Federated Hermes (FHI) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Entity Registrant Name	FEDERATED INVESTORS INC /PA/
Entity Central Index Key	1,056,288
Trading Symbol	FII
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Amendment Flag	false
Class A [Member]
Entity Common Stock, Shares Outstanding		9,000
Class B [Member]
Entity Common Stock, Shares Outstanding		103,975,987

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 147,762	$ 172,628
Investments—affiliates	131,980	141,748
Investments—consolidated investment companies	55,133	25,368
Investments—other	7,143	7,071
Receivables, net of reserve of $1 and $59, respectively	41,396	33,524
Prepaid expenses	10,996	10,722
Other current assets	4,180	4,767
Total current assets	398,590	395,828
Long-Term Assets
Goodwill	659,315	659,315
Renewable investment advisory contracts	70,582	70,582
Other intangible assets, net of accumulated amortization of $21,420 and $21,116, respectively	4,291	4,595
Property and equipment, net of accumulated depreciation of $57,924 and $56,034, respectively	37,417	35,743
Other long-term assets	20,419	21,140
Total long-term assets	792,024	791,375
Total assets	1,190,614	1,187,203
Current Liabilities
Short-term debt	25,500	25,500
Accounts payable and accrued expenses	52,974	43,551
Accrued compensation and benefits	27,435	75,691
Other current liabilities	25,717	14,466
Total current liabilities	131,626	159,208
Long-Term Liabilities
Long-term debt	184,875	191,250
Long-term deferred tax liability, net	168,192	158,895
Other long-term liabilities	17,191	20,144
Total long-term liabilities	370,258	370,289
Total liabilities	$ 501,884	$ 529,497
Commitments and contingencies (Note (12))
TEMPORARY EQUITY
Redeemable noncontrolling interest in subsidiaries	$ 25,905	$ 8,734
PERMANENT EQUITY
Retained earnings	552,263	545,785
Treasury stock, at cost, 5,469,469 and 5,411,429 shares Class B common stock, respectively	(193,700)	(191,939)
Accumulated other comprehensive loss, net of tax	(3,182)	(4,609)
Total Federated Investors, Inc. shareholders’ equity	661,382	647,816
Nonredeemable noncontrolling interest in subsidiary	1,443	1,156
Total permanent equity	662,825	648,972
Total liabilities, temporary equity and permanent equity	1,190,614	1,187,203
Class A [Member]
PERMANENT EQUITY
Common stock	189	189
Class B [Member]
PERMANENT EQUITY
Common stock	$ 305,812	$ 298,390

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivables, reserve	$ 1	$ 59
Other intangible assets, accumulated amortization	21,420	21,116
Property and equipment, accumulated depreciation	$ 57,924	$ 56,034
Treasury stock, shares	5,469,469	5,411,429
Class A [Member]
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	20,000	20,000
Common stock, shares issued	9,000	9,000
Common stock, shares outstanding	9,000	9,000
Class B [Member]
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	109,505,456	109,505,456

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenue
Investment advisory fees, net—affiliates		$ 154,777	$ 122,035
Investment advisory fees, net—other		27,070	24,524
Administrative service fees, net—affiliates		53,473	53,017
Other service fees, net—affiliates		34,697	18,720
Other service fees, net—other		1,201	1,067
Other, net		891	1,159
Total revenue		272,109	220,522
Operating Expenses
Distribution		88,381	53,495
Compensation and related		76,770	76,498
Professional service fees		8,881	7,882
Systems and communications		7,865	6,870
Office and occupancy		6,888	6,853
Advertising and promotional		3,442	3,471
Travel and related		2,906	2,759
Other		2,421	3,656
Total operating expenses		197,554	161,484
Operating income		74,555	59,038
Nonoperating Income (Expenses)
Investment income, net		1,573	1,144
Gain (loss) on securities, net	[1]	1,091	(254)
Debt expense		(1,059)	(1,373)
Other, net		(5)	(13)
Total nonoperating income (expenses), net		1,600	(496)
Income before income taxes		76,155	58,542
Income tax provision		27,381	22,124
Net income including the noncontrolling interests in subsidiaries		48,774	36,418
Less: Net income attributable to the noncontrolling interests in subsidiaries		3,516	111
Net income		$ 45,258	$ 36,307
Amounts Attributable to Federated Investors, Inc.
Earnings per common share—Basic and Diluted	[2]	$ 0.44	$ 0.35
Cash dividends per share		$ 0.25	$ 0.25
[1]	Amounts related to consolidated entities, primarily Federated Funds, totaled $1.0 million and $(0.3) million for the three months ended March 31, 2016, and 2015, respectively.
[2]	Federated Common Stock excludes unvested restricted stock which are deemed participating securities in accordance with the two-class method of computing earnings per share.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income including the noncontrolling interests in subsidiaries	$ 48,774	$ 36,418
Permanent equity
Unrealized gain on interest rate swap	0	42
Reclassification adjustment related to interest rate swap	0	227
Unrealized gain on securities available for sale	577	687
Reclassification adjustment related to securities available for sale	824	0
Foreign currency items	26	(440)
Temporary equity
Foreign currency translation gain	6	0
Other comprehensive income	1,433	516
Comprehensive income including the noncontrolling interests in subsidiaries	50,207	36,934
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest in subsidiaries	1,021	(85)
Less: Comprehensive income attributable to nonredeemable noncontrolling interest in subsidiary	2,501	196
Comprehensive income attributable to Federated Investors, Inc.	$ 46,685	$ 36,823

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss, Net of Tax [Member]	Total Shareholders' Equity [Member]	Nonredeemable Noncontrolling Interest in Subsidiary [Member]	Redeemable Noncontrolling Interest in Subsidiaries/Temporary Equity [Member]
Balance at Dec. 31, 2014	$ 609,652	$ 271,020	$ 505,394	$ (165,258)	$ (1,662)	$ 609,494	$ 158	$ 3,697
Net income	36,503		36,307			36,307	196	(85)
Other comprehensive income, net of tax	516				516	516		0
Subscriptions—redeemable noncontrolling interest holders	0							5,785
Stock award activity	9,907	9,825	(12,209)	12,291		9,907
Dividends declared	(26,202)		(26,202)			(26,202)
Distributions to noncontrolling interest in subsidiaries	0						0	(815)
Purchase of treasury stock	(9,948)			(9,948)		(9,948)
Balance at Mar. 31, 2015	620,428	280,845	503,290	(162,915)	(1,146)	620,074	354	8,582
Balance at Dec. 31, 2015	648,972	298,579	545,785	(191,939)	(4,609)	647,816	1,156	8,734
Adoption of new accounting pronouncement	0		(831)		831	0		14,850
Net income	47,759		45,258			45,258	2,501	1,015
Other comprehensive income, net of tax	596				596	596		6
Subscriptions—redeemable noncontrolling interest holders	0							5,431
Stock award activity	7,422	7,422	(11,959)	11,959		7,422
Dividends declared	(25,990)		(25,990)			(25,990)
Distributions to noncontrolling interest in subsidiaries	(2,214)						(2,214)	(4,131)
Purchase of treasury stock	(13,720)			(13,720)		(13,720)
Balance at Mar. 31, 2016	$ 662,825	$ 306,001	$ 552,263	$ (193,700)	$ (3,182)	$ 661,382	$ 1,443	$ 25,905

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net income including the noncontrolling interests in subsidiaries	$ 48,774	$ 36,418
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Amortization of deferred sales commissions	2,904	4,018
Depreciation and other amortization	2,351	2,507
Share-based compensation expense	7,236	6,901
Loss on disposal of assets	1,174	551
Provision for deferred income taxes	9,270	8,415
Adoption of new accounting pronouncement	(2,653)	0
Net purchases of trading securities	(2,831)	(3,950)
Deferred sales commissions paid	(3,012)	(4,448)
Contingent deferred sales charges received	578	549
Other changes in assets and liabilities:
Increase in receivables, net	(7,454)	(646)
(Increase) decrease in prepaid expenses and other assets	(1,750)	1,574
Decrease in accounts payable and accrued expenses	(41,722)	(46,854)
Increase in other liabilities	12,780	9,628
Net cash provided by operating activities	25,645	14,663
Investing Activities
Purchases of securities available for sale	(823)	(943)
Proceeds from redemptions of securities available for sale	50	0
Cash paid for property and equipment	(3,257)	(1,008)
Net cash used by investing activities	(4,030)	(1,951)
Financing Activities
Dividends paid	(25,990)	(26,202)
Purchases of treasury stock	(13,728)	(10,276)
Distributions to noncontrolling interest in subsidiaries	(6,345)	(815)
Contributions from noncontrolling interest in subsidiaries	5,431	5,785
Proceeds from shareholders for share-based compensation	0	81
Excess tax benefits from share-based compensation	596	1,656
Cash paid for business acquisitions	(70)	0
Payments on debt	(6,375)	(6,375)
Net cash used by financing activities	(46,481)	(36,146)
Net decrease in cash and cash equivalents	(24,866)	(23,434)
Cash and cash equivalents, beginning of period	172,628	115,267
Cash and cash equivalents, end of period	$ 147,762	$ 91,833

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Accounting [Abstract]
Basis of Accounting	Basis of Presentation The interim Consolidated Financial Statements of Federated Investors, Inc. and its consolidated subsidiaries (collectively, Federated) included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In the opinion of management, the financial statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods presented. In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements. These financial statements should be read in conjunction with Federated's Annual Report on Form 10-K for the year ended December 31, 2015 . Certain items previously reported have been reclassified to conform with the current period's presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements (a) Recently Adopted Accounting Guidance Consolidation On February 18, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which affects reporting organizations' evaluation of whether they should consolidate certain legal entities. This includes a scope exception for reporting entities with an interest in legal entities that are required to comply with or operate in accordance with the requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. Effective January 1, 2016, Federated adopted ASU 2015-02 using the modified retrospective transition method, which did not require the restatement of prior years. In connection with the adoption of ASU 2015-02, Federated reevaluated all of its sponsored investment companies and other funds ( Federated Funds ). As a result, certain Federated Funds previously accounted for as variable interest entities (VIEs) now meet the characteristics of voting rights entities (VREs). The adoption of ASU 2015-02 resulted in the consolidation of one Federated Fund that was not previously consolidated. Upon adoption, this entity was deemed to be a VIE and Federated was deemed to be the primary beneficiary. As a result of this consolidation, Federated recorded $29.4 million in assets, of which $11.5 million was included in Investments—affiliates at December 31, 2015, $0.2 million in liabilities and $17.7 million in Redeemable noncontrolling interest in subsidiaries . Federated also reclassified $0.8 million of unrealized losses from Accumulated other comprehensive loss, net of tax to Retained earnings . The adoption of ASU 2015-02 also resulted in the deconsolidation of one Federated Fund that was previously consolidated. Upon adoption, Federated was no longer deemed to be the primary beneficiary of this VIE. As a result, Federated deconsolidated $5.5 million in assets, $2.7 million in liabilities and $2.8 million in Redeemable noncontrolling interest in subsidiaries . There was no impact to the Consolidated Statements of Income upon adoption of ASU 2015-02. See Note (3) for the updated Principles of Consolidation accounting policy. Accounting for Fees Paid in a Cloud Computing Arrangement On January 1, 2016, Federated adopted ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance about whether a cloud computing arrangement includes a software license. Management elected the prospective transition method and the adoption did not have a material impact on Federated's Consolidated Financial Statements. Disclosure of Investments in Certain Entities that Calculate Net Asset Value per Share On January 1, 2016, Federated adopted ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share (or Its Equivalent). This update modifies certain disclosure requirements and requires that all investments for which fair value is measured using the NAV practical expedient be excluded from the fair value hierarchy. The ASU required the retrospective adoption approach, which required the restatement of the prior period fair value hierarchy table. As a result, $31.8 million of investments were recategorized into the NAV practical expedient column and are no longer included in Level 2 as of December 31, 2015 (see Note (7) ). The adoption did not have a material impact on Federated's Consolidated Financial Statements. (b) Recently Issued Accounting Guidance Not Yet Adopted Revenue Recognition On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB approved a one-year deferral of the effective date of the update, and issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, on August 12, 2015. As a result of the deferral, the update is effective for Federated on January 1, 2018, with early adoption permitted on January 1, 2017. During 2016, the FASB issued ASU 2016-08, which clarifies principal versus agent considerations and ASU 2016-10, which clarifies identifying performance obligations and the licensing implementation guidance. ASU 2014-09 allows for the use of either the retrospective or modified retrospective adoption method. Management is currently evaluating the available transition methods and the potential impact of adoption on Federated's Consolidated Financial Statements. Deferred Taxes On November 20, 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The update is effective for Federated on January 1, 2017, with early adoption permitted. The update allows for the use of either a prospective or retrospective adoption approach. Management is currently evaluating the available transition methods and does not expect this update to have a material impact on Federated's Consolidated Financial Statements. Financial Instruments On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU significantly revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The update is effective for Federated on January 1, 2018, and, except for certain provisions, does not permit early adoption. An entity should apply the amendments, with certain exceptions, by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements. Leases On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The core principal of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases on the balance sheet, but retains a distinction between finance and operating leases. The update is effective for Federated on January 1, 2019, with early adoption permitted. The update requires the modified retrospective adoption approach. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements. Share-Based Compensation On March 31, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update is effective for Federated on January 1, 2017. Early adoption is permitted in any interim or annual period. The available transition method is specific to each amendment, and requires either the use of the modified retrospective or prospective adoption method. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Significant Accounting Policies As a result of the adoption of ASU 2015-02, the following Principles of Consolidation accounting policy has been updated to reflect the new guidance. For a complete listing of Federated’s significant accounting policies, please refer to Federated’s Annual Report on Form 10-K for the year ended December 31, 2015 . Principles of Consolidation Federated performs an analysis for each Federated Fund or other entity in which Federated holds a financial interest to determine if it is a VIE or VRE. Factors considered in this analysis include, but are not limited to, whether (1) it is a legal entity, (2) a scope exception applies, (3) a variable interest exists and (4) shareholders have the power to direct the activities that most significantly impact the economic performance, as well as the equity ownership, and any related party or de facto agent implications of Federated's involvement with the entity. Entities that are determined to be VIEs are consolidated if Federated is deemed to be the primary beneficiary. Entities that are determined to be VREs are generally consolidated if Federated holds the majority voting interest. Federated's conclusion to consolidate a Federated Fund may vary from period to period, most commonly as a result of changes in its percentage interest in the entity. To the extent Federated's interest in a consolidated entity represents less than 100% of the entity's equity, Federated recognizes noncontrolling interests in subsidiaries. In the case of consolidated Federated Funds , the noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder. As such, these noncontrolling interests are deemed to represent temporary equity and are classified as Redeemable noncontrolling interest in subsidiaries in the mezzanine section of the Consolidated Balance Sheets. All other noncontrolling interests in subsidiaries are classified as permanent equity in the Consolidated Balance Sheets. All significant intercompany accounts and transactions have been eliminated. Consolidation of Variable Interest Entities Prior to the adoption of ASU 2015-02, Federated considered either a qualitative or quantitative model for identifying whether its interest in a VIE was a controlling financial interest. Considerations of the qualitative model included whether Federated had (1) the ability to direct significant activities of the VIE and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. For the quantitative model, Federated evaluated the extent of its participation in the economic risks and rewards of the entity. In cases where the results indicated that Federated's interest in such an entity absorbed the majority of the variability in the entity's net assets, Federated was deemed to be the primary beneficiary and thus consolidated the entity. Following the adoption of ASU 2015-02, Federated has a controlling financial interest in a VIE and is, therefore, deemed to be the primary beneficiary of a VIE if it has (1) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Consolidation of Voting Rights Entities Federated has a controlling financial interest in a VRE if it can exert control over the financial and operating policies of the VRE, which generally occurs when Federated holds the majority voting interest (i.e. greater than 50% of the voting equity interest).

Concentration Risk

Concentration Risk	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration Risk (a) Revenue Concentration by Asset Class The following table summarizes the percentage of total revenue earned from Federated's asset classes for the periods presented: Three Months Ended March 31, 2016 2015 Money market assets 47 % 32 % Equity assets 36 % 46 % Fixed-income assets 17 % 22 % The change in the relative proportion of Federated's revenue attributable to money market assets for the first three months of 2016 as compared to the same period in 2015 was primarily the result of the decrease in voluntary waivers (either through fee waivers or reimbursements or assumptions of expenses) in order for certain money market funds to maintain positive or zero net yields (Voluntary Yield-related Fee Waivers) and, to a lesser extent, higher average money market assets. Current Regulatory Environment Federated and its investment management business are subject to extensive regulation in the U.S. and abroad. Federated and its products, such as the Federated Funds , and strategies are subject to federal securities laws, principally the Securities Act of 1933 ( 1933 Act ), the Securities Exchange Act of 1934 ( 1934 Act ), the Investment Company Act of 1940 ( 1940 Act ), the Investment Advisers Act of 1940 ( Advisers Act ), state laws regarding securities fraud, and regulations or other rules, promulgated by various regulatory authorities, self-regulatory organizations or exchanges, as well as foreign laws, regulations or other rules promulgated by foreign regulatory or other authorities. In 2014, among other developments, the Securities and Exchange Commission ( SEC ) promulgated new money market reform rules (2014 Money Fund Rules). In 2015, among other developments, the SEC staff published the 2014 Money Market Fund Reform Frequently Asked Questions and Valuation Guidance Frequently Asked Questions ( the Money Fund Rules Guidance ) . On May 20, 2015, the SEC proposed rules seeking to modernize investment company reporting requirements and to require investment advisers to maintain additional performance records and provide to clients additional borrowing and derivative information relating to separate accounts. On September 22, 2015, the SEC proposed certain rule amendments under the 1940 Act that, if adopted as proposed, would require open-end mutual funds ( other than money market funds ) and exchange traded funds to have liquidity risk management programs that contain certain required elements. On December 11, 2015, the SEC proposed new rules that, if adopted as proposed, would enhance the regulation of the use of derivatives by investment companies. On April 6, 2016, the Department of Labor ( DOL ) released its final rule regarding the definition of "fiduciary" and conflicts of interest in connection with retirement investment advice (DOL Final Fiduciary Rule) . Federated is analyzing the potential impact of these reforms. Federated also continues to evaluate the impact of the 2014 Money Fund Rules and Money Fund Rules Guidance on its money market products and strategies, product structuring and development initiatives and business. Internationally, among other developments, European money market fund reforms, similar in some respects to the U.S. reforms, continue to be considered but have not yet been finalized. Federated continues to dedicate internal and external resources to analyze the potential impact of the 2014 Money Fund Rules and Money Fund Rules Guidance, and other regulatory initiatives, on Federated’s business, results of operations, financial condition and/or cash flows. Federated also continues to dedicate resources to planning and implementing product development and restructuring initiatives in response to the 2014 Money Fund Rules and Money Fund Rules Guidance. See Management's Discussion and Analysis for additional information. Low Short-Term Interest Rates In December 2015, the Federal Open Market Committee of the Federal Reserve Board ( FOMC ) increased the federal funds target rate range by 25 basis points to 0.25%-0.50%, slightly raising short-term interest rates late in 2015 and into the first quarter of 2016. The federal funds target rate, which drives short-term interest rates, had been near zero for nearly seven years . As a result of the long-term near-zero interest-rate environment , the gross yield earned by certain money market funds is not sufficient to cover all of the fund's operating expenses. Since the fourth quarter of 2008, Federated has experienced Voluntary Yield-related Fee Waivers . These fee waivers have been partially offset by related reductions in distribution expense and net income attributable to noncontrolling interests as a result of Federated's mutual understanding and agreement with third-party intermediaries to share the impact of the Voluntary Yield-related Fee Waivers . These Voluntary Yield-related Fee Waivers are calculated as a percentage of assets under management (AUM or managed assets) in certain money market funds and thus will vary depending upon the asset levels in such funds. In addition, the level of waivers are dependent on several other factors including, but not limited to, yields on instruments available for purchase by the money market funds, changes in expenses of the money market funds and changes in the mix of money market assets. In any given period, a combination of these factors drives the amount of Voluntary Yield-related Fee Waivers . As an isolated variable, an increase in yields on instruments held by the money market funds will cause the pre-tax impact of fee waivers to decrease. Conversely, as an isolated variable, an increase in expenses of the money market funds would cause the pre-tax impact of fee waivers to increase. With regard to asset mix, changes in the relative amount of money market fund assets in prime and government money market funds (or between such funds and other money market funds or other products) as well as the mix among certain share classes that vary in pricing structure will impact the level of fee waivers. Generally, prime money market funds waive less than government money market funds as a result of higher gross yields on the underlying investments. As such, as an isolated variable, an increase in the relative proportion of average managed assets invested in prime money market funds as compared to total average money market fund assets should typically result in lower Voluntary Yield-related Fee Waivers . The opposite would also be true. The impact of such fee waivers on various components of Federated's Consolidated Statements of Income was as follows for the periods presented: Three Months Ended March 31, (in millions) 2016 2015 Revenue $ (37.5 ) $ (94.1 ) Less: Reduction in Distribution expense 27.9 64.6 Operating income (9.6 ) (29.5 ) Less: Reduction in Noncontrolling interests 0.2 2.5 Pre-tax impact $ (9.4 ) $ (27.0 ) The negative pre-tax impact of Voluntary Yield-related Fee Waivers decreased for the three-month period ended March 31, 2016 as compared to the same period in 2015 due primarily to higher yields on instruments held by the money market funds. The FOMC implied in its economic projections that it would continue to raise the federal funds target rate in a measured and gradual way, although the FOMC has reduced the forecasted pace of a rate increase for 2016 and 2017. Federated is unable to predict when, or to what extent, the FOMC will further increase its target for the federal funds rate. As such, Voluntary Yield-related Fee Waivers and the related reduction in distribution expense and net income attributable to noncontrolling interests could continue for the foreseeable future. See Management's Discussion and Analysis under the caption Business Developments - Low Short-Term Interest Rates for additional information on management's expectations regarding fee waivers. (b) Revenue Concentration by Customer A significant portion of Federated's total revenue for the three-month period ended March 31, 2016 was derived from services provided to one intermediary customer, the Bank of New York Mellon Corporation, including its Pershing subsidiary, ( 16% ). A significant change in Federated's relationship with this customer could have a material adverse effect on Federated's future revenues and net income. A listing of Federated’s risk factors is included in Federated’s Annual Report on Form 10-K for the year ended December 31, 2015 under Item 1A - Risk Factors.

Consolidation

Consolidation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The Consolidated Financial Statements include the accounts of Federated, Federated Funds and other entities in which Federated holds a controlling financial interest. Federated is involved with various entities in the normal course of business that may be deemed to be VREs or VIEs. From time to time, Federated invests in Federated Funds for general corporate investment purposes or, in the case of newly launched products, in order to provide investable cash to establish a performance history. Federated's investment in these Federated Funds represents its maximum exposure to loss. The assets of the consolidated Federated Funds are restricted for use by the respective Federated Fund . Generally, neither creditors nor equity investors in the Federated Funds have any recourse to Federated’s general credit. Given that the entities follow investment company accounting, which prescribes fair-value accounting, a deconsolidation generally does not result in gains or losses for Federated. Receivables from all Federated Funds for advisory and other services totaled $23.0 million and $16.9 million at March 31, 2016 and December 31, 2015 , respectively. In the ordinary course of business, Federated may choose to waive certain fees or assume operating expenses of the Federated Funds for competitive, regulatory or contractual reasons. For the three months ended March 31, 2016 , Federated waived fees of $118.5 million , of which $90.6 million related to waivers for money market funds which meet the scope exception of ASU 2015-02. Like other sponsors of investment companies, Federated in the ordinary course of business may make capital contributions to certain Federated money market funds in connection with the reorganization of such funds into certain affiliated Federated money market funds. In these instances, such capital contributions typically are intended to either cover realized losses or other permanent impairments to a fund's NAV or increase the market-based NAV per share of the investment company's portfolio that is being reorganized to equal the market-based NAV per share of the acquiring fund. There were no such contributions for the three months ended March 31, 2016 . Under new money fund regulations, and SEC staff guidance issued in 2015, Federated is now required to report these types of capital contributions to the SEC as financial support to the investment company that is being reorganized. In accordance with Federated’s consolidation accounting policy, Federated first determines whether the entity being evaluated is a VRE or a VIE. Once this determination is made, Federated proceeds with its evaluation of whether to consolidate the entity. The disclosures below represent the results of such evaluations pertaining to March 31, 2016 and December 31, 2015 . (a) Consolidated Voting Rights Entities Effective January 1, 2016, most of the Federated Funds now meet the definition of a VRE. Federated consolidates certain VREs when it is deemed to have control. As of March 31, 2016, consolidated VREs included on Federated's Consolidated Balance Sheets included $13.2 million in Investments—consolidated investment companies and $2.1 million in Redeemable noncontrolling interest in subsidiaries . (b) Consolidated Variable Interest Entities As of March 31, 2016 and December 31, 2015 , Federated was deemed to be the primary beneficiary of and therefore consolidated several Federated Funds as a result of its controlling financial interest. Certain of the VIEs consolidated as of December 31, 2015 were deemed to be VREs upon adoption of ASU 2015-02 and have been excluded from the March 31, 2016 balances in the table below. See the Consolidated Voting Rights Entities section above for information on consolidated VREs as of March 31, 2016 . The following table presents the balances related to the consolidated Federated Fund VIEs that were included on the Consolidated Balance Sheets as well as Federated's net interest in the consolidated Federated Fund VIEs for each period presented: (in millions) March 31, 2016 December 31, 2015 Cash and cash equivalents $ 0.1 $ 3.1 Investments—consolidated investment companies 41.9 25.4 Receivables 1.0 0.2 Less: Liabilities 0.5 3.0 Less: Redeemable noncontrolling interest in subsidiaries 23.8 8.7 Federated's net interest in the consolidated Federated Fund VIEs $ 18.7 $ 17.0 Federated's net interest in the consolidated Federated Fund VIEs of $18.7 million and $17.0 million at March 31, 2016 and December 31, 2015 , respectively, represents the value of Federated's economic ownership interest in these Federated Funds . The liabilities of the consolidated Federated Fund VIEs primarily represent investments sold short and operating liabilities of the entities. The liabilities as of March 31, 2016 and December 31, 2015 are primarily classified as Accounts payable and accrued expenses and Other current liabilities , respectively, on Federated’s Consolidated Balance Sheets. In addition to the table above, Federated has a majority interest ( 50.5% ) and acts as the general partner in Passport Research Ltd. (Passport), a limited partnership. Edward D. Jones & Co., L.P. is the limited partner with a 49.5% interest. The partnership is an investment adviser to two sponsored funds and was deemed to be a VIE upon adoption of ASU 2015-02. Assets totaling $5.1 million primarily representing Cash and cash equivalents, liabilities totaling $2.1 million primarily representing operating liabilities and $1.4 million included in Nonredeemable noncontrolling interest in subsidiary are included on the Consolidated Balance Sheets as of March 31, 2016 . There was no change to the Consolidated Financial Statements as a result of the adoption of ASU 2015-02 as Passport had been consolidated as a VRE under the previous guidance. See Part II, Item 5 for additional information regarding Passport. Other than those consolidated or deconsolidated upon the adoption of ASU 2015-02 (see Note (2) ), Federated did not newly consolidate or deconsolidate any VIEs during the three months ended March 31, 2016 . (c) Non-Consolidated Variable Interest Entities Federated's involvement with certain Federated Funds that are deemed to be VIEs includes serving as the investment manager, or at times, holding a minority interest or both. Federated’s variable interest is not deemed to absorb losses or receive benefits that could potentially be significant to the VIE. Therefore, Federated is not the primary beneficiary of these VIEs and has not consolidated these entities. At March 31, 2016 , Federated’s investment and maximum risk of loss related to a non-consolidated VIE was entirely related to a Federated Fund and totaled $1.1 million , which was recorded in Investments—affiliates on the Consolidated Balance Sheets. AUM for this non-consolidated Federated Fund totaled $11.9 million at March 31, 2016 . At December 31, 2015 , Federated’s investment and maximum risk of loss related to non-consolidated VIEs were entirely related to Federated Funds and totaled $301.5 million . Of this amount, $159.7 million represented investments in money market funds included in Cash and cash equivalents . The remaining $141.8 million is primarily recorded in Investments—affiliates on the Consolidated Balance Sheets as of December 31, 2015 . AUM for these non-consolidated Federated Funds totaled $268.0 billion at December 31, 2015 . Upon adoption of ASU 2015-02 effective January 1, 2016, certain of the non-consolidated VIEs included in the balances as of December 31, 2015 were deemed to be VREs or are money market funds which meet the scope exception and have been excluded from the March 31, 2016 balances above. See the Consolidated Voting Rights Entities section above for information on consolidated VREs as of March 31, 2016 .

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments on the Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 included available-for-sale and trading securities. At March 31, 2016 and December 31, 2015 , Federated held investments totaling $132.0 million and $141.7 million , respectively, in fluctuating-value sponsored mutual 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: March 31, 2016 December 31, 2015 Gross Unrealized Estimated Fair Gross Unrealized Estimated Fair (in thousands) Cost Gains (Losses) Value Cost Gains (Losses) Value Equity mutual funds $ 32,459 $ 566 $ (1,996 ) $ 31,029 $ 32,357 $ 342 $ (2,416 ) $ 30,283 Fixed-income mutual funds 103,331 123 (2,503 ) 100,951 115,396 109 (4,040 ) 111,465 Total fluctuating-value mutual funds $ 135,790 $ 689 $ (4,499 ) $ 131,980 $ 147,753 $ 451 $ (6,456 ) $ 141,748 As of March 31, 2016 , unrealized losses of $4.5 million related to investments with a fair value of $113.8 million . Of these, investments with a fair value of $107.4 million with unrealized losses of $4.1 million have been in a continuous unrealized loss position for 12 months or longer. The remaining investments with a fair value of $6.4 million with unrealized losses of $0.4 million have been in a continuous unrealized loss position for less than 12 months. As of December 31, 2015 , unrealized losses of $6.5 million related to investments with a fair value of $124.0 million . Of these, investments with a fair value of $92.6 million with unrealized losses of $5.5 million have been in a continuous unrealized loss position for 12 months or longer. The remaining investments with a fair value of $31.4 million with unrealized losses of $1.0 million have been in a continuous unrealized loss position for less than 12 months. Federated regularly reviews its investments for other-than-temporary impairment using both qualitative and quantitative criteria. This review considers management's ability and intent to hold the security, as well as the near-term prospects of the investment and the duration and severity of the unrealized loss. Management believes the unrealized loss associated with Federated's available-for-sale securities as of March 31, 2016 will be recovered within the foreseeable future and intends to hold these investments. Management does not believe these investments are other-than temporarily impaired. Federated’s trading securities totaled $62.3 million and $32.4 million at March 31, 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 (which include separately managed accounts, institutional accounts, sub-advised funds and other managed products) . Federated’s trading securities as of March 31, 2016 and December 31, 2015 , were primarily composed of domestic debt securities ( $43.8 million and $9.0 million , respectively), investments in Federated Funds and other mutual funds ( $8.5 million and $11.0 million , respectively), and stocks of large U.S. and international companies ( $6.8 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 March 31, (in thousands) 2016 2015 Unrealized gain (loss) Trading securities $ 2,156 $ 456 Derivatives 1 107 (159 ) Realized gains 2 Trading securities 116 189 Derivatives 1 406 235 Realized losses 2 Available-for-sale securities (17 ) 0 Trading securities (1,297 ) (613 ) Derivatives 1 (380 ) (362 ) Gain (loss) on securities, net 3 $ 1,091 $ (254 ) 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 Amounts related to consolidated entities, primarily Federated Funds , totaled $1.0 million and $(0.3) million for the three months ended March 31, 2016 , and 2015 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or the price paid to transfer a liability as of the measurement date. A fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The levels are: Level 1 – Quoted prices for identical instruments in active markets. Level 1 assets may include equity and debt securities that are traded in an active exchange market, including shares of mutual funds. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active markets. NAV practical expedient – Investments that calculate NAV per share (or its equivalent) as a practical expedient. These investments have been excluded from the fair value hierarchy. (a) Fair Value Measurements on a Recurring Basis The following table presents fair value measurements for classes of Federated’s financial assets and liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 NAV Practical Expedient 3 Total March 31, 2016 Financial Assets Cash and cash equivalents $ 147,762 $ 0 $ 0 $ 0 $ 147,762 Available-for-sale equity securities 107,191 0 0 24,789 131,980 Trading securities—equity 12,922 117 0 5,409 18,448 Trading securities—debt 0 43,828 0 0 43,828 Other 1 0 175 910 0 1,085 Total financial assets $ 267,875 $ 44,120 $ 910 $ 30,198 $ 343,103 Financial Liabilities Acquisition-related future consideration liabilities $ 0 $ 0 $ 2,090 $ 0 $ 2,090 Other 2 85 0 469 0 554 Total financial liabilities $ 85 $ 0 $ 2,559 $ 0 $ 2,644 December 31, 2015 3 Financial Assets Cash and cash equivalents $ 172,628 $ 0 $ 0 $ 0 $ 172,628 Available-for-sale equity securities 117,422 0 0 24,326 141,748 Trading securities—equity 15,900 65 0 7,433 23,398 Trading securities—debt 0 9,041 0 0 9,041 Other 1 4 17 910 0 931 Total financial assets $ 305,954 $ 9,123 $ 910 $ 31,759 $ 347,746 Financial Liabilities Acquisition-related future consideration liabilities $ 0 $ 0 $ 2,161 $ 0 $ 2,161 Other 2 2,681 59 469 0 3,209 Total financial liabilities $ 2,681 $ 59 $ 2,630 $ 0 $ 5,370 1 Amounts include structured trade finance loans held by Federated as well as futures contracts and/or foreign currency forward contracts held within certain consolidated Federated Funds . 2 Amounts may include investments sold short, foreign currency forward contracts and/or futures contracts held within certain consolidated Federated Funds , as well as certain liabilities attributable to structured trade finance loans held by Federated. 3 Investments that calculate NAV as a practical expedient were recategorized and are no longer included in Level 2 as of December 31, 2015 (see Note (2) for additional information). The following is a description of the valuation methodologies used for financial assets and liabilities measured at fair value on a recurring basis. Federated did not hold any nonfinancial assets or liabilities measured at fair value on a recurring basis at March 31, 2016 or December 31, 2015 . Cash and cash equivalents Cash and cash equivalents include investments in money market funds and deposits with banks. Investments in Federated money market funds totaled $140.9 million and $162.2 million at March 31, 2016 and December 31, 2015 , respectively. Cash investments in money market funds are valued under the market approach through the use of quoted market prices in an active market, which is the NAV of the funds, and are classified within Level 1 of the valuation hierarchy. Available-for-sale equity securities Available-for-sale equity securities include investments in sponsored fluctuating-value mutual funds and are included in Investments—affiliates on the Consolidated Balance Sheets. For investments in mutual funds that are publicly available, the securities are valued under the market approach through the use of quoted market prices available in an active market, which is the NAV of the funds, and are classified within Level 1 of the valuation hierarchy. For certain investments in funds that are not publicly available but for which the NAV is calculated daily and for which there are no redemption restrictions, the securities are valued using NAV as a practical expedient and are excluded from the fair value hierarchy. These investments are included in the NAV practical expedient column in the table above. Trading securities—equity Trading securities - equity primarily represent the equity securities held by consolidated Federated Funds (included in Investments—consolidated investment companies on the Consolidated Balance Sheets) as well as certain equity investments held in separate accounts (included in Investments—other on the Consolidated Balance Sheets). For publicly traded equity securities available in an active market, the fair value of these securities is classified as Level 1 when the fair value is based on unadjusted quoted market prices. From time to time, the fair value of certain equity securities traded principally in foreign markets and held by consolidated Federated Funds may be determined by a third party pricing service (Level 2). For certain investments in funds that are not publicly available but for which the NAV is calculated daily and for which there are no redemption restrictions, the securities are valued using NAV as a practical expedient and are excluded from the fair value hierarchy. These investments are included in the NAV practical expedient column in the table above. Trading securities—debt Trading securities - debt primarily represent domestic bonds held by consolidated Federated Funds . The fair value of these securities may include observable market data such as valuations provided by independent pricing services after considering factors such as the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions (Level 2). Acquisition-related future consideration liabilities From time to time, pursuant to purchase and sale agreements entered into in connection with certain business combinations, Federated may be required to make future consideration payments if certain contingencies are met. See Note (12) for additional information regarding the nature and timing of these payments. Federated records a liability as of the acquisition date representing the estimated fair value of future consideration payments. The liability is subsequently re-measured at fair value on a recurring basis with changes in fair value recorded in earnings. As of March 31, 2016 , acquisition-related future consideration liabilities were recorded in Other current liabilities ( $0.7 million ) and Other long-term liabilities ( $1.4 million ) on the Consolidated Balance Sheets. Management estimated the fair value of future consideration payments based primarily upon expected future cash flows using an income approach valuation methodology with unobservable market data inputs (Level 3). (b) Fair Value Measurements on a Nonrecurring Basis Federated did not hold any assets or liabilities measured at fair value on a nonrecurring basis at March 31, 2016 . (c) Fair Value Measurements of Other Financial Instruments The fair value of Federated’s debt is estimated by management based upon expected future cash flows utilizing a discounted cash flow methodology under the income approach. The fair value of the liability is estimated using observable market data (Level 2) in estimating inputs including the discount rate. Based on this fair value estimate, the carrying value of debt appearing on the Consolidated Balance Sheets approximates fair value.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure	Debt Debt consisted of the following: Interest Rates March 31, December 31, (dollars in thousands) 2016 2015 March 31, 2016 December 31, 2015 Term Loan 1.565% 1.555% $ 210,375 $ 216,750 Less: Short-term debt 25,500 25,500 Long-term debt $ 184,875 $ 191,250 On June 24, 2014, Federated entered into an unsecured Second Amended and Restated Credit Agreement by and among Federated, certain of its subsidiaries as guarantors party thereto, a syndicate of 13 banks as Lenders party thereto led by PNC Bank, National Association as administrative agent, PNC Capital Markets LLC as sole bookrunner and joint lead arranger, Citigroup Global Markets, Inc. as joint lead arranger, Citibank, N.A. as syndication agent, and TD Bank, N.A. as documentation agent (Credit Agreement). The Credit Agreement amended and restated Federated's prior unsecured Amended and Restated Credit Agreement, which was dated June 10, 2011 and scheduled to mature on June 10, 2016 (Prior Credit Agreement). The borrowings under the Credit Agreement's term loan facility of $255 million (Term Loan) equaled the remaining principal balance from the Prior Credit Agreement's term loan facility. The Term Loan facility bears interest based on the London Interbank Offering Rate (LIBOR) plus a spread, currently 112.5 basis points. The Credit Agreement qualified for modification accounting treatment. The Credit Agreement also refinanced the $200 million revolving credit facility under the Prior Credit Agreement. Federated had no borrowings outstanding on the previous revolving credit facility at the time of refinancing. As of March 31, 2016 , the entire $200 million revolving credit facility was available for borrowings. Similar to the Prior Credit Agreement, certain subsidiaries entered into an Amended and Restated Continuing Agreement of Guaranty and Suretyship whereby these subsidiaries guarantee payment of all obligations incurred through the Credit Agreement. Federated pays an annual facility fee, currently 12.5 basis points. Borrowings under the Credit Agreement's revolving credit facility bear interest at LIBOR plus a spread, currently 100 basis points. The Credit Agreement matures on June 24, 2019 and, with respect to the Term Loan, requires quarterly principal payments totaling $25.5 million in each of the years 2016 and 2017 , $55.8 million in 2018 and $110.0 million in 2019 . During the three months ended March 31, 2016 , Federated repaid $6.4 million of its borrowings on the Term Loan. The Credit Agreement includes representations and warranties, affirmative and negative financial covenants, including an interest coverage ratio covenant and a leverage ratio covenant, reporting requirements and other non-financial covenants. Federated was in compliance with all covenants at and during the three months ended March 31, 2016 (see the Liquidity and Capital Resources section of Management's Discussion and Analysis for additional information). The Credit Agreement also has certain stated events of default and cross default provisions which would permit the lenders/counterparties to accelerate the repayment of the debt if not cured within the applicable grace periods. The events of default generally include breaches of contract, failure to make required loan payments, insolvency, cessation of business, deterioration in credit rating to below investment grade, notice of lien or assessment, and other proceedings, whether voluntary or involuntary, that would require the repayment of amounts borrowed.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans	Share-Based Compensation Plans (a) Restricted Stock During the first three months of 2016 , Federated awarded 464,660 shares of restricted Federated Class B common stock, all of which was granted in connection with a bonus program in which certain key employees received a portion of their bonus in the form of restricted stock under Federated’s Stock Incentive Plan. This restricted stock, which was granted on the bonus payment date and issued out of treasury, will generally vest over a three -year period. Federated awarded 863,137 shares of restricted Federated Class B common stock under its Stock Incentive Plan during 2015 . Of this amount, 373,137 shares were awarded in connection with the aforementioned bonus program in 2015 . The remaining shares were awarded to certain key employees and generally vest over a ten -year period. (b) Stock Options During the three months ended March 31, 2016 , there were no stock options exercised or granted. During the year ended December 31, 2015 , there were 3,000 stock options exercised and no stock options granted. (c) Non-Management Director Stock Award There were no shares of Federated Class B common stock awarded to non-management directors during the first quarter of 2016 . Federated awarded 5,700 shares of Federated Class B common stock to non-management directors during 2015 .

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	Equity In 2015 , the board of directors authorized a share repurchase program that allows Federated to buy back up to 4 million shares of Federated Class B common stock with no stated expiration date. The program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities. During the first three months of 2016 , Federated repurchased 0.5 million shares of Class B common stock for $13.7 million which were repurchased in the open market. At March 31, 2016 , 2.2 million shares remained available to be purchased under Federated's buyback program.

Earnings Per Share Attributable

Earnings Per Share Attributable to Federated Investors, Inc. Shareholders	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share Attributable to Federated Investors, Inc. Shareholders	Earnings Per Share Attributable to Federated Investors, Inc. Shareholders The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Federated: Three Months Ended March 31, (in thousands, except per share data) 2016 2015 Numerator – Basic and Diluted Net income attributable to Federated Investors, Inc. $ 45,258 $ 36,307 Less: Total income available to participating unvested restricted shareholders 1 (1,821 ) (1,478 ) Total net income attributable to Federated Common Stock 2 $ 43,437 $ 34,829 Denominator Basic weighted-average common shares outstanding 99,802 100,641 Dilutive potential shares from stock options 1 1 Diluted weighted-average common shares outstanding 99,803 100,642 Earnings per share Net income attributable to Federated Common Stock – Basic and Diluted 2 $ 0.44 $ 0.35 1 Income available to participating unvested restricted shareholders includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings. 2 Federated Common Stock excludes unvested restricted stock which are deemed participating securities in accordance with the two-class method of computing earnings per share.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Contractual Pursuant to various acquisition agreements, Federated has made and may be required to make additional purchase price payments based on a percentage of revenue less certain direct expenses attributable to eligible AUM. The payments could occur through 2019. As of March 31, 2016 , liabilities totaling $2.1 million , representing the estimated fair value of future consideration payments, were recorded in Other current liabilities ( $0.7 million ) and Other long-term liabilities ( $1.4 million ) (see Note (7) for a discussion regarding the valuation methodology). The liabilities are re-measured at each reporting date with changes in the fair value recognized in Operating Expenses - Other on the Consolidated Statements of Income. Federated may be required to make certain compensation-related payments through 2019 in connection with various significant employment and incentive arrangements. Based on asset levels as of March 31, 2016 and performance goals, payments could total up to $29 million over the remaining terms of the arrangements, including incentive compensation opportunities related to the Federated Kaufmann Large Cap Fund. (b) Guarantees and Indemnifications On an intercompany basis, various wholly owned subsidiaries of Federated guarantee certain financial obligations of Federated Investors, Inc., and Federated Investors, Inc. guarantees certain financial and performance-related obligations of various wholly owned subsidiaries. In addition, in the normal course of business, Federated has entered into contracts that provide a variety of indemnifications. Typically, obligations to indemnify third parties arise in the context of contracts entered into by Federated, under which Federated agrees to hold the other party harmless against losses arising out of the contract, provided the other party's actions are not deemed to have breached an agreed upon standard of care. In each of these circumstances, payment by Federated is contingent on the other party making a claim for indemnity, subject to Federated's right to challenge the other party's claim. Further, Federated's obligations under these agreements may be limited in terms of time and/or amount. It is not possible to predict the maximum potential amount of future payments under these or similar agreements due to the conditional nature of Federated's obligations and the unique facts and circumstances involved in each particular agreement. As of March 31, 2016 , management does not believe that a material loss related to any of these matters is reasonably possible. (c) Legal Proceedings CCM Rochester, Inc. (CCM). In December 2008, Federated completed the acquisition of certain assets of CCM (f/k/a Clover Capital Management, Inc.), an investment manager that specialized in value investing. The purchase was consummated in the midst of the financial crisis. The payment terms under the Asset Purchase Agreement, dated September 12, 2008 (APA), included an upfront payment of $30 million paid by Federated Investors, Inc. at closing and the opportunity for contingent payments over a five year earn-out period following the acquisition date based on the growth in revenue associated with the acquired assets. Under the APA, in order to reach the maximum contingent payments totaling approximately $55 million , the revenue associated with the acquired assets would have had to have grown at a 30% compound annual growth rate. Under the APA, Federated Investors, Inc. paid CCM an additional $18 million , in the aggregate, in contingent payments for the last three years of the earn-out period. On May 20, 2014, shortly after the final contingent payment was paid to CCM, Federated Investors, Inc. was named as the defendant in a case filed by CCM in the U.S. District Court for the Southern District of New York (CCM Rochester, Inc., f/k/a Clover Capital Management, Inc. v. Federated Investors, Inc., Case No. 14-cv-3600 (S.D.N.Y.)). In this lawsuit, CCM has asserted claims against Federated Investors, Inc. for fraudulent inducement, breach of contract (including CCM’s allegations relating to implied duties of best efforts and good faith and fair dealing) and indemnification based on Federated’s alleged failure to effectively market and distribute the investment products associated with the acquired assets and to pay CCM the maximum contingent payments. CCM seeks approximately $37 million in alleged damages plus attorneys’ fees from Federated Investors, Inc. Federated filed a Motion to Dismiss the lawsuit on the basis that, among other reasons, CCM's claims are implausible, have no factual support, and are contrary to the express terms of the APA and to settled law. On November 25, 2014, the Court issued an order granting Federated's Motion to Dismiss in part and denying Federated's Motion to Dismiss in part. The Court dismissed CCM's claim for breach of contract and for breach of an implied obligation to use best efforts. Under the strict standards applicable to Motions to Dismiss that require the Court to accept the allegations of the Complaint as true and draw all inferences in CCM's favor, the Court concluded that CCM's "claim of fraud is at the edge of plausibility" but specifically noted that "[w]hether CCM can successfully prove facts necessary to support that artfully-pled theory remains to be seen." Federated continues to believe that CCM's claims are meritless and without factual support and intends to continue to vigorously defend this lawsuit as it proceeds through summary judgment. Fact discovery and expert discovery have concluded. Briefing also has been concl uded on an evidentiary motion filed by Federated seeking to exclude expert testimony presented by CCM. Federated's evidentiary motion is currently pending before the Court and the Court previously indicated that it would rule on the evidentiary motion before entertaining Federated's motion for summary judgment. A schedule for the filing of Federated's motion for summary judgment has not been set. Federated continues to believe that at all times it acted in good faith and complied with its contractual obligations contained in the APA. As of March 31, 2016 , Federated believes a material loss related to this lawsuit is remote, and as such, does not believe this pending lawsuit is material to Federated or its consolidated financial statements. Based on this assessment of the status and nature of CCM's claims, and the current stage of the lawsuit, no loss is estimable. Other Litigation . Federated also has claims asserted and threatened against it in the ordinary course of business. As of March 31, 2016 , Federated does not believe that a material loss related to these claims is reasonably possible. See Item 1A - Risk Factors included in Federated's Annual Report on Form 10-K for the year ended December 31, 2015 for additional information regarding risks related to claims asserted or threatened against Federated.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income Attributable to Federated Investors, Inc. Shareholders	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive (Loss) Income attributable to Federated Investors, Inc. Shareholders	Accumulated Other Comprehensive Loss Attributable to Federated Investors, Inc. Shareholders The components of Accumulated other comprehensive loss, net of tax attributable to Federated shareholders are as follows: (in thousands) Unrealized Loss on Interest Rate Swap 1 Unrealized Gain (Loss) on Securities Available for Sale 2 Foreign Currency Translation Loss Total Balance at December 31, 2014 $ (269 ) $ (1,126 ) $ (267 ) $ (1,662 ) Other comprehensive income (loss) before reclassifications and tax 67 1,086 (677 ) 476 Tax impact (25 ) (399 ) 237 (187 ) Reclassification adjustments, before tax 358 0 0 358 Tax impact (131 ) 0 0 (131 ) Net current-period other comprehensive income (loss) 269 687 (440 ) 516 Balance at March 31, 2015 $ 0 $ (439 ) $ (707 ) $ (1,146 ) Balance at December 31, 2015 $ 0 $ (3,795 ) $ (814 ) $ (4,609 ) Other comprehensive income before reclassifications and tax 0 908 40 948 Tax impact 0 (331 ) (14 ) (345 ) Reclassification adjustments, before tax 3 0 1,295 0 1,295 Tax impact 3 0 (471 ) 0 (471 ) Net current-period other comprehensive income 0 1,401 26 1,427 Balance at March 31, 2016 $ 0 $ (2,394 ) $ (788 ) $ (3,182 ) 1 Federated entered into an interest rate swap in 2010 to hedge its interest-rate risk associated with its original term loan facility. The interest rate swap expired on April 1, 2015. Amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Debt expense on the Consolidated Statements of Income. 2 Other than as described in note 3 below, amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Gain (loss) on securities, net on the Consolidated Statements of Income. 3 Amount includes reclassification of $0.8 million , net of tax from Accumulated other comprehensive loss, net of tax to Retained earnings on the Consolidated Balance Sheets as a result of the adoption of ASU 2015-02 (see Note (2) for additional information).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 28, 2016 , the board of directors declared a $0.25 per share dividend to shareholders of record as of May 6, 2016 to be paid on May 13, 2016 .

Significant Accounting Polici22

Significant Accounting Policies Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation Federated performs an analysis for each Federated Fund or other entity in which Federated holds a financial interest to determine if it is a VIE or VRE. Factors considered in this analysis include, but are not limited to, whether (1) it is a legal entity, (2) a scope exception applies, (3) a variable interest exists and (4) shareholders have the power to direct the activities that most significantly impact the economic performance, as well as the equity ownership, and any related party or de facto agent implications of Federated's involvement with the entity. Entities that are determined to be VIEs are consolidated if Federated is deemed to be the primary beneficiary. Entities that are determined to be VREs are generally consolidated if Federated holds the majority voting interest. Federated's conclusion to consolidate a Federated Fund may vary from period to period, most commonly as a result of changes in its percentage interest in the entity. To the extent Federated's interest in a consolidated entity represents less than 100% of the entity's equity, Federated recognizes noncontrolling interests in subsidiaries. In the case of consolidated Federated Funds , the noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder. As such, these noncontrolling interests are deemed to represent temporary equity and are classified as Redeemable noncontrolling interest in subsidiaries in the mezzanine section of the Consolidated Balance Sheets. All other noncontrolling interests in subsidiaries are classified as permanent equity in the Consolidated Balance Sheets. All significant intercompany accounts and transactions have been eliminated. Consolidation of Variable Interest Entities Prior to the adoption of ASU 2015-02, Federated considered either a qualitative or quantitative model for identifying whether its interest in a VIE was a controlling financial interest. Considerations of the qualitative model included whether Federated had (1) the ability to direct significant activities of the VIE and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. For the quantitative model, Federated evaluated the extent of its participation in the economic risks and rewards of the entity. In cases where the results indicated that Federated's interest in such an entity absorbed the majority of the variability in the entity's net assets, Federated was deemed to be the primary beneficiary and thus consolidated the entity. Following the adoption of ASU 2015-02, Federated has a controlling financial interest in a VIE and is, therefore, deemed to be the primary beneficiary of a VIE if it has (1) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Consolidation of Voting Rights Entities Federated has a controlling financial interest in a VRE if it can exert control over the financial and operating policies of the VRE, which generally occurs when Federated holds the majority voting interest (i.e. greater than 50% of the voting equity interest).

Concentration Risk (Tables)

Concentration Risk (Tables)	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Schedule of Revenue Concentration	The following table summarizes the percentage of total revenue earned from Federated's asset classes for the periods presented: Three Months Ended March 31, 2016 2015 Money market assets 47 % 32 % Equity assets 36 % 46 % Fixed-income assets 17 % 22 %
Voluntary Fee Waivers	The impact of such fee waivers on various components of Federated's Consolidated Statements of Income was as follows for the periods presented: Three Months Ended March 31, (in millions) 2016 2015 Revenue $ (37.5 ) $ (94.1 ) Less: Reduction in Distribution expense 27.9 64.6 Operating income (9.6 ) (29.5 ) Less: Reduction in Noncontrolling interests 0.2 2.5 Pre-tax impact $ (9.4 ) $ (27.0 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Consolidated Federated Funds VIEs	The following table presents the balances related to the consolidated Federated Fund VIEs that were included on the Consolidated Balance Sheets as well as Federated's net interest in the consolidated Federated Fund VIEs for each period presented: (in millions) March 31, 2016 December 31, 2015 Cash and cash equivalents $ 0.1 $ 3.1 Investments—consolidated investment companies 41.9 25.4 Receivables 1.0 0.2 Less: Liabilities 0.5 3.0 Less: Redeemable noncontrolling interest in subsidiaries 23.8 8.7 Federated's net interest in the consolidated Federated Fund VIEs $ 18.7 $ 17.0

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Available-For-Sale Securities	Available-for-sale securities were as follows: March 31, 2016 December 31, 2015 Gross Unrealized Estimated Fair Gross Unrealized Estimated Fair (in thousands) Cost Gains (Losses) Value Cost Gains (Losses) Value Equity mutual funds $ 32,459 $ 566 $ (1,996 ) $ 31,029 $ 32,357 $ 342 $ (2,416 ) $ 30,283 Fixed-income mutual funds 103,331 123 (2,503 ) 100,951 115,396 109 (4,040 ) 111,465 Total fluctuating-value mutual funds $ 135,790 $ 689 $ (4,499 ) $ 131,980 $ 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 : Three Months Ended March 31, (in thousands) 2016 2015 Unrealized gain (loss) Trading securities $ 2,156 $ 456 Derivatives 1 107 (159 ) Realized gains 2 Trading securities 116 189 Derivatives 1 406 235 Realized losses 2 Available-for-sale securities (17 ) 0 Trading securities (1,297 ) (613 ) Derivatives 1 (380 ) (362 ) Gain (loss) on securities, net 3 $ 1,091 $ (254 ) 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 Amounts related to consolidated entities, primarily Federated Funds , totaled $1.0 million and $(0.3) million for the three months ended March 31, 2016 , and 2015 , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Classes of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents fair value measurements for classes of Federated’s financial assets and liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 NAV Practical Expedient 3 Total March 31, 2016 Financial Assets Cash and cash equivalents $ 147,762 $ 0 $ 0 $ 0 $ 147,762 Available-for-sale equity securities 107,191 0 0 24,789 131,980 Trading securities—equity 12,922 117 0 5,409 18,448 Trading securities—debt 0 43,828 0 0 43,828 Other 1 0 175 910 0 1,085 Total financial assets $ 267,875 $ 44,120 $ 910 $ 30,198 $ 343,103 Financial Liabilities Acquisition-related future consideration liabilities $ 0 $ 0 $ 2,090 $ 0 $ 2,090 Other 2 85 0 469 0 554 Total financial liabilities $ 85 $ 0 $ 2,559 $ 0 $ 2,644 December 31, 2015 3 Financial Assets Cash and cash equivalents $ 172,628 $ 0 $ 0 $ 0 $ 172,628 Available-for-sale equity securities 117,422 0 0 24,326 141,748 Trading securities—equity 15,900 65 0 7,433 23,398 Trading securities—debt 0 9,041 0 0 9,041 Other 1 4 17 910 0 931 Total financial assets $ 305,954 $ 9,123 $ 910 $ 31,759 $ 347,746 Financial Liabilities Acquisition-related future consideration liabilities $ 0 $ 0 $ 2,161 $ 0 $ 2,161 Other 2 2,681 59 469 0 3,209 Total financial liabilities $ 2,681 $ 59 $ 2,630 $ 0 $ 5,370 1 Amounts include structured trade finance loans held by Federated as well as futures contracts and/or foreign currency forward contracts held within certain consolidated Federated Funds . 2 Amounts may include investments sold short, foreign currency forward contracts and/or futures contracts held within certain consolidated Federated Funds , as well as certain liabilities attributable to structured trade finance loans held by Federated. 3 Investments that calculate NAV as a practical expedient were recategorized and are no longer included in Level 2 as of December 31, 2015 (see Note (2) for additional information).

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt consisted of the following: Interest Rates March 31, December 31, (dollars in thousands) 2016 2015 March 31, 2016 December 31, 2015 Term Loan 1.565% 1.555% $ 210,375 $ 216,750 Less: Short-term debt 25,500 25,500 Long-term debt $ 184,875 $ 191,250

Earnings Per Share Attributab28

Earnings Per Share Attributable to Federated Investors, Inc. Shareholders (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Federated: Three Months Ended March 31, (in thousands, except per share data) 2016 2015 Numerator – Basic and Diluted Net income attributable to Federated Investors, Inc. $ 45,258 $ 36,307 Less: Total income available to participating unvested restricted shareholders 1 (1,821 ) (1,478 ) Total net income attributable to Federated Common Stock 2 $ 43,437 $ 34,829 Denominator Basic weighted-average common shares outstanding 99,802 100,641 Dilutive potential shares from stock options 1 1 Diluted weighted-average common shares outstanding 99,803 100,642 Earnings per share Net income attributable to Federated Common Stock – Basic and Diluted 2 $ 0.44 $ 0.35 1 Income available to participating unvested restricted shareholders includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings. 2 Federated Common Stock excludes unvested restricted stock which are deemed participating securities in accordance with the two-class method of computing earnings per share.

Accumulated Other Comprehensi29

Accumulated Other Comprehensive (Loss) Income Attributable to Federated Investors, Inc. Shareholders (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive (Loss) Income	The components of Accumulated other comprehensive loss, net of tax attributable to Federated shareholders are as follows: (in thousands) Unrealized Loss on Interest Rate Swap 1 Unrealized Gain (Loss) on Securities Available for Sale 2 Foreign Currency Translation Loss Total Balance at December 31, 2014 $ (269 ) $ (1,126 ) $ (267 ) $ (1,662 ) Other comprehensive income (loss) before reclassifications and tax 67 1,086 (677 ) 476 Tax impact (25 ) (399 ) 237 (187 ) Reclassification adjustments, before tax 358 0 0 358 Tax impact (131 ) 0 0 (131 ) Net current-period other comprehensive income (loss) 269 687 (440 ) 516 Balance at March 31, 2015 $ 0 $ (439 ) $ (707 ) $ (1,146 ) Balance at December 31, 2015 $ 0 $ (3,795 ) $ (814 ) $ (4,609 ) Other comprehensive income before reclassifications and tax 0 908 40 948 Tax impact 0 (331 ) (14 ) (345 ) Reclassification adjustments, before tax 3 0 1,295 0 1,295 Tax impact 3 0 (471 ) 0 (471 ) Net current-period other comprehensive income 0 1,401 26 1,427 Balance at March 31, 2016 $ 0 $ (2,394 ) $ (788 ) $ (3,182 ) 1 Federated entered into an interest rate swap in 2010 to hedge its interest-rate risk associated with its original term loan facility. The interest rate swap expired on April 1, 2015. Amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Debt expense on the Consolidated Statements of Income. 2 Other than as described in note 3 below, amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Gain (loss) on securities, net on the Consolidated Statements of Income. 3 Amount includes reclassification of $0.8 million , net of tax from Accumulated other comprehensive loss, net of tax to Retained earnings on the Consolidated Balance Sheets as a result of the adoption of ASU 2015-02 (see Note (2) for additional information).

Recent Accounting Pronounceme30

Recent Accounting Pronouncements Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Consolidation On February 18, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which affects reporting organizations' evaluation of whether they should consolidate certain legal entities. This includes a scope exception for reporting entities with an interest in legal entities that are required to comply with or operate in accordance with the requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. Effective January 1, 2016, Federated adopted ASU 2015-02 using the modified retrospective transition method, which did not require the restatement of prior years. In connection with the adoption of ASU 2015-02, Federated reevaluated all of its sponsored investment companies and other funds ( Federated Funds ). As a result, certain Federated Funds previously accounted for as variable interest entities (VIEs) now meet the characteristics of voting rights entities (VREs). The adoption of ASU 2015-02 resulted in the consolidation of one Federated Fund that was not previously consolidated. Upon adoption, this entity was deemed to be a VIE and Federated was deemed to be the primary beneficiary. As a result of this consolidation, Federated recorded $29.4 million in assets, of which $11.5 million was included in Investments—affiliates at December 31, 2015, $0.2 million in liabilities and $17.7 million in Redeemable noncontrolling interest in subsidiaries . Federated also reclassified $0.8 million of unrealized losses from Accumulated other comprehensive loss, net of tax to Retained earnings . The adoption of ASU 2015-02 also resulted in the deconsolidation of one Federated Fund that was previously consolidated. Upon adoption, Federated was no longer deemed to be the primary beneficiary of this VIE. As a result, Federated deconsolidated $5.5 million in assets, $2.7 million in liabilities and $2.8 million in Redeemable noncontrolling interest in subsidiaries . There was no impact to the Consolidated Statements of Income upon adoption of ASU 2015-02. See Note (3) for the updated Principles of Consolidation accounting policy. Accounting for Fees Paid in a Cloud Computing Arrangement On January 1, 2016, Federated adopted ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This update provides guidance about whether a cloud computing arrangement includes a software license. Management elected the prospective transition method and the adoption did not have a material impact on Federated's Consolidated Financial Statements. Disclosure of Investments in Certain Entities that Calculate Net Asset Value per Share On January 1, 2016, Federated adopted ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value (NAV) per Share (or Its Equivalent). This update modifies certain disclosure requirements and requires that all investments for which fair value is measured using the NAV practical expedient be excluded from the fair value hierarchy. The ASU required the retrospective adoption approach, which required the restatement of the prior period fair value hierarchy table. As a result, $31.8 million of investments were recategorized into the NAV practical expedient column and are no longer included in Level 2 as of December 31, 2015 (see Note (7) ). The adoption did not have a material impact on Federated's Consolidated Financial Statements.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Revenue Recognition On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes virtually all existing revenue recognition guidance under GAAP. The update's core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB approved a one-year deferral of the effective date of the update, and issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, on August 12, 2015. As a result of the deferral, the update is effective for Federated on January 1, 2018, with early adoption permitted on January 1, 2017. During 2016, the FASB issued ASU 2016-08, which clarifies principal versus agent considerations and ASU 2016-10, which clarifies identifying performance obligations and the licensing implementation guidance. ASU 2014-09 allows for the use of either the retrospective or modified retrospective adoption method. Management is currently evaluating the available transition methods and the potential impact of adoption on Federated's Consolidated Financial Statements. Deferred Taxes On November 20, 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The update is effective for Federated on January 1, 2017, with early adoption permitted. The update allows for the use of either a prospective or retrospective adoption approach. Management is currently evaluating the available transition methods and does not expect this update to have a material impact on Federated's Consolidated Financial Statements. Financial Instruments On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU significantly revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The update is effective for Federated on January 1, 2018, and, except for certain provisions, does not permit early adoption. An entity should apply the amendments, with certain exceptions, by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements. Leases On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The core principal of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases on the balance sheet, but retains a distinction between finance and operating leases. The update is effective for Federated on January 1, 2019, with early adoption permitted. The update requires the modified retrospective adoption approach. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements. Share-Based Compensation On March 31, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update is effective for Federated on January 1, 2017. Early adoption is permitted in any interim or annual period. The available transition method is specific to each amendment, and requires either the use of the modified retrospective or prospective adoption method. Management is currently evaluating the potential impact of adoption on Federated's Consolidated Financial Statements.

Recent Accounting Pronounceme31

Recent Accounting Pronouncements Recent Accounting Pronouncements Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Jan. 01, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments—affiliates	$ 131,980		$ 141,748
Redeemable noncontrolling interest in subsidiaries	25,905		8,734
Total financial assets	343,103		347,746
Accounting Standards Update 2015-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments—affiliates			11,500
Investments Measured Using NAV Practical Expedient [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments—affiliates	24,789		24,326	[1]
Total financial assets	$ 30,198		31,759
Investments Measured Using NAV Practical Expedient [Member] | Accounting Standards Update 2015-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total financial assets			$ 31,759
Retained Earnings [Member] | Accounting Standards Update 2015-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification adjustment from accumulated other comprehensive loss, net of tax to retained earnings		$ 831
Consolidated Entities [Member] | Accounting Standards Update 2015-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consolidated assets, investment companies		29,400
Consolidated liabilities		200
Redeemable noncontrolling interest in subsidiaries		17,700
Deconsolidation [Member] | Accounting Standards Update 2015-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consolidated assets, investment companies		5,500
Consolidated liabilities		2,700
Redeemable noncontrolling interest in subsidiaries		$ 2,800
[1]	Investments that calculate NAV as a practical expedient were recategorized and are no longer included in Level 2 as of December 31, 2015 (see Note (2) for additional information).

Concentration Risk Narrative (D

Concentration Risk Narrative (Details)	3 Months Ended
	Mar. 31, 2016
Customer Concentration Risk [Member]
Concentration Risk, Percentage	16.00%

Concentration Risk Schedule of

Concentration Risk Schedule of Revenue Concentration (Details) - Revenue Concentration by Asset Class [Member]	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Money market assets [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	47.00%	32.00%
Equity assets [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	36.00%	46.00%
Fixed-income assets [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	22.00%

Concentration Risk Voluntary Fe

Concentration Risk Voluntary Fee Waivers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Concentration Risk [Line Items]
Revenue	$ (37.5)	$ (94.1)
Less: Reduction in Distribution expense	27.9	64.6
Operating income	(9.6)	(29.5)
Less: Reduction in Noncontrolling interests	0.2	2.5
Pre-tax impact	$ (9.4)	$ (27)

Consolidation Narrative (Detail

Consolidation Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entities [Line Items]
Accounts receivable from Federated Funds	$ 23,000	$ 16,900
Total waived fees	118,500
Redeemable noncontrolling interest in subsidiaries	25,905	8,734
Federated's net interest in consolidated Federated Fund VIEs	$ 18,700	17,000
Noncontrolling interest, ownership percentage by parent	50.50%
Noncontrolling interest, ownership percentage by noncontrolling owners	49.50%
Nonredeemable noncontrolling interest in subsidiary	$ 1,443	1,156
Non-Consolidated Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entities [Line Items]
Nonconsolidated VIE maximum risk of loss	1,100	301,500
Carrying value of investment of nonconsolidated VIEs	1,100	301,500
AUM for nonconsolidated investment companies	11,900	268,000,000
Investments [Member] | Non-Consolidated Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entities [Line Items]
Carrying value of investment of nonconsolidated VIEs		141,800
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | Non-Consolidated Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entities [Line Items]
Carrying value of investment of nonconsolidated VIEs		$ 159,700
Consolidated Voting Rights Entities [Member]
Variable Interest Entities [Line Items]
Redeemable noncontrolling interest in subsidiaries	2,100
Consolidated Voting Rights Entities [Member] | Investments [Member]
Variable Interest Entities [Line Items]
Investments - consolidated investment companies, VREs	13,200
General Partnership [Member]
Variable Interest Entities [Line Items]
Consolidated liabilities	2,100
Nonredeemable noncontrolling interest in subsidiary	1,400
General Partnership [Member] | Cash and Cash Equivalents [Member]
Variable Interest Entities [Line Items]
Consolidated assets, partnership	5,100
Financial Support Waived Fees [Member]
Variable Interest Entities [Line Items]
Total waived fees, money market funds subject to scope exception of ASU 2015-02	90,600
Financial Support, Capital Contributions [Member]
Variable Interest Entities [Line Items]
Capital contributions	$ 0

Consolidation Consolidated Fede

Consolidation Consolidated Federated Fund VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Less: Redeemable noncontrolling interest in subsidiaries	$ 25,905	$ 8,734
Federated's net interest in consolidated Federated Fund VIEs	18,700	17,000
Investment Company [Member]
Variable Interest Entity [Line Items]
Less: Liabilities	500	3,000
Less: Redeemable noncontrolling interest in subsidiaries	23,800	8,700
Investment Company [Member] | Cash and Cash Equivalents [Member]
Variable Interest Entity [Line Items]
Consolidated assets, investment companies	100	3,100
Investment Company [Member] | Receivables [Member]
Variable Interest Entity [Line Items]
Consolidated assets, investment companies	1,000	200
Investment Company [Member] | Investments [Member]
Variable Interest Entity [Line Items]
Consolidated assets, investment companies	$ 41,900	$ 25,400

Investments Narrative (Details)

Investments Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Available-for-sale equity securities	$ 131,980	$ 141,748
Gross unrealized losses	4,499	6,456
Available-for-sale securities, continuous unrealized losses, fair value	113,800	124,000
Available-for-sale securities, continuous unrealized losses, 12 months or longer, fair value	107,400	92,600
Available-for-sale securities, continuous unrealized accumulated losses, 12 months or longer	4,100	5,500
Available-for-sale securities, continuous unrealized losses, 12 months or less, fair value	6,400	31,400
Available-for-sale securities, continuous unrealized accumulated losses, 12 months or less	400	1,000
Trading Securities	62,300	32,400
Domestic Debt Securities [Member]
Schedule of Investments [Line Items]
Trading Securities	43,800	9,000
Investments in Federated Funds and other mutual funds [Member]
Schedule of Investments [Line Items]
Trading Securities	8,500	11,000
Stocks of large U.S. and international companies [Member]
Schedule of Investments [Line Items]
Trading Securities	$ 6,800	$ 10,500

Investments Available-For-Sale

Investments Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 135,790	$ 147,753
Gross unrealized gains	689	451
Gross unrealized losses	(4,499)	(6,456)
Available-for-sale equity securities	131,980	141,748
Equity Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	32,459	32,357
Gross unrealized gains	566	342
Gross unrealized losses	(1,996)	(2,416)
Available-for-sale equity securities	31,029	30,283
Fixed-Income Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	103,331	115,396
Gross unrealized gains	123	109
Gross unrealized losses	(2,503)	(4,040)
Available-for-sale equity securities	$ 100,951	$ 111,465

Investments (Loss) Gain on Secu

Investments (Loss) Gain on Securities, Net of Investment Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Investments [Line Items]
Gain (loss) on securities, net	[1]	$ 1,091	$ (254)
Consolidated Federated Funds [Member]
Gain (Loss) on Investments [Line Items]
Gain (loss) on securities, net		1,000	(300)
Trading Securities [Member]
Gain (Loss) on Investments [Line Items]
Unrealized gain on trading securities		2,156	456
Realized gains	[2]	116	189
Realized losses	[2]	(1,297)	(613)
Derivatives [Member]
Gain (Loss) on Investments [Line Items]
Unrealized gain (loss) on derivatives	[3]	107	(159)
Realized gains	[2],[3]	406	235
Realized losses	[2],[3]	(380)	(362)
Available-for-sale Securities [Member]
Gain (Loss) on Investments [Line Items]
Realized losses	[2]	$ (17)	$ 0
[1]	Amounts related to consolidated entities, primarily Federated Funds, totaled $1.0 million and $(0.3) million for the three months ended March 31, 2016, and 2015, respectively.
[2]	Realized gains and losses are computed on a specific-identification basis.
[3]	Amounts related to the settlement of economic derivatives held by certain consolidated Federated Funds.

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 147,762	$ 172,628
Acquisition-related future consideration liabilities	2,090	2,161
Other Current Liabilities [Member]
Acquisition-related future consideration liabilities	700
Other Noncurrent Liabilities [Member]
Acquisition-related future consideration liabilities	1,400
Money Market Funds [Member]
Cash and cash equivalents	$ 140,900	$ 162,200

Fair Value Measurements Classes

Fair Value Measurements Classes of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Cash and cash equivalents		$ 147,762	$ 172,628
Available-for-sale equity securities		131,980	141,748
Trading securities—equity		18,448	23,398
Trading securities—debt		43,828	9,041
Other assets	[1]	1,085	931
Total financial assets		343,103	347,746
Acquisition-related future consideration liabilities		2,090	2,161
Other liabilities	[2]	554	3,209
Total financial liabilities		2,644	5,370
Level 1 [Member]
Cash and cash equivalents		147,762	172,628
Available-for-sale equity securities		107,191	117,422
Trading securities—equity		12,922	15,900
Trading securities—debt		0	0
Other assets	[1]	0	4
Total financial assets		267,875	305,954
Acquisition-related future consideration liabilities		0	0
Other liabilities	[2]	85	2,681
Total financial liabilities		85	2,681
Level 2 [Member]
Cash and cash equivalents		0	0
Available-for-sale equity securities		0	0
Trading securities—equity		117	65
Trading securities—debt		43,828	9,041
Other assets	[1]	175	17
Total financial assets		44,120	9,123
Acquisition-related future consideration liabilities		0	0
Other liabilities	[2]	0	59
Total financial liabilities		0	59
Level 3 [Member]
Cash and cash equivalents		0	0
Available-for-sale equity securities		0	0
Trading securities—equity		0	0
Trading securities—debt		0	0
Other assets		910	910
Total financial assets		910	910
Acquisition-related future consideration liabilities		2,090	2,161
Other liabilities		469	469
Total financial liabilities		2,559	2,630
Investments Measured Using NAV Practical Expedient [Member]
Available-for-sale equity securities		24,789	24,326	[3]
Trading securities—equity		5,409	7,433	[3]
Total financial assets		$ 30,198	$ 31,759
[1]	Amounts include structured trade finance loans held by Federated as well as futures contracts and/or foreign currency forward contracts held within certain consolidated Federated Funds.
[2]	Amounts may include investments sold short, foreign currency forward contracts and/or futures contracts held within certain consolidated Federated Funds, as well as certain liabilities attributable to structured trade finance loans held by Federated.
[3]	Investments that calculate NAV as a practical expedient were recategorized and are no longer included in Level 2 as of December 31, 2015 (see Note (2) for additional information).

Debt Narrative (Details)

Debt Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jun. 24, 2014USD ($)
Borrowings under Term Loan				$ 255,000
Term loan spread basis points	112.5
Line of credit facility, maximum borrowing capacity				200,000
Line of credit, outstanding borrowings				$ 0
Line of credit facility, current borrowing capacity	$ 200,000
Line of credit facility, facility fee basis points	12.5
Line of credit facility spread basis points	100
Term loan quarterly payments, next twelve months			$ 25,500
Term loan quarterly payments, year two			25,500
Term loan quarterly payments, year three			55,800
Term loan quarterly payments, year four			$ 110,000
Repayments on borrowings	$ 6,375	$ 6,375

Debt Debt (Details)

Debt Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Term loan, weighted average interest rate	1.565%	1.555%
Term Loan	$ 210,375	$ 216,750
Less: Short-term debt	25,500	25,500
Long-term debt	$ 184,875	$ 191,250

Share-Based Compensation Plans

Share-Based Compensation Plans (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Restricted Stock Granted in Period	464,660	863,137
Stock Options, Exercises in Period	0	3,000
Stock Options, Issued in Period	0	0
Shares of Federated Class B Common Stock Granted to Non-Management Directors	0	5,700
Class B Common Stock Bonus [Member]
Restricted Stock Granted in Period	464,660	373,137
Restricted stock requisite service period	3 years
Class B Common Stock Key Employees [Member]
Restricted stock requisite service period		10 years

Equity (Details)

Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Feb. 28, 2015
Amount paid for repurchase of common stock	$ 13,720	$ 9,948
Class B [Member]
Number of shares authorized under share repurchase program			4
Repurchased shares	1
Remaining number of shares authorized to be repurchased	2.2

Earnings Per Share Attributab46

Earnings Per Share Attributable to Federated Investors, Inc. Shareholders Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Net income attributable to Federated Investors, Inc.		$ 45,258	$ 36,307
Less: Total income available to participating unvested restricted shareholders, basic	[1]	(1,821)	(1,478)
Less: Total income available to participating unvested restricted shareholders, diluted	[1]	(1,821)	(1,478)
Total net income attributable to Federated Common Stock (Basic)	[2]	43,437	34,829
Total net income attributable to Federated Common Stock (Diluted)	[2]	$ 43,437	$ 34,829
Basic weighted-average common shares outstanding		99,802	100,641
Dilutive potential shares from stock options		1	1
Diluted weighted-average common shares outstanding		99,803	100,642
Net income attributable to Federated Common Stock - Basic and Diluted	[2]	$ 0.44	$ 0.35
[1]	Income available to participating unvested restricted shareholders includes dividends paid on unvested restricted shares and their proportionate share of undistributed earnings.
[2]	Federated Common Stock excludes unvested restricted stock which are deemed participating securities in accordance with the two-class method of computing earnings per share.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	25 Months Ended
	Dec. 31, 2008	Mar. 31, 2016	Jan. 31, 2014	Dec. 31, 2015	Dec. 01, 2008
Fair value of future consideration payments liability		$ 2,090		$ 2,161
Compensation-related payments in connection with significant employment and incentive arrangements		29,000
Prior Business Acquisition Required Compound Annual Growth Rate to Have Earned Contingent Payments	30.00%
Alleged damages sought		37,000
Other Current Liabilities [Member]
Fair value of future consideration payments liability		700
Other Noncurrent Liabilities [Member]
Fair value of future consideration payments liability		1,400
Clover Capital Acquisition [Member]
Contingent purchase price payments			$ 18,000
Business Acquisition Cost Of Acquired Entity Upfront Cash Paid	$ 30,000
Maximum contingent payments under acquisition agreement					$ 55,000
Series of Individually Immaterial Business Acquisitions [Member] | Other Liabilities [Member]
Fair value of future consideration payments liability		2,100
Series of Individually Immaterial Business Acquisitions [Member] | Other Current Liabilities [Member]
Fair value of future consideration payments liability		700
Series of Individually Immaterial Business Acquisitions [Member] | Other Noncurrent Liabilities [Member]
Fair value of future consideration payments liability		$ 1,400

Accumulated Other Comprehensi48

Accumulated Other Comprehensive (Loss) Income Attributable to Federated Investors, Inc. Shareholders (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015	Jan. 01, 2016
Accumulated other comprehensive loss, net of tax		$ (4,609)		$ (1,662)
Other comprehensive income before reclassifications and tax		948		476
Other comprehensive income, before reclassifications, tax total		(345)		(187)
Reclassification adjustments, before tax		1,295		358
Reclassification adjustment, tax total		(471)		(131)
Net current-period other comprehensive income		1,427		516
Accumulated other comprehensive loss, net of tax		(3,182)		(1,146)
Unrealized Loss on Interest Rate Swap [Member]
Accumulated other comprehensive loss, net of tax	[1]	0		(269)
Other comprehensive income before reclassifications and tax	[1]	0		67
Other comprehensive income, before reclassifications, tax total	[1]	0		(25)
Reclassification adjustments, before tax	[1]	0		358
Reclassification adjustment, tax total	[1]	0		(131)
Net current-period other comprehensive income	[1]	0		269
Accumulated other comprehensive loss, net of tax	[1]	0		0
Unrealized Gain (Loss) on Securities Available for Sale [Member]
Accumulated other comprehensive loss, net of tax	[2]	(3,795)		(1,126)
Other comprehensive income before reclassifications and tax	[2]	908		1,086
Other comprehensive income, before reclassifications, tax total	[2]	(331)		(399)
Reclassification adjustments, before tax	[2]	1,295	[3]	0
Reclassification adjustment, tax total	[2]	(471)		0
Net current-period other comprehensive income	[2]	1,401		687
Accumulated other comprehensive loss, net of tax	[2]	(2,394)		(439)
Foreign Currency Translation Loss [Member]
Accumulated other comprehensive loss, net of tax		(814)		(267)
Other comprehensive income before reclassifications and tax		40		(677)
Other comprehensive income, before reclassifications, tax total		(14)		237
Reclassification adjustments, before tax		0		0
Reclassification adjustment, tax total		0		0
Net current-period other comprehensive income		26		(440)
Accumulated other comprehensive loss, net of tax		$ (788)		$ (707)
Accounting Standards Update 2015-02 [Member] | Retained Earnings [Member]
Reclassification adjustment from accumulated other comprehensive loss, net of tax to retained earnings					$ 831
[1]	Federated entered into an interest rate swap in 2010 to hedge its interest-rate risk associated with its original term loan facility. The interest rate swap expired on April 1, 2015. Amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Debt expense on the Consolidated Statements of Income.
[2]	Other than as described in note 3 below, amounts reclassified from Accumulated other comprehensive loss, net of tax were recorded in Gain (loss) on securities, net on the Consolidated Statements of Income.
[3]	Amount includes reclassification of $0.8 million, net of tax from Accumulated other comprehensive loss, net of tax to Retained earnings on the Consolidated Balance Sheets as a result of the adoption of ASU 2015-02 (see Note (2) for additional information).

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 28, 2016$ / shares
Subsequent Event [Member]
Dividend declared	$ 0.25