Noncontrolling Interest

12 Months Ended

Dec. 31, 2017

We hold an economic interest in FICV and are responsible for all operational, management and administrative decisions relating to FICV’s business. As a result, the financial results of FICV are consolidated with ours.

We recorded a noncontrolling interest on our consolidated balance sheet with respect to the remaining economic interest in FICV held by Mosing Holdings. Net income (loss) attributable to noncontrolling interest on the statements of operations represented the portion of earnings or losses attributable to the economic interest in FICV held by Mosing Holdings. The allocable domestic income (loss) from FICV to FINV is subject to U.S. taxation. Effective with the August 2016 conversion of all of Mosing Holdings' Series A preferred stock (see Note 12 – Preferred Stock), Mosing Holdings transferred all its interest in FICV to us and the noncontrolling interest was eliminated. As a result, the amount included in net income (loss) attributable to noncontrolling interest for the year ended December 31, 2016 is through August 26, 2016.

A reconciliation of net income (loss) attributable to noncontrolling interest is detailed as follows (in thousands):



	Year Ended December 31,
		2016			2015
Net income (loss)		$	(156,079	)	$	106,110
Add: Net loss after Mosing Holdings contributed interest to FINV⁽¹⁾		84,541			—
Add: Provision (benefit) for U.S. income taxes of FINV ⁽²⁾		(10,414		)	6,585
Less: (Income) loss of FINV ⁽³⁾		23			(6,824		)
Net income (loss) subject to noncontrolling interest		(81,929		)	105,871
Noncontrolling interest percentage ⁽⁴⁾		25.2		%	25.4		%
Net income (loss) attributable to noncontrolling interest		$	(20,741	)	$	27,000


⁽¹⁾	Represents net loss after August 26, 2016 when Mosing Holdings transferred its interest to FINV.


⁽²⁾	Represents income tax expense (benefit) of entities outside of FICV as well as income tax attributable to our proportionate share of the U.S. operations of our partnership interests in FICV as of August 26, 2016.


⁽³⁾	Represents results of operations for entities outside of FICV as of August 26, 2016.


⁽⁴⁾	Represents the economic interest in FICV held by Mosing Holdings before the preferred stock conversion on August 26, 2016. This percentage changed as additional shares of FINV common stock were issued. Effective August 26, 2016, Mosing Holdings delivered its economic interest in FICV to us.