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Supplemental Financial Information
12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Supplemental Financial Information
Supplemental Financial Information
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of December 31, 2018 and 2017 and results of operations for the years ended December 31, 2018, 2017 and 2016. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.
 
As of December 31, 2018
 
Consolidated
Operating
Entities
 
Consolidated
Funds
 
Eliminations
 
Consolidated
 
(Dollars in millions)
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
629.6

 
$

 
$

 
$
629.6

Cash and cash equivalents held at Consolidated Funds

 
247.5

 

 
247.5

Restricted cash
8.7

 

 

 
8.7

Corporate treasury investments
51.7

 

 

 
51.7

Investments, including performance allocations of $3,480.0 million
5,917.8

 

 
(220.3
)
 
5,697.5

Investments of Consolidated Funds

 
5,286.6

 

 
5,286.6

Due from affiliates and other receivables, net
446.8

 

 
(5.7
)
 
441.1

Due from affiliates and other receivables of Consolidated Funds, net

 
135.4

 

 
135.4

Fixed assets, net
95.1

 

 

 
95.1

Deposits and other
49.3

 

 

 
49.3

Intangible assets, net
77.3

 

 

 
77.3

Deferred tax assets
194.4

 

 

 
194.4

Total assets
$
7,470.7

 
$
5,669.5

 
$
(226.0
)
 
$
12,914.2

Liabilities and partners’ capital
 
 
 
 
 
 
 
Debt obligations
$
1,550.4

 
$

 
$

 
$
1,550.4

Loans payable of Consolidated Funds

 
4,840.1

 

 
4,840.1

Accounts payable, accrued expenses and other liabilities
442.2

 

 

 
442.2

Accrued compensation and benefits
2,222.3

 

 

 
2,222.3

Due to affiliates
174.0

 

 

 
174.0

Deferred revenue
111.3

 

 

 
111.3

Deferred tax liabilities
64.3

 

 

 
64.3

Other liabilities of Consolidated Funds

 
610.1

 

 
610.1

Accrued giveback obligations
63.2

 

 

 
63.2

Total liabilities
4,627.7

 
5,450.2

 

 
10,077.9

Series A preferred units
387.5

 

 

 
387.5

Partners’ capital
673.4

 
68.2

 
(68.2
)
 
673.4

Accumulated other comprehensive income (loss)
(80.7
)
 
1.1

 
(3.7
)
 
(83.3
)
Non-controlling interests in consolidated entities
323.0

 
1.2

 

 
324.2

Non-controlling interests in Carlyle Holdings
1,539.8

 
148.8

 
(154.1
)
 
1,534.5

Total partners’ capital
2,843.0

 
219.3

 
(226.0
)
 
2,836.3

Total liabilities and partners’ capital
$
7,470.7

 
$
5,669.5

 
$
(226.0
)
 
$
12,914.2


 
As of December 31, 2017
 
Consolidated
Operating
Entities
 
Consolidated
Funds
 
Eliminations
 
Consolidated
 
(Dollars in millions)
Assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,000.1

 
$

 
$

 
$
1,000.1

Cash and cash equivalents held at Consolidated Funds

 
377.6

 

 
377.6

Restricted cash
28.7

 

 

 
28.7

Corporate treasury investments
376.3

 

 

 
376.3

Investments, including performance allocations of $3,664.3 million
5,508.5

 

 
(219.9
)
 
5,288.6

Investments of Consolidated Funds

 
4,534.3

 

 
4,534.3

Due from affiliates and other receivables, net
268.7

 

 
(5.3
)
 
263.4

Due from affiliates and other receivables of Consolidated Funds, net

 
50.8

 

 
50.8

Fixed assets, net
100.4

 

 

 
100.4

Deposits and other
54.1

 

 

 
54.1

Intangible assets, net
35.9

 

 

 
35.9

Deferred tax assets
170.4

 

 

 
170.4

Total assets
$
7,543.1

 
$
4,962.7

 
$
(225.2
)
 
$
12,280.6

Liabilities and partners’ capital
 
 
 
 
 
 
 
Debt obligations
$
1,573.6

 
$

 
$

 
$
1,573.6

Loans payable of Consolidated Funds

 
4,303.8

 

 
4,303.8

Accounts payable, accrued expenses and other liabilities
355.1

 

 

 
355.1

Accrued compensation and benefits
2,222.6

 

 

 
2,222.6

Due to affiliates
229.9

 

 

 
229.9

Deferred revenue
82.1

 

 

 
82.1

Deferred tax liabilities
75.6

 

 

 
75.6

Other liabilities of Consolidated Funds

 
422.1

 

 
422.1

Accrued giveback obligations
66.8

 

 

 
66.8

Total liabilities
4,605.7

 
4,725.9

 

 
9,331.6

Series A preferred units
387.5

 

 

 
387.5

Partners’ capital
701.8

 
62.8

 
(62.8
)
 
701.8

Accumulated other comprehensive income (loss)
(72.2
)
 
4.1

 
(4.6
)
 
(72.7
)
Non-controlling interests in consolidated entities
391.4

 
13.3

 

 
404.7

Non-controlling interests in Carlyle Holdings
1,528.9

 
156.6

 
(157.8
)
 
1,527.7

Total partners’ capital
2,937.4

 
236.8

 
(225.2
)
 
2,949.0

Total liabilities and partners’ capital
$
7,543.1

 
$
4,962.7

 
$
(225.2
)
 
$
12,280.6



 



 
Year Ended December 31, 2018
 
Consolidated
Operating
Entities
 
Consolidated
Funds
 
Eliminations
 
Consolidated
 
(Dollars in millions)
Revenues
 
 
 
 
 
 
 
Fund management fees
$
1,296.4

 
$

 
$
(24.4
)
 
$
1,272.0

Incentive fees
31.3

 

 
(1.1
)
 
30.2

Investment income
 
 
 
 
 
 
 
Performance allocations
622.9

 

 

 
622.9

Principal investment income
193.8

 

 
(7.5
)
 
186.3

Total investment income
816.7

 

 
(7.5
)
 
809.2

Interest and other income
128.0

 

 
(26.7
)
 
101.3

Interest and other income of Consolidated Funds

 
214.5

 

 
214.5

Total revenues
2,272.4

 
214.5

 
(59.7
)
 
2,427.2

Expenses
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
Cash-based compensation and benefits
746.7

 

 

 
746.7

Equity-based compensation
239.9

 

 

 
239.9

Performance allocations and incentive fee related compensation
376.3

 

 

 
376.3

Total compensation and benefits
1,362.9

 

 

 
1,362.9

General, administrative and other expenses
460.7

 

 

 
460.7

Interest
82.2

 

 

 
82.2

Interest and other expenses of Consolidated Funds

 
213.3

 
(48.7
)
 
164.6

Other non-operating expense
1.1

 

 

 
1.1

Total expenses
1,906.9

 
213.3

 
(48.7
)
 
2,071.5

Other income
 
 
 
 
 
 
 
Net investment gains of Consolidated Funds

 
4.5

 

 
4.5

Income before provision for income taxes
365.5

 
5.7

 
(11.0
)
 
360.2

Provision for income taxes
31.3

 

 

 
31.3

Net income
334.2

 
5.7

 
(11.0
)
 
328.9

Net income attributable to non-controlling interests in consolidated entities
39.2

 

 
(5.3
)
 
33.9

Net income attributable to Carlyle Holdings
295.0

 
5.7

 
(5.7
)
 
295.0

Net income attributable to non-controlling interests in Carlyle Holdings
178.5

 

 

 
178.5

Net income attributable to The Carlyle Group L.P.
116.5

 
5.7

 
(5.7
)
 
116.5

Net income attributable to Series A Preferred Unitholders
23.6

 

 

 
23.6

Net income attributable to The Carlyle Group L.P. Common Unitholders
$
92.9

 
$
5.7

 
$
(5.7
)
 
$
92.9




 
Year Ended December 31, 2017
 
Consolidated
Operating
Entities
 
Consolidated
Funds
 
Eliminations
 
Consolidated
 
(Dollars in millions)
Revenues
 
 
 
 
 
 
 
Fund management fees
$
1,045.4

 
$

 
$
(18.5
)
 
$
1,026.9

Incentive fees
37.7

 

 
(2.4
)
 
35.3

Investment income
 
 
 
 
 
 
 
Performance allocations
2,058.6

 

 

 
2,058.6

Principal investment income
243.8

 

 
(11.8
)
 
232.0

Total investment income
2,302.4

 

 
(11.8
)
 
2,290.6

Interest and other income
60.5

 

 
(23.8
)
 
36.7

Interest and other income of Consolidated Funds

 
177.7

 

 
177.7

Revenue of a real estate VIE
109.0

 

 

 
109.0

Total revenues
3,555.0

 
177.7

 
(56.5
)
 
3,676.2

Expenses
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
Cash-based compensation and benefits
652.7

 

 

 
652.7

Equity-based compensation
320.3

 

 

 
320.3

Performance allocations and incentive fee related compensation
988.3

 

 

 
988.3

Total compensation and benefits
1,961.3

 

 

 
1,961.3

General, administrative and other expenses
276.8

 

 

 
276.8

Interest
65.5

 

 

 
65.5

Interest and other expenses of Consolidated Funds

 
240.4

 
(42.8
)
 
197.6

Interest and other expenses of a real estate VIE and loss on deconsolidation
202.5

 

 

 
202.5

Other non-operating income
(71.4
)
 

 

 
(71.4
)
Total expenses
2,434.7

 
240.4

 
(42.8
)
 
2,632.3

Other income
 
 
 
 
 
 
 
Net investment gains of Consolidated Funds

 
123.5

 
(35.1
)
 
88.4

Income before provision for income taxes
1,120.3

 
60.8

 
(48.8
)
 
1,132.3

Provision for income taxes
124.9

 

 

 
124.9

Net income
995.4

 
60.8

 
(48.8
)
 
1,007.4

Net income attributable to non-controlling interests in consolidated entities
60.5

 

 
12.0

 
72.5

Net income attributable to Carlyle Holdings
934.9

 
60.8

 
(60.8
)
 
934.9

Net income attributable to non-controlling interests in Carlyle Holdings
690.8

 

 

 
690.8

Net income attributable to The Carlyle Group L.P.
$
244.1

 
$
60.8

 
$
(60.8
)
 
$
244.1

Net income attributable to Series A Preferred Unitholders
6.0

 

 

 
6.0

Net income attributable to The Carlyle Group L.P. Common Unitholders
$
238.1

 
$
60.8

 
$
(60.8
)
 
$
238.1


 
 
Year Ended December 31, 2016
 
Consolidated
Operating
Entities
 
Consolidated
Funds
 
Eliminations
 
Consolidated
 
(Dollars in millions)
Revenues
 
 
 
 
 
 
 
Fund management fees
$
1,090.3

 
$

 
$
(14.2
)
 
$
1,076.1

Incentive fees
36.6

 

 
(0.2
)
 
36.4

Investment income
 
 
 
 
 
 
 
Performance allocations
715.4

 

 

 
715.4

Principal investment income
165.5

 

 
(5.0
)
 
160.5

Total investment income (loss)
880.9

 

 
(5.0
)
 
875.9

Interest and other income
38.9

 

 
(15.0
)
 
23.9

Interest and other income of Consolidated Funds

 
166.9

 

 
166.9

Revenue of a real estate VIE
95.1

 

 

 
95.1

Total revenues
2,141.8

 
166.9

 
(34.4
)
 
2,274.3

Expenses
 
 
 
 
 
 
 
Compensation and benefits
 
 
 
 
 
 
 
Cash-based compensation and benefits
647.1

 

 

 
647.1

Equity-based compensation
334.6

 

 

 
334.6

Performance allocations and incentive fee related compensation
353.1

 

 

 
353.1

Total compensation and benefits
1,334.8

 

 

 
1,334.8

General, administrative and other expenses
521.1

 

 

 
521.1

Interest
61.3

 

 

 
61.3

Interest and other expenses of Consolidated Funds

 
153.1

 
(24.6
)
 
128.5

Interest and other expenses of a real estate VIE
207.6

 

 

 
207.6

Other non-operating income
(11.2
)
 

 

 
(11.2
)
Total expenses
2,113.6

 
153.1

 
(24.6
)
 
2,242.1

Other income
 
 
 
 
 
 
 
Net investment gains of Consolidated Funds

 
13.1

 

 
13.1

Income before provision for income taxes
28.2

 
26.9

 
(9.8
)
 
45.3

Provision for income taxes
30.0

 

 

 
30.0

Net income (loss)
(1.8
)
 
26.9

 
(9.8
)
 
15.3

Net income attributable to non-controlling interests in consolidated entities
23.9

 

 
17.1

 
41.0

Net income (loss) attributable to Carlyle Holdings
(25.7
)
 
26.9

 
(26.9
)
 
(25.7
)
Net loss attributable to non-controlling interests in Carlyle Holdings
(32.1
)
 

 

 
(32.1
)
Net income attributable to The Carlyle Group L.P.
$
6.4

 
$
26.9

 
$
(26.9
)
 
$
6.4


 


 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(Dollars in millions)
Cash flows from operating activities
 
 
 
 
 
Net income (loss)
$
334.2

 
$
995.4

 
$
(1.8
)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
 
 
 
 
 
Depreciation, amortization, and impairment
46.9

 
41.3

 
72.0

Equity-based compensation
239.9

 
320.3

 
334.6

Non-cash performance allocations and incentive fees
25.8

 
(626.8
)
 
199.6

Other non-cash amounts
3.2

 
(79.8
)
 
(55.8
)
Principal investment income
(165.9
)
 
(222.8
)
 
(159.5
)
Purchases of investments
(533.8
)
 
(938.6
)
 
(458.3
)
Purchase of investment in Fortitude Re
(393.8
)
 

 

Proceeds from the sale of investments
916.2

 
477.6

 
325.1

Payments of contingent consideration
(37.5
)
 
(22.6
)
 
(82.6
)
Change in deferred taxes, net
(19.8
)
 
93.4

 
(4.4
)
Change in due from affiliates and other receivables
(75.0
)
 
(1.1
)
 
(12.4
)
Change in receivables and inventory of a real estate VIE

 
(14.5
)
 
29.0

Change in deposits and other
(4.0
)
 
(2.0
)
 
6.1

Change in other assets of a real estate VIE

 
1.6

 
41.2

Deconsolidation of Claren Road (see Note 9)

 
(23.3
)
 

Deconsolidation of Urbplan (see Note 16)

 
14.0

 

Deconsolidation of ESG

 

 
(34.5
)
Change in accounts payable, accrued expenses and other liabilities
78.2

 
50.5

 
66.6

Change in accrued compensation and benefits
60.8

 
(13.7
)
 
6.5

Change in due to affiliates
(35.6
)
 
35.7

 
(19.3
)
Change in other liabilities of a real estate VIE

 
47.9

 
34.3

Change in deferred revenue
21.4

 
24.4

 
18.9

Net cash provided by operating activities
461.2

 
156.9

 
305.3

Cash flows from investing activities
 
 
 
 
 
Purchases of fixed assets, net
(31.3
)
 
(34.0
)
 
(25.4
)
Acquisitions, net of cash acquired
(67.8
)
 

 

Net cash used in investing activities
(99.1
)
 
(34.0
)
 
(25.4
)
Cash flows from financing activities
 
 
 
 
 
Borrowings under credit facility

 
250.0

 

Repayments under credit facility

 
(250.0
)
 

Issuance of 5.650% senior notes due 2048, net of financing costs
345.7

 

 

Repurchase of 3.875% senior notes due 2023
(255.1
)
 

 

Proceeds from debt obligations
40.8

 
265.6

 
20.6

Payments on debt obligations
(156.7
)
 
(21.7
)
 
(9.0
)
Net payments on loans payable of a real estate VIE

 
(14.3
)
 
(34.5
)
Payments of contingent consideration

 
(0.6
)
 
(3.3
)
Proceeds from issuance of preferred units

 
387.5

 

Distributions to common unitholders
(129.8
)
 
(118.1
)
 
(140.9
)
Distributions to preferred unitholders
(23.6
)
 
(6.0
)
 

Distributions to non-controlling interest holders in Carlyle Holdings
(288.8
)
 
(295.6
)
 
(422.6
)
Contributions from non-controlling interest holders
31.3

 
119.2

 
113.0

Distributions to non-controlling interest holders
(98.9
)
 
(100.8
)
 
(104.2
)
Common units repurchased
(107.5
)
 
(0.2
)
 
(58.9
)
Change in due to/from affiliates financing activities
(97.1
)
 
(26.4
)
 
53.6

Net cash provided by (used in) financing activities
(739.7
)
 
188.6

 
(586.2
)
Effect of foreign exchange rate changes
(12.9
)
 
33.3

 
(20.1
)
Increase (decrease) in cash, cash equivalents and restricted cash
(390.5
)
 
344.8

 
(326.4
)
Cash, cash equivalents and restricted cash, beginning of period
1,028.8

 
684.0

 
1,010.4

Cash, cash equivalents and restricted cash, end of period
$
638.3

 
$
1,028.8

 
$
684.0

Reconciliation of cash, cash equivalents and restricted cash, end of period:
 
 
 
 
 
Cash and cash equivalents
$
629.6

 
$
1,000.1

 
$
670.9

Restricted cash
8.7

 
28.7

 
13.1

Total cash, cash equivalents and restricted cash, end of period
$
638.3

 
$
1,028.8

 
$
684.0