Investments

The investments included within this footnote include both equity method and consolidated investments. Those entities identified as variable interest entities ("VIEs") have been evaluated to determine whether we are the primary beneficiary. The VIEs included under Consolidated Investments below are those for which we have concluded that we are the primary beneficiary and accordingly consolidate these entities. We have not provided any financial support to any of our VIEs during the quarter that we were not previously contractually obligated to provide.

Authoritative guidance related to the consolidation of VIEs requires that we continually reassess whether we are the primary beneficiary of VIEs in which we have an interest. As such, the conclusion regarding the primary beneficiary status is subject to change and we continually evaluate circumstances that could require consolidation or deconsolidation.

Equity Investments

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.

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.

During the third quarter of 2011, we had $6.2 million of beer sales to MillerCoors and $2.0 million of beer purchases from MillerCoors. During the third quarter of 2010, we had $8.7 million of beer sales to MillerCoors and $2.1 million of beer purchases from MillerCoors. During the first three quarters of 2011, we had $23.7 million of beer sales to MillerCoors and $6.7 million of beer purchases from MillerCoors. During the first three quarters of 2010, we had $27.9 million of beer sales to MillerCoors and $6.3 million of beer purchases from MillerCoors.

For the third quarter of 2011, we recorded $1.7 million of service agreement and other charges to MillerCoors and $0.3 million of service agreement costs from MillerCoors. For the third quarter of 2010, we recorded $1.4 million of service agreement and other charges to MillerCoors and $0.1 million of service agreement costs from MillerCoors. For the first three quarters of 2011, we recorded $5.1 million of service agreement and other charges to MillerCoors and $0.9 million of service agreement costs from MillerCoors. For the first three quarters of 2010, we recorded $3.7 million of service agreement and other charges to MillerCoors and $1.1 million of service agreement costs from MillerCoors.

As of September 24, 2011 and December 25, 2010, we had $0.4 million of net payables due to MillerCoors and $1.3 million of net receivables due from MillerCoors, respectively.

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.