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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
The following table presents Federated Hermes’ revenue disaggregated by asset class:
(in thousands)202220212020
Money market575,261 239,318 570,815 
Equity526,957 677,917 551,028 
Fixed-income206,794 237,702 193,649 
Other1
136,802 145,510 132,776 
Total Revenue$1,445,814 $1,300,447 $1,448,268 
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:
(in thousands)202220212020
Asset Management1
$1,011,631 $915,984 $1,011,467 
Administrative Services294,557 306,639 318,152 
Distribution2
112,356 49,600 92,922 
Other3
27,270 28,224 25,727 
Total Revenue$1,445,814 $1,300,447 $1,448,268 
1    The performance obligation can 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 product type:
(in thousands)202220212020
Federated Hermes Funds$1,188,933 $1,024,922 $1,191,851 
Separate Accounts238,638 259,026 241,631 
Other1
18,243 16,499 14,786 
Total Revenue$1,445,814 $1,300,447 $1,448,268 
1    Primarily includes stewardship services revenue.
For nearly all revenue, Federated Hermes is not required to disclose certain estimates of revenue expected to be recorded in future periods as a result of applying the following exemptions: (1) contract terms are short-term in nature (i.e., expected duration of one year or less due to termination provisions) and (2) the expected variable consideration would be allocated entirely to future service periods.
Federated Hermes expects to recognize revenue in the future related to the unsatisfied portion of the stewardship services and real estate development performance obligations at December 31, 2022. Generally, contracts are billed in arrears on a quarterly basis and have a three-year duration, after which the customer can terminate the agreement with notice, generally from three to twelve months. Based on existing contracts and the applicable foreign exchange rates as of December 31, 2022, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
2023$9,566 
20243,258 
20251,131 
2026 and Thereafter307 
Total Remaining Unsatisfied Performance Obligations$14,262