Note 10 - Noncontrolling Interests in Subsidiaries
|9 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
|Noncontrolling Interest Disclosure [Text Block]||
Noncontrolling interestsin the Company’s consolidated subsidiaries were as follows (in thousands):
The Company formed FGH, a joint venture between the Company and MOI. The Company and MOI contributed certain liftboat vessels and other related assets to FGH and its designated subsidiaries and assumed certain operating liabilities and indebtedness associated with the liftboat vessels and related assets, including a previous joint venture (“Falcon Global International” or “FGI”) that owned and operated
Falcon Global Holdings.
twoliftboats. The transaction consolidates the
15liftboat vessels operated by the Company and
sixliftboat vessels previously operated by MOI.
The total capital contributed to FGH was approximatelyand recorded at fair value, with the remaining capital contributed by the Company. As a result of the transaction, the noncontrolling interest in the joint venture held by MOI is
$112.5million of which,
$43.3million was transferred from FGI and
$18.8million was contributed by MOI
September 30, 2018,the net loss of Falcon Global Holdings was
$14.2million, of which
$4.0million was attributable to noncontrolling interests.
Windcat Workboats owns and operates the Company’s wind farm utility vessels that are primarily used to move personnel and supplies in the major offshore wind markets of Europe. As of
September 30, 2018,the net assets of Windcat Workboats were
$18.5million. During the
September 30, 2018,the net loss of Windcat Workboats was
$2.0million, of which
$0.2million was attributable to noncontrolling interests.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef