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Investments | 6 Months Ended
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Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments in equity securities We measure certain of our investments in equity securities at fair value on a recurring basis. Furthermore, we categorize these investments in equity securities according to the fair value hierarchy as defined in Note 2, “Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended December 31, 2020. Mark-to-market fair value adjustments in these investments in equity securities are classified as unrealized loss (gain) on investments in equity securities in our condensed consolidated statements of income and comprehensive income. For certain other investments in equity securities that are not measured at fair value on a recurring basis, we measure such investments 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. For additional information, see Note 6, “Investments” in our Annual report on form 10-K for the year ended December 31, 2020. 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 |
_______________ (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. Equity method accounting investments Our equity investments accounted for under the equity method of accounting include a 50% ownership interest in a joint venture with Hudson Products de Mexico S.A. de CV which totaled $2.9 and $2.8 at June 30, 2021 and December 31, 2020, respectively. This investment is operated and managed by our joint venture partner and as such, we do not have control over the joint venture and therefore it is not consolidated. Additionally, we have a 25% ownership interest in Liberty LNG, which was valued at $2.3 a nd $2.1 at June 30, 2021 and December 31, 2020, respectively. During the second quarter of 2021, on May 19, 2021, we completed an investment in Cryomotive GmbH (“Cryomotive”) in the amount of 6.5 million euros (equivalent to $7.9) for a 24.9% ownership interest. Our equity method investment in Cryomotive was $7.7 at June 30, 2021. Cryomotive is a leading green-tech mobility startup in Germany developing a disruptive clean hydrogen storage and refueling technology platform focused on compressed cold hydrogen and cryogenic high-pressure storage. Cryomotive’s proprietary CcH2 CRYOGAS technology aims to decarbonize long-haul commercial vehicles while keeping the range and fueling times similar to diesel powered vehicles. Our equity in earnings from these equity method accounting investments were not material for the periods presented.

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