Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

Redeemable noncontrolling interests represent third-party investments in the Company's CIP and minority interests held in a consolidated affiliate. Minority interests held in an 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 on the Company's Condensed Consolidated Balance Sheets, and changes in estimated redemption value of these interests are recorded in the Company’s Condensed Consolidated Statements of Operations within noncontrolling interests.

Redeemable noncontrolling interests for the three months ended March 31, 2020 included the following amounts:



(in thousands)	CIP			Affiliate Noncontrolling Interests			Total
Balances at December 31, 2019	$	5,429		$	58,416		$	63,845
Net income (loss) attributable to noncontrolling interests	(1,987		)	648			(1,339		)
Changes in redemption value (1)	—			6,375			6,375
Total net income (loss) attributable to noncontrolling interests	(1,987		)	7,023			5,036
Net subscriptions (redemptions) and other	21,504			(3,270		)	18,234
Balances at March 31, 2020	$	24,946		$	62,169		$	87,115

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