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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2024
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 Ended
March 31,
(in thousands)20242023
Money market$202,640 $179,536 
Equity116,515 124,653 
Fixed-income48,675 47,890 
Other1
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)20242023
Asset Management1
$264,294 $263,982 
Administrative Services94,786 79,180 
Distribution2
31,366 32,877 
Other3
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)20242023
Domestic$335,428 $318,948 
Foreign1
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)20242023
Federated Hermes Funds$330,941 $315,931 
Separate Accounts61,503 62,093 
Other1
3,927 4,165 
Total Revenue$396,371 $382,189 
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 March 31, 2024. 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 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 
20253,571 
20261,875 
2027 and Thereafter227 
Total Remaining Unsatisfied Performance Obligations$14,949