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, 2016, management’s estimate of the aggregate Redemption Amount of all Put Rights that the Company could be required to pay is approximately $99.5 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, 2016 redeemable at fair value is approximately $85.6 million and the portion redeemable based solely on a multiple of future earnings is approximately $13.9 million.

A summary of the Put Rights associated with the redeemable noncontrolling interests in certain of the Company’s subsidiaries as of October 31, 2016 is as follows;



Subsidiary Acquisition Year	Operating Segment	Company Ownership Interest	Earliest Put Right Year	Purchase Period (Years)
2005	ETG	95.9%	2017 ⁽¹⁾	4 ⁽²⁾
2006	FSG	80.1%	2017 ⁽¹⁾	4
2008	FSG	82.3%	2017 ⁽¹⁾	5
2009	ETG	82.5%	2017 ⁽¹⁾	1
2011	FSG	90.1%	N/A ⁽³⁾	1 ⁽⁴⁾
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	ETG	80.1%	2020	2
2015	FSG	80.1%	2022	4


⁽¹⁾Currently puttable
⁽²⁾A portion is to be purchased in a lump sum
⁽³⁾Put Right previously exercised
⁽⁴⁾Represents remaining purchase period for previously exercised Put Right

The estimated aggregate Redemption Amount of the Put Rights that are currently puttable or becoming puttable during fiscal 2017 is approximately $28.2 million, of which approximately $17.6 million would be payable in fiscal 2017 should all of the eligible associated noncontrolling interest holders elect to exercise their Put Rights during fiscal 2017. The estimated Redemption Amount of the remaining Put Rights previously exercised is $4.0 million, all of which is payable in fiscal 2017. Additionally, the Company has call rights to purchase the equity interests of the noncontrolling holders over the same period.

During fiscal 2016, the holders of a 19.9% noncontrolling equity interest in a subsidiary of the FSG that was acquired in fiscal 2011 exercised their option to cause the Company to purchase their interests over a two-year period ending in fiscal 2017. Accordingly, the Company’s ownership interest in the subsidiary increased to 90.1% effective March 2016.

The $3.6 million Redemption Amount for the redeemable noncontrolling interests acquired in fiscal 2016 and the $1.2 million Redemption Amount for the redeemable noncontrolling interest acquired in fiscal 2013 that was paid in fiscal 2014 were paid using cash provided by operating activities.