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Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2022
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents Federated Hermes’ revenue disaggregated by asset class:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Equity | $ | 127,183 |  |  | $ | 172,349 |  |  | $ | 406,642 |  |  | $ | 510,302 |
Money market | 170,542 |  |  | 55,726 |  |  | 402,639 |  |  | 185,704 |
Fixed-income | 49,197 |  |  | 60,622 |  |  | 159,025 |  |  | 175,115 |
Other 1 | 34,221 |  |  | 37,892 |  |  | 103,609 |  |  | 107,681 |
Total Revenue | $ | 381,143 |  |  | $ | 326,589 |  |  | $ | 1,071,915 |  |  | $ | 978,802 |
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 |  | Nine Months Ended
| September 30, |  | September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Asset Management 1 | $ | 263,644 |  |  | $ | 230,210 |  |  | $ | 754,681 |  |  | $ | 692,188 |
Administrative Services | 75,021 |  |  | 76,853 |  |  | 218,710 |  |  | 228,904 |
Distribution 2 | 36,026 |  |  | 12,460 |  |  | 78,285 |  |  | 37,679 |
Other 3 | 6,452 |  |  | 7,066 |  |  | 20,239 |  |  | 20,031 |
Total Revenue | $ | 381,143 |  |  | $ | 326,589 |  |  | $ | 1,071,915 |  |  | $ | 978,802 |
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 |  | Nine Months Ended
| September 30, |  | September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Domestic | $ | 311,254 |  |  | $ | 237,543 |  |  | $ | 849,570 |  |  | $ | 718,316 |
Foreign 1 | 69,889 |  |  | 89,046 |  |  | 222,345 |  |  | 260,486 |
Total Revenue | $ | 381,143 |  |  | $ | 326,589 |  |  | $ | 1,071,915 |  |  | $ | 978,802 |
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 |  | Nine Months Ended
| September 30, |  | September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Federated Hermes Funds | $ | 319,680 |  |  | $ | 256,036 |  |  | $ | 877,910 |  |  | $ | 772,090 |
Separate Accounts | 57,250 |  |  | 66,404 |  |  | 180,600 |  |  | 195,441 |
Other 1 | 4,213 |  |  | 4,149 |  |  | 13,405 |  |  | 11,271 |
Total Revenue | $ | 381,143 |  |  | $ | 326,589 |  |  | $ | 1,071,915 |  |  | $ | 978,802 |
1 Primarily includes stewardship services revenue.
Schedule of Remaining Unsatisfied Performance Obligations | Based on existing contracts and the applicable foreign exchange rates as of September 30, 2022, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands) |  |
Remainder of 2022 |  | $ | 3,176 |
2023 |  | 6,778 |
2024 |  | 2,878 |
2025 and Thereafter |  | 1,086 |
Total Remaining Unsatisfied Performance Obligations |  | $ | 13,918 |

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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(1) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 + Details
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