What is meant by non-controlling interest? What does the non-controlling interest on a company's balance sheet represent?

Question:

What is meant by "non-controlling interest"? What does the non-controlling interest on a company's represent? What does it represent on the income statement?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...