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Equity Method Investments
12 Months Ended
Dec. 31, 2011
Acquisition of Controlling Interest in Equity Method Investment [Abstract]  
Equity Method Investments [Text Block]
Equity Method Investments
Our equity interest in the net income of our equity method investments for 2011, 2010 and 2009 was $17.2 million, $33.5 million and $30.8 million, respectively. At December 31, 2011 and 2010, our equity interest in the net assets of our equity method investments was $68.4 million and $169.1 million, respectively. Our equity method investments are not material to our results of operations or financial position and therefore, summarized financial information is not required to be presented.
Effective February 1, 2011, we acquired a controlling interest in the Clemenger Group, our affiliate in Australia and New Zealand, increasing our equity ownership to 73.7% from 46.7%. In connection with this transaction we recorded a remeasurement gain of $123.4 million in the first quarter of 2011. Additionally, in 2011, we acquired a controlling interest in affiliates in India and Turkey increasing our equity ownership to 100% and 76%, respectively. In connection with these transactions, we recorded a remeasurement gain of $15.1 million.
In 2010, we acquired a controlling interest in affiliates in the Middle East and South America bringing our equity ownership to 68.6% and 100%, respectively. In connection with these transactions, we recorded a remeasurement gain of $26.0 million. In 2009, we acquired a controlling interest in a Middle East affiliate bringing our equity ownership to 85%. In connection with this transaction, we recorded a remeasurement gain of $41.3 million.
The differences between the fair value of our shares at the acquisition dates and the carrying value of the investments prior to the acquisitions resulted in the remeasurement gains. The purchase prices were negotiated at fair value in arms-length transactions. In addition, we performed a valuation of the businesses and confirmed the fair values used to determine the remeasurement gains. We used the following valuation methodologies to confirm the fair values: the income approach which utilized discounted expected future cash flows, comparative market participant multiples of EBITDA (earnings before interest, taxes, depreciation and amortization) and, when available, comparable transactions