The largest minority shareholder in Indura S.A. has the right to exercise a put option to require us to purchase up to a 30.5% equity interest during the two-year period beginning on 1 July 2015, at a redemption value equal to fair market value (subject to a minimum price based upon the acquisition date value escalated by an inflation factor). We determined that the put option is embedded within the minority interest shares that are subject to the put option. The redemption feature requires classification of the minority shareholder's interest in the consolidated balance sheet outside of equity under the caption “Redeemable Noncontrolling Interest.”

The redeemable noncontrolling interest of Indura S.A. was recorded on the acquisition date based on the estimated fair value of the shares including the embedded put option. As Indura S.A. shares are not publicly traded, the fair value of the shares was estimated based on trading multiples for similar companies in the Chilean stock market and recent transactions. The fair value of the put option was estimated using standard equity option pricing techniques, expected dividend payouts, and assumptions that market participants would use regarding equity volatility and the risk free rate of return. Subsequent adjustments to the value of the redeemable noncontrolling interest due to the redemption feature, if any, will be recognized as they occur and recorded within capital in excess of par value.

The following is a rollforward of the redeemable noncontrolling interest:

	Balance at 30 September 2011	$	-
	Indura acquisition		374.1
	Net loss		(2.4)
	Currency translation adjustment		20.8
	Balance at 30 September 2012	$	392.5

Approximately 2.7% of Indura S.A.'s shares, or $15.4 in net assets, are included in noncontrolling interests within equity on our consolidated balance sheets at 30 September 2012. This noncontrolling interest was recorded on the acquisition date at fair value, which was estimated based on the price per share that was paid for the minority shares acquired during the initial purchase transaction.

Refer to Note 5, Business Combinations, for additional information on the Indura S.A. transaction.

In June 2010, we entered into agreements to increase our ownership percentage from 72% to 97% of CryoService Limited (CSL), a cryogenic and specialty gases company in the U.K. As a result of this arrangement, we reduced the noncontrolling interest for the 25% purchase obligation and recorded an estimated liability based on a multiple of earnings formula. As the purchase of the noncontrolling interest did not result in a change of control, the difference between the carrying value of the 25% noncontrolling interest and the liability recognized was recorded as a $28.3 reduction in capital in excess of par value.

In the first quarter of 2011, we revised our initial estimate of the liability and recorded an adjustment of $6.1 to the liability and capital in excess of par. At 30 September 2011, the liability amounted to $51.0 and was reported in payables and accrued liabilities on the consolidated balance sheets as indicated in Note 22, Supplemental Information.

On 30 November 2011, we remitted consideration of £33.2 million ($52.1) to fulfill this obligation. Refer to Note 13, Fair Value Measurements, for a rollforward of the liability balance.

In the first quarter of 2012, we entered into an agreement to purchase the remaining 3% of CSL, increasing our ownership percentage to 100%. On 30 November 2011, we remitted consideration of £4.0 million ($6.3) to purchase the remaining 3% of CSL.

The following table presents the effect of changes in ownership interests in subsidiaries on Air Products shareholder’s equity:

			2012		2011		2010
Net income attributable to Air Products			$	1,167.3	$	1,224.2	$	1,029.1
Transfers to noncontrolling interests
	Decrease in Air Products capital in excess of par value for
		purchase of noncontrolling interests		(4.4)		(6.1)		(28.3)
Changes in equity resulting from net income attributable to Air Products and
	transfers to noncontrolling interests		$	1,162.9	$	1,218.1	$	1,000.8