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INVESTMENT IN UNCONSOLIDATED AFFILIATE | 12 Months Ended
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Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED AFFILIATE |
INVESTMENT IN UNCONSOLIDATED AFFILIATE | NOTE 11. INVESTMENT IN UNCONSOLIDATED AFFILIATE Investments in which we are deemed to exert significant influence, but not control, are accounted for using the equity method of accounting, except in cases where the fair value option is elected. For such investments where we have elected the fair value option, the election is irrevocable and is applied on an investment–by–investment basis at initial recognition. In April 2022, we agreed to acquire for cash a 25% equity interest in ECOTEC, a company specializing in methane emissions detection, monitoring and management. We have elected the fair value option to account for this investment, and during the year ended December 31, 2022, we recognized an unrealized loss of $1.9 million related to the change in fair value of our investment (see Note 25). Changes in the fair value of this investment are recognized in other (income) expense, net in our consolidated statements of operations. As of December 31, 2022, our ownership interest in ECOTEC is 22.7%, which is included in other assets in our consolidated balance sheets. The remaining 2.3% interest was acquired in January 2023.

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