Investments

12 Months Ended

Dec. 31, 2019

At December 31, 2019 and December 31, 2018, the Company held investments classified as available-for-sale and investments classified as trading securities. Investments classified as available-for-sale consisted of municipal bonds with an amortized cost basis of $50.0 million as of December 31, 2019. In the third quarter of 2019, the Company disposed of an available-for-sale investment in a privately-held company that was previously classified in Level 3 of the fair value hierarchy. Investments classified as trading securities were composed primarily of debt and equity mutual funds and 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):



	2019					2018
	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 securities	$50.0	$0.8	$(0.1)	$50.7	$50.7	$54.0	$1.1	$(3.9)	$51.2	$51.2
Trading securities	12.0	7.2	—	19.2	19.2	10.1	4.2	—	14.3	14.3
TOTAL INVESTMENTS	$62.0	$8.0	$(0.1)	$69.9	$69.9	$64.1	$5.3	$(3.9)	$65.5	$65.5

Contractual maturities of our investments in available-for-sale securities at December 31, 2019 were as follows (in millions):



	Amortized Cost		Fair Value
Available-for-sale securities
Due within 1 year	$	14.2	$	14.2
After 1 year but within 5 years	23.1		23.6
After 5 years but within 10 years	4.9		5.1
Due after 10 years	7.8		7.8
TOTAL	$	50.0	$	50.7

The total unrealized gain/(loss) recognized in the year relating to available-for-sale securities, net of tax, was $2.6 million and $(1.4) million at December 31, 2019 and 2018, respectively. These net unrealized gains/(losses) are included in Accumulated other comprehensive loss, net of tax. Net unrealized gains relating to trading securities have been reflected in the results of operations. The Company uses the specific identification method when identifying the cost basis used to calculate the gain or loss on these securities. Gains and losses for both available-for-sale and trading securities were not material in 2019, 2018 and 2017.