Investments

Investments are as follows (in millions):



	Carrying Value
	March 31, 2013		December 31, 2012
Available-for-sale securities:
State Street Corporation	$	518.8	$	436.3
Other available-for-sale securities	163.1		175.2
	681.9		611.5
Other:
Trading securities	52.6		46.8
Held-to-maturity			14.9
Cost method, private equity and other investments	236.9		248.9
	289.5		310.6
Total investments	$	971.4	$	922.1

Certain information related to the Company’s available-for-sale securities is as follows (in millions):



	March 31, 2013			December 31, 2012
Book cost basis	$	209.9		$	200.9
Gross unrealized gains	473.0			412.5
Gross unrealized losses	(1.0		)	(1.9		)
Market value	$	681.9		$	611.5

During the three months ended March 31, 2013 and 2012, the Company received $94.3 million and $56.0 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $69.1 million and $16.5 million and gross realized losses of $0.4 million and $1.1 million were recorded during the three months ended March 31, 2013 and 2012, respectively, from the sale of available-for-sale securities.

In addition, the Company recorded unrealized losses on available-for-sale securities of $0.2 million and $0.3 million for the three months ended March 31, 2013 and 2012, respectively, related to other than temporary investment impairments.

The following table summarizes the fair value and gross unrealized losses of the Company’s investments by the length of time that the securities have been in a continuous loss position, at March 31, 2013 and December 31, 2012 (in millions):



	Less than 12 months				Greater than 12 months		Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses	Fair Value		Unrealized Losses
March 31, 2013
Common Stock	$	15.5	$	1.0	$	$	$	15.5	$	1.0

December 31, 2012
Common Stock	$	25.7	$	1.9	$	$	$	25.7	$	1.9

In addition to recording other than temporary investment impairments on available-for-sale securities, the Company records lower of cost or market valuation adjustments on private equity fund investments and other cost method investments when impairment conditions are present. During the three months ended March 31, 2013 and 2012, the Company recorded $0.3 million and $0.4 million, respectively, of impairments on other investments. A decline in a security’s net realizable value that is other than temporary is treated as a loss based on quoted or derived market value and is reflected in Other income, net in the Condensed Consolidated Statement of Income.

Future adverse changes in market conditions or poor operating results of underlying investments could result in losses or an inability to recover the carrying value of the investments that may not be reflected in an investment’s current carrying value, thereby possibly requiring an impairment charge in the future. Such a charge could have a material effect on the Company’s financial position.

The Company is a limited partner in various private equity funds. At March 31, 2013 and December 31, 2012, the Company’s carrying value of these private equity fund investments was approximately $220.2 million and $231.4 million, respectively. At March 31, 2013, the Company had future capital commitments related to these private equity fund investments of approximately $11.9 million.