XML 63 R34.htm IDEA: XBRL DOCUMENT
v3.22.4

REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended
--- | ---
Dec. 31, 2022
Noncontrolling Interest [Abstract] |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests represent: (i) Noncontrolling interests of certain KKR investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Consolidated fund investor's interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the accompanying consolidated statements of financial condition. (ii) Global Atlantic has redeemable noncontrolling interests related to renewable energy entities of approximately $82.7 million and $82.5 million as of December 31, 2022 and 2021, respectively, as determined by the HLBV method, respectively. The estimated redemption value of redeemable noncontrolling interests is calculated as the discounted cash flows subsequent to the expected flip date of the respective renewable energy entity. The flip date represents the date at which the allocation of income and cash flows among the investors in the entity is adjusted, pursuant to the redeemable noncontrolling interest investors having achieved an agreed-upon return. The flip date of renewable energy partnerships determines when the redeemable noncontrolling interests are eligible to be redeemed. Eligible redemption dates range from January 1, 2028 to June 30, 2028. For the redeemable noncontrolling interests outstanding as of both December 31, 2022 and 2021, the estimated redemption value that would be due at the respective redemption dates is $5.3 million. The following table presents the calculation of Redeemable Noncontrolling Interests:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Balance at the beginning of the period | $ | 82,491 |  |  | $ | — |  |  | $ | — |
Impact of Acquisition (See Note 3) | — |  |  | 91,845 |  |  | — |
Net income (loss) attributable to Redeemable Noncontrolling Interests | 2,792 |  |  | 4,060 |  |  | — |
Capital contributions | 69,322 |  |  | — |  |  | — |
Capital distributions | (2,540) |  |  | (13,414) |  |  | — |
Balance at the end of the period | $ | 152,065 |  |  | $ | 82,491 |  |  | $ | — |

X
- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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