Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2020

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

REDEEMABLE NONCONTROLLING INTEREST

For information regarding the Company's Redeemable Noncontrolling Interest, see "Note 15 — Redeemable Noncontrolling Interest" of the Notes to Consolidated Financial Statements of the Company's 2019 Form 10-K.

On January 28, 2020, the Company announced that IP notified the Company of its intent to begin the process of reducing its ownership interest in GPIP. Per the agreement between the parties, on January 29, 2020, GPIP purchased 15.1 million partnership units from IP for $250 million in cash. As a result, IP's ownership interest in GPIP decreased from 21.6% to 18.3% as of January 29, 2020.

At March 31, 2020, the redeemable noncontrolling interest was determined as follows:

In millions
Balance at December 31, 2019	$	304.3
Net Loss Attributable to Redeemable Noncontrolling Interest	(5.3)
Other Comprehensive Income, Net of Tax	8.4
Redemption of IP's Ownership Interest	(250.0)
Redeemable Noncontrolling Interest Redemption Value Adjustment	(18.1)
Distributions of Membership Interest	(1.1)
Balance at March 31, 2020	$	38.2

Redeemable Noncontrolling Interest is recorded at the greater of carrying amount or redemption value at the end of each period. The redemption value is determined by the closing price of the Company's common stock.