Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table presents Federated's revenue disaggregated by asset class:

(in thousands)	2018
Equity	$	470,436
Money Market	414,746
Fixed-Income	180,152
Other1	70,343
Total Revenue	$	1,135,677

1 Includes Alternative / Private Markets (including but not limited to private equity, real estate and infrastructure), Multi-Asset and stewardship services revenue.

The following table presents Federated's revenue disaggregated by performance obligation:

(in thousands)	2018
Asset Management1	$	773,418
Administrative Services	199,269
Distribution2	146,595
Other3	16,395
Total Revenue	$	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 and may include CDSC's and upfront commissions. A portion of this revenue relates to a performance obligation that has been satisfied in a prior period.

3 Includes shareholder service fees and stewardship services revenue.

The following table presents Federated's revenue disaggregated by product type:

(in thousands)	2018
Federated Funds	$	942,037
Separate Accounts	187,585
Other1	6,055
Total Revenue	$	1,135,677

1 Includes stewardship services revenue.

Federated 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 expects to recognize revenue in the future related to the unsatisfied portion of the stewardship services performance obligations at December 31, 2018. 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 a three to twelve month notice. Based on existing contracts and the exchange rates as of December 31, 2018, Federated may record future fixed revenue from stewardship services as presented in the following table:

(in thousands)
2019	$	8,231
2020	2,597
2021	1,553
2022 and thereafter	535
Total Remaining Unsatisfied Performance Obligations	$	12,916