Redeemable Noncontrolling Interest and Mandatorily Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest and Mandatorily Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2015

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest and Mandatorily Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest and Mandatorily Redeemable Noncontrolling Interest

Noncontrolling interests that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheet between liabilities and stockholders’ equity. Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but contractually not less than their initial fair value. Any adjustments to the redemption value impacts retained earnings.

In September 2013, we acquired an additional 10.0% interest in PIQ for NZD$3.3 million, or $2.6 million, resulting in a 60.0% controlling interest. In connection with the acquisition, effective August 2015, the seller had the right to sell their remaining noncontrolling shares in PIQ to us (the "put") and we had the right to purchase the remaining noncontrolling interest in PIQ at fair value (the "call"). As the call and put did not represent separate assets or liabilities and the exercise of the put was outside of our control, the noncontrolling interest of NZD$13.2 million, or $10.2 million, was recorded on the date of acquisition as a redeemable noncontrolling interest in the accompanying consolidated balance sheet. For the years ended December 31, 2015 and 2014, we recorded $1.2 million and $1.3 million, respectively, of net income in connection with the redeemable noncontrolling interest.

In December 2015, we entered into an agreement to acquire the remaining 40.0% interest in PIQ for NZD$27.8 million, or $19.0 million, in January 2016 resulting in accumulated adjustments of $8.5 million to redeemable noncontrolling interest and retained earnings to account for changes in its redemption value. Further, we reclassified the redeemable noncontrolling interests of NZD$27.8 million, or $19.0 million, in the mezzanine section of our consolidated balance sheet to mandatorily redeemable noncontrolling interest in the liabilities section of our consolidated balance sheet as of December 31, 2015.