Net Realized Securities Gains (Losses)

12 Months Ended

Dec. 31, 2015

Gain (Loss) on Investments [Abstract]

The following summarizes net realized securities gains (losses) for each of the three years in the period ended December 31, 2015 (in thousands):



	2015		2014			2013

Net realized gains on securities	$	14,112	$	30,686		$	245,262
Write-down of investments (a)	—		(111		)	(1,621		)
Other (b)	48,845		(181		)	316
	$	62,957	$	30,394		$	243,957


(a)	Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary.


(b)	In 2015, primarily relates to a recovery of $35.0 million of an investment in a non-public security written off in prior years.

Net realized gains on securities during 2013 include a gain of $227.6 million related to our exchange of Inmet shares for First Quantum shares and cash as discussed above.

Proceeds from sales of investments classified as available for sale were $1.9 billion, $1.9 billion and $1.8 billion during 2015, 2014 and 2013, respectively. Gross gains of $16.9 million, $12.6 million and $240.4 million were realized on these sales during 2015, 2014 and 2013, respectively; gross losses were $2.8 million during 2015 and not significant during 2014 and 2013.

- 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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