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MANDATORILY REDEEMABLE FINANCIAL INTEREST
12 Months Ended
Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
MANDATORILY REDEEMABLE FINANCIAL INTEREST
MANDATORILY REDEEMABLE FINANCIAL INTEREST
United Arab Emirates subsidiary
The Company is required under a shareholders agreement to purchase all of the shares held by the noncontrolling interest holder equal to 25% of the outstanding shares of a certain subsidiary in the United Arab Emirates (the “U.A.E. JV”) at the termination of the agreement. The Company has determined such shares to be a mandatorily redeemable financial instrument that is recorded as a liability. The liability is calculated based upon a pre-determined formula in accordance with the U.A.E Shareholders Agreement. As of June 30, 2017 and 2016, the liability amounted to $5.2 and $5.6, of which $4.7 and $5.2, respectively, was recorded in Other noncurrent liabilities and $0.5 and $0.4, respectively, was recorded in Accrued expenses and other current liabilities.
The assets of the U.A.E. JV are restricted in that they are not available for general business use outside the context of the U.A.E. JV and creditors (or beneficial interest holders) do not have recourse to the Company or to its other assets. The U.A.E. JV has total assets and total liabilities of $22.8 and $16.5 as of June 30, 2017, and $18.2 and $10.3 as of June 30, 2016, respectively.
South-east Asian subsidiary
On May 23, 2017, the Company entered into the Sale of Shares and Termination Deed (the “Termination Agreement”) to purchase the remaining 49% noncontrolling interest from the noncontrolling interest holder of a certain South-east Asian subsidiary for a purchase price of $45.0. Additionally, all remaining retained earnings will be paid out as dividends prior to the purchase. The payment and termination will be effective on June 30, 2019. Before the Termination Agreement, the partner’s interest was classified as noncontrolling interest in the Company’s financial statements. As a result of the Termination Agreement, the previous noncontrolling interest balance of $9.2 has been recorded as a Mandatorily Redeemable Financial Instrument (“MRFI”) along with the present value of the future purchase price for a total balance of $49.9 with the difference of $40.7 recorded in Additional Paid in Capital. The MRFI balance will be accreted to the redemption value until the effective date of the purchase with changes in the balance being reflected in Other income (expense) in the Consolidated Statements of Operations.
As of June 30, 2017, the MRFI liability amounted to $49.3, of which $41.7 was recorded in Other noncurrent liabilities and $7.6 was recorded in Accrued expenses and other current liabilities.