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Investments | 12 Months Ended
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Dec. 31, 2012
Investments [Abstract] |
INVESTMENTS | NOTE 3 – INVESTMENTS The following table provides the Company’s investment holdings by type of instrument as of the periods presented (in thousands):
|  | As of December 31, 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) |  | $ | 347,392 |  |  | $ | 347,392 |  |  | $ | 347,392 |  |  | $ | 229,685 |  |  | $ | 229,685 |  |  | $ | 229,685 |
Restricted cash and cash equivalents |  |  | 33,009 |  |  |  | 33,009 |  |  |  | 33,009 |  |  |  | 78,312 |  |  |  | 78,312 |  |  |  | 78,312 |
Trading portfolio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | 3,192 |  |  |  | 4,009 |  |  |  | 4,009 |  |  |  | 3,179 |  |  |  | 3,801 |  |  |  | 3,801 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 26,630 |  |  |  | 26,130 |  |  |  | 26,130 |  |  |  | 50,121 |  |  |  | 38,816 |  |  |  | 38,816 |
Energy |  |  | 10,914 |  |  |  | 10,868 |  |  |  | 10,868 |  |  |  | 6,077 |  |  |  | 4,999 |  |  |  | 4,999 |
Other |  |  | 8,152 |  |  |  | 8,215 |  |  |  | 8,215 |  |  |  | 8,044 |  |  |  | 6,945 |  |  |  | 6,945 |
Exchange-traded and mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metals and mining |  |  | 21,748 |  |  |  | 21,989 |  |  |  | 21,989 |  |  |  | 28,311 |  |  |  | 25,997 |  |  |  | 25,997 |
Agriculture |  |  | 10,303 |  |  |  | 10,265 |  |  |  | 10,265 |  |  |  | 17,781 |  |  |  | 16,878 |  |  |  | 16,878 |
Energy |  |  | 4,939 |  |  |  | 5,068 |  |  |  | 5,068 |  |  |  | — |  |  |  | — |  |  |  | — |
Indices |  |  | 2,588 |  |  |  | 2,506 |  |  |  | 2,506 |  |  |  | 2,006 |  |  |  | 1,710 |  |  |  | 1,710 |
Non-hedging derivative asset (liability), net(2) |  |  | 69 |  |  |  | (21 | ) |  |  | (21 | ) |  |  | 357 |  |  |  | 123 |  |  |  | 123 |
Other investments(3) |  |  | 517 |  |  |  | 317 |  |  |  | 317 |  |  |  | 517 |  |  |  | 371 |  |  |  | 371 |
Total trading portfolio investments |  |  | 89,052 |  |  |  | 89,346 |  |  |  | 89,346 |  |  |  | 116,393 |  |  |  | 99,640 |  |  |  | 99,640 |
Total investments |  | $ | 469,453 |  |  | $ | 469,747 |  |  | $ | 469,747 |  |  | $ | 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 and Other liabilities and accrued expenses in the Consolidated Balance Sheets.
(3) | Other investments represent physical metals held by the Company and are included in Other assets in the Consolidated Balance Sheets.
The Company has made an assessment of its invested assets for fair value measurement as further described in Note 16 – FAIR VALUE MEASUREMENTS. The following table provides net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Cash and cash equivalents(1) |  | $ | 705 |  |  | $ | 568 |  |  | $ | 99 |
Debt securities |  |  | 66 |  |  |  | 494 |  |  |  | 969 |
Equity securities |  |  | 566 |  |  |  | 421 |  |  |  | 558 |
Total investment income |  |  | 1,337 |  |  |  | 1,483 |  |  |  | 1,626 |
Less investment expenses |  |  | (896 | ) |  |  | (695 | ) |  |  | (634 | )
Net investment (expense) income |  | $ | 441 |  |  | $ | 788 |  |  | $ | 992 |
(1) | Includes interest earned on restricted cash and cash equivalents.
Trading Portfolio The following table provides the effect of trading activities on the Company’s results of operations for the periods presented by type of instrument and by line item in the consolidated statements of income (in thousands):
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Realized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | (3,206 | ) |  | $ | 3,041 |
Equity securities |  |  | (12,286 | ) |  |  | 5,816 |  |  |  | 18,906 |
Derivatives (non-hedging instruments)(1) |  |  | 343 |  |  |  | (260 | ) |  |  | — |
Total realized gains (losses) on trading portfolio |  |  | (11,943 | ) |  |  | 2,350 |  |  |  | 21,947 |
Change in unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  |  | 195 |  |  |  | 8,472 |  |  |  | (7,850 | )
Equity securities |  |  | 9,158 |  |  |  | (26,762 | ) |  |  | 10,519 |
Derivatives (non-hedging instruments)(1) |  |  | 145 |  |  |  | 25 |  |  |  | (259 | )
Other |  |  | (55 | ) |  |  | (145 | ) |  |  | — |
Total change in unrealized gains (losses) on trading portfolio |  |  | 9,443 |  |  |  | (18,410 | ) |  |  | 2,410 |
Net gains (losses) recognized on trading securities |  | $ | (2,500 | ) |  | $ | (16,060 | ) |  | $ | 24,357 |
(1) | This table provides the alternative quantitative disclosures permitted for derivatives that are not used as hedging instruments and are included in the trading portfolio.
Securities Available- for- Sale The following table provides certain information related to securities available for sale during the periods presented (in thousands):
|  | Year Ended December 31, 2010 |
Sales proceeds (fair value) |  | $ | 195,329 |
Gross realized gains |  | $ | 9,090 |
Gross realized losses |  | $ | (938 | )
Other than temporary losses |  | $ | (2,408 | )
During the three-month period ended September 30, 2010, the Company evaluated the trading activity in its investment portfolio, its investing strategy, and its overall investment program. As a result of this evaluation, the Company reclassified its available-for-sale portfolio as a trading portfolio effective July 1, 2010. Net unrealized losses of $656 thousand were reflected as a transfer as of July 1, 2010, and recognized in earnings and included under the caption “Unrealized Gains (Losses) on Investments” in the Consolidated Statement of Income. The net unrealized loss of $656 thousand was comprised of $1.2 million in unrealized losses, offset by $573 thousand of unrealized gains.

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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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