Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 230

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 230
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 nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.2 The option budget and surrender rate weighted averages are calculated based on projected account values.3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12. Profit Sharing PayableProfit sharing payable was $1.9 billion and $1.7 billion as of December 31, 2024 and December 31, 2023, respectively. The below is a roll-forward of the profit-sharing payable balance:(In millions)TotalProfit sharing payable, January 1, 2023$1,392 Profit sharing expense777 Payments/other(500)Profit sharing payable, December 31, 2023$1,669 Profit sharing expense783 Payments/other(564)Profit sharing payable, December 31, 2024$1,888 Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the consolidated statements of financial condition. The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.

13. Income TaxesThe Company’s income tax (provision) benefit totaled $(1,062) million, $923 million and $739 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s effective income tax rate was approximately 14.3%, (16.5)% and 17.4% for the years ended December 31, 2024, 2023 and 2022, respectively.The provision (benefit) for income taxes is presented in the following table: Years ended December 31,(In millions