INVESTMENTS

Investments. At December 31, 2015, the investment portfolio included the legacy real estate assets of ALLETE Properties, debt and equity securities consisting primarily of securities held in other postretirement plans to fund employee benefits, the cash equivalents within these plans, and other assets consisting primarily of land in Minnesota.



Other Investments
As of December 31	2015		2014
Millions
ALLETE Properties (a)		$50.1		$88.2
Available-for-sale Securities (b)	18.5		18.9
Cash Equivalents	2.0		2.9
Other	4.0		4.4
Total Other Investments		$74.6		$114.4


(a)	In 2015, ALLETE Properties recorded a $36.3 million non-cash impairment charge related to its real estate assets. (See Note 1. Operations and Significant Accounting Policies.)


(b)	As of December 31, 2015, the aggregate amount of available-for-sale corporate debt securities maturing in one year or less was none, in one year to less than three years was $1.0 million, in three years to less than five years was $3.2 million, and in five or more years was $6.7 million.

Land Inventory. Land inventory is accounted for as held for use and is recorded at cost, unless the carrying value is determined not to be recoverable in accordance with the accounting standards for property, plant and equipment, in which case the land inventory is written down to estimated fair value. Land values are reviewed for indicators of impairment on a quarterly basis and a $36.3 million non-cash impairment was recorded for the year ended December 31, 2015 (none for the years ended December 31, 2014 and 2013). (See Note 1. Operations and Significant Accounting Policies.)

Available-for-Sale Investments. We account for our available-for-sale portfolio in accordance with the guidance for certain investments in debt and equity securities. Our available-for-sale securities portfolio consisted primarily of securities held in other postretirement plans to fund employee benefits.



Available-For-Sale Securities
Millions		Gross Unrealized
As of December 31	Cost	Gain	Loss	Fair Value
2015	$20.0	—	$1.5	$18.5
2014	$19.6	$0.2	$0.9	$18.9
2013	$18.3	—	$0.6	$17.7
		Net	Gross Realized
Year Ended December 31		Proceeds	Gain	Loss
2015		$1.7	$0.1	—
2014		$3.6	$0.2	—
2013		$16.1	$2.2	—