XML 33 R23.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Redeemable Noncontrolling Interests in Subsidiaries
 3 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests in Subsidiaries Equity
In October 2023, the Federated Hermes 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 March 31, 2024. 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 three months ended March 31, 2024, Federated Hermes repurchased approximately 1.1 million shares of its Class B common stock for $37.0 million ($0.7 million of which was accrued in Other Current Liabilities as of March 31, 2024), nearly all of which were repurchased in the open market. At March 31, 2024, approximately 3.5 million shares remain available to be repurchased under this share repurchase program.
The following table presents the activity for the Class B common stock and Treasury stock for the three months ended March 31, 2024 and 2023. Class A shares have been excluded as there was no activity during these same periods.
 Three Months Ended
March 31,
20242023
Class B Shares
Beginning Balance84,840,989 89,275,935 
Stock Award Activity 391,107 375,796 
Purchase of Treasury Stock(1,082,120)(132,592)
Ending Balance84,149,976 89,519,139 
Treasury Shares
Beginning Balance14,664,467 10,229,521 
Stock Award Activity (391,107)(375,796)
Purchase of Treasury Stock1,082,120 132,592 
Ending Balance15,355,480 9,986,317 
Redeemable Noncontrolling Interests in Subsidiaries
The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands)Consolidated Investment CompaniesOther EntitiesTotal
Balance at December 31, 2023$14,341 $11,504 $25,845 
Net Income (Loss)(72)49 (23)
Other Comprehensive Income (Loss), net of tax0 (106)(106)
Subscriptions—Redeemable Noncontrolling Interest Holders2,480 244 2,724 
Consolidation/(Deconsolidation)48,100 0 48,100 
Distributions to Noncontrolling Interests in Subsidiaries(2,853)(557)(3,410)
Balance at March 31, 2024$61,996 $11,134 $73,130 
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 tax0 232 232 
Subscriptions—Redeemable Noncontrolling Interest Holders12,669 107 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