Redeemable noncontrolling interest

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Redeemable noncontrolling interest

23. Redeemable noncontrolling interests

The Redeemable noncontrolling interests primarily comprise of the noncontrolling interests in two of the Company’s North American subsidiaries, that are currently redeemable. The Company has the ability to exercise the call option for the noncontrolling interests on or after December 31, 2031. In addition to the call options, the noncontrolling interest holder has the right to sell the noncontrolling interests to the Company, which are currently exercisable. These noncontrolling interests have put and call options and both are redeemable based on multiples of EBITDA. The noncontrolling interests are considered redeemable noncontrolling equity interests, classified as temporary or mezzanine equity, as their redemption is not solely within the Company’s control. The noncontrolling interests were recorded at their respective fair values as of the acquisition dates and are adjusted to their expected redemption values, with an offsetting entry to retained earnings, as of the reporting date as if that date was the redemption date, if those amounts exceed their respective carrying values.

During the year ended December 31, 2024, the Company recognized an addition to redeemable noncontrolling interest, as reflected in Note 4, and adjusted the carrying amount of the redeemable noncontrolling interests to reflect the estimated redemption values as of the balance sheet date. The adjustment was based on the formulaic redemption values, with an offsetting entry to retained earnings.

The rollforward of Redeemable noncontrolling interests at December 31 was:

in $ millions
Balance at December 31, 2021	336
Net income attributable to redeemable noncontrolling interests	27
Adjustment to the redemption value	(40)
Dividends paid	(15)
Balance at December 31, 2022	308
Net income attributable to redeemable noncontrolling interests	28
Adjustment to the redemption value	24
Dividends paid	(27)
Balance at December 31, 2023	333
Net income attributable to redeemable noncontrolling interests	28
Acquisitions	12
Adjustment to the redemption value	34
Dividends paid	(23)
Balance at December 31, 2024	384