XML 39 R27.htm IDEA: XBRL DOCUMENT v3.22.2.2

Supplemental Financial Information

9 Months Ended

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

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement.

+ References

No definition available.

+ Details

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