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Equity Investments
6 Months Ended
Jun. 30, 2022
Equity Investments  
Equity Investments

5. Equity Investments

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 monitoring and management. We have elected the fair value option to account for this investment. As of June 30, 2022, our ownership interest in ECOTEC was 14%, which was included in other assets in our condensed consolidated balance sheets. Changes in the fair value of this investment are recognized in other (income) expense, net in our condensed consolidated statements of operations.