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Derivatives
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
FHL, a British Pound Sterling-denominated subsidiary of Federated Hermes, enters into foreign currency forward transactions in order to hedge against foreign exchange rate fluctuations in the U.S. Dollar. None of the forwards have been designated as hedging instruments for accounting purposes. As of September 30, 2022, this subsidiary held foreign currency forwards with a combined notional amount of £64.4 million and expiration dates ranging from December 2022 through June 2023. Federated Hermes recorded $11.3 million in Other Current Liabilities on the Consolidated Balance Sheets, which represented the fair value of these derivative instruments as of September 30, 2022.
As of December 31, 2021, FHL held foreign currency forwards with a combined notional amount of £69.6 million and expiration dates ranging from March 2022 through September 2022. Federated Hermes recorded $1.6 million in Other Current Liabilities on the Consolidated Balance Sheets, which represented the fair value of these derivative instruments as of December 31, 2021.
For the three and nine months ended September 30, 2022, Federated Hermes recorded $6.1 million and $11.5 million, respectively, to Operating Expenses - Other on the Consolidated Statements of Income for realized losses on foreign currency forward transactions. For the three and nine months ended September 30, 2021, Federated Hermes recorded $1.0 million and $5.2 million, respectively, to Operating Expenses - Other on the Consolidated Statements of Income for realized gains on foreign currency forward transactions.