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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Classes of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents fair value measurements for classes of Federated Hermes’ financial assets and liabilities measured at fair value on a recurring basis at December 31:
(in thousands)Level 1Level 2Level 3Total
2023
Financial Assets
Cash and Cash Equivalents$383,180 $0 $0 $383,180 
Investments—Consolidated Investment Companies11,402 59,141 0 70,543 
Investments—Affiliates and Other104,341 2,588 23 106,952 
Other1
6,160 1,309 0 7,469 
Total Financial Assets$505,083 $63,038 $23 $568,144 
Total Financial Liabilities2
$0 $0 $7,626 $7,626 
2022
Financial Assets
Cash and Cash Equivalents$336,782 $0 $0 $336,782 
Investments—Consolidated Investment Companies49,119 59,329 0 108,448 
Investments—Affiliates and Other71,369 5,130 25 76,524 
Other1
6,538 469 0 7,007 
Total Financial Assets$463,808 $64,928 $25 $528,761 
Total Financial Liabilities2
$27 $4 $8,439 $8,470 
1    Amounts primarily consist of restricted cash, security deposits and derivative assets.
2    Amounts primarily consist of acquisition-related future contingent consideration liabilities.
Schedule of Reconciliation of Liability for Future Consideration Payments
The following table presents a reconciliation of the beginning and ending balances for Federated Hermes’ liability for future consideration payments related to these business combinations:
(in thousands)
Balance at December 31, 2022
$8,439 
Changes in Fair Value1,252 
Contingent Consideration Payments(2,065)
Balance at December 31, 2023
$7,626