Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2022

Redeemable Noncontrolling Interests [Abstract]

Redeemable Noncontrolling Interests

16. REDEEMABLE NONCONTROLLING INTERESTS

The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder, or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs.

The components of redeemable noncontrolling interests as of June 30, 2022 are as follows (in thousands):

	June 30,		December 31,
	2022		2021
Beginning balance	$	17,250	$	15,194
Net loss attributable to noncontrolling interests		(682)		—
Foreign currency translation adjustments		(196)		—
Purchase of noncontrolling interests		—		(18,000)
Contribution from joint venture partner		—		17,250
Adjustment to redemption amount		23,509		2,806
Ending balance	$	39,881	$	17,250