Redeemable Noncontrolling Interest

March 1, 2016,

the Company acquired a

65%

ownership interest in PR Industrial S.r.l. and its subsidiaries (Pramac). The

35%

noncontrolling interest in Pramac had an acquisition date fair value of

$34,253,

and was recorded as a redeemable noncontrolling interest in the condensed consolidated balance sheet, as the noncontrolling interest holder had within its control the right to require the Company to redeem its interest in Pramac. In

February 2019,

the Company amended its agreement with the noncontrolling interest holder of Pramac, extending the agreement by

five

years, allowing the Company to exercise its call option rights in partial increments at certain times during the

five

year period, and providing that the noncontrolling interest holder

longer holds the right to put its shares to the Company until

April 1, 2021.

The redeemable noncontrolling interest is recorded at the greater of the initial fair value, increased or decreased for the noncontrolling interests’ share of comprehensive income (loss), or the estimated redemption value, with any adjustments to the redemption value impacting retained earnings, but

not

net income. However, the redemption value adjustments are reflected in the earnings per share calculation, as detailed in Note

14,

“Earnings Per Share,” to the condensed consolidated financial statements. The following table presents the changes in the redeemable noncontrolling interest:

	Three Months Ended March 31,
	2019			2018
Balance at beginning of period	$	61,004		$	43,929
Net income		265			(26	)
Foreign currency translation		(1,480	)		2,836
Redemption value adjustment		(2,432	)		7,665
Balance at end of period	$	57,357		$	54,404