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Redeemable Noncontrolling Interest in Subsidiaries | 3 Months Ended
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Mar. 31, 2021
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interest in Subsidiaries | Equity 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 program existed as of March 31, 2021. 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 three months of 2021, Federated Hermes repurchased approximately 1.5 million shares of its Class B common stock for $45.0 million ($7.1 million of which was accrued in Other Current Liabilities as of March 31, 2021), all of which were repurchased in the open market. At March 31, 2021, approximately 157 thousand shares remained available to be repurchased under this buyback program. See Note (18) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on April 29, 2021. The following table presents the activity for the Class B common stock and Treasury stock for the three months ended March 31, 2021 and 2020. Class A shares have been excluded as there was no activity during these same periods.
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 99,331,443 |  |  | 101,130,379 |  |  |  |  |
Stock Award Activity |  | 712,924 |  |  | 649,581 |  |  |  |  |
Purchase of Treasury Stock |  | (1,505,000) |  |  | (714,251) |  |  |  |  |
Ending Balance |  | 98,539,367 |  |  | 101,065,709 |  |  |  |  |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 10,174,013 |  |  | 8,375,077 |  |  |  |  |
Stock Award Activity |  | (712,924) |  |  | (649,581) |  |  |  |  |
Purchase of Treasury Stock |  | 1,505,000 |  |  | 714,251 |  |  |  |  |
Ending Balance |  | 10,966,089 |  |  | 8,439,747 |  |  |  |  |
Redeemable Noncontrolling Interest in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interest in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | HFML and other entities |  | Total
Balance at December 31, 2020 |  | $ | 24,246 |  |  | $ | 212,741 |  |  | $ | 236,987 |
Net Income (Loss) |  | (1,091) |  |  | 953 |  |  | (138) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 1,430 |  |  | 1,430 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 25,762 |  |  | 0 |  |  | 25,762 |
Consolidation/(Deconsolidation) |  | (25,419) |  |  | 9,182 |  |  | (16,237) |
Stock Award Activity |  | 0 |  |  | 2,481 |  |  | 2,481 |
Distributions to Noncontrolling Interest in Subsidiaries |  | (1,320) |  |  | (578) |  |  | (1,898) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests |  | 0 |  |  | (2,670) |  |  | (2,670) |
Balance at March 31, 2021 |  | $ | 22,178 |  |  | $ | 223,539 |  |  | $ | 245,717 |
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 |

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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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