XML 85 R56.htm IDEA: XBRL DOCUMENT
v3.22.4

DEBT OBLIGATIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Borrowings | KKR's Asset Management debt obligations consisted of the following:
|  | December 31, 2022 |  | December 31, 2021
|  | Financing Available |  | Borrowing Outstanding |  | Fair Value |  | Financing Available |  | Borrowing Outstanding |  | Fair Value
Revolving Credit Facilities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate Credit Agreement |  | $ | 1,500,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000,000 |  |  | $ | — |  |  | $ | — |
KCM Credit Agreement |  | 723,132 |  |  | — |  |  | — |  |  | 728,799 |  |  | — |  |  | — |
KCM 364-Day Revolving Credit Agreement |  | 750,000 |  |  | — |  |  | — |  |  | 750,000 |  |  | — |  |  | — |
Notes Issued: (1) |  |  |  |  |  |  |  |  |  |  |  |
KKR ¥25 billion (or $189.5 million) 0.509% Notes Due 2023 | (4) | — |  |  | 189,432 |  |  | 189,447 |  |  | — |  |  | 216,881 |  |  | 216,818 |
KKR ¥5 billion (or $37.9 million) 0.764% Notes Due 2025 | (4) | — |  |  | 37,646 |  |  | 37,625 |  |  | — |  |  | 43,082 |  |  | 43,452 |
KKR ¥36.4 billion (or $275.9 million) 1.054% Notes Due 2027 | (4) | — |  |  | 274,628 |  |  | 271,081 |  |  | — |  |  | — |  |  | — |
KKR €650 million (or $693.9 million) 1.625% Notes Due 2029 | (5) | — |  |  | 687,928 |  |  | 565,003 |  |  | — |  |  | 729,048 |  |  | 776,926 |
KKR $750 million 3.750% Notes Due 2029 | (4) | — |  |  | 744,222 |  |  | 675,413 |  |  | — |  |  | 743,333 |  |  | 825,540 |
KKR ¥4.9 billion (or $37.1 million) 1.244% Notes Due 2029 | (4) | — |  |  | 36,657 |  |  | 36,020 |  |  | — |  |  | — |  |  | — |
KKR $750 million 4.850% Notes Due 2032 | (4) | — |  |  | 741,655 |  |  | 701,610 |  |  | — |  |  | — |  |  | — |
KKR ¥6.2 billion (or $47.0 million) 1.437% Notes Due 2032 | (4) | — |  |  | 46,431 |  |  | 44,800 |  |  | — |  |  | — |  |  | — |
KKR ¥7.5 billion (or $56.9 million) 1.553% Notes Due 2034 | (4) | — |  |  | 56,204 |  |  | 53,477 |  |  | — |  |  | — |  |  | — |
KKR ¥5.5 billion (or $41.7 million) 1.795% Notes Due 2037 | (4) | — |  |  | 41,097 |  |  | 38,550 |  |  | — |  |  | — |  |  | — |
KKR ¥10.3 billion (or $78.1 million) 1.595% Notes Due 2038 | (4) | — |  |  | 77,134 |  |  | 69,565 |  |  | — |  |  | 88,505 |  |  | 92,198 |
KKR $500 million 5.500% Notes Due 2043 (6) | (4) | — |  |  | 490,494 |  |  | 455,287 |  |  | — |  |  | 491,153 |  |  | 661,351 |
KKR $1.0 billion 5.125% Notes Due 2044 (6) | (4) | — |  |  | 964,726 |  |  | 845,944 |  |  | — |  |  | 951,462 |  |  | 1,237,888 |
KKR $500 million 3.625% Notes Due 2050 | (4) | — |  |  | 492,753 |  |  | 343,490 |  |  | — |  |  | 492,486 |  |  | 535,550 |
KKR $750 million 3.500% Notes Due 2050 (6) | (4) | — |  |  | 736,451 |  |  | 503,862 |  |  | — |  |  | 735,905 |  |  | 784,650 |
KKR $750 million 3.250% Notes Due 2051 | (4) | — |  |  | 739,832 |  |  | 475,920 |  |  | — |  |  | 739,481 |  |  | 747,900 |
KKR $500 million 4.625% Notes Due 2061 | (5) | — |  |  | 486,399 |  |  | 340,400 |  |  | — |  |  | 486,044 |  |  | 523,200 |
KFN $500 million 5.500% Notes Due 2032 | (2) | — |  |  | 495,511 |  |  | 417,551 |  |  | — |  |  | 495,025 |  |  | 487,779 |
KFN $120 million 5.200% Notes Due 2033 | (2) | — |  |  | 118,773 |  |  | 96,502 |  |  | — |  |  | 118,654 |  |  | 115,535 |
KFN $70 million 5.400% Notes Due 2033 | (2) | — |  |  | 69,048 |  |  | 57,042 |  |  | — |  |  | 68,957 |  |  | 68,532 |
KFN Issued Junior Subordinated Notes (3) | (2) | — |  |  | 237,471 |  |  | 189,673 |  |  | — |  |  | 236,138 |  |  | 178,335 |
|  | 2,973,132 |  |  | 7,764,492 |  |  | 6,408,262 |  |  | 2,478,799 |  |  | 6,636,154 |  |  | 7,295,654 |
Other Debt Obligations(6) |  | 4,837,893 |  |  | 32,834,121 |  |  | 32,649,546 |  |  | 4,941,755 |  |  | 30,033,601 |  |  | 30,033,601 |
|  | $ | 7,811,025 |  |  | $ | 40,598,613 |  |  | $ | 39,057,808 |  |  | $ | 7,420,554 |  |  | $ | 36,669,755 |  |  | $ | 37,329,255 |
(1)Borrowing outstanding includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes.
|  | December 31, 2022 |  | December 31, 2021
KKR Issued 0.509% Notes Due 2023 |  | $ | 68 |  |  | $ | 369 |
KKR Issued 0.764% Notes Due 2025 |  | 254 |  |  | 368 |
KKR Issued 1.054% Notes Due 2027 |  | 1,284 |  |  | — |
KKR Issued 1.244% Notes Due 2029 |  | 485 |  |  | — |
KKR Issued 1.625% Notes Due 2029 |  | 3,914 |  |  | 4,526 |
KKR Issued 3.750% Notes Due 2029 |  | 4,177 |  |  | 4,820 |
KKR Issued 1.437% Notes Due 2032 |  | 565 |  |  | — |
KKR Issued 4.850% Notes Due 2032 |  | 5,862 |  |  | — |
KKR Issued 1.553% Notes Due 2034 |  | 646 |  |  | — |
KKR Issued 1.795% Notes Due 2037 |  | 593 |  |  | — |
KKR Issued 1.595% Notes Due 2038 |  | 940 |  |  | 1,002 |
KKR Issued 5.500% Notes Due 2043 |  | 2,979 |  |  | 3,127 |
KKR Issued 5.125% Notes Due 2044 |  | 6,736 |  |  | 7,051 |
KKR Issued 3.625% Notes Due 2050 |  | 4,867 |  |  | 5,046 |
KKR Issued 3.500% Notes Due 2050 |  | 7,226 |  |  | 7,487 |
KKR Issued 3.250% Notes Due 2051 |  | 7,824 |  |  | 8,094 |
KKR Issued 4.625% Notes Due 2061 |  | 13,601 |  |  | 13,956 |
KFN Issued 5.500% Notes Due 2032 |  | 4,548 |  |  | 3,378 |
KFN Issued 5.200% Notes Due 2033 |  | 1,243 |  |  | 1,347 |
KFN Issued 5.400% Notes Due 2033 |  | 964 |  |  | 1,043 |
|  | $ | 68,776 |  |  | $ | 61,614 |
(2)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments. (3)KKR consolidates KFN and reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 6.9% and 2.6% and the weighted average years to maturity is 13.8 years and 14.8 years as of December 31, 2022 and December 31, 2021, respectively. (4)The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes. (5)The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed. (6)As of December 31, 2022 and December 31, 2021, the borrowing outstanding reflects the elimination for the portion of these debt obligations that are held by Global Atlantic. Global Atlantic's debt obligations consisted of the following:
| December 31, 2022 |  | December 31, 2021
| Financing Available |  | Borrowing Outstanding |  | Fair Value(2) |  | Financing Available |  | Borrowing Outstanding |  | Fair Value(2)
Revolving Credit Facilities: |  |  |  |  |  |  |  |  |  |  |
Global Atlantic revolving credit facility, due August 2026 | $ | 600,000 |  |  | $ | 400,000 |  |  | $ | 400,000 |  |  | $ | 1,000,000 |  |  | $ | — |  |  | $ | — |
Notes Issued and Others: |  |  |  |  |  |  |  |  |  |  |
Global Atlantic senior notes, due October 2029 |  |  | 500,000 |  |  | 419,550 |  |  |  |  | 500,000 |  |  | 539,350 |
Global Atlantic senior notes, due June 2031 |  |  | 650,000 |  |  | 478,335 |  |  |  |  | 650,000 |  |  | 644,800 |
Global Atlantic subordinated debentures, due October 2051 |  |  | 750,000 |  |  | 572,475 |  |  |  |  | 750,000 |  |  | 761,475 |
|  |  | 2,300,000 |  |  | $ | 1,870,360 |  |  |  |  | 1,900,000 |  |  | $ | 1,945,625 |
Purchase accounting adjustments(1) |  |  | 43,285 |  |  |  |  |  |  | 51,050 |  |  |
Debt issuance costs, net of accumulated amortization |  |  | (17,623) |  |  |  |  |  |  | (18,675) |  |  |
Fair value loss (gain) of hedged debt obligations, recognized in earnings |  |  | (197,496) |  |  |  |  |  |  | (24,369) |  |  |
|  |  | $ | 2,128,166 |  |  |  |  |  |  | $ | 1,908,006 |  |  |
(1)For the years ended December 31, 2022 and 2021, the amortization of the purchase accounting adjustments was $7.8 million and $4.9 million, respectively. (2)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.
Schedule of Other Debt Obligations | As of December 31, 2022, other debt obligations consisted of the following:
| Financing Available |  | Borrowing Outstanding |  | Fair Value |  | Weighted Average Interest Rate |  | Weighted Average Remaining Maturity in Years
Financing Facilities of Consolidated Funds and Other (1) | $ | 4,837,893 |  |  | $ | 10,560,879 |  |  | $ | 10,376,304 |  |  | 4.9% |  | 5.4
Debt Obligations of Consolidated CLOs | — |  |  | 22,273,242 |  |  | 22,273,242 |  |  | (2) |  | 9.9
| $ | 4,837,893 |  |  | $ | 32,834,121 |  |  | $ | 32,649,546 |  |  |  |  |
(1)Includes borrowings collateralized by fund investments, fund co-investments and other assets held by levered investment vehicles of $2.3 billion. (2)The senior notes of the consolidated CLOs had a weighted average interest rate of 4.8%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.
Schedule of principal payments for debt obligations |
Scheduled principal payments for Asset Management debt obligations at December 31, 2022 are as follows:
| Revolving Credit Facilities |  | Notes Issued |  | Other Debt Obligations |  | Total
2023 | — |  |  | 189,500 |  |  | 2,756,745 |  |  | 2,946,245 |
2024 | — |  |  | — |  |  | 637,288 |  |  | 637,288 |
2025 | — |  |  | 37,900 |  |  | 263,168 |  |  | 301,068 |
2026 | — |  |  | — |  |  | 763,592 |  |  | 763,592 |
2027 | — |  |  | 275,912 |  |  | 217,206 |  |  | 493,118 |
Thereafter | — |  |  | 7,368,568 |  |  | 29,470,796 |  |  | 36,839,364 |
| $ | — |  |  | $ | 7,871,880 |  |  | $ | 34,108,795 |  |  | $ | 41,980,675 |
Scheduled principal payments for Insurance debt obligations at December 31, 2022 are as follows:
| Revolving Credit Facilities |  | Notes Issued |  | Other Debt Obligations |  | Total
2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 | — |  |  | — |  |  | — |  |  | — |
2025 | — |  |  | — |  |  | — |  |  | — |
2026 | 400,000 |  |  | — |  |  | — |  |  | 400,000 |
2027 | — |  |  | — |  |  | — |  |  | — |
Thereafter | — |  |  | 1,900,000 |  |  | — |  |  | 1,900,000 |
| $ | 400,000 |  |  | $ | 1,900,000 |  |  | $ | — |  |  | $ | 2,300,000 |

X
- Definition Represents the tabular disclosure of debt obligations of consolidated CLOs. + References No definition available. + Details
Name: | kkr_ScheduleOfDebtObligationsOfConsolidatedCLOTableTextBlock
Namespace Prefix: | kkr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration