XML 87 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
Redeemable Noncontrolling Interest
3 Months Ended
Mar. 31, 2015
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest [Text Block]
Redeemable Noncontrolling Interest

Noncontrolling interests that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of our condensed consolidated balance sheet between liabilities and stockholders’ equity. Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but contractually not less than their initial fair value. Any adjustments to the redemption value impacts retained earnings. As of March 31, 2015 and December 31, 2014, we recorded adjustments to redeemable noncontrolling interest and retained earnings to reduce the estimated redemption value by $1.4 million and increase the estimated redemption value by $6.6 million, respectively.

In September 2013, we acquired an additional 10% interest in Property IQ Ltd. ("PIQ") for NZD$3.3 million, or $2.6 million, resulting in a 60.0% controlling interest. In connection with the acquisition, the seller has the right to sell its remaining noncontrolling shares in PIQ to us (the "put") and we have the right to purchase the remaining noncontrolling interest in PIQ at fair value (the "call"). As the call and put do not represent separate assets or liabilities and the exercise of the put is outside of our control, the noncontrolling interest of NZD$13.2 million, or $10.2 million, was recorded on the date of acquisition as redeemable noncontrolling interest in the accompanying condensed consolidated balance sheet. We recognized $0.2 million and $0.3 million for the three months ended March 31, 2015 and 2014, respectively, of net income in connection with the redeemable noncontrolling interest.