Investments

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investments

Investments

Equity Method Investments

Equity method investments were $69.1 million and $90.9 million at December 31, 2019 and 2018, respectively, and are included in Other assets in the consolidated balance sheets. In December 2019, one of the Company's equity method investments had a call option exercised to purchase the Company's interest in the joint venture. The call price of $20.0 million is equal to the Company's initial investment. The Company reclassified its investment in the joint venture to other receivables (current and noncurrent) as of December 31, 2019. In September 2018, the Company recognized an impairment charge of $3.5 million related to the partial write-down of an equity method investment, which is included in miscellaneous, net in the consolidated statement of income.

Marketable Equity Securities

The Company classifies publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, included in miscellaneous, net in the consolidated statements of income.

During 2019, the Company purchased an additional interest in one of its marketable equity securities of $3.5 million. Investments in marketable equity securities were $4.4 million at December 31, 2019 and $1.2 million at December 31, 2018 and are included in Other assets in the consolidated balance sheets.

Non-marketable Equity Securities

The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as non-marketable equity securities. The accounting guidance requires non-marketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. The Company applies this measurement alternative to its non-marketable equity securities. When an observable event occurs, the Company estimates the fair values of its non-marketable equity securities based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, included in miscellaneous, net in the consolidated statements of income.

In 2018, the Company made an investment in fuboTV Inc. of $25.0 million, and provided a senior secured term loan to fuboTV Inc. of $25.0 million with a maturity date of April 6, 2023.

The Company recognized impairment charges of $20.2 million and $10.0 million for the years ended December 31, 2019 and 2018, respectively, related to the partial write-down of certain non-marketable equity securities, included in miscellaneous, net in the consolidated statements of income.

Investments in non-marketable equity securities were $61.8 million at December 31, 2019 and $71.8 million at December 31, 2018 and are included in Other assets in the consolidated balance sheets.