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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2023
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:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2023202220232022
Money market$193,326 $145,807 $372,862 $232,097 
Equity123,266 132,602 247,918 279,459 
Fixed-income47,436 51,954 95,327 109,828 
Other1
69,204 35,645 99,314 69,388 
Total Revenue$433,232 $366,008 $815,421 $690,772 
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 EndedSix Months Ended
June 30,June 30,
(in thousands)2023202220232022
Asset Management1
$310,337 $258,043 $574,318 $491,037 
Administrative Services85,199 70,182 164,378 143,689 
Distribution2
32,017 31,183 64,894 42,259 
Other3
5,679 6,600 11,831 13,787 
Total Revenue$433,232 $366,008 $815,421 $690,772 
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 geographical market:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2023202220232022
Domestic$330,101 $291,507 $649,049 $538,316 
Foreign1
103,131 74,501 166,372 152,456 
Total Revenue$433,232 $366,008 $815,421 $690,772 
1    This represents revenue earned by non-U.S. domiciled subsidiaries.
The following table presents Federated Hermes’ revenue disaggregated by product type:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2023202220232022
Federated Hermes Funds$368,614 $300,896 $684,545 $558,231 
Separate Accounts60,916 60,577 123,008 123,350 
Other1
3,702 4,535 7,868 9,191 
Total Revenue$433,232 $366,008 $815,421 $690,772 
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 June 30, 2023. 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 June 30, 2023, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
Remainder of 2023$5,928 
20244,523 
20251,258 
2026 and Thereafter400 
Total Remaining Unsatisfied Performance Obligations$12,109