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Accrued Compensation and Benefits | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Accrued Compensation and Benefits | 8. Accrued Compensation and Benefits Accrued compensation and benefits consist of the following:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Accrued performance allocations and incentive fee related compensation(1) | $4,255.8 |  | $3,625.3
Accrued bonuses | 498.2 |  | 466.6
Employment-based contingent cash consideration(2) | 2.5 |  | 76.5
Accrued pension liability | 13.1 |  | 9.5
Other(3) | 152.6 |  | 143.0
Total | $4,922.2 |  | $4,320.9
(1) Includes a one-time $1.1 billion charge to reflect the incremental expense on unrealized performance allocations and certain other interests that generate returns based on performance allocations as of December 31, 2023 as a result of the updated employee compensation program, which increased the proportion of performance allocations revenue that will be used to compensate employees. (2)The acquisition of Carlyle Aviation Partners, Ltd. (“Carlyle Aviation Partners,” formerly known as Apollo Aviation Group) in December 2018 included an earn-out of up to $150.0 million that was payable upon the achievement of certain revenue and earnings performance targets during 2020 through 2025, which was accounted for as compensation expense. During the three months ended March 31, 2023, the Company entered into a termination and settlement agreement with respect to the earn-out, pursuant to which the Company paid $68.6 million, based on Carlyle Aviation’s performance, and will pay an aggregate $2.4 million in installments in 2024 and 2025. The acquisition of Abingworth LLP (“Abingworth”) in August 2022 included an earn-out of up to $130 million payable upon the achievement of certain revenue and earnings performance targets during 2023 through 2028, which is accounted for as compensation expense. See Note 3 for additional information. (3) Includes $44.5 million and $26.7 million of realized performance allocations and incentive fee related compensation not yet paid to participants as of December 31, 2023 and 2022, respectively. The following table presents realized and unrealized performance allocations and incentive fee related compensation:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Realized | $473.8 |  | $1,026.4 |  | $1,414.5
Unrealized(1) | 629.9 |  | (306.5) |  | 1,546.5
Total | $1,103.7 |  | $719.9 |  | $2,961.0
(1) Includes a one-time $1.1 billion charge to reflect the incremental expense on unrealized performance allocations as of December 31, 2023 as a result of the updated employee compensation program, which increased the proportion of performance allocations revenue that will be used to compensate employees. Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. As of December 31, 2023 and 2022, the benefit obligation of those pension plans totaled approximately $71.9 million and $60.6 million, respectively. As of December 31, 2023 and 2022, the fair value of the plans’ assets was approximately $58.8 million and $51.1 million, respectively. At December 31, 2023 and 2022, the Company recognized a liability of $13.1 million and $9.5 million, respectively, representing the funded status of the plans, which was included in accrued compensation and benefits in the accompanying consolidated financial statements. For the years ended December 31, 2023, 2022 and 2021, the net periodic benefit cost recognized was $1.7 million, $4.1 million and $6.1 million, respectively, which is included in cash-based compensation and benefits expense (for the service cost component) and other non-operating expenses (for non-service cost components) in the accompanying consolidated financial statements. No other employees of the Company are covered by defined benefit pension plans.

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- Definition The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent + Details
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