XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.24.3

Equity | 9 Months Ended
--- | ---
Sep. 30, 2024
Equity [Abstract] |
Equity | Equity In October 2023, the Federated Hermes, Inc. board of directors (Board) 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 September 30, 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 the Board 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 nine months ended September 30, 2024, Federated Hermes repurchased approximately 3.5 million shares of its Class B common stock for $111.5 million, nearly all of which were repurchased in the open market. At September 30, 2024, approximately 1.2 million shares remain available to be repurchased under this share repurchase program. See Note (19) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on October 24, 2024. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2024 and 2023. Class A shares have been excluded as there was no activity during these same periods.
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Class B Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 82,600,376 |  |  | 88,290,140 |  |  | 84,840,989 |  |  | 89,275,935 |
Stock Award Activity |  | 22,500 |  |  | 5,000 |  |  | 423,207 |  |  | 387,996 |
Purchase of Treasury Stock |  | (818,164) |  |  | (2,046,790) |  |  | (3,459,484) |  |  | (3,415,581) |
Ending Balance |  | 81,804,712 |  |  | 86,248,350 |  |  | 81,804,712 |  |  | 86,248,350 |
Treasury Shares |  |  |  |  |  |  |  |
Beginning Balance |  | 16,905,080 |  |  | 11,215,316 |  |  | 14,664,467 |  |  | 10,229,521 |
Stock Award Activity |  | (22,500) |  |  | (5,000) |  |  | (423,207) |  |  | (387,996) |
Purchase of Treasury Stock |  | 818,164 |  |  | 2,046,790 |  |  | 3,459,484 |  |  | 3,415,581 |
Ending Balance |  | 17,700,744 |  |  | 13,257,106 |  |  | 17,700,744 |  |  | 13,257,106 |
Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | Other Entities |  | Total
Balance at December 31, 2023 |  | $ | 14,341 |  |  | $ | 11,504 |  |  | $ | 25,845 |
Net Income (Loss) |  | (72) |  |  | 49 |  |  | (23) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (106) |  |  | (106) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 2,480 |  |  | 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 |
Net Income (Loss) |  | (1,658) |  |  | (144) |  |  | (1,802) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 13 |  |  | 13 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 16,315 |  |  | (12) |  |  | 16,303 |
Consolidation/(Deconsolidation) |  | (52,723) |  |  | 0 |  |  | (52,723) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (2,933) |  |  | (1,497) |  |  | (4,430) |
Balance at June 30, 2024 |  | $ | 20,997 |  |  | $ | 9,494 |  |  | $ | 30,491 |
Net Income (Loss) |  | 2,303 |  |  | 500 |  |  | 2,803 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 554 |  |  | 554 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 13,361 |  |  | 142 |  |  | 13,503 |
Consolidation/(Deconsolidation) |  | 16,624 |  |  | 0 |  |  | 16,624 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (10,395) |  |  | (172) |  |  | (10,567) |
Balance at September 30, 2024 |  | $ | 42,890 |  |  | $ | 10,518 |  |  | $ | 53,408 |
(in thousands) |  | Consolidated Investment Companies |  | Other Entities |  | Total
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 tax |  | 0 |  |  | 232 |  |  | 232 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 12,669 |  |  | 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 |
Net Income (Loss) |  | 486 |  |  | 341 |  |  | 827 |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | 328 |  |  | 328 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 19,642 |  |  | 42 |  |  | 19,684 |
Consolidation/(Deconsolidation) |  | 12,119 |  |  | 0 |  |  | 12,119 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (14,017) |  |  | (437) |  |  | (14,454) |
Balance at June 30, 2023 |  | $ | 46,680 |  |  | $ | 11,332 |  |  | $ | 58,012 |
Net Income (Loss) |  | (804) |  |  | 44 |  |  | (760) |
Other Comprehensive Income (Loss), net of tax |  | (8) |  |  | (446) |  |  | (454) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 35,323 |  |  | 0 |  |  | 35,323 |
Consolidation/(Deconsolidation) |  | (6,601) |  |  | 0 |  |  | (6,601) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (14,621) |  |  | (268) |  |  | (14,889) |
Balance at September 30, 2023 |  | $ | 59,969 |  |  | $ | 10,662 |  |  | $ | 70,631 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration