Investments

At December 31, 2015 and December 31, 2014, the Company had both available-for-sale and trading investments. The available-for-sale investments consisted of municipal bonds with an amortized cost basis of $46.9 million and a redeemable preferred stock which was acquired for $5.0 million in the third quarter of 2015 and is an investment in a privately-held electrical utility substation security provider. The redeemable preferred stock was classified in Level 3 of the fair value hierarchy and had a fair value of $4.6 million at December 31, 2015. Trading investments were comprised primarily of debt and equity mutual funds. These investments are stated at fair market value based on current quotes.

The following table sets forth selected data with respect to the Company’s investments at December 31, (in millions):



	2015											2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Carrying Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Carrying Value
Available-for-sale investments	$	51.9	$	0.5	$	(0.4	)	$	52.0	$	52.0	$	42.5	$	0.6	$	(0.1	)	$	43.0	$	43.0
Trading investments	7.3		2.4		—			9.7		9.7		6.6		2.3		—			8.9		8.9
TOTAL INVESTMENTS	$	59.2	$	2.9	$	(0.4	)	$	61.7	$	61.7	$	49.1	$	2.9	$	(0.1	)	$	51.9	$	51.9

Contractual maturities of available-for-sale investments at December 31, 2015 were as follows (in millions):



	Amortized Cost		Fair Value
Available-for-sale investments
Due within 1 year	$	12.2	$	12.2
After 1 year but within 5 years	32.5		32.5
After 5 years but within 10 years	7.2		7.3
Due after 10 years	—		—
TOTAL	$	51.9	$	52.0

At December 31, 2015 and 2014, the total net of tax unrealized gains recorded relating to available-for-sale securities were $0.0 million and $0.3 million, respectively. These net unrealized gains have been included in Accumulated other comprehensive loss, net of tax. Net unrealized gains relating to trading investments have been reflected in the results of operations. The cost basis used in computing the gain or loss on these securities was through specific identification. Gains and losses for both available-for-sale and trading securities were not material in 2015, 2014 and 2013.