Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of investments

The following table summarizes the components of our investments in equity securities:

	Investment in Equity Securities, Level 1 (1)		Investment in Equity Securities, Level 2 (1)		Subtotal		Investments in Equity Securities, All Others (3)		Investments in Equity Securities, Total
Balance at December 31, 2020	$	53.8	$	4.1	$	57.9	$	15.7	$	73.6
New investments (2)	—		—		—		45.0		45.0
(Decrease) increase in fair value of investments in equity securities	(19.8)		10.6		(9.2)		—		(9.2)
Foreign currency translation (losses) gains	(1.6)		—		(1.6)		0.4		(1.2)
Balance at June 30, 2021	$	32.4	$	14.7	$	47.1	$	61.1	$	108.2

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(1)Our investment in McPhy (Euronext Paris: MCPHY - ISIN; FR001742329) represents a Level 1 investment while our investment in Stabilis Energy, Inc. represents a Level 2 investment. For the three and six months ended June 30, 2021, we recognized an unrealized loss of $17.2 and $19.8, respectively, in our Level 1 investment and an unrealized gain of $4.7 and $10.6, respectively, in our Level 2 investment.

(2)During the second quarter of 2021, we completed an investment in Earthly Labs Inc. (“Earthly Labs”) in the amount of $5.0 for approximately 15% of its equity. Earthly Labs is the leading provider of small-scale carbon capture systems offering an affordable, small footprint technology platform called “CiCi ®” to capture, recycle, reuse, track and sell CO2. Earthly Labs proprietary approach includes hardware, software and services to address half of all existing carbon dioxide emissions from industrial sources while converting molecules to value.

During the first quarter of 2021, we completed an investment in Transform Materials LLC (“Transform Materials”) in the amount of $25.0 for approximately 5% of its equity. Transform Materials is a sustainable chemical technology company that uses microwave plasma to convert natural gas into acetylene and hydrogen. Its highly selective, cost-effective, net-carbon-negative process converts the methane in natural gas into high-value products suitable for direct use or downstream reactions.

Also, during the first quarter of 2021, we completed an investment in Svante Inc. (“Svante”) in the amount of $15.0 for under 10% of its capital stock on a fully diluted basis. Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be recycled for further industrial use in a closed loop.

(3)Our investments in HTEC Hydrogen Technology & Energy Corporation, Svante, Transform Materials and Earthly Labs are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.