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OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES
 6 Months Ended
Jun. 30, 2024
OTHER ASSETS AND ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES  
OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES
Other Assets consist of the following:
 June 30, 2024December 31, 2023
Asset Management and Strategic Holdings
Unsettled Investment Sales (1)
$474,740 $271,544 
Receivables173,642 55,602 
Due from Broker (2)
70,140 76,075 
Deferred Tax Assets, net42,377 48,580 
Interest Receivable382,608 351,999 
Fixed Assets, net (3)
857,716 863,096 
Foreign Exchange Contracts and Options (4)
274,943 264,621 
Goodwill (5)
499,867 558,279 
Intangible Assets (6)
1,425,327 1,624,648 
Derivative Assets9,119 4,792 
Prepaid Taxes224,009 211,966 
Prepaid Expenses49,082 56,828 
Operating Lease Right of Use Assets (7)
329,512 358,684 
Deferred Financing Costs19,307 19,213 
Other247,872 209,296 
Total Asset Management and Strategic Holdings $5,080,261 $4,975,223 
Insurance
Unsettled Investment Sales(1) and Derivative Collateral Receivables
$23,910 $27,562 
Deferred Tax Assets, net2,752,645 2,273,757 
Derivative Assets31,007 45,694 
Accrued Investment Income1,428,261 1,220,781 
Goodwill501,496 501,496 
Intangible Assets and Deferred Sales Inducements(8)
284,815 258,529 
Operating Lease Right of Use Assets(7)
169,145 172,955 
Premiums and Other Account Receivables239,391 188,136 
Other171,654 152,486 
Prepaid Taxes49,400 42,294 
Market Risk Benefit Asset182 17 
Total Insurance$5,651,906 $4,883,707 
Total Other Assets$10,732,167 $9,858,930 
(1)Primarily includes 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 $292.4 million and $257.4 million as of June 30, 2024 and December 31, 2023, respectively. Depreciation and amortization expense of $17.9 million and $16.6 million for the three months ended June 30, 2024 and 2023, respectively, and $35.8 million and $32.4 million, for the six months ended June 30, 2024 and 2023, 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 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.
(5)As of June 30, 2024, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of June 30, 2024, there are approximately $(92.6) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM.
(6)As of June 30, 2024, there are approximately $(315.7) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM.
(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 $16.7 million and $17.7 million for the three months ended June 30, 2024 and 2023, respectively, and $33.3 million and $33.4 million for the six months ended June 30, 2024 and 2023, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in the U.S. For the three months ended June 30, 2024 and 2023, the operating lease cost was $6.3 million and $6.8 million, respectively, and for the six months ended June 30, 2024 and 2023, the operating lease cost was $9.9 million and $13.6 million, respectively.
(8)The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 14 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.4 million for both the three months ended June 30, 2024 and 2023 and $8.8 million for both the six months ended June 30, 2024 and 2023.

Accrued Expenses and Other Liabilities consist of the following:
 June 30, 2024December 31, 2023
Asset Management and Strategic Holdings
Amounts Payable to Carry Pool (1)
$3,988,966 $2,664,694 
Unsettled Investment Purchases (2)
1,128,579 574,986 
Securities Sold Short (3) 
134,297 149,136 
Derivative Liabilities70 2,382 
Accrued Compensation and Benefits276,304 210,625 
Interest Payable496,491 492,501 
Foreign Exchange Contracts and Options (4)
226,240 441,608 
Accounts Payable and Accrued Expenses434,886 221,851 
Taxes Payable55,524 39,255 
Uncertain Tax Positions 25,063 23,579 
Unfunded Revolver Commitments98,327 94,683 
Operating Lease Liabilities (5)
333,904 360,852 
Deferred Tax Liabilities, net 2,568,268 2,370,118 
Other Liabilities102,099 72,145 
Total Asset Management and Strategic Holdings$9,869,018 $7,718,415 
Insurance
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities
$648,859 $205,669 
Securities Sold Under Agreements to Repurchase566,169 1,358,434 
Accrued Expenses620,949 607,262 
Insurance Operations Balances in Course of Settlement278,095 250,367 
Operating Lease Liabilities(5)
190,359 193,566 
Derivative Liabilities304,162 146,197 
Accrued Employee Related Expenses67,179 370,984 
Interest Payable33,126 15,894 
Tax Payable to Former Parent Company48,386 62,545 
Accounts and Commissions Payable28,978 32,104 
Other Tax Related Liabilities13,990 12,984 
Total Insurance$2,800,252 $3,256,006 
Total Accrued Expenses and Other Liabilities$12,669,270 $10,974,421 
(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)Primarily includes 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 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements 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 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements 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 17 years, some of which include options to extend the leases from 5 years to 10 years. The weighted average remaining lease terms were 10.2 years and 10.3 years as of June 30, 2024 and December 31, 2023, respectively. The weighted average discount rates were 2.9% and 2.9% as of June 30, 2024 and December 31, 2023, 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 were 7.6 years as of both June 30, 2024 and December 31, 2023. The weighted average discount rates were 4.7% and 4.4% as of June 30, 2024 and December 31, 2023, respectively. The weighted average remaining lease terms for land were 42.8 years and 43.7 years as of June 30, 2024 and December 31, 2023, respectively.