INVESTMENTS

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes our percentage ownership in our investments for the periods noted below:



	December 31, 2021			December 31, 2020
Available-for-sale securities	1%	to	19%	19%	to	25%
Fair value option investments	10%	to	19%	10%	to	19%
Other equity investments	1%	to	19%	1%	to	19%

Available-for-Sale Securities

In the fourth quarter 2021, one of our available-for-sale security investments completed a merger transaction in which we received equity in the surviving company as merger consideration. We determined that the fair value of the transferred investment was zero.

We recorded an impairment of an available-for-sale security of $10.0 million for the year ended December 31, 2019 due to declines in the financial performance of the investee. This impairment is classified within Other income (expense), net on the consolidated statements of operations.

Our available-for-sale securities had a fair value of $0.0 million as of December 31, 2021 and 2020, and no activity was recorded in those years.

Fair Value Option Investments

In connection with the dispositions of controlling stakes in Ticket Monster, an entity based in the Republic of Korea, and Groupon India in prior periods, we obtained minority investments in Monster Holdings LP ("Monster LP") and in Nearbuy Pte Ltd. ("Nearbuy"). We made an irrevocable election to account for both of those investments at fair value with changes in fair value reported in earnings. We elected to apply fair value accounting to those investments because we believe that fair value is the most relevant measurement attribute for those investments, as well as to reduce operational and accounting complexity. Our election to apply fair value accounting to those investments has and may continue to cause fluctuations in our earnings from period to period.

In 2019 we recognized a $69.4 million loss from changes in the fair value of our investment in Monster LP mainly due to revised cash flow projections and an increase in the discount rate applied to those forecasts. The revisions to the financial projections were due to the deterioration in Monster LP's financial condition and continued underperformance compared with prior projections. There was no activity recorded for this investment for the years ended December 31, 2021 and 2020.

During the first quarter 2020, we recognized a $1.4 million loss from changes in the fair value of our investment in Nearbuy due to revised cash flow projections and an increase in the discount rate applied to those forecasts. The revisions to the financial projections were due to the deterioration in the financial condition of Nearbuy as a result of COVID-19, which resulted in underperformance as compared with prior projections and an increase to financial projection risk. In 2019, we recognized a $3.1 million loss from changes in the fair value of our investment in Nearbuy due to revised cash flow projections. There was no activity recorded for this investment for the year ended December 31, 2021.

The fair value of both of these investments was $0.0 million as of December 31, 2021 and 2020.

Other Equity Investments

Other equity investments represent equity investments without readily determinable fair values. We have elected to record equity investments without readily determinable fair values at cost adjusted for observable price changes and impairments.

The following table summarizes other equity investment activity for the years ended December 31, 2021 and 2020 (in thousands):


Balance as of December 31, 2019	$	75,171
Impairment of investments included in earnings	(6,684)
Dispositions	(33,843)
Foreign currency translation	3,027
Balance as of December 31, 2020	$	37,671
Upward adjustment for observable price change	89,083
Dispositions	(410)
Foreign currency translation	(6,803)
Balance as of December 31, 2021	$	119,541

We hold a 2.4% non-controlling equity interest in SumUp Holdings S.a.r.l. ("SumUp"), a privately-held mobile payments company. During the third quarter 2021 and fourth quarter 2019, we adjusted the carrying value of our other equity investment in SumUp due to observable price changes in orderly transactions, which resulted in unrealized gains of $89.1 million and $51.4 million for the years ended December 31, 2021 and December 31, 2019. These unrealized gains are classified within Other income (expense), net on the consolidated statements of operations. During the first quarter 2020, we also sold 50% of our shares in this investment for total cash consideration of $34.0 million, which approximated the cost adjusted for observable price changes as of December 31, 2019.

During the third quarter 2021, we also sold 100% of our shares in one of our other equity investments for total cash consideration of $2.6 million and recognized a gain of $2.2 million. In the second quarter 2021, we divested our shares in one of our other equity investments and recognized a gain and total cash consideration of $4.2 million. The gains on our investments have been presented in Other income (expense), net in the consolidated statements of operations for the year ended December 31, 2021.

During the first quarter 2020, we recorded a $6.7 million impairment to one of our other equity method investments as a result of revised cash flow projections and a deterioration in financial condition due to COVID-19. This impairment is classified within Other income (expense), net on the consolidated statements of operations.