Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 234

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 234
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Valuation Allowance(27)(8)Deferred Tax Assets, Net of Valuation Allowance688 710 Deferred Tax Liabilities:Basis difference in investments252 163 Other— 8 Total Deferred Tax Liabilities252 171 Total Deferred Tax Assets, Net - Asset Management$436 $539 Retirement ServicesDeferred Tax Assets:Insurance liabilities$2,383 $1,742 Net operating and capital loss carryforwards193 284 Investments, including derivatives2,331 1,904 Employee benefits10 8 Bermuda tax1,959 1,764 Investment in foreign subsidiaries552 1,176 

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

Tax credits13 — Other— 280 Total Deferred Tax Assets7,441 7,158 Valuation allowance(48)(25)Deferred Tax Assets, Net of Valuation Allowance7,393 7,133 Deferred Tax Liabilities:Intangible assets362 386 DAC, DSI and VOBA1,120 954 Other10 49 Total Deferred Tax Liabilities1,492 1,389 Total Deferred Tax Assets, Net - Retirement Services$5,901 $5,744 The valuation allowance consists of the following: December 31,(In millions)20242023U.S. federal and state net operating losses and other deferred tax assets$30 $8 U.K. net operating losses and other deferred tax assets45 25 Total Valuation Allowance$75 $33 In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax authorities. As of December 31, 2024, the Company’s U.S. federal, state, local and foreign income tax returns for the years 2021 through 2023 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax returns of the Company and certain subsidiaries for tax years 2019 to 2021. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2014 to 2021. The United Kingdom tax authorities are currently examining certain subsidiaries’ tax returns for tax years 2015 to 2022. There are other examinations ongoing in other foreign jurisdictions in which the Company operates. No provisions with respect to these examinations