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v3.22.2.2

Supplemental Financial Information | 9 Months Ended
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Sep. 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 September 30, 2022 and December 31, 2021 and results of operations for the three and nine months ended September 30, 2022 and 2021. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.
| As of September 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,361.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,361.9 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 177.2 |  |  | — |  |  | 177.2 |
Restricted cash | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Corporate treasury investments | 69.5 |  |  | — |  |  | — |  |  | 69.5 |
Investments, including performance allocations of $7,428.7 million | 11,130.8 |  |  | — |  |  | (132.6) |  |  | 10,998.2 |
Investments of Consolidated Funds | — |  |  | 6,409.7 |  |  | — |  |  | 6,409.7 |
Due from affiliates and other receivables, net | 950.4 |  |  | — |  |  | (464.0) |  |  | 486.4 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 108.6 |  |  | — |  |  | 108.6 |
Fixed assets, net | 134.4 |  |  | — |  |  | — |  |  | 134.4 |
Lease right-of-use assets, net | 333.5 |  |  | — |  |  | — |  |  | 333.5 |
Deposits and other | 69.1 |  |  | 0.3 |  |  | — |  |  | 69.4 |
Intangible assets, net | 925.1 |  |  | — |  |  | — |  |  | 925.1 |
Deferred tax assets | 17.9 |  |  | — |  |  | — |  |  | 17.9 |
Total assets | $ | 14,993.2 |  |  | $ | 6,695.8 |  |  | $ | (596.6) |  |  | $ | 21,092.4 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,235.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,235.0 |
Loans payable of Consolidated Funds | — |  |  | 5,975.3 |  |  | (458.4) |  |  | 5,516.9 |
Accounts payable, accrued expenses and other liabilities | 379.4 |  |  | — |  |  | — |  |  | 379.4 |
Accrued compensation and benefits | 4,347.7 |  |  | — |  |  | — |  |  | 4,347.7 |
Due to affiliates | 336.0 |  |  | 15.7 |  |  | (0.1) |  |  | 351.6 |
Deferred revenue | 394.2 |  |  | — |  |  | — |  |  | 394.2 |
Deferred tax liabilities | 449.9 |  |  | — |  |  | — |  |  | 449.9 |
Other liabilities of Consolidated Funds | — |  |  | 222.1 |  |  | (0.1) |  |  | 222.0 |
Lease liabilities | 499.9 |  |  | — |  |  | — |  |  | 499.9 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 8,683.0 |  |  | 6,213.1 |  |  | (458.6) |  |  | 14,437.5 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,123.0 |  |  | 157.2 |  |  | (157.2) |  |  | 3,123.0 |
Retained earnings | 3,430.8 |  |  | — |  |  | — |  |  | 3,430.8 |
Accumulated other comprehensive loss | (437.6) |  |  | (21.3) |  |  | 19.2 |  |  | (439.7) |
Non-controlling interests in consolidated entities | 190.4 |  |  | 346.8 |  |  | — |  |  | 537.2 |
Total equity | 6,310.2 |  |  | 482.7 |  |  | (138.0) |  |  | 6,654.9 |
Total liabilities and equity | $ | 14,993.2 |  |  | $ | 6,695.8 |  |  | $ | (596.6) |  |  | $ | 21,092.4 |
| 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 September 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 542.1 |  |  | $ | — |  |  | $ | (6.2) |  |  | $ | 535.9 |
Incentive fees | 15.2 |  |  | — |  |  | (0.1) |  |  | 15.1 |
Investment income |  |  |  |  |  |  |
Performance allocations | 297.8 |  |  | — |  |  | 0.3 |  |  | 298.1 |
Principal investment income | 127.6 |  |  | — |  |  | (3.4) |  |  | 124.2 |
Total investment income | 425.4 |  |  | — |  |  | (3.1) |  |  | 422.3 |
Interest and other income | 37.6 |  |  | — |  |  | (2.1) |  |  | 35.5 |
Interest and other income of Consolidated Funds | — |  |  | 79.7 |  |  | — |  |  | 79.7 |
Total revenues | 1,020.3 |  |  | 79.7 |  |  | (11.5) |  |  | 1,088.5 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 251.4 |  |  | — |  |  | — |  |  | 251.4 |
Equity-based compensation | 54.2 |  |  | — |  |  | — |  |  | 54.2 |
Performance allocations and incentive fee related compensation | 163.5 |  |  | — |  |  | — |  |  | 163.5 |
Total compensation and benefits | 469.1 |  |  | — |  |  | — |  |  | 469.1 |
General, administrative and other expenses | 149.3 |  |  | — |  |  | (0.1) |  |  | 149.2 |
Interest | 27.3 |  |  | — |  |  | — |  |  | 27.3 |
Interest and other expenses of Consolidated Funds | — |  |  | 62.0 |  |  | (8.3) |  |  | 53.7 |
Other non-operating expense | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Total expenses | 646.0 |  |  | 62.0 |  |  | (8.4) |  |  | 699.6 |
Other income (loss) |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (30.3) |  |  | — |  |  | (30.3) |
Income (loss) before provision for income taxes | 374.3 |  |  | (12.6) |  |  | (3.1) |  |  | 358.6 |
Provision for income taxes | 76.2 |  |  | — |  |  | — |  |  | 76.2 |
Net income (loss) | 298.1 |  |  | (12.6) |  |  | (3.1) |  |  | 282.4 |
Net income attributable to non-controlling interests in consolidated entities | 17.3 |  |  | — |  |  | (15.7) |  |  | 1.6 |
Net income (loss) attributable to The Carlyle Group Inc. | $ | 280.8 |  |  | $ | (12.6) |  |  | $ | 12.6 |  |  | $ | 280.8 |
| Nine Months Ended September 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 1,552.0 |  |  | $ | — |  |  | $ | (19.1) |  |  | $ | 1,532.9 |
Incentive fees | 42.7 |  |  | — |  |  | (0.1) |  |  | 42.6 |
Investment income |  |  |  |  |  |  |
Performance allocations | 1,350.7 |  |  | — |  |  | (4.5) |  |  | 1,346.2 |
Principal investment income | 463.9 |  |  | — |  |  | 36.6 |  |  | 500.5 |
Total investment income | 1,814.6 |  |  | — |  |  | 32.1 |  |  | 1,846.7 |
Interest and other income | 107.8 |  |  | — |  |  | (15.3) |  |  | 92.5 |
Interest and other income of Consolidated Funds | — |  |  | 204.6 |  |  | — |  |  | 204.6 |
Total revenues | 3,517.1 |  |  | 204.6 |  |  | (2.4) |  |  | 3,719.3 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 779.7 |  |  | — |  |  | — |  |  | 779.7 |
Equity-based compensation | 139.3 |  |  | — |  |  | — |  |  | 139.3 |
Performance allocations and incentive fee related compensation | 741.2 |  |  | — |  |  | — |  |  | 741.2 |
Total compensation and benefits | 1,660.2 |  |  | — |  |  | — |  |  | 1,660.2 |
General, administrative and other expenses | 387.1 |  |  | — |  |  | 0.1 |  |  | 387.2 |
Interest | 82.0 |  |  | — |  |  | — |  |  | 82.0 |
Interest and other expenses of Consolidated Funds | — |  |  | 166.0 |  |  | (28.9) |  |  | 137.1 |
Other non-operating expense | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Total expenses | 2,130.1 |  |  | 166.0 |  |  | (28.8) |  |  | 2,267.3 |
Other income (loss) |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (51.0) |  |  | — |  |  | (51.0) |
Income (loss) before provision for income taxes | 1,387.0 |  |  | (12.4) |  |  | 26.4 |  |  | 1,401.0 |
Provision for income taxes | 274.9 |  |  | — |  |  | — |  |  | 274.9 |
Net income (loss) | 1,112.1 |  |  | (12.4) |  |  | 26.4 |  |  | 1,126.1 |
Net income attributable to non-controlling interests in consolidated entities | 14.3 |  |  | — |  |  | 14.0 |  |  | 28.3 |
Net income (loss) attributable to The Carlyle Group Inc. | $ | 1,097.8 |  |  | $ | (12.4) |  |  | $ | 12.4 |  |  | $ | 1,097.8 |
| Three Months Ended September 30, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 414.3 |  |  | $ | — |  |  | $ | (6.8) |  |  | $ | 407.5 |
Incentive fees | 13.1 |  |  | — |  |  | — |  |  | 13.1 |
Investment income |  |  |  |  |  |  |
Performance allocations | 974.5 |  |  | — |  |  | — |  |  | 974.5 |
Principal investment income | 165.2 |  |  | — |  |  | (4.8) |  |  | 160.4 |
Total investment income | 1,139.7 |  |  | — |  |  | (4.8) |  |  | 1,134.9 |
Interest and other income | 27.0 |  |  | — |  |  | (5.1) |  |  | 21.9 |
Interest and other income of Consolidated Funds | — |  |  | 62.1 |  |  | — |  |  | 62.1 |
Total revenues | 1,594.1 |  |  | 62.1 |  |  | (16.7) |  |  | 1,639.5 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 224.9 |  |  | — |  |  | — |  |  | 224.9 |
Equity-based compensation | 42.4 |  |  | — |  |  | — |  |  | 42.4 |
Performance allocations and incentive fee related compensation | 495.2 |  |  | — |  |  | — |  |  | 495.2 |
Total compensation and benefits | 762.5 |  |  | — |  |  | — |  |  | 762.5 |
General, administrative and other expenses | 99.6 |  |  | — |  |  | — |  |  | 99.6 |
Interest | 27.9 |  |  | — |  |  | — |  |  | 27.9 |
Interest and other expenses of Consolidated Funds | — |  |  | 51.9 |  |  | (7.3) |  |  | 44.6 |
Other non-operating income | 3.5 |  |  | — |  |  | — |  |  | 3.5 |
Total expenses | 893.5 |  |  | 51.9 |  |  | (7.3) |  |  | 938.1 |
Other income |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (0.1) |  |  | — |  |  | (0.1) |
Income before provision for income taxes | 700.6 |  |  | 10.1 |  |  | (9.4) |  |  | 701.3 |
Provision for income taxes | 153.9 |  |  | — |  |  | — |  |  | 153.9 |
Net income | 546.7 |  |  | 10.1 |  |  | (9.4) |  |  | 547.4 |
Net income attributable to non-controlling interests in consolidated entities | 13.9 |  |  | — |  |  | 0.7 |  |  | 14.6 |
Net income attributable to The Carlyle Group Inc. | 532.8 |  |  | 10.1 |  |  | (10.1) |  |  | 532.8 |
| Nine Months Ended September 30, 2021
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 1,201.5 |  |  | $ | — |  |  | $ | (18.6) |  |  | $ | 1,182.9 |
Incentive fees | 33.0 |  |  | — |  |  | — |  |  | 33.0 |
Investment income |  |  |  |  |  |  |
Performance allocations | 4,841.3 |  |  | — |  |  | — |  |  | 4,841.3 |
Principal investment income | 503.1 |  |  | — |  |  | (25.9) |  |  | 477.2 |
Total investment income | 5,344.4 |  |  | — |  |  | (25.9) |  |  | 5,318.5 |
Interest and other income | 79.3 |  |  | — |  |  | (16.0) |  |  | 63.3 |
Interest and other income of Consolidated Funds | — |  |  | 185.3 |  |  | — |  |  | 185.3 |
Total revenues | 6,658.2 |  |  | 185.3 |  |  | (60.5) |  |  | 6,783.0 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 685.2 |  |  | — |  |  | — |  |  | 685.2 |
Equity-based compensation | 122.0 |  |  | — |  |  | — |  |  | 122.0 |
Performance allocations and incentive fee related compensation | 2,355.8 |  |  | — |  |  | — |  |  | 2,355.8 |
Total compensation and benefits | 3,163.0 |  |  | — |  |  | — |  |  | 3,163.0 |
General, administrative and other expenses | 300.4 |  |  | — |  |  | — |  |  | 300.4 |
Interest | 76.4 |  |  | — |  |  | — |  |  | 76.4 |
Interest and other expenses of Consolidated Funds | — |  |  | 162.6 |  |  | (29.1) |  |  | 133.5 |
Other non-operating income | 1.0 |  |  | — |  |  | — |  |  | 1.0 |
Total expenses | 3,540.8 |  |  | 162.6 |  |  | (29.1) |  |  | 3,674.3 |
Other income |  |  |  |  |  |  |
Net investment gain of Consolidated Funds | — |  |  | 9.6 |  |  | — |  |  | 9.6 |
Income before provision for income taxes | 3,117.4 |  |  | 32.3 |  |  | (31.4) |  |  | 3,118.3 |
Provision for income taxes | 733.5 |  |  | — |  |  | — |  |  | 733.5 |
Net income | 2,383.9 |  |  | 32.3 |  |  | (31.4) |  |  | 2,384.8 |
Net income attributable to non-controlling interests in consolidated entities | 56.8 |  |  | — |  |  | 0.9 |  |  | 57.7 |
Net income attributable to The Carlyle Group Inc. | 2,327.1 |  |  | 32.3 |  |  | (32.3) |  |  | 2,327.1 |
| Nine Months Ended September 30,
| 2022 |  | 2021
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $ | 1,112.1 |  |  | $ | 2,383.9 |
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 102.7 |  |  | 40.5 |
Right-of-use asset impairment, net of broker fees | — |  |  | 24.8 |
Equity-based compensation | 139.3 |  |  | 122.0 |
Non-cash performance allocations and incentive fees | 179.4 |  |  | (1,662.3) |
Non-cash principal investment income | (434.9) |  |  | (470.7) |
Other non-cash amounts | (27.4) |  |  | 20.7 |
Purchases of investments | (582.4) |  |  | (250.9) |
Proceeds from the sale of investments | 410.2 |  |  | 559.1 |
Payments of contingent consideration | (5.7) |  |  | (50.0) |
Change in deferred taxes, net | (2.3) |  |  | 449.1 |
Change in due from affiliates and other receivables | (62.0) |  |  | (21.1) |
Change in deposits and other | (12.8) |  |  | (23.3) |
Change in accounts payable, accrued expenses and other liabilities | (27.7) |  |  | 90.9 |
Change in accrued compensation and benefits | (265.3) |  |  | 17.3 |
Change in due to affiliates | 2.4 |  |  | 1.4 |
Change in lease right-of-use asset and lease liability | (7.0) |  |  | 5.9 |
Change in deferred revenue | 274.9 |  |  | 247.6 |
Net cash provided by operating activities | 793.5 |  |  | 1,484.9 |
Cash flows from investing activities |  |  |
Purchases of corporate treasury investments, net | (69.6) |  |  | — |
Purchases of fixed assets, net | (25.0) |  |  | (27.0) |
Purchase of Abingworth, net of cash acquired | (150.2) |  |  | — |
Purchase of CBAM intangibles and investments, net | (618.4) |  |  | — |
Proceeds from sale of MRE, net of cash sold | — |  |  | 5.9 |
Proceeds from sale of Brazil management entity, net of cash sold | — |  |  | 3.3 |
Net cash used in investing activities | (863.2) |  |  | (17.8) |
Cash flows from financing activities |  |  |
Borrowings under credit facilities | — |  |  | 70.0 |
Issuance of 4.625% subordinated notes due 2061, net of financing costs | — |  |  | 484.1 |
Payments on CLO borrowings | (8.9) |  |  | (231.5) |
Proceeds from CLO borrowings, net of financing costs | 55.2 |  |  | 87.5 |
Payments of contingent consideration | — |  |  | (0.1) |
Dividends to common stockholders | (325.4) |  |  | (266.7) |
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  |  | (68.8) |
Contributions from non-controlling interest holders | 7.2 |  |  | 13.1 |
Distributions to non-controlling interest holders | (52.5) |  |  | (56.3) |
Common shares issued for performance allocations | 38.9 |  |  | — |
Common shares repurchased | (146.9) |  |  | (84.5) |
Change in due to/from affiliates financing activities | (471.6) |  |  | 21.8 |
Net cash used in financing activities | (972.8) |  |  | (31.4) |
Effect of foreign exchange rate changes | (70.1) |  |  | (19.4) |
Increase (decrease) in cash, cash equivalents and restricted cash | (1,112.6) |  |  | 1,416.3 |
Cash, cash equivalents and restricted cash, beginning of period | 2,475.1 |  |  | 989.6 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,362.5 |  |  | $ | 2,405.9 |
Supplemental non-cash disclosures |  |  |
Issuance of common shares related to the acquisition of CBAM and Abingworth | $ | 219.5 |  |  | $ | — |
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $ | 1,361.9 |  |  | $ | 2,399.0 |
Restricted cash | 0.6 |  |  | 6.9 |
Total cash, cash equivalents and restricted cash, end of period | $ | 1,362.5 |  |  | $ | 2,405.9 |
Cash and cash equivalents held at Consolidated Funds | $ | 177.2 |  |  | $ | 134.8 |

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