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Supplemental Financial Information

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 and results of operations for the three and six months ended June 30, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.

			As of June 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Assets
Cash and cash equivalents			$	870.3					$	—					$	—					$	870.3
Cash and cash equivalents held at Consolidated Funds			—						536.4						—						536.4
Restricted cash			5.4						—						—						5.4
Corporate treasury investments			44.5						—						—						44.5
Investments, including performance allocations of $6,531.8 million			10,460.8						—						(243.2)						10,217.6
Investments of Consolidated Funds			—						7,510.2						—						7,510.2
Due from affiliates and other receivables, net			990.2						—						(384.4)						605.8
Due from affiliates and other receivables of Consolidated Funds, net			—						119.1						(2.4)						116.7
Fixed assets, net			150.5						—						—						150.5
Lease right-of-use assets, net			347.9						—						—						347.9
Deposits and other			119.6						6.6						—						126.2
Intangible assets, net			835.3						—						—						835.3
Deferred tax assets			14.2						—						—						14.2
Total assets			$	13,838.7					$	8,172.3					$	(630.0)					$	21,381.0
Liabilities and equity
Debt obligations			$	2,274.0					$	—					$	—					$	2,274.0
Loans payable of Consolidated Funds			—						6,877.2						(377.6)						6,499.6
Accounts payable, accrued expenses and other liabilities			327.5						—						—						327.5
Accrued compensation and benefits			3,801.6						—						—						3,801.6
Due to affiliates			289.6						7.5						(2.4)						294.7
Deferred revenue			132.0						—						—						132.0
Deferred tax liabilities			310.4						—						—						310.4
Other liabilities of Consolidated Funds			—						546.2						—						546.2
Lease liabilities			509.5						—						—						509.5
Accrued giveback obligations			40.9						—						—						40.9
Total liabilities			7,685.5						7,430.9						(380.0)						14,736.4
Common stock			3.6						—						—						3.6
Additional paid-in capital			3,266.5						257.7						(257.7)						3,266.5
Retained earnings			2,992.9						—						—						2,992.9
Accumulated other comprehensive loss			(295.4)						(11.6)						7.7						(299.3)
Non-controlling interests in consolidated entities			185.6						495.3						—						680.9
Total equity			6,153.2						741.4						(250.0)						6,644.6
Total liabilities and equity			$	13,838.7					$	8,172.3					$	(630.0)					$	21,381.0

			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 June 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	515.1					$	—					$	(7.3)					$	507.8
Incentive fees			20.9						—						0.1						21.0
Investment income (loss)
Performance allocations			(245.4)						—						(1.4)						(246.8)
Principal investment income (loss)			(0.6)						—						(6.6)						(7.2)
Total investment income (loss)			(246.0)						—						(8.0)						(254.0)
Interest and other income			53.6						—						(3.4)						50.2
Interest and other income of Consolidated Funds			—						137.1						—						137.1
Total revenues			343.6						137.1						(18.6)						462.1
Expenses
Compensation and benefits
Cash-based compensation and benefits			270.6						—						—						270.6
Equity-based compensation			68.0						—						—						68.0
Performance allocations and incentive fee related compensation			(92.2)						—						—						(92.2)
Total compensation and benefits			246.4						—						—						246.4
General, administrative and other expenses			167.6						—						0.9						168.5
Interest			30.7						—						—						30.7
Interest and other expenses of Consolidated Funds			—						116.3						(14.2)						102.1
Total expenses			444.7						116.3						(13.3)						547.7
Other income
Net investment income of Consolidated Funds			—						15.6						—						15.6
Income (loss) before provision for income taxes			(101.1)						36.4						(5.3)						(70.0)
Benefit for income taxes			(7.3)						—						—						(7.3)
Net income (loss)			(93.8)						36.4						(5.3)						(62.7)
Net income attributable to non-controlling interests in consolidated entities			4.6						—						31.1						35.7
Net income (loss) attributable to The Carlyle Group Inc.			$	(98.4)					$	36.4					$	(36.4)					$	(98.4)

			Six Months Ended June 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	1,023.5					$	—					$	(14.9)					$	1,008.6
Incentive fees			40.8						—						—						40.8
Investment income (loss)
Performance allocations			(83.1)						—						(2.9)						(86.0)
Principal investment income (loss)			14.1						—						(9.6)						4.5
Total investment income (loss)			(69.0)						—						(12.5)						(81.5)
Interest and other income			100.2						—						(6.0)						94.2
Interest and other income of Consolidated Funds			—						259.0						—						259.0
Total revenues			1,095.5						259.0						(33.4)						1,321.1
Expenses
Compensation and benefits
Cash-based compensation and benefits			530.8						—						—						530.8
Equity-based compensation			122.4						—						—						122.4
Performance allocations and incentive fee related compensation			13.5						—						—						13.5
Total compensation and benefits			666.7						—						—						666.7
General, administrative and other expenses			327.0						—						0.7						327.7
Interest			60.4						—						—						60.4
Interest and other expenses of Consolidated Funds			—						213.5						(17.7)						195.8
Other non-operating expenses			0.1						—						—						0.1
Total expenses			1,054.2						213.5						(17.0)						1,250.7
Other income
Net investment income of Consolidated Funds			—						19.2						—						19.2
Income before provision for income taxes			41.3						64.7						(16.4)						89.6
Provision for income taxes			27.0						—						—						27.0
Net income			14.3						64.7						(16.4)						62.6
Net income attributable to non-controlling interests in consolidated entities			12.0						—						48.3						60.3
Net income attributable to The Carlyle Group Inc.			$	2.3					$	64.7					$	(64.7)					$	2.3

			Three Months Ended June 30, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	553.0					$	—					$	(6.5)					$	546.5
Incentive fees			13.5						—						—						13.5
Investment income
Performance allocations			342.7						—						(4.8)						337.9
Principal investment income			34.0						—						22.7						56.7
Total investment income			376.7						—						17.9						394.6
Interest and other income			36.9						—						(5.7)						31.2
Interest and other income of Consolidated Funds			—						63.2						—						63.2
Total revenues			980.1						63.2						5.7						1,049.0
Expenses
Compensation and benefits
Cash-based compensation and benefits			274.0						—						—						274.0
Equity-based compensation			45.4						—						—						45.4
Performance allocations and incentive fee related compensation			207.0						—						—						207.0
Total compensation and benefits			526.4						—						—						526.4
General, administrative and other expenses			131.5						—						0.2						131.7
Interest			26.9						—						—						26.9
Interest and other expenses of Consolidated Funds			—						51.1						(10.5)						40.6
Other non-operating expenses			0.2						—						—						0.2
Total expenses			685.0						51.1						(10.3)						725.8
Other income (loss)
Net investment loss of Consolidated Funds			—						(23.5)						—						(23.5)
Income (loss) before provision for income taxes			295.1						(11.4)						16.0						299.7
Provision for income taxes			50.8						—						—						50.8
Net income (loss)			244.3						(11.4)						16.0						248.9
Net income (loss) attributable to non-controlling interests in consolidated entities			(1.1)						—						4.6						3.5
Net income (loss) attributable to The Carlyle Group Inc.			$	245.4					$	(11.4)					$	11.4					$	245.4

			Six Months Ended June 30, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	1,009.9					$	—					$	(12.9)					$	997.0
Incentive fees			27.5						—						—						27.5
Investment income
Performance allocations			1,052.9						—						(4.8)						1,048.1
Principal investment income			336.3						—						40.0						376.3
Total investment income			1,389.2						—						35.2						1,424.4
Interest and other income			70.2						—						(13.2)						57.0
Interest and other income of Consolidated Funds			—						124.9						—						124.9
Total revenues			2,496.8						124.9						9.1						2,630.8
Expenses
Compensation and benefits
Cash-based compensation and benefits			528.3						—						—						528.3
Equity-based compensation			85.1						—						—						85.1
Performance allocations and incentive fee related compensation			577.7						—						—						577.7
Total compensation and benefits			1,191.1						—						—						1,191.1
General, administrative and other expenses			237.8						—						0.2						238.0
Interest			54.7						—						—						54.7
Interest and other expenses of Consolidated Funds			—						104.0						(20.6)						83.4
Other non-operating expenses			0.5						—						—						0.5
Total expenses			1,484.1						104.0						(20.4)						1,567.7
Other income (loss)
Net investment loss of Consolidated Funds			—						(20.7)						—						(20.7)
Income before provision for income taxes			1,012.7						0.2						29.5						1,042.4
Provision for income taxes			198.7						—						—						198.7
Net income			814.0						0.2						29.5						843.7
Net income (loss) attributable to non-controlling interests in consolidated entities			(3.0)						—						29.7						26.7
Net income attributable to The Carlyle Group Inc.			$	817.0					$	0.2					$	(0.2)					$	817.0

			Six Months Ended June 30,
			2023						2022
			(Dollars in millions)
Cash flows from operating activities
Net income			$	14.3					$	814.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			88.1						59.9
Equity-based compensation			122.4						85.1
Non-cash performance allocations and incentive fees			295.7						(94.6)
Non-cash principal investment income			(0.2)						(318.4)
Other non-cash amounts			19.9						(11.9)
Purchases of investments			(144.3)						(470.3)
Proceeds from the sale of investments			141.6						298.2
Payments of contingent consideration			(68.6)						(5.7)
Change in deferred taxes, net			(91.6)						55.9
Change in due from affiliates and other receivables			(4.4)						(64.8)
Change in deposits and other			(49.0)						(7.1)
Change in accounts payable, accrued expenses and other liabilities			(39.7)						(67.2)
Change in accrued compensation and benefits			(201.6)						(372.1)
Change in due to affiliates			(8.4)						2.8
Change in lease right-of-use asset and lease liability			(5.0)						(4.6)
Change in deferred revenue			5.0						(12.9)
Net cash provided by (used in) operating activities			74.2						(113.7)
Cash flows from investing activities
Purchases of corporate treasury investments			(145.2)						—
Proceeds from corporate treasury investments			122.4						—
Purchases of fixed assets, net			(32.5)						(17.4)
Purchase of CBAM intangibles and investments, net			—						(618.4)
Net cash used in investing activities			(55.3)						(635.8)
Cash flows from financing activities
Payments on CLO borrowings			(4.5)						(9.0)
Proceeds from CLO borrowings, net of financing costs			—						41.1
Dividends to common stockholders			(245.1)						(207.1)
Payment of deferred consideration for Carlyle Holdings units			(68.8)						(68.8)
Contributions from non-controlling interest holders			5.2						4.4
Distributions to non-controlling interest holders			(25.8)						(36.6)
Common shares issued for performance allocations			—						36.5
Common shares repurchased			(160.8)						(105.3)
Change in due to/from affiliates financing activities			(13.2)						(27.8)
Net cash used in financing activities			(513.0)						(372.6)
Effect of foreign exchange rate changes			8.3						(43.2)
Decrease in cash, cash equivalents and restricted cash			(485.8)						(1,165.3)
Cash, cash equivalents and restricted cash, beginning of period			1,361.5						2,475.1
Cash, cash equivalents and restricted cash, end of period			$	875.7					$	1,309.8
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			$	870.3					$	1,308.9
Restricted cash			5.4						0.9
Total cash, cash equivalents and restricted cash, end of period			$	875.7					$	1,309.8
Cash and cash equivalents held at Consolidated Funds			$	536.4					$	230.7

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