Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

We sponsor defined benefit retirement plans in Canada, the U.K. and MCI. Additionally, we offer other postretirement benefits to the majority of our Canadian, U.S. and Central European employees. We recorded liabilities of $2.7 million related to other postretirement benefits in connection with the Acquisition. We have not incurred material costs associated with these plans as of the end of the second quarter 2012, however, we expect to incur $0.2 million during the remainder of 2012.

The net periodic pension costs under retirement plans and other postretirement benefits were as follows:

	Thirteen Weeks Ended June 30, 2012
	Canada plans			U.S. plans		U.K. plan			MCI plan		Consolidated
	(In millions)
Defined Benefit Plans
Service cost	$	4.1		$	—	$	—		$	0.1	$	4.2
Interest cost	16.6			—		24.8			—		41.4
Expected return on plan assets	(15.2		)	—		(28.5		)	—		(43.7		)
Amortization of prior service cost	0.2			—		—			—		0.2
Amortization of net actuarial loss	5.4			—		4.4			—		9.8
Less expected participant contributions	(0.4		)	—		—			—		(0.4		)
Net periodic pension cost (benefit)	$	10.7		$	—	$	0.7		$	0.1	$	11.5
Other Postretirement Benefits
Service cost—benefits earned during the period	$	0.6		$	0.1	$	—		$	—	$	0.7
Interest cost on projected benefit obligation	1.9			—		—			—		1.9
Amortization of prior service cost (gain)	(0.9		)	—		—			—		(0.9		)
Amortization of net actuarial loss (gain)	(0.1		)	—		—			—		(0.1		)
Net periodic postretirement benefit cost	$	1.5		$	0.1	$	—		$	—	$	1.6

	Thirteen Weeks Ended June 25, 2011
	Canada plans			U.S. plans		U.K. plan			MCI plan		Consolidated
	(In millions)
Defined Benefit Plans
Service cost	$	4.8		$	—	$	—		$	—	$	4.8
Interest cost	18.5			0.1		27.5			—		46.1
Expected return on plan assets	(18.8		)	—		(31.9		)	—		(50.7		)
Amortization of prior service cost	0.2			—		—			—		0.2
Amortization of net actuarial loss	2.4			—		2.8			—		5.2
Less expected participant contributions	(0.4		)	—		—			—		(0.4		)
Special termination of benefits	—			—		—			—		—
Net periodic pension cost (benefit)	$	6.7		$	0.1	$	(1.6	)	$	—	$	5.2
Other Postretirement Benefits
Service cost—benefits earned during the period	$	0.5		$	0.1	$	—		—		$	0.6
Interest cost on projected benefit obligation	2.0			—		—			—		2.0
Amortization of prior service cost (gain)	(1.0		)	—		—			—		(1.0		)
Amortization of net actuarial loss	(0.9		)	—		—			—		(0.9		)
Net periodic postretirement benefit cost	$	0.6		$	0.1	$	—		$	—	$	0.7

	Twenty-Six Weeks Ended June 30, 2012
	Canada plans			U.S. plans		U.K. plan			MCI plan		Consolidated
	(In millions)
Defined Benefit Plans
Service cost	$	8.2		$	—	$	—		$	0.2	$	8.4
Interest cost	33.2			—		49.3			—		82.5
Expected return on plan assets	(30.5		)	—		(56.7		)	—		(87.2		)
Amortization of prior service cost	0.4			—		—			—		0.4
Amortization of net actuarial loss	10.8			—		8.8			—		19.6
Less expected participant contributions	(0.8		)	—		—			—		(0.8		)
Net periodic pension cost (benefit)	$	21.3		$	—	$	1.4		$	0.2	$	22.9
Other Postretirement Benefits
Service cost—benefits earned during the period	$	1.2		$	0.2	$	—		$	—	$	1.4
Interest cost on projected benefit obligation	3.9			—		—			—		3.9
Amortization of prior service cost (gain)	(1.8		)	—		—			—		(1.8		)
Amortization of net actuarial loss (gain)	(0.2		)	—		—			—		(0.2		)
Net periodic postretirement benefit cost	$	3.1		$	0.2	$	—		$	—	$	3.3

	Twenty-Six Weeks Ended June 25, 2011
	Canada plans			U.S. plans		U.K. plan			MCI plan		Consolidated
	(In millions)
Defined Benefit Plans
Service cost	$	9.5		$	—	$	—		$	—	$	9.5
Interest cost	36.6			0.2		54.4			—		91.2
Expected return on plan assets	(37.4		)	—		(63.1		)	—		(100.5		)
Amortization of prior service cost	0.4			—		—			—		0.4
Amortization of net actuarial loss	4.7			—		5.5			—		10.2
Less expected participant contributions	(0.8		)	—		—			—		(0.8		)
Special termination of benefits	—			—		—			—		—
Net periodic pension cost (benefit)	$	13.0		$	0.2	$	(3.2	)	$	—	$	10.0
Other Postretirement Benefits
Service cost—benefits earned during the period	$	1.0		$	0.2	$	—		—		$	1.2
Interest cost on projected benefit obligation	3.9			—		—			—		3.9
Amortization of prior service cost (gain)	(1.9		)	—		—			—		(1.9		)
Amortization of net actuarial loss	(1.8		)	—		—			—		(1.8		)
Net periodic postretirement benefit cost	$	1.2		$	0.2	$	—		$	—	$	1.4

During the first half of 2012, employer contributions to the defined benefit plans for Canada and MCI were $21.4 million and $0.4 million, respectively. There were no contributions to the U.K. plan during the first half of 2012. Expected total fiscal year 2012 employer contributions to the Canada, U.K. and MCI defined benefit plans are approximately $60 million. MillerCoors, Brewers' Retail, Inc. ("BRI") and Brewers' Distributor Limited ("BDL") contributions to their defined benefit pension and other postretirement benefit plans are not included here, as they are not consolidated in our financial statements.