Investments (Tables)

6 Months Ended

Jun. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information of MillerCoors

Summarized financial information for MillerCoors is as follows:

Condensed Balance Sheets



	As of
	June 30, 2012		December 31, 2011
	(In millions)
Current assets	$	1,040.0	$	810.9
Non-current assets	8,839.9		8,861.7
Total assets	$	9,879.9	$	9,672.6
Current liabilities	$	926.8	$	922.7
Non-current liabilities	1,392.3		1,471.3
Total liabilities	2,319.1		2,394.0
Noncontrolling interests	42.5		36.7
Owners' equity	7,518.3		7,241.9
Total liabilities and equity	$	9,879.9	$	9,672.6

Results of Operations



	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
	(In millions)
Net sales	$	2,224.0		$	2,132.3		$	3,983.8		$	3,831.4
Cost of goods sold	(1,311.8		)	(1,268.8		)	(2,381.8		)	(2,331.8		)
Gross profit	$	912.2		$	863.5		$	1,602.0		$	1,499.6
Operating income	$	444.4		$	406.4		$	723.4		$	645.1
Net income attributable to MillerCoors	$	438.3		$	398.7		$	713.6		$	633.4

MCBC's proportional share in MillerCoors of net income reported under the equity method

The following represents MCBC's proportional share in net income attributable to MillerCoors reported under the equity method:



	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	June 30, 2012			June 25, 2011			June 30, 2012			June 25, 2011
	(In millions, except percentages)
Net income attributable to MillerCoors	$	438.3		$	398.7		$	713.6		$	633.4
MCBC economic interest	42		%	42		%	42		%	42		%
MCBC proportionate share of MillerCoors net income	184.1			167.4			299.7			266.0
Amortization of the difference between MCBC contributed cost basis and proportional share of the underlying equity in net assets of MillerCoors(1)	1.5			2.5			1.9			4.9
Share-based compensation adjustment(2)	—			1.9			2.9			2.1
Equity income in MillerCoors	$	185.6		$	171.8		$	304.5		$	273.0

(1)

Our net investment in MillerCoors is based on the carrying values of the net assets contributed to the joint venture which is less than our proportional share of underlying equity (42%) of MillerCoors (contributed by both Coors Brewing Company ("CBC") and Miller Brewing Company ("Miller")) by approximately $587 million as of June 30, 2012. This difference, with the exception of goodwill and land, is being amortized as additional equity income over the remaining useful lives of the contributed long-lived amortizing assets. The current basis difference combined with the $35.0 million recorded in 2008 and 2009 related to differences resulting from accounting policy elections must be considered to reconcile MillerCoors equity to our investment in MillerCoors.

(2)

The net adjustment is to record all share-based compensation associated with pre-existing equity awards to be settled in Class B common stock held by former employees now employed by MillerCoors and to eliminate all share-based compensation impacts related to pre-existing SABMiller plc equity awards held by former Miller employees now employed by MillerCoors. As of the end of the second quarter of 2011, the share-based awards granted to former CBC employees now employed by MillerCoors became fully vested. As such, no further adjustments will be recorded related to these awards. We are still recording adjustments to eliminate the impacts related to the pre-existing SABMiller plc equity awards, which represent the amounts recorded in 2012.

Schedules of Consolidated Investments

The following summarizes the assets of our consolidated VIEs, including noncontrolling interests. None of our consolidated VIEs held debt as of June 30, 2012, or December 31, 2011.



	As of
	June 30, 2012		December 31, 2011
	Total assets
	(In millions)
Grolsch	$	16.3	$	20.4
Cobra U.K.	$	29.8	$	31.6

The following summarizes the results of operations of our consolidated VIEs (including noncontrolling interests).



	Thirteen Weeks Ended								Twenty-Six Weeks Ended
	June 30, 2012				June 25, 2011				June 30, 2012				June 25, 2011
	Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income
	(In millions)
Grolsch(1)	$	6.4	$	0.9	$	7.7	$	1.9	$	11.6	$	1.7	$	12.9	$	2.6
Cobra U.K.	$	10.8	$	1.7	$	10.3	$	2.1	$	19.0	$	2.1	$	18.6	$	3.1


(1)	Substantially all such sales for Grolsch are made to us and as such, are eliminated in consolidation.

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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