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Revenue from Contracts with Customers
 12 Months Ended
Dec. 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:
(in thousands)202120202019
Equity$677,917 $551,028 $533,749 
Money market239,318 570,815 529,340 
Fixed-income237,702 193,649 179,102 
Other1
145,510 132,776 84,703 
Total Revenue$1,300,447 $1,448,268 $1,326,894 
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:
(in thousands)202120202019
Asset Management1
$915,984 $1,011,467 $907,605 
Administrative Services306,639 318,152 245,887 
Distribution2
49,600 92,922 151,106 
Other3
28,224 25,727 22,296 
Total Revenue$1,300,447 $1,448,268 $1,326,894 
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 product type:
(in thousands)202120202019
Federated Hermes Funds$1,024,922 $1,191,851 $1,093,157 
Separate Accounts259,026 241,631 221,756 
Other1
16,499 14,786 11,981 
Total Revenue$1,300,447 $1,448,268 $1,326,894 
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 December 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 twelve months. Based on existing contracts and the exchange rates as of December 31, 2021, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
2022$11,404 
20234,714 
20242,365 
2025 and Thereafter553 
Total Remaining Unsatisfied Performance Obligations$19,036