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 included in "Other current assets" in the condensed consolidated balance sheets. Long-term investments are defined as those investments with original maturities greater than one year included in "Investments and other assets" in the condensed consolidated balance sheets.

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

Investments in debt securities not classified as held-to-maturity and investments in marketable equity securities 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 income (loss)” in the condensed consolidated balance sheets. Realized gains and losses, determined on a specific identification method, are included in “Interest income” in the condensed consolidated statements of income.

The Company did not have any held-to-maturity securities as of September 30, 2012 or December 31, 2011.

Investments in available-for-sale securities at September 30, 2012 were as follows:



Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in millions)
Current:
Federal government securities	$	0.8	$	—	$	—		$	0.8
U.S. corporate bonds	3.4		—		—			3.4
Noncurrent:
Marketable equity securities	66.5		—		(40.0		)	26.5
Federal government securities	23.2		0.3		—			23.5
U.S. corporate bonds	12.9		0.2		—			13.1
Total	$	106.8	$	0.5	$	(40.0	)	$	67.3

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



Available-for-sale securities	Amortized 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 September 30, 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	$	4.2	$	4.2
Due in one to five years	36.1		36.6
Total	$	40.3	$	40.8

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

Proceeds from sales and maturities of securities amounted to zero and $9.8 million for the three and nine months ended September 30, 2012, respectively. The Company realized net gains of less than $0.1 million during the nine months ended September 30, 2012 associated with those sales and maturities.

In addition to the securities described above, the Company previously held an investment in debt securities related to the Company's pro-rata share of funding in the Newcastle Coal Infrastructure Group (NCIG), which was included in "Investments and other assets" in the condensed consolidated balance sheets. These debt securities were recorded at cost, which approximated fair value, and denominated in U.S. dollars. The Company sold $11.4 million and $29.2 million of debt securities related to NCIG during the three and nine months ended September 30, 2012, respectively. The Company recognized no loss on the sale during the three months ended September 30, 2012 and a loss of $0.2 million on the sale for the nine months ended September 30, 2012. There were no NCIG securities held at September 30, 2012.

At each reporting date, the Company performs separate evaluations of debt and equity securities to determine if any unrealized losses are other-than-temporary. After evaluating the length of time the market value has been less than cost and the financial condition and near-term prospects of Winsway, the Company deemed the impairment associated with its Winsway equity securities to be temporary as of September 30, 2012. The Company has the ability to hold the securities until recovery and has no current intention to divest the securities. Accordingly, the Company did not recognize other-than-temporary losses on its investments during the three or nine months ended September 30, 2012.