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OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2022
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES  
Schedule of Other Assets
Other Assets consist of the following:
 December 31, 2022December 31, 2021
Asset Management
Unsettled Investment Sales (1)
$90,072 $182,267 
Receivables26,119 81,133 
Due from Broker (2)
160,533 365,053 
Deferred Tax Assets, net (See Note 19)54,769 85,770 
Interest Receivable223,660 144,221 
Fixed Assets, net (3)
857,903 820,143 
Foreign Exchange Contracts and Options (4)
668,716 590,637 
Goodwill (5)
594,270 83,500 
Intangible Assets (6)
1,747,891 5,575 
Derivative Assets7,519 491 
Prepaid Taxes68,107 93,296 
Prepaid Expenses48,233 29,290 
Operating Lease Right of Use Assets (7)
344,022 228,363 
Deferred Financing Costs16,382 17,953 
Other289,430 158,621 
Total Asset Management$5,197,626 $2,886,313 
Insurance
Unsettled Investment Sales(1) and Derivative Collateral Receivables
$663,280 $941,427 
Deferred Tax Assets, net (See Note 19)2,727,191 755,876 
Derivative Assets724,390 1,295,950 
Accrued Investment Income1,130,103 817,486 
Goodwill(9)
501,496 501,496 
Intangible Assets and Deferred Sales Inducements(8)
276,176 293,824 
Operating Lease Right of Use Assets(7)
175,035 160,888 
Premiums and Other Account Receivables141,551 86,524 
Other121,114 96,093 
Prepaid Taxes22,851 103,954 
Total Insurance$6,483,187 $5,053,518 
Total Other Assets$11,680,813 $7,939,831 
(1)Represents amounts due from third parties for investments sold for which cash settlement has not occurred.
(2)Represents amounts held at clearing brokers resulting from securities transactions.
(3)Net of accumulated depreciation and amortization of $188.8 million and $141.6 million as of December 31, 2022 and 2021, respectively. Depreciation and amortization expense of $54.6 million, $46.5 million, and $18.6 million for the years ended December 31, 2022, 2021, and 2020, respectively, are included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are predominantly located in the United States.
(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 5 "Net Gains (Losses) from Investment Activities - Asset Management" for the net changes in fair value associated with these instruments.
(5)As of December 31, 2022, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. There are approximately $1.8 million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM (see Note 3 "Acquisitions").
(6)There are approximately $5.7 million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM (see Note 3 "Acquisitions").
(7)For Asset Management, non-cancelable operating leases consist of leases for office space in North America, Europe, Asia and Australia. KKR is the lessee under the terms of the operating leases. The operating lease cost was $54.2 million, $49.0 million, and $56.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in the U.S. For the years ended December 31, 2022 and 2021, the operating lease cost was $25.0 million and $14.6 million, respectively. Insurance lease right-of-use assets are reported net of $21.8 million and $22.7 million in deferred rent and lease incentives as of December 31, 2022 and 2021, respectively.
(8)The definite life intangible assets are amortized by using the straight-line method over the useful life of the assets which is an average of 15 years. The indefinite life intangible assets are not subject to amortization. For the years ended December 31, 2022 and 2021, the amortization expense of definite life intangible assets was $17.6 million and $16.2 million, respectively.
(9)The amounts include approximately $4.5 million of goodwill related to an immaterial acquisition of a residential mortgage platform, which Global Atlantic acquired in October 2021 for a purchase price consideration of $4.6 million. The insurance segment reported a negative equity carrying amount as of December 31, 2022 primarily due to unrealized losses on available-for-sale fixed maturity investment portfolio. Global Atlantic expects that substantially all of these unrealized losses will not be realized as it intends to hold these investments until recovery of the losses, which may be at maturity, as part of its asset liability cash-flow matching strategy. KKR evaluated qualitative factors, including market and economic conditions, industry-specific events and company-specific financial results, and determined that it was not more likely than not that goodwill was impaired.
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities consist of the following:
 December 31, 2022December 31, 2021
Asset Management
Amounts Payable to Carry Pool (1)
$1,872,568 $3,650,312 
Unsettled Investment Purchases (2)
416,822 1,315,163 
Securities Sold Short (3) 
158,752 249,383 
Derivative Liabilities11,018 45,003 
Accrued Compensation and Benefits265,712 210,789 
Interest Payable363,849 162,801 
Foreign Exchange Contracts and Options (4)
406,746 319,511 
Accounts Payable and Accrued Expenses216,688 187,564 
Taxes Payable136,245 42,745 
Uncertain Tax Positions 56,032 78,226 
Unfunded Revolver Commitments137,315 64,276 
Operating Lease Liabilities (5)
347,901 230,995 
Deferred Tax Liabilities, net (See Note 19)1,667,740 900,436 
Other Liabilities414,387 439,693 
Total Asset Management$6,471,775 $7,896,897 
Insurance
Unsettled Investment Purchases(2)
$208,941 $395,722 
Collateral on Derivative Instruments466,371 1,086,061 
Accrued Expenses600,635 429,504 
Insurance Operations Balances in Course of Settlement949,383 317,733 
Securities Sold Under Agreements to Repurchase805,316 300,446 
Derivative Liabilities934,107 145,163 
Accrued Employee Related Expenses322,698 280,668 
Operating Lease Liabilities(5)
195,001 180,574 
Tax Payable to Former Parent Company67,086 74,423 
Interest Payable13,329 12,930 
Accounts and Commissions Payable25,261 26,054 
Other Tax Related Liabilities12,249 14,288 
Total Insurance$4,600,377 $3,263,566 
Total Accrued Expenses and Other Liabilities$11,072,152 $11,160,463 
(1)Represents the amount of carried interest payable to current and former KKR employees arising from KKR's investment funds and co-investment vehicles that provide for carried interest.
(2)Represents amounts owed to third parties for investment purchases for which cash settlement has not occurred.
(3)Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 5 "Net Gains (Losses) from Investment Activities - Asset Management" for the net changes in fair value associated with these instruments.
(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 5 "Net Gains (Losses) from Investment Activities - Asset Management" for the net changes in fair value associated with these instruments.
(5)For Asset Management, operating leases for office space have remaining lease terms that range from approximately 1 year to 16 years, some of which include options to extend the leases from 5 years to 10 years. The weighted average remaining lease terms were 10.4 years and 9.5 years as of December 31, 2022 and 2021, respectively. The weighted average discount rates were 2.5% and 1.2% as of December 31, 2022 and 2021, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 1 year to 11 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms was 7.0 years and 7.8 years as of December 31, 2022 and 2021, respectively. The weighted average discount rate was 3.6% and 2.9% as of December 31, 2022 and 2021, respectively. The weighted average remaining lease term for land was 26.9 years and 27.9 years as of December 31, 2022 and 2021, respectively.