Investments

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Investments

The Company’s investments, primarily in Brazil, consist of certificates of deposit that are recorded at fair value based upon quoted market prices. Changes in fair value are recognized in interest income, determined using the specific identification method, and were minimal. There were no gains from the sale of securities or proceeds from the sale of securities prior to the maturity date for the three months ended March 31, 2021 and 2020.

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 enable 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 subject to fair value measurement consist of the following:

	Cost Basis		Unrealized Gain / (Loss)		Fair Value
As of March 31, 2021
Short-term investments
Certificates of deposit	$	21.3	$	—	$	21.3
Long-term investments
Assets held in a rabbi trust	$	5.3	$	1.4	$	6.7
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

Securities and other investments also includes cash surrender value of insurance contracts of $3.7 as of March 31, 2021 and December 31, 2020. During the second quarter of 2020, the Company surrendered several of its company-owned life insurance (COLI) plans. As a result, the Company received proceeds of $15.6 during the year ended December 31, 2020 from the closure of the respective 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 condensed consolidated statement of operations.

The Company has certain non-consolidated joint ventures that are not significant subsidiaries and are accounted for under the equity method of accounting. The Company owns 48.1 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 the respective joint ventures. As of March 31, 2021, the Company had accounts receivable and accounts payable balances with these joint ventures of $3.8 and $26.1, respectively, which are included in trade receivables, less allowances for doubtful accounts and accounts payable on the condensed consolidated balance sheets.

Under certain circumstances, the Company provides financing arrangements to customers that 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.

The following table presents the components of finance lease receivables:

	March 31, 2021		December 31, 2020
Gross minimum lease receivables	$	46.7	$	44.0
Allowance for credit losses	(0.3)		(0.2)
Estimated unguaranteed residual values	0.2		0.2
	46.6		44.0
Less:
Unearned interest income	(1.4)		(1.5)
Total	$	45.2	$	42.5

Future minimum payments due from customers under finance lease receivables as of March 31, 2021 are as follows:

2021	$	16.5
2022	8.7
2023	6.6
2024	6.0
2025	5.5
Thereafter	3.4
	$	46.7

There were no significant changes in provision for credit losses, recoveries and write-offs during the three months ended March 31, 2021 or 2020.