Investments

Investments are as follows (in millions):



	Carrying Value
	December 31, 2013		December 31, 2012
Available-for-sale securities:
State Street Corporation	$	515.5	$	436.3
Other available-for-sale securities	138.5		175.2
	654.0		611.5
Other:
Trading securities	44.3		46.8
Held-to-maturity	—		14.9
Cost method, private equity and other investments	183.0		248.9
	227.3		310.6
Total investments	$	881.3	$	922.1

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



	December 31,
	2013			2012
Book cost basis	$	166.9		$	200.9
Gross unrealized gains	487.5			412.5
Gross unrealized losses	(0.4		)	(1.9		)
Market value	$	654.0		$	611.5

The Company holds investments in available-for-sale equity securities with a market value of $654.0 million based on closing exchange value, which include 7.0 million shares of State Street Corporation “State Street” as of December 31, 2013. State Street is a financial services corporation that provides services and products to institutional investors. State Street has two lines of business. State Street's investment servicing business provides products and services including custody, product- and participant-level accounting; daily pricing and administration; master trust and master custody; recordkeeping; foreign exchange, brokerage and other trading services; securities finance; deposit and short-term investment facilities; loan and lease financing; investment manager and alternative investment manager operations outsourcing; and performance, risk and compliance analytics. State Street's investment management business provides a broad array of investment management, investment research and other related services, such as securities finance. The aggregate market value of the Company's investments in available-for-sale securities, including State Street's common stock, presented above was based on the closing price on the New York Stock Exchange at the respective year end.

During 2013, 2012 and 2011, the Company received $334.4 million, $375.8 million and $256.3 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $195.3 million, $151.7 million and $27.5 million and gross realized losses of $2.3 million, $3.6 million and $5.7 million, were recorded in 2013, 2012 and 2011, respectively, from available-for-sale securities. Included in the proceeds received from the sale of investments in available-for-sale securities for the year ended December 31, 2013 is $148.8 million of proceeds from the sale of 2.3 million shares of State Street which resulted in a gain of $130.3 million.

In addition, the Company recorded losses on available-for-sale securities of $1.4 million, $2.4 million and $3.8 million related to other-than-temporary investment impairments for the years ended December 31, 2013, 2012 and 2011, respectively. 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 Consolidated Statement of Income.

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 December 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
December 31, 2013
Common Stock	$	5.9	$	0.4	$	—	$	—	$	5.9	$	0.4

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

The Company is a limited partner in various private equity funds. At December 31, 2013 and 2012, the Company's carrying value of these private equity fund investments was approximately $167.3 million and $231.4 million, respectively. At December 31, 2013, the Company had future capital commitments related to these private equity fund investments of approximately $6.8 million.

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 years ended December 31, 2013, 2012 and 2011, the Company recorded $0.6 million, $8.3 million and $1.7 million, respectively, of impairments on cost method investments related to adverse market conditions and from poor performance of the underlying investment.

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.

In 2012, the Company received cash dividends of $48.4 million and cash proceeds of $138.7 million on the sale of a portion of its shares in a privately-held company (a cost method investment), resulting in realized gains of $187.1 million.