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Investments | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments on the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 included available-for-sale and trading securities. At September 30, 2016 and December 31, 2015, Federated held investments totaling $129.2 million and $141.7 million, respectively, in fluctuating-value Federated Funds that were classified as available-for-sale securities and were included in Investments—affiliates on the Consolidated Balance Sheets. The decrease in Investments—affiliates primarily related to a newly consolidated VIE as a result of the adoption of ASU 2015-02 and is now recorded in Investments—consolidated investment companies. See Note (2) for additional information. Available-for-sale securities were as follows:
|  | September 30, 2016 |  | December 31, 2015
|  |  |  | Gross Unrealized |  | Estimated Fair |  |  |  | Gross Unrealized |  | Estimated Fair
(in thousands) |  | Cost |  | Gains |  | (Losses) |  | Value |  | Cost |  | Gains |  | (Losses) |  | Value
Equity funds |  | $ | 23,649 |  |  | $ | 1,623 |  |  | $ | (58 | ) |  | $ | 25,214 |  |  | $ | 32,357 |  |  | $ | 342 |  |  | $ | (2,416 | ) |  | $ | 30,283 |
Fixed-income funds |  | 104,747 |  |  | 156 |  |  | (909 | ) |  | 103,994 |  |  | 115,396 |  |  | 109 |  |  | (4,040 | ) |  | 111,465 |
Total fluctuating-value funds |  | $ | 128,396 |  |  | $ | 1,779 |  |  | $ | (967 | ) |  | $ | 129,208 |  |  | $ | 147,753 |  |  | $ | 451 |  |  | $ | (6,456 | ) |  | $ | 141,748 |
Federated’s trading securities totaled $66.2 million and $32.4 million at September 30, 2016 and December 31, 2015, respectively. The increase in trading securities primarily related to the aforementioned newly consolidated VIE which was previously recorded in Investments—affiliates on the Consolidated Balance Sheets. See Note (2) for additional information. Federated consolidates certain Federated Funds into its Consolidated Financial Statements as a result of Federated’s controlling financial interest in the Federated Fund (see Note (5)). All investments held by these Federated Funds were included in Investments—consolidated investment companies on Federated’s Consolidated Balance Sheets. Investments—other on the Consolidated Balance Sheets represented other trading investments held in Separate Accounts. Federated’s trading securities as of September 30, 2016 and December 31, 2015, were primarily invested in domestic debt securities ($47.1 million and $9.0 million, respectively), investments in Federated Funds and other funds ($9.0 million and $11.0 million, respectively) and stocks of large U.S. and international companies ($6.2 million and $10.5 million, respectively). The following table presents gains and losses recognized in Gain (loss) on securities, net on the Consolidated Statements of Income in connection with Federated's investments as well as economic derivatives held by certain consolidated Federated Funds:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Unrealized gain (loss) |  |  |  |  |  |  |  |
Trading securities |  | $ | 1,684 |  |  | $ | (903 | ) |  | $ | 5,410 |  |  | $ | (1,485 | )
Derivatives 1 |  | 315 |  |  | 148 |  |  | 11 |  |  | 122 |
Realized gains 2 |  |  |  |  |  |  |  |
Available-for-sale securities 3 |  | 266 |  |  | 0 |  |  | 291 |  |  | 0 |
Trading securities |  | 472 |  |  | 224 |  |  | 1,058 |  |  | 739 |
Derivatives 1 |  | 28 |  |  | 17 |  |  | 583 |  |  | 313 |
Realized losses 2 |  |  |  |  |  |  |  |
Available-for-sale securities 3 |  | 0 |  |  | (1,342 | ) |  | (1,645 | ) |  | (1,342 | )
Trading securities |  | (273 | ) |  | (1,547 | ) |  | (2,048 | ) |  | (2,371 | )
Derivatives 1 |  | (460 | ) |  | (889 | ) |  | (1,107 | ) |  | (1,502 | )
Gain (loss) on securities, net 4 |  | $ | 2,032 |  |  | $ | (4,292 | ) |  | $ | 2,553 |  |  | $ | (5,526 | )
1 | Amounts related to the settlement of economic derivatives held by certain consolidated Federated Funds.
2 | Realized gains and losses are computed on a specific-identification basis.
3 | Proceeds from redemptions of available-for-sale securities were $7.8 million and $8.0 million for the three and nine months ended September 30, 2016.
4 | Amounts related to consolidated entities, primarily Federated Funds, totaled $1.6 million and $3.5 million for the three and nine months ended September 30, 2016, respectively, and $(2.6) million and $(3.7) million for the three and nine months ended September 30, 2015, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
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