5. Investments

Investments are as follows (in millions):

	Carrying Value

	December 31, 2012		December 31, 2011
Available-for-sale securities:
State Street Corporation	$	436.3	$	416.4
Computershare Ltd.				122.7
Euronet Worldwide				34.8
Other available-for-sale securities		175.2		199.1

		611.5		773.0

Other:
Trading securities		46.8		39.9
Held-to-maturity		14.9		15.4
Cost method, private equity and other investments		248.9		244.5

		310.6		299.8

Total investments	$	922.1	$	1,072.8

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

	December 31,

	2012			2011
Book cost basis	$	200.9		$	315.6
Gross unrealized gains		412.4			438.3
Gross unrealized losses		(1.9	)		(4.3	)
Unrealized gain—foreign currency exchange rates		0.1			23.4

Market value	$	611.5		$	773.0

During 2012, 2011 and 2010, the Company received $375.8 million, $256.3 million and $233.6 million, respectively, from the sale of investments in available-for-sale securities. Gross realized gains of $151.7 million, $27.5 million and $68.7 million and gross realized losses of $3.6 million, $5.7 million and $3.0 million, were recorded in 2012, 2011 and 2010, respectively, from available-for-sale securities. In addition, the Company recorded unrealized losses on available-for-sale securities of $2.4 million, $3.8 million and $1.3 million related to other-than-temporary investment impairments for the years ended December 31, 2012, 2011 and 2010, respectively. Included in the proceeds received from the sale of investments in available-for-sale securities for the year ended December 31, 2012 is $127.4 million of proceeds resulting from the sale of 15.0 million shares of Computershare Ltd. (which resulted in a gain of $53.6 million), $41.0 million of proceeds from sale of 1.9 million shares of Euronet (which resulted in a gain of $31.3 million) and $35.7 million of proceeds from the sale of 0.8 million shares of State Street (which resulted in a gain of $29.1 million).

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, 2012 (in millions):

	Less than 12 months				Greater than 12 months		Total

	Fair Value		Unrealized losses		Fair Value	Unrealized losses	Fair Value		Unrealized losses
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 years ended December 31, 2012, 2011 and 2010, the Company recorded $8.3 million, $1.7 million and $1.7 million, respectively, of net impairments on cost method investments related to adverse market conditions and from poor performance of the underlying investment. The impairments related primarily to investments in the Financial Services and Investments and Other Segments. 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.

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 December 31, 2012 and 2011, the Company's carrying value of these private equity fund investments was approximately $231.4 million and $221.5 million, respectively. At December 31, 2012, the Company had future capital commitments related to these private equity fund investments of approximately $12.4 million.

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.