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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2022
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)20222021
Equity$146,856 $166,357 
Money market86,290 80,692 
Fixed-income57,874 56,777 
Other1
33,744 37,347 
Total Revenue$324,764 $341,173 
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)20222021
Asset Management1
$232,994 $247,689 
Administrative Services73,507 74,302 
Distribution2
11,077 13,028 
Other3
7,186 6,154 
Total Revenue$324,764 $341,173 
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)20222021
Domestic$246,809 $256,491 
Foreign1
77,955 84,682 
Total Revenue$324,764 $341,173 
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)20222021
Federated Hermes Funds$257,335 $274,005 
Separate Accounts62,773 63,855 
Other1
4,656 3,313 
Total Revenue$324,764 $341,173 
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, 2022. 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 applicable foreign exchange rates as of March 31, 2022, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
Remainder of 2022$9,544 
20235,714 
20243,092 
2025 and Thereafter969 
Total Remaining Unsatisfied Performance Obligations$19,319