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Redeemable Noncontrolling Interests in Subsidiaries | 6 Months Ended
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Jun. 30, 2022
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests in Subsidiaries | 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. In June 2022, the board of directors authorized a share repurchase program with no stated expiration date that allows the repurchase of up to 5.0 million shares of Class B common stock. No other programs existed as of June 30, 2022. The programs authorize 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 six months ended June 30, 2022, Federated Hermes repurchased approximately 5.9 million shares of its Class B common stock for $192.1 million, nearly all of which were repurchased in the open market. At June 30, 2022, approximately 5.2 million shares remain available to be repurchased under these share repurchase programs. The following table presents the activity for the Class B common stock and Treasury stock for the three and six months ended June 30, 2022 and 2021. Class A shares have been excluded as there was no activity during these same periods.
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 92,063,593 |  |  | 98,539,367 |  |  | 93,410,968 |  |  | 99,331,443 |
Stock Award Activity |  | 12,050 |  |  | 11,750 |  |  | 1,704,592 |  |  | 724,674 |
Purchase of Treasury Stock |  | (2,877,691) |  |  | (993,100) |  |  | (5,917,608) |  |  | (2,498,100) |
Ending Balance |  | 89,197,952 |  |  | 97,558,017 |  |  | 89,197,952 |  |  | 97,558,017 |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 17,441,863 |  |  | 10,966,089 |  |  | 16,094,488 |  |  | 10,174,013 |
Stock Award Activity |  | (12,050) |  |  | (11,750) |  |  | (1,704,592) |  |  | (724,674) |
Purchase of Treasury Stock |  | 2,877,691 |  |  | 993,100 |  |  | 5,917,608 |  |  | 2,498,100 |
Ending Balance |  | 20,307,504 |  |  | 11,947,439 |  |  | 20,307,504 |  |  | 11,947,439 |
Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | FHL and other entities |  | Total
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 tax |  | 0 |  |  | (457) |  |  | (457) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 29,577 |  |  | 763 |  |  | 30,340 |
Consolidation/(Deconsolidation) |  | (16,034) |  |  | 0 |  |  | (16,034) |
Stock Award Activity |  | 0 |  |  | 707 |  |  | 707 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (771) |  |  | (3,568) |  |  | (4,339) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL |  | 0 |  |  | 14,221 |  |  | 14,221 |
Acquisition of Additional Equity of FHL |  | 0 |  |  | (37,805) |  |  | (37,805) |
Balance at March 31, 2022 |  | $ | 35,687 |  |  | $ | 12,882 |  |  | $ | 48,569 |
Net Income (Loss) |  | (7,616) |  |  | 717 |  |  | (6,899) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (1,068) |  |  | (1,068) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 14,977 |  |  | 337 |  |  | 15,314 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (1,024) |  |  | (161) |  |  | (1,185) |
Balance at June 30, 2022 |  | $ | 42,024 |  |  | $ | 12,707 |  |  | $ | 54,731 |
(in thousands) |  | Consolidated Investment Companies |  | FHL 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 Interests in Subsidiaries |  | (1,320) |  |  | (578) |  |  | (1,898) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL |  | 0 |  |  | (2,670) |  |  | (2,670) |
Balance at March 31, 2021 |  | $ | 22,178 |  |  | $ | 223,539 |  |  | $ | 245,717 |
Net Income (Loss) |  | 682 |  |  | (3,087) |  |  | (2,405) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 868 |  |  | 868 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 899,250 |  |  | 712 |  |  | 899,962 |
Consolidation/(Deconsolidation) |  | (894,175) |  |  | 0 |  |  | (894,175) |
Stock Award Activity |  | 0 |  |  | 2,518 |  |  | 2,518 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (622) |  |  | (394) |  |  | (1,016) |
Balance at June 30, 2021 |  | $ | 27,313 |  |  | $ | 224,156 |  |  | $ | 251,469 |
The activity in 2021 includes $892.1 million of contributions from noncontrolling interests in subsidiaries as a result of a purchase-in-kind investment into a previously consolidated VRE. This was a noncash transaction and was therefore excluded from the Consolidated Statements of Cash Flows.

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