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Supplemental Financial Information

6 Months Ended

Jun. 30, 2022

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

19. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of June 30, 2022 and December 31, 2021 and results of operations for the three and six months ended June 30, 2022 and 2021. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.

			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

			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

			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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