Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

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


	Investments in Equity Securities, Level 1 (1)		Investments in Equity Securities, Level 2 (2)		Subtotal		Investments in Equity Securities, All Others (3) (4) (5)		Investments in Equity Securities, Total
Balance at December 31, 2020	$	53.8	$	4.1	$	57.9	$	15.7	$	73.6
New investments	—		—		—		40.0		40.0
(Decrease) increase in fair value of investments in equity securities	(2.6)		5.9		3.3		—		3.3
Foreign currency translation adjustments	(2.4)		—		(2.4)		0.1		(2.3)
Balance at March 31, 2021	$	48.8	$	10.0	$	58.8	$	55.8	$	114.6

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(1)Represents our investment in McPhy (Euronext Paris: MCPHY - ISIN; FR001742329), which was 41.6 million euros ($48.8) and 39.8 million euros ($53.8) at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021, we recognized an unrealized loss of $2.6. For additional information see Note 6, “Investments” in our Annual Report on Form 10-K for the year ended December 31, 2020.

(2)Represents our investment in Stabilis Energy, Inc. (“Stabilis”), which was $10.0 and $4.1 at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021, we recognized an unrealized gain of $5.9. For additional information see Note 6, “Investments” in our Annual Report on Form 10-K for the year ended December 31, 2020.

(3)Represents our investment in HTEC Hydrogen Technology & Energy Corporation (“HTEC”), which was CAD 20.0 million at both March 31, 2021 and December 31, 2020 (equivalent to $15.8 and $15.7 at March 31, 2021 and December 31, 2020, respectively). For additional information see Note 6, “Investments” in our Annual Report on Form 10-K for the year ended December 31, 2020.

(4)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. This investment was measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As of March 31, 2021, the value of the investment was $15.0. 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.

(5)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. This investment was measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. As of March 31, 2021, the value of the investment was $25.0. 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.