Marketable Securities

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Marketable Securities

10. Marketable Securities

Marketable securities consist of the Company’s ownership of equity securities carried at fair value in accordance with ASU 2016-01. The securities had a fair value of $14.2 million and $32.1 million as of December 31, 2019 and 2018, respectively.

These equity securities are measured at fair value, with any changes in fair value recognized in earnings and included in “Other income (loss)” in the Company’s consolidated statements of operations. During the years ended December 31, 2019, 2018 and 2017, the Company recognized realized and unrealized net gains of $6.7 million, $9.5 million and $24.0 million, respectively, related to sales of shares, the mark-to-market adjustments on shares and any related hedging transactions, when applicable.

During the years ended December 31, 2019 and 2018, the Company sold marketable securities with a fair value of $24.6 million and $128.0 million, respectively, at the time of sale. The Company did not purchase any marketable securities during the years ended December 31, 2019 and 2018.