XML 57 R40.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of income before provision of taxes | The income before provision for income taxes consists of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
U.S. domestic income | $ | 1,402.9 |  |  | $ | 3,816.2 |  |  | $ | 439.5 |
Foreign income | 169.6 |  |  | 211.3 |  |  | 140.5 |
Total income before provision for income taxes | $ | 1,572.5 |  |  | $ | 4,027.5 |  |  | $ | 580.0 |
Schedule of provision for income taxes | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Current |  |  |  |  |
Federal income tax | $ | 263.6 |  |  | $ | 351.3 |  |  | $ | 0.3 |
State and local income tax | 30.4 |  |  | 59.6 |  |  | 3.6 |
Foreign income tax | 55.6 |  |  | 56.5 |  |  | 50.2 |
Total current | 349.6 |  |  | 467.4 |  |  | 54.1 |
Deferred |  |  |  |  |
Federal income tax | (25.1) |  |  | 450.7 |  |  | 127.2 |
State and local income tax | (3.3) |  |  | 48.9 |  |  | 15.8 |
Foreign income tax | (33.4) |  |  | 15.3 |  |  | 0.1 |
Total deferred | (61.8) |  |  | 514.9 |  |  | 143.1 |
Total provision for income taxes | $ | 287.8 |  |  | $ | 982.3 |  |  | $ | 197.2 |
Schedule of effective income tax rate | The following table summarizes the effective income tax rate:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Income before provision for income taxes | $ | 1,572.5 |  |  | $ | 4,027.5 |  |  | $ | 580.0 |
Provision for income taxes | $ | 287.8 |  |  | $ | 982.3 |  |  | $ | 197.2 |
Effective income tax rate | 18.30 | % |  | 24.39 | % |  | 34.00 | %
Schedule of reconciliation of provision for income taxes to U.S Federal statutory tax rate | The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory U.S. federal income tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State and local income taxes | 0.83 | % |  | 2.35 | % |  | 2.08 | %
Foreign income taxes(1) | (1.75) | % |  | 0.64 | % |  | 4.76 | %
Income passed through to common unitholders and non-controlling interest holders(2) | (0.67) | % |  | (0.07) | % |  | (2.02) | %
Equity-based compensation | (0.67) | % |  | (0.60) | % |  | (3.09) | %
Valuation allowance | 0.30 | % |  | 0.79 | % |  | (2.25) | %
Impact of change in tax status due to Conversion(3) | — | % |  | — | % |  | 14.59 | %
Unrecognized tax benefits | 0.01 | % |  | 0.02 | % |  | 1.64 | %
Other adjustments(4) | (0.75) | % |  | 0.26 | % |  | (2.71) | %
Effective income tax rate | 18.30 | % |  | 24.39 | % |  | 34.00 | %
(1)2022 includes a tax benefit due to restructuring the ownership of its foreign Global Investment Solutions business and the impact of amending the Company's 2020 tax return to claim a foreign tax credit rather than the original filing position claiming a foreign tax deduction. In addition, 2022 and 2021 include the impact of claiming foreign tax credits while 2020 includes the deduction of foreign taxes. (2)Includes income that is not taxable to the Company and its subsidiaries. (3)Refer to Note 11 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for more information on the tax impacts of the Company's Corporate Conversion completed January 1, 2020. (4)2020 includes a benefit of (2.64)% related to the disposal of certain foreign subsidiaries, which resulted in the recognition of long-term capital losses.
Schedule of tax effects of temporary differences | The following table summarizes the tax effects of the temporary differences:
| As of December 31,
| 2022 |  | 2021
| (Dollars in millions)
Deferred tax assets |  |  |
Federal foreign tax credit carryforward | $ | 37.3 |  |  | $ | 22.0 |
State net operating loss carryforwards | 5.9 |  |  | 5.9 |
Tax basis goodwill and intangibles | 259.8 |  |  | 290.9 |
Depreciation and amortization | 25.4 |  |  | 18.9 |
Deferred restricted stock unit compensation | 24.7 |  |  | 31.4 |
Lease liabilities | 119.0 |  |  | 113.4 |
Accrued compensation | 781.3 |  |  | 883.6 |
Basis difference in investments | — |  |  | 22.9 |
Other | 140.4 |  |  | 118.2 |
Deferred tax assets before valuation allowance | 1,393.8 |  |  | 1,507.2 |
Valuation allowance | (56.7) |  |  | (46.8) |
Total deferred tax assets | $ | 1,337.1 |  |  | $ | 1,460.4 |
Deferred tax liabilities(1) |  |  |
Unrealized appreciation on investments | $ | 1,558.0 |  |  | $ | 1,804.9 |
Lease right-of-use assets | 89.2 |  |  | 85.0 |
Basis difference in investments | 47.9 |  |  | — |
Other | 28.9 |  |  | 43.1 |
Total deferred tax liabilities | $ | 1,724.0 |  |  | $ | 1,933.0 |
Net deferred tax assets (liabilities) | $ | (386.9) |  |  | $ | (472.6) |
(1)As of December 31, 2022 and 2021, $1,321.3 million and $1,445.9 million, respectively, of deferred tax assets were offset and presented as a single deferred tax liability amount on the Company’s consolidated balance sheet as these deferred tax assets and liabilities relate to the same jurisdiction.
Schedule of reconciliation on the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows:
| As of December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Balance at January 1 | $ | 20.6 |  |  | $ | 17.2 |  |  | $ | 10.1 |
Additions based on tax positions related to current year | 2.4 |  |  | 1.3 |  |  | 8.7 |
Additions for tax positions of prior years | 5.3 |  |  | 2.6 |  |  | — |
Reductions for tax positions of prior years | (1.6) |  |  | (0.5) |  |  | (0.1) |
Reductions due to lapse of statute of limitations | (0.5) |  |  | — |  |  | (0.6) |
Reductions due to settlements | — |  |  | — |  |  | (0.9) |
Balance at December 31 | $ | 26.2 |  |  | $ | 20.6 |  |  | $ | 17.2 |

X
- Definition Schedule Of Effective Income Tax Rate + References No definition available. + Details
Name: | cg_ScheduleOfEffectiveIncomeTaxRateTableTextBlock
Namespace Prefix: | cg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration