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 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,
	Ownership %			2023		2022
Robotic Research LLC		1	%	$	11.2	$	11.2
AutoTech Fund II, L.P.		7	%		8.5		8.7
Carnegie Foundry LLC		6	%		4.7		4.8
Westly Capital Partners Fund IV, L.P.		3	%		3.8		2.8
BME Fire Trucks LLC		25	%		2.8		3.9
Construction Robotics, LLC		9	%		2.3		2.4
AutoTech Fund III, L.P.		6	%		1.2		0.8
Mezcladores Trailers de Mexico, S.A. de C.V.		—			—		8.3
				$	34.5	$	42.9

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 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 2023, 2022, the three months ended December 31, 2021 or fiscal 2021.

In the first quarter of 2023, the Company wrote down its 49% interest in the Mezcladoras Trailers de Mexico, S.A. de C.V. (Mezcladoras) joint venture by $5.9 million based on the estimated fair market value of the investment. In the third quarter of 2023, the Company completed the sale of Mezcladoras for $2.9 million, resulting in an additional loss of $1.9 million, primarily to eliminate the cumulative translation adjustments related to Mezcladoras upon liquidation of the investment.

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, 2023	$	25.0	$	(21.5	)	$	3.5
December 31, 2022	$	25.0	$	(21.2	)	$	3.8

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, 2023	$	5.5	$	(0.2	)	$	5.3
December 31, 2022	$	4.2	$	(0.2	)	$	4.0