Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | The Carlyle Group Inc. |
Entity Central Index Key | 0001527166 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | Summary Compensation Table Total for: Compensation Actually Paid to: Average Summary Compensation Table Total for Non-PEO Named Executive Officers (1),(2) Average Compensation Actually Paid to Non-PEO Named Executive Officers (1),(2) Value of Initial Fixed $100 Investment Based on: Net Income (in millions) Fee Related Earnings (FRE) (in millions) (4) Year Harvey M. Schwartz William E. Conway, Jr. Kewsong Lee Glenn A. Youngkin Harvey M. Schwartz (2) William E. Conway, Jr. (2) Kewsong Lee (2) Glenn A. Youngkin (2) Total Shareholder Return Peer Group Total Shareholder Return (3) 2023 $ 186,994,098 $ 500,000 $ — $ — $ 236,419,177 $ 500,000 $ — $ — $ 8,516,160 $ 8,242,865 $ 145 $ 156 $ (496.7) $ 859.4 2022 $ — $ 500,000 $ 40,775,405 $ — $ — $ 500,000 $ (61,692,601) $ — $ 14,108,893 $ 5,716,546 $ 102 $ 127 $ 1,284.7 $ 834.4 2021 $ — $ — $ 42,322,501 $ — $ — $ — $ 123,088,136 $ — $ 29,363,977 $ 41,878,582 $ 181 $ 162 $ 3,045.2 $ 598.1 2020 $ — $ — $ 16,384,203 $ 12,064,228 $ — $ — $ 20,465,591 $ (31,426,807) $ 6,925,930 $ 7,628,276 $ 102 $ 115 $ 382.8 $ 519.7 | |||
Company Selected Measure Name | Fee Related Earnings | |||
Named Executive Officers, Footnote | The non-PEO named executive officers in 2023 consist of Messrs. Redett, Finn, Ferguson, Larson, and Buser, in 2022 and 2021 consist of Messrs. Buser, Clare, Finn, and Larson, and in 2020 consists of Messrs. Buser, Clare, Ferguson, and Finn (as applicable, the “Non-PEO NEOs”). | |||
Peer Group Issuers, Footnote | The Peer Group for these purposes is the Dow Jones U.S. Asset Manager Index. | |||
Adjustment To PEO Compensation, Footnote | To calculate the “compensation actually paid,” the following amounts were deducted from and added to the applicable “Summary Compensation Table Total” set forth above: Summary Compensation Total Deductions of Reported Equity Values from Summary Compensation Total(a) Equity Award Adjustments to Summary Compensation Total(b) “Compensation Actually Paid” Harvey M. Schwartz 2023 $ 186,994,098 $ (179,981,039) $ 229,406,118 $ 236,419,177 William E. Conway, Jr. 2023 $ 500,000 $ — $ — $ 500,000 2022 $ 500,000 $ — $ — $ 500,000 Kewsong Lee 2022 $ 40,775,405 $ (36,695,033) $ (65,772,973) $ (61,692,601) 2021 $ 42,322,501 $ (36,110,256) $ 116,875,891 $ 123,088,136 2020 $ 16,384,203 $ (10,274,286) $ 14,355,674 $ 20,465,591 Glenn Youngkin 2020 $ 12,064,228 $ (10,682,574) $ (32,808,461) $ (31,426,807) Average of Non-PEO Named Executive Officers 2023 $ 8,516,160 $ (5,829,616) $ 5,556,321 $ 8,242,865 2022 $ 14,108,893 $ (2,331,523) $ (6,060,824) $ 5,716,546 2021 $ 29,363,977 $ (11,208,915) $ 23,723,520 $ 41,878,582 2020 $ 6,925,930 $ (2,407,846) $ 3,110,192 $ 7,628,276 Reflects adjustments to the value of Stock Awards, as calculated in accordance with the rules prescribed under Item 402(v) and in accordance with ASC Topic 718, which included the categories of adjustments for each year as set forth below. The values shown below for Mr. Schwartz include the fair value of accrued dividend equivalent units as of the applicable date. For additional information regarding the determination of fair value, see Note 2 and Note 15 to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 . Year End Fair Value of Awards Granted During Year that Remained Outstanding and Unvested at Year End Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in a Prior Year that Remained Outstanding and Unvested at Year End Fair Value as of Vesting Date of Equity Awards Granted and Vested in Same Year Year Over Year Change in Fair Value of Equity Awards Granted in a Prior Year that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions During Year Total Equity Award Adjustments Harvey M. Schwartz 2023 $ 207,208,994 $ — $ 22,197,124 $ — $ — $ 229,406,118 Kewsong Lee 2022 $ 4,536,963 $ (23,277,375) $ 274,175 $ (4,205,426) $ (43,101,310) $ (65,772,973) 2021 $ 74,781,989 $ 39,770,125 $ — $ 2,323,777 $ — $ 116,875,891 2020 $ 10,586,204 $ 3,208,442 $ — $ 561,028 $ — $ 14,355,674 Glenn Youngkin 2020 $ — $ — $ — $ 594,447 $ (33,402,908) $ (32,808,461) Average of Non-PEO Named Executive Officers 2023 $ 4,700,504 $ 980,957 $ — $ 895,906 $ (1,021,046) $ 5,556,321 2022 $ 1,127,829 $ (5,797,829) $ — $ (1,390,824) $ — $ (6,060,824) 2021 $ 20,872,266 $ 1,624,028 $ — $ 1,227,226 $ — $ 23,723,520 2020 $ 2,579,729 $ 458,910 $ — $ 71,554 $ — $ 3,110,192 | |||
Non-PEO NEO Average Total Compensation Amount | $ 8,516,160 | $ 14,108,893 | $ 29,363,977 | $ 6,925,930 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 8,242,865 | 5,716,546 | 41,878,582 | 7,628,276 |
Adjustment to Non-PEO NEO Compensation Footnote | To calculate the “compensation actually paid,” the following amounts were deducted from and added to the applicable “Summary Compensation Table Total” set forth above: Summary Compensation Total Deductions of Reported Equity Values from Summary Compensation Total(a) Equity Award Adjustments to Summary Compensation Total(b) “Compensation Actually Paid” Harvey M. Schwartz 2023 $ 186,994,098 $ (179,981,039) $ 229,406,118 $ 236,419,177 William E. Conway, Jr. 2023 $ 500,000 $ — $ — $ 500,000 2022 $ 500,000 $ — $ — $ 500,000 Kewsong Lee 2022 $ 40,775,405 $ (36,695,033) $ (65,772,973) $ (61,692,601) 2021 $ 42,322,501 $ (36,110,256) $ 116,875,891 $ 123,088,136 2020 $ 16,384,203 $ (10,274,286) $ 14,355,674 $ 20,465,591 Glenn Youngkin 2020 $ 12,064,228 $ (10,682,574) $ (32,808,461) $ (31,426,807) Average of Non-PEO Named Executive Officers 2023 $ 8,516,160 $ (5,829,616) $ 5,556,321 $ 8,242,865 2022 $ 14,108,893 $ (2,331,523) $ (6,060,824) $ 5,716,546 2021 $ 29,363,977 $ (11,208,915) $ 23,723,520 $ 41,878,582 2020 $ 6,925,930 $ (2,407,846) $ 3,110,192 $ 7,628,276 Reflects adjustments to the value of Stock Awards, as calculated in accordance with the rules prescribed under Item 402(v) and in accordance with ASC Topic 718, which included the categories of adjustments for each year as set forth below. The values shown below for Mr. Schwartz include the fair value of accrued dividend equivalent units as of the applicable date. For additional information regarding the determination of fair value, see Note 2 and Note 15 to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 . Year End Fair Value of Awards Granted During Year that Remained Outstanding and Unvested at Year End Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in a Prior Year that Remained Outstanding and Unvested at Year End Fair Value as of Vesting Date of Equity Awards Granted and Vested in Same Year Year Over Year Change in Fair Value of Equity Awards Granted in a Prior Year that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions During Year Total Equity Award Adjustments Harvey M. Schwartz 2023 $ 207,208,994 $ — $ 22,197,124 $ — $ — $ 229,406,118 Kewsong Lee 2022 $ 4,536,963 $ (23,277,375) $ 274,175 $ (4,205,426) $ (43,101,310) $ (65,772,973) 2021 $ 74,781,989 $ 39,770,125 $ — $ 2,323,777 $ — $ 116,875,891 2020 $ 10,586,204 $ 3,208,442 $ — $ 561,028 $ — $ 14,355,674 Glenn Youngkin 2020 $ — $ — $ — $ 594,447 $ (33,402,908) $ (32,808,461) Average of Non-PEO Named Executive Officers 2023 $ 4,700,504 $ 980,957 $ — $ 895,906 $ (1,021,046) $ 5,556,321 2022 $ 1,127,829 $ (5,797,829) $ — $ (1,390,824) $ — $ (6,060,824) 2021 $ 20,872,266 $ 1,624,028 $ — $ 1,227,226 $ — $ 23,723,520 2020 $ 2,579,729 $ 458,910 $ — $ 71,554 $ — $ 3,110,192 | |||
Compensation Actually Paid vs. Total Shareholder Return | The following graph shows the relationship between the “compensation actually paid” to each of Messrs. Schwartz, Conway, Lee, and Youngkin and the average of the “compensation actually paid” to our Non-PEO NEOs (in each case, with “compensation actually paid” calculated as set forth above in accordance with the rules prescribed under Item 402(v) of Regulation S-K) in 2020, 2021, 2022, and 2023 and our cumulative total shareholder return (“TSR”) measured starting from December 31, 2019 for each covered fiscal year. This graph also shows the relationship between our TSR performance and the TSR performance of the Peer Group in the Pay Versus Performance Table (which is the Dow Jones U.S. Asset Manager Index) over the same period. “Compensation Actually Paid” vs. Company Total Shareholder Return (“TSR”) and Company TSR v. Peer Group TSR n Harvey M. Schwartz n Kewsong Lee n Glenn A. Youngkin n William E. Conway, Jr. n Non-PEO NEOs Company TSR Peer Group TSR | |||
Compensation Actually Paid vs. Net Income | The following graph show the relationship between the “compensation actually paid” to each of Messrs. Schwartz, Conway, Lee, and Youngkin and the average of the “compensation actually paid” to our non-PEO NEOs (in each case, with “compensation actually paid” calculated as set forth above in accordance with the rules prescribed under Item 402(v)) in 2020, 2021, 2022, and 2023 and our net income performance in 2020, 2021, 2022, and 2023. The 2023 net income figure includes a $1.1 billion charge to performance allocations and incentive fee related compensation expense as part of our updated compensation program. See “Compensation Discussion and Analysis—Enhanced Stakeholder Alignment.” “Compensation Actually Paid” vs. Net Income n Harvey M. Schwartz n Kewsong Lee n Glenn A. Youngkin n William E. Conway, Jr. n Non-PEO NEOs Net Income | |||
Compensation Actually Paid vs. Company Selected Measure | The following graph shows the relationship between the “compensation actually paid” to each of Messrs. Schwartz, Conway, Lee, and Youngkin and the average of the “compensation actually paid” to our non-PEO NEOs (in each case, with “compensation actually paid” calculated as set forth above in accordance with the rules prescribed under Item 402(v)) in 2020, 2021, 2022, and 2023 and the performance of our company-selected measure, fee related earnings, in 2020, 2021, 2022, and 2023. “Compensation Actually Paid” vs. Fee Related Earnings (“FRE”) n Harvey M. Schwartz n Kewsong Lee n Glenn A. Youngkin n William E. Conway, Jr. n Non-PEO NEOs FRE | |||
Total Shareholder Return Vs Peer Group | The following graph shows the relationship between the “compensation actually paid” to each of Messrs. Schwartz, Conway, Lee, and Youngkin and the average of the “compensation actually paid” to our Non-PEO NEOs (in each case, with “compensation actually paid” calculated as set forth above in accordance with the rules prescribed under Item 402(v) of Regulation S-K) in 2020, 2021, 2022, and 2023 and our cumulative total shareholder return (“TSR”) measured starting from December 31, 2019 for each covered fiscal year. This graph also shows the relationship between our TSR performance and the TSR performance of the Peer Group in the Pay Versus Performance Table (which is the Dow Jones U.S. Asset Manager Index) over the same period. “Compensation Actually Paid” vs. Company Total Shareholder Return (“TSR”) and Company TSR v. Peer Group TSR n Harvey M. Schwartz n Kewsong Lee n Glenn A. Youngkin n William E. Conway, Jr. n Non-PEO NEOs Company TSR Peer Group TSR | |||
Tabular List, Table | Fee Related Earnings Realized Net Performance Revenues Fee-Earning Assets Under Management Raised (Fee-Earning Fundraising) Stock Price Performance Relative TSR Performance | |||
Total Shareholder Return Amount | $ 145 | 102 | 181 | 102 |
Peer Group Total Shareholder Return Amount | 156 | 127 | 162 | 115 |
Net Income (Loss) | $ (496,700,000) | $ 1,284,700,000 | $ 3,045,200,000 | $ 382,800,000 |
Company Selected Measure Amount | 859,400,000 | 834,400,000 | 598,100,000 | 519,700,000 |
Additional 402(v) Disclosure | Represents the grant date fair value of equity-based awards granted in each year, as reflected in the “Stock Awards” column. | |||
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | Fee Related Earnings | |||
Non-GAAP Measure Description | Our company-selected measure is Fee Related Earnings (“FRE”). FRE is described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures—Non-GAAP Financial Measures—Fee Related Earnings” in our Annual Report on Form 10-K. For a reconciliation of non-GAAP measures to the corresponding GAAP measures, please see Appendix A: Reconciliation of Non-GAAP Measures. | |||
Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | Realized Net Performance Revenues | |||
Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | Fee-Earning Assets Under Management Raised (Fee-Earning Fundraising) | |||
Measure:: 4 | ||||
Pay vs Performance Disclosure | ||||
Name | Stock Price Performance | |||
Measure:: 5 | ||||
Pay vs Performance Disclosure | ||||
Name | Relative TSR Performance | |||
Harvey M. Schwartz [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | $ 186,994,098 | |||
PEO Actually Paid Compensation Amount | 236,419,177 | |||
William E Conway, Jr. [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | 500,000 | $ 500,000 | ||
PEO Actually Paid Compensation Amount | 500,000 | 500,000 | ||
Kewsong Lee [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | 40,775,405 | $ 42,322,501 | $ 16,384,203 | |
PEO Actually Paid Compensation Amount | (61,692,601) | 123,088,136 | 20,465,591 | |
Glenn A. Youngkin [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | 12,064,228 | |||
PEO Actually Paid Compensation Amount | (31,426,807) | |||
PEO | Harvey M. Schwartz [Member] | Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (179,981,039) | |||
PEO | Harvey M. Schwartz [Member] | Equity Award Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 229,406,118 | |||
PEO | Harvey M. Schwartz [Member] | Equity Awards Granted During The Year, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 207,208,994 | |||
PEO | Harvey M. Schwartz [Member] | Equity Awards Granted In Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | Harvey M. Schwartz [Member] | Equity Awards Granted During The Year, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 22,197,124 | |||
PEO | Harvey M. Schwartz [Member] | Equity Awards Granted In Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | Harvey M. Schwartz [Member] | Equity Awards That Failed To Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | William E Conway, Jr. [Member] | Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | ||
PEO | William E Conway, Jr. [Member] | Equity Award Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 0 | 0 | ||
PEO | Kewsong Lee [Member] | Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (36,695,033) | (36,110,256) | (10,274,286) | |
PEO | Kewsong Lee [Member] | Equity Award Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (65,772,973) | 116,875,891 | 14,355,674 | |
PEO | Kewsong Lee [Member] | Equity Awards Granted During The Year, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 4,536,963 | 74,781,989 | 10,586,204 | |
PEO | Kewsong Lee [Member] | Equity Awards Granted In Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | (23,277,375) | 39,770,125 | 3,208,442 | |
PEO | Kewsong Lee [Member] | Equity Awards Granted During The Year, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 274,175 | 0 | 0 | |
PEO | Kewsong Lee [Member] | Equity Awards Granted In Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | (4,205,426) | 2,323,777 | 561,028 | |
PEO | Kewsong Lee [Member] | Equity Awards That Failed To Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | (43,101,310) | 0 | 0 | |
PEO | Glenn A. Youngkin [Member] | Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (10,682,574) | |||
PEO | Glenn A. Youngkin [Member] | Equity Award Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (32,808,461) | |||
PEO | Glenn A. Youngkin [Member] | Equity Awards Granted During The Year, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | Glenn A. Youngkin [Member] | Equity Awards Granted In Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | Glenn A. Youngkin [Member] | Equity Awards Granted During The Year, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | |||
PEO | Glenn A. Youngkin [Member] | Equity Awards Granted In Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 594,447 | |||
PEO | Glenn A. Youngkin [Member] | Equity Awards That Failed To Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | (33,402,908) | |||
Non-PEO NEO | Deductions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (5,829,616) | (2,331,523) | (11,208,915) | (2,407,846) |
Non-PEO NEO | Equity Award Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 5,556,321 | (6,060,824) | 23,723,520 | 3,110,192 |
Non-PEO NEO | Equity Awards Granted During The Year, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 4,700,504 | 1,127,829 | 20,872,266 | 2,579,729 |
Non-PEO NEO | Equity Awards Granted In Prior Years, Unvested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 980,957 | (5,797,829) | 1,624,028 | 458,910 |
Non-PEO NEO | Equity Awards Granted During The Year, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 0 | 0 | 0 | 0 |
Non-PEO NEO | Equity Awards Granted In Prior Years, Vested [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | 895,906 | (1,390,824) | 1,227,226 | 71,554 |
Non-PEO NEO | Equity Awards That Failed To Meet Vesting Conditions [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment To Compensation Amount, Equity Awards | $ (1,021,046) | $ 0 | $ 0 | $ 0 |