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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The following table presents Federated Hermes' revenue disaggregated by asset class:
Three Months Ended
March 31,
(in thousands)20212020
Equity$166,357 $137,290 
Money Market80,692 151,420 
Fixed-Income56,777 46,607 
Other1
37,347 23,866 
Total Revenue$341,173 $359,183 
1    Primarily 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 Hermes' revenue disaggregated by performance obligation:
Three Months Ended
March 31,
(in thousands)20212020
Asset Management1
$247,689 $240,660 
Administrative Services74,302 72,199 
Distribution2
13,028 38,934 
Other3
6,154 7,390 
Total Revenue$341,173 $359,183 
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. A portion of this revenue relates to a performance obligation that has been satisfied in a prior period.
3    Primarily includes shareholder service fees and stewardship services revenue.
The following table presents Federated Hermes' revenue disaggregated by geographical market:
Three Months Ended
March 31,
(in thousands)20212020
Domestic$256,491 $296,362 
Foreign1
84,682 62,821 
Total Revenue$341,173 $359,183 
1    This represents revenue earned by non-U.S. domiciled subsidiaries.
The following table presents Federated Hermes' revenue disaggregated by product type:
Three Months Ended
March 31,
(in thousands)20212020
Federated Hermes Funds$274,005 $296,885 
Separate Accounts63,855 57,421 
Other1
3,313 4,877 
Total Revenue$341,173 $359,183 
1    Primarily includes stewardship services revenue.
For nearly all revenue, Federated Hermes 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 Hermes expects to recognize revenue in the future related to the unsatisfied portion of the stewardship services and real estate development performance obligations at March 31, 2021. 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 notice, generally from three to 12 months. Based on existing contracts and the exchange rates as of March 31, 2021, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
Remainder of 2021$9,092 
20224,251 
20232,397 
2024 and Thereafter1,350 
Total Remaining Unsatisfied Performance Obligations$17,090