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.

The components of redeemable noncontrolling interests as of March 31, 2026 and December 31, 2025 are as follows:



	March 31,		December 31,
	2026		2025

	(in thousands)
Beginning balance	$	78,262	$	54,132
Net income attributable to noncontrolling interests		72		824
Foreign currency translation adjustments		(716)		(89)
Purchase of noncontrolling interests		—		146
Adjustment to redemption amount		8,126		23,249
Ending balance	$	85,744	$	78,262