Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

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 year ended December 31, 2021.

The Company has deferred compensation plans in the U.S. and Germany that enable certain employees to defer a portion of their cash wages, cash bonus, 401(k) or other compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation and 401(k), the Company established rabbi trusts in the U.S., which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liabilities are 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 with corresponding changes in the Company’s deferred compensation obligation recorded as compensation cost within selling and administrative expense.

The Company’s investments consist of the following:


	Cost Basis		Unrealized Gain		Fair Value
As of December 31, 2021
Short-term investments
Certificates of deposit	$	34.3	$	—	$	34.3
Long-term investments
Assets held in a rabbi trust	$	5.4	$	1.6	$	7.0

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 included a cash surrender value of insurance contracts of $4.0 and $3.7 as of December 31, 2021 and 2020, 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 the respective plans. The Company recorded a gain of $7.2, and recorded this to Miscellaneous, net on the consolidated statement of operations.