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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases Federated Hermes has material operating leases related to its corporate headquarters in Pittsburgh, Pennsylvania. These leases expire in 2030 and have renewal options for additional periods through 2040. These leases include provisions for leasehold improvement incentives, rent escalation and certain penalties for early termination. In addition, Federated Hermes has various other operating lease agreements primarily for additional facilities. These leases are noncancelable and expire on various dates through the year 2032. Most leases include renewal options for additional rental periods that would end on various dates through 2037 and, in certain cases, escalation clauses. The value of the ROU assets and lease liabilities recognized do not include the consideration of any renewal options, as they are not yet reasonably certain to be exercised. During the years ended December 31, 2022, 2021, and 2020, Federated Hermes recorded $19.0 million, $19.0 million and $13.0 million, respectively, in operating lease costs to Operating Expenses - Office and Occupancy on the Consolidated Statements of Income. The following table reconciles future minimum undiscounted payments of the operating lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2022:
(in millions) |
2023 | $ | 21.4 |
2024 | 19.5 |
2025 | 14.8 |
2026 | 13.2 |
2027 | 12.9 |
2028 and Thereafter | 35.3 |
Total Undiscounted Lease Payments | $ | 117.1 |
Present Value Adjustment 1 | (11.9) |
Net Operating Lease Liabilities | $ | 105.2 |
1 Calculated using the IBR for each lease. The following information relates to the operating leases recorded on the Consolidated Balance Sheets as of December 31, 2022:
Weighted-average remaining lease term (in years) |  | 6.9 |
Weighted-average discount rate (IBR) |  | 3.1 | %
Cash paid in 2022 for the amounts included in the measurement of lease liabilities (in millions) |  | $ | 20.1 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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