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Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2024

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

Redeemable Noncontrolling Interests

The following is a summary of the activity related to our Redeemable noncontrolling interests (in millions):

			Six Months Ended June 30,
			2024						2023
Balance at beginning of period			$	42.0					$	35.6
Net income attributable to noncontrolling interests			3.0						4.3
Distributions declared			(4.9)						(0.6)
Contribution to joint venture			8.5						—
Balance at end of period			$	48.6					$	39.3

The following table reconciles the net income attributable to nonredeemable Noncontrolling interests, as recorded in the shareholders’ equity section of the condensed consolidated balance sheets, and the net income attributable to Redeemable noncontrolling interests, as recorded in the mezzanine section of the condensed consolidated balance sheets, to the Net and comprehensive income attributable to noncontrolling interests presented in the condensed consolidated statements of comprehensive income (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net income attributable to nonredeemable noncontrolling interests			$	30.9					$	23.6					$	55.7					$	47.1
Net income attributable to redeemable noncontrolling interests			1.5						2.2						3.0						4.3
Net income attributable to noncontrolling interests			$	32.4					$	25.8					$	58.7					$	51.4

See also Note 5, Fair Value Measurements.

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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X

- References

No definition available.

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