Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Carlyle Group L.P. | ||
Entity Central Index Key | 1,527,166 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 81,340,808 | ||
Entity Public Float | $ 2,201,818,205 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 991.5 | $ 1,242 |
Cash and cash equivalents held at Consolidated Funds | 1,612.7 | 1,551.1 |
Restricted cash | 18.9 | 59.7 |
Restricted cash and securities of Consolidated Funds | 18.4 | 14.9 |
Accrued performance fees | 2,988.6 | 3,795.6 |
Investments | 885.9 | 931.6 |
Investments of Consolidated Funds | 23,998.8 | 26,028.8 |
Due from affiliates and other receivables, net | 195.3 | 199.4 |
Due from affiliates and other receivables of Consolidated Funds, net | 765.3 | 1,213.2 |
Receivables and inventory of a consolidated real estate VIE | 143.6 | 163.9 |
Fixed assets, net | 110.9 | 75.4 |
Deposits and other | 58.4 | 59.2 |
Other assets of a consolidated real estate VIE | 47.6 | 86.4 |
Intangible assets, net | 135.7 | 442.1 |
Deferred tax assets | 219.4 | 131 |
Total assets | 32,191 | 35,994.3 |
Liabilities and partners’ capital | ||
Loans payable | 38.7 | 40.2 |
3.875% senior notes due 2023 | 499.9 | 499.9 |
5.625% senior notes due 2043 | 606.5 | 606.8 |
Loans payable of Consolidated Funds | 17,064.7 | 16,052.2 |
Loans payable of a consolidated real estate VIE at fair value (principal amount of $125.6 million and $243.6 million as of December 31, 2015 and 2014, respectively) | 75.4 | 146.2 |
Accounts payable, accrued expenses and other liabilities | 463.8 | 396.2 |
Accrued compensation and benefits | 1,953.2 | 2,312.5 |
Due to affiliates | 245.9 | 184.2 |
Deferred revenue | 40.9 | 93.7 |
Deferred tax liabilities | 103.5 | 112.2 |
Other liabilities of Consolidated Funds | 1,838.6 | 2,504.9 |
Other liabilities of a consolidated real estate VIE | 84.4 | 84.9 |
Accrued giveback obligations | 252 | 104.4 |
Total liabilities | $ 23,267.5 | $ 23,138.3 |
Commitments and contingencies | ||
Redeemable non-controlling interests in consolidated entities | $ 2,845.9 | $ 3,761.5 |
Partners’ capital (common units, 80,408,702 and 67,761,012 issued and outstanding as of December 31, 2015 and 2014, respectively) | 485.9 | 566 |
Accumulated other comprehensive loss | (90.1) | (39) |
Partners’ capital appropriated for Consolidated Funds | 120.8 | 184.5 |
Non-controlling interests in consolidated entities | 4,493.8 | 6,446.4 |
Non-controlling interests in Carlyle Holdings | 1,067.2 | 1,936.6 |
Total partners’ capital | 6,077.6 | 9,094.5 |
Total liabilities and partners’ capital | $ 32,191 | $ 35,994.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Principal amount | $ 125.6 | $ 243.6 |
Common stock, units issued | 80,408,702 | 67,761,012 |
Common stock, units outstanding | 80,408,702 | 67,761,012 |
3.875% senior notes due 2023 | ||
Senior notes percentage | 3.875% | 3.875% |
5.625% senior notes due 2043 | ||
Senior notes percentage | 5.625% | 5.625% |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Fund management fees | $ 1,085.2 | $ 1,166.3 | $ 984.6 | ||||||||
Performance fees | |||||||||||
Realized | 1,441.9 | 1,328.7 | 1,176.7 | ||||||||
Unrealized | (617) | 345.7 | 1,198.6 | ||||||||
Total performance fees | 824.9 | 1,674.4 | 2,375.3 | ||||||||
Investment income (loss) | |||||||||||
Realized | 32.9 | 23.7 | 14.4 | ||||||||
Unrealized | (17.7) | (30.9) | 4.4 | ||||||||
Total investment income (loss) | 15.2 | (7.2) | 18.8 | ||||||||
Interest and other income | 18.6 | 20.6 | 11.9 | ||||||||
Interest and other income of Consolidated Funds | 975.5 | 956 | 1,043.1 | ||||||||
Revenue of a consolidated real estate VIE | 86.8 | 70.2 | 7.5 | ||||||||
Total revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | 3,006.2 | 3,880.3 | 4,441.2 |
Compensation and benefits | |||||||||||
Base compensation | 632.2 | 789 | 738 | ||||||||
Equity-based compensation | 378 | 344 | 322.4 | ||||||||
Performance fee related | |||||||||||
Realized | 650.5 | 590.7 | 539.2 | ||||||||
Unrealized | (139.6) | 282.2 | 644.5 | ||||||||
Total compensation and benefits | 1,521.1 | 2,005.9 | 2,244.1 | ||||||||
General, administrative and other expenses | 712.8 | 526.8 | 496.4 | ||||||||
Interest | 58 | 55.7 | 45.5 | ||||||||
Interest and other expenses of Consolidated Funds | 1,039.3 | 1,042 | 890.6 | ||||||||
Interest and other expenses of a consolidated real estate VIE | 144.6 | 175.3 | 33.8 | ||||||||
Other non-operating income | (7.4) | (30.3) | (16.5) | ||||||||
Total expenses | 802.5 | 795.3 | 843.6 | 1,027 | 928.7 | 705.1 | 1,042.6 | 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Other income | |||||||||||
Net investment gains of Consolidated Funds | (71.4) | (31.3) | 461.6 | 505.5 | (107.5) | 125.5 | 445 | 424 | 864.4 | 887 | 696.7 |
Income before provision for income taxes | (158.1) | (529.1) | 474.1 | 615.3 | (197.1) | 175.4 | 541.2 | 472.4 | 402.2 | 991.9 | 1,444 |
Provision for income taxes | 2.1 | 76.8 | 96.2 | ||||||||
Net income | (147.8) | (525) | 468.1 | 604.8 | (210) | 181.3 | 487.4 | 456.4 | 400.1 | 915.1 | 1,347.8 |
Net income attributable to non-controlling interests in consolidated entities | 537.9 | 485.5 | 676 | ||||||||
Net income (loss) attributable to Carlyle Holdings | (137.8) | 429.6 | 671.8 | ||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | (119.4) | 343.8 | 567.7 | ||||||||
Net income (loss) attributable to The Carlyle Group L.P. | $ (4.6) | $ (83.9) | $ 30.6 | $ 39.5 | $ 16.3 | $ 25.4 | $ 19.5 | $ 24.6 | $ (18.4) | $ 85.8 | $ 104.1 |
Net income (loss) attributable to The Carlyle Group L.P. per common unit (see Note 15) | |||||||||||
Basic (in dollars per share) | $ (0.06) | $ (1.05) | $ 0.42 | $ 0.58 | $ 0.24 | $ 0.38 | $ 0.30 | $ 0.46 | $ (0.24) | $ 1.35 | $ 2.24 |
Diluted (in dollars per share) | (0.06) | (1.11) | 0.34 | 0.54 | 0.23 | 0.35 | 0.27 | 0.41 | $ (0.30) | $ 1.23 | $ 2.05 |
Weighted-average common units | |||||||||||
Basic (in shares) | 74,523,935 | 62,788,634 | 46,135,229 | ||||||||
Diluted (in shares) | 298,739,382 | 68,461,157 | 278,250,489 | ||||||||
Distributions declared per common unit (in dollars per share) | $ 0.56 | $ 0.89 | $ 0.33 | $ 1.61 | $ 0.16 | $ 0.16 | $ 0.16 | $ 1.40 | $ 3.39 | $ 1.88 | $ 1.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 400.1 | $ 915.1 | $ 1,347.8 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (801) | (730.1) | 372.7 |
Cash flow hedges | |||
Unrealized gains (loss) for the period | 0 | 0 | 0.2 |
Less: reclassification adjustment for loss included in interest expense | 2.3 | 2.4 | 3.8 |
Defined benefit plans | |||
Unrealized gains (loss) for the period | 4.1 | (0.6) | 0.9 |
Less: reclassification adjustment for unrecognized loss during the period, net, included in base compensation expense | 0.3 | 0.4 | 0.8 |
Other comprehensive income (loss) | (794.3) | (727.9) | 378.4 |
Comprehensive income (loss) | (394.2) | 187.2 | 1,726.2 |
Less: Comprehensive loss attributable to partners’ capital appropriated for Consolidated Funds | 63.7 | 279.1 | 375 |
Less: Comprehensive income attributable to non-controlling interests in consolidated entities | (143.8) | (632.9) | (1,152.3) |
Less: Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities | 185.4 | 465.2 | (272.3) |
Comprehensive income (loss) attributable to Carlyle Holdings | (288.9) | 298.6 | 676.6 |
Less: Comprehensive (income) loss attributable to non-controlling interests in Carlyle Holdings | 239.1 | (228.2) | (571.9) |
Comprehensive income (loss) attributable to The Carlyle Group L.P. | $ (49.8) | $ 70.4 | $ 104.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital and Redeemable Non-Controlling Interests in Consolidated Entities - USD ($) shares in Millions, $ in Millions | Total | Common Units | Partners’ Capital | Accumulated Other Comprehensive Income (Loss) | Partners’ Capital Appropriated for Consolidated Funds | Non-controlling Interests in Consolidated Entities | Non- controlling Interests in Carlyle Holdings | Redeemable Non-controlling Interests in Consolidated Entities |
Beginning Balance at Dec. 31, 2012 | $ 10,695.4 | $ 235.1 | $ (4.8) | $ 838.6 | $ 8,264.8 | $ 1,361.7 | $ 2,887.4 | |
Beginning Balance (in units) at Dec. 31, 2012 | 43.2 | |||||||
Reallocation of ownership interests in Carlyle Holdings | 20.6 | (6.7) | (13.9) | |||||
Reallocation of ownership interests in Caryle Holdings (in units) | 0.2 | |||||||
Acquisition of non-controlling interests in consolidated entities | (7.1) | 4.2 | (0.3) | (33.1) | 22.1 | |||
Acquisition of non-controlling interests in consolidated entities (in units) | 2.9 | |||||||
Initial consolidation of a Consolidated Fund | 69.6 | 69.6 | ||||||
Contributions | 673.4 | 673.4 | 1,803.1 | |||||
Distributions | (2,858.9) | (59.9) | (2,430.4) | (368.6) | (610.8) | |||
Net income (loss) | 1,075.5 | 104.1 | (383.1) | 786.8 | 567.7 | 272.3 | ||
Equity-based compensation | 327.6 | 51.3 | 276.3 | |||||
Issuance of common units related to acquisitions | 2.1 | 0.3 | 1.8 | |||||
Issuance of common units related to acquisitions (in units) | 0.1 | |||||||
Issuance of Carlyle Holdings partnership units | 16.6 | 16.6 | ||||||
Net delivery of vested common units | 4.8 | 1.4 | 3.4 | |||||
Net delivery of vested common units (in units) | 3 | |||||||
Currency translation adjustments | 372.7 | (0.2) | 8.1 | 365.1 | (0.3) | |||
Defined benefit plans, net | 1.7 | 0.2 | 0.4 | 1.1 | ||||
Change in fair value of cash flow hedge instruments | 4 | 0.6 | 3.4 | |||||
Ending Balance at Dec. 31, 2013 | 10,377.4 | 357.1 | (11.2) | 463.6 | 7,696.6 | 1,871.3 | 4,352 | |
Ending Balance (in units) at Dec. 31, 2013 | 49.4 | |||||||
Reallocation of ownership interests in Carlyle Holdings | 41.2 | (10.3) | (30.9) | |||||
Reallocation of ownership interests in Caryle Holdings (in units) | 0.1 | |||||||
Contributions | 1,002.5 | 1,002.5 | 1,205 | |||||
Distributions | (3,475.2) | (102.7) | (2,885.6) | (486.9) | (1,304.8) | |||
Net income (loss) | 1,380.3 | 85.8 | (259) | 1,209.7 | 343.8 | (465.2) | ||
Equity-based compensation | 343 | 71.9 | 271.1 | |||||
Issuance of common units related to acquisitions | 23.1 | 3.7 | 19.4 | |||||
Issuance of common units related to acquisitions (in units) | 0.7 | |||||||
Issuance of units in public offering, net of issuance costs | 146.1 | 97.8 | (2.1) | 50.4 | ||||
Issuance of units in public offering, net of issuance costs (in units) | 13.8 | |||||||
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings | 9.7 | 9.7 | ||||||
Deconsolidation of a Consolidated Fund | (25.5) | |||||||
Issuance of Carlyle Holdings partnership units | 12.8 | 12.8 | ||||||
Net delivery of vested common units | 2.7 | 1.5 | 1.2 | |||||
Net delivery of vested common units (in units) | 3.8 | |||||||
Currency translation adjustments | (730.1) | (15.8) | (20.1) | (576.8) | (117.4) | |||
Defined benefit plans, net | (0.2) | (0.1) | (0.1) | |||||
Change in fair value of cash flow hedge instruments | 2.4 | 0.5 | 1.9 | |||||
Ending Balance at Dec. 31, 2014 | 9,094.5 | 566 | (39) | 184.5 | 6,446.4 | 1,936.6 | 3,761.5 | |
Ending Balance (in units) at Dec. 31, 2014 | 67.8 | |||||||
Reallocation of ownership interests in Carlyle Holdings | 34.5 | (12.6) | (21.9) | |||||
Reallocation of ownership interests in Caryle Holdings (in units) | 0.1 | |||||||
Initial consolidation of a Consolidated Fund | 43.9 | 43.9 | 19.9 | |||||
Contributions | 1,090.5 | 1,090.5 | 1,286.1 | |||||
Distributions | (4,330.3) | (251) | (3,230.8) | (848.5) | (2,036.2) | |||
Net income (loss) | 585.5 | (18.4) | (54.4) | 777.7 | (119.4) | (185.4) | ||
Equity-based compensation | 376 | 92.8 | 283.2 | |||||
Issuance of common units related to acquisitions | 2.3 | 0.5 | 1.8 | |||||
Issuance of common units related to acquisitions (in units) | 0.1 | |||||||
Issuance of units in public offering, net of issuance costs | 0 | 52.5 | (7.1) | (45.4) | ||||
Issuance of units in public offering, net of issuance costs (in units) | 7 | |||||||
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings | 5.5 | 5.5 | ||||||
Net delivery of vested common units | 4 | 3.5 | 0.5 | |||||
Net delivery of vested common units (in units) | 5.4 | |||||||
Currency translation adjustments | (801) | (32.9) | (9.3) | (633.9) | (124.9) | |||
Defined benefit plans, net | 4.4 | 1 | 3.4 | |||||
Change in fair value of cash flow hedge instruments | 2.3 | 0.5 | 1.8 | |||||
Ending Balance at Dec. 31, 2015 | $ 6,077.6 | $ 485.9 | $ (90.1) | $ 120.8 | $ 4,493.8 | $ 1,067.2 | $ 2,845.9 | |
Ending Balance (in units) at Dec. 31, 2015 | 80.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 400.1 | $ 915.1 | $ 1,347.8 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation, amortization, and impairment | 322.8 | 192.1 | 163.6 |
Equity-based compensation | 378 | 344 | 322.4 |
Excess tax benefits related to equity-based compensation | (4) | (2.7) | (1.9) |
Non-cash performance fees | 455.1 | (572.9) | (1,525.5) |
Other non-cash amounts | 12.7 | (1.4) | (9.1) |
Consolidated Funds related: | |||
Realized/unrealized gain on investments of Consolidated Funds | (458.7) | (785.6) | (1,369.6) |
Realized/unrealized (loss) gain from loans payable of Consolidated Funds | (436.5) | (11.9) | 695.8 |
Purchases of investments by Consolidated Funds | (10,472.1) | (10,566.3) | (11,555) |
Proceeds from sale and settlements of investments by Consolidated Funds | 11,653.6 | 10,685.6 | 11,631.6 |
Non-cash interest income, net | 3.3 | (26.2) | (81.1) |
Change in cash and cash equivalents held at Consolidated Funds | 1,281.8 | 2,516.8 | 2,419.9 |
Change in other receivables held at Consolidated Funds | 534.6 | (414.7) | (228.8) |
Change in other liabilities held at Consolidated Funds | 48 | 63.3 | (120.5) |
Investment (income) loss | (0.5) | 14.9 | (4.8) |
Purchases of investments and trading securities | (91.9) | (221.9) | (93) |
Proceeds from the sale of investments and trading securities | 313 | 544.4 | 294.3 |
Payments of contingent consideration | (17.8) | (59.6) | 0 |
Changes in deferred taxes, net | (31.4) | 10.5 | 44.5 |
Change in due from affiliates and other receivables | (1.4) | (4.2) | (7.8) |
Change in receivables and inventory of a consolidated real estate VIE | (57.5) | 0 | 10.1 |
Change in deposits and other | (10.8) | (10.9) | 9.7 |
Change in other assets of a consolidated real estate VIE | (17.4) | (25) | 4.3 |
Change in accounts payable, accrued expenses and other liabilities | 62.5 | (23.4) | 46.6 |
Change in accrued compensation and benefits | (35.3) | 155.4 | 935.5 |
Change in due to affiliates | 21 | (81.6) | 96.7 |
Change in other liabilities of a consolidated real estate VIE | 101.6 | (24.9) | (32.1) |
Change in deferred revenue | (50) | 36.8 | 0.7 |
Net cash provided by operating activities | 3,902.8 | 2,645.7 | 2,994.3 |
Cash flows from investing activities | |||
Change in restricted cash | 40.8 | 69.8 | (95.4) |
Purchases of fixed assets, net | (62.3) | (29.7) | (29.5) |
Acquisitions, net of cash acquired | 0 | (3.1) | (10.2) |
Net cash provided by (used in) investing activities | (21.5) | 37 | (135.1) |
Cash flows from financing activities | |||
Repayments under credit facility | 0 | 0 | (386.3) |
Issuance of 3.875% senior notes due 2023, net of financing costs | 0 | 0 | 495.3 |
Issuance of 5.625% senior notes due 2043, net of financing costs | 0 | 210.8 | 394.1 |
Proceeds from loans payable | 0 | 0 | 17.1 |
Payments on loans payable | 0 | 0 | (475) |
Net payments on loans payable of a consolidated real estate VIE | (65.3) | (34.4) | (1.5) |
Net borrowings (payments) on loans payable of Consolidated Funds | 734.3 | (1,033.4) | (1,595.2) |
Payments of contingent consideration | (8.1) | (39.5) | (23.9) |
Distributions to common unitholders | (251) | (102.7) | (59.9) |
Distributions to non-controlling interest holders in Carlyle Holdings | (848.5) | (486.9) | (372.9) |
Net proceeds from issuance of common units, net of offering costs | 209.9 | 449.5 | 0 |
Excess tax benefits related to equity-based compensation | 4 | 2.7 | 1.9 |
Contributions from non-controlling interest holders | 2,376.6 | 2,203.1 | 2,474.9 |
Distributions to non-controlling interest holders | (5,267) | (4,190.4) | (3,038) |
Acquisition of non-controlling interests in Carlyle Holdings | (209.9) | (303.4) | (7.1) |
Change in due to/from affiliates financing activities | (62.7) | (38.4) | 17.3 |
Change in due to/from affiliates and other receivables of Consolidated Funds | (623.5) | 1,069.6 | 55.5 |
Net cash used in financing activities | (4,011.2) | (2,293.4) | (2,503.7) |
Effect of foreign exchange rate changes | (120.6) | (113.9) | 44 |
(Decrease) Increase in cash and cash equivalents | (250.5) | 275.4 | 399.5 |
Cash and cash equivalents, beginning of period | 1,242 | 966.6 | 567.1 |
Cash and cash equivalents, end of period | 991.5 | 1,242 | 966.6 |
Supplemental cash disclosures | |||
Cash paid for interest | 56 | 51.9 | 28.6 |
Cash paid for income taxes | 41.6 | 58.7 | 50.4 |
Supplemental non-cash disclosures | |||
Increase in partners’ capital related to reallocation of ownership interest in Carlyle Holdings | 21.9 | 30.9 | 13.9 |
Increase to partners’ capital from acquisition of non-controlling interests in consolidated entities | 0 | 0 | 3.9 |
Initial consolidation of Consolidated Funds | 63.8 | 0 | 69.6 |
Non-cash contributions from non-controlling interest holders | 0 | 4.4 | 1.6 |
Non-cash distributions to non-controlling interest holders | 0 | 0 | 3.2 |
Acquisition of Carlyle Holdings Partnership Units [Member] | |||
Tax effect from acquisition of Carlyle Holdings partnership units: | |||
Deferred tax asset | 59.6 | 67.8 | 0 |
Deferred tax liability | 2.6 | 0 | 0 |
Tax receivable agreement liability | 51.5 | 58.1 | 0 |
Total partners’ capital | $ 5.5 | $ 0 | $ 0 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
3.875% senior notes due 2023 | |||
Senior notes percentage | 3.875% | 3.875% | 3.875% |
5.625% senior notes due 2043 | |||
Senior notes percentage | 5.625% | 5.625% | 5.625% |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The Carlyle Group L.P., together with its consolidated subsidiaries (the “Partnership” or “Carlyle”), is one of the world’s largest global alternative asset management firms that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt and other investment opportunities. The Partnership is a Delaware limited partnership formed on July 18, 2011. The Partnership is managed and operated by its general partner, Carlyle Group Management L.L.C., which is in turn wholly-owned and controlled by Carlyle’s founders and other senior Carlyle professionals. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, business development companies, collateralized loan obligations (“CLOs”), hedge funds and other investment products sponsored by the Partnership for the investment of client assets in the normal course of business. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Carlyle operates its business through four reportable segments: Corporate Private Equity, Global Market Strategies, Real Assets and Investment Solutions (see Note 18). Basis of Presentation The accompanying financial statements include the accounts of the Partnership and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities, certain CLOs managed by the Partnership (collectively the “Consolidated Funds”) and a real estate development company (see Note 17) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 2. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and has no effect on the net income attributable to the Partnership. The majority economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities, partners’ capital appropriated for Consolidated Funds and redeemable non-controlling interests in consolidated entities in the accompanying consolidated financial statements. June 2015 Public Offering of Partnership Common Units On June 5, 2015, the Partnership completed a public offering of 7,000,000 common units priced at $30.07 per common unit. The Partnership received net proceeds of approximately $209.9 million after deduction of offering expenses. The Partnership’s wholly owned subsidiaries used the net proceeds to acquire 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As the sole general partner of Carlyle Holdings, the Partnership consolidates the financial position and results of operations of Carlyle Holdings into its financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership's consolidated financial statements. The Partnership accounted for this public offering as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value consideration paid by the Partnership over the carrying amount of the non-controlling interest acquired was recognized directly as a reduction to partners’ capital. The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 209.9 Carrying value of non-controlling interest acquired (45.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 164.5 The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions): Partners’ Capital / Accumulated Other Comprehensive Loss Non-controlling interests in Carlyle Holdings Total Partners’ Capital Proceeds from The Carlyle Group L.P. common units issued $ 209.9 $ — $ 209.9 Acquisition of non-controlling interest in Carlyle Holdings (164.5 ) (45.4 ) $ (209.9 ) Total increase (decrease) $ 45.4 $ (45.4 ) $ — The acquisition by the Partnership of the 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings also is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $59.6 million , an increase to the liability owed under the tax receivable agreement of $51.5 million , and an increase in partners’ capital of $8.1 million , inclusive of subsequent adjustments. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable. Additionally, the Partnership recorded a deferred tax liability related to outside tax basis difference as a result of the Partnership’s acquisition of additional interests in Carlyle Holdings of $2.6 million with a corresponding decrease to partners' capital. Following the issuance of common units in the June 2015 public offering, the vesting of deferred restricted common units, and the cancellation of certain unvested common units (see Note 16), the total number of Partnership common units outstanding as of December 31, 2015 was 80,408,702 . March 2014 Public Offering of Partnership Common Units On March 10, 2014, the Partnership completed a public offering of 13,800,000 common units priced at $33.50 per common unit. The Partnership received net proceeds of approximately $449.5 million , after deduction of the underwriting discount and offering expenses. The Partnership’s wholly-owned subsidiaries used $146.1 million of the net proceeds to acquire 4,500,000 newly issued Carlyle Holdings partnership units from Carlyle Holdings. These proceeds are being used by Carlyle Holdings for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. The Partnership’s wholly-owned subsidiaries used the remaining net proceeds of $303.4 million to acquire 9,300,000 Carlyle Holding partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As it relates to the 4,500,000 newly issued Carlyle Holdings partnership units that the Partnership acquired, because the Partnership acquired these partnership units at a valuation in excess of the proportion of the book value of the net assets acquired, the Partnership incurred an immediate dilution of approximately $116.8 million . This dilution was reflected within partners’ capital as a reallocation from partners’ capital to non-controlling interests in Carlyle Holdings. As it relates to the 9,300,000 Carlyle Holdings partnership units that the Partnership acquired from the other limited partners of Carlyle Holdings, the Partnership accounted for this transaction as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value of the consideration issued by the Partnership over the carrying amount of the non-controlling interest acquired was recognized directly as a reduction to partners’ capital. The adjustment to partners’ capital was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 303.4 Carrying value of non-controlling interest acquired (66.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 237.0 The following summarizes the adjustments within partners’ capital related to the March 2014 public offering (Dollars in millions): Partners’ Capital Non-controlling interests in Carlyle Holdings Total Partners’ Capital Proceeds from The Carlyle Group L.P. common units issued $ 449.5 $ — $ 449.5 Dilution associated with the acquisition of 4,500,000 Carlyle Holdings partnership units (116.8 ) 116.8 — Acquisition of non-controlling interest in Carlyle Holdings (237.0 ) (66.4 ) (303.4 ) Total increase $ 95.7 $ 50.4 $ 146.1 Additionally, the acquisition by the Partnership of the 9,300,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $67.8 million , an increase to the liability owed under the tax receivable agreement of $58.1 million , and an increase in partners’ capital of $9.7 million , inclusive of subsequent adjustments. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities, for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. Accounting Standards Update (“ASU”) No. 2010-10, Amendments for Certain Investment Funds , defers the application of certain revisions to the consolidation rules for a reporting enterprise’s interest in an entity if certain conditions are met, including if the entity has the attributes of an investment company and is not a securitization or asset-backed financing entity. An entity that qualifies for the deferral will continue to be assessed for consolidation under the overall guidance on VIEs, before its amendment, and other applicable consolidation guidance. As of December 31, 2015 , assets and liabilities of consolidated VIEs reflected in the consolidated balance sheets were $23.3 billion and $18.6 billion , respectively. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs that are Consolidated Funds are comprised primarily of investments and loans payable, respectively. The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. As of December 31, 2015 , the Partnership held $206.3 million of investments in these CLOs which represents its maximum risk of loss. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure. For all Carlyle-affiliated funds and co-investment entities (collectively “the funds”) that are not determined to be VIEs, the Partnership consolidates those funds where, as the sole general partner, it has not overcome the presumption of control pursuant to U.S. GAAP. Most Carlyle funds provide a dissolution right upon a simple majority vote of the non-Carlyle affiliated limited partners such that the presumption of control by Carlyle is overcome. Accordingly, these funds are not consolidated in the Partnership’s consolidated financial statements. Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. The assets recognized in the Partnership’s consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: As of December 31, 2015 2014 (Dollars in millions) Investments $ 466.8 $ 511.8 Receivables 19.4 3.7 Maximum Exposure to Loss $ 486.2 $ 515.5 Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in consolidated entities in the consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Partnership’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance fees. Actual results could differ from these estimates and such differences could be material. Business Combinations The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Revenue Recognition Fund Management Fees The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. For corporate private equity, certain global market strategies funds and real assets funds, management fees are calculated based on (a) limited partners’ capital commitments to the funds, (b) limited partners’ remaining capital invested in the funds at cost or at the lower of cost or aggregate remaining fair value, (c) gross assets, excluding cash and cash equivalents or (d) the net asset value (“NAV”) of certain of the funds, less offsets for the non-affiliated limited partners’ share of transaction advisory and portfolio fees earned, as defined in the respective partnership agreements. Management fees for corporate private equity, closed-end carry funds in the global market strategies segment and real assets funds generally range from 1% to 2% of commitments during the investment period of the relevant fund. Following the expiration or termination of the investment period of such funds, the management fees generally step-down to between 0.6% and 2.0% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one year periods, typically up to a maximum of two years . Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $25.2 million , $73.3 million and $50.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. Performance Fees Performance fees consist principally of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). The Partnership is generally entitled to a 20% allocation (or 10% to 20% on external coinvestment vehicles, with some earning no carried interest, or approximately 2% to 10% in the case of most of the Partnership’s fund of funds vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of December 31, 2015 and 2014 , the Partnership has recognized $252.0 million and $104.4 million , respectively, for giveback obligations. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and investment solutions fund of funds vehicles when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying consolidated statements of operations. Interest income of the Consolidated Funds was $873.1 million , $864.9 million and $876.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively, and is included in interest and other income of Consolidated Funds in the accompanying consolidated statements of operations. Compensation and Benefits Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. As of December 31, 2015 and 2014 , the Partnership had recorded a liability of $1.5 billion and $1.8 billion , respectively, related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying consolidated financial statements. Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes using the asset and liability method, which ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is more likely than not that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes. Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes. Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests related to hedge funds are subject to quarterly or monthly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third-party interests in such consolidated funds are presented as redeemable non-controlling interests in consolidated entities within the consolidated balance sheets. When redeemable amounts become contractually payable to investors, they are classified as a liability and included in other liabilities of Consolidated Funds in the consolidated balance sheets. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings. Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”) . Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260. Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis. Equity-Method In |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Diversified Global Asset Management Corporation On February 3, 2014 , the Partnership acquired 100% of the equity interests in Diversified Global Asset Management Corporation (“DGAM”), a Toronto, Canada-based alternative investment manager with $2.9 billion in fee-earning assets under management. As of February 3, 2014, DGAM also advised on $3.6 billion in assets, for which it earns a nominal advisory fee. The purchase price consisted of approximately $8.0 million in cash and 662,134 newly issued common units (approximately $23.1 million ). The transaction also included contingent compensation of up to $23.7 million in cash and $47.3 million in common units, which are issuable through 2021 upon the achievement of certain performance and service-based requirements. As of December 31, 2015, approximately $ 5.5 million in payments had been made under the contingent compensation arrangements and an additional $ 12.5 million in payments will be made in 2016. No further payments will be made beyond these amounts. The Partnership consolidated the financial position and results of operations of DGAM effective February 3, 2014 and accounted for this transaction as a business combination. DGAM is the Partnership’s fund of hedge funds platform and is included in the Partnership’s Investment Solutions business segment. See Note 3 to the consolidated financial statements included in the Partnership's 2014 Annual Report on Form 10-K for the additional information on the DGAM acquisition. During the third week of February 2016, the Partnership decided to restructure its Investment Solutions segment to focus on private market secondaries, co-investment and managed account activities and, given the challenging market environment, discontinue its fund of hedge funds and liquid alternative initiatives. On February 19, 2016, the Partnership commenced a wind down of the operations of DGAM and recorded a goodwill impairment charge of $ 7.0 million and a $ 15.0 million intangible asset impairment charge in the year ended December 31, 2015 (see Note 7). In addition, the Partnership estimates it will incur between $ 10.0 million and $ 15.0 million in employee separation and other contract termination costs associated with the wind down of DGAM in 2016. Acquisition of Metropolitan Real Estate Equity Management On November 1, 2013 , the Partnership acquired 100% of the equity interests in Metropolitan Real Estate Equity Management, LLC (“Metropolitan”), a global manager of real estate fund of funds with more than $2.6 billion in capital commitments at the acquisition date. The purchase price consisted of approximately $12.8 million in cash and 67,338 newly issued common units (approximately $2.1 million ). The transaction also included contingent consideration that is payable through 2018 upon the achievement of performance conditions of up to $5.0 million in cash and common units equivalent to $10.0 million at the time of vesting. Additionally, the transaction included compensation of 52,889 newly issued Carlyle Holdings partnership units (approximately $1.6 million ) that vest ratably over a period of 5 years , up to $10.4 million of cash payable through 2018 based on the achievement of performance conditions, and $10.6 million and $10.0 million of Carlyle Holdings partnership units and common units, respectively, that are issuable through 2023 based on the achievement of performance conditions and time vesting. The Partnership consolidated the financial position and results of operations of Metropolitan effective November 1, 2013 and accounted for this transaction as a business combination. Metropolitan is included in the Partnership’s Investment Solutions business segment. See Note 3 to the consolidated financial statements included in the Partnership’s 2013 Annual Report on Form 10-K for additional information on the Metropolitan acquisition. Acquisition of Remaining 40% Equity Interest in AlpInvest On August 1, 2013 , Carlyle Holdings, a controlled subsidiary of the Partnership, acquired the remaining 40% equity interest in AlpInvest for an aggregate of 2,887,970 newly issued common units of the Partnership (approximately $80.8 million ) and approximately €4.5 million in cash (approximately $6.0 million ). Of the 2,887,970 common units issued in this transaction, 914,087 common units (approximately $25.5 million ) were issued to AlpInvest sellers who are employees of the Partnership and are subject to vesting over a period up to 5 years (see Note 16). The remaining 1,973,883 common units issued in the transaction (approximately $55.3 million ) were not subject to any vesting conditions. The Partnership accounted for this transaction as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in AlpInvest. The excess of the fair value of the consideration paid by the Partnership (excluding any elements of the transaction deemed to be compensatory) over the carrying amount of the non-controlling interest acquired was recognized directly as a reduction to partners’ capital. See Note 3 to the consolidated financial statements included in the Partnership’s 2013 Annual Report on Form 10-K for additional information on the acquisition of the remaining 40% equity interest in AlpInvest. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The fair value measurement accounting guidance establishes a hierarchal disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments included in Level I include unrestricted securities, including equities and derivatives, listed in active markets. The Partnership does not adjust the quoted price for these instruments, even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Investments in hedge funds are classified in this category when their net asset value is redeemable without significant restriction. Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. Investments in fund of funds are generally included in this category. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2015 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 254.6 $ 311.8 $ 575.3 $ 1,141.7 Bonds — — 1,180.9 1,180.9 Loans — — 15,686.7 15,686.7 Partnership and LLC interests (1) — — 3,143.3 3,143.3 Hedge funds — 2,841.2 — 2,841.2 Other — — 5.0 5.0 254.6 3,153.0 20,591.2 23,998.8 Trading securities — — 1.4 1.4 Foreign currency forward contracts — 1.7 — 1.7 Restricted securities of Consolidated Funds 7.9 — 8.7 16.6 Total $ 262.5 $ 3,154.7 $ 20,601.3 $ 24,018.5 Liabilities Loans payable of Consolidated Funds $ — $ — $ 17,046.7 $ 17,046.7 Derivative instruments of the CLOs — — 29.1 29.1 Contingent consideration (2) — — 20.8 20.8 Loans payable of a consolidated real estate VIE — — 75.4 75.4 Interest rate swaps — 0.9 — 0.9 Foreign currency forward contracts — 2.8 — 2.8 Total $ — $ 3.7 $ 17,172.0 $ 17,175.7 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management L.L.C. (“Carlyle Commodity Management”, formerly Vermillion) and Metropolitan, excluding employment-based contingent consideration (see Note 9). The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 346.8 $ 156.8 $ 1,968.5 $ 2,472.1 Bonds — — 1,235.8 1,235.8 Loans — — 15,084.9 15,084.9 Partnership and LLC interests (1) — — 3,481.0 3,481.0 Hedge funds — 3,753.5 — 3,753.5 Other — — 1.5 1.5 346.8 3,910.3 21,771.7 26,028.8 Trading securities — — 3.3 3.3 Restricted securities of Consolidated Funds 4.0 — 8.6 12.6 Total $ 350.8 $ 3,910.3 $ 21,783.6 $ 26,044.7 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,052.2 $ 16,052.2 Derivative instruments of the CLOs — — 17.2 17.2 Contingent consideration (2) — — 51.1 51.1 Loans payable of a consolidated real estate VIE — — 146.2 146.2 Interest rate swaps — 3.2 — 3.2 Total $ — $ 3.2 $ 16,266.7 $ 16,269.9 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan, excluding employment-based contingent consideration (see Note 9). Transfers from Level II to Level I during the year ended December 31, 2015 were due to the expiration of transferability restrictions on certain equity securities of Consolidated Funds that were previously classified as Level II. There were no transfers from Level II to Level I during the year ended December 31, 2014. Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Partnership’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Partnership’s chief accounting officer. The valuation group is responsible for maintaining the Partnership’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820, Fair Value Measurement . These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which are comprised of the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which is comprised of the Partnership’s co-chief executive officers, president and chief operating officer, chief risk officer, chief financial officer, chief accounting officer, deputy chief investment officers for Corporate Private Equity, the business segment heads, and observed by the chief compliance officer, the director of internal audit and the Partnership’s audit committee. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. In the absence of observable market prices, the Partnership values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies and real estate properties, and certain debt positions. The valuation technique for each of these investments is described below: Private Equity and Real Estate Investments – The fair values of private equity investments are determined by reference to projected net earnings, earnings before interest, taxes, depreciation and amortization (“EBITDA”), the discounted cash flow method, public market or private transactions, valuations for comparable companies or sales of comparable assets, and other measures which, in many cases, are unaudited at the time received. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rate (“cap rate”) analysis. Valuations may be derived by reference to observable valuation measures for comparable companies or transactions (e.g., applying a key performance metric of the investment such as EBITDA or net operating income to a relevant valuation multiple or cap rate observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar models. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography and capital structure if applicable. The adjustments are reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools do not currently drive a significant portion of private equity or real estate valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments. Credit-Oriented Investments – The fair values of credit-oriented investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Partnership may utilize other valuation techniques, including the discounted cash flow method. CLO Investments and CLO Loans Payable – The Partnership has elected the fair value option to measure the loans payable of the CLOs at fair value, as the Partnership has determined that measurement of the loans payable issued by the CLOs at fair value better correlates with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The investments of the CLOs are also carried at fair value. The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Partnership corroborates quotations from pricing services either with other available pricing data or with its own models. Generally, the loan and bond assets of the CLOs are not actively traded and are classified as Level III. The fair values of the CLO loans payable and the CLO structured asset positions are determined based on both discounted cash flow analyses and third-party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to broker quotations from market makers and third party dealers. Loans Payable of a Consolidated Real Estate VIE – The Partnership has elected the fair value option to measure the loans payable of a consolidated real estate VIE at fair value. The fair values of the loans are primarily based on discounted cash flows analyses, which consider the liquidity and current financial condition of the consolidated real estate VIE. These loans are classified as Level III. Fund Investments – The Partnership’s investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days . The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined. The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions): Financial Assets Year Ended December 31, 2015 Investments of Consolidated Funds Trading Restricted Total Equity Bonds Loans Partnership Other Balance, beginning of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Initial consolidation of funds 13.2 — — — — — — 13.2 Transfers out (1) (343.9 ) — — — — — (3.9 ) (347.8 ) Purchases 75.6 500.4 7,950.7 488.2 — — 3.9 9,018.8 Sales (1,085.7 ) (442.5 ) (3,148.2 ) (1,191.8 ) — — — (5,868.2 ) Settlements — — (3,358.6 ) — — — — (3,358.6 ) Realized and unrealized gains (losses), net Included in earnings 156.1 0.7 (357.9 ) 765.3 3.5 (1.9 ) 0.1 565.9 Included in other comprehensive income (208.5 ) (113.5 ) (484.2 ) (399.4 ) — — — (1,205.6 ) Balance, end of period $ 575.3 $ 1,180.9 $ 15,686.7 $ 3,143.3 $ 5.0 $ 1.4 $ 8.7 $ 20,601.3 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ (388.8 ) $ 1.1 $ (386.7 ) $ 143.6 $ 3.8 $ (1.9 ) $ 0.1 $ (628.8 ) Financial Assets Year Ended December 31, 2014 Investments of Consolidated Funds Trading Restricted Total Equity Bonds Loans Partnership Other Balance, beginning of period $ 2,714.1 $ 1,249.5 $ 14,067.8 $ 3,815.2 $ 2.0 $ 6.9 $ 8.6 $ 21,864.1 Transfers in (1) 4.5 — — — — — — 4.5 Transfers out (1) (273.6 ) — — — — — — (273.6 ) Purchases 46.4 748.9 8,212.4 297.5 — — — 9,305.2 Sales (618.0 ) (623.1 ) (2,431.9 ) (1,239.7 ) (0.5 ) (3.7 ) — (4,916.9 ) Settlements — — (3,979.6 ) — — — (3,979.6 ) Realized and unrealized gains (losses), net Included in earnings 370.6 (9.2 ) (152.3 ) 861.5 — 0.1 — 1,070.7 Included in other comprehensive (275.5 ) (130.3 ) (631.5 ) (253.5 ) — — — (1,290.8 ) Balance, end of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 65.4 $ (11.7 ) $ (99.6 ) $ 142.7 $ 0.8 $ 0.1 $ — $ 97.7 (1) Transfers into and out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the period in which the transfer occurs. Financial Liabilities Year Ended December 31, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Initial consolidation of funds 1,248.6 — — — 1,248.6 Borrowings 4,196.7 — — 3.9 4,200.6 Paydowns (3,465.4 ) — (22.6 ) (69.2 ) (3,557.2 ) Sales — (7.4 ) — — (7.4 ) Realized and unrealized (gains) losses, net Included in earnings (436.5 ) 20.9 (7.4 ) 46.6 (376.4 ) Included in other comprehensive income (548.9 ) (1.6 ) (0.3 ) (52.1 ) (602.9 ) Balance, end of period $ 17,046.7 $ 29.1 $ 20.8 $ 75.4 $ 17,172.0 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (489.1 ) $ (16.5 ) $ (8.2 ) $ 46.6 $ (467.2 ) Financial Liabilities Year Ended December 31, 2014 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 15,220.7 $ 13.1 $ 178.8 $ 122.1 $ 15,534.7 Initial consolidation of funds 2,656.9 — — — 2,656.9 Borrowings 2,251.2 — — 53.4 2,304.6 Paydowns (3,286.5 ) — (97.9 ) (87.8 ) (3,472.2 ) Issuances of equity — — (1.8 ) — (1.8 ) Sales — (4.4 ) — — (4.4 ) Realized and unrealized losses, net Included in earnings (8.5 ) 10.6 (27.4 ) 37.6 12.3 Included in other comprehensive income (781.6 ) (2.1 ) (0.6 ) 20.9 (763.4 ) Balance, end of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (101.8 ) $ (7.4 ) $ (8.4 ) $ 37.6 $ (80.0 ) Realized and unrealized gains and losses included in earnings for Level III investments for trading securities are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable and derivative instruments of the CLOs are included in net investment gains (losses) of Consolidated Funds in the consolidated statements of operations. Realized and unrealized gains and losses included in earnings for Level III contingent consideration liabilities are included in other non-operating (income) expenses, and such gains and losses for loans payable of a consolidated real estate VIE are included in interest and other expenses of a consolidated real estate VIE in the consolidated statement of operations. Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss, partners’ capital appropriated for Consolidated Funds, non-controlling interests in consolidated entities and non-controlling interests in Carlyle Holdings in the consolidated balance sheets. The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2015 : Fair Value at Range (Weighted Average) (Dollars in millions) December 31, 2015 Valuation Technique(s) Unobservable Input(s) Assets Investments of Consolidated Funds: Equity securities $ 556.0 Comparable Multiple LTM EBITDA Multiple 1.0x - 20.4x (11.4x) 8.0 Discounted Cash Flow Discount Rates 10% - 10% (10%) 5.2 Other N/A N/A 6.1 Consensus Pricing Indicative Quotes $0 - $647 ($0) Bonds 1,180.9 Consensus Pricing Indicative Quotes (% of Par) 30 - 112 (97) Loans 15,673.3 Consensus Pricing Indicative Quotes (% of Par) 28 - 102 (96) 13.4 Market Yield Analysis Market Yield 5% - 16% (10%) Partnership and LLC interests 3,083.7 NAV of Underlying Fund (1) N/A N/A 59.6 Discounted Cash Flow Discount Rates 8% - 10% (9%) Exit Cap Rate 5%-6% (5%) Other 5.0 Counterparty Pricing Indicative Quotes 1 - 22 (7) 20,591.2 Trading securities and other 1.4 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) Restricted securities of Consolidated Funds 8.7 Consensus Pricing Indicative Quotes (% of Par) 88 - 88 (88) Total $ 20,601.3 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 15,915.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 12% (3%) Default Rates 1% - 5% (3%) Recovery Rates 55% - 80% (63%) Indicative Quotes (% of Par) 38 - 102 (98) Subordinated notes and preferred shares 1,112.4 Discounted Cash Flow with Consensus Pricing Discount Rates 9% - 16% (12%) Default Rates 1% - 5% (3%) Recovery Rates 55% - 80% (64%) Indicative Quotes (% of Par) 1 - 101 (55) Combination notes 18.8 Consensus Pricing Indicative Quotes (% of Par) 88 - 96 (94) Loans payable of a consolidated real estate VIE 75.4 Discounted Cash Flow Discount to Expected Payment 10% - 52% (35%) Discount Rate 20% - 30% (23%) Derivative instruments of Consolidated Funds 29.1 Counterparty Pricing Indicative Quotes 3 - 34 (22) Contingent cash consideration (2) 20.8 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (8%) Discount Rate 4% - 22% (9%) Total $ 17,172.0 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Relates to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9). The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014 : (Dollars in millions) Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Assets Investments of Consolidated Funds: Equity securities $ 1,783.7 Comparable Multiple LTM EBITDA Multiple 4.8x - 16.2x (12.1x) 168.7 Comparable Multiple Forward EBITDA Multiple 8.4x - 8.4x (8.4x) 16.1 Consensus Pricing Indicative Quotes ($ per share) $0 - $246 ($0) Bonds 1,235.8 Consensus Pricing Indicative Quotes (% of Par) 1 - 115 (98) Loans 14,873.4 Consensus Pricing Indicative Quotes (% of Par) 0 - 103 (98) 211.5 Market Yield Analysis Market Yield 5% - 17% (11%) Partnership and LLC interests 3,481.0 NAV of Underlying Fund (1) N/A N/A Other 1.5 Counterparty Pricing Indicative Quotes (% of Notional Amount) 0-6 (3) 21,771.7 Trading securities and other 3.0 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) 0.3 Discounted Cash Flow Discount Rate 10% - 10% (10%) Restricted securities of Consolidated Funds 8.6 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,783.6 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 14,757.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 35 - 100 (98) Subordinated notes and preferred shares 1,278.8 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (10%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 1 - 132 (63) Combination notes 15.9 Consensus Pricing Indicative Quotes (% of Par) 97 - 98 (98) Loans payable of a consolidated real estate VIE 146.2 Discounted Cash Flow Discount to Expected Payment 0% - 100% (36%) Discount Rate 23% - 33% (26%) Derivative instruments of the CLOs 17.2 Counterparty Pricing Indicative Quotes (% of Notional Amount) 2 - 22 (11) Contingent consideration (2) 51.1 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (20%) Discount Rate 5% - 18% (13%) Total $ 16,266.7 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9). The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include EBITDA multiples, indicative quotes and discount rates. Significant decreases in EBITDA multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in bonds and loans are market yields and indicative quotes. Significant increases in market yields in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s trading securities and other investments include EBITDA multiples and discount rates. Significant decreases in EBITDA multiples in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s restricted securities of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of Consolidated Funds are discount rates, default rates, recovery rates and indicative quotes. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement, while a significant increase in recovery rates and indicative quotes in isolation would result in a significantly higher fair value. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of a consolidated real estate VIE are discount to expected payment and discount rate. A significant increase in either of these inputs in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s derivative instruments of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s contingent consideration are an assumed percentage of total potential contingent payments and discount rate. A significant decrease in the assumed percentage of total potential contingent payments or increase in discount rate in isolation would result in a significantly lower fair value measurement. |
Accrued Performance Fees
Accrued Performance Fees | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs [Abstract] | |
Accrued Performance Fees | Accrued Performance Fees The components of accrued performance fees are as follows: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ 2,096.9 $ 2,932.6 Global Market Strategies 78.3 129.9 Real Assets 313.6 272.9 Investment Solutions 499.8 460.2 Total $ 2,988.6 $ 3,795.6 Approximately 54% of accrued performance fees at December 31, 2015 are related to Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle Asia Partners III, L.P., three of the Partnership’s Corporate Private Equity funds. Approximately 55% of accrued performance fees at December 31, 2014 are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds. Accrued performance fees are shown gross of the Partnership’s accrued performance fee-related compensation, and accrued giveback obligations, which are separately presented in the consolidated balance sheets. The components of the accrued giveback obligations are as follows: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ (36.6 ) $ (52.4 ) Real Assets (215.4 ) (52.0 ) Total $ (252.0 ) $ (104.4 ) Performance Fees The performance fees included in revenues are derived from the following segments: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Corporate Private Equity $ 698.2 $ 1,340.2 $ 1,907.4 Global Market Strategies (41.0 ) 81.7 208.2 Real Assets 49.3 66.5 79.7 Investment Solutions 118.4 186.0 180.0 Total $ 824.9 $ 1,674.4 $ 2,375.3 Approximately 51% , or $422.1 million , of performance fees for the year ended December 31, 2015 are related to Carlyle Europe Partners III, L.P. and Carlyle Asia Partners III, L.P., two of the Partnership’s Corporate Private Equity funds, and Carlyle Realty Partners VI, L.P. offset by Carlyle/Riverstone Global Energy and Power Fund III, L.P., two of the Partnership's Real Assets funds. Total revenues recognized from Carlyle Europe Partners III, L.P., Carlyle Asia Partners III, L.P., Carlyle Realty Partners VI, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P., were $273.4 million , $202.7 million , $116.4 million , and $(102.6) million , respectively, for the year ended December 31, 2015 . Approximately 71% , or $1.2 billion , of performance fees for the year ended December 31, 2014 are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., were $680.5 million and $658.5 million , respectively, for the year ended December 31, 2014 . Approximately 63% , or $1.5 billion , of performance fees for the year ended December 31, 2013 are related to Carlyle Partners IV, L.P., Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., three of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Partners IV, L.P., Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., were $419.1 million , $725.2 million and $580.8 million , respectively, for the year ended December 31, 2013 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Investments consist of the following: As of December 31, 2015 2014 (Dollars in millions) Equity method investments, excluding accrued performance fees $ 873.9 $ 918.7 Trading securities and other investments 12.0 12.9 Total investments $ 885.9 $ 931.6 Strategic Investment in NGP On December 20, 2012, the Partnership entered into separate purchase agreements with ECM Capital, L.P. and Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”), pursuant to which the Partnership agreed to invest in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). NGP is an Irving, Texas-based energy investor. The Partnership’s equity interests in NGP Management entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds, and future interests in the general partners of certain future carry funds advised by NGP that entitle the Partnership to an allocation of income equal to 47.5% of the carried interest received by such fund general partners. For periods prior to 2015, the Partnership’s allocation of income related to management fee-related revenues of NGP was 47.5% . This increase in the allocation of income did not result in a change in accounting for the investment as an equity method investment. The Partnership has an option, exercisable by the Partnership in approximately 9 years , to purchase from ECM Capital, L.P. and its affiliates, for a formulaic purchase price in cash based upon a measure of the earnings of NGP, the remaining equity interests in NGP Management. In July 2014, the Partnership exercised another option granted in 2012 to acquire from BNRI its interests in the general partner of the NGP Natural Resources X, L.P. fund (“NGP X”), which entitles the Partnership to an allocation of income equal to 40% of the carried interest received by the fund’s general partner. The Partnership additionally acquired certain general partner investments in the NGP X fund. As of December 31, 2015 , there was no carrying value of the Partnership’s investment in the NGP X general partner attributable to the carried interest allocation, while at December 31, 2014 it was approximately $18.5 million . The carrying value of the Partnership’s general partner investments in the NGP X fund not attributable to the carried interest allocation was $18.7 million as of December 31, 2015 and $20.4 million as of December 31, 2014 . In consideration for these interests and option, the Partnership paid an aggregate of $504.6 million in cash to ECM Capital, L.P. and BNRI, and issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. that vest ratably over a period of five years . The transaction also includes contingent consideration payable to ECM Capital, L.P. of up to $45.0 million in cash, 597,944 Carlyle Holdings partnership units that were issued at closing but vest upon the achievement of performance conditions, and contingently issuable Carlyle Holdings partnership units with a value up to $15.0 million that will be issued if the performance conditions are met. The contingent consideration is payable in 2018, depending on NGP’s achievement of certain business performance goals. Additionally, the transaction included contingent consideration payable to BNRI of $183.0 million , which was paid in 2016 with $ 63.0 million in cash and $ 120.0 million by a six year promissory note issued by the Partnership. The promissory note will accrue interest at the three month LIBOR plus 2.5% . As of January 15, 2015, the NGP Natural Resources XI, L.P. fund (“NGP XI”) had closed on aggregate commitments of approximately $5.3 billion . Based on the amount of NGP XI commitments raised, BNRI is entitled to receive the contingent consideration when such payment becomes due in 2016. Accordingly, as of December 31, 2015 , the Partnership has accrued $183.0 million related to this future payment obligation. Based on the contractual agreement between the Partnership and BNRI, payment of the cash portion of the contingent consideration and the issuance of the promissory note to BNRI occurred in January 2016. The Partnership also has a senior advisor consulting agreement with the chief executive officer of NGP and granted in 2012 deferred restricted common units to a group of NGP personnel who are providing the Partnership with consulting services. The Partnership accounts for its investment in NGP Management under the equity method of accounting. The Partnership recorded its investment in NGP Management initially at cost, excluding any elements in the transaction that were deemed to be compensatory arrangements to NGP personnel. The Carlyle Holdings partnership units issued in the transaction, the contingently issuable Carlyle Holdings partnership units, and the deferred restricted common units were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP. The Partnership records investment income (loss) for its equity income allocation from NGP management fees and performance fees, and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the transaction, and the amortization of the basis differences related to the definitive-lived identifiable intangible assets of NGP Management. The net investment earnings (loss) recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Management fees $ 53.9 $ 56.8 $ 63.2 Performance fees (18.5 ) (39.2 ) — Investment loss (3.3 ) (2.2 ) — Expenses and amortization of basis differences (71.9 ) (74.7 ) (77.2 ) Net investment loss $ (39.8 ) $ (59.3 ) $ (14.0 ) The difference between the Partnership’s carrying value of its investment and its share of the underlying net assets of the investee was $85.0 million , $141.6 million and $199.6 million as of December 31, 2015, 2014 and 2013 , respectively; these differences are amortized over a period of ten years from the initial investment date. Equity-Method Investments The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its strategic investment in NGP Management (included within Real Assets), which are not consolidated. Investments are related to the following segments: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ 254.5 $ 246.3 Global Market Strategies 26.7 25.3 Real Assets 592.7 647.1 Total $ 873.9 $ 918.7 The summarized financial information of the Partnership’s equity method investees from the date of initial investment is as follows (Dollars in millions): Aggregate Totals Corporate Private Equity Global Market Strategies Real Assets For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Statement of operations information Investment income $ 380.7 $ 528.3 $ 699.7 $ 193.6 $ 193.5 $ 199.3 $ 441.2 $ 1,114.7 $ 1,034.6 $ 1,015.5 $ 1,836.5 $ 1,933.6 Expenses 613.8 665.6 495.9 45.7 48.7 65.0 604.4 678.2 508.6 1,263.9 1,392.5 1,069.5 Net investment income (loss) (233.1 ) (137.3 ) 203.8 147.9 144.8 134.3 (163.2 ) 436.5 526.0 (248.4 ) 444.0 864.1 Net realized and unrealized gain (loss) 4,831.6 8,387.9 9,795.5 (323.1 ) 247.0 305.2 (3,047.6 ) 2,611.0 209.7 1,460.9 11,245.9 10,310.4 Net income (loss) $ 4,598.5 $ 8,250.6 $ 9,999.3 $ (175.2 ) $ 391.8 $ 439.5 $ (3,210.8 ) $ 3,047.5 $ 735.7 $ 1,212.5 $ 11,689.9 $ 11,174.5 Corporate Private Equity Global Market Strategies Real Assets Aggregate Totals As of December 31, As of December 31, As of December 31, As of December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Balance sheet information Investments $ 35,535.4 $ 38,498.0 $ 2,262.1 $ 2,398.4 $ 21,182.7 $ 29,815.1 $ 58,980.2 $ 70,711.5 Total assets $ 39,489.9 $ 41,636.9 $ 2,604.0 $ 2,542.2 $ 22,393.2 $ 31,009.3 $ 64,487.1 $ 75,188.4 Debt $ 281.5 $ 276.3 $ 176.6 $ 67.3 $ 1,512.5 $ 1,042.9 $ 1,970.6 $ 1,386.5 Other liabilities $ 540.7 $ 1,445.3 $ 17.7 $ 15.0 $ 331.4 $ 875.2 $ 889.8 $ 2,335.5 Total liabilities $ 822.2 $ 1,721.6 $ 194.3 $ 82.3 $ 1,843.9 $ 1,918.1 $ 2,860.4 $ 3,722.0 Partners’ capital $ 38,667.7 $ 39,915.3 $ 2,409.7 $ 2,459.9 $ 20,549.3 $ 29,091.2 $ 61,626.7 $ 71,466.4 Investment Income (Loss) The components of investment income (loss) are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Income (loss) from equity investments $ 9.4 $ (8.3 ) $ 14.2 Income (loss) from trading securities (1.7 ) 0.1 4.2 Other investment income 7.5 1.0 0.4 Total $ 15.2 $ (7.2 ) $ 18.8 Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the consolidated statements of operations and consists of: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Corporate Private Equity $ 28.9 $ 53.8 $ 59.2 Global Market Strategies (0.9 ) 1.3 4.6 Real Assets (18.6 ) (63.4 ) (49.6 ) Total $ 9.4 $ (8.3 ) $ 14.2 Trading Securities and Other Investments Trading securities and other investments as of December 31, 2015 and 2014 primarily consisted of $12.0 million and $12.9 million , respectively, of investments in derivative instruments and corporate mezzanine securities and bonds, as well as other cost method investments in 2014. Investments of Consolidated Funds During the year ended December 31, 2015 , the Partnership formed eight new CLOs. The Partnership has concluded that these CLOs are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidated the financial positions and results of operations of the CLOs into its consolidated financial statements beginning on their respective closing dates. As of December 31, 2015 , the total assets of these CLOs included in the Partnership’s consolidated financial statements were approximately $5.0 billion . The following table presents a summary of the investments held by the Consolidated Funds. Investments held by the Consolidated Funds do not represent the investments of all Carlyle sponsored funds. The table below presents investments as a percentage of investments of Consolidated Funds: Fair Value Percentage of Investments of Consolidated Funds Geographic Region/Instrument Type/ Industry December 31, December 31, Description or Investment Strategy 2015 2014 2015 2014 (Dollars in millions) United States Equity securities: Commercial & Professional Services $ 0.2 $ 201.3 — % 0.77 % Diversified Financials 290.2 264.4 1.21 % 1.02 % Food, Beverage & Tobacco — 414.0 — % 1.59 % Media 69.3 97.3 0.29 % 0.37 % Health Care Equipment & Services 71.7 100.9 0.30 % 0.39 % Consumer Services 38.6 67.7 0.16 % 0.26 % Capital Goods 0.6 60.3 — % 0.23 % Software & Services 65.4 38.9 0.27 % 0.15 % Transportation 3.1 49.6 0.01 % 0.19 % Food & Staples Retailing — 30.9 — % 0.12 % Consumer Durables & Apparel 50.6 7.6 0.21 % 0.03 % Other 1.1 0.9 — % — % Total equity securities (cost of $833.0 and $1,337.9 at 590.8 1,333.8 2.45 % 5.12 % Partnership and LLC interests: Fund Investments (cost of $1,784.7 and $2,154.3 at 1,889.3 2,188.5 7.87 % 8.41 % Loans: Retailing 6.8 109.1 0.03 % 0.42 % Diversified Financials — 6.7 — % 0.03 % Commercial & Professional Services 0.1 31.1 — % 0.12 % Materials 0.6 32.5 — % 0.12 % Transportation — 27.8 — % 0.11 % Other 5.9 4.3 0.03 % 0.02 % Total loans (cost of $83.6 and $260.7 at 13.4 211.5 0.06 % 0.82 % Total investment in Hedge Funds 2,841.2 3,753.5 11.84 % 14.42 % Assets of the CLOs Bonds 50.6 141.8 0.21 % 0.54 % Equity 2.3 6.5 0.01 % 0.02 % Loans 11,241.0 10,203.3 46.84 % 39.20 % Total assets of the CLOs (cost of $11,658.3 and $10,413.0 at 11,293.9 10,351.6 47.06 % 39.76 % Total United States $ 16,628.6 $ 17,838.9 69.28 % 68.53 % Fair Value Percentage of Investments of Consolidated Funds Geographic Region/Instrument Type/ Industry December 31, December 31, Description or Investment Strategy 2015 2014 2015 2014 (Dollars in millions) Europe Equity securities: Food & Staples Retailing 57.9 $ 350.4 0.24 % 1.35 % Consumer Services 94.7 38.2 0.39 % 0.15 % Energy — 168.8 — % 0.65 % Retailing 95.7 119.4 0.40 % 0.46 % Health Care Equipment & Services 81.0 97.8 0.34 % 0.38 % Commercial & Professional Services 43.0 75.4 0.18 % 0.29 % Transportation — 88.8 — % 0.34 % Media 10.5 40.0 0.04 % 0.15 % Other 35.8 32.5 0.15 % 0.12 % Total equity securities (cost of $650.2 and $939.1 at 418.6 1,011.3 1.74 % 3.89 % Partnership and LLC interests: Fund Investments (cost of $694.3 and $840.9 at 640.6 800.0 2.67 % 3.07 % Assets of the CLOs Bonds 1,115.8 1,081.3 4.65 % 4.15 % Equity 3.8 9.7 0.02 % 0.04 % Loans 3,837.4 4,208.5 15.99 % 16.17 % Other 5.0 1.5 0.02 % 0.01 % Total assets of the CLOs (cost of $5,048.3 and $5,429.1 at 4,962.0 5,301.0 20.68 % 20.37 % Total Europe $ 6,021.2 $ 7,112.3 25.09 % 27.33 % Global Equity securities: Food, Beverage & Tobacco (cost of $77.0 and $85.6 at $ 126.2 $ 110.8 0.53 % 0.43 % Assets of the CLOs Bonds 14.5 12.7 0.06 % 0.05 % Loans 594.9 461.6 2.48 % 1.77 % Total assets of the CLOs (cost of $643.7 and $480.6 at 609.4 474.3 2.54 % 1.82 % Partnership and LLC interests: Fund Investments (cost of $497.7 and $452.7 at 613.4 492.5 2.56 % 1.89 % Total Global $ 1,349.0 $ 1,077.6 5.63 % 4.14 % Total investments of Consolidated Funds (cost of $21,987.8 and $22,393.9 at December 31, 2015 and 2014, respectively) $ 23,998.8 $ 26,028.8 100.00 % 100.00 % There were no individual investments with a fair value greater than five percent of the Partnership’s total assets for any period presented. Interest and Other Income of Consolidated Funds The components of interest and other income of Consolidated Funds are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Interest income from investments $ 873.1 $ 864.9 $ 876.8 Other income 102.4 91.1 166.3 Total $ 975.5 $ 956.0 $ 1,043.1 Net Investment Gains (Losses) of Consolidated Funds Net investment gains (losses) of Consolidated Funds include net realized gains (losses) from sales of investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of net investment gains (losses) of Consolidated Funds are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Gains from investments of Consolidated Funds $ 426.2 $ 857.7 $ 1,390.5 Gains (losses) from liabilities of CLOs 436.5 27.2 (695.1 ) Gains on other assets of CLOs 1.7 2.1 1.3 Total $ 864.4 $ 887.0 $ 696.7 The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Realized gains $ 1,114.7 $ 1,107.4 $ 662.0 Net change in unrealized gains (losses) (688.5 ) (249.7 ) 728.5 Total $ 426.2 $ 857.7 $ 1,390.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table summarizes the carrying amount of intangible assets as of December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Acquired contractual rights $ 830.4 $ 843.0 Acquired trademarks 6.6 6.7 Accumulated amortization (739.6 ) (455.1 ) Finite-lived intangible assets, net 97.4 394.6 Goodwill 38.3 47.5 Intangible assets, net $ 135.7 $ 442.1 The following table summarizes the changes in the carrying amount of goodwill by segment as of December 31, 2015 . There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. Global Market Strategies Investment Solutions Total (Dollars in millions) Balance as of December 31, 2014 $ 28.0 $ 19.5 $ 47.5 Impairment charge — (7.0 ) (7.0 ) Foreign currency translation — (2.2 ) (2.2 ) Balance as of December 31, 2015 $ 28.0 $ 10.3 $ 38.3 As discussed in Note 2, the Partnership reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During the year ended December 31, 2015 , the Partnership evaluated for indicators of impairment certain definite-lived intangible assets associated with acquired contractual rights for fee income. Evaluations were performed on the intangible assets related to the open-ended credit hedge funds in the Global Market Strategies segment as well as the open-ended fund of hedge funds in the Investment Solutions segment. In the third quarter of 2015, Claren Road, a hedge fund family within our Global Market Strategies segment, received approximately $1.9 billion of investor redemption notices, which are expected to be paid over the next several quarters, starting in the fourth quarter of 2015. These redemptions, and any further reductions in assets managed by Claren Road, will result in lower management fees by Claren Road in subsequent periods and lower earnings contributions to the Partnership from Claren Road. As a result of these events, the Partnership concluded that the carrying value of its intangible assets associated with the acquisition of Claren Road was impaired and recorded an impairment of $186.6 million during the year ended ended December 31, 2015 . When including the reduction of the related liabilities for contingent consideration associated with Claren Road, the pre-tax net impact to the Partnership's financial results for the year ended December 31, 2015 was $162.4 million . Further, in the fourth quarter of 2015, the Partnership recorded an impairment loss of $15.0 million to reduce the carrying value of the intangible assets related to the fund of hedge funds within the Investment Solutions segment to their estimated fair value based on redemptions received in the fourth quarter of 2015 and lower profit projections. As a result, the Partnership concluded that the carrying value of the intangible asset associated with our fund of hedge funds was impaired and recorded the impairment. Also, as disclosed in Note 3, the Partnership recorded a goodwill impairment charge in 2015 in connection with its decision to restructure the Investment Solutions segment. Finally, the Partnership recorded additional impairment losses of $11.8 million , $66.2 million , and $20.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively, to reduce the carrying value of other Global Markets Strategies intangible assets to their estimated fair value. The fair value determinations were based on a probability-weighted discounted cash flow model. These fair value measurements were based on significant inputs not observable in the market (primarily discount rates ranging from 10% to 20% ) and thus represented Level III measurements as defined in the accounting guidance for fair value measurements. The impairment losses were included in general, administrative and other expenses in the accompanying consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 . Intangible asset amortization expense, excluding impairment losses, was $76.1 million , $103.0 million and $117.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively, and is included in general, administrative, and other expenses in the consolidated statements of operations. The following table summarizes the expected amortization expense for 2016 through 2020 and thereafter (Dollars in millions): 2016 $ 36.7 2017 31.6 2018 15.6 2019 5.4 2020 5.4 Thereafter 2.7 $ 97.4 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s borrowings consist of the following (Dollars in millions): As of December 31, 2015 2014 Borrowing Carrying Borrowing Carrying Senior Credit Facility Term Loan Due 5/05/2020 $ 25.0 $ 25.0 $ 25.0 $ 25.0 CLO Term Loan (1) 13.7 13.7 15.2 15.2 3.875% Senior Notes Due 2/01/2023 500.0 499.9 500.0 499.9 5.625% Senior Notes Due 3/30/2043 600.0 606.5 600.0 606.8 $ 1,138.7 $ 1,145.1 $ 1,140.2 $ 1,146.9 (1) Due the earlier of September 28, 2018 or the date that the CLO is dissolved. Senior Credit Facility As of December 31, 2015 , the senior credit facility included $25.0 million in a term loan and $750.0 million in a revolving credit facility. As of December 31, 2015 , the term loan and revolving credit facility were scheduled to mature on May 5, 2020 . Principal amounts outstanding under the term loan and revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75% , or (b) at LIBOR plus an applicable margin not to exceed 1.75% (at December 31, 2015 , the interest rate was 1.37% ). There was no amount outstanding under the revolving credit facility at December 31, 2015 . Interest expense under the senior credit facility was not significant for the years ended December 31, 2015, 2014 and 2013 . The fair value of the outstanding balances of the term loan and revolving credit facility at December 31, 2015 and 2014 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy. On May 5, 2015, the Partnership entered into Amendment No. 2 to the senior credit facility, which: (i) extended the maturity date of the term loan and revolving credit facility from August 9, 2018 to May 5, 2020, (ii) revised the management fee earning assets covenant to remove the step up requirement to add a percentage of future acquired AUM to set the minimum management fee earning assets amount, (iii) changed the definition of Indebtedness to provide for a deduction of unrestricted cash, and (iv) reduced the corporate ratings-based pricing grid. The costs related to the amendment to the senior credit facility were not material. CLO Term Loan On October 3, 2013, the Partnership borrowed €12.6 million ( $13.7 million at December 31, 2015 ) under a term loan and security agreement with a financial institution. Proceeds from the borrowing were used to fund the Partnership’s investment in a CLO. Interest on the term loan accrues at EURIBOR plus 1.75% ( 1.75% at December 31, 2015 ). The Partnership may prepay the facility in whole or in part at any time without penalty. The facility is scheduled to mature on the earlier of 5 years after closing or the date that the CLO is dissolved. The facility is secured by the Partnership’s investment in the CLO. Interest expense on the term loan was not significant for the years ended December 31, 2015, 2014 and 2013 . The fair value of the outstanding balance of the term loan at December 31, 2015 and 2014 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy. 3.875% Senior Notes In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million in aggregate principal amount of 3.875% senior notes due February 1, 2023 at 99.966% of par. Interest is payable semi-annually on February 1 and August 1 , beginning August 1, 2013 . This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. Interest expense on the notes was $19.8 million , $19.8 million , and $18.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. At December 31, 2015 and 2014 , the fair value of the notes, including accrued interest, was approximately $515.2 million and $513.1 million , respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. 5.625% Senior Notes In March 2013, an indirect finance subsidiary of the Partnership issued $400.0 million in aggregate principal amount of 5.625% senior notes due March 30, 2043 at 99.583% of par. Interest is payable semi-annually on March 30 and September 30, beginning September 30, 2013 . This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. In March 2014, an indirect finance subsidiary of the Partnership issued $200.0 million of 5.625% Senior Notes due March 30, 2043 at 104.315% of par. The net proceeds from the issuance of these notes are being used for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. These notes were issued as additional 5.625% Senior Notes and will be treated as a single class with the already outstanding $400.0 million aggregate principal amount of these senior notes. Interest expense on the notes was $33.7 million , $31.6 million , and $17.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. At December 31, 2015 and 2014 , the fair value of the notes, including accrued interest, was approximately $646.6 million and $699.2 million , respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. Interest Rate Swaps The Partnership is subject to interest rate risk associated with its variable rate debt financing. To manage this risk, the Partnership has an outstanding interest rate swap to fix the base LIBOR interest rate on its term loan borrowings with a notional amount of $250.0 million at December 31, 2015 that amortizes through September 30, 2016 . In the first quarter of 2013, $475.0 million of term loan principal was prepaid. As a result of these term loan prepayments, the interest rate swap is no longer accounted for as a cash flow hedge; the interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. The pre-existing hedge loss included in accumulated other comprehensive loss for this interest rate swap of $8.8 million is being reclassified into earnings as the original forecasted transactions affect earnings. In March 2013, the Partnership entered into a second interest rate swap with a notional amount of $225.0 million at December 31, 2015 that amortizes through September 30, 2016 . This interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. Debt Covenants The Partnership is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Partnership is also subject to various non-financial covenants under its loan agreements and and the indentures governing its senior notes. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of December 31, 2015 . The consolidated real estate VIE was not in compliance with the debt covenants related to substantially all of its loans payable as of December 31, 2015 (see Note 17); such violations do not cause a default or event of default under the Partnership’s senior credit facility, CLO term loan, senior notes, or the loans payable of Consolidated Funds. Loans Payable of Consolidated Funds Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the consolidated balance sheets. As of December 31, 2015 and 2014 , the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): As of December 31, 2015 Borrowing Fair Value Weighted Weighted Senior secured notes $ 16,301.0 $ 15,915.5 1.98 % 9.54 Subordinated notes, preferred shares, and other 993.0 1,112.4 N/A (a) 8.64 Combination notes 20.0 18.8 N/A (b) 7.43 Total $ 17,314.0 $ 17,046.7 As of December 31, 2014 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,104.2 $ 14,757.5 1.68 % 9.21 Subordinated notes and preferred shares 1,242.3 1,278.8 N/A (a) 8.28 Combination notes 15.0 15.9 N/A (b) 7.14 Total $ 16,361.5 $ 16,052.2 (a) The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. (b) The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes. Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of December 31, 2015 and 2014 , the fair value of the CLO assets was $18.6 billion and $17.6 billion , respectively. |
Contingent Consideration
Contingent Consideration | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Contingent Consideration | Contingent Consideration The Partnership has contingent consideration obligations related to its business acquisitions and strategic investments. The changes in the contingent consideration liabilities are as follows: Rollforward For The Years Ended December 31, 2015 and 2014 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent Total Balance at December 31, 2013 $ 145.1 $ 15.7 $ 148.7 $ 40.8 $ 350.3 Contingent consideration from new acquisition / investments — — — — — Change in carrying value (27.6 ) (2.9 ) 10.1 169.2 (a) 148.8 Payments (90.7 ) — (1.2 ) (7.2 ) (99.1 ) Issuances of equity — (12.8 ) (0.8 ) (1.8 ) (15.4 ) Balance at December 31, 2014 26.8 — 156.8 201.0 384.6 Change in carrying value 2.1 — (70.9 ) 22.9 (a) (45.9 ) Payments (20.2 ) — (3.3 ) (2.4 ) (25.9 ) Issuances of equity — — (2.2 ) — (2.2 ) Balance at December 31, 2015 $ 8.7 $ — $ 80.4 $ 221.5 $ 310.6 (a) Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP. The fair value of the performance-based contingent cash and equity consideration payable to the sellers who are Carlyle professionals has been recorded in due to affiliates in the accompanying consolidated balance sheets. These payments are not contingent upon the Carlyle professional being employed by Carlyle at the time that the performance conditions are met. Changes in the fair value of these amounts are recorded in other non-operating expense (income) in the consolidated statements of operations. The portion of the contingent consideration payment attributable to the initial amount recorded as part of the consideration transferred is classified as cash flows from financing activities. The portion of the contingent consideration payment that is attributable to the subsequent changes in the fair value of the contingent consideration is classified as cash flows from operating activities in the consolidated statements of cash flows. The amount of employment-based contingent cash consideration payable to the sellers who are Carlyle professionals has been recorded as accrued compensation and benefits in the accompanying consolidated balance sheets. Changes in the value of these amounts are recorded as compensation expense in the consolidated statements of operations. In June 2015, the Partnership amended the agreements relating to the original acquisition of Vermillion, now called Carlyle Commodity Management. As a result of the amendment, the Partnership’s economic interest in Carlyle Commodity Management increased from 55% to approximately 83% effective July 1, 2015; no consideration was paid by the Partnership for the increase in economic interest. Also, as a result of the amendment, the estimated value of the employment-based contingent consideration liability decreased by $46.3 million , which was recognized by the Partnership as a reduction in base compensation expense for the year ended December 31, 2015 . The fair value of contingent consideration payable to non-Carlyle personnel is included in accounts payable, accrued expenses and other liabilities, or due to affiliates for amounts payable to NGP, in the accompanying consolidated balance sheets. Changes in the fair value of this contingent consideration are recorded in other non-operating expense (income), or investment income in the case of amounts payable to NGP, in the consolidated statements of operations. Included in the change in carrying value for the year ended December 31, 2015 is $23.2 million related to the accrual of additional contingent consideration payable to BNRI (See Note 6). This amount was capitalized into the carrying value of the Partnership's equity method investment in NGP. The fair values of the performance-based contingent cash consideration for business acquisitions were based on probability-weighted discounted cash flow models. These fair value measurements are based on significant inputs not observable in the market and thus represent Level III measurements as defined in the accounting guidance for fair value measurement. Refer to Note 4 for additional disclosures related to the fair value of these instruments as of December 31, 2015 and 2014 . The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management: As of December 31, 2015 Business NGP Total Liability (1) (Dollars in millions) Performance-based contingent cash consideration $ 208.2 $ 183.0 $ 391.2 $ 230.2 Employment-based contingent cash consideration 148.4 45.0 193.4 80.4 Total maximum cash obligations $ 356.6 $ 228.0 $ 584.6 $ 310.6 (1) On the consolidated balance sheet, the liability for performance-based contingent cash consideration is included in due to affiliates (for amounts owed to Carlyle professionals and NGP) and accounts payable, accrued expenses, and other liabilities (for amounts owed to other sellers), and the liability for employment-based contingent cash consideration is included in accrued compensation and benefits. Some of the employment-based contingent cash consideration agreements do not contain provisions limiting the amount that could be paid by the Partnership. For purposes of the table above, the Partnership has used its current estimate of the amount to be paid upon the determination dates for such payments. In the consolidated financial statements, the Partnership records the performance-based contingent cash consideration from business acquisitions at fair value at each reporting period. For the employment-based contingent cash consideration, the Partnership accrues the compensation liability over the implied service period. |
Accrued Compensation and Benefi
Accrued Compensation and Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Accrued Compensation and Benefits | Accrued Compensation and Benefits Accrued compensation and benefits consist of the following: As of December 31, 2015 2014 (Dollars in millions) Accrued performance fee-related compensation $ 1,511.9 $ 1,815.4 Accrued bonuses 211.9 229.6 Employment-based contingent cash consideration 80.4 156.8 Other 149.0 110.7 Total $ 1,953.2 $ 2,312.5 Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. As of December 31, 2015 and 2014 , the benefit obligation of those pension plans totaled approximately $51.6 million and $59.1 million , respectively. As of December 31, 2015 and 2014 , the fair value of the plans’ assets was approximately $46.4 million and $50.0 million , respectively. At December 31, 2015 and 2014 , the Partnership recognized a liability of $5.2 million and $9.1 million , respectively, representing the funded status of the plans, which was included in accrued compensation and benefits in the accompanying consolidated financial statements. For the years ended December 31, 2015, 2014 and 2013 , the net periodic benefit cost recognized was $2.8 million , $2.4 million and $2.9 million , respectively, which is included in base compensation expense in the accompanying consolidated financial statements. No other employees of the Partnership are covered by defined benefit pension plans. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Capital Commitments The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of December 31, 2015 (Dollars in millions): Unfunded Commitments Corporate Private Equity $ 1,790.9 Global Market Strategies 335.3 Real Assets 709.7 Investment Solutions 34.7 $ 2,870.6 Of the $2.9 billion of unfunded commitments, approximately $2.5 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals, with the balance funded directly by the Partnership. In addition to these unfunded commitments, the Partnership may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations. Guaranteed Loans On August 4, 2001, the Partnership entered into an agreement with a financial institution pursuant to which the Partnership is the guarantor on a credit facility for eligible employees investing in Carlyle sponsored funds. This credit facility renews on an annual basis, allowing for annual incremental borrowings up to an aggregate of $11.3 million , and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 3% , reset quarterly ( 3.32% weighted-average rate at December 31, 2015 ). As of December 31, 2015 and 2014 , approximately $9.4 million and $7.9 million , respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of December 31, 2015 was not material. The Partnership believes the likelihood of any material funding under this guarantee to be remote. The fair value of this guarantee is not significant to the consolidated financial statements. Contingent Obligations (Giveback) A liability for potential repayment of previously received performance fees of $252.0 million at December 31, 2015 , is shown as accrued giveback obligations in the consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at December 31, 2015 . However, the ultimate giveback obligation, if any, does not become realized until the end of a fund’s life (see Note 2). The Partnership has recorded $23.8 million and $27.7 million of unbilled receivables from former and current employees and senior Carlyle professionals as of December 31, 2015 and 2014 , respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $367.2 million and $336.5 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of December 31, 2015 and 2014 , respectively. Such amounts are held by entities not included in the accompanying consolidated balance sheets. During 2013, the Partnership repaid $23.8 million of giveback obligations to certain funds. These amounts were funded primarily through collection of employee receivables related to giveback obligations and from contributions from non-controlling interests for their portion of the obligation. The Partnership had previously recognized these liabilities as unrealized performance fee losses. As a result of the giveback repayments, the Partnership reclassified these amounts to realized performance fee losses for the year ended December 31, 2013. If, at December 31, 2015 , all of the investments held by the Partnership’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.9 billion , on an after-tax basis where applicable. Leases The Partnership leases office space in various countries around the world and maintains its headquarters in Washington, D.C., where it leases its primary office space under a non-cancelable lease agreement expiring on July 31, 2026 . Office leases in other locations expire in various years from 2016 through 2032. These leases are accounted for as operating leases. Rent expense was approximately $56.3 million , $54.5 million and $49.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively, and is included in general, administrative and other expenses in the consolidated statements of operations. The future minimum commitments for the leases are as follows (Dollars in millions): 2016 $ 54.7 2017 52.0 2018 47.8 2019 41.4 2020 39.6 Thereafter 294.3 $ 529.8 Total minimum rentals to be received in the future under non-cancelable subleases as of December 31, 2015 were $5.3 million . The Partnership records contractual escalating minimum lease payments on a straight-line basis over the term of the lease. Deferred rent payable under the leases was $59.7 million and $40.4 million as of December 31, 2015 and 2014 , respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. Legal Matters In the ordinary course of business, the Partnership is a party to litigation, investigations, inquiries, employment-related matters, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not been resolved. The Partnership does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Partnership or these financial statements in excess of amounts accrued. The Partnership believes that the matters described below are without merit and intends to vigorously contest all such allegations for the matters that have not been resolved. Along with many other companies and individuals in the financial sector, the Partnership and Carlyle Mezzanine Partners, L.P. (“CMP”) are named as defendants in Foy v. Austin Capital , a case filed in June 2009, pending in the State of New Mexico’s First Judicial District Court, County of Santa Fe, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act (“FATA”). The suit alleges that investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents. The plaintiffs seek, among other things, actual damages for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In May 2011, the Attorney General of New Mexico moved to dismiss certain defendants including the Partnership and CMP on the grounds that separate civil litigation by the Attorney General is a more effective means to seek recovery for the State from these defendants. The Attorney General has brought two civil actions against certain of those defendants, not including the Partnership defendants. The Attorney General has stated that its investigation is continuing and it may bring additional civil actions. Foy v. Austin Capital was stayed while the plaintiff pursued an interlocutory appeal on the question of whether FATA could be applied retroactively to events that occurred prior to its effective date. In June 2015, the New Mexico Supreme Court ruled that FATA could be applied retroactively in certain circumstances and activity related to the suit resumed in the fall of 2015. A new judge has been appointed to hear the case and the Attorney General recently moved to dismiss the entire litigation so that the Attorney General can pursue its own recovery from the defendants in the action. Oral argument on that motion to dismiss is scheduled for April 2016. Carlyle Capital Corporation Limited (“CCC”) was a fund sponsored by Carlyle that invested in AAA-rated residential mortgage backed securities on a highly leveraged basis. In March of 2008, amidst turmoil throughout the mortgage markets and money markets, CCC filed for insolvency protection in Guernsey. The Guernsey liquidators who took control of CCC in March 2008 filed a suit on July 7, 2010 against the Partnership, certain of its affiliates and the former directors of CCC in the Royal Court of Guernsey seeking $ 1.0 billion in damages in a case styled Carlyle Capital Corporation Limited v. Conway et al . The Guernsey liquidators allege that the Partnership and the CCC board of directors were negligent, grossly negligent or willfully mismanaged the CCC investment program and breached certain fiduciary duties allegedly owed to CCC and its shareholders. The liquidators further allege (among other things) that the directors and the Partnership put the interests of the Partnership ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing the Partnership's reputation and its “brand” over the best interests of CCC. On July 24, 2013, plaintiffs filed an amended complaint, which contained further detail in support of the existing claims but no new defendants or claims. On December 20, 2013, defendants filed a defense to the amended complaint and on June 30, 2014 plaintiffs filed their reply. In September 2015, the liquidators served expert reports. Expert witness reports for defendants were served during the first week of February 2016. The Court has set a pretrial conference for early April 2016 and trial is scheduled for June 2016. The Partnership currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorney generals, FINRA and the U.K. Financial Conduct Authority. The Partnership routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Partnership or its personnel. Recently, the SEC has informally requested additional information about our historical practices relating to the acceleration of monitoring fees received from our portfolio companies. We are cooperating fully with the SEC's inquiry. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Partnership’s consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on our financial results in any particular period. The Partnership accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. As of December 31, 2015, the Partnership had accrued estimated liabilities aggregating to $62 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The Partnership evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upwards or downward, as appropriate, based on management's best judgment after consultation with counsel. There is no assurance that the Partnership's accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Partnership has recorded. Other Contingencies From 2007 to 2009, a Luxembourg subsidiary of CEREP I, a real estate fund, received proceeds from the sale of real estate located in Paris, France. Based on a provision in the Luxembourg-France tax treaty, it did not report or pay tax in France on gain from the sale. The French tax authorities asserted that CEREP I was ineligible to claim exemptions from French tax under the tax treaty, and issued a tax assessment seeking to collect taxes, interest and penalties. On April 15, 2015, the French tax court issued an opinion in this matter that was adverse to CEREP I, holding the Luxembourg property company liable for approximately €105 million (including penalties and interest accrued since the beginning of the tax dispute). The Partnership disagreed with the outcome and filed a petition of appeal on July 3, 2015. In 2015, in satisfaction of the obligation to the French government, CEREP I paid approximately €30 million of the tax obligations and the Partnership paid approximately €75 million in its capacity as a guarantor. CEREP I has approximately €1 million in net assets as of December 31, 2015. Additionally, the French Ministry of Justice is expected to continue its investigation of the actions of the Luxembourg property company and its former directors, managers and representatives in claiming the tax treaty exemptions. The Partnership was required to provide a financial guarantee to the French government in July 2012 for the amount of French tax assessed against CEREP I. Since that time, the Partnership has consolidated CEREP I into its consolidated financial statements. CEREP I recognized a loss of approximately $34 million which has been included in net investment gains/losses of Consolidated Funds for the year ended December 31, 2015, and this amount reduced net income attributable to Carlyle Holdings in the Partnership's consolidated financial statements for this period. In 2013 and 2014, the Partnership had previously recognized losses of approximately €42 million for the French tax matter, which were reflected in net investment gains/losses of Consolidated Funds and reduced net income attributable to Carlyle Holdings. Indemnifications In the normal course of business, the Partnership and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. However, based on experience, the Partnership believes the risk of material loss to be remote. Risks and Uncertainties Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general economic conditions, may have a significant negative impact on the Partnership’s investments and profitability. Such events are beyond the Partnership’s control, and the likelihood that they may occur and the effect on the Partnership cannot be predicted. Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters. The funds make investments outside of the United States. Investments outside the United States may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Partnership or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Partnership’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws. Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies. Additionally, the Partnership encounters credit risk. Credit risk is the risk of default by a counterparty in the Partnership’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments. The Partnership considers cash, cash equivalents, securities, receivables, equity-method investments, accounts payable, accrued expenses, other liabilities, loans payable, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, the carrying amounts reported in the consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior notes is disclosed in Note 8. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Due from Affiliates and Other Receivables, Net The Partnership had the following due from affiliates and other receivables at December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Unbilled receivable for giveback obligations from current and former employees $ 23.8 $ 27.7 Notes receivable and accrued interest from affiliates 7.3 11.1 Other receivables from unconsolidated funds and affiliates, net 164.2 160.6 Total $ 195.3 $ 199.4 Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Other receivables from certain of the unconsolidated funds and portfolio companies relate to management fees receivable from limited partners, advisory fees receivable and expenses paid on behalf of these entities. These costs represent costs related to the pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and disposition of the investments. The affiliates are obligated at the discretion of the Partnership to reimburse the expenses. Based on management’s determination, the Partnership accrues and charges interest on amounts due from affiliate accounts at interest rates ranging up to 7.07% as of December 31, 2015 . The accrued and charged interest to the affiliates was not significant for any period presented. These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented. Due to Affiliates The Partnership had the following due to affiliates balances at December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Due to affiliates of Consolidated Funds $ 0.3 $ 0.6 Due to non-consolidated affiliates 51.7 37.1 Performance-based contingent cash and equity consideration related to acquisitions 35.3 43.6 Amounts owed under the tax receivable agreement 141.7 89.0 Other 16.9 13.9 Total $ 245.9 $ 184.2 The Partnership has recorded obligations for amounts due to certain of its affiliates. The Partnership periodically offsets expenses it has paid on behalf of its affiliates against these obligations. The amount owed under the tax receivable agreement is related primarily to the acquisition by the Partnership of 7,000,000 and 9,300,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively, as well as the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units (see Note 1). Other Related Party Transactions In the normal course of business, the Partnership has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for their purchases of the aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Partnership for the business use of these aircraft by senior Carlyle professionals and other employees, which is made at market rates, totaled $4.4 million , $5.2 million and $7.4 million for the years ended December 31, 2015, 2014 and 2013 , respectively. These fees are included in general, administrative, and other expenses in the consolidated statements of operations. Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management or performance fees, however, Carlyle professionals and employees are required to pay their portion of partnership expenses. Carried interest income from the funds can be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Partnership that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received. The Partnership does business with some of its portfolio companies; all such arrangements are on a negotiated basis. Substantially all revenue is earned from affiliates of Carlyle. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Current Federal income tax $ 0.7 $ 3.2 $ 2.2 State and local income tax 4.9 8.2 5.2 Foreign income tax 27.4 54.1 44.0 Subtotal 33.0 65.5 51.4 Deferred Federal income tax (36.7 ) (5.2 ) (1.5 ) State and local income tax (2.6 ) 2.9 8.7 Foreign income tax 8.4 13.6 37.6 Subtotal (30.9 ) 11.3 44.8 Total provision for income taxes $ 2.1 $ 76.8 $ 96.2 Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: As of December 31, 2015 2014 (Dollars in millions) Deferred tax assets Federal foreign tax credit $ 7.7 $ 3.8 State net operating loss carry forwards 0.5 3.6 Tax basis goodwill and intangibles 154.1 99.4 Depreciation and amortization 58.2 38.6 Deferred restricted common unit compensation 12.9 12.6 Accrued compensation 28.3 37.6 Other 5.2 0.6 Deferred tax assets before valuation allowance 266.9 196.2 Valuation allowance (14.1 ) (29.7 ) Total deferred tax assets $ 252.8 $ 166.5 Deferred tax liabilities (1) Intangible assets $ 7.8 $ 19.4 Unrealized appreciation on investments 126.3 126.3 Other 2.8 2.0 Total deferred tax liabilities $ 136.9 $ 147.7 Net deferred tax assets (liabilities) $ 115.9 $ 18.8 (1) As of December 31, 2015 and 2014 , $33.4 million and $35.5 million , respectively, of deferred tax liabilities were offset and presented as a single deferred tax asset amount on the Partnership’s balance sheet. As of December 31, 2015 , the Company has cumulative net operating loss carry forwards of approximately $47.8 million for separate state tax jurisdictions, which will be available to offset future taxable income. If not used, a portion of these carry forwards will expire in 2033 and years forward. As of December 31, 2015 , the Company had a federal foreign tax credit (“FTC”) carryforward of $7.7 million . The FTCs are related to taxes paid in various foreign jurisdictions and if not utilized a portion will expire in 2025 and years forward. The Partnership had $219.4 million and $131.0 million in deferred tax assets as of December 31, 2015 and 2014 , respectively. These deferred tax assets resulted primarily from future amortization of tax basis intangible assets generated from exchanges covered by the Tax Receivable Agreement (see Note 2) and acquisitions by the Partnership and temporary differences between the financial statement and tax bases of depreciation on fixed assets and accrued compensation on lower-tier partnerships. The realization of the deferred tax assets is dependent on the Partnership’s future taxable income before deductions related to the establishment of its deferred tax assets. The deferred tax asset balance is comprised of a portion that would be realized in connection with future ordinary income and a portion that would be realized in connection with future capital gains. The Partnership evaluated various evidence in determining the ultimate realizability of its deferred tax assets including the character and timing of projected future taxable income. During 2015 and 2014, a Partnership entity subject to entity level income tax in certain states incurred a significant tax loss. Management evaluated specific factors associated with the realizability of its net operating losses and the entity’s deferred tax assets and determined that it is more likely than not that the Partnership will not realize these tax assets. Additionally, the Partnership determined that a portion of the US federal FTC carryforward earned in 2014 and 2015 will not ultimately be realized due to federal limitations on FTC utilization. As of December 31, 2015 and 2014, the Partnership has established a valuation allowance of $14.1 million and $29.7 million , respectively, for these items. For all other deferred tax assets, the Partnership has concluded it is more likely than not that they will be realized and that a valuation allowance is not needed at December 31, 2015 . The Partnership had deferred tax liabilities of $103.5 million and $112.2 million at December 31, 2015 and 2014 , respectively, which primarily relate to unrealized appreciation on the Partnership’s investments in the U.S. and in the Netherlands. Deferred tax liabilities related to unrealized appreciation were also recorded for outside tax basis differences as a result of the Partnership’s investment in Carlyle Holdings (see Note 1). The deferred tax liabilities related to intangible assets were recorded as part of the Partnership’s business acquisitions. The Partnership’s income tax expense was $2.1 million , $76.8 million and $96.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate: Year Ended December 31, 2015 2014 2013 Statutory U.S. federal income tax rate 35.00 % 35.00 % 35.00 % Income passed through to common unitholders and non-controlling interest holders (1) (37.24 )% (28.56 )% (29.23 )% Unvested Carlyle Holdings partnership units 1.87 % 2.92 % 2.03 % Foreign income taxes (1.78 )% (1.90 )% (1.88 )% State and local income taxes 4.13 % 0.25 % 0.17 % Valuation allowance establishment impacting provision for income taxes (3.88 )% 0.43 % 1.50 % Other adjustments 2.42 % (0.40 )% (0.93 )% Effective income tax rate (2) 0.52 % 7.74 % 6.66 % (1) The Partnership is organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any income tax is the responsibility of the unitholders and is paid at that level. (2) The effective income tax rate is calculated on income before provision for income taxes. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership has recorded a liability for uncertain tax positions of $20.3 million and $18.7 million as of December 31, 2015 and 2014 , respectively, which is reflected in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. These balances include $7.1 million and $4.9 million as of December 31, 2015 and 2014 , related to interest and penalties associated with uncertain tax positions. If recognized, $16.9 million of uncertain tax positions would be recorded as a reduction in the provision for income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows: As of December 31, 2015 2014 (Dollars in millions) Balance at January 1 $ 13.8 $ 9.3 Additions based on tax positions related to current year — 3.7 (Reductions) additions for tax positions of prior years (0.6 ) 3.3 Reductions due to lapse of statute of limitations — (2.5 ) Balance at December 31 $ 13.2 $ 13.8 In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. As of December 31, 2015 , the Partnership’s U.S. federal income tax returns for the years 2012 through 2014 are open under the normal three years statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2011 to 2014 . Foreign tax returns are generally subject to audit from 2008 to 2014 . Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. The Partnership does not believe that the outcome of these audits will require it to record reserves for uncertain tax positions or that the outcome will have a material impact on the consolidated financial statements. The Partnership does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months . |
Non-Controlling Interests in Co
Non-Controlling Interests in Consolidated Entities | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Non-controlling Interests in Consolidated Entities | Non-controlling Interests in Consolidated Entities The components of the Partnership’s non-controlling interests in consolidated entities are as follows: As of December 31, 2015 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 4,213.0 $ 6,160.1 Non-Carlyle interests in majority-owned subsidiaries 394.3 301.4 Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (113.5 ) (15.1 ) Non-controlling interests in consolidated entities $ 4,493.8 $ 6,446.4 The components of the Partnership’s non-controlling interests in income of consolidated entities are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 876.6 $ 1,298.8 $ 769.7 Non-Carlyle interests in majority-owned subsidiaries (20.6 ) (54.3 ) (12.4 ) Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (78.3 ) (34.8 ) 29.5 Net income attributable to other non-controlling interests in consolidated entities 777.7 1,209.7 786.8 Net loss attributable to partners’ capital appropriated for CLOs (54.4 ) (259.0 ) (383.1 ) Net income (loss) attributable to redeemable non-controlling interests in consolidated entities (185.4 ) (465.2 ) 272.3 Non-controlling interests in income of consolidated entities $ 537.9 $ 485.5 $ 676.0 There have been no significant changes in the Partnership's ownership interests in its consolidated entities for the periods presented other than the Partnership's acquisition of the remaining 40% equity interest in AlpInvest in 2013 and the Partnership’s acquisition of 7,000,000 and 13,800,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively (see Note 1). |
Earnings Per Common Unit
Earnings Per Common Unit | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Unit | Earnings Per Common Unit Basic and diluted net income per common unit are calculated as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Basic Diluted Basic Diluted Basic Diluted Net income (loss) attributable to The Carlyle Group L.P. $ (18,400,000 ) $ (18,400,000 ) $ 85,800,000 $ 85,800,000 $ 104,100,000 $ 104,100,000 Dilution of earnings due to participating securities with distribution rights 167,000 (1,743,000 ) (1,284,100 ) (1,303,600 ) (645,500 ) (880,000 ) Incremental net income (loss) from assumed exchange of Carlyle Holdings partnership units — (69,300,000 ) — — — 465,880,000 Net income attributable to common units $ (18,233,000 ) $ (89,443,000 ) $ 84,515,900 $ 84,496,400 $ 103,454,500 $ 569,100,000 Weighted-average common units outstanding 74,523,935 298,739,382 62,788,634 68,461,157 46,135,229 278,250,489 Net income per common unit $ (0.24 ) $ (0.30 ) $ 1.35 $ 1.23 $ 2.24 $ 2.05 The weighted-average common units outstanding, basic and diluted, are calculated as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Basic Diluted Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 74,523,935 74,523,935 62,788,634 62,788,634 46,135,229 46,135,229 Unvested deferred restricted common units — — — 5,258,516 — 4,057,793 Contingently issuable Carlyle Holdings partnership units and common units — — — 414,007 — 465,909 Weighted-average vested Carlyle Holdings partnership units — 216,943,053 — — — 211,225,760 Unvested Carlyle Holdings partnership units — 7,272,394 — — — 16,365,798 Weighted-average common units outstanding 74,523,935 298,739,382 62,788,634 68,461,157 46,135,229 278,250,489 The Carlyle Group L.P. weighted-average common units outstanding includes vested deferred restricted common units and common units associated with acquisitions that have been earned for which issuance of the related common units is deferred until future periods. The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. Also included in the determination of dilutive weighted-average common units are contingently issuable Carlyle Holdings partnership units and common units associated with the Claren Road, Carlyle Commodity Management, Metropolitan and DGAM acquisitions. For purposes of determining the dilutive weighted-average common units, it is assumed that December 31, 2015, 2014 and 2013 represent the end of the contingency period, the “if-converted” method is applied to any Carlyle Holdings partnership units issuable therefrom, and the treasury stock method is applied. The Partnership applies the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common units outstanding. The Partnership applies the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common units represented by the unvested Carlyle Holdings partnership units. In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, the 216,943,053 of vested Carlyle Holdings partnership units and 7,272,394 of unvested Carlyle Holdings partnership units for the year ended December 31, 2015 were dilutive. As a result, the net loss of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $ 69.3 million for the year ended December 31, 2015 has been included in net income (loss) attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. However, for the year ended December 31, 2015, 3,978,436 of unvested deferred restricted common units were antidilutive, and therefore have been excluded. For the year ended December 31, 2014, the 229,187,953 of vested and unvested Carlyle Holdings partnership units were antidilutive, and therefore have been excluded. For the year ended December 31, 2013, the 211,225,760 and 16,365,798 of vested and unvested Carlyle Holdings partnership units were dilutive. As a result, the net income of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $465.9 million for the year ended December 31, 2013 has been included in net income attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. On August 1, 2013, as part of acquiring the remaining 40% equity interests in AlpInvest, the Partnership issued 914,087 common units that are subject to vesting conditions. As of December 31, 2015 , 766,991 common units remain unvested. The common units participate immediately in any Partnership distributions. Under ASC 260, these common units are considered participating securities and are required to be included in the computation of earnings per common unit pursuant to the two-class method. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a source of equity-based awards permitting the Partnership to grant to Carlyle employees, directors of the Partnership’s general partner and consultants non-qualified options, unit appreciation rights, common units, restricted common units, deferred restricted common units, phantom restricted common units and other awards based on the Partnership’s common units and Carlyle Holdings partnership units. The total number of the Partnership’s common units and Carlyle Holdings partnership units which were initially available for grant under the Equity Incentive Plan was 30,450,000 . The Equity Incentive Plan contains a provision which automatically increases the number of the Partnership’s common units and Carlyle Holdings partnership units available for grant based on a pre-determined formula; this increase occurs annually on January 1. As of January 1, 2016, pursuant to the formula, the total number of the Partnership’s common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan was 32,402,830 . Unvested Partnership Common Units On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest. As part of the transaction, the Partnership issued 914,087 common units to AlpInvest sellers who are employees of the Partnership that are subject to vesting conditions. In June 2015, 11,674 unvested common units were forfeited and canceled by the Partnership. At the same time, in accordance with the Carlyle Holdings partnership agreements, Carlyle Holdings canceled a corresponding number of Carlyle Holdings partnership units held by the Partnership. These newly issued common units were unvested at grant and vest over a period of up to five years . The unvested common units are accounted for as equity-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The grant-date fair value of the unvested common units is charged to equity-based compensation on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 5% . For the years ended December 31, 2015, 2014 and 2013 , the Partnership recorded $9.0 million , $8.4 million and $5.0 million in equity-based compensation expense associated with these awards, respectively. As of December 31, 2015 , the total unrecognized equity-based compensation expense related to unvested common units, considering estimated forfeitures, is $1.8 million , which is expected to be recognized over a weighted-average term of 0.7 years . Unvested Carlyle Holdings Partnership Units Unvested Carlyle Holdings partnership units are held by senior Carlyle professionals and other individuals engaged in Carlyle’s business and generally vest ratably over a six -year period. The unvested Carlyle Holdings partnership units are accounted for as equity-based compensation in accordance with ASC 718. The grant-date fair value of the unvested Carlyle Holdings partnership units are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 2.5% . During the second quarter of 2013, the Partnership revised its estimated forfeiture rate to 2.5% from 7.5% . As a result, the Partnership recognized $5.0 million of equity-based compensation expense during the year ended December 31, 2013 for the cumulative effect of the change in this estimate. Additionally, the Partnership recognized $15.9 million , $17.1 million and $47.9 million of equity-based compensation expense during the years ended December 31, 2015, 2014 and 2013 , respectively, related to the difference between the estimated forfeitures and actual forfeitures on Carlyle Holdings partnership units that vested in May 2015, 2014 and 2013, respectively. The Partnership recorded equity-based compensation expense associated with these awards of $191.1 million , $192.6 million and $234.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively. No tax benefits have been recorded related to the unvested Carlyle Holdings partnership units, as the vesting of these units does not result in a tax deduction to the corporate taxpayers. In connection with the Partnership’s investment in NGP Management in December 2012, the Partnership issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. which vest ratably over a period of five years . The Partnership also issued 597,944 Carlyle Holdings partnership units to ECM Capital, L.P. that were issued at closing but vest upon the achievement of performance conditions. The fair value of these units will be recognized as a reduction to the Partnership’s investment income in NGP Management over the relevant service or performance period, based on the fair value of the units on each reporting date and adjusted for the actual fair value of the units at each vesting date. For the Carlyle Holdings partnership units that vest based on the achievement of performance conditions, the Partnership uses the minimum number of partnership units within the range of potential values for measurement and recognition purposes. As of December 31, 2015 , the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $437.7 million , which is expected to be recognized over a weighted-average term of 2.3 years . Deferred Restricted Common Units The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years . The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees is charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate that generally ranges from 2.0% to 10.0% and a per unit discount that generally ranges up to 25.0% , as these unvested awards do not participate in any Partnership distributions. During the first quarter of 2015, the Partnership revised its estimated forfeiture rates to a range of 2.0% to 10.0% from a previous range of 5.0% to 15.0% . As a result, the Partnership recognized $7.5 million of equity-based compensation expense for the year ended December 31, 2015 for the cumulative effect of the change in this estimate. The Partnership recorded compensation expense of $176.2 million , $140.3 million and $78.7 million for the years ended December 31, 2015, 2014 and 2013 , with $16.4 million , $16.7 million and $8.5 million of corresponding deferred tax benefits, respectively. A portion of the accumulated deferred tax asset associated with equity-based compensation expense was reclassified as a current tax benefit due to units vesting during the years ended December 31, 2015, 2014 and 2013 . Equity-based compensation expense generates deferred tax assets, which are realized when the units vest. The net impact of additional deferred tax assets due to equity-based compensation expense less the reduction to the deferred tax assets for units that vested was a net deferred tax benefit of $2.9 million , $3.0 million , and $0.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , the total unrecognized equity-based compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $321.1 million , which is expected to be recognized over a weighted-average term of 2.4 years . Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The expense associated with the deferred restricted common units granted to NGP personnel by the Partnership are recognized as a reduction of the Partnership’s investment income in NGP Management. The grant-date fair value of deferred restricted common units granted to Carlyle’s non-employee directors are charged to expense on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to consultants is measured at each vesting date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. The expense for equity-based awards issued to non-employees was not significant for the years ended December 31, 2015, 2014 and 2013 . The vesting of deferred restricted common units creates taxable income for the Partnership's employees in certain jurisdictions. Accordingly, the employees may elect to engage the Partnership's equity plan service provider to sell sufficient common units and generate proceeds to cover their minimum tax obligations. In February 2016, the Partnership granted approximately 5.0 million deferred restricted common units across a significant number of the Partnership's employees. The total estimated grant-date fair value of these awards was approximately $58 million . The awards vest generally over a period of 18 to 42 months . Phantom Deferred Restricted Common Units The phantom deferred restricted common units are unvested when granted and vest ratably over a service period of three years . Upon vesting, the units will be settled in cash and, therefore, are accounted for as liability awards. The fair value of the units is re-measured at each reporting period until settlement and charged to equity-based compensation expense over the vesting period, assuming a forfeiture rate of 10.0% . During the first quarter of 2015, the Partnership revised its estimated forfeiture rate to 10.0% from 15.0% . The cumulative effect of the change in this estimate was not material. Equity-based compensation expense and related tax benefits associated with these awards were not material for the years ended December 31, 2015, 2014 and 2013 . Further, as of December 31, 2015 , the total unrecognized equity-based compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, was not material and is expected to be recognized within the next year. A summary of the status of the Partnership’s non-vested equity-based awards as of December 31, 2015 and a summary of changes from December 31, 2012 through December 31, 2015 , are presented below: Carlyle Holdings The Carlyle Group, L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Unvested Weighted- Phantom Weighted- Balance, December 31, 2012 57,850,299 $ 22.12 16,707,028 $ 22.28 — $ — 334,614 $ 22.00 Granted 52,889 $ 30.80 3,067,158 $ 31.05 914,087 $ 26.83 2,520 $ 31.83 Vested 9,650,292 $ 22.09 2,828,707 $ 22.34 42,027 $ 27.99 107,242 $ 22.00 Forfeited 1,050,093 $ 22.00 695,305 $ 22.63 — $ — 21,381 $ 22.00 Balance, December 31, 2013 47,202,803 $ 22.13 16,250,174 $ 23.91 872,060 $ 26.78 208,511 $ 22.12 Granted 50,617 $ 28.26 7,978,127 $ 29.63 — $ — 12,204 $ 34.81 Vested 9,159,216 $ 22.10 3,767,550 $ 24.69 62,263 $ 21.42 101,839 $ 22.08 Forfeited 2,096,789 $ 22.00 1,531,481 $ 24.63 — $ — 14,806 $ 23.85 Balance, December 31, 2014 35,997,415 $ 22.16 18,929,270 $ 26.12 809,797 $ 27.19 104,070 $ 23.40 Granted — $ — 6,770,420 $ 22.39 — $ — — $ — Vested 8,733,826 $ 22.11 5,452,961 $ 26.91 31,132 $ 21.53 93,109 $ 22.52 Forfeited 444,477 $ 22.00 1,826,295 $ 24.98 11,674 $ 27.99 4,220 $ 24.80 Balance, December 31, 2015 26,819,112 $ 22.18 18,420,434 $ 24.62 766,991 $ 27.41 6,741 $ 34.58 |
Consolidation of a Real Estate
Consolidation of a Real Estate Development Company | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation of a Real Estate Development Company | Consolidation of a Real Estate Development Company The Partnership, indirectly through certain Carlyle real estate investment funds, has an investment in Urbplan Desenvolvimento Urbano S.A. (“Urbplan”), a Brazilian residential subdivision and land development company. In late 2012, it was determined that Urbplan was facing serious liquidity problems and would require additional capital infusions to continue operations. The Partnership and certain of its senior Carlyle professionals provided capital to Urbplan through one of the Carlyle investment funds starting in 2013. The Partnership concluded that Urbplan was a VIE as of September 30, 2013 because Urbplan's equity investment at risk was not sufficient to permit it to finance its activities without additional financial support. The Partnership also concluded that it was the primary beneficiary of Urbplan since the Partnership has the power to direct the activities of Urbplan that most significantly impact its economic performance and the Partnership’s investments in Urbplan will absorb losses incurred by Urbplan. As such, the Partnership began consolidating Urbplan into its consolidated financial statements as of September 30, 2013. Due to the timing and availability of financial information from Urbplan, the Partnership consolidates the financial position and results of operations of Urbplan on a financial reporting lag of 90 days . The Partnership will disclose the effect of intervening events at Urbplan that materially affect the financial position or results of operations of the Partnership, if any. The assets and liabilities of Urbplan are held in legal entities separate from the Partnership; the Partnership has not guaranteed or assumed any obligation for repayment of Urbplan’s liabilities nor are the assets of Urbplan available to meet the liquidity requirements of the Partnership. However, if Urbplan fails to complete its construction projects, customers, partners, government agencies or municipalities or other creditors in certain circumstances might seek to assert claims against the Partnership and its assets unrelated to Urbplan under certain consumer protection or other laws. Urbplan is currently a party to various litigation, government investigations and proceedings, disputes and other potential claims. The Partnership does not believe it is probable that the outcome of any existing Urbplan litigation, disputes or other potential claims will materially affect the Partnership or these consolidated financial statements. From 2013 through December 31, 2015 , $321.5 million has been funded to Urbplan by the Partnership and its senior Carlyle professionals (including losses from related foreign currency forward contracts). The Partnership has funded $77.9 million of the $321.5 million and the remaining $243.6 million has been funded by senior Carlyle professionals indirectly through the Partnership. For the year ended December 31, 2015 , $108.2 million was funded to Urbplan, of which the Partnership funded $27.1 million and the senior Carlyle professionals funded $81.1 million indirectly through the Partnership. While no contractual or other obligations exist to provide additional financial support to Urbplan, the Partnership and its senior Carlyle professionals may provide additional capital funding to Urbplan in the future. Urbplan will also continue to seek capital funding from unaffiliated parties and will seek to restructure existing debt obligations to reduce its cash requirements. Whether and to what extent the Partnership and its senior Carlyle professionals continue to provide financial support will be based on the circumstances at the time, including levels of third-party funding and the ability of the company to reach satisfactory agreements with its creditors. At this time, it is not expected that funding by the Partnership and its senior Carlyle professionals in 2016 would exceed $ 30 million . The assets and liabilities recognized in the Partnership’s consolidated balance sheets as of December 31, 2015 and 2014 related to Urbplan were as follows: As of December 31, 2015 2014 (Dollars in millions) Receivables and inventory of a consolidated real estate VIE: Customer and other receivables $ 71.8 $ 91.5 Inventory costs in excess of billings and advances 71.8 72.4 $ 143.6 $ 163.9 Other assets of a consolidated real estate VIE: Restricted investments $ 14.6 $ 36.8 Fixed assets, net 0.8 1.8 Deferred tax assets 8.4 12.9 Other assets 23.8 34.9 $ 47.6 $ 86.4 Loans payable of a consolidated real estate VIE, at fair value (principal amount of $125.6 million and $243.6 million as of December 31, 2015 and 2014, respectively) $ 75.4 $ 146.2 Other liabilities of a consolidated real estate VIE: Accounts payable $ 14.5 $ 26.1 Other liabilities 69.9 58.8 $ 84.4 $ 84.9 The revenues and expenses recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , since commencement of consolidation on September 30, 2013, related to Urbplan were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Revenue of a consolidated real estate VIE: Land development services $ 80.0 $ 56.4 $ 0.4 Investment income 6.8 13.8 7.1 $ 86.8 $ 70.2 $ 7.5 Interest and other expenses of a consolidated real estate VIE: Costs of services rendered $ 48.5 $ 41.9 $ — Interest expense 40.9 37.2 12.9 Change in fair value of loans payable 9.2 47.1 13.0 Compensation and benefits 10.7 11.2 2.7 G&A and other expenses 35.3 37.9 5.2 $ 144.6 $ 175.3 $ 33.8 The following is a summary of the significant classifications of assets and liabilities of Urbplan: Customer and other receivables – This balance consists primarily of amounts owed for land development services using the completed contract method. Customer receivables accrue interest at rates ranging from 9% to 12% per year and are secured by the underlying real estate. Substantially all receivables are pledged as collateral for Urbplan’s borrowings. The carrying value of the receivables includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the balances. Urbplan calculates this allowance based on its history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and its relationships with, and the economic status of, Urbplan’s customers. Inventory costs in excess of billings and advances – This balance consists primarily of capitalized land development cost, net of approximately $104.5 million and $190.4 million of customer advances received as of December 31, 2015 and 2014 , respectively. Urbplan records valuation adjustments on inventory when events and circumstances indicate that the inventory may be impaired and when the cash flows estimated to be generated by the real estate project are less than its carrying amount. Real estate projects that demonstrate potential impairment indicators are tested for impairment by comparing the expected undiscounted cash flows for the real estate project to its carrying value. For those real estate projects whose carrying values exceed the expected undiscounted cash flows, Urbplan estimates the fair value of the real estate projects. Impairment charges are recorded if the fair value of the inventory is less than its carrying value. The estimates used in the determination of the estimated fair value of the real estate projects were based on factors known to Urbplan at the time such estimates were made and the expectations of future operations and economic conditions. Should the estimates or expectations used in determining estimated fair value deteriorate in the future, Urbplan may be required to recognize additional impairment charges and write-offs related to real estate projects. Loans payable of a consolidated real estate VIE – This balance consists of Urbplan’s borrowings for its real estate development activities. The estimated fair value approximates 60% of the outstanding principal amounts of the loans as of December 31, 2015 and 2014 . The fair value of the loans was based on discounted cash flow analyses which considered the liquidity and current financial condition of Urbplan and applicable discount rates. The Partnership has elected to re-measure the loans at fair value at each reporting period through the term of the loans. The principal amounts of the loans accrue interest at a variable rate based on an index plus an applicable margin. Interest rates are based on: (i) CDI plus a margin ranging from 4.5% to 7.4% ( 18.6% to 21.5% as of December 31, 2015 ); (ii) IGP-M plus a margin of 12.0% ( 22.5% as of December 31, 2015 ); or (iii) IPCA plus a margin ranging from 11.0% to 13.5% ( 21.7% to 24.2% as of December 31, 2015 ). Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions): 2016 $ 25.7 2017 13.5 2018 10.9 2019 12.4 2020 14.0 Thereafter 49.1 $ 125.6 Substantially all of Urbplan’s customer and other receivables and investments have been pledged as collateral for the loans. As of December 31, 2015 , substantially all of Urbplan’s loans payable are not in compliance with their related debt covenants or are otherwise in technical default. These violations do not cause a default or event of default under the Partnership’s senior credit facility or senior notes. Urbplan management is in discussions with the lenders to cure or re-negotiate the loans in default. Currently there are no outstanding notices of acceleration of payment on the loans in default. All of the loans payable of Urbplan are contractually non-recourse to the Partnership. Other liabilities – This balance consists of amounts owed to landowners, commissions payable to brokers, real estate taxes, social charges and other liabilities. Revenue of a consolidated real estate VIE – This balance consists primarily of amounts earned for land development services using the completed contract method and investment income earned on Urbplan’s investments. Under the completed contract method of accounting, revenue is not recorded until the period in which the land development services contract is completed. Interest and other expenses of a consolidated real estate VIE – This balance consists primarily of interest expense on Urbplan’s borrowings, general and administrative expenses, compensation and benefits, and costs associated with land development services. Also included in this caption is the change in the Partnership’s estimate of the fair value of Urbplan’s loans payable during the period. Interest expense is recorded on Urbplan’s borrowings at variable rates as defined. Costs related to Urbplan’s land development services activities are capitalized until the services are complete. Costs associated with advertising, marketing and other selling activities are expensed when incurred. Impairment – Urbplan evaluates its assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable, but not less than annually. As of December 31, 2015 , Urbplan had outstanding commitments for land development services with an estimated $18.0 million of future costs to be incurred. |
Segment Reporting
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 Global Real Investment 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 Global Real Investment 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 Global Real Investment 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 Consolidated Reconciling Carlyle (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 Consolidated Reconciling Carlyle (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 Consolidated Reconciling Carlyle (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 Adjustments (4) Total (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 Adjustments (4) Total (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 Adjustments (4) Total (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. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Unaudited quarterly information for each of the three months in the years ended December 31, 2015 and 2014 are presented below. Three Months Ended March 31, June 30, September 30, December 31, (Dollars in millions) Revenues $ 1,136.8 $ 856.1 $ 297.5 $ 715.8 Expenses 1,027.0 843.6 795.3 802.5 Other income (loss) 505.5 461.6 (31.3 ) (71.4 ) Income (loss) before provision for income taxes $ 615.3 $ 474.1 $ (529.1 ) $ (158.1 ) Net income (loss) $ 604.8 $ 468.1 $ (525.0 ) $ (147.8 ) Net income (loss) attributable to The Carlyle Group L.P. $ 39.5 $ 30.6 $ (83.9 ) $ (4.6 ) Net income (loss) attributable to The Carlyle Group L.P. per common unit (1) Basic $ 0.58 $ 0.42 $ (1.05 ) $ (0.06 ) Diluted $ 0.54 $ 0.34 $ (1.11 ) $ (0.06 ) Distributions declared per common unit (2) $ 1.61 $ 0.33 $ 0.89 $ 0.56 Three Months Ended March 31, June 30, September 30, December 31, (Dollars in millions) Revenues $ 1,147.4 $ 1,138.8 $ 755.0 $ 839.1 Expenses 1,099.0 1,042.6 705.1 928.7 Other income (loss) 424.0 445.0 125.5 (107.5 ) Income (loss) before provision for income taxes $ 472.4 $ 541.2 $ 175.4 $ (197.1 ) Net income (loss) $ 456.4 $ 487.4 $ 181.3 $ (210.0 ) Net income attributable to The Carlyle Group L.P. $ 24.6 $ 19.5 $ 25.4 $ 16.3 Net income attributable to The Carlyle Group L.P. per common unit (1) Basic $ 0.46 $ 0.30 $ 0.38 $ 0.24 Diluted $ 0.41 $ 0.27 $ 0.35 $ 0.23 Distributions declared per common unit (2) $ 1.40 $ 0.16 $ 0.16 $ 0.16 (1) The sum of the quarterly earnings per common unit amounts may not equal the total for the year due to the effects of rounding and dilution. (2) Distributions declared reflects the calendar date of the declaration of each distribution. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In February 2016, the Board of Directors of the general partner of the Partnership declared a distribution of $0.29 per common unit in respect of the fourth quarter of 2015 to common unitholders of record at the close of business on February 23, 2016 , payable on March 2, 2016 . In February 2016, the Board of Directors of the general partner of the Partnership authorized the repurchase of up to $ 200 million of common units and/or Carlyle Holdings units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and actual number of common units and/or Carlyle Holdings units repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only 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, 2015 and 2014 and results of operations for the years ended December 31, 2015, 2014 and 2013 . The supplemental statement of cash flows is presented without effects of the Consolidated Funds. As of December 31, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 991.5 $ — $ — $ 991.5 Cash and cash equivalents held at Consolidated Funds — 1,612.7 — 1,612.7 Restricted cash 18.9 — — 18.9 Restricted cash and securities of Consolidated Funds — 18.4 — 18.4 Accrued performance fees 3,012.2 — (23.6 ) 2,988.6 Investments 1,103.9 — (218.0 ) 885.9 Investments of Consolidated Funds — 23,996.1 2.7 23,998.8 Due from affiliates and other receivables, net 275.1 — (79.8 ) 195.3 Due from affiliates and other receivables of Consolidated Funds, net — 765.3 — 765.3 Receivables and inventory of a consolidated real estate VIE 143.6 — — 143.6 Fixed assets, net 110.9 — — 110.9 Deposits and other 55.2 3.2 — 58.4 Other assets of a consolidated real estate VIE 47.6 — — 47.6 Intangible assets, net 135.7 — — 135.7 Deferred tax assets 219.4 — — 219.4 Total assets $ 6,114.0 $ 26,395.7 $ (318.7 ) $ 32,191.0 Liabilities and partners’ capital Loans payable $ 38.7 $ — $ — $ 38.7 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.5 — — 606.5 Loans payable of Consolidated Funds — 17,332.5 (267.8 ) 17,064.7 Loans payable of a consolidated real estate VIE at fair value (principal amount of $125.6 million) 75.4 — — 75.4 Accounts payable, accrued expenses and other liabilities 463.8 — — 463.8 Accrued compensation and benefits 1,953.2 — — 1,953.2 Due to affiliates 245.6 1.8 (1.5 ) 245.9 Deferred revenue 40.9 — — 40.9 Deferred tax liabilities 103.5 — — 103.5 Other liabilities of Consolidated Funds — 1,882.2 (43.6 ) 1,838.6 Other liabilities of a consolidated real estate VIE 84.4 — — 84.4 Accrued giveback obligations 252.0 — — 252.0 Total liabilities 4,363.9 19,216.5 (312.9 ) 23,267.5 Redeemable non-controlling interests in consolidated entities 7.6 2,838.3 — 2,845.9 Partners’ capital 485.9 (1.4 ) 1.4 485.9 Accumulated other comprehensive income (loss) (90.4 ) 1.7 (1.4 ) (90.1 ) Partners’ capital appropriated for Consolidated Funds — 126.6 (5.8 ) 120.8 Non-controlling interests in consolidated entities 280.8 4,213.0 — 4,493.8 Non-controlling interests in Carlyle Holdings 1,066.2 1.0 — 1,067.2 Total partners’ capital 1,742.5 4,340.9 (5.8 ) 6,077.6 Total liabilities and partners’ capital $ 6,114.0 $ 26,395.7 $ (318.7 ) $ 32,191.0 As of December 31, 2014 Consolidated Consolidated 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 Year Ended December 31, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,239.1 $ — $ (153.9 ) $ 1,085.2 Performance fees Realized 1,460.3 — (18.4 ) 1,441.9 Unrealized (602.0 ) — (15.0 ) (617.0 ) Total performance fees 858.3 — (33.4 ) 824.9 Investment income (loss) Realized (35.4 ) — 68.3 32.9 Unrealized 23.3 — (41.0 ) (17.7 ) Total investment income (loss) (12.1 ) — 27.3 15.2 Interest and other income 22.9 — (4.3 ) 18.6 Interest and other income of Consolidated Funds — 975.5 — 975.5 Revenue of a consolidated real estate VIE 86.8 — — 86.8 Total revenues 2,195.0 975.5 (164.3 ) 3,006.2 Expenses Compensation and benefits Base compensation 632.2 — — 632.2 Equity-based compensation 378.0 — — 378.0 Performance fee related Realized 650.5 — — 650.5 Unrealized (139.6 ) — — (139.6 ) Total compensation and benefits 1,521.1 — — 1,521.1 General, administrative and other expenses 712.8 — — 712.8 Interest 58.0 — — 58.0 Interest and other expenses of Consolidated Funds — 1,258.8 (219.5 ) 1,039.3 Interest and other expenses of a consolidated real estate VIE 144.6 — — 144.6 Other non-operating income (7.4 ) — — (7.4 ) Total expenses 2,429.1 1,258.8 (219.5 ) 3,468.4 Other income Net investment gains of Consolidated Funds — 886.9 (22.5 ) 864.4 Income (loss) before provision for income taxes (234.1 ) 603.6 32.7 402.2 Provision for income taxes 2.1 — — 2.1 Net income (loss) (236.2 ) 603.6 32.7 400.1 Net income (loss) attributable to non-controlling interests in consolidated entities (98.4 ) — 636.3 537.9 Net income (loss) attributable to Carlyle Holdings (137.8 ) 603.6 (603.6 ) (137.8 ) Net income (loss) attributable to non-controlling interests in Carlyle Holdings (119.4 ) — — (119.4 ) Net income (loss) attributable to The Carlyle Group L.P. $ (18.4 ) $ 603.6 $ (603.6 ) $ (18.4 ) Year Ended December 31, 2014 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,352.9 $ — $ (186.6 ) $ 1,166.3 Performance fees Realized 1,355.1 — (26.4 ) 1,328.7 Unrealized 355.0 — (9.3 ) 345.7 Total performance fees 1,710.1 — (35.7 ) 1,674.4 Investment income (loss) Realized 29.4 — (5.7 ) 23.7 Unrealized (37.7 ) — 6.8 (30.9 ) Total investment income (loss) (8.3 ) — 1.1 (7.2 ) Interest and other income 23.6 — (3.0 ) 20.6 Interest and other income of Consolidated Funds — 956.0 — 956.0 Revenue of a consolidated real estate VIE 70.2 — — 70.2 Total revenues 3,148.5 956.0 (224.2 ) 3,880.3 Expenses Compensation and benefits Base compensation 789.0 — — 789.0 Equity-based compensation 344.0 — — 344.0 Performance fee related Realized 590.7 — — 590.7 Unrealized 282.2 — — 282.2 Total compensation and benefits 2,005.9 — — 2,005.9 General, administrative and other expenses 523.9 — 2.9 526.8 Interest 55.7 — — 55.7 Interest and other expenses of Consolidated Funds — 1,286.5 (244.5 ) 1,042.0 Interest and other expenses of a consolidated real estate VIE 175.3 — — 175.3 Other non-operating income (30.3 ) — — (30.3 ) Total expenses 2,730.5 1,286.5 (241.6 ) 3,775.4 Other income Net investment gains of Consolidated Funds — 898.4 (11.4 ) 887.0 Income before provision for income taxes 418.0 567.9 6.0 991.9 Provision for income taxes 76.8 — — 76.8 Net income 341.2 567.9 6.0 915.1 Net income (loss) attributable to non-controlling interests in consolidated entities (88.4 ) — 573.9 485.5 Net income attributable to Carlyle Holdings 429.6 567.9 (567.9 ) 429.6 Net income attributable to non-controlling interests in Carlyle Holdings 343.8 — — 343.8 Net income attributable to The Carlyle Group L.P. $ 85.8 $ 567.9 $ (567.9 ) $ 85.8 Year Ended December 31, 2013 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,168.2 $ — $ (183.6 ) $ 984.6 Performance fees Realized 1,247.0 — (70.3 ) 1,176.7 Unrealized 1,201.5 — (2.9 ) 1,198.6 Total performance fees 2,448.5 — (73.2 ) 2,375.3 Investment income (loss) Realized 15.0 — (0.6 ) 14.4 Unrealized (61.4 ) — 65.8 4.4 Total investment income (loss) (46.4 ) — 65.2 18.8 Interest and other income 13.1 — (1.2 ) 11.9 Interest and other income of Consolidated Funds — 1,043.1 — 1,043.1 Revenue of a consolidated real estate VIE 7.5 — — 7.5 Total revenues 3,590.9 1,043.1 (192.8 ) 4,441.2 Expenses Compensation and benefits Base compensation 738.0 — — 738.0 Equity-based compensation 322.4 — — 322.4 Performance fee related Realized 539.2 — — 539.2 Unrealized 644.5 — — 644.5 Total compensation and benefits 2,244.1 — — 2,244.1 General, administrative and other expenses 492.9 — 3.5 496.4 Interest 45.5 — — 45.5 Interest and other expenses of Consolidated Funds — 1,169.4 (278.8 ) 890.6 Interest and other expenses of a consolidated real estate VIE 33.8 — — 33.8 Other non-operating income (16.5 ) — — (16.5 ) Total expenses 2,799.8 1,169.4 (275.3 ) 3,693.9 Other income Net investment gains of Consolidated Funds — 701.3 (4.6 ) 696.7 Income before provision for income taxes 791.1 575.0 77.9 1,444.0 Provision for income taxes 96.2 — — 96.2 Net income 694.9 575.0 77.9 1,347.8 Net income attributable to non-controlling interests in consolidated entities 23.1 — 652.9 676.0 Net income attributable to Carlyle Holdings 671.8 575.0 (575.0 ) 671.8 Net income attributable to non-controlling interests in Carlyle Holdings 567.7 — — 567.7 Net income attributable to The Carlyle Group L.P. $ 104.1 $ 575.0 $ (575.0 ) $ 104.1 Year Ended December 31, 2015 2014 2013 (Dollars in millions) Cash flows from operating activities Net income (loss) $ (236.2 ) $ 341.2 $ 694.9 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation, amortization, and impairment 322.8 192.1 163.6 Equity-based compensation 378.0 344.0 322.4 Excess tax benefits related to equity-based compensation (4.0 ) (2.7 ) (1.9 ) Non-cash performance fees, net 437.4 (582.2 ) (1,595.9 ) Other non-cash amounts 12.7 (1.4 ) (9.1 ) Investment loss 26.7 55.7 77.5 Purchases of investments and trading securities (174.5 ) (330.1 ) (181.1 ) Proceeds from the sale of investments and trading securities 349.6 567.5 303.4 Payments of contingent consideration (17.8 ) (59.6 ) — Change in deferred taxes, net (31.4 ) 10.5 44.5 Change in due from affiliates and other receivables (1.4 ) (4.2 ) (7.8 ) Change in receivables and inventory of a consolidated real estate VIE (57.5 ) — 10.1 Change in deposits and other (9.0 ) (10.9 ) 9.7 Change in other assets of a consolidated real estate VIE (17.4 ) (25.0 ) 4.3 Change in accounts payable, accrued expenses and other liabilities (20.3 ) (23.4 ) 46.6 Change in accrued compensation and benefits (35.3 ) 155.4 935.5 Change in due to affiliates 21.0 (81.6 ) 96.7 Change in other liabilities of a consolidated real estate VIE 101.6 (24.9 ) (32.1 ) Change in deferred revenue (50.0 ) 36.8 0.7 Net cash provided by operating activities 995.0 557.2 882.0 Cash flows from investing activities Change in restricted cash 40.8 69.8 (95.4 ) Purchases of fixed assets, net (62.3 ) (29.7 ) (29.5 ) Acquisitions, net of cash acquired — (3.1 ) (10.2 ) Net cash provided by (used in) investing activities (21.5 ) 37.0 (135.1 ) Cash flows from financing activities Repayments under credit facility — — (386.3 ) Issuance of 3.875% senior notes due 2023, net of financing costs — — 495.3 Issuance of 5.625% senior notes due 2043, net of financing costs — 210.8 394.1 Proceeds from loans payable — — 17.1 Payments on loans payable — — (475.0 ) Net payments on loans payable of a consolidated real estate VIE (65.3 ) (34.4 ) (1.5 ) Payments of contingent consideration (8.1 ) (39.5 ) (23.9 ) Net proceeds from issuance of common units, net of offering costs 209.9 449.5 — Excess tax benefits related to equity-based compensation 4.0 2.7 1.9 Distributions to common unitholders (251.0 ) (102.7 ) (59.9 ) Distributions to non-controlling interest holders in Carlyle Holdings (848.5 ) (486.9 ) (372.9 ) Contributions from non-controlling interest holders 168.5 162.2 137.7 Distributions to non-controlling interest holders (110.8 ) (118.3 ) (87.0 ) Acquisition of non-controlling interests in Carlyle Holdings (209.9 ) (303.4 ) (7.1 ) Change in due to/from affiliates financing activities (62.7 ) (38.4 ) 17.3 Net cash used in financing activities (1,173.9 ) (298.4 ) (350.2 ) Effect of foreign exchange rate changes (50.1 ) (20.4 ) 2.8 Increase (decrease) in cash and cash equivalents (250.5 ) 275.4 399.5 Cash and cash equivalents, beginning of period 1,242.0 966.6 567.1 Cash and cash equivalents, end of period $ 991.5 $ 1,242.0 $ 966.6 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities, for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. Accounting Standards Update (“ASU”) No. 2010-10, Amendments for Certain Investment Funds , defers the application of certain revisions to the consolidation rules for a reporting enterprise’s interest in an entity if certain conditions are met, including if the entity has the attributes of an investment company and is not a securitization or asset-backed financing entity. An entity that qualifies for the deferral will continue to be assessed for consolidation under the overall guidance on VIEs, before its amendment, and other applicable consolidation guidance. Except to the extent of the assets of the VIEs which are consolidated, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. The assets and liabilities of the consolidated VIEs that are Consolidated Funds are comprised primarily of investments and loans payable, respectively. The loans payable issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. In exchange for managing the collateral for the CLOs, the Partnership earns investment management fees, including in some cases subordinated management fees and contingent incentive fees. In cases where the Partnership consolidates the CLOs, those management fees have been eliminated as intercompany transactions. The Partnership’s investments in these CLOs are generally subordinated to other interests in the entities and entitle the Partnership to receive a pro rata portion of the residual cash flows, if any, from the entities. Investors in the CLOs have no recourse against the Partnership for any losses sustained in the CLO structure. For all Carlyle-affiliated funds and co-investment entities (collectively “the funds”) that are not determined to be VIEs, the Partnership consolidates those funds where, as the sole general partner, it has not overcome the presumption of control pursuant to U.S. GAAP. Most Carlyle funds provide a dissolution right upon a simple majority vote of the non-Carlyle affiliated limited partners such that the presumption of control by Carlyle is overcome. Accordingly, these funds are not consolidated in the Partnership’s consolidated financial statements. |
Investments in Unconsolidated Variable Interest Entities | Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. |
Basis of Accounting | Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in consolidated entities in the consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the consolidated balance sheets. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Partnership’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements and the resulting impact on performance fees. Actual results could differ from these estimates and such differences could be material |
Business Combinations | Business Combinations The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. |
Revenue Recognition | Revenue Recognition Fund Management Fees The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. For corporate private equity, certain global market strategies funds and real assets funds, management fees are calculated based on (a) limited partners’ capital commitments to the funds, (b) limited partners’ remaining capital invested in the funds at cost or at the lower of cost or aggregate remaining fair value, (c) gross assets, excluding cash and cash equivalents or (d) the net asset value (“NAV”) of certain of the funds, less offsets for the non-affiliated limited partners’ share of transaction advisory and portfolio fees earned, as defined in the respective partnership agreements. Management fees for corporate private equity, closed-end carry funds in the global market strategies segment and real assets funds generally range from 1% to 2% of commitments during the investment period of the relevant fund. Following the expiration or termination of the investment period of such funds, the management fees generally step-down to between 0.6% and 2.0% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one year periods, typically up to a maximum of two years . Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and investment solutions fund of funds vehicles when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying consolidated statements of operations. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. Performance Fees Performance fees consist principally of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest). The Partnership is generally entitled to a 20% allocation (or 10% to 20% on external coinvestment vehicles, with some earning no carried interest, or approximately 2% to 10% in the case of most of the Partnership’s fund of funds vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. |
Compensation and Benefits | Compensation and Benefits Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period, adjusted for estimated forfeitures of awards that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. |
Income Taxes | Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes using the asset and liability method, which ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement reporting and the tax basis of assets and liabilities using enacted tax rates in effect for the period in which the difference is expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period of the change in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is more likely than not that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes. |
Tax Receivable Agreement | Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes. |
Non-controlling Interests | Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests related to hedge funds are subject to quarterly or monthly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third-party interests in such consolidated funds are presented as redeemable non-controlling interests in consolidated entities within the consolidated balance sheets. When redeemable amounts become contractually payable to investors, they are classified as a liability and included in other liabilities of Consolidated Funds in the consolidated balance sheets. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings. |
Earnings Per Common Unit | Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”) . Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260. |
Investments | Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis. |
Equity-Method Investments | Equity-Method Investments The Partnership accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity-method investments is determined based on amounts invested by the Partnership, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased. |
Cash and Cash Equivalents Held at Consolidated Funds | Cash and Cash Equivalents Held at Consolidated Funds Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Partnership. |
Restricted Cash and Securities of Consolidated Funds | Restricted Cash and Securities of Consolidated Funds Certain CLOs receive cash from various counterparties to satisfy collateral requirements on derivative transactions. |
Derivative Instruments | Derivative Instruments Derivative instruments are recognized at fair value in the consolidated balance sheets with changes in fair value recognized in the consolidated statements of operations for all derivatives not designated as hedging instruments. For all derivatives where hedge accounting is applied, effectiveness testing and other procedures to assess the ongoing validity of the hedges are performed at least quarterly. For instruments designated as cash flow hedges, the Partnership records changes in the estimated fair value of the derivative, to the extent that the hedging relationship is effective, in other comprehensive income (loss). If the hedging relationship for a derivative is determined to be ineffective, due to changes in the hedging instrument or the hedged items, the fair value of the portion of the hedging relationship determined to be ineffective will be recognized as a gain or loss in the consolidated statements of operations. |
Fixed Assets | Fixed Assets Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The Partnership’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from five to ten years , and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership’s intangible assets include acquired contractual rights for fee income related to open-ended funds. Open-ended funds are subject to redemptions on a quarterly or more frequent basis and investors can generally decide to exit their fund investments at any time. The resulting inherent volatility in fee income derived from these contractual rights increases the degree of judgment and estimates used by management in evaluating such intangible assets for impairment. Actual results could differ from management’s estimates and assumptions and such differences could result in a material impairment. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1 and between annual tests when events and circumstances indicate that impairment may have occurred. |
Deferred Revenue | Deferred Revenue Deferred revenue represents management fees and other revenue received prior to the balance sheet date, which has not yet been earned. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). The Partnership’s other comprehensive income (loss) is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest. |
Foreign Currency Translation | Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the consolidated statements of operations are translated at rates of exchange in effect throughout the period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2015, the FASB issued ASU 2015-7, Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-7 provides amended guidance on the disclosures for investments in certain entities that calculate NAV per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those years. The Partnership adopted this guidance on January 1, 2016. The guidance will not have a material impact on the Partnership's consolidated financial statements. In April 2015, the FASB issued ASU 2015-3, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs . ASU 2015-3 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This guidance is effective for the Partnership on January 1, 2016 and the ASU requires the guidance to be applied on a retrospective basis. The Partnership adopted this guidance on January 1, 2016. This guidance will not have a material impact on the Partnership’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-2, Consolidation (Topic 810): Amendments to the Consolidation Analysis . ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance in ASU 2015-2 will be effective for the Partnership beginning on January 1, 2016. The Partnership adopted this guidance on January 1, 2016. As a result, the Partnership will reduce the number of funds consolidated by the Partnership on January 1, 2016. The deconsolidation will reduce the Partnership’s total assets by an estimated $ 23 billion to $ 24 billion , total liabilities by an estimated $ 16 billion to $ 17 billion , and total partners’ capital by an estimated $ 4 billion to $ 5 billion . The adoption of the guidance will have no impact to net income (loss) attributable to Carlyle Holdings or to net income (loss) attributable to the Partnership. In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. ASU 2014-13 relates to reporting entities that elect to measure all eligible financial assets and financial liabilities of a consolidated collateralized financing entity at fair value. Under the Partnership’s current practice, the difference between the fair value of the financial assets and the fair value of the financial liabilities is classified within partners’ capital appropriated for Consolidated Funds. ASU 2014-13 provides the option for a reporting entity to initially measure both the financial assets and financial liabilities using the fair value of the financial assets or financial liabilities, whichever is more observable. As a result, the reporting entity's balance within appropriated partners’ capital will approximate the reporting entity's own economic interest in the collateralized financing entity. This guidance will be effective for the Partnership on January 1, 2016. The Partnership’s consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. The adoption of the guidance will not have a material impact on the Partnership's consolidated financial statements because it will be adopted concurrently with the adoption of ASU 2015-2. The guidance will change the measurement of the financial assets or financial liabilities of the Partnership’s consolidated CLOs, which will impact net income but will not impact net income attributable to the Partnership. In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) . ASU 2014-9 provides comprehensive guidance for recognizing revenue from contracts with customers. Entities will be able to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The guidance in ASU 2014-9 is effective for the Partnership beginning on January 1, 2018, with early adoption permitted as of the original effective date of January 1, 2017. The Partnership is still assessing the potential impact of this guidance, however, this may have a material impact on the Partnership’s consolidated financial statements by significantly delaying the recognition of performance fee revenue. |
Organization and Basis of Pre31
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of adjustment to partners’ capital | The adjustment to partners’ capital was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 303.4 Carrying value of non-controlling interest acquired (66.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 237.0 The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions): Acquisition-date fair value of consideration transferred: Cash $ 209.9 Carrying value of non-controlling interest acquired (45.4 ) Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired $ 164.5 |
Summary of the adjustments within partners’ capital related to public offering | The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions): Partners’ Capital / Accumulated Other Comprehensive Loss Non-controlling interests in Carlyle Holdings Total Partners’ Capital Proceeds from The Carlyle Group L.P. common units issued $ 209.9 $ — $ 209.9 Acquisition of non-controlling interest in Carlyle Holdings (164.5 ) (45.4 ) $ (209.9 ) Total increase (decrease) $ 45.4 $ (45.4 ) $ — The following summarizes the adjustments within partners’ capital related to the March 2014 public offering (Dollars in millions): Partners’ Capital Non-controlling interests in Carlyle Holdings Total Partners’ Capital Proceeds from The Carlyle Group L.P. common units issued $ 449.5 $ — $ 449.5 Dilution associated with the acquisition of 4,500,000 Carlyle Holdings partnership units (116.8 ) 116.8 — Acquisition of non-controlling interest in Carlyle Holdings (237.0 ) (66.4 ) (303.4 ) Total increase $ 95.7 $ 50.4 $ 146.1 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of assets recognized and Partnership's maximum exposure to loss | The assets recognized in the Partnership’s consolidated balance sheets related to the Partnership’s interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to non-consolidated VIEs were as follows: As of December 31, 2015 2014 (Dollars in millions) Investments $ 466.8 $ 511.8 Receivables 19.4 3.7 Maximum Exposure to Loss $ 486.2 $ 515.5 |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 were as follows: As of December 31, 2015 2014 (Dollars in millions) Unrealized losses on cash flow hedge instruments $ (0.5 ) $ (0.9 ) Currency translation adjustments (87.9 ) (35.8 ) Unrealized losses on defined benefit plans (1.7 ) (2.3 ) Total $ (90.1 ) $ (39.0 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2015 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 254.6 $ 311.8 $ 575.3 $ 1,141.7 Bonds — — 1,180.9 1,180.9 Loans — — 15,686.7 15,686.7 Partnership and LLC interests (1) — — 3,143.3 3,143.3 Hedge funds — 2,841.2 — 2,841.2 Other — — 5.0 5.0 254.6 3,153.0 20,591.2 23,998.8 Trading securities — — 1.4 1.4 Foreign currency forward contracts — 1.7 — 1.7 Restricted securities of Consolidated Funds 7.9 — 8.7 16.6 Total $ 262.5 $ 3,154.7 $ 20,601.3 $ 24,018.5 Liabilities Loans payable of Consolidated Funds $ — $ — $ 17,046.7 $ 17,046.7 Derivative instruments of the CLOs — — 29.1 29.1 Contingent consideration (2) — — 20.8 20.8 Loans payable of a consolidated real estate VIE — — 75.4 75.4 Interest rate swaps — 0.9 — 0.9 Foreign currency forward contracts — 2.8 — 2.8 Total $ — $ 3.7 $ 17,172.0 $ 17,175.7 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management L.L.C. (“Carlyle Commodity Management”, formerly Vermillion) and Metropolitan, excluding employment-based contingent consideration (see Note 9). The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014 : (Dollars in millions) Level I Level II Level III Total Assets Investments of Consolidated Funds: Equity securities $ 346.8 $ 156.8 $ 1,968.5 $ 2,472.1 Bonds — — 1,235.8 1,235.8 Loans — — 15,084.9 15,084.9 Partnership and LLC interests (1) — — 3,481.0 3,481.0 Hedge funds — 3,753.5 — 3,753.5 Other — — 1.5 1.5 346.8 3,910.3 21,771.7 26,028.8 Trading securities — — 3.3 3.3 Restricted securities of Consolidated Funds 4.0 — 8.6 12.6 Total $ 350.8 $ 3,910.3 $ 21,783.6 $ 26,044.7 Liabilities Loans payable of Consolidated Funds $ — $ — $ 16,052.2 $ 16,052.2 Derivative instruments of the CLOs — — 17.2 17.2 Contingent consideration (2) — — 51.1 51.1 Loans payable of a consolidated real estate VIE — — 146.2 146.2 Interest rate swaps — 3.2 — 3.2 Total $ — $ 3.2 $ 16,266.7 $ 16,269.9 (1) Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. (2) Balance relates to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan, excluding employment-based contingent consideration (see Note 9). |
Financial Instruments Measured at Fair Value | The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions): Financial Assets Year Ended December 31, 2015 Investments of Consolidated Funds Trading Restricted Total Equity Bonds Loans Partnership Other Balance, beginning of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Initial consolidation of funds 13.2 — — — — — — 13.2 Transfers out (1) (343.9 ) — — — — — (3.9 ) (347.8 ) Purchases 75.6 500.4 7,950.7 488.2 — — 3.9 9,018.8 Sales (1,085.7 ) (442.5 ) (3,148.2 ) (1,191.8 ) — — — (5,868.2 ) Settlements — — (3,358.6 ) — — — — (3,358.6 ) Realized and unrealized gains (losses), net Included in earnings 156.1 0.7 (357.9 ) 765.3 3.5 (1.9 ) 0.1 565.9 Included in other comprehensive income (208.5 ) (113.5 ) (484.2 ) (399.4 ) — — — (1,205.6 ) Balance, end of period $ 575.3 $ 1,180.9 $ 15,686.7 $ 3,143.3 $ 5.0 $ 1.4 $ 8.7 $ 20,601.3 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ (388.8 ) $ 1.1 $ (386.7 ) $ 143.6 $ 3.8 $ (1.9 ) $ 0.1 $ (628.8 ) Financial Assets Year Ended December 31, 2014 Investments of Consolidated Funds Trading Restricted Total Equity Bonds Loans Partnership Other Balance, beginning of period $ 2,714.1 $ 1,249.5 $ 14,067.8 $ 3,815.2 $ 2.0 $ 6.9 $ 8.6 $ 21,864.1 Transfers in (1) 4.5 — — — — — — 4.5 Transfers out (1) (273.6 ) — — — — — — (273.6 ) Purchases 46.4 748.9 8,212.4 297.5 — — — 9,305.2 Sales (618.0 ) (623.1 ) (2,431.9 ) (1,239.7 ) (0.5 ) (3.7 ) — (4,916.9 ) Settlements — — (3,979.6 ) — — — (3,979.6 ) Realized and unrealized gains (losses), net Included in earnings 370.6 (9.2 ) (152.3 ) 861.5 — 0.1 — 1,070.7 Included in other comprehensive (275.5 ) (130.3 ) (631.5 ) (253.5 ) — — — (1,290.8 ) Balance, end of period $ 1,968.5 $ 1,235.8 $ 15,084.9 $ 3,481.0 $ 1.5 $ 3.3 $ 8.6 $ 21,783.6 Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date $ 65.4 $ (11.7 ) $ (99.6 ) $ 142.7 $ 0.8 $ 0.1 $ — $ 97.7 (1) Transfers into and out of Level III financial assets were due to changes in the observability of market inputs used in the valuation of such assets. Transfers are measured as of the beginning of the period in which the transfer occurs. |
Transfer Out of Level III of Financial Liabilities | Financial Liabilities Year Ended December 31, 2015 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Initial consolidation of funds 1,248.6 — — — 1,248.6 Borrowings 4,196.7 — — 3.9 4,200.6 Paydowns (3,465.4 ) — (22.6 ) (69.2 ) (3,557.2 ) Sales — (7.4 ) — — (7.4 ) Realized and unrealized (gains) losses, net Included in earnings (436.5 ) 20.9 (7.4 ) 46.6 (376.4 ) Included in other comprehensive income (548.9 ) (1.6 ) (0.3 ) (52.1 ) (602.9 ) Balance, end of period $ 17,046.7 $ 29.1 $ 20.8 $ 75.4 $ 17,172.0 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (489.1 ) $ (16.5 ) $ (8.2 ) $ 46.6 $ (467.2 ) Financial Liabilities Year Ended December 31, 2014 Loans Payable Derivative Contingent Loans Payable of Total Balance, beginning of period $ 15,220.7 $ 13.1 $ 178.8 $ 122.1 $ 15,534.7 Initial consolidation of funds 2,656.9 — — — 2,656.9 Borrowings 2,251.2 — — 53.4 2,304.6 Paydowns (3,286.5 ) — (97.9 ) (87.8 ) (3,472.2 ) Issuances of equity — — (1.8 ) — (1.8 ) Sales — (4.4 ) — — (4.4 ) Realized and unrealized losses, net Included in earnings (8.5 ) 10.6 (27.4 ) 37.6 12.3 Included in other comprehensive income (781.6 ) (2.1 ) (0.6 ) 20.9 (763.4 ) Balance, end of period $ 16,052.2 $ 17.2 $ 51.1 $ 146.2 $ 16,266.7 Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date $ (101.8 ) $ (7.4 ) $ (8.4 ) $ 37.6 $ (80.0 ) |
Quantitative Information about Partnership's Level III Inputs | The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2015 : Fair Value at Range (Weighted Average) (Dollars in millions) December 31, 2015 Valuation Technique(s) Unobservable Input(s) Assets Investments of Consolidated Funds: Equity securities $ 556.0 Comparable Multiple LTM EBITDA Multiple 1.0x - 20.4x (11.4x) 8.0 Discounted Cash Flow Discount Rates 10% - 10% (10%) 5.2 Other N/A N/A 6.1 Consensus Pricing Indicative Quotes $0 - $647 ($0) Bonds 1,180.9 Consensus Pricing Indicative Quotes (% of Par) 30 - 112 (97) Loans 15,673.3 Consensus Pricing Indicative Quotes (% of Par) 28 - 102 (96) 13.4 Market Yield Analysis Market Yield 5% - 16% (10%) Partnership and LLC interests 3,083.7 NAV of Underlying Fund (1) N/A N/A 59.6 Discounted Cash Flow Discount Rates 8% - 10% (9%) Exit Cap Rate 5%-6% (5%) Other 5.0 Counterparty Pricing Indicative Quotes 1 - 22 (7) 20,591.2 Trading securities and other 1.4 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) Restricted securities of Consolidated Funds 8.7 Consensus Pricing Indicative Quotes (% of Par) 88 - 88 (88) Total $ 20,601.3 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 15,915.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 12% (3%) Default Rates 1% - 5% (3%) Recovery Rates 55% - 80% (63%) Indicative Quotes (% of Par) 38 - 102 (98) Subordinated notes and preferred shares 1,112.4 Discounted Cash Flow with Consensus Pricing Discount Rates 9% - 16% (12%) Default Rates 1% - 5% (3%) Recovery Rates 55% - 80% (64%) Indicative Quotes (% of Par) 1 - 101 (55) Combination notes 18.8 Consensus Pricing Indicative Quotes (% of Par) 88 - 96 (94) Loans payable of a consolidated real estate VIE 75.4 Discounted Cash Flow Discount to Expected Payment 10% - 52% (35%) Discount Rate 20% - 30% (23%) Derivative instruments of Consolidated Funds 29.1 Counterparty Pricing Indicative Quotes 3 - 34 (22) Contingent cash consideration (2) 20.8 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (8%) Discount Rate 4% - 22% (9%) Total $ 17,172.0 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Relates to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9). The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014 : (Dollars in millions) Fair Value at Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Assets Investments of Consolidated Funds: Equity securities $ 1,783.7 Comparable Multiple LTM EBITDA Multiple 4.8x - 16.2x (12.1x) 168.7 Comparable Multiple Forward EBITDA Multiple 8.4x - 8.4x (8.4x) 16.1 Consensus Pricing Indicative Quotes ($ per share) $0 - $246 ($0) Bonds 1,235.8 Consensus Pricing Indicative Quotes (% of Par) 1 - 115 (98) Loans 14,873.4 Consensus Pricing Indicative Quotes (% of Par) 0 - 103 (98) 211.5 Market Yield Analysis Market Yield 5% - 17% (11%) Partnership and LLC interests 3,481.0 NAV of Underlying Fund (1) N/A N/A Other 1.5 Counterparty Pricing Indicative Quotes (% of Notional Amount) 0-6 (3) 21,771.7 Trading securities and other 3.0 Comparable Multiple LTM EBITDA Multiple 5.8x - 5.8x (5.8x) 0.3 Discounted Cash Flow Discount Rate 10% - 10% (10%) Restricted securities of Consolidated Funds 8.6 Consensus Pricing Indicative Quotes (% of Par) 87 - 87 (87) Total $ 21,783.6 Liabilities Loans payable of Consolidated Funds: Senior secured notes $ 14,757.5 Discounted Cash Flow with Consensus Pricing Discount Rates 1% - 11% (3%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 35 - 100 (98) Subordinated notes and preferred shares 1,278.8 Discounted Cash Flow with Consensus Pricing Discount Rates 8% - 15% (10%) Default Rates 1% - 3% (2%) Recovery Rates 63% - 75% (68%) Indicative Quotes (% of Par) 1 - 132 (63) Combination notes 15.9 Consensus Pricing Indicative Quotes (% of Par) 97 - 98 (98) Loans payable of a consolidated real estate VIE 146.2 Discounted Cash Flow Discount to Expected Payment 0% - 100% (36%) Discount Rate 23% - 33% (26%) Derivative instruments of the CLOs 17.2 Counterparty Pricing Indicative Quotes (% of Notional Amount) 2 - 22 (11) Contingent consideration (2) 51.1 Discounted Cash Flow Assumed % of Total Potential Contingent Payments 0% - 100% (20%) Discount Rate 5% - 18% (13%) Total $ 16,266.7 (1) Represents the Partnership’s investments in funds that are valued using the NAV of the underlying fund. (2) Related to contingent cash consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, Carlyle Commodity Management and Metropolitan (see Note 9). |
Accrued Performance Fees (Table
Accrued Performance Fees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs [Abstract] | |
Components of accrued performance fees | The components of accrued performance fees are as follows: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ 2,096.9 $ 2,932.6 Global Market Strategies 78.3 129.9 Real Assets 313.6 272.9 Investment Solutions 499.8 460.2 Total $ 2,988.6 $ 3,795.6 |
Components of accrued giveback obligations | The components of the accrued giveback obligations are as follows: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ (36.6 ) $ (52.4 ) Real Assets (215.4 ) (52.0 ) Total $ (252.0 ) $ (104.4 ) |
Performance fees included in revenues | The performance fees included in revenues are derived from the following segments: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Corporate Private Equity $ 698.2 $ 1,340.2 $ 1,907.4 Global Market Strategies (41.0 ) 81.7 208.2 Real Assets 49.3 66.5 79.7 Investment Solutions 118.4 186.0 180.0 Total $ 824.9 $ 1,674.4 $ 2,375.3 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments | Investments consist of the following: As of December 31, 2015 2014 (Dollars in millions) Equity method investments, excluding accrued performance fees $ 873.9 $ 918.7 Trading securities and other investments 12.0 12.9 Total investments $ 885.9 $ 931.6 |
Schedule of net investment earnings (loss) | The net investment earnings (loss) recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Management fees $ 53.9 $ 56.8 $ 63.2 Performance fees (18.5 ) (39.2 ) — Investment loss (3.3 ) (2.2 ) — Expenses and amortization of basis differences (71.9 ) (74.7 ) (77.2 ) Net investment loss $ (39.8 ) $ (59.3 ) $ (14.0 ) |
Schedule of equity method investments | Investments are related to the following segments: As of December 31, 2015 2014 (Dollars in millions) Corporate Private Equity $ 254.5 $ 246.3 Global Market Strategies 26.7 25.3 Real Assets 592.7 647.1 Total $ 873.9 $ 918.7 |
Partnership's equity method investees, summarized statement of income information | The summarized financial information of the Partnership’s equity method investees from the date of initial investment is as follows (Dollars in millions): Aggregate Totals Corporate Private Equity Global Market Strategies Real Assets For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Statement of operations information Investment income $ 380.7 $ 528.3 $ 699.7 $ 193.6 $ 193.5 $ 199.3 $ 441.2 $ 1,114.7 $ 1,034.6 $ 1,015.5 $ 1,836.5 $ 1,933.6 Expenses 613.8 665.6 495.9 45.7 48.7 65.0 604.4 678.2 508.6 1,263.9 1,392.5 1,069.5 Net investment income (loss) (233.1 ) (137.3 ) 203.8 147.9 144.8 134.3 (163.2 ) 436.5 526.0 (248.4 ) 444.0 864.1 Net realized and unrealized gain (loss) 4,831.6 8,387.9 9,795.5 (323.1 ) 247.0 305.2 (3,047.6 ) 2,611.0 209.7 1,460.9 11,245.9 10,310.4 Net income (loss) $ 4,598.5 $ 8,250.6 $ 9,999.3 $ (175.2 ) $ 391.8 $ 439.5 $ (3,210.8 ) $ 3,047.5 $ 735.7 $ 1,212.5 $ 11,689.9 $ 11,174.5 |
Partnership's equity method investees, summarized balance sheet information | Corporate Private Equity Global Market Strategies Real Assets Aggregate Totals As of December 31, As of December 31, As of December 31, As of December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Balance sheet information Investments $ 35,535.4 $ 38,498.0 $ 2,262.1 $ 2,398.4 $ 21,182.7 $ 29,815.1 $ 58,980.2 $ 70,711.5 Total assets $ 39,489.9 $ 41,636.9 $ 2,604.0 $ 2,542.2 $ 22,393.2 $ 31,009.3 $ 64,487.1 $ 75,188.4 Debt $ 281.5 $ 276.3 $ 176.6 $ 67.3 $ 1,512.5 $ 1,042.9 $ 1,970.6 $ 1,386.5 Other liabilities $ 540.7 $ 1,445.3 $ 17.7 $ 15.0 $ 331.4 $ 875.2 $ 889.8 $ 2,335.5 Total liabilities $ 822.2 $ 1,721.6 $ 194.3 $ 82.3 $ 1,843.9 $ 1,918.1 $ 2,860.4 $ 3,722.0 Partners’ capital $ 38,667.7 $ 39,915.3 $ 2,409.7 $ 2,459.9 $ 20,549.3 $ 29,091.2 $ 61,626.7 $ 71,466.4 |
Components of investment income (loss) | The components of investment income (loss) are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Income (loss) from equity investments $ 9.4 $ (8.3 ) $ 14.2 Income (loss) from trading securities (1.7 ) 0.1 4.2 Other investment income 7.5 1.0 0.4 Total $ 15.2 $ (7.2 ) $ 18.8 |
Schedule of income (loss) from equity-method investments | Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the consolidated statements of operations and consists of: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Corporate Private Equity $ 28.9 $ 53.8 $ 59.2 Global Market Strategies (0.9 ) 1.3 4.6 Real Assets (18.6 ) (63.4 ) (49.6 ) Total $ 9.4 $ (8.3 ) $ 14.2 |
Schedule of investments as a percentage of investments of consolidated funds | The table below presents investments as a percentage of investments of Consolidated Funds: Fair Value Percentage of Investments of Consolidated Funds Geographic Region/Instrument Type/ Industry December 31, December 31, Description or Investment Strategy 2015 2014 2015 2014 (Dollars in millions) United States Equity securities: Commercial & Professional Services $ 0.2 $ 201.3 — % 0.77 % Diversified Financials 290.2 264.4 1.21 % 1.02 % Food, Beverage & Tobacco — 414.0 — % 1.59 % Media 69.3 97.3 0.29 % 0.37 % Health Care Equipment & Services 71.7 100.9 0.30 % 0.39 % Consumer Services 38.6 67.7 0.16 % 0.26 % Capital Goods 0.6 60.3 — % 0.23 % Software & Services 65.4 38.9 0.27 % 0.15 % Transportation 3.1 49.6 0.01 % 0.19 % Food & Staples Retailing — 30.9 — % 0.12 % Consumer Durables & Apparel 50.6 7.6 0.21 % 0.03 % Other 1.1 0.9 — % — % Total equity securities (cost of $833.0 and $1,337.9 at 590.8 1,333.8 2.45 % 5.12 % Partnership and LLC interests: Fund Investments (cost of $1,784.7 and $2,154.3 at 1,889.3 2,188.5 7.87 % 8.41 % Loans: Retailing 6.8 109.1 0.03 % 0.42 % Diversified Financials — 6.7 — % 0.03 % Commercial & Professional Services 0.1 31.1 — % 0.12 % Materials 0.6 32.5 — % 0.12 % Transportation — 27.8 — % 0.11 % Other 5.9 4.3 0.03 % 0.02 % Total loans (cost of $83.6 and $260.7 at 13.4 211.5 0.06 % 0.82 % Total investment in Hedge Funds 2,841.2 3,753.5 11.84 % 14.42 % Assets of the CLOs Bonds 50.6 141.8 0.21 % 0.54 % Equity 2.3 6.5 0.01 % 0.02 % Loans 11,241.0 10,203.3 46.84 % 39.20 % Total assets of the CLOs (cost of $11,658.3 and $10,413.0 at 11,293.9 10,351.6 47.06 % 39.76 % Total United States $ 16,628.6 $ 17,838.9 69.28 % 68.53 % Fair Value Percentage of Investments of Consolidated Funds Geographic Region/Instrument Type/ Industry December 31, December 31, Description or Investment Strategy 2015 2014 2015 2014 (Dollars in millions) Europe Equity securities: Food & Staples Retailing 57.9 $ 350.4 0.24 % 1.35 % Consumer Services 94.7 38.2 0.39 % 0.15 % Energy — 168.8 — % 0.65 % Retailing 95.7 119.4 0.40 % 0.46 % Health Care Equipment & Services 81.0 97.8 0.34 % 0.38 % Commercial & Professional Services 43.0 75.4 0.18 % 0.29 % Transportation — 88.8 — % 0.34 % Media 10.5 40.0 0.04 % 0.15 % Other 35.8 32.5 0.15 % 0.12 % Total equity securities (cost of $650.2 and $939.1 at 418.6 1,011.3 1.74 % 3.89 % Partnership and LLC interests: Fund Investments (cost of $694.3 and $840.9 at 640.6 800.0 2.67 % 3.07 % Assets of the CLOs Bonds 1,115.8 1,081.3 4.65 % 4.15 % Equity 3.8 9.7 0.02 % 0.04 % Loans 3,837.4 4,208.5 15.99 % 16.17 % Other 5.0 1.5 0.02 % 0.01 % Total assets of the CLOs (cost of $5,048.3 and $5,429.1 at 4,962.0 5,301.0 20.68 % 20.37 % Total Europe $ 6,021.2 $ 7,112.3 25.09 % 27.33 % Global Equity securities: Food, Beverage & Tobacco (cost of $77.0 and $85.6 at $ 126.2 $ 110.8 0.53 % 0.43 % Assets of the CLOs Bonds 14.5 12.7 0.06 % 0.05 % Loans 594.9 461.6 2.48 % 1.77 % Total assets of the CLOs (cost of $643.7 and $480.6 at 609.4 474.3 2.54 % 1.82 % Partnership and LLC interests: Fund Investments (cost of $497.7 and $452.7 at 613.4 492.5 2.56 % 1.89 % Total Global $ 1,349.0 $ 1,077.6 5.63 % 4.14 % Total investments of Consolidated Funds (cost of $21,987.8 and $22,393.9 at December 31, 2015 and 2014, respectively) $ 23,998.8 $ 26,028.8 100.00 % 100.00 % |
Components of interest and other income of consolidated funds | The components of interest and other income of Consolidated Funds are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Interest income from investments $ 873.1 $ 864.9 $ 876.8 Other income 102.4 91.1 166.3 Total $ 975.5 $ 956.0 $ 1,043.1 |
Components of net investment gains (losses) of consolidated funds | The components of net investment gains (losses) of Consolidated Funds are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Gains from investments of Consolidated Funds $ 426.2 $ 857.7 $ 1,390.5 Gains (losses) from liabilities of CLOs 436.5 27.2 (695.1 ) Gains on other assets of CLOs 1.7 2.1 1.3 Total $ 864.4 $ 887.0 $ 696.7 |
Schedule of realized and unrealized gains (losses) earned from investments of the consolidated funds | The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Realized gains $ 1,114.7 $ 1,107.4 $ 662.0 Net change in unrealized gains (losses) (688.5 ) (249.7 ) 728.5 Total $ 426.2 $ 857.7 $ 1,390.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amount of intangible assets | The following table summarizes the carrying amount of intangible assets as of December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Acquired contractual rights $ 830.4 $ 843.0 Acquired trademarks 6.6 6.7 Accumulated amortization (739.6 ) (455.1 ) Finite-lived intangible assets, net 97.4 394.6 Goodwill 38.3 47.5 Intangible assets, net $ 135.7 $ 442.1 |
Summary of changes in the carrying amount of goodwill by segment | The following table summarizes the changes in the carrying amount of goodwill by segment as of December 31, 2015 . There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. Global Market Strategies Investment Solutions Total (Dollars in millions) Balance as of December 31, 2014 $ 28.0 $ 19.5 $ 47.5 Impairment charge — (7.0 ) (7.0 ) Foreign currency translation — (2.2 ) (2.2 ) Balance as of December 31, 2015 $ 28.0 $ 10.3 $ 38.3 |
Summary of estimated amortization expense, excluding impairment losses | The following table summarizes the expected amortization expense for 2016 through 2020 and thereafter (Dollars in millions): 2016 $ 36.7 2017 31.6 2018 15.6 2019 5.4 2020 5.4 Thereafter 2.7 $ 97.4 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Partnership's Borrowings | The Partnership’s borrowings consist of the following (Dollars in millions): As of December 31, 2015 2014 Borrowing Carrying Borrowing Carrying Senior Credit Facility Term Loan Due 5/05/2020 $ 25.0 $ 25.0 $ 25.0 $ 25.0 CLO Term Loan (1) 13.7 13.7 15.2 15.2 3.875% Senior Notes Due 2/01/2023 500.0 499.9 500.0 499.9 5.625% Senior Notes Due 3/30/2043 600.0 606.5 600.0 606.8 $ 1,138.7 $ 1,145.1 $ 1,140.2 $ 1,146.9 (1) Due the earlier of September 28, 2018 or the date that the CLO is dissolved. |
Outstanding Loans Payable of Consolidated Funds | As of December 31, 2015 and 2014 , the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): As of December 31, 2015 Borrowing Fair Value Weighted Weighted Senior secured notes $ 16,301.0 $ 15,915.5 1.98 % 9.54 Subordinated notes, preferred shares, and other 993.0 1,112.4 N/A (a) 8.64 Combination notes 20.0 18.8 N/A (b) 7.43 Total $ 17,314.0 $ 17,046.7 As of December 31, 2014 Borrowing Fair Value Weighted Weighted Senior secured notes $ 15,104.2 $ 14,757.5 1.68 % 9.21 Subordinated notes and preferred shares 1,242.3 1,278.8 N/A (a) 8.28 Combination notes 15.0 15.9 N/A (b) 7.14 Total $ 16,361.5 $ 16,052.2 (a) The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs. (b) The combination notes do not have contractual interest rates and have recourse only to the securities specifically held to collateralize such combination notes. |
Contingent Consideration (Table
Contingent Consideration (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Changes in contingent consideration liabilities | The changes in the contingent consideration liabilities are as follows: Rollforward For The Years Ended December 31, 2015 and 2014 Amounts payable to the sellers who are Carlyle professionals Performance-based Performance-based Employment-based Contingent Total Balance at December 31, 2013 $ 145.1 $ 15.7 $ 148.7 $ 40.8 $ 350.3 Contingent consideration from new acquisition / investments — — — — — Change in carrying value (27.6 ) (2.9 ) 10.1 169.2 (a) 148.8 Payments (90.7 ) — (1.2 ) (7.2 ) (99.1 ) Issuances of equity — (12.8 ) (0.8 ) (1.8 ) (15.4 ) Balance at December 31, 2014 26.8 — 156.8 201.0 384.6 Change in carrying value 2.1 — (70.9 ) 22.9 (a) (45.9 ) Payments (20.2 ) — (3.3 ) (2.4 ) (25.9 ) Issuances of equity — — (2.2 ) — (2.2 ) Balance at December 31, 2015 $ 8.7 $ — $ 80.4 $ 221.5 $ 310.6 (a) Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP. |
Maximum amounts that could be paid from contingent cash obligations | The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management: As of December 31, 2015 Business NGP Total Liability (1) (Dollars in millions) Performance-based contingent cash consideration $ 208.2 $ 183.0 $ 391.2 $ 230.2 Employment-based contingent cash consideration 148.4 45.0 193.4 80.4 Total maximum cash obligations $ 356.6 $ 228.0 $ 584.6 $ 310.6 (1) On the consolidated balance sheet, the liability for performance-based contingent cash consideration is included in due to affiliates (for amounts owed to Carlyle professionals and NGP) and accounts payable, accrued expenses, and other liabilities (for amounts owed to other sellers), and the liability for employment-based contingent cash consideration is included in accrued compensation and benefits. |
Accrued Compensation and Bene39
Accrued Compensation and Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Accrued compensation and benefits | Accrued compensation and benefits consist of the following: As of December 31, 2015 2014 (Dollars in millions) Accrued performance fee-related compensation $ 1,511.9 $ 1,815.4 Accrued bonuses 211.9 229.6 Employment-based contingent cash consideration 80.4 156.8 Other 149.0 110.7 Total $ 1,953.2 $ 2,312.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unfunded commitments | The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of December 31, 2015 (Dollars in millions): Unfunded Commitments Corporate Private Equity $ 1,790.9 Global Market Strategies 335.3 Real Assets 709.7 Investment Solutions 34.7 $ 2,870.6 |
Future minimum commitments for leases | The future minimum commitments for the leases are as follows (Dollars in millions): 2016 $ 54.7 2017 52.0 2018 47.8 2019 41.4 2020 39.6 Thereafter 294.3 $ 529.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Amounts due from affiliates and other receivables | The Partnership had the following due from affiliates and other receivables at December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Unbilled receivable for giveback obligations from current and former employees $ 23.8 $ 27.7 Notes receivable and accrued interest from affiliates 7.3 11.1 Other receivables from unconsolidated funds and affiliates, net 164.2 160.6 Total $ 195.3 $ 199.4 |
Amounts due to affiliates | The Partnership had the following due to affiliates balances at December 31, 2015 and 2014 : As of December 31, 2015 2014 (Dollars in millions) Due to affiliates of Consolidated Funds $ 0.3 $ 0.6 Due to non-consolidated affiliates 51.7 37.1 Performance-based contingent cash and equity consideration related to acquisitions 35.3 43.6 Amounts owed under the tax receivable agreement 141.7 89.0 Other 16.9 13.9 Total $ 245.9 $ 184.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The provision for income taxes consists of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Current Federal income tax $ 0.7 $ 3.2 $ 2.2 State and local income tax 4.9 8.2 5.2 Foreign income tax 27.4 54.1 44.0 Subtotal 33.0 65.5 51.4 Deferred Federal income tax (36.7 ) (5.2 ) (1.5 ) State and local income tax (2.6 ) 2.9 8.7 Foreign income tax 8.4 13.6 37.6 Subtotal (30.9 ) 11.3 44.8 Total provision for income taxes $ 2.1 $ 76.8 $ 96.2 |
Summary of tax effects of temporary differences | A summary of the tax effects of the temporary differences is as follows: As of December 31, 2015 2014 (Dollars in millions) Deferred tax assets Federal foreign tax credit $ 7.7 $ 3.8 State net operating loss carry forwards 0.5 3.6 Tax basis goodwill and intangibles 154.1 99.4 Depreciation and amortization 58.2 38.6 Deferred restricted common unit compensation 12.9 12.6 Accrued compensation 28.3 37.6 Other 5.2 0.6 Deferred tax assets before valuation allowance 266.9 196.2 Valuation allowance (14.1 ) (29.7 ) Total deferred tax assets $ 252.8 $ 166.5 Deferred tax liabilities (1) Intangible assets $ 7.8 $ 19.4 Unrealized appreciation on investments 126.3 126.3 Other 2.8 2.0 Total deferred tax liabilities $ 136.9 $ 147.7 Net deferred tax assets (liabilities) $ 115.9 $ 18.8 (1) As of December 31, 2015 and 2014 , $33.4 million and $35.5 million , respectively, of deferred tax liabilities were offset and presented as a single deferred tax asset amount on the Partnership’s balance sheet. |
Reconciliation of provision for income taxes to U.S Federal statutory tax rate | The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate: Year Ended December 31, 2015 2014 2013 Statutory U.S. federal income tax rate 35.00 % 35.00 % 35.00 % Income passed through to common unitholders and non-controlling interest holders (1) (37.24 )% (28.56 )% (29.23 )% Unvested Carlyle Holdings partnership units 1.87 % 2.92 % 2.03 % Foreign income taxes (1.78 )% (1.90 )% (1.88 )% State and local income taxes 4.13 % 0.25 % 0.17 % Valuation allowance establishment impacting provision for income taxes (3.88 )% 0.43 % 1.50 % Other adjustments 2.42 % (0.40 )% (0.93 )% Effective income tax rate (2) 0.52 % 7.74 % 6.66 % (1) The Partnership is organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any income tax is the responsibility of the unitholders and is paid at that level. (2) The effective income tax rate is calculated on income before provision for income taxes. |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows: As of December 31, 2015 2014 (Dollars in millions) Balance at January 1 $ 13.8 $ 9.3 Additions based on tax positions related to current year — 3.7 (Reductions) additions for tax positions of prior years (0.6 ) 3.3 Reductions due to lapse of statute of limitations — (2.5 ) Balance at December 31 $ 13.2 $ 13.8 |
Non-Controlling Interests in 43
Non-Controlling Interests in Consolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Components of Partnership's non-controlling interests in consolidated entities | The components of the Partnership’s non-controlling interests in consolidated entities are as follows: As of December 31, 2015 2014 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 4,213.0 $ 6,160.1 Non-Carlyle interests in majority-owned subsidiaries 394.3 301.4 Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (113.5 ) (15.1 ) Non-controlling interests in consolidated entities $ 4,493.8 $ 6,446.4 |
Components of Partnership's non-controlling interests in income (loss) of consolidated entities | The components of the Partnership’s non-controlling interests in income of consolidated entities are as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Non-Carlyle interests in Consolidated Funds $ 876.6 $ 1,298.8 $ 769.7 Non-Carlyle interests in majority-owned subsidiaries (20.6 ) (54.3 ) (12.4 ) Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions (78.3 ) (34.8 ) 29.5 Net income attributable to other non-controlling interests in consolidated entities 777.7 1,209.7 786.8 Net loss attributable to partners’ capital appropriated for CLOs (54.4 ) (259.0 ) (383.1 ) Net income (loss) attributable to redeemable non-controlling interests in consolidated entities (185.4 ) (465.2 ) 272.3 Non-controlling interests in income of consolidated entities $ 537.9 $ 485.5 $ 676.0 |
Earnings Per Common Unit (Table
Earnings Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Unit | Basic and diluted net income per common unit are calculated as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Basic Diluted Basic Diluted Basic Diluted Net income (loss) attributable to The Carlyle Group L.P. $ (18,400,000 ) $ (18,400,000 ) $ 85,800,000 $ 85,800,000 $ 104,100,000 $ 104,100,000 Dilution of earnings due to participating securities with distribution rights 167,000 (1,743,000 ) (1,284,100 ) (1,303,600 ) (645,500 ) (880,000 ) Incremental net income (loss) from assumed exchange of Carlyle Holdings partnership units — (69,300,000 ) — — — 465,880,000 Net income attributable to common units $ (18,233,000 ) $ (89,443,000 ) $ 84,515,900 $ 84,496,400 $ 103,454,500 $ 569,100,000 Weighted-average common units outstanding 74,523,935 298,739,382 62,788,634 68,461,157 46,135,229 278,250,489 Net income per common unit $ (0.24 ) $ (0.30 ) $ 1.35 $ 1.23 $ 2.24 $ 2.05 |
Weighted-Average Common Units Outstanding, Basic and Diluted | The weighted-average common units outstanding, basic and diluted, are calculated as follows: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Basic Diluted Basic Diluted Basic Diluted The Carlyle Group L.P. weighted-average common units outstanding 74,523,935 74,523,935 62,788,634 62,788,634 46,135,229 46,135,229 Unvested deferred restricted common units — — — 5,258,516 — 4,057,793 Contingently issuable Carlyle Holdings partnership units and common units — — — 414,007 — 465,909 Weighted-average vested Carlyle Holdings partnership units — 216,943,053 — — — 211,225,760 Unvested Carlyle Holdings partnership units — 7,272,394 — — — 16,365,798 Weighted-average common units outstanding 74,523,935 298,739,382 62,788,634 68,461,157 46,135,229 278,250,489 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Status of Non-Vested Equity-Based Awards | A summary of the status of the Partnership’s non-vested equity-based awards as of December 31, 2015 and a summary of changes from December 31, 2012 through December 31, 2015 , are presented below: Carlyle Holdings The Carlyle Group, L.P. Equity Settled Awards Cash Settled Awards Unvested Units Partnership Weighted- Deferred Weighted- Unvested Weighted- Phantom Weighted- Balance, December 31, 2012 57,850,299 $ 22.12 16,707,028 $ 22.28 — $ — 334,614 $ 22.00 Granted 52,889 $ 30.80 3,067,158 $ 31.05 914,087 $ 26.83 2,520 $ 31.83 Vested 9,650,292 $ 22.09 2,828,707 $ 22.34 42,027 $ 27.99 107,242 $ 22.00 Forfeited 1,050,093 $ 22.00 695,305 $ 22.63 — $ — 21,381 $ 22.00 Balance, December 31, 2013 47,202,803 $ 22.13 16,250,174 $ 23.91 872,060 $ 26.78 208,511 $ 22.12 Granted 50,617 $ 28.26 7,978,127 $ 29.63 — $ — 12,204 $ 34.81 Vested 9,159,216 $ 22.10 3,767,550 $ 24.69 62,263 $ 21.42 101,839 $ 22.08 Forfeited 2,096,789 $ 22.00 1,531,481 $ 24.63 — $ — 14,806 $ 23.85 Balance, December 31, 2014 35,997,415 $ 22.16 18,929,270 $ 26.12 809,797 $ 27.19 104,070 $ 23.40 Granted — $ — 6,770,420 $ 22.39 — $ — — $ — Vested 8,733,826 $ 22.11 5,452,961 $ 26.91 31,132 $ 21.53 93,109 $ 22.52 Forfeited 444,477 $ 22.00 1,826,295 $ 24.98 11,674 $ 27.99 4,220 $ 24.80 Balance, December 31, 2015 26,819,112 $ 22.18 18,420,434 $ 24.62 766,991 $ 27.41 6,741 $ 34.58 |
Consolidation of a Real Estat46
Consolidation of a Real Estate Development Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan | The assets and liabilities recognized in the Partnership’s consolidated balance sheets as of December 31, 2015 and 2014 related to Urbplan were as follows: As of December 31, 2015 2014 (Dollars in millions) Receivables and inventory of a consolidated real estate VIE: Customer and other receivables $ 71.8 $ 91.5 Inventory costs in excess of billings and advances 71.8 72.4 $ 143.6 $ 163.9 Other assets of a consolidated real estate VIE: Restricted investments $ 14.6 $ 36.8 Fixed assets, net 0.8 1.8 Deferred tax assets 8.4 12.9 Other assets 23.8 34.9 $ 47.6 $ 86.4 Loans payable of a consolidated real estate VIE, at fair value (principal amount of $125.6 million and $243.6 million as of December 31, 2015 and 2014, respectively) $ 75.4 $ 146.2 Other liabilities of a consolidated real estate VIE: Accounts payable $ 14.5 $ 26.1 Other liabilities 69.9 58.8 $ 84.4 $ 84.9 |
Revenues, Expenses and Net Losses Recognized in the Partnership's Consolidated Statement of Operations Related to Urbplan | The revenues and expenses recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , since commencement of consolidation on September 30, 2013, related to Urbplan were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Revenue of a consolidated real estate VIE: Land development services $ 80.0 $ 56.4 $ 0.4 Investment income 6.8 13.8 7.1 $ 86.8 $ 70.2 $ 7.5 Interest and other expenses of a consolidated real estate VIE: Costs of services rendered $ 48.5 $ 41.9 $ — Interest expense 40.9 37.2 12.9 Change in fair value of loans payable 9.2 47.1 13.0 Compensation and benefits 10.7 11.2 2.7 G&A and other expenses 35.3 37.9 5.2 $ 144.6 $ 175.3 $ 33.8 |
Outstanding Principal Amounts on Loans | Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions): 2016 $ 25.7 2017 13.5 2018 10.9 2019 12.4 2020 14.0 Thereafter 49.1 $ 125.6 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments Financial Data | 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 Global Real Investment 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 Global Real Investment 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 Global Real Investment 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 |
Total Segments to Partnership Income Before Provision for Taxes Reconciliation | 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 Consolidated Reconciling Carlyle (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 Consolidated Reconciling Carlyle (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 Consolidated Reconciling Carlyle (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 Adjustments (4) Total (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 Adjustments (4) Total (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 Adjustments (4) Total (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. |
Expenses Adjustment Represents Elimination of Intercompany Expenses | (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 |
Reconciliation of Income Before Provision for Income Taxes | 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 |
Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income | See reconciliation to most directly comparable U.S. GAAP measure below: Year Ended December 31, 2015 Carlyle Adjustments (4) Total (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 Adjustments (4) Total (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 Adjustments (4) Total (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. |
Consolidated Revenues and Assets Based on Geographical Focus of Associated Investment Vehicle | 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. |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Information | Unaudited quarterly information for each of the three months in the years ended December 31, 2015 and 2014 are presented below. Three Months Ended March 31, June 30, September 30, December 31, (Dollars in millions) Revenues $ 1,136.8 $ 856.1 $ 297.5 $ 715.8 Expenses 1,027.0 843.6 795.3 802.5 Other income (loss) 505.5 461.6 (31.3 ) (71.4 ) Income (loss) before provision for income taxes $ 615.3 $ 474.1 $ (529.1 ) $ (158.1 ) Net income (loss) $ 604.8 $ 468.1 $ (525.0 ) $ (147.8 ) Net income (loss) attributable to The Carlyle Group L.P. $ 39.5 $ 30.6 $ (83.9 ) $ (4.6 ) Net income (loss) attributable to The Carlyle Group L.P. per common unit (1) Basic $ 0.58 $ 0.42 $ (1.05 ) $ (0.06 ) Diluted $ 0.54 $ 0.34 $ (1.11 ) $ (0.06 ) Distributions declared per common unit (2) $ 1.61 $ 0.33 $ 0.89 $ 0.56 Three Months Ended March 31, June 30, September 30, December 31, (Dollars in millions) Revenues $ 1,147.4 $ 1,138.8 $ 755.0 $ 839.1 Expenses 1,099.0 1,042.6 705.1 928.7 Other income (loss) 424.0 445.0 125.5 (107.5 ) Income (loss) before provision for income taxes $ 472.4 $ 541.2 $ 175.4 $ (197.1 ) Net income (loss) $ 456.4 $ 487.4 $ 181.3 $ (210.0 ) Net income attributable to The Carlyle Group L.P. $ 24.6 $ 19.5 $ 25.4 $ 16.3 Net income attributable to The Carlyle Group L.P. per common unit (1) Basic $ 0.46 $ 0.30 $ 0.38 $ 0.24 Diluted $ 0.41 $ 0.27 $ 0.35 $ 0.23 Distributions declared per common unit (2) $ 1.40 $ 0.16 $ 0.16 $ 0.16 (1) The sum of the quarterly earnings per common unit amounts may not equal the total for the year due to the effects of rounding and dilution. (2) Distributions declared reflects the calendar date of the declaration of each distribution. |
Supplemental Financial Inform49
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Supplemental Financial Position | As of December 31, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Assets Cash and cash equivalents $ 991.5 $ — $ — $ 991.5 Cash and cash equivalents held at Consolidated Funds — 1,612.7 — 1,612.7 Restricted cash 18.9 — — 18.9 Restricted cash and securities of Consolidated Funds — 18.4 — 18.4 Accrued performance fees 3,012.2 — (23.6 ) 2,988.6 Investments 1,103.9 — (218.0 ) 885.9 Investments of Consolidated Funds — 23,996.1 2.7 23,998.8 Due from affiliates and other receivables, net 275.1 — (79.8 ) 195.3 Due from affiliates and other receivables of Consolidated Funds, net — 765.3 — 765.3 Receivables and inventory of a consolidated real estate VIE 143.6 — — 143.6 Fixed assets, net 110.9 — — 110.9 Deposits and other 55.2 3.2 — 58.4 Other assets of a consolidated real estate VIE 47.6 — — 47.6 Intangible assets, net 135.7 — — 135.7 Deferred tax assets 219.4 — — 219.4 Total assets $ 6,114.0 $ 26,395.7 $ (318.7 ) $ 32,191.0 Liabilities and partners’ capital Loans payable $ 38.7 $ — $ — $ 38.7 3.875% senior notes due 2023 499.9 — — 499.9 5.625% senior notes due 2043 606.5 — — 606.5 Loans payable of Consolidated Funds — 17,332.5 (267.8 ) 17,064.7 Loans payable of a consolidated real estate VIE at fair value (principal amount of $125.6 million) 75.4 — — 75.4 Accounts payable, accrued expenses and other liabilities 463.8 — — 463.8 Accrued compensation and benefits 1,953.2 — — 1,953.2 Due to affiliates 245.6 1.8 (1.5 ) 245.9 Deferred revenue 40.9 — — 40.9 Deferred tax liabilities 103.5 — — 103.5 Other liabilities of Consolidated Funds — 1,882.2 (43.6 ) 1,838.6 Other liabilities of a consolidated real estate VIE 84.4 — — 84.4 Accrued giveback obligations 252.0 — — 252.0 Total liabilities 4,363.9 19,216.5 (312.9 ) 23,267.5 Redeemable non-controlling interests in consolidated entities 7.6 2,838.3 — 2,845.9 Partners’ capital 485.9 (1.4 ) 1.4 485.9 Accumulated other comprehensive income (loss) (90.4 ) 1.7 (1.4 ) (90.1 ) Partners’ capital appropriated for Consolidated Funds — 126.6 (5.8 ) 120.8 Non-controlling interests in consolidated entities 280.8 4,213.0 — 4,493.8 Non-controlling interests in Carlyle Holdings 1,066.2 1.0 — 1,067.2 Total partners’ capital 1,742.5 4,340.9 (5.8 ) 6,077.6 Total liabilities and partners’ capital $ 6,114.0 $ 26,395.7 $ (318.7 ) $ 32,191.0 As of December 31, 2014 Consolidated Consolidated 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 | Year Ended December 31, 2015 Consolidated Consolidated Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,239.1 $ — $ (153.9 ) $ 1,085.2 Performance fees Realized 1,460.3 — (18.4 ) 1,441.9 Unrealized (602.0 ) — (15.0 ) (617.0 ) Total performance fees 858.3 — (33.4 ) 824.9 Investment income (loss) Realized (35.4 ) — 68.3 32.9 Unrealized 23.3 — (41.0 ) (17.7 ) Total investment income (loss) (12.1 ) — 27.3 15.2 Interest and other income 22.9 — (4.3 ) 18.6 Interest and other income of Consolidated Funds — 975.5 — 975.5 Revenue of a consolidated real estate VIE 86.8 — — 86.8 Total revenues 2,195.0 975.5 (164.3 ) 3,006.2 Expenses Compensation and benefits Base compensation 632.2 — — 632.2 Equity-based compensation 378.0 — — 378.0 Performance fee related Realized 650.5 — — 650.5 Unrealized (139.6 ) — — (139.6 ) Total compensation and benefits 1,521.1 — — 1,521.1 General, administrative and other expenses 712.8 — — 712.8 Interest 58.0 — — 58.0 Interest and other expenses of Consolidated Funds — 1,258.8 (219.5 ) 1,039.3 Interest and other expenses of a consolidated real estate VIE 144.6 — — 144.6 Other non-operating income (7.4 ) — — (7.4 ) Total expenses 2,429.1 1,258.8 (219.5 ) 3,468.4 Other income Net investment gains of Consolidated Funds — 886.9 (22.5 ) 864.4 Income (loss) before provision for income taxes (234.1 ) 603.6 32.7 402.2 Provision for income taxes 2.1 — — 2.1 Net income (loss) (236.2 ) 603.6 32.7 400.1 Net income (loss) attributable to non-controlling interests in consolidated entities (98.4 ) — 636.3 537.9 Net income (loss) attributable to Carlyle Holdings (137.8 ) 603.6 (603.6 ) (137.8 ) Net income (loss) attributable to non-controlling interests in Carlyle Holdings (119.4 ) — — (119.4 ) Net income (loss) attributable to The Carlyle Group L.P. $ (18.4 ) $ 603.6 $ (603.6 ) $ (18.4 ) Year Ended December 31, 2014 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,352.9 $ — $ (186.6 ) $ 1,166.3 Performance fees Realized 1,355.1 — (26.4 ) 1,328.7 Unrealized 355.0 — (9.3 ) 345.7 Total performance fees 1,710.1 — (35.7 ) 1,674.4 Investment income (loss) Realized 29.4 — (5.7 ) 23.7 Unrealized (37.7 ) — 6.8 (30.9 ) Total investment income (loss) (8.3 ) — 1.1 (7.2 ) Interest and other income 23.6 — (3.0 ) 20.6 Interest and other income of Consolidated Funds — 956.0 — 956.0 Revenue of a consolidated real estate VIE 70.2 — — 70.2 Total revenues 3,148.5 956.0 (224.2 ) 3,880.3 Expenses Compensation and benefits Base compensation 789.0 — — 789.0 Equity-based compensation 344.0 — — 344.0 Performance fee related Realized 590.7 — — 590.7 Unrealized 282.2 — — 282.2 Total compensation and benefits 2,005.9 — — 2,005.9 General, administrative and other expenses 523.9 — 2.9 526.8 Interest 55.7 — — 55.7 Interest and other expenses of Consolidated Funds — 1,286.5 (244.5 ) 1,042.0 Interest and other expenses of a consolidated real estate VIE 175.3 — — 175.3 Other non-operating income (30.3 ) — — (30.3 ) Total expenses 2,730.5 1,286.5 (241.6 ) 3,775.4 Other income Net investment gains of Consolidated Funds — 898.4 (11.4 ) 887.0 Income before provision for income taxes 418.0 567.9 6.0 991.9 Provision for income taxes 76.8 — — 76.8 Net income 341.2 567.9 6.0 915.1 Net income (loss) attributable to non-controlling interests in consolidated entities (88.4 ) — 573.9 485.5 Net income attributable to Carlyle Holdings 429.6 567.9 (567.9 ) 429.6 Net income attributable to non-controlling interests in Carlyle Holdings 343.8 — — 343.8 Net income attributable to The Carlyle Group L.P. $ 85.8 $ 567.9 $ (567.9 ) $ 85.8 Year Ended December 31, 2013 Consolidated Operating Entities Consolidated Funds Eliminations Consolidated (Dollars in millions) Revenues Fund management fees $ 1,168.2 $ — $ (183.6 ) $ 984.6 Performance fees Realized 1,247.0 — (70.3 ) 1,176.7 Unrealized 1,201.5 — (2.9 ) 1,198.6 Total performance fees 2,448.5 — (73.2 ) 2,375.3 Investment income (loss) Realized 15.0 — (0.6 ) 14.4 Unrealized (61.4 ) — 65.8 4.4 Total investment income (loss) (46.4 ) — 65.2 18.8 Interest and other income 13.1 — (1.2 ) 11.9 Interest and other income of Consolidated Funds — 1,043.1 — 1,043.1 Revenue of a consolidated real estate VIE 7.5 — — 7.5 Total revenues 3,590.9 1,043.1 (192.8 ) 4,441.2 Expenses Compensation and benefits Base compensation 738.0 — — 738.0 Equity-based compensation 322.4 — — 322.4 Performance fee related Realized 539.2 — — 539.2 Unrealized 644.5 — — 644.5 Total compensation and benefits 2,244.1 — — 2,244.1 General, administrative and other expenses 492.9 — 3.5 496.4 Interest 45.5 — — 45.5 Interest and other expenses of Consolidated Funds — 1,169.4 (278.8 ) 890.6 Interest and other expenses of a consolidated real estate VIE 33.8 — — 33.8 Other non-operating income (16.5 ) — — (16.5 ) Total expenses 2,799.8 1,169.4 (275.3 ) 3,693.9 Other income Net investment gains of Consolidated Funds — 701.3 (4.6 ) 696.7 Income before provision for income taxes 791.1 575.0 77.9 1,444.0 Provision for income taxes 96.2 — — 96.2 Net income 694.9 575.0 77.9 1,347.8 Net income attributable to non-controlling interests in consolidated entities 23.1 — 652.9 676.0 Net income attributable to Carlyle Holdings 671.8 575.0 (575.0 ) 671.8 Net income attributable to non-controlling interests in Carlyle Holdings 567.7 — — 567.7 Net income attributable to The Carlyle Group L.P. $ 104.1 $ 575.0 $ (575.0 ) $ 104.1 |
Supplemental Statement of Cash Flows | Year Ended December 31, 2015 2014 2013 (Dollars in millions) Cash flows from operating activities Net income (loss) $ (236.2 ) $ 341.2 $ 694.9 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation, amortization, and impairment 322.8 192.1 163.6 Equity-based compensation 378.0 344.0 322.4 Excess tax benefits related to equity-based compensation (4.0 ) (2.7 ) (1.9 ) Non-cash performance fees, net 437.4 (582.2 ) (1,595.9 ) Other non-cash amounts 12.7 (1.4 ) (9.1 ) Investment loss 26.7 55.7 77.5 Purchases of investments and trading securities (174.5 ) (330.1 ) (181.1 ) Proceeds from the sale of investments and trading securities 349.6 567.5 303.4 Payments of contingent consideration (17.8 ) (59.6 ) — Change in deferred taxes, net (31.4 ) 10.5 44.5 Change in due from affiliates and other receivables (1.4 ) (4.2 ) (7.8 ) Change in receivables and inventory of a consolidated real estate VIE (57.5 ) — 10.1 Change in deposits and other (9.0 ) (10.9 ) 9.7 Change in other assets of a consolidated real estate VIE (17.4 ) (25.0 ) 4.3 Change in accounts payable, accrued expenses and other liabilities (20.3 ) (23.4 ) 46.6 Change in accrued compensation and benefits (35.3 ) 155.4 935.5 Change in due to affiliates 21.0 (81.6 ) 96.7 Change in other liabilities of a consolidated real estate VIE 101.6 (24.9 ) (32.1 ) Change in deferred revenue (50.0 ) 36.8 0.7 Net cash provided by operating activities 995.0 557.2 882.0 Cash flows from investing activities Change in restricted cash 40.8 69.8 (95.4 ) Purchases of fixed assets, net (62.3 ) (29.7 ) (29.5 ) Acquisitions, net of cash acquired — (3.1 ) (10.2 ) Net cash provided by (used in) investing activities (21.5 ) 37.0 (135.1 ) Cash flows from financing activities Repayments under credit facility — — (386.3 ) Issuance of 3.875% senior notes due 2023, net of financing costs — — 495.3 Issuance of 5.625% senior notes due 2043, net of financing costs — 210.8 394.1 Proceeds from loans payable — — 17.1 Payments on loans payable — — (475.0 ) Net payments on loans payable of a consolidated real estate VIE (65.3 ) (34.4 ) (1.5 ) Payments of contingent consideration (8.1 ) (39.5 ) (23.9 ) Net proceeds from issuance of common units, net of offering costs 209.9 449.5 — Excess tax benefits related to equity-based compensation 4.0 2.7 1.9 Distributions to common unitholders (251.0 ) (102.7 ) (59.9 ) Distributions to non-controlling interest holders in Carlyle Holdings (848.5 ) (486.9 ) (372.9 ) Contributions from non-controlling interest holders 168.5 162.2 137.7 Distributions to non-controlling interest holders (110.8 ) (118.3 ) (87.0 ) Acquisition of non-controlling interests in Carlyle Holdings (209.9 ) (303.4 ) (7.1 ) Change in due to/from affiliates financing activities (62.7 ) (38.4 ) 17.3 Net cash used in financing activities (1,173.9 ) (298.4 ) (350.2 ) Effect of foreign exchange rate changes (50.1 ) (20.4 ) 2.8 Increase (decrease) in cash and cash equivalents (250.5 ) 275.4 399.5 Cash and cash equivalents, beginning of period 1,242.0 966.6 567.1 Cash and cash equivalents, end of period $ 991.5 $ 1,242.0 $ 966.6 |
Organization and Basis of Pre50
Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 05, 2015USD ($)$ / sharesshares | Mar. 10, 2014USD ($)$ / sharesshares | Jun. 30, 2015shares | Mar. 31, 2014shares | Dec. 31, 2015Segmentshares | Dec. 31, 2014shares |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Number of reportable segments | Segment | 4 | |||||
Number of common units issued in public offering (in shares) | shares | 7,000,000 | 13,800,000 | 7,000,000 | 13,800,000 | ||
Public offering price per common unit (in dollars per share) | $ / shares | $ 30.07 | $ 33.50 | ||||
Net proceeds from public offering | $ 209.9 | $ 449.5 | ||||
Net proceeds used to acquire newly issued partnership units | $ 146.1 | |||||
Number of newly issued partnership units acquired (in shares) | shares | 7,000,000 | 4,500,000 | ||||
Net proceeds used to acquire partnership units from other limited partners | $ 303.4 | |||||
Number of partnership units acquired from other limited partners (in shares) | shares | 7,000,000 | 9,300,000 | 7,000,000 | 9,300,000 | ||
Approximate amount of dilution | $ 116.8 | |||||
Deferred tax asset | $ 59.6 | 67.8 | ||||
Increase in partners' capital | 8.1 | 9.7 | ||||
Deferred tax liability | 2.6 | |||||
Tax receivable agreement liability increase (decrease) from partnership unit acquisition | $ (51.5) | $ (58.1) | ||||
Common stock, units outstanding | shares | 80,408,702 | 67,761,012 | ||||
Partners’ Capital | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Number of newly issued partnership units acquired (in shares) | shares | 4,500,000 |
Organization and Basis of Pre51
Organization and Basis of Presentation June 2015 Adjustment to Partners’ Capital for the Excess of Fair Value (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Mar. 10, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 209.9 | $ 303.4 |
Carrying value of non-controlling interest acquired | (45.4) | (66.4) |
Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired | $ 164.5 | $ 237 |
Organization and Basis of Pre52
Organization and Basis of Presentation June 2015 Adjustments Within Partners’ Capital (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Mar. 10, 2014 |
Partners’ Capital / Accumulated Other Comprehensive Loss | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | $ 209.9 | |
Acquisition of non-controlling interest in Carlyle Holdings | (164.5) | |
Total increase (decrease) | 45.4 | |
Non- controlling Interests in Carlyle Holdings | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | 0 | $ 0 |
Acquisition of non-controlling interest in Carlyle Holdings | (45.4) | (66.4) |
Total increase (decrease) | (45.4) | (50.4) |
Total Partners’ Capital | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | 209.9 | 449.5 |
Acquisition of non-controlling interest in Carlyle Holdings | (209.9) | (303.4) |
Total increase (decrease) | $ 0 | $ (146.1) |
Organization and Basis of Pre53
Organization and Basis of Presentation March 2014 Summary of Adjustment to Partners' Capital (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Mar. 10, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 209.9 | $ 303.4 |
Carrying value of non-controlling interest acquired | (45.4) | (66.4) |
Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired | $ 164.5 | $ 237 |
Organization and Basis of Pre54
Organization and Basis of Presentation March 2014 Summary of the Adjustments Within Partners' Capital Related to Public Offering (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Mar. 10, 2014 |
Partners’ Capital | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | $ 449.5 | |
Dilution associated with the acquisition of 4,500,000 Carlyle Holdings partnership units | (116.8) | |
Acquisition of non-controlling interest in Carlyle Holdings | (237) | |
Total increase | 95.7 | |
Non- controlling Interests in Carlyle Holdings | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | $ 0 | 0 |
Dilution associated with the acquisition of 4,500,000 Carlyle Holdings partnership units | 116.8 | |
Acquisition of non-controlling interest in Carlyle Holdings | (45.4) | (66.4) |
Total increase | 45.4 | 50.4 |
Total Partners’ Capital | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Proceeds from The Carlyle Group L.P. common units issued | 209.9 | 449.5 |
Dilution associated with the acquisition of 4,500,000 Carlyle Holdings partnership units | 0 | |
Acquisition of non-controlling interest in Carlyle Holdings | (209.9) | (303.4) |
Total increase | $ 0 | $ 146.1 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions | Dec. 31, 2015USD ($) |
Variable Interest Entity [Line Items] | |
Consolidated VIEs, assets | $ 23,300 |
Consolidated VIEs, liabilities | 18,600 |
Collateralized Loan Obligations | |
Variable Interest Entity [Line Items] | |
Investment in CLOs | $ 206.3 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Investments | $ 885.9 | $ 931.6 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Investments | 466.8 | 511.8 |
Receivables | 19.4 | 3.7 |
Maximum Exposure to Loss | $ 486.2 | $ 515.5 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Revenue Recognition (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fund Management Fees | |||
Period of time for which management fees will be received by partners from the initial closing date (in years) | 10 years | ||
Transaction and advisory fees | $ 25.2 | $ 73.3 | $ 50.6 |
Performance Fees | |||
Performance fees allocation percentage to partnership | 20.00% | ||
Accrued giveback obligations | $ 252 | 104.4 | |
Interest Income | |||
Interest income of consolidated funds | $ 873.1 | $ 864.9 | $ 876.8 |
Minimum | |||
Fund Management Fees | |||
Percentage of management fees earned | 1.00% | ||
Percentage of management fees earned on unrealized investments after termination of the investment period | 0.60% | ||
Extension period for fund closing (in years) | 1 year | ||
Percentage of management fees paid by hedge funds | 1.50% | ||
Percentage of management fees for business development companies | 0.25% | ||
Percentage of management fees for CLOs on the total par amount of assets in the fund | 0.15% | ||
Period of management fees related to Collateralized Loan Obligation (in years) | 5 years | ||
Percentage of management fees from funds of funds following the expiration of the weighted average investment period | 0.30% | ||
Performance Fees | |||
External coinvestment vehicles (as a percent) | 10.00% | ||
Percentage of allocation based performance fees related to fund of funds vehicles | 2.00% | ||
Percent of preferred returns | 8.00% | ||
Minimum | Private Equity And Real Estate Fund | |||
Fund Management Fees | |||
Percentage of management fees from funds of funds during the commitment fee period | 0.30% | ||
Minimum | Hedge funds | |||
Fund Management Fees | |||
Percentage of management fees from funds of funds during the commitment fee period | 0.20% | ||
Maximum | |||
Fund Management Fees | |||
Percentage of management fees earned | 2.00% | ||
Percentage of management fees earned on unrealized investments after termination of the investment period | 2.00% | ||
Extension period for fund closing (in years) | 2 years | ||
Percentage of management fees paid by hedge funds | 2.00% | ||
Percentage of management fees for business development companies | 1.00% | ||
Percentage of management fees for CLOs on the total par amount of assets in the fund | 1.00% | ||
Period of management fees related to Collateralized Loan Obligation (in years) | 10 years | ||
Percentage of management fees from funds of funds following the expiration of the weighted average investment period | 1.00% | ||
Performance Fees | |||
External coinvestment vehicles (as a percent) | 20.00% | ||
Percentage of allocation based performance fees related to fund of funds vehicles | 10.00% | ||
Percent of preferred returns | 9.00% | ||
Maximum | Private Equity And Real Estate Fund | |||
Fund Management Fees | |||
Percentage of management fees from funds of funds during the commitment fee period | 1.00% | ||
Maximum | Hedge funds | |||
Fund Management Fees | |||
Percentage of management fees from funds of funds during the commitment fee period | 1.50% |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Fixed Assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of other fixed assets (in years) | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of other fixed assets (in years) | 7 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of finite lived intangible assets (in years) | 5 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of finite lived intangible assets (in years) | 10 years |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Unrealized losses on cash flow hedge instruments | $ (0.5) | $ (0.9) |
Currency translation adjustments | (87.9) | (35.8) |
Unrealized losses on defined benefit plans | (1.7) | (2.3) |
Total | $ (90.1) | $ (39) |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Additional Information (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 01, 2016USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2012USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accrued performance fee-related compensation | $ 1,511.9 | $ 1,815.4 | ||||
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions | 85.00% | |||||
Percentage of remaining estimated realizable tax benefit on exchange transactions | 15.00% | |||||
Cash withheld from carried interest distributions for potential giveback obligations | $ 17.3 | 29.9 | ||||
Restricted cash for carried interest proceeds for one corporate private equity fund | 13.2 | |||||
Cash received on behalf of a non-consolidated funds | 1.5 | 8.7 | ||||
Restricted cash included in escrow related to tax contingency | 5.4 | € 4.4 | ||||
Cash received to satisfy collateral requirements | 1.8 | 2.3 | ||||
Restricted securities of consolidated funds | 16.6 | 12.6 | ||||
Foreign currency transaction gain (losses) before tax | 2.5 | 8.8 | $ 6.3 | |||
Partners’ capital appropriated for Consolidated Funds | 120.8 | 184.5 | ||||
Assets | (32,191) | (35,994.3) | (35,622.3) | |||
Liabilities | (23,267.5) | (23,138.3) | ||||
Partners' Capital | $ (6,077.6) | $ (9,094.5) | $ (10,377.4) | $ (10,695.4) | ||
Minimum | Subsequent Event | Accounting Standards Update 2015-2 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Assets | $ 23,000 | |||||
Liabilities | 16,000 | |||||
Partners' Capital | 4,000 | |||||
Maximum | Subsequent Event | Accounting Standards Update 2015-2 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Assets | 24,000 | |||||
Liabilities | 17,000 | |||||
Partners' Capital | $ 5,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) € in Millions | Feb. 03, 2014USD ($)shares | Nov. 01, 2013USD ($)shares | Aug. 01, 2013USD ($)shares | Aug. 01, 2013EUR (€)shares | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 02, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||
Current year goodwill impairment charge | $ 7,000,000 | |||||||||
Impairment of intangible assets | 186,600,000 | |||||||||
Contingent consideration - liability | $ 310,600,000 | $ 310,600,000 | $ 384,600,000 | $ 350,300,000 | ||||||
Diversified Global Asset Management Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | Feb. 3, 2014 | |||||||||
Equity interest (as a percent) | 100.00% | |||||||||
Fee-earning assets under management | $ 2,900,000,000 | |||||||||
Assets under management | 3,600,000,000 | |||||||||
Cash | $ 8,000,000 | |||||||||
Purchase price - newly issued common units (in shares) | shares | 662,134 | |||||||||
The Carlyle Group L.P. common units | $ 23,100,000 | |||||||||
Contingent consideration - cash | 23,700,000 | |||||||||
Contingent consideration - common units | $ 47,300,000 | |||||||||
Contingent consideration payment year | 2,021 | |||||||||
Amount paid under contingent compensation arrangements | $ 5,500,000 | |||||||||
Amount to be paid under contingent compensation arrangements | 12,500,000 | $ 12,500,000 | ||||||||
Current year goodwill impairment charge | 7,000,000 | |||||||||
Impairment of intangible assets | $ 15,000,000 | |||||||||
Metropolitan | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | Nov. 1, 2013 | |||||||||
Equity interest (as a percent) | 100.00% | |||||||||
Cash | $ 12,800,000 | |||||||||
Purchase price - newly issued common units (in shares) | shares | 67,338 | |||||||||
The Carlyle Group L.P. common units | $ 2,100,000 | |||||||||
Contingent consideration payment year | 2,018 | |||||||||
Capital commitments | $ 2,600,000,000 | |||||||||
Contingent consideration - cash payments | 5,000,000 | |||||||||
Contingent consideration - value of common units | $ 10,000,000 | $ 10,000,000 | ||||||||
Issuance of partnership units (in shares) | shares | 52,889 | |||||||||
Share based compensation amount | $ 1,600,000 | |||||||||
Unit vesting period (in years) | 5 years | |||||||||
Contingent consideration - liability | $ 10,400,000 | |||||||||
Contingent consideration - value of partnership units | $ 10,600,000 | |||||||||
Interests issuable year | 2,023 | |||||||||
AlpInvest | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | Aug. 1, 2013 | |||||||||
Cash | $ 6,000,000 | € 4.5 | ||||||||
Purchase price - newly issued common units (in shares) | shares | 2,887,970 | 2,887,970 | ||||||||
The Carlyle Group L.P. common units | $ 80,800,000 | |||||||||
Common units issued to AlpInvest employees that are subject to vesting conditions (in shares) | shares | 914,087 | 914,087 | ||||||||
Common units issued to AlpInvest employees that are subject to vesting conditions, value | $ 25,500,000 | |||||||||
Option grant vesting period (in years) | 5 years | 5 years | ||||||||
Shares issued without vesting condition (in shares) | shares | 1,973,883 | 1,973,883 | ||||||||
Shares issued without vesting condition, value | $ 55,300,000 | |||||||||
Additional ownership percentage acquired in the current year | 40.00% | 40.00% | ||||||||
Scenario, Forecast | Diversified Global Asset Management Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Minimum amount of estimated employee separation and other contract termination costs to be incurred with wind down of hedge fund of funds business | $ 10,000,000 | |||||||||
Maximum amount of estimated employee separation and other contract termination costs to be incurred with wind down of hedge fund of funds business | $ 15,000,000 |
Fair Value Measurement - Partne
Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value On Recurring Basis [Line Items] | ||
Assets | $ 24,018.5 | $ 26,044.7 |
Loans payable of Consolidated Funds | 17,046.7 | 16,052.2 |
Derivative instruments of the CLOs | 29.1 | 17.2 |
Contingent consideration | 20.8 | 51.1 |
Loans payable of a consolidated real estate VIE | 75.4 | 146.2 |
Interest rate swaps | 0.9 | 3.2 |
Foreign Currency Forward Contracts Measured At Fair Value Recurring Basis | 2.8 | |
Total Liabilities | 17,175.7 | 16,269.9 |
Equity securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1,141.7 | 2,472.1 |
Bonds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1,180.9 | 1,235.8 |
Loans | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 15,686.7 | 15,084.9 |
Partnership and LLC interests | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 3,143.3 | 3,481 |
Hedge funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 2,841.2 | 3,753.5 |
Other | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 5 | 1.5 |
Investments of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 23,998.8 | 26,028.8 |
Trading securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1.4 | 3.3 |
Foreign currency forward contracts | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1.7 | |
Restricted securities of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 16.6 | 12.6 |
Level I | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 262.5 | 350.8 |
Loans payable of Consolidated Funds | 0 | 0 |
Derivative instruments of the CLOs | 0 | 0 |
Contingent consideration | 0 | 0 |
Loans payable of a consolidated real estate VIE | 0 | 0 |
Interest rate swaps | 0 | 0 |
Foreign Currency Forward Contracts Measured At Fair Value Recurring Basis | 0 | |
Total Liabilities | 0 | 0 |
Level I | Equity securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 254.6 | 346.8 |
Level I | Bonds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Loans | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Partnership and LLC interests | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Hedge funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Other | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Investments of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 254.6 | 346.8 |
Level I | Trading securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level I | Foreign currency forward contracts | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level I | Restricted securities of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 7.9 | 4 |
Level II | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 3,154.7 | 3,910.3 |
Loans payable of Consolidated Funds | 0 | 0 |
Derivative instruments of the CLOs | 0 | 0 |
Contingent consideration | 0 | 0 |
Loans payable of a consolidated real estate VIE | 0 | 0 |
Interest rate swaps | 0.9 | 3.2 |
Foreign Currency Forward Contracts Measured At Fair Value Recurring Basis | 2.8 | |
Total Liabilities | 3.7 | 3.2 |
Level II | Equity securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 311.8 | 156.8 |
Level II | Bonds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level II | Loans | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level II | Partnership and LLC interests | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level II | Hedge funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 2,841.2 | 3,753.5 |
Level II | Other | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level II | Investments of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 3,153 | 3,910.3 |
Level II | Trading securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level II | Foreign currency forward contracts | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1.7 | |
Level II | Restricted securities of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level III | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 20,601.3 | 21,783.6 |
Loans payable of Consolidated Funds | 17,046.7 | 16,052.2 |
Derivative instruments of the CLOs | 29.1 | 17.2 |
Contingent consideration | 20.8 | 51.1 |
Loans payable of a consolidated real estate VIE | 75.4 | 146.2 |
Interest rate swaps | 0 | 0 |
Foreign Currency Forward Contracts Measured At Fair Value Recurring Basis | 0 | |
Total Liabilities | 17,172 | 16,266.7 |
Level III | Equity securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 575.3 | 1,968.5 |
Level III | Bonds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1,180.9 | 1,235.8 |
Level III | Loans | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 15,686.7 | 15,084.9 |
Level III | Partnership and LLC interests | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 3,143.3 | 3,481 |
Level III | Hedge funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level III | Other | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 5 | 1.5 |
Level III | Investments of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 20,591.2 | 21,771.7 |
Level III | Trading securities | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 1.4 | 3.3 |
Level III | Foreign currency forward contracts | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level III | Restricted securities of Consolidated Funds | ||
Fair Value On Recurring Basis [Line Items] | ||
Assets | $ 8.7 | $ 8.6 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Maximum lag period for which the partnership investments in funds are valued (in days) | 90 days |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Financial Assets Using Level III Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | $ 13.2 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 21,783.6 | $ 21,864.1 |
Transfers in | 4.5 | |
Transfers out | (347.8) | (273.6) |
Purchases | 9,018.8 | 9,305.2 |
Sales | (5,868.2) | (4,916.9) |
Settlements | (3,358.6) | (3,979.6) |
Realized and unrealized gains (losses), net | ||
Included in earnings | 565.9 | 1,070.7 |
Included in other comprehensive income | (1,205.6) | (1,290.8) |
Balance, end of period | 20,601.3 | 21,783.6 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | (628.8) | 97.7 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 13.2 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 1,968.5 | 2,714.1 |
Transfers in | 4.5 | |
Transfers out | (343.9) | (273.6) |
Purchases | 75.6 | 46.4 |
Sales | (1,085.7) | (618) |
Settlements | 0 | 0 |
Realized and unrealized gains (losses), net | ||
Included in earnings | 156.1 | 370.6 |
Included in other comprehensive income | (208.5) | (275.5) |
Balance, end of period | 575.3 | 1,968.5 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | (388.8) | 65.4 |
Bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 1,235.8 | 1,249.5 |
Transfers in | 0 | |
Transfers out | 0 | 0 |
Purchases | 500.4 | 748.9 |
Sales | (442.5) | (623.1) |
Settlements | 0 | 0 |
Realized and unrealized gains (losses), net | ||
Included in earnings | 0.7 | (9.2) |
Included in other comprehensive income | (113.5) | (130.3) |
Balance, end of period | 1,180.9 | 1,235.8 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 1.1 | (11.7) |
Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 15,084.9 | 14,067.8 |
Transfers in | 0 | |
Transfers out | 0 | 0 |
Purchases | 7,950.7 | 8,212.4 |
Sales | (3,148.2) | (2,431.9) |
Settlements | (3,358.6) | (3,979.6) |
Realized and unrealized gains (losses), net | ||
Included in earnings | (357.9) | (152.3) |
Included in other comprehensive income | (484.2) | (631.5) |
Balance, end of period | 15,686.7 | 15,084.9 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | (386.7) | (99.6) |
Partnership and LLC interests | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 3,481 | 3,815.2 |
Transfers in | 0 | |
Transfers out | 0 | 0 |
Purchases | 488.2 | 297.5 |
Sales | (1,191.8) | (1,239.7) |
Settlements | 0 | 0 |
Realized and unrealized gains (losses), net | ||
Included in earnings | 765.3 | 861.5 |
Included in other comprehensive income | (399.4) | (253.5) |
Balance, end of period | 3,143.3 | 3,481 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 143.6 | 142.7 |
Other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 1.5 | 2 |
Transfers in | 0 | |
Transfers out | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (0.5) |
Settlements | 0 | 0 |
Realized and unrealized gains (losses), net | ||
Included in earnings | 3.5 | 0 |
Included in other comprehensive income | 0 | 0 |
Balance, end of period | 5 | 1.5 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 3.8 | 0.8 |
Trading securities and other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 3.3 | 6.9 |
Transfers in | 0 | |
Transfers out | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | (3.7) |
Settlements | 0 | 0 |
Realized and unrealized gains (losses), net | ||
Included in earnings | (1.9) | 0.1 |
Included in other comprehensive income | 0 | 0 |
Balance, end of period | 1.4 | 3.3 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | (1.9) | 0.1 |
Restricted securities of Consolidated Funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Initial consolidation of funds | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 8.6 | 8.6 |
Transfers in | 0 | |
Transfers out | (3.9) | 0 |
Purchases | 3.9 | 0 |
Sales | 0 | $ 0 |
Settlements | 0 | |
Realized and unrealized gains (losses), net | ||
Included in earnings | 0.1 | $ 0 |
Included in other comprehensive income | 0 | 0 |
Balance, end of period | 8.7 | 8.6 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ 0.1 | $ 0 |
Fair Value Measurement - Chan66
Fair Value Measurement - Changes in Financial Liabilities Using Level III Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Initial consolidation of funds | $ 13.2 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | 565.9 | $ 1,070.7 |
Included in other comprehensive income | (1,205.6) | (1,290.8) |
Level III | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 16,266.7 | 15,534.7 |
Initial consolidation of funds | 1,248.6 | 2,656.9 |
Borrowings | 4,200.6 | 2,304.6 |
Paydowns | (3,557.2) | (3,472.2) |
Issuances of equity | (1.8) | |
Sales | (7.4) | (4.4) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | (376.4) | 12.3 |
Included in other comprehensive income | (602.9) | (763.4) |
Balance, end of period | 17,172 | 16,266.7 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | (467.2) | (80) |
Level III | Loans Payable of Consolidated Funds | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 16,052.2 | 15,220.7 |
Initial consolidation of funds | 1,248.6 | 2,656.9 |
Borrowings | 4,196.7 | 2,251.2 |
Paydowns | (3,465.4) | (3,286.5) |
Issuances of equity | 0 | |
Sales | 0 | 0 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | (436.5) | (8.5) |
Included in other comprehensive income | (548.9) | (781.6) |
Balance, end of period | 17,046.7 | 16,052.2 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | (489.1) | (101.8) |
Level III | Derivative Instruments of Consolidated Funds | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 17.2 | 13.1 |
Initial consolidation of funds | 0 | 0 |
Borrowings | 0 | 0 |
Paydowns | 0 | 0 |
Issuances of equity | 0 | |
Sales | (7.4) | (4.4) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | 20.9 | 10.6 |
Included in other comprehensive income | (1.6) | (2.1) |
Balance, end of period | 29.1 | 17.2 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | (16.5) | (7.4) |
Level III | Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 51.1 | 178.8 |
Initial consolidation of funds | 0 | 0 |
Borrowings | 0 | 0 |
Paydowns | (22.6) | (97.9) |
Issuances of equity | (1.8) | |
Sales | 0 | 0 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | (7.4) | (27.4) |
Included in other comprehensive income | (0.3) | (0.6) |
Balance, end of period | 20.8 | 51.1 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | (8.2) | (8.4) |
Level III | Loans Payable of a consolidated real estate VIE | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 146.2 | 122.1 |
Initial consolidation of funds | 0 | 0 |
Borrowings | 3.9 | 53.4 |
Paydowns | (69.2) | (87.8) |
Issuances of equity | 0 | |
Sales | 0 | 0 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Abstract] | ||
Included in earnings | 46.6 | 37.6 |
Included in other comprehensive income | (52.1) | 20.9 |
Balance, end of period | 75.4 | 146.2 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ 46.6 | $ 37.6 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information about Partnership's Level III Inputs (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)Multiplier$ / shares | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 17,175.7 | $ 16,269.9 |
Level III | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | 20,601.3 | 21,783.6 |
Fair value of liabilities | 17,172 | 16,266.7 |
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 15,915.5 | $ 14,757.5 |
Valuation Technique(s) Liabilities | Discounted Cash Flow with Consensus Pricing | Discounted Cash Flow with Consensus Pricing |
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 38.00% | 35.00% |
Recovery Rates Range Percentage | 55.00% | 63.00% |
Discount Rate Range Percentage | 1.00% | 1.00% |
Default Rates Range Percentage | 1.00% | 1.00% |
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 102.00% | 100.00% |
Recovery Rates Range Percentage | 80.00% | 75.00% |
Discount Rate Range Percentage | 12.00% | 11.00% |
Default Rates Range Percentage | 5.00% | 3.00% |
Level III | Senior secured notes | Discounted Cash Flow with Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 98.00% | 98.00% |
Recovery Rates Range Percentage | 63.00% | 68.00% |
Discount Rate Range Percentage | 3.00% | 3.00% |
Default Rates Range Percentage | 3.00% | 2.00% |
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 1,112.4 | $ 1,278.8 |
Valuation Technique(s) Liabilities | Discounted Cash Flow with Consensus Pricing | Discounted Cash Flow with Consensus Pricing |
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 1.00% | 1.00% |
Recovery Rates Range Percentage | 55.00% | 63.00% |
Discount Rate Range Percentage | 9.00% | 8.00% |
Default Rates Range Percentage | 1.00% | 1.00% |
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 101.00% | 132.00% |
Recovery Rates Range Percentage | 80.00% | 75.00% |
Discount Rate Range Percentage | 16.00% | 15.00% |
Default Rates Range Percentage | 5.00% | 3.00% |
Level III | Subordinated notes and preferred shares | Discounted Cash Flow with Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 55.00% | 63.00% |
Recovery Rates Range Percentage | 64.00% | 68.00% |
Discount Rate Range Percentage | 12.00% | 10.00% |
Default Rates Range Percentage | 3.00% | 2.00% |
Level III | Combination notes | Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 18.8 | $ 15.9 |
Valuation Technique(s) Liabilities | Consensus Pricing | Consensus Pricing |
Level III | Combination notes | Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 88.00% | 97.00% |
Level III | Combination notes | Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 96.00% | 98.00% |
Level III | Combination notes | Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 94.00% | 98.00% |
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 75.4 | $ 146.2 |
Valuation Technique(s) Liabilities | Discounted Cash Flow | Discounted Cash Flow |
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount to Expected Payment | 10.00% | 0.00% |
Discount Rate Range Percentage | 20.00% | 23.00% |
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount to Expected Payment | 52.00% | 100.00% |
Discount Rate Range Percentage | 30.00% | 33.00% |
Level III | Loans Payable of a consolidated real estate VIE | Discounted Cash Flow | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount to Expected Payment | 35.00% | 36.00% |
Discount Rate Range Percentage | 23.00% | 26.00% |
Level III | Derivative instruments of Consolidated Funds | Counterparty Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 29.1 | $ 17.2 |
Valuation Technique(s) Liabilities | Counterparty Pricing | Counterparty Pricing |
Level III | Derivative instruments of Consolidated Funds | Counterparty Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 3.00% | 2.00% |
Level III | Derivative instruments of Consolidated Funds | Counterparty Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 34.00% | 22.00% |
Level III | Derivative instruments of Consolidated Funds | Counterparty Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 22.00% | 11.00% |
Level III | Contingent cash consideration | Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of liabilities | $ 20.8 | $ 51.1 |
Valuation Technique(s) Liabilities | Discounted Cash Flow | Discounted Cash Flow |
Level III | Contingent cash consideration | Discounted Cash Flow | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Assumed Range Percentage of Total Potential Contingent Payments | 0.00% | 0.00% |
Discount Rate Range Percentage | 4.00% | 5.00% |
Level III | Contingent cash consideration | Discounted Cash Flow | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Assumed Range Percentage of Total Potential Contingent Payments | 100.00% | 100.00% |
Discount Rate Range Percentage | 22.00% | 18.00% |
Level III | Contingent cash consideration | Discounted Cash Flow | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Assumed Range Percentage of Total Potential Contingent Payments | 8.00% | 20.00% |
Discount Rate Range Percentage | 9.00% | 13.00% |
Level III | Equity securities | Comparable Multiple 1 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 556 | $ 1,783.7 |
Valuation Technique(s) Assets | Comparable Multiple | Comparable Multiple |
Level III | Equity securities | Comparable Multiple 1 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 1 | 4.8 |
Level III | Equity securities | Comparable Multiple 1 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 20.4 | 16.2 |
Level III | Equity securities | Comparable Multiple 1 | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 11.4 | 12.1 |
Level III | Equity securities | Comparable Multiple 2 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 168.7 | |
Valuation Technique(s) Assets | Comparable Multiple | |
Level III | Equity securities | Comparable Multiple 2 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Forward Ebitda Multiple Range | Multiplier | 8.4 | |
Level III | Equity securities | Comparable Multiple 2 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Forward Ebitda Multiple Range | Multiplier | 8.4 | |
Level III | Equity securities | Comparable Multiple 2 | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Forward Ebitda Multiple Range | Multiplier | 8.4 | |
Level III | Equity securities | Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 6.1 | $ 16.1 |
Valuation Technique(s) Assets | Consensus Pricing | Consensus Pricing |
Level III | Equity securities | Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Per Share | $ / shares | $ 0 | $ 0 |
Level III | Equity securities | Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Per Share | $ / shares | 647 | 246 |
Level III | Equity securities | Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Per Share | $ / shares | $ 0 | $ 0 |
Level III | Equity securities | Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 8 | |
Valuation Technique(s) Assets | Discounted Cash Flow | |
Level III | Equity securities | Discounted Cash Flow | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Equity securities | Discounted Cash Flow | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Equity securities | Discounted Cash Flow | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Equity securities | Other Valuation Technique | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 5.2 | |
Valuation Technique(s) Assets | Other | |
Level III | Bonds | Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 1,180.9 | $ 1,235.8 |
Valuation Technique(s) Assets | Consensus Pricing | Consensus Pricing |
Level III | Bonds | Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 30.00% | 1.00% |
Level III | Bonds | Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 112.00% | 115.00% |
Level III | Bonds | Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 97.00% | 98.00% |
Level III | Loans | Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 15,673.3 | $ 14,873.4 |
Valuation Technique(s) Assets | Consensus Pricing | Consensus Pricing |
Level III | Loans | Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 28.00% | 0.00% |
Level III | Loans | Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 102.00% | 103.00% |
Level III | Loans | Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Percentage | 96.00% | 98.00% |
Level III | Loans | Market Yield Analysis | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 13.4 | $ 211.5 |
Valuation Technique(s) Assets | Market Yield Analysis | Market Yield Analysis |
Level III | Loans | Market Yield Analysis | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 5.00% | |
Market Yield Range Percentage | 5.00% | |
Level III | Loans | Market Yield Analysis | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 16.00% | |
Market Yield Range Percentage | 17.00% | |
Level III | Loans | Market Yield Analysis | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Market Yield Range Percentage | 11.00% | |
Level III | Partnership and LLC interests | Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 59.6 | |
Valuation Technique(s) Assets | Discounted Cash Flow | |
Level III | Partnership and LLC interests | Discounted Cash Flow | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 8.00% | |
Exit Cap Rate Valuation Technique | 5.00% | |
Level III | Partnership and LLC interests | Discounted Cash Flow | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Exit Cap Rate Valuation Technique | 6.00% | |
Level III | Partnership and LLC interests | Discounted Cash Flow | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 9.00% | |
Exit Cap Rate Valuation Technique | 5.00% | |
Level III | Partnership and LLC interests | NAV of Underlying Fund | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 3,083.7 | $ 3,481 |
Valuation Technique(s) Assets | NAV of Underlying Fund(1) | NAV of Underlying Fund(1) |
Level III | Other | Counterparty Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 5 | $ 1.5 |
Valuation Technique(s) Assets | Counterparty Pricing | Counterparty Pricing |
Level III | Other | Counterparty Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 1.00% | 0.00% |
Level III | Other | Counterparty Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 22.00% | 6.00% |
Level III | Other | Counterparty Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 7.00% | 3.00% |
Level III | Investments of Consolidated Funds | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 20,591.2 | $ 21,771.7 |
Level III | Trading securities | Comparable Multiple 1 | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 1.4 | $ 3 |
Valuation Technique(s) Assets | Comparable Multiple | Comparable Multiple |
Level III | Trading securities | Comparable Multiple 1 | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 5.8 | 5.8 |
Level III | Trading securities | Comparable Multiple 1 | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 5.8 | 5.8 |
Level III | Trading securities | Comparable Multiple 1 | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
LTM EBITDA Multiple Range | 5.8 | 5.8 |
Level III | Trading securities | Discounted Cash Flow | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 0.3 | |
Valuation Technique(s) Assets | Discounted Cash Flow | |
Level III | Trading securities | Discounted Cash Flow | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Trading securities | Discounted Cash Flow | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Trading securities | Discounted Cash Flow | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount Rate Range Percentage | 10.00% | |
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of assets | $ 8.7 | $ 8.6 |
Valuation Technique(s) Assets | Consensus Pricing | Consensus Pricing |
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 88.00% | 87.00% |
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 88.00% | 87.00% |
Level III | Restricted securities of Consolidated Funds | Consensus Pricing | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Indicative Quotes Range Notional Amount | 88.00% | 87.00% |
Accrued Performance Fees - Comp
Accrued Performance Fees - Components of Accrued Performance Fee (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Accrued performance fees | $ 2,988.6 | $ 3,795.6 |
Corporate Private Equity | ||
Segment Reporting Information [Line Items] | ||
Accrued performance fees | 2,096.9 | 2,932.6 |
Global Market Strategies | ||
Segment Reporting Information [Line Items] | ||
Accrued performance fees | 78.3 | 129.9 |
Real Assets | ||
Segment Reporting Information [Line Items] | ||
Accrued performance fees | 313.6 | 272.9 |
Investment Solutions | ||
Segment Reporting Information [Line Items] | ||
Accrued performance fees | $ 499.8 | $ 460.2 |
Accrued Performance Fees - Addi
Accrued Performance Fees - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)fund | Dec. 31, 2014USD ($)fund | Dec. 31, 2013USD ($)fund | |
Segment Reporting Information [Line Items] | |||
Percentage of accrued performance fees related to certain Corporate Private Equity funds | 54.00% | 55.00% | |
Number of Partnership's Corporate Private Equity funds related to accrued performance fees | fund | 3 | 2 | |
Percentage of performance fees related to certain Corporate Private Equity funds | 51.00% | 71.00% | 63.00% |
Performance fees related to certain Corporate Private Equity funds | $ 422.1 | $ 1,200 | $ 1,500 |
Number of Partnership's Corporate Private Equity funds related to performance fees | fund | 2 | 2 | 3 |
Number of Partnership's Real Asset Funds related to performance fees | fund | 2 | ||
Carlyle Partners V, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | $ 680.5 | $ 725.2 | |
Carlyle Europe Partners III, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | $ 273.4 | $ 658.5 | 580.8 |
Carlyle Asia Partners III, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | 202.7 | ||
Carlyle Realty Partners VI, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | 116.4 | ||
Carlyle/Riverstone Global Energy and Power Fund III, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | $ (102.6) | ||
Carlyle Partners IV, L.P. | |||
Segment Reporting Information [Line Items] | |||
Revenue recognized on certain Corporate Private Equity funds | $ 419.1 |
Accrued Performance Fees - Co70
Accrued Performance Fees - Components of Accrued Giveback Obligations (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Accrued giveback obligations | $ (252) | $ (104.4) |
Corporate Private Equity | ||
Segment Reporting Information [Line Items] | ||
Accrued giveback obligations | (36.6) | (52.4) |
Real Assets | ||
Segment Reporting Information [Line Items] | ||
Accrued giveback obligations | $ (215.4) | $ (52) |
Accrued Performance Fees - Perf
Accrued Performance Fees - Performance Fees (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Performance Fees | $ 824.9 | $ 1,674.4 | $ 2,375.3 |
Corporate Private Equity | |||
Segment Reporting Information [Line Items] | |||
Performance Fees | 698.2 | 1,340.2 | 1,907.4 |
Global Market Strategies | |||
Segment Reporting Information [Line Items] | |||
Performance Fees | (41) | 81.7 | 208.2 |
Real Assets | |||
Segment Reporting Information [Line Items] | |||
Performance Fees | 49.3 | 66.5 | 79.7 |
Investment Solutions | |||
Segment Reporting Information [Line Items] | |||
Performance Fees | $ 118.4 | $ 186 | $ 180 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments Schedule [Abstract] | ||
Equity method investments, excluding accrued performance fees | $ 873.9 | $ 918.7 |
Trading securities and other investments | 12 | 12.9 |
Total investments | $ 885.9 | $ 931.6 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 15, 2015 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Approximate cash consideration to be paid in cash future year | 33.33% | |||
Approximate cash consideration to be issued as promissory note in future year | 66.66% | |||
Percentage of carried interest income to be allocated to Partnership for future interests in future carry funds | 47.50% | |||
Number of years until Carlyle can purchase the remaining interests in NGP Management | 9 years | |||
Partnership vested period (in years) | 5 years | |||
Carrying value for carried interest | $ 0 | $ 18,500,000 | ||
Carrying value for general partner investments | 18,700,000 | 20,400,000 | ||
Amount of cash for strategic investment contingent consideration | 63,000,000 | |||
Amount of promissory note for strategic investment contingent consideration | $ 120,000,000 | |||
Term length promissory note (in years) | 6 years | |||
Promissory note basis spread on variable rate note (as a percent) | 2.50% | |||
Aggregate commitments for NGP XI Fund | $ 5,300,000,000 | |||
Partnership's basis difference based on underlying net assets | $ 85,000,000 | 141,600,000 | $ 199,600,000 | |
Basis difference amortization period (in years) | 10 years | |||
Trading securities and other investments | $ 12,000,000 | $ 12,900,000 | ||
Management fee-related revenues | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of management fee revenue allocated to Carlyle | 55.00% | 47.50% | ||
Barclays Natural Resource Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contingent consideration | $ 183,000,000 | |||
Accrued contingent consideration obligation | $ 183,000,000 | |||
Carlyle Holdings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Issuance of partnership units (in shares) | 597,944 | |||
Value of additional partnership units to be issued upon the satisfaction of certain performance conditions | $ 15,000,000 | |||
ECM Capital, L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contingent consideration | $ 45,000,000 | |||
ECM Capital, L.P. | Barclays Natural Resource Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of carried interest to be received if certain options to purchase additional interests are made | 40.00% | |||
Purchase price | $ 504,600,000 | |||
Issuance of partnership units (in shares) | 996,572 | |||
Corporate Mezzanine Securities Bonds And Warrants | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Trading securities and other investments | $ 12,000,000 | $ 12,900,000 |
Investments - Schedule of Net I
Investments - Schedule of Net Investment Earnings (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Management fees | $ 53.9 | $ 56.8 | $ 63.2 |
Performance fees | (18.5) | (39.2) | 0 |
Investment loss | (3.3) | (2.2) | 0 |
Expenses and amortization of basis differences | (71.9) | (74.7) | (77.2) |
Net investment loss | $ (39.8) | $ (59.3) | $ (14) |
Investments - Schedule of Equit
Investments - Schedule of Equity Method Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Equity method investments | $ 873.9 | $ 918.7 |
Corporate Private Equity | ||
Schedule of Investments [Line Items] | ||
Equity method investments | 254.5 | 246.3 |
Global Market Strategies | ||
Schedule of Investments [Line Items] | ||
Equity method investments | 26.7 | 25.3 |
Real Assets | ||
Schedule of Investments [Line Items] | ||
Equity method investments | $ 592.7 | $ 647.1 |
Investments - Partnership's Equ
Investments - Partnership's Equity Method Investees, Summarized Statement of Income Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | |||
Investment income | $ 1,015.5 | $ 1,836.5 | $ 1,933.6 |
Expenses | 1,263.9 | 1,392.5 | 1,069.5 |
Net investment income (loss) | (248.4) | 444 | 864.1 |
Net realized and unrealized gain (loss) | 1,460.9 | 11,245.9 | 10,310.4 |
Net income (loss) | 1,212.5 | 11,689.9 | 11,174.5 |
Corporate Private Equity | |||
Schedule of Investments [Line Items] | |||
Investment income | 380.7 | 528.3 | 699.7 |
Expenses | 613.8 | 665.6 | 495.9 |
Net investment income (loss) | (233.1) | (137.3) | 203.8 |
Net realized and unrealized gain (loss) | 4,831.6 | 8,387.9 | 9,795.5 |
Net income (loss) | 4,598.5 | 8,250.6 | 9,999.3 |
Global Market Strategies | |||
Schedule of Investments [Line Items] | |||
Investment income | 193.6 | 193.5 | 199.3 |
Expenses | 45.7 | 48.7 | 65 |
Net investment income (loss) | 147.9 | 144.8 | 134.3 |
Net realized and unrealized gain (loss) | (323.1) | 247 | 305.2 |
Net income (loss) | (175.2) | 391.8 | 439.5 |
Real Assets | |||
Schedule of Investments [Line Items] | |||
Investment income | 441.2 | 1,114.7 | 1,034.6 |
Expenses | 604.4 | 678.2 | 508.6 |
Net investment income (loss) | (163.2) | 436.5 | 526 |
Net realized and unrealized gain (loss) | (3,047.6) | 2,611 | 209.7 |
Net income (loss) | $ (3,210.8) | $ 3,047.5 | $ 735.7 |
Investments - Partnership's E77
Investments - Partnership's Equity Method Investees, Summarized Balance Sheet Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investments | $ 58,980.2 | $ 70,711.5 |
Total assets | 64,487.1 | 75,188.4 |
Debt | 1,970.6 | 1,386.5 |
Other liabilities | 889.8 | 2,335.5 |
Total liabilities | 2,860.4 | 3,722 |
Partners’ capital | 61,626.7 | 71,466.4 |
Corporate Private Equity | ||
Schedule of Investments [Line Items] | ||
Investments | 35,535.4 | 38,498 |
Total assets | 39,489.9 | 41,636.9 |
Debt | 281.5 | 276.3 |
Other liabilities | 540.7 | 1,445.3 |
Total liabilities | 822.2 | 1,721.6 |
Partners’ capital | 38,667.7 | 39,915.3 |
Global Market Strategies | ||
Schedule of Investments [Line Items] | ||
Investments | 2,262.1 | 2,398.4 |
Total assets | 2,604 | 2,542.2 |
Debt | 176.6 | 67.3 |
Other liabilities | 17.7 | 15 |
Total liabilities | 194.3 | 82.3 |
Partners’ capital | 2,409.7 | 2,459.9 |
Real Assets | ||
Schedule of Investments [Line Items] | ||
Investments | 21,182.7 | 29,815.1 |
Total assets | 22,393.2 | 31,009.3 |
Debt | 1,512.5 | 1,042.9 |
Other liabilities | 331.4 | 875.2 |
Total liabilities | 1,843.9 | 1,918.1 |
Partners’ capital | $ 20,549.3 | $ 29,091.2 |
Investments - Components of Inv
Investments - Components of Investment Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Income (loss) from equity investments | $ 9.4 | $ (8.3) | $ 14.2 |
Income (loss) from trading securities | (1.7) | 0.1 | 4.2 |
Other investment income | 7.5 | 1 | 0.4 |
Total investment income (loss) | $ 15.2 | $ (7.2) | $ 18.8 |
Investments - Schedule of Incom
Investments - Schedule of Income (Loss) from Equity-Method Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | |||
Income (loss) from equity investments | $ 9.4 | $ (8.3) | $ 14.2 |
Corporate Private Equity | |||
Schedule of Investments [Line Items] | |||
Income (loss) from equity investments | 28.9 | 53.8 | 59.2 |
Global Market Strategies | |||
Schedule of Investments [Line Items] | |||
Income (loss) from equity investments | (0.9) | 1.3 | 4.6 |
Real Assets | |||
Schedule of Investments [Line Items] | |||
Income (loss) from equity investments | $ (18.6) | $ (63.4) | $ (49.6) |
Investments - Consolidated Fund
Investments - Consolidated Funds Narrative (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2015USD ($)collateralized_loan_obligation | |
Equity Method Investments and Joint Ventures [Abstract] | |
Number of CLOs | collateralized_loan_obligation | 8 |
Total assets of the CLOs that were formed during the year | $ | $ 5 |
Minimum percent of aggregate assets for individual investments with fair value | 5.00% |
Investments - Schedule of Inv81
Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 17,064.7 | $ 16,052.2 |
Percentage of investments in Hedge Funds | 100.00% | 100.00% |
Total assets of the CLOs | $ 5,000 | |
Investments | 24,018.5 | $ 26,044.7 |
Investments of Consolidated Funds | 23,998.8 | 26,028.8 |
Loans | Retailing | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 6.8 | $ 109.1 |
Percentage of loans payable of Consolidated Funds | 0.03% | 0.42% |
United States | ||
Schedule of Investments [Line Items] | ||
Percentage of investments in Hedge Funds | 69.28% | 68.53% |
Investments | $ 16,628.6 | $ 17,838.9 |
United States | Equity securities | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 590.8 | $ 1,333.8 |
Percentage of equity securities | 2.45% | 5.12% |
United States | Equity securities | Commercial & Professional Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0.2 | $ 201.3 |
Percentage of equity securities | 0.00% | 0.77% |
United States | Equity securities | Diversified Financials | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 290.2 | $ 264.4 |
Percentage of equity securities | 1.21% | 1.02% |
United States | Equity securities | Food, Beverage & Tobacco | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0 | $ 414 |
Percentage of equity securities | 0.00% | 1.59% |
United States | Equity securities | Media | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 69.3 | $ 97.3 |
Percentage of equity securities | 0.29% | 0.37% |
United States | Equity securities | Health Care Equipment & Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 71.7 | $ 100.9 |
Percentage of equity securities | 0.30% | 0.39% |
United States | Equity securities | Consumer Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 38.6 | $ 67.7 |
Percentage of equity securities | 0.16% | 0.26% |
United States | Equity securities | Capital Goods | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0.6 | $ 60.3 |
Percentage of equity securities | 0.00% | 0.23% |
United States | Equity securities | Software & Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 65.4 | $ 38.9 |
Percentage of equity securities | 0.27% | 0.15% |
United States | Equity securities | Transportation | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 3.1 | $ 49.6 |
Percentage of equity securities | 0.01% | 0.19% |
United States | Equity securities | Food & Staples Retailing | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0 | $ 30.9 |
Percentage of equity securities | 0.00% | 0.12% |
United States | Equity securities | Consumer Durables & Apparel | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 50.6 | $ 7.6 |
Percentage of equity securities | 0.21% | 0.03% |
United States | Equity securities | Other | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 1.1 | $ 0.9 |
Percentage of equity securities | 0.00% | 0.00% |
United States | Loans | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 13.4 | $ 211.5 |
Percentage of loans payable of Consolidated Funds | 0.06% | 0.82% |
United States | Loans | Commercial & Professional Services | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 0.1 | $ 31.1 |
Percentage of loans payable of Consolidated Funds | 0.00% | 0.12% |
United States | Loans | Diversified Financials | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 0 | $ 6.7 |
Percentage of loans payable of Consolidated Funds | 0.00% | 0.03% |
United States | Loans | Transportation | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 0 | $ 27.8 |
Percentage of loans payable of Consolidated Funds | 0.00% | 0.11% |
United States | Loans | Materials | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 0.6 | $ 32.5 |
Percentage of loans payable of Consolidated Funds | 0.00% | 0.12% |
United States | Loans | Other | ||
Schedule of Investments [Line Items] | ||
Loans payable of Consolidated Funds | $ 5.9 | $ 4.3 |
Percentage of loans payable of Consolidated Funds | 0.03% | 0.02% |
United States | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Partnership and LLC interests | $ 1,889.3 | $ 2,188.5 |
Percentage of partnership and LLC interests | 7.87% | 8.41% |
United States | Total investment in Hedge Funds | ||
Schedule of Investments [Line Items] | ||
Investment in Hedge Funds | $ 2,841.2 | $ 3,753.5 |
Percentage of investments in Hedge Funds | 11.84% | 14.42% |
United States | Assets of the CLOs - Bonds | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 50.6 | $ 141.8 |
Percentage of assets of the CLOs | 0.21% | 0.54% |
United States | Assets of the CLOs - Equity | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 2.3 | $ 6.5 |
Percentage of assets of the CLOs | 0.01% | 0.02% |
United States | Assets of the CLOs - Loans | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 11,241 | $ 10,203.3 |
Percentage of assets of the CLOs | 46.84% | 39.20% |
United States | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 11,293.9 | $ 10,351.6 |
Percentage of assets of the CLOs | 47.06% | 39.76% |
Europe | ||
Schedule of Investments [Line Items] | ||
Percentage of investments in Hedge Funds | 25.09% | 27.33% |
Investments of Consolidated Funds | $ 6,021.2 | $ 7,112.3 |
Europe | Equity securities | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 418.6 | $ 1,011.3 |
Percentage of equity securities | 1.74% | 3.89% |
Europe | Equity securities | Commercial & Professional Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 43 | $ 75.4 |
Percentage of equity securities | 0.18% | 0.29% |
Europe | Equity securities | Media | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 10.5 | $ 40 |
Percentage of equity securities | 0.04% | 0.15% |
Europe | Equity securities | Health Care Equipment & Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 81 | $ 97.8 |
Percentage of equity securities | 0.34% | 0.38% |
Europe | Equity securities | Consumer Services | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 94.7 | $ 38.2 |
Percentage of equity securities | 0.39% | 0.15% |
Europe | Equity securities | Retailing | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 95.7 | $ 119.4 |
Percentage of equity securities | 0.40% | 0.46% |
Europe | Equity securities | Transportation | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0 | $ 88.8 |
Percentage of equity securities | 0.00% | 0.34% |
Europe | Equity securities | Food & Staples Retailing | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 57.9 | $ 350.4 |
Percentage of equity securities | 0.24% | 1.35% |
Europe | Equity securities | Energy | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 0 | $ 168.8 |
Percentage of equity securities | 0.00% | 0.65% |
Europe | Equity securities | Other | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 35.8 | $ 32.5 |
Percentage of equity securities | 0.15% | 0.12% |
Europe | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Partnership and LLC interests | $ 640.6 | $ 800 |
Percentage of investments in Hedge Funds | 2.67% | 3.07% |
Europe | Assets of the CLOs - Bonds | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 1,115.8 | $ 1,081.3 |
Percentage of assets of the CLOs | 4.65% | 4.15% |
Europe | Assets of the CLOs - Equity | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 3.8 | $ 9.7 |
Percentage of assets of the CLOs | 0.02% | 0.04% |
Europe | Assets of the CLOs - Loans | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 3,837.4 | $ 4,208.5 |
Percentage of assets of the CLOs | 15.99% | 16.17% |
Europe | Assets of the CLOs - Other | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 5 | $ 1.5 |
Percentage of assets of the CLOs | 0.02% | 0.01% |
Europe | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 4,962 | $ 5,301 |
Percentage of assets of the CLOs | 20.68% | 20.37% |
Global | ||
Schedule of Investments [Line Items] | ||
Percentage of investments in Hedge Funds | 5.63% | 4.14% |
Investments of Consolidated Funds | $ 1,349 | $ 1,077.6 |
Global | Equity securities | Food, Beverage & Tobacco | ||
Schedule of Investments [Line Items] | ||
Equity securities | $ 126.2 | $ 110.8 |
Percentage of equity securities | 0.53% | 0.43% |
Global | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Partnership and LLC interests | $ 613.4 | $ 492.5 |
Percentage of partnership and LLC interests | 2.56% | 1.89% |
Global | Assets of the CLOs - Bonds | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 14.5 | $ 12.7 |
Percentage of assets of the CLOs | 0.06% | 0.05% |
Global | Assets of the CLOs - Loans | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 594.9 | $ 461.6 |
Percentage of assets of the CLOs | 2.48% | 1.77% |
Global | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Total assets of the CLOs | $ 609.4 | $ 474.3 |
Percentage of assets of the CLOs | 2.54% | 1.82% |
Investments - Schedule of Inv82
Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds (Additional Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Cost of investments of Consolidated Funds | $ 21,987.8 | $ 22,393.9 |
United States | Equity securities | ||
Schedule of Investments [Line Items] | ||
Cost of equity securities | 833 | 1,337.9 |
United States | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Cost of partnership and LLC interests | 1,784.7 | 2,154.3 |
United States | Loans | ||
Schedule of Investments [Line Items] | ||
Cost of loans | 83.6 | 260.7 |
United States | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Cost of assets of the CLOs | 11,658.3 | 10,413 |
Europe | Equity securities | ||
Schedule of Investments [Line Items] | ||
Cost of equity securities | 650.2 | 939.1 |
Europe | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Cost of partnership and LLC interests | 694.3 | 840.9 |
Europe | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Cost of assets of the CLOs | 5,048.3 | 5,429.1 |
Global | Equity securities | ||
Schedule of Investments [Line Items] | ||
Cost of equity securities | 77 | 85.6 |
Global | Partnership and LLC interests | ||
Schedule of Investments [Line Items] | ||
Cost of partnership and LLC interests | 497.7 | 452.7 |
Global | Total assets of the CLOs | ||
Schedule of Investments [Line Items] | ||
Cost of assets of the CLOs | $ 643.7 | $ 480.6 |
Investments - Components of Int
Investments - Components of Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Interest income from investments | $ 873.1 | $ 864.9 | $ 876.8 |
Other income | 102.4 | 91.1 | 166.3 |
Total | $ 975.5 | $ 956 | $ 1,043.1 |
Investments - Components of Net
Investments - Components of Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||
Gains from investments of Consolidated Funds | $ 426.2 | $ 857.7 | $ 1,390.5 | ||||||||
Gains (losses) from liabilities of CLOs | 436.5 | 27.2 | (695.1) | ||||||||
Gains on other assets of CLOs | 1.7 | 2.1 | 1.3 | ||||||||
Total | $ (71.4) | $ (31.3) | $ 461.6 | $ 505.5 | $ (107.5) | $ 125.5 | $ 445 | $ 424 | $ 864.4 | $ 887 | $ 696.7 |
Investments - Schedule of Reali
Investments - Schedule of Realized and Unrealized Gains (Losses) Earned From Investments of the Consolidated Funds (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Realized gains | $ 1,114.7 | $ 1,107.4 | $ 662 |
Net change in unrealized gains (losses) | (688.5) | (249.7) | 728.5 |
Total | $ 426.2 | $ 857.7 | $ 1,390.5 |
Intangible Assets and Goodwil86
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acquired contractual rights | $ 830.4 | $ 843 |
Acquired trademarks | 6.6 | 6.7 |
Accumulated amortization | (739.6) | (455.1) |
Finite-lived intangible assets, net | 97.4 | 394.6 |
Goodwill | 38.3 | 47.5 |
Intangible assets, net | $ 135.7 | $ 442.1 |
Intangible Assets and Goodwil87
Intangible Assets and Goodwill - Carrying Amount of Goodwill, by Segment (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 47.5 |
Impairment charge | (7) |
Foreign currency translation | (2.2) |
Ending balance | 38.3 |
Global Market Strategies | |
Goodwill [Roll Forward] | |
Beginning balance | 28 |
Impairment charge | 0 |
Foreign currency translation | 0 |
Ending balance | 28 |
Investment Solutions | |
Goodwill [Roll Forward] | |
Beginning balance | 19.5 |
Impairment charge | (7) |
Foreign currency translation | (2.2) |
Ending balance | $ 10.3 |
Intangible Assets and Goodwil88
Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 36.7 |
2,017 | 31.6 |
2,018 | 15.6 |
2,019 | 5.4 |
2,020 | 5.4 |
Thereafter | 2.7 |
Total estimated amortization expense | $ 97.4 |
Intangible Assets and Goodwil89
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||||
Goodwill | $ 38,300,000 | $ 38,300,000 | $ 47,500,000 | ||
Amount of redemption notices related to Credit Hedge Funds | $ 1,900,000,000 | ||||
Impairment of intangible assets | 186,600,000 | ||||
Total net pretax charge Credit Hedge Funds | 162,400,000 | ||||
Impairment loss | 11,800,000 | 66,200,000 | $ 20,800,000 | ||
Intangible asset amortization expense | 76,100,000 | 103,000,000 | $ 117,900,000 | ||
Corporate Private Equity | |||||
Goodwill [Line Items] | |||||
Goodwill | 0 | 0 | |||
Investment Solutions | |||||
Goodwill [Line Items] | |||||
Goodwill | 10,300,000 | 10,300,000 | 19,500,000 | ||
Impairment of intangible assets | 15,000,000 | ||||
Global Market Strategies | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 28,000,000 | $ 28,000,000 | $ 28,000,000 | ||
Minimum | Discounted Cash Flow | Level III | Global Market Strategies | |||||
Goodwill [Line Items] | |||||
Discount rate (as a percent) | 10.00% | ||||
Maximum | Discounted Cash Flow | Level III | Global Market Strategies | |||||
Goodwill [Line Items] | |||||
Discount rate (as a percent) | 20.00% |
Borrowings - Partnership's Borr
Borrowings - Partnership's Borrowings (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Borrowings [Line Items] | ||
Borrowing Outstanding | $ 1,138.7 | $ 1,140.2 |
Carrying Value | 1,145.1 | 1,146.9 |
Senior Credit Facility Term Loan Due 5/05/2020 | ||
Borrowings [Line Items] | ||
Borrowing Outstanding | 25 | 25 |
Carrying Value | 25 | 25 |
CLO Term Loan | ||
Borrowings [Line Items] | ||
Borrowing Outstanding | 13.7 | 15.2 |
Carrying Value | 13.7 | 15.2 |
3.875% senior notes due 2023 | ||
Borrowings [Line Items] | ||
Borrowing Outstanding | 500 | 500 |
Carrying Value | 499.9 | 499.9 |
5.625% senior notes due 2043 | ||
Borrowings [Line Items] | ||
Borrowing Outstanding | 600 | 600 |
Carrying Value | $ 606.5 | $ 606.8 |
Borrowings - Partnership's Bo91
Borrowings - Partnership's Borrowings (Additional Information) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Senior Credit Facility Term Loan Due 5/05/2020 | |||
Borrowings [Line Items] | |||
Loan maturity | May 5, 2020 | May 5, 2020 | |
CLO Term Loan | |||
Borrowings [Line Items] | |||
Loan maturity | Sep. 28, 2018 | Sep. 28, 2018 | |
3.875% senior notes due 2023 | |||
Borrowings [Line Items] | |||
Loan maturity | Feb. 1, 2023 | Feb. 1, 2023 | |
Interest rate on senior notes (as a percent) | 3.875% | 3.875% | 3.875% |
5.625% senior notes due 2043 | |||
Borrowings [Line Items] | |||
Loan maturity | Mar. 30, 2043 | Mar. 30, 2043 | |
Interest rate on senior notes (as a percent) | 5.625% | 5.625% | 5.625% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Oct. 03, 2013EUR (€) | Oct. 03, 2013EUR (€) | Mar. 31, 2014USD ($) | Mar. 31, 2013USD ($) | Jan. 31, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Total Debt [Line Items] | |||||||||
Maximum borrowing capacity in term loan | $ 25,000,000 | ||||||||
Borrowing capacity | 750,000,000 | ||||||||
Maximum borrowing | 1,138,700,000 | $ 1,140,200,000 | |||||||
Senior notes principal amount | 125,600,000 | 243,600,000 | |||||||
Principal amount | 17,314,000,000 | 16,361,500,000 | |||||||
Interest expense | 58,000,000 | 55,700,000 | $ 45,500,000 | ||||||
Accumulated other comprehensive loss related to cash flow hedges | $ 8,800,000 | ||||||||
3.875% senior notes due 2023 | |||||||||
Total Debt [Line Items] | |||||||||
Loan maturity | Feb. 1, 2023 | ||||||||
Senior notes principal amount | $ 500,000,000 | ||||||||
Interest rate on senior notes (as a percent) | 3.875% | ||||||||
Senior notes percentage of par value | 99.966% | ||||||||
Frequency of repayment of debt | semi-annually on February 1 and August 1 | ||||||||
Date of first required interest payment | Aug. 1, 2013 | ||||||||
Senior notes redemption terms percentage to principal amount | 100.00% | ||||||||
Interest expense | $ 19,800,000 | 19,800,000 | 18,900,000 | ||||||
Fair value | 515,200,000 | 513,100,000 | |||||||
3.875% senior notes due 2023 | Treasury Rate | |||||||||
Total Debt [Line Items] | |||||||||
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs (as a percent) | 30.00% | ||||||||
5.625% senior notes due 2043 | |||||||||
Total Debt [Line Items] | |||||||||
Loan maturity | Mar. 30, 2043 | Mar. 30, 2043 | |||||||
Senior notes principal amount | $ 200,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Interest rate on senior notes (as a percent) | 5.625% | 5.625% | 5.625% | ||||||
Principal amount | $ 400,000,000 | ||||||||
Senior notes percentage of par value | 104.315% | 99.583% | 99.583% | ||||||
Date of first required interest payment | Sep. 30, 2013 | ||||||||
Senior notes redemption terms percentage to principal amount | 100.00% | ||||||||
Interest expense | 33,700,000 | 31,600,000 | $ 17,100,000 | ||||||
Fair value | $ 646,600,000 | $ 699,200,000 | |||||||
5.625% senior notes due 2043 | Treasury Rate | |||||||||
Total Debt [Line Items] | |||||||||
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs (as a percent) | 40.00% | ||||||||
Senior Credit Facility Term Loan Due 5/05/2020 | |||||||||
Total Debt [Line Items] | |||||||||
Loan maturity | May 5, 2020 | May 5, 2020 | |||||||
Maximum borrowing | $ 25,000,000 | $ 25,000,000 | |||||||
Revolving Credit Facility | |||||||||
Total Debt [Line Items] | |||||||||
Maximum percentage of applicable margin in addition to base rate | 0.75% | ||||||||
Maximum percentage of applicable margin | 1.75% | ||||||||
Minimum percentage of applicable margin | 1.37% | ||||||||
Term Loan Principal and Interest Due in Quarterly Installment | |||||||||
Total Debt [Line Items] | |||||||||
Loan maturity | May 5, 2020 | ||||||||
Term loan principal prepaid | $ 475,000,000 | ||||||||
New Term Loan | |||||||||
Total Debt [Line Items] | |||||||||
Maximum borrowing | € 12,600,000 | € 12,600,000 | $ 13,700,000 | ||||||
Maturity period (in years) | 5 years | ||||||||
New Term Loan | EURIBOR | |||||||||
Total Debt [Line Items] | |||||||||
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs (as a percent) | 1.75% | 1.75% | |||||||
Interest Rate Swaps Second [Member] | |||||||||
Total Debt [Line Items] | |||||||||
Derivative maturity date | Sep. 30, 2016 | ||||||||
Interest Rate Swaps Second [Member] | Revolving Credit Facility | |||||||||
Total Debt [Line Items] | |||||||||
Notional amount | $ 225,000,000 | $ 225,000,000 | |||||||
Interest Rate Swap [Member] | |||||||||
Total Debt [Line Items] | |||||||||
Loan maturity | Sep. 30, 2016 | ||||||||
Notional amount | $ 250,000,000 |
Borrowings - Outstanding Loans
Borrowings - Outstanding Loans Payable of Consolidated Funds (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Borrowing Outstanding | $ 17,314 | $ 16,361.5 |
Fair Value | 17,046.7 | 16,052.2 |
Fair value of CLO | 18,600 | 17,600 |
Senior secured notes | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Borrowing Outstanding | 16,301 | 15,104.2 |
Fair Value | $ 15,915.5 | $ 14,757.5 |
Weighted Average Interest Rate (as a percent) | 1.98% | 1.68% |
Weighted Average Remaining Maturity in Years | 9 years 6 months 15 days | 9 years 2 months 16 days |
Subordinated notes, preferred shares, and other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Borrowing Outstanding | $ 993 | $ 1,242.3 |
Fair Value | $ 1,112.4 | $ 1,278.8 |
Weighted Average Remaining Maturity in Years | 8 years 7 months 21 days | 8 years 3 months 11 days |
Combination notes | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Borrowing Outstanding | $ 20 | $ 15 |
Fair Value | $ 18.8 | $ 15.9 |
Weighted Average Remaining Maturity in Years | 7 years 5 months 5 days | 7 years 1 month 21 days |
Contingent Consideration - Chan
Contingent Consideration - Changes in Contingent Consideration Liabilities (Detail) - USD ($) $ in Millions | Jul. 01, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | $ 384.6 | $ 384.6 | $ 350.3 | ||
Contingent consideration from new acquisition / investments | 0 | ||||
Change in carrying value | (45.9) | 148.8 | |||
Payments | (25.9) | (99.1) | |||
Issuances of equity | (2.2) | (15.4) | |||
Ending balance | $ 310.6 | 310.6 | 384.6 | ||
Decrease in contingent consideration payable | 46.3 | ||||
Barclays Natural Resource Investments | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Accrued contingent consideration obligation | 183 | $ 183 | |||
Vermillion | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Percentage of economic interest | 55.00% | 55.00% | |||
Revised ownership interest percentage | 83.00% | ||||
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent equity consideration | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | $ 0 | $ 0 | 15.7 | ||
Contingent consideration from new acquisition / investments | 0 | ||||
Change in carrying value | 0 | (2.9) | |||
Payments | 0 | 0 | |||
Issuances of equity | 0 | (12.8) | |||
Ending balance | 0 | 0 | 0 | ||
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent cash consideration | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 26.8 | 26.8 | 145.1 | ||
Contingent consideration from new acquisition / investments | 0 | ||||
Change in carrying value | 2.1 | (27.6) | |||
Payments | (20.2) | (90.7) | |||
Issuances of equity | 0 | 0 | |||
Ending balance | 8.7 | 8.7 | 26.8 | ||
Amounts payable to the sellers who are Carlyle professionals | Employment-based contingent cash consideration | Contingent cash consideration | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | 156.8 | 156.8 | 148.7 | ||
Contingent consideration from new acquisition / investments | 0 | ||||
Change in carrying value | (70.9) | 10.1 | |||
Payments | (3.3) | (1.2) | |||
Issuances of equity | (2.2) | (0.8) | |||
Ending balance | 80.4 | 80.4 | 156.8 | ||
Contingent cash and other consideration payable to non- Carlyle personnel | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Beginning balance | $ 201 | 201 | 40.8 | ||
Contingent consideration from new acquisition / investments | 0 | ||||
Change in carrying value | 22.9 | 169.2 | |||
Payments | (2.4) | (7.2) | |||
Issuances of equity | 0 | (1.8) | |||
Ending balance | 221.5 | 221.5 | $ 201 | ||
Contingent Consideration | Barclays Natural Resource Investments | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Accrued contingent consideration obligation | $ 23.2 | $ 23.2 |
Contingent Consideration - Maxi
Contingent Consideration - Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Total maximum cash obligations | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | $ 584.6 |
Liability Recognized on Financial Statements | 310.6 |
Contingent cash consideration | Performance-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 391.2 |
Liability Recognized on Financial Statements | 230.2 |
Contingent cash consideration | Employment-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 193.4 |
Liability Recognized on Financial Statements | 80.4 |
Business Acquisitions | Total maximum cash obligations | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 356.6 |
Business Acquisitions | Contingent cash consideration | Performance-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 208.2 |
Business Acquisitions | Contingent cash consideration | Employment-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 148.4 |
NGP Investment | Total maximum cash obligations | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 228 |
NGP Investment | Contingent cash consideration | Performance-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | 183 |
NGP Investment | Contingent cash consideration | Employment-based contingent cash consideration | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent cash obligations | $ 45 |
Accrued Compensation and Bene96
Accrued Compensation and Benefits (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Accrued performance fee-related compensation | $ 1,511.9 | $ 1,815.4 |
Accrued bonuses | 211.9 | 229.6 |
Employment-based contingent cash consideration | 80.4 | 156.8 |
Other | 149 | 110.7 |
Total | $ 1,953.2 | $ 2,312.5 |
Accrued Compensation and Bene97
Accrued Compensation and Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan obligation | $ 51.6 | $ 59.1 | |
Defined benefit plan fair value of the plans' assets | 46.4 | 50 | |
Defined benefit plan liability | 5.2 | 9.1 | |
Net periodic benefit cost | $ 2.8 | $ 2.4 | $ 2.9 |
Commitments and Contingencies -
Commitments and Contingencies - Capital Commitments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |
Unfunded commitment | $ 2,870.6 |
Corporate Private Equity | |
Loss Contingencies [Line Items] | |
Unfunded commitment | 1,790.9 |
Global Market Strategies | |
Loss Contingencies [Line Items] | |
Unfunded commitment | 335.3 |
Real Assets | |
Loss Contingencies [Line Items] | |
Unfunded commitment | 709.7 |
Investment Solutions | |
Loss Contingencies [Line Items] | |
Unfunded commitment | $ 34.7 |
Commitments and Contingencies99
Commitments and Contingencies - Additional Information (Detail) € in Millions | Jul. 07, 2010USD ($) | Jun. 30, 2015EUR (€) | May. 31, 2011lawsuit | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2015EUR (€) | Apr. 15, 2015EUR (€) |
Guarantor Obligations [Line Items] | |||||||||
Unfunded commitment | $ 2,870,600,000 | ||||||||
Unfunded commitment to be paid by senior Carlyle executives and professionals | 2,500,000,000 | ||||||||
Potential repayment of performance fees | 252,000,000 | $ 104,400,000 | |||||||
Cash withheld from carried interest distributions for potential giveback obligations | $ 17,300,000 | 29,900,000 | |||||||
Expiration date of lease agreement for the Partnership's primary office space | Jul. 31, 2026 | ||||||||
Rent expense | $ 56,300,000 | 54,500,000 | $ 49,600,000 | ||||||
Non-cancelable operating leases future minimum payments receivable | 5,300,000 | ||||||||
Deferred rent payable | 59,700,000 | 40,400,000 | |||||||
Number of civil actions | lawsuit | 2 | ||||||||
Amount of claim filed by former shareholder | $ 1,000,000,000 | ||||||||
Loss contingency accrual | 62,000,000 | ||||||||
Amount liable from French tax opinion | € | € 105 | ||||||||
Amount paid for tax obligations by Consolidated Fund | € | € 30 | ||||||||
Amount paid for tax obligations by Partnership | € | € 75 | ||||||||
Assets | 32,191,000,000 | 35,994,300,000 | 35,622,300,000 | ||||||
Fund losses related to French tax matter | 34,000,000 | ||||||||
Cumulative Fund losses related to French tax matter | € | € 42 | ||||||||
Guaranteed Loans | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Incremental borrowings under credit facility for eligible employees investing in Carlyle sponsored funds | 11,300,000 | ||||||||
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds | $ 9,400,000 | 7,900,000 | |||||||
Guaranteed Loans | Three-Month LIBOR | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Interest rate under credit facility for eligible employees investing in Carlyle sponsored funds | three-month LIBOR | ||||||||
Percentage points to be added to the interest rate under credit facility for eligible employees investing in Carlyle sponsored funds | 3.00% | ||||||||
Weighted-average rate under credit facility (as a percent) | 3.32% | 3.32% | |||||||
Contingent Obligations Giveback | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Unbilled receivable for giveback obligations from current and former employees | $ 23,800,000 | 27,700,000 | |||||||
Cash withheld from carried interest distributions for potential giveback obligations | 367,200,000 | $ 336,500,000 | |||||||
Repayment of giveback obligations | $ 23,800,000 | ||||||||
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis | $ 1,900,000,000 | ||||||||
CEREP I | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Assets | € | € 1 |
Commitments and Contingencie100
Commitments and Contingencies - Future Minimum Commitments for Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Leases, Future Minimum Payments Due [Abstract] | |
2,016 | $ 54.7 |
2,017 | 52 |
2,018 | 47.8 |
2,019 | 41.4 |
2,020 | 39.6 |
Thereafter | 294.3 |
Future minimum commitments for leases, total | $ 529.8 |
Related Party Transactions - Du
Related Party Transactions - Due from Affiliates and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Notes receivable and accrued interest from affiliates | $ 7.3 | $ 11.1 |
Other receivables from unconsolidated funds and affiliates, net | 164.2 | 160.6 |
Total | 195.3 | 199.4 |
Unbilled receivable for giveback obligations from current and former employees | ||
Related Party Transaction [Line Items] | ||
Unbilled receivable for giveback obligations from current and former employees | $ 23.8 | $ 27.7 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Jun. 05, 2015 | Mar. 10, 2014 | Jun. 30, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | |||||||
Maximum percentage of interest on amounts due from affiliates | 7.07% | ||||||
Number of partnership units acquired from other limited partners (in shares) | 7,000,000 | 9,300,000 | 7,000,000 | 9,300,000 | |||
Payment of aircraft related expenses | $ 4.4 | $ 5.2 | $ 7.4 |
Related Party Transactions -103
Related Party Transactions - Due to Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Due to affiliates of Consolidated Funds | $ 0.3 | $ 0.6 |
Due to non-consolidated affiliates | 51.7 | 37.1 |
Performance-based contingent cash and equity consideration related to acquisitions | 35.3 | 43.6 |
Amounts owed under the tax receivable agreement | 141.7 | 89 |
Other | 16.9 | 13.9 |
Total | $ 245.9 | $ 184.2 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal income tax | $ 0.7 | $ 3.2 | $ 2.2 |
State and local income tax | 4.9 | 8.2 | 5.2 |
Foreign income tax | 27.4 | 54.1 | 44 |
Subtotal | 33 | 65.5 | 51.4 |
Deferred | |||
Federal income tax | (36.7) | (5.2) | (1.5) |
State and local income tax | (2.6) | 2.9 | 8.7 |
Foreign income tax | 8.4 | 13.6 | 37.6 |
Subtotal | (30.9) | 11.3 | 44.8 |
Total provision for income taxes | $ 2.1 | $ 76.8 | $ 96.2 |
Income Taxes - Summary of Tax E
Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Federal foreign tax credit | $ 7.7 | $ 3.8 |
State net operating loss carry forwards | 0.5 | 3.6 |
Tax basis goodwill and intangibles | 154.1 | 99.4 |
Depreciation and amortization | 58.2 | 38.6 |
Deferred restricted common unit compensation | 12.9 | 12.6 |
Accrued compensation | 28.3 | 37.6 |
Other | 5.2 | 0.6 |
Deferred tax assets before valuation allowance | 266.9 | 196.2 |
Deferred tax assets | ||
Valuation allowance | (14.1) | (29.7) |
Total deferred tax assets | 252.8 | 166.5 |
Deferred tax liabilities | ||
Intangible assets | 7.8 | 19.4 |
Unrealized appreciation on investments | 126.3 | 126.3 |
Other | 2.8 | 2 |
Total deferred tax liabilities | 136.9 | 147.7 |
Net deferred tax assets (liabilities) | $ 115.9 | $ 18.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Amount of deferred tax liabilities offset for presentation purposes | $ 33.4 | $ 35.5 | |
Cumulative net operating loss carry forwards, amount | $ 47.8 | ||
Cumulative net operating loss carry forwards, expiration year | 2,033 | ||
Federal foreign tax carryforwards, amount | $ 7.7 | 3.8 | |
Federal foreign tax credit carryforwards, expiration year | 2,025 | ||
Deferred tax assets | $ 219.4 | 131 | |
Valuation allowance established by partnership | 14.1 | 29.7 | |
Deferred tax liabilities | 103.5 | 112.2 | |
Income tax expense | 2.1 | 76.8 | $ 96.2 |
Liability for uncertain tax positions | 20.3 | 18.7 | |
Accrued interest and penalties associated with uncertain tax positions | 7.1 | $ 4.9 | |
Uncertain tax positions that would reduce effective tax rate, if recognized | $ 16.9 | ||
Number of years federal income tax returns are subject to examination | 3 years | ||
Period in which significant changes in unrecognized tax benefits are not expected | next twelve months | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Income tax examination, start year | 2,012 | ||
Income tax examination, end year | 2,014 | ||
State and Local | |||
Income Taxes [Line Items] | |||
Income tax examination, start year | 2,011 | ||
Income tax examination, end year | 2,014 | ||
Foreign | |||
Income Taxes [Line Items] | |||
Income tax examination, start year | 2,008 | ||
Income tax examination, end year | 2,014 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes to U.S Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Income passed through to common unitholders and non-controlling interest holders(1) | (37.24%) | (28.56%) | (29.23%) |
Unvested Carlyle Holdings partnership units | 1.87% | 2.92% | 2.03% |
Foreign income taxes | (1.78%) | (1.90%) | (1.88%) |
State and local income taxes | 4.13% | 0.25% | 0.17% |
Valuation allowance establishment impacting provision for income taxes | (3.88%) | 0.43% | 1.50% |
Other adjustments | 2.42% | (0.40%) | (0.93%) |
Effective income tax rate | 0.52% | 7.74% | 6.66% |
Income Taxes - Reconciliatio108
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Exclusive of Penalties and Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 13.8 | $ 9.3 |
Additions based on tax positions related to current year | 0 | 3.7 |
(Reductions) additions for tax positions of prior years | (0.6) | 3.3 |
Reductions due to lapse of statute of limitations | 0 | (2.5) |
Balance at December 31 | $ 13.2 | $ 13.8 |
Non-Controlling Interests in109
Non-Controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated entities | $ 4,493.8 | $ 6,446.4 |
Non-Carlyle interests in Consolidated Funds | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated entities | 4,213 | 6,160.1 |
Non-Carlyle interests in majority-owned subsidiaries | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated entities | 394.3 | 301.4 |
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated entities | $ (113.5) | $ (15.1) |
Non-Controlling Interests in110
Non-Controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to other non-controlling interests in consolidated entities | $ 777.7 | $ 1,209.7 | $ 786.8 |
Net loss attributable to partners’ capital appropriated for CLOs | (54.4) | (259) | (383.1) |
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities | (185.4) | (465.2) | 272.3 |
Non-controlling interests in income of consolidated entities | 537.9 | 485.5 | 676 |
Non-Carlyle interests in Consolidated Funds | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to other non-controlling interests in consolidated entities | 876.6 | 1,298.8 | 769.7 |
Non-Carlyle interests in majority-owned subsidiaries | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to other non-controlling interests in consolidated entities | (20.6) | (54.3) | (12.4) |
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions | |||
Noncontrolling Interest [Line Items] | |||
Net income (loss) attributable to other non-controlling interests in consolidated entities | $ (78.3) | $ (34.8) | $ 29.5 |
Non-Controlling Interests in111
Non-Controlling Interests in Consolidated Entities - Additional Information (Detail) - shares | Jun. 30, 2015 | Jun. 05, 2015 | Mar. 31, 2014 | Mar. 10, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | |||||
Number of common units issued in public offering (in shares) | 7,000,000 | 7,000,000 | 13,800,000 | 13,800,000 | |
AlpInvest | |||||
Noncontrolling Interest [Line Items] | |||||
Equity interest acquired (as a percent) | 40.00% |
Earnings Per Common Unit - Weig
Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||||||||||
Net income (loss) attributable to The Carlyle Group L.P. | $ (4,600,000) | $ (83,900,000) | $ 30,600,000 | $ 39,500,000 | $ 16,300,000 | $ 25,400,000 | $ 19,500,000 | $ 24,600,000 | $ (18,400,000) | $ 85,800,000 | $ 104,100,000 |
Participating Securities Distributed And Undistributed Earnings Basic | 167,000 | (1,284,100) | (645,500) | ||||||||
Participating Securities Distributed And Undistributed Earnings Diluted | (1,743,000) | (1,303,600) | (880,000) | ||||||||
Incremental net income from assumed exchange of Carlyle Holdings partnership units, Diluted | (69,300,000) | 465,880,000 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (18,233,000) | 84,515,900 | 103,454,500 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (89,443,000) | $ 84,496,400 | $ 569,100,000 | ||||||||
Weighted-average common units outstanding, Basic (in shares) | 74,523,935 | 62,788,634 | 46,135,229 | ||||||||
Weighted-average common units outstanding, Diluted (in shares) | 298,739,382 | 68,461,157 | 278,250,489 | ||||||||
Net income per common unit, Basic (in dollars per share) | $ (0.06) | $ (1.05) | $ 0.42 | $ 0.58 | $ 0.24 | $ 0.38 | $ 0.30 | $ 0.46 | $ (0.24) | $ 1.35 | $ 2.24 |
Net income per common unit, Diluted (in dollars per share) | $ (0.06) | $ (1.11) | $ 0.34 | $ 0.54 | $ 0.23 | $ 0.35 | $ 0.27 | $ 0.41 | $ (0.30) | $ 1.23 | $ 2.05 |
The Carlyle Group, L.P. | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Weighted-average common units outstanding, Basic (in shares) | 74,523,935 | 62,788,634 | 46,135,229 | ||||||||
Weighted-average common units outstanding, Diluted (in shares) | 74,523,935 | 62,788,634 | 46,135,229 | ||||||||
Unvested deferred restricted common units | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Weighted-average common units outstanding, Diluted (in shares) | 0 | 5,258,516 | 4,057,793 | ||||||||
Contingently issuable Carlyle Holdings partnership units and common units | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Weighted-average common units outstanding, Diluted (in shares) | 0 | 414,007 | 465,909 | ||||||||
Weighted-average vested Carlyle Holdings partnership units | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Weighted-average common units outstanding, Diluted (in shares) | 216,943,053 | 0 | 211,225,760 | ||||||||
Unvested Carlyle Holdings partnership units | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Weighted-average common units outstanding, Diluted (in shares) | 7,272,394 | 0 | 16,365,798 |
Earnings Per Common Unit - Addi
Earnings Per Common Unit - Additional Information (Detail) - USD ($) | Aug. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average common units outstanding, Diluted (in shares) | 298,739,382 | 68,461,157 | 278,250,489 | |
Incremental net income from assumed exchange of Carlyle Holdings partnership units, Diluted | $ (69,300,000) | $ 465,880,000 | ||
Weighted-average vested Carlyle Holdings partnership units | ||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Carlyle Holdings partnership units deemed antidilutive (in shares) | 216,943,053 | |||
Weighted-average common units outstanding, Diluted (in shares) | 216,943,053 | 0 | 211,225,760 | |
Carlyle Holdings partnership units deemed dilutive (in shares) | 211,225,760 | |||
Antidilutive securities excluded (in shares) | 3,978,436 | |||
Incremental Anti Dilutive Shares Outstanding Subsidiary | 229,187,953 | |||
Unvested Carlyle Holdings partnership units | ||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average common units outstanding, Diluted (in shares) | 7,272,394 | 0 | 16,365,798 | |
Carlyle Holdings partnership units deemed dilutive (in shares) | 16,365,798 | |||
AlpInvest | ||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Additional ownership percentage acquired in the current year | 40.00% | |||
Common units issued to AlpInvest employees that are subject to vesting conditions (in shares) | 914,087 | |||
AlpInvest | Unvested Carlyle Holdings partnership units | ||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average common units outstanding, Diluted (in shares) | 766,991 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Aug. 01, 2013 | Feb. 25, 2016 | Jun. 30, 2015 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2016 | May. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan | 30,450,000 | |||||||||
Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan | 32,402,830 | |||||||||
AlpInvest | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Additional ownership percentage acquired in the current year | 40.00% | |||||||||
Common units issued to AlpInvest employees that are subject to vesting conditions | 914,087 | |||||||||
Carlyle Holdings | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred restricted common units issued that vested (in shares) | 8,733,826 | 9,159,216 | 9,650,292 | |||||||
Unvested Carlyle Holdings Partnership Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 6 years | |||||||||
Revised forfeiture rate (percentage) | 2.50% | |||||||||
Allocated share based compensation expense | $ 15,900,000 | $ 17,100,000 | $ 47,900,000 | |||||||
Unrecognized equity-based compensation expense | $ 437,700,000 | |||||||||
Weighted-average term for unrecognized compensation expense to be recognized (in years) | 2 years 4 months | |||||||||
Forfeiture rate (as a percent) | 7.50% | |||||||||
Tax benefit related to equity-based compensation expense | $ 0 | |||||||||
Unvested Carlyle Holdings Partnership Units | ECM Capital, L.P. | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 5 years | |||||||||
Number of partnership units issued with time vesting | 996,572 | |||||||||
Number of partnership units issued at closing with performance-based vesting | 597,944 | |||||||||
Unvested Carlyle Holdings Partnership Units | Carlyle Holdings | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share based compensation expense | 191,100,000 | 192,600,000 | 234,800,000 | |||||||
Deferred Restricted Common Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share based compensation expense | 176,200,000 | 140,300,000 | 78,700,000 | |||||||
Unrecognized equity-based compensation expense | $ 321,100,000 | |||||||||
Weighted-average term for unrecognized compensation expense to be recognized (in years) | 2 years 5 months | |||||||||
Additional compensation expense for forfeiture rate change | $ 7,500,000 | |||||||||
Tax benefit related to equity-based compensation expense | 16,400,000 | 16,700,000 | 8,500,000 | |||||||
Deferred Restricted Common Units | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted units | 5,000,000 | |||||||||
Grants during the period, estimated grant-date fair value | $ 58,000,000 | |||||||||
Deferred Restricted Common Units | Vested Carlyle Holdings Partnership Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Net deferred tax benefit due to impact of additional deferred tax assets adjustments | $ 2,900,000 | $ 3,000,000 | 900,000 | |||||||
Deferred Restricted Common Units | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Revised forfeiture rate (percentage) | 2.00% | |||||||||
Forfeiture rate (as a percent) | 2.00% | 5.00% | ||||||||
Deferred Restricted Common Units | Minimum | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 18 months | |||||||||
Deferred Restricted Common Units | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 6 years | |||||||||
Revised forfeiture rate (percentage) | 10.00% | |||||||||
Forfeiture rate (as a percent) | 10.00% | 15.00% | ||||||||
Discount on unvested awards (as a percent) | 25.00% | |||||||||
Deferred Restricted Common Units | Maximum | Subsequent Event | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 42 months | |||||||||
Phantom Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 3 years | |||||||||
Revised forfeiture rate (percentage) | 10.00% | |||||||||
Forfeiture rate (as a percent) | 10.00% | 15.00% | ||||||||
Unvested Partnership Common Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period of vesting of unvested units (in years) | 5 years | |||||||||
Revised forfeiture rate (percentage) | 5.00% | |||||||||
Allocated share based compensation expense | $ 9,000,000 | $ 8,400,000 | 5,000,000 | |||||||
Unrecognized equity-based compensation expense | $ 1,800,000 | |||||||||
Weighted-average term for unrecognized compensation expense to be recognized (in years) | 8 months | |||||||||
Unvested Partnership Common Units | AlpInvest | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Additional ownership percentage acquired in the current year | 40.00% | |||||||||
Common units issued to AlpInvest employees that are subject to vesting conditions | 914,087 | |||||||||
Amount In Units forfeited by individual | 11,674 | |||||||||
Contingently Issuable Shares | Carlyle Holdings | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Allocated share based compensation expense | $ 5,000,000 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Carlyle Holdings | |||
Units | |||
Beginning balance (in shares) | 35,997,415 | 47,202,803 | 57,850,299 |
Granted (in shares) | 0 | 50,617 | 52,889 |
Vested (in shares) | 8,733,826 | 9,159,216 | 9,650,292 |
Forfeited (in shares) | 444,477 | 2,096,789 | 1,050,093 |
Ending balance (in shares) | 26,819,112 | 35,997,415 | 47,202,803 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 22.16 | $ 22.13 | $ 22.12 |
Granted (in dollars per share) | 0 | 28.26 | 30.80 |
Vested (in dollars per share) | 22.11 | 22.10 | 22.09 |
Forfeited (in dollars per share) | 22 | 22 | 22 |
Ending balance (in dollars per share) | $ 22.18 | $ 22.16 | $ 22.13 |
Equity Settled Awards | Deferred Restricted Common Units | The Carlyle Group, L.P. | |||
Units | |||
Beginning balance (in shares) | 18,929,270 | 16,250,174 | 16,707,028 |
Granted (in shares) | 6,770,420 | 7,978,127 | 3,067,158 |
Vested (in shares) | 5,452,961 | 3,767,550 | 2,828,707 |
Forfeited (in shares) | 1,826,295 | 1,531,481 | 695,305 |
Ending balance (in shares) | 18,420,434 | 18,929,270 | 16,250,174 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 26.12 | $ 23.91 | $ 22.28 |
Granted (in dollars per share) | 22.39 | 29.63 | 31.05 |
Vested (in dollars per share) | 26.91 | 24.69 | 22.34 |
Forfeited (in dollars per share) | 24.98 | 24.63 | 22.63 |
Ending balance (in dollars per share) | $ 24.62 | $ 26.12 | $ 23.91 |
Equity Settled Awards | Unvested Common Units | The Carlyle Group, L.P. | |||
Units | |||
Beginning balance (in shares) | 809,797 | 872,060 | 0 |
Granted (in shares) | 0 | 0 | 914,087 |
Vested (in shares) | 31,132 | 62,263 | 42,027 |
Forfeited (in shares) | 11,674 | 0 | 0 |
Ending balance (in shares) | 766,991 | 809,797 | 872,060 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 27.19 | $ 26.78 | $ 0 |
Granted (in dollars per share) | 0 | 0 | 26.83 |
Vested (in dollars per share) | 21.53 | 21.42 | 27.99 |
Forfeited (in dollars per share) | 27.99 | 0 | 0 |
Ending balance (in dollars per share) | $ 27.41 | $ 27.19 | $ 26.78 |
Cash Settled Awards | Phantom Units | The Carlyle Group, L.P. | |||
Units | |||
Beginning balance (in shares) | 104,070 | 208,511 | 334,614 |
Granted (in shares) | 0 | 12,204 | 2,520 |
Vested (in shares) | 93,109 | 101,839 | 107,242 |
Forfeited (in shares) | 4,220 | 14,806 | 21,381 |
Ending balance (in shares) | 6,741 | 104,070 | 208,511 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 23.40 | $ 22.12 | $ 22 |
Granted (in dollars per share) | 0 | 34.81 | 31.83 |
Vested (in dollars per share) | 22.52 | 22.08 | 22 |
Forfeited (in dollars per share) | 24.80 | 23.85 | 22 |
Ending balance (in dollars per share) | $ 34.58 | $ 23.40 | $ 22.12 |
Consolidation of a Real Esta116
Consolidation of a Real Estate Development Company - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||
Period, in days, of the financial reporting lag | 90 days | |
Funding by Partnership to Consolidated Real Estate VIE | $ 321.5 | |
Amount of funding received by consolidated real estate VIE | 108.2 | |
Amount of funding received by consolidated real estate VIE from partnership | 27.1 | |
Amount of funding received by consolidated real estate VIE from senior partnership professionals | 81.1 | |
Customer advances received | 104.5 | $ 190.4 |
Urbplan | ||
Real Estate Properties [Line Items] | ||
Maximum amount of additional funding required | 30 | |
Estimated fair value percentage of outstanding principal amounts of loans | 60.00% | |
Outstanding future cost of land development services | $ 18 | |
Minimum | ||
Real Estate Properties [Line Items] | ||
Mortgage receivables accrue interest rates ranging (as a percent) | 9.00% | |
Minimum | CDI Plus | ||
Real Estate Properties [Line Items] | ||
Margin range of interest rates (as a percent) | 4.50% | |
Additional margin range of interest rates (as a percent) | 18.60% | |
Minimum | IGP-M Plus | ||
Real Estate Properties [Line Items] | ||
Additional margin range of interest rates (as a percent) | 22.50% | |
Minimum | IPCA Plus | ||
Real Estate Properties [Line Items] | ||
Margin range of interest rates (as a percent) | 11.00% | |
Additional margin range of interest rates (as a percent) | 21.70% | |
Maximum | ||
Real Estate Properties [Line Items] | ||
Mortgage receivables accrue interest rates ranging (as a percent) | 12.00% | |
Maximum | CDI Plus | ||
Real Estate Properties [Line Items] | ||
Margin range of interest rates (as a percent) | 7.44% | |
Additional margin range of interest rates (as a percent) | 21.50% | |
Maximum | IGP-M Plus | ||
Real Estate Properties [Line Items] | ||
Margin range of interest rates (as a percent) | 12.00% | |
Maximum | IPCA Plus | ||
Real Estate Properties [Line Items] | ||
Margin range of interest rates (as a percent) | 13.50% | |
Additional margin range of interest rates (as a percent) | 24.20% | |
Partnership | ||
Real Estate Properties [Line Items] | ||
Partnership contractual obligation | $ 77.9 | |
Senior Carlyle Professionals | ||
Real Estate Properties [Line Items] | ||
Capital funding received consolidation year | $ 243.6 |
Consolidation of a Real Esta117
Consolidation of a Real Estate Development Company - Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan (Additional Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheet Statements [Line Items] | ||
Principal amount | $ 125.6 | $ 243.6 |
Partnership | ||
Consolidated Balance Sheet Statements [Line Items] | ||
Customer and other receivables | 71.8 | 91.5 |
Inventory costs in excess of billings and advances | 71.8 | 72.4 |
Receivables and inventory of a consolidated real estate VIE: | 143.6 | 163.9 |
Restricted investments | 14.6 | 36.8 |
Fixed assets, net | 0.8 | 1.8 |
Deferred tax assets | 8.4 | 12.9 |
Other assets | 23.8 | 34.9 |
Other assets of a consolidated real estate VIE: | 47.6 | 86.4 |
Loans payable of a consolidated real estate VIE, at fair value (principal amount of $125.6 million and $243.6 million as of December 31, 2015 and 2014, respectively) | 75.4 | 146.2 |
Accounts payable | 14.5 | 26.1 |
Other liabilities | 69.9 | 58.8 |
Other liabilities of a consolidated real estate VIE: | 84.4 | 84.9 |
Partnership | Loans Payable of a consolidated real estate VIE | ||
Consolidated Balance Sheet Statements [Line Items] | ||
Principal amount | $ 125.6 | $ 243.6 |
Consolidation of a Real Esta118
Consolidation of a Real Estate Development Company - Revenues, Expenses and Net Losses Recognized in the Partnership's Consolidated Statement of Operations Related to Urbplan (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue of a consolidated real estate VIE: | |||
Revenue of a consolidated real estate VIE: | $ 86.8 | $ 70.2 | $ 7.5 |
Interest and other expenses of a consolidated real estate VIE: | |||
Interest and other expenses of a consolidated real estate VIE: | 144.6 | 175.3 | 33.8 |
Urbplan | |||
Revenue of a consolidated real estate VIE: | |||
Land development services | 80 | 56.4 | 0.4 |
Investment income | 6.8 | 13.8 | 7.1 |
Revenue of a consolidated real estate VIE: | 86.8 | 70.2 | 7.5 |
Interest and other expenses of a consolidated real estate VIE: | |||
Costs of services rendered | 48.5 | 41.9 | 0 |
Interest expense | 40.9 | 37.2 | 12.9 |
Change in fair value of loans payable | 9.2 | 47.1 | 13 |
Compensation and benefits | 10.7 | 11.2 | 2.7 |
G&A and other expenses | 35.3 | 37.9 | 5.2 |
Interest and other expenses of a consolidated real estate VIE: | $ 144.6 | $ 175.3 | $ 33.8 |
Consolidation of a Real Esta119
Consolidation of a Real Estate Development Company - Schedule of Debt Maturities (Details) $ in Millions | Dec. 31, 2015USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2,016 | $ 25.7 |
2,017 | 13.5 |
2,018 | 10.9 |
2,019 | 12.4 |
2,020 | 14 |
Thereafter | 49.1 |
Total long term debt | $ 125.6 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | Jul. 01, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Aug. 01, 2013 |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | 4 | |||
Emerging Sovereign Group LLC | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of economic interest | 55.00% | |||
Vermillion | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of economic interest | 55.00% | 55.00% | ||
Revised ownership interest percentage | 83.00% | |||
AlpInvest | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of equity interest of acquisition | 60.00% | |||
Percentage of economic interest | 60.00% | |||
Emerging Sovereign Group LLC | Claren Road | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of economic interest | 55.00% |
Segment Reporting - Reportable
Segment Reporting - Reportable Segments Financial Data (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fund level fee revenues | |||||||||||
Fund management fees | $ 1,085.2 | $ 1,166.3 | $ 984.6 | ||||||||
Performance fees | |||||||||||
Realized | 1,441.9 | 1,328.7 | 1,176.7 | ||||||||
Unrealized | (617) | 345.7 | 1,198.6 | ||||||||
Total performance fees | 824.9 | 1,674.4 | 2,375.3 | ||||||||
Investment income (loss) | |||||||||||
Realized | 32.9 | 23.7 | 14.4 | ||||||||
Unrealized | (17.7) | (30.9) | 4.4 | ||||||||
Total investment income (loss) | 15.2 | (7.2) | 18.8 | ||||||||
Other income | 102.4 | 91.1 | 166.3 | ||||||||
Total revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | 3,006.2 | 3,880.3 | 4,441.2 |
Performance fee related | |||||||||||
Realized | 650.5 | 590.7 | 539.2 | ||||||||
Unrealized | (139.6) | 282.2 | 644.5 | ||||||||
Total compensation and benefits | 1,521.1 | 2,005.9 | 2,244.1 | ||||||||
General, administrative and other expenses | 712.8 | 526.8 | 496.4 | ||||||||
Interest | 58 | 55.7 | 45.5 | ||||||||
Total expenses | 802.5 | $ 795.3 | $ 843.6 | $ 1,027 | 928.7 | $ 705.1 | $ 1,042.6 | $ 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Segment assets | 32,191 | 35,994.3 | 32,191 | 35,994.3 | 35,622.3 | ||||||
Corporate Private Equity | |||||||||||
Performance fees | |||||||||||
Total performance fees | 698.2 | 1,340.2 | 1,907.4 | ||||||||
Global Market Strategies | |||||||||||
Performance fees | |||||||||||
Total performance fees | (41) | 81.7 | 208.2 | ||||||||
Real Assets | |||||||||||
Performance fees | |||||||||||
Total performance fees | 49.3 | 66.5 | 79.7 | ||||||||
Investment Solutions | |||||||||||
Performance fees | |||||||||||
Total performance fees | 118.4 | 186 | 180 | ||||||||
Total Reportable Segments | |||||||||||
Fund level fee revenues | |||||||||||
Fund management fees | 1,197.9 | 1,229.3 | 1,054.7 | ||||||||
Portfolio advisory fees, net | 15.4 | 20.1 | 25.9 | ||||||||
Transaction fees, net | 9.8 | 53.2 | 24.7 | ||||||||
Total fund level fee revenues | 1,223.1 | 1,302.6 | 1,105.3 | ||||||||
Performance fees | |||||||||||
Realized | 1,434.8 | 1,323.7 | 1,128.6 | ||||||||
Unrealized | (525.1) | 384.2 | 1,164.7 | ||||||||
Total performance fees | 909.7 | 1,707.9 | 2,293.3 | ||||||||
Investment income (loss) | |||||||||||
Realized | (64.8) | (6.1) | 10.6 | ||||||||
Unrealized | 42.4 | (5) | (53.2) | ||||||||
Total investment income (loss) | (22.4) | (11.1) | (42.6) | ||||||||
Interest | 4.8 | 2.2 | 1.8 | ||||||||
Other income | 17.2 | 20.4 | 11.1 | ||||||||
Total revenues | 2,132.4 | 3,022 | 3,368.9 | ||||||||
Compensation and benefits | |||||||||||
Direct base compensation | 477.7 | 494 | 436 | ||||||||
Indirect base compensation | 172.1 | 188.5 | 152.8 | ||||||||
Equity-based compensation | 121.5 | 80.4 | 15.7 | ||||||||
Performance fee related | |||||||||||
Realized | 646.3 | 590.9 | 454.1 | ||||||||
Unrealized | (128.3) | 309.6 | 647.8 | ||||||||
Total compensation and benefits | 1,289.3 | 1,663.4 | 1,706.4 | ||||||||
General, administrative and other expenses | 362.8 | 318.1 | 309.4 | ||||||||
Depreciation and amortization expense | 25.6 | 22.4 | 24.3 | ||||||||
Interest | 58.1 | 55.7 | 43.6 | ||||||||
Total expenses | 1,735.8 | 2,059.6 | 2,083.7 | ||||||||
Economic Net Income (Loss) | 396.6 | 962.4 | 1,285.2 | ||||||||
Net Performance Fees | 391.7 | 807.4 | 1,191.4 | ||||||||
Reserve for litigation and contingencies | 50 | 0 | 0 | ||||||||
Investment Income (Loss) | (22.4) | (11.1) | (42.6) | ||||||||
Equity-based compensation | 121.5 | 80.4 | 15.7 | ||||||||
Fee Related Earnings | 198.8 | 246.5 | 152.1 | ||||||||
Realized Net Performance Fees | 788.5 | 732.8 | 674.5 | ||||||||
Realized Investment Income (Loss) | (64.8) | (6.1) | 10.6 | ||||||||
Distributable Earnings | 922.5 | 973.2 | 837.2 | ||||||||
Segment assets | 6,114 | 7,397.4 | 6,114 | 7,397.4 | |||||||
Total Reportable Segments | Corporate Private Equity | |||||||||||
Fund level fee revenues | |||||||||||
Fund management fees | 577.4 | 564.8 | 471.6 | ||||||||
Portfolio advisory fees, net | 14.3 | 18.4 | 23.2 | ||||||||
Transaction fees, net | 7.7 | 51.4 | 20.7 | ||||||||
Total fund level fee revenues | 599.4 | 634.6 | 515.5 | ||||||||
Performance fees | |||||||||||
Realized | 1,209.5 | 1,156.3 | 914.5 | ||||||||
Unrealized | (523.1) | 197.2 | 959.1 | ||||||||
Total performance fees | 686.4 | 1,353.5 | 1,873.6 | ||||||||
Investment income (loss) | |||||||||||
Realized | 23.3 | 17.7 | 15.8 | ||||||||
Unrealized | (5.2) | 13.9 | 10.4 | ||||||||
Total investment income (loss) | 18.1 | 31.6 | 26.2 | ||||||||
Interest | 1.5 | 1.4 | 0.9 | ||||||||
Other income | 9.8 | 9.4 | 5.6 | ||||||||
Total revenues | 1,315.2 | 2,030.5 | 2,421.8 | ||||||||
Compensation and benefits | |||||||||||
Direct base compensation | 224.2 | 222.4 | 212.6 | ||||||||
Indirect base compensation | 91.5 | 101.8 | 95 | ||||||||
Equity-based compensation | 65.1 | 42.5 | 7.4 | ||||||||
Performance fee related | |||||||||||
Realized | 540.9 | 512.5 | 401.7 | ||||||||
Unrealized | (221.7) | 97.1 | 446.2 | ||||||||
Total compensation and benefits | 700 | 976.3 | 1,162.9 | ||||||||
General, administrative and other expenses | 172.4 | 151.1 | 166.9 | ||||||||
Depreciation and amortization expense | 12.5 | 11 | 13.2 | ||||||||
Interest | 30.8 | 30.6 | 25.2 | ||||||||
Total expenses | 915.7 | 1,169 | 1,368.2 | ||||||||
Economic Net Income (Loss) | 399.5 | 861.5 | 1,053.6 | ||||||||
Net Performance Fees | 367.2 | 743.9 | 1,025.7 | ||||||||
Reserve for litigation and contingencies | 26.8 | ||||||||||
Investment Income (Loss) | 18.1 | 31.6 | 26.2 | ||||||||
Equity-based compensation | 65.1 | 42.5 | 7.4 | ||||||||
Fee Related Earnings | 106.1 | 128.5 | 9.1 | ||||||||
Realized Net Performance Fees | 668.6 | 643.8 | 512.8 | ||||||||
Realized Investment Income (Loss) | 23.3 | 17.7 | 15.8 | ||||||||
Distributable Earnings | 798 | 790 | 537.7 | ||||||||
Segment assets | 3,127 | 4,065.1 | 3,127 | 4,065.1 | |||||||
Total Reportable Segments | Global Market Strategies | |||||||||||
Fund level fee revenues | |||||||||||
Fund management fees | 210.7 | 259.3 | 275.2 | ||||||||
Portfolio advisory fees, net | 0.7 | 0.9 | 1.4 | ||||||||
Transaction fees, net | 0 | 0.2 | 0.1 | ||||||||
Total fund level fee revenues | 211.4 | 260.4 | 276.7 | ||||||||
Performance fees | |||||||||||
Realized | 38 | 36 | 151.9 | ||||||||
Unrealized | (63.1) | 76.5 | 32.4 | ||||||||
Total performance fees | (25.1) | 112.5 | 184.3 | ||||||||
Investment income (loss) | |||||||||||
Realized | 5.4 | 8.4 | 17.5 | ||||||||
Unrealized | (15.7) | (3.6) | (1.5) | ||||||||
Total investment income (loss) | (10.3) | 4.8 | 16 | ||||||||
Interest | 2.8 | 0.3 | 0.7 | ||||||||
Other income | 3.9 | 5.5 | 3.5 | ||||||||
Total revenues | 182.7 | 383.5 | 481.2 | ||||||||
Compensation and benefits | |||||||||||
Direct base compensation | 101.2 | 110.6 | 99.6 | ||||||||
Indirect base compensation | 28.3 | 24.6 | 21.8 | ||||||||
Equity-based compensation | 19 | 13.9 | 3 | ||||||||
Performance fee related | |||||||||||
Realized | 16.6 | 17.4 | 42.1 | ||||||||
Unrealized | (27.7) | 35.4 | 13.7 | ||||||||
Total compensation and benefits | 137.4 | 201.9 | 180.2 | ||||||||
General, administrative and other expenses | 69.8 | 52.9 | 60.9 | ||||||||
Depreciation and amortization expense | 5 | 4 | 4.5 | ||||||||
Interest | 10.8 | 9.7 | 7.9 | ||||||||
Total expenses | 223 | 268.5 | 253.5 | ||||||||
Economic Net Income (Loss) | (40.3) | 115 | 227.7 | ||||||||
Net Performance Fees | (14) | 59.7 | 128.5 | ||||||||
Reserve for litigation and contingencies | 9 | ||||||||||
Investment Income (Loss) | (10.3) | 4.8 | 16 | ||||||||
Equity-based compensation | 19 | 13.9 | 3 | ||||||||
Fee Related Earnings | 12 | 64.4 | 86.2 | ||||||||
Realized Net Performance Fees | 21.4 | 18.6 | 109.8 | ||||||||
Realized Investment Income (Loss) | 5.4 | 8.4 | 17.5 | ||||||||
Distributable Earnings | 38.8 | 91.4 | 213.5 | ||||||||
Segment assets | 717.5 | 1,006.9 | 717.5 | 1,006.9 | |||||||
Total Reportable Segments | Real Assets | |||||||||||
Fund level fee revenues | |||||||||||
Fund management fees | 255.9 | 223.8 | 188.9 | ||||||||
Portfolio advisory fees, net | 0.4 | 0.8 | 1.3 | ||||||||
Transaction fees, net | 2.1 | 1.6 | 3.9 | ||||||||
Total fund level fee revenues | 258.4 | 226.2 | 194.1 | ||||||||
Performance fees | |||||||||||
Realized | 163.2 | 88.5 | 40.5 | ||||||||
Unrealized | (42.5) | (39.5) | 43.4 | ||||||||
Total performance fees | 120.7 | 49 | 83.9 | ||||||||
Investment income (loss) | |||||||||||
Realized | (93.6) | (32.2) | (22.7) | ||||||||
Unrealized | 63.1 | (15.7) | (62.3) | ||||||||
Total investment income (loss) | (30.5) | (47.9) | (85) | ||||||||
Interest | 0.3 | 0.3 | 0.2 | ||||||||
Other income | 2.6 | 4.4 | 1.8 | ||||||||
Total revenues | 351.5 | 232 | 195 | ||||||||
Compensation and benefits | |||||||||||
Direct base compensation | 70 | 75.2 | 70.2 | ||||||||
Indirect base compensation | 39.3 | 48.5 | 30.4 | ||||||||
Equity-based compensation | 25 | 19.2 | 4.6 | ||||||||
Performance fee related | |||||||||||
Realized | 68.5 | 30.1 | (4) | ||||||||
Unrealized | 26.3 | 32.1 | 56.7 | ||||||||
Total compensation and benefits | 229.1 | 205.1 | 157.9 | ||||||||
General, administrative and other expenses | 74.6 | 72.2 | 58.4 | ||||||||
Depreciation and amortization expense | 4.3 | 3.6 | 4.3 | ||||||||
Interest | 10.6 | 9.9 | 8.2 | ||||||||
Total expenses | 318.6 | 290.8 | 228.8 | ||||||||
Economic Net Income (Loss) | 32.9 | (58.8) | (33.8) | ||||||||
Net Performance Fees | 25.9 | (13.2) | 31.2 | ||||||||
Reserve for litigation and contingencies | 9.2 | ||||||||||
Investment Income (Loss) | (30.5) | (47.9) | (85) | ||||||||
Equity-based compensation | 25 | 19.2 | 4.6 | ||||||||
Fee Related Earnings | 71.7 | 21.5 | 24.6 | ||||||||
Realized Net Performance Fees | 94.7 | 58.4 | 44.5 | ||||||||
Realized Investment Income (Loss) | (93.6) | (32.2) | (22.7) | ||||||||
Distributable Earnings | 72.8 | 47.7 | 46.4 | ||||||||
Segment assets | 1,452.5 | 1,510.6 | 1,452.5 | 1,510.6 | |||||||
Total Reportable Segments | Investment Solutions | |||||||||||
Fund level fee revenues | |||||||||||
Fund management fees | 153.9 | 181.4 | 119 | ||||||||
Portfolio advisory fees, net | 0 | 0 | 0 | ||||||||
Transaction fees, net | 0 | 0 | 0 | ||||||||
Total fund level fee revenues | 153.9 | 181.4 | 119 | ||||||||
Performance fees | |||||||||||
Realized | 24.1 | 42.9 | 21.7 | ||||||||
Unrealized | 103.6 | 150 | 129.8 | ||||||||
Total performance fees | 127.7 | 192.9 | 151.5 | ||||||||
Investment income (loss) | |||||||||||
Realized | 0.1 | 0 | 0 | ||||||||
Unrealized | 0.2 | 0.4 | 0.2 | ||||||||
Total investment income (loss) | 0.3 | 0.4 | 0.2 | ||||||||
Interest | 0.2 | 0.2 | 0 | ||||||||
Other income | 0.9 | 1.1 | 0.2 | ||||||||
Total revenues | 283 | 376 | 270.9 | ||||||||
Compensation and benefits | |||||||||||
Direct base compensation | 82.3 | 85.8 | 53.6 | ||||||||
Indirect base compensation | 13 | 13.6 | 5.6 | ||||||||
Equity-based compensation | 12.4 | 4.8 | 0.7 | ||||||||
Performance fee related | |||||||||||
Realized | 20.3 | 30.9 | 14.3 | ||||||||
Unrealized | 94.8 | 145 | 131.2 | ||||||||
Total compensation and benefits | 222.8 | 280.1 | 205.4 | ||||||||
General, administrative and other expenses | 46 | 41.9 | 23.2 | ||||||||
Depreciation and amortization expense | 3.8 | 3.8 | 2.3 | ||||||||
Interest | 5.9 | 5.5 | 2.3 | ||||||||
Total expenses | 278.5 | 331.3 | 233.2 | ||||||||
Economic Net Income (Loss) | 4.5 | 44.7 | 37.7 | ||||||||
Net Performance Fees | 12.6 | 17 | 6 | ||||||||
Reserve for litigation and contingencies | 5 | ||||||||||
Investment Income (Loss) | 0.3 | 0.4 | 0.2 | ||||||||
Equity-based compensation | 12.4 | 4.8 | 0.7 | ||||||||
Fee Related Earnings | 9 | 32.1 | 32.2 | ||||||||
Realized Net Performance Fees | 3.8 | 12 | 7.4 | ||||||||
Realized Investment Income (Loss) | 0.1 | 0 | 0 | ||||||||
Distributable Earnings | 12.9 | 44.1 | $ 39.6 | ||||||||
Segment assets | $ 817 | $ 814.8 | $ 817 | $ 814.8 |
Segment Reporting - Total Segme
Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | $ 3,006.2 | $ 3,880.3 | $ 4,441.2 |
Expenses | 802.5 | 795.3 | 843.6 | 1,027 | 928.7 | 705.1 | 1,042.6 | 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Other income | (71.4) | $ (31.3) | $ 461.6 | $ 505.5 | (107.5) | $ 125.5 | $ 445 | $ 424 | 864.4 | 887 | 696.7 |
Economic net income | 402.2 | 991.9 | 1,444 | ||||||||
Total assets | 32,191 | 35,994.3 | 32,191 | 35,994.3 | 35,622.3 | ||||||
Total Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,132.4 | 3,022 | 3,368.9 | ||||||||
Expenses | 1,735.8 | 2,059.6 | 2,083.7 | ||||||||
Other income | 0 | 0 | 0 | ||||||||
Economic net income | 396.6 | 962.4 | 1,285.2 | ||||||||
Total assets | 6,114 | 7,397.4 | 6,114 | 7,397.4 | |||||||
Consolidated Funds | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 975.5 | 956 | 1,043.1 | ||||||||
Expenses | 1,258.8 | 1,286.5 | 1,169.4 | ||||||||
Other income | 886.9 | 898.4 | 701.3 | ||||||||
Economic net income | 603.6 | 567.9 | 575 | ||||||||
Total assets | 26,395.7 | 28,809.8 | 26,395.7 | 28,809.8 | |||||||
Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (101.7) | (97.7) | 29.2 | ||||||||
Expenses | 473.8 | 429.3 | 440.8 | ||||||||
Other income | (22.5) | (11.4) | (4.6) | ||||||||
Economic net income | (598) | (538.4) | $ (416.2) | ||||||||
Total assets | $ (318.7) | $ (212.9) | $ (318.7) | $ (212.9) |
Segment Reporting - Expense Adj
Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Adjustments: | |||||||||||
Other non-operating income | $ (7.4) | $ (30.3) | $ (16.5) | ||||||||
Expenses | $ 802.5 | $ 795.3 | $ 843.6 | $ 1,027 | $ 928.7 | $ 705.1 | $ 1,042.6 | $ 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Reconciling Items | |||||||||||
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 | (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 | ||||||||
Expenses | 473.8 | 429.3 | 440.8 | ||||||||
Elimination of expenses of Consolidated Funds | |||||||||||
Adjustments: | |||||||||||
Other non-operating income | 0 | 0 | 0 | ||||||||
Expenses | $ (219.5) | $ (241.6) | $ (275.3) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Income before provision for income taxes | $ (158.1) | $ (529.1) | $ 474.1 | $ 615.3 | $ (197.1) | $ 175.4 | $ 541.2 | $ 472.4 | $ 402.2 | $ 991.9 | $ 1,444 |
Other non-operating income | (7.4) | (30.3) | (16.5) | ||||||||
Net income attributable to non-controlling interests in Consolidated entities | (537.9) | (485.5) | (676) | ||||||||
Total Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Economic Net Income | 396.6 | 962.4 | 1,285.2 | ||||||||
Net performance fees | 391.7 | 807.4 | 1,191.4 | ||||||||
Investment income (loss) | (22.4) | (11.1) | (42.6) | ||||||||
Equity-based compensation | 121.5 | 80.4 | 15.7 | ||||||||
Reserve for litigation and contingencies | 50 | 0 | 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) | (64.8) | (6.1) | 10.6 | ||||||||
Distributable Earnings | 922.5 | 973.2 | 837.2 | ||||||||
Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
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 | (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) | ||||||||
Other adjustments | 6 | (0.1) | (6.2) | ||||||||
Net performance fees | $ 77.7 | $ 5.9 | $ (0.2) |
Segment Reporting - Adjustments
Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Performance fees | |||
Realized | $ 1,441.9 | $ 1,328.7 | $ 1,176.7 |
Unrealized | (617) | 345.7 | 1,198.6 |
Total performance fees | 824.9 | 1,674.4 | 2,375.3 |
Performance fee related compensation expense | |||
Realized | 650.5 | 590.7 | 539.2 |
Unrealized | (139.6) | 282.2 | 644.5 |
Investment income (loss) | |||
Realized | 32.9 | 23.7 | 14.4 |
Unrealized | (17.7) | (30.9) | 4.4 |
Total investment income (loss) | 15.2 | (7.2) | 18.8 |
Carlyle Consolidated | |||
Performance fees | |||
Realized | 1,441.9 | 1,328.7 | 1,176.7 |
Unrealized | (617) | 345.7 | 1,198.6 |
Total performance fees | 824.9 | 1,674.4 | 2,375.3 |
Performance fee related compensation expense | |||
Realized | 650.5 | 590.7 | 539.2 |
Unrealized | (139.6) | 282.2 | 644.5 |
Total performance fee related compensation expense | 510.9 | 872.9 | 1,183.7 |
Net performance fees | |||
Realized | 791.4 | 738 | 637.5 |
Unrealized | (477.4) | 63.5 | 554.1 |
Total net performance fees | 314 | 801.5 | 1,191.6 |
Investment income (loss) | |||
Realized | 32.9 | 23.7 | 14.4 |
Unrealized | (17.7) | (30.9) | 4.4 |
Total investment income (loss) | 15.2 | (7.2) | 18.8 |
Adjustments | |||
Performance fees | |||
Realized | (7.1) | (5) | (48.1) |
Unrealized | 91.9 | 38.5 | (33.9) |
Total performance fees | 84.8 | 33.5 | (82) |
Performance fee related compensation expense | |||
Realized | (4.2) | 0.2 | (85.1) |
Unrealized | 11.3 | 27.4 | 3.3 |
Total performance fee related compensation expense | 7.1 | 27.6 | (81.8) |
Net performance fees | |||
Realized | (2.9) | (5.2) | 37 |
Unrealized | 80.6 | 11.1 | (37.2) |
Total net performance fees | 77.7 | 5.9 | (0.2) |
Investment income (loss) | |||
Realized | (97.7) | (29.8) | (3.8) |
Unrealized | 60.1 | 25.9 | (57.6) |
Total investment income (loss) | (37.6) | (3.9) | (61.4) |
Total Reportable Segments | |||
Performance fees | |||
Realized | 1,434.8 | 1,323.7 | 1,128.6 |
Unrealized | (525.1) | 384.2 | 1,164.7 |
Total performance fees | 909.7 | 1,707.9 | 2,293.3 |
Performance fee related compensation expense | |||
Realized | 646.3 | 590.9 | 454.1 |
Unrealized | (128.3) | 309.6 | 647.8 |
Total performance fee related compensation expense | 518 | 900.5 | 1,101.9 |
Net performance fees | |||
Realized | 788.5 | 732.8 | 674.5 |
Unrealized | (396.8) | 74.6 | 516.9 |
Total net performance fees | 391.7 | 807.4 | 1,191.4 |
Investment income (loss) | |||
Realized | (64.8) | (6.1) | 10.6 |
Unrealized | 42.4 | (5) | (53.2) |
Total investment income (loss) | $ (22.4) | $ (11.1) | $ (42.6) |
Segment Reporting - Consolidate
Segment Reporting - Consolidated Revenues and Assets Based on Geographical Focus of Associated Investment Vehicle (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | $ 3,006.2 | $ 3,880.3 | $ 4,441.2 |
Percentages Of Revenue By Geographic Regions | 100.00% | 100.00% | 100.00% | ||||||||
Assets | 32,191 | 35,994.3 | $ 32,191 | $ 35,994.3 | $ 35,622.3 | ||||||
Percentage Of Assets By Geographic Regions | 100.00% | 100.00% | 100.00% | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,518.7 | $ 2,283.3 | $ 2,613 | ||||||||
Percentages Of Revenue By Geographic Regions | 51.00% | 59.00% | 59.00% | ||||||||
Assets | 19,059.3 | 20,986.9 | $ 19,059.3 | $ 20,986.9 | $ 19,091.7 | ||||||
Percentage Of Assets By Geographic Regions | 59.00% | 58.00% | 53.00% | ||||||||
EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,090.1 | $ 1,527.3 | $ 1,459.3 | ||||||||
Percentages Of Revenue By Geographic Regions | 36.00% | 39.00% | 33.00% | ||||||||
Assets | 12,368.7 | 14,446.4 | $ 12,368.7 | $ 14,446.4 | $ 15,974.6 | ||||||
Percentage Of Assets By Geographic Regions | 39.00% | 40.00% | 45.00% | ||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 397.4 | $ 69.7 | $ 368.9 | ||||||||
Percentages Of Revenue By Geographic Regions | 13.00% | 2.00% | 8.00% | ||||||||
Assets | $ 763 | $ 561 | $ 763 | $ 561 | $ 556 | ||||||
Percentage Of Assets By Geographic Regions | 2.00% | 2.00% | 2.00% |
Quarterly Financial Data (Un127
Quarterly Financial Data (Unaudited) - Unaudited Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | $ 3,006.2 | $ 3,880.3 | $ 4,441.2 |
Expenses | 802.5 | 795.3 | 843.6 | 1,027 | 928.7 | 705.1 | 1,042.6 | 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Other income | (71.4) | (31.3) | 461.6 | 505.5 | (107.5) | 125.5 | 445 | 424 | 864.4 | 887 | 696.7 |
Income before provision for income taxes | (158.1) | (529.1) | 474.1 | 615.3 | (197.1) | 175.4 | 541.2 | 472.4 | 402.2 | 991.9 | 1,444 |
Net income | (147.8) | (525) | 468.1 | 604.8 | (210) | 181.3 | 487.4 | 456.4 | 400.1 | 915.1 | 1,347.8 |
Net income (loss) attributable to The Carlyle Group L.P. | $ (4.6) | $ (83.9) | $ 30.6 | $ 39.5 | $ 16.3 | $ 25.4 | $ 19.5 | $ 24.6 | $ (18.4) | $ 85.8 | $ 104.1 |
Basic (in dollars per share) | $ (0.06) | $ (1.05) | $ 0.42 | $ 0.58 | $ 0.24 | $ 0.38 | $ 0.30 | $ 0.46 | $ (0.24) | $ 1.35 | $ 2.24 |
Diluted (in dollars per share) | (0.06) | (1.11) | 0.34 | 0.54 | 0.23 | 0.35 | 0.27 | 0.41 | (0.30) | 1.23 | 2.05 |
Distributions declared per common unit (in dollars per share) | $ 0.56 | $ 0.89 | $ 0.33 | $ 1.61 | $ 0.16 | $ 0.16 | $ 0.16 | $ 1.40 | $ 3.39 | $ 1.88 | $ 1.33 |
Subsequent Events (Detail)
Subsequent Events (Detail) - Subsequent Event | 1 Months Ended |
Feb. 25, 2016USD ($)$ / shares | |
Subsequent Event [Line Items] | |
Distribution per common unit (in dollars per share) | $ / shares | $ 0.29 |
Dividends payable, date of record | Feb. 23, 2016 |
Dividends payable, date to be paid | Mar. 2, 2016 |
Share repurchases authorized | $ | $ 200,000,000 |
Supplemental Financial Infor129
Supplemental Financial Information - Supplemental Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and cash equivalents | $ 991.5 | $ 1,242 | $ 966.6 | $ 567.1 |
Cash and cash equivalents held at Consolidated Funds | 1,612.7 | 1,551.1 | ||
Restricted cash | 18.9 | 59.7 | ||
Restricted cash and securities of Consolidated Funds | 18.4 | 14.9 | ||
Accrued performance fees | 2,988.6 | 3,795.6 | ||
Investments | 885.9 | 931.6 | ||
Investments of Consolidated Funds | 23,998.8 | 26,028.8 | ||
Due from affiliates and other receivables, net | 195.3 | 199.4 | ||
Due from affiliates and other receivables of Consolidated Funds, net | 765.3 | 1,213.2 | ||
Receivables and inventory of a consolidated real estate VIE | 143.6 | 163.9 | ||
Fixed assets, net | 110.9 | 75.4 | ||
Deposits and other | 58.4 | 59.2 | ||
Other assets of a consolidated real estate VIE | 47.6 | 86.4 | ||
Intangible assets, net | 135.7 | 442.1 | ||
Deferred tax assets | 219.4 | 131 | ||
Assets | 32,191 | 35,994.3 | 35,622.3 | |
Liabilities and partners’ capital | ||||
Loans payable | 38.7 | 40.2 | ||
3.875% senior notes due 2023 | 499.9 | 499.9 | ||
5.625% senior notes due 2043 | 606.5 | 606.8 | ||
Loans payable of Consolidated Funds | 17,064.7 | 16,052.2 | ||
Loans payable of a consolidated real estate VIE | 75.4 | 146.2 | ||
Accounts payable, accrued expenses and other liabilities | 463.8 | 396.2 | ||
Accrued compensation and benefits | 1,953.2 | 2,312.5 | ||
Due to affiliates | 245.9 | 184.2 | ||
Deferred revenue | 40.9 | 93.7 | ||
Deferred tax liabilities | 103.5 | 112.2 | ||
Other liabilities of Consolidated Funds | 1,838.6 | 2,504.9 | ||
Other liabilities of a consolidated real estate VIE | 84.4 | 84.9 | ||
Accrued giveback obligations | 252 | 104.4 | ||
Total liabilities | 23,267.5 | 23,138.3 | ||
Redeemable non-controlling interests in consolidated entities | 2,845.9 | 3,761.5 | ||
Partners’ capital | 485.9 | 566 | ||
Accumulated other comprehensive income (loss) | (90.1) | (39) | ||
Partners’ capital appropriated for Consolidated Funds | 120.8 | 184.5 | ||
Non-controlling interests in consolidated entities | 4,493.8 | 6,446.4 | ||
Non-controlling interests in Carlyle Holdings | 1,067.2 | 1,936.6 | ||
Total partners’ capital | 6,077.6 | 9,094.5 | $ 10,377.4 | $ 10,695.4 |
Total liabilities and partners’ capital | 32,191 | 35,994.3 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents held at Consolidated Funds | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Restricted cash and securities of Consolidated Funds | 0 | 0 | ||
Accrued performance fees | (23.6) | (13.3) | ||
Investments | (218) | (183.3) | ||
Investments of Consolidated Funds | 2.7 | 0.1 | ||
Due from affiliates and other receivables, net | (79.8) | (16.4) | ||
Due from affiliates and other receivables of Consolidated Funds, net | 0 | 0 | ||
Receivables and inventory of a consolidated real estate VIE | 0 | 0 | ||
Fixed assets, net | 0 | 0 | ||
Deposits and other | 0 | 0 | ||
Other assets of a consolidated real estate VIE | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Assets | (318.7) | (212.9) | ||
Liabilities and partners’ capital | ||||
Loans payable | 0 | 0 | ||
3.875% senior notes due 2023 | 0 | 0 | ||
5.625% senior notes due 2043 | 0 | 0 | ||
Loans payable of Consolidated Funds | (267.8) | (167.6) | ||
Loans payable of a consolidated real estate VIE | 0 | 0 | ||
Accounts payable, accrued expenses and other liabilities | 0 | (50.6) | ||
Accrued compensation and benefits | 0 | 0 | ||
Due to affiliates | (1.5) | (0.4) | ||
Deferred revenue | 0 | (0.2) | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities of Consolidated Funds | (43.6) | (43.1) | ||
Other liabilities of a consolidated real estate VIE | 0 | 0 | ||
Accrued giveback obligations | 0 | (9) | ||
Total liabilities | (312.9) | (270.9) | ||
Redeemable non-controlling interests in consolidated entities | 0 | 0 | ||
Partners’ capital | 1.4 | 71.5 | ||
Accumulated other comprehensive income (loss) | (1.4) | (5) | ||
Partners’ capital appropriated for Consolidated Funds | (5.8) | (8.5) | ||
Non-controlling interests in consolidated entities | 0 | 0 | ||
Non-controlling interests in Carlyle Holdings | 0 | 0 | ||
Total partners’ capital | (5.8) | 58 | ||
Total liabilities and partners’ capital | (318.7) | (212.9) | ||
Consolidated Funds | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents held at Consolidated Funds | 1,612.7 | 1,551.1 | ||
Restricted cash | 0 | 0 | ||
Restricted cash and securities of Consolidated Funds | 18.4 | 14.9 | ||
Accrued performance fees | 0 | 0 | ||
Investments | 0 | 0 | ||
Investments of Consolidated Funds | 23,996.1 | 26,028.7 | ||
Due from affiliates and other receivables, net | 0 | 0 | ||
Due from affiliates and other receivables of Consolidated Funds, net | 765.3 | 1,213.2 | ||
Receivables and inventory of a consolidated real estate VIE | 0 | 0 | ||
Fixed assets, net | 0 | 0 | ||
Deposits and other | 3.2 | 1.9 | ||
Other assets of a consolidated real estate VIE | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Assets | 26,395.7 | 28,809.8 | ||
Liabilities and partners’ capital | ||||
Loans payable | 0 | 0 | ||
3.875% senior notes due 2023 | 0 | 0 | ||
5.625% senior notes due 2043 | 0 | 0 | ||
Loans payable of Consolidated Funds | 17,332.5 | 16,219.8 | ||
Loans payable of a consolidated real estate VIE | 0 | 0 | ||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | ||
Accrued compensation and benefits | 0 | 0 | ||
Due to affiliates | 1.8 | 1 | ||
Deferred revenue | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities of Consolidated Funds | 1,882.2 | 2,548 | ||
Other liabilities of a consolidated real estate VIE | 0 | 0 | ||
Accrued giveback obligations | 0 | 0 | ||
Total liabilities | 19,216.5 | 18,768.8 | ||
Redeemable non-controlling interests in consolidated entities | 2,838.3 | 3,753.1 | ||
Partners’ capital | (1.4) | (71.5) | ||
Accumulated other comprehensive income (loss) | 1.7 | 6.3 | ||
Partners’ capital appropriated for Consolidated Funds | 126.6 | 193 | ||
Non-controlling interests in consolidated entities | 4,213 | 6,160.1 | ||
Non-controlling interests in Carlyle Holdings | 1 | 0 | ||
Total partners’ capital | 4,340.9 | 6,287.9 | ||
Total liabilities and partners’ capital | 26,395.7 | 28,809.8 | ||
Consolidated Operating Entities | ||||
Assets | ||||
Cash and cash equivalents | 991.5 | 1,242 | ||
Cash and cash equivalents held at Consolidated Funds | 0 | 0 | ||
Restricted cash | 18.9 | 59.7 | ||
Restricted cash and securities of Consolidated Funds | 0 | 0 | ||
Accrued performance fees | 3,012.2 | 3,808.9 | ||
Investments | 1,103.9 | 1,114.9 | ||
Investments of Consolidated Funds | 0 | 0 | ||
Due from affiliates and other receivables, net | 275.1 | 215.8 | ||
Due from affiliates and other receivables of Consolidated Funds, net | 0 | 0 | ||
Receivables and inventory of a consolidated real estate VIE | 143.6 | 163.9 | ||
Fixed assets, net | 110.9 | 75.4 | ||
Deposits and other | 55.2 | 57.3 | ||
Other assets of a consolidated real estate VIE | 47.6 | 86.4 | ||
Intangible assets, net | 135.7 | 442.1 | ||
Deferred tax assets | 219.4 | 131 | ||
Assets | 6,114 | 7,397.4 | ||
Liabilities and partners’ capital | ||||
Loans payable | 38.7 | 40.2 | ||
3.875% senior notes due 2023 | 499.9 | 499.9 | ||
5.625% senior notes due 2043 | 606.5 | 606.8 | ||
Loans payable of Consolidated Funds | 0 | 0 | ||
Loans payable of a consolidated real estate VIE | 75.4 | 146.2 | ||
Accounts payable, accrued expenses and other liabilities | 463.8 | 446.8 | ||
Accrued compensation and benefits | 1,953.2 | 2,312.5 | ||
Due to affiliates | 245.6 | 183.6 | ||
Deferred revenue | 40.9 | 93.9 | ||
Deferred tax liabilities | 103.5 | 112.2 | ||
Other liabilities of Consolidated Funds | 0 | 0 | ||
Other liabilities of a consolidated real estate VIE | 84.4 | 84.9 | ||
Accrued giveback obligations | 252 | 113.4 | ||
Total liabilities | 4,363.9 | 4,640.4 | ||
Redeemable non-controlling interests in consolidated entities | 7.6 | 8.4 | ||
Partners’ capital | 485.9 | 566 | ||
Accumulated other comprehensive income (loss) | (90.4) | (40.3) | ||
Partners’ capital appropriated for Consolidated Funds | 0 | 0 | ||
Non-controlling interests in consolidated entities | 280.8 | 286.3 | ||
Non-controlling interests in Carlyle Holdings | 1,066.2 | 1,936.6 | ||
Total partners’ capital | 1,742.5 | 2,748.6 | ||
Total liabilities and partners’ capital | $ 6,114 | $ 7,397.4 |
Supplemental Financial Infor130
Supplemental Financial Information - Supplemental Financial Position (Additional Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Principal amount | $ 125.6 | $ 243.6 | |
3.875% senior notes due 2023 | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Interest rate on senior notes (as a percent) | 3.875% | 3.875% | 3.875% |
5.625% senior notes due 2043 | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Interest rate on senior notes (as a percent) | 5.625% | 5.625% | 5.625% |
Supplemental Financial Infor131
Supplemental Financial Information - Supplemental Results of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Fund management fees | $ 1,085.2 | $ 1,166.3 | $ 984.6 | ||||||||
Performance fees | |||||||||||
Realized | 1,441.9 | 1,328.7 | 1,176.7 | ||||||||
Unrealized | (617) | 345.7 | 1,198.6 | ||||||||
Total performance fees | 824.9 | 1,674.4 | 2,375.3 | ||||||||
Investment income (loss) | |||||||||||
Realized | 32.9 | 23.7 | 14.4 | ||||||||
Unrealized | (17.7) | (30.9) | 4.4 | ||||||||
Total | 15.2 | (7.2) | 18.8 | ||||||||
Interest and other income | 18.6 | 20.6 | 11.9 | ||||||||
Interest and other income of Consolidated Funds | 975.5 | 956 | 1,043.1 | ||||||||
Revenue of a consolidated real estate VIE | 86.8 | 70.2 | 7.5 | ||||||||
Total revenues | $ 715.8 | $ 297.5 | $ 856.1 | $ 1,136.8 | $ 839.1 | $ 755 | $ 1,138.8 | $ 1,147.4 | 3,006.2 | 3,880.3 | 4,441.2 |
Compensation and benefits | |||||||||||
Base compensation | 632.2 | 789 | 738 | ||||||||
Equity-based compensation | 378 | 344 | 322.4 | ||||||||
Performance fee related | |||||||||||
Realized | 650.5 | 590.7 | 539.2 | ||||||||
Unrealized | (139.6) | 282.2 | 644.5 | ||||||||
Total compensation and benefits | 1,521.1 | 2,005.9 | 2,244.1 | ||||||||
General, administrative and other expenses | 712.8 | 526.8 | 496.4 | ||||||||
Interest | 58 | 55.7 | 45.5 | ||||||||
Interest and other expenses of Consolidated Funds | 1,039.3 | 1,042 | 890.6 | ||||||||
Interest and other expenses of a consolidated real estate VIE | 144.6 | 175.3 | 33.8 | ||||||||
Other non-operating income | (7.4) | (30.3) | (16.5) | ||||||||
Total expenses | 802.5 | 795.3 | 843.6 | 1,027 | 928.7 | 705.1 | 1,042.6 | 1,099 | 3,468.4 | 3,775.4 | 3,693.9 |
Other income (loss) | |||||||||||
Net investment gains of Consolidated Funds | (71.4) | (31.3) | 461.6 | 505.5 | (107.5) | 125.5 | 445 | 424 | 864.4 | 887 | 696.7 |
Income (loss) before provision for income taxes | (158.1) | (529.1) | 474.1 | 615.3 | (197.1) | 175.4 | 541.2 | 472.4 | 402.2 | 991.9 | 1,444 |
Provision for income taxes | 2.1 | 76.8 | 96.2 | ||||||||
Net income (loss) | (147.8) | (525) | 468.1 | 604.8 | (210) | 181.3 | 487.4 | 456.4 | 400.1 | 915.1 | 1,347.8 |
Net income attributable to non-controlling interests in consolidated entities | 537.9 | 485.5 | 676 | ||||||||
Net income (loss) attributable to Carlyle Holdings | (137.8) | 429.6 | 671.8 | ||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | (119.4) | 343.8 | 567.7 | ||||||||
Net income attributable to The Carlyle Group L.P. | $ (4.6) | $ (83.9) | $ 30.6 | $ 39.5 | $ 16.3 | $ 25.4 | $ 19.5 | $ 24.6 | (18.4) | 85.8 | 104.1 |
Consolidated Operating Entities | |||||||||||
Revenues | |||||||||||
Fund management fees | 1,239.1 | 1,352.9 | 1,168.2 | ||||||||
Performance fees | |||||||||||
Realized | 1,460.3 | 1,355.1 | 1,247 | ||||||||
Unrealized | (602) | 355 | 1,201.5 | ||||||||
Total performance fees | 858.3 | 1,710.1 | 2,448.5 | ||||||||
Investment income (loss) | |||||||||||
Realized | (35.4) | 29.4 | 15 | ||||||||
Unrealized | 23.3 | (37.7) | (61.4) | ||||||||
Total | (12.1) | (8.3) | (46.4) | ||||||||
Interest and other income | 22.9 | 23.6 | 13.1 | ||||||||
Interest and other income of Consolidated Funds | 0 | 0 | 0 | ||||||||
Revenue of a consolidated real estate VIE | 86.8 | 70.2 | 7.5 | ||||||||
Total revenues | 2,195 | 3,148.5 | 3,590.9 | ||||||||
Compensation and benefits | |||||||||||
Base compensation | 632.2 | 789 | 738 | ||||||||
Equity-based compensation | 378 | 344 | 322.4 | ||||||||
Performance fee related | |||||||||||
Realized | 650.5 | 590.7 | 539.2 | ||||||||
Unrealized | (139.6) | 282.2 | 644.5 | ||||||||
Total compensation and benefits | 1,521.1 | 2,005.9 | 2,244.1 | ||||||||
General, administrative and other expenses | 712.8 | 523.9 | 492.9 | ||||||||
Interest | 58 | 55.7 | 45.5 | ||||||||
Interest and other expenses of Consolidated Funds | 0 | 0 | 0 | ||||||||
Interest and other expenses of a consolidated real estate VIE | 144.6 | 175.3 | 33.8 | ||||||||
Other non-operating income | (7.4) | (30.3) | (16.5) | ||||||||
Total expenses | 2,429.1 | 2,730.5 | 2,799.8 | ||||||||
Other income (loss) | |||||||||||
Net investment gains of Consolidated Funds | 0 | 0 | 0 | ||||||||
Income (loss) before provision for income taxes | (234.1) | 418 | 791.1 | ||||||||
Provision for income taxes | 2.1 | 76.8 | 96.2 | ||||||||
Net income (loss) | (236.2) | 341.2 | 694.9 | ||||||||
Net income attributable to non-controlling interests in consolidated entities | (98.4) | (88.4) | 23.1 | ||||||||
Net income (loss) attributable to Carlyle Holdings | (137.8) | 429.6 | 671.8 | ||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | (119.4) | 343.8 | 567.7 | ||||||||
Net income attributable to The Carlyle Group L.P. | (18.4) | 85.8 | 104.1 | ||||||||
Consolidated Funds | |||||||||||
Revenues | |||||||||||
Fund management fees | 0 | 0 | 0 | ||||||||
Performance fees | |||||||||||
Realized | 0 | 0 | 0 | ||||||||
Unrealized | 0 | 0 | 0 | ||||||||
Total performance fees | 0 | 0 | 0 | ||||||||
Investment income (loss) | |||||||||||
Realized | 0 | 0 | 0 | ||||||||
Unrealized | 0 | 0 | 0 | ||||||||
Total | 0 | 0 | 0 | ||||||||
Interest and other income | 0 | 0 | 0 | ||||||||
Interest and other income of Consolidated Funds | 975.5 | 956 | 1,043.1 | ||||||||
Revenue of a consolidated real estate VIE | 0 | 0 | 0 | ||||||||
Total revenues | 975.5 | 956 | 1,043.1 | ||||||||
Compensation and benefits | |||||||||||
Base compensation | 0 | 0 | 0 | ||||||||
Equity-based compensation | 0 | 0 | 0 | ||||||||
Performance fee related | |||||||||||
Realized | 0 | 0 | 0 | ||||||||
Unrealized | 0 | 0 | 0 | ||||||||
Total compensation and benefits | 0 | 0 | 0 | ||||||||
General, administrative and other expenses | 0 | 0 | 0 | ||||||||
Interest | 0 | 0 | 0 | ||||||||
Interest and other expenses of Consolidated Funds | 1,258.8 | 1,286.5 | 1,169.4 | ||||||||
Interest and other expenses of a consolidated real estate VIE | 0 | 0 | 0 | ||||||||
Other non-operating income | 0 | 0 | 0 | ||||||||
Total expenses | 1,258.8 | 1,286.5 | 1,169.4 | ||||||||
Other income (loss) | |||||||||||
Net investment gains of Consolidated Funds | 886.9 | 898.4 | 701.3 | ||||||||
Income (loss) before provision for income taxes | 603.6 | 567.9 | 575 | ||||||||
Provision for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 603.6 | 567.9 | 575 | ||||||||
Net income attributable to non-controlling interests in consolidated entities | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Carlyle Holdings | 603.6 | 567.9 | 575 | ||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | 0 | 0 | 0 | ||||||||
Net income attributable to The Carlyle Group L.P. | 603.6 | 567.9 | 575 | ||||||||
Eliminations | |||||||||||
Revenues | |||||||||||
Fund management fees | (153.9) | (186.6) | (183.6) | ||||||||
Performance fees | |||||||||||
Realized | (18.4) | (26.4) | (70.3) | ||||||||
Unrealized | (15) | (9.3) | (2.9) | ||||||||
Total performance fees | (33.4) | (35.7) | (73.2) | ||||||||
Investment income (loss) | |||||||||||
Realized | 68.3 | (5.7) | (0.6) | ||||||||
Unrealized | (41) | 6.8 | 65.8 | ||||||||
Total | 27.3 | 1.1 | 65.2 | ||||||||
Interest and other income | (4.3) | (3) | (1.2) | ||||||||
Interest and other income of Consolidated Funds | 0 | 0 | 0 | ||||||||
Revenue of a consolidated real estate VIE | 0 | 0 | 0 | ||||||||
Total revenues | (164.3) | (224.2) | (192.8) | ||||||||
Compensation and benefits | |||||||||||
Base compensation | 0 | 0 | 0 | ||||||||
Equity-based compensation | 0 | 0 | 0 | ||||||||
Performance fee related | |||||||||||
Realized | 0 | 0 | 0 | ||||||||
Unrealized | 0 | 0 | 0 | ||||||||
Total compensation and benefits | 0 | 0 | 0 | ||||||||
General, administrative and other expenses | 0 | 2.9 | 3.5 | ||||||||
Interest | 0 | 0 | 0 | ||||||||
Interest and other expenses of Consolidated Funds | (219.5) | (244.5) | (278.8) | ||||||||
Interest and other expenses of a consolidated real estate VIE | 0 | 0 | 0 | ||||||||
Other non-operating income | 0 | 0 | 0 | ||||||||
Total expenses | (219.5) | (241.6) | (275.3) | ||||||||
Other income (loss) | |||||||||||
Net investment gains of Consolidated Funds | (22.5) | (11.4) | (4.6) | ||||||||
Income (loss) before provision for income taxes | 32.7 | 6 | 77.9 | ||||||||
Provision for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | 32.7 | 6 | 77.9 | ||||||||
Net income attributable to non-controlling interests in consolidated entities | 636.3 | 573.9 | 652.9 | ||||||||
Net income (loss) attributable to Carlyle Holdings | (603.6) | (567.9) | (575) | ||||||||
Net income (loss) attributable to non-controlling interests in Carlyle Holdings | 0 | 0 | 0 | ||||||||
Net income attributable to The Carlyle Group L.P. | $ (603.6) | $ (567.9) | $ (575) |
Supplemental Financial Infor132
Supplemental Financial Information - Supplemental Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | $ (236.2) | $ 341.2 | $ 694.9 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation, amortization, and impairment | 322.8 | 192.1 | 163.6 |
Equity-based compensation | 378 | 344 | 322.4 |
Excess tax benefits related to equity-based compensation | (4) | (2.7) | (1.9) |
Non-cash performance fees, net | 437.4 | (582.2) | (1,595.9) |
Other non-cash amounts | 12.7 | (1.4) | (9.1) |
Purchases of investments and trading securities | 26.7 | 55.7 | 77.5 |
Purchases of investments and trading securities | (174.5) | (330.1) | (181.1) |
Proceeds from the sale of investments and trading securities | 349.6 | 567.5 | 303.4 |
Payments of contingent consideration | (17.8) | (59.6) | 0 |
Change in deferred taxes, net | (31.4) | 10.5 | 44.5 |
Change in due from affiliates and other receivables | (1.4) | (4.2) | (7.8) |
Change in receivables and inventory of a consolidated real estate VIE | (57.5) | 0 | 10.1 |
Change in deposits and other | (9) | (10.9) | 9.7 |
Change in other assets of a consolidated real estate VIE | (17.4) | (25) | 4.3 |
Change in accounts payable, accrued expenses and other liabilities | (20.3) | (23.4) | 46.6 |
Change in accrued compensation and benefits | (35.3) | 155.4 | 935.5 |
Change in due to affiliates | 21 | (81.6) | 96.7 |
Change in other liabilities of a consolidated real estate VIE | 101.6 | (24.9) | (32.1) |
Change in deferred revenue | (50) | 36.8 | 0.7 |
Net cash provided by operating activities | 995 | 557.2 | 882 |
Cash flows from investing activities | |||
Change in restricted cash | 40.8 | 69.8 | (95.4) |
Purchases of fixed assets, net | (62.3) | (29.7) | (29.5) |
Acquisitions, net of cash acquired | 0 | (3.1) | (10.2) |
Net cash provided by (used in) investing activities | (21.5) | 37 | (135.1) |
Cash flows from financing activities | |||
Repayments under credit facility | 0 | 0 | (386.3) |
Issuance of 3.875% senior notes due 2023, net of financing costs | 0 | 0 | 495.3 |
Issuance of 5.625% senior notes due 2043, net of financing costs | 0 | 210.8 | 394.1 |
Proceeds from loans payable | 0 | 0 | 17.1 |
Payments on loans payable | 0 | 0 | (475) |
Net payments on loans payable of a consolidated real estate VIE | (65.3) | (34.4) | (1.5) |
Payments of contingent consideration | (8.1) | (39.5) | (23.9) |
Net proceeds from issuance of common units, net of offering costs | 209.9 | 449.5 | 0 |
Excess tax benefits related to equity-based compensation | 4 | 2.7 | 1.9 |
Distributions to common unitholders | (251) | (102.7) | (59.9) |
Distributions to non-controlling interest holders in Carlyle Holdings | (848.5) | (486.9) | (372.9) |
Contributions from non-controlling interest holders | 168.5 | 162.2 | 137.7 |
Distributions to non-controlling interest holders | (110.8) | (118.3) | (87) |
Acquisition of non-controlling interests in Carlyle Holdings | (209.9) | (303.4) | (7.1) |
Change in due to/from affiliates financing activities | (62.7) | (38.4) | 17.3 |
Net cash used in financing activities | (1,173.9) | (298.4) | (350.2) |
Effect of foreign exchange rate changes | (50.1) | (20.4) | 2.8 |
(Decrease) Increase in cash and cash equivalents | (250.5) | 275.4 | 399.5 |
Cash and cash equivalents, beginning of period | 1,242 | 966.6 | 567.1 |
Cash and cash equivalents, end of period | $ 991.5 | $ 1,242 | $ 966.6 |
Supplemental Financial Infor133
Supplemental Financial Information - Supplemental Statement of Cash Flows (Additional Information) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
3.875% senior notes due 2023 | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Senior notes percentage | 3.875% | 3.875% | 3.875% |
5.625% senior notes due 2043 | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Senior notes percentage | 5.625% | 5.625% | 5.625% |