Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2025

Redeemable Noncontrolling Interests [Abstract]

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.

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The components of redeemable noncontrolling interests as of March 31, 2025 and December 31, 2024 are as follows:



	March 31,		December 31,
	2025		2024

	(in thousands)
Beginning balance	$	54,132	$	35,047
Net loss attributable to noncontrolling interests		(2,826)		(859)
Foreign currency translation adjustments		(932)		618
Purchase of noncontrolling interests		—		1,865
Contribution from joint venture partner		—		5,730
Adjustment to redemption amount		12,230		11,731
Ending balance	$	62,604	$	54,132