Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Redeemable noncontrolling interests represent third-party investments in the Company's CIP and minority interests held in a consolidated majority-owned affiliate. Minority interests held in the affiliate are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals (between four and seven years from their issuance) or upon certain conditions such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. Minority interests in an affiliate are recorded at estimated redemption value within redeemable noncontrolling interests in the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded in the Condensed Consolidated Statements of Operations within noncontrolling interests.

Redeemable noncontrolling interests for the nine months ended September 30, 2021 included the following amounts:


(in thousands)	CIP		Affiliate Noncontrolling Interests		Total
Balances at December 31, 2020	$	28,061	$	87,452	$	115,513

Net income (loss) attributable to noncontrolling interests	859		6,575		7,434
Changes in redemption value (1)	—		34,378		34,378
Total net income (loss) attributable to noncontrolling interests	859		40,953		41,812
Net subscriptions (redemptions) and other	(16,112)		(9,544)		(25,656)

Balances at September 30, 2021	$	12,808	$	118,861	$	131,669

(1) Relates to noncontrolling interests redeemable at other than fair value.