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Investments
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS 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 accumulated other comprehensive loss (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 three and nine months ended September 30, 2019 and 2018.

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 18), 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 subject to fair value measurement consist of the following:
 
 
Cost Basis
 
Unrealized
Gain / (Loss)
 
Fair Value
As of September 30, 2019
 
 
 
 
 
 
Short-term investments
 
 
 
 
 
 
Certificates of deposit
 
$
8.2

 
$
—

 
$
8.2

Long-term investments
 
 
 
 
 
 
Assets held in a rabbi trust
 
$
5.2

 
$
0.6

 
$
5.8

 
 
 
 
 
 
 
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


Securities and other investments also includes a cash surrender value of insurance contracts of $8.1 and $11.1 as of September 30, 2019 and December 31, 2018, respectively. The decrease is primarily due to death benefits paid. In addition, it includes an interest rate swap asset carrying value of $0.4 and $4.8 as of September 30, 2019 and December 31, 2018, respectively, which also represents fair value (refer to note 18).

The Company has certain strategic alliances that are not consolidated. The Company tests these strategic alliances annually, individually and in the aggregate, to determine materiality. The Company owns 40.0 percent of Inspur (Suzhou) Financial Technology Service Co. Ltd. (Inspur JV) and 43.6 percent of Aisino-Wincor Retail & Banking Systems (Shanghai) Co., Ltd. (Aisino JV). The Company engages in transactions in the ordinary course of business with its strategic alliances. The Company's strategic alliances are not significant subsidiaries and are accounted for under the equity method of investments. As of September 30, 2019, the Company had accounts receivable and accounts payable balances with these strategic alliances of $6.9 and $13.6, respectively, which are included in trade receivables, less allowances for doubtful accounts and accounts payable on the condensed consolidated balance sheets. The Company continues to assess these strategic alliances as part of the optimization of its portfolio
of businesses, which may include the exit or restructuring of these businesses.

In May 2017, the Company announced a strategic partnership with Kony, a leading enterprise mobility and application company, to offer white label mobile application solutions for financial institutions and retailers. In September 2019, the Company's interest in Kony was sold for cash proceeds of $21.3. The Company's carrying value in Kony was $14.0, resulting in a gain of $7.3.

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 by the Company as of September 30, 2019 and December 31, 2018:

 
September 30, 2019
 
December 31, 2018
Finance lease receivables sold
$
—

 
$
11.1


The following table presents the components of finance lease receivables as of September 30, 2019 and December 31, 2018:

 
September 30, 2019
 
December 31, 2018
Gross minimum lease receivables
35.9

 
$
39.0

Allowance for credit losses
(0.2
)
 
(0.4
)
Estimated unguaranteed residual values
0.3

 
0.4

 
36.0

 
39.0

Less:
 
 
 
Unearned interest income
(2.6
)
 
(3.0
)
Unearned residuals
(0.1
)
 
(0.1
)
 
(2.7
)
 
(3.1
)
Total
$
33.3

 
$
35.9



Future minimum payments due from customers under finance lease receivables as of September 30, 2019 are as follows:
2019
7.0

2020
6.6

2021
7.2

2022
6.4

2023
6.3

Thereafter
2.4

 
$
35.9



There were no significant changes in provision for credit losses, recoveries and write-offs during the nine months ended September 30, 2019 and 2018. As of September 30, 2019, finance leases and notes receivable individually evaluated for impairment were $33.4 and $4.8, respectively, with no provision recorded. As of September 30, 2018, finance leases and notes receivable individually evaluated for impairment were $30.5 and $10.8, respectively. There have been no material changes to the balances on the finance lease receivables maturity schedule since December 31, 2018. The income related to the finance lease receivables was minimal for the three and nine months ended September 30, 2019.

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.