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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2020
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:
(in thousands)202020192018
Money Market$570,815 $529,340 $414,746 
Equity551,028 533,749 470,436 
Fixed-Income193,649 179,102 180,152 
Other1
132,776 84,703 70,343 
Total Revenue$1,448,268 $1,326,894 $1,135,677 
1    Primarily includes Alternative / Private Markets (including but not limited to private equity, real estate and infrastructure), multi-asset and, beginning in the third quarter of 2018, stewardship services revenue.
The following table presents Federated Hermes' revenue disaggregated by performance obligation:
(in thousands)202020192018
Asset Management1
$1,011,467 $907,605 $773,418 
Administrative Services318,152 245,887 199,269 
Distribution2
92,922 151,106 146,595 
Other3
25,727 22,296 16,395 
Total Revenue$1,448,268 $1,326,894 $1,135,677 
1    The performance obligation may 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 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.
3    Includes shareholder service fees and, beginning in the third quarter of 2018, stewardship services revenue.
The following table presents Federated Hermes' revenue disaggregated by product type:
(in thousands)202020192018
Federated Hermes Funds$1,191,851 $1,093,157 $942,037 
Separate Accounts241,631 221,756 187,585 
Other1
14,786 11,981 6,055 
Total Revenue$1,448,268 $1,326,894 $1,135,677 
1    Primarily includes stewardship services revenue beginning in the third quarter of 2018.
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 December 31, 2020. 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 exchange rates as of December 31, 2020, Federated Hermes may recognize future fixed revenue from these services as presented in the following table:
(in thousands)
2021$9,059 
20223,212 
20231,883 
2024 and Thereafter1,059 
Total Remaining Unsatisfied Performance Obligations$15,213