SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements

The adoption of ASC 606 had the following impact on the Company’s revenue streams:

Revenues of the Company	Impact of ASC 606
Management fees	No Impact - Management fees are recognized as revenue in the period advisory services are rendered.
Performance income - Carried interest allocation	No impact. See discussion below for change in accounting policy.
Performance income - Incentive fees	See discussion below for impact.
Administrative, transaction and other fees	No Impact - Administrative, transaction and other fees are recognized as revenue in the period in which the related services are rendered.

The following tables present the adjustments made in connection with the Company's change in accounting principle related to carried interest under ASC 323, Investments-Equity Method and Joint Ventures on the financial statement line items for the periods presented in the condensed consolidated financial statements:

Condensed Consolidated Statement of Financial Condition
	As of December 31, 2017
	As Previously Reported		Adjustments				As Adjusted
	(audited)
Assets
Investments ($1,077,236 of accrued carried interest, and $0 of pledged collateral)	$	647,335	$	1,077,236			$	1,724,571
Performance income receivable	1,099,847		(1,099,847		)		—
Other assets	107,730		22,611			(1)	130,341

(1) Unrealized incentive fees receivable balance as of December 31, 2017.

Condensed Consolidated Statement of Operations
	For the Three Months Ended March 31, 2017
	As Previously Reported		Adjustments			As Adjusted
Revenues
Performance fees	$	55,172	$	(55,172	)	$	—
Carried interest allocation	—		52,007			52,007
Incentive fees	—		3,165			3,165
Principal investment income	—		2,587			2,587
Total revenues	241,657		2,587			244,244
Other income (expense)
Net realized and unrealized gain on investments	2,655		(1,767		)	888
Interest and dividend income	2,744		(820		)	1,924

The Company's change in accounting policy related to carried interest under ASC 323 did not impact the Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Changes in Equity or Condensed Consolidated Statements of Cash Flows for the year ended December 31, 2017.

The following tables present the impact of incentive fees on the condensed consolidated financial statements upon the adoption of ASC 606 effective January 1, 2018:

	As of January 1, 2018
	As adjusted December 31, 2017		Adjustments				As Adjusted for ASC 606 adoption
Investments	$	1,724,571	$	—			$	1,724,571
Other assets	130,341		(22,611		)	(1)	107,730
Total assets	8,563,522		(22,611		)		8,540,911
Total liabilities	7,103,230		—				7,103,230
Cumulative effect adjustment to equity(2)	—		(22,611		)		(22,611		)
Total equity	1,460,292		(22,611		)		1,437,681
Total liabilities, non-controlling interests and equity	8,563,522		(22,611		)		8,540,911

(1) Unrealized incentive fees receivable balance as of December 31, 2017.

(2) See detail below.

Condensed Consolidated Statement of Changes in Equity 

	Preferred Equity		Shareholders' Capital			Accumulated Other Comprehensive Loss			Non-controlling interest in Ares Operating Group Entities			Non-Controlling Interest in Consolidated Funds		Total Equity
Balance at December 31, 2017	$	298,761	$	279,065		$	(4,208	)	$	358,186		$	528,488	$	1,460,292
Cumulative effect of the adoption of ASC 606	—		(10,827		)	—			(17,117		)	5,333		(22,611		)
As adjusted balance at January 1, 2018	$	298,761	$	268,238		$	(4,208	)	$	341,069		$	533,821	$	1,437,681

In accordance with the ASC 606 disclosure requirements, the following tables present the adjustments made by the Company to remove the effects of adopting ASC 606 on the condensed consolidated financial statements as of and for the three months ended March 31, 2018:

Condensed Consolidated Statement of Financial Condition
	As of March 31, 2018
	As Reported			Adjustments			Balances without adoption of ASC 606
Assets
Deferred tax asset, net	$	50,986		$	(250	)	$	50,736
Other assets	105,187			23,704			128,891
Total assets	8,560,082			23,454			8,583,536
Commitments and contingencies
Non-controlling interest in Consolidated Funds	544,380			(7,052		)	537,328
Non-controlling interest in Ares Operating Group entities	348,820			18,803			367,623
Controlling interest in Ares Management, L.P.:
Shareholders' equity (97,514,500 shares issued and outstanding)	377,235			11,603			388,838
Accumulated other comprehensive loss, net of tax	(4,001		)	100			(3,901		)
Total controlling interest in Ares Management, L.P	373,234			11,703			384,937
Total equity	1,565,195			23,454			1,588,649
Total liabilities and equity	8,560,082			23,454			8,583,536

Condensed Consolidated Statement of Operations
	For the Three Months Ended March 31, 2018
	As Reported			Adjustments			Balances without adoption of ASC 606
Revenues
Incentive fees	$	5,071		$	856		$	5,927
Total revenues	266,089			856			266,945
Other income (expense)
Other income (expense), net	(311		)	(12		)	(323		)
Total other income	2,240			(12		)	2,228
Income before taxes	62,046			844			62,890
Income tax benefit	(12,375		)	250			(12,125		)
Net income	74,421			594			75,015
Net income attributable to Ares Management, L.P.	40,948			594			41,542
Net income attributable to Ares Management, L.P. common shareholders	35,523			594			36,117

Condensed Consolidated Statement of Comprehensive Income

	Three Months Ended March 31, 2018
	As Reported		Adjustments			Balances without adoption of ASC 606
Net income	$	74,421	$	594		$	75,015
Other comprehensive income:
Foreign currency translation adjustments	5,485		249			5,734
Total comprehensive income	79,906		843			80,749
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds	3,542		(1,719		)	1,823
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities	35,209		1,686			36,895
Comprehensive income attributable to Ares Management, L.P.	$	41,155	$	876		$	42,031

Condensed Consolidated Statement of Cash Flows 

	For the Three Months Ended March 31, 2018
	As Reported			Adjustments			Balances without adoption of ASC 606
Cash flows from operating activities:
Net income	$	74,421		$	594		$	75,015
Cash flows due to changes in operating assets and liabilities	(37,718		)	(2,313		)	(40,031		)
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interests in Consolidated Funds	(88,592		)	1,719			(86,873		)