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NONCONTROLLING INTERESTS
9 Months Ended
Dec. 31, 2013
NONCONTROLLING INTERESTS  
NONCONTROLLING INTERESTS

5.  NON-CONTROLLING INTERESTS

 

On December 17, 2013, a previously wholly-owned subsidiary of the Company issued a non-controlling equity interest to a third party investor in exchange for $33.8 million in cash for an ownership interest less than 20% of the outstanding shares in the subsidiary.  The Company continues to own a majority of the subsidiary’s outstanding equity and also controls the subsidiary’s board of directors.  Accordingly, the condensed consolidated financial statements include the financial position and results of operations of this subsidiary as of December 31, 2013 and for the three-month and nine-month periods then ended.

 

The Company has recognized the carrying value of the non-controlling interest as a component of total shareholders’ equity.  The operating results of the subsidiary attributable to the non-controlling interest are immaterial for all of the periods presented and are included in interest and other, net.