European Non-Controlling Redeemable Equity

12 Months Ended

Dec. 31, 2020

European Non-Controlling Redeemable Equity

NOTE 12 - EUROPEAN NON-CONTROLLING REDEEMABLE EQUITY

On May 30, 2017, the Company acquired 92.3 percent of the outstanding shares of UNIWHEELS, AG. Subsequently, the Company commenced a delisting and associated tender offer for the remaining shares. On January 17, 2018, the Company entered into a Domination and Profit and Loss Transfer agreement (“DPLTA”) retroactively effective as of January 1, 2018 pursuant to which we offered to purchase the remaining outstanding shares at €62.18 per share. This price may be subject to change based on appraisal proceedings initiated by the minority shareholders which have not yet been concluded. The Company must also pay an annual dividend of €3.23 as long as the DPLTA is in effect. For any shares tendered prior to the annual dividend payment, we must pay interest at a statutory rate, currently 4.12 percent, in place of the dividend. As a result of purchases pursuant to the tender offer and the DPLTA, the Company has increased its ownership to 99.9 percent as of December 31, 2020. In addition, the carrying value of the non-controlling interests must be adjusted to redemption value since they are currently redeemable. The following table summarizes the European non-controlling redeemable equity activity for the two year period ended December 31, 2020:

(Dollars in thousands)
Balance at December 31, 2018	$	13,849
Dividends accrued		566
Dividends paid		(848	)
Translation adjustment		(361	)
Purchase of shares		(6,681	)
Balance at December 31, 2019		6,525
Dividends accrued		205
Dividends paid		(46	)
Translation adjustment		2
Purchase of shares		(5,020	)
Balance at December 31, 2020	$	1,666