CASH EQUIVALENT AND INVESTMENTS

12 Months Ended

Dec. 31, 2014

	As of December 31, 2014
							Balance sheet location
	Cost		Gross Unrealized Gains		Fair Value		Cash and cash equivalents		Short-term investments		Other assets
Money market mutual funds	$	149.7	$	-	$	149.7	$	149.7	$	-	$	-
Certificates of deposit and money market deposit accounts⁽¹⁾	$	842.5	$	-	$	842.5	$	380.1	$	458.1	$	4.3
Fixed maturity and open ended mutual funds ⁽²⁾	$	47.1	$	0.9	$	48.0	$	-	$	-	$	48.0

	As of December 31, 2013
							Balance sheet location
	Cost		Gross Unrealized Gains		Fair Value		Cash and cash equivalents		Short-term investments		Other assets
Money market mutual funds	$	212.3	$	-	$	212.3	$	212.3	$	-	$	-
Certificates of deposit and money market deposit accounts⁽¹⁾	$	911.8	$	-	$	911.8	$	725.0	$	186.8	$	-

⁽¹⁾ Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to ten months at December 31, 2014 and one month to nine months at December 31, 2013. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
⁽²⁾ Consists of investments in fixed maturity mutual funds and open-ended mutual funds held by ICRA. The remaining contractual maturities for the fixed maturity instruments range from two months to 23 months at December 31, 2014.

The money market mutual funds as well as the fixed maturity and open ended mutual funds in the table above are deemed to be ‘available for sale’ under ASC Topic 320 and the fair value of these instruments is determined using Level 1 inputs which are more fully described in Note 2.

The total proceeds received in the year ended December 31, 2014 for maturities of fixed maturity mutual funds was $10.7 million. The gross realized gains on these maturities were immaterial.