Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 233

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 233
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(3.5)(4.6)(9.0)State and local income taxes (net of federal benefit)0.5 1.2 (0.1)Impact of Mergers— — 7.3 Impact of foreign taxes (net of foreign tax credit)(2.6)(31.0)— Impact of equity-based compensation(1.0)1.0 0.1 Impact of valuation allowance0.6 (1.3)— Tax Credits(0.5)(0.6)— Redomicile0.1 (1.2)— Other(0.3)(1.0)(1.9)Effective income tax rate14.3 %(16.5)%17.4 %

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

The income tax provision (benefit) is presented in the following table: Years ended December 31,(In millions)202420232022Income tax provision (benefit)$1,062 $(923)$(739)Income tax provision (benefit) from other comprehensive income (loss)21 513 (1,933)Total income tax provision (benefit)$1,083 $(410)$(2,672)Deferred income taxes are recorded due to temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. The net operating losses and tax credit carryforwards consist of the following:December 31, 2024Amount (in millions)Expiration Year1U.S. Federal net operating losses$580 2026U.S. foreign tax credit66 2033U.S. corporate alternative minimum tax credit115 No expirationU.S. State net operating losses281 2031U.K. net operating losses194 No expirationBermuda net operating losses7,797 No expiration1 Represents year operating losses begin to expire.The Company’s deferred tax assets and liabilities in the consolidated statements of financial condition consist of the following: December 31,(In millions)20242023Asset ManagementDeferred Tax Assets:Depreciation and amortization$303 $395 Tax Credits167 68 Deferred revenue9 11 Equity-based compensation166 170 Net operating loss carryforwards23 — Other47 74 Total Deferred Tax Assets715 718