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Revenue from Contracts with Customers (Tables) | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents Federated Hermes’ revenue disaggregated by asset class:
| Three Months Ended |  |
| March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Money market | $ | 202,640 |  |  | $ | 179,536 |  |  |  |  |
Equity | 116,515 |  |  | 124,653 |  |  |  |  |
Fixed-income | 48,675 |  |  | 47,890 |  |  |  |  |
Other 1 | 28,541 |  |  | 30,110 |  |  |  |  |
Total Revenue | $ | 396,371 |  |  | $ | 382,189 |  |  |  |  |
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 Ended |  |
| March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Asset Management 1 | $ | 264,294 |  |  | $ | 263,982 |  |  |  |  |
Administrative Services | 94,786 |  |  | 79,180 |  |  |  |  |
Distribution 2 | 31,366 |  |  | 32,877 |  |  |  |  |
Other 3 | 5,925 |  |  | 6,150 |  |  |  |  |
Total Revenue | $ | 396,371 |  |  | $ | 382,189 |  |  |  |  |
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 Ended |  |
| March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Domestic | $ | 335,428 |  |  | $ | 318,948 |  |  |  |  |
Foreign 1 | 60,943 |  |  | 63,241 |  |  |  |  |
Total Revenue | $ | 396,371 |  |  | $ | 382,189 |  |  |  |  |
1 This represents revenue earned by non-U.S. domiciled subsidiaries. The following table presents Federated Hermes’ revenue disaggregated by offering type:
| Three Months Ended |  |
| March 31, |  |
(in thousands) | 2024 |  | 2023 |  |  |  |
Federated Hermes Funds | $ | 330,941 |  |  | $ | 315,931 |  |  |  |  |
Separate Accounts | 61,503 |  |  | 62,093 |  |  |  |  |
Other 1 | 3,927 |  |  | 4,165 |  |  |  |  |
Total Revenue | $ | 396,371 |  |  | $ | 382,189 |  |  |  |  |
1 Primarily includes stewardship services revenue.
Schedule of Remaining Unsatisfied Performance Obligations | Based on existing contracts and the applicable foreign exchange rates as of March 31, 2024, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands) |  |
Remainder of 2024 |  | $ | 9,276 |
2025 |  | 3,571 |
2026 |  | 1,875 |
2027 and Thereafter |  | 227 |
Total Remaining Unsatisfied Performance Obligations |  | $ | 14,949 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 + Details
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