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Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Equity | Equity 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, 2023. 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, 2023, Federated Hermes repurchased approximately 3.4 million shares of its Class B common stock for $117.0 million ($6.8 million of which was accrued in Other Current Liabilities as of September 30, 2023), nearly all of which were repurchased in the open market. At September 30, 2023, approximately 1.4 million shares remain available to be repurchased under this share repurchase program. See Note (19) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on October 26, 2023.The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2023 and 2022. 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,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 88,290,140 |  |  | 89,197,952 |  |  | 89,275,935 |  |  | 93,410,968 |
Stock Award Activity |  | 5,000 |  |  | 0 |  |  | 387,996 |  |  | 1,704,592 |
Purchase of Treasury Stock |  | (2,046,790) |  |  | (211,885) |  |  | (3,415,581) |  |  | (6,129,493) |
Ending Balance |  | 86,248,350 |  |  | 88,986,067 |  |  | 86,248,350 |  |  | 88,986,067 |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 11,215,316 |  |  | 20,307,504 |  |  | 10,229,521 |  |  | 16,094,488 |
Stock Award Activity |  | (5,000) |  |  | 0 |  |  | (387,996) |  |  | (1,704,592) |
Purchase of Treasury Stock |  | 2,046,790 |  |  | 211,885 |  |  | 3,415,581 |  |  | 6,129,493 |
Retirement of Treasury Stock |  | 0 |  |  | (10,000,000) |  |  | 0 |  |  | (10,000,000) |
Ending Balance |  | 13,257,106 |  |  | 10,519,389 |  |  | 13,257,106 |  |  | 10,519,389 |
Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | Other Entities |  | Total
Balance at December 31, 2022 |  | $ | 50,317 |  |  | $ | 11,504 |  |  | $ | 61,821 |
Net Income (Loss) |  | 1,925 |  |  | (60) |  |  | 1,865 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 232 |  |  | 232 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 12,669 |  |  | 107 |  |  | 12,776 |
Consolidation/(Deconsolidation) |  | (33,962) |  |  | 0 |  |  | (33,962) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (2,499) |  |  | (725) |  |  | (3,224) |
Balance at March 31, 2023 |  | $ | 28,450 |  |  | $ | 11,058 |  |  | $ | 39,508 |
Net Income (Loss) |  | 486 |  |  | 341 |  |  | 827 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 328 |  |  | 328 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 19,642 |  |  | 42 |  |  | 19,684 |
Consolidation/(Deconsolidation) |  | 12,119 |  |  | 0 |  |  | 12,119 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (14,017) |  |  | (437) |  |  | (14,454) |
Balance at June 30, 2023 |  | $ | 46,680 |  |  | $ | 11,332 |  |  | $ | 58,012 |
Net Income (Loss) |  | (804) |  |  | 44 |  |  | (760) |
Other Comprehensive Income (Loss), net of tax |  | (8) |  |  | (446) |  |  | (454) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 35,323 |  |  | 0 |  |  | 35,323 |
Consolidation/(Deconsolidation) |  | (6,601) |  |  | 0 |  |  | (6,601) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (14,621) |  |  | (268) |  |  | (14,889) |
Balance at September 30, 2023 |  | $ | 59,969 |  |  | $ | 10,662 |  |  | $ | 70,631 |
(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 |

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