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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 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 EndedSix Months Ended
June 30,June 30,
(in thousands)2024202320242023
Money market$207,389 $193,326 $410,029 $372,862 
Equity115,742 123,266 232,257 247,918 
Fixed-income48,616 47,436 97,291 95,327 
Other30,836 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 EndedSix Months Ended
June 30,June 30,
(in thousands)2024202320242023
Investment Advisory1
$270,622 $310,337 $534,916 $574,318 
Administrative Services95,346 85,199 190,132 164,378 
Distribution2
30,060 32,017 61,426 64,894 
Other6,555 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 EndedSix Months Ended
June 30,June 30,
(in thousands)2024202320242023
Domestic$340,568 $330,101 $675,996 $649,049 
Foreign1
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 EndedSix Months Ended
June 30,June 30,
(in thousands)2024202320242023
Federated Hermes Funds$338,647 $368,614 $669,588 $684,545 
Separate Accounts59,511 60,916 121,014 123,008 
Other4,425 3,702 8,352 7,868 
Total Revenue$402,583 $433,232 $798,954 $815,421 
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 June 30, 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 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 
20254,537 
20262,038 
2027 and Thereafter262 
Total Remaining Unsatisfied Performance Obligations$13,954