Noncontrolling Interests

9 Months Ended

Jun. 30, 2014

15. NONCONTROLLING INTERESTS

INDURA S.A.

Redeemable Noncontrolling Interest

In 2012, we purchased a controlling equity interest in the outstanding shares of Indura S.A. As part of the purchase agreement, 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). 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.” This business has not performed as well as anticipated in the current year. We continue to evaluate the long-term outlook for the business.

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 summary of the changes in redeemable noncontrolling interest for the three and nine months ended 30 June:

	Three Months Ended 30 June
	2014		2013
Balance at 31 March	$	343.6	$	398.7
Net income		1.1		2.6
Dividends		(1.2)		(1.1)
Currency translation adjustment		(2.1)		(28.4)
Balance at 30 June	$	341.4	$	371.8


		Nine Months Ended 30 June
	2014		2013
Balance at 30 September	$	375.8	$	392.5
Net income		3.1		6.8
Dividends		(4.7)		(1.1)
Currency translation adjustment		(32.8)		(26.4)
Balance at 30 June	$	341.4	$	371.8

As of 30 June 2014, we have a 67.3% controlling equity interest in Indura S.A

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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