratably over the employees' required future service period, may differ from original estimates based on actual employee turnover levels prior to achieving severance and retention eligibility requirements. Employee relocation charges are recognized in the period incurred and were immaterial in the first quarter of 2020. Other than those noted above, there were no material changes to our restructuring activities since December 31, 2019, as reported in Part II - Item 8. Financial Statements and Supplementary Data, Note 7, "Special Items" in our Annual Report. We continually evaluate our cost structure and seek opportunities for further efficiencies and cost savings as part of ongoing and new initiatives. As such, we may incur additional restructuring related charges or adjustments to previously recorded charges in the future, however, we are unable to estimate the amount of charges at this time. The accrued restructuring balances as of March 31, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months. North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 26.2 7.2 33.4 Payments made (19.4 ) (3.5 ) (22.9 ) Changes in estimates (1.3 ) — (1.3 ) Foreign currency and other adjustments (0.9 ) (0.2 ) (1.1 ) As of March 31, 2020 $ 47.2 $ 8.0 $ 55.2 North America Europe Total (In millions) As of December 31, 2018 $ 24.5 $ 1.1 $ 25.6 Charges incurred and changes in estimates 1.0 2.7 3.7 Payments made (12.0 ) (0.9 ) (12.9 ) As of March 31, 2019 $ 13.5 $ 2.9 $ 16.4 |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Three Months Ended March 31, 2020 March 31, 2019 Effective tax rate 27 % 18 % The increase in the effective tax rate during the first quarter of 2020 was primarily driven by an increase in net discrete tax benefits recognized in the first quarter of 2020, along with a pretax loss in the first quarter of 2020, versus pretax income in the first quarter of 2019. Specifically, we recognized a net discrete tax benefit of $13.9 million in the first quarter of 2020, versus a $1.2 million net discrete tax benefit in the first quarter of 2019 . Our tax rate is volatile and may increase or decrease with changes in, among other things, the amount and source of income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws, and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, may have an impact on our effective tax rate. Since 2018, the U.S. Department of Treasury has continued to issue proposed, temporary and final regulations to implement provisions of the 2017 Tax Act. We have continued to monitor these and, most recently, on April 7, 2020, the U.S. Department of Treasury enacted final hybrid regulations with full retroactive application to January 1, 2018, with a few exceptions. We are currently in the process of reviewing and interpreting the finalized regulations related to their impact on our tax positions, as well as evaluating the impact on our financial statements. Based on our preliminary review of these finalized regulations, we currently expect to recognize estimated income tax expense of approximately $100 million to $200 million upon enactment in the second quarter of 2020, related to the retroactive period of January 1, 2018 through March 31, 2020, for fiscal years 2018, 2019, and the first quarter of 2020. This estimated range considers the potential impacts associated with the possible technical interpretations of the regulations that could result following a full legal analysis. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets North America (1) Europe Consolidated Changes in Goodwill: (In millions) Balance as of December 31, 2019 $ 6,146.6 $ 1,484.8 $ 7,631.4 Foreign currency translation (16.7 ) (75.7 ) (92.4 ) Balance as of March 31, 2020 $ 6,129.9 $ 1,409.1 $ 7,539.0 (1) As a result of the structural changes resulting from the revitalization plan, we re-evaluated our reporting units and have combined our historical U.S. and Canada reporting units into a single North America reporting unit. There were no related changes to our Europe reporting unit. See further discussion below. The gross amount of goodwill totaled approximately $8.2 billion and $8.3 billion as of March 31, 2020 and December 31, 2019 , respectively. Accumulated impairment losses as of March 31, 2020 and December 31, 2019 totaled $629.4 million and $681.3 million , respectively, all of which was related to our North America segment. The following table presents details of our intangible assets, other than goodwill, as of March 31, 2020 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,830.7 $ (883.2 ) $ 3,947.5 License agreements and distribution rights 15 - 20 196.7 (86.8 ) 109.9 Other 3 - 40 124.0 (42.9 ) 81.1 Intangible assets not subject to amortization: Brands Indefinite 8,109.6 — 8,109.6 Distribution networks Indefinite 719.4 — 719.4 Other Indefinite 337.6 — 337.6 Total $ 14,318.0 $ (1,012.9 ) $ 13,305.1 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,036.3 $ (865.1 ) $ 4,171.2 License agreements and distribution rights 15 - 20 202.0 (90.6 ) 111.4 Other 3 - 40 124.0 (39.4 ) 84.6 Intangible assets not subject to amortization: Brands Indefinite 8,172.4 — 8,172.4 Distribution networks Indefinite 778.8 — 778.8 Other Indefinite 337.6 — 337.6 Total $ 14,651.1 $ (995.1 ) $ 13,656.0 The changes in the gross carrying amounts of intangible assets from December 31, 2019 to March 31, 2020 are primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets are denominated in foreign currencies. Based on foreign exchange rates as of March 31, 2020 , the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2020 - remaining $ 161.0 2021 $ 210.2 2022 $ 204.8 2023 $ 203.8 2024 $ 203.8 Amortization expense of intangible assets was $54.9 million and $55.4 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. This expense is primarily presented within marketing, general and administrative expenses on the unaudited condensed consolidated statements of operations. Reporting Unit Changes and Interim Impairment Testing As of the date of completion of our 2019 impairment testing discussed above, the operations in each of the specific regions within our historical U.S., Canada, Europe and International segments were considered components based on the availability of discrete financial information and the regular review by segment management. We had further concluded that the components within the U.S., Canada and Europe segments each met the criteria of having similar economic characteristics and therefore we previously aggregated these components into the U.S., Canada and Europe reporting units, respectively. Additionally, we previously determined that the components within our International segment did not meet the criteria for aggregation, and therefore, the operations of our India business constituted a separate reporting unit at the component level, however, the associated goodwill balance was fully impaired in the third quarter of 2019. As discussed in Note 3, "Segment Reporting," as part of our revitalization plan, we made the determination to establish Chicago, Illinois as our North American operational headquarters, close our existing office in Denver, Colorado and consolidate certain administrative functions into our other existing office locations. In connection with these consolidation activities, effective January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. These structural changes included leadership re-alignment with a centralized North America leadership team, an integrated North American supply chain network, and centralized marketing and innovations functions including movement to a single brand manager and North America marketing strategy for our major brands. Additionally, as part of our leadership re-alignment, we moved from two separate U.S. and Canada segment managers, to a single North America segment manager, our President and Chief Executive Officer, who reviews discrete financial information only at the consolidated North America segment level. As a result of these changes, we re-evaluated our historical reporting unit conclusions and have consolidated our previously separate U.S. and Canada reporting units into a single North America reporting unit effective January 1, 2020. There were no changes to our existing Europe reporting unit, which was considered to be at risk of future impairment following the completion of our October 1, 2019 annual impairment testing. We completed an interim impairment assessment for our U.S. and Canada reporting units as of January 1, 2020 immediately prior to the reporting unit change, as well as an impairment assessment of the combined North America reporting unit immediately after the change, and determined that no impairments existed. Additionally, as the changes resulted in the combination of our historical U.S. and Canada reporting units into a single North America reporting unit, no further reallocation of goodwill was required. Additionally, as a result of the structural changes discussed above, including the centralization of the brand management and strategy for our Coors brands across North America, we have aggregated our Coors brand indefinite-lived intangible asset in the U.S. and Coors Light distribution agreement indefinite-lived intangible asset in Canada into a single unit of accounting for the purpose of testing for impairment, effective January 1, 2020. We completed an interim impairment assessment for each individual indefinite-lived intangible asset immediately prior to aggregation, and determined that no impairments existed. We have further evaluated whether the effects of the coronavirus pandemic, and related impacts to the interest rate environment, required an additional interim impairment assessment as of March 31, 2020. While factors are present that indicate that triggering events may exist, such as a decline in our market capitalization combined with weakened financial performance, current circumstances do not indicate that it is more likely than not that the fair values of our reporting units or indefinite-lived intangible assets have fallen below their carrying values. However, we believe that the effects of the coronavirus pandemic may, depending on severity and duration, place our North America and Europe reporting units and certain of our indefinite-lived intangible assets at risk of future impairment. We will continue to monitor the length and severity of the impacts of the pandemic to our business, and if the duration is prolonged and the severity of its impacts continues, this may indicate the need to perform future interim impairment analyses that could result in material impairments. Key Assumptions Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II—Item 8 Financial Statements, Note 10, "Goodwill and Intangible Assets" in our Annual Report, and represent Level 3 measurements. Based on known facts and circumstances, we evaluate and consider recent events and uncertain items, as well as related potential implications, as part of our annual and interim assessments and incorporate into the analyses as appropriate. These facts and circumstances are subject to change and may impact future analyses. For example, we continue to monitor the challenges within the beer industry for further weakening or additional systemic structural declines, as well as for adverse changes in macroeconomic conditions such as the coronavirus pandemic that could significantly impact our immediate and long-range results. Specifically, subsequent to the January 1, 2020 interim impairment assessments, the World Health Organization characterized the outbreak of the coronavirus disease as a global pandemic as further discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies.” Our business could be materially and adversely impacted by the coronavirus pandemic, and the related weakening of economic conditions could lead to a material impairment as the duration and severity of the pandemic and resulting impacts to our financial projections become further understood. Further, we are monitoring the impacts the coronavirus pandemic has on the market inputs used in calculating our discount rates, including risk-free rates, equity premiums and our cost of debt, which could result in a meaningful change to our weighted-average cost of capital calculation. Separately, the Ontario government adopted a bill that, if enacted, could adversely impact the existing terms of the beer distribution and retail systems in the province, as further described in Note 12, "Commitments and Contingencies." While historical performance and current expectations have resulted in fair values of our reporting units and indefinite-lived intangible assets equal to or in excess of carrying values, if our assumptions are not realized, it is possible that an impairment loss may need to be recorded in the future. Definite-Lived Intangible Assets Regarding definite-lived intangible assets, we continuously monitor the performance of the underlying assets for potential triggering events suggesting an impairment review should be performed. No such triggering events were identified in the first quarter of 2020 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt obligations As of March 31, 2020 December 31, 2019 (In millions) Long-term debt: CAD 500 million 2.75% notes due September 2020 $ 355.6 $ 384.9 CAD 500 million 2.84% notes due July 2023 355.6 384.9 CAD 500 million 3.44% notes due July 2026 355.6 384.9 $500 million 2.25% notes due March 2020 (1)(2) — 499.8 $1.0 billion 2.1% notes due July 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (1) 505.8 506.5 $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 882.5 897.0 Finance leases and other 121.9 129.5 Less: unamortized debt discounts and debt issuance costs (54.6 ) (56.7 ) Total long-term debt (including current portion) 8,422.4 9,030.8 Less: current portion of long-term debt (390.3 ) (921.3 ) Total long-term debt $ 8,032.1 $ 8,109.5 Short-term borrowings: Revolving credit facility (3) $ 1,000.0 $ — Commercial paper program (3) 25.5 — Other short-term borrowings (4) 29.2 6.9 Current portion of long-term debt 390.3 921.3 Current portion of long-term debt and short-term borrowings $ 1,445.0 $ 928.2 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) 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 March 31, 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% . (3) 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 quarter of 2020, we borrowed approximately $1.0 billion due April 2020 under our revolving credit facility at a weighted-average interest rate of 2.7% , and issued $25.5 million of commercial paper, in order to fund the repayment of our $500 million 2.25% notes upon maturity in March 2020, 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 March 31, 2020 , we had $474.5 million available to draw on our $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 1.65% and 23 days, respectively, as of March 31, 2020 . We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019 . Subsequent to March 31, 2020, we made total net repayments of $425.5 million on our outstanding commercial paper and revolving credit facility borrowings resulting in no outstanding commercial paper and $600.0 million outstanding under our revolving credit facility. As such, as of April 30, 2020, we have $900.0 million available to draw on our total $1.5 billion revolving credit facility. (4) As of March 31, 2020 , we had $22.4 million in bank overdrafts and $35.0 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $12.6 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 $2.8 million under our two JPY overdraft facilities as of both March 31, 2020 and December 31, 2019 . In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of March 31, 2020 or December 31, 2019 . Debt Fair Value Measurements We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of March 31, 2020 and December 31, 2019 , the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $8.1 billion and $9.2 billion , respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy. Debt Covenants The maximum leverage ratio, as defined by the revolving credit facility agreement, is 4.25x net debt to EBITDA, with a decline to 4.00x net debt to EBITDA as of the last day of the fiscal quarter ending December 31, 2020. Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions, and certain types of sale lease-back transactions. As of March 31, 2020 , we were in compliance with all of these restrictions and have met all debt payment obligations. All of our outstanding senior notes as of March 31, 2020 |
Inventories Inventories
Inventories Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories As of March 31, 2020 December 31, 2019 (In millions) Finished goods $ 261.6 $ 236.7 Work in process 95.1 84.0 Raw materials 239.9 227.1 Packaging materials 84.9 68.1 Inventories, net $ 681.5 $ 615.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") Accumulated Other Comprehensive Income (Loss) ("AOCI") | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) (AOCI) | Accumulated Other Comprehensive Income (Loss) MCBC stockholders' equity Foreign currency translation adjustments Gain (loss) on derivative instruments Pension and postretirement benefit adjustments Equity method investments Accumulated other comprehensive income (loss) (In millions) As of December 31, 2019 $ (652.5 ) $ (87.8 ) $ (351.0 ) $ (70.9 ) $ (1,162.2 ) Foreign currency translation adjustments (370.6 ) — — — (370.6 ) Gain (loss) on net investment hedges 27.5 — — — 27.5 Unrealized gain (loss) on derivative instruments — (170.1 ) — — (170.1 ) Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (1.9 ) — (1.9 ) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 1.0 1.0 Tax benefit (expense) (27.5 ) 42.2 0.6 (0.3 ) 15.0 As of March 31, 2020 $ (1,023.1 ) $ (215.7 ) $ (352.3 ) $ (70.2 ) $ (1,661.3 ) Reclassifications from AOCI to net income (loss) were immaterial for the three months ended March 31, 2020 and March 31, 2019 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Our risk management and derivative accounting policies are presented within Part II—Item 8 Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 16, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the first quarter of 2020 . As noted in Note 16 of the Notes included in our Annual Report, due to the nature of our counterparty agreements, and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Our significant derivative positions have not changed considerably since year-end. Derivative Fair Value Measurements We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate. The fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of March 31, 2020 and December 31, 2019 , respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows: As of March 31, 2020 As of December 31, 2019 Expected term (years) 1.50 1.75 Estimated volatility 96.05 % 81.45 % Risk-free interest rate 0.54 % 1.69 % Expected dividend yield — % — % The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility and historical volatility of HEXO's stock. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels. The table below summarizes our derivative assets and liabilities that were measured at fair value as of March 31, 2020 and December 31, 2019 . Fair value measurements as of March 31, 2020 As of March 31, 2020 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 19.8 $ — $ 19.8 $ — Interest rate swaps (297.4 ) — (297.4 ) — Foreign currency forwards 16.9 — 16.9 — Commodity swaps and options (140.1 ) — (140.1 ) — Warrants 0.8 — 0.8 — Total $ (400.0 ) $ — $ (400.0 ) $ — Fair value measurements as of December 31, 2019 As of December 31, 2019 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 10.0 $ — $ 10.0 $ — Interest rate swaps (111.5 ) — (111.5 ) — Foreign currency forwards 2.1 — 2.1 — Commodity swaps and options (41.2 ) — (41.2 ) — Warrants 2.7 — 2.7 — Total $ (137.9 ) $ — $ (137.9 ) $ — As of March 31, 2020 and December 31, 2019 , we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three months ended March 31, 2020 were all included in Level 2. Results of Period Derivative Activity The tables below include the results of our derivative activity in our unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 , and our unaudited condensed consolidated statements of operations for the three months ended March 31, 2020 and March 31, 2019 . Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2020 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 400.0 Other current assets $ — Accounts payable and other current liabilities $ — Other non-current assets 19.8 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (297.4 ) Foreign currency forwards $ 200.9 Other current assets 10.6 Accounts payable and other current liabilities — Other non-current assets 6.3 Other liabilities — Total derivatives designated as hedging instruments $ 36.7 $ (297.4 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 674.9 Other current assets $ 0.6 Accounts payable and other current liabilities $ (102.3 ) Other non-current assets 0.2 Other liabilities (38.6 ) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 49.1 Other non-current assets 0.8 Other liabilities — Total derivatives not designated as hedging instruments $ 1.6 $ (140.9 ) As of December 31, 2019 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 900.0 Other current assets $ 1.8 Accounts payable and other current liabilities $ — Other non-current assets 8.2 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (111.5 ) Foreign currency forwards $ 237.9 Other current assets 1.9 Accounts payable and other current liabilities (0.8 ) Other non-current assets 1.4 Other liabilities (0.4 ) Total derivatives designated as hedging instruments $ 13.3 $ (112.7 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 598.4 Other current assets $ 5.7 Accounts payable and other current liabilities $ (36.4 ) Other non-current assets 1.0 Other liabilities (11.5 ) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 53.1 Other non-current assets 2.7 Other liabilities — Total derivatives not designated as hedging instruments $ 9.4 $ (47.9 ) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2020 As of December 31, 2019 As of March 31, 2020 As of December 31, 2019 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ (0.2 ) Long-term debt $ — $ — $ 5.8 $ 6.5 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ (185.9 ) Interest income (expense), net $ (0.7 ) Foreign currency forwards 15.8 Cost of goods sold 1.0 Other income (expense), net (0.3 ) Total $ (170.1 ) $ — Three Months Ended March 31, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 13.0 Interest income (expense), net $ — Interest income (expense), net $ 5.7 Total $ 13.0 $ — $ 5.7 Three Months Ended March 31, 2020 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 14.5 Other income (expense), net $ — Other income (expense), net $ — Total $ 14.5 $ — $ — Three Months Ended March 31, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (32.4 ) Interest income (expense), net $ (0.7 ) Foreign currency forwards (7.0 ) Cost of goods sold 0.8 Other income (expense), net (0.2 ) Total $ (39.4 ) $ (0.1 ) Three Months Ended March 31, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 16.1 Interest income (expense), net $ — Interest income (expense), net $ 4.0 Total $ 16.1 $ — $ 4.0 (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. Three Months Ended March 31, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 20.0 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 30.1 $ — $ — We expect net gains of approximately $8 million (pretax) recorded in AOCI as of March 31, 2020 related to cash flow hedges will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2020 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Three Months Ended March 31, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,479.0 ) $ (4.8 ) $ (68.9 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 1.0 (0.3 ) — Three Months Ended March 31, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,413.0 ) $ 23.9 (73.3 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 0.8 (0.2 ) — (1) We had no outstanding fair value hedges during the first quarter of 2020 or 2019 . The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ (112.5 ) Warrants Other income (expense), net (1.7 ) Total $ (114.2 ) Three Months Ended March 31, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ 32.7 Warrants Other income (expense), net 22.9 Total $ 55.6 Lower current commodity market prices relative to our hedged positions, primarily for aluminum and diesel, drove the losses recognized in income related to commodity swaps for the three months ended March 31, 2020 . Contrarily, higher commodity market prices relative to our hedged positions during the three months ended March 31, 2019 , primarily in aluminum and diesel, drove the total gain recognized in income related to commodity swaps in the prior year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Other Disputes and Environmental Related to litigation, other disputes and environmental issues, we have an aggregate accrued contingent liability of $18.1 million and $16.2 million as of March 31, 2020 and December 31, 2019 , respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, we believe adequate reserves have been provided for losses that are probable and estimable. Additionally, as noted below, there are certain loss contingencies that we deem reasonably possible for which a range of loss is not estimable at this time; for all other matters, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated interim financial statements. Our litigation, other disputes and environmental issues are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2020 , except as noted below. Other than those disclosed below, we are also involved in other disputes and legal actions arising in the ordinary course of our business. While it is not feasible to predict or determine the outcome of these proceedings, in our opinion, based on a review with legal counsel, other than as noted, none of these disputes or legal actions are expected to have a material impact on our business, consolidated financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. On February 12, 2018, Stone Brewing Company filed a trademark infringement lawsuit in federal court in the Southern District of California against MCBC USA alleging that the Keystone brand has “rebranded” itself as “Stone” and is marketing itself in a manner confusingly similar to Stone Brewing Company's registered Stone trademark. Stone Brewing Company seeks treble damages in the amount of MCBC USA's profit from Keystone sales. MCBC USA subsequently filed an answer and counterclaims against Stone Brewing Company. On May 31, 2018, Stone Brewing Company filed a motion to dismiss MCBC USA's counterclaims and for a preliminary injunction seeking to bar MCBC USA from continuing to use “STONE” on Keystone Light cans and related marketing materials. In March 2019, the court denied Stone Brewing Company’s motion for preliminary injunction and its motion to dismiss MCBC USA's counterclaims. Trial is currently scheduled to begin in October 2020. We intend to vigorously assert and defend our rights in this lawsuit. A range of potential loss is not estimable at this time. In December 2018, the U.S. Department of Treasury issued a regulation that impacts our ability to claim a refund of certain federal duties, taxes, and fees paid for beer sold between the U.S. and certain other countries effective in February 2019. As a result, based on the terms of the regulation, it is the U.S. Department of Treasury's position that future claims will no longer be accepted, and we may be further unable to collect historically claimed, but not yet received, refunds of approximately $40 million , which are recorded within other non-current assets on our unaudited condensed consolidated balance sheet as of March 31, 2020 . In January 2020, the United States Court of International Trade issued an opinion and order ruling the challenged portions of this regulation dealing with refunds of certain federal duties, taxes and fees paid with respect to certain imported beer, to the extent of certain exported beer, to be unlawful. On April 17, 2020, the U.S. Department of Treasury appealed this ruling as well as filed a motion for stay of the enforcement of judgment and suspension of claims pending appeal. We will continue to monitor this matter including our ability to collect our historically claimed refunds as well our ability to claim ongoing refunds should the court's decision be upheld. On February 15, 2019, two purported stockholders filed substantially similar putative class action complaints against the Company, Mark R. Hunter, and Tracey I. Joubert (the “Defendants”) in the United States District Court for the District of Colorado (the “Colorado District Court”), and in the United States District Court for the Northern District of Illinois (the “Illinois District Court”). On February 21, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. The plaintiffs purport to represent a class of the Company’s stockholders and assert that the Defendants violated Sections 10(b) and 20(a) of the Exchange Act by allegedly making false and misleading statements or omissions regarding the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017, and that the Company purportedly lacked adequate internal controls over financial reporting. The plaintiffs seek, among other things, an unspecified amount of damages and attorneys’ fees, expert fees and other costs. On April 16, 2019, motions to consolidate and appoint a lead plaintiff were filed in each case. On May 24, 2019, the securities class action suit filed with the Illinois District Court was transferred to the Colorado District Court, and subsequently was voluntarily dismissed on July 25, 2019. On October 2, 2019, the class action lawsuits originally filed in Colorado District Court were consolidated, and, on October 3, 2019, the court appointed a lead plaintiff and lead counsel for the consolidated case. On December 9, 2019, the lead plaintiff filed its amended complaint alleging that the Defendants made false statements and material omissions to the market beginning in February 2017 and ending in February 2019, which, it alleges, misled the market as to the strength of our financial condition and internal control processes related to financial accounting. The amended complaint further alleges that the Company and the Defendants caused the Company to falsely report its financial results by overstating retained earnings, net income, and tax benefits and understating deferred tax liabilities in an effort to inflate the price of our common stock. We filed a motion to dismiss the amended complaint on January 23, 2020; the plaintiff subsequently filed an opposition to our motion to dismiss on March 9, 2020; and we filed our reply brief in support of our motion to dismiss on April 8, 2020. We intend to defend the claims vigorously. A range of potential loss is not estimable at this time. On March 26, 2019, a purported stockholder filed a purported shareholder derivative action in Colorado District Court against the Company’s board of directors and certain officers (the “Individual Defendants”), and the Company as a nominal defendant. On May 14, 2019, another purported stockholder filed a substantially similar complaint in the Colorado District Court. On August 12, 2019, a third derivative complaint was filed in Colorado District Court by a purported stockholder. All three derivative complaints assert claims against the Individual Defendants for breaches of fiduciary duty and unjust enrichment arising out of the Company’s dissemination to shareholders of purportedly materially misleading and inaccurate information in connection with the Company’s restatement of consolidated financial statements for the years ended December 31, 2016 and December 31, 2017. The complaints further allege that the Company lacked adequate internal controls over financial reporting. The third derivative complaint filed in August also alleges the Individual Defendants violated Sections 14(a) and 20(a) of the Exchange Act by issuing misleading statements in the Company’s proxy statement. The relief sought in the complaints include changes to the Company’s corporate governance procedures, unspecified damages, restitution, and attorneys’ fees, expert fees, other costs and such other relief as the court deems proper. All three derivative actions have been administratively closed, subject to being reopened for good cause shown. A range of potential loss is not estimable at this time. In June 2019, the Ontario government adopted a bill that, if enacted, would terminate a 10-year Master Framework Agreement that was originally signed between the previous government administration and Molson Canada 2005, a wholly owned indirect subsidiary of the Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd., and Brewers Retail Inc. in 2015 and dictates the terms of the beer distribution and retail systems in Ontario through 2025. The government has not yet proclaimed the bill as law. The impacts of these potential legislative changes are unknown at this time, but could have a negative impact on the results of operations, cash flows and financial position of the North America segment. While discussions remain ongoing with the government to reach a mutually agreeable alternative to the enactment of the law, it is unclear how the coronavirus pandemic will impact these discussions. Molson Canada 2005 and the other Master Framework Agreement signatories are prepared to vigorously defend our rights and pursue legal recourse, should the Master Framework Agreement be unilaterally terminated by the enactment of the legislation. Guarantees and Indemnities We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. As of March 31, 2020 and December 31, 2019 , the unaudited condensed consolidated balance sheets include liabilities related to these guarantees of $51.5 million and $37.7 million , respectively. See Note 4, "Investments" for further detail. Separately, related to our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities, we have accrued $11.0 million and $14.2 million , in aggregate, as of March 31, 2020 and December 31, 2019 , respectively. The maximum potential claims amount remaining for the Kaiser-related purchased tax credits was $67.2 million , based on foreign exchange rates as of March 31, 2020 . Our Kaiser liabilities are discussed in further detail within Part II—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report and did not significantly change during the first quarter of 2020 . |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Supplemental cash flow information related to leases for the three months ended March 31, 2020 and March 31, 2019 was as follows: Three Months Ended March 31, 2020 March 31, 2019 (In millions) Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 12.3 $ 12.0 Operating cash flows from finance leases $ 0.9 $ 0.8 Financing cash flows from finance leases $ 2.6 $ 0.6 Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 6.3 $ 10.7 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segments | Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company") (formerly known as Molson Coors Brewing Company), principally a holding company, and its operating and non-operating subsidiaries included within our reporting segments. As further discussed below, on January 1, 2020, we changed our management structure from a corporate center and four segments to two segments - North America and Europe. Our International segment was reconstituted with the Africa and Asia Pacific businesses reporting into the Europe segment and the remaining International business reporting into the North America segment. Accordingly, effective January 1, 2020, our reporting segments include: North America (North America segment), operating in the U.S., Canada and various countries in Latin and South America; and Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within Africa and Asia Pacific. We have recast the historical presentation of segment information as a result of these reporting segment changes accordingly. |
Segment Reporting (Tables)
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 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedules of Consolidated Investments | The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests): As of March 31, 2020 December 31, 2019 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) RMMC/RMBC $ 201.8 $ 22.4 $ 207.4 $ 17.9 Other $ 71.9 $ 12.2 $ 65.3 $ 20.8 |
Special Items (Tables)
Special Items (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Special items recorded by segment | Three Months Ended March 31, 2020 March 31, 2019 (In millions) Employee-related charges Restructuring $ 32.1 $ 3.7 Impairments or asset abandonment charges North America - Asset abandonment (1) 54.2 8.4 Europe - Asset abandonment 0.3 0.6 Termination fees and other (gains) losses North America — 0.2 Europe — 0.1 Total Special items, net $ 86.6 $ 13.0 (1) Following management approval in December 2019, in January 2020, we announced plans to cease production at our Irwindale, California brewery and entered into an option agreement with Pabst Brewing Company, LLC ("Pabst"), granting Pabst an option to purchase our Irwindale, California brewery, including plant equipment and machinery and the underlying land. Pursuant to the agreement, Pabst has 120 days from receipt of the previously provided notice of the Irwindale brewery closure from Molson Coors Beverage Company USA LLC ("MCBC USA" formerly known as MillerCoors LLC) to exercise the option to purchase the Irwindale brewery. If Pabst exercises its option to purchase the Irwindale brewery, the agreement provides (i) the purchase price will be $150 million , subject to adjustment as further specified in the agreement, (ii) the closing will be within six months from Pabst’s exercise of the option, but no earlier than September 1, 2020 and no later than December 31, 2020, subject to the satisfaction of certain customary closing conditions, (iii) for the treatment and allocation of certain liabilities related to the operation of the Irwindale brewery prior to closing, and (iv) for customary representations and warranties and certain post-closing restrictions on Pabst regarding the operations and disposal of the Irwindale brewery. In conjunction with the agreement, MCBC USA and Pabst also executed mutual releases of claims related to their ongoing litigation and agreed to dismiss the litigation with prejudice. Charges associated with the planned brewery closure for three months ended March 31, 2020 totaled $58 million and consist primarily of accelerated depreciation in excess of normal depreciation, as well as other closure costs including employee related costs. We will continue to incur special charges during each reporting period through the planned closure of the brewery in September 2020. Remaining special charges associated with the planned closure are expected to be approximately $75 million to $100 million , consisting primarily of accelerated depreciation charges. However, this estimated range contains significant uncertainty, and actual results could differ materially from these estimates due to uncertainty regarding the ultimate net cost associated with the disposition of assets, restructuring charges, as well as the overall outcome of the Pabst purchase option, which if exercised, could significantly impact these estimates. Separately, during the three months ended March 31, 2020 and March 31, 2019 we incurred asset abandonment charges, consisting primarily of accelerated depreciation in excess of normal depreciation related to the closure of the Vancouver brewery, which occurred in the third quarter of 2019, and the planned closure of the Montreal brewery, which is currently expected to occur in 2021. We currently expect to incur additional charges, including estimated accelerated depreciation charges in excess of normal depreciation of approximately CAD 26 million , through final closure of the Montreal brewery. However, due to the uncertainty inherent in our estimates, these estimated future accelerated depreciation charges as well as the timing of the brewery closure are subject to change. |
Change in the restructuring accrual | The accrued restructuring balances as of March 31, 2020 represent expected future cash payments required to satisfy our remaining obligations to terminated employees, the majority of which we expect to be paid in the next 12 months. North America Europe Total (In millions) As of December 31, 2019 $ 42.6 $ 4.5 $ 47.1 Charges incurred 26.2 7.2 33.4 Payments made (19.4 ) (3.5 ) (22.9 ) Changes in estimates (1.3 ) — (1.3 ) Foreign currency and other adjustments (0.9 ) (0.2 ) (1.1 ) As of March 31, 2020 $ 47.2 $ 8.0 $ 55.2 North America Europe Total (In millions) As of December 31, 2018 $ 24.5 $ 1.1 $ 25.6 Charges incurred and changes in estimates 1.0 2.7 3.7 Payments made (12.0 ) (0.9 ) (12.9 ) As of March 31, 2019 $ 13.5 $ 2.9 $ 16.4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | North America (1) Europe Consolidated Changes in Goodwill: (In millions) Balance as of December 31, 2019 $ 6,146.6 $ 1,484.8 $ 7,631.4 Foreign currency translation (16.7 ) (75.7 ) (92.4 ) Balance as of March 31, 2020 $ 6,129.9 $ 1,409.1 $ 7,539.0 (1) As a result of the structural changes resulting from the revitalization plan, we re-evaluated our reporting units and have combined our historical U.S. and Canada reporting units into a single North America reporting unit. There were no related changes to our Europe reporting unit. See further discussion below. |
Schedule of intangible assets excluding goodwill | The following table presents details of our intangible assets, other than goodwill, as of March 31, 2020 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 4,830.7 $ (883.2 ) $ 3,947.5 License agreements and distribution rights 15 - 20 196.7 (86.8 ) 109.9 Other 3 - 40 124.0 (42.9 ) 81.1 Intangible assets not subject to amortization: Brands Indefinite 8,109.6 — 8,109.6 Distribution networks Indefinite 719.4 — 719.4 Other Indefinite 337.6 — 337.6 Total $ 14,318.0 $ (1,012.9 ) $ 13,305.1 The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019 : Useful life Gross Accumulated amortization Net (Years) (In millions) Intangible assets subject to amortization: Brands 10 - 50 $ 5,036.3 $ (865.1 ) $ 4,171.2 License agreements and distribution rights 15 - 20 202.0 (90.6 ) 111.4 Other 3 - 40 124.0 (39.4 ) 84.6 Intangible assets not subject to amortization: Brands Indefinite 8,172.4 — 8,172.4 Distribution networks Indefinite 778.8 — 778.8 Other Indefinite 337.6 — 337.6 Total $ 14,651.1 $ (995.1 ) $ 13,656.0 |
Schedule of future amortization expense | Based on foreign exchange rates as of March 31, 2020 , the estimated future amortization expense of intangible assets is as follows: Fiscal year Amount (In millions) 2020 - remaining $ 161.0 2021 $ 210.2 2022 $ 204.8 2023 $ 203.8 2024 $ 203.8 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Total long-term borrowings | As of March 31, 2020 December 31, 2019 (In millions) Long-term debt: CAD 500 million 2.75% notes due September 2020 $ 355.6 $ 384.9 CAD 500 million 2.84% notes due July 2023 355.6 384.9 CAD 500 million 3.44% notes due July 2026 355.6 384.9 $500 million 2.25% notes due March 2020 (1)(2) — 499.8 $1.0 billion 2.1% notes due July 2021 (2) 1,000.0 1,000.0 $500 million 3.5% notes due May 2022 (1) 505.8 506.5 $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 882.5 897.0 Finance leases and other 121.9 129.5 Less: unamortized debt discounts and debt issuance costs (54.6 ) (56.7 ) Total long-term debt (including current portion) 8,422.4 9,030.8 Less: current portion of long-term debt (390.3 ) (921.3 ) Total long-term debt $ 8,032.1 $ 8,109.5 Short-term borrowings: Revolving credit facility (3) $ 1,000.0 $ — Commercial paper program (3) 25.5 — Other short-term borrowings (4) 29.2 6.9 Current portion of long-term debt 390.3 921.3 Current portion of long-term debt and short-term borrowings $ 1,445.0 $ 928.2 (1) The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. (2) 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 March 31, 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% . (3) 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 quarter of 2020, we borrowed approximately $1.0 billion due April 2020 under our revolving credit facility at a weighted-average interest rate of 2.7% , and issued $25.5 million of commercial paper, in order to fund the repayment of our $500 million 2.25% notes upon maturity in March 2020, 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 March 31, 2020 , we had $474.5 million available to draw on our $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 1.65% and 23 days, respectively, as of March 31, 2020 . We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2019 . Subsequent to March 31, 2020, we made total net repayments of $425.5 million on our outstanding commercial paper and revolving credit facility borrowings resulting in no outstanding commercial paper and $600.0 million outstanding under our revolving credit facility. As such, as of April 30, 2020, we have $900.0 million available to draw on our total $1.5 billion revolving credit facility. (4) As of March 31, 2020 , we had $22.4 million in bank overdrafts and $35.0 million in bank cash related to our cross-border, cross-currency cash pool, for a net positive position of $12.6 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 $2.8 million under our two JPY overdraft facilities as of both March 31, 2020 and December 31, 2019 . In addition, we have USD, CAD and GBP lines of credit under which we had no borrowings as of March 31, 2020 or December 31, 2019 . |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | As of March 31, 2020 December 31, 2019 (In millions) Finished goods $ 261.6 $ 236.7 Work in process 95.1 84.0 Raw materials 239.9 227.1 Packaging materials 84.9 68.1 Inventories, net $ 681.5 $ 615.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 10. Accumulated Other Comprehensive Income (Loss) MCBC stockholders' equity Foreign currency translation adjustments Gain (loss) on derivative instruments Pension and postretirement benefit adjustments Equity method investments Accumulated other comprehensive income (loss) (In millions) As of December 31, 2019 $ (652.5 ) $ (87.8 ) $ (351.0 ) $ (70.9 ) $ (1,162.2 ) Foreign currency translation adjustments (370.6 ) — — — (370.6 ) Gain (loss) on net investment hedges 27.5 — — — 27.5 Unrealized gain (loss) on derivative instruments — (170.1 ) — — (170.1 ) Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income — — (1.9 ) — (1.9 ) Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) — — — 1.0 1.0 Tax benefit (expense) (27.5 ) 42.2 0.6 (0.3 ) 15.0 As of March 31, 2020 $ (1,023.1 ) $ (215.7 ) $ (352.3 ) $ (70.2 ) $ (1,661.3 ) |
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Earnings |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets and Liabilities at Fair Value | The fair value of our warrants to acquire common shares of HEXO at a strike price of CAD 6.00 per share are estimated using the Black-Scholes option-pricing model. As of March 31, 2020 and December 31, 2019 , respectively, the assumptions used to estimate the fair value of the HEXO warrants are as follows: As of March 31, 2020 As of December 31, 2019 Expected term (years) 1.50 1.75 Estimated volatility 96.05 % 81.45 % Risk-free interest rate 0.54 % 1.69 % Expected dividend yield — % — % The expected term is based on the contractual maturity date of the warrants. Estimated volatility is based on a blend of implied volatility and historical volatility of HEXO's stock. The risk-free rate utilized is based on a zero-coupon Canadian Treasury security yield with a remaining term equal to the expected term of the warrants. The expected dividend yield is determined by historical dividend levels. The table below summarizes our derivative assets and liabilities that were measured at fair value as of March 31, 2020 and December 31, 2019 . Fair value measurements as of March 31, 2020 As of March 31, 2020 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 19.8 $ — $ 19.8 $ — Interest rate swaps (297.4 ) — (297.4 ) — Foreign currency forwards 16.9 — 16.9 — Commodity swaps and options (140.1 ) — (140.1 ) — Warrants 0.8 — 0.8 — Total $ (400.0 ) $ — $ (400.0 ) $ — Fair value measurements as of December 31, 2019 As of December 31, 2019 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In millions) Cross currency swaps $ 10.0 $ — $ 10.0 $ — Interest rate swaps (111.5 ) — (111.5 ) — Foreign currency forwards 2.1 — 2.1 — Commodity swaps and options (41.2 ) — (41.2 ) — Warrants 2.7 — 2.7 — Total $ (137.9 ) $ — $ (137.9 ) $ — As of March 31, 2020 and December 31, 2019 , we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the three months ended March 31, 2020 were all included in Level 2. |
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets | Fair Value of Derivative Instruments in the Unaudited Condensed Consolidated Balance Sheets (in millions): As of March 31, 2020 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 400.0 Other current assets $ — Accounts payable and other current liabilities $ — Other non-current assets 19.8 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (297.4 ) Foreign currency forwards $ 200.9 Other current assets 10.6 Accounts payable and other current liabilities — Other non-current assets 6.3 Other liabilities — Total derivatives designated as hedging instruments $ 36.7 $ (297.4 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 674.9 Other current assets $ 0.6 Accounts payable and other current liabilities $ (102.3 ) Other non-current assets 0.2 Other liabilities (38.6 ) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 49.1 Other non-current assets 0.8 Other liabilities — Total derivatives not designated as hedging instruments $ 1.6 $ (140.9 ) As of December 31, 2019 Derivative Assets Derivative Liabilities Notional amount Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Cross currency swaps $ 900.0 Other current assets $ 1.8 Accounts payable and other current liabilities $ — Other non-current assets 8.2 Other liabilities — Interest rate swaps $ 1,500.0 Other non-current assets — Other liabilities (111.5 ) Foreign currency forwards $ 237.9 Other current assets 1.9 Accounts payable and other current liabilities (0.8 ) Other non-current assets 1.4 Other liabilities (0.4 ) Total derivatives designated as hedging instruments $ 13.3 $ (112.7 ) Derivatives not designated as hedging instruments: Commodity swaps (1) $ 598.4 Other current assets $ 5.7 Accounts payable and other current liabilities $ (36.4 ) Other non-current assets 1.0 Other liabilities (11.5 ) Commodity options (1) $ 18.4 Other current assets — Accounts payable and other current liabilities — Warrants $ 53.1 Other non-current assets 2.7 Other liabilities — Total derivatives not designated as hedging instruments $ 9.4 $ (47.9 ) (1) Notional includes offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate. Items Designated and Qualifying as Hedged Items in Fair Value Hedging Relationships in the Unaudited Condensed Consolidated Balance Sheets (in millions): Line item in the balance sheet in which the hedged item is included Carrying amount of the hedged assets/liabilities Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities (1) Increase/(Decrease) As of March 31, 2020 As of December 31, 2019 As of March 31, 2020 As of December 31, 2019 (In millions) Current portion of long-term debt and short-term borrowings $ — $ — $ — $ (0.2 ) Long-term debt $ — $ — $ 5.8 $ 6.5 (1) Entire balances relate to hedging adjustments on discontinued hedging relationships. |
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Pretax Effect of Cash Flow Hedge and Net Investment Hedge Accounting on Accumulated Other Comprehensive Income (Loss) (in millions): Three Months Ended March 31, 2020 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized Location of gain (loss) Amount of gain Forward starting interest rate swaps $ (185.9 ) Interest income (expense), net $ (0.7 ) Foreign currency forwards 15.8 Cost of goods sold 1.0 Other income (expense), net (0.3 ) Total $ (170.1 ) $ — Three Months Ended March 31, 2020 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 13.0 Interest income (expense), net $ — Interest income (expense), net $ 5.7 Total $ 13.0 $ — $ 5.7 Three Months Ended March 31, 2020 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 14.5 Other income (expense), net $ — Other income (expense), net $ — Total $ 14.5 $ — $ — Three Months Ended March 31, 2019 Derivatives in cash flow hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Forward starting interest rate swaps $ (32.4 ) Interest income (expense), net $ (0.7 ) Foreign currency forwards (7.0 ) Cost of goods sold 0.8 Other income (expense), net (0.2 ) Total $ (39.4 ) $ (0.1 ) Three Months Ended March 31, 2019 Derivatives in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) (1) Cross currency swaps $ 16.1 Interest income (expense), net $ — Interest income (expense), net $ 4.0 Total $ 16.1 $ — $ 4.0 (1) Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and period amortization is recorded in other comprehensive income. Three Months Ended March 31, 2019 Non-derivative financial instruments in net investment hedge relationships Amount of gain (loss) recognized in OCI on derivative Location of gain (loss) reclassified from AOCI into income Amount of gain (loss) recognized from AOCI on derivative Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) EUR 800 million notes due 2024 $ 20.0 Other income (expense), net $ — Other income (expense), net $ — EUR 500 million notes due 2019 10.1 Other income (expense), net — Other income (expense), net — Total $ 30.1 $ — $ — We expect net gains of approximately $8 million (pretax) recorded in AOCI as of March 31, 2020 related to cash flow hedges will be reclassified into earnings within the next 12 months. For derivatives designated in cash flow hedge relationships, the maximum length of time over which forecasted transactions are hedged as of March 31, 2020 is approximately 4 years, as well as those related to our forecasted debt issuances in 2021, 2022, and 2026. The Effect of Fair Value and Cash Flow Hedge Accounting on the Unaudited Condensed Consolidated Statements of Operations (in millions) : Three Months Ended March 31, 2020 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,479.0 ) $ (4.8 ) $ (68.9 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 1.0 (0.3 ) — Three Months Ended March 31, 2019 Location and amount of gain (loss) recognized in income on fair value and cash flow hedging relationships (1) Cost of goods sold Other income (expense), net Interest income (expense), net Total amount of income and expense line items presented in the unaudited condensed consolidated statement of operations in which the effects of fair value or cash flow hedges are recorded $ (1,413.0 ) $ 23.9 (73.3 ) Gain (loss) on cash flow hedging relationships: Forward starting interest rate swaps Amount of gain (loss) reclassified from AOCI into income — — (0.7 ) Foreign currency forwards Amount of gain (loss) reclassified from AOCI into income 0.8 (0.2 ) — (1) We had no outstanding fair value hedges during the first quarter of 2020 or 2019 . |
Derivatives Not Designated as Hedging Instruments | The Effect of Derivatives Not Designated as Hedging Instruments on the Unaudited Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2020 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ (112.5 ) Warrants Other income (expense), net (1.7 ) Total $ (114.2 ) Three Months Ended March 31, 2019 Derivatives not in hedging relationships Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative Commodity swaps Cost of goods sold $ 32.7 Warrants Other income (expense), net 22.9 Total $ 55.6 Lower current commodity market prices relative to our hedged positions, primarily for aluminum and diesel, drove the losses recognized in income related to commodity swaps for the three months ended March 31, 2020 . Contrarily, higher commodity market prices relative to our hedged positions during the three months ended March 31, 2019 , primarily in aluminum and diesel, drove the total gain recognized in income related to commodity swaps in the prior year. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases as of March 31, 2020 and December 31, 2019 was as follows: As of March 31, 2020 December 31, 2019 Balance Sheet Classification (In millions) Operating Leases Operating lease right-of-use assets Other assets $ 144.8 $ 154.5 Current operating lease liabilities Accounts payable and other current liabilities $ 46.5 $ 46.6 Non-current operating lease liabilities Other liabilities 110.3 119.5 Total operating lease liabilities $ 156.8 $ 166.1 Finance Leases Finance lease right-of-use assets Properties, net $ 66.2 $ 73.0 Current finance lease liabilities Current portion of long-term debt and short-term borrowings $ 32.6 $ 34.5 Non-current finance lease liabilities Long-term debt 56.4 60.0 Total finance lease liabilities $ 89.0 $ 94.5 |
Supplemental Guarantor Informat
Supplemental Guarantor Information Supplemental (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Statement of Operations [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2020 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Sales $ 1.7 $ 2,039.0 $ 613.3 $ (116.2 ) $ 2,537.8 Excise taxes — (263.2 ) (171.8 ) — (435.0 ) Net sales 1.7 1,775.8 441.5 (116.2 ) 2,102.8 Cost of goods sold (0.4 ) (1,217.7 ) (372.4 ) 111.5 (1,479.0 ) Gross profit 1.3 558.1 69.1 (4.7 ) 623.8 Marketing, general and administrative expenses (36.7 ) (440.6 ) (157.1 ) 4.7 (629.7 ) Special items, net (5.3 ) (73.1 ) (8.2 ) — (86.6 ) Equity income (loss) in subsidiaries (34.8 ) (74.9 ) (20.2 ) 129.9 — Operating income (loss) (75.5 ) (30.5 ) (116.4 ) 129.9 (92.5 ) Interest income (expense), net (59.5 ) (7.1 ) (2.3 ) — (68.9 ) Other pension and postretirement benefits (costs), net — 5.1 2.4 — 7.5 Other income (expense), net (0.6 ) (4.0 ) (0.2 ) — (4.8 ) Income (loss) before income taxes (135.6 ) (36.5 ) (116.5 ) 129.9 (158.7 ) Income tax benefit (expense) 18.6 3.2 21.5 — 43.3 Net income (loss) (117.0 ) (33.3 ) (95.0 ) 129.9 (115.4 ) Net (income) loss attributable to noncontrolling interests — — (1.6 ) — (1.6 ) Net income (loss) attributable to MCBC $ (117.0 ) $ (33.3 ) $ (96.6 ) $ 129.9 $ (117.0 ) Comprehensive income (loss) attributable to MCBC $ (616.1 ) $ (393.0 ) $ (541.3 ) $ 934.3 $ (616.1 ) MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Sales $ 26.3 $ 2,209.3 $ 694.9 $ (130.4 ) $ 2,800.1 Excise taxes — (284.7 ) (212.1 ) — (496.8 ) Net sales 26.3 1,924.6 482.8 (130.4 ) 2,303.3 Cost of goods sold (1.5 ) (1,135.3 ) (365.6 ) 89.4 (1,413.0 ) Gross profit 24.8 789.3 117.2 (41.0 ) 890.3 Marketing, general and administrative expenses (71.6 ) (457.9 ) (166.7 ) 41.0 (655.2 ) Special items, net (0.4 ) (8.4 ) (4.2 ) — (13.0 ) Equity income (loss) in subsidiaries 245.3 (63.0 ) (5.9 ) (176.4 ) — Operating income (loss) 198.1 260.0 (59.6 ) (176.4 ) 222.1 Interest income (expense), net (77.4 ) 80.2 (76.1 ) — (73.3 ) Other pension and postretirement benefits (costs), net — 1.2 7.4 — 8.6 Other income (expense), net — (29.9 ) 53.8 — 23.9 Income (loss) before income taxes 120.7 311.5 (74.5 ) (176.4 ) 181.3 Income tax benefit (expense) 30.7 (66.0 ) 3.1 — (32.2 ) Net income (loss) 151.4 245.5 (71.4 ) (176.4 ) 149.1 Net (income) loss attributable to noncontrolling interests — — 2.3 — 2.3 Net income (loss) attributable to MCBC $ 151.4 $ 245.5 $ (69.1 ) $ (176.4 ) $ 151.4 Comprehensive income (loss) attributable to MCBC $ 193.5 $ 270.8 $ (64.4 ) $ (206.4 ) $ 193.5 |
Balance Sheet [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of March 31, 2020 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 297.3 $ 98.3 $ 270.5 $ — $ 666.1 Accounts receivable, net — 353.2 284.6 — 637.8 Other receivables, net 16.1 59.1 31.9 — 107.1 Inventories, net — 513.2 168.3 — 681.5 Other current assets, net — 168.9 111.1 — 280.0 Intercompany accounts receivable 150.6 303.5 100.3 (554.4 ) — Total current assets 464.0 1,496.2 966.7 (554.4 ) 2,372.5 Properties, net 10.3 3,207.7 1,175.6 — 4,393.6 Goodwill — 6,129.9 1,409.1 — 7,539.0 Other intangibles, net 3.5 11,515.1 1,786.5 — 13,305.1 Net investment in and advances to subsidiaries 20,890.1 8,104.6 4,228.2 (33,222.9 ) — Other assets 151.2 363.2 395.0 (58.5 ) 850.9 Total assets $ 21,519.1 $ 30,816.7 $ 9,961.1 $ (33,835.8 ) $ 28,461.1 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 114.7 $ 1,662.8 $ 780.9 $ — $ 2,558.4 Current portion of long-term debt and short-term borrowings 1,025.5 386.1 33.4 — 1,445.0 Intercompany accounts payable 123.8 201.4 229.2 (554.4 ) — Total current liabilities 1,264.0 2,250.3 1,043.5 (554.4 ) 4,003.4 Long-term debt 7,236.5 720.8 74.8 — 8,032.1 Pension and postretirement benefits 7.4 673.1 13.4 — 693.9 Deferred tax liabilities — 1,529.3 713.4 (58.5 ) 2,184.2 Other liabilities 325.7 185.8 90.0 — 601.5 Intercompany notes payable — 3,555.7 3,590.1 (7,145.8 ) — Total liabilities 8,833.6 8,915.0 5,525.2 (7,758.7 ) 15,515.1 MCBC stockholders' equity 12,686.6 25,490.7 7,732.2 (33,222.9 ) 12,686.6 Intercompany notes receivable (1.1 ) (3,589.0 ) (3,555.7 ) 7,145.8 — Total stockholders' equity 12,685.5 21,901.7 4,176.5 (26,077.1 ) 12,686.6 Noncontrolling interests — — 259.4 — 259.4 Total equity 12,685.5 21,901.7 4,435.9 (26,077.1 ) 12,946.0 Total liabilities and equity $ 21,519.1 $ 30,816.7 $ 9,961.1 $ (33,835.8 ) $ 28,461.1 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET (IN MILLIONS) (UNAUDITED) As of December 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 15.7 $ 119.6 $ 388.1 $ — $ 523.4 Accounts receivable, net — 396.3 318.5 — 714.8 Other receivables, net 14.4 58.4 32.7 — 105.5 Inventories, net — 449.1 166.8 — 615.9 Other current assets, net 3.0 126.0 95.8 — 224.8 Intercompany accounts receivable 94.1 190.0 14.9 (299.0 ) — Total current assets 127.2 1,339.4 1,016.8 (299.0 ) 2,184.4 Properties, net 19.8 3,294.7 1,232.0 — 4,546.5 Goodwill — 6,146.5 1,484.9 — 7,631.4 Other intangibles, net 4.0 11,750.6 1,901.4 — 13,656.0 Net investment in and advances to subsidiaries 21,200.6 8,364.9 4,497.9 (34,063.4 ) — Other assets 137.2 364.4 417.9 (78.0 ) 841.5 Total assets $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4 ) $ 28,859.8 Liabilities and equity Current liabilities: Accounts payable and other current liabilities $ 170.7 $ 1,722.0 $ 874.6 $ — $ 2,767.3 Current portion of long-term debt and short-term borrowings 499.7 415.1 13.4 — 928.2 Intercompany accounts payable — 150.7 148.3 (299.0 ) — Total current liabilities 670.4 2,287.8 1,036.3 (299.0 ) 3,695.5 Long-term debt 7,250.3 779.1 80.1 — 8,109.5 Pension and postretirement benefits 7.2 695.5 13.9 — 716.6 Deferred tax liabilities — 1,593.3 743.3 (78.0 ) 2,258.6 Other liabilities 142.6 172.2 91.7 — 406.5 Intercompany notes payable — — 65.0 (65.0 ) — Total liabilities 8,070.5 5,527.9 2,030.3 (442.0 ) 15,186.7 MCBC stockholders' equity 13,419.4 25,796.5 8,266.9 (34,063.4 ) 13,419.4 Intercompany notes receivable (1.1 ) (63.9 ) — 65.0 — Total stockholders' equity 13,418.3 25,732.6 8,266.9 (33,998.4 ) 13,419.4 Noncontrolling interests — — 253.7 — 253.7 Total equity 13,418.3 25,732.6 8,520.6 (33,998.4 ) 13,673.1 Total liabilities and equity $ 21,488.8 $ 31,260.5 $ 10,550.9 $ (34,440.4 ) $ 28,859.8 |
Statement of Cash Flows [Member] | |
Schedule of Supplemental Guarantor Information | MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2020 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ (60.8 ) $ 145.8 $ (103.1 ) $ — $ (18.1 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (4.0 ) (170.1 ) (51.0 ) — (225.1 ) Proceeds from sales of properties and other assets — 0.5 1.1 — 1.6 Other 3.2 0.1 0.2 — 3.5 Net intercompany investing activity (72.0 ) (3,617.1 ) (3,587.7 ) 7,276.8 — Net cash provided by (used in) investing activities (72.8 ) (3,786.6 ) (3,637.4 ) 7,276.8 (220.0 ) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 4.0 — — — 4.0 Dividends paid (113.4 ) — (10.0 ) — (123.4 ) Payments on debt and borrowings (500.0 ) (0.1 ) (2.8 ) — (502.9 ) Proceeds on debt and borrowings — — 1.0 — 1.0 Net proceeds from (payments on) revolving credit facilities and commercial paper 1,025.5 — — — 1,025.5 Change in overdraft balances and other (0.9 ) (34.3 ) 29.7 — (5.5 ) Net intercompany financing activity — 3,659.7 3,617.1 (7,276.8 ) — Net cash provided by (used in) financing activities 415.2 3,625.3 3,635.0 (7,276.8 ) 398.7 CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents 281.6 (15.5 ) (105.5 ) — 160.6 Effect of foreign exchange rate changes on cash and cash equivalents — (5.8 ) (12.1 ) — (17.9 ) Balance at beginning of year 15.7 119.6 388.1 — 523.4 Balance at end of period $ 297.3 $ 98.3 $ 270.5 $ — $ 666.1 MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED) Three Months Ended March 31, 2019 Parent Subsidiary Guarantors Subsidiary Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 32.6 $ 70.2 $ (171.8 ) $ (29.5 ) $ (98.5 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to properties (2.6 ) (127.7 ) (67.7 ) — (198.0 ) Proceeds from sales of properties and other assets — 1.4 1.0 — 2.4 Other — (0.3 ) 1.3 — 1.0 Net intercompany investing activity 9.4 4.1 35.8 (49.3 ) — Net cash provided by (used in) investing activities 6.8 (122.5 ) (29.6 ) (49.3 ) (194.6 ) CASH FLOWS FROM FINANCING ACTIVITIES: Exercise of stock options under equity compensation plans 0.6 — — — 0.6 Dividends paid (81.4 ) (29.5 ) (7.3 ) 29.5 (88.7 ) Payments on debt and borrowings (1,066.3 ) (0.1 ) (0.8 ) — (1,067.2 ) Net proceeds from (payments on) revolving credit facilities and commercial paper 603.4 — 0.9 — 604.3 Change in overdraft balances and other (2.8 ) (4.7 ) 23.7 — 16.2 Net intercompany financing activity — (46.2 ) (3.1 ) 49.3 — Net cash provided by (used in) financing activities (546.5 ) (80.5 ) 13.4 78.8 (534.8 ) CASH AND CASH EQUIVALENTS: Net increase (decrease) in cash and cash equivalents (507.1 ) (132.8 ) (188.0 ) — (827.9 ) Effect of foreign exchange rate changes on cash and cash equivalents 3.0 3.2 (1.8 ) — 4.4 Balance at beginning of year 515.8 156.1 386.0 — 1,057.9 Balance at end of period $ 11.7 $ 26.5 $ 196.2 $ — $ 234.4 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Options, RSU, PSU and DSU awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 5.9 | $ 11.4 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies Non-Cash Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $ 153.5 | $ 112.7 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies Coronavirus Global Pandemic (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Liability for Estimated Sales Returns Due to Global Pandemic | $ 31.5 | |
Cost of Goods Sold, Obsolete Finished Keg Inventories | 18.5 | |
Accounts Receivable, Allowance for Credit Loss | 12 | $ 12 |
Allowance for Obsolete Inventory | $ 22 | $ 11 |
Segment Reporting Net Sales (De
Segment Reporting Net Sales (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting | ||
Net Sales | $ 2,102.8 | $ 2,303.3 |
Maximum percentage of sales accounted for by a single customer (as a percent) | 10.00% | |
North America [Member] | ||
Segment Reporting | ||
Net Sales | $ 1,789.7 | 1,932.6 |
Europe [Member] | ||
Segment Reporting | ||
Net Sales | 317.6 | 375.7 |
Intersegment sales elimination | ||
Segment Reporting | ||
Net Sales | $ (4.5) | $ (5) |
Segment Reporting Income (Loss)
Segment Reporting Income (Loss) From Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Segment Reporting | |||
Income (loss) before income taxes | $ (158.7) | $ 181.3 | |
Other income (expense), net | (4.8) | 23.9 | |
North America [Member] | |||
Segment Reporting | |||
Income (loss) before income taxes | 76.2 | 245.9 | |
CANADA | |||
Segment Reporting | |||
Impairments | $ 668.3 | ||
Europe [Member] | |||
Segment Reporting | |||
Income (loss) before income taxes | (76.8) | (38.4) | |
Unallocated [Member] | |||
Segment Reporting | |||
Income (loss) before income taxes | (158.1) | (26.2) | |
Unrealized Gain (Loss) on Commodity Contracts | $ (99.1) | 34.1 | |
Purchase Price Adjustment [Member] | Affiliated Entity [Member] | |||
Segment Reporting | |||
Other income (expense), net | $ 1.5 |
Segment Reporting Total Assets
Segment Reporting Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting | ||
Total assets | $ 28,461.1 | $ 28,859.8 |
North America [Member] | ||
Segment Reporting | ||
Total assets | 23,355.1 | 23,360.2 |
Europe [Member] | ||
Segment Reporting | ||
Total assets | $ 5,106 | $ 5,499.6 |
Investments Variable Interest E
Investments Variable Interest Entity (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
RMMC RMBC [Member] | ||
Variable Interest Entity | ||
Total Assets | $ 201.8 | $ 207.4 |
Total Liabilities | 22.4 | 17.9 |
Cobra Truss [Member] [Member] | ||
Variable Interest Entity | ||
Total Assets | 71.9 | 65.3 |
Total Liabilities | $ 12.2 | $ 20.8 |
Investments Narrative (Details)
Investments Narrative (Details) $ in Millions | Mar. 31, 2020USD ($)VIE | Dec. 31, 2019USD ($)VIE |
Schedule of Equity Method Investments [Line Items] | ||
Number of Variable Interest Entities | VIE | 0 | 0 |
BRI BDL [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Guarantees, Fair Value Disclosure | $ | $ 51.5 | $ 37.7 |
Special Items Summary Special I
Special Items Summary Special Items (Details) $ in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Special items | $ 86.6 | $ 13 | ||
Other Employee-Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special items | 32.1 | 3.7 | ||
North America [Member] | Asset Abandonment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special items | 54.2 | 8.4 | ||
North America [Member] | Termination fees and other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special items | 0 | 0.2 | ||
North America [Member] | Sale of Montreal Brewery [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | $ 26 | |||
CANADA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairments | $ 668.3 | |||
Europe [Member] | Asset Abandonment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special items | 0.3 | 0.6 | ||
Europe [Member] | Termination fees and other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special items | 0 | $ 0.1 | ||
Irwindale Brewery [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Agreement Purchase Price | 150 | |||
Special items | 58 | |||
Minimum [Member] | Irwindale Brewery [Member] | Estimated future charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | 75 | |||
Maximum [Member] | Irwindale Brewery [Member] | Estimated future charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Accelerated Depreciation | $ 100 |
Special Items Severance and Oth
Special Items Severance and Other Employee Related (Details) $ in Millions | Oct. 28, 2019USD ($)employee | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Severance and other employee-related costs [Member] | |||
Changes in restructuring accruals [Roll Forward] | |||
Beginning balance of restructuring accruals | $ 47.1 | $ 25.6 | |
Charges incurred and changes in estimates | 33.4 | 3.7 | |
Payments made | (22.9) | (12.9) | |
Changes in estimates | (1.3) | ||
Foreign currency and other adjustments | (1.1) | ||
Ending balance of restructuring accruals | 55.2 | 16.4 | |
Severance and other employee-related costs [Member] | North America [Member] | |||
Changes in restructuring accruals [Roll Forward] | |||
Beginning balance of restructuring accruals | 42.6 | 24.5 | |
Charges incurred and changes in estimates | 26.2 | 1 | |
Payments made | (19.4) | (12) | |
Changes in estimates | (1.3) | ||
Foreign currency and other adjustments | (0.9) | ||
Ending balance of restructuring accruals | 47.2 | 13.5 | |
Severance and other employee-related costs [Member] | Europe [Member] | |||
Changes in restructuring accruals [Roll Forward] | |||
Beginning balance of restructuring accruals | 4.5 | 1.1 | |
Charges incurred and changes in estimates | 7.2 | 2.7 | |
Payments made | (3.5) | (0.9) | |
Changes in estimates | 0 | ||
Foreign currency and other adjustments | (0.2) | ||
Ending balance of restructuring accruals | $ 8 | $ 2.9 | |
Minimum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 500 | ||
Restructuring and Related Cost, Expected Cost | $ 90 | ||
Maximum [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 600 | ||
Restructuring and Related Cost, Expected Cost | $ 120 | ||
Payment of severance obligations, term | 12 months | ||
Revitalization Restructuring Costs [Member] | |||
Changes in restructuring accruals [Roll Forward] | |||
Charges incurred and changes in estimates | $ 22.7 | ||
Ending balance of restructuring accruals | $ 43 |
Income Tax Schedule of Effectiv
Income Tax Schedule of Effective Tax Rate (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate (as a percent) | 27.00% | 18.00% | |
Net discrete tax expense (benefit) | $ 13.9 | $ (1.2) | |
CANADA | |||
Operating Loss Carryforwards [Line Items] | |||
Impairments | $ 668.3 | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Examination, Estimate of Possible Loss | 200 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Examination, Estimate of Possible Loss | $ 100 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 8,200 | $ 8,300 |
Goodwill activity: | ||
Balance at beginning of year | 7,631.4 | |
Foreign currency translation | (92.4) | |
Balance at end of year | 7,539 | |
North America [Member] | ||
Goodwill [Line Items] | ||
Accumulated Impairment Losses, Goodwill | 629.4 | $ 681.3 |
Goodwill activity: | ||
Balance at beginning of year | 6,146.6 | |
Foreign currency translation | (16.7) | |
Balance at end of year | 6,129.9 | |
Europe [Member] | ||
Goodwill [Line Items] | ||
Percentage Of Fair Value Exceeding Carrying Value | 12.00% | |
Goodwill activity: | ||
Balance at beginning of year | 1,484.8 | |
Foreign currency translation | (75.7) | |
Balance at end of year | $ 1,409.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Intangible assets subject to amortization: | ||
Total Gross | $ 14,318 | $ 14,651.1 |
Accumulated amortization | (1,012.9) | (995.1) |
Total Net | 13,305.1 | 13,656 |
Brands [Member] | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | 4,830.7 | 5,036.3 |
Accumulated amortization | (883.2) | (865.1) |
Net | 3,947.5 | 4,171.2 |
Indefinite-lived intangible assets | $ 8,109.6 | $ 8,172.4 |
Brands [Member] | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 10 years | 10 years |
Brands [Member] | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 50 years | 50 years |
License agreements and distribution rights | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | $ 196.7 | $ 202 |
Accumulated amortization | (86.8) | (90.6) |
Net | $ 109.9 | $ 111.4 |
License agreements and distribution rights | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 15 years | 15 years |
License agreements and distribution rights | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 20 years | 20 years |
Distribution Networks [Member] | ||
Intangible assets subject to amortization: | ||
Indefinite-lived intangible assets | $ 719.4 | $ 778.8 |
Other Intangible Assets [Member] | ||
Intangible assets subject to amortization: | ||
Finite-Lived Intangible Assets, Gross | 124 | 124 |
Accumulated amortization | (42.9) | (39.4) |
Net | 81.1 | 84.6 |
Indefinite-lived intangible assets | $ 337.6 | $ 337.6 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 3 years | 3 years |
Other Intangible Assets [Member] | Maximum [Member] | ||
Intangible assets subject to amortization: | ||
Useful life | 40 years | 40 years |
UNITED STATES | ||
Details of intangible assets, other than goodwill: | ||
Percentage Of Fair Value Exceeding Carrying Value | 17.00% | |
CANADA | ||
Details of intangible assets, other than goodwill: | ||
Percentage Of Fair Value Exceeding Carrying Value | 0.00% | |
Europe [Member] | ||
Details of intangible assets, other than goodwill: | ||
Percentage Of Fair Value Exceeding Carrying Value | 12.00% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Estimated amortization expense of finite-lived intangible assets | |||
2020 - remaining | $ 161 | ||
2021 | 210.2 | ||
2022 | 204.8 | ||
2023 | 203.8 | ||
2024 | 203.8 | ||
Amortization expense of intangible assets | $ 54.9 | $ 55.4 | |
CANADA | |||
Estimated amortization expense of finite-lived intangible assets | |||
Impairments | $ 668.3 |
Debt Schedule (Details)
Debt Schedule (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | May 03, 2012 |
Debt Instrument [Line Items] | |||
Less: unamortized debt discounts | $ (54.6) | $ (56.7) | |
Total long-term debt (including current portion) | 8,422.4 | 9,030.8 | |
Current portion of long-term debt | (390.3) | (921.3) | |
Total long-term debt | 8,032.1 | 8,109.5 | |
Commercial Paper | 25.5 | 0 | |
Other short-term borrowings | 29.2 | 6.9 | |
Current portion of long-term debt and short-term borrowings | 1,445 | 928.2 | |
Finance leases and other [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 121.9 | 129.5 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,900 | ||
Senior Notes [Member] | CAD 500 million 2.75% Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 355.6 | 384.9 | |
Senior Notes [Member] | CAD 500 million 2.84% notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 355.6 | 384.9 | |
Senior Notes [Member] | CAD 500 million 3.44% notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 355.6 | 384.9 | |
Senior Notes [Member] | $500 million 2.25% notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 0 | 499.8 | |
Senior Notes [Member] | $1.0 billion 2.10% notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 1,000 | 1,000 | |
Senior Notes [Member] | $500 million 3.5% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 505.8 | 506.5 | |
Senior Notes [Member] | $2.0 billion 3.0% notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 2,000 | 2,000 | |
Senior Notes [Member] | $1.1 billion 5.0% notes due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 1,100 | 1,100 | |
Senior Notes [Member] | $1.8 billion 4.2% notes due 2046 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 1,800 | 1,800 | |
Senior Notes [Member] | EUR 800 million 1.25% notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying amount | 882.5 | 897 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Short-term Debt | $ 1,000 | $ 0 |
Debt Schedule (Narrative) (Deta
Debt Schedule (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 03, 2019 | Dec. 31, 2019 | Mar. 20, 2019 | Mar. 15, 2017 | May 03, 2012 | |
Debt Instrument [Line Items] | ||||||||
Current finance lease liabilities | $ 32.6 | $ 34.5 | ||||||
Non-current finance lease liabilities | 56.4 | 60 | ||||||
Long-term Debt | 8,422.4 | 9,030.8 | ||||||
Commercial Paper | $ 25.5 | 0 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.65% | |||||||
Weighted Average Interest Rate, Term | 23 days | |||||||
Repayments of Debt | $ 502.9 | $ 1,067.2 | ||||||
Central Europe [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Overdraft facility | 22.4 | 1.1 | ||||||
Bank cash | 35 | 55 | ||||||
Bank cash, net of overdrafts | 12.6 | 53.9 | ||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,900 | |||||||
JPY Overdraft [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 2.8 | 2.8 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Interest Rate During Period | 2.70% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 474.5 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 1,000 | $ 0 | ||||||
Revolving Multicurrency Bank Credit Facility [Member] | MillerCoors | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage Ratio Following Acquisition | 4.25x | |||||||
Leverage Ratio In Fourth Year Following Acquisition | 4.00x | |||||||
Parent Company [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 500 | $ 1,066.3 | ||||||
Parent Company [Member] | $500 million 2.25% notes due 2020 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |||||||
Parent Company [Member] | $1.0 billion 2.10% notes due 2021 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.10% | |||||||
Cross currency swaps | $500 million 2.25% notes due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from the Termination and cash Settlement of Derivatives | $ 3.2 | |||||||
Cross currency swaps | $1.0 billion 2.10% notes due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, Fixed Interest Rate | 0.71% | |||||||
Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 900 | |||||||
Repayments of Debt | 425.5 | |||||||
Subsequent Event | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 600 |
Debt Fair Value Measurements (D
Debt Fair Value Measurements (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Long-term debt, fair value | $ 8.1 | $ 9.2 |
Debt Acquisition and Other (Nar
Debt Acquisition and Other (Narrative) (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Mar. 31, 2020 | May 03, 2012 |
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Face Amount | $ 1,900 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 474.5 | ||
Subsequent Event | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 900 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 261.6 | $ 236.7 |
Work in Process | 95.1 | 84 |
Raw Materials | 239.9 | 227.1 |
Packaging Materials | 84.9 | 68.1 |
Total inventories, net | $ 681.5 | $ 615.9 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 1 (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | $ (1,162.2) |
As of March 31, 2020 | (1,661.3) |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | (652.5) |
Foreign currency translation adjustments | (370.6) |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 27.5 |
Unrealized gain (loss) on derivative instruments | 0 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | 0 |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 0 |
Tax benefit (expense) | (27.5) |
As of March 31, 2020 | (1,023.1) |
Gain (loss) on derivative instruments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | (87.8) |
Foreign currency translation adjustments | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 0 |
Unrealized gain (loss) on derivative instruments | (170.1) |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | 0 |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 0 |
Tax benefit (expense) | 42.2 |
As of March 31, 2020 | (215.7) |
Pension and postretirement benefit adjustments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | (351) |
Foreign currency translation adjustments | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 0 |
Unrealized gain (loss) on derivative instruments | 0 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (1.9) |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 0 |
Tax benefit (expense) | 0.6 |
As of March 31, 2020 | (352.3) |
Equity method investments | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | (70.9) |
Foreign currency translation adjustments | 0 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 0 |
Unrealized gain (loss) on derivative instruments | 0 |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | 0 |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 1 |
Tax benefit (expense) | (0.3) |
As of March 31, 2020 | (70.2) |
AOCI Attributable to Parent [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
As of December 31, 2019 | (1,162.2) |
Foreign currency translation adjustments | (370.6) |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax | 27.5 |
Unrealized gain (loss) on derivative instruments | (170.1) |
Amortization of net prior service (benefit) cost and net actuarial (gain) loss to income | (1.9) |
Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | 1 |
Tax benefit (expense) | 15 |
As of March 31, 2020 | $ (1,661.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) ("AOCI") Table 2 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cost of Goods Sold | $ 1,479 | $ 1,413 |
Net Income (loss) | (115.4) | 149.1 |
Income tax benefit (expense) | $ 43.3 | $ (32.2) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities Narrative (Details) $ in Millions | 12 Months Ended | 49 Months Ended | |
Mar. 31, 2021USD ($) | Jul. 15, 2022 | Oct. 04, 2018$ / shares | |
Forecast [Member] | |||
Schedule of Trading Securities and Other Trading Assets | |||
Cash flow hedge gain (loss), recorded in AOCI to be reclassed within twelve months | $ | $ 8 | ||
Term for expected gains recorded in AOCI | 12 months | ||
Maximum term of time in cash flow hedge | 4 years | ||
Warrant [Member] | |||
Schedule of Trading Securities and Other Trading Assets | |||
Derivative, Price Risk Option Strike Price | $ / shares | $ 6 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities Derivative Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | (400) | (137.9) |
Fair Value, Inputs, Level 2 [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (297.4) | (111.5) |
Fair Value, Inputs, Level 2 [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16.9 | 2.1 |
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (140.1) | (41.2) |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0.8 | 2.7 |
Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Significant unobservable inputs (Level 3) [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value, Net | (400) | (137.9) |
Reported Value Measurement [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 19.8 | 10 |
Reported Value Measurement [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (297.4) | (111.5) |
Reported Value Measurement [Member] | Foreign currency forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16.9 | 2.1 |
Reported Value Measurement [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (140.1) | (41.2) |
Reported Value Measurement [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0.8 | 2.7 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 19.8 | 10 |
Reported Value Measurement [Member] | Significant unobservable inputs (Level 3) [Member] | Cross currency swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 0 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Fair Value Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 36.7 | $ 13.3 |
Derivative Liability, Fair Value, Gross Liability | 297.4 | 112.7 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1.6 | 9.4 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 140.9 | 47.9 |
Cross currency swaps | Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 400 | 900 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 400 | 900 |
Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 1,500 | 1,500 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 1,500 | 1,500 |
Foreign currency forwards [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 200.9 | 237.9 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 200.9 | 237.9 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 674.9 | 598.4 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 674.9 | 598.4 |
Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 18.4 | 18.4 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 18.4 | 18.4 |
Warrant [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 49.1 | 53.1 |
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative, Notional Amount | 49.1 | 53.1 |
Other Current Assets [Member] | Cross currency swaps | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1.8 |
Other Current Assets [Member] | Foreign currency forwards [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 10.6 | 1.9 |
Other Current Assets [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0.6 | 5.7 |
Other Current Assets [Member] | Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 |
Accounts Payable and Accrued Liabilities [Member] | Cross currency swaps | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Accounts Payable and Accrued Liabilities [Member] | Foreign currency forwards [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0.8 |
Accounts Payable and Accrued Liabilities [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 102.3 | 36.4 |
Accounts Payable and Accrued Liabilities [Member] | Commodity Option [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 |
Other Noncurrent Assets [Member] | Cross currency swaps | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 19.8 | 8.2 |
Other Noncurrent Assets [Member] | Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Other Noncurrent Assets [Member] | Foreign currency forwards [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 6.3 | 1.4 |
Other Noncurrent Assets [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0.2 | 1 |
Other Noncurrent Assets [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0.8 | 2.7 |
Other Liabilities [Member] | Cross currency swaps | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Liabilities [Member] | Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 297.4 | 111.5 |
Other Liabilities [Member] | Foreign currency forwards [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0.4 |
Other Liabilities [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 38.6 | 11.5 |
Other Liabilities [Member] | Warrant [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives Not Designated as Hedging Instrument, Item List [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cost of Goods Sold | $ (1,479) | $ (1,413) |
Nonoperating Income (Expense) | (4.8) | 23.9 |
Interest income (expense), net | (68.9) | (73.3) |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (0.1) |
Cash Flow Hedging [Member] | Forward starting interest rate swap [Member] | Interest expense, net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.7) | (0.7) |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | Cost of goods sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 0.8 |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | Other income (expense), net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.3) | (0.2) |
Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 14.5 | 30.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 13 | 16.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 5.7 | 4 |
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | interest Income (Expense), Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 13 | 16.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 5.7 | 4 |
EUR 800 million 1.25% notes due 2024 [Member] | Senior Notes [Member] | Net Investment Hedging [Member] | Other income (expense), net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 14.5 | 20 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | 0 |
EUR 500 million notes due 2019 | Senior Notes [Member] | Net Investment Hedging [Member] | Other income (expense), net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign currency translation adjustments | 10.1 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities Hedging Activities (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current portion of long-term debt and short-term borrowings | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets/liabilities | $ 0 | $ 0 |
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease) | 0 | (0.2) |
Long-term debt | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets/liabilities | 0 | 0 |
Cumulative amount of fair value hedging adjustment(s) in the hedged assets/liabilities(1) Increase/(Decrease) | $ 5.8 | $ 6.5 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities Other Derivatives (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (114.2) | $ 55.6 |
Commodity Contract [Member] | Cost of goods sold [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (112.5) | 32.7 |
Foreign currency forwards [Member] | Other income (expense), net [Member] | ||
Gain (Loss) on Derivative Instruments: | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1.7) | $ 22.9 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities Schedule of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Investment Hedging [Member] | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | $ 14.5 | $ 30.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Net Investment Hedging [Member] | Cross currency swaps | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | 13 | 16.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 5.7 | 4 |
Net Investment Hedging [Member] | Interest Income (Expense) | Cross currency swaps | ||
Derivative [Line Items] | ||
Foreign currency translation adjustments | 13 | 16.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 5.7 | 4 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | (170.1) | (39.4) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (0.1) |
Cash Flow Hedging [Member] | Forward starting interest rate swap [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | (185.9) | (32.4) |
Cash Flow Hedging [Member] | Foreign currency forwards [Member] | ||
Derivative [Line Items] | ||
Unrealized gain (loss) on derivative instruments | 15.8 | (7) |
Cash Flow Hedging [Member] | Interest Expense [Member] | Forward starting interest rate swap [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.7) | (0.7) |
Cash Flow Hedging [Member] | Other income (expense), net [Member] | Foreign currency forwards [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.3) | (0.2) |
Cash Flow Hedging [Member] | Cost of goods sold [Member] | Foreign currency forwards [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1 | $ 0.8 |
Derivative Instruments and H_10
Derivative Instruments and Hedging Activities Fair Value Assumptions of Warrants (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Expected term (years) | 1 year 6 months | 1 year 9 months |
Estimated volatility | 96.05% | 81.45% |
Risk-free interest rate | 0.54% | 1.69% |
Expected dividend yield | 0.00% | 0.00% |
Commitments and Contingencies L
Commitments and Contingencies Loss Contingency (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Accrual for Litigation, Other Disputes and Environmental Loss Contingencies | $ 18.1 | $ 16.2 |
Excise Tax Refund Receivable, Noncurrent | 40 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 51.5 | 37.7 |
Kaiser Tax, Civil and Labor Indemnity Reserve [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 11 | $ 14.2 |
Maximum [Member] | Kaiser purchased tax credits indemnity reserve, category two | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 67.2 |
Leases Schedule of Supplemental
Leases Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 12.3 | $ 12 |
Operating cash flows from finance leases | 0.9 | 0.8 |
Financing cash flows from finance leases | 2.6 | 0.6 |
Operating leases | $ 6.3 | $ 10.7 |
Leases Assets and Liabilities,
Leases Assets and Liabilities, Lessee (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 144.8 | $ 154.5 |
Current operating lease liabilities | 46.5 | 46.6 |
Non-current operating lease liabilities | 110.3 | 119.5 |
Operating Lease, Liability | 156.8 | 166.1 |
Finance lease right-of-use assets | 66.2 | 73 |
Current finance lease liabilities | 32.6 | 34.5 |
Non-current finance lease liabilities | 56.4 | 60 |
Total finance lease liabilities | $ 89 | $ 94.5 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information Supplemental Narrative (Details) € in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 15, 2017USD ($) | Mar. 15, 2017EUR (€) | Jul. 07, 2016USD ($) | May 03, 2012USD ($) | |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | $ (616.1) | $ 193.5 | |||||
Stockholders' Equity Attributable to Parent | 12,686.6 | $ 13,419.4 | |||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | (115.4) | 149.1 | |||||
Net income (loss) including noncontrolling interests | (115.4) | 149.1 | |||||
Payments of Dividends | 123.4 | 88.7 | |||||
Parent Company [Member] | |||||||
Income (Loss) from Equity Method Investments Consolidating | (34.8) | 245.3 | |||||
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (616.1) | 193.5 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 20,890.1 | 21,200.6 | |||||
Stockholders' Equity Attributable to Parent | 12,686.6 | 13,419.4 | |||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | (117) | 151.4 | |||||
Payments of Dividends | 113.4 | 81.4 | |||||
Senior Notes [Member] | |||||||
Debt Instrument, Face Amount | $ 1,900 | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2017 $300M 2.0% [Member] | |||||||
Debt Instrument, Face Amount | $ 300 | ||||||
Debt instrument, interest rate percentage | 2.00% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2022 $500M 3.5% [Member] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Debt instrument, interest rate percentage | 3.50% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2042 $1.1B 5.0% [Member] | |||||||
Debt Instrument, Face Amount | $ 1,100 | ||||||
Debt instrument, interest rate percentage | 5.00% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2019 $500M 1.45% [Member] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Debt instrument, interest rate percentage | 1.45% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2021 $1B 2.1% [Member] | |||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||
Debt instrument, interest rate percentage | 2.10% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2026 $2B 3.0% [Member] | |||||||
Debt Instrument, Face Amount | $ 2,000 | ||||||
Debt instrument, interest rate percentage | 3.00% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2046 $1.8B 4.2% [Member] | |||||||
Debt Instrument, Face Amount | $ 1,800 | ||||||
Debt instrument, interest rate percentage | 4.20% | ||||||
Senior Notes [Member] | Parent Company [Member] | Senior Notes Due 2024 EUR800M 1.25% [Member] | |||||||
Debt Instrument, Face Amount | $ 800 | ||||||
Debt instrument, interest rate percentage | 1.25% | ||||||
Senior Notes [Member] | Parent Company [Member] | $500 million 1.90% notes due 2019 [Member] | |||||||
Debt instrument, interest rate percentage | 1.90% | 1.90% | |||||
Senior Notes [Member] | Parent Company [Member] | $500 million 2.25% notes due 2020 [Member] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Debt instrument, interest rate percentage | 2.25% | 2.25% | |||||
Senior Notes [Member] | Parent Company [Member] | Two Thousand Seventeen EUR Notes [Member] | |||||||
Debt Instrument, Face Amount | € | € 500 | ||||||
Consolidation, Eliminations [Member] | |||||||
Income (Loss) from Equity Method Investments Consolidating | 129.9 | (176.4) | |||||
Comprehensive income (loss) attributable to Molson Coors Beverage Company | 934.3 | (206.4) | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (33,222.9) | (34,063.4) | |||||
Stockholders' Equity Attributable to Parent | (33,222.9) | $ (34,063.4) | |||||
Income (Loss) Net of Tax, Including Portion Attributable to Noncontrolling Interest | 129.9 | (176.4) | |||||
Payments of Dividends | $ 0 | $ (29.5) |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Income statement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed financial statements | ||
Sales | $ 2,537.8 | $ 2,800.1 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (435) | (496.8) |
Net Sales | 2,102.8 | 2,303.3 |
Cost of Goods Sold | (1,479) | (1,413) |
Gross profit | 623.8 | 890.3 |
Marketing, general and administrative expenses | (629.7) | (655.2) |
Special items, net | (86.6) | (13) |
Operating income (loss) | (92.5) | 222.1 |
Interest income (expense), net | (68.9) | (73.3) |
Other pension and postretirement benefits (costs), net | (7.5) | (8.6) |
Other income (expense), net | (4.8) | 23.9 |
Income tax benefit (expense) | 43.3 | (32.2) |
Net Income (loss) | (115.4) | 149.1 |
Net (income) loss attributable to noncontrolling interests | (1.6) | 2.3 |
Net income (loss) attributable to Molson Coors Beverage Company | (117) | 151.4 |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (616.1) | 193.5 |
Parent Company [Member] | ||
Condensed financial statements | ||
Sales | 1.7 | 26.3 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | 0 | 0 |
Net Sales | 1.7 | 26.3 |
Cost of Goods Sold | (0.4) | (1.5) |
Gross profit | 1.3 | 24.8 |
Marketing, general and administrative expenses | (36.7) | (71.6) |
Special items, net | (5.3) | (0.4) |
Equity income (loss) in subsidiaries | (34.8) | 245.3 |
Operating income (loss) | (75.5) | 198.1 |
Interest income (expense), net | (59.5) | (77.4) |
Other pension and postretirement benefits (costs), net | 0 | 0 |
Other income (expense), net | (0.6) | 0 |
Income (loss) before income taxes | (135.6) | 120.7 |
Income tax benefit (expense) | 18.6 | 30.7 |
Net Income (loss) | (117) | 151.4 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Beverage Company | (117) | 151.4 |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (616.1) | 193.5 |
Subsidiary Guarantors [Member] | ||
Condensed financial statements | ||
Sales | 2,039 | 2,209.3 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (263.2) | (284.7) |
Net Sales | 1,775.8 | 1,924.6 |
Cost of Goods Sold | (1,217.7) | (1,135.3) |
Gross profit | 558.1 | 789.3 |
Marketing, general and administrative expenses | (440.6) | (457.9) |
Special items, net | (73.1) | (8.4) |
Equity income (loss) in subsidiaries | (74.9) | (63) |
Operating income (loss) | (30.5) | 260 |
Interest income (expense), net | (7.1) | 80.2 |
Other pension and postretirement benefits (costs), net | 5.1 | 1.2 |
Other income (expense), net | (4) | (29.9) |
Income (loss) before income taxes | (36.5) | 311.5 |
Income tax benefit (expense) | 3.2 | (66) |
Net Income (loss) | (33.3) | 245.5 |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Beverage Company | (33.3) | 245.5 |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (393) | 270.8 |
Subsidiary Non Guarantors [Member] | ||
Condensed financial statements | ||
Sales | 613.3 | 694.9 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (171.8) | (212.1) |
Net Sales | 441.5 | 482.8 |
Cost of Goods Sold | (372.4) | (365.6) |
Gross profit | 69.1 | 117.2 |
Marketing, general and administrative expenses | (157.1) | (166.7) |
Special items, net | (8.2) | (4.2) |
Equity income (loss) in subsidiaries | (20.2) | (5.9) |
Operating income (loss) | (116.4) | (59.6) |
Interest income (expense), net | (2.3) | (76.1) |
Other pension and postretirement benefits (costs), net | 2.4 | 7.4 |
Other income (expense), net | (0.2) | 53.8 |
Income (loss) before income taxes | (116.5) | (74.5) |
Income tax benefit (expense) | 21.5 | 3.1 |
Net Income (loss) | (95) | (71.4) |
Net (income) loss attributable to noncontrolling interests | (1.6) | 2.3 |
Net income (loss) attributable to Molson Coors Beverage Company | (96.6) | (69.1) |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (541.3) | (64.4) |
Consolidated [Member] | ||
Condensed financial statements | ||
Sales | 2,537.8 | 2,800.1 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | (435) | (496.8) |
Net Sales | 2,102.8 | 2,303.3 |
Cost of Goods Sold | (1,479) | (1,413) |
Gross profit | 623.8 | 890.3 |
Marketing, general and administrative expenses | (629.7) | (655.2) |
Special items, net | (86.6) | (13) |
Equity income (loss) in subsidiaries | 0 | 0 |
Operating income (loss) | (92.5) | 222.1 |
Interest income (expense), net | (68.9) | (73.3) |
Other pension and postretirement benefits (costs), net | 7.5 | 8.6 |
Other income (expense), net | (4.8) | 23.9 |
Income (loss) before income taxes | (158.7) | 181.3 |
Income tax benefit (expense) | 43.3 | (32.2) |
Net Income (loss) | (115.4) | 149.1 |
Net (income) loss attributable to noncontrolling interests | (1.6) | 2.3 |
Net income (loss) attributable to Molson Coors Beverage Company | (117) | 151.4 |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | (616.1) | 193.5 |
Consolidation, Eliminations [Member] | ||
Condensed financial statements | ||
Sales | (116.2) | (130.4) |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Excise taxes | 0 | 0 |
Net Sales | (116.2) | (130.4) |
Cost of Goods Sold | 111.5 | 89.4 |
Gross profit | (4.7) | (41) |
Marketing, general and administrative expenses | 4.7 | 41 |
Special items, net | 0 | 0 |
Equity income (loss) in subsidiaries | 129.9 | (176.4) |
Operating income (loss) | 129.9 | (176.4) |
Interest income (expense), net | 0 | 0 |
Other pension and postretirement benefits (costs), net | 0 | 0 |
Other income (expense), net | 0 | 0 |
Income (loss) before income taxes | 129.9 | (176.4) |
Income tax benefit (expense) | 0 | 0 |
Net Income (loss) | 129.9 | (176.4) |
Net (income) loss attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to Molson Coors Beverage Company | 129.9 | (176.4) |
Comprehensive income (loss) attributable to Molson Coors Beverage Company | $ 934.3 | $ (206.4) |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed financial statements | ||||
Other Assets, Noncurrent | $ 850.9 | $ 841.5 | ||
Current assets: | ||||
Cash and cash equivalents | 666.1 | 523.4 | ||
Accounts receivable, net | 637.8 | 714.8 | ||
Other receivables, net | 107.1 | 105.5 | ||
Total inventories, net | 681.5 | 615.9 | ||
Other current assets, net | 280 | 224.8 | ||
Total current assets | 2,372.5 | 2,184.4 | ||
Properties, net | 4,393.6 | 4,546.5 | ||
Goodwill | 7,539 | 7,631.4 | ||
Other intangibles, net | 13,305.1 | 13,656 | ||
Total assets | 28,461.1 | 28,859.8 | ||
Accounts payable and other current liabilities | 2,558.4 | 2,767.3 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,445 | 928.2 | ||
Total current liabilities | 4,003.4 | 3,695.5 | ||
Long-term debt | 8,032.1 | 8,109.5 | ||
Pension and postretirement benefits | 693.9 | 716.6 | ||
Deferred tax liabilities | 2,184.2 | 2,258.6 | ||
Other Liabilities, Noncurrent | 601.5 | 406.5 | ||
Total liabilities | 15,515.1 | 15,186.7 | ||
MCBC stockholders' equity | 12,686.6 | 13,419.4 | ||
Noncontrolling interests | 259.4 | 253.7 | ||
Total equity | 12,946 | 13,673.1 | $ 13,888.1 | $ 13,735.8 |
Total liabilities and equity | 28,461.1 | 28,859.8 | ||
Consolidation, Eliminations [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | (58.5) | (78) | ||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ||
Other receivables, net | 0 | 0 | ||
Total inventories, net | 0 | 0 | ||
Other current assets, net | 0 | 0 | ||
Intercompany accounts receivable | (554.4) | (299) | ||
Total current assets | (554.4) | (299) | ||
Properties, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Net investment in and advances to subsidiaries | (33,222.9) | (34,063.4) | ||
Total assets | (33,835.8) | (34,440.4) | ||
Accounts payable and other current liabilities | 0 | 0 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 0 | 0 | ||
Intercompany accounts payable | (554.4) | (299) | ||
Total current liabilities | (554.4) | (299) | ||
Long-term debt | 0 | 0 | ||
Pension and postretirement benefits | 0 | 0 | ||
Deferred tax liabilities | (58.5) | (78) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Intercompany notes payable | (7,145.8) | (65) | ||
Total liabilities | (7,758.7) | (442) | ||
MCBC stockholders' equity | (33,222.9) | (34,063.4) | ||
Intercompany notes receivable | 7,145.8 | 65 | ||
Total stockholders' equity | (26,077.1) | (33,998.4) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (26,077.1) | (33,998.4) | ||
Total liabilities and equity | (33,835.8) | (34,440.4) | ||
Parent Company [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 151.2 | 137.2 | ||
Current assets: | ||||
Cash and cash equivalents | 297.3 | 15.7 | 11.7 | 515.8 |
Accounts receivable, net | 0 | 0 | ||
Other receivables, net | 16.1 | 14.4 | ||
Total inventories, net | 0 | 0 | ||
Other current assets, net | 0 | 3 | ||
Intercompany accounts receivable | 150.6 | 94.1 | ||
Total current assets | 464 | 127.2 | ||
Properties, net | 10.3 | 19.8 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 3.5 | 4 | ||
Net investment in and advances to subsidiaries | 20,890.1 | 21,200.6 | ||
Total assets | 21,519.1 | 21,488.8 | ||
Accounts payable and other current liabilities | 114.7 | 170.7 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,025.5 | 499.7 | ||
Intercompany accounts payable | 123.8 | 0 | ||
Total current liabilities | 1,264 | 670.4 | ||
Long-term debt | 7,236.5 | 7,250.3 | ||
Pension and postretirement benefits | 7.4 | 7.2 | ||
Deferred tax liabilities | 0 | 0 | ||
Other Liabilities, Noncurrent | 325.7 | 142.6 | ||
Intercompany notes payable | 0 | 0 | ||
Total liabilities | 8,833.6 | 8,070.5 | ||
MCBC stockholders' equity | 12,686.6 | 13,419.4 | ||
Intercompany notes receivable | (1.1) | (1.1) | ||
Total stockholders' equity | 12,685.5 | 13,418.3 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 12,685.5 | 13,418.3 | ||
Total liabilities and equity | 21,519.1 | 21,488.8 | ||
Subsidiary Guarantors [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 363.2 | 364.4 | ||
Current assets: | ||||
Cash and cash equivalents | 98.3 | 119.6 | 26.5 | 156.1 |
Accounts receivable, net | 353.2 | 396.3 | ||
Other receivables, net | 59.1 | 58.4 | ||
Total inventories, net | 513.2 | 449.1 | ||
Other current assets, net | 168.9 | 126 | ||
Intercompany accounts receivable | 303.5 | 190 | ||
Total current assets | 1,496.2 | 1,339.4 | ||
Properties, net | 3,207.7 | 3,294.7 | ||
Goodwill | 6,129.9 | 6,146.5 | ||
Other intangibles, net | 11,515.1 | 11,750.6 | ||
Net investment in and advances to subsidiaries | 8,104.6 | 8,364.9 | ||
Total assets | 30,816.7 | 31,260.5 | ||
Accounts payable and other current liabilities | 1,662.8 | 1,722 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 386.1 | 415.1 | ||
Intercompany accounts payable | 201.4 | 150.7 | ||
Total current liabilities | 2,250.3 | 2,287.8 | ||
Long-term debt | 720.8 | 779.1 | ||
Pension and postretirement benefits | 673.1 | 695.5 | ||
Deferred tax liabilities | 1,529.3 | 1,593.3 | ||
Other Liabilities, Noncurrent | 185.8 | 172.2 | ||
Intercompany notes payable | 3,555.7 | 0 | ||
Total liabilities | 8,915 | 5,527.9 | ||
MCBC stockholders' equity | 25,490.7 | 25,796.5 | ||
Intercompany notes receivable | (3,589) | (63.9) | ||
Total stockholders' equity | 21,901.7 | 25,732.6 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 21,901.7 | 25,732.6 | ||
Total liabilities and equity | 30,816.7 | 31,260.5 | ||
Subsidiary Non Guarantors [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 395 | 417.9 | ||
Current assets: | ||||
Cash and cash equivalents | 270.5 | 388.1 | 196.2 | 386 |
Accounts receivable, net | 284.6 | 318.5 | ||
Other receivables, net | 31.9 | 32.7 | ||
Total inventories, net | 168.3 | 166.8 | ||
Other current assets, net | 111.1 | 95.8 | ||
Intercompany accounts receivable | 100.3 | 14.9 | ||
Total current assets | 966.7 | 1,016.8 | ||
Properties, net | 1,175.6 | 1,232 | ||
Goodwill | 1,409.1 | 1,484.9 | ||
Other intangibles, net | 1,786.5 | 1,901.4 | ||
Net investment in and advances to subsidiaries | 4,228.2 | 4,497.9 | ||
Total assets | 9,961.1 | 10,550.9 | ||
Accounts payable and other current liabilities | 780.9 | 874.6 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 33.4 | 13.4 | ||
Intercompany accounts payable | 229.2 | 148.3 | ||
Total current liabilities | 1,043.5 | 1,036.3 | ||
Long-term debt | 74.8 | 80.1 | ||
Pension and postretirement benefits | 13.4 | 13.9 | ||
Deferred tax liabilities | 713.4 | 743.3 | ||
Other Liabilities, Noncurrent | 90 | 91.7 | ||
Intercompany notes payable | 3,590.1 | 65 | ||
Total liabilities | 5,525.2 | 2,030.3 | ||
MCBC stockholders' equity | 7,732.2 | 8,266.9 | ||
Intercompany notes receivable | (3,555.7) | 0 | ||
Total stockholders' equity | 4,176.5 | 8,266.9 | ||
Noncontrolling interests | 259.4 | 253.7 | ||
Total equity | 4,435.9 | 8,520.6 | ||
Total liabilities and equity | 9,961.1 | 10,550.9 | ||
Consolidated [Member] | ||||
Condensed financial statements | ||||
Other Assets, Noncurrent | 850.9 | 841.5 | ||
Current assets: | ||||
Cash and cash equivalents | 666.1 | 523.4 | $ 234.4 | $ 1,057.9 |
Accounts receivable, net | 637.8 | 714.8 | ||
Other receivables, net | 107.1 | 105.5 | ||
Total inventories, net | 681.5 | 615.9 | ||
Other current assets, net | 280 | 224.8 | ||
Intercompany accounts receivable | 0 | 0 | ||
Total current assets | 2,372.5 | 2,184.4 | ||
Properties, net | 4,393.6 | 4,546.5 | ||
Goodwill | 7,539 | 7,631.4 | ||
Other intangibles, net | 13,305.1 | 13,656 | ||
Net investment in and advances to subsidiaries | 0 | 0 | ||
Total assets | 28,461.1 | 28,859.8 | ||
Accounts payable and other current liabilities | 2,558.4 | 2,767.3 | ||
Current liabilities: | ||||
Current portion of long-term debt and short-term borrowings | 1,445 | 928.2 | ||
Intercompany accounts payable | 0 | 0 | ||
Total current liabilities | 4,003.4 | 3,695.5 | ||
Long-term debt | 8,032.1 | 8,109.5 | ||
Pension and postretirement benefits | 693.9 | 716.6 | ||
Deferred tax liabilities | 2,184.2 | 2,258.6 | ||
Other Liabilities, Noncurrent | 601.5 | 406.5 | ||
Intercompany notes payable | 0 | 0 | ||
Total liabilities | 15,515.1 | 15,186.7 | ||
MCBC stockholders' equity | 12,686.6 | 13,419.4 | ||
Intercompany notes receivable | 0 | 0 | ||
Total stockholders' equity | 12,686.6 | 13,419.4 | ||
Noncontrolling interests | 259.4 | 253.7 | ||
Total equity | 12,946 | 13,673.1 | ||
Total liabilities and equity | $ 28,461.1 | $ 28,859.8 |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | $ (18.1) | $ (98.5) |
Cash flows from investing activities: | ||
Additions to properties | (225.1) | (198) |
Proceeds from sales of properties and other assets | 1.6 | 2.4 |
Other | 3.5 | 1 |
Net cash provided by (used in) investing activities | (220) | (194.6) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 4 | 0.6 |
Dividends paid | (123.4) | (88.7) |
Payments on debt and borrowings | (502.9) | (1,067.2) |
Proceeds on debt and borrowings | 1 | 0 |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 1,025.5 | 604.3 |
Change in overdraft balances and other | (5.5) | 16.2 |
Net cash provided by (used in) financing activities | 398.7 | (534.8) |
Cash and cash equivalents: | ||
Balance at beginning of year | 523.4 | |
Balance at end of period | 666.1 | |
Parent Company [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (60.8) | 32.6 |
Cash flows from investing activities: | ||
Additions to properties | (4) | (2.6) |
Proceeds from sales of properties and other assets | 0 | 0 |
Other | 3.2 | 0 |
Net intercompany investing activity | (72) | 9.4 |
Net cash provided by (used in) investing activities | (72.8) | 6.8 |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 4 | 0.6 |
Dividends paid | (113.4) | (81.4) |
Payments on debt and borrowings | (500) | (1,066.3) |
Proceeds on debt and borrowings | 0 | |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 1,025.5 | 603.4 |
Change in overdraft balances and other | (0.9) | (2.8) |
Net intercompany financing activity | 0 | 0 |
Net cash provided by (used in) financing activities | 415.2 | (546.5) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | 281.6 | (507.1) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 3 |
Balance at beginning of year | 15.7 | 515.8 |
Balance at end of period | 297.3 | 11.7 |
Subsidiary Guarantors [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | 145.8 | 70.2 |
Cash flows from investing activities: | ||
Additions to properties | (170.1) | (127.7) |
Proceeds from sales of properties and other assets | 0.5 | 1.4 |
Other | 0.1 | (0.3) |
Net intercompany investing activity | (3,617.1) | 4.1 |
Net cash provided by (used in) investing activities | (3,786.6) | (122.5) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | 0 | (29.5) |
Payments on debt and borrowings | (0.1) | (0.1) |
Proceeds on debt and borrowings | 0 | |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0 | 0 |
Change in overdraft balances and other | (34.3) | (4.7) |
Net intercompany financing activity | 3,659.7 | (46.2) |
Net cash provided by (used in) financing activities | 3,625.3 | (80.5) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (15.5) | (132.8) |
Effect of foreign exchange rate changes on cash and cash equivalents | (5.8) | 3.2 |
Balance at beginning of year | 119.6 | 156.1 |
Balance at end of period | 98.3 | 26.5 |
Subsidiary Non Guarantors [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (103.1) | (171.8) |
Cash flows from investing activities: | ||
Additions to properties | (51) | (67.7) |
Proceeds from sales of properties and other assets | 1.1 | 1 |
Other | 0.2 | 1.3 |
Net intercompany investing activity | (3,587.7) | 35.8 |
Net cash provided by (used in) investing activities | (3,637.4) | (29.6) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | (10) | (7.3) |
Payments on debt and borrowings | (2.8) | (0.8) |
Proceeds on debt and borrowings | 1 | |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0 | 0.9 |
Change in overdraft balances and other | 29.7 | 23.7 |
Net intercompany financing activity | 3,617.1 | (3.1) |
Net cash provided by (used in) financing activities | 3,635 | 13.4 |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | (105.5) | (188) |
Effect of foreign exchange rate changes on cash and cash equivalents | (12.1) | (1.8) |
Balance at beginning of year | 388.1 | 386 |
Balance at end of period | 270.5 | 196.2 |
Consolidated [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | (18.1) | (98.5) |
Cash flows from investing activities: | ||
Additions to properties | (225.1) | (198) |
Proceeds from sales of properties and other assets | 1.6 | 2.4 |
Other | 3.5 | 1 |
Net intercompany investing activity | 0 | 0 |
Net cash provided by (used in) investing activities | (220) | (194.6) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 4 | 0.6 |
Dividends paid | (123.4) | (88.7) |
Payments on debt and borrowings | (502.9) | (1,067.2) |
Proceeds on debt and borrowings | 1 | |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 1,025.5 | 604.3 |
Change in overdraft balances and other | (5.5) | 16.2 |
Net intercompany financing activity | 0 | 0 |
Net cash provided by (used in) financing activities | 398.7 | (534.8) |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | 160.6 | (827.9) |
Effect of foreign exchange rate changes on cash and cash equivalents | (17.9) | 4.4 |
Balance at beginning of year | 523.4 | 1,057.9 |
Balance at end of period | 666.1 | 234.4 |
Consolidation, Eliminations [Member] | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
Net cash provided by operating activities | 0 | (29.5) |
Cash flows from investing activities: | ||
Additions to properties | 0 | 0 |
Proceeds from sales of properties and other assets | 0 | 0 |
Other | 0 | 0 |
Net intercompany investing activity | 7,276.8 | (49.3) |
Net cash provided by (used in) investing activities | 7,276.8 | (49.3) |
Cash flows from financing activities: | ||
Exercise of stock options under equity compensation plans | 0 | 0 |
Dividends paid | 0 | 29.5 |
Payments on debt and borrowings | 0 | 0 |
Proceeds on debt and borrowings | 0 | |
Net proceeds from (payments on) revolving credit facilities and commercial paper | 0 | 0 |
Change in overdraft balances and other | 0 | 0 |
Net intercompany financing activity | (7,276.8) | 49.3 |
Net cash provided by (used in) financing activities | (7,276.8) | 78.8 |
Cash and cash equivalents: | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Balance at beginning of year | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |