Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 179

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 179
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ivatives not designated as hedgesEquity options85,452 5,002 126 73,881 3,809 102 Futures37 93 11 35 72 — Foreign currency swaps14,908 600 199 8,072 230 244 Interest rate swaps and forwards3,255 67 124 3,499 81 9 Other swaps2,644 3 5 2,588 39 1 Foreign currency forwards39,598 1,054 2,083 28,236 286 685 Embedded derivativesFunds withheld, including related parties(3,650)4 (4,100)(64)Interest sensitive contract liabilities— 11,242 — 9,059 Total derivatives not designated as hedges3,169 13,794 417 10,036 Total derivatives$4,504 $14,802 $1,198 $10,990 Derivatives Designated as HedgesCash Flow HedgesAthene uses interest rate swaps to convert floating-rate interest payments to fixed-rate interest payments to reduce exposure to interest rate changes. The interest rate swaps will expire by July 2031. During the years ended December 31, 2024, 2023 and 2022, Athene recognized gains of $1 million and $33 million, and losses of $106 million, respectively, in OCI associated with these hedges. There were no amounts deemed ineffective during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024, no amounts were expected to be reclassified to income within the next 12 months.Fair Value Hedges Athene uses foreign currency forward contracts, foreign currency swaps, foreign currency interest rate swaps and interest rate swaps that are designated and accounted for as fair value hedges to hedge certain exposures to foreign currency risk and interest rate risk. The foreign currency forward price is agreed upon at the time of the contract and payment is made at a specified future date.

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

The following represents the carrying amount and the cumulative fair value hedging adjustments included in the hedged assets or liabilities:December 31, 2024December 31, 2023(In millions)Carrying amount of the hedged assets or liabilities1Cumulative amount of fair