INVESTMENTS

Investments. Our long-term investment portfolio includes the 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	June 30, 2013		December 31, 2012
Millions
ALLETE Properties		$91.1		$91.1
Available-for-sale Securities (a)	20.4		26.8
Cash Equivalents	24.4		20.7
Other	4.3		4.9
Total Other Investments		$140.2		$143.5


(a)	As of June 30, 2013, the aggregate amount of available-for-sale corporate debt securities maturing in one year or less was $1.2 million, in one year to less than three years was $5.1 million, in three years to less than five years was $1.3 million, and in five or more years was $0.9 million.



ALLETE Properties	June 30, 2013		December 31, 2012
Millions
Land Inventory Beginning Balance		$86.5		$86.0
Deeds to Collateralized Property	—		0.5
Cost of Sales	—		(0.2		)
Capitalized Improvements and Other	0.1		0.2
Land Inventory Ending Balance	86.6		86.5
Long-Term Finance Receivables (net of allowances of $0.6 and $0.6)	1.4		1.4
Other	3.1		3.2
Total Real Estate Assets		$91.1		$91.1

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 fair value. Land values are reviewed for impairment on a quarterly basis and no impairments were recorded for the six months ended June 30, 2013 (none for the year ended December 31, 2012).

Long-Term Finance Receivables. As of June 30, 2013, long-term finance receivables were $1.4 million net of allowance ($1.4 million net of allowance as of December 31, 2012). Long-term finance receivables are collateralized by property sold, accrue interest at market-based rates and are net of an allowance for doubtful accounts. As of June 30, 2013, we had an allowance for doubtful accounts of $0.6 million ($0.6 million as of December 31, 2012).