Noncontrolling Interests

9 Months Ended

Sep. 30, 2011

Noncontrolling Interests

Noncontrolling Interests

(12)The company applies the provisions of SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements” (ASC 810-10-45). ASC 810-10-45 establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated.

As required by ASC 810-10-45, the company has separately disclosed on the face of the Condensed Consolidated Statement of Earnings for all periods presented the amount of net earnings attributable to the company and the amount of net earnings attributable to noncontrolling interests. For the three and nine months ended September 30, 2011, earnings attributable to noncontrolling interests were $26.2 million and $74.5 million, respectively, and the related tax effect was less than $0.1 million and $0.8 million, respectively. For the three and nine months ended September 30, 2010, earnings attributable to noncontrolling interests were $23.6 million and $62.2 million, respectively, and the related tax effect was less than $0.1 million and $0.6 million, respectively. Distributions paid to noncontrolling interests were $31.7 million and $72.3 million for the three and nine months ended September 30, 2011, respectively, and $22.3 million and $55.6 million for the three and nine months ended September 30, 2010, respectively. Capital contributions by noncontrolling interests were $22.6 million and $1.0 million for the nine months ended September 30, 2011 and 2010, respectively.