Equity method investments — Investments in equity securities where the Company’s ownership interest exceeds 20% and the Company does not have a controlling interest or where the ownership is less than 20% and for which the Company has a significant influence are accounted for by the equity method.

Investments in unconsolidated affiliates accounted for under the equity method consisted of the following (in millions):


				December 31,				September 30,
	Ownership %			2022		2021		2021
Mezcladores Trailers de Mexico, S.A. de C.V.		49	%	$	8.3	$	8.3	$	8.3
BME Fire Trucks LLC		25	%		3.9		5.1		5.1
Construction Robotics, LLC		9	%		2.4		2.6		2.9
AutoTech Fund III, L.P.		9	%		0.8		—		—
AutoTech Fund II, L.P.		7	%		8.7		8.6		6.5
Carnegie Foundry LLC		6	%		4.8		4.9		5.0
Westly Capital Partners Fund IV, L.P.		5	%		2.8		1.4		1.1
Robotic Research LLC		2	%		11.2		—		—
				$	42.9	$	30.9	$	28.9

Recorded investments generally represent the Company’s maximum exposure to loss as a result of the Company’s ownership interest. Earnings or losses are reflected in “Equity in earnings (losses) of unconsolidated affiliates” in the Consolidated Statements of Income. Due to the timing and availability of information, earnings or losses from unconsolidated affiliates accounted for using the equity method are recorded on a three-month lag.

The Company and an unaffiliated third party are joint venture partners in Mezcladores Trailers de Mexico, S.A. de C.V. (Mezcladoras). Mezcladoras is a manufacturer and distributor of industrial and commercial machinery with primary operations in Mexico. The Company recognized sales to Mezcladoras of $3.0 million in fiscal 2022, $0.4 million in the three months ended December 31, 2021, $3.4 million in the year ended September 30, 2021 and $3.3 million in the year ended September 30, 2020.

The Company recognizes income on sales to Mezcladoras at the time of shipment in proportion to the outside third-party interest in Mezcladoras and recognizes the remaining income upon the joint venture’s sale of inventory to an unaffiliated customer. The Company earns a service fee for certain operational support services provided to Mezcladoras. The Company recognized service fees of $0.9 million in fiscal 2022, $0.3 million in the three months ended December 31, 2021, $0.8 million in the year ended September 30, 2021 and $1.1 million in the year ended September 30, 2020.

The Company holds an equity interest in BME Fire Trucks LLC (Boise Mobile). Boise Mobile is a manufacturer and distributor of custom fire apparatus specializing in challenging environments, such as wildfires. There were no material transactions between the Company and Boise Mobile in the year ended December 31, 2022, the three months ended December 31, 2021, or the year ended September 30, 2021.

Investments in equity securities — Investments in equity securities where the Company does not have a controlling interest or significant influence are recorded at fair value to the extent it is readily determinable. Investments in equity securities without a readily determinable fair value are recorded at cost and adjusted for any impairments and any observable price changes in orderly transactions for the identical or a similar investment of the same issuer should they occur. Gains or losses are reflected in “Miscellaneous, net” in the Consolidated Statements of Income.

Investments in unconsolidated affiliates not accounted for under the equity method with a readily determinable fair value consisted of the following (in millions):


	Cost Basis		Unrealized Gain (Loss)			Fair Value
December 31, 2022	$	25.0	$	(21.2	)	$	3.8
December 31, 2021	$	25.0	$	(10.8	)	$	14.2
September 30, 2021	$	25.0	$	(4.4	)	$	20.6

Investments in unconsolidated affiliates not accounted for under the equity method without a readily determinable fair value consisted of the following (in millions):


	Cost Basis		Accumulated Impairment and Adjustments			Carrying Value
December 31, 2022	$	4.2	$	(0.2	)	$	4.0
December 31, 2021	$	1.7	$	—		$	1.7
September 30, 2021	$	1.7	$	—		$	1.7