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Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

The following table represents the activity in equity method investments:


	Equity Method Investments (1) (2) (3)
Balance at December 31, 2021	$	99.6
New investments (4)	0.5
Equity in loss of unconsolidated affiliates, net	(0.4)
Foreign currency translation adjustments and other	1.2

Balance at March 31, 2022	$	100.9

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(1)Cryomotive: Our equity method investment in Cryomotive GmbH (“Cryomotive”) was $6.5 and $7.1 at March 31, 2022 and December 31, 2021, respectively. Equity in loss of unconsolidated affiliates, net of this investment was $0.5 for the three months ended March 31, 2022 and is classified in equity in earnings (loss) earnings of unconsolidated affiliates, net in the condensed consolidated statement of income for the three months ended March 31, 2022.

(2)HTEC: Our equity method investment in HTEC Hydrogen Technology & Energy Corporation (“HTEC”) was $87.4 and $86.4 at March 31, 2022 and December 31, 2021, respectively. Equity in loss of unconsolidated affiliates, net of this investment was $0.3 for the three months ended March 31, 2022.

(3)Hudson Products: Also included in our equity method investments is a 50% ownership interest in a joint venture with Hudson Products de Mexico S.A. de CV which totaled $3.6 and $3.3 at March 31, 2022 and December 31, 2021, 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. We recognized equity in earnings of unconsolidated affiliates, net of this investment of $0.3 and $0.1 for the three months ended March 31, 2022 and March 31, 2021, respectively.

Liberty LNG: Additionally, we have a 25% ownership interest in Liberty LNG, which totaled $2.5 and $2.4 at March 31, 2022 and December 31, 2021, respectively. We recognized equity in earnings of unconsolidated affiliates, net of this investment of $0.1 for the three months ended March 31, 2022. Our equity in earnings of unconsolidated affiliates, net from this equity method investment were not material for the three months ended March 31, 2021.

We have another immaterial investment in an unconsolidated affiliate of $0.4 for all periods presented.

(4)During the first quarter 2022, we completed an investment for a 50% ownership interest in a joint venture in AdEdge India for $0.5.

Summary 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)		Investments in Equity Securities, All Others (2)		Investments Total
Balance at December 31, 2021	$	31.3	$	6.2	$	40.3	$	77.8
New investments (3)	—		—		3.4		3.4
(Decrease) increase in fair value of investments in equity securities	(3.7)		1.1		—		(2.6)



Foreign currency translation adjustments and other	(0.7)		0.1		—		(0.6)
Balance at March 31, 2022	$	26.9	$	7.4	$	43.7	$	78.0

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(1)McPhy: Investment in equity securities Level 1 includes our investment in McPhy (Euronext Paris: MCPHY - ISIN; FR001742329). McPhy’s common stock trades on the Euronext Paris stock exchange and therefore we measure our investment in McPhy using Level 1 fair value inputs. The fair value of our investment in McPhy was $26.9 and $31.3 at March 31, 2022 and December 31, 2021, respectively. We recognized an unrealized loss in our investment in McPhy of $3.7 and $2.6 for the three months ended March 31, 2022 and 2021, respectively.

Stabilis: Investment in equity securities Level 2 includes our investment in Stabilis Energy, Inc. (NasdaqCM: SLNG) (“Stabilis”). Stabilis represents an instrument with quoted prices that trades less frequently than certain of our other exchange-traded instruments and therefore we measure our investment in Stabilis using Level 2 fair value inputs. The fair value of our investment in Stabilis was $7.4 and $6.2 at March 31, 2022 and December 31, 2021, respectively. We recognized an unrealized gain of $1.1 and $5.9 for the three months ended March 31, 2022 and March 31, 2021, respectively, in our investment in Stabilis.

(2)Transform: The fair value of our investment in Transform Materials LLC (“Transform Materials”) was $25.1 at both March 31, 2022 and December 31, 2021.

Svante: The fair value of our investment in Svante Inc. (“Svante”) was $15.2 at both March 31, 2022 and December 31, 2021.

(3)Clean H2 Infra Fund: During the first quarter of 2022, we completed an investment in the Clean H2 Infra Fund. The Clean H2 Infra Fund is measured at fair value using the net asset value (“NAV”) per share practical expedient and is not classified in the fair value hierarchy. The fair value of our investment in the Clean H2 Infra Fund was euro 2.2 million (equivalent to $2.4) at March 31, 2022. See “Clean H2 Infra Fund (f/k/a FiveT Hydrogen Fund)” below for further information.

Gold Hydrogen LLC: During the first quarter of 2022, we completed an investment in Gold Hydrogen LLC (“Gold Hydrogen”) in the amount of $1.0. This investment is 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 and is included in the investments in equity securities, all others category in the table above. As of March 31, 2021, the value of the investment was $1.0. Gold Hydrogen is a subsidiary company established by Cemvita Factory, Inc. focused on commercializing viable technologies for the subsurface production of biohydrogen.

Our investments in Transform Materials, Svante and Gold Hydrogen represent equity instruments without a readily determinable fair value.