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Segment Reporting
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting
Carlyle conducts its operations through four reportable segments:
Corporate Private Equity – The Corporate Private Equity segment is comprised of the Partnership’s operations that advise a diverse group of funds that invest in buyout and growth capital transactions that focus on either a particular geography or a particular industry.
Global Market Strategies – The Global Market Strategies segment advises a group of funds that pursue investment opportunities across various types of credit, equities and alternative instruments, and (as regards certain macroeconomic strategies) currencies, commodities, sovereign debt, and interest rate products and their derivatives.
Real Assets – The Real Assets segment is comprised of the Partnership’s operations that advise U.S. and international funds focused on real estate, infrastructure, energy and renewable energy transactions.
Investment Solutions – Through August 1, 2013, the Investment Solutions segment represented the Partnership’s 60% equity interest in AlpInvest, which advises a global private equity fund of funds program and related co-investment and secondary activities.

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are allocated based on direct base compensation expense for each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road, ESG, Carlyle Commodity Management, and for periods prior to August 1, 2013, AlpInvest. Effective July 1, 2015, the Partnership's economic interest in Carlyle Commodity Management increased from 55% to approximately 83% as a result of the June 2015 restructuring of the original acquisition agreement. The Partnership’s earnings from its investment in NGP Management are presented in the respective operating captions within the Real Assets segment. The net income or loss from the consolidation of Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within investment income in the Real Assets segment.

Economic Net Income (“ENI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. ENI differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with performance fee compensation, and does not include net income (loss) attributable to non-Carlyle interests in Consolidated Funds or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with equity-based compensation that was issued in the initial public offering in May 2012 or is issued in acquisitions or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, charges associated with earnouts and contingent consideration including gains and losses associated with the estimated fair value of contingent consideration issued in conjunction with acquisitions or strategic investments, gains and losses from the retirement of debt, charges associated with lease terminations and employee severance and settlements of legal claims.

     Fee Related Earnings (“FRE”) is a component of ENI and is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of ENI and also adjusts ENI to exclude net performance fees, investment income from investments in Carlyle funds, equity-based compensation and certain general, administrative and other expenses when the timing of any future payment is uncertain.

Distributable Earnings (“DE”) is FRE plus realized net performance fees and realized investment income, and is used to assess performance and amounts potentially available for distribution. DE is used by management primarily in making resource deployment and compensation decisions across the Partnership’s four reportable segments. Management makes operating decisions and assesses the performance of each of the Partnership’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Consolidated Funds. Consequently, the key performance measures discussed above and all segment data exclude the assets, liabilities and operating results related to the Consolidated Funds.
 
The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2015:
 
December 31, 2015 and the Year Then Ended
 
Corporate
Private
Equity
 
Global
Market
Strategies
 
Real
Assets
 
Investment
Solutions
 
Total
 
(Dollars in millions)
Segment Revenues
 
 
 
 
 
 
 
 
 
Fund level fee revenues
 
 
 
 
 
 
 
 
 
Fund management fees
$
577.4

 
$
210.7

 
$
255.9

 
$
153.9

 
$
1,197.9

Portfolio advisory fees, net
14.3

 
0.7

 
0.4

 
—

 
15.4

Transaction fees, net
7.7

 
—

 
2.1

 
—

 
9.8

Total fund level fee revenues
599.4

 
211.4

 
258.4

 
153.9

 
1,223.1

Performance fees
 
 
 
 
 
 
 
 
 
Realized
1,209.5

 
38.0

 
163.2

 
24.1

 
1,434.8

Unrealized
(523.1
)
 
(63.1
)
 
(42.5
)
 
103.6

 
(525.1
)
Total performance fees
686.4

 
(25.1
)
 
120.7

 
127.7

 
909.7

Investment income (loss)
 
 
 
 
 
 
 
 
 
Realized
23.3

 
5.4

 
(93.6
)
 
0.1

 
(64.8
)
Unrealized
(5.2
)
 
(15.7
)
 
63.1

 
0.2

 
42.4

Total investment income (loss)
18.1

 
(10.3
)
 
(30.5
)
 
0.3

 
(22.4
)
Interest
1.5

 
2.8

 
0.3

 
0.2

 
4.8

Other income
9.8

 
3.9

 
2.6

 
0.9

 
17.2

Total revenues
1,315.2

 
182.7

 
351.5

 
283.0

 
2,132.4

Segment Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
 
Direct base compensation
224.2

 
101.2

 
70.0

 
82.3

 
477.7

Indirect base compensation
91.5

 
28.3

 
39.3

 
13.0

 
172.1

Equity-based compensation
65.1

 
19.0

 
25.0

 
12.4

 
121.5

Performance fee related
 
 
 
 
 
 
 
 
 
Realized
540.9

 
16.6

 
68.5

 
20.3

 
646.3

Unrealized
(221.7
)
 
(27.7
)
 
26.3

 
94.8

 
(128.3
)
Total compensation and benefits
700.0

 
137.4

 
229.1

 
222.8

 
1,289.3

General, administrative, and other indirect expenses
172.4

 
69.8

 
74.6

 
46.0

 
362.8

Depreciation and amortization expense
12.5

 
5.0

 
4.3

 
3.8

 
25.6

Interest expense
30.8

 
10.8

 
10.6

 
5.9

 
58.1

Total expenses
915.7

 
223.0

 
318.6

 
278.5

 
1,735.8

Economic Net Income (Loss)
$
399.5

 
$
(40.3
)
 
$
32.9

 
$
4.5

 
$
396.6

(-) Net Performance Fees
367.2

 
(14.0
)
 
25.9

 
12.6

 
391.7

(-) Investment Income (Loss)
18.1

 
(10.3
)
 
(30.5
)
 
0.3

 
(22.4
)
(+) Equity-based Compensation
65.1

 
19.0

 
25.0

 
12.4

 
121.5

(+) Reserve for Litigation and Contingencies
26.8

 
9.0

 
9.2

 
5.0

 
50.0

(=) Fee Related Earnings
$
106.1

 
$
12.0

 
$
71.7

 
$
9.0

 
$
198.8

(+) Realized Net Performance Fees
668.6

 
21.4

 
94.7

 
3.8

 
788.5

(+) Realized Investment Income (Loss)
23.3

 
5.4

 
(93.6
)
 
0.1

 
(64.8
)
(=) Distributable Earnings
$
798.0

 
$
38.8

 
$
72.8

 
$
12.9

 
$
922.5

Segment assets as of December 31, 2015
$
3,127.0

 
$
717.5

 
$
1,452.5

 
$
817.0

 
$
6,114.0

 
The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2014:
 
 
December 31, 2014 and the Year Then Ended
 
Corporate
Private
Equity
 
Global
Market
Strategies

Real
Assets
 
Investment
Solutions

Total
 
(Dollars in millions)
Segment Revenues


 


 


 
Fund level fee revenues









Fund management fees
$
564.8

 
$
259.3

 
$
223.8

 
$
181.4


$
1,229.3

Portfolio advisory fees, net
18.4


0.9


0.8

 
—


20.1

Transaction fees, net
51.4


0.2


1.6


—


53.2

Total fund level fee revenues
634.6


260.4

 
226.2

 
181.4


1,302.6

Performance fees



 



 

Realized
1,156.3

 
36.0

 
88.5


42.9


1,323.7

Unrealized
197.2

 
76.5

 
(39.5
)

150.0


384.2

Total performance fees
1,353.5

 
112.5


49.0

 
192.9


1,707.9

Investment income (loss)



 
 




Realized
17.7


8.4


(32.2
)
 
—


(6.1
)
Unrealized
13.9

 
(3.6
)

(15.7
)

0.4


(5.0
)
Total investment income (loss)
31.6


4.8

 
(47.9
)
 
0.4


(11.1
)
Interest
1.4

 
0.3

 
0.3

 
0.2

 
2.2

Other income
9.4

 
5.5

 
4.4

 
1.1

 
20.4

Total revenues
2,030.5


383.5

 
232.0

 
376.0


3,022.0

Segment Expenses

 

 



 
 
Compensation and benefits

 

 





Direct base compensation
222.4


110.6

 
75.2


85.8


494.0

Indirect base compensation
101.8

 
24.6


48.5


13.6


188.5

Equity-based compensation
42.5


13.9


19.2

 
4.8


80.4

Performance fee related

 

 

 



Realized
512.5


17.4


30.1


30.9

 
590.9

Unrealized
97.1


35.4

 
32.1


145.0


309.6

Total compensation and benefits
976.3


201.9


205.1

 
280.1


1,663.4

General, administrative, and other indirect expenses
151.1


52.9


72.2

 
41.9


318.1

Depreciation and amortization expense
11.0

 
4.0

 
3.6


3.8


22.4

Interest expense
30.6


9.7

 
9.9

 
5.5

 
55.7

Total expenses
1,169.0

 
268.5


290.8

 
331.3


2,059.6

Economic Net Income (Loss)
$
861.5


$
115.0

 
$
(58.8
)

$
44.7

 
$
962.4

(-) Net Performance Fees
743.9


59.7

 
(13.2
)

17.0

 
807.4

(-) Investment Income (Loss)
31.6

 
4.8


(47.9
)

0.4


(11.1
)
(+) Equity-based Compensation
42.5


13.9


19.2


4.8


80.4

(=) Fee Related Earnings
$
128.5

 
$
64.4


$
21.5


$
32.1

 
$
246.5

(+) Realized Net Performance Fees
643.8

 
18.6


58.4

 
12.0


732.8

(+) Realized Investment Income (Loss)
17.7


8.4


(32.2
)
 
—


(6.1
)
(=) Distributable Earnings
$
790.0

 
$
91.4

 
$
47.7

 
$
44.1


$
973.2

Segment assets as of December 31, 2014
$
4,065.1

 
$
1,006.9


$
1,510.6

 
$
814.8

 
$
7,397.4



 
The following tables present the financial data for the Partnership’s four reportable segments for the year ended December 31, 2013:
 
Year Ended December 31, 2013
 
Corporate
Private
Equity
 
Global
Market
Strategies
 
Real
Assets
 
Investment
Solutions
 
Total
 
(Dollars in millions)
Segment Revenues
 
 
 
 
 
 
 
 
 
Fund level fee revenues
 
 
 
 
 
 
 
 
 
Fund management fees
$
471.6

 
$
275.2

 
$
188.9

 
$
119.0

 
$
1,054.7

Portfolio advisory fees, net
23.2

 
1.4

 
1.3

 
—

 
25.9

Transaction fees, net
20.7

 
0.1

 
3.9

 
—

 
24.7

Total fund level fee revenues
515.5

 
276.7

 
194.1

 
119.0

 
1,105.3

Performance fees
 
 
 
 
 
 
 
 
 
Realized
914.5

 
151.9

 
40.5

 
21.7

 
1,128.6

Unrealized
959.1

 
32.4

 
43.4

 
129.8

 
1,164.7

Total performance fees
1,873.6

 
184.3

 
83.9

 
151.5

 
2,293.3

Investment income (loss)
 
 
 
 
 
 
 
 
 
Realized
15.8

 
17.5

 
(22.7
)
 
—

 
10.6

Unrealized
10.4

 
(1.5
)
 
(62.3
)
 
0.2

 
(53.2
)
Total investment income (loss)
26.2

 
16.0

 
(85.0
)
 
0.2

 
(42.6
)
Interest
0.9

 
0.7

 
0.2

 
—

 
1.8

Other income
5.6

 
3.5

 
1.8

 
0.2

 
11.1

Total revenues
2,421.8

 
481.2

 
195.0

 
270.9

 
3,368.9

Segment Expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
 
 
Direct base compensation
212.6

 
99.6

 
70.2

 
53.6

 
436.0

Indirect base compensation
95.0

 
21.8

 
30.4

 
5.6

 
152.8

Equity-based compensation
7.4

 
3.0

 
4.6

 
0.7

 
15.7

Performance fee related
 
 
 
 
 
 
 
 
 
Realized
401.7

 
42.1

 
(4.0
)
 
14.3

 
454.1

Unrealized
446.2

 
13.7

 
56.7

 
131.2

 
647.8

Total compensation and benefits
1,162.9

 
180.2

 
157.9

 
205.4

 
1,706.4

General, administrative, and other indirect expenses
166.9

 
60.9

 
58.4

 
23.2

 
309.4

Depreciation and amortization expense
13.2

 
4.5

 
4.3

 
2.3

 
24.3

Interest expense
25.2

 
7.9

 
8.2

 
2.3

 
43.6

Total expenses
1,368.2

 
253.5

 
228.8

 
233.2

 
2,083.7

Economic Net Income (Loss)
$
1,053.6

 
$
227.7

 
$
(33.8
)
 
$
37.7

 
$
1,285.2

(-) Net Performance Fees
1,025.7

 
128.5

 
31.2

 
6.0

 
1,191.4

(-) Investment Income (Loss)
26.2

 
16.0

 
(85.0
)
 
0.2

 
(42.6
)
(+) Equity-based Compensation
7.4

 
3.0

 
4.6

 
0.7

 
15.7

(=) Fee Related Earnings
$
9.1

 
$
86.2

 
$
24.6

 
$
32.2

 
$
152.1

(+) Realized Net Performance Fees
512.8

 
109.8

 
44.5

 
7.4

 
674.5

(+) Realized Investment Income (loss)
15.8

 
17.5

 
(22.7
)
 
—

 
10.6

(=) Distributable Earnings
$
537.7

 
$
213.5

 
$
46.4

 
$
39.6

 
$
837.2



 
The following tables reconcile the Total Segments to the Partnership’s Income Before Provision for Taxes as of and for the years ended December 31, 2015 and 2014:
 
December 31, 2015 and the Year then Ended
 
Total Reportable
Segments
 
Consolidated
Funds
 
Reconciling
Items
 
 
 
Carlyle
Consolidated
 
(Dollars in millions)
Revenues
$
2,132.4

 
$
975.5

 
$
(101.7
)
 
(a) 
 
$
3,006.2

Expenses
$
1,735.8

 
$
1,258.8

 
$
473.8

 
(b) 
 
$
3,468.4

Other income
$
—

 
$
886.9

 
$
(22.5
)
 
(c) 
 
$
864.4

Economic net income
$
396.6

 
$
603.6

 
$
(598.0
)
 
(d) 
 
$
402.2

Total assets
$
6,114.0

 
$
26,395.7

 
$
(318.7
)
 
(e) 
 
$
32,191.0

 
 
December 31, 2014 and the Year then Ended
 
Total Reportable
Segments
 
Consolidated
Funds
 
Reconciling
Items
 
 
 
Carlyle
Consolidated
 
(Dollars in millions)
Revenues
$
3,022.0

 
$
956.0

 
$
(97.7
)
 
(a) 
 
$
3,880.3

Expenses
$
2,059.6

 
$
1,286.5

 
$
429.3

 
(b) 
 
$
3,775.4

Other income
$
—

 
$
898.4

 
$
(11.4
)
 
(c) 
 
$
887.0

Economic net income
$
962.4

 
$
567.9

 
$
(538.4
)
 
(d) 
 
$
991.9

Total assets
$
7,397.4

 
$
28,809.8

 
$
(212.9
)
 
(e) 
 
$
35,994.3

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the year ended December 31, 2013:
 
Year Ended December 31, 2013
 
Total Reportable
Segments
 
Consolidated
Funds
 
Reconciling
Items
 
 
 
Carlyle
Consolidated
 
(Dollars in millions)
Revenues
$
3,368.9

 
$
1,043.1

 
$
29.2

 
(a) 
 
$
4,441.2

Expenses
$
2,083.7

 
$
1,169.4

 
$
440.8

 
(b) 
 
$
3,693.9

Other income
$
—

 
$
701.3

 
$
(4.6
)
 
(c) 
 
$
696.7

Economic net income
$
1,285.2

 
$
575.0

 
$
(416.2
)
 
(d) 
 
$
1,444.0

 
(a)
The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, and adjustments to reflect the Partnership’s ownership interests in Claren Road, ESG, Carlyle Commodity Management and, for periods prior to August 1, 2013, AlpInvest that were included in Revenues in the Partnership’s segment reporting.
 

(b)
The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, changes in the tax receivable agreement liability, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road, ESG, Carlyle Commodity Management and, for periods prior to August 1, 2013, AlpInvest as detailed below (Dollars in millions):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments
$
259.8

 
$
269.2

 
$
314.4

Acquisition related charges and amortization of intangibles and impairment
288.8

 
242.5

 
260.4

Other non-operating (income) expense
(7.4
)
 
(30.3
)
 
(16.5
)
Tax expense associated with performance fee compensation
(14.9
)
 
(25.3
)
 
(34.9
)
Non-Carlyle economic interests in acquired business
160.3

 
213.6

 
186.4

Other adjustments
6.7

 
1.2

 
6.3

Elimination of expenses of Consolidated Funds
(219.5
)
 
(241.6
)
 
(275.3
)
 
$
473.8

 
$
429.3

 
$
440.8


 
(c)
The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total Other Income (Loss).

(d)
The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):
 
Year Ended December 31,
 
2015
 
2014
 
2013
Income before provision for income taxes
$
402.2

 
$
991.9

 
$
1,444.0

Adjustments:
 
 
 
 
 
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments
259.8

 
269.2

 
314.4

Acquisition related charges and amortization of intangibles and impairment
288.8

 
242.5

 
260.4

Other non-operating (income) expense
(7.4
)
 
(30.3
)
 
(16.5
)
Tax expense associated with performance fee compensation
(14.9
)
 
(25.3
)
 
(34.9
)
Net income attributable to non-controlling interests in Consolidated entities
(537.9
)
 
(485.5
)
 
(676.0
)
Other adjustments
6.0

 
(0.1
)
 
(6.2
)
Economic Net Income
$
396.6

 
$
962.4

 
$
1,285.2

Net performance fees(1)
391.7

 
807.4

 
1,191.4

Investment income (loss)(1)
(22.4
)
 
(11.1
)
 
(42.6
)
Equity-based compensation
121.5

 
80.4

 
15.7

Reserve for litigation and contingencies
50.0

 
—

 
—

Fee Related Earnings
$
198.8

 
$
246.5

 
$
152.1

Realized performance fees, net of related compensation
788.5

 
732.8

 
674.5

Realized investment income (loss)(1)
(64.8
)
 
(6.1
)
 
10.6

Distributable Earnings
$
922.5

 
$
973.2

 
$
837.2

 


(1)
See reconciliation to most directly comparable U.S. GAAP measure below:
 
Year Ended December 31, 2015
 
Carlyle
Consolidated
 
Adjustments(4)
 
Total
Reportable
Segments
 
(Dollars in millions)
Performance fees
 
 
 
 
 
Realized
$
1,441.9

 
$
(7.1
)
 
$
1,434.8

Unrealized
(617.0
)
 
91.9

 
(525.1
)
Total performance fees
824.9

 
84.8

 
909.7

Performance fee related compensation expense
 
 
 
 
 
Realized
650.5

 
(4.2
)
 
646.3

Unrealized
(139.6
)
 
11.3

 
(128.3
)
Total performance fee related compensation expense
510.9

 
7.1

 
518.0

Net performance fees
 
 
 
 
 
Realized
791.4

 
(2.9
)
 
788.5

Unrealized
(477.4
)
 
80.6

 
(396.8
)
Total net performance fees
$
314.0

 
$
77.7

 
$
391.7

Investment income (loss)
 
 
 
 
 
Realized
$
32.9

 
$
(97.7
)
 
$
(64.8
)
Unrealized
(17.7
)
 
60.1

 
42.4

Total investment income (loss)
$
15.2

 
$
(37.6
)
 
$
(22.4
)

 
Year Ended December 31, 2014
 
Carlyle
Consolidated
 
Adjustments(4)
 
Total
Reportable
Segments
 
(Dollars in millions)
Performance fees
 
 
 
 
 
Realized
$
1,328.7

 
$
(5.0
)
 
$
1,323.7

Unrealized
345.7

 
38.5

 
384.2

Total performance fees
1,674.4

 
33.5

 
1,707.9

Performance fee related compensation expense
 
 
 
 
 
Realized
590.7

 
0.2

 
590.9

Unrealized
282.2

 
27.4

 
309.6

Total performance fee related compensation expense
872.9

 
27.6

 
900.5

Net performance fees
 
 
 
 
 
Realized
738.0

 
(5.2
)
 
732.8

Unrealized
63.5

 
11.1

 
74.6

Total net performance fees
$
801.5

 
$
5.9

 
$
807.4

Investment income (loss)
 
 
 
 
 
Realized
$
23.7

 
$
(29.8
)
 
$
(6.1
)
Unrealized
(30.9
)
 
25.9

 
(5.0
)
Total investment income (loss)
$
(7.2
)
 
$
(3.9
)
 
$
(11.1
)
 
 
Year Ended December 31, 2013
 
Carlyle
Consolidated
 
Adjustments(4)
 
Total
Reportable
Segments
 
(Dollars in millions)
Performance fees
 
 
 
 
 
Realized
$
1,176.7

 
$
(48.1
)
 
$
1,128.6

Unrealized
1,198.6

 
(33.9
)
 
1,164.7

Total performance fees
2,375.3

 
(82.0
)
 
2,293.3

Performance fee related compensation expense
 
 
 
 
 
Realized
539.2

 
(85.1
)
 
454.1

Unrealized
644.5

 
3.3

 
647.8

Total performance fee related compensation expense
1,183.7

 
(81.8
)
 
1,101.9

Net performance fees
 
 
 
 
 
Realized
637.5

 
37.0

 
674.5

Unrealized
554.1

 
(37.2
)
 
516.9

Total net performance fees
$
1,191.6

 
$
(0.2
)
 
$
1,191.4

Investment income
 
 
 
 
 
Realized
$
14.4

 
$
(3.8
)
 
$
10.6

Unrealized
4.4

 
(57.6
)
 
(53.2
)
Total investment income
$
18.8

 
$
(61.4
)
 
$
(42.6
)
 
(2)
Adjustments to performance fees and investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results and (iii) the reclassification of NGP X performance fees, which are included in investment income in the U.S. GAAP financial statements. Adjustments to investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results. Adjustments to performance fee related compensation expense relate to the inclusion of certain tax expenses associated with performance fee compensation. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in each of Claren Road, ESG and, for periods prior to July 1, 2015, Carlyle Commodity Management and, for periods prior to August 1, 2013, the Partnership’s 60% interest in AlpInvest in the segment results. Effective for periods beginning on and after July 1, 2015, adjustments are included to reflect the Partnership's approximate 83% economic interest in Carlyle Commodity Management.

(e)
The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.
Information by Geographic Location
Carlyle primarily transacts business in the United States and a significant amount of its revenues are generated domestically. The Partnership has established investment vehicles whose primary focus is making investments in specified geographical locations. The tables below present consolidated revenues and assets based on the geographical focus of the associated investment vehicle.
 
 
Total Revenues
 
Total Assets
 
Share
 
%
 
Share
 
%
 
(Dollars in millions)
Year Ended December 31, 2015
 
 
 
 
 
 
 
Americas(1)
$
1,518.7

 
51
%
 
$
19,059.3

 
59
%
EMEA(2)
1,090.1

 
36
%
 
12,368.7

 
39
%
Asia-Pacific(3)
397.4

 
13
%
 
763.0

 
2
%
Total
$
3,006.2

 
100
%
 
$
32,191.0

 
100
%
 
 
Total Revenues
 
Total Assets
 
Share
 
%
 
Share
 
%
 
(Dollars in millions)
Year Ended December 31, 2014
 
 
 
 
 
 
 
Americas(1)
$
2,283.3

 
59
%
 
$
20,986.9

 
58
%
EMEA(2)
1,527.3

 
39
%
 
14,446.4

 
40
%
Asia-Pacific(3)
69.7

 
2
%
 
561.0

 
2
%
Total
$
3,880.3

 
100
%
 
$
35,994.3

 
100
%
 
 
Total Revenues
 
Total Assets
 
Share
 
%
 
Share
 
%
 
(Dollars in millions)
Year Ended December 31, 2013
 
 
 
 
 
 
 
Americas(1)
$
2,613.0

 
59
%
 
$
19,091.7

 
53
%
EMEA(2)
1,459.3

 
33
%
 
15,974.6

 
45
%
Asia-Pacific(3)
368.9

 
8
%
 
556.0

 
2
%
Total
$
4,441.2

 
100
%
 
$
35,622.3

 
100
%
 
(1)
Relates to investment vehicles whose primary focus is the United States, Mexico or South America.
(2)
Relates to investment vehicles whose primary focus is Europe, the Middle East, and Africa.
(3)
Relates to investment vehicles whose primary focus is Asia, including China, Japan, India and Australia.