SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2020

For the three and nine months ended September 30, 2020 and 2019, respectively, revenues consisted of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Management Fees	$	254,467		$	216,733		$	696,892		$	611,238
Fee Credits	(89,487		)	(57,470		)	(185,746		)	(252,809		)
Transaction Fees	300,805			165,212			561,259			658,304
Monitoring Fees	28,824			27,546			86,875			79,621
Incentive Fees	63			—			731			—
Expense Reimbursements	44,553			34,356			100,779			121,157
Oil and Gas Revenue	6,687			11,264			21,054			36,714
Consulting Fees	17,428			18,576			55,541			53,981
Total Fees and Other	563,340			416,217			1,337,385			1,308,206

Carried Interest	1,077,932			335,219			626,338			1,581,045
General Partner Capital Interest	253,966			39,049			262,004			268,578
Total Capital Allocation-Based Income (Loss)	1,331,898			374,268			888,342			1,849,623

Total Revenues	$	1,895,238		$	790,485		$	2,225,727		$	3,157,829

Revenues from contracts with customers

The following table summarizes KKR's revenues from contracts with customers:



Revenue Type	Customer	Performance Obligation	Performance Obligation Satisfied Over Time or Point In Time ⁽¹⁾	Variable or Fixed Consideration	Payment Terms	Subject to Return Once Recognized	Classification of Uncollected Amounts ⁽²⁾
Management Fees	Investment funds, CLOs and other vehicles	Investment management services	Over time as services are rendered	Variable consideration since varies based on fluctuations in the basis of the management fee over time	Typically quarterly or annually in arrears	No	Due from Affiliates
Transaction Fees	Portfolio companies and third party companies	Advisory services and debt and equity arranging and underwriting	Point in time when the transaction (e.g. underwriting) is completed	Fixed consideration	Typically paid on or shortly after transaction closes	No	Due from Affiliates (portfolio companies) Other Assets (third parties)
Monitoring Fees
Recurring Fees	Portfolio companies	Monitoring services	Over time as services are rendered	Variable consideration since varies based on fluctuations in the basis of the recurring fee	Typically quarterly in arrears	No	Due from Affiliates
Termination Fees	Portfolio companies	Monitoring services	Point in time when the termination is completed	Fixed consideration	Typically paid on or shortly after termination occurs	No	Due from Affiliates
Incentive Fees	Investment funds and other vehicles	Investment management services that result in achievement of minimum investment return levels	Point in time at the end of the performance measurement period (quarterly or annually) if investment performance is achieved	Variable consideration since contingent upon the investment fund and other vehicles achieving more than stipulated investment return hurdles	Typically paid shortly after the end of the performance measurement period	No	Due from Affiliates
Expense Reimbursements	Investment funds and portfolio companies	Investment management and monitoring services	Point in time when the related expense is incurred	Fixed consideration	Typically shortly after expense is incurred	No	Due from Affiliates
Oil and Gas Revenues	Oil and gas wholesalers	Delivery of oil liquids and gas	Point in time when delivery has occurred and title has transferred	Fixed consideration	Typically shortly after delivery	No	Other Assets
Consulting Fees	Portfolio companies and other companies	Consulting and other services	Over time as services are rendered	Fixed consideration	Typically quarterly in arrears	No	Due from Affiliates


(1)	For performance obligations satisfied at a point in time, there were no significant judgments made in evaluating when a customer obtains control of the promised service.

(2)

For amounts classified in Other Assets, see Note 8 "Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities." For amounts classified in Due from Affiliates, see Note 13 "Related Party Transactions."