Investments

Investments are as follows (in millions):



	Carrying Value
	March 31, 2014		December 31, 2013
Available-for-sale securities:
State Street Corporation	$	446.8	$	515.5
Other available-for-sale securities	135.0		138.5
	581.8		654.0
Other:
Trading securities	29.9		44.3
Cost method and other investments	166.3		183.0
	196.2		227.3
Total investments	$	778.0	$	881.3

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



	March 31, 2014			December 31, 2013
Book cost basis	$	162.3		$	166.9
Gross unrealized gains	420.1			487.5
Gross unrealized losses	(0.6		)	(0.4		)
Market value	$	581.8		$	654.0

At March 31, 2014 and December 31, 2013, the Company’s carrying value of available-for-sale investments was $581.8 million and $654.0 million, respectively. Deferred tax liabilities associated with the available-for-sale investments were approximately $173.6 million and $201.1 million at March 31, 2014 and December 31, 2013, respectively. During the three months ended March 31, 2014 and 2013, the Company received $69.0 million and $94.3 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $46.1 million and $69.1 million and gross realized losses of $0.1 million and $0.4 million were recorded during the three months ended March 31, 2014 and 2013, respectively, from the sale of available-for-sale securities.

In addition, the Company recorded unrealized losses on available-for-sale securities of $0.1 million and $0.2 million for the three months ended March 31, 2014 and 2013, respectively, related to other than temporary investment impairments. 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.

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, 2014 and December 31, 2013 (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, 2014
Common stock	$	13.9	$	0.6	$	—	$	—	$	13.9	$	0.6

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

The Company is a limited partner in various private equity funds which are primarily accounted for using the cost method. At March 31, 2014 and December 31, 2013, the Company’s carrying value of these private equity fund investments was approximately $150.9 million and $167.3 million, respectively. At March 31, 2014, the Company had future capital commitments related to these private equity fund investments of approximately $6.7 million. Additionally, the Company has other investments with a carrying value of $15.4 million and $15.7 million at March 31, 2014 and December 31, 2013, respectively. During the three months ended March 31, 2014, the Company received a dividend from a cost method investment in a privately-held company which resulted in other income of $33.2 million.

The Company records lower of cost or market valuation adjustments on cost method and other investments when impairment conditions are present. The Company recorded impairments on cost method and other investments of $0.3 million during both the three months ended March 31, 2014 and 2013.

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.