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Redeemable Noncontrolling Interest in Subsidiaries | 9 Months Ended
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Sep. 30, 2020
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interest in Subsidiaries | Equity In October 2016, the board of directors authorized a share repurchase program with no stated expiration date that allows the buy back of up to 4 million shares of Class B common stock. This program was fulfilled in March 2020. In March 2020, the board of directors authorized a share repurchase program with no stated expiration date that allows the buy back of up to 500 thousand shares of Class B common stock. This program was fulfilled in May 2020. In April 2020, the board of directors authorized a share repurchase program with no stated expiration date that allows the buy back of up to 3.5 million shares of Class B common stock. No other programs existed as of September 30, 2020. The program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated Hermes' board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury). During the first nine months of 2020, Federated Hermes repurchased approximately 2.4 million shares of its Class B common stock for $54.1 million ($1.0 million of which was accrued in Other Current Liabilities as of September 30, 2020), most of which were repurchased in the open market. At September 30, 2020, approximately 2.2 million shares remain available to be purchased under Federated Hermes' remaining buyback program. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2020 and 2019. Class A shares have been excluded as there was no activity during these same periods.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 100,279,043 |  |  | 101,211,023 |  |  | 101,130,379 |  |  | 100,803,382 |
Stock Award Activity |  | 22,500 |  |  | 7,500 |  |  | 728,831 |  |  | 528,574 |
Purchase of Treasury Stock |  | (866,900) |  |  | (79,592) |  |  | (2,424,567) |  |  | (193,025) |
Ending Balance |  | 99,434,643 |  |  | 101,138,931 |  |  | 99,434,643 |  |  | 101,138,931 |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 9,226,413 |  |  | 8,294,433 |  |  | 8,375,077 |  |  | 8,702,074 |
Stock Award Activity |  | (22,500) |  |  | (7,500) |  |  | (728,831) |  |  | (528,574) |
Purchase of Treasury Stock |  | 866,900 |  |  | 79,592 |  |  | 2,424,567 |  |  | 193,025 |
Ending Balance |  | 10,070,813 |  |  | 8,366,525 |  |  | 10,070,813 |  |  | 8,366,525 |
Redeemable Noncontrolling Interest in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interest in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | Hermes |  | Total
Balance at December 31, 2019 |  | $ | 19,872 |  |  | $ | 192,214 |  |  | $ | 212,086 |
Net Income (Loss) |  | (2,802) |  |  | 1,889 |  |  | (913) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (11,454) |  |  | (11,454) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 5,577 |  |  | 0 |  |  | 5,577 |
Consolidation/(Deconsolidation) |  | (4,019) |  |  | 0 |  |  | (4,019) |
Stock Award Activity |  | 0 |  |  | 2,153 |  |  | 2,153 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (6,039) |  |  | 0 |  |  | (6,039) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests |  | 0 |  |  | 1,870 |  |  | 1,870 |
Balance at March 31, 2020 |  | $ | 12,589 |  |  | $ | 186,672 |  |  | $ | 199,261 |
Net Income (Loss) |  | 2,560 |  |  | 1,045 |  |  | 3,605 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (435) |  |  | (435) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 6,225 |  |  | 0 |  |  | 6,225 |
Stock Award Activity |  | 0 |  |  | 2,087 |  |  | 2,087 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (4,058) |  |  | 0 |  |  | (4,058) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests |  | 0 |  |  | (2,013) |  |  | (2,013) |
Balance at June 30, 2020 |  | $ | 17,316 |  |  | $ | 187,356 |  |  | $ | 204,672 |
Net Income (Loss) |  | 1,473 |  |  | (611) |  |  | 862 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 7,316 |  |  | 7,316 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 3,212 |  |  | 0 |  |  | 3,212 |
Stock Award Activity |  | 0 |  |  | 2,164 |  |  | 2,164 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (358) |  |  | 0 |  |  | (358) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests |  | 0 |  |  | (3,567) |  |  | (3,567) |
Balance at September 30, 2020 |  | $ | 21,643 |  |  | $ | 192,658 |  |  | $ | 214,301 |
(in thousands) |  | Consolidated Investment Companies |  | Hermes |  | Total
Balance at December 31, 2018 |  | $ | 11,626 |  |  | $ | 170,887 |  |  | $ | 182,513 |
Net Income (Loss) |  | 678 |  |  | (613) |  |  | 65 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 3,714 |  |  | 3,714 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 42 |  |  | 0 |  |  | 42 |
Stock Award Activity |  | 0 |  |  | 2,126 |  |  | 2,126 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (2,260) |  |  | 0 |  |  | (2,260) |
Balance at March 31, 2019 |  | $ | 10,086 |  |  | $ | 176,114 |  |  | $ | 186,200 |
Net Income (Loss) |  | 340 |  |  | 776 |  |  | 1,116 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (4,600) |  |  | (4,600) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 1,822 |  |  | 0 |  |  | 1,822 |
Stock Award Activity |  | 0 |  |  | 1,773 |  |  | 1,773 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (541) |  |  | 0 |  |  | (541) |
Business Acquisition |  | 0 |  |  | (386) |  |  | (386) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests |  | 0 |  |  | 16,604 |  |  | 16,604 |
Balance at June 30, 2019 |  | $ | 11,707 |  |  | $ | 190,281 |  |  | $ | 201,988 |
Net Income (Loss) |  | (209) |  |  | 832 |  |  | 623 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (5,544) |  |  | (5,544) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 687 |  |  | 0 |  |  | 687 |
Stock Award Activity |  | 0 |  |  | 2,125 |  |  | 2,125 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (387) |  |  | 0 |  |  | (387) |
Balance at September 30, 2019 |  | $ | 11,798 |  |  | $ | 187,694 |  |  | $ | 199,492 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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