Redeemable Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 are as follows (in thousands):

	June 30,		December 31,
	2023		2022
Beginning balance	$	31,735	$	17,250
Net loss attributable to noncontrolling interests		(2,340)		(1,630)
Foreign currency translation adjustments		(457)		(204)
Contribution from joint venture partner		1,200		—
Adjustment to redemption amount		7,435		16,319
Ending balance	$	37,573	$	31,735