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Investments | 9 Months Ended
--- | ---
Sep. 30, 2012
Investments [Abstract] |
Investments |
3. | Investments
The following table presents the Company’s investment holdings by type of instrument as of the periods presented (in thousands):
|  | As of September 30, 2012 |  |  | As of December 31, 2011 |
|  | Cost or Amortized Cost |  |  | Fair Value |  |  | Carrying Value |  |  | Cost or Amortized Cost |  |  | Fair Value |  |  | Carrying Value |
Cash and cash equivalents (1) |  | $ | 365,675 |  |  | $ | 365,675 |  |  | $ | 365,675 |  |  | $ | 229,685 |  |  | $ | 229,685 |  |  | $ | 229,685 |
Restricted cash and cash equivalents (1) |  |  | 95,135 |  |  |  | 95,135 |  |  |  | 95,135 |  |  |  | 78,312 |  |  |  | 78,312 |  |  |  | 78,312 |
Trading portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 3,193 |  |  |  | 4,008 |  |  |  | 4,008 |  |  |  | 3,179 |  |  |  | 3,801 |  |  |  | 3,801 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 11,709 |  |  |  | 9,235 |  |  |  | 9,235 |  |  |  | 50,121 |  |  |  | 38,816 |  |  |  | 38,816 |
Energy |  |  | 9,968 |  |  |  | 8,067 |  |  |  | 8,067 |  |  |  | 6,077 |  |  |  | 4,999 |  |  |  | 4,999 |
Other |  |  | 10,359 |  |  |  | 9,989 |  |  |  | 9,989 |  |  |  | 8,044 |  |  |  | 6,945 |  |  |  | 6,945 |
Exchange-traded and mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 6,297 |  |  |  | 6,527 |  |  |  | 6,527 |  |  |  | 28,311 |  |  |  | 25,997 |  |  |  | 25,997 |
Agriculture |  |  | 7,046 |  |  |  | 7,015 |  |  |  | 7,015 |  |  |  | 17,781 |  |  |  | 16,878 |  |  |  | 16,878 |
Energy |  |  | 2,880 |  |  |  | 2,935 |  |  |  | 2,935 |  |  |  | — |  |  |  | — |  |  |  | — |
Indices |  |  | 5,774 |  |  |  | 5,107 |  |  |  | 5,107 |  |  |  | 2,006 |  |  |  | 1,710 |  |  |  | 1,710 |
Non-hedging derivative asset (2) |  |  | 274 |  |  |  | 101 |  |  |  | 101 |  |  |  | 357 |  |  |  | 123 |  |  |  | 123 |
Other investments (3) |  |  | 517 |  |  |  | 317 |  |  |  | 317 |  |  |  | 517 |  |  |  | 371 |  |  |  | 371 |
Total trading portfolio investments |  |  | 58,017 |  |  |  | 53,301 |  |  |  | 53,301 |  |  |  | 116,393 |  |  |  | 99,640 |  |  |  | 99,640 |
Total investments |  | $ | 518,827 |  |  | $ | 514,111 |  |  | $ | 514,111 |  |  | $ | 424,390 |  |  | $ | 407,637 |  |  | $ | 407,637 |
(1) | Cash and cash equivalents include short-term debt securities consisting of direct obligations of the U.S. Treasury or money-market accounts that invest in direct obligations of the U.S. Treasury.
(2) | Derivatives are included in Other assets in the Condensed Consolidated Balance Sheets.
(3) | Other investments represent physical metals held by the Company and are included in Other assets in the Condensed Consolidated Balance Sheets.
The Company has made an assessment of its invested assets for fair value measurement as further described in Note 12 – Fair Value Measurements. The following table presents net investment income (expense) comprised primarily of interest and dividends (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Cash and cash equivalents (1) |  | $ | 243 |  |  | $ | 203 |  |  | $ | 483 |  |  | $ | 253 |
Debt securities |  |  | 42 |  |  |  | 13 |  |  |  | 53 |  |  |  | 481 |
Equity securities |  |  | 95 |  |  |  | 76 |  |  |  | 313 |  |  |  | 136 |
Total investment income |  |  | 380 |  |  |  | 292 |  |  |  | 849 |  |  |  | 870 |
Less investment expenses |  |  | (165 | ) |  |  | (170 | ) |  |  | (686 | ) |  |  | (512 | )
Net investment (expense) income |  | $ | 215 |  |  | $ | 122 |  |  | $ | 163 |  |  | $ | 358 |
(1) | Includes interest earned on restricted cash and cash equivalents.
Trading Portfolio The following table presents the effect of trading activities on the Company’s results of operations by type of instrument and by line item in the condensed consolidated statements of income (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Realized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,616 | )
Equity securities |  |  | (3,299 | ) |  |  | 5,669 |  |  |  | (12,728 | ) |  |  | 16,535 |
Derivatives (non-hedging instruments) (1) |  |  | 157 |  |  |  | 215 |  |  |  | 432 |  |  |  | (423 | )
Total realized gains (losses) on trading portfolio |  |  | (3,142 | ) |  |  | 5,884 |  |  |  | (12,296 | ) |  |  | 12,496 |
Unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | 55 |  |  |  | 112 |  |  |  | 192 |  |  |  | 8,372 |
Equity securities |  |  | 8,119 |  |  |  | (17,504 | ) |  |  | 11,291 |  |  |  | (32,398 | )
Derivatives (non-hedging instruments) (1) |  |  | (55 | ) |  |  | 1,454 |  |  |  | 62 |  |  |  | 1,036 |
Other |  |  | (28 | ) |  |  | (47 | ) |  |  | (55 | ) |  |  | (47 | )
Total unrealized gains (losses) on trading portfolio |  |  | 8,091 |  |  |  | (15,985 | ) |  |  | 11,490 |  |  |  | (23,037 | )
Net gains (losses) recognized on trading securities |  | $ | 4,949 |  |  | $ | (10,101 | ) |  | $ | (806 | ) |  | $ | (10,541 | )
(1) | This table represents the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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