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Supplemental Guarantor Information
9 Months Ended
Sep. 24, 2011
Supplemental Guarantor Information [Abstract] 
Supplemental Guarantor Information
Supplemental Guarantor Information
        For purposes of this Note 17, including the tables, the following terms shall mean:
        "Parent Guarantor and 2007 Issuer" shall mean MCBC; "2002 Issuer" shall mean CBC; "2005 Issuers and 2010 Issuer" shall mean collectively Molson Coors International, LP and Molson Coors Capital Finance ULC.
On June 15, 2007, MCBC issued $575 million of 2.5% Convertible Senior Notes due July 30, 2013, in a registered offering (see Note 12, "Debt"). The convertible notes are guaranteed on a senior unsecured basis by CBC, Molson Coors International, LP ("MCI LP"), Molson Coors Capital Finance ULC ("MC Capital Finance") and certain U.S. and Canadian subsidiaries of MCBC, including Molson Canada 2005 ("Subsidiary Guarantors").
On May 7, 2002, CBC completed a public offering of $850 million principal amount of 6.375% Senior notes due 2012. As of September 24, 2011, $44.6 million remain outstanding and are guaranteed on a senior and unsecured basis by MCBC, MCI LP, MC Capital Finance, and the Subsidiary Guarantors. The guarantees are full and unconditional and joint and several.
On September 22, 2005, MCI LP and MC Capital Finance completed a public offering of $1.1 billion principal amount of Senior notes composed of $300 million 4.85% notes due 2010 and CAD 900 million 5.00% notes due 2015. During the third quarter of 2010, the $300 million 4.85% notes were repaid in full. Subsequently on October 6, 2010, MCI LP completed a private placement in Canada of CAD 500 million 3.95% fixed rate Series A Notes due 2017. Although MC Capital Finance was not a co-issuer on the 2010 notes, it continues to be presented with MCI LP as MC Capital Finance is an inactive entity with no activity or any remaining significant assets or liabilities which would require separate presentation. Both the remaining CAD 900 million September 22, 2005 notes and the 2010 Series A Notes are guaranteed on a senior and unsecured basis by MCBC, CBC, and Subsidiary Guarantors, and for the 2010 Series A Notes, MC Capital Finance. The guarantees are full and unconditional and joint and several. Funds necessary to meet the debt service obligations of MCI LP and MC Capital Finance are provided in large part by distributions or advances from MCBC's other subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as our financial condition and operating requirements, could limit the ability of MCI LP and MC Capital Finance to obtain cash for the purpose of meeting its debt service obligation, including the payment of principal and interest on the notes.
On December 25, 2010, CBC transferred its equity method investment in MillerCoors to MC Holding Company LLC, a newly created wholly-owned subsidiary of MCBC and a guarantor of the notes as well as the 2010 senior notes. As a result of the transfer, the investment in MillerCoors is presented in the column "Subsidiary Guarantors" at December 25, 2010, and all results of operations and cash flows related to the investment in MillerCoors subsequent to December 25, 2010, are presented in that column. The transfer of the investment between the 2002 Issuer and Subsidiary Guarantor categories does not negatively affect the holders of the notes or the holders of the 2010 senior notes as both the prior holder of the MillerCoors investment, CBC, and the current holder, MC Holding Company LLC, are joint and severally liable under the notes and the 2010 senior notes by virtue of their status as issuer or guarantor.
During the third quarter of 2011, we identified that our historical treatment of intercompany distributions within the consolidating guarantor statements of operations ("GSOs") was inappropriate. These distributions represented a return of capital and therefore should not have been reflected in our GSOs. As such, our GSOs reflect the revised treatment. Our prior period GSOs will also be revised prospectively to present the comparative information consistent with the revised treatment. While consolidated totals are not impacted, the amounts presented in our historical GSOs have been retrospectively adjusted to conform to the current year treatment to allow for comparative information within the GSOs as follows:
Condensed Consolidating Statements of Operations
 
 
 
 
 
 
 
June 25, 2011
 
As previously reported
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Equity income (loss) in subsidiaries, 13 weeks ended
$
223.2

$
83.7

$
12.0

$
21.6

$
128.2

$
(468.7
)
$
—

Equity income (loss) in subsidiaries, 26 weeks ended
$
409.1

$
85.3

$
(52.3
)
$
(114.4
)
$
182.7

$
(510.4
)
$
—

Interest income (expense), net, 13 weeks ended
$
(8.4
)
$
11.8

$
(8.9
)
$
203.4

$
(225.6
)
$
—

$
(27.7
)
Interest income (expense), net, 26 weeks ended
$
(16.8
)
$
23.7

$
2.4

$
272.4

$
(336.2
)
$
—

$
(54.5
)
Other income (expense), net, 13 weeks ended
$
(0.1
)
$
(2.0
)
$
—

$
0.3

$
118.0

$
(118.0
)
$
(1.8
)
Other income (expense), net, 26 weeks ended
$
1.3

$
100.8

$
(0.1
)
$
0.3

$
117.2

$
(222.0
)
$
(2.5
)
Income (loss) from continuing operations before income taxes, 13 weeks ended
$
190.4

$
126.1

$
3.1

$
523.6

$
15.4

$
(590.1
)
$
268.5

Income (loss) from continuing operations before income taxes, 26 weeks ended
$
342.4

$
267.1

$
(50.0
)
$
608.5

$
(65.5
)
$
(735.5
)
$
367.0

Net income (loss) attributable to MCBC, 13 weeks ended
$
222.8

$
56.5

$
26.9

$
488.7

$
18.0

$
(590.1
)
$
222.8

Net income (loss) attributable to MCBC, 26 weeks ended
$
305.7

$
245.3

$
(42.7
)
$
597.7

$
(64.8
)
$
(735.5
)
$
305.7

 
June 25, 2011
 
As adjusted
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Equity income (loss) in subsidiaries, 13 weeks ended
$
223.2

$
83.7

$
22.7

$
(96.4
)
$
128.2

$
(361.4
)
$
—

Equity income (loss) in subsidiaries, 26 weeks ended
$
409.1

$
85.3

$
(41.6
)
$
(232.4
)
$
182.7

$
(403.1
)
$
—

Interest income (expense), net, 13 weeks ended
$
(8.4
)
$
11.8

$
(8.9
)
$
68.0

$
(90.5
)
$
0.3

$
(27.7
)
Interest income (expense), net, 26 weeks ended
$
(16.8
)
$
23.7

$
2.4

$
137.0

$
(201.1
)
$
0.3

$
(54.5
)
Other income (expense), net, 13 weeks ended
$
(0.1
)
$
(2.0
)
$
—

$
0.3

$
—

$
—

$
(1.8
)
Other income (expense), net, 26 weeks ended
$
1.3

$
(3.2
)
$
(0.1
)
$
0.3

$
(0.8
)
$
—

$
(2.5
)
Income (loss) from continuing operations before income taxes, 13 weeks ended
$
190.4

$
126.1

$
13.8

$
270.2

$
32.5

$
(364.5
)
$
268.5

Income (loss) from continuing operations before income taxes, 26 weeks ended
$
342.4

$
163.1

$
(39.3
)
$
355.1

$
(48.4
)
$
(405.9
)
$
367.0

Net income (loss) attributable to MCBC, 13 weeks ended
$
222.8

$
56.5

$
37.6

$
235.3

$
35.1

$
(364.5
)
$
222.8

Net income (loss) attributable to MCBC, 26 weeks ended
$
305.7

$
141.3

$
(32.0
)
$
344.3

$
(47.7
)
$
(405.9
)
$
305.7

Condensed Consolidating Statement of Operations
 
 
 
 
 
 
 
March 26, 2011
 
As previously reported
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Other income (expense), net, 13 weeks ended
$
1.4

$
102.8

$
(0.1
)
$
—

$
(0.8
)
$
(104.0
)
$
(0.7
)
Income (loss) from continuing operations before income taxes, 13 weeks ended
$
152.0

$
141.0

$
(53.1
)
$
84.9

$
(80.9
)
$
(145.4
)
$
98.5

Net income (loss) attributable to MCBC, 13 weeks ended
$
82.9

$
188.8

$
(69.6
)
$
109.0

$
(82.8
)
$
(145.4
)
$
82.9

 
March 26, 2011
 
As adjusted
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Other income (expense), net, 13 weeks ended
$
1.4

$
(1.2
)
$
(0.1
)
$
—

$
(0.8
)
$
—

$
(0.7
)
Income (loss) from continuing operations before income taxes, 13 weeks ended
$
152.0

$
37.0

$
(53.1
)
$
84.9

$
(80.9
)
$
(41.4
)
$
98.5

Net income (loss) attributable to MCBC, 13 weeks ended
$
82.9

$
84.8

$
(69.6
)
$
109.0

$
(82.8
)
$
(41.4
)
$
82.9

Consolidating Statement of Operations
 
 
 
 
 
 
 
 
December 25, 2010
 
As previously reported
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Other income (expense), net, 52 weeks ended
$
91.6

$
(3.5
)
$
—

$
1.4

$
406.0

$
(451.6
)
$
43.9

Income (loss) from continuing operations before income taxes, 52 weeks ended
$
696.0

$
871.7

$
33.3

$
320.2

$
419.8

$
(1,532.0
)
$
809.0

Net income (loss) attributable to MCBC, 52 weeks ended
$
707.7

$
772.7

$
11.7

$
292.9

$
454.7

$
(1,532.0
)
$
707.7

 
December 25, 2010
 
As adjusted
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Other income (expense), net, 52 weeks ended
$
55.3

$
(3.5
)
$
—

$
1.4

$
(9.3
)
$
—

$
43.9

Income (loss) from continuing operations before income taxes, 52 weeks ended
$
659.7

$
871.7

$
33.3

$
320.2

$
4.5

$
(1,080.4
)
$
809.0

Net income (loss) attributable to MCBC, 52 weeks ended
$
671.4

$
772.7

$
11.7

$
292.9

$
39.4

$
(1,080.4
)
$
707.7

Consolidating Statement of Operations
 
 
 
 
 
 
 
 
December 26, 2009
 
As previously reported
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Interest income (expense), net, 52 weeks ended
$
(66.3
)
$
42.8

$
(154.5
)
$
155.8

$
60.1

$
(123.8
)
$
(85.9
)
Income (loss) from continuing operations before income taxes, 52 weeks ended
$
725.8

$
833.0

$
162.5

$
337.8

$
455.3

$
(1,796.9
)
$
717.5

Net income (loss) attributable to MCBC, 52 weeks ended
$
720.4

$
773.8

$
132.1

$
349.5

$
541.5

$
(1,796.9
)
$
720.4

 
December 26, 2009
 
As adjusted
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Interest income (expense), net, 52 weeks ended
$
(66.3
)
$
42.8

$
(154.5
)
$
155.8

$
(100.8
)
$
37.1

$
(85.9
)
Income (loss) from continuing operations before income taxes, 52 weeks ended
$
725.8

$
833.0

$
162.5

$
337.8

$
294.4

$
(1,636.0
)
$
717.5

Net income (loss) attributable to MCBC, 52 weeks ended
$
720.4

$
773.8

$
132.1

$
349.5

$
380.6

$
(1,636.0
)
$
720.4

Consolidating Statement of Operations
 
 
 
 
 
 
 
 
December 28, 2008
 
As previously reported
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Interest income (expense), net, 52 weeks ended
$
(27.5
)
$
45.2

$
(31.4
)
$
58.7

$
(8.8
)
$
(150.4
)
$
(114.2
)
Income (loss) from continuing operations before income taxes, 52 weeks ended
$
466.2

$
569.1

$
55.4

$
74.6

$
254.1

$
(920.0
)
$
499.4

Net income (loss) attributable to MCBC, 52 weeks ended
$
378.7

$
591.0

$
3.8

$
103.0

$
222.2

$
(920.0
)
$
378.7

 
December 28, 2008
 
As adjusted
 
(In millions)
 
Parent Guarantor and 2007 Issuer
2002 Issuer
2005 Issuers and 2010 Issuer
Subsidiary Guarantors
Subsidiary Non Guarantors
Eliminations
Consolidated
Interest income (expense), net, 52 weeks ended
$
(27.5
)
$
45.2

$
(31.4
)
$
58.7

$
(146.5
)
$
(12.7
)
$
(114.2
)
Income (loss) from continuing operations before income taxes, 52 weeks ended
$
466.2

$
569.1

$
55.4

$
74.6

$
116.4

$
(782.3
)
$
499.4

Net income (loss) attributable to MCBC, 52 weeks ended
$
378.7

$
591.0

$
3.8

$
103.0

$
84.5

$
(782.3
)
$
378.7


The following information sets forth the Condensed Consowlidating Statements of Operations for the 13 and 39 weeks ended September 24, 2011, and September 25, 2010, Condensed Consolidating Balance Sheets as of September 24, 2011, and December 25, 2010, and Condensed Consolidating Statements of Cash Flows for the 39 weeks ended September 24, 2011, and September 25, 2010. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the Parent Guarantor, each of the issuers and all of our guarantor and non-guarantor subsidiaries are reflected in the eliminations column. In the opinion of management, separate complete financial statements of MCBC, CBC, MCI LP, MC Capital Finance, and the Subsidiary Guarantors would not provide additional material information that would be useful in assessing their financial composition.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 24, 2011
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
6.7

 
$
57.6

 
$
—

 
$
783.3

 
$
612.0

 
$
(65.7
)
 
$
1,393.9

Excise taxes
—

 
—

 
—

 
(192.0
)
 
(247.5
)
 
—

 
(439.5
)
Net sales
6.7

 
57.6

 
—

 
591.3

 
364.5

 
(65.7
)
 
954.4

Cost of goods sold
—

 
(8.4
)
 
—

 
(315.1
)
 
(290.3
)
 
63.3

 
(550.5
)
Gross profit
6.7

 
49.2

 
—

 
276.2

 
74.2

 
(2.4
)
 
403.9

Marketing, general and administrative expenses
(24.5
)
 
(11.1
)
 
—

 
(126.7
)
 
(94.1
)
 
8.2

 
(248.2
)
Special items, net
(0.1
)
 
—

 
—

 
(0.4
)
 
0.4

 
—

 
(0.1
)
Equity income (loss) in subsidiaries
230.8

 
111.5

 
45.1

 
(115.6
)
 
152.5

 
(424.3
)
 
—

Equity income in MillerCoors
—

 
—

 
—

 
99.4

 
—

 
—

 
99.4

Operating income (loss)
212.9

 
149.6

 
45.1

 
132.9

 
133.0

 
(418.5
)
 
255.0

Interest income (expense), net
(8.4
)
 
11.5

 
4.3

 
68.5

 
(103.2
)
 
—

 
(27.3
)
Other income (expense), net
(0.4
)
 
4.9

 
—

 
(7.9
)
 
1.1

 
—

 
(2.3
)
Income (loss) from continuing operations before income taxes
204.1

 
166.0

 
49.4

 
193.5

 
30.9

 
(418.5
)
 
225.4

Income tax benefit (expense)
(6.7
)
 
(16.2
)
 
5.5

 
(8.1
)
 
(5.6
)
 
—

 
(31.1
)
Net income (loss) from continuing operations
197.4

 
149.8

 
54.9

 
185.4

 
25.3

 
(418.5
)
 
194.3

Income (loss) from discontinued operations, net of tax
—

 
—

 
—

 
—

 
2.7

 
—

 
2.7

Net income (loss) including noncontrolling interests
197.4

 
149.8

 
54.9

 
185.4

 
28.0

 
(418.5
)
 
197.0

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
0.4

 
—

 
0.4

Net income (loss) attributable to MCBC
$
197.4

 
$
149.8

 
$
54.9

 
$
185.4

 
$
28.4

 
$
(418.5
)
 
$
197.4


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTEEN WEEKS ENDED SEPTEMBER 25, 2010
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
7.9

 
$
56.2

 
$
—

 
$
708.9

 
$
550.2

 
$
(63.1
)
 
$
1,260.1

Excise taxes
—

 
—

 
—

 
(176.3
)
 
(208.8
)
 
—

 
(385.1
)
Net sales
7.9

 
56.2

 
—

 
532.6

 
341.4

 
(63.1
)
 
875.0

Cost of goods sold
—

 
(10.7
)
 
—

 
(248.8
)
 
(253.1
)
 
55.2

 
(457.4
)
Gross profit
7.9

 
45.5

 
—

 
283.8

 
88.3

 
(7.9
)
 
417.6

Marketing, general and administrative expenses
(27.2
)
 
(8.0
)
 
—

 
(124.9
)
 
(96.9
)
 
8.1

 
(248.9
)
Special items, net
(0.3
)
 
—

 
—

 
(14.4
)
 
11.6

 
—

 
(3.1
)
Equity income (loss) in subsidiaries
231.8

 
104.8

 
37.9

 
(117.0
)
 
144.7

 
(402.2
)
 
—

Equity income in MillerCoors
—

 
135.3

 
—

 
—

 
—

 
—

 
135.3

Operating income (loss)
212.2

 
277.6

 
37.9

 
27.5

 
147.7

 
(402.0
)
 
300.9

Interest income (expense), net
(8.3
)
 
12.1

 
(21.9
)
 
132.6

 
(138.4
)
 
—

 
(23.9
)
Other income (expense), net
42.5

 
(0.8
)
 
—

 
0.2

 
(0.3
)
 
—

 
41.6

Income (loss) from continuing operations before income taxes
246.4

 
288.9

 
16.0

 
160.3

 
9.0

 
(402.0
)
 
318.6

Income tax benefit (expense)
9.7

 
(57.7
)
 
21.1

 
(23.5
)
 
(10.3
)
 
—

 
(60.7
)
Net income (loss) from continuing operations
256.1

 
231.2

 
37.1

 
136.8

 
(1.3
)
 
(402.0
)
 
257.9

Income (loss) from discontinued operations, net of tax
—

 
—

 
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Net income (loss) including noncontrolling interests
256.1

 
231.2

 
37.1

 
136.8

 
(2.2
)
 
(402.0
)
 
257.0

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Net income (loss) attributable to MCBC
$
256.1

 
$
231.2

 
$
37.1

 
$
136.8

 
$
(3.1
)
 
$
(402.0
)
 
$
256.1

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 24, 2011
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
20.5

 
$
158.2

 
$
—

 
$
2,030.0

 
$
1,743.6

 
$
(178.0
)
 
$
3,774.3

Excise taxes
—

 
—

 
—

 
(493.5
)
 
(702.4
)
 
—

 
(1,195.9
)
Net sales
20.5

 
158.2

 
—

 
1,536.5

 
1,041.2

 
(178.0
)
 
2,578.4

Cost of goods sold
—

 
(32.2
)
 
—

 
(831.7
)
 
(799.0
)
 
161.3

 
(1,501.6
)
Gross profit
20.5

 
126.0

 
—

 
704.8

 
242.2

 
(16.7
)
 
1,076.8

Marketing, general and administrative expenses
(89.0
)
 
(30.6
)
 
—

 
(367.8
)
 
(291.1
)
 
19.4

 
(759.1
)
Special items, net
(0.6
)
 
—

 
—

 
(10.7
)
 
0.2

 
—

 
(11.1
)
Equity income (loss) in subsidiaries
639.9

 
196.8

 
3.5

 
(348.0
)
 
335.2

 
(827.4
)
 
—

Equity income in MillerCoors
—

 
—

 
—

 
372.4

 
—

 
—

 
372.4

Operating income (loss)
570.8

 
292.2

 
3.5

 
350.7

 
286.5

 
(824.7
)
 
679.0

Interest income (expense), net
(25.2
)
 
35.2

 
6.7

 
205.5

 
(304.3
)
 
0.3

 
(81.8
)
Other income (expense), net
0.9

 
1.7

 
(0.1
)
 
(7.6
)
 
0.3

 
—

 
(4.8
)
Income (loss) from continuing operations before income taxes
546.5

 
329.1

 
10.1

 
548.6

 
(17.5
)
 
(824.4
)
 
592.4

Income tax benefit (expense)
(43.4
)
 
(38.0
)
 
12.8

 
(18.9
)
 
(2.9
)
 
—

 
(90.4
)
Net income (loss) from continuing operations
503.1

 
291.1

 
22.9

 
529.7

 
(20.4
)
 
(824.4
)
 
502.0

Income (loss) from discontinued operations, net of tax
—

 
—

 
—

 
—

 
1.5

 
—

 
1.5

Net income (loss) including noncontrolling interests
503.1

 
291.1

 
22.9

 
529.7

 
(18.9
)
 
(824.4
)
 
503.5

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Net income (loss) attributable to MCBC
$
503.1

 
$
291.1

 
$
22.9

 
$
529.7

 
$
(19.3
)
 
$
(824.4
)
 
$
503.1

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 25, 2010
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
16.6

 
$
154.0

 
$
—

 
$
1,909.7

 
$
1,577.4

 
$
(168.0
)
 
$
3,489.7

Excise taxes
—

 
—

 
—

 
(457.9
)
 
(612.5
)
 
—

 
(1,070.4
)
Net sales
16.6

 
154.0

 
—

 
1,451.8

 
964.9

 
(168.0
)
 
2,419.3

Cost of goods sold
—

 
(35.4
)
 
—

 
(732.4
)
 
(720.0
)
 
151.2

 
(1,336.6
)
Gross profit
16.6

 
118.6

 
—

 
719.4

 
244.9

 
(16.8
)
 
1,082.7

Marketing, general and administrative expenses
(88.7
)
 
(25.7
)
 
—

 
(364.9
)
 
(286.4
)
 
18.1

 
(747.6
)
Special items, net
(1.0
)
 
—

 
—

 
(17.4
)
 
(3.1
)
 
—

 
(21.5
)
Equity income (loss) in subsidiaries
606.7

 
239.5

 
80.3

 
(296.8
)
 
338.4

 
(968.1
)
 
—

Equity income in MillerCoors
—

 
389.9

 
—

 
—

 
—

 
—

 
389.9

Operating income (loss)
533.6

 
722.3

 
80.3

 
40.3

 
293.8

 
(966.8
)
 
703.5

Interest income (expense), net
(25.0
)
 
36.6

 
(58.4
)
 
290.3

 
(317.1
)
 
(0.1
)
 
(73.7
)
Other income (expense), net
62.5

 
(2.4
)
 
(0.1
)
 
0.8

 
(6.4
)
 
—

 
54.4

Income (loss) from continuing operations before income taxes
571.1

 
756.5

 
21.8

 
331.4

 
(29.7
)
 
(966.9
)
 
684.2

Income tax benefit (expense)
26.8

 
(151.5
)
 
56.8

 
(56.4
)
 
(0.3
)
 
—

 
(124.6
)
Net income (loss) from continuing operations
597.9

 
605.0

 
78.6

 
275.0

 
(30.0
)
 
(966.9
)
 
559.6

Income (loss) from discontinued operations, net of tax
—

 
—

 
—

 
—

 
41.1

 
—

 
41.1

Net income (loss) including noncontrolling interests
597.9

 
605.0

 
78.6

 
275.0

 
11.1

 
(966.9
)
 
600.7

Add back (less): Loss (net income) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
(2.8
)
 
—

 
(2.8
)
Net income (loss) attributable to MCBC
$
597.9

 
$
605.0

 
$
78.6

 
$
275.0

 
$
8.3

 
$
(966.9
)
 
$
597.9


MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF SEPTEMER 24, 2011
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
603.9

 
$
—

 
$
—

 
$
305.4

 
$
77.9

 
$
—

 
$
987.2

Accounts receivable, net
1.7

 
5.4

 
—

 
190.7

 
376.2

 
—

 
574.0

Other receivables, net
27.4

 
41.8

 
—

 
34.7

 
45.8

 
—

 
149.7

Total inventories, net
—

 
—

 
—

 
88.6

 
112.5

 
—

 
201.1

Other assets, net
5.8

 
4.2

 
—

 
36.0

 
38.9

 
—

 
84.9

Deferred tax assets
—

 
—

 
—

 
0.4

 
1.1

 
(1.2
)
 
0.3

Discontinued operations
—

 
—

 
—

 
—

 
0.3

 
—

 
0.3

Intercompany accounts receivable
—

 
—

 
563.9

 
1,609.4

 
807.9

 
(2,981.2
)
 
—

Total current assets
638.8

 
51.4

 
563.9

 
2,265.2

 
1,460.6

 
(2,982.4
)
 
1,997.5

Properties, net
28.7

 
7.4

 
—

 
818.7

 
510.8

 
—

 
1,365.6

Goodwill
—

 
11.4

 
—

 
358.7

 
1,129.6

 
—

 
1,499.7

Other intangibles, net
—

 
37.9

 
—

 
4,131.0

 
397.1

 
—

 
4,566.0

Investment in MillerCoors
—

 
—

 
—

 
2,589.7

 
—

 
—

 
2,589.7

Net investment in and advances to subsidiaries
8,027.1

 
4,609.2

 
2,021.2

 
—

 
5,110.5

 
(19,768.0
)
 
—

Deferred tax assets
217.8

 
102.1

 
6.9

 
9.6

 
0.1

 
(118.9
)
 
217.6

Other assets, net
20.2

 
15.8

 
5.1

 
78.4

 
74.3

 
—

 
193.8

Total assets
$
8,932.6

 
$
4,835.2

 
$
2,597.1

 
$
10,251.3

 
$
8,683.0

 
$
(22,869.3
)
 
$
12,429.9

Liabilities and equity
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
11.2

 
$
1.7

 
$
—

 
$
102.3

 
$
146.6

 
$
—

 
$
261.8

Accrued expenses and other liabilities, net
25.9

 
19.5

 
9.5

 
247.7

 
320.7

 
—

 
623.3

Derivative hedging instruments
—

 
12.4

 
—

 
91.6

 
—

 
—

 
104.0

Deferred tax liability
153.7

 
—

 
—

 
—

 
83.8

 
(1.2
)
 
236.3

Current portion of long-term debt and short-term borrowings
—

 
44.8

 
—

 
—

 
1.6

 
—

 
46.4

Discontinued operations
—

 
—

 
—

 
—

 
13.7

 
—

 
13.7

Intercompany accounts payable
290.9

 
14.2

 
550.1

 
1,142.8

 
983.2

 
(2,981.2
)
 
—

Total current liabilities
481.7

 
92.6

 
559.6

 
1,584.4

 
1,549.6

 
(2,982.4
)
 
1,285.5

Long-term debt
541.7

 
—

 
1,359.6

 
—

 
—

 
—

 
1,901.3

Derivative hedging instruments
—

 
21.4

 
—

 
176.8

 
—

 
—

 
198.2

Net investment in and advances to subsidiaries
—

 
—

 
—

 
876.8

 
—

 
(876.8
)
 
—

Deferred tax liability
—

 
102.2

 
2.0

 
—

 
441.1

 
(118.9
)
 
426.4

Other liabilities, net
12.2

 
17.3

 
2.9

 
353.3

 
271.7

 
—

 
657.4

Discontinued operations
—

 
—

 
—

 
—

 
22.3

 
—

 
22.3

Intercompany notes payable
—

 
—

 
3,532.5

 
5,054.3

 
4,479.6

 
(13,066.4
)
 
—

Total liabilities
1,035.6

 
233.5

 
5,456.6

 
8,045.6

 
6,764.3

 
(17,044.5
)
 
4,491.1

MCBC stockholders' equity
7,898.9

 
5,253.5

 
1,580.5

 
10,178.4

 
1,876.9

 
(18,891.2
)
 
7,897.0

Intercompany notes receivable
(1.9
)
 
(651.8
)
 
(4,440.0
)
 
(7,972.7
)
 
—

 
13,066.4

 
—

Total stockholders' equity
7,897.0

 
4,601.7

 
(2,859.5
)
 
2,205.7

 
1,876.9

 
(5,824.8
)
 
7,897.0

Noncontrolling interests
—

 
—

 
—

 
—

 
41.8

 
—

 
41.8

Total equity
7,897.0

 
4,601.7

 
(2,859.5
)
 
2,205.7

 
1,918.7

 
(5,824.8
)
 
7,938.8

Total liabilities and equity
$
8,932.6

 
$
4,835.2

 
$
2,597.1

 
$
10,251.3

 
$
8,683.0

 
$
(22,869.3
)
 
$
12,429.9

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
AS OF DECEMBER 25, 2010
(IN MILLIONS)
(UNAUDITED)
 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
832.0

 
$
7.0

 
$
0.8

 
$
189.3

 
$
188.5

 
$
—

 
$
1,217.6

Accounts receivable, net
—

 
4.2

 
—

 
208.9

 
358.5

 
(0.8
)
 
570.8

Other receivables, net
17.2

 
32.7

 
—

 
17.8

 
91.0

 
—

 
158.7

Total inventories, net
—

 
—

 
—

 
93.3

 
101.7

 
—

 
195.0

Other assets, net
4.4

 
1.8

 
—

 
36.2

 
35.8

 
—

 
78.2

Deferred tax assets
—

 
—

 
—

 
—

 
1.0

 
(1.0
)
 
—

Discontinued operations
—

 
—

 
—

 
—

 
0.6

 
—

 
0.6

Intercompany accounts receivable
16.3

 
18.9

 
139.5

 
365.8

 
692.3

 
(1,232.8
)
 
—

Total current assets
869.9

 
64.6

 
140.3

 
911.3

 
1,469.4

 
(1,234.6
)
 
2,220.9

Properties, net
33.6

 
7.1

 
—

 
852.3

 
495.7

 
—

 
1,388.7

Goodwill
—

 
11.4

 
—

 
370.8

 
1,106.9

 
—

 
1,489.1

Other intangibles, net
—

 
40.4

 
—

 
4,233.9

 
380.8

 
—

 
4,655.1

Investment in MillerCoors
—

 
—

 
—

 
2,574.1

 
—

 
—

 
2,574.1

Net investment in and advances to subsidiaries
7,540.5

 
4,044.5

 
2,025.0

 
—

 
4,876.8

 
(18,486.8
)
 
—

Deferred tax assets
183.4

 
108.7

 
7.1

 
8.4

 
—

 
(119.4
)
 
188.2

Other assets, net
4.8

 
12.9

 
6.0

 
76.3

 
81.5

 
—

 
181.5

Total assets
$
8,632.2

 
$
4,289.6

 
$
2,178.4

 
$
9,027.1

 
$
8,411.1

 
$
(19,840.8
)
 
$
12,697.6

Liabilities and equity
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
5.3

 
$
0.2

 
$
—

 
$
80.5

 
$
183.0

 
$
(0.8
)
 
$
268.2

Accrued expenses and other liabilities, net
39.4

 
15.2

 
15.9

 
396.9

 
363.6

 
—

 
831.0

Deferred tax liability
153.5

 
—

 
—

 
—

 
67.1

 
(1.0
)
 
219.6

Current portion of long-term debt and short-term borrowings
—

 
—

 
—

 
—

 
1.1

 
—

 
1.1

Discontinued operations
—

 
—

 
—

 
—

 
14.0

 
—

 
14.0

Intercompany accounts payable
0.1

 
7.9

 
238.0

 
619.3

 
367.5

 
(1,232.8
)
 
—

Total current liabilities
198.3

 
23.3

 
253.9

 
1,096.7

 
996.3

 
(1,234.6
)
 
1,333.9

Long-term debt
528.7

 
45.0

 
1,385.9

 
—

 
—

 
—

 
1,959.6

Net investment in and advances to subsidiaries
—

 
—

 
—

 
865.4

 
—

 
(865.4
)
 
—

Deferred tax liability
—

 
102.2

 
1.5

 
—

 
482.4

 
(119.4
)
 
466.7

Other liabilities, net
9.1

 
57.2

 
2.9

 
710.8

 
290.6

 
—

 
1,070.6

Discontinued operations
—

 
—

 
—

 
—

 
24.2

 
—

 
24.2

Intercompany notes payable
—

 
—

 
3,601.9

 
5,345.7

 
7,086.8

 
(16,034.4
)
 
—

Total liabilities
736.1

 
227.7

 
5,246.1

 
8,018.6

 
8,880.3

 
(18,253.8
)
 
4,855.0

MCBC stockholders' equity
7,898.0

 
4,913.9

 
1,603.3

 
9,137.8

 
1,867.2

 
(17,621.4
)
 
7,798.8

Intercompany notes receivable
(1.9
)
 
(852.0
)
 
(4,671.0
)
 
(8,129.3
)
 
(2,380.2
)
 
16,034.4

 
—

Total stockholders' equity
7,896.1

 
4,061.9

 
(3,067.7
)
 
1,008.5

 
(513.0
)
 
(1,587.0
)
 
7,798.8

Noncontrolling interests
—

 
—

 
—

 
—

 
43.8

 
—

 
43.8

Total equity
7,896.1

 
4,061.9

 
(3,067.7
)
 
1,008.5

 
(469.2
)
 
(1,587.0
)
 
7,842.6

Total liabilities and equity
$
8,632.2

 
$
4,289.6

 
$
2,178.4

 
$
9,027.1

 
$
8,411.1

 
$
(19,840.8
)
 
$
12,697.6

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 24, 2011
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
159.0

 
$
46.0

 
$
54.9

 
$
626.5

 
$
(44.1
)
 
$
(238.9
)
 
$
603.4

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions to properties
(2.3
)
 
(0.2
)
 
—

 
(69.9
)
 
(53.9
)
 
—

 
(126.3
)
Proceeds from sales of properties and intangible assets
—

 
—

 
—

 
0.3

 
1.2

 
—

 
1.5

Acquisition of businesses, net of cash acquired


 


 


 
—

 
(41.3
)
 


 
(41.3
)
Change in restricted cash balances
—

 
—

 
—

 
—

 
2.7

 
—

 
2.7

Investment in MillerCoors
—

 
—

 
—

 
(657.3
)
 
—

 
—

 
(657.3
)
Return of capital from MillerCoors
—

 
—

 
—

 
627.2

 
—

 
—

 
627.2

Proceeds from settlements of derivative instruments
15.4

 


 


 


 


 


 
15.4

Investment in and advances to an unconsolidated affiliate
—

 
—

 
—

 
(93.6
)
 
(5.8
)
 
—

 
(99.4
)
Trade loan repayments from customers
—

 
—

 
—

 
0.4

 
13.8

 
—

 
14.2

Trade loans advanced to customers
—

 
—

 
—

 
—

 
(7.6
)
 
—

 
(7.6
)
Net intercompany investing activity
(0.8
)
 
(150.4
)
 
(96.1
)
 
(131.8
)
 
(142.0
)
 
521.1

 
—

Net cash provided by (used in) investing activities
12.3

 
(150.6
)
 
(96.1
)
 
(324.7
)
 
(232.9
)
 
521.1

 
(270.9
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
8.5

 
—

 
—

 
—

 
—

 
—

 
8.5

Excess tax benefits from share-based compensation
1.1

 
—

 
—

 
—

 
—

 
—

 
1.1

Payments for purchase of treasury stock
(271.1
)
 
 
 
 
 
—

 
 
 
 
 
(271.1
)
Dividends paid
(150.5
)
 
(104.0
)
 
—

 
(135.4
)
 
(19.1
)
 
238.9

 
(170.1
)
Dividends paid to noncontrolling interests holders


 


 


 
—

 
(2.3
)
 


 
(2.3
)
Debt issuance costs
(2.2
)
 


 


 


 


 


 
(2.2
)
Payments on long-term debt and capital lease obligations
—

 
—

 
—

 
(0.2
)
 
—

 
—

 
(0.2
)
Payments on short-term borrowings, net
—

 
—

 
—

 
—

 
(11.5
)
 
—

 
(11.5
)
Payments on settlements of debt-related derivatives


 
200.6

 
—

 
(299.8
)
 


 


 
(99.2
)
Net (payments) proceeds from revolving credit facilities
—

 
—

 
—

 
—

 
1.5

 
—

 
1.5

Change in overdraft balances and other
—

 
—

 
—

 
—

 
(10.8
)
 
—

 
(10.8
)
Net intercompany financing activity
14.8

 
1.0

 
40.4

 
260.6

 
204.3

 
(521.1
)
 
—

Net cash provided by (used in) financing activities
(399.4
)
 
97.6

 
40.4

 
(174.8
)
 
162.1

 
(282.2
)
 
(556.3
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(228.1
)
 
(7.0
)
 
(0.8
)
 
127.0

 
(114.9
)
 
—

 
(223.8
)
Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
(10.9
)
 
4.3

 
—

 
(6.6
)
Balance at beginning of year
832.0

 
7.0

 
0.8

 
189.3

 
188.5

 
—

 
1,217.6

Balance at end of period
$
603.9

 
$
—

 
$
—

 
$
305.4

 
$
77.9

 
$
—

 
$
987.2

MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 25, 2010
(IN MILLIONS)
(UNAUDITED)

 
Parent
Guarantor
and 2007
Issuer
 
2002
Issuer
 
2005
Issuers
and 2010
Issuer
 
Subsidiary
Guarantors
 
Subsidiary
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash (used in) provided by operating activities
$
131.0

 
$
30.6

 
$
21.3

 
$
300.4

 
$
71.9

 
$
188.0

 
$
743.2

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions to properties and intangible assets
(4.5
)
 
—

 
—

 
(42.1
)
 
(48.4
)
 
—

 
(95.0
)
Proceeds from sales of properties and intangible assets, net
—

 
—

 
—

 
1.2

 
2.5

 
—

 
3.7

Acquisition of businesses, net of cash acquired
—

 
—

 
—

 
—

 
(19.8
)
 
—

 
(19.8
)
Change in restricted cash balance
—

 
—

 
—

 
—

 
(14.9
)
 
—

 
(14.9
)
Payment on discontinued operations
—

 
—

 
—

 
—

 
(96.0
)
 
—

 
(96.0
)
Investment in MillerCoors
—

 
(863.1
)
 
—

 
—

 
—

 
—

 
(863.1
)
Return of capital from MillerCoors
—

 
848.6

 
—

 
—

 
—

 
—

 
848.6

Investment in and advances to unconsolidated affiliates
—

 
—

 
—

 
—

 
(6.9
)
 
—

 
(6.9
)
Trade loan repayments from customers
—

 
0.2

 
—

 
—

 
12.3

 
—

 
12.5

Trade loans advanced to customers
—

 
—

 
—

 
—

 
(7.3
)
 
—

 
(7.3
)
Net intercompany investing activity
(44.2
)
 
(26.1
)
 
1,204.6

 
1,167.7

 
(2,233.6
)
 
(68.4
)
 
—

Net cash provided by (used in) investing activities
(48.7
)
 
(40.4
)
 
1,204.6

 
1,126.8

 
(2,412.1
)
 
(68.4
)
 
(238.2
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise of stock options under equity compensation plans
13.5

 
—

 
—

 
—

 
—

 
—

 
13.5

Excess tax benefits from share-based compensation
1.3

 
—

 
—

 
—

 
—

 
—

 
1.3

Dividends paid
(130.9
)
 
—

 
—

 
—

 
(17.8
)
 
—

 
(148.7
)
Dividends paid to noncontrolling interests holders
—

 
—

 
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Payments on long-term debt and capital lease obligations
—

 
—

 
(300.0
)
 
—

 
—

 
—

 
(300.0
)
Payments on settlements of debt-related derivatives
—

 
—

 
(42.0
)
 
—

 
—

 
—

 
(42.0
)
Change in overdraft balances and other
—

 
—

 
—

 
—

 
(8.1
)
 
—

 
(8.1
)
Net intercompany financing activity
66.6

 
9.8

 
(883.5
)
 
(1,505.3
)
 
2,432.0

 
(119.6
)
 
—

Net cash provided by (used in) financing activities
(49.5
)
 
9.8

 
(1,225.5
)
 
(1,505.3
)
 
2,405.2

 
(119.6
)
 
(484.9
)
CASH AND CASH EQUIVALENTS:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
32.8

 
—

 
0.4

 
(78.1
)
 
65.0

 
—

 
20.1

Effect of foreign exchange rate changes on cash and cash equivalents
—

 
—

 
—

 
7.4

 
1.8

 
—

 
9.2

Balance at beginning of year
392.8

 
—

 
0.1

 
175.0

 
166.3

 
—

 
734.2

Balance at end of period
$
425.6

 
$
—

 
$
0.5

 
$
104.3

 
$
233.1

 
$
—

 
$
763.5