Investments (Tables)

9 Months Ended

Sep. 24, 2011

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information of MillerCoors

Summarized U.S. GAAP financial information for MillerCoors is as follows:

Condensed balance sheets



	As of
	September 30, 2011		December 31, 2010
	(In millions)
Current assets	$	960.7	$	815.9
Non-current assets	8,790.0		8,972.1
Total assets	$	9,750.7	$	9,788.0
Current liabilities	$	912.6	$	932.9
Non-current liabilities	1,254.2		1,273.4
Total liabilities	2,166.8		2,206.3
Noncontrolling interests	33.2		30.5
Owners' equity	7,550.7		7,551.2
Total liabilities and equity	$	9,750.7	$	9,788.0

Results of operations



	Three Months Ended						Nine Months Ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
	(In millions)
Net sales	$	1,964.9		$	2,015.9		$	5,796.3		$	5,850.9
Cost of goods sold	(1,213.3		)	(1,226.7		)	(3,545.1		)	(3,590.1		)
Gross profit	$	751.6		$	789.2		$	2,251.2		$	2,260.8
Operating income(1)	$	179.2		$	320.8		$	824.3		$	930.1
Net income attributable to MillerCoors(1)	$	176.4		$	313.0		$	809.8		$	912.8

(1) Results for three months and nine months ended September 30, 2011, include special charges of $60.0 million for a write-down in the value of the Sparks brand and a $50.9 million charge resulting from the planned assumption of the Milwaukee Brewery Worker's Pension Plan, an under-funded multi-employer pension plan.

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						Thirty-Nine Weeks Ended
	September 24, 2011			September 25, 2010			September 24, 2011			September 25, 2010
	(In millions, except percentages)
Net income attributable to MillerCoors	$	176.4		$	313.0		$	809.8		$	912.8
MCBC economic interest	42		%	42		%	42		%	42		%
MCBC proportionate share of MillerCoors net income	74.1			131.5			340.1			383.4
Amortization of the difference between MCBC contributed cost basis and proportional share of the underlying equity in net assets of MillerCoors(1)	27.7			2.5			32.6			4.4
Share-based compensation adjustment(2)	(2.4		)	1.3			(0.3		)	2.1
Equity income in MillerCoors	$	99.4		$	135.3		$	372.4		$	389.9

(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 $564 million as of September 24, 2011. 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. During the third quarter of 2011, MillerCoors recognized an impairment charge of $60.0 million associated with its Sparks brand intangible asset. Our portion, $25.2 million, or 42% of the charge, is offset by an adjustment to our basis amortization above. This adjustment represents accelerated amortization attributable to our proportionate share of the underlying basis of the asset class in which Sparks was contributed.

(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 CBC 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.

Schedules of Consolidated Investments

The following summarizes the assets of our consolidated VIEs, including noncontrolling interests. The amounts below exclude receivables from us. None of our consolidated VIEs held debt as of September 24, 2011 or December 25, 2010.



	As of
	September 24, 2011		December 25, 2010
	Total assets		Total assets
	(In millions)
Grolsch	$	15.0	$	14.1
Cobra U.K.	$	29.6	$	32.7

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



	Thirteen Weeks Ended								Thirty-Nine Weeks Ended
	September 24, 2011				September 25, 2010				September 24, 2011				September 25, 2010
	Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income		Revenues		Pre-tax income
	(In millions)
Grolsch(1)	$	6.8	$	1.0	$	7.2	$	1.0	$	19.7	$	2.8	$	23.0	$	3.3
Cobra U.K.	$	10.1	$	1.7	$	9.9	$	1.8	$	28.7	$	4.8	$	27.8	$	5.1


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

- 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.

+ References

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