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Non-controlling Interests

12 Months Ended

Dec. 31, 2020

Non-controlling Interests [Abstract]

Non-controlling Interests

NOTE 14 – NON-CONTROLLING INTERESTS

As of December 31, 2020, the non-controlling interests in our consolidated subsidiaries are comprised of the following:

Australia Country Cinemas Pty Ltd. – 25% non-controlling interest owned by Panorama Group International Pty.;

Shadow View Land and Farming, LLC – 50% non-controlling membership interest owned by either the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”) or the James J. Cotter Sr. Living Trust (the “Cotter Trust”); and,

Sutton Hill Properties, LLC – 25% non-controlling interest owned by Sutton Hill Capital, LLC (which in turn is 50% owned by the Cotter Estate and/or the Cotter Trust).

The components of non-controlling interest are as follows:

		December 31,
(Dollars in thousands)		2020			2019
Australian Country Cinemas, Pty Ltd		$	(51)		$	119
Shadow View Land and Farming, LLC			2,131			2,145
Sutton Hill Properties, LLC			1,324			2,003
Non-controlling interests in consolidated subsidiaries		$	3,404		$	4,267

The components of income/(loss) attributable to non-controlling interests are as follows:

(Dollars in thousands)		2020			2019			2018
Australian Country Cinemas, Pty Ltd		$	(158)		$	117		$	157
Shadow View Land and Farming, LLC			(69)			(99)			(56)
Sutton Hill Properties, LLC			(430)			(92)			31
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries		$	(657)		$	(74)		$	132

Shadow View Land and Farming, LLC

Our Coachella Valley land is held in Shadow View Land and Farming, LLC, in which the Cotter Estate or the Cotter Trust now owns a 50% interest. We are the managing member of Shadow View Land and Farming, LLC. We consolidate the Cotter Estate’s and/or the Cotter Trust’s interest in the property and its expenses with that of our interest and show their interest as a non-controlling interest. The property has been sold subsequent to December 31, 2020 as discussed above.

 

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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