Investments

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments

Investments

Equity Method Investments

Equity method investments were $69.5 million and $69.1 million at December 31, 2020 and 2019, respectively, and are included in Other assets in the consolidated balance sheets.

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 miscellaneous, net in the consolidated statements of income. In April 2020, one of our investments with a cost of $25.0 million, previously classified as a non-marketable equity security, became a publicly traded company. Accordingly, the investment then became classified within marketable equity securities. 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 $62.4 million at December 31, 2020 and $4.4 million at December 31, 2019, and are included in Other assets in the consolidated balance sheets. In December 2020, the Company sold a portion of one of its marketable securities, resulting in a realized gain of $37.4 million, included in miscellaneous, net in the consolidated statement of income. For the year ended December 31, 2020, unrealized gains on marketable equity securities were $45.4 million, included in miscellaneous, net in the consolidated statement of income.

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 miscellaneous, net in the consolidated statements of income.

Investments in non-marketable equity securities were $35.8 million at December 31, 2020 and $61.8 million at December 31, 2019 and are included in Other assets in the consolidated balance sheets. The Company recognized impairment charges of $20.0 million and $20.2 million for the years ended December 31, 2020 and 2019, respectively, related to the partial write-down of certain non-marketable equity securities, included in miscellaneous, net in the consolidated statements of income. Additionally, in September 2020, an observable price change occurred with respect to one of the Company's non-marketable equity securities, resulting in an unrealized gain of $14.9 million, included in miscellaneous, net in the condensed consolidated statement of income.