filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following tables set forth our selected historical consolidated financial data as of and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014. We derived the selected historical consolidated financial data as of December 31, 2018 and 2017 and for the years ending December 31, 2018, 2017 and 2016 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical consolidated financial data as of December 31, 2016, 2015, and 2014 and for the years ended December 31, 2015 and 2014 from our audited consolidated financial statements, which are not included in this report. You should read the following data together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this report.
On January 1, 2016, KKR adopted ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"), which resulted in the de-consolidation of most of KKR's investment funds that had been consolidated prior to such date. Effective with the adoption of ASU 2015-02, assets, liabilities, and noncontrolling interests from our investment funds that had previously been consolidated are no longer included in the statement of financial condition. Additionally, when an investment fund is consolidated, management fees, fee credits and carried interest earned from consolidated funds are eliminated in consolidation and as such are not recorded in Fees and Other. The economic impact of these management fees, fee credits and carried interests that are eliminated is reflected as an adjustment to noncontrolling interests and has no impact to Net Income Attributable to KKR & Co. Inc. KKR adopted this guidance using the modified retrospective method. As a result, no retrospective adjustment is required and prior periods presented under GAAP have not been impacted.
Prior to January 1, 2018, to the extent an investment fund was not consolidated, KKR accounted for carried interest within Revenues separately from its general partner capital interest, which was included within Investment Income (Loss) in the consolidated statements of operations. Effective January 1, 2018, the carried interest component of the general partner interest and the capital interest KKR holds in its investment funds as the general partner are accounted for as a single unit of account and reported within Revenues in the consolidated statements of operations. This change in accounting principle has been applied on a full retrospective basis. See Note 2 "Summary of Significant Accounting Policies" to the consolidated financial statements included elsewhere in this report.
| For the Years Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| (all dollars are in thousands, except share data) | |||||||||||||||||||
| Statements of Operations Data: | |||||||||||||||||||
| Total Revenues | $ | 2,395,836 | $ | 3,557,280 | $ | 2,040,018 | $ | 1,043,768 | $ | 1,110,008 | |||||||||
| Total Expenses | 2,089,477 | 2,336,692 | 1,695,474 | 1,871,225 | 2,196,067 | ||||||||||||||
| Total Investment Income (Loss) | 1,950,489 | 1,563,780 | 630,681 | 6,169,125 | 6,544,748 | ||||||||||||||
| Income (Loss) Before Taxes | 2,256,848 | 2,784,368 | 975,225 | 5,341,668 | 5,458,689 | ||||||||||||||
| Income Tax Expense (Benefit) | (194,098 | ) | 224,326 | 24,561 | 66,636 | 63,669 | |||||||||||||
| Net Income (Loss) | 2,450,946 | 2,560,042 | 950,664 | 5,275,032 | 5,395,020 | ||||||||||||||
| Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | (37,352 | ) | 73,972 | (8,476 | ) | (4,512 | ) | (3,341 | ) | ||||||||||
| Net Income (Loss) Attributable to Noncontrolling Interests and Appropriated Capital | 1,357,235 | 1,467,765 | 649,833 | 4,791,062 | 4,920,750 | ||||||||||||||
| Net Income (Loss) Attributable to KKR & Co. Inc. | 1,131,063 | 1,018,305 | 309,307 | 488,482 | 477,611 | ||||||||||||||
| Series A Preferred Stock Dividends | 23,288 | 23,288 | 17,337 | — | — | ||||||||||||||
| Series B Preferred Stock Dividends | 10,076 | 10,076 | 4,898 | — | — | ||||||||||||||
| Net Income (Loss) Attributable to KKR & Co. Inc. Class A Common Stockholders | $ | 1,097,699 | $ | 984,941 | $ | 287,072 | $ | 488,482 | $ | 477,611 | |||||||||
| Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Class A Common Stock | |||||||||||||||||||
| Basic | $ | 2.14 | $ | 2.10 | $ | 0.64 | $ | 1.09 | $ | 1.25 | |||||||||
| Diluted | $ | 2.06 | $ | 1.95 | $ | 0.59 | $ | 1.01 | $ | 1.16 | |||||||||
| Weighted Average Shares of Class A Common Stock Outstanding | |||||||||||||||||||
| Basic | 514,102,571 | 468,282,642 | 448,905,126 | 448,884,185 | 381,092,394 | ||||||||||||||
| Diluted | 533,707,039 | 506,288,971 | 483,431,048 | 482,699,194 | 412,049,275 | ||||||||||||||
| As of December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| (all dollars are in thousands) | |||||||||||||||||||
| Statements of Financial Condition Data: | |||||||||||||||||||
| Total Assets | $ | 50,743,375 | $ | 45,834,719 | $ | 39,002,897 | $ | 71,042,339 | $ | 65,872,745 | |||||||||
| Total Liabilities | $ | 25,360,766 | $ | 25,171,919 | $ | 21,884,814 | $ | 21,574,754 | $ | 14,168,684 | |||||||||
| Redeemable Noncontrolling Interests | $ | 1,122,641 | $ | 610,540 | $ | 632,348 | $ | 188,629 | $ | 300,098 | |||||||||
| Noncontrolling Interests | $ | 15,610,358 | $ | 12,866,324 | $ | 10,545,902 | $ | 43,731,774 | $ | 46,004,377 | |||||||||
| Appropriated Capital | $ | — | $ | — | $ | — | $ | — | $ | 16,895 | |||||||||
| Total KKR & Co. Inc. Stockholders' Equity (1) | $ | 8,649,610 | $ | 7,185,936 | $ | 5,939,833 | $ | 5,547,182 | $ | 5,382,691 |
| (1) | Total KKR & Co. Inc. stockholders' equity (including Series A and B preferred stock) reflects only the portion of equity attributable to KKR & Co. Inc. (64.1% interest in the KKR Group Partnerships as of December 31, 2018) and differs from book value reported on a segment basis primarily as a result of the exclusion of the allocations of equity to KKR Holdings. KKR Holdings' 35.9% interest in the KKR Group Partnerships as of December 31, 2018 is reflected as noncontrolling interests and is not included in total KKR & Co. Inc. stockholders' equity. For periods prior to December 31, 2018, equity attributable to KKR & Co. Inc. differs from book value reported on a segment basis primarily as a result of the exclusion of the equity impact of KKR Management Holdings Corp. and allocations of equity to KKR Holdings. |
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