XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.23.3

Noncontrolling and Redeemable Noncontrolling Interests | 9 Months Ended
--- | ---
Sep. 30, 2023
Noncontrolling Interest [Abstract] |
Noncontrolling and Redeemable Noncontrolling Interests | 8. Noncontrolling and Redeemable Noncontrolling Interests When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase the incremental ownership is within the Company’s control, the amounts are recorded as Noncontrolling interests within Shareholder’s Equity in the Unaudited Consolidated Balance Sheets. Where the incremental purchase may be required of the Company, the amounts are recorded as Redeemable noncontrolling interests in mezzanine equity in the Unaudited Consolidated Balance Sheets at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through Retained earnings (but not less than their initial redemption value), except for foreign currency translation adjustments. The following table presents Net income (loss) attributable to noncontrolling and redeemable noncontrolling interests between holders of Class C common stock, par value $0.00001 per share (the “Class C Common Stock”) and other equity interest holders for the three and nine months ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (dollars in thousands) |  |
Net income (loss) attributable to Class C shareholders | $ | 33 |  |  | $ | 19,286 |  |  | $ | (7,684) |  |  | $ | 51,027 |  |  |
Net income attributable to other equity interest holders | 1,001 |  |  | 2,287 |  |  | 1,221 |  |  | 4,083 |  |  |
Net income (loss) attributable to noncontrolling interests | $ | 1,034 |  |  | $ | 21,573 |  |  | $ | (6,463) |  |  | $ | 55,110 |  |  |
Net income (loss) attributable to redeemable noncontrolling interests | 1,430 |  |  | 3,092 |  |  | (2,085) |  |  | 4,558 |  |  |
Net income (loss) attributable to noncontrolling and redeemable noncontrolling interests | $ | 2,464 |  |  | $ | 24,665 |  |  | $ | (8,548) |  |  | $ | 59,668 |  |  |
The following table presents noncontrolling interests between holders of Class C Common Stock and other equity interest holders as of September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| (dollars in thousands)
Noncontrolling interest of Class C shareholders | $ | 393,763 |  |  | $ | 428,406 |
Noncontrolling interest of other equity interest holders | 29,674 |  |  | 33,691 |
Total noncontrolling interests | $ | 423,437 |  |  | $ | 462,097 |
The following table presents changes in redeemable noncontrolling interests:
| September 30, 2023 |  | December 31, 2022
| (dollars in thousands)
Beginning balance | $ | 39,111 |  |  | $ | 43,364 |
Redemptions (1) | (22,172) |  |  | (1,400) |
Distributions | (5,374) |  |  | (2,822) |
Changes in redemption value | 621 |  |  | (8,711) |
Net income (loss) attributable to redeemable noncontrolling interests | (2,085) |  |  | 8,135 |
Other | (16) |  |  | 545 |
Ending balance | $ | 10,085 |  |  | $ | 39,111 |
(1) Redemptions for the nine months ended September 30, 2023, is associated with redeemable noncontrolling interest of a certain brand we did not previously own. The amount was reclassified as a deferred acquisition contingent obligation (see Note 5). The noncontrolling shareholders’ ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts during 2023 to 2027. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights. The redeemable noncontrolling interest of $10.1 million as of September 30, 2023, consists of $6.2 million, assuming that the subsidiaries meet certain performance metrics, and $3.9 million upon termination of such owner’s employment with the applicable subsidiary or death. These adjustments will not impact the calculation of earnings (loss) per share if the redemption values are less than the estimated fair values. As such, there is no related impact on the Company’s earnings per share calculations for the three and nine months ended September 30, 2023 and 2022. Comprehensive Loss Attributable to Noncontrolling and Redeemable Noncontrolling Interests For the three months ended September 30, 2023, comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests was $5.5 million, which consists of $2.5 million of net income and $7.9 million of other comprehensive loss. For the nine months ended September 30, 2023, comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests was $34.8 million, which consists of $8.5 million of net loss and $26.3 million of other comprehensive loss.

X
- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration