Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of September 30, 2015 and December 31, 2014 and results of operations for the three and nine months ended September 30, 2015 and 2014. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of September 30, 2015
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,307.5		$	—		$	—		$	1,307.5
Cash and cash equivalents held at Consolidated Funds	—			1,131.2			—			1,131.2
Restricted cash	277.4			—			—			277.4
Restricted cash and securities of Consolidated Funds	—			18.4			—			18.4
Accrued performance fees	3,039.1			—			(23.3		)	3,015.8
Investments	1,091.9			—			(194.7		)	897.2
Investments of Consolidated Funds	—			23,989.0			1.1			23,990.1
Due from affiliates and other receivables, net	222.8			—			(17.7		)	205.1
Due from affiliates and other receivables of Consolidated Funds, net	—			1,164.7			—			1,164.7
Receivables and inventory of a consolidated real estate VIE	172.8			—			—			172.8
Fixed assets, net	105.5			—			—			105.5
Deposits and other	56.3			1.2			—			57.5
Other assets of a consolidated real estate VIE	68.8			—			—			68.8
Intangible assets, net	171.6			—			—			171.6
Deferred tax assets	213.1			—			—			213.1
Total assets	$	6,726.8		$	26,304.5		$	(234.6	)	$	32,796.7
Liabilities and partners’ capital
Loans payable	$	39.1		$	—		$	—		$	39.1
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.6			—			—			606.6
Loans payable of Consolidated Funds	—			16,849.7			(184.6		)	16,665.1
Loans payable of a consolidated real estate VIE at fair value (principal amount of $167.8 million)	109.1			—			—			109.1
Accounts payable, accrued expenses and other liabilities	404.1			—			—			404.1
Accrued compensation and benefits	2,045.4			—			—			2,045.4
Due to affiliates	469.3			2.4			(1.6		)	470.1
Deferred revenue	203.8			—			(0.2		)	203.6
Deferred tax liabilities	119.8			—			—			119.8
Other liabilities of Consolidated Funds	—			1,953.2			(43.1		)	1,910.1
Other liabilities of a consolidated real estate VIE	95.4			—			—			95.4
Accrued giveback obligations	264.0			—			—			264.0
Total liabilities	4,856.5			18,805.3			(229.5		)	23,432.3
Redeemable non-controlling interests in consolidated entities	8.1			2,658.8			—			2,666.9
Partners’ capital	510.0			(9.4		)	9.4			510.0
Accumulated other comprehensive income (loss)	(73.6		)	7.1			(7.2		)	(73.7		)
Partners’ capital appropriated for Consolidated Funds	—			165.3			(7.3		)	158.0
Non-controlling interests in consolidated entities	217.3			4,677.4			—			4,894.7
Non-controlling interests in Carlyle Holdings	1,208.5			—			—			1,208.5
Total partners’ capital	1,862.2			4,840.4			(5.1		)	6,697.5
Total liabilities and partners’ capital	$	6,726.8		$	26,304.5		$	(234.6	)	$	32,796.7



	As of December 31, 2014
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,242.0		$	—		$	—		$	1,242.0
Cash and cash equivalents held at Consolidated Funds	—			1,551.1			—			1,551.1
Restricted cash	59.7			—			—			59.7
Restricted cash and securities of Consolidated Funds	—			14.9			—			14.9
Accrued performance fees	3,808.9			—			(13.3		)	3,795.6
Investments	1,114.9			—			(183.3		)	931.6
Investments of Consolidated Funds	—			26,028.7			0.1			26,028.8
Due from affiliates and other receivables, net	215.8			—			(16.4		)	199.4
Due from affiliates and other receivables of Consolidated Funds, net	—			1,213.2			—			1,213.2
Receivables and inventory of a consolidated real estate VIE	163.9			—			—			163.9
Fixed assets, net	75.4			—			—			75.4
Deposits and other	57.3			1.9			—			59.2
Other assets of a consolidated real estate VIE	86.4			—			—			86.4
Intangible assets, net	442.1			—			—			442.1
Deferred tax assets	131.0			—			—			131.0
Total assets	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3
Liabilities and partners’ capital
Loans payable	$	40.2		$	—		$	—		$	40.2
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.8			—			—			606.8
Loans payable of Consolidated Funds	—			16,219.8			(167.6		)	16,052.2
Loans payable of a consolidated real estate VIE at fair value (principal amount of $243.6 million)	146.2			—			—			146.2
Accounts payable, accrued expenses and other liabilities	446.8			—			(50.6		)	396.2
Accrued compensation and benefits	2,312.5			—			—			2,312.5
Due to affiliates	183.6			1.0			(0.4		)	184.2
Deferred revenue	93.9			—			(0.2		)	93.7
Deferred tax liabilities	112.2			—			—			112.2
Other liabilities of Consolidated Funds	—			2,548.0			(43.1		)	2,504.9
Other liabilities of a consolidated real estate VIE	84.9			—			—			84.9
Accrued giveback obligations	113.4			—			(9.0		)	104.4
Total liabilities	4,640.4			18,768.8			(270.9		)	23,138.3
Redeemable non-controlling interests in consolidated entities	8.4			3,753.1			—			3,761.5
Partners’ capital	566.0			(71.5		)	71.5			566.0
Accumulated other comprehensive income (loss)	(40.3		)	6.3			(5.0		)	(39.0		)
Partners’ capital appropriated for Consolidated Funds	—			193.0			(8.5		)	184.5
Non-controlling interests in consolidated entities	286.3			6,160.1			—			6,446.4
Non-controlling interests in Carlyle Holdings	1,936.6			—			—			1,936.6
Total partners’ capital	2,748.6			6,287.9			58.0			9,094.5
Total liabilities and partners’ capital	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3

Supplemental results of operations



	Three Months Ended September 30, 2015
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	316.7		$	—		$	(38.4	)	$	278.3
Performance fees
Realized	334.4			—			(5.2		)	329.2
Unrealized	(569.9		)	—			(5.9		)	(575.8		)
Total performance fees	(235.5		)	—			(11.1		)	(246.6		)
Investment income (loss)
Realized	15.6			—			(3.1		)	12.5
Unrealized	(24.6		)	—			2.6			(22.0		)
Investment income (loss)	(9.0		)	—			(0.5		)	(9.5		)
Interest and other income	5.5			—			(0.5		)	5.0
Interest and other income of Consolidated Funds	—			259.4			—			259.4
Revenue of a consolidated real estate VIE	10.9			—			—			10.9
Total revenues	88.6			259.4			(50.5		)	297.5
Expenses
Compensation and benefits
Base compensation	163.5			—			—			163.5
Equity-based compensation	86.8			—			—			86.8
Performance fee related
Realized	155.2			—			—			155.2
Unrealized	(228.1		)	—			—			(228.1		)
Total compensation and benefits	177.4			—			—			177.4
General, administrative and other expenses	288.5			—			1.1			289.6
Interest	14.5			—			—			14.5
Interest and other expenses of Consolidated Funds	—			355.5			(58.6		)	296.9
Interest and other expenses of a consolidated real estate VIE	26.8			—			—			26.8
Other non-operating income	(9.9		)	—			—			(9.9		)
Total expenses	497.3			355.5			(57.5		)	795.3
Other income
Net investment losses of Consolidated Funds	—			(20.6		)	(10.7		)	(31.3		)
Loss before provision for income taxes	(408.7		)	(116.7		)	(3.7		)	(529.1		)
Benefit for income taxes	(4.1		)	—			—			(4.1		)
Net loss	(404.6		)	(116.7		)	(3.7		)	(525.0		)
Net loss attributable to non-controlling interests in consolidated entities	(32.0		)	—			(120.4		)	(152.4		)
Net loss attributable to Carlyle Holdings	(372.6		)	(116.7		)	116.7			(372.6		)
Net loss attributable to non-controlling interests in Carlyle Holdings	(288.7		)	—			—			(288.7		)
Net loss attributable to The Carlyle Group L.P.	$	(83.9	)	$	(116.7	)	$	116.7		$	(83.9	)



	Nine Months Ended September 30, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	948.0		$	—	$	(117.9	)	$	830.1
Performance fees
Realized	1,264.1			—		(13.1		)	1,251.0
Unrealized	(613.1		)	—		(16.6		)	(629.7		)
Total performance fees	651.0			—		(29.7		)	621.3
Investment income (loss)
Realized	(49.3		)	—		73.5			24.2
Unrealized	25.9			—		(43.6		)	(17.7		)
Investment income (loss)	(23.4		)	—		29.9			6.5
Interest and other income	17.8			—		(1.9		)	15.9
Interest and other income of Consolidated Funds	—			742.7		—			742.7
Revenue of a consolidated real estate VIE	73.9			—		—			73.9
Total revenues	1,667.3			742.7		(119.6		)	2,290.4
Expenses
Compensation and benefits
Base compensation	472.2			—		—			472.2
Equity-based compensation	291.0			—		—			291.0
Performance fee related
Realized	561.7			—		—			561.7
Unrealized	(146.2		)	—		—			(146.2		)
Total compensation and benefits	1,178.7			—		—			1,178.7
General, administrative and other expenses	539.2			—		—			539.2
Interest	43.6			—		—			43.6
Interest and other expenses of Consolidated Funds	—			959.5		(167.8		)	791.7
Interest and other expenses of a consolidated real estate VIE	124.4			—		—			124.4
Other non-operating income	(11.7		)	—		—			(11.7		)
Total expenses	1,874.2			959.5		(167.8		)	2,665.9
Other income
Net investment gains (losses) of Consolidated Funds	—			950.3		(14.5		)	935.8
Income (loss) before provision for income taxes	(206.9		)	733.5		33.7			560.3
Provision for income taxes	12.4			—		—			12.4
Net income (loss)	(219.3		)	733.5		33.7			547.9
Net income (loss) attributable to non-controlling interests in consolidated entities	(109.7		)	—		767.2			657.5
Net income (loss) attributable to Carlyle Holdings	(109.6		)	733.5		(733.5		)	(109.6		)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings	(95.8		)	—		—			(95.8		)
Net income (loss) attributable to The Carlyle Group L.P.	$	(13.8	)	$	733.5	$	(733.5	)	$	(13.8	)



	Three Months Ended September 30, 2014
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	354.6		$	—	$	(47.2	)	$	307.4
Performance fees
Realized	179.1			—		(2.2		)	176.9
Unrealized	(4.3		)	—		14.8			10.5
Total performance fees	174.8			—		12.6			187.4
Investment income (loss)
Realized	1.6			—		(2.1		)	(0.5		)
Unrealized	5.0			—		(0.7		)	4.3
Total investment income (loss)	6.6			—		(2.8		)	3.8
Interest and other income	9.6			—		(0.5		)	9.1
Interest and other income of Consolidated Funds	—			234.1		—			234.1
Revenue of a consolidated real estate VIE	13.2			—		—			13.2

Total revenues	558.8			234.1		(37.9		)	755.0
Expenses
Compensation and benefits
Base compensation	190.7			—		—			190.7
Equity-based compensation	79.7			—		—			79.7
Performance fee related
Realized	78.4			—		—			78.4
Unrealized	(14.3		)	—		—			(14.3		)
Total compensation and benefits	334.5			—		—			334.5
General, administrative and other expenses	117.9			—		(0.5		)	117.4
Interest	14.4			—		—			14.4
Interest and other expenses of Consolidated Funds	—			283.9		(43.8		)	240.1
Interest and other expenses of a consolidated real estate VIE	38.3			—		—			38.3
Other non-operating income	(39.6		)	—		—			(39.6		)
Total expenses	465.5			283.9		(44.3		)	705.1
Other income
Net investment gains (losses) of Consolidated Funds	—			127.4		(1.9		)	125.5
Income before provision for income taxes	93.3			77.6		4.5			175.4
Benefit for income taxes	(5.9		)	—		—			(5.9		)
Net income	99.2			77.6		4.5			181.3
Net income (loss) attributable to non-controlling interests in consolidated entities	(28.9		)	—		82.1			53.2
Net income (loss) attributable to Carlyle Holdings	128.1			77.6		(77.6		)	128.1
Net income attributable to non-controlling interests in Carlyle Holdings	102.7			—		—			102.7
Net income attributable to The Carlyle Group L.P.	$	25.4		$	77.6	$	(77.6	)	$	25.4



	Nine Months Ended September 30, 2014
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,023.3		$	—	$	(138.3	)	$	885.0
Performance fees
Realized	859.3			—		(15.4		)	843.9
Unrealized	515.9			—		(9.5		)	506.4
Total performance fees	1,375.2			—		(24.9		)	1,350.3
Investment income (loss)
Realized	34.8			—		(5.4		)	29.4
Unrealized	(1.2		)	—		5.4			4.2
Total investment income (loss)	33.6			—		—			33.6
Interest and other income	18.7			—		(2.1		)	16.6
Interest and other income of Consolidated Funds	—			728.5		—			728.5
Revenue of a consolidated real estate VIE	27.2			—		—			27.2
Total revenues	2,478.0			728.5		(165.3		)	3,041.2
Expenses
Compensation and benefits
Base compensation	615.8			—		—			615.8
Equity-based compensation	262.9			—		—			262.9
Performance fee related
Realized	368.3			—		—			368.3
Unrealized	316.3			—		—			316.3
Total compensation and benefits	1,563.3			—		—			1,563.3
General, administrative and other expenses	369.2			—		1.2			370.4
Interest	41.1			—		—			41.1
Interest and other expenses of Consolidated Funds	—			940.0		(183.6		)	756.4
Interest and other expenses of a consolidated real estate VIE	129.5			—		—			129.5
Other non-operating income	(14.0		)	—		—			(14.0		)
Total expenses	2,089.1			940.0		(182.4		)	2,846.7
Other income (loss)
Net investment gains of Consolidated Funds	—			996.9		(2.4		)	994.5
Income before provision for income taxes	388.9			785.4		14.7			1,189.0
Provision for income taxes	63.9			—		—			63.9
Net income	325.0			785.4		14.7			1,125.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(52.7		)	—		800.1			747.4
Net income (loss) attributable to Carlyle Holdings	377.7			785.4		(785.4		)	377.7
Net income attributable to non-controlling interests in Carlyle Holdings	308.2			—		—			308.2
Net income (loss) attributable to The Carlyle Group L.P.	$	69.5		$	785.4	$	(785.4	)	$	69.5

Supplemental statement of cash flows



	Nine Months Ended September 30,
	2015			2014
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	(219.3	)	$	325.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	281.7			125.4
Equity-based compensation	291.0			262.9
Excess tax benefits related to equity-based compensation	(1.4		)	(2.5		)
Non-cash performance fees	584.4			(536.5		)
Other non-cash amounts	41.8			20.8
Investment loss	32.6			3.1
Purchases of investments and trading securities	(99.2		)	(271.2		)
Proceeds from the sale of investments and trading securities	382.6			521.9
Payments of contingent consideration	(17.8		)	(57.9		)
Change in deferred taxes, net	(12.0		)	11.6
Change in due from affiliates and other receivables	(3.4		)	(3.0		)
Change in receivables and inventory of a consolidated real estate VIE	(49.5		)	3.0
Change in deposits and other	(9.3		)	(11.4		)
Change in other assets of a consolidated real estate VIE	(10.5		)	(0.9		)
Change in accounts payable, accrued expenses and other liabilities	(82.9		)	(35.6		)
Change in accrued compensation and benefits	(212.8		)	189.1
Change in due to affiliates	253.5			(71.1		)
Change in other liabilities of a consolidated real estate VIE	43.9			(13.2		)
Change in deferred revenue	111.4			203.1
Net cash provided by operating activities	1,304.8			662.6
Cash flows from investing activities
Change in restricted cash	(217.9		)	65.3
Purchases of fixed assets, net	(49.8		)	(15.1		)
Acquisitions, net of cash acquired	—			(3.1		)
Net cash provided by (used in) investing activities	(267.7		)	47.1
Cash flows from financing activities
Issuance of 5.625% senior notes due 2043, net of financing costs	—			210.8
Net payments on loans payable of a consolidated real estate VIE	(53.1		)	(15.9		)
Payments of contingent consideration	(8.0		)	(38.1		)
Excess tax benefits related to equity-based compensation	1.4			2.5
Distributions to common unitholders	(206.0		)	(91.9		)
Distributions to non-controlling interest holders in Carlyle Holdings	(702.4		)	(446.8		)
Contributions from non-controlling interest holders	104.5			117.3
Distributions to non-controlling interest holders	(92.1		)	(102.2		)
Net proceeds from issuance of common units, net of offering costs	209.9			449.5
Acquisition of non-controlling interests in Carlyle Holdings	(209.9		)	(303.4		)
Change in due to/from affiliates financing activities	4.4			(47.9		)
Net cash used in financing activities	(951.3		)	(266.1		)
Effect of foreign exchange rate changes	(20.3		)	(16.0		)
Increase in cash and cash equivalents	65.5			427.6
Cash and cash equivalents, beginning of period	1,242.0			966.6
Cash and cash equivalents, end of period	$	1,307.5		$	1,394.2