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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Information Regarding Segment Results and Reconciliations | The following tables set forth information regarding KKR's segment results:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Asset Management |  |  |  |  |  |  |  |  |
Management Fees (1) |  |  |  |  | $ | 2,656,487 |  |  | $ | 2,071,440 |  |  | $ | 1,441,578 |
Transaction and Monitoring Fees, Net |  |  |  |  | 775,933 |  |  | 1,004,241 |  |  | 632,433 |
Fee Related Performance Revenues |  |  |  |  | 90,665 |  |  | 45,852 |  |  | 39,555 |
Fee Related Compensation |  |  |  |  | (769,735) |  |  | (702,387) |  |  | (486,481) |
Other Operating Expenses |  |  |  |  | (585,999) |  |  | (449,155) |  |  | (346,558) |
Fee Related Earnings |  |  |  |  | 2,167,351 |  |  | 1,969,991 |  |  | 1,280,527 |
Realized Performance Income |  |  |  |  | 2,176,658 |  |  | 2,141,596 |  |  | 1,165,699 |
Realized Performance Income Compensation |  |  |  |  | (1,333,526) |  |  | (1,239,177) |  |  | (697,071) |
Realized Investment Income (2) |  |  |  |  | 1,134,419 |  |  | 1,613,244 |  |  | 644,659 |
Realized Investment Income Compensation |  |  |  |  | (159,003) |  |  | (241,994) |  |  | (106,830) |
Asset Management Segment Operating Earnings |  |  |  |  | $ | 3,985,899 |  |  | $ | 4,243,660 |  |  | $ | 2,286,984 |
Insurance |  |  |  |  |  |  |  |  |
Net Investment Income (1) (2) |  |  |  |  | $ | 4,112,244 |  |  | $ | 3,329,570 |  |  | $ | — |
Net Cost of Insurance |  |  |  |  | (2,415,996) |  |  | (1,566,681) |  |  | — |
General, Administrative and Other |  |  |  |  | (637,718) |  |  | (500,410) |  |  | — |
Pre-tax Insurance Operating Earnings |  |  |  |  | 1,058,530 |  |  | 1,262,479 |  |  | — |
Income Taxes |  |  |  |  | (171,744) |  |  | (199,095) |  |  | — |
Net Income Attributable to Noncontrolling Interest |  |  |  |  | (341,582) |  |  | (410,833) |  |  | — |
Insurance Segment Operating Earnings |  |  |  |  | $ | 545,204 |  |  | $ | 652,551 |  |  | $ | — |
Total Segment Operating Earnings |  |  |  |  | $ | 4,531,103 |  |  | $ | 4,896,211 |  |  | $ | 2,286,984 |
(1) Includes intersegment management fees of $301.3 million and $158.7 million for the years ended December 31, 2022 and 2021, respectively.
(2) Includes intersegment interest expense and income of $145.3 million and $31.0 million for the years ended December 31, 2022 and 2021, respectively.
|  |  |  |  | As of December 31, |  |
|  |  |  |  | 2022 |  | 2021 |  |
Segment Assets: |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  | $ | 30,373,666 |  |  | $ | 32,306,254 |  |  |
Insurance |  |  |  |  | 173,442,519 |  |  | 166,553,187 |  |  |
Total Segment Assets |  |  |  |  | $ | 203,816,185 |  |  | $ | 198,859,441 |  |  |
|  |  | For the Years Ended December 31,
Noncash expenses excluded from Segment Operating Earnings |  |  |  |  | 2022 |  | 2021 |  | 2020
Equity Based Compensation and Other |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  | $ | 449,685 |  |  | $ | 261,330 |  |  | $ | 246,395 |
Insurance |  |  |  |  | 152,083 |  |  | 95,344 |  |  | — |
Total Non-cash expenses |  |  |  |  | $ | 601,768 |  |  | $ | 356,674 |  |  | $ | 246,395 |
The following tables reconcile the Segment Revenues, Segment Operating Earnings, and Segment Assets to their equivalent GAAP measure:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Total GAAP Revenues |  |  |  |  | $ | 5,721,195 |  |  | $ | 16,236,148 |  |  | $ | 4,230,891 |
Impact of Consolidation and Other |  |  |  |  | 841,711 |  |  | 808,174 |  |  | 461,244 |
Asset Management Adjustments: |  |  |  |  |  |  |  |  |
Capital Allocation-Based Income (Loss) (GAAP) |  |  |  |  | 2,500,509 |  |  | (6,842,414) |  |  | (2,224,100) |
Realized Carried Interest |  |  |  |  | 1,993,860 |  |  | 1,752,130 |  |  | 1,042,204 |
Realized Investment Income |  |  |  |  | 1,134,419 |  |  | 1,613,244 |  |  | 644,659 |
Capstone Fees |  |  |  |  | (86,665) |  |  | (91,407) |  |  | (81,452) |
Expense Reimbursements |  |  |  |  | (102,927) |  |  | (178,572) |  |  | (149,522) |
Insurance Adjustments: |  |  |  |  |  |  |  |  |
Net Premiums |  |  |  |  | (1,182,461) |  |  | (2,226,078) |  |  | — |
Policy Fees |  |  |  |  | (1,278,736) |  |  | (1,147,913) |  |  | — |
Other Income |  |  |  |  | (139,124) |  |  | (120,213) |  |  | — |
Investment Gains and Losses |  |  |  |  | 472,053 |  |  | 544,357 |  |  | — |
Derivative Gains and Losses |  |  |  |  | 1,072,572 |  |  | (141,513) |  |  | — |
Total Segment Revenues (1) |  |  |  |  | $ | 10,946,406 |  |  | $ | 10,205,943 |  |  | $ | 3,923,924 |
(1)Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, (v) Realized Investment Income, and (vi) Net Investment Income.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Income (Loss) Before Tax (GAAP) |  |  |  |  | $ | (1,059,200) |  |  | $ | 13,648,449 |  |  | $ | 5,726,695 |
Impact of Consolidation and Other |  |  |  |  | (84,554) |  |  | (5,165,795) |  |  | (1,696,897) |
Interest Expense |  |  |  |  | 315,189 |  |  | 250,183 |  |  | 211,037 |
Equity-based compensation - KKR Holdings(1) |  |  |  |  | 119,834 |  |  | 161,283 |  |  | 80,739 |
Asset Management Adjustments: |  |  |  |  |  |  |  |  |
Net Unrealized (Gains) Losses |  |  |  |  | 2,002,082 |  |  | (2,590,280) |  |  | (1,697,740) |
Unrealized Carried Interest |  |  |  |  | 4,231,359 |  |  | (4,043,135) |  |  | (1,070,803) |
Unrealized Carried Interest Compensation (Carry Pool) |  |  |  |  | (1,753,396) |  |  | 1,751,912 |  |  | 467,485 |
Strategic Corporate Transaction-Related Charges(2) |  |  |  |  | 94,629 |  |  | 25,153 |  |  | 20,073 |
Equity-based compensation |  |  |  |  | 210,756 |  |  | 183,100 |  |  | 236,199 |
Equity-based compensation - Performance based |  |  |  |  | 238,929 |  |  | 78,230 |  |  | 10,196 |
Insurance Adjustments:(3) |  |  |  |  |  |  |  |  |
Net (Gains) Losses from Investments and Derivatives |  |  |  |  | 192,743 |  |  | 658,975 |  |  | — |
Strategic Corporate Transaction-Related Charges |  |  |  |  | 24,746 |  |  | 25,711 |  |  | — |
Equity-based and Other Compensation |  |  |  |  | 152,083 |  |  | 95,344 |  |  | — |
Amortization of Acquired Intangibles |  |  |  |  | 17,647 |  |  | 16,176 |  |  | — |
Income Taxes |  |  |  |  | (171,744) |  |  | (199,095) |  |  | — |
Total Segment Operating Earnings |  |  |  |  | $ | 4,531,103 |  |  | $ | 4,896,211 |  |  | $ | 2,286,984 |
(1)Represents equity-based compensation expense in connection with the allocation of units of KKR Holdings, which were not dilutive to common stockholders of KKR & Co. Inc. (2)For the year ended December 31, 2022, strategic corporate transaction-related charges include a $40.7 million realized loss from foreign exchange derivatives that were entered in connection with the acquisition of KJRM and that were settled upon closing in the second quarter of 2022. (3)Amounts include the portion allocable to noncontrolling interests.
| As of
| December 31, 2022 |  | December 31, 2021 |  |
Total GAAP Assets | $ | 277,077,191 |  |  | $ | 264,285,440 |  |  |
Impact of Consolidation and Reclassifications | (71,388,438) |  |  | (61,775,687) |  |  |
Carry Pool Reclassifications | (1,872,568) |  |  | (3,650,312) |  |  |
Total Segment Assets | $ | 203,816,185 |  |  | $ | 198,859,441 |  |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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