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Investments (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

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

The Company’s investments are managed by its investment manager, Third Point LLC (“Third Point LLC” or the “Investment Manager”), under a long-term investment management contract. The Company directly owns the investments which are held in a separate account and managed by Third Point LLC. The following is a summary of the separate account managed by Third Point LLC:

	December 31, 2013				December 31, 2012
Assets	($ in thousands)
Total investments in securities and commodities	$	1,460,864			$	937,690
Cash and cash equivalents	869				4
Restricted cash and cash equivalents	100,563				64,783
Due from brokers	98,386				131,785
Securities purchased under an agreement to sell	38,147				60,408
Derivative assets	39,045				25,628
Interest and dividends receivable	2,604				2,088
Other assets	933				829
Total assets	$	1,741,411			$	1,223,215
Liabilities and non-controlling interest
Accounts payable and accrued expenses	$	1,759			$	825
Securities sold, not yet purchased, at fair value	56,056				176,454
Due to brokers	44,870				66,107
Derivative liabilities	8,819				12,992
Interest and dividends payable	748				1,255
Non-controlling interest	69,717				40,129
Total liabilities and non-controlling interest	181,969				297,762
Total net investments managed by Third Point LLC	$	1,559,442			$	925,453

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

The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2013 and 2012:

	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	441				8,378				—				8,819
Total liabilities	$	10,362			$	54,513			$	—			$	64,875

	December 31, 2012
	Quoted prices in active markets				Significant other observable inputs				Significant unobservable inputs				Total
	(Level 1)				(Level 2)				(Level 3)
Assets	($ in thousands)
Equity securities	$	496,473			$	1,699			—				$	498,172
Private common equity securities	—				—				2,757				2,757
Total equities	496,473				1,699				2,757				500,929
Asset-backed securities	—				191,401				—				191,401
Bank debts	—				22,531				54				22,585
Corporate bonds	—				56,814				1,046				57,860
Sovereign debt	—				7,485				—				7,485
Total debt securities	—				278,231				1,100				279,331
Investments in limited partnerships	—				91,287				—				91,287
Commodities	51,093				—				—				51,093
Options	3,191				276				—				3,467
Trade claims	—				11,583				—				11,583
Total other investments	54,284				103,146				—				157,430
Derivative assets	1,025				24,603				—				25,628
Total assets	$	551,782			$	407,679			$	3,857			$	963,318
Liabilities
Equity securities	$	104,308			—				—				$	104,308
Sovereign debt	—				59,918				—				59,918
Corporate bonds	—				8,924				—				8,924
Options	3,259				45				—				3,304
Total securities sold, not yet purchased	107,567				68,887				—				176,454
Derivative liabilities	10				12,982				—				12,992
Total liabilities	$	107,577			$	81,869			$	—			$	189,446

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).

The following table presents the reconciliation for all investments measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012:

	January 1, 2013				Transfers in to (out of) Level 3				Purchases				Sales				Realized and Unrealized Gains(Losses) (1)				December 31, 2013
	($ in thousands)
Assets
Asset-backed securities	$	—			$	133			$	552			$	(12	)		$	(273	)		$	400
Bank debt	54				(54		)		—				—				—				—
Corporate bonds	1,046				—				4,094				(1,392		)		862				4,610
Private common equity securities	2,757				(2,757		)		2,031				—				(19		)		2,012
Investments in limited partnerships	—				—				4,690				(342		)		944				5,292
	$	3,857			$	(2,678	)		$	11,367			$	(1,746	)		$	1,514			$	12,314
Liabilities
Derivative liabilities	$	—			$	—			$	—			$	(4,335	)		$	4,335			$	—
	January 1, 2012				Transfers in to (out of) Level 3				Purchases				Sales				Realized and Unrealized Gains(Losses) (1)				December 31, 2012
	($ in thousands)
Assets
Corporate bonds	$	—			$	1,093			$	—			$	(488	)		$	441			$	1,046
Bank debt	—				109				—				(8		)		(47		)		54
Private common equity securities	—				5,450				—				(2,401		)		(292		)		2,757
Trade claims	—				20				—				(22		)		2				—
Total assets	$	—			$	6,672			$	—			$	(2,919	)		$	104			$	3,857

X

- Definition

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

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Schedule of Investments Managed by LLC [Table Text Block]

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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

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