Profit sharing payable was $1.7 billion and $1.4 billion as of December 31, 2023 and December 31, 2022, respectively. The below is a roll-forward of the profit-sharing payable balance:


(In millions)	Total
Profit sharing payable, January 1, 2022	$	1,445
Profit sharing expense	533
Payments/other	(586)
Profit sharing payable, December 31, 2022	$	1,392
Profit sharing expense	777
Payments/other	(500)
Profit sharing payable, December 31, 2023	$	1,669

Profit sharing expense includes (i) changes in amounts due to current and former employees entitled to a share of performance revenues in funds managed by Apollo and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain of the Company’s acquisitions. Profit sharing payable excludes the potential return of profit-sharing distributions that would be due if certain funds were liquidated, which is recorded in due from related parties in the consolidated statements of financial condition.

The Company requires that a portion of certain of the performance revenues distributed to the Company’s employees be used to purchase restricted shares of common stock issued under its Equity Plan. Prior to distribution of the performance revenues, the Company records the value of the equity-based awards expected to be granted in other assets and accounts payable, accrued expenses, and other liabilities.