Investment in Affiliates, Net

Investments in affiliates, net is accounted for under the equity method of accounting when we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment. Income tax expense of $9.1 million, $8.9 million and $16.5 million was recorded on those earnings for the years ended December 31, 2015, 2014 and 2013, respectively. Dividends from equity method investments were $30.1 million, $38.7 million and $36.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. We recorded $18.2 million, $19.0 million and $15.4 million, respectively, of operating revenues and $13.0 million, $12.9 million and $13.5 million, respectively, of operating expenses related to our investment in affiliates for the years ended December 31, 2015, 2014 and 2013.

In December 2015, we completed the acquisition of the remaining 49.9% interest in RELS LLC ("RELS"), a leading nation-wide provider of real estate asset valuation and appraisal solutions, and recorded an investment gain of approximately $34.3 million due to the step-up in fair value on the previously held 50.1% interest, which is included in gain on investment and other, net in the accompanying consolidated statements of operations. See Note 16 - Acquisitions for additional information. Prior to the acquisition, RELS contributed 84.9%, 80.0% and 70.7% of our total equity in earnings of affiliates, net of tax, for the years ended December 31, 2015, 2014 and 2013, respectively. Due to the acquisition of RELS, we do not expect equity in earnings of affiliates to be significant in future reporting periods. Based on the terms and conditions of the joint venture agreement, we had significant influence but did not have control of, or a majority voting interest in, the joint venture. Accordingly, prior to the acquisition of the remaining 49.9% interest in RELS in December 2015, this investment was accounted for under the equity method. The following summarized financial information for this investment (assuming 100.0% ownership interest) is as follows:



(in thousands)	2015		2014
Balance sheets
Total assets	$	42,164	$	44,536
Total liabilities	$	13,391	$	15,977



(in thousands)	2015		2014		2013
Statements of operations
Total revenues	$	244,647	$	221,328	$	347,070
Expenses and other	205,891		183,761		282,686
Net income attributable to RELS LLC	$	38,756	$	37,567	$	64,384
CoreLogic equity in earnings of affiliate, pre-tax	$	19,417	$	18,821	$	32,256

In March 2014, we acquired certain equity interests, assets and intellectual property; which we collectively refer to as "MSB/DataQuick." See Note 16 - Acquisitions for additional information. The acquisition included a 29.4% interest in Symbility Solutions Inc. ("Symbility"). In connection with the purchase price allocation, we recorded $18.3 million to reflect our basis in Symbility. The purchase allocation included $11.3 million of basis difference between the purchase price and our interest in the net assets of Symbility, which is comprised of an indefinite-lived component of $2.0 million and a finite-lived component of $9.4 million with an estimated weighted-average life of 15 years.

In September 2013, we acquired an additional 10.0% interest in PropertyIQ Ltd. ("PIQ") for NZD$3.3 million, or $2.6 million, a New Zealand joint venture, resulting in a 60.0% controlling interest. As we previously held a noncontrolling interest in PIQ, we recorded a gain of approximately $6.6 million during the third quarter of 2013 to reflect our then existing ownership interest at fair value, which is included in gain on investments and other, net in the accompanying consolidated statement of operations. Prior to our acquisition of the controlling interest, we accounted for the investment in PIQ using the equity method. In January 2016, we completed the acquisition of the remaining 40.0% interest in PIQ for NZD$27.8 million, or $19.0 million. See Note 17 - Redeemable Noncontrolling Interest for additional information.

See Note 12 - Fair Value of Financial Instruments for further discussion on investment in affiliates, net measured at fair value on a nonrecurring basis.