Redeemable Noncontrolling Interest

9 Months Ended

Sep. 29, 2012

18.

Redeemable Noncontrolling Interest

We assumed a $100.0 million redeemable noncontrolling interest in the Merger. The redeemable noncontrolling interest relates to our 75% ownership interest in KEF. The remaining 25% interest is held by a noncontrolling interest stakeholder. We and the noncontrolling interest stakeholder have a call and put arrangement, respectively, for us to acquire the remaining 25% ownership which becomes exercisable beginning the first full fiscal quarter after June 29, 2014. Activity for the period from the date of the Merger to September 29, 2012 was not material.

Noncontrolling interests with redemption features, such as put options, that are not solely within our control are considered redeemable noncontrolling interests. Redeemable noncontrolling interest is considered to be temporary equity and is therefore reported in the mezzanine section between liabilities and equity on the Condensed Consolidated Balance Sheets at the greater of the initial carrying amount increased or decreased for the noncontrolling interest’s share of net income or loss or its redemption value.

On October 4, 2012 we purchased the remaining 25% interest in KEF for $100.0 million in cash. See Note 4.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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