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Redeemable Non-Controlling Interest (Temporary Equity)
6 Months Ended
Jun. 30, 2012
Redeemable Non-Controlling Interest (Temporary Equity) [Abstract]  
REDEEMABLE NON-CONTROLLING INTEREST (TEMPORARY EQUITY)

13. REDEEMABLE NON-CONTROLLING INTEREST (TEMPORARY EQUITY)

The redeemable non-controlling interest represents the equity interests of PrinceRidge which are not owned by the Company. The members of PrinceRidge have the right to withdraw from PrinceRidge and require PrinceRidge to redeem the interests for cash over a contractual payment period. The Company has concluded these interests should be treated as temporary equity under Accounting Series Release 268 (“ASR 268”). These interests are shown outside of the permanent equity of IFMI in its consolidated balance sheet as redeemable non-controlling interests.

In June 2011, one partner withdrew from PrinceRidge and, therefore, the Company reclassified $3,536 from redeemable non-controlling interest to mandatorily redeemable equity interests on its consolidated balance sheets. During the first half of 2012, the Company reclassified $6,071 from redeemable non-controlling interest to mandatorily redeemable equity interests in its consolidated balance sheets due to partnership withdrawals from PrinceRidge. In addition, the Company distributed cash of $43 during the first quarter of 2012 to a withdrawing partner and received $20 in cash related to capital contributions made to PrinceRidge during the second quarter of 2012. Per the terms of the governing documents, PrinceRidge may redeem a partner’s equity interests over a period of time of up to 2 to 5 years. The amount actually due to a withdrawing partner will fluctuate over time based on the operating results of PrinceRidge. The carrying value of the liability owed to a withdrawing partner will be recorded at the amount owed as of each balance sheet date. Any increases or decreases in the amount owed will be recorded as interest income or expense and will be included in the non operating section of the consolidated statement of operations. During the first half of 2012, the Company distributed cash of $789 to the holders of mandatorily redeemable equity interests. As of June 30, 2012 and December 31, 2011, the mandatorily redeemable equity interests totaled $8,299 and $3,149, respectively. See also note 22.