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Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 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 |  | Six Months Ended
| June 30, |  | June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Money market | $ | 207,389 |  |  | $ | 193,326 |  |  | $ | 410,029 |  |  | $ | 372,862 |
Equity | 115,742 |  |  | 123,266 |  |  | 232,257 |  |  | 247,918 |
Fixed-income | 48,616 |  |  | 47,436 |  |  | 97,291 |  |  | 95,327 |
Other | 30,836 |  |  | 69,204 |  |  | 59,377 |  |  | 99,314 |
Total Revenue | $ | 402,583 |  |  | $ | 433,232 |  |  | $ | 798,954 |  |  | $ | 815,421 |
The following table presents Federated Hermes’ revenue disaggregated by performance obligation:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Investment Advisory 1 | $ | 270,622 |  |  | $ | 310,337 |  |  | $ | 534,916 |  |  | $ | 574,318 |
Administrative Services | 95,346 |  |  | 85,199 |  |  | 190,132 |  |  | 164,378 |
Distribution 2 | 30,060 |  |  | 32,017 |  |  | 61,426 |  |  | 64,894 |
Other | 6,555 |  |  | 5,679 |  |  | 12,480 |  |  | 11,831 |
Total Revenue | $ | 402,583 |  |  | $ | 433,232 |  |  | $ | 798,954 |  |  | $ | 815,421 |
1 The Investment Advisory performance obligation can also 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 Distribution 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. The following table presents Federated Hermes’ revenue disaggregated by geographical market:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Domestic | $ | 340,568 |  |  | $ | 330,101 |  |  | $ | 675,996 |  |  | $ | 649,049 |
Foreign 1 | 62,015 |  |  | 103,131 |  |  | 122,958 |  |  | 166,372 |
Total Revenue | $ | 402,583 |  |  | $ | 433,232 |  |  | $ | 798,954 |  |  | $ | 815,421 |
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 |  | Six Months Ended
| June 30, |  | June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Federated Hermes Funds | $ | 338,647 |  |  | $ | 368,614 |  |  | $ | 669,588 |  |  | $ | 684,545 |
Separate Accounts | 59,511 |  |  | 60,916 |  |  | 121,014 |  |  | 123,008 |
Other | 4,425 |  |  | 3,702 |  |  | 8,352 |  |  | 7,868 |
Total Revenue | $ | 402,583 |  |  | $ | 433,232 |  |  | $ | 798,954 |  |  | $ | 815,421 |
Schedule of Remaining Unsatisfied Performance Obligations | Based on existing contracts and the applicable foreign exchange rates as of June 30, 2024, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands) |  |
Remainder of 2024 |  | $ | 7,117 |
2025 |  | 4,537 |
2026 |  | 2,038 |
2027 and Thereafter |  | 262 |
Total Remaining Unsatisfied Performance Obligations |  | $ | 13,954 |

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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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