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Investments (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Securities
Available-for-sale securities were as follows at December 31:
 
 
2016
 
2015
 
 
 
 
Gross Unrealized
 
Estimated
Fair
Value
 
 
 
Gross Unrealized
 
Estimated
Fair
Value
in thousands
 
Cost

 
Gains

 
(Losses)

 
Cost

 
Gains

 
(Losses)

 
Equity funds
 
$
23,883

 
$
2,112

 
$
(266
)
 
$
25,729

 
$
32,357

 
$
342

 
$
(2,416
)
 
$
30,283

Fixed-income funds
 
105,514

 
92

 
(550
)
 
105,056

 
115,396

 
109

 
(4,040
)
 
111,465

Total available-for-sale securities
 
$
129,397

 
$
2,204

 
$
(816
)
 
$
130,785

 
$
147,753

 
$
451

 
$
(6,456
)
 
$
141,748
Gains and losses on investments

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 for the years ended December 31:
in thousands
 
2016

 
2015

 
2014

Unrealized gain (loss)
 
 
 
 
 
 
Trading securities
 
$
4,971

 
$
(1,359
)
 
$
(2,578
)
Derivatives1
 
(348
)
 
119

 
(147
)
Realized gains2
 
 
 
 
 
 
Available-for-sale securities
 
298

 
1,503

 
5,359

Trading securities
 
1,663

 
910

 
4,514

Derivatives1
 
1,032

 
301

 
214

Realized losses2
 
 
 
 
 
 
Available-for-sale securities3
 
(1,647
)
 
(2,348
)
 
(91
)
Trading securities
 
(2,252
)
 
(2,760
)
 
(1,848
)
Derivatives1
 
(1,609
)
 
(1,630
)
 
(451
)
Gain (loss) on securities, net4
 
$
2,108

 
$
(5,264
)
 
$
4,972


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
The losses for the years ended December 31, 2016 and 2015 include impairments of certain available-for-sale securities.
4
Amounts related to consolidated entities, primarily Federated Funds, totaled $2.9 million, $(4.0) million and $(0.6) million for the years ended December 31, 2016, 2015 and 2014, respectively.