Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Equity	$	136,655	$	138,624	$	394,324	$	344,323
Money Market	138,242		101,257		378,686		304,662
Fixed-Income	45,018		45,897		133,476		135,442
Other1	20,425		22,838		62,383		44,034
Total Revenue	$	340,340	$	308,616	$	968,869	$	828,461

1 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's revenue disaggregated by performance obligation:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Asset Management1	$	232,106	$	217,036	$	663,974	$	559,429
Administrative Services	64,216		49,855		176,319		147,248
Distribution2	38,501		36,226		111,942		111,206
Other3	5,517		5,499		16,634		10,578
Total Revenue	$	340,340	$	308,616	$	968,869	$	828,461

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 contingent deferred sales charges 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, beginning in the third quarter of 2018, stewardship services revenue.

The following table presents Federated's revenue disaggregated by geographical market:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Domestic	$	282,777	$	251,683	$	801,060	$	756,647
Foreign1	57,563		56,933		167,809		71,814
Total Revenue	$	340,340	$	308,616	$	968,869	$	828,461

1 This represents revenue earned by non-U.S. domiciled subsidiaries.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Federated Funds	$	280,970	$	248,428	$	793,496	$	691,641
Separate Accounts	56,477		57,508		166,436		134,140
Other1	2,893		2,680		8,937		2,680
Total Revenue	$	340,340	$	308,616	$	968,869	$	828,461

1 Includes stewardship services revenue beginning in the third quarter of 2018.

Future Fixed Revenue from Stewardship Services

Based on existing contracts and the exchange rates as of September 30, 2019, Federated may recognize future fixed revenue from stewardship services as presented in the following table:

(in thousands)
Remainder of 2019	$	2,722
2020	5,734
2021	2,350
2022 and Thereafter	1,565
Total Remaining Unsatisfied Performance Obligations	$	12,371