Investments (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

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

Summarized financial information for MillerCoors is as follows:

Condensed Balance Sheets



	As of
	December 31, 2014		December 31, 2013
	(In millions)
Current assets	$	795.3	$	798.4
Non-current assets	9,047.4		8,989.3
Total assets	$	9,842.7	$	9,787.7
Current liabilities	$	1,061.3	$	950.1
Non-current liabilities	1,578.8		1,346.2
Total liabilities	2,640.1		2,296.3
Noncontrolling interests	23.5		20.7
Owners' equity	7,179.1		7,470.7
Total liabilities and equity	$	9,842.7	$	9,787.7

The following represents our proportionate share in MillerCoors' equity and reconciliation to our investment in MillerCoors:



	As of
	December 31, 2014			December 31, 2013
	(In millions, except percentages)
MillerCoors owners' equity	$	7,179.1		$	7,470.7
MCBC economic interest	42		%	42		%
MCBC proportionate share in MillerCoors' equity	3,015.2			3,137.7
Difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors⁽¹⁾	(661.6		)	(666.2		)
Accounting policy elections	35.0			35.0
Investment in MillerCoors	$	2,388.6		$	2,506.5

(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 proportionate share of underlying equity (42%) of MillerCoors (contributed by both Coors Brewing Company ("CBC") and Miller Brewing Company ("Miller")). This basis difference, with the exception of certain non-amortizing items (goodwill, land, etc.), is being amortized as additional equity income over the remaining useful lives of the contributed long-lived amortizing assets.

Results of Operations



	For the years ended
	December 31, 2014			December 31, 2013			December 31, 2012
	(In millions)
Net sales	$	7,848.4		$	7,800.8		$	7,761.1
Cost of goods sold	(4,743.8		)	(4,723.7		)	(4,689.7		)
Gross profit	$	3,104.6		$	3,077.1		$	3,071.4
Operating income⁽¹⁾	$	1,347.3		$	1,287.4		$	1,211.1
Net income attributable to MillerCoors⁽¹⁾	$	1,326.2		$	1,270.5		$	1,190.9

(1)

Results for 2014 include special charges related to restructuring activities of $1.4 million. Results for 2013 include special charges related to restructuring activities and asset write-offs of $17.2 million and $2.6 million, respectively. Results for 2012 include special charges of $31.8 million primarily due to the write-down of assets related to discontinuing the production of the Home Draft package in the U.S. and the write-down of information systems assets related to a business transformation project.

The following represents our proportionate share in net income attributable to MillerCoors reported under the equity method:



	For the years ended
	December 31, 2014			December 31, 2013			December 31, 2012
	(In millions, except percentages)
Net income attributable to MillerCoors	$	1,326.2		$	1,270.5		$	1,190.9
MCBC economic interest	42		%	42		%	42		%
MCBC proportionate share of MillerCoors net income	557.0			533.6			500.2
Amortization of the difference between MCBC contributed cost basis and proportionate share of the underlying equity in net assets of MillerCoors	4.6			4.6			4.9
Share-based compensation adjustment⁽¹⁾	0.2			0.8			5.8
Equity income in MillerCoors	$	561.8		$	539.0		$	510.9


(1)	The net adjustment is to eliminate all share-based compensation impacts related to pre-existing SABMiller plc equity awards held by former Miller employees employed by MillerCoors.

Summary of Transactions with MillerCoors

The following table summarizes our transactions with MillerCoors:



	For the years ended
	December 31, 2014		December 31, 2013		December 29, 2012
	(In millions)
Beer sales to MillerCoors	$	13.1	$	16.6	$	18.9
Beer purchases from MillerCoors	$	37.3	$	19.2	$	13.1
Service agreement costs and other charges to MillerCoors	$	2.4	$	2.5	$	3.7
Service agreement costs and other charges from MillerCoors	$	1.0	$	1.1	$	1.2

Assets and Results of Operation of Consolidated Investments

The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests).



	As of
	December 31, 2014				December 31, 2013
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Grolsch	$	6.8	$	2.9	$	5.6	$	1.7
Cobra U.K.	$	31.0	$	0.8	$	36.5	$	1.9