NOTE 12 — Redeemable Noncontrolling Interests
We have noncontrolling interests in majority owned entities, which are carried at fair value as the noncontrolling interests contain certain rights, whereby we may acquire and the minority shareholders may sell to us the additional shares of the companies. A reconciliation of redeemable noncontrolling interest for the years ended December 31, 2013, 2012 and 2011 is as follows:
| Year ended December 31, | ||||||||||||
| 2013 | 2012 | 2011 | ||||||||||
| (in thousands) | ||||||||||||
|
Balance, beginning of the period |
$ | 13,473 | $ | 13,952 | $ | 29,825 | ||||||
|
Acquisition of redeemable noncontrolling interest |
343,984 | — | — | |||||||||
|
Purchase of subsidiary shares at fair value |
(14,923 | ) | — | (14,688 | ) | |||||||
|
Net income (loss) attributable to noncontrolling interests |
(7,130 | ) | 485 | (256 | ) | |||||||
|
Fair value adjustments |
26,614 | 772 | (436 | ) | ||||||||
|
Currency translation adjustments and other |
2,853 | (1,736 | ) | (493 | ) | |||||||
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Balance, end of period |
$ | 364,871 | $ | 13,473 | $ | 13,952 | ||||||
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For information on redeemable noncontrolling interest acquired during 2013, see Note 3 — Acquisitions. During 2013, fair value adjustments represent the increase to redeemable noncontrolling interest to reflect the estimated redemption value as of December 31, 2013.