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Investments
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS AND FINANCE LEASE RECEIVABLES
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.

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: Benefit Plans), 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 consist of the following:
Cost BasisUnrealized GainFair Value
As of December 31, 2020
Short-term investments
Certificates of deposit$37.2 $— $37.2 
Long-term investments
Assets held in a rabbi trust$5.2 $1.4 $6.6 
As of December 31, 2019
Short-term investments
Certificates of deposit$10.0 $— $10.0 
Long-term investments:
Assets held in a rabbi trust$5.5 $0.7 $6.2 

Securities and other investments also included a cash surrender value of insurance contracts of $3.7 and $15.2 as of December 31, 2020 and 2019, respectively. During the second quarter of 2020, the Company surrendered several of its COLI plans. As a result, the Company received proceeds of $15.6 during the year ended December 31, 2020 from the closure of its plans. The Company recorded a gain of $7.2 during the year ended December 31, 2020 and recorded this to Miscellaneous, net within Other income (expense) on the Consolidated Statement of Operations.

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

Future minimum payments due from customers under finance lease receivables as of December 31, 2020 are as follows:
2021$14.5 
20228.6 
20236.3 
20245.7 
20255.3 
Thereafter3.6 
$44.0 
The following table presents the components of finance lease receivables as of December 31:
20202019
Gross minimum lease receivable$44.0 $41.8 
Allowance for credit losses(0.2)(0.3)
Estimated unguaranteed residual values0.2 0.2 
44.0 41.7 
Less:
Unearned interest income(1.5)(2.8)
Unearned residuals— — 
(1.5)(2.8)
Total$42.5 $38.9 

The Company's combined allowance for finance receivables and notes receivables was minimal for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, finance leases and notes receivables individually evaluated for impairment were $42.5 and $3.5, respectively, with no provision recorded. As of December 31, 2019, finance leases and notes receivables individually evaluated for impairment were $38.9 and $4.9, respectively, with no provision recorded. As of December 31, 2020 and 2019, 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 presents finance lease receivables sold by the Company for the years ended December 31:
202020192018
Finance lease receivables sold$5.0 $2.7 $11.1