Investments

The Company’s short-term investments are defined as those investments with original maturities of greater than three months and up to one year, and long-term investments are defined as those investments with original maturities greater than one year.

The Company classifies its investments as either held-to-maturity or available-for-sale at the time of purchase and reevaluates such designation periodically. Investments are classified as held-to-maturity when the Company has the intent and ability to hold the securities to maturity.

Investments in securities not classified as held-to-maturity are classified as available-for-sale. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of income taxes, reported in “Accumulated other comprehensive loss” in the condensed consolidated balance sheets. Realized gains and losses, determined on a specific identification method, are included in “Interest income” in the unaudited condensed consolidated statements of income.

The Company did not have any held-to-maturity securities as of March 31, 2012 or December 31, 2011.

Investments in available-for-sale securities at March 31, 2012 were as follows:



Available-for-sale securities	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in millions)
Current:
Federal government securities	$	2.9	$	—	$	—		$	2.9
U.S. corporate bonds	5.2		—		—			5.2
Noncurrent:
Marketable equity securities	66.5		—		(27.6		)	38.9
Federal government securities	11.3		0.2		—			11.5
U.S. corporate bonds	4.9		0.2		—			5.1
Total	$	90.8	$	0.4	$	(27.6	)	$	63.6

Investments in available-for-sale securities at December 31, 2011 were as follows:



Available-for-sale securities	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
			(Dollars in millions)
Current:
Federal government securities	$	3.3	$	—	$	—		$	3.3
U.S. corporate bonds	3.9		—		—			3.9
Noncurrent:
Marketable equity securities	66.5		—		(9.5		)	57.0
Federal government securities	11.3		0.2		—			11.5
U.S. corporate bonds	7.7		0.1		—			7.8
Total	$	92.7	$	0.3	$	(9.5	)	$	83.5

Contractual maturities for available-for-sale investments in debt securities at March 31, 2012 were as shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



Contractual maturities for available-for-sale securities	Cost		Fair Value
	(Dollars in millions)
Due in one year or less	$	8.1	$	8.1
Due in one to five years	16.2		16.6
Total	$	24.3	$	24.7

The Company’s investments in marketable equity securities consist of an investment in Winsway Coking Coal Holdings Limited.

Proceeds from sales and maturities of securities amounted to $1.7 million with no realized gain or loss on the sales for the three months ended March 31, 2012.

In addition to the securities described above, the Company held investments in debt securities related to the Company's pro-rata share of funding in the Newcastle Coal Infrastructure Group (NCIG). These debt securities are recorded at cost, which approximates fair value, and are denominated in U.S. dollars. During the three months ended March 31, 2012, the Company sold $1.4 million of the debt securities related to NCIG, with no realized gain or loss on the sale. The fair value of these securities still held at March 31, 2012 was $28.0 million.

At each reporting date, the Company performs separate evaluations of debt and equity securities to determine if any unrealized losses are other-than-temporary. None of the securities that were in an unrealized loss position at March 31, 2012 has been so for greater than 12 months. The Company did not recognize any other-than-temporary losses on any of its investments during the three months ended March 31, 2012.