Investments in Privately-Held Companies

3 Months Ended

Mar. 31, 2020

Investments, All Other Investments [Abstract]

INVESTMENTS IN PRIVATELY-HELD COMPANIES

INVESTMENTS IN PRIVATELY HELD COMPANIES

Our investments in the equity securities of privately held companies totaled $1.0 million and $5.3 million as of March 31, 2020 and December 31, 2019, respectively. These investments are accounted for at cost, adjusted for changes in observable prices minus impairment. We own less than 20% of the voting securities in each of these investments and do not have the ability to exercise significant influence over operating and financial policies of the respective entities. These investments are recorded as Other assets in our condensed consolidated balance sheets and would be measured at fair value if indicators of an increase in value or impairment existed. During the three months ended March 31, 2020, we determined that one investment was impaired. As a result, we recognized and included a non-cash impairment charge of $4.3 million in Other expense—net in our condensed consolidated statements of income. As of March 31, 2020, no other events have occurred that would affect the carrying value of these investments.