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Investments (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Disclosures [Abstract] |
Schedule of the separate account managed by TP LLC | The following is a summary of the separate account managed by Third Point LLC:
| September 30, 2014 |  | December 31, 2013
Assets | ($ in thousands)
Total investments in securities and commodities | $ | 1,713,000 |  |  | $ | 1,460,864 |
Cash and cash equivalents | 10,003 |  |  | 869 |
Restricted cash and cash equivalents | 160,618 |  |  | 100,563 |
Due from brokers | 182,927 |  |  | 98,386 |
Securities purchased under an agreement to sell | 19,897 |  |  | 38,147 |
Derivative assets | 37,260 |  |  | 39,045 |
Interest and dividends receivable | 5,021 |  |  | 2,604 |
Other assets | 799 |  |  | 933 |
Total assets | 2,129,525 |  |  | 1,741,411 |
Liabilities and non-controlling interest |  |  |
Accounts payable and accrued expenses | 299 |  |  | 1,759 |
Securities sold, not yet purchased, at fair value | 45,667 |  |  | 56,056 |
Due to brokers | 306,927 |  |  | 44,870 |
Derivative liabilities | 12,113 |  |  | 8,819 |
Performance fee payable to related party | 21,837 |  |  | — |
Interest and dividends payable | 589 |  |  | 748 |
Capital contribution received in advance | 10,000 |  |  | — |
Non-controlling interest | 20,302 |  |  | 69,717 |
Total liabilities and non-controlling interest | 417,734 |  |  | 181,969 |
Total net investments managed by Third Point LLC | $ | 1,711,791 |  |  | $ | 1,559,442 |
Schedule of investments, categorized by the level of the fair value hierarchy | The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of September 30, 2014 and December 31, 2013:
| September 30, 2014
| Quoted prices in active markets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Total
| (Level 1) |  | (Level 2) |  | (Level 3) |
Assets | ($ in thousands)
Equity securities | $ | 929,946 |  |  | $ | 18,721 |  |  | $ | — |  |  | $ | 948,667 |
Private common equity securities | — |  |  | 7,937 |  |  | — |  |  | 7,937 |
Total equities | 929,946 |  |  | 26,658 |  |  | — |  |  | 956,604 |
Asset-backed securities | — |  |  | 425,160 |  |  | 2,434 |  |  | 427,594 |
Bank debts | — |  |  | 17,584 |  |  | — |  |  | 17,584 |
Corporate bonds | — |  |  | 103,092 |  |  | 3,964 |  |  | 107,056 |
Municipal bonds | — |  |  | 3,623 |  |  | — |  |  | 3,623 |
Sovereign debt | — |  |  | 104,801 |  |  | 19 |  |  | 104,820 |
Total debt securities | — |  |  | 654,260 |  |  | 6,417 |  |  | 660,677 |
Investments in limited partnerships | — |  |  | 66,799 |  |  | 6,770 |  |  | 73,569 |
Options | 8,112 |  |  | 2,709 |  |  | — |  |  | 10,821 |
Rights and warrants | 271 |  |  | — |  |  | — |  |  | 271 |
Trade claims | — |  |  | 11,058 |  |  | — |  |  | 11,058 |
Catastrophe bond | — |  |  | 2,046 |  |  | — |  |  | 2,046 |
Total other investments | 8,383 |  |  | 82,612 |  |  | 6,770 |  |  | 97,765 |
Derivative assets (free standing) | 170 |  |  | 37,090 |  |  | — |  |  | 37,260 |
Total assets | $ | 938,499 |  |  | $ | 800,620 |  |  | $ | 13,187 |  |  | $ | 1,752,306 |
Liabilities |  |  |  |  |  |  |
Equity securities | $ | 8,682 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,682 |
Sovereign debt | — |  |  | 19,440 |  |  | — |  |  | 19,440 |
Corporate bonds | — |  |  | 4,368 |  |  | — |  |  | 4,368 |
Options | 8,096 |  |  | 5,081 |  |  | — |  |  | 13,177 |
Total securities sold, not yet purchased | 16,778 |  |  | 28,889 |  |  | — |  |  | 45,667 |
Derivative liabilities (free standing) | 121 |  |  | 11,992 |  |  | 233 |  |  | 12,346 |
Derivative liabilities (embedded) | — |  |  | — |  |  | 7,913 |  |  | 7,913 |
Total liabilities | $ | 16,899 |  |  | $ | 40,881 |  |  | $ | 8,146 |  |  | $ | 65,926 |
| December 31, 2013
| Quoted prices in active markets |  | Significant other observable inputs |  | Significant unobservable inputs |  | Total
| (Level 1) |  | (Level 2) |  | (Level 3) |
Assets | ($ in thousands)
Equity securities | $ | 839,903 |  |  | $ | 17,914 |  |  | $ | — |  |  | $ | 857,817 |
Private common equity securities | — |  |  | 94,282 |  |  | 2,012 |  |  | 96,294 |
Total equities | 839,903 |  |  | 112,196 |  |  | 2,012 |  |  | 954,111 |
Asset-backed securities | — |  |  | 325,133 |  |  | 400 |  |  | 325,533 |
Bank debts | — |  |  | 8,017 |  |  | — |  |  | 8,017 |
Corporate bonds | — |  |  | 82,139 |  |  | 4,610 |  |  | 86,749 |
Municipal bonds | — |  |  | 10,486 |  |  | — |  |  | 10,486 |
Sovereign debt | — |  |  | 10,639 |  |  | — |  |  | 10,639 |
Total debt securities | — |  |  | 436,414 |  |  | 5,010 |  |  | 441,424 |
Investments in limited partnerships | — |  |  | 29,286 |  |  | 5,292 |  |  | 34,578 |
Options | 6,284 |  |  | 6,785 |  |  | — |  |  | 13,069 |
Rights and warrants | 1 |  |  | — |  |  | — |  |  | 1 |
Trade claims | — |  |  | 17,681 |  |  | — |  |  | 17,681 |
Total other investments | 6,285 |  |  | 53,752 |  |  | 5,292 |  |  | 65,329 |
Derivative assets | 321 |  |  | 38,724 |  |  | — |  |  | 39,045 |
Total assets | $ | 846,509 |  |  | $ | 641,086 |  |  | $ | 12,314 |  |  | $ | 1,499,909 |
Liabilities |  |  |  |  |  |  |
Equity securities | $ | 5,207 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,207 |
Sovereign debt | — |  |  | 37,592 |  |  | — |  |  | 37,592 |
Corporate bonds | — |  |  | 3,372 |  |  | — |  |  | 3,372 |
Options | 4,714 |  |  | 5,171 |  |  | — |  |  | 9,885 |
Total securities sold, not yet purchased | 9,921 |  |  | 46,135 |  |  | — |  |  | 56,056 |
Derivative liabilities (free standing) | 441 |  |  | 8,378 |  |  | — |  |  | 8,819 |
Derivative liabilities (embedded) | — |  |  | — |  |  | 4,430 |  |  | 4,430 |
Total liabilities | $ | 10,362 |  |  | $ | 54,513 |  |  | $ | 4,430 |  |  | $ | 69,305 |
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs | The following table presents the reconciliation for all investments measured at fair value using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2014 and 2013:
| January 1, 2014 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales |  | Realized and Unrealized Gains(Losses) (1) |  | September 30, 2014
| ($ in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |
Private common equity securities | $ | 2,012 |  |  | $ | (2,300 | ) |  | $ | — |  |  | $ | — |  |  | $ | 288 |  |  | $ | — |
Asset-backed securities | 400 |  |  | (2,151 | ) |  | 4,093 |  |  | (1,921 | ) |  | 2,013 |  |  | 2,434 |
Corporate bonds | 4,610 |  |  | (811 | ) |  | 821 |  |  | (484 | ) |  | (172 | ) |  | 3,964 |
Sovereign Debt | — |  |  | (11 | ) |  | 30 |  |  | — |  |  | — |  |  | 19 |
Investments in limited partnerships | 5,292 |  |  | — |  |  | 1,579 |  |  | — |  |  | (101 | ) |  | 6,770 |
Total assets | $ | 12,314 |  |  | $ | (5,273 | ) |  | $ | 6,523 |  |  | $ | (2,405 | ) |  | $ | 2,028 |  |  | $ | 13,187 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (free standing) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,013 | ) |  | $ | 780 |  |  | $ | (233 | )
Derivative liabilities (embedded) | (4,430 | ) |  | — |  |  | — |  |  | (3,046 | ) |  | (437 | ) |  | (7,913 | )
Total liabilities | $ | (4,430 | ) |  | $ | — |  |  | $ | — |  |  | $ | (4,059 | ) |  | $ | 343 |  |  | $ | (8,146 | )
| July 1, 2014 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales |  | Realized and Unrealized Gains(Losses) (1) |  | September 30, 2014
| ($ in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |
Private common equity securities | $ | 2,300 |  |  | $ | (2,300 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Asset-backed securities | 2,441 |  |  | (520 | ) |  | 288 |  |  | (18 | ) |  | 243 |  |  | 2,434 |
Corporate bonds | 5,153 |  |  | (811 | ) |  | — |  |  | (152 | ) |  | (226 | ) |  | 3,964 |
Sovereign Debt | 30 |  |  | (11 | ) |  | — |  |  | — |  |  | — |  |  | 19 |
Investment in limited partnership | 5,771 |  |  | — |  |  | 1,525 |  |  | — |  |  | (526 | ) |  | 6,770 |
Total assets | $ | 15,695 |  |  | $ | (3,642 | ) |  | $ | 1,813 |  |  | $ | (170 | ) |  | $ | (509 | ) |  | $ | 13,187 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (free standing) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,013 | ) |  | $ | 780 |  |  | $ | (233 | )
Derivative liabilities (embedded) | (5,538 | ) |  | — |  |  | — |  |  | (2,264 | ) |  | (111 | ) |  | (7,913 | )
Total liabilities | $ | (5,538 | ) |  | $ | — |  |  | $ | — |  |  | $ | (3,277 | ) |  | $ | 669 |  |  | $ | (8,146 | )
| January 1, 2013 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales |  | Realized and Unrealized Gains(Losses) (1) |  | September 30, 2013
| ($ in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Private common equity securities | $ | 2,757 |  |  | $ | (1,905 | ) |  | $ | 2,032 |  |  | $ | (1,795 | ) |  | $ | 828 |  |  | $ | 1,917 |
Asset-backed securities | — |  |  | 196 |  |  | 196 |  |  | — |  |  | (249 | ) |  | 143 |
Bank debt | 54 |  |  | (54 | ) |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds | 1,046 |  |  | (1,302 | ) |  | 4,287 |  |  | (1,311 | ) |  | 1,795 |  |  | 4,515 |
Investment in limited partnership | — |  |  | — |  |  | 1,959 |  |  | (342 | ) |  | (71 | ) |  | 1,546 |
Total assets | $ | 3,857 |  |  | $ | (3,065 | ) |  | $ | 8,474 |  |  | $ | (3,448 | ) |  | $ | 2,303 |  |  | $ | 8,121 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (free standing) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,335 | ) |  | $ | 3,167 |  |  | $ | (1,168 | )
Derivative liabilities (embedded) | (2,510 | ) |  | — |  |  | — |  |  | (1,460 | ) |  | (310 | ) |  | (4,280 | )
Total liabilities | $ | (2,510 | ) |  | $ | — |  |  | $ | — |  |  | $ | (5,795 | ) |  | $ | 2,857 |  |  | $ | (5,448 | )
| July 1, 2013 |  | Transfers in to (out of) Level 3 |  | Purchases |  | Sales |  | Realized and Unrealized Gains(Losses) (1) |  | September 30, 2013
| ($ in thousands)
Assets |  |  |  |  |  |  |  |  |  |  |
Private common equity securities | $ | 3,473 |  |  | $ | (1,906 | ) |  | $ | 379 |  |  | $ | — |  |  | $ | (29 | ) |  | $ | 1,917 |
Asset-backed securities | 194 |  |  | (112 | ) |  | 47 |  |  | — |  |  | 14 |  |  | 143 |
Corporate bonds | 4,304 |  |  | — |  |  | 303 |  |  | (192 | ) |  | 100 |  |  | 4,515 |
Investment in limited partnership | 903 |  |  | — |  |  | 671 |  |  | — |  |  | (28 | ) |  | 1,546 |
Total assets | $ | 8,874 |  |  | $ | (2,018 | ) |  | $ | 1,400 |  |  | $ | (192 | ) |  | $ | 57 |  |  | $ | 8,121 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (free standing) | $ | (2,240 | ) |  | $ | — |  |  | $ | — |  |  | $ | (990 | ) |  | $ | 2,062 |  |  | $ | (1,168 | )
Derivative liabilities (embedded) | (4,180 | ) |  | — |  |  | — |  |  | — |  |  | (100 | ) |  | (4,280 | )
Total liabilities | $ | (6,420 | ) |  | $ | — |  |  | $ | — |  |  | $ | (990 | ) |  | $ | 1,962 |  |  | $ | (5,448 | )
(1) Total net change in realized and unrealized gain (loss) recorded on Level 3 financial instruments are included in net investment income in the condensed consolidated statements of income (loss).

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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