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Trading Securities
 9 Months Ended
Sep. 30, 2012
Trading Securities [Abstract]  
Trading Securities
Trading Securities

The following table presents trading securities as of September 30, 2012 and December 31, 2011.
(in thousands)
September 30,
2012
December 31,
2011
TLGP investments
$
—

$
250,080

U.S. Treasury bills
1,109,878

729,994

Mutual funds offsetting deferred compensation
4,137

4,211

Total
$
1,114,015

$
984,285


The mutual funds are held in a Rabbi trust to generate returns that seek to offset changes in liabilities related to market risk of certain deferred compensation agreements. These deferred compensation liabilities were $4.2 million and $4.3 million at September 30, 2012 and December 31, 2011, respectively.

The following table presents net gains (losses) on trading securities for the third quarter and the first nine months of 2012 and 2011.
 
Three months ended September 30,
Nine months ended September 30,
(in thousands)
2012
2011
2012
2011
Net unrealized gains (losses) on trading securities held at
   period-end
$
168

$
(535
)
$
408

$
(348
)
Net realized gains (losses) on securities sold/matured
   during the period
20

(15
)
(74
)
(64
)
Net gains (losses) on trading securities
$
188

$
(550
)
$
334

$
(412
)