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v3.22.2

Supplemental Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Condensed Financial Information Disclosure [Abstract] |
Supplemental financial position |
| As of June 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,308.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,308.9 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 230.7 |  |  | — |  |  | 230.7 |
Restricted cash | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Investments, including performance allocations of $8,046.7 million | 11,652.1 |  |  | — |  |  | (141.8) |  |  | 11,510.3 |
Investments of Consolidated Funds | — |  |  | 6,418.2 |  |  | — |  |  | 6,418.2 |
Due from affiliates and other receivables, net | 496.8 |  |  | — |  |  | (5.6) |  |  | 491.2 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 119.4 |  |  | — |  |  | 119.4 |
Fixed assets, net | 138.4 |  |  | — |  |  | — |  |  | 138.4 |
Lease right-of-use assets, net | 340.6 |  |  | — |  |  | — |  |  | 340.6 |
Deposits and other | 65.1 |  |  | 0.3 |  |  | — |  |  | 65.4 |
Intangible assets, net | 784.4 |  |  | — |  |  | — |  |  | 784.4 |
Deferred tax assets | 16.5 |  |  | — |  |  | — |  |  | 16.5 |
Total assets | $ | 14,803.7 |  |  | $ | 6,768.6 |  |  | $ | (147.4) |  |  | $ | 21,424.9 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,239.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,239.1 |
Loans payable of Consolidated Funds | — |  |  | 5,757.8 |  |  | — |  |  | 5,757.8 |
Accounts payable, accrued expenses and other liabilities | 315.0 |  |  | — |  |  | — |  |  | 315.0 |
Accrued compensation and benefits | 4,551.8 |  |  | — |  |  | — |  |  | 4,551.8 |
Due to affiliates | 333.6 |  |  | — |  |  | — |  |  | 333.6 |
Deferred revenue | 104.8 |  |  | — |  |  | — |  |  | 104.8 |
Deferred tax liabilities | 525.4 |  |  | — |  |  | — |  |  | 525.4 |
Other liabilities of Consolidated Funds | — |  |  | 613.5 |  |  | — |  |  | 613.5 |
Lease liabilities | 510.7 |  |  | — |  |  | — |  |  | 510.7 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 8,621.3 |  |  | 6,371.3 |  |  | — |  |  | 14,992.6 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,033.6 |  |  | 159.9 |  |  | (159.9) |  |  | 3,033.6 |
Retained earnings | 3,309.9 |  |  | — |  |  | — |  |  | 3,309.9 |
Accumulated other comprehensive loss | (358.6) |  |  | (14.7) |  |  | 12.5 |  |  | (360.8) |
Non-controlling interests in consolidated entities | 193.9 |  |  | 252.1 |  |  | — |  |  | 446.0 |
Total equity | 6,182.4 |  |  | 397.3 |  |  | (147.4) |  |  | 6,432.3 |
Total liabilities and equity | $ | 14,803.7 |  |  | $ | 6,768.6 |  |  | $ | (147.4) |  |  | $ | 21,424.9 |
| As of December 31, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,469.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,469.5 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 147.8 |  |  | — |  |  | 147.8 |
Restricted cash | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Investments, including performance allocations of $8,133.0 million | 11,022.5 |  |  | — |  |  | (190.5) |  |  | 10,832.0 |
Investments of Consolidated Funds | — |  |  | 6,661.0 |  |  | — |  |  | 6,661.0 |
Due from affiliates and other receivables, net | 384.9 |  |  | — |  |  | (5.3) |  |  | 379.6 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 138.8 |  |  | — |  |  | 138.8 |
Fixed assets, net | 143.9 |  |  | — |  |  | — |  |  | 143.9 |
Lease right-of-use assets, net | 361.1 |  |  | — |  |  | — |  |  | 361.1 |
Deposits and other | 61.3 |  |  | 0.4 |  |  | — |  |  | 61.7 |
Intangible assets, net | 34.9 |  |  | — |  |  | — |  |  | 34.9 |
Deferred tax assets | 14.5 |  |  | — |  |  | — |  |  | 14.5 |
Total assets | $ | 14,498.2 |  |  | $ | 6,948.0 |  |  | $ | (195.8) |  |  | $ | 21,250.4 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,071.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,071.6 |
Loans payable of Consolidated Funds | — |  |  | 5,890.0 |  |  | — |  |  | 5,890.0 |
Accounts payable, accrued expenses and other liabilities | 379.7 |  |  | — |  |  | — |  |  | 379.7 |
Accrued compensation and benefits | 4,955.0 |  |  | — |  |  | — |  |  | 4,955.0 |
Due to affiliates | 388.1 |  |  | — |  |  | — |  |  | 388.1 |
Deferred revenue | 120.8 |  |  | — |  |  | — |  |  | 120.8 |
Deferred tax liabilities | 487.1 |  |  | — |  |  | — |  |  | 487.1 |
Other liabilities of Consolidated Funds | — |  |  | 684.0 |  |  | (0.1) |  |  | 683.9 |
Lease liabilities | 537.8 |  |  | — |  |  | — |  |  | 537.8 |
Accrued giveback obligations | 30.2 |  |  | — |  |  | — |  |  | 30.2 |
Total liabilities | 8,970.3 |  |  | 6,574.0 |  |  | (0.1) |  |  | 15,544.2 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 2,717.6 |  |  | 198.6 |  |  | (198.6) |  |  | 2,717.6 |
Retained earnings | 2,805.3 |  |  | — |  |  | — |  |  | 2,805.3 |
Accumulated other comprehensive income (loss) | (245.7) |  |  | (4.7) |  |  | 2.9 |  |  | (247.5) |
Non-controlling interests in consolidated entities | 247.1 |  |  | 180.1 |  |  | — |  |  | 427.2 |
Total equity | 5,527.9 |  |  | 374.0 |  |  | (195.7) |  |  | 5,706.2 |
Total liabilities and equity | $ | 14,498.2 |  |  | $ | 6,948.0 |  |  | $ | (195.8) |  |  | $ | 21,250.4 |
Supplemental results of operations |
| Three Months Ended June 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 553.0 |  |  | $ | — |  |  | $ | (6.5) |  |  | $ | 546.5 |
Incentive fees | 13.5 |  |  | — |  |  | — |  |  | 13.5 |
Investment income |  |  |  |  |  |  |
Performance allocations | 342.7 |  |  | — |  |  | (4.8) |  |  | 337.9 |
Principal investment income | 34.0 |  |  | — |  |  | 22.7 |  |  | 56.7 |
Total investment income | 376.7 |  |  | — |  |  | 17.9 |  |  | 394.6 |
Interest and other income | 36.9 |  |  | — |  |  | (5.7) |  |  | 31.2 |
Interest and other income of Consolidated Funds | — |  |  | 63.2 |  |  | — |  |  | 63.2 |
Total revenues | 980.1 |  |  | 63.2 |  |  | 5.7 |  |  | 1,049.0 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 274.0 |  |  | — |  |  | — |  |  | 274.0 |
Equity-based compensation | 45.4 |  |  | — |  |  | — |  |  | 45.4 |
Performance allocations and incentive fee related compensation | 207.0 |  |  | — |  |  | — |  |  | 207.0 |
Total compensation and benefits | 526.4 |  |  | — |  |  | — |  |  | 526.4 |
General, administrative and other expenses | 131.5 |  |  | — |  |  | 0.2 |  |  | 131.7 |
Interest | 26.9 |  |  | — |  |  | — |  |  | 26.9 |
Interest and other expenses of Consolidated Funds | — |  |  | 51.1 |  |  | (10.5) |  |  | 40.6 |
Other non-operating expense | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total expenses | 685.0 |  |  | 51.1 |  |  | (10.3) |  |  | 725.8 |
Other income |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (23.5) |  |  | — |  |  | (23.5) |
Income before provision for income taxes | 295.1 |  |  | (11.4) |  |  | 16.0 |  |  | 299.7 |
Provision for income taxes | 50.8 |  |  | — |  |  | — |  |  | 50.8 |
Net income | 244.3 |  |  | (11.4) |  |  | 16.0 |  |  | 248.9 |
Net income attributable to non-controlling interests in consolidated entities | (1.1) |  |  | — |  |  | 4.6 |  |  | 3.5 |
Net income attributable to The Carlyle Group Inc. | $ | 245.4 |  |  | $ | (11.4) |  |  | $ | 11.4 |  |  | $ | 245.4 |
| Six Months Ended June 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 1,009.9 |  |  | $ | — |  |  | $ | (12.9) |  |  | $ | 997.0 |
Incentive fees | 27.5 |  |  | — |  |  | — |  |  | 27.5 |
Investment income |  |  |  |  |  |  |
Performance allocations | 1,052.9 |  |  | — |  |  | (4.8) |  |  | 1,048.1 |
Principal investment income | 336.3 |  |  | — |  |  | 40.0 |  |  | 376.3 |
Total investment income | 1,389.2 |  |  | — |  |  | 35.2 |  |  | 1,424.4 |
Interest and other income | 70.2 |  |  | — |  |  | (13.2) |  |  | 57.0 |
Interest and other income of Consolidated Funds | — |  |  | 124.9 |  |  | — |  |  | 124.9 |
Total revenues | 2,496.8 |  |  | 124.9 |  |  | 9.1 |  |  | 2,630.8 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 528.3 |  |  | — |  |  | — |  |  | 528.3 |
Equity-based compensation | 85.1 |  |  | — |  |  | — |  |  | 85.1 |
Performance allocations and incentive fee related compensation | 577.7 |  |  | — |  |  | — |  |  | 577.7 |
Total compensation and benefits | 1,191.1 |  |  | — |  |  | — |  |  | 1,191.1 |
General, administrative and other expenses | 237.8 |  |  | — |  |  | 0.2 |  |  | 238.0 |
Interest | 54.7 |  |  | — |  |  | — |  |  | 54.7 |
Interest and other expenses of Consolidated Funds | — |  |  | 104.0 |  |  | (20.6) |  |  | 83.4 |
Other non-operating expense | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Total expenses | 1,484.1 |  |  | 104.0 |  |  | (20.4) |  |  | 1,567.7 |
Other income |  |  |  |  |  |  |
Net investment gain of Consolidated Funds | — |  |  | (20.7) |  |  | — |  |  | (20.7) |
Income before provision for income taxes | 1,012.7 |  |  | 0.2 |  |  | 29.5 |  |  | 1,042.4 |
Provision for income taxes | 198.7 |  |  | — |  |  | — |  |  | 198.7 |
Net income | 814.0 |  |  | 0.2 |  |  | 29.5 |  |  | 843.7 |
Net income attributable to non-controlling interests in consolidated entities | (3.0) |  |  | — |  |  | 29.7 |  |  | 26.7 |
Net income attributable to The Carlyle Group Inc. | $ | 817.0 |  |  | $ | 0.2 |  |  | $ | (0.2) |  |  | $ | 817.0 |
| Three Months Ended June 30, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 400.4 |  |  | $ | — |  |  | $ | (6.0) |  |  | $ | 394.4 |
Incentive fees | 10.4 |  |  | — |  |  | — |  |  | 10.4 |
Investment income |  |  |  |  |  |  |
Performance allocations | 2,080.7 |  |  | — |  |  | — |  |  | 2,080.7 |
Principal investment income | 139.5 |  |  | — |  |  | (1.8) |  |  | 137.7 |
Total investment income | 2,220.2 |  |  | — |  |  | (1.8) |  |  | 2,218.4 |
Interest and other income | 25.9 |  |  | — |  |  | (4.9) |  |  | 21.0 |
Interest and other income of Consolidated Funds | — |  |  | 62.1 |  |  | — |  |  | 62.1 |
Total revenues | 2,656.9 |  |  | 62.1 |  |  | (12.7) |  |  | 2,706.3 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 231.8 |  |  | — |  |  | — |  |  | 231.8 |
Equity-based compensation | 47.2 |  |  | — |  |  | — |  |  | 47.2 |
Performance allocations and incentive fee related compensation | 994.0 |  |  | — |  |  | — |  |  | 994.0 |
Total compensation and benefits | 1,273.0 |  |  | — |  |  | — |  |  | 1,273.0 |
General, administrative and other expenses | 109.1 |  |  | — |  |  | — |  |  | 109.1 |
Interest | 25.5 |  |  | — |  |  | — |  |  | 25.5 |
Interest and other expenses of Consolidated Funds | — |  |  | 54.2 |  |  | (7.7) |  |  | 46.5 |
Other non-operating income | (3.1) |  |  | — |  |  | — |  |  | (3.1) |
Total expenses | 1,404.5 |  |  | 54.2 |  |  | (7.7) |  |  | 1,451.0 |
Other income |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (2.6) |  |  | — |  |  | (2.6) |
Income before provision for income taxes | 1,252.4 |  |  | 5.3 |  |  | (5.0) |  |  | 1,252.7 |
Provision for income taxes | 306.2 |  |  | — |  |  | — |  |  | 306.2 |
Net income | 946.2 |  |  | 5.3 |  |  | (5.0) |  |  | 946.5 |
Net income attributable to non-controlling interests in consolidated entities | 21.2 |  |  | — |  |  | 0.3 |  |  | 21.5 |
Net income attributable to The Carlyle Group Inc. | 925.0 |  |  | 5.3 |  |  | (5.3) |  |  | 925.0 |
| Six Months Ended June 30, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 787.2 |  |  | $ | — |  |  | $ | (11.8) |  |  | $ | 775.4 |
Incentive fees | 19.9 |  |  | — |  |  | — |  |  | 19.9 |
Investment income |  |  |  |  |  |  |
Performance allocations | 3,866.8 |  |  | — |  |  | — |  |  | 3,866.8 |
Principal investment income | 337.9 |  |  | — |  |  | (21.1) |  |  | 316.8 |
Total investment income | 4,204.7 |  |  | — |  |  | (21.1) |  |  | 4,183.6 |
Interest and other income | 52.3 |  |  | — |  |  | (10.9) |  |  | 41.4 |
Interest and other income of Consolidated Funds | — |  |  | 123.2 |  |  | — |  |  | 123.2 |
Total revenues | 5,064.1 |  |  | 123.2 |  |  | (43.8) |  |  | 5,143.5 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 460.3 |  |  | — |  |  | — |  |  | 460.3 |
Equity-based compensation | 79.6 |  |  | — |  |  | — |  |  | 79.6 |
Performance allocations and incentive fee related compensation | 1,860.6 |  |  | — |  |  | — |  |  | 1,860.6 |
Total compensation and benefits | 2,400.5 |  |  | — |  |  | — |  |  | 2,400.5 |
General, administrative and other expenses | 200.8 |  |  | — |  |  | — |  |  | 200.8 |
Interest | 48.5 |  |  | — |  |  | — |  |  | 48.5 |
Interest and other expenses of Consolidated Funds | — |  |  | 110.7 |  |  | (21.8) |  |  | 88.9 |
Other non-operating income | (2.5) |  |  | — |  |  | — |  |  | (2.5) |
Total expenses | 2,647.3 |  |  | 110.7 |  |  | (21.8) |  |  | 2,736.2 |
Other income |  |  |  |  |  |  |
Net investment gain of Consolidated Funds | — |  |  | 9.7 |  |  | — |  |  | 9.7 |
Income before provision for income taxes | 2,416.8 |  |  | 22.2 |  |  | (22.0) |  |  | 2,417.0 |
Provision for income taxes | 579.6 |  |  | — |  |  | — |  |  | 579.6 |
Net income | 1,837.2 |  |  | 22.2 |  |  | (22.0) |  |  | 1,837.4 |
Net income attributable to non-controlling interests in consolidated entities | 42.9 |  |  | — |  |  | 0.2 |  |  | 43.1 |
Net income attributable to The Carlyle Group Inc. | 1,794.3 |  |  | 22.2 |  |  | (22.2) |  |  | 1,794.3 |
Supplemental statement of cash flows |
| Six Months Ended June 30,
| 2022 |  | 2021
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $ | 814.0 |  |  | $ | 1,837.2 |
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 59.9 |  |  | 26.8 |
Right-of-use asset impairment, net of broker fees | — |  |  | 24.8 |
Equity-based compensation | 85.1 |  |  | 79.6 |
Non-cash performance allocations and incentive fees | (94.6) |  |  | (1,703.9) |
Non-cash principal investment income | (318.4) |  |  | (313.3) |
Other non-cash amounts | (11.9) |  |  | 5.5 |
Purchases of investments | (470.3) |  |  | (161.3) |
Proceeds from the sale of investments | 298.2 |  |  | 418.5 |
Payments of contingent consideration | (5.7) |  |  | (49.9) |
Change in deferred taxes, net | 55.9 |  |  | 481.9 |
Change in due from affiliates and other receivables | (64.8) |  |  | (14.8) |
Change in deposits and other | (7.1) |  |  | (26.6) |
Change in accounts payable, accrued expenses and other liabilities | (67.2) |  |  | 25.4 |
Change in accrued compensation and benefits | (372.1) |  |  | (113.9) |
Change in due to affiliates | 2.8 |  |  | 24.5 |
Change in lease right-of-use asset and lease liability | (4.6) |  |  | 4.6 |
Change in deferred revenue | (12.9) |  |  | 35.6 |
Net cash provided by (used in) operating activities | (113.7) |  |  | 580.7 |
Cash flows from investing activities |  |  |
Purchases of fixed assets, net | (17.4) |  |  | (17.6) |
Purchase of CBAM intangibles and investments, net | (618.4) |  |  | — |
Proceeds from sale of MRE, net of cash sold | — |  |  | 5.9 |
Net cash used in investing activities | (635.8) |  |  | (11.7) |
Cash flows from financing activities |  |  |
Issuance of 4.625% subordinated notes due 2061, net of financing costs | — |  |  | 484.2 |
Payments on CLO borrowings | (9.0) |  |  | (229.4) |
Proceeds from CLO borrowings, net of financing costs | 41.1 |  |  | 87.6 |
Dividends to common stockholders | (207.1) |  |  | (177.4) |
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  |  | (68.8) |
Contributions from non-controlling interest holders | 4.4 |  |  | 7.4 |
Distributions to non-controlling interest holders | (36.6) |  |  | (22.9) |
Common shares issued for performance allocations | 36.5 |  |  | — |
Common shares repurchased | (105.3) |  |  | (25.0) |
Change in due to/from affiliates financing activities | (27.8) |  |  | 12.8 |
Net cash provided by (used in) financing activities | (372.6) |  |  | 68.5 |
Effect of foreign exchange rate changes | (43.2) |  |  | (9.9) |
Increase (decrease) in cash, cash equivalents and restricted cash | (1,165.3) |  |  | 627.6 |
Cash, cash equivalents and restricted cash, beginning of period | 2,475.1 |  |  | 989.6 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,309.8 |  |  | $ | 1,617.2 |
Supplemental non-cash disclosures |  |  |
Issuance of common shares related to the acquisition of CBAM intangibles and investments | $ | 194.5 |  |  | $ | — |
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $ | 1,308.9 |  |  | $ | 1,586.2 |
Restricted cash | 0.9 |  |  | 31.0 |
Total cash, cash equivalents and restricted cash, end of period | $ | 1,309.8 |  |  | $ | 1,617.2 |
Cash and cash equivalents held at Consolidated Funds | $ | 230.7 |  |  | $ | 187.5 |

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