Redeemable Noncontrolling Interests

9 Months Ended

Sep. 24, 2016

Temporary Equity Disclosure [Abstract]

Note 4 – Redeemable Noncontrolling Interests

Some minority shareholders in certain of our subsidiaries have the right, at certain times, to require us to acquire their ownership interest in those entities at fair value. Accounting Standards Codification (“ASC”) Topic 480-10 is applicable for noncontrolling interests where we are or may be required to purchase all or a portion of the outstanding interest in a consolidated subsidiary from the noncontrolling interest holder under the terms of a put option contained in contractual agreements. The components of the change in the Redeemable noncontrolling interests for the nine months ended September 24, 2016 and the year ended December 26, 2015 are presented in the following table:

		September 24,		December 26,
		2016		2015
Balance, beginning of period		$	542,194	$	564,527
Decrease in redeemable noncontrolling interests due to
	redemptions		(51,265)		(82,563)
Increase in redeemable noncontrolling interests due to business
	acquisitions		20,584		18,936
Net income attributable to redeemable noncontrolling interests			34,849		43,588
Dividends declared			(25,869)		(32,706)
Effect of foreign currency translation gain (loss) attributable to
	redeemable noncontrolling interests		1,228		(4,790)
Change in fair value of redeemable securities			49,648		35,202
Balance, end of period		$	571,369	$	542,194

Changes in the estimated redemption amounts of the noncontrolling interests subject to put options are adjusted at each reporting period with a corresponding adjustment to Additional paid-in capital. Future reductions in the carrying amounts are subject to a “floor” amount that is equal to the fair value of the redeemable noncontrolling interests at the time they were originally recorded. The recorded value of the redeemable noncontrolling interests cannot go below the floor level. These adjustments do not impact the calculation of earnings per share.