Investments

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Investments

Investments

The Company holds several investments in and loans to non-consolidated entities which are included in Other assets in the condensed consolidated balance sheet. Equity method investments were $79.0 million and $93.7 million at September 30, 2022 and December 31, 2021, respectively.

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 condensed consolidated statement of income.

In April 2022, the Company sold its interest in a marketable equity security for $9.9 million. No gains or losses were recorded on marketable equity securities for the three months ended September 30, 2022 and $4.1 million of gains were recorded for the nine months ended September 30, 2022. There were losses of $0.8 million and $8.6 million on marketable equity securities for the three and nine months ended September 30, 2021, respectively. There were no investments in marketable equity securities at September 30, 2022 and $5.8 million of investments in marketable equity securities at December 31, 2021.

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. During the third quarter of 2022, the Company made a $5.0 million investment in a targeted streaming service. Investments in non-marketable equity securities were $42.7 million and $37.7 million at September 30, 2022 and December 31, 2021, respectively. The changes in value as a result of observable price changes, if any, are recorded in miscellaneous, net in the condensed consolidated statement of income.