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Supplemental Financial Information

3 Months Ended

Mar. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

17. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial position as of March 31, 2023 and December 31, 2022 and results of operations for the three months ended March 31, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.

			As of March 31, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Assets
Cash and cash equivalents			$	1,010.1					$	—					$	—					$	1,010.1
Cash and cash equivalents held at Consolidated Funds			—						228.8						—						228.8
Restricted cash			16.8						—						—						16.8
Corporate treasury investments			102.0						—						—						102.0
Investments, including performance allocations of $7,134.0 million			11,013.5						—						(229.4)						10,784.1
Investments of Consolidated Funds			—						7,067.3						—						7,067.3
Due from affiliates and other receivables, net			883.0						—						(383.7)						499.3
Due from affiliates and other receivables of Consolidated Funds, net			—						100.6						—						100.6
Fixed assets, net			141.8						—						—						141.8
Lease right-of-use assets, net			331.5						—						—						331.5
Deposits and other			104.7						6.4						—						111.1
Intangible assets, net			866.4						—						—						866.4
Deferred tax assets			14.1						—						—						14.1
Total assets			$	14,483.9					$	7,403.1					$	(613.1)					$	21,273.9
Liabilities and equity
Debt obligations			$	2,275.6					$	—					$	—					$	2,275.6
Loans payable of Consolidated Funds			—						6,462.4						(376.5)						6,085.9
Accounts payable, accrued expenses and other liabilities			304.8						—						—						304.8
Accrued compensation and benefits			3,894.2						—						—						3,894.2
Due to affiliates			302.5						11.6						—						314.1
Deferred revenue			411.7						—						—						411.7
Deferred tax liabilities			389.5						—						—						389.5
Other liabilities of Consolidated Funds			—						251.7						(0.9)						250.8
Lease liabilities			494.9						—						—						494.9
Accrued giveback obligations			40.9						—						—						40.9
Total liabilities			8,114.1						6,725.7						(377.4)						14,462.4
Common stock			3.6						—						—						3.6
Additional paid-in capital			3,195.5						244.9						(244.9)						3,195.5
Retained earnings			3,280.9						—						—						3,280.9
Accumulated other comprehensive loss			(302.4)						(12.0)						9.2						(305.2)
Non-controlling interests in consolidated entities			192.2						444.5						—						636.7
Total equity			6,369.8						677.4						(235.7)						6,811.5
Total liabilities and equity			$	14,483.9					$	7,403.1					$	(613.1)					$	21,273.9

			As of December 31, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Assets
Cash and cash equivalents			$	1,360.7					$	—					$	—					$	1,360.7
Cash and cash equivalents held at Consolidated Funds			—						209.0						—						209.0
Restricted cash			0.8						—						—						0.8
Corporate treasury investments			20.0						—						—						20.0
Investments, including performance allocations of $7,117.7 million			10,989.9						—						(222.0)						10,767.9
Investments of Consolidated Funds			—						6,894.4						—						6,894.4
Due from affiliates and other receivables, net			960.5						—						(381.1)						579.4
Due from affiliates and other receivables of Consolidated Funds, net			—						101.9						—						101.9
Fixed assets, net			139.9						—						—						139.9
Lease right-of-use assets, net			337.0						—						—						337.0
Deposits and other			70.4						8.0						—						78.4
Intangible assets, net			897.8						—						—						897.8
Deferred tax assets			15.8						—						—						15.8
Total assets			$	14,792.8					$	7,213.3					$	(603.1)					$	21,403.0
Liabilities and equity
Debt obligations			$	2,271.7					$	—					$	—					$	2,271.7
Loans payable of Consolidated Funds			—						6,279.7						(374.5)						5,905.2
Accounts payable, accrued expenses and other liabilities			369.2						—						—						369.2
Accrued compensation and benefits			4,320.9						—						—						4,320.9
Due to affiliates			346.1						16.5						(0.1)						362.5
Deferred revenue			126.4						—						—						126.4
Deferred tax liabilities			402.7						—						—						402.7
Other liabilities of Consolidated Funds			—						279.7						(0.4)						279.3
Lease liabilities			502.9						—						—						502.9
Accrued giveback obligations			40.9						—						—						40.9
Total liabilities			8,380.8						6,575.9						(375.0)						14,581.7
Common stock			3.6						—						—						3.6
Additional paid-in capital			3,138.5						238.7						(238.7)						3,138.5
Retained earnings			3,401.1						—						—						3,401.1
Accumulated other comprehensive loss			(319.5)						(13.3)						10.6						(322.2)
Non-controlling interests in consolidated entities			188.3						412.0						—						600.3
Total equity			6,412.0						637.4						(228.1)						6,821.3
Total liabilities and equity			$	14,792.8					$	7,213.3					$	(603.1)					$	21,403.0

			Three Months Ended March 31, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	508.4					$	—					$	(7.6)					$	500.8
Incentive fees			19.9						—						(0.1)						19.8
Investment income
Performance allocations			162.3						—						(1.5)						160.8
Principal investment income			14.7						—						(3.0)						11.7
Total investment income			177.0						—						(4.5)						172.5
Interest and other income			46.6						—						(2.6)						44.0
Interest and other income of Consolidated Funds			—						121.9						—						121.9
Total revenues			751.9						121.9						(14.8)						859.0
Expenses
Compensation and benefits
Cash-based compensation and benefits			260.2						—						—						260.2
Equity-based compensation			54.4						—						—						54.4
Performance allocations and incentive fee related compensation			105.7						—						—						105.7
Total compensation and benefits			420.3						—						—						420.3
General, administrative and other expenses			159.4						—						(0.2)						159.2
Interest			29.7						—						—						29.7
Interest and other expenses of Consolidated Funds			—						97.2						(3.5)						93.7
Other non-operating expenses			0.1						—						—						0.1
Total expenses			609.5						97.2						(3.7)						703.0
Other income
Net investment income of Consolidated Funds			—						3.6						—						3.6
Income before provision for income taxes			142.4						28.3						(11.1)						159.6
Provision for income taxes			34.3						—						—						34.3
Net income			108.1						28.3						(11.1)						125.3
Net income attributable to non-controlling interests in consolidated entities			7.4						—						17.2						24.6
Net income attributable to The Carlyle Group Inc.			$	100.7					$	28.3					$	(28.3)					$	100.7

			Three Months Ended March 31, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	456.9					$	—					$	(6.4)					$	450.5
Incentive fees			14.0						—						—						14.0
Investment income
Performance allocations			710.2						—						—						710.2
Principal investment income			302.3						—						17.3						319.6
Total investment income			1,012.5						—						17.3						1,029.8
Interest and other income			33.3						—						(7.5)						25.8
Interest and other income of Consolidated Funds			—						61.7						—						61.7
Total revenues			1,516.7						61.7						3.4						1,581.8
Expenses
Compensation and benefits
Cash-based compensation and benefits			254.3						—						—						254.3
Equity-based compensation			39.7						—						—						39.7
Performance allocations and incentive fee related compensation			370.7						—						—						370.7
Total compensation and benefits			664.7						—						—						664.7
General, administrative and other expenses			106.3						—						—						106.3
Interest			27.8						—						—						27.8
Interest and other expenses of Consolidated Funds			—						52.9						(10.1)						42.8
Other non-operating expenses			0.3						—						—						0.3
Total expenses			799.1						52.9						(10.1)						841.9
Other income
Net investment income of Consolidated Funds			—						2.8						—						2.8
Income before provision for income taxes			717.6						11.6						13.5						742.7
Provision for income taxes			147.9						—						—						147.9
Net income			569.7						11.6						13.5						594.8
Net income (loss) attributable to non-controlling interests in consolidated entities			(1.9)						—						25.1						23.2
Net income attributable to The Carlyle Group Inc.			$	571.6					$	11.6					$	(11.6)					$	571.6

			Three Months Ended March 31,
			2023						2022
			(Dollars in millions)
Cash flows from operating activities
Net income			$	108.1					$	569.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			44.0						19.4
Equity-based compensation			54.4						39.7
Non-cash performance allocations and incentive fees			(38.2)						(300.8)
Non-cash principal investment income			(8.7)						(295.4)
Other non-cash amounts			10.8						5.3
Purchases of investments			(19.0)						(294.1)
Proceeds from the sale of investments			78.9						169.5
Payments of contingent consideration			(68.6)						(5.7)
Change in deferred taxes, net			(15.1)						110.9
Change in due from affiliates and other receivables			17.0						(8.8)
Change in deposits and other			(33.9)						(39.8)
Change in accounts payable, accrued expenses and other liabilities			(63.9)						(14.3)
Change in accrued compensation and benefits			(371.9)						(580.1)
Change in due to affiliates			(0.2)						(0.2)
Change in lease right-of-use asset and lease liability			(2.8)						(2.5)
Change in deferred revenue			284.7						254.5
Net cash used in operating activities			(24.4)						(372.7)
Cash flows from investing activities
Purchases of corporate treasury investments			(101.1)						—
Proceeds from corporate treasury investments			20.1						—
Purchases of fixed assets, net			(12.9)						(12.3)
Purchase of CBAM intangibles and investments, net			—						(618.4)
Net cash used in investing activities			(93.9)						(630.7)
Cash flows from financing activities
Payments on CLO borrowings			(1.1)						(8.9)
Proceeds from CLO borrowings, net of financing costs			—						40.8
Dividends to common stockholders			(118.4)						(89.5)
Payment of deferred consideration for Carlyle Holdings units			(68.8)						(68.8)
Contributions from non-controlling interest holders			2.0						5.8
Distributions to non-controlling interest holders			(8.5)						(27.1)
Common shares issued for performance allocations			—						31.3
Common shares repurchased			(100.3)						(80.4)
Change in due to/from affiliates financing activities			73.0						33.1
Net cash used in financing activities			(222.1)						(163.7)
Effect of foreign exchange rate changes			5.8						(17.2)
Decrease in cash, cash equivalents and restricted cash			(334.6)						(1,184.3)
Cash, cash equivalents and restricted cash, beginning of period			1,361.5						2,475.1
Cash, cash equivalents and restricted cash, end of period			$	1,026.9					$	1,290.8
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM			$	—					$	194.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents			$	1,010.1					$	1,290.2
Restricted cash			16.8						0.6
Total cash, cash equivalents and restricted cash, end of period			$	1,026.9					$	1,290.8
Cash and cash equivalents held at Consolidated Funds			$	228.8					$	168.9

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