Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2017

Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]

Noncontrolling Interest Disclosure [Text Block]

Note 6 – Redeemable Noncontrolling Interest

As discussed in Note 1 - Summary of Significant Accounting Policies, in July 2014, we purchased a controlling interest in PSL. Included in the transaction documents is a put/call option deed that grants us an option to purchase the shares held by the noncontrolling interest, and grants the holder of the noncontrolling interest an option to require us to purchase its shares in one or two transactions. The put/call option deed in this transaction is considered an equity contract and therefore a financial instrument under the accounting guidance. In applying the guidance for this transaction, we have determined that the financial instrument is embedded in the noncontrolling interest. As a public company, we are required to classify the noncontrolling interest and the embedded financial instrument as redeemable noncontrolling interest in a separate section of our Consolidated Balance Sheets, between liabilities and equity.

At the end of each period, we record the portion of comprehensive income or loss attributable to the noncontrolling interest to Redeemable noncontrolling interest to determine the carrying amount. We are required to compare the carrying amount to our estimated redemption value at the end of each reporting period. The redemption value is based on a multiple of a PSL earnings measure for a specified time period or the value of net assets. To the extent that the estimated redemption value exceeds the carrying amount, we would record an adjustment to Redeemable noncontrolling interest. We did not record such an adjustment at March 31, 2017 or at March 31, 2016.

The table below presents the changes in Redeemable noncontrolling interest (in thousands):

	Three Months Ended
	March 31,
	2017			2016
Redeemable noncontrolling interest, beginning of period	$	2,287		$	2,665
Net loss attributable to noncontrolling interest	(11		)	(8		)
Other comprehensive income attributable to noncontrolling interest	148			112
Redeemable noncontrolling interest, end of period	$	2,424		$	2,769

The holder of the non-controlling interest has informed us that he intends to exercise the put option described above, as of June 30, 2017. This transaction will require us to purchase his shares and will result in our 100% ownership of PSL.