INVESTMENTS

The Company’s investments, primarily in Brazil, consist of certificates of deposit that are classified as available-for-sale and stated at fair value based upon quoted market prices. Unrealized gains and losses are recorded in AOCI. Realized gains and losses are recognized in investment income and are determined using the specific identification method. There were no realized gains from the sale of securities or proceeds from the sale of available-for-sale securities for the years ended December 31, 2018 and 2017.

The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to note 15), which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liability is recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income.

The Company’s investments, respectively, consist of the following:



	Cost Basis		Unrealized Gain			Fair Value
As of December 31, 2018
Short-term investments
Certificates of deposit	$	33.5	$	—		$	33.5
Long-term investments
Assets held in a rabbi trust	$	6.5	$	(0.2	)	$	6.3

As of December 31, 2017
Short-term investments
Certificates of deposit	$	81.4	$	—		$	81.4
Long-term investments:
Assets held in a rabbi trust	$	8.3	$	1.1		$	9.4

Securities and other investments also included a cash surrender value of insurance contracts of $11.1 and $79.8 as of December 31, 2018 and 2017, respectively. The decrease was primarily due to the monetization of the Company's investment in the company owned life insurance plans and utilization of short-term investments in Brazil for cash needs across the organization. In addition, it included an interest rate swap asset carrying value of $4.8 and $7.6 as of December 31, 2018 and 2017, respectively, which also represented fair value (refer to note 18).

The Company provides financing arrangements to customers purchasing its products. These financing arrangements are largely classified and accounted for as sales-type leases.

The following table presents finance lease receivables sold by the Company for the years ended December 31:



	2018		2017		2016
Finance lease receivables sold	$	11.1	$	—	$	7.4

The following table presents the components of finance lease receivables as of December 31:



	2018			2017
Gross minimum lease receivable	$	39.0		$	26.6
Allowance for credit losses	(0.4		)	(0.3		)
Estimated unguaranteed residual values	0.4			1.1
	39.0			27.4
Less:
Unearned interest income	(3.0		)	(1.0		)
Unearned residuals	(0.1		)	(0.1		)
	(3.1		)	(1.1		)
Total	$	35.9		$	26.3

Future minimum payments due from customers under finance lease receivables as of December 31, 2018 are as follows:



2019	$	10.8
2020	7.7
2021	6.7
2022	5.6
2023	4.9
Thereafter	3.3
	$	39.0

The Company's combined allowance for finance receivables and notes receivables was $0.3 and $4.4 for the years ended December 31, 2018 and 2017, respectively, all resulted from individual impairment evaluation. As of December 31, 2018, finance leases and notes receivables individually evaluated for impairment were $35.9 and $4.9, respectively, were assessed with no provision recorded. As of December 31, 2017, finance leases and notes receivables individually evaluated for impairment were $26.3 and $16.0, respectively, were assessed with no provision recorded. The increase in finance lease receivables was related primarily to China while the decrease in notes receivable was related primarily to EMEA.

The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease or loan. The Company reviews the aging of its financing receivables to determine past due and delinquent accounts. Credit quality is reviewed at inception and is re-evaluated as needed based on customer-specific circumstances. Receivable balances 60 days to 89 days past due are reviewed and may be placed on nonaccrual status based on customer-specific circumstances. Receivable balances are placed on nonaccrual status upon reaching greater than 89 days past due. Upon receipt of payment on nonaccrual financing receivables, interest income is recognized and accrual of interest is resumed once the account has been made current or the specific circumstances have been resolved.

As of December 31, 2018 and 2017, the recorded investment in past-due financing receivables was minimal and no recorded investment in finance receivables was past due 90 days or more and still accruing interest.

The following table summarizes the Company’s allowances for doubtful accounts:



	2018			2017			2016
Balance at January 1	$	71.7		$	50.4		$	31.7
Charged to costs and expenses	22.8			54.9			22.9
Charged to other accounts ⁽¹⁾	(4.1		)	1.4			1.7
Deductions ⁽²⁾	(32.2		)	(35.0		)	(5.9		)
Balance at December 31	$	58.2		$	71.7		$	50.4

⁽¹⁾ Net effects of foreign currency translation.

⁽²⁾ Uncollectible accounts written-off, net of recoverie