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Redeemable Noncontrolling Interest
9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest
On February 1, 2023, we sold common shares of a subsidiary, representing a 19% interest in Conferma Limited's (Conferma) direct parent, to a third party for cash consideration of $16 million. In connection with the sale, we entered into a governing agreement which requires us under limited conditions to redeem the 19% interest, if requested, for the original purchase price of $16 million. We currently do not believe it is probable that the noncontrolling interest will become redeemable, given the remote likelihood of the applicable conditions being satisfied.
As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of September 30, 2024 and 2023, the redeemable noncontrolling interest was $13 million and $15 million, respectively.
The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended September 30, 2024 and 2023 (in thousands):
Nine Months Ended September 30,
20242023
Redeemable noncontrolling interest, beginning of period$14,375 $— 
Proceeds from sale of redeemable noncontrolling interest— 16,000 
Net loss attributable to redeemable noncontrolling interest(1,098)(1,278)
Redeemable noncontrolling interest, end of period$13,277 $14,722