XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity Equity
In December 2021, the board of directors authorized a share repurchase program with no stated expiration date that allows the repurchase of up to 7.5 million shares of Class B common stock. No other program existed as of March 31, 2022. 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 quarter 2022, Federated Hermes repurchased approximately 3.0 million shares of its Class B common stock for $102.5 million ($1.7 million of which was accrued in Other Current Liabilities as of March 31, 2022), nearly all of which were repurchased in the open market. At March 31, 2022, approximately 3.0 million shares remained available to be repurchased under this share repurchase program.
The following table presents the activity for the Class B common stock and Treasury stock for the three months ended March 31, 2022 and 2021. Class A shares have been excluded as there was no activity during these same periods.
 Three Months Ended
March 31,
20222021
Class B Shares
Beginning Balance93,410,968 99,331,443 
Stock Award Activity 1,692,542 712,924 
Purchase of Treasury Stock(3,039,917)(1,505,000)
Ending Balance92,063,593 98,539,367 
Treasury Shares
Beginning Balance16,094,488 10,174,013 
Stock Award Activity (1,692,542)(712,924)
Purchase of Treasury Stock3,039,917 1,505,000 
Ending Balance17,441,863 10,966,089 
Redeemable Noncontrolling Interests in Subsidiaries
The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands)Consolidated Investment CompaniesHFML and other entitiesTotal
Balance at December 31, 2021$24,659 $38,543 $63,202 
Net Income (Loss)(1,744)478 (1,266)
Other Comprehensive Income (Loss), net of tax0 (457)(457)
Subscriptions—Redeemable Noncontrolling Interest Holders29,577 763 30,340 
Consolidation/(Deconsolidation)(16,034)0 (16,034)
Stock Award Activity0 707 707 
Distributions to Noncontrolling Interests in Subsidiaries(771)(3,568)(4,339)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in HFML0 14,221 14,221 
Acquisition of Additional Equity of HFML0 (37,805)(37,805)
Balance at March 31, 2022$35,687 $12,882 $48,569 
Balance at December 31, 2020$24,246 $212,741 $236,987 
Net Income (Loss)(1,091)953 (138)
Other Comprehensive Income (Loss), net of tax0 1,430 1,430 
Subscriptions—Redeemable Noncontrolling Interest Holders25,762 0 25,762 
Consolidation/(Deconsolidation)(25,419)9,182 (16,237)
Stock Award Activity0 2,481 2,481 
Distributions to Noncontrolling Interests in Subsidiaries(1,320)(578)(1,898)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in HFML0 (2,670)(2,670)
Balance at March 31, 2021$22,178 $223,539 $245,717