Investments

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



Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Dollars in millions)
Current:
U.S. corporate bonds	$	4.1	$	—	$	—	$	4.1
Noncurrent:
Marketable equity securities	32.4		—		—		32.4
Federal government securities	32.0		0.2		—		32.2
U.S. corporate bonds	19.5		0.2		—		19.7
Total	$	88.0	$	0.4	$	—	$	88.4

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	67.9		—		(10.9		)	57.0
Federal government securities	11.3		0.2		—			11.5
U.S. corporate bonds	7.7		0.1		—			7.8
Total	$	94.1	$	0.3	$	(10.9	)	$	83.5

Contractual maturities for available-for-sale investments in debt securities at December 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	$	4.1	$	4.1
Due in one to five years	51.5		51.9
Total	$	55.6	$	56.0

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

Proceeds from sales of securities amounted to $17.2 million and $52.8 million for the years ended December 31, 2012 and 2011, respectively and realized gains on the sales amounted to $0.1 million and $1.6 million for the years ended December 31, 2012 and 2011, respectively, associated with those sales and maturities.

In addition to the securities described above, the Company previously held an investment in debt and equity 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 consolidated balance sheets. These debt securities were recorded at cost, which approximated fair value, and were denominated in U.S. dollars. During the year ended December 31, 2012, the Company received proceeds from the sale of NCIG debt securities of $29.2 million and recognized a loss on the sale of $0.2 million. There were no NCIG securities held at December 31, 2012.

At December 31, 2012, the Company performed its quarterly evaluation of debt and equity securities to determine if any unrealized losses were other than temporary. After evaluating Winsway's credit downgrade, which occurred during the fourth quarter of 2012, and the duration and severity of the market losses incurred to-date, the Company concluded that Winsway's common stock is other-than-temporarily impaired and, as such, recognized a $35.5 million impairment loss on that investment. The market-based fair value of the investment as of December 31, 2012 is the investment's new cost basis. The Company will continue to evaluate its investments in debt and equity securities for impairment that is other than temporary at each reporting date.

In November 2012, the Company purchased $4.8 million of time deposits denominated in Chinese Renminbi with six month maturities. These investments are classified as held-to-maturity investments which are recorded at amortized cost and are included in "Other current assets" in the consolidated balance sheets at December 31, 2012. The Company had no held-to-maturity securities at December 31, 2011.