Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2023

The Company’s redeemable non-controlling interests are comprised of common shares held by equity holders other than the Company in eight less than wholly owned subsidiaries. These shares are subject to redemption rights.

Prior to December 31, 2022, the Company’s redeemable non-controlling interests were primarily comprised of the voting membership interests held by equity holders other than the Company in Concentra Group Holdings Parent. During the years ended December 31, 2021, 2022, and 2023, Select and members of Concentra Group Holdings Parent entered into agreements pursuant to which Select acquired additional outstanding membership interests of Concentra Group Holdings Parent for $660.7 million, $5.9 million, and $6.3 million respectively. As of December 31, 2021, Select owned 100.0% of the outstanding voting membership interests of Concentra Group Holdings Parent. As of December 31, 2023, Concentra Group Holdings Parent is wholly owned by Select.

The changes in redeemable non-controlling interests are as follows:


	For the Year Ended December 31,
	2021		2022		2023
	(in thousands)
Balance as of January 1	$	398,171	$	39,033	$	34,043
Net income attributable to redeemable non-controlling interests	50,153		7,572		8,087

Distributions to and purchases of redeemable non-controlling interests	(911)		(5,443)		(8,217)
Redemption value adjustment on redeemable non-controlling interests	250,083		(3,385)		(1,527)
Purchase of membership interests of Concentra Group Holdings Parent	(660,658)		(5,876)		(6,268)
Other	2,195		2,142		179
Balance as of December 31	$	39,033	$	34,043	$	26,297