Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Supplemental financial position

	As of September 30, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	2,399.0	$	—	$	—	$	2,399.0
Cash and cash equivalents held at Consolidated Funds	—		134.8		—		134.8
Restricted cash	6.9		—		—		6.9
Investments, including performance allocations of $8,100.3 million	10,852.5		—		(174.0)		10,678.5
Investments of Consolidated Funds	—		6,469.7		—		6,469.7
Due from affiliates and other receivables, net	299.6		—		(6.2)		293.4
Due from affiliates and other receivables of Consolidated Funds, net	—		173.7		—		173.7
Fixed assets, net	139.2		—		—		139.2
Lease right-of-use assets, net	364.4		—		—		364.4
Deposits and other	72.4		—		—		72.4
Intangible assets, net	36.9		—		—		36.9
Deferred tax assets	19.8		—		—		19.8
Total assets	$	14,190.7	$	6,778.2	$	(180.2)	$	20,788.7
Liabilities and equity
Debt obligations	$	2,370.7	$	—	$	—	$	2,370.7
Loans payable of Consolidated Funds	—		5,955.1		—		5,955.1
Accounts payable, accrued expenses and other liabilities	374.5		—		—		374.5
Accrued compensation and benefits	4,710.2		—		—		4,710.2
Due to affiliates	391.2		0.1		(0.1)		391.2
Deferred revenue	334.0		—		—		334.0
Deferred tax liabilities	433.4		—		—		433.4
Other liabilities of Consolidated Funds	—		619.5		—		619.5
Lease liabilities	542.4		—		—		542.4
Accrued giveback obligations	24.7		—		—		24.7
Total liabilities	9,181.1		6,574.7		(0.1)		15,755.7
Common stock	3.6		—		—		3.6
Additional paid-in capital	2,671.7		179.6		(179.6)		2,671.7
Retained earnings	2,324.1		—		—		2,324.1
Accumulated other comprehensive loss	(237.6)		(2.1)		(0.5)		(240.2)
Non-controlling interests in consolidated entities	247.8		26.0		—		273.8
Total equity	5,009.6		203.5		(180.1)		5,033.0
Total liabilities and equity	$	14,190.7	$	6,778.2	$	(180.2)	$	20,788.7

	As of December 31, 2020
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	987.6	$	—	$	—	$	987.6
Cash and cash equivalents held at Consolidated Funds	—		148.6		—		148.6
Restricted cash	2.0		—		—		2.0
Investments, including performance allocations of $4,968.6 million	7,551.7		—		(170.8)		7,380.9
Investments of Consolidated Funds	—		6,056.9		—		6,056.9
Due from affiliates and other receivables, net	278.9		—		(6.4)		272.5
Due from affiliates and other receivables of Consolidated Funds, net	—		89.1		—		89.1
Fixed assets, net	149.2		—		—		149.2
Lease right-of-use assets, net	361.1		—		—		361.1
Deposits and other	51.7		—		—		51.7
Intangible assets, net	48.7		—		—		48.7
Deferred tax assets	96.5		—		—		96.5
Total assets	$	9,527.4	$	6,294.6	$	(177.2)	$	15,644.8
Liabilities and equity
Debt obligations	$	1,970.9	$	—	$	—	$	1,970.9
Loans payable of Consolidated Funds	—		5,563.0		—		5,563.0
Accounts payable, accrued expenses and other liabilities	286.3		—		—		286.3
Accrued compensation and benefits	3,222.6		—		—		3,222.6
Due to affiliates	436.7		—		—		436.7
Deferred revenue	89.0		—		—		89.0
Deferred tax liabilities	57.8		—		—		57.8
Other liabilities of Consolidated Funds	—		556.1		—		556.1
Lease liabilities	513.5		—		—		513.5
Accrued giveback obligations	18.7		—		—		18.7
Total liabilities	6,595.5		6,119.1		—		12,714.6
Common stock	3.5		—		—		3.5
Additional paid-in capital	2,546.2		167.6		(167.6)		2,546.2
Retained earnings	348.2		—		—		348.2
Accumulated other comprehensive income (loss)	(205.8)		6.7		(9.6)		(208.7)
Non-controlling interests in consolidated entities	239.8		1.2		—		241.0
Total equity	2,931.9		175.5		(177.2)		2,930.2
Total liabilities and equity	$	9,527.4	$	6,294.6	$	(177.2)	$	15,644.8

Supplemental results of operations

	Nine Months Ended September 30, 2021
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,201.5	$	—	$	(18.6)	$	1,182.9
Incentive fees	33.0		—		—		33.0
Investment income
Performance allocations	4,841.3		—		—		4,841.3
Principal investment income	503.1		—		(25.9)		477.2
Total investment income	5,344.4		—		(25.9)		5,318.5
Interest and other income	79.3		—		(16.0)		63.3
Interest and other income of Consolidated Funds	—		185.3		—		185.3
Total revenues	6,658.2		185.3		(60.5)		6,783.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	685.2		—		—		685.2
Equity-based compensation	122.0		—		—		122.0
Performance allocations and incentive fee related compensation	2,355.8		—		—		2,355.8
Total compensation and benefits	3,163.0		—		—		3,163.0
General, administrative and other expenses	300.4		—		—		300.4
Interest	76.4		—		—		76.4
Interest and other expenses of Consolidated Funds	—		162.6		(29.1)		133.5
Other non-operating income	1.0		—		—		1.0
Total expenses	3,540.8		162.6		(29.1)		3,674.3
Other income
Net investment gain of Consolidated Funds	—		9.6		—		9.6
Income before provision for income taxes	3,117.4		32.3		(31.4)		3,118.3
Provision for income taxes	733.5		—		—		733.5
Net income	2,383.9		32.3		(31.4)		2,384.8
Net income attributable to non-controlling interests in consolidated entities	56.8		—		0.9		57.7
Net income attributable to The Carlyle Group Inc.	$	2,327.1	$	32.3	$	(32.3)	$	2,327.1

	Three months ended September 30, 2020
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	370.0	$	—	$	(6.2)	$	363.8
Incentive fees	9.1		—		—		9.1
Investment income
Performance allocations	477.4		—		—		477.4
Principal investment income	138.2		—		(31.5)		106.7
Total investment income	615.6		—		(31.5)		584.1
Interest and other income	23.9		—		(2.6)		21.3
Interest and other income of Consolidated Funds	—		56.3		—		56.3
Total revenues	1,018.6		56.3		(40.3)		1,034.6
Expenses
Compensation and benefits
Cash-based compensation and benefits	222.2		—		—		222.2
Equity-based compensation	18.7		—		—		18.7
Performance allocations and incentive fee related compensation	250.6		—		—		250.6
Total compensation and benefits	491.5		—		—		491.5
General, administrative and other expenses	91.2		—		(0.1)		91.1
Interest	23.0		—		—		23.0
Interest and other expenses of Consolidated Funds	—		47.9		(10.7)		37.2
Other non-operating expenses	0.6		—		—		0.6
Total expenses	606.3		47.9		(10.8)		643.4
Other income
Net investment income of Consolidated Funds	—		23.9		—		23.9
Income before provision for income taxes	412.3		32.3		(29.5)		415.1
Provision for income taxes	82.4		—		—		82.4
Net income	329.9		32.3		(29.5)		332.7
Net income attributable to non-controlling interests in consolidated entities	34.4		—		2.8		37.2
Net income attributable to The Carlyle Group Inc.	295.5		32.3		(32.3)		295.5

	Nine Months Ended September 30, 2020
	Consolidated Operating Entities		Consolidated Funds		Eliminations		Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,108.5	$	—	$	(17.0)	$	1,091.5
Incentive fees	27.0		—		—		27.0
Investment income (loss)
Performance allocations	731.6		—		—		731.6
Principal investment income (loss)	(688.0)		—		28.8		(659.2)
Total investment income	43.6		—		28.8		72.4
Interest and other income	73.7		—		(9.2)		64.5
Interest and other income of Consolidated Funds	—		164.5		—		164.5
Total revenues	1,252.8		164.5		2.6		1,419.9
Expenses
Compensation and benefits
Cash-based compensation and benefits	639.0		—		—		639.0
Equity-based compensation	78.3		—		—		78.3
Performance allocations and incentive fee related compensation	343.7		—		—		343.7
Total compensation and benefits	1,061.0		—		—		1,061.0
General, administrative and other expenses	241.0		—		(0.1)		240.9
Interest	72.8		—		—		72.8
Interest and other expenses of Consolidated Funds	—		148.8		(26.7)		122.1
Other non-operating expenses	1.3		—		—		1.3
Total expenses	1,376.1		148.8		(26.8)		1,498.1
Other loss
Net investment losses of Consolidated Funds	—		(38.9)		—		(38.9)
Loss before provision for income taxes	(123.3)		(23.2)		29.4		(117.1)
Provision for income taxes	54.7		—		—		54.7
Net loss	(178.0)		(23.2)		29.4		(171.8)
Net loss attributable to non-controlling interests in consolidated entities	(7.4)		—		6.2		(1.2)
Net loss attributable to The Carlyle Group Inc.	(170.6)		(23.2)		23.2		(170.6)

Supplemental statement of cash flows

	Nine Months Ended September 30,
	2021		2020
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	2,383.9	$	(178.0)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	40.5		38.9
Right-of-use asset impairment, net of broker fees	24.8		—
Equity-based compensation	122.0		78.3
Non-cash performance allocations and incentive fees	(1,662.3)		(239.6)
Non-cash principal investment (income) loss	(470.7)		694.8
Other non-cash amounts	20.7		(3.5)
Purchases of investments	(250.9)		(330.2)
Proceeds from the sale of investments	559.1		258.3
Payments of contingent consideration	(50.0)		—
Change in deferred taxes, net	449.1		4.7
Change in due from affiliates and other receivables	(21.1)		(8.7)
Change in deposits and other	(23.3)		(1.3)
Change in accounts payable, accrued expenses and other liabilities	90.9		(57.5)
Change in accrued compensation and benefits	17.3		73.0
Change in due to affiliates	1.4		(31.5)
Change in lease right-of-use asset and lease liability	5.9		(6.7)
Change in deferred revenue	247.6		200.3
Net cash provided by operating activities	1,484.9		491.3
Cash flows from investing activities
Purchases of fixed assets, net	(27.0)		(37.3)
Proceeds from sale of MRE, net of cash sold	5.9		—
Proceeds from sale of Brazil management entity, net of cash sold	3.3		—
Net cash used in investing activities	(17.8)		(37.3)
Cash flows from financing activities
Borrowings under credit facilities	70.0		287.1
Repayments under credit facilities	—		(300.6)
Issuance of 4.625% subordinated notes due 2061, net of financing costs	484.1		—
Payments on debt obligations	(231.5)		(2.7)
Proceeds from debt obligations, net of financing costs	87.5		20.5
Payments of contingent consideration	(0.1)		(0.3)
Dividends to common stockholders	(266.7)		(262.9)
Payment of deferred consideration for Carlyle Holdings units	(68.8)		(68.8)
Contributions from non-controlling interest holders	13.1		24.2
Distributions to non-controlling interest holders	(56.3)		(52.5)
Common shares repurchased	(84.5)		(26.4)
Change in due to/from affiliates financing activities	21.8		40.9
Net cash used in financing activities	(31.4)		(341.5)
Effect of foreign exchange rate changes	(19.4)		(1.7)
Increase in cash, cash equivalents and restricted cash	1,416.3		110.8
Cash, cash equivalents and restricted cash, beginning of period	989.6		828.0
Cash, cash equivalents and restricted cash, end of period	$	2,405.9	$	938.8
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	2,399.0	$	938.4
Restricted cash	6.9		0.4
Total cash, cash equivalents and restricted cash, end of period	$	2,405.9	$	938.8
Cash and cash equivalents held at Consolidated Funds	$	134.8	$	377.8