XML 54 R42.htm IDEA: XBRL DOCUMENT v3.22.2

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Reportable segments financial data

The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2022:

			Three Months Ended June 30, 2022
			Global Private Equity						Global Credit												Global Investment Solutions						Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees			$	337.0					$	123.7											$	55.5					$	516.2
Portfolio advisory and transaction fees, net and other			7.5						34.7												—						42.2
Fee related performance revenues			22.3						12.8												—						35.1
Total fund level fee revenues			366.8						171.2												55.5						593.5
Realized performance revenues			473.8						19.9												26.2						519.9
Realized principal investment income			34.2						8.7												0.9						43.8
Interest income			1.2						2.6												0.2						4.0
Total revenues			876.0						202.4												82.8						1,161.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits			154.2						77.1												28.4						259.7
Realized performance revenues related compensation			214.5						9.4												25.1						249.0
Total compensation and benefits			368.7						86.5												53.5						508.7
General, administrative, and other indirect expenses			59.3						20.3												8.3						87.9
Depreciation and amortization expense			6.3						1.9												1.3						9.5
Interest expense			16.0						7.4												2.9						26.3
Total expenses			450.3						116.1												66.0						632.4
Distributable Earnings			$	425.7					$	86.3											$	16.8					$	528.8
(-) Realized Net Performance Revenues			259.3						10.5												1.1						270.9
(-) Realized Principal Investment Income			34.2						8.7												0.9						43.8
(+) Net Interest			14.8						4.8												2.7						22.3
(=) Fee Related Earnings			$	147.0					$	71.9											$	17.5					$	236.4

			Six Months Ended June 30, 2022
			Global Private Equity												Global Credit						Global Investment Solutions						Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees			$	641.2											$	217.4					$	111.8					$	970.4
Portfolio advisory and transaction fees, net and other			13.6												44.8						—						58.4
Fee related performance revenues			52.9												26.7						—						79.6
Total fund level fee revenues			707.7												288.9						111.8						1,108.4
Realized performance revenues			673.7												33.6						48.9						756.2
Realized principal investment income			48.4												19.0						2.7						70.1
Interest income			1.6												4.1						0.3						6.0
Total revenues			1,431.4												345.6						163.7						1,940.7
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits			307.2												144.3						54.0						505.5
Realized performance revenues related compensation			305.2												16.1						46.0						367.3
Total compensation and benefits			612.4												160.4						100.0						872.8
General, administrative, and other indirect expenses			104.8												43.8						15.6						164.2
Depreciation and amortization expense			12.6												3.9						2.5						19.0
Interest expense			31.8												15.6						5.7						53.1
Total expenses			761.6												223.7						123.8						1,109.1
Distributable Earnings			$	669.8											$	121.9					$	39.9					$	831.6
(-) Realized Net Performance Revenues			368.5												17.5						2.9						388.9
(-) Realized Principal Investment Income			48.4												19.0						2.7						70.1
(+) Net Interest			30.2												11.5						5.4						47.1
(=) Fee Related Earnings			$	283.1											$	96.9					$	39.7					$	419.7
Segment assets as of June 30, 2022			$	9,793.9											$	3,196.0					$	1,813.8					$	14,803.7

    The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2021:

			Three Months Ended June 30, 2021
			Global Private Equity						Global Credit												Global Investment Solutions						Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees			$	263.4					$	75.7											$	60.3					$	399.4
Portfolio advisory and transaction fees, net and other			6.2						9.4												—						15.6
Fee related performance revenues			—						10.4												—						10.4
Total fund level fee revenues			269.6						95.5												60.3						425.4
Realized performance revenues			428.9						—												25.1						454.0
Realized principal investment income			24.0						9.8												4.0						37.8
Interest income			0.5						1.2												0.1						1.8
Total revenues			723.0						106.5												89.5						919.0
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits			133.6						55.6												28.2						217.4
Realized performance revenues related compensation			193.6						—												23.0						216.6
Total compensation and benefits			327.2						55.6												51.2						434.0
General, administrative, and other indirect expenses			36.4						13.0												6.2						55.6
Depreciation and amortization expense			6.1						2.0												1.1						9.2
Interest expense			15.7						6.3												2.8						24.8
Total expenses			385.4						76.9												61.3						523.6
Distributable Earnings			$	337.6					$	29.6											$	28.2					$	395.4
(-) Realized Net Performance Revenues			235.3						—												2.1						237.4
(-) Realized Principal Investment Income			24.0						9.8												4.0						37.8
(+) Net Interest			15.2						5.1												2.7						23.0
(=) Fee Related Earnings			$	93.5					$	24.9											$	24.8					$	143.2

			Six Months Ended June 30, 2021
			Global Private Equity												Global Credit						Global Investment Solutions						Total
			(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees			$	523.6											$	146.3					$	112.3					$	782.2
Portfolio advisory and transaction fees, net and other			16.8												18.2						0.3						35.3
Fee related performance revenues			—												19.8						—						19.8
Total fund level fee revenues			540.4												184.3						112.6						837.3
Realized performance revenues			563.0												0.1						59.3						622.4
Realized principal investment income			47.7												15.7						4.4						67.8
Interest income			0.7												3.2						0.1						4.0
Total revenues			1,151.8												203.3						176.4						1,531.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits			262.7												109.3						57.6						429.6
Realized performance revenues related compensation			253.8												—						55.2						309.0
Total compensation and benefits			516.5												109.3						112.8						738.6
General, administrative, and other indirect expenses			77.8												24.8						14.6						117.2
Depreciation and amortization expense			12.2												3.9						2.2						18.3
Interest expense			29.5												12.6						5.0						47.1
Total expenses			636.0												150.6						134.6						921.2
Distributable Earnings			$	515.8											$	52.7					$	41.8					$	610.3
(-) Realized Net Performance Revenues			309.2												0.1						4.1						313.4
(-) Realized Principal Investment Income			47.7												15.7						4.4						67.8
(+) Net Interest			28.8												9.4						4.9						43.1
(=) Fee Related Earnings			$	187.7											$	46.3					$	38.2					$	272.2

Reconciliation of total segments to income before provision for taxes

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2022 and 2021.

			Three Months Ended June 30, 2022
			Total  Reportable Segments						Consolidated Funds						Reconciling Items												Carlyle Consolidated
						(Dollars in millions)
Revenues			$	1,161.2					$	63.2					$	(175.4)					(a)						$	1,049.0
Expenses			$	632.4					$	51.1					$	42.3					(b)						$	725.8
Other income			$	—					$	(23.5)					$	—					(c)						$	(23.5)
Distributable earnings			$	528.8					$	(11.4)					$	(217.7)					(d)						$	299.7

			Three Months Ended June 30, 2021
			Total Reportable Segments						Consolidated Funds						Reconciling Items												Carlyle Consolidated
						(Dollars in millions)
Revenues			$	919.0					$	62.1					$	1,725.2					(a)						$	2,706.3
Expenses			$	523.6					$	54.2					$	873.2					(b)						$	1,451.0
Other income			$	—					$	(2.6)					$	—					(c)						$	(2.6)
Distributable earnings			$	395.4					$	5.3					$	852.0					(d)						$	1,252.7

    The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the six months ended June 30, 2022 and 2021, and Total Assets as of June 30, 2022.

			Six Months Ended June 30, 2022
			Total Reportable Segments						Consolidated Funds						Reconciling Items												Carlyle Consolidated
						(Dollars in millions)
Revenues			$	1,940.7					$	124.9					$	565.2					(a)						$	2,630.8
Expenses			$	1,109.1					$	104.0					$	354.6					(b)						$	1,567.7
Other income (loss)			$	—					$	(20.7)					$	—					(c)						$	(20.7)
Distributable earnings			$	831.6					$	0.2					$	210.6					(d)						$	1,042.4
Total assets			$	14,803.7					$	6,768.6					$	(147.4)					(e)						$	21,424.9

			Six Months Ended June 30, 2021
			Total Reportable Segments						Consolidated Funds						Reconciling Items												Carlyle Consolidated
						(Dollars in millions)
Revenues			$	1,531.5					$	123.2					$	3,488.8					(a)						$	5,143.5
Expenses			$	921.2					$	110.7					$	1,704.3					(b)						$	2,736.2
Other income (loss)			$	—					$	9.7					$	—					(c)						$	9.7
Distributable earnings			$	610.3					$	22.2					$	1,784.5					(d)						$	2,417.0

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including Fortitude), the principal investment loss from dilution of the indirect investment in Fortitude, revenues earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating

captions or are excluded from the segment results, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain foreign performance revenues, as detailed below:

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
			(Dollars in millions)
Unrealized performance and fee related performance revenues			$	12.2					$	1,620.7					$	711.0					$	3,242.5
Unrealized principal investment income (loss)			(27.1)						78.8						(3.4)						210.1
Principal investment loss from dilution of indirect investment in Fortitude			(176.9)						—						(176.9)						—
Adjustments related to expenses associated with investments in NGP Management and its affiliates			(3.0)						(3.0)						(6.1)						(6.6)
Tax expense associated with certain foreign performance revenues			—						0.3						(0.1)						0.2
Non-controlling interests and other adjustments to present certain costs on a net basis			13.7						41.1						31.6						86.4
Elimination of revenues of Consolidated Funds			5.7						(12.7)						9.1						(43.8)
			$	(175.4)					$	1,725.2					$	565.2					$	3,488.8

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Company’s consolidated fund management fees, for the three and six months ended June 30, 2022 and 2021.

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
			(Dollars in millions)
Total Reportable Segments - Fund level fee revenues			$	593.5					$	425.4					$	1,108.4					$	837.3
Adjustments (1)			(47.0)						(31.0)						(111.4)						(61.9)
Carlyle Consolidated - Fund management fees			$	546.5					$	394.4					$	997.0					$	775.4

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee related performance revenues from business development companies and other products, management fees earned from consolidated CLOs which were eliminated in consolidation to arrive at the Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below:

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
			(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense			$	(58.6)					$	776.8					$	173.6					$	1,552.1
Equity-based compensation			48.3						50.3						89.0						85.2
Acquisition or disposition-related charges (credits) and amortization of intangibles and impairment			53.4						11.3						82.5						30.3
Tax expense associated with certain foreign performance revenues related compensation			—						(3.7)						(0.7)						(9.6)
Non-controlling interests and other adjustments to present certain costs on a net basis			11.8						17.4						28.3						37.3
Right-of-use asset impairment			—						26.8						—						26.8
Other adjustments including severance			(2.3)						2.0						2.3						4.0
Elimination of expenses of Consolidated Funds			(10.3)						(7.7)						(20.4)						(21.8)
			$	42.3					$	873.2					$	354.6					$	1,704.3

(c)The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
			(Dollars in millions)
Income (loss) before provision for income taxes			$	299.7					$	1,252.7					$	1,042.4					$	2,417.0
Adjustments:
Net unrealized performance and fee related performance revenues			(70.8)						(844.0)						(537.4)						(1,690.4)
Unrealized principal investment (income) loss			27.1						(78.8)						3.4						(210.1)
Principal investment loss from dilution of indirect investment in Fortitude			176.9						—						176.9						—
Equity-based compensation (1)			48.3						50.3						89.0						85.2
Acquisition or disposition-related charges (credits), including amortization of intangibles and impairment			53.4						11.3						82.5						30.3
Tax expense associated with certain foreign performance revenues			—						(3.4)						(0.8)						(9.4)
Net income attributable to non-controlling interests in consolidated entities			(3.5)						(21.5)						(26.7)						(43.1)
Right-of-use asset impairment			—						26.8						—						26.8
Other adjustments including severance			(2.3)						2.0						2.3						4.0
Distributable Earnings			$	528.8					$	395.4					$	831.6					$	610.3
Realized performance revenues, net of related compensation (2)			270.9						237.4						388.9						313.4
Realized principal investment income (2)			43.8						37.8						70.1						67.8
Net interest			22.3						23.0						47.1						43.1
Fee Related Earnings			$	236.4					$	143.2					$	419.7					$	272.2

    

(1)Equity-based compensation for the three and six months ended June 30, 2022 and 2021 includes amounts that are presented in principal investment income and general, administrative and other expenses in the Company’s U.S. GAAP statement of operations.

(2)See reconciliation to most directly comparable U.S. GAAP measure below:

			Three Months Ended June 30, 2022
			Carlyle Consolidated						Adjustments (3)						Total Reportable Segments
			(Dollars in millions)
Performance revenues			$	337.9					$	182.0					$	519.9
Performance revenues related compensation expense			207.0						42.0						249.0
Net performance revenues			$	130.9					$	140.0					$	270.9
Principal investment income (loss)			$	56.7					$	(12.9)					$	43.8
			Six Months Ended June 30, 2022
			Carlyle Consolidated						Adjustments (3)						Total Reportable Segments
			(Dollars in millions)
Performance revenues			$	1,048.1					$	(291.9)					$	756.2
Performance revenues related compensation expense			577.7						(210.4)						367.3
Net performance revenues			$	470.4					$	(81.5)					$	388.9
Principal investment income (loss)			$	376.3					$	(306.2)					$	70.1

			Three Months Ended June 30, 2021
			Carlyle Consolidated						Adjustments (3)						Total Reportable Segments
			(Dollars in millions)
Performance revenues			$	2,080.7					$	(1,626.7)					$	454.0
Performance revenues related compensation expense			994.0						(777.4)						216.6
Net performance revenues			$	1,086.7					$	(849.3)					$	237.4
Principal investment income (loss)			$	137.7					$	(99.9)					$	37.8
			Six Months Ended June 30, 2021
			Carlyle Consolidated						Adjustments (3)						Total Reportable Segments
			(Dollars in millions)
Performance revenues			$	3,866.8					$	(3,244.4)					$	622.4
Performance revenues related compensation expense			1,860.6						(1,551.6)						309.0
Net performance revenues			$	2,006.2					$	(1,692.8)					$	313.4
Principal investment income (loss)			$	316.8					$	(249.0)					$	67.8

(3) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income in U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results and the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

(e) The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Company’s total assets.

X

- Definition

Tabular disclosure that reconciles certain total segment information to consolidated income before taxes.

+ References

No definition available.

+ Details

Name:	cg_ScheduleOfIncomeBeforeIncomeTaxTableTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration