Investments

6 Months Ended

Jun. 30, 2022

Investments

Investments

4.        Investments

At March 31, 2021, we held a $5.0 million investment consisting of 353,604 shares in TuSimple, a self-driving technology company. Effective April 15, 2021, TuSimple completed their initial public offering at a closing price of $40.00 per share. As we have a readily determinable fair value based on quoted market prices, which makes this a Level 1 fair value measurement, we adjust the investment to fair value at each reporting period. We recognized an unrealized loss (gain) of $1.8 million and ($20.2) million during the three months ended June 30, 2022 and 2021, respectively, and $10.1 million and ($20.2) million during the six months ended June 30, 2022, and 2021, respectively, in other expense within the unaudited condensed consolidated statements of comprehensive income (loss). The fair value of the investment is $2.6 million and is included in other noncurrent assets on the accompanying unaudited consolidated balance sheets.