REDEEMABLE NONCONTROLLING INTERESTS

The holders of equity interests in certain of the Company’s subsidiaries have rights (“Put Rights”) that may be exercised on varying dates causing the Company to purchase their equity interests through fiscal 2025. The Put Rights, all of which relate either to common shares or membership interests in limited liability companies, provide that the cash consideration to be paid for their equity interests (the “Redemption Amount”) be at fair value or at a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. As of October 31, 2015, management’s estimate of the aggregate Redemption Amount of all Put Rights that the Company would be required to pay is approximately $91.3 million. The actual Redemption Amount will likely be different. The aggregate Redemption Amount of all Put Rights was determined using probability adjusted internal estimates of future earnings of the Company’s subsidiaries with Put Rights while considering the earliest exercise date, the measurement period and any applicable fair value adjustments. The portion of the estimated Redemption Amount as of October 31, 2015 redeemable at fair value is approximately $76.9 million and the portion redeemable based solely on a multiple of future earnings is approximately $14.4 million.

A summary of the Put Rights associated with the redeemable noncontrolling interests in certain of the Company’s subsidiaries is as follows as of October 31, 2015:



Subsidiary Acquisition Year	Operating Segment	Company Ownership Interest	Earliest Put Right Year	Purchase Period Years
2005	ETG	95.9%	2016 ⁽¹⁾	4 ⁽²⁾
2006	FSG	80.1%	2016 ⁽¹⁾	4
2008	FSG	82.3%	2016	5
2009	ETG	82.5%	2016 ⁽¹⁾	1
2011	FSG	80.1%	2016 ⁽¹⁾	2
2012	ETG	78.0%	2017	2
2012	FSG	84.0%	2018	4
2012	FSG	80.1%	2019	4
2015	FSG	80.0%	2019	4
2015	FSG	80.1%	2020	4
2015	FSG	80.1%	2022	4
2015	ETG	80.1%	2020	2


⁽¹⁾Currently puttable
⁽²⁾A portion is to be purchased in a lump sum

The aggregate Redemption Amount of the Put Rights that are currently puttable or becoming puttable during fiscal 2016 is approximately $35.0 million, of which approximately $20.1 million would be payable in fiscal 2016 should all of the eligible associated noncontrolling interest holders elect to exercise their Put Rights during fiscal 2016. As of October 31, 2015, none of the holders of equity interests in any of the above Company subsidiaries has exercised their Put Right to cause the Company to purchase their current equity interest. Additionally, the Company has call rights to purchase the equity interests of the noncontrolling holders over the same period.

The Company acquired an 80.1% interest in a subsidiary through the ETG in fiscal 2004. As part of the purchase agreement, the noncontrolling interest holders had the right to cause the Company to purchase their interests over a five-year period. During fiscal 2014, the noncontrolling interest holders' Put Right expired, resulting in a reclassification of the Redemption Amount from redeemable noncontrolling interests (temporary equity) to noncontrolling interests (permanent equity). Additionally, the Company has the right to purchase the noncontrolling interests over a five-year period.

Pursuant to the purchase agreement related to the acquisition of a 51% interest in a subsidiary by the FSG in fiscal 2006, the noncontrolling interest holders exercised their option to cause the Company to purchase an aggregate 35.7% interest during fiscal years 2011 and 2012 and the remaining 13.3% interest in fiscal 2013. During fiscal 2014, the Company paid a purchase price adjustment for the portion of the redeemable noncontrolling interests acquired in fiscal 2013 that was based on the acquired entity's actual fiscal 2013 earnings.

The purchase price of the redeemable noncontrolling interests acquired in fiscal 2014 was paid using cash provided by operating activities. The purchase price of the redeemable noncontrolling interests acquired in fiscal 2013 was paid using proceeds from the Company's revolving credit facility. The aggregate cost of the redeemable noncontrolling interests acquired in fiscal 2014 and 2013 was $1.2 million and $16.6 million, respectively.