Investments

12 Months Ended

Dec. 31, 2021

At December 31, 2021 and December 31, 2020, 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 $53.3 million as of December 31, 2021. 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):


	2021					2020
	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	$53.3	$0.8	$(0.1)	$54.0	$54.0	$56.4	$1.4	$(0.1)	$57.7	$57.7
Trading securities	12.2	12.3	—	24.5	24.5	13.1	9.6	—	22.7	22.7
TOTAL INVESTMENTS	$65.5	$13.1	$(0.1)	$78.5	$78.5	$69.5	$11.0	$(0.1)	$80.4	$80.4

Contractual maturities of our investments in available-for-sale securities at December 31, 2021 were as follows (in millions):


	Amortized Cost		Fair Value
Available-for-sale securities
Due within 1 year	$	9.4	$	9.4
After 1 year but within 5 years	37.3		38.0
After 5 years but within 10 years	—		—
Due after 10 years	6.6		6.6
TOTAL	$	53.3	$	54.0

The total unrealized gain/(loss) recognized in the year relating to available-for-sale securities, net of tax, was $(0.4) million and $0.4 million at December 31, 2021 and 2020, 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 2021, 2020 and 2019.

At December 31, 2021 and December 31, 2020, the Company had $54.0 million and $57.7 million, respectively, of available-for-sale municipal debt securities. These investments had an amortized cost of $53.3 million and $56.4 million, respectively. No allowance for credit losses related to our available-for-sale debt securities was recorded for the twelve months ended December 31, 2021. As of December 31, 2021 and December 31, 2020 the unrealized losses attributable to our available-for-sale debt securities was $0.1 million at each period end. The fair value of available-for-sale debt securities with unrealized losses was $12.2 million at December 31, 2021 and $6.1 million at December 31, 2020.