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.

During the quarter ended June 30, 2026, the noncontrolling shareholder of one of the Company’s joint ventures noticed its intent to exercise its put option to sell its interest to the Company.

The components of redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 are as follows:



	June 30,		December 31,
	2026		2025

	(in thousands)
Beginning balance	$	78,262	$	54,132
Net income attributable to noncontrolling interests		(2,235)		824
Foreign currency translation adjustments		(717)		(89)
Purchase of noncontrolling interests		—		146
Adjustment to redemption amount		9,892		23,249
Ending balance	$	85,202	$	78,262