Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities were as follows:



	September 30, 2014									December 31, 2013
			Gross Unrealized					Estimated Fair				Gross Unrealized					Estimated Fair
(in thousands)	Cost		Gains		(Losses)			Value		Cost		Gains		(Losses)			Value
Equity mutual funds	$	25,758	$	557	$	(238	)	$	26,077	$	24,737	$	2,423	$	0		$	27,160
Fixed-income mutual funds	117,291		110		(1,321		)	116,080		102,072		786		(605		)	102,253
Total fluctuating-value mutual funds	$	143,049	$	667	$	(1,559	)	$	142,157	$	126,809	$	3,209	$	(605	)	$	129,413

Gains and losses on investments

The following table presents gains and losses recognized in (Loss) gain on securities, net on the Consolidated Statements of Income in connection with investments and economic derivatives held by certain consolidated investment companies:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)	2014			2013			2014			2013
Unrealized (loss) gain
Trading securities	$	(1,115	)	$	748		$	(2,634	)	$	516
Derivatives¹	(217		)	29			(290		)	(128		)
Realized gains²
Available-for-sale securities³	1,325			4,759			4,330			10,917
Trading securities	348			457			4,046			1,075
Derivatives¹	14			275			176			874
Realized losses²
Available-for-sale securities³	(91		)	(381		)	(91		)	(1,320		)
Trading securities	(610		)	(267		)	(1,353		)	(754		)
Derivatives¹	(93		)	(28		)	(201		)	(344		)
(Loss) gain on securities, net⁴	$	(439	)	$	5,592		$	3,983		$	10,836


¹	Amounts related to economic derivatives held by certain consolidated investment companies.


²	Realized gains and losses are computed on a specific-identification basis.


³	Amounts related to redemptions of available-for-sale securities resulting in proceeds of $45.4 million and $87.1 million for the three and nine months ended September 30, 2014, respectively, and $32.6 million and $88.4 million for the three and nine months ended September 30, 2013, respectively.


⁴	Amounts related to consolidated investment companies totaled ($1.5) million and ($0.4) million for the three and nine months ended September 30, 2014, respectively, and $1.0 million for both the three and nine months ended September 30, 2013, respectively.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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