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Common Stock | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Common Stock | Common Stock The Class A Shareholder has the entire voting rights of Federated Hermes; however, without the consent of the majority of the holders of Class B common stock, the Class A Shareholder cannot alter Federated Hermes’ structure, dispose of all or substantially all of its assets, amend its Articles of Incorporation or Bylaws to adversely affect the Class B common shareholders, or liquidate or dissolve Federated Hermes. With respect to dividends, distributions and liquidation rights, the Class A common stock and Class B common stock have equal preferences and rights. (a) Dividends Cash dividends of $184.8 million, $98.1 million and $97.9 million were paid in 2024, 2023 and 2022, respectively, to holders of Federated Hermes common stock. Of the amount paid in 2024, $84.2 million represented a $1.00 per share special dividend. All dividends were considered ordinary dividends for tax purposes. (b) Treasury Stock In December 2021, the board of directors authorized a share repurchase program with no stated expiration date that allowed the repurchase of up to 7.5 million shares of Class B common stock. This program was fulfilled in September 2022. In June 2022, the board of directors authorized a share repurchase program with no stated expiration date that allowed the repurchase of up to 5.0 million shares of Class B common stock. This program was fulfilled in December 2023. In October 2023, the 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. In October 2024, the board of directors authorized an additional 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 programs existed as of December 31, 2024. The programs authorize 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 year ended December 31, 2024, Federated Hermes repurchased 4.0 million shares of its Class B common stock for $133.6 million, nearly all of which were repurchased in the open market. At December 31, 2024, 5.7 million shares remained available to be repurchased under these share repurchase programs. In July 2022, Federated Hermes’ board of directors authorized the retirement of 10.0 million treasury shares which restored these shares to authorized but unissued status. Federated Hermes recorded a $313.8 million reduction to Treasury Stock and a $42.7 million reduction to Class B common stock. The difference was recorded as a reduction to Retained Earnings and Additional Paid-In Capital from Treasury Stock Transactions. There was no impact to total equity as a result of this non-cash transaction. Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries:
(in thousands) |  | Consolidated Investment Companies |  | FHL and other entities |  | Total
Balance at January 1, 2022 |  | $ | 24,659 |  |  | $ | 38,543 |  |  | $ | 63,202 |
Net Income (Loss) |  | (6,320) |  |  | 1,388 |  |  | (4,932) |
Other Comprehensive Income (Loss), net of tax |  | 0 |  |  | (2,329) |  |  | (2,329) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 53,040 |  |  | 2,131 |  |  | 55,171 |
Consolidation/(Deconsolidation) |  | (435) |  |  | 0 |  |  | (435) |
Stock Award Activity |  | 0 |  |  | 707 |  |  | 707 |
Distributions to Noncontrolling Interests in Subsidiaries |  | (20,627) |  |  | (5,352) |  |  | (25,979) |
Acquisition of Remaining Equity of FHL |  | 0 |  |  | (37,805) |  |  | (37,805) |
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL |  | 0 |  |  | 14,221 |  |  | 14,221 |
Balance at December 31, 2022 |  | $ | 50,317 |  |  | $ | 11,504 |  |  | $ | 61,821 |
Net Income (Loss) |  | 5,311 |  |  | 490 |  |  | 5,801 |
Other Comprehensive Income (Loss), net of tax |  | (8) |  |  | 593 |  |  | 585 |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 72,463 |  |  | 360 |  |  | 72,823 |
Consolidation/(Deconsolidation) |  | (75,225) |  |  | 0 |  |  | (75,225) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (38,517) |  |  | (1,443) |  |  | (39,960) |
Balance at December 31, 2023 |  | $ | 14,341 |  |  | $ | 11,504 |  |  | $ | 25,845 |
Net Income (Loss) |  | (643) |  |  | 759 |  |  | 116 |
Other Comprehensive Income (Loss), net of tax |  | (1,049) |  |  | 362 |  |  | (687) |
Subscriptions—Redeemable Noncontrolling Interest Holders |  | 68,513 |  |  | 631 |  |  | 69,144 |
Consolidation/(Deconsolidation) |  | (7,646) |  |  | 0 |  |  | (7,646) |
Distributions to Noncontrolling Interests in Subsidiaries |  | (28,431) |  |  | (2,827) |  |  | (31,258) |
Balance at December 31, 2024 |  | $ | 45,085 |  |  | $ | 10,429 |  |  | $ | 55,514 |

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