Noncontrolling Interests |
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Mar. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests The following table reconciles shareholders’ equity attributable to noncontrolling interests (U.S. dollars in millions):
Redeemable Noncontrolling Interests The following table reconciles redeemable noncontrolling interests (U.S. dollars in millions):
The Mann Packing acquisition included a put option exercisable by the 25% shareholder of one of the acquired subsidiaries. The put option allows the noncontrolling owner to sell its 25% noncontrolling interest to us for a multiple of the subsidiary's adjusted earnings. The noncontrolling shareholder can exercise this put option on or after April 1, 2023. Following a 5-year window expiring on April 1, 2028, the put option value will be negotiated annually and the inputs are subject to change. As the put option is outside of our control, the estimated value of the 25% noncontrolling interest is presented as a redeemable noncontrolling interest outside of permanent equity on our Consolidated Balance Sheets. The fair value assigned to this interest as of the acquisition date is subject to change and is pending completion. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of 1) the accumulated earnings associated with the redeemable noncontrolling interest or 2) the contractually-defined redemption value as of the balance sheet date. Refer to Note 5 "Acquisition" for further discussion on the acquisition of Mann Packing. |