Revenue from Contracts with Customers

The following table presents Federated's revenue disaggregated by asset class:



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2018		September 30, 2018
Equity	$	138,624	$	344,323
Money Market	101,257		304,662
Fixed-Income	45,897		135,442
Other¹	22,838		44,034
Total Revenue	$	308,616	$	828,461


1	Includes Alternative / Private Markets (including but not limited to private equity, real estate and infrastructure), Multi-Asset and stewardship services revenue.

The following table presents Federated's revenue disaggregated by performance obligation:



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2018		September 30, 2018
Asset Management¹	$	217,036	$	559,429
Administrative Services	49,855		147,248
Distribution²	36,226		111,206
Other³	5,499		10,578
Total Revenue	$	308,616	$	828,461


1	The performance obligation may include administrative, distribution and other services recorded as a single asset management fee under Topic 606, as it is part of a unitary fee arrangement with a single performance obligation.


2	The performance obligation is satisfied at a point in time and may include CDSC's and upfront commissions. A portion of this revenue relates to a performance obligation that has been satisfied in a prior period.


3	Includes shareholder service fees and stewardship services revenue.

The following table presents Federated's revenue disaggregated by geographical market:



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2018		September 30, 2018
Domestic	$	251,683	$	756,647
Foreign¹	56,933		71,814
Total Revenue	$	308,616	$	828,461


1	This represents revenue earned by non-U.S. domiciled subsidiaries.

The following table presents Federated's revenue disaggregated by product type:



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2018		September 30, 2018
Federated Funds	$	248,428	$	691,641
Separate Accounts	57,508		134,140
Other¹	2,680		2,680
Total Revenue	$	308,616	$	828,461


1	Includes stewardship services revenue.

Federated is not required to disclose certain estimates of revenue expected to be recorded in future periods as a result of applying the following exemptions: (1) contract terms are short-term in nature (i.e., expected duration of one year or less due to termination provisions) and (2) the expected variable consideration would be allocated entirely to future service periods.

Federated expects to recognize revenue in the future related to the unsatisfied portion of the stewardship services performance obligations at September 30, 2018. Generally, contracts are billed in arrears on a quarterly basis and have a three year duration, after which the customer can terminate the agreement with a six to twelve month notice. Based on existing contracts as of September 30, 2018, Federated may record future fixed revenue of approximately $3 million per quarter for stewardship services contracts.