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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price | The purchase price is as follows (in thousands)
Cash consideration paid by KKR | $ | 2,914,455 |
GA Co-Investors and GA Rollover Investors | 1,824,239 |
Total Purchase Price | $ | 4,738,694 |
Amounts Recognized for Assets Acquired and Liabilities Assumed and Resulting Goodwill | The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the GA Acquisition Date:
|  | February 1, 2021 |
($ in thousands) |  |  |
Consideration Transferred |  |  |
Cash Consideration paid by KKR |  | $ | 2,914,455 |  |
GA Co-Investors |  | 978,296 |  |
GA Rollover Investors |  | 845,943 |  |
Settlement of pre-existing relationships(1) |  | (60,200) |  |
Total Consideration Transferred(2) |  | $ | 4,678,494 |  |
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: |  |  |
Cash, Cash Equivalents and Restricted Cash |  | $ | 3,358,772 |  |
Investments |  | 99,544,755 |  |
Reinsurance Recoverable |  | 15,753,030 |  |
Insurance Intangible Assets |  | 1,024,520 |  |
Other Assets(3) |  | 3,325,652 |  |
Separate Account Assets |  | 5,371,060 |  |
Policy Liabilities |  | (100,374,765) |  |
Debt Obligations |  | (1,450,920) |  |
Funds Withheld Payable at Interest |  | (13,800,969) |  |
Accrued Expenses and Other Liabilities |  | (2,735,811) |  |
Reinsurance Liabilities |  | (180,573) |  |
Separate Account Liabilities |  | (5,371,060) |  |
Total Identifiable Net Assets |  | 4,463,691 |  |
Redeemable Noncontrolling interests(4) |  | (91,845) |  |
Other Noncontrolling interests(4) |  | (190,405) |  |
Goodwill |  | $ | 497,053 |  |
(1)Represents KKR debt obligations held by Global Atlantic at the GA Acquisition Date. (2)At the GA Acquisition Date, the transaction was funded with a combination of (i) cash on hand by KKR, (ii) cash proceeds from syndication of the equity interests in Global Atlantic to minority co-investors and equity rolled over from certain former Global Atlantic shareholders. The equity held by GA co-investors and rollover investors are presented as noncontrolling interests in the financial statements. Acquisition of Global Atlantic, Net of Cash Acquired in the consolidated statements of cash flows represents the Total Consideration Transferred (excluding GA Rollover Investors) net of acquired Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. (3)Includes $1.0 billion of deferred tax assets recognized from the step-up in basis under purchase accounting. (4)Represents the fair value of Noncontrolling Interests in consolidated renewable energy entities held by Global Atlantic on the GA Acquisition Date. Such interests do not represent ownership interests held by GA Rollover Investors or GA Co-Investors in Global Atlantic's equity.
Acquired Finite-Lived and Indefinite-Lived Intangible Assets | The fair value and weighted average estimated useful lives of Value of Business Acquired and Other Identifiable Intangible Assets acquired in the GA Acquisition consist of the following (dollars in thousands):
|  | Fair Value |  | Average Useful Life
|  | ($ in thousands) |  | (in years)
VOBA (included within Insurance Intangible Assets) |  | $ | 1,024,520 |  |  | 28.6
Negative VOBA (included within Policy Liabilities) |  | (1,273,414) |  |  | 22.2
Total VOBA |  | $ | (248,894) |  |  |
Value of Distribution Agreements Acquired |  | $ | 250,000 |  |  | 16 to 21
Trade Names |  | 50,000 |  |  | 15 to 18
State Insurance Licenses |  | 10,000 |  |  | Indefinite
Total Identifiable Other Intangible Assets (included within Other Assets) |  | $ | 310,000 |  |  |
Pro-Forma Financial Information | Pro-forma financial information for the year ended December 31, 2021 and December 31, 2020 is presented below. Pro-forma financial information presented does not include adjustments to reflect any potential revenue synergies or cost savings that may be achievable in connection with the GA Acquisition and assume the GA Acquisition occurred as of January 1, 2020. The pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had the GA Acquisition been completed as of January 1, 2020.
|  |  |  | Year ended December 31,
|  |  |  | 2021 |  |  | 2020
Total Revenues |  |  |  |  | $ | 16,750,326 |  |  |  | $ | 10,877,373 |
Net Income Attributable to KKR & Co. Inc. Common Stockholders |  |  |  |  | $ | 4,654,690 |  |  |  | $ | 2,125,464 |

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