REDEEMABLE NONCONTROLLING INTERESTS

Mandatorily Redeemable Noncontrolling Interests

The terms of the joint venture agreement for one joint venture within the Rigid Industrial Packaging & Services segment include mandatory redemption by the Company, in cash, of the noncontrolling interest holders’ equity at a formulaic price after the expiration of a lockout period specific to each noncontrolling interest holder. The redemption features cause the interest to be classified as a mandatorily redeemable instrument under the accounting guidance, and this interest is included at the current redemption value each period in long-term or short-term liabilities of the Company, as applicable. The impact of marking to redemption value at each period end is recorded in interest expense. The Company has a contractual obligation to redeem the outstanding equity interest of each remaining partner in 2021 and 2022, respectively.

The following table provides a rollforward of the mandatorily redeemable noncontrolling interest for the years ended October 31, 2017 and 2018:



(in millions)	Mandatorily Redeemable Noncontrolling Interest
Balance as of October 31, 2016	$	9.0
Current period mark to redemption value	0.2
Balance as of October 31, 2017	9.2
Current period mark to redemption value	(0.6		)
Balance as of October 31, 2018	$	8.6

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests related to two joint ventures within the Paper Packaging & Services segment and one joint venture within the Rigid Industrial Packaging & Services segment are held by the respective noncontrolling interest owners. The holders of these interests share in the profits and losses of these entities on a pro-rata basis with the Company. However, the noncontrolling interest owners have the right to put all or a portion of those noncontrolling interests to the Company at a formulaic price after a set period of time, specific to each agreement.

On November 15, 2018, one of the noncontrolling interest owners related to one of the Paper Packaging & Services joint ventures exercised their put option for all of their ownership interests. The Company will make a payment to the noncontrolling interest owner in the first quarter of 2019 for approximately $10.1 million.

Redeemable noncontrolling interests are reflected in the consolidated balance sheets at redemption value. The following table provides the rollforward of the redeemable noncontrolling interest for the years ended October 31, 2017 and 2018:



(in millions)	Redeemable Noncontrolling Interest
Balance as of October 31, 2016	$	31.8
Current period mark to redemption value	(0.5		)
Redeemable noncontrolling interest share of income and other	1.4
Dividends to redeemable noncontrolling interest and other	(1.2		)
Balance as of October 31, 2017	31.5
Current period mark to redemption value	(0.5		)
Redeemable noncontrolling interest share of income and other	3.7
Dividends to redeemable noncontrolling interest and other	0.8
Balance as of October 31, 2018	$	35.5