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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | ncome before income taxes includes the following components:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Income before Income Taxes: |  |  |  |  |
United States | $ | (1,480,217) |  |  | $ | 13,160,722 |  |  | $ | 5,534,251 |
Foreign | 421,017 |  |  | 487,727 |  |  | 192,444 |
Total Income before Income Taxes | $ | (1,059,200) |  |  | $ | 13,648,449 |  |  | $ | 5,726,695 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consists of the following:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 737,737 |  |  | $ | 344,052 |  |  | $ | 181,838 |
State and Local | 97,074 |  |  | 40,336 |  |  | 29,033 |
Foreign | 94,473 |  |  | 81,370 |  |  | 49,962 |
Subtotal | 929,284 |  |  | 465,758 |  |  | 260,833 |
Deferred |  |  |  |  |
Federal | (864,234) |  |  | 793,540 |  |  | 289,700 |
State and Local | (83,113) |  |  | 97,063 |  |  | 36,460 |
Foreign | (17,609) |  |  | (3,091) |  |  | 22,104 |
Subtotal | (964,956) |  |  | 887,512 |  |  | 348,264 |
Total Income Taxes | $ | (35,672) |  |  | $ | 1,353,270 |  |  | $ | 609,097 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory U.S. Federal Income Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Income not attributable to KKR & Co. Inc. (1) | (25.9) | % |  | (14.0) | % |  | (13.9) | %
Foreign Income Taxes | 0.2 | % |  | 0.3 | % |  | 0.8 | %
State and Local Income Taxes | (1.3) | % |  | 0.8 | % |  | 0.8 | %
Compensation Charges not attributable to KKR & Co. Inc. | 8.6 | % |  | 2.8 | % |  | 2.4 | %
Change in Valuation Allowance | — | % |  | — | % |  | 0.4 | %
Other | 0.8 | % |  | (1.0) | % |  | (0.9) | %
Effective Income Tax Rate | 3.4 | % |  | 9.9 | % |  | 10.6 | %
(1)Represents primarily income attributable to (i) noncontrolling interests for all periods. This item also includes investment income of certain entities and net carried interest of certain general partners of KKR investment funds that were not subject to U.S. federal income taxes prior to the conversion of KKR & Co. L.P. to KKR & Co. Inc.
Schedule of Deferred Tax Assets and Liabilities | A summary of the tax effects of the temporary differences is as follows:
Asset Management | December 31, 2022 |  | December 31, 2021
Deferred Tax Assets |  |  |
Fund Management Fee Credits | $ | 185,154 |  |  | $ | 98,165 |
Equity Based Compensation | 70,246 |  |  | 34,116 |
KKR Holdings Unit Exchanges (1) | 445,587 |  |  | 449,683 |
Depreciation and Amortization (2) | 185,865 |  |  | 212,063 |
Operating Lease Liability | 80,323 |  |  | 40,101 |
Net Operating Loss Carryforwards | — |  |  | 58,764 |
Other | 29,273 |  |  | 37,833 |
Total Deferred Tax Assets before Valuation Allowance | 996,448 |  |  | 930,725 |
Valuation Allowance | — |  |  | (23,082) |
Total Deferred Tax Assets | 996,448 |  |  | 907,643 |
Deferred Tax Liabilities |  |  |
Investment Basis Differences / Net Unrealized Gains & Losses (2)(3) | 1,971,093 |  |  | 1,662,353 |
Indefinite Lived Intangible Asset(4) | 532,274 |  |  | — |
Operating Lease Right-of-Use Asset | 80,323 |  |  | 40,101 |
Other | 25,729 |  |  | 19,855 |
Total Deferred Tax Liabilities | 2,609,419 |  |  | 1,722,309 |
Total Deferred Taxes, Net | $ | (1,612,971) |  |  | $ | (814,666) |
(1)In connection with exchanges of KKR Holdings Units into common stock of KKR & Co. Inc., KKR records a deferred tax asset associated with an increase in KKR & Co. Inc.'s share of the tax basis of the tangible and intangible assets of KKR Group Partnership. This amount is offset by an adjustment to record amounts due to KKR Holdings and principals under the tax receivable agreement, which is included within Due to Affiliates in the consolidated statements of financial condition. The net impact of these adjustments was recorded as an adjustment to equity at the time of the exchanges. (2)This deferred tax item includes a portion of the tax benefit KKR recognized as a result of the step-up in tax basis generated by the conversion of KKR & Co. L.P. to KKR & Co. Inc. (3)This deferred tax item includes a portion of the tax liability KKR recognized as a result of the Reorganization Mergers. See Note 1 "Organization". (4)In connection with the acquisition of KJRM, the Company recognized a deferred tax liability resulting from the difference in the book and tax basis of the indefinite lived intangibles as of the acquisition date. See Note 3 "Acquisitions".
Insurance | December 31, 2022 |  | December 31, 2021
Deferred Tax Assets |  |  |
Insurance Reserves | $ | 923,450 |  |  | $ | 1,993,496 |
Insurance Intangibles | 300,147 |  |  | 168,054 |
Net Operating Loss and Capital Loss Carryforwards | 69,566 |  |  | 15,857 |
Insurance Investment Basis Differences, Including Derivatives | 1,599,012 |  |  | — |
Other | 31,369 |  |  | 75,000 |
Total Deferred Tax Assets before Valuation Allowance | 2,923,544 |  |  | 2,252,407 |
Valuation Allowance | (89,250) |  |  | — |
Total Deferred Tax Assets | 2,834,294 |  |  | 2,252,407 |
Deferred Tax Liabilities |  |  |
Insurance Loss Reserve Adjustment | 83,894 |  |  | 111,910 |
Insurance Investment Basis Differences, Including Derivatives | — |  |  | 1,384,621 |
Other | 23,209 |  |  | — |
Total Deferred Tax Liabilities | 107,103 |  |  | 1,496,531 |
Total Deferred Taxes, Net | $ | 2,727,191 |  |  | $ | 755,876 |
Summary of Income Tax Contingencies | At December 31, 2022, 2021 and 2020, KKR's unrecognized tax benefits relating to uncertain tax positions, excluding related interest and penalties, consisted of the following:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Unrecognized Tax Benefits, beginning of period | $ | 59,633 |  |  | $ | 60,712 |  |  | $ | 53,372 |
Gross increases in tax positions in prior periods | 5,169 |  |  | — |  |  | — |
Gross decreases in tax positions in prior periods | (8,414) |  |  | (2,009) |  |  | (125) |
Gross increases in tax positions in current period | 6,261 |  |  | 2,671 |  |  | 7,700 |
Lapse of statute of limitations | (551) |  |  | (1,741) |  |  | (235) |
Settlements with taxing authorities | (21,090) |  |  | — |  |  | — |
Unrecognized Tax Benefits, end of period | $ | 41,008 |  |  | $ | 59,633 |  |  | $ | 60,712 |

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