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Equity | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Equity | Equity In December 2021, the board of directors authorized a share repurchase program with no stated expiration date that allowed the repurchase of up to 7.5 million shares of Class B common stock. This program was fulfilled in September 2022. 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 program existed as of September 30, 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 nine months ended September 30, 2022, Federated Hermes repurchased approximately 6.1 million shares of its Class B common stock for $199.0 million, nearly all of which were repurchased in the open market. At September 30, 2022, approximately 5.0 million shares remain available to be repurchased under this share repurchase program. In July 2022, Federated Hermes’ board of directors authorized the retirement of 10 million treasury shares which restored these shares to authorized but unissued status. Federated Hermes recorded a $313.8 million reduction to Treasury Stock, at cost using the specific-identification method and a $42.7 million reduction to Class B common stock, at cost using the average cost method. The difference was recorded as a reduction to Retained Earnings and Additional Paid-In Capital from Treasury Stock Transactions. There was no impact to total equity as a result of this non-cash transaction. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2022 and 2021. Class A shares have been excluded as there was no activity during these same periods.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 89,197,952 |  |  | 97,558,017 |  |  | 93,410,968 |  |  | 99,331,443 |
Stock Award Activity |  | 0 |  |  | 10,000 |  |  | 1,704,592 |  |  | 734,674 |
Purchase of Treasury Stock |  | (211,885) |  |  | (593,619) |  |  | (6,129,493) |  |  | (3,091,719) |
Ending Balance |  | 88,986,067 |  |  | 96,974,398 |  |  | 88,986,067 |  |  | 96,974,398 |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 20,307,504 |  |  | 11,947,439 |  |  | 16,094,488 |  |  | 10,174,013 |
Stock Award Activity |  | 0 |  |  | (10,000) |  |  | (1,704,592) |  |  | (734,674) |
Purchase of Treasury Stock |  | 211,885 |  |  | 593,619 |  |  | 6,129,493 |  |  | 3,091,719 |
Retirement of Treasury Stock |  | (10,000,000) |  |  | 0 |  |  | (10,000,000) |  |  | 0 |
Ending Balance |  | 10,519,389 |  |  | 12,531,058 |  |  | 10,519,389 |  |  | 12,531,058 |
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 |
Net Income (Loss) |  | (2,104) |  |  | 199 |  |  | (1,905) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (1,713) |  |  | (1,713) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 3,591 |  |  | 903 |  |  | 4,494 |
Consolidation/(Deconsolidation) |  | 15,599 |  |  | 0 |  |  | 15,599 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (15,512) |  |  | (1,108) |  |  | (16,620) |
Balance at September 30, 2022 |  | $ | 43,598 |  |  | $ | 10,988 |  |  | $ | 54,586 |
(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 |
Net Income (Loss) |  | (108) |  |  | 2,232 |  |  | 2,124 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (9,953) |  |  | (9,953) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 66,506 |  |  | 397 |  |  | 66,903 |
Consolidation/(Deconsolidation) |  | (74,836) |  |  | 0 |  |  | (74,836) |
Stock Award Activity |  | 0 |  |  | 2,557 |  |  | 2,557 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (575) |  |  | (603) |  |  | (1,178) |
Acquisition of Additional Equity of FHL |  | 0 |  |  | (165,112) |  |  | (165,112) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL |  | 0 |  |  | (16,502) |  |  | (16,502) |
Balance at September 30, 2021 |  | $ | 18,300 |  |  | $ | 37,172 |  |  | $ | 55,472 |
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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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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