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Supplemental Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Supplemental Financial Position |
| As of March 31, 2024
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $1,276.5 |  | $— |  | $— |  | $1,276.5
Cash and cash equivalents held at Consolidated Funds | — |  | 426.0 |  | — |  | 426.0
Restricted cash | 1.4 |  | — |  | — |  | 1.4
Investments, including performance allocations of $5,567.6 | 9,684.7 |  | — |  | (211.5) |  | 9,473.2
Investments of Consolidated Funds | — |  | 7,520.5 |  | (61.9) |  | 7,458.6
Due from affiliates and other receivables, net | 934.5 |  | — |  | (310.4) |  | 624.1
Due from affiliates and other receivables of Consolidated Funds, net | — |  | 204.1 |  | — |  | 204.1
Fixed assets, net | 162.8 |  | — |  | — |  | 162.8
Lease right-of-use assets, net | 349.3 |  | — |  | — |  | 349.3
Deposits and other | 84.2 |  | 4.3 |  | — |  | 88.5
Intangible assets, net | 732.8 |  | — |  | — |  | 732.8
Deferred tax assets | 52.2 |  | — |  | — |  | 52.2
Total assets | $13,278.4 |  | $8,154.9 |  | $(583.8) |  | $20,849.5
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $2,259.0 |  | $— |  | $— |  | $2,259.0
Loans payable of Consolidated Funds | — |  | 6,840.0 |  | (304.9) |  | 6,535.1
Accounts payable, accrued expenses and other liabilities | 375.2 |  | — |  | — |  | 375.2
Accrued compensation and benefits | 4,173.9 |  | — |  | — |  | 4,173.9
Due to affiliates | 197.2 |  | 6.4 |  | — |  | 203.6
Deferred revenue | 391.1 |  | — |  | — |  | 391.1
Deferred tax liabilities | 26.2 |  | — |  | — |  | 26.2
Other liabilities of Consolidated Funds | — |  | 598.5 |  | — |  | 598.5
Lease liabilities | 502.9 |  | — |  | — |  | 502.9
Accrued giveback obligations | 44.0 |  | — |  | — |  | 44.0
Total liabilities | 7,969.5 |  | 7,444.9 |  | (304.9) |  | 15,109.5
Common stock | 3.6 |  | — |  | — |  | 3.6
Additional paid-in capital | 3,513.9 |  | 291.4 |  | (291.4) |  | 3,513.9
Retained earnings | 1,868.2 |  | — |  | — |  | 1,868.2
Accumulated other comprehensive loss | (315.9) |  | (11.6) |  | 12.5 |  | (315.0)
Non-controlling interests in consolidated entities | 239.1 |  | 430.2 |  | — |  | 669.3
Total equity | 5,308.9 |  | 710.0 |  | (278.9) |  | 5,740.0
Total liabilities and equity | $13,278.4 |  | $8,154.9 |  | $(583.8) |  | $20,849.5
| As of December 31, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $1,440.3 |  | $— |  | $— |  | $1,440.3
Cash and cash equivalents held at Consolidated Funds | — |  | 346.0 |  | — |  | 346.0
Restricted cash | 1.8 |  | — |  | — |  | 1.8
Investments, including performance allocations of $6,169.9 | 10,104.5 |  | — |  | (149.2) |  | 9,955.3
Investments of Consolidated Funds | — |  | 7,313.9 |  | (60.8) |  | 7,253.1
Due from affiliates and other receivables, net | 1,009.2 |  | — |  | (317.6) |  | 691.6
Due from affiliates and other receivables of Consolidated Funds, net | — |  | 141.0 |  | — |  | 141.0
Fixed assets, net | 161.5 |  | — |  | — |  | 161.5
Lease right-of-use assets, net | 332.2 |  | — |  | — |  | 332.2
Deposits and other | 66.0 |  | 4.6 |  | — |  | 70.6
Intangible assets, net | 766.1 |  | — |  | — |  | 766.1
Deferred tax assets | 16.5 |  | — |  | — |  | 16.5
Total assets | $13,898.1 |  | $7,805.5 |  | $(527.6) |  | $21,176.0
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $2,281.0 |  | $— |  | $— |  | $2,281.0
Loans payable of Consolidated Funds | — |  | 6,796.4 |  | (309.9) |  | 6,486.5
Accounts payable, accrued expenses and other liabilities | 333.8 |  | — |  | — |  | 333.8
Accrued compensation and benefits | 4,922.2 |  | — |  | — |  | 4,922.2
Due to affiliates | 269.6 |  | 6.3 |  | — |  | 275.9
Deferred revenue | 140.3 |  | — |  | — |  | 140.3
Deferred tax liabilities | 45.3 |  | — |  | — |  | 45.3
Other liabilities of Consolidated Funds | — |  | 374.4 |  | — |  | 374.4
Lease liabilities | 488.1 |  | — |  | — |  | 488.1
Accrued giveback obligations | 44.0 |  | — |  | — |  | 44.0
Total liabilities | 8,524.3 |  | 7,177.1 |  | (309.9) |  | 15,391.5
Common stock | 3.6 |  | — |  | — |  | 3.6
Additional paid-in capital | 3,403.0 |  | 223.8 |  | (223.8) |  | 3,403.0
Retained earnings | 2,082.1 |  | — |  | — |  | 2,082.1
Accumulated other comprehensive loss | (292.7) |  | (10.7) |  | 6.1 |  | (297.3)
Non-controlling interests in consolidated entities | 177.8 |  | 415.3 |  | — |  | 593.1
Total equity | 5,373.8 |  | 628.4 |  | (217.7) |  | 5,784.5
Total liabilities and equity | $13,898.1 |  | $7,805.5 |  | $(527.6) |  | $21,176.0
Schedule of Supplemental Results of Operations |
| Three Months Ended March 31, 2024
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $530.2 |  | $— |  | $(6.6) |  | $523.6
Incentive fees | 26.2 |  | — |  | — |  | 26.2
Investment income (loss) |  |  |  |  |  |  |
Performance allocations | (155.8) |  | — |  | (1.2) |  | (157.0)
Principal investment income | 79.6 |  | — |  | (6.5) |  | 73.1
Total investment loss | (76.2) |  | — |  | (7.7) |  | (83.9)
Interest and other income | 63.9 |  | — |  | (6.3) |  | 57.6
Interest and other income of Consolidated Funds | — |  | 164.9 |  | — |  | 164.9
Total revenues | 544.1 |  | 164.9 |  | (20.6) |  | 688.4
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 221.9 |  | — |  | — |  | 221.9
Equity-based compensation | 108.3 |  | — |  | — |  | 108.3
Performance allocations and incentive fee related compensation | (72.8) |  | — |  | — |  | (72.8)
Total compensation and benefits | 257.4 |  | — |  | — |  | 257.4
General, administrative and other expenses | 147.7 |  | — |  | — |  | 147.7
Interest | 30.8 |  | — |  | — |  | 30.8
Interest and other expenses of Consolidated Funds | — |  | 139.5 |  | (14.9) |  | 124.6
Other non-operating expenses | 0.2 |  | — |  | — |  | 0.2
Total expenses | 436.1 |  | 139.5 |  | (14.9) |  | 560.7
Other income (loss) |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  | (7.0) |  | — |  | (7.0)
Income before provision for income taxes | 108.0 |  | 18.4 |  | (5.7) |  | 120.7
Provision for income taxes | 21.9 |  | — |  | — |  | 21.9
Net income | 86.1 |  | 18.4 |  | (5.7) |  | 98.8
Net income attributable to non-controlling interests in consolidated entities | 20.5 |  | — |  | 12.7 |  | 33.2
Net income attributable to The Carlyle Group Inc. | $65.6 |  | $18.4 |  | $(18.4) |  | $65.6
| 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 (loss) |  |  |  |  |  |  |
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
Schedule of Supplemental Statement of Cash Flows |
| Three Months Ended March 31,
| 2024 |  | 2023
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $86.1 |  | $108.1
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 45.3 |  | 44.0
Equity-based compensation | 108.3 |  | 54.4
Non-cash performance allocations and incentive fees | 189.6 |  | (38.2)
Non-cash principal investment income | (68.1) |  | (8.7)
Other non-cash amounts | (2.9) |  | 10.8
Purchases of investments | (215.1) |  | (19.0)
Proceeds from the sale of investments | 108.3 |  | 78.9
Payments of contingent consideration | (1.5) |  | (68.6)
Change in deferred taxes, net | (47.1) |  | (15.1)
Change in due from affiliates and other receivables | 7.9 |  | 17.0
Change in deposits and other | (19.7) |  | (33.9)
Change in accounts payable, accrued expenses and other liabilities | 41.5 |  | (63.9)
Change in accrued compensation and benefits | (365.6) |  | (371.9)
Change in due to affiliates | (2.2) |  | (0.2)
Change in lease right-of-use asset and lease liability | (2.2) |  | (2.8)
Change in deferred revenue | 251.6 |  | 284.7
Net cash provided by operating activities | 114.2 |  | (24.4)
Cash flows from investing activities |  |  |
Purchases of corporate treasury investments | — |  | (101.1)
Proceeds from corporate treasury investments | — |  | 20.1
Purchases of fixed assets, net | (14.2) |  | (12.9)
Net cash used in investing activities | (14.2) |  | (93.9)
Cash flows from financing activities |  |  |
Payments on CLO borrowings | (13.9) |  | (1.1)
Proceeds from CLO borrowings, net of financing costs | — |  | —
Dividends to common stockholders | (126.7) |  | (118.4)
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  | (68.8)
Contributions from non-controlling interest holders | 62.5 |  | 2.0
Distributions to non-controlling interest holders | (19.0) |  | (8.5)
Common shares repurchased and net share settlement of equity awards | (150.0) |  | (100.3)
Change in due to/from affiliates financing activities | 56.7 |  | 73.0
Net cash used in financing activities | (259.2) |  | (222.1)
Effect of foreign exchange rate changes | (5.0) |  | 5.8
Decrease in cash, cash equivalents and restricted cash | (164.2) |  | (334.6)
Cash, cash equivalents and restricted cash, beginning of period | 1,442.1 |  | 1,361.5
Cash, cash equivalents and restricted cash, end of period | $1,277.9 |  | $1,026.9
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $1,276.5 |  | $1,010.1
Restricted cash | 1.4 |  | 16.8
Total cash, cash equivalents and restricted cash, end of period | $1,277.9 |  | $1,026.9
Cash and cash equivalents held at Consolidated Funds | $426.0 |  | $228.8

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