Investments

Investments in available-for-sale securities at September 30, 2014 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	$	10.9	$	—	$	—		$	10.9
Noncurrent:
Marketable equity securities	10.9		—		(1.4		)	9.5
Federal government securities	29.4		—		—			29.4
U.S. corporate bonds	12.2		—		—			12.2
Total	$	63.4	$	—	$	(1.4	)	$	62.0

Investments in available-for-sale securities at December 31, 2013 were as follows:



Available-for-sale securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
			(Dollars in millions)
Current:
Federal government securities	$	2.8	$	—	$	—		$	2.8
U.S. corporate bonds	2.4		—		—			2.4
Noncurrent:
Marketable equity securities	10.9		1.3		—			12.2
Federal government securities	28.8		—		(0.1		)	28.7
U.S. corporate bonds	20.8		0.1		—			20.9
Total	$	65.7	$	1.4	$	(0.1	)	$	67.0

The Company's short-term investments are defined as those investments with remaining maturities, at the time of purchase, of greater than three months and up to one year and are included in "Other current assets" in the condensed consolidated balance sheets. Long-term investments are defined as those investments with remaining maturities of greater than one year and are included in "Investments and other assets" in the condensed consolidated balance sheets. The Company’s investments in marketable equity securities consist of an investment in Winsway Enterprises Holdings Limited (Winsway), formally referred to as Winsway Coking Coal Holdings Limited. Those equity securities are included in "Investments and other assets" in the condensed consolidated balance sheets.

Contractual maturities for available-for-sale investments in debt securities at September 30, 2014 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 debt securities	Cost		Fair Value
	(Dollars in millions)
Due in one year or less	$	10.9	$	10.9
Due in one to five years	41.6		41.6
Total	$	52.5	$	52.5

Proceeds from sales and maturities of debt securities shown in the tables above amounted to $2.7 million and $0.8 million for the three months ended September 30, 2014 and 2013, respectively, and $7.7 million and $17.7 million for the nine months ended September 30, 2014 and 2013, respectively. The Company realized net gains of less than $0.1 million during each of the three and nine months ended September 30, 2014 and 2013 associated with those sales and maturities using the specific identification method. Purchases of debt securities shown in the tables above amounted to $1.8 million and $0.2 million for the three months ended September 30, 2014, and 2013, respectively, and $6.0 million and $9.9 million for the nine months ended September 30, 2014 and 2013, respectively.

The Company also recognized proceeds of $4.8 million from the maturity of time deposits denominated in Chinese Renminbi during the nine months ended September 30, 2013. The Company did not have any held-to-maturity investments as of September 30, 2014 or December 31, 2013.

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 market value has been less than cost and the financial conditions and near-term prospects of Winsway, the Company deemed the unrealized loss incurred during the three and nine months ended September 30, 2014 associated with its investment in Winsway equity securities to be temporary and the change during the period to be generally consistent with the trend of equity securities across the coal mining industry. 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 and nine months ended September 30, 2014. The Company recognized an other-than-temporary asset impairment charge of $21.5 million during the nine months ended September 30, 2013, which was triggered by a second quarter 2013 downgrade of Winsway's credit rating and the duration and severity of the market losses incurred at that time, thereby resetting the cost basis of the Company's investment.