Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Carlyle Group L.P. | ' | ' |
Entity Central Index Key | '0001527166 | ' | ' |
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 | ' | 50,292,165 | ' |
Entity Public Float | ' | ' | $1,177,272,171 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $966.60 | $567.10 |
Cash and cash equivalents held at Consolidated Funds | 1,402.70 | 1,646.60 |
Restricted cash | 129.9 | 34.5 |
Restricted cash and securities of Consolidated Funds | 25.7 | 36.3 |
Accrued performance fees | 3,653.60 | 2,192.50 |
Investments | 765.3 | 881.2 |
Investments of Consolidated Funds | 26,886.40 | 24,815.70 |
Due from affiliates and other receivables, net | 175.9 | 190.7 |
Due from affiliates and other receivables of Consolidated Funds, net | 626.2 | 331.8 |
Receivables and inventory of a consolidated real estate VIE | 180.4 | ' |
Fixed assets, net | 68.8 | 63.6 |
Deposits and other | 38.5 | 48.4 |
Other assets of a consolidated real estate VIE | 60.1 | ' |
Intangible assets, net | 582.8 | 691.1 |
Deferred tax assets | 59.4 | 67.1 |
Total assets | 35,622.30 | 31,566.60 |
Liabilities and partners' capital | ' | ' |
Loans payable | 42.4 | 886.3 |
3.875% senior notes due 2023 | 499.8 | ' |
5.625% senior notes due 2043 | 398.4 | ' |
Loans payable of Consolidated Funds | 15,220.70 | 13,656.70 |
Loans payable of a consolidated real estate VIE at fair value (principal amount of $305.3) | 122.1 | ' |
Accounts payable, accrued expenses and other liabilities | 265.1 | 215 |
Accrued compensation and benefits | 2,253 | 1,318.20 |
Due to affiliates | 403.7 | 332.1 |
Deferred revenue | 64.1 | 59.4 |
Deferred tax liabilities | 103.6 | 61.1 |
Other liabilities of Consolidated Funds | 1,382.70 | 1,385.80 |
Other liabilities of a consolidated real estate VIE | 97.7 | ' |
Accrued giveback obligations | 39.6 | 69.2 |
Total liabilities | 20,892.90 | 17,983.80 |
Commitments and contingencies | ' | ' |
Redeemable non-controlling interests in consolidated entities | 4,352 | 2,887.40 |
Partners' capital (common units, 49,353,406 and 43,244,180 issued and outstanding as of December 31, 2013 and 2012, respectively) | 357.1 | 235.1 |
Accumulated other comprehensive loss | -11.2 | -4.8 |
Partners' capital appropriated for Consolidated Funds | 463.6 | 838.6 |
Non-controlling interests in consolidated entities | 7,696.60 | 8,264.80 |
Non-controlling interests in Carlyle Holdings | 1,871.30 | 1,361.70 |
Total partners' capital | 10,377.40 | 10,695.40 |
Total liabilities and partners' capital | $35,622.30 | $31,566.60 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Principal amount | $305.30 | ' |
Common stock, units issued | 49,353,406 | 43,244,180 |
Common stock, units outstanding | 49,353,406 | 43,244,180 |
3.875% Senior Notes Due 2023 [Member] | ' | ' |
Senior notes percentage | 3.88% | ' |
5.625% Senior Notes Due 2043 [Member] | ' | ' |
Senior notes percentage | 5.63% | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | $984,600,000 | $977,600,000 | $915,500,000 |
Performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,176,700,000 | 907,500,000 | 1,307,400,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,198,600,000 | 133,600,000 | -185,800,000 |
Total performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,375,300,000 | 1,041,100,000 | 1,121,600,000 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | 16,300,000 | 65,100,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 20,100,000 | 13,300,000 |
Total investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,800,000 | 36,400,000 | 78,400,000 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | 14,500,000 | 15,800,000 |
Interest and other income of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,100,000 | 903,500,000 | 714,000,000 |
Revenue of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' |
Total revenues | 1,638,800,000 | 888,100,000 | 769,300,000 | 1,145,000,000 | 755,300,000 | 858,500,000 | 248,400,000 | 1,110,900,000 | ' | 4,441,200,000 | 2,973,100,000 | 2,845,300,000 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 738,000,000 | 624,500,000 | 374,500,000 |
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,400,000 | 201,700,000 | ' |
Performance fee related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539,200,000 | 285,500,000 | 225,700,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 644,500,000 | 32,200,000 | -122,300,000 |
Total compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,244,100,000 | 1,143,900,000 | 477,900,000 |
General, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,400,000 | 357,500,000 | 323,500,000 |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,500,000 | 24,600,000 | 60,600,000 |
Interest and other expenses of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 890,600,000 | 758,100,000 | 453,100,000 |
Interest and other expenses of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,800,000 | ' | ' |
Other non-operating (income) expenses | -276,600,000 | 82,000,000 | -290,600,000 | -211,500,000 | -50,400,000 | -448,900,000 | -386,600,000 | -872,100,000 | ' | -16,500,000 | 7,100,000 | 32,000,000 |
Total expenses | 1,201,100,000 | 814,700,000 | 774,000,000 | 904,100,000 | 660,200,000 | 704,900,000 | 448,900,000 | 477,200,000 | ' | 3,693,900,000 | 2,291,200,000 | 1,347,100,000 |
Other income (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment gains (losses) of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 696,700,000 | 1,758,000,000 | -323,300,000 |
Gain on business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 |
Income (loss) before provision for income taxes | 714,300,000 | -8,600,000 | 285,900,000 | 452,400,000 | 145,500,000 | 602,500,000 | 186,100,000 | 1,505,800,000 | ' | 1,444,000,000 | 2,439,900,000 | 1,182,800,000 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,200,000 | 40,400,000 | 28,500,000 |
Net income | 677,500,000 | -26,500,000 | 269,300,000 | 427,500,000 | 132,900,000 | 597,000,000 | 175,500,000 | 1,494,100,000 | ' | 1,347,800,000 | 2,399,500,000 | 1,154,300,000 |
Net income (loss) attributable to non-controlling interests in consolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 676,000,000 | 1,756,700,000 | -202,600,000 |
Net income attributable to Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 671,800,000 | 642,800,000 | 1,356,900,000 |
Net income attributable to non-controlling interests in Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 567,700,000 | 622,500,000 | ' |
Net income attributable to The Carlyle Group L.P. | $71,300,000 | $2,300,000 | ($3,300,000) | $33,800,000 | $12,000,000 | $18,600,000 | ($10,300,000) | ' | $20,300,000 | $104,100,000 | $20,300,000 | ' |
Net income attributable to The Carlyle Group L.P. per common unit (see Note 15) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $1.45 | $0.04 | ($0.07) | $0.78 | $0.28 | $0.43 | ($0.26) | ' | $0.48 | $2.24 | $0.48 | ' |
Diluted | $1.17 | $0.04 | ($0.07) | $0.66 | $0.25 | $0.40 | ($0.26) | ' | $0.41 | $2.05 | $0.41 | ' |
Weighted-average common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 42,562,928 | 46,135,229 | 42,562,928 | ' |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 259,698,987 | 278,250,489 | 259,698,987 | ' |
Distributions declared per common unit | $0.16 | $0.16 | $0.16 | $0.85 | $0.16 | $0.11 | ' | ' | ' | $1.33 | $0.27 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $1,347.80 | $2,399.50 | $1,154.30 |
Other comprehensive income (loss) | ' | ' | ' |
Foreign currency translation adjustments | 372.7 | -308.2 | -499.2 |
Cash flow hedges | ' | ' | ' |
Unrealized gains (loss) for the period | 0.2 | -10.2 | -4.3 |
Less: reclassification adjustment for loss included in interest expense | 3.8 | 7.1 | 5.6 |
Defined benefit plans | ' | ' | ' |
Unrealized gains (loss) for the period | 0.9 | -12.3 | ' |
Less: reclassification adjustment for unrecognized loss during the period, net, included in base compensation expense | 0.8 | ' | ' |
Other comprehensive income (loss) | 378.4 | -323.6 | -497.9 |
Comprehensive income | 1,726.20 | 2,075.90 | 656.4 |
Less: Comprehensive (income) loss attributable to partners' capital appropriated for Consolidated Funds | 375 | 384.8 | 131.5 |
Less: Comprehensive (income) loss attributable to non-controlling interests in consolidated entities | -1,152.30 | -1,844.30 | 633.1 |
Less: Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities | -272.3 | 9 | -85.4 |
Comprehensive income (loss) attributable to Carlyle Holdings | 676.6 | 625.4 | 1,335.60 |
Less: Comprehensive income (loss) attributable to non-controlling interests in Carlyle Holdings | -571.9 | -607.6 | ' |
Comprehensive income (loss) attributable to The Carlyle Group L.P. | $104.70 | $17.80 | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partners' Capital and Redeemable Non-Controlling Interests in Consolidated Entities (USD $) | Total | Common Units [Member] | Members' Equity [Member] | Partners' Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Partners' Capital Appropriated for Consolidated Funds [Member] | Non-Controlling Interests in Consolidated Entities [Member] | Non-Controlling Interests in Carlyle Holdings [Member] | Redeemable Non-Controlling Interests in Consolidated Entities [Member] |
In Millions, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2010 | $2,198.60 | ' | $929.70 | ' | ($34.50) | $938.50 | $364.90 | ' | $694 |
Acquisition of CLOs | 46.7 | ' | ' | ' | ' | 46.7 | ' | ' | ' |
Acquisition of AlpInvest and related consolidated fund of funds | 8,476.50 | ' | ' | ' | ' | ' | 8,476.50 | ' | ' |
Acquisition and initial consolidation of hedge funds | ' | ' | ' | ' | ' | ' | ' | ' | 516.8 |
Issuance of equity related to acquisitions | 18.3 | ' | 18.3 | ' | ' | ' | ' | ' | ' |
Contributions | 398.9 | ' | 15.1 | ' | ' | ' | 383.8 | ' | 962.5 |
Distributions | -2,542.80 | ' | -1,446.90 | ' | ' | ' | -1,095.90 | ' | -335.3 |
Net income (loss) | 1,068.90 | ' | 1,356.90 | ' | ' | -126.4 | -161.6 | ' | 85.4 |
Currency translation adjustments | -499.2 | ' | ' | ' | -22.6 | -5.1 | -471.5 | ' | ' |
Change in fair value of cash flow hedge instruments | 1.3 | ' | ' | ' | 1.3 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 9,167.20 | ' | 873.1 | ' | -55.8 | 853.7 | 7,496.20 | ' | 1,923.40 |
Acquisition of CLOs | 357.3 | ' | ' | ' | ' | 357.3 | ' | ' | ' |
Contributions | 362.4 | ' | 9.3 | ' | ' | 12.4 | 340.7 | ' | 719.1 |
Distributions | -1,472.40 | ' | -658.5 | ' | ' | ' | -813.9 | ' | -114.8 |
Net income (loss) | 1,535.70 | ' | 532.7 | ' | ' | 47.5 | 955.5 | ' | -20.8 |
Currency translation adjustments | -169.8 | ' | ' | ' | 2.3 | -4.1 | -168 | ' | ' |
Change in fair value of cash flow hedge instruments | -2.2 | ' | ' | ' | -2.2 | ' | ' | ' | ' |
Contribution of equity interests in general partners of carry funds (see Note 1) | 261.1 | ' | 261.1 | ' | ' | ' | ' | ' | ' |
Reorganization of beneficial interests in investments (see Note 1) | ' | ' | -64.1 | ' | ' | ' | 64.1 | ' | ' |
Reorganization of carried interest rights of retired senior Carlyle professionals (see Note 1) | ' | ' | -56.2 | ' | ' | ' | 56.2 | ' | ' |
Exchange of interests for Carlyle Holdings units (see Note 1) | ' | ' | -897.4 | ' | 55.7 | ' | ' | 841.7 | ' |
Balance post-reorganization | 10,039.30 | ' | ' | ' | ' | 1,266.80 | 7,930.80 | 841.7 | 2,506.90 |
Ending Balance at May. 08, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common units in initial public offering, net of issuance costs, Units (see Note 1) | 615.8 | ' | ' | 615.8 | ' | ' | ' | ' | ' |
Issuance of common units in initial public offering, net of issuance costs (see Note 1) | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred tax effects resulting from acquisition and exchange of interests in Carlyle Holdings (see Note 1) | -9.4 | ' | ' | -9.4 | ' | ' | ' | ' | ' |
Dilution assumed with IPO | ' | ' | ' | -469.8 | ' | ' | ' | 469.8 | ' |
CalPERS equity exchange | 6.8 | ' | ' | 70.1 | -2.3 | ' | ' | -61 | ' |
CalPERS equity exchange, Units | ' | 12,700,000 | ' | ' | ' | ' | ' | ' | ' |
Initial consolidation of Consolidated Funds | 5 | ' | ' | ' | ' | ' | 5 | ' | ' |
Contributions | 377 | ' | ' | ' | ' | ' | 377 | ' | 723.2 |
Distributions | -1,213.10 | ' | ' | -11.7 | ' | ' | -1,104.80 | -96.6 | -354.5 |
Net income (loss) | 872.8 | ' | ' | 20.3 | ' | -424.1 | 1,186.80 | 89.8 | 11.8 |
Equity-based compensation | 139.7 | ' | ' | 19.8 | ' | ' | ' | 119.9 | ' |
Issuance of Carlyle Holdings partnership units | 13,100,000 | ' | ' | ' | ' | ' | ' | 13,100,000 | ' |
Currency translation adjustments | -138.4 | ' | ' | ' | -1 | -4.1 | -127.6 | -5.7 | ' |
Defined benefit plans, net | -12.3 | ' | ' | ' | -1.4 | ' | -2.4 | -8.5 | ' |
Change in fair value of cash flow hedge instruments | -0.9 | ' | ' | ' | -0.1 | ' | ' | -0.8 | ' |
Ending Balance at Dec. 31, 2012 | 10,695.40 | ' | ' | 235.1 | -4.8 | 838.6 | 8,264.80 | 1,361.70 | 2,887.40 |
Ending Balance, Units at Dec. 31, 2012 | ' | 43,200,000 | ' | ' | ' | ' | ' | ' | ' |
Reallocation of ownership interests in Caryle Holdings | ' | ' | ' | 20.6 | -6.7 | ' | ' | -13.9 | ' |
Reallocation of ownership interests in Caryle Holdings, Units | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
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, Units | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common units related to acquisitions | 2.1 | ' | ' | 0.3 | ' | ' | ' | 1.8 | ' |
Issuance of common units related to acquisitions, units | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Initial consolidation of Consolidated Funds | 69.6 | ' | ' | ' | ' | ' | 69.6 | ' | ' |
Contributions | 673.4 | ' | ' | ' | ' | ' | 673.4 | ' | 1,803.10 |
Distributions | -2,858.90 | ' | ' | -59.9 | ' | ' | -2,430.40 | -368.6 | -610.8 |
Net income (loss) | 1,075.50 | ' | ' | 104.1 | ' | -383.1 | 786.8 | 567.7 | 272.3 |
Equity-based compensation | 327.6 | ' | ' | 51.3 | ' | ' | ' | 276.3 | ' |
Issuance of Carlyle Holdings partnership units | 16,600,000 | ' | ' | ' | ' | ' | ' | 16,600,000 | ' |
Net delivery of vested common units | 4.8 | ' | ' | 1.4 | ' | ' | ' | 3.4 | ' |
Net delivery of vested common units, Units | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
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 | $10,377.40 | ' | ' | $357.10 | ($11.20) | $463.60 | $7,696.60 | $1,871.30 | $4,352 |
Ending Balance, Units at Dec. 31, 2013 | ' | 49,400,000 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $1,347.80 | $2,399.50 | $1,154.30 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 163.6 | 107.8 | 83.1 |
Amortization of deferred financing fees | 1.4 | 1.3 | 1.1 |
Equity-based compensation | 322.4 | 201.7 | ' |
Excess tax benefits related to equity-based compensation | -1.9 | ' | ' |
Non-cash performance fees | -1,525.50 | -192.6 | 62.6 |
Other non-cash amounts | -10.5 | 7.1 | 31.5 |
Consolidated Funds related: | ' | ' | ' |
Realized/unrealized (gain) loss on investments of Consolidated Funds | -1,369.60 | -2,571.20 | 284.4 |
Realized/unrealized loss from loans payable of Consolidated Funds | 695.8 | 926.2 | 56.7 |
Purchases of investments by Consolidated Funds | -11,555 | -7,176.30 | -6,818.90 |
Proceeds from sale and settlements of investments by Consolidated Funds | 11,631.60 | 8,530.50 | 7,970.80 |
Non-cash interest income, net | -81.1 | -80.6 | -96 |
Change in cash and cash equivalents held at Consolidated Funds | 2,419.90 | 1,274.70 | 243.7 |
Change in other receivables held at Consolidated Funds | -228.8 | 41.5 | 8.5 |
Change in other liabilities held at Consolidated Funds | -120.5 | -1,038.90 | -142.8 |
Investment income | -4.8 | -32.1 | -82.8 |
Purchases of investments | -93 | -520.3 | -128.4 |
Proceeds from the sale of investments | 275.6 | 199.9 | 300.9 |
Purchases of trading securities | ' | -20.1 | -6.7 |
Proceeds from sale of trading securities | 18.7 | 15.7 | 0.2 |
Changes in deferred taxes | 44.5 | -9.3 | -19.8 |
Change in due from affiliates and other receivables | -7.8 | 10.1 | 16.3 |
Change in receivables and inventory of a consolidated real estate VIE | 10.1 | ' | ' |
Change in deposits and other | 9.7 | 9.4 | -16.5 |
Change in other assets of a consolidated real estate VIE | 4.3 | ' | ' |
Change in accounts payable, accrued expenses and other liabilities | 46.6 | 3.4 | -51.6 |
Change in accrued compensation and benefits | 935.5 | -5.3 | -91.7 |
Change in due to affiliates | 96.7 | -23.6 | 29.8 |
Change in other liabilities of a consolidated real estate VIE | -32.1 | ' | ' |
Change in deferred revenue | 0.7 | -30.1 | -110.7 |
Net cash provided by operating activities | 2,994.30 | 2,028.40 | 2,678 |
Cash flows from investing activities | ' | ' | ' |
Change in restricted cash | -95.4 | -9.6 | -8.6 |
Purchases of fixed assets, net | -29.5 | -32.7 | -34.2 |
Purchases of intangible assets | ' | -41 | -8.1 |
Acquisitions, net of cash acquired | -10.2 | -42.8 | -53.9 |
Net cash used in investing activities | -135.1 | -126.1 | -104.8 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under credit facility | ' | 820 | 520.5 |
Repayments under credit facility | -386.3 | -744.6 | -209.7 |
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 | 394.1 | ' | ' |
Proceeds from loans payable | 17.1 | ' | ' |
Payments on loans payable | -475 | -310 | -307.5 |
Change in loans payable of a consolidated real estate VIE | -1.5 | ' | ' |
Net payment on loans payable of Consolidated Funds | -1,595.20 | -1,415.20 | -1,204.70 |
Payments of contingent consideration | -23.9 | -10 | ' |
Distributions to common unitholders | -59.9 | -11.7 | ' |
Net proceeds from issuance of common units in initial public offering | ' | 615.8 | ' |
Excess tax benefits related to equity-based compensation | 1.9 | ' | ' |
Contributions from predecessor owners | ' | 9.3 | 15.1 |
Distributions to predecessor owners | ' | -452.3 | -1,498.40 |
Contributions from non-controlling interest holders | 2,474.90 | 2,044.70 | 1,251.10 |
Distributions to non-controlling interest holders | -3,410.90 | -2,406.80 | -1,312 |
Acquisition of non-controlling interests in consolidated entities | -7.1 | ' | ' |
Change in due to/from affiliates financing activities | 17.3 | 0.7 | 39 |
Change in due to/from affiliates and other receivables of Consolidated Funds | 55.5 | 18.8 | 27.6 |
Net cash used in financing activities | -2,503.70 | -1,841.30 | -2,679 |
Effect of foreign exchange rate changes | 44 | -3.5 | -1.5 |
Increase (decrease) in cash and cash equivalents | 399.5 | 57.5 | -107.3 |
Cash and cash equivalents, beginning of period | 567.1 | 509.6 | 616.9 |
Cash and cash equivalents, end of period | 966.6 | 567.1 | 509.6 |
Supplemental cash disclosures | ' | ' | ' |
Cash paid for interest | 28.6 | 24.7 | 59.2 |
Cash paid for income taxes | 50.4 | 56.1 | 30 |
Supplemental non-cash disclosures | ' | ' | ' |
Increase in partners' capital related to reallocation of ownership interest in Carlyle Holdings | 13.9 | ' | ' |
Increase to partners' capital from acquisition of non-controlling interests in consolidated entities | 3.9 | ' | ' |
Initial consolidation of Consolidated Funds | 69.6 | 5 | ' |
Non-cash distributions to predecessor owners | ' | 402.5 | -51.5 |
Non-cash contributions from non-controlling interest holders | 1.6 | 127.7 | 95.2 |
Non-cash distributions to non-controlling interest holders | 3.2 | 77.8 | 119.2 |
Reorganization: | ' | ' | ' |
Transfer of partners' capital to non-controlling interests in consolidated entities | ' | 120.3 | ' |
Deferred taxes from transfer of ownership interests | ' | 9.4 | ' |
Exchange of CalPERS equity interests: | ' | ' | ' |
Deferred tax asset | ' | 41.7 | ' |
Tax receivable agreement liability | ' | 34.9 | ' |
Total partners' capital | ' | 6.8 | ' |
AlpInvest [Member] | ' | ' | ' |
Supplemental non-cash disclosures | ' | ' | ' |
Non-cash acquisition | ' | ' | 8,434.70 |
Emerging Sovereign Group LLC [Member] | ' | ' | ' |
Supplemental non-cash disclosures | ' | ' | ' |
Non-cash acquisition | ' | ' | 510.1 |
Collateralized Loan Obligations [Member] | ' | ' | ' |
Supplemental non-cash disclosures | ' | ' | ' |
Net assets related to consolidation of the CLOs | ' | $357.30 | $46.70 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2013 |
3.875% Senior Notes Due 2023 [Member] | ' |
Senior notes percentage | 3.88% |
5.625% Senior Notes Due 2043 [Member] | ' |
Senior notes percentage | 5.63% |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Basis of Presentation | ' | |
1 | 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, 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 Solutions (see Note 18). | ||
Basis of Presentation | ||
The accompanying financial statements include (1) subsequent to the reorganization as described below, the accounts of the Partnership and (2) prior to the reorganization, the combined accounts of TC Group, L.L.C., TC Group Cayman, L.P., TC Group Investment Holdings, L.P. and TC Group Cayman Investment Holdings, L.P., as well as their majority-owned subsidiaries (collectively, “Carlyle Group”), which were engaged in the above businesses under common ownership and control by Carlyle’s individual partners (“senior Carlyle professionals”), the California Employees Public Retirement System (“CalPERS”) and Mubadala Development Company (“Mubadala”). 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. | ||
Prior to the reorganization and initial public offering in May 2012, all compensation for services rendered by senior Carlyle professionals was reflected as distributions from partners’ capital rather than as compensation expense. Subsequent to the reorganization and initial public offering, all compensation attributable to senior Carlyle professionals is recognized as compensation expense, consistent with all other Carlyle employees. | ||
Reorganization and Initial Public Offering | ||
In May 2012, a series of reorganization transactions were executed to facilitate the acquisition by the Partnership of an indirect equity interest in Carlyle Group. As part of these reorganization transactions, the senior Carlyle professionals (excluding retired senior Carlyle professionals), CalPERS and Mubadala contributed all of their interests in TC Group, L.L.C., TC Group Cayman, L.P., TC Group Investment Holdings, L.P. and TC Group Cayman Investment Holdings, L.P. (the “Former Parent Entities”) and senior Carlyle professionals and other individuals engaged in Carlyle’s business contributed a portion of the equity interests they owned in the general partners of Carlyle’s existing carry funds, to Carlyle Holdings I L.P., Carlyle Holdings II L.P. and Carlyle Holdings III L.P. (collectively, “Carlyle Holdings”) in exchange for Carlyle Holdings partnership units. | ||
After the completion of the reorganization transactions, Carlyle Group is a consolidated subsidiary of Carlyle Holdings. Carlyle Group is considered the predecessor of the Partnership for accounting purposes, and accordingly, Carlyle Group’s combined and consolidated financial statements are the Partnership’s historical financial statements. The historical combined and consolidated financial statements of Carlyle Group are reflected herein based on the historical ownership interests of the senior Carlyle professionals, CalPERS and Mubadala in Carlyle Group. | ||
In May 2012, the Partnership completed an initial public offering of 30,500,000 common units on the NASDAQ Global Select Market under the symbol “CG”. The net proceeds to the Partnership from the initial public offering were approximately $615.8 million, after deducting underwriting discounts and offering expenses. The Partnership used all of the proceeds to purchase an equivalent number of newly issued Carlyle Holdings partnership units from Carlyle Holdings. 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 financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
2 | 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 (“VIE”s), 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 revised consolidation rules require an analysis to (x) determine whether an entity in which the Partnership holds a variable interest is a VIE and (y) 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 analysis, which requires judgment, is performed at each reporting date. | |||||||||
In February 2010, Accounting Standards Update (“ASU”) No. 2010-10, “Amendments for Certain Investment Funds,” was issued. This ASU defers the application of the revised 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, 2013, assets and liabilities of consolidated VIEs reflected in the consolidated balance sheets were $24.8 billion and $16.8 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, 2013, the Partnership held $68.9 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. 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, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Investments | $ | 364.8 | $ | 398.2 | |||||
Receivables | 132.4 | 43.5 | |||||||
Maximum Exposure to Loss | $ | 497.2 | $ | 441.7 | |||||
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, pursuant to U.S. GAAP. | |||||||||
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 income and other income of the Consolidated Funds is included in interest and other income of Consolidated Funds and interest expense and other expenses of the Consolidated Funds is included in interest and other expenses of Consolidated Funds 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. | |||||||||
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% of contributions for unrealized investments. 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 our 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 typically range from 0.25% to 0.65% on the total par amount of assets in the fund and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs and credit opportunities funds 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 from 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 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 or net asset value for unrealized investments or following the expiration of the weighted average investment period of the underlying funds from 0.3% to 1.0% of adjusted contributions for unrealized investments. These fees are 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 $50.6 million, $49.5 million and $75.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, net of any offsets as defined in the respective partnership agreements. | |||||||||
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 and return of certain fund costs (generally subject to catch-up provisions) 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 total 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. 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, 2013 and 2012, the Partnership has recognized $39.6 million and $69.2 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 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 was $1.8 million, $4.9 million and $8.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in interest and other income in the accompanying consolidated statements of operations. Interest income of the Consolidated Funds was $876.8 million, $772.8 million and $605.7 million for the years ended December 31, 2013, 2012 and 2011, 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 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. | |||||||||
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 consultants 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 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, 2013 and 2012, the Partnership had recorded a liability of $1.7 billion and $0.9 billion, respectively, in accrued compensation 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 | |||||||||
For periods prior to the reorganization and initial public offering in May 2012, no provision was made for U.S. federal income taxes in the consolidated financial statements since the profits and losses were allocated to the senior Carlyle professionals who were individually responsible for reporting such amounts. During those periods, based on applicable foreign, state and local tax laws, a provision for income taxes was recorded for certain entities. | |||||||||
For periods subsequent to the reorganization and initial public offering in May 2012, certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state and local 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 foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. AlpInvest Partners B.V. (“AlpInvest”), a subsidiary of the Partnership, is subject to entity level income taxes in the Netherlands. 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 under the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”), using the liability method. 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. 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 net 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. 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. | |||||||||
Prior to the reorganization and the initial public offering in May 2012, Carlyle’s business was conducted through a large number of entities as to which there was no single holding entity, but which were separately owned by senior Carlyle professionals, CalPERS, and Mubadala. There was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the reorganization and initial public offering. | |||||||||
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. Upon the sale of a security, 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. | |||||||||
The fair value of non-equity securities, 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. | |||||||||
Equity-Method Investments | |||||||||
The Partnership accounts for all investments in which it has 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 include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased. Included in cash and cash equivalents is cash withheld from carried interest distributions for potential giveback obligations of $55.2 million and $59.2 million at December 31, 2013 and 2012, respectively. | |||||||||
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 | |||||||||
In addition to the unrestricted cash held for potential giveback obligations discussed above, the Partnership is required to withhold a certain portion of the carried interest proceeds from one of its corporate private equity funds to provide a reserve for potential giveback obligations. In connection with this agreement, cash and cash equivalents of $13.2 million and $13.0 million is included in restricted cash at December 31, 2013 and 2012, respectively. Restricted cash at December 31, 2013 also includes $89.2 million of cash received on behalf of certain non-consolidated Carlyle funds that was remitted to the funds in January 2014. Also included in restricted cash at December 31, 2013 and 2012 is €4.4 million ($6.1 million and $5.8 million as of December 31, 2013 and 2012, respectively) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). The remaining balance in restricted cash at December 31, 2013 and 2012 primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements. | |||||||||
Restricted Cash and Securities of Consolidated Funds | |||||||||
Certain CLOs receive cash from various counterparties to satisfy collateral requirements on derivative transactions. Cash received to satisfy these collateral requirements of $13.4 million and $35.7 million is included in restricted cash and securities of Consolidated Funds at December 31, 2013 and 2012, respectively. | |||||||||
Certain CLOs hold U.S. Treasury notes, Obligation Assimilable du Tresor Securities (“OATS”) Strips and corporate bonds as collateral for specific classes of loans payable in the CLOs. As of December 31, 2013 and 2012, securities of $12.3 million and $0.6 million, respectively, are included in restricted cash and securities of Consolidated Funds. | |||||||||
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 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 | |||||||||
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 three 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. | |||||||||
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 1st and between annual tests when events and circumstances indicate that impairment may have occurred. | |||||||||
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) consists of net income (loss) and other comprehensive income (loss). The Partnership’s other comprehensive income is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains / losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 were as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Unrealized losses on cash flow hedge instruments | $ | (1.0 | ) | $ | (0.1 | ) | |||
Currency translation adjustments | (8.5 | ) | (3.3 | ) | |||||
Unrecognized losses on defined benefit plans | (1.7 | ) | (1.4 | ) | |||||
Total | $ | (11.2 | ) | $ | (4.8 | ) | |||
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. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $(5.8) million, $(4.2) million and $3.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, are included in general, administrative and other expenses in the consolidated statements of operations. | |||||||||
Recent Accounting Pronouncements | |||||||||
In December 2011, the FASB amended its guidance for offsetting financial instruments. The amended guidance, included in ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, is effective for the Partnership for its interim reporting periods beginning on or after January 1, 2013. The amended guidance requires additional disclosure about netting arrangements to enable financial statement users to evaluate the effect or potential effect of such arrangements on an entity’s financial position. The Partnership adopted this guidance as of January 1, 2013 and the adoption did not have a material impact on the Partnership’s financial statements. | |||||||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. ASU 2013-08 provides additional guidance on the characteristics necessary to qualify as an investment company. The Partnership currently consolidates entities that are investment companies and the Partnership retains the specialized accounting for those investment companies in its consolidated financial statements. The guidance in ASU 2013-08 is effective for the Partnership beginning on January 1, 2014. The Partnership does not expect the adoption of this guidance to change the status of the Partnership’s investment companies or have a material impact on the Partnership’s consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
3 | Acquisitions | ||||||||||||
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 five 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 Solutions business segment. In connection with this transaction, the Partnership incurred approximately $1.1 million of acquisition costs that were recorded as an expense for the year ended December 31, 2013. | |||||||||||||
The acquisition-date fair value of the consideration transferred for the Metropolitan acquisition, and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date are as follows (Dollars in millions): | |||||||||||||
Acquisition-date fair value of consideration transferred | |||||||||||||
Cash | $ | 12.8 | |||||||||||
The Carlyle Group L.P. common units | 2.1 | ||||||||||||
Contingent cash and equity consideration | 7 | ||||||||||||
Total | $ | 21.9 | |||||||||||
Estimated fair value of assets acquired and liabilities assumed | |||||||||||||
Cash | $ | 2.6 | |||||||||||
Other assets | 0.8 | ||||||||||||
Finite-lived intangible assets – contractual rights | 22.5 | ||||||||||||
Goodwill | 2.9 | ||||||||||||
Deferred tax liabilities | (0.1 | ) | |||||||||||
Other liabilities | (6.8 | ) | |||||||||||
Total | $ | 21.9 | |||||||||||
The finite-lived intangible assets – contractual rights are amortized over a five-year period. | |||||||||||||
The Partnership recognized a dilution in partners’ capital associated with the issuance of Carlyle common units and the portion of this transaction allocable to the non-controlling interests in Carlyle Holdings. The effect of the dilution was an increase to non-controlling interests in Carlyle Holdings of approximately $1.8 million and a corresponding decrease to partners’ capital. | |||||||||||||
The amount of revenue and earnings of Metropolitan since the acquisition date and the pro forma impact to the Partnership’s consolidated financial results for the years ended December 31, 2013 and 2012 as if the acquisition had been consummated as of January 1, 2012, was not significant. | |||||||||||||
The fair value of The Carlyle Group L.P. common units was based on the quoted price of the Partnership’s common units on the NASDAQ exchange. This fair value measurement was based on inputs that are directly observable and thus represented a Level I measurement as defined in the accounting guidance for fair value measurement. | |||||||||||||
The fair value of the contingent cash and equity consideration included in this acquisition was based primarily on probability-weighted discounted cash flow models. This fair value measurement was based on significant inputs not observable in the market and thus represented a Level III measurement as defined in the accounting guidance for fair value measurement. | |||||||||||||
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 five 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. In connection with this transaction, the Partnership incurred approximately $1.1 million of acquisition costs, which has been included as components of the adjustment to partners’ capital. The adjustment to partners’ capital was derived as follows (Dollars in millions): | |||||||||||||
Acquisition-date fair value of consideration transferred: | |||||||||||||
The Carlyle Group L.P. common units not subject to vesting | $ | 55.3 | |||||||||||
Cash | 6 | ||||||||||||
61.3 | |||||||||||||
Carrying value of non-controlling interest acquired | (33.1 | ) | |||||||||||
Excess of fair value of consideration transferred over carrying value of non-controlling interests acquired | 28.2 | ||||||||||||
Acquisition costs | 1.1 | ||||||||||||
Net decrease to partners’ capital | $ | 29.3 | |||||||||||
Historically, the carrying value of the non-controlling interests in AlpInvest was included in non-controlling interests in consolidated entities in the Partnership’s consolidated financial statements. Additionally, the Partnership recognized a dilution in partners’ capital associated with the portion of this transaction allocable to the non-controlling interests in Carlyle Holdings. The following summarizes the adjustments within partners’ capital related to the transaction (Dollars in millions): | |||||||||||||
Partners’ capital | Non-controlling | Non-controlling | |||||||||||
interests in Carlyle | interests in | ||||||||||||
Holdings | consolidated entities | ||||||||||||
The Carlyle Group L.P. vested common units issued not subject to vesting | $ | 55.3 | $ | — | $ | — | |||||||
Acquisition of non-controlling interests in AlpInvest | (29.3 | ) | — | (33.1 | ) | ||||||||
Dilution associated with non-controlling interests in Carlyle Holdings | (22.1 | ) | 22.1 | — | |||||||||
Total increase (decrease) | $ | 3.9 | $ | 22.1 | $ | (33.1 | ) | ||||||
The fair value of the common units issued as part of this acquisition was based on the closing price of the Partnership’s common units on the closing date. This fair value measurement represented a Level I measurement as defined in the accounting guidance for fair value measurement. | |||||||||||||
As a result of the Partnership’s issuance of 2,887,970 newly issued common units, the Partnership concurrently acquired 2,140,434 additional Carlyle Holdings partnership units. The Partnership will acquire the remaining 747,536 Carlyle Holdings partnership units (corresponding to certain of the 914,087 unvested common units) at such time as the underlying common units vest. | |||||||||||||
Acquisition of Vermillion | |||||||||||||
On October 1, 2012, the Partnership acquired 55% of Vermillion Asset Management, LLC and its consolidated subsidiaries, Viridian Partners, LLC, Crimson Physical Commodities Partners, LLC, Celadon Partners, LLC, and Indigo Partners, LLC (collectively, “Vermillion”), a New York-based commodities investment manager. The purchase price consisted of $50.0 million in cash, 1,440,276 contingently issuable Carlyle Holdings partnership units (approximately $37.6 million), which are issuable over a period of 4.25 years based on the achievement of performance-based conditions, and performance-based contingent cash payments of up to $131.3 million, which is the maximum amount of additional cash consideration that would be paid within 5.25 years of closing. The Partnership consolidated the financial position and results of operations of Vermillion effective October 1, 2012 and accounted for this transaction as a business combination. Vermillion is included in the Partnership’s Global Market Strategies business segment. | |||||||||||||
Acquisition of CLO Management Contracts | |||||||||||||
On February 28, 2012, the Partnership purchased certain European CLO management contracts from Highland Capital Management L.P. for approximately €32.4 million in cash. The acquired contractual rights are finite-lived intangible assets. Pursuant to the accounting guidance for consolidation, these CLOs are required to be consolidated and the results of the acquired CLOs have been included in the consolidated statements of operations since their acquisition. This transaction was accounted for as an asset acquisition. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||||||||||||||
4 | 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. | |||||||||||||||||||||||||||||||||
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, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 610.5 | $ | 24 | $ | 2,714.10 | $ | 3,348.60 | |||||||||||||||||||||||||
Bonds | — | — | 1,249.50 | 1,249.50 | |||||||||||||||||||||||||||||
Loans | — | — | 14,067.80 | 14,067.80 | |||||||||||||||||||||||||||||
Partnership and LLC interests(1) | — | — | 3,815.20 | 3,815.20 | |||||||||||||||||||||||||||||
Hedge funds | — | 4,403.30 | — | 4,403.30 | |||||||||||||||||||||||||||||
Other | — | — | 2 | 2 | |||||||||||||||||||||||||||||
610.5 | 4,427.30 | 21,848.60 | 26,886.40 | ||||||||||||||||||||||||||||||
Trading securities | — | — | 6.9 | 6.9 | |||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 3.7 | — | 8.6 | 12.3 | |||||||||||||||||||||||||||||
Total | $ | 614.2 | $ | 4,427.30 | $ | 21,864.10 | $ | 26,905.60 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds | $ | — | $ | — | $ | 15,220.70 | $ | 15,220.70 | |||||||||||||||||||||||||
Loans payable of a consolidated real estate VIE | — | — | 122.1 | 122.1 | |||||||||||||||||||||||||||||
Interest rate swaps | — | 6.3 | — | 6.3 | |||||||||||||||||||||||||||||
Derivative instruments of the CLOs | — | — | 13.1 | 13.1 | |||||||||||||||||||||||||||||
Contingent consideration(2) | — | 15.7 | 185.9 | 201.6 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 22 | $ | 15,541.80 | $ | 15,563.80 | |||||||||||||||||||||||||
-1 | Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. | ||||||||||||||||||||||||||||||||
-2 | Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, 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, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 872.8 | $ | 32 | $ | 2,475.10 | $ | 3,379.90 | |||||||||||||||||||||||||
Bonds | — | — | 934.2 | 934.2 | |||||||||||||||||||||||||||||
Loans | — | — | 13,290.10 | 13,290.10 | |||||||||||||||||||||||||||||
Partnership and LLC interests(1) | — | — | 4,315.50 | 4,315.50 | |||||||||||||||||||||||||||||
Hedge funds | — | 2,888.70 | — | 2,888.70 | |||||||||||||||||||||||||||||
Other | — | — | 7.3 | 7.3 | |||||||||||||||||||||||||||||
872.8 | 2,920.70 | 21,022.20 | 24,815.70 | ||||||||||||||||||||||||||||||
Trading securities | — | — | 20 | 20 | |||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 0.6 | — | — | 0.6 | |||||||||||||||||||||||||||||
Total | $ | 873.4 | $ | 2,920.70 | $ | 21,042.20 | $ | 24,836.30 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds | $ | — | $ | — | $ | 13,656.70 | $ | 13,656.70 | |||||||||||||||||||||||||
Interest rate swaps | — | 10.5 | — | 10.5 | |||||||||||||||||||||||||||||
Derivative instruments of the CLOs | — | — | 15.8 | 15.8 | |||||||||||||||||||||||||||||
Contingent consideration(2) | — | 57.6 | 186.7 | 244.3 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 68.1 | $ | 13,859.20 | $ | 13,927.30 | |||||||||||||||||||||||||
-1 | Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. | ||||||||||||||||||||||||||||||||
-2 | Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, excluding employment-based contingent consideration (see Note 9). | ||||||||||||||||||||||||||||||||
Transfers from Level II to Level I during the year ended December 31, 2013 were due to the expiration of transferability restrictions on certain equity securities of Consolidated Funds that were classified as Level II at December 31, 2012. | |||||||||||||||||||||||||||||||||
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 individuals with previous valuation experience 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 sub-committees, which are comprised of the respective fund head, segment head, chief financial and chief accounting officers, as well as members from 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, chief operating officer, chief risk officer, chief financial officer, chief accounting officer, the business segment heads, and observed by the chief compliance officer and director of internal audit. 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 changes 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 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 is typically 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, 2013 | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds | Trading | Restricted | Total | ||||||||||||||||||||||||||||||
securities | securities of | ||||||||||||||||||||||||||||||||
and | Consolidated | ||||||||||||||||||||||||||||||||
Equity | Bonds | Loans | Partnership | Other | other | Funds | |||||||||||||||||||||||||||
securities | and LLC | ||||||||||||||||||||||||||||||||
interests | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,475.10 | $ | 934.2 | $ | 13,290.10 | $ | 4,315.50 | $ | 7.3 | $ | 20 | $ | — | $ | 21,042.20 | |||||||||||||||||
Initial consolidation of funds | — | — | — | 60.9 | 10.4 | — | — | 71.3 | |||||||||||||||||||||||||
Transfers in (1) | 2.9 | — | — | — | — | — | 8.5 | 11.4 | |||||||||||||||||||||||||
Transfers out (1) | (12.0 | ) | — | — | — | — | — | — | (12.0 | ) | |||||||||||||||||||||||
Purchases | 201.8 | 859.7 | 8,390.60 | 261.5 | 69.1 | — | — | 9,782.70 | |||||||||||||||||||||||||
Sales | (312.3 | ) | (648.8 | ) | (2,814.6 | ) | (1,438.9 | ) | (9.6 | ) | (14.5 | ) | — | (5,238.7 | ) | ||||||||||||||||||
Settlements | — | — | (5,248.8 | ) | — | — | — | — | (5,248.8 | ) | |||||||||||||||||||||||
Realized and unrealized gains (losses), net | 358.6 | 104.4 | 450.5 | 616.2 | (75.2 | ) | 1.4 | 0.1 | 1,456.00 | ||||||||||||||||||||||||
Balance, end of period | $ | 2,714.10 | $ | 1,249.50 | $ | 14,067.80 | $ | 3,815.20 | $ | 2 | $ | 6.9 | $ | 8.6 | $ | 21,864.10 | |||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | 349 | $ | 34.2 | $ | 130.6 | $ | (387.8 | ) | $ | (83.6 | ) | $ | (1.0 | ) | $ | 0.1 | $ | 41.5 | ||||||||||||||
Financial Assets Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds | Trading | Total | |||||||||||||||||||||||||||||||
securities | |||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Equity | Bonds | Loans | Partnership | Other | other | ||||||||||||||||||||||||||||
securities | and LLC | ||||||||||||||||||||||||||||||||
interests | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,868.90 | $ | 557 | $ | 10,152.60 | $ | 4,198.60 | $ | 20.8 | $ | 30.6 | $ | 16,828.50 | |||||||||||||||||||
Initial consolidation of funds | 76.9 | 262.6 | 2,256.40 | — | — | — | 2,595.90 | ||||||||||||||||||||||||||
Transfers out (1) | (145.6 | ) | — | — | — | — | — | (145.6 | ) | ||||||||||||||||||||||||
Purchases | 67.7 | 443.3 | 6,497.50 | 467.5 | — | — | 7,476.00 | ||||||||||||||||||||||||||
Sales | (290.4 | ) | (426.1 | ) | (2,397.8 | ) | (900.3 | ) | (2.0 | ) | (15.7 | ) | (4,032.3 | ) | |||||||||||||||||||
Settlements | — | — | (3,614.4 | ) | — | — | — | (3,614.4 | ) | ||||||||||||||||||||||||
Realized and unrealized gains | 897.6 | 97.4 | 395.8 | 549.7 | (11.5 | ) | 5.1 | 1,934.10 | |||||||||||||||||||||||||
(losses), net | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,475.10 | $ | 934.2 | $ | 13,290.10 | $ | 4,315.50 | $ | 7.3 | $ | 20 | $ | 21,042.20 | |||||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | 1,197.40 | $ | 53.5 | $ | 109.2 | $ | 259.6 | $ | (2.9 | ) | $ | 5.1 | $ | 1,621.90 | ||||||||||||||||||
-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, 2013 | |||||||||||||||||||||||||||||||||
Loans Payable | Derivative | Contingent | Loans Payable of | Total | |||||||||||||||||||||||||||||
of Consolidated | Instruments of | Consideration | a consolidated | ||||||||||||||||||||||||||||||
Funds | Consolidated | real estate VIE | |||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 13,656.70 | $ | 15.8 | $ | 186.7 | $ | — | $ | 13,859.20 | |||||||||||||||||||||||
Initial consolidation of a real estate VIE | — | — | — | 123.8 | 123.8 | ||||||||||||||||||||||||||||
Contingent consideration from acquisitions | — | — | 7 | — | 7 | ||||||||||||||||||||||||||||
Transfers out(1) | — | — | — | (3.7 | ) | (3.7 | ) | ||||||||||||||||||||||||||
Borrowings | 3,129.80 | — | — | 11.8 | 3,141.60 | ||||||||||||||||||||||||||||
Paydowns | (2,534.2 | ) | — | (21.6 | ) | (17.6 | ) | (2,573.4 | ) | ||||||||||||||||||||||||
Sales | — | (8.4 | ) | — | — | (8.4 | ) | ||||||||||||||||||||||||||
Realized and unrealized losses, net | 968.4 | 5.7 | 13.8 | 7.8 | 995.7 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 15,220.70 | $ | 13.1 | $ | 185.9 | $ | 122.1 | $ | 15,541.80 | |||||||||||||||||||||||
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | 608.7 | $ | (5.0 | ) | $ | 13.7 | $ | 7.8 | $ | 625.2 | ||||||||||||||||||||||
Financial Liabilities Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Loans Payable | Derivative | Subordinated | Contingent | Total | |||||||||||||||||||||||||||||
of Consolidated | Instruments of | Loan Payable to | Consideration | ||||||||||||||||||||||||||||||
Funds | Consolidated | Affiliate | |||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 9,689.90 | $ | — | $ | 262.5 | $ | 169.2 | $ | 10,121.60 | |||||||||||||||||||||||
Initial consolidation of funds | 625.1 | 4.6 | — | — | 629.7 | ||||||||||||||||||||||||||||
Contingent consideration from acquisition | — | — | — | 54 | 54 | ||||||||||||||||||||||||||||
Transfers out (2) | — | — | — | (37.8 | ) | (37.8 | ) | ||||||||||||||||||||||||||
Borrowings | 3,808.40 | — | — | — | 3,808.40 | ||||||||||||||||||||||||||||
Paydowns | (1,429.7 | ) | — | (260.0 | ) | (11.5 | ) | (1,701.2 | ) | ||||||||||||||||||||||||
Sales | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||||||||||||||
Realized and unrealized (gains) losses, net | 963 | 11.4 | (2.5 | ) | 12.8 | 984.7 | |||||||||||||||||||||||||||
Balance, end of period | $ | 13,656.70 | $ | 15.8 | $ | — | $ | 186.7 | $ | 13,859.20 | |||||||||||||||||||||||
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | 792.4 | $ | 34.9 | $ | — | $ | 7.1 | $ | 834.4 | |||||||||||||||||||||||
-1 | Transfers out of the loans payable of a consolidated real estate VIE relates to the de-consolidation of certain subsidiaries of the VIE upon the sale or transfer of the VIE’s ownership interests in the subsidiary. | ||||||||||||||||||||||||||||||||
-2 | Transfers out of Level III financial liabilities were due to changes in the observability of market inputs used in the valuation of such liabilities. Transfers are measured as of the beginning of the period in which the transfer occurs. | ||||||||||||||||||||||||||||||||
Total 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. | |||||||||||||||||||||||||||||||||
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||||||||||||
at | (Weighted | ||||||||||||||||||||||||||||||||
December 31, | Average) | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 2,479.60 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 15.5x (10.8x) | ||||||||||||||||||||||||||||
169.7 | Comparable Multiple | Price Earnings Multiple | 17.0x -17.0x (17.0x) | ||||||||||||||||||||||||||||||
10.2 | Comparable Multiple | Book Value Multiple | 1.0x -1.0x (1.0x) | ||||||||||||||||||||||||||||||
24.1 | Consensus Pricing | Indicative Quotes ($ per share) | $0 - $250 ($0) | ||||||||||||||||||||||||||||||
30.5 | Discounted Cash Flow | Discount Rate | 5% - 12% (11%) | ||||||||||||||||||||||||||||||
Exit Cap Rate | 11% - 11% (11%) | ||||||||||||||||||||||||||||||||
Bonds | 1,249.50 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 130 (100) | |||||||||||||||||||||||||||||
Loans | 13,858.60 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 158 (98) | |||||||||||||||||||||||||||||
209.2 | Market Yield Analysis | Market Yield | 5% - 17% (10%) | ||||||||||||||||||||||||||||||
Partnership and LLC interests | 3,815.20 | NAV of Underlying Fund(1) | N/A | N/A | |||||||||||||||||||||||||||||
Other | 2 | Various | N/A | N/A | |||||||||||||||||||||||||||||
21,848.60 | |||||||||||||||||||||||||||||||||
Trading securities and other | 5 | Comparable Multiple | LTM EBITDA Multiple | 5.9x - 5.9x (5.9x) | |||||||||||||||||||||||||||||
1.9 | Discounted Cash Flow | Discount Rate | 7% - 7% (7%) | ||||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 8.6 | Consensus Pricing | Indicative Quotes (% of Par) | 86 - 86 (86) | |||||||||||||||||||||||||||||
Total | $ | 21,864.10 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Senior secured notes | $ | 13,910.40 | Discounted Cash Flow with Consensus Pricing | Discount Rates | 2% - 10%(3%) | ||||||||||||||||||||||||||||
Default Rates | 1% - 6% (3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(63%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 40 - 101 (98) | ||||||||||||||||||||||||||||||||
Subordinated notes and preferred shares | 1,294.00 | Discounted Cash Flow with Consensus Pricing | Discount Rates | 9% - 25%(16%) | |||||||||||||||||||||||||||||
Default Rates | 1% - 6% (2%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75% (62%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 0 - 102 (60) | ||||||||||||||||||||||||||||||||
Combination notes | 16.3 | Consensus Pricing | Indicative Quotes (% of Par) | 93 - 100(98) | |||||||||||||||||||||||||||||
Loans payable of a consolidated real estate VIE | 122.1 | Discounted Cash Flow | Discount to Expected Payment | 0% - 100% (45%) | |||||||||||||||||||||||||||||
Discount Rate | 20% - 30% (23%) | ||||||||||||||||||||||||||||||||
Derivative instruments of Consolidated Funds | 13.1 | Counterparty Pricing | Indicative Quotes (% of | 1 - 108 (6) | |||||||||||||||||||||||||||||
Notional Amount) | |||||||||||||||||||||||||||||||||
Contingent cash consideration(2) | 185.9 | Discounted Cash Flow | Assumed % of Total Potential | 0% - 100% (81%) | |||||||||||||||||||||||||||||
Contingent Payments | |||||||||||||||||||||||||||||||||
Discount Rate | 1% - 32% (17%) | ||||||||||||||||||||||||||||||||
Total | $ | 15,541.80 | |||||||||||||||||||||||||||||||
-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, Vermillion and Metropolitan (see Note 9). | ||||||||||||||||||||||||||||||||
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||||||||||||
at | (Weighted Average) | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 2,311.50 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 13.5x (9.7x) | ||||||||||||||||||||||||||||
69.4 | Comparable Multiple | Price Earnings Multiple | 13.5x -13.5x (13.5x) | ||||||||||||||||||||||||||||||
15.4 | Comparable Multiple | Book Value Multiple | 1.0x - 1.0x (1.0x) | ||||||||||||||||||||||||||||||
33.8 | Consensus Pricing | Indicative Quotes ($ per share) | $0 - $2700($0) | ||||||||||||||||||||||||||||||
45 | Discounted Cash Flow | Discount Rate | 9% - 15%(11%) | ||||||||||||||||||||||||||||||
Exit Cap Rate | 6% - 8%(7%) | ||||||||||||||||||||||||||||||||
Bonds | 934.2 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 125(94) | |||||||||||||||||||||||||||||
Loans | 12,952.90 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 124(94) | |||||||||||||||||||||||||||||
337.2 | Market Yield Analysis | Market Yield | 7% - 18%(10%) | ||||||||||||||||||||||||||||||
Partnership and LLC interests | 4,315.50 | NAV of Underlying Fund(1) | N/A | N/A | |||||||||||||||||||||||||||||
Other | 7.3 | Various | N/A | N/A | |||||||||||||||||||||||||||||
21,022.20 | |||||||||||||||||||||||||||||||||
Trading securities and other | 11.2 | Dealer Pricing | Indicative Quotes (% of Par) | 83 - 83(83) | |||||||||||||||||||||||||||||
6.2 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 5.6x (5.6x) | ||||||||||||||||||||||||||||||
2.6 | Discounted Cash Flow | Discount Rate | 7% - 7%(7%) | ||||||||||||||||||||||||||||||
Total | $ | 21,042.20 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Senior secured notes | $ | 12,658.40 | Discounted Cash Flow with | Discount Rates | 2% - 22%(4%) | ||||||||||||||||||||||||||||
Consensus Pricing | |||||||||||||||||||||||||||||||||
Default Rates | 1% - 5%(3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(58%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 30 - 104(93) | ||||||||||||||||||||||||||||||||
Subordinated notes and preferred shares | 996.9 | Discounted Cash Flow with | Discount Rates | 11% - 40%(29%) | |||||||||||||||||||||||||||||
Consensus Pricing | |||||||||||||||||||||||||||||||||
Default Rates | 1% - 5%(3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(53%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 7 - 120(42) | ||||||||||||||||||||||||||||||||
Combination notes | 1.4 | Consensus Pricing | Indicative Quotes (% of Par) | 96 - 97(96) | |||||||||||||||||||||||||||||
Derivative instruments of Consolidated Funds | 15.8 | Counterparty Pricing | Indicative Quotes (% of | 0 - 104(6) | |||||||||||||||||||||||||||||
Notional Amount) | |||||||||||||||||||||||||||||||||
Contingent cash consideration(2) | 186.7 | Discounted Cash Flow | Assumed % of Total Potential | 32% - 100%(79%) | |||||||||||||||||||||||||||||
Contingent Payments | |||||||||||||||||||||||||||||||||
Discount Rate | 2% - 35%(17%) | ||||||||||||||||||||||||||||||||
Total | $ | 13,859.20 | |||||||||||||||||||||||||||||||
-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 and Vermillion (see Note 9). | ||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include EBITDA, price-earnings and book value multiples, indicative quotes, discount rates and exit cap rates. Significant decreases in EBITDA multiples, price-earnings multiples, book value multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates or exit cap 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 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 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 discounted 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 assumed percentage of total potential contingent payments and discount rates. A significant decrease in the assumed percentage of total potential contingent payments or increase in discount rates in isolation would result in a significantly lower fair value measurement. |
Accrued_Performance_Fees
Accrued Performance Fees | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Accrued Performance Fees | ' | ||||||||||||
5 | Accrued Performance Fees | ||||||||||||
The components of accrued performance fees are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | 2,830.40 | $ | 1,667.30 | |||||||||
Global Market Strategies | 167.2 | 69.5 | |||||||||||
Real Assets | 277.2 | 250.1 | |||||||||||
Solutions | 378.8 | 205.6 | |||||||||||
Total | $ | 3,653.60 | $ | 2,192.50 | |||||||||
Approximately 62% of accrued performance fees at 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. | |||||||||||||
Approximately 61% of accrued performance fees at December 31, 2012 are related to Carlyle Partners IV, L.P., and Carlyle Partners V, L.P., two of the Partnership’s Corporate Private Equity funds. | |||||||||||||
Accrued performance fees are shown gross of the Partnership’s 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, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | (10.4 | ) | $ | (18.9 | ) | |||||||
Global Market Strategies | (2.1 | ) | (2.1 | ) | |||||||||
Real Assets | (27.1 | ) | (48.2 | ) | |||||||||
Total | $ | (39.6 | ) | $ | (69.2 | ) | |||||||
Performance Fees | |||||||||||||
The performance fees included in revenues are derived from the following segments: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | 1,907.40 | $ | 786.1 | $ | 845.8 | |||||||
Global Market Strategies | 208.2 | 99.6 | 145.9 | ||||||||||
Real Assets | 79.7 | 90.7 | 150.4 | ||||||||||
Solutions | 180 | 64.7 | (20.5 | ) | |||||||||
Total | $ | 2,375.30 | $ | 1,041.10 | $ | 1,121.60 | |||||||
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. | |||||||||||||
Approximately 62%, or $647.8 million, of performance fees for the year ended December 31, 2012 are related to Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P., three of the Partnership’s Corporate Private Equity funds. Total revenues recognized from Carlyle Asia Partners II, L.P., Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. were $140.0 million, $274.1 million and $482.4 million, respectively, for the year ended December 31, 2012. | |||||||||||||
Approximately 86%, or $964.2 million, of performance fees for the year ended December 31, 2011 are related to Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. Total revenue from Carlyle Partners IV, L.P. and Carlyle Partners V, L.P. were $536.0 million and $678.5 million, respectively, for the year ended December 31, 2011. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
6 | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments consist of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments, excluding accrued performance fees | $ | 751.1 | $ | 855.1 | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities and other investments | 14.2 | 26.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 765.3 | $ | 881.2 | |||||||||||||||||||||||||||||||||||||||||||||
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 47.5% 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 7.5% of the carried interest received by such fund general partners. In addition, following the termination of the investment period of the NGP Natural Resources X, L.P. fund (“NGP X”), the Partnership will pay $7.5 million to acquire an additional 7.5% equity interest in NGP Management that, together with the initial interests described above, will entitle the Partnership to an allocation of income equal to 55% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds. | |||||||||||||||||||||||||||||||||||||||||||||||||
The sellers also granted the Partnership options to purchase additional interests in NGP. Specifically, the Partnership acquired (1) an option, exercisable by the Partnership between July 1, 2014 and July 1, 2015, to purchase from BNRI, for a purchase price in cash that is estimated to be between $65.0 million to $74.0 million plus the net capital amount that has been contributed by BNRI, interests in the general partner of NGP X entitling the Partnership to an allocation of income equal to 40% of the carried interest received by such fund general partner; (2) an option, exercisable by the Partnership from December 20, 2012 until January 1, 2015, to purchase from BNRI, for a purchase price in cash that is estimated to be between $34.0 million to $38.0 million, additional interests in the general partners of all future carry funds advised by NGP entitling the Partnership to an additional equity allocation equal to 40% of the carried interest received by such fund general partners; and (3) an option, exercisable by the Partnership in approximately 13 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 consideration for these interests and options, the Partnership paid an aggregate of $384.0 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 Partnership will also pay consideration of $7.5 million upon the termination of the investment period of the NGP X fund. 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 up to $15.0 million that will be issued if the performance conditions are met. Additionally, the transaction includes contingent consideration payable to BNRI of up to $183.0 million, which will be payable partly in cash and partly by a promissory note issued by the Partnership, if the performance conditions are met. The contingent consideration is payable from 2015 through 2018, depending on NGP’s achievement of certain business performance goals. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Partnership also entered into a senior advisor consulting agreement with the chief executive officer of NGP and granted 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 realized investment income for its equity income allocation from NGP, and also records, as a reduction of realized investment income, 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. For the year ended December 31, 2013, the Partnership recognized $14.0 million of realized net investment loss from the investment in NGP Management, comprised of investment earnings of $63.2 million less $77.2 million of expenses associated with the compensatory elements of the transaction and amortization of basis differences. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Partnership’s basis differences based on the underlying net assets of the entity were $199.6 million and $259.8 million as of December 31, 2013 and 2012, respectively; these differences are amortized over a period of ten years. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 investment in NGP Management (included within Real Assets), which are not consolidated but in which the Partnership exerts significant influence. Investments are related to the following segments: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Private Equity | $ | 206.5 | $ | 251.6 | |||||||||||||||||||||||||||||||||||||||||||||
Global Market Strategies | 25.1 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 519.5 | 585.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 751.1 | $ | 855.1 | |||||||||||||||||||||||||||||||||||||||||||||
The summarized financial information of the Partnership’s equity method investees from the date of initial investment is as follows (Dollars in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Global | Aggregate Totals | |||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | Market Strategies | Real Assets | |||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended | For the Year | For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Statement of income information | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | $ | 699.7 | $ | 733.3 | $ | 496.7 | $ | 199.3 | $ | 150.9 | $ | 127.5 | $ | 1,034.60 | $ | 517.1 | $ | 436.2 | $ | 1,933.60 | $ | 1,401.30 | $ | 1,060.40 | |||||||||||||||||||||||||
Expenses | 495.9 | 526 | 497.7 | 65 | 65.3 | 37.5 | 508.6 | 381.5 | 402.9 | 1,069.50 | 972.8 | 938.1 | |||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 203.8 | 207.3 | (1.0 | ) | 134.3 | 85.6 | 90 | 526 | 135.6 | 33.3 | 864.1 | 428.5 | 122.3 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 9,795.50 | 5,401.90 | 4,320.70 | 305.2 | 297.1 | 79.3 | 209.7 | 1,358.00 | 2,231.70 | 10,310.40 | 7,057.00 | 6,631.70 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9,999.30 | $ | 5,609.20 | $ | 4,319.70 | $ | 439.5 | $ | 382.7 | $ | 169.3 | $ | 735.7 | $ | 1,493.60 | $ | 2,265.00 | $ | 11,174.50 | $ | 7,485.50 | $ | 6,754.00 | |||||||||||||||||||||||||
Corporate | Global | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | Market Strategies | Real Assets | Aggregate Totals | ||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | As of December 31, | As of December 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Balance sheet information | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments | $ | 38,269.20 | $ | 34,959.50 | $ | 2,091.10 | $ | 1,739.70 | $ | 26,511.50 | $ | 27,915.90 | $ | 66,871.80 | $ | 64,615.10 | |||||||||||||||||||||||||||||||||
Total assets | $ | 40,368.20 | $ | 35,937.10 | $ | 2,719.60 | $ | 2,074.70 | $ | 27,278.90 | $ | 28,709.60 | $ | 70,366.70 | $ | 66,721.40 | |||||||||||||||||||||||||||||||||
Debt | $ | 232.1 | $ | 11.8 | $ | 173.7 | $ | 59.4 | $ | 1,151.20 | $ | 1,438.30 | $ | 1,557.00 | $ | 1,509.50 | |||||||||||||||||||||||||||||||||
Other liabilities | $ | 328.5 | $ | 261.9 | $ | 175.5 | $ | 15.8 | $ | 444.3 | $ | 251.2 | $ | 948.3 | $ | 528.9 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 560.6 | $ | 273.7 | $ | 349.2 | $ | 75.2 | $ | 1,595.50 | $ | 1,689.50 | $ | 2,505.30 | $ | 2,038.40 | |||||||||||||||||||||||||||||||||
Partners’ capital | $ | 39,807.60 | $ | 35,663.40 | $ | 2,370.40 | $ | 1,999.50 | $ | 25,683.40 | $ | 27,020.10 | $ | 67,861.40 | $ | 64,683.00 | |||||||||||||||||||||||||||||||||
Investment Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
The components of investment income (loss) are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investments | $ | 14.2 | $ | 32.7 | $ | 70.5 | |||||||||||||||||||||||||||||||||||||||||||
Income from trading securities | 4.2 | 5.7 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Other investment income (loss) | 0.4 | (2.0 | ) | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18.8 | $ | 36.4 | $ | 78.4 | |||||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Private Equity | $ | 59.2 | $ | 35.7 | $ | 57.3 | |||||||||||||||||||||||||||||||||||||||||||
Global Market Strategies | 4.6 | 1.2 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | (49.6 | ) | (4.2 | ) | 12.3 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 14.2 | $ | 32.7 | $ | 70.5 | |||||||||||||||||||||||||||||||||||||||||||
Trading Securities and Other Investments | |||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities and other investments as of December 31, 2013 and 2012 primarily consisted of $14.2 million and $26.1 million, respectively, of investments in corporate mezzanine securities and bonds, as well as other cost method investments. | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated Funds | |||||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, the Partnership formed six 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, 2013, the total assets of these CLOs included in the Partnership’s consolidated financial statements were approximately $3.5 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 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accommodation and Food Services | $ | 58.3 | $ | 20.2 | 0.22 | % | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | 281.1 | 255.9 | 1.05 | % | 1.03 | % | |||||||||||||||||||||||||||||||||||||||||||
Finance and Insurance | 89.9 | 75.9 | 0.33 | % | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||
Health Care and Social Assistance | 50 | 42.1 | 0.19 | % | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||
Information | 125.6 | 76.5 | 0.47 | % | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 373.3 | 340.4 | 1.39 | % | 1.37 | % | |||||||||||||||||||||||||||||||||||||||||||
Professional, Scientific, Technical Services | 466.5 | 610.9 | 1.73 | % | 2.46 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail Trade | 28.1 | 127.7 | 0.1 | % | 0.51 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 62.6 | 116.6 | 0.23 | % | 0.47 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 65.1 | 59.8 | 0.24 | % | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||
Total equity securities (cost of $1,731.9 and $1,901.6 at December 31, 2013 and 2012, respectively) | 1,600.50 | 1,726.00 | 5.95 | % | 6.95 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $2,445.0 and $2,572.5 at December 31, 2013 and 2012, respectively) | 2,450.90 | 2,925.40 | 9.11 | % | 11.79 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | 30 | 31 | 0.11 | % | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||
Finance and Insurance | 41.4 | 44.2 | 0.16 | % | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 56.4 | 21.2 | 0.21 | % | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||
Professional, Scientific, Technical Services | 1 | 107.7 | 0 | % | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 59.7 | 72 | 0.22 | % | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 20.7 | 59.3 | 0.08 | % | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||
Total loans (cost of $285.4 and $390.0 at December 31, 2013 and 2012, respectively) | 209.2 | 335.4 | 0.78 | % | 1.35 | % | |||||||||||||||||||||||||||||||||||||||||||
Total investment in Hedge Funds | 4,403.30 | 2,888.70 | 16.38 | % | 11.65 | % | |||||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 284.6 | 290.8 | 1.06 | % | 1.17 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity | 24.5 | 35 | 0.09 | % | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 8,926.30 | 8,408.70 | 33.2 | % | 33.88 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $9,192.9 and $8,720.7 at December 31, 2013 and 2012, respectively) | 9,235.40 | 8,734.50 | 34.35 | % | 35.19 | % | |||||||||||||||||||||||||||||||||||||||||||
Total United States | $ | 17,899.30 | $ | 16,610.00 | 66.57 | % | 66.93 | % | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Percentage of Investments of | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Funds | |||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Region/Instrument Type/ Industry | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Description or Investment Strategy | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | $ | 110.2 | $ | 104.2 | 0.41 | % | 0.42 | % | |||||||||||||||||||||||||||||||||||||||||
Health Care and Social Assistance | 90.9 | 85.7 | 0.34 | % | 0.35 | % | |||||||||||||||||||||||||||||||||||||||||||
Information | 63.3 | 98.6 | 0.24 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 231.4 | 476.7 | 0.86 | % | 1.92 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail Trade | 333.1 | 233.9 | 1.24 | % | 0.94 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 108.2 | 109.3 | 0.4 | % | 0.44 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 444.1 | 305.2 | 1.65 | % | 1.23 | % | |||||||||||||||||||||||||||||||||||||||||||
Total equity securities (cost of $1,239.4 and $1,617.8 at December 31, 2013 and 2012, respectively) | 1,381.20 | 1,413.60 | 5.14 | % | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $961.8 and $952.0 at December 31, 2013 and 2012, respectively) | 880.1 | 898.2 | 3.27 | % | 3.62 | % | |||||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 932.8 | 628.7 | 3.48 | % | 2.53 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity | 3.6 | 0.3 | 0.01 | % | 0 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 4,698.70 | 4,227.50 | 17.47 | % | 17.04 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 2 | 7.3 | 0.01 | % | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $5,898.6 and $5,397.4 at December 31, 2013 and 2012, respectively) | 5,637.10 | 4,863.80 | 20.97 | % | 19.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Europe | $ | 7,898.40 | $ | 7,175.60 | 29.38 | % | 28.92 | % | |||||||||||||||||||||||||||||||||||||||||
Global | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Manufacturing (cost of $126.9 and $89.6 at December 31, 2013 and 2012, respectively) | $ | 338.8 | $ | 206.8 | 1.26 | % | 0.83 | % | |||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 32.1 | 14.7 | 0.12 | % | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 233.6 | 316.7 | 0.87 | % | 1.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $261.8 and $328.6 at December 31, 2013 and 2012, respectively) | 265.7 | 331.4 | 0.99 | % | 1.34 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $522.0 and $515.8 at December 31, 2013 and 2012, respectively) | 484.2 | 491.9 | 1.8 | % | 1.98 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Global | $ | 1,088.70 | $ | 1,030.10 | 4.05 | % | 4.15 | % | |||||||||||||||||||||||||||||||||||||||||
Total investments of Consolidated Funds (cost of $22,665.7 and $22,486.0 at December 31, 2013 and 2012, respectively) | $ | 26,886.40 | $ | 24,815.70 | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income from investments | $ | 876.8 | $ | 772.8 | $ | 605.7 | |||||||||||||||||||||||||||||||||||||||||||
Other income | 166.3 | 130.7 | 108.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,043.10 | $ | 903.5 | $ | 714 | |||||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) from investments | $ | 1,390.50 | $ | 2,680.60 | $ | (260.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
of Consolidated Funds | |||||||||||||||||||||||||||||||||||||||||||||||||
Losses from liabilities of CLOs | (695.1 | ) | (927.8 | ) | (64.2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Gains on other assets of CLOs | 1.3 | 5.2 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 696.7 | $ | 1,758.00 | $ | (323.3 | ) | ||||||||||||||||||||||||||||||||||||||||||
The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Realized gains | $ | 662 | $ | 829.5 | $ | 658.8 | |||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | 728.5 | 1,851.10 | (919.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,390.50 | $ | 2,680.60 | $ | (260.8 | ) |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||
7 | Intangible Assets and Goodwill | ||||||||||||
The following table summarizes the carrying amount of intangible assets as of December 31, 2013 and 2012: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Acquired contractual rights | $ | 826.1 | $ | 797.7 | |||||||||
Acquired trademarks | 6.9 | 6.8 | |||||||||||
Accumulated amortization | (290.5 | ) | (150.4 | ) | |||||||||
Finite-lived intangible assets, net | 542.5 | 654.1 | |||||||||||
Goodwill | 40.3 | 37 | |||||||||||
Intangible assets, net | $ | 582.8 | $ | 691.1 | |||||||||
The following table summarizes the changes in the carrying amount of goodwill by segment as of December 31, 2013. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. | |||||||||||||
Global | Solutions | Total | |||||||||||
Market | |||||||||||||
Strategies | |||||||||||||
(Dollars in millions) | |||||||||||||
Balance as of December 31, 2012 | $ | 28 | $ | 9 | $ | 37 | |||||||
Goodwill acquired during the period | — | 2.9 | 2.9 | ||||||||||
Foreign currency translation | — | 0.4 | 0.4 | ||||||||||
Balance as of December 31, 2013 | $ | 28 | $ | 12.3 | $ | 40.3 | |||||||
On November 1, 2013, the Partnership acquired 100% of the equity interests in Metropolitan. As part of the accounting for the purchase, the Partnership recorded $2.9 million of goodwill. See Note 3 for more information on this acquisition. | |||||||||||||
During the year ended December 31, 2013, the Partnership evaluated for impairment certain intangible assets associated with acquired contractual rights for fee income based on revisions to the related expected future cash flow. The intangible assets are included in the Global Market Strategies segment. The Partnership recorded an impairment loss of $20.8 million to reduce the carrying value of the intangible assets to their estimated fair value. Fair value was based on a probability-weighted discounted cash flow model. This fair value measurement was based on significant inputs not observable in the market and thus represented a Level III measurement as defined in the accounting guidance for fair value measurements. The impairment loss was included in general, administrative and other expenses in the accompanying consolidated financial statements for the year ended December 31, 2013. | |||||||||||||
Intangible asset amortization expense, excluding impairment losses, was $117.9 million, $85.6 million and $60.9 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in general, administrative, and other expenses in the consolidated statements of operations. | |||||||||||||
The following table summarizes the estimated amortization expense, excluding impairment losses, for 2014 through 2018 and thereafter (Dollars in millions): | |||||||||||||
2014 | $ | 100.9 | |||||||||||
2015 | 97.7 | ||||||||||||
2016 | 85.3 | ||||||||||||
2017 | 79.1 | ||||||||||||
2018 | 71.9 | ||||||||||||
Thereafter | 107.6 | ||||||||||||
$ | 542.5 | ||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Borrowings | ' | ||||||||||||||||
8 | 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, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Borrowing | Carrying | Borrowing | Carrying | ||||||||||||||
Outstanding | Value | Outstanding | Value | ||||||||||||||
Revolving Credit Facility | $ | — | $ | — | $ | 386.3 | $ | 386.3 | |||||||||
Term Loan Due 8/09/2018 | 25 | 25 | 500 | 500 | |||||||||||||
Term Loan (1) | 17.4 | 17.4 | — | — | |||||||||||||
3.875% Senior Notes Due 2/01/2023 | 500 | 499.8 | — | — | |||||||||||||
5.625% Senior Notes Due 3/30/2043 | 400 | 398.4 | — | — | |||||||||||||
$ | 942.4 | $ | 940.6 | $ | 886.3 | $ | 886.3 | ||||||||||
-1 | Due the earlier of September 28, 2018 or the date that the CLO is dissolved. | ||||||||||||||||
Senior Credit Facility | |||||||||||||||||
The senior credit facility includes $500.0 million in a term loan and $750.0 million in a revolving credit facility. The term loan and revolving credit facility mature on August 9, 2018. 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% (1.25% at December 31, 2013). During the first quarter of 2013, the Partnership prepaid $475.0 million of term loan principal that would have been due beginning in September 2014 and expensed $1.9 million of deferred financing costs in interest expense. The remaining outstanding principal amount under the term loan is payable on August 9, 2018. Total interest expense under the senior credit facility was $7.2 million, $20.4 million and $20.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The fair value of the outstanding balances of the term loan and revolving credit facility at December 31, 2013 and 2012 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy. | |||||||||||||||||
Other Borrowings | |||||||||||||||||
On October 3, 2013, the Partnership borrowed €12.6 million ($17.4 million at December 31, 2013) under a new 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% (2.04% at December 31, 2013). 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 five years after closing or the date that the CLO is dissolved. The facility is secured by the Partnership’s investment in the CLO. Total interest expense was not significant for the year ended December 31, 2013. The fair value of the outstanding balance of the term loan at December 31, 2013 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 $18.9 million for the year ended December 31, 2013. At December 31, 2013, the fair value of the notes was approximately $479.6 million based on indicative quotes and is 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. Interest expense on the notes was $17.1 million for the year ended December 31, 2013. At December 31, 2013, the fair value of the notes was approximately $398.1 million based on indicative quotes and is classified as Level II within the fair value hierarchy. | |||||||||||||||||
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 $500.0 million at December 31, 2013 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 losses 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 $475.0 million at December 31, 2013 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. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of December 31, 2013. | |||||||||||||||||
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, 2013 (see Note 17); such violations do not cause a default or event of default under the Partnership’s senior credit facility, 2013 term loan, senior notes, or the loans payable of Consolidated Funds. | |||||||||||||||||
Loans Payable of Consolidated Funds | |||||||||||||||||
Loans payable of Consolidated Funds 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, 2013 and 2012, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Borrowing | Fair Value | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Interest Rate | Remaining | ||||||||||||||||
Maturity in | |||||||||||||||||
Years | |||||||||||||||||
Senior secured notes | $ | 14,319.80 | $ | 13,910.40 | 1.41 | % | 8.97 | ||||||||||
Subordinated notes, Income notes and Preferred shares | 1,399.30 | 1,294.00 | N/A | (a) | 8.18 | ||||||||||||
Combination notes | 15.2 | 16.3 | N/A | (b) | 8.13 | ||||||||||||
Total | $ | 15,734.30 | $ | 15,220.70 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
Borrowing | Fair Value | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Interest Rate | Remaining | ||||||||||||||||
Maturity in | |||||||||||||||||
Years | |||||||||||||||||
Senior secured notes | $ | 13,662.30 | $ | 12,658.40 | 1.3 | % | 8.8 | ||||||||||
Subordinated notes, Income notes and Preferred shares | 914.8 | 996.9 | N/A | (a) | 8.22 | ||||||||||||
Combination notes | 0.7 | 1.4 | N/A | (b) | 8.81 | ||||||||||||
Total | $ | 14,577.80 | $ | 13,656.70 | |||||||||||||
(a) | The subordinated notes, income 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, 2013 and 2012, the fair value of the CLO assets was $16.9 billion and $15.7 billion, respectively. | |||||||||||||||||
Certain CLOs entered into liquidity facility agreements with various liquidity facility providers on or about the various closing dates of the applicable CLO in order to fund payments of interest when there are insufficient funds available. The proceeds from such draw-downs are used for payments of interest at each interest payment date and the acquisition or exercise of an option or warrant as part of any collateral enhancement obligation. These liquidity facility agreements in the aggregate allow for a maximum borrowing of $6.9 million and bear weighted average interest at EURIBOR plus 0.25% per annum. Amounts borrowed under the liquidity facilities are repaid based on cash flows available subject to priority of payments under each CLO’s governing documents. There were no borrowings outstanding under the liquidity facility agreements as of December 31, 2013 and 2012. |
Contingent_Consideration
Contingent Consideration | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Contingent Consideration | ' | ||||||||||||||||||||
9 | 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: | |||||||||||||||||||||
Amounts payable to the sellers who are Carlyle professionals | Contingent | ||||||||||||||||||||
cash and other | |||||||||||||||||||||
Performance-based | Performance-based | Employment-based | consideration | ||||||||||||||||||
contingent cash | contingent equity | contingent cash | payable to non- | ||||||||||||||||||
consideration | consideration | consideration | Carlyle personnel | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 98.6 | $ | 37 | $ | 62.3 | $ | 33.6 | $ | 231.5 | |||||||||||
Contingent consideration from new acquisition / investments | 54 | 32.7 | — | — | 86.7 | ||||||||||||||||
Change in carrying value | 15.3 | 1 | 33.9 | (3.3 | ) | 46.9 | |||||||||||||||
Payments | (9.3 | ) | — | — | (2.2 | ) | (11.5 | ) | |||||||||||||
Issuances | — | (13.1 | ) | — | (13.1 | ) | |||||||||||||||
Balance at December 31, 2012 | 158.6 | 57.6 | 96.2 | 28.1 | 340.5 | ||||||||||||||||
Contingent consideration from new acquisition / investments | — | — | — | 7 | 7 | ||||||||||||||||
Change in carrying value | 12.5 | (23.0 | ) | 52.5 | 1.3 | 43.3 | |||||||||||||||
Payments | (18.9 | ) | (2.3 | ) | — | (2.7 | ) | (23.9 | ) | ||||||||||||
Issuances | — | (16.6 | ) | — | — | (16.6 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 152.2 | $ | 15.7 | $ | 148.7 | $ | 33.7 | $ | 350.3 | |||||||||||
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. For periods prior to the reorganization and initial public offering in May 2012, the change in the fair value of this contingent consideration was recorded directly in partners’ capital in the consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the fair value of these amounts are recorded in other non-operating (income) expenses in the consolidated statements of operations. | |||||||||||||||||||||
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. For periods prior to the reorganization and initial public offering in May 2012, the change in the value of this contingent consideration was recorded in partners’ capital in the consolidated balance sheets. For periods subsequent to the reorganization and initial public offering, changes in the value of these amounts are recorded as compensation expense in the consolidated statements of operations. | |||||||||||||||||||||
The fair value of contingent consideration payable to non-Carlyle personnel is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. Changes in the fair value of this contingent consideration are recorded in other non-operating (income) expenses in the consolidated statements of operations. | |||||||||||||||||||||
The fair values of the performance-based contingent cash consideration 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. As of December 31, 2013 and 2012, the fair value of the contingently issuable Carlyle Holdings partnership units was based principally by reference to the quoted price of the Partnership’s common units. This fair value measurement was based on inputs that are not directly observable but are corroborated by observable market data and thus represents a Level II measurement 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, 2013 and 2012. | |||||||||||||||||||||
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 and the amount payable if the Partnership elects to exercise its options related to NGP: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Liability | |||||||||||||||||||||
Recognized on | |||||||||||||||||||||
Business | NGP | Financial | |||||||||||||||||||
Acquisitions | Investment | Total | Statements(1) | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance-based contingent cash consideration | $ | 361.6 | $ | 183 | $ | 544.6 | $ | 185.9 | |||||||||||||
Employment-based contingent cash consideration | 428.1 | 45 | 473.1 | 148.7 | |||||||||||||||||
Options to acquire additional investments in NGP(2) | — | 97.2 | 97.2 | — | |||||||||||||||||
Total maximum cash obligations | $ | 789.7 | $ | 325.2 | $ | 1,114.90 | $ | 334.6 | |||||||||||||
-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 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. Also, the amounts shown here exclude liabilities that have been recognized on the consolidated financial statements for performance-based contingent equity consideration. | |||||||||||||||||||
-2 | – | Refer to Note 6 for more information. | |||||||||||||||||||
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. If the Partnership exercises the options to acquire additional investments in NGP, the amount paid will be included in the carrying value of its equity-method investment in NGP at such time. | |||||||||||||||||||||
In the fourth quarter of 2013, the Partnership and the sellers of Claren Road and Vermillion agreed to modifications to the terms of the performance-based contingent consideration associated with the acquisitions of Claren Road and Vermillion as well as adjustments to separation payments made upon the sellers’ departure from Claren Road. The modifications resulted in changes to the performance conditions and measurement date to earn the performance-based contingent consideration and changes to the basis of calculation and length of time for the separation payments. The modifications also include a new performance-based compensatory cash payment to the sellers of Claren Road of $25.0 million, which is payable in 2018 based on the achievement of certain performance conditions. |
Accrued_Compensation_and_Benef
Accrued Compensation and Benefits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Postemployment Benefits [Abstract] | ' | ||||||||
Accrued Compensation and Benefits | ' | ||||||||
10 | Accrued Compensation and Benefits | ||||||||
Accrued compensation and benefits consist of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Accrued performance fee-related compensation | $ | 1,661.80 | $ | 912 | |||||
Accrued bonuses | 238 | 188.5 | |||||||
Employment-based contingent cash consideration | 148.7 | 96.2 | |||||||
Other | 204.5 | 121.5 | |||||||
Total | $ | 2,253.00 | $ | 1,318.20 | |||||
Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. As of December 31, 2013 and 2012, the benefit obligation of those pension plans totaled approximately $58.0 million and $52.3 million, respectively. As of December 31, 2013 and 2012, the fair value of the plans’ assets was approximately $51.2 million and $44.7 million, respectively. At December 31, 2013 and 2012, the Partnership recognized a liability of $6.8 million and $7.6 million, respectively, representing the funded status of the plans, which was included accrued compensation and benefits in the accompanying consolidated financial statements. For the years ended December 31, 2013, 2012 and 2011, the net periodic benefit cost recognized was $2.9 million, $3.1 million and $(1.5) 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, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
11 | Commitments and Contingencies | ||||||||||||
Capital Commitments | |||||||||||||
The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of December 31, 2013 (Dollars in millions): | |||||||||||||
Unfunded | |||||||||||||
Commitments | |||||||||||||
Corporate Private Equity | $ | 2,319.90 | |||||||||||
Global Market Strategies | 280.5 | ||||||||||||
Real Assets | 522.9 | ||||||||||||
Solutions | 2.4 | ||||||||||||
$ | 3,125.70 | ||||||||||||
Of the $3.1 billion of unfunded commitments, approximately $2.8 billion is subscribed individually by senior Carlyle professionals, operating executives 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 $16.4 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 2%, reset quarterly (3.22% weighted-average rate at December 31, 2013). As of December 31, 2013 and 2012, approximately $9.0 million and $10.8 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, 2013 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. | |||||||||||||
Other Guarantees | |||||||||||||
The Partnership has guaranteed payment of giveback obligations, if any, related to one of its Corporate Private Equity funds to the extent the amount of funds reserved for potential giveback obligations is not sufficient to fulfill such obligations. At December 31, 2013 and 2012, $13.2 million and $13.0 million, respectively, were held in an escrow account and the Partnership believes the likelihood of any material fundings under this guarantee to be remote. | |||||||||||||
Contingent Obligations (Giveback) | |||||||||||||
A liability for potential repayment of previously received performance fees of $39.6 million at December 31, 2013, 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, 2013. 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 $17.6 million and $32.8 million of unbilled receivables from former and current employees and senior Carlyle professionals as of December 31, 2013 and 2012, 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, $345.1 million and $309.1 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of December 31, 2013 and 2012, respectively. Such amounts are held by an entity 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, 2013, 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 $1.6 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 2014 through 2021. These leases are accounted for as operating leases. Rent expense was approximately $49.6 million, $47.4 million and $43.7 million for the years ended December 31, 2013, 2012 and 2011, 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): | |||||||||||||
2014 | $ | 48.9 | |||||||||||
2015 | 44.9 | ||||||||||||
2016 | 36.5 | ||||||||||||
2017 | 33.5 | ||||||||||||
2018 | 29.8 | ||||||||||||
Thereafter | 81.1 | ||||||||||||
$ | 274.7 | ||||||||||||
Total minimum rentals to be received in the future under non-cancelable subleases as of December 31, 2013 were $11.2 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 $34.8 million and $30.1 million as of December 31, 2013 and 2012, 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, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate for any such matters the reasonably possible amount of loss or range of loss. 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. The Partnership believes that the matters described below are without merit and intends to vigorously contest all such allegations. | |||||||||||||
In September 2006 and March 2009, the Partnership received requests for certain documents and other information from the Antitrust Division of the U.S. Department of Justice (“DOJ”) in connection with the DOJ’s investigation of global alternative asset firms to determine whether they have engaged in conduct prohibited by U.S. antitrust laws. The Partnership fully cooperated with the DOJ’s investigation. | |||||||||||||
On February 14, 2008, a private class-action lawsuit challenging “club” bids and other alleged anti-competitive business practices was filed in the U.S. District Court for the District of Massachusetts (Police and Fire Retirement System of the City of Detroit v. Apollo Global Management, LLC). The complaint alleges, among other things, that certain global alternative asset firms, including the Partnership, violated Section 1 of the Sherman Act by forming multi-sponsor consortiums for the purpose of bidding collectively in company buyout transactions in certain going private transactions, which the plaintiffs allege constitutes a “conspiracy in restraint of trade.” Count One of the complaint alleges an overarching conspiracy relating to certain large buyout transactions. Count Two of the complaint alleges a conspiracy with regard to the buyout of Healthcare Corporation of America. The plaintiffs seek damages as provided for in Section 4 of the Clayton Act and an injunction against such conduct in restraint of trade in the future. The defendants moved for summary judgment on both counts. On March 13, 2013, the U.S. District Court for the District of Massachusetts ruled that plaintiffs could proceed on Count One solely on the basis of an alleged conspiracy to refrain from “jumping” announced proprietary (i.e., non-auction) deals. The Court stated that it would entertain further summary judgment motions by individual defendants as to their participation in the more narrowly defined alleged conspiracy. The Court also denied summary judgment as to Count Two. On April 16, 2013, Carlyle filed a consolidated motion, renewing its motion for summary judgment on Count One, and moving for reconsideration on Count Two. On April 22, 2013, Carlyle joined a motion seeking reconsideration on Count Two filed on behalf of all Count Two defendants. On June 20, 2013, the Court denied the motion for reconsideration on Count Two filed by the Count Two defendants. On July 18, 2013, the Court denied Carlyle’s individual summary judgment motion regarding its participation in the conspiracy alleged in Count One. The U. S. District Court for the District of Massachusetts has set a schedule for class certification proceedings, which calls for a hearing on class certification sometime after May 19, 2014. The parties have jointly submitted a proposed case management order that calls for a jury trial commencing in November 2014. | |||||||||||||
Along with many other companies and individuals in the financial sector, Carlyle 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. 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, 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 Carlyle 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 Carlyle defendants. The Attorney General has stated that its investigation is continuing and it may bring additional civil actions. | |||||||||||||
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. Several different lawsuits, described below, developed from the CCC insolvency. | |||||||||||||
First, on July 13, 2009, a former shareholder of CCC, claiming to have lost $20.0 million, filed a claim against CCC, Carlyle and certain affiliates and one of the Partnership’s officers (Huffington v. TC Group L.L.C., et al.) alleging violations of Massachusetts “blue sky” law provisions relating to material misrepresentations and omissions allegedly made during and after the marketing of CCC. The plaintiff sought treble damages, interest, expenses, attorney’s fees and to have the subscription agreement deemed null and void and to receive a full refund of the investment. The plaintiff has since dismissed his claim without any monetary compensation, in exchange for Carlyle’s dismissal of its counterclaim against him for violation of the forum selection clause. | |||||||||||||
Second, in November 2009, another CCC investor, National Industries Group (Holding) (“National Industries”) instituted legal proceedings on similar grounds in Kuwait’s Court of First Instance (National Industries Group v. Carlyle Group ) seeking to recover losses incurred in connection with an investment in CCC. In July 2011, the Delaware Court of Chancery issued a decision restraining National Industries from proceeding in Kuwait on any CCC-related claims based on the forum selection clause in National Industries’ subscription agreement, which provided for exclusive jurisdiction in the Delaware courts. In September 2011, National Industries reissued its complaint in Kuwait naming CCC only, and reissued its complaint in January 2012 joining Carlyle Investment Management, L.L.C. as a defendant. In April 2013, the court in Kuwait dismissed National Industries’ claim without prejudice for failure to serve process. Hearings in the case and related to the case have nevertheless taken place on several occasions since that time, most recently in September 2013. Meanwhile, in August 2012, National Industries had filed a motion to vacate the Delaware Court of Chancery’s decision. The Partnership successfully opposed that motion and the Court’s injunction remained in effect. In November 2012, National Industries appealed that decision to the Delaware Supreme Court. On May 29, 2013, the Delaware Supreme Court affirmed the Chancery Court’s decision and upheld the 2011 injunction barring National Industries from filing or prosecuting any CCC-related action in any forum other than the courts of Delaware. | |||||||||||||
Third, the Guernsey liquidators who took control of CCC in March 2008 filed four suits on July 7, 2010 against Carlyle, certain of its affiliates and the former directors of CCC in the Delaware Chancery Court, the Royal Court of Guernsey, the Superior Court of the District of Columbia and the Supreme Court of New York, New York County (Carlyle Capital Corporation Limited v. Conway et al.) seeking $1.0 billion in damages. They allege that Carlyle 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 Carlyle put the interests of Carlyle ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing Carlyle’s reputation and its “brand” over the best interests of CCC. In July 2011, the Royal Court of Guernsey held that the case should be litigated in Delaware pursuant to the exclusive jurisdiction clause in the investment management agreement. That ruling was appealed by the liquidators, and in February 2012 was reversed by the Guernsey Court of Appeal, which held that the case should proceed in Guernsey. Defendants’ attempts to appeal to the Privy Council were unsuccessful and the plaintiffs’ case is proceeding in Guernsey. Two claims in that case, which sought the return of certain documents and other property purportedly belonging to CCC, were resolved by agreement of the parties and order of the Royal Court of Guernsey in December 2012. Carlyle has now completed its document production pursuant to that order. 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. Carlyle expects that plaintiffs will file a reply in the next several months. In addition, the liquidators’ lawsuits in New York and the District of Columbia were dismissed in December 2011 without prejudice. | |||||||||||||
Fourth, on June 21, 2011, August 24, 2011 and September 1, 2011, respectively, three putative shareholder class actions were filed against Carlyle, certain of its affiliates and former directors of CCC alleging that the fund offering materials and various public disclosures were materially misleading or omitted material information. Two of the shareholder class actions (Phelps v. Stomber, et al. and Glaubach v. Carlyle Capital Corporation Limited, et al.) were filed in the United States District Court for the District of Columbia. Phelps v. Stomber, et al. was also filed in the Supreme Court of New York, New York County and was subsequently removed to the United States District Court for the Southern District of New York. The two original D.C. cases were consolidated into one case under the caption of Phelps v. Stomber and the Phelps named plaintiffs were designated “lead plaintiffs” by the Court. The New York case was transferred to the D.C. federal court and the plaintiffs requested that it be consolidated with the other two D.C. actions. The plaintiffs were seeking compensatory damages sustained as a result of the alleged misrepresentations, costs and expenses, as well as reasonable attorney’s fees. On August 13, 2012, the United States District Court for the District of Columbia dismissed both the D.C. and New York shareholder class actions. The plaintiffs moved for leave to amend their complaint and/or for amendment of the Court’s decision, but the trial court denied that motion on June 4, 2013. The plaintiffs’ previously filed notice of appeal to the Court of Appeals for the District of Columbia Circuit was then automatically reinstated and oral arguments on this appeal were held on February 19, 2014. | |||||||||||||
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings, and some of the matters discussed above seek potentially large and/or indeterminate amounts. As of such date, based on information known by management, management has not concluded that 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 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. | |||||||||||||
Other Contingencies | |||||||||||||
From 2007 to 2009, a Luxembourg subsidiary of Carlyle Europe Real Estate Partners, L.P. (CEREP I), a real estate fund, received proceeds from the sale of real estate located in Paris, France. The relevant French tax authorities have asserted that CEREP I was ineligible to claim certain exemptions from French tax under the Luxembourg-French tax treaty, and have issued a tax assessment seeking to collect approximately €97.0 million, consisting of taxes, interest and penalties. Additionally, the French Ministry of Justice has commenced an investigation regarding the legality under French law of claiming the exemptions under the tax treaty. | |||||||||||||
CEREP I and its subsidiaries are contesting the French tax assessment. In July 2012, the Partnership provided a guarantee to the French tax authorities as credit support for the €45.7 million tax assessment and in October 2012, placed an additional €4.4 million in escrow, in each case, related to CEREP I. The Partnership expects to incur costs on behalf of CEREP I and its related entities. The Partnership will attempt to recover any amounts advanced or paid from proceeds of subsequent portfolio dispositions by CEREP I. Commencing with the issuance of the credit support on behalf of CEREP I in July 2012, the Partnership consolidated the fund into its consolidated financial statements. As of December 31, 2013, CEREP I had accrued €75.0 million ($103.4 million as of December 31, 2013) related to this contingency, which is included in other liabilities of Consolidated Funds in the consolidated financial statements. CEREP I recorded a loss related to this contingency of €33.2 million ($45.5 million) and €0 million for the years ended December 31, 2013 and 2012, respectively, which is included in net investment gains (losses) of consolidated funds in the consolidated statements of operations. | |||||||||||||
During 2006, CEREP I completed a reorganization of several Italian subsidiaries. Certain of those Italian subsidiaries sold various properties located in Italy. The Italian tax authorities issued formal notices of assessment to certain of those subsidiaries, in each case, disallowing deductions of certain capital losses claimed with respect to the reorganization of the Italian subsidiaries. Those subsidiaries reached a settlement with the Italian tax authorities regarding this dispute and, in connection therewith, CEREP I paid €8.2 million (approximately $11.0 million) while its affiliates paid €7.9 million (approximately $10.5 million) for a total of €16.1 million (approximately $21.5 million). | |||||||||||||
CEREP I recognized a loss related to these contingencies of €50.0 million ($64.7 million) during the year ended December 31, 2011 prior to the Partnership consolidating CEREP I. | |||||||||||||
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 U.S. 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. The carrying amounts reported in the consolidated balance sheets for these financial instruments equal or closely approximate their fair values. | |||||||||||||
Termination Costs | |||||||||||||
Employee and office lease termination costs are included in accrued compensation and benefits and accounts payable, accrued expenses and other liabilities in the consolidated balance sheets as well as general, administrative and other expenses in the consolidated statements of operations. As of December 31, 2013 and 2012, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees, which represents management’s estimate of the total amount expected to be incurred. The changes in the accrual for termination costs for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Balance, beginning of period | $ | 13.6 | $ | 15.2 | $ | 23.1 | |||||||
Compensation expense | 6.4 | 5.4 | 2.8 | ||||||||||
Contract termination costs | 0.1 | 0.5 | 1.7 | ||||||||||
Costs paid or settled | (9.5 | ) | (7.5 | ) | (12.4 | ) | |||||||
Balance, end of period | $ | 10.6 | $ | 13.6 | $ | 15.2 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
12 | Related Party Transactions | ||||||||
Due from Affiliates and Other Receivables, Net | |||||||||
The Partnership had the following due from affiliates and other receivables at December 31, 2013 and 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Unbilled receivable for giveback obligations from current and former employees | $ | 17.6 | $ | 32.8 | |||||
Notes receivable and accrued interest from affiliates | 15.4 | 10 | |||||||
Other receivables from unconsolidated funds and affiliates, net | 142.9 | 147.9 | |||||||
Total | $ | 175.9 | $ | 190.7 | |||||
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 7.12% as of December 31, 2013. 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, 2013 and 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Due to affiliates of Consolidated Funds | $ | 51.8 | $ | 42.1 | |||||
Due to non-consolidated affiliates | 130.2 | 27.8 | |||||||
Performance-based contingent cash and equity consideration related to acquisitions | 167.9 | 216.2 | |||||||
Amounts owed under the tax receivable agreement | 33.1 | 34.9 | |||||||
Other | 20.7 | 11.1 | |||||||
Total | $ | 403.7 | $ | 332.1 | |||||
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 exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units. | |||||||||
Distribution of Investments | |||||||||
In conjunction with the reorganization that occurred on May 2, 2012 (see Note 1), on March 31, 2012, the Partnership distributed certain investments in or alongside Carlyle funds that were funded by certain existing and former owners of the Partnership indirectly through the Partnership. These investments, totaling $127.7 million, were distributed by the Partnership so that they are now held directly by such persons and are no longer consolidated in the accompanying consolidated financial statements. | |||||||||
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 is made at market rates, which totaled $7.4 million, $8.2 million and $5.7 million for the years ended December 31, 2013, 2012 and 2011, 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. | |||||||||
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, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13 | Income Taxes | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Current | |||||||||||||
Federal income tax | $ | 2.2 | $ | 5.1 | $ | — | |||||||
State and local income tax | 5.2 | 7.8 | 7.2 | ||||||||||
Foreign income tax | 44 | 34.1 | 27.8 | ||||||||||
Subtotal | 51.4 | 47 | 35 | ||||||||||
Deferred | |||||||||||||
Federal income tax | (1.5 | ) | (8.3 | ) | — | ||||||||
State and local income tax | 8.7 | (3.6 | ) | (2.5 | ) | ||||||||
Foreign income tax | 37.6 | 5.3 | (4.0 | ) | |||||||||
Subtotal | 44.8 | (6.6 | ) | (6.5 | ) | ||||||||
Total provision for income taxes | $ | 96.2 | $ | 40.4 | $ | 28.5 | |||||||
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, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Deferred tax assets | |||||||||||||
Federal foreign tax credit | $ | 2 | $ | — | |||||||||
State net operating loss carry forwards | 3.4 | — | |||||||||||
Tax basis goodwill and intangibles | 36.7 | 39.7 | |||||||||||
Depreciation and amortization | 25.4 | 10.3 | |||||||||||
Deferred restricted common unit compensation | 6.4 | 9.2 | |||||||||||
Accrued compensation | 24.7 | 13.1 | |||||||||||
Other | 9.4 | 9.1 | |||||||||||
Deferred tax assets before valuation allowance | 108 | 81.4 | |||||||||||
Valuation allowance | (21.7 | ) | — | ||||||||||
Total deferred tax assets | $ | 86.3 | $ | 81.4 | |||||||||
Deferred tax liabilities (1) | |||||||||||||
Intangible assets | $ | 21.1 | $ | 18.9 | |||||||||
Unrealized appreciation on investments | 106.4 | 54.4 | |||||||||||
Other | 3 | 2.1 | |||||||||||
Total deferred tax liabilities | $ | 130.5 | $ | 75.4 | |||||||||
Net deferred tax assets (liabilities) | $ | (44.2 | ) | $ | 6 | ||||||||
-1 | As of December 31, 2013 and 2012, $26.9 million and $14.3 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, 2013, the Company has cumulative net operating loss carry forwards of approximately $123.8 million for separate state tax jurisdictions, which will be available to offset future taxable income. If not used, these carry forwards will expire in 2033. As of December 31, 2013, the Company had a federal foreign tax credit (“FTC”) carryforward of $2.0 million. The FTCs are related to taxes paid in various foreign jurisdictions and if not utilized will expire in 2023. | |||||||||||||
The Partnership had $59.4 million and $67.1 million in deferred tax assets as of December 31, 2013 and 2012, 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 2013, 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 this net operating loss 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 the US federal FTC carryforward earned in 2013 will not ultimately be realized due to federal limitations on FTC utilization. The Partnership has established a $21.7 million valuation allowance 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, 2013. | |||||||||||||
The Partnership had deferred tax liabilities of $103.6 million and $61.1 million at December 31, 2013 and 2012, 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 $96.2 million, $40.4 million and $28.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income passed through to common unitholders and non-controlling interest holders(1) | (29.23 | %) | (34.58 | %) | (32.72 | %) | |||||||
Unvested Carlyle Holdings partnership units | 2.03 | % | 1.72 | % | — | ||||||||
Foreign income taxes | (1.88 | %) | (0.41 | %) | (0.27 | %) | |||||||
State and local income taxes | 0.17 | % | 0.2 | % | 0.4 | % | |||||||
Valuation allowance establishment impacting provision for income taxes | 1.5 | % | — | — | |||||||||
Interest expense | (0.26 | %) | (0.10 | %) | — | ||||||||
Other adjustments | (0.67 | %) | (0.17 | %) | — | ||||||||
Effective income tax rate(2) | 6.66 | % | 1.66 | % | 2.41 | % | |||||||
-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 (Loss) Before Provision (Benefit) for 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 $13.8 million and $17.5 million as of December 31, 2013 and 2012, respectively, which is reflected in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. These balances include $4.5 million and $5.1 million as of December 31, 2013 and 2012, related to interest and penalties associated with uncertain tax positions. If recognized, the entire amount of uncertain tax positions would be recorded as a reduction in the provision for income taxes. The total expense (or benefit) for interest and penalties related to unrecognized tax benefits amounted to $(0.6) million, $1.4 million and $1.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Balance at January 1 | $ | 12.4 | $ | 13.6 | |||||||||
Reductions for tax position of prior years | (0.6 | ) | (1.2 | ) | |||||||||
Reductions due to lapse of statute of limitations | (2.5 | ) | — | ||||||||||
Balance at December 31 | $ | 9.3 | $ | 12.4 | |||||||||
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, 2013, the Partnership’s U.S. federal income tax returns for the years 2010 through 2012 are open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2009 to 2012. Foreign tax returns are generally subject to audit from 2006 to 2012. Certain of the Partnership’s foreign subsidiaries are currently under audit by 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. |
NonControlling_Interests_in_Co
Non-Controlling Interests in Consolidated Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
Non-Controlling Interests in Consolidated Entities | ' | ||||||||||||
14 | 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, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Non-Carlyle interests in Consolidated Funds | $ | 7,354.00 | $ | 7,963.90 | |||||||||
Non-Carlyle interests in majority-owned subsidiaries | 279.6 | 228.1 | |||||||||||
Non-controlling interest in AlpInvest | — | 28.9 | |||||||||||
Non-controlling interest in carried interest and cash held for carried interest distributions | 63 | 43.9 | |||||||||||
Non-controlling interests in consolidated entities | $ | 7,696.60 | $ | 8,264.80 | |||||||||
The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Non-Carlyle interests in Consolidated Funds | $ | 769.7 | $ | 2,122.20 | $ | (189.8 | ) | ||||||
Non-Carlyle interests in majority-owned subsidiaries | (12.4 | ) | 10.7 | 24.4 | |||||||||
Non-controlling interest in carried interest and cash held for carried interest distributions | 29.5 | 9.4 | 3.8 | ||||||||||
Net income (loss) attributable to other non-controlling interests in consolidated entities | 786.8 | 2,142.30 | (161.6 | ) | |||||||||
Net loss attributable to partners’ capital appropriated for CLOs | (383.1 | ) | (376.6 | ) | (126.4 | ) | |||||||
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities | 272.3 | (9.0 | ) | 85.4 | |||||||||
Non-controlling interests in income (loss) of consolidated entities | $ | 676 | $ | 1,756.70 | $ | (202.6 | ) | ||||||
During 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest. Refer to Note 3 for more information. There have been no other significant changes in the Partnership’s ownership interests in its consolidated entities for the periods presented. |
Earnings_Per_Common_Unit
Earnings Per Common Unit | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Common Unit | ' | ||||||||
15 | Earnings Per Common Unit | ||||||||
Prior to the reorganization and the initial public offering in May 2012, Carlyle’s business was conducted through a large number of entities as to which there was no single holding entity, but which were separately owned by the senior Carlyle professionals, CalPERS and Mubadala. There was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the reorganization and initial public offering. | |||||||||
The weighted-average common units outstanding, basic and diluted, are calculated as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Basic | Diluted | ||||||||
The Carlyle Group L.P. weighted-average common units outstanding | 46,135,229 | 46,135,229 | |||||||
Unvested deferred restricted common units | — | 4,057,793 | |||||||
Contingently issuable Carlyle Holdings Partnership units | — | 465,909 | |||||||
Weighted-average vested Carlyle Holdings Partnership units | — | 211,225,760 | |||||||
Unvested Carlyle Holdings Partnership units | — | 16,365,798 | |||||||
Weighted-average common units outstanding | 46,135,229 | 278,250,489 | |||||||
For the Period from May 8, 2012 | |||||||||
Through December 31, 2012 | |||||||||
Basic | Diluted | ||||||||
The Carlyle Group L.P. weighted-average common units outstanding | 42,562,928 | 42,562,928 | |||||||
Unvested deferred restricted common units | — | 2,207,816 | |||||||
Contingently issuable Carlyle Holdings Partnership units | — | 1,488,563 | |||||||
Weighted-average vested Carlyle Holdings Partnership units | — | 205,215,204 | |||||||
Unvested Carlyle Holdings Partnership units | — | 8,224,476 | |||||||
Weighted-average common units outstanding | 42,562,928 | 259,698,987 | |||||||
The weighted-average common units outstanding of The Carlyle Group L.P. includes vested deferred restricted common units for which issuance of the related common units is deferred until future periods. | |||||||||
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. 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. | |||||||||
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 associated with the Claren Road and Vermillion acquisitions. For purposes of determining the dilutive weighted-average common units, it is assumed that December 31, 2013 and 2012 represent the end of the contingency period and the “if-converted” method is applied to the Carlyle Holdings partnership units issuable therefrom. | |||||||||
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 211,225,760 and 16,365,798 of vested and unvested Carlyle Holdings partnership units for the year ended December 31, 2013 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. | |||||||||
For the period from May 8, 2012 through December 31, 2012, the 205,215,204 and 8,224,476 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 $87.1 million for the period from May 8, 2012 through December 31, 2012 has been included in net income attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. | |||||||||
Basic and diluted net income per common unit are calculated as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Basic | Diluted | ||||||||
Net income attributable to The Carlyle Group L.P. | $ | 104,100,000 | $ | 104,100,000 | |||||
Dilution of earnings due to participating securities with distribution rights | (645,500 | ) | (880,000 | ) | |||||
Incremental net income from assumed exchange of Carlyle Holdings partnership units | — | 465,880,000 | |||||||
Net income per common unit | $ | 103,454,500 | $ | 569,100,000 | |||||
Weighted-average common units outstanding | 46,135,229 | 278,250,489 | |||||||
Net income per common unit | $ | 2.24 | $ | 2.05 | |||||
For the Period from May 8, 2012 | |||||||||
Through December 31, 2012 | |||||||||
Basic | Diluted | ||||||||
Net income attributable to The Carlyle Group L.P. | $ | 20,300,000 | $ | 20,300,000 | |||||
Incremental net income from assumed exchange of Carlyle Holdings partnership units | — | 87,100,000 | |||||||
Total | $ | 20,300,000 | $ | 107,400,000 | |||||
Weighted-average common units outstanding | 42,562,928 | 259,698,987 | |||||||
Net income per common unit | $ | 0.48 | $ | 0.41 | |||||
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Equity-Based Compensation | ' | ||||||||||||||||||||||||||||||||
16 | 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 new 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, 2014, 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 31,151,826. | |||||||||||||||||||||||||||||||||
Unvested Partnership Common Units | |||||||||||||||||||||||||||||||||
On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest (see Note 3). 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. | |||||||||||||||||||||||||||||||||
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 year ended December 31, 2013, the Partnership recorded $5.0 million in equity-based compensation expense associated with these awards. As of December 31, 2013, the total unrecognized equity-based compensation expense related to unvested common units, considering estimated forfeitures, is $17.7 million, which is expected to be recognized over a weighted-average term of 2.2 years. | |||||||||||||||||||||||||||||||||
Unvested Carlyle Holdings Partnership Units | |||||||||||||||||||||||||||||||||
The 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 three months ended June 30, 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 $47.9 million of equity-based compensation expense during the year ended December 31, 2013 related to the difference between the estimated forfeitures and actual forfeitures on Carlyle Holdings partnership units that vested in May 2013. The Partnership recorded equity-based compensation expense associated with these awards of $234.8 million and $105.8 million for the year ended December 31, 2013 and for the period from May 2, 2012 through December 31, 2012, respectively. The Partnership also recorded equity-based compensation expense of $59.0 million during the period from May 2, 2012 through December 31, 2012 associated with the exchange of Carlyle Holdings partnership units for equity interests in the general partners of Carlyle’s carry funds by Carlyle professionals other than senior Carlyle professionals as part of the reorganization and initial public offering in May 2012. 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, 2013, the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $854.1 million, which is expected to be recognized over a weighted-average term of 4.3 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 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 up to 15.0%. The Partnership recorded compensation expense of $78.7 million and $35.6 million for the year ended December 31, 2013 and for the period May 2, 2012 through December 31, 2012, with $4.5 million and $1.9 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 year ended December 31, 2013. Deferred restricted common unit expense creates deferred tax assets, which are realized when the units vest. The net impact of additional deferred tax asset due to deferred compensation expense less the reduction to the deferred tax asset for units that vested was a net deferred tax benefit of $0.9 million for the year ended December 31, 2013. As of December 31, 2013, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $303.6 million, which is expected to be recognized over a weighted-average term of 4.3 years. | |||||||||||||||||||||||||||||||||
In 2013, the Partnership has issued approximately 2.9 million common units in connection with deferred restricted common units that vested, including those that vested in 2012 with deferred delivery until 2013. | |||||||||||||||||||||||||||||||||
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 year ended December 31, 2013 and for the period from May 2, 2012 through December 31, 2012. | |||||||||||||||||||||||||||||||||
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. As the phantom deferred restricted common units will be settled in cash, they 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. Additionally, the calculation of the expense assumes a forfeiture rate of up to 15.0%. For the year ended December 31, 2013 and for the period May 2, 2012 through December 31, 2012, the Partnership recorded $3.9 million and $1.3 million in equity-based compensation expense associated with these awards, respectively, which is included in base compensation expense in the accompanying consolidated financial statements. The tax benefits recognized from these awards was not material during these periods. As of December 31, 2013, the total unrecognized equity-based compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, is $4.8 million, which is expected to be recognized over a weighted-average term of 1.4 years. | |||||||||||||||||||||||||||||||||
A summary of the status of the Partnership’s non-vested equity-based awards as of December 31, 2013 and a summary of changes for the period May 2, 2012 through December 31, 2013, 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- | |||||||||||||||||||||||||
Units | Average | Restricted | Average | Common | Average | Units | Average | ||||||||||||||||||||||||||
Grant Date | Common | Grant Date | Units | Grant Date | Grant Date | ||||||||||||||||||||||||||||
Fair Value | Units | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||
Balance, May 2, 2012 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||
Granted - IPO | 56,760,336 | $ | 22 | 17,113,755 | $ | 22 | — | $ | — | 361,238 | $ | 22 | |||||||||||||||||||||
Granted - Post-IPO | 1,594,516 | $ | 26.2 | 542,039 | $ | 25.81 | — | $ | — | — | $ | — | |||||||||||||||||||||
Vested | — | $ | — | 120,207 | $ | 22 | — | $ | — | — | $ | — | |||||||||||||||||||||
Forfeited | 504,553 | $ | 22 | 828,559 | $ | 22.02 | — | $ | — | 26,624 | $ | 22 | |||||||||||||||||||||
Balance, December 31, 2012 | 57,850,299 | $ | 22.12 | 16,707,028 | $ | 22.28 | — | $ | — | 334,614 | $ | 22 | |||||||||||||||||||||
Granted | 52,889 | $ | 30.8 | 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 | |||||||||||||||||||||
Forfeited | 1,050,093 | $ | 22 | 695,305 | $ | 22.63 | — | $ | — | 21,381 | $ | 22 | |||||||||||||||||||||
Balance, December 31, 2013 | 47,202,803 | $ | 22.13 | 16,250,174 | $ | 23.91 | 872,060 | $ | 26.78 | 208,511 | $ | 22.12 | |||||||||||||||||||||
Consolidation_of_a_Real_Estate
Consolidation of a Real Estate Development Company | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||
Consolidation of a Real Estate Development Company | ' | ||||
17 | 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”, formerly Scopel Desenvolvimento Urbano S.A.), a Brazilian residential subdivision and land development company. Historically, funding for Urbplan’s business plan was provided primarily by borrowings incurred directly by Urbplan and from capital provided by certain Carlyle real estate investment funds, which in turn were funded primarily by external limited partners and by the Partnership through its ownership of the general partner of such funds. | |||||
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 in the second quarter of 2013. During the third quarter of 2013, it became evident that Urbplan’s efforts to raise additional capital from unaffiliated sources would likely not meet its requirements. The Partnership and certain senior Carlyle professionals elected to make additional investments into Urbplan. The external limited partners of the Carlyle real estate investment funds have not participated in the 2013 capital funding. From April 17, 2013, the date of the first additional investment into Urbplan, through September 30, 2013, Urbplan received capital funding of $32.0 million, of which $6.4 million was funded by the Partnership and $25.6 million was funded by certain senior Carlyle professionals indirectly through the Partnership. As of September 30, 2013, the estimated fair value of all the investments made by the Partnership into Urbplan, aggregating $21.5 million, and all the investments made by senior Carlyle professionals, aggregating $33.2 million, was $0. | |||||
During the second quarter of 2013, the Partnership concluded that the Carlyle investment vehicle through which it funded capital into Urbplan was a VIE and that the Partnership was the primary beneficiary of the VIE; accordingly, the Partnership consolidated the investment vehicle in the second quarter of 2013. During the third quarter of 2013, the Partnership concluded that the decision to provide additional capital to Urbplan constituted a reconsideration event under ASC 810, Consolidation(“ASC 810”). 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. | |||||
Pursuant to ASC 810, the Partnership applied the accounting guidance applicable to business combinations under ASC 805, Business Combinations, to record the initial consolidation of Urbplan. The Partnership recorded the assets, liabilities and non-controlling interests of Urbplan at their estimated fair value. 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 separate legal entities; 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 or other creditors in certain circumstances might seek to assert claims against the Partnership under certain consumer protection or other laws. | |||||
Urbplan is currently a party to various litigation, 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. | |||||
The Partnership consolidated Urbplan’s assets and liabilities as of September 30, 2013 with a total fair value of $234.1 million. Assets consisted primarily of Urbplan’s customer and other receivables and inventory costs in excess of billings and advances. Liabilities consisted primarily of Urbplan’s loans payable (fair value of $123.8 million) and accounts payable and other liabilities. The fair value of the non-controlling interests was $0. | |||||
The fair value measurements of the assets and liabilities were 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. As of the date that the Partnership’s consolidated financial statements were available to be issued, the Partnership had not received final valuations for the Urbplan assets and liabilities as of September 30, 2013; therefore, the amounts related to Urbplan included in the Partnership’s consolidated financial statements are based on preliminary valuations and may be adjusted in subsequent periods once final valuation information has been obtained, and such adjustments could be material. | |||||
Urbplan is expected to require additional funding of approximately $200 million to enable it to continue operations, of which $21.1 million has been funded by the Partnership and $66.9 million has been funded by senior Carlyle professionals indirectly through the Partnership through February 15, 2014. While no contractual or other obligations exist to provide additional financial support to Urbplan, the Partnership and its senior Carlyle professionals expect to provide additional capital funding to Urbplan in the future and Urbplan will continue to seek capital funding from unaffiliated parties. The Partnership and its senior Carlyle professionals will evaluate the possibility of further capital infusions based on the circumstances at the time (including levels of third-party funding participation). It is anticipated that the Partnership would fund 25% and its senior Carlyle professionals would fund 75% indirectly through the Partnership of any additional investments made by the Partnership and its senior Carlyle professionals. | |||||
The assets and liabilities recognized in the Partnership’s consolidated balance sheet as of December 31, 2013 related to Urbplan (which reflects Urbplan’s balances as of September 30, 2013) were as follows (Dollars in millions): | |||||
Receivables and inventory of a consolidated real estate VIE: | |||||
Customer and other receivables | $ | 110.3 | |||
Inventory costs in excess of billings and advances | 70.1 | ||||
$ | 180.4 | ||||
Other assets of a consolidated real estate VIE: | |||||
Restricted investments | $ | 7 | |||
Fixed assets, net | 2.2 | ||||
Deferred tax assets | 12.8 | ||||
Other assets | 38.1 | ||||
$ | 60.1 | ||||
Loans payable of a consolidated real estate VIE, at fair value | |||||
(principal amount of $305.3 million) | $ | 122.1 | |||
Other liabilities of a consolidated real estate VIE: | |||||
Accounts payable | $ | 25.4 | |||
Other liabilities | 72.3 | ||||
$ | 97.7 | ||||
The revenues and expenses recognized in the Partnership’s consolidated statement of operations for the year ended December 31, 2013 related to Urbplan (which reflects Urbplan balances for the three months ended September 30, 2013) were as follows (Dollars in millions): | |||||
Revenue of a consolidated real estate VIE | |||||
Land development services | $ | 0.4 | |||
Investment income | 7.1 | ||||
$ | 7.5 | ||||
Interest and other expenses of a consolidated real estate VIE: | |||||
Interest expense | $ | 12.9 | |||
Change in fair value of loans payable | 13 | ||||
Compensation and benefits | 2.7 | ||||
G&A and other expenses | 5.2 | ||||
$ | 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 $176.1 million of customer advances received. 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 Urbplan 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 40% of the outstanding principal amounts of the loans. 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 4.0% to 7.4% (13.7% to 17.1% as of December 31, 2013); (ii) IGP-M plus a margin of 12.0% (17.5% as of December 31, 2013); or (iii) IPCA plus a margin ranging from 10.0% to 13.5% (15.8% to 19.3% as of December 31, 2013). Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions): | |||||
2014 | $ | 87.5 | |||
2015 | 33.8 | ||||
2016 | 32.2 | ||||
2017 | 23.9 | ||||
2018 | 21.9 | ||||
Thereafter | 106 | ||||
$ | 305.3 | ||||
Substantially all of Urbplan’s customer and other receivables and investments have been pledged as collateral for the loans. As of December 31, 2013, 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, 2013, Urbplan had outstanding commitments for land development services with an estimated $124.8 million of future costs to be incurred. | |||||
The following supplemental information presents, on an unaudited pro forma basis, the impact to the Partnership’s consolidated financial results for the year ended December 31, 2013 as if the Partnership had consolidated Urbplan since January 1, 2013. | |||||
Year Ended | |||||
December 31, 2013 | |||||
(Dollars in millions) | |||||
Total revenues | $ | 4,479.10 | |||
Net income attributable to The Carlyle Group L.P. | $ | 101.7 | |||
The unaudited pro forma supplemental information is based on estimates and assumptions, which management believes are reasonable. It is not necessarily indicative of the Partnership’s consolidated results of operations in future periods or the results that actually would have been realized had the Partnership and the acquired businesses been a combined entity during the periods presented. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
18. 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. | |||||||||||||||||||||
Solutions – The Solutions segment was launched upon the Partnership’s acquisition of a 60% equity interest in AlpInvest on July 1, 2011 and advises a global private equity fund of funds program and related co-investment and secondary activities. On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest. The Solutions segment also includes Metropolitan, a global manager of real estate fund of funds. The Partnership acquired 100% of the equity interests in Metropolitan on November 1, 2013. | |||||||||||||||||||||
The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs were allocated based on direct base compensation expense for the funds comprising each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road, ESG, Vermillion, and for periods prior to August 1, 2013, AlpInvest. Subsequent to August 1, 2013, the Partnership owns 100% of the economic interests in AlpInvest. 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 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, amortization associated with acquired intangible assets, transaction costs associated with acquisitions, gains and losses associated with the mark to market on 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. | |||||||||||||||||||||
Also, for periods prior to the reorganization and initial public offering in May 2012, ENI also differed from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that ENI reflected a charge for compensation, bonuses and performance fee compensation attributable to Carlyle partners. Subsequent to the reorganization and initial public offering, these compensation charges are included in both ENI and income (loss) before provision for income taxes computed in accordance with U.S. GAAP. | |||||||||||||||||||||
Distributable earnings (“DE”) is a component of ENI and is used to assess performance and amounts potentially available for distribution. Distributable earnings 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 for unrealized performance fees, unrealized investment income, the corresponding unrealized performance fee compensation expense and equity-based compensation. During the second quarter of 2013, the definition of distributable earnings used by management was modified to exclude all equity-based compensation expense. All prior periods have been recast to conform to the new definition. | |||||||||||||||||||||
Fee-related earnings (“FRE”) is a component of DE 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 DE and also adjusts DE to exclude realized performance fees, realized investment income from investments in Carlyle funds, and realized performance fee related compensation. During the fourth quarter of 2013, the definition of FRE used by management was modified to exclude all equity-based compensation expense to conform with the Partnership’s definition of DE. All prior periods have been recast to conform to the new definition. | |||||||||||||||||||||
ENI and its components are 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, ENI 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, 2013: | |||||||||||||||||||||
December 31, 2013 and the Year Then Ended | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 471.6 | $ | 275.2 | $ | 188.9 | $ | 119 | $ | 1,054.70 | |||||||||||
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 | 1,105.30 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 914.5 | 151.9 | 40.5 | 21.7 | 1,128.60 | ||||||||||||||||
Unrealized | 959.1 | 32.4 | 43.4 | 129.8 | 1,164.70 | ||||||||||||||||
Total performance fees | 1,873.60 | 184.3 | 83.9 | 151.5 | 2,293.30 | ||||||||||||||||
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 | (85.0 | ) | 0.2 | (42.6 | ) | ||||||||||||||
Interest and other income | 6.5 | 4.2 | 2 | 0.2 | 12.9 | ||||||||||||||||
Total revenues | 2,421.80 | 481.2 | 195 | 270.9 | 3,368.90 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 212.6 | 99.6 | 70.2 | 53.6 | 436 | ||||||||||||||||
Indirect base compensation | 95 | 21.8 | 30.4 | 5.6 | 152.8 | ||||||||||||||||
Equity-based compensation | 7.4 | 3 | 4.6 | 0.7 | 15.7 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 401.7 | 42.1 | (4.0 | ) | 11.5 | 451.3 | |||||||||||||||
Unrealized | 446.2 | 13.7 | 56.7 | 99.1 | 615.7 | ||||||||||||||||
Total compensation and benefits | 1,162.90 | 180.2 | 157.9 | 170.5 | 1,671.50 | ||||||||||||||||
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 | 1,368.20 | 253.5 | 228.8 | 198.3 | 2,048.80 | ||||||||||||||||
Economic Net Income (Loss) | $ | 1,053.60 | $ | 227.7 | $ | (33.8 | ) | $ | 72.6 | $ | 1,320.10 | ||||||||||
(-) Net Performance Fees | 1,025.70 | 128.5 | 31.2 | 40.9 | 1,226.30 | ||||||||||||||||
(-) Investment Income (Loss) | 26.2 | 16 | (85.0 | ) | 0.2 | (42.6 | ) | ||||||||||||||
(+) Equity-based Compensation | 7.4 | 3 | 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 | 10.2 | 677.3 | ||||||||||||||||
(+) Realized Investment Income (Loss) | 15.8 | 17.5 | (22.7 | ) | — | 10.6 | |||||||||||||||
(=Distributable Earnings | $ | 537.7 | $ | 213.5 | $ | 46.4 | $ | 42.4 | $ | 840 | |||||||||||
Segment assets as of December 31, 2013 | $ | 3,895.10 | $ | 1,159.20 | $ | 1,207.40 | $ | 602.5 | $ | 6,864.20 | |||||||||||
The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2012: | |||||||||||||||||||||
December 31, 2012 and the Year Then Ended | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 496.2 | $ | 237.2 | $ | 141 | $ | 68.8 | $ | 943.2 | |||||||||||
Portfolio advisory fees, net | 17.8 | 2.5 | 1.7 | — | 22 | ||||||||||||||||
Transaction fees, net | 19 | 3.5 | 5 | — | 27.5 | ||||||||||||||||
Total fund level fee revenues | 533 | 243.2 | 147.7 | 68.8 | 992.7 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 639.5 | 112.4 | 106.6 | 10.6 | 869.1 | ||||||||||||||||
Unrealized | 130.8 | (21.2 | ) | (13.2 | ) | 30.5 | 126.9 | ||||||||||||||
Total performance fees | 770.3 | 91.2 | 93.4 | 41.1 | 996 | ||||||||||||||||
Investment income (loss) | |||||||||||||||||||||
Realized | 3.3 | 13.1 | (0.1 | ) | — | 16.3 | |||||||||||||||
Unrealized | 20.5 | 9.6 | (4.9 | ) | — | 25.2 | |||||||||||||||
Total investment income (loss) | 23.8 | 22.7 | (5.0 | ) | — | 41.5 | |||||||||||||||
Interest and other income | 9 | 2.3 | 1.7 | 0.7 | 13.7 | ||||||||||||||||
Total revenues | 1,336.10 | 359.4 | 237.8 | 110.6 | 2,043.90 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 226.2 | 86.3 | 71.1 | 33.8 | 417.4 | ||||||||||||||||
Indirect base compensation | 92.5 | 21.3 | 24.5 | 6.2 | 144.5 | ||||||||||||||||
Equity-based compensation | 1.2 | 0.2 | 0.4 | — | 1.8 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 304.7 | 46.2 | 7.3 | 8.8 | 367 | ||||||||||||||||
Unrealized | 71.7 | (8.4 | ) | 17.3 | 23.8 | 104.4 | |||||||||||||||
Total compensation and benefits | 696.3 | 145.6 | 120.6 | 72.6 | 1,035.10 | ||||||||||||||||
General, administrative, and other indirect expenses | 134 | 40.6 | 41.9 | 10.7 | 227.2 | ||||||||||||||||
Depreciation and amortization expense | 12.5 | 3.5 | 3.9 | 1.6 | 21.5 | ||||||||||||||||
Interest expense | 14.3 | 4.5 | 4.4 | 1.3 | 24.5 | ||||||||||||||||
Total expenses | 857.1 | 194.2 | 170.8 | 86.2 | 1,308.30 | ||||||||||||||||
Economic Net Income | $ | 479 | $ | 165.2 | $ | 67 | $ | 24.4 | $ | 735.6 | |||||||||||
(-) Net Performance Fees | 393.9 | 53.4 | 68.8 | 8.5 | 524.6 | ||||||||||||||||
(-) Investment Income | 23.8 | 22.7 | (5.0 | ) | — | 41.5 | |||||||||||||||
(+) Equity-based Compensation | 1.2 | 0.2 | 0.4 | — | 1.8 | ||||||||||||||||
(=Fee Related Earnings | $ | 62.5 | $ | 89.3 | $ | 3.6 | $ | 15.9 | $ | 171.3 | |||||||||||
(+) Realized Net Performance Fees | 334.8 | 66.2 | 99.3 | 1.8 | 502.1 | ||||||||||||||||
(+) Realized Investment Income (Loss) | 3.3 | 13.1 | (0.1 | ) | — | 16.3 | |||||||||||||||
(=Distributable Earnings | $ | 400.6 | $ | 168.6 | $ | 102.8 | $ | 17.7 | $ | 689.7 | |||||||||||
Segment assets as of December 31, 2012 | $ | 2,449.40 | $ | 1,052.80 | $ | 962.1 | $ | 342.3 | $ | 4,806.60 | |||||||||||
The following tables present the financial data for the Partnership’s four reportable segments for the year ended December 31, 2011: | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 511.3 | $ | 173.5 | $ | 150.7 | $ | 35 | $ | 870.5 | |||||||||||
Portfolio advisory fees, net | 31.3 | 3 | 3.2 | — | 37.5 | ||||||||||||||||
Transaction fees, net | 34.7 | — | 3.5 | — | 38.2 | ||||||||||||||||
Total fee revenues | 577.3 | 176.5 | 157.4 | 35 | 946.2 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 952.9 | 204.2 | 98 | 46.2 | 1,301.30 | ||||||||||||||||
Unrealized | (99.3 | ) | (92.9 | ) | 52.5 | (55.4 | ) | (195.1 | ) | ||||||||||||
Total performance fees | 853.6 | 111.3 | 150.5 | (9.2 | ) | 1,106.20 | |||||||||||||||
Investment income | |||||||||||||||||||||
Realized | 43.2 | 20.3 | 2.1 | — | 65.6 | ||||||||||||||||
Unrealized | 0.3 | 12.8 | 2.7 | — | 15.8 | ||||||||||||||||
Total investment income | 43.5 | 33.1 | 4.8 | — | 81.4 | ||||||||||||||||
Interest and other income | 9.2 | 4 | 2 | 0.3 | 15.5 | ||||||||||||||||
Total revenues | 1,483.60 | 324.9 | 314.7 | 26.1 | 2,149.30 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 253.1 | 61.7 | 75.3 | 14.3 | 404.4 | ||||||||||||||||
Indirect base compensation | 90.4 | 15.1 | 28 | — | 133.5 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 487.5 | 88.4 | 8.4 | 39.5 | 623.8 | ||||||||||||||||
Unrealized | (47.1 | ) | (48.2 | ) | (3.9 | ) | (48.8 | ) | (148.0 | ) | |||||||||||
Total compensation and benefits | 783.9 | 117 | 107.8 | 5 | 1,013.70 | ||||||||||||||||
General, administrative, and other indirect expenses | 133.5 | 33.2 | 47.5 | 7.3 | 221.5 | ||||||||||||||||
Depreciation and amortization expense | 14.6 | 2.7 | 4.3 | 0.2 | 21.8 | ||||||||||||||||
Interest expense | 37.5 | 10.5 | 11.2 | — | 59.2 | ||||||||||||||||
Total expenses | 969.5 | 163.4 | 170.8 | 12.5 | 1,316.20 | ||||||||||||||||
Economic Net Income | $ | 514.1 | $ | 161.5 | $ | 143.9 | $ | 13.6 | $ | 833.1 | |||||||||||
(-) Net Performance Fees | 413.2 | 71.1 | 146 | 0.1 | 630.4 | ||||||||||||||||
(-) Investment Income | 43.5 | 33.1 | 4.8 | — | 81.4 | ||||||||||||||||
(=Fee Related Earnings | $ | 57.4 | $ | 57.3 | $ | (6.9 | ) | $ | 13.5 | $ | 121.3 | ||||||||||
(+) Realized Net Performance Fees | 465.4 | 115.8 | 89.6 | 6.7 | 677.5 | ||||||||||||||||
(+) Realized Investment Income | 43.2 | 20.3 | 2.1 | — | 65.6 | ||||||||||||||||
(=Distributable Earnings | $ | 566 | $ | 193.4 | $ | 84.8 | $ | 20.2 | $ | 864.4 | |||||||||||
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, 2013 and 2012: | |||||||||||||||||||||
December 31, 2013 and the Year then Ended | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 3,368.90 | $ | 1,043.10 | $ | 29.2 | (a) | $ | 4,441.20 | ||||||||||||
Expenses | $ | 2,048.80 | $ | 1,169.40 | $ | 475.7 | (b) | $ | 3,693.90 | ||||||||||||
Other income | $ | — | $ | 701.3 | $ | (4.6 | )(c) | $ | 696.7 | ||||||||||||
Economic net income (loss) | $ | 1,320.10 | $ | 575 | $ | (451.1 | )(d) | $ | 1,444.00 | ||||||||||||
Total assets | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | )(e) | $ | 35,622.30 | ||||||||||||
December 31, 2012 and the Year then Ended | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 2,043.90 | $ | 903.5 | $ | 25.7 | (a) | $ | 2,973.10 | ||||||||||||
Expenses | $ | 1,308.30 | $ | 923.9 | $ | 59 | (b) | $ | 2,291.20 | ||||||||||||
Other income | $ | — | $ | 1,755.50 | $ | 2.5 | (c) | $ | 1,758.00 | ||||||||||||
Economic net income (loss) | $ | 735.6 | $ | 1,735.10 | $ | (30.8 | )(d) | $ | 2,439.90 | ||||||||||||
Total assets | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | )(e) | $ | 31,566.60 | ||||||||||||
The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the year ended December 31, 2011: | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 2,149.30 | $ | 714 | $ | (18.0 | )(a) | $ | 2,845.30 | ||||||||||||
Expenses | $ | 1,316.20 | $ | 592.2 | $ | (561.3 | )(b) | $ | 1,347.10 | ||||||||||||
Other loss | $ | — | $ | (330.6 | ) | $ | 15.2 | (c) | $ | (315.4 | ) | ||||||||||
Economic net income (loss) | $ | 833.1 | $ | (208.8 | ) | $ | 558.5 | (d) | $ | 1,182.80 | |||||||||||
(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 investment in NGP Management 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, Vermillion and, for periods prior to August 1, 2013, AlpInvest which 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, adjustments for partner 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, 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, Vermillion and, for periods prior to August 1, 2013, AlpInvest as detailed below (Dollars in millions): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Partner compensation | $ | — | $ | (265.4 | ) | $ | (671.5 | ) | |||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Non-Carlyle economic interests in acquired business | 186.4 | 155.4 | 121.9 | ||||||||||||||||||
Other adjustments | 6.3 | 1.8 | 3.6 | ||||||||||||||||||
Elimination of expenses of Consolidated Funds | (275.3 | ) | (168.3 | ) | (138.8 | ) | |||||||||||||||
$ | 475.7 | $ | 59 | $ | (561.3 | ) | |||||||||||||||
(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, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income (loss) before provision for income taxes | $ | 1,444.00 | $ | 2,439.90 | $ | 1,182.80 | |||||||||||||||
Adjustments: | |||||||||||||||||||||
Partner compensation(1) | — | (265.4 | ) | (671.5 | ) | ||||||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Net (income) loss attributable to non-controlling interests in Consolidated entities | (676.0 | ) | (1,756.7 | ) | 202.6 | ||||||||||||||||
Other adjustments(2) | (6.2 | ) | (17.7 | ) | (4.3 | ) | |||||||||||||||
Economic Net Income | $ | 1,320.10 | $ | 735.6 | $ | 833.1 | |||||||||||||||
Net performance fees(3) | 1,226.30 | 524.6 | 630.4 | ||||||||||||||||||
Investment income (loss)(3) | (42.6 | ) | 41.5 | 81.4 | |||||||||||||||||
Equity-based compensation | 15.7 | 1.8 | — | ||||||||||||||||||
Fee Related Earnings | $ | 152.1 | $ | 171.3 | $ | 121.3 | |||||||||||||||
Realized performance fees, net of related compensation | 677.3 | 502.1 | 677.5 | ||||||||||||||||||
Realized investment income | 10.6 | 16.3 | 65.6 | ||||||||||||||||||
Distributable Earnings | $ | 840 | $ | 689.7 | $ | 864.4 | |||||||||||||||
-1 | Adjustments for partner compensation reflect amounts due to senior Carlyle professionals for compensation and performance fees allocated to them, which amounts were classified as distributions from partners’ capital in the consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012. | ||||||||||||||||||||
-2 | Other adjustments were comprised of the following ($ in millions): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Losses associated with debt refinancing activities | $ | 1.9 | $ | — | $ | — | |||||||||||||||
Severance and lease terminations | 6.5 | 5.9 | 4.5 | ||||||||||||||||||
Provision for income taxes attributable to non-controlling interests in consolidated entities | (12.5 | ) | (19.5 | ) | — | ||||||||||||||||
Gain on business acquisition | — | — | (7.9 | ) | |||||||||||||||||
Other adjustments | (2.1 | ) | (4.1 | ) | (0.9 | ) | |||||||||||||||
$ | (6.2 | ) | $ | (17.7 | ) | $ | (4.3 | ) | |||||||||||||
-3 | See reconciliation to most directly comparable U.S. GAAP measure below: | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,176.70 | $ | (48.1 | ) | $ | 1,128.60 | ||||||||||||||
Unrealized | 1,198.60 | (33.9 | ) | 1,164.70 | |||||||||||||||||
Total performance fees | 2,375.30 | (82.0 | ) | 2,293.30 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 539.2 | (87.9 | ) | 451.3 | |||||||||||||||||
Unrealized | 644.5 | (28.8 | ) | 615.7 | |||||||||||||||||
Total performance fee related compensation expense | 1,183.70 | (116.7 | ) | 1,067.00 | |||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 637.5 | 39.8 | 677.3 | ||||||||||||||||||
Unrealized | 554.1 | (5.1 | ) | 549 | |||||||||||||||||
Total net performance fees | $ | 1,191.60 | $ | 34.7 | $ | 1,226.30 | |||||||||||||||
Investment income (loss) | |||||||||||||||||||||
Realized | $ | 14.4 | $ | (3.8 | ) | $ | 10.6 | ||||||||||||||
Unrealized | 4.4 | (57.6 | ) | (53.2 | ) | ||||||||||||||||
Total investment income (loss) | $ | 18.8 | $ | (61.4 | ) | $ | (42.6 | ) | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 907.5 | $ | (38.4 | ) | $ | 869.1 | ||||||||||||||
Unrealized | 133.6 | (6.7 | ) | 126.9 | |||||||||||||||||
Total performance fees | 1,041.10 | (45.1 | ) | 996 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 285.5 | 81.5 | 367 | ||||||||||||||||||
Unrealized | 32.2 | 72.2 | 104.4 | ||||||||||||||||||
Total performance fee related compensation expense | 317.7 | 153.7 | 471.4 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 622 | (119.9 | ) | 502.1 | |||||||||||||||||
Unrealized | 101.4 | (78.9 | ) | 22.5 | |||||||||||||||||
Total net performance fees | $ | 723.4 | $ | (198.8 | ) | $ | 524.6 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 16.3 | $ | — | $ | 16.3 | |||||||||||||||
Unrealized | 20.1 | 5.1 | 25.2 | ||||||||||||||||||
Total investment income | $ | 36.4 | $ | 5.1 | $ | 41.5 | |||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,307.40 | $ | (6.1 | ) | $ | 1,301.30 | ||||||||||||||
Unrealized | (185.8 | ) | (9.3 | ) | (195.1 | ) | |||||||||||||||
Total performance fees | 1,121.60 | (15.4 | ) | 1,106.20 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 225.7 | 398.1 | 623.8 | ||||||||||||||||||
Unrealized | (122.3 | ) | (25.7 | ) | (148.0 | ) | |||||||||||||||
Total performance fee related compensation expense | 103.4 | 372.4 | 475.8 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 1,081.70 | (404.2 | ) | 677.5 | |||||||||||||||||
Unrealized | (63.5 | ) | 16.4 | (47.1 | ) | ||||||||||||||||
Total net performance fees | $ | 1,018.20 | $ | (387.8 | ) | $ | 630.4 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 65.1 | $ | 0.5 | $ | 65.6 | |||||||||||||||
Unrealized | 13.3 | 2.5 | 15.8 | ||||||||||||||||||
Total investment income | $ | 78.4 | $ | 3 | $ | 81.4 | |||||||||||||||
-4 | Adjustments to performance fees and investment income (loss) relate to amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, and amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results. Adjustments to investment income (loss) also include the reclassification of earnings for the investment in NGP Management to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as unrealized investment losses for the segment results. Adjustments to performance fee related compensation expense relate to the inclusion of partner compensation in the segment results for periods prior to the reorganization and initial public offering in May 2012. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in Claren Road, ESG and Vermillion and, prior to August 1, 2013, the Partnership’s 60% interest in AlpInvest in the segment results. | ||||||||||||||||||||
(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 substantially all 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, 2013 | |||||||||||||||||||||
Americas(1) | $ | 2,613.00 | 59 | % | $ | 19,091.70 | 53 | % | |||||||||||||
EMEA(2) | 1,459.30 | 33 | % | 15,974.60 | 45 | % | |||||||||||||||
Asia-Pacific(3) | 368.9 | 8 | % | 556 | 2 | % | |||||||||||||||
Total | $ | 4,441.20 | 100 | % | $ | 35,622.30 | 100 | % | |||||||||||||
Total Revenues | Total Assets | ||||||||||||||||||||
Share | % | Share | % | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Americas(1) | $ | 1,842.60 | 62 | % | $ | 16,419.70 | 52 | % | |||||||||||||
EMEA(2) | 756.2 | 25 | % | 14,670.80 | 46 | % | |||||||||||||||
Asia-Pacific(3) | 374.3 | 13 | % | 476.1 | 2 | % | |||||||||||||||
Total | $ | 2,973.10 | 100 | % | $ | 31,566.60 | 100 | % | |||||||||||||
Total Revenues | Total Assets | ||||||||||||||||||||
Share | % | Share | % | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Americas(1) | $ | 2,416.60 | 85 | % | $ | 12,784.40 | 52 | % | |||||||||||||
EMEA(2) | 503 | 18 | % | 11,342.90 | 46 | % | |||||||||||||||
Asia-Pacific(3) | (74.3 | ) | (3 | %) | 524.4 | 2 | % | ||||||||||||||
Total | $ | 2,845.30 | 100 | % | $ | 24,651.70 | 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, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
19 | Quarterly Financial Data (Unaudited) | ||||||||||||||||
Unaudited quarterly information for each of the three months in the years ended December 31, 2013 and 2012 are presented below. For periods prior to the Partnership’s reorganization and initial public offering in May 2012 (see Note 1), the financial information reflects the combined and consolidated financial results of Carlyle Group. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | $ | 1,145.00 | $ | 769.3 | $ | 888.1 | $ | 1,638.80 | |||||||||
Expenses | 904.1 | 774 | 814.7 | 1,201.10 | |||||||||||||
Other income (loss) | 211.5 | 290.6 | (82.0 | ) | 276.6 | ||||||||||||
Income (loss) before provision for income taxes | $ | 452.4 | $ | 285.9 | $ | (8.6 | ) | $ | 714.3 | ||||||||
Net income (loss) | $ | 427.5 | $ | 269.3 | $ | (26.5 | ) | $ | 677.5 | ||||||||
Net income (loss) attributable to The Carlyle Group L.P. | $ | 33.8 | $ | (3.3 | ) | $ | 2.3 | $ | 71.3 | ||||||||
Net income (loss) attributable to The Carlyle Group L.P. per common unit(1) | |||||||||||||||||
Basic | $ | 0.78 | $ | (0.07 | ) | $ | 0.04 | $ | 1.45 | ||||||||
Diluted | $ | 0.66 | $ | (0.07 | ) | $ | 0.04 | $ | 1.17 | ||||||||
Distributions declared per common unit(2) | $ | 0.85 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | $ | 1,110.90 | $ | 248.4 | $ | 858.5 | $ | 755.3 | |||||||||
Expenses | 477.2 | 448.9 | 704.9 | 660.2 | |||||||||||||
Other income | 872.1 | 386.6 | 448.9 | 50.4 | |||||||||||||
Income before provision for income taxes | $ | 1,505.80 | $ | 186.1 | $ | 602.5 | $ | 145.5 | |||||||||
Net income | $ | 1,494.10 | $ | 175.5 | $ | 597 | $ | 132.9 | |||||||||
Net income (loss) attributable to The Carlyle Group L.P. | N/A | $ | (10.3 | ) | $ | 18.6 | $ | 12 | |||||||||
Net income (loss) attributable to The Carlyle Group L.P. per common unit(1) | |||||||||||||||||
Basic | N/A | $ | (0.26 | ) | $ | 0.43 | $ | 0.28 | |||||||||
Diluted | N/A | $ | (0.26 | ) | $ | 0.4 | $ | 0.25 | |||||||||
Distributions declared per common unit(2) | N/A | N/A | $ | 0.11 | $ | 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, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
20 | Subsequent Events | |
On February 3, 2014, the Partnership acquired 100% of the equity interests of Diversified Global Asset Management Corporation (“DGAM”), a Toronto, Canada-based alternative investment manager with $6.6 billion in managed and advised assets as of December 31, 2013. The purchase price consisted of approximately $8.0 million in cash and 662,134 newly issued common units (approximately $22.1 million). The transaction also included 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. The Partnership will consolidate the financial position and results of operations of DGAM effective February 2014 and will account for this transaction as a business combination. DGAM will be the Partnership’s fund of hedge funds platform and will be included in the Partnership’s Solutions business segment. The Partnership is in the process of allocating the purchase price consideration to acquired intangible assets, identifiable intangible assets and liabilities assumed. As of the date the consolidated financial statements were available to be issued, the Partnership did not have all the information necessary to allocate the purchase price consideration. | ||
In February 2014, the Partnership granted approximately 5.6 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 $172 million. The awards vest over a period of up to 6 years. | ||
In February 2014, the Board of Directors of the general partner of the Partnership declared a distribution of $1.40 per common unit in respect of the fourth quarter of 2013 to common unitholders of record at the close of business on March 3, 2014, payable on March 11, 2014. |
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||||
21 | 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, 2013 and 2012 and results of operations for the years ended December 31, 2013, 2012 and 2011. The supplemental statement of cash flows is presented without effects of the Consolidated Funds. | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 966.6 | $ | — | $ | — | $ | 966.6 | |||||||||
Cash and cash equivalents held at Consolidated Funds | — | 1,402.70 | — | 1,402.70 | |||||||||||||
Restricted cash | 129.9 | — | — | 129.9 | |||||||||||||
Restricted cash and securities of Consolidated Funds | — | 25.7 | — | 25.7 | |||||||||||||
Accrued performance fees | 3,724.70 | — | (71.1 | ) | 3,653.60 | ||||||||||||
Investments | 867.1 | — | (101.8 | ) | 765.3 | ||||||||||||
Investments of Consolidated Funds | — | 26,846.80 | 39.6 | 26,886.40 | |||||||||||||
Due from affiliates and other receivables, net | 188.8 | — | (12.9 | ) | 175.9 | ||||||||||||
Due from affiliates and other receivables of Consolidated Funds, net | — | 626.2 | — | 626.2 | |||||||||||||
Receivables and inventory of a consolidated real estate VIE | 180.4 | — | — | 180.4 | |||||||||||||
Fixed assets, net | 68.8 | — | — | 68.8 | |||||||||||||
Deposits and other | 35.6 | 2.9 | — | 38.5 | |||||||||||||
Other assets of a consolidated real estate VIE | 60.1 | — | — | 60.1 | |||||||||||||
Intangible assets, net | 582.8 | — | — | 582.8 | |||||||||||||
Deferred tax assets | 59.4 | — | — | 59.4 | |||||||||||||
Total assets | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | ) | $ | 35,622.30 | ||||||||
Liabilities and partners’ capital | |||||||||||||||||
Loans payable | $ | 42.4 | $ | — | $ | — | $ | 42.4 | |||||||||
3.875% senior notes due 2023 | 499.8 | — | — | 499.8 | |||||||||||||
5.625% senior notes due 2043 | 398.4 | — | — | 398.4 | |||||||||||||
Loans payable of Consolidated Funds | — | 15,321.40 | (100.7 | ) | 15,220.70 | ||||||||||||
Loans payable of a consolidated real estate VIE at fair value (principal amount of $305.3) | 122.1 | — | — | 122.1 | |||||||||||||
Accounts payable, accrued expenses and other liabilities | 310.9 | — | (45.8 | ) | 265.1 | ||||||||||||
Accrued compensation and benefits | 2,253.00 | — | — | 2,253.00 | |||||||||||||
Due to affiliates | 352.4 | 51.8 | (0.5 | ) | 403.7 | ||||||||||||
Deferred revenue | 62.8 | 1.3 | — | 64.1 | |||||||||||||
Deferred tax liabilities | 103.6 | — | — | 103.6 | |||||||||||||
Other liabilities of Consolidated Funds | — | 1,445.40 | (62.7 | ) | 1,382.70 | ||||||||||||
Other liabilities of a consolidated real estate VIE | 97.7 | — | — | 97.7 | |||||||||||||
Accrued giveback obligations | 49.9 | — | (10.3 | ) | 39.6 | ||||||||||||
Total liabilities | 4,293.00 | 16,819.90 | (220.0 | ) | 20,892.90 | ||||||||||||
Redeemable non-controlling interests in consolidated entities | 11.4 | 4,340.60 | — | 4,352.00 | |||||||||||||
Partners’ capital | 357.1 | (76.6 | ) | 76.6 | 357.1 | ||||||||||||
Accumulated other comprehensive income (loss) | (11.2 | ) | (0.5 | ) | 0.5 | (11.2 | ) | ||||||||||
Partners’ capital appropriated for Consolidated Funds | — | 466.9 | (3.3 | ) | 463.6 | ||||||||||||
Non-controlling interests in consolidated entities | 342.6 | 7,354.00 | — | 7,696.60 | |||||||||||||
Non-controlling interests in Carlyle Holdings | 1,871.30 | — | — | 1,871.30 | |||||||||||||
Total partners’ capital | 2,559.80 | 7,743.80 | 73.8 | 10,377.40 | |||||||||||||
Total liabilities and partners’ capital | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | ) | $ | 35,622.30 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 567.1 | $ | — | $ | — | $ | 567.1 | |||||||||
Cash and cash equivalents held at Consolidated Funds | — | 1,646.60 | — | 1,646.60 | |||||||||||||
Restricted cash | 34.5 | — | — | 34.5 | |||||||||||||
Restricted cash and securities of Consolidated Funds | — | 36.3 | — | 36.3 | |||||||||||||
Accrued performance fees | 2,204.90 | — | (12.4 | ) | 2,192.50 | ||||||||||||
Investments | 932.6 | — | (51.4 | ) | 881.2 | ||||||||||||
Investments of Consolidated Funds | — | 24,815.70 | — | 24,815.70 | |||||||||||||
Due from affiliates and other receivables, net | 201.5 | — | (10.8 | ) | 190.7 | ||||||||||||
Due from affiliates and other receivables of Consolidated Funds, net | — | 331.8 | — | 331.8 | |||||||||||||
Fixed assets, net | 63.6 | — | — | 63.6 | |||||||||||||
Deposits and other | 44.2 | 4.2 | — | 48.4 | |||||||||||||
Intangible assets, net | 691.1 | — | — | 691.1 | |||||||||||||
Deferred tax assets | 67.1 | — | — | 67.1 | |||||||||||||
Total assets | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | ) | $ | 31,566.60 | ||||||||
Liabilities and partners’ capital | |||||||||||||||||
Loans payable | $ | 886.3 | $ | — | $ | — | $ | 886.3 | |||||||||
Loans payable of Consolidated Funds | — | 13,708.20 | (51.5 | ) | 13,656.70 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | 215 | — | — | 215 | |||||||||||||
Accrued compensation and benefits | 1,318.20 | — | — | 1,318.20 | |||||||||||||
Due to affiliates | 290.4 | 42.1 | (0.4 | ) | 332.1 | ||||||||||||
Deferred revenue | 57.9 | 1.5 | — | 59.4 | |||||||||||||
Deferred tax liabilities | 61.1 | — | — | 61.1 | |||||||||||||
Other liabilities of Consolidated Funds | — | 1,405.00 | (19.2 | ) | 1,385.80 | ||||||||||||
Accrued giveback obligations | 79 | — | (9.8 | ) | 69.2 | ||||||||||||
Total liabilities | 2,907.90 | 15,156.80 | (80.9 | ) | 17,983.80 | ||||||||||||
Redeemable non-controlling interests in consolidated entities | 6 | 2,881.40 | — | 2,887.40 | |||||||||||||
Partners’ capital | 235.1 | (4.7 | ) | 4.7 | 235.1 | ||||||||||||
Accumulated other comprehensive loss | (5.0 | ) | — | 0.2 | (4.8 | ) | |||||||||||
Partners’ capital appropriated for Consolidated Funds | — | 837.2 | 1.4 | 838.6 | |||||||||||||
Non-controlling interests in consolidated entities | 300.9 | 7,963.90 | — | 8,264.80 | |||||||||||||
Non-controlling interests in Carlyle Holdings | 1,361.70 | — | — | 1,361.70 | |||||||||||||
Total partners’ capital | 1,892.70 | 8,796.40 | 6.3 | 10,695.40 | |||||||||||||
Total liabilities and partners’ capital | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | ) | $ | 31,566.60 | ||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,168.20 | $ | — | $ | (183.6 | ) | $ | 984.6 | ||||||||
Performance fees | |||||||||||||||||
Realized | 1,247.00 | — | (70.3 | ) | 1,176.70 | ||||||||||||
Unrealized | 1,201.50 | — | (2.9 | ) | 1,198.60 | ||||||||||||
Total performance fees | 2,448.50 | — | (73.2 | ) | 2,375.30 | ||||||||||||
Investment income (loss) | |||||||||||||||||
Realized | 15 | — | (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 | — | 1,043.10 | — | 1,043.10 | |||||||||||||
Revenue of a consolidated real estate VIE | 7.5 | — | — | 7.5 | |||||||||||||
Total revenues | 3,590.90 | 1,043.10 | (192.8 | ) | 4,441.20 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 738 | — | — | 738 | |||||||||||||
Equity-based compensation | 322.4 | — | — | 322.4 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 539.2 | — | — | 539.2 | |||||||||||||
Unrealized | 644.5 | — | — | 644.5 | |||||||||||||
Total compensation and benefits | 2,244.10 | — | — | 2,244.10 | |||||||||||||
General, administrative and other expenses | 492.9 | — | 3.5 | 496.4 | |||||||||||||
Interest | 45.5 | — | — | 45.5 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 1,169.40 | (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 | 2,799.80 | 1,169.40 | (275.3 | ) | 3,693.90 | ||||||||||||
Other income | |||||||||||||||||
Net investment gains of Consolidated Funds | — | 701.3 | (4.6 | ) | 696.7 | ||||||||||||
Income before provision for income taxes | 791.1 | 575 | 77.9 | 1,444.00 | |||||||||||||
Provision for income taxes | 96.2 | — | — | 96.2 | |||||||||||||
Net income | 694.9 | 575 | 77.9 | 1,347.80 | |||||||||||||
Net income attributable to non-controlling interests in consolidated entities | 23.1 | — | 652.9 | 676 | |||||||||||||
Net income attributable to Carlyle Holdings | 671.8 | 575 | (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 | $ | (575.0 | ) | $ | 104.1 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,115.70 | $ | — | $ | (138.1 | ) | $ | 977.6 | ||||||||
Performance fees | |||||||||||||||||
Realized | 933.6 | — | (26.1 | ) | 907.5 | ||||||||||||
Unrealized | 126.6 | — | 7 | 133.6 | |||||||||||||
Total performance fees | 1,060.20 | — | (19.1 | ) | 1,041.10 | ||||||||||||
Investment income | |||||||||||||||||
Realized | 31 | — | (14.7 | ) | 16.3 | ||||||||||||
Unrealized | 19.5 | — | 0.6 | 20.1 | |||||||||||||
Total investment income | 50.5 | — | (14.1 | ) | 36.4 | ||||||||||||
Interest and other income | 14.5 | — | — | 14.5 | |||||||||||||
Interest and other income of Consolidated Funds | — | 903.5 | — | 903.5 | |||||||||||||
Total revenues | 2,240.90 | 903.5 | (171.3 | ) | 2,973.10 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 624.5 | — | — | 624.5 | |||||||||||||
Equity-based compensation | 201.7 | — | — | 201.7 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 285.5 | — | — | 285.5 | |||||||||||||
Unrealized | 32.2 | — | — | 32.2 | |||||||||||||
Total compensation and benefits | 1,143.90 | — | — | 1,143.90 | |||||||||||||
General, administrative and other expenses | 360 | — | (2.5 | ) | 357.5 | ||||||||||||
Interest | 24.6 | — | — | 24.6 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 923.9 | (165.8 | ) | 758.1 | ||||||||||||
Other non-operating expenses | 7.1 | — | — | 7.1 | |||||||||||||
Total expenses | 1,535.60 | 923.9 | (168.3 | ) | 2,291.20 | ||||||||||||
Other income | |||||||||||||||||
Net investment gains of Consolidated Funds | — | 1,755.50 | 2.5 | 1,758.00 | |||||||||||||
Income before provision for income taxes | 705.3 | 1,735.10 | (0.5 | ) | 2,439.90 | ||||||||||||
Provision for income taxes | 40.4 | — | — | 40.4 | |||||||||||||
Net income | 664.9 | 1,735.10 | (0.5 | ) | 2,399.50 | ||||||||||||
Net income attributable to non-controlling interests in consolidated entities | 22.1 | — | 1,734.60 | 1,756.70 | |||||||||||||
Net income attributable to Carlyle Holdings | 642.8 | 1,735.10 | (1,735.1 | ) | 642.8 | ||||||||||||
Net income attributable to non-controlling interests in Carlyle Holdings | 622.5 | — | — | 622.5 | |||||||||||||
Net income attributable to The Carlyle Group L.P. | $ | 20.3 | $ | 1,735.10 | $ | (1,735.1 | ) | $ | 20.3 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,020.40 | $ | — | $ | (104.9 | ) | $ | 915.5 | ||||||||
Performance fees | |||||||||||||||||
Realized | 1,399.00 | — | (91.6 | ) | 1,307.40 | ||||||||||||
Unrealized | (237.6 | ) | — | 51.8 | (185.8 | ) | |||||||||||
Total performance fees | 1,161.40 | — | (39.8 | ) | 1,121.60 | ||||||||||||
Investment income | |||||||||||||||||
Realized | 82.7 | — | (17.6 | ) | 65.1 | ||||||||||||
Unrealized | 20.4 | — | (7.1 | ) | 13.3 | ||||||||||||
Total investment income | 103.1 | — | (24.7 | ) | 78.4 | ||||||||||||
Interest and other income | 15.6 | — | 0.2 | 15.8 | |||||||||||||
Interest and other income of Consolidated Funds | — | 714 | — | 714 | |||||||||||||
Total revenues | 2,300.50 | 714 | (169.2 | ) | 2,845.30 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 374.5 | — | — | 374.5 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 225.7 | — | — | 225.7 | |||||||||||||
Unrealized | (122.3 | ) | — | — | (122.3 | ) | |||||||||||
Total compensation and benefits | 477.9 | — | — | 477.9 | |||||||||||||
General, administrative and other expenses | 323.2 | — | 0.3 | 323.5 | |||||||||||||
Interest | 60.6 | — | — | 60.6 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 592.2 | (139.1 | ) | 453.1 | ||||||||||||
Other non-operating expenses | 32 | — | — | 32 | |||||||||||||
Total expenses | 893.7 | 592.2 | (138.8 | ) | 1,347.10 | ||||||||||||
Other income (loss) | |||||||||||||||||
Net investment losses of Consolidated Funds | — | (330.6 | ) | 7.3 | (323.3 | ) | |||||||||||
Gain on acquisition of business | 7.9 | — | — | 7.9 | |||||||||||||
Income (loss) before provision for income taxes | 1,414.70 | (208.8 | ) | (23.1 | ) | 1,182.80 | |||||||||||
Provision for income taxes | 28.5 | — | — | 28.5 | |||||||||||||
Net income (loss) | 1,386.20 | (208.8 | ) | (23.1 | ) | 1,154.30 | |||||||||||
Net income (loss) attributable to non-controlling interests in consolidated entities | 29.3 | — | (231.9 | ) | (202.6 | ) | |||||||||||
Net income (loss) attributable to Carlyle Holdings | $ | 1,356.90 | $ | (208.8 | ) | $ | 208.8 | $ | 1,356.90 | ||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 694.9 | $ | 664.9 | $ | 1,386.20 | |||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||
Depreciation and amortization | 163.6 | 107.8 | 83.1 | ||||||||||||||
Amortization of deferred financing fees | 1.4 | 1.3 | 1.1 | ||||||||||||||
Equity-based compensation | 322.4 | 201.7 | — | ||||||||||||||
Excess tax benefits related to equity-based compensation | (1.9 | ) | — | — | |||||||||||||
Non-cash performance fees | (1,595.9 | ) | (185.6 | ) | 114.4 | ||||||||||||
Other non-cash amounts | (10.5 | ) | 7.1 | 32 | |||||||||||||
Investment loss (income) | 77.5 | (39.9 | ) | (84.2 | ) | ||||||||||||
Purchases of investments | (125.0 | ) | (520.3 | ) | (128.4 | ) | |||||||||||
Proceeds from the sale of investments | 282.3 | 217.5 | 300.9 | ||||||||||||||
Purchases of trading securities | (56.1 | ) | (20.1 | ) | (6.7 | ) | |||||||||||
Proceeds from the sale of trading securities | 21.1 | 15.7 | 0.2 | ||||||||||||||
Change in deferred taxes | 44.5 | (9.3 | ) | (19.8 | ) | ||||||||||||
Change in due from affiliates and other receivables | (7.8 | ) | 10.1 | 26.1 | |||||||||||||
Change in receivables and inventory of a consolidated real estate VIE | 10.1 | — | — | ||||||||||||||
Change in deposits and other | 9.7 | 9.4 | (21.9 | ) | |||||||||||||
Change in other assets of a consolidated real estate VIE | 4.3 | — | — | ||||||||||||||
Change in accounts payable, accrued expenses and other liabilities | 46.6 | 3.4 | (51.6 | ) | |||||||||||||
Change in accrued compensation and benefits | 935.5 | (5.3 | ) | (91.7 | ) | ||||||||||||
Change in due to affiliates | 96.7 | (23.6 | ) | 31.3 | |||||||||||||
Change in other liabilities of a consolidated real estate VIE | (32.1 | ) | — | — | |||||||||||||
Change in deferred revenue | 0.7 | (30.1 | ) | (110.7 | ) | ||||||||||||
Net cash provided by operating activities | 882 | 404.7 | 1,460.30 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Change in restricted cash | (95.4 | ) | (9.6 | ) | (8.6 | ) | |||||||||||
Purchases of fixed assets, net | (29.5 | ) | (32.7 | ) | (34.2 | ) | |||||||||||
Purchases of intangible assets | — | (41.0 | ) | (8.1 | ) | ||||||||||||
Acquisitions, net of cash acquired | (10.2 | ) | (42.8 | ) | (53.9 | ) | |||||||||||
Net cash used in investing activities | (135.1 | ) | (126.1 | ) | (104.8 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||
Borrowings under credit facility | — | 820 | 520.5 | ||||||||||||||
Repayments under credit facility | (386.3 | ) | (744.6 | ) | (209.7 | ) | |||||||||||
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 | 394.1 | — | — | ||||||||||||||
Proceeds from loans payable | 17.1 | — | — | ||||||||||||||
Payments on loans payable | (475.0 | ) | (310.0 | ) | (307.5 | ) | |||||||||||
Change in loans payable of a consolidated real estate VIE | (1.5 | ) | — | — | |||||||||||||
Payments of contingent consideration | (23.9 | ) | (10.0 | ) | — | ||||||||||||
Net proceeds from issuance of common units in initial public offering | — | 615.8 | — | ||||||||||||||
Excess tax benefits related to equity-based compensation | 1.9 | — | — | ||||||||||||||
Distributions to common unitholders | (59.9 | ) | (11.7 | ) | — | ||||||||||||
Contributions from predecessor owners | — | 9.3 | 15.1 | ||||||||||||||
Distributions to predecessor owners | — | (452.3 | ) | (1,498.4 | ) | ||||||||||||
Contributions from non-controlling interest holders | 137.7 | 38.3 | 30.7 | ||||||||||||||
Distributions to non-controlling interest holders | (459.9 | ) | (176.0 | ) | (38.8 | ) | |||||||||||
Acquisition of non-controlling interests in consolidated entities | (7.1 | ) | — | — | |||||||||||||
Change in due to/from affiliates financing activities | 17.3 | 0.7 | 32.9 | ||||||||||||||
Net cash used in financing activities | (350.2 | ) | (220.5 | ) | (1,455.2 | ) | |||||||||||
Effect of foreign exchange rate changes | 2.8 | (0.6 | ) | (7.6 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 399.5 | 57.5 | (107.3 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 567.1 | 509.6 | 616.9 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 966.6 | $ | 567.1 | $ | 509.6 | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
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 (“VIE”s), 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 revised consolidation rules require an analysis to (x) determine whether an entity in which the Partnership holds a variable interest is a VIE and (y) 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 analysis, which requires judgment, is performed at each reporting date. | |||||||||
In February 2010, Accounting Standards Update (“ASU”) No. 2010-10, “Amendments for Certain Investment Funds,” was issued. This ASU defers the application of the revised 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, 2013, assets and liabilities of consolidated VIEs reflected in the consolidated balance sheets were $24.8 billion and $16.8 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, 2013, the Partnership held $68.9 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 | ' | ||||||||
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. 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, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Investments | $ | 364.8 | $ | 398.2 | |||||
Receivables | 132.4 | 43.5 | |||||||
Maximum Exposure to Loss | $ | 497.2 | $ | 441.7 | |||||
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, pursuant to U.S. GAAP. | |||||||||
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 income and other income of the Consolidated Funds is included in interest and other income of Consolidated Funds and interest expense and other expenses of the Consolidated Funds is included in interest and other expenses of Consolidated Funds 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. | |||||||||
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% of contributions for unrealized investments. 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 our 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 typically range from 0.25% to 0.65% on the total par amount of assets in the fund and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs and credit opportunities funds 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 from 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 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 or net asset value for unrealized investments or following the expiration of the weighted average investment period of the underlying funds from 0.3% to 1.0% of adjusted contributions for unrealized investments. These fees are 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 $50.6 million, $49.5 million and $75.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, net of any offsets as defined in the respective partnership agreements. | |||||||||
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 and return of certain fund costs (generally subject to catch-up provisions) 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 total 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. 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, 2013 and 2012, the Partnership has recognized $39.6 million and $69.2 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 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 was $1.8 million, $4.9 million and $8.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in interest and other income in the accompanying consolidated statements of operations. Interest income of the Consolidated Funds was $876.8 million, $772.8 million and $605.7 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in interest and other income of Consolidated Funds in the accompanying consolidated statements of operations. | |||||||||
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 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. | |||||||||
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 consultants 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 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, 2013 and 2012, the Partnership had recorded a liability of $1.7 billion and $0.9 billion, respectively, in accrued compensation 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 | ' | ||||||||
Income Taxes | |||||||||
For periods prior to the reorganization and initial public offering in May 2012, no provision was made for U.S. federal income taxes in the consolidated financial statements since the profits and losses were allocated to the senior Carlyle professionals who were individually responsible for reporting such amounts. During those periods, based on applicable foreign, state and local tax laws, a provision for income taxes was recorded for certain entities. | |||||||||
For periods subsequent to the reorganization and initial public offering in May 2012, certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state and local 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 foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. AlpInvest Partners B.V. (“AlpInvest”), a subsidiary of the Partnership, is subject to entity level income taxes in the Netherlands. 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 under the provisions of Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”), using the liability method. 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. 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 net 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. 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. | |||||||||
Prior to the reorganization and the initial public offering in May 2012, Carlyle’s business was conducted through a large number of entities as to which there was no single holding entity, but which were separately owned by senior Carlyle professionals, CalPERS, and Mubadala. There was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the reorganization and initial public offering. | |||||||||
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. Upon the sale of a security, 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. | |||||||||
The fair value of non-equity securities, 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. | |||||||||
Equity-Method Investments | ' | ||||||||
Equity-Method Investments | |||||||||
The Partnership accounts for all investments in which it has 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. Included in cash and cash equivalents is cash withheld from carried interest distributions for potential giveback obligations of $55.2 million and $59.2 million at December 31, 2013 and 2012, respectively. | |||||||||
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 | ' | ||||||||
Restricted Cash | |||||||||
In addition to the unrestricted cash held for potential giveback obligations discussed above, the Partnership is required to withhold a certain portion of the carried interest proceeds from one of its corporate private equity funds to provide a reserve for potential giveback obligations. In connection with this agreement, cash and cash equivalents of $13.2 million and $13.0 million is included in restricted cash at December 31, 2013 and 2012, respectively. Restricted cash at December 31, 2013 also includes $89.2 million of cash received on behalf of certain non-consolidated Carlyle funds that was remitted to the funds in January 2014. Also included in restricted cash at December 31, 2013 and 2012 is €4.4 million ($6.1 million and $5.8 million as of December 31, 2013 and 2012, respectively) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). The remaining balance in restricted cash at December 31, 2013 and 2012 primarily represents cash held by the Partnership’s foreign subsidiaries due to certain government regulatory capital requirements. | |||||||||
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. Cash received to satisfy these collateral requirements of $13.4 million and $35.7 million is included in restricted cash and securities of Consolidated Funds at December 31, 2013 and 2012, respectively. | |||||||||
Certain CLOs hold U.S. Treasury notes, Obligation Assimilable du Tresor Securities (“OATS”) Strips and corporate bonds as collateral for specific classes of loans payable in the CLOs. As of December 31, 2013 and 2012, securities of $12.3 million and $0.6 million, respectively, are included in restricted cash and securities of Consolidated Funds. | |||||||||
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 three 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. | |||||||||
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 1st 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 is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains / losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 were as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Unrealized losses on cash flow hedge instruments | $ | (1.0 | ) | $ | (0.1 | ) | |||
Currency translation adjustments | (8.5 | ) | (3.3 | ) | |||||
Unrecognized losses on defined benefit plans | (1.7 | ) | (1.4 | ) | |||||
Total | $ | (11.2 | ) | $ | (4.8 | ) | |||
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. Foreign currency gains (losses) resulting from transactions outside of the functional currency of an entity of $(5.8) million, $(4.2) million and $3.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, are included in general, administrative and other expenses in the consolidated statements of operations. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In December 2011, the FASB amended its guidance for offsetting financial instruments. The amended guidance, included in ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, is effective for the Partnership for its interim reporting periods beginning on or after January 1, 2013. The amended guidance requires additional disclosure about netting arrangements to enable financial statement users to evaluate the effect or potential effect of such arrangements on an entity’s financial position. The Partnership adopted this guidance as of January 1, 2013 and the adoption did not have a material impact on the Partnership’s financial statements. | |||||||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. ASU 2013-08 provides additional guidance on the characteristics necessary to qualify as an investment company. The Partnership currently consolidates entities that are investment companies and the Partnership retains the specialized accounting for those investment companies in its consolidated financial statements. The guidance in ASU 2013-08 is effective for the Partnership beginning on January 1, 2014. The Partnership does not expect the adoption of this guidance to change the status of the Partnership’s investment companies or have a material impact on the Partnership’s consolidated financial statements. | |||||||||
Fair Value Measurement | ' | ||||||||
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 individuals with previous valuation experience 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 sub-committees, which are comprised of the respective fund head, segment head, chief financial and chief accounting officers, as well as members from 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, chief operating officer, chief risk officer, chief financial officer, chief accounting officer, the business segment heads, and observed by the chief compliance officer and director of internal audit. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. | |||||||||
Compensation - Stock Compensation | ' | ||||||||
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%. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Partnership's Maximum Exposure to Loss Relating to Non-Consolidated VIEs | ' | ||||||||
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, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Investments | $ | 364.8 | $ | 398.2 | |||||
Receivables | 132.4 | 43.5 | |||||||
Maximum Exposure to Loss | $ | 497.2 | $ | 441.7 | |||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The components of accumulated other comprehensive income (loss) as of December 31, 2013 and 2012 were as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Unrealized losses on cash flow hedge instruments | $ | (1.0 | ) | $ | (0.1 | ) | |||
Currency translation adjustments | (8.5 | ) | (3.3 | ) | |||||
Unrecognized losses on defined benefit plans | (1.7 | ) | (1.4 | ) | |||||
Total | $ | (11.2 | ) | $ | (4.8 | ) | |||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Fair Value of Consideration Transferred and Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The acquisition-date fair value of the consideration transferred for the Metropolitan acquisition, and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date are as follows (Dollars in millions): | |||||||||||||
Acquisition-date fair value of consideration transferred | |||||||||||||
Cash | $ | 12.8 | |||||||||||
The Carlyle Group L.P. common units | 2.1 | ||||||||||||
Contingent cash and equity consideration | 7 | ||||||||||||
Total | $ | 21.9 | |||||||||||
Estimated fair value of assets acquired and liabilities assumed | |||||||||||||
Cash | $ | 2.6 | |||||||||||
Other assets | 0.8 | ||||||||||||
Finite-lived intangible assets – contractual rights | 22.5 | ||||||||||||
Goodwill | 2.9 | ||||||||||||
Deferred tax liabilities | (0.1 | ) | |||||||||||
Other liabilities | (6.8 | ) | |||||||||||
Total | $ | 21.9 | |||||||||||
Adjustment to Partners' Capital | ' | ||||||||||||
The adjustment to partners’ capital was derived as follows (Dollars in millions): | |||||||||||||
Acquisition-date fair value of consideration transferred: | |||||||||||||
The Carlyle Group L.P. common units not subject to vesting | $ | 55.3 | |||||||||||
Cash | 6 | ||||||||||||
61.3 | |||||||||||||
Carrying value of non-controlling interest acquired | (33.1 | ) | |||||||||||
Excess of fair value of consideration transferred over carrying value of non-controlling interests acquired | 28.2 | ||||||||||||
Acquisition costs | 1.1 | ||||||||||||
Net decrease to partners’ capital | $ | 29.3 | |||||||||||
Summary of Adjustments within Partners' Capital Related to Transaction | ' | ||||||||||||
The following summarizes the adjustments within partners’ capital related to the transaction (Dollars in millions): | |||||||||||||
Partners’ capital | Non-controlling | Non-controlling | |||||||||||
interests in Carlyle | interests in | ||||||||||||
Holdings | consolidated entities | ||||||||||||
The Carlyle Group L.P. vested common units issued not subject to vesting | $ | 55.3 | $ | — | $ | — | |||||||
Acquisition of non-controlling interests in AlpInvest | (29.3 | ) | — | (33.1 | ) | ||||||||
Dilution associated with non-controlling interests in Carlyle Holdings | (22.1 | ) | 22.1 | — | |||||||||
Total increase (decrease) | $ | 3.9 | $ | 22.1 | $ | (33.1 | ) |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
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, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 610.5 | $ | 24 | $ | 2,714.10 | $ | 3,348.60 | |||||||||||||||||||||||||
Bonds | — | — | 1,249.50 | 1,249.50 | |||||||||||||||||||||||||||||
Loans | — | — | 14,067.80 | 14,067.80 | |||||||||||||||||||||||||||||
Partnership and LLC interests(1) | — | — | 3,815.20 | 3,815.20 | |||||||||||||||||||||||||||||
Hedge funds | — | 4,403.30 | — | 4,403.30 | |||||||||||||||||||||||||||||
Other | — | — | 2 | 2 | |||||||||||||||||||||||||||||
610.5 | 4,427.30 | 21,848.60 | 26,886.40 | ||||||||||||||||||||||||||||||
Trading securities | — | — | 6.9 | 6.9 | |||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 3.7 | — | 8.6 | 12.3 | |||||||||||||||||||||||||||||
Total | $ | 614.2 | $ | 4,427.30 | $ | 21,864.10 | $ | 26,905.60 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds | $ | — | $ | — | $ | 15,220.70 | $ | 15,220.70 | |||||||||||||||||||||||||
Loans payable of a consolidated real estate VIE | — | — | 122.1 | 122.1 | |||||||||||||||||||||||||||||
Interest rate swaps | — | 6.3 | — | 6.3 | |||||||||||||||||||||||||||||
Derivative instruments of the CLOs | — | — | 13.1 | 13.1 | |||||||||||||||||||||||||||||
Contingent consideration(2) | — | 15.7 | 185.9 | 201.6 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 22 | $ | 15,541.80 | $ | 15,563.80 | |||||||||||||||||||||||||
-1 | Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. | ||||||||||||||||||||||||||||||||
-2 | Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG, 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, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 872.8 | $ | 32 | $ | 2,475.10 | $ | 3,379.90 | |||||||||||||||||||||||||
Bonds | — | — | 934.2 | 934.2 | |||||||||||||||||||||||||||||
Loans | — | — | 13,290.10 | 13,290.10 | |||||||||||||||||||||||||||||
Partnership and LLC interests(1) | — | — | 4,315.50 | 4,315.50 | |||||||||||||||||||||||||||||
Hedge funds | — | 2,888.70 | — | 2,888.70 | |||||||||||||||||||||||||||||
Other | — | — | 7.3 | 7.3 | |||||||||||||||||||||||||||||
872.8 | 2,920.70 | 21,022.20 | 24,815.70 | ||||||||||||||||||||||||||||||
Trading securities | — | — | 20 | 20 | |||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 0.6 | — | — | 0.6 | |||||||||||||||||||||||||||||
Total | $ | 873.4 | $ | 2,920.70 | $ | 21,042.20 | $ | 24,836.30 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds | $ | — | $ | — | $ | 13,656.70 | $ | 13,656.70 | |||||||||||||||||||||||||
Interest rate swaps | — | 10.5 | — | 10.5 | |||||||||||||||||||||||||||||
Derivative instruments of the CLOs | — | — | 15.8 | 15.8 | |||||||||||||||||||||||||||||
Contingent consideration(2) | — | 57.6 | 186.7 | 244.3 | |||||||||||||||||||||||||||||
Total | $ | — | $ | 68.1 | $ | 13,859.20 | $ | 13,927.30 | |||||||||||||||||||||||||
-1 | Balance represents Fund Investments that the Partnership consolidates one fiscal quarter in arrears. | ||||||||||||||||||||||||||||||||
-2 | Related to contingent cash and equity consideration associated with the acquisitions of Claren Road, AlpInvest, ESG and Vermillion, 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, 2013 | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds | Trading | Restricted | Total | ||||||||||||||||||||||||||||||
securities | securities of | ||||||||||||||||||||||||||||||||
and | Consolidated | ||||||||||||||||||||||||||||||||
Equity | Bonds | Loans | Partnership | Other | other | Funds | |||||||||||||||||||||||||||
securities | and LLC | ||||||||||||||||||||||||||||||||
interests | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,475.10 | $ | 934.2 | $ | 13,290.10 | $ | 4,315.50 | $ | 7.3 | $ | 20 | $ | — | $ | 21,042.20 | |||||||||||||||||
Initial consolidation of funds | — | — | — | 60.9 | 10.4 | — | — | 71.3 | |||||||||||||||||||||||||
Transfers in (1) | 2.9 | — | — | — | — | — | 8.5 | 11.4 | |||||||||||||||||||||||||
Transfers out (1) | (12.0 | ) | — | — | — | — | — | — | (12.0 | ) | |||||||||||||||||||||||
Purchases | 201.8 | 859.7 | 8,390.60 | 261.5 | 69.1 | — | — | 9,782.70 | |||||||||||||||||||||||||
Sales | (312.3 | ) | (648.8 | ) | (2,814.6 | ) | (1,438.9 | ) | (9.6 | ) | (14.5 | ) | — | (5,238.7 | ) | ||||||||||||||||||
Settlements | — | — | (5,248.8 | ) | — | — | — | — | (5,248.8 | ) | |||||||||||||||||||||||
Realized and unrealized gains (losses), net | 358.6 | 104.4 | 450.5 | 616.2 | (75.2 | ) | 1.4 | 0.1 | 1,456.00 | ||||||||||||||||||||||||
Balance, end of period | $ | 2,714.10 | $ | 1,249.50 | $ | 14,067.80 | $ | 3,815.20 | $ | 2 | $ | 6.9 | $ | 8.6 | $ | 21,864.10 | |||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | 349 | $ | 34.2 | $ | 130.6 | $ | (387.8 | ) | $ | (83.6 | ) | $ | (1.0 | ) | $ | 0.1 | $ | 41.5 | ||||||||||||||
Financial Assets Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds | Trading | Total | |||||||||||||||||||||||||||||||
securities | |||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Equity | Bonds | Loans | Partnership | Other | other | ||||||||||||||||||||||||||||
securities | and LLC | ||||||||||||||||||||||||||||||||
interests | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 1,868.90 | $ | 557 | $ | 10,152.60 | $ | 4,198.60 | $ | 20.8 | $ | 30.6 | $ | 16,828.50 | |||||||||||||||||||
Initial consolidation of funds | 76.9 | 262.6 | 2,256.40 | — | — | — | 2,595.90 | ||||||||||||||||||||||||||
Transfers out (1) | (145.6 | ) | — | — | — | — | — | (145.6 | ) | ||||||||||||||||||||||||
Purchases | 67.7 | 443.3 | 6,497.50 | 467.5 | — | — | 7,476.00 | ||||||||||||||||||||||||||
Sales | (290.4 | ) | (426.1 | ) | (2,397.8 | ) | (900.3 | ) | (2.0 | ) | (15.7 | ) | (4,032.3 | ) | |||||||||||||||||||
Settlements | — | — | (3,614.4 | ) | — | — | — | (3,614.4 | ) | ||||||||||||||||||||||||
Realized and unrealized gains | 897.6 | 97.4 | 395.8 | 549.7 | (11.5 | ) | 5.1 | 1,934.10 | |||||||||||||||||||||||||
(losses), net | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,475.10 | $ | 934.2 | $ | 13,290.10 | $ | 4,315.50 | $ | 7.3 | $ | 20 | $ | 21,042.20 | |||||||||||||||||||
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | 1,197.40 | $ | 53.5 | $ | 109.2 | $ | 259.6 | $ | (2.9 | ) | $ | 5.1 | $ | 1,621.90 | ||||||||||||||||||
-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, 2013 | |||||||||||||||||||||||||||||||||
Loans Payable | Derivative | Contingent | Loans Payable of | Total | |||||||||||||||||||||||||||||
of Consolidated | Instruments of | Consideration | a consolidated | ||||||||||||||||||||||||||||||
Funds | Consolidated | real estate VIE | |||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 13,656.70 | $ | 15.8 | $ | 186.7 | $ | — | $ | 13,859.20 | |||||||||||||||||||||||
Initial consolidation of a real estate VIE | — | — | — | 123.8 | 123.8 | ||||||||||||||||||||||||||||
Contingent consideration from acquisitions | — | — | 7 | — | 7 | ||||||||||||||||||||||||||||
Transfers out(1) | — | — | — | (3.7 | ) | (3.7 | ) | ||||||||||||||||||||||||||
Borrowings | 3,129.80 | — | — | 11.8 | 3,141.60 | ||||||||||||||||||||||||||||
Paydowns | (2,534.2 | ) | — | (21.6 | ) | (17.6 | ) | (2,573.4 | ) | ||||||||||||||||||||||||
Sales | — | (8.4 | ) | — | — | (8.4 | ) | ||||||||||||||||||||||||||
Realized and unrealized losses, net | 968.4 | 5.7 | 13.8 | 7.8 | 995.7 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 15,220.70 | $ | 13.1 | $ | 185.9 | $ | 122.1 | $ | 15,541.80 | |||||||||||||||||||||||
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | 608.7 | $ | (5.0 | ) | $ | 13.7 | $ | 7.8 | $ | 625.2 | ||||||||||||||||||||||
Financial Liabilities Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Loans Payable | Derivative | Subordinated | Contingent | Total | |||||||||||||||||||||||||||||
of Consolidated | Instruments of | Loan Payable to | Consideration | ||||||||||||||||||||||||||||||
Funds | Consolidated | Affiliate | |||||||||||||||||||||||||||||||
Funds | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 9,689.90 | $ | — | $ | 262.5 | $ | 169.2 | $ | 10,121.60 | |||||||||||||||||||||||
Initial consolidation of funds | 625.1 | 4.6 | — | — | 629.7 | ||||||||||||||||||||||||||||
Contingent consideration from acquisition | — | — | — | 54 | 54 | ||||||||||||||||||||||||||||
Transfers out (2) | — | — | — | (37.8 | ) | (37.8 | ) | ||||||||||||||||||||||||||
Borrowings | 3,808.40 | — | — | — | 3,808.40 | ||||||||||||||||||||||||||||
Paydowns | (1,429.7 | ) | — | (260.0 | ) | (11.5 | ) | (1,701.2 | ) | ||||||||||||||||||||||||
Sales | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||||||||||||||||||||
Realized and unrealized (gains) losses, net | 963 | 11.4 | (2.5 | ) | 12.8 | 984.7 | |||||||||||||||||||||||||||
Balance, end of period | $ | 13,656.70 | $ | 15.8 | $ | — | $ | 186.7 | $ | 13,859.20 | |||||||||||||||||||||||
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | 792.4 | $ | 34.9 | $ | — | $ | 7.1 | $ | 834.4 | |||||||||||||||||||||||
-1 | Transfers out of the loans payable of a consolidated real estate VIE relates to the de-consolidation of certain subsidiaries of the VIE upon the sale or transfer of the VIE’s ownership interests in the subsidiary. | ||||||||||||||||||||||||||||||||
-2 | Transfers out of Level III financial liabilities were due to changes in the observability of market inputs used in the valuation of such liabilities. Transfers are measured as of the beginning of the period in which the transfer occurs. | ||||||||||||||||||||||||||||||||
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, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||||||||||||
at | (Weighted | ||||||||||||||||||||||||||||||||
December 31, | Average) | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 2,479.60 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 15.5x (10.8x) | ||||||||||||||||||||||||||||
169.7 | Comparable Multiple | Price Earnings Multiple | 17.0x -17.0x (17.0x) | ||||||||||||||||||||||||||||||
10.2 | Comparable Multiple | Book Value Multiple | 1.0x -1.0x (1.0x) | ||||||||||||||||||||||||||||||
24.1 | Consensus Pricing | Indicative Quotes ($ per share) | $0 - $250 ($0) | ||||||||||||||||||||||||||||||
30.5 | Discounted Cash Flow | Discount Rate | 5% - 12% (11%) | ||||||||||||||||||||||||||||||
Exit Cap Rate | 11% - 11% (11%) | ||||||||||||||||||||||||||||||||
Bonds | 1,249.50 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 130 (100) | |||||||||||||||||||||||||||||
Loans | 13,858.60 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 158 (98) | |||||||||||||||||||||||||||||
209.2 | Market Yield Analysis | Market Yield | 5% - 17% (10%) | ||||||||||||||||||||||||||||||
Partnership and LLC interests | 3,815.20 | NAV of Underlying Fund(1) | N/A | N/A | |||||||||||||||||||||||||||||
Other | 2 | Various | N/A | N/A | |||||||||||||||||||||||||||||
21,848.60 | |||||||||||||||||||||||||||||||||
Trading securities and other | 5 | Comparable Multiple | LTM EBITDA Multiple | 5.9x - 5.9x (5.9x) | |||||||||||||||||||||||||||||
1.9 | Discounted Cash Flow | Discount Rate | 7% - 7% (7%) | ||||||||||||||||||||||||||||||
Restricted securities of Consolidated Funds | 8.6 | Consensus Pricing | Indicative Quotes (% of Par) | 86 - 86 (86) | |||||||||||||||||||||||||||||
Total | $ | 21,864.10 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Senior secured notes | $ | 13,910.40 | Discounted Cash Flow with Consensus Pricing | Discount Rates | 2% - 10%(3%) | ||||||||||||||||||||||||||||
Default Rates | 1% - 6% (3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(63%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 40 - 101 (98) | ||||||||||||||||||||||||||||||||
Subordinated notes and preferred shares | 1,294.00 | Discounted Cash Flow with Consensus Pricing | Discount Rates | 9% - 25%(16%) | |||||||||||||||||||||||||||||
Default Rates | 1% - 6% (2%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75% (62%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 0 - 102 (60) | ||||||||||||||||||||||||||||||||
Combination notes | 16.3 | Consensus Pricing | Indicative Quotes (% of Par) | 93 - 100(98) | |||||||||||||||||||||||||||||
Loans payable of a consolidated real estate VIE | 122.1 | Discounted Cash Flow | Discount to Expected Payment | 0% - 100% (45%) | |||||||||||||||||||||||||||||
Discount Rate | 20% - 30% (23%) | ||||||||||||||||||||||||||||||||
Derivative instruments of Consolidated Funds | 13.1 | Counterparty Pricing | Indicative Quotes (% of | 1 - 108 (6) | |||||||||||||||||||||||||||||
Notional Amount) | |||||||||||||||||||||||||||||||||
Contingent cash consideration(2) | 185.9 | Discounted Cash Flow | Assumed % of Total Potential | 0% - 100% (81%) | |||||||||||||||||||||||||||||
Contingent Payments | |||||||||||||||||||||||||||||||||
Discount Rate | 1% - 32% (17%) | ||||||||||||||||||||||||||||||||
Total | $ | 15,541.80 | |||||||||||||||||||||||||||||||
-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, Vermillion and Metropolitan (see Note 9). | ||||||||||||||||||||||||||||||||
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2012: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||||||||||||
at | (Weighted Average) | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Investments of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Equity securities | $ | 2,311.50 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 13.5x (9.7x) | ||||||||||||||||||||||||||||
69.4 | Comparable Multiple | Price Earnings Multiple | 13.5x -13.5x (13.5x) | ||||||||||||||||||||||||||||||
15.4 | Comparable Multiple | Book Value Multiple | 1.0x - 1.0x (1.0x) | ||||||||||||||||||||||||||||||
33.8 | Consensus Pricing | Indicative Quotes ($ per share) | $0 - $2700($0) | ||||||||||||||||||||||||||||||
45 | Discounted Cash Flow | Discount Rate | 9% - 15%(11%) | ||||||||||||||||||||||||||||||
Exit Cap Rate | 6% - 8%(7%) | ||||||||||||||||||||||||||||||||
Bonds | 934.2 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 125(94) | |||||||||||||||||||||||||||||
Loans | 12,952.90 | Consensus Pricing | Indicative Quotes (% of Par) | 0 - 124(94) | |||||||||||||||||||||||||||||
337.2 | Market Yield Analysis | Market Yield | 7% - 18%(10%) | ||||||||||||||||||||||||||||||
Partnership and LLC interests | 4,315.50 | NAV of Underlying Fund(1) | N/A | N/A | |||||||||||||||||||||||||||||
Other | 7.3 | Various | N/A | N/A | |||||||||||||||||||||||||||||
21,022.20 | |||||||||||||||||||||||||||||||||
Trading securities and other | 11.2 | Dealer Pricing | Indicative Quotes (% of Par) | 83 - 83(83) | |||||||||||||||||||||||||||||
6.2 | Comparable Multiple | LTM EBITDA Multiple | 5.6x - 5.6x (5.6x) | ||||||||||||||||||||||||||||||
2.6 | Discounted Cash Flow | Discount Rate | 7% - 7%(7%) | ||||||||||||||||||||||||||||||
Total | $ | 21,042.20 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Loans payable of Consolidated Funds: | |||||||||||||||||||||||||||||||||
Senior secured notes | $ | 12,658.40 | Discounted Cash Flow with | Discount Rates | 2% - 22%(4%) | ||||||||||||||||||||||||||||
Consensus Pricing | |||||||||||||||||||||||||||||||||
Default Rates | 1% - 5%(3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(58%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 30 - 104(93) | ||||||||||||||||||||||||||||||||
Subordinated notes and preferred shares | 996.9 | Discounted Cash Flow with | Discount Rates | 11% - 40%(29%) | |||||||||||||||||||||||||||||
Consensus Pricing | |||||||||||||||||||||||||||||||||
Default Rates | 1% - 5%(3%) | ||||||||||||||||||||||||||||||||
Recovery Rates | 50% - 75%(53%) | ||||||||||||||||||||||||||||||||
Indicative Quotes (% of Par) | 7 - 120(42) | ||||||||||||||||||||||||||||||||
Combination notes | 1.4 | Consensus Pricing | Indicative Quotes (% of Par) | 96 - 97(96) | |||||||||||||||||||||||||||||
Derivative instruments of Consolidated Funds | 15.8 | Counterparty Pricing | Indicative Quotes (% of | 0 - 104(6) | |||||||||||||||||||||||||||||
Notional Amount) | |||||||||||||||||||||||||||||||||
Contingent cash consideration(2) | 186.7 | Discounted Cash Flow | Assumed % of Total Potential | 32% - 100%(79%) | |||||||||||||||||||||||||||||
Contingent Payments | |||||||||||||||||||||||||||||||||
Discount Rate | 2% - 35%(17%) | ||||||||||||||||||||||||||||||||
Total | $ | 13,859.20 | |||||||||||||||||||||||||||||||
-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 and Vermillion (see Note 9). |
Accrued_Performance_Fees_Table
Accrued Performance Fees (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Components of Accrued Performance Fees | ' | ||||||||||||
The components of accrued performance fees are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | 2,830.40 | $ | 1,667.30 | |||||||||
Global Market Strategies | 167.2 | 69.5 | |||||||||||
Real Assets | 277.2 | 250.1 | |||||||||||
Solutions | 378.8 | 205.6 | |||||||||||
Total | $ | 3,653.60 | $ | 2,192.50 | |||||||||
Components of Accrued Giveback Obligations | ' | ||||||||||||
The components of the accrued giveback obligations are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | (10.4 | ) | $ | (18.9 | ) | |||||||
Global Market Strategies | (2.1 | ) | (2.1 | ) | |||||||||
Real Assets | (27.1 | ) | (48.2 | ) | |||||||||
Total | $ | (39.6 | ) | $ | (69.2 | ) | |||||||
Performance Fees | ' | ||||||||||||
The performance fees included in revenues are derived from the following segments: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Corporate Private Equity | $ | 1,907.40 | $ | 786.1 | $ | 845.8 | |||||||
Global Market Strategies | 208.2 | 99.6 | 145.9 | ||||||||||
Real Assets | 79.7 | 90.7 | 150.4 | ||||||||||
Solutions | 180 | 64.7 | (20.5 | ) | |||||||||
Total | $ | 2,375.30 | $ | 1,041.10 | $ | 1,121.60 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments consist of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity method investments, excluding accrued performance fees | $ | 751.1 | $ | 855.1 | |||||||||||||||||||||||||||||||||||||||||||||
Trading securities and other investments | 14.2 | 26.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 765.3 | $ | 881.2 | |||||||||||||||||||||||||||||||||||||||||||||
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 investment in NGP Management (included within Real Assets), which are not consolidated but in which the Partnership exerts significant influence. Investments are related to the following segments: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Private Equity | $ | 206.5 | $ | 251.6 | |||||||||||||||||||||||||||||||||||||||||||||
Global Market Strategies | 25.1 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 519.5 | 585.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 751.1 | $ | 855.1 | |||||||||||||||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Global | Aggregate Totals | |||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | Market Strategies | Real Assets | |||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended | For the Year | For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Statement of income information | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment income | $ | 699.7 | $ | 733.3 | $ | 496.7 | $ | 199.3 | $ | 150.9 | $ | 127.5 | $ | 1,034.60 | $ | 517.1 | $ | 436.2 | $ | 1,933.60 | $ | 1,401.30 | $ | 1,060.40 | |||||||||||||||||||||||||
Expenses | 495.9 | 526 | 497.7 | 65 | 65.3 | 37.5 | 508.6 | 381.5 | 402.9 | 1,069.50 | 972.8 | 938.1 | |||||||||||||||||||||||||||||||||||||
Net investment income (loss) | 203.8 | 207.3 | (1.0 | ) | 134.3 | 85.6 | 90 | 526 | 135.6 | 33.3 | 864.1 | 428.5 | 122.3 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 9,795.50 | 5,401.90 | 4,320.70 | 305.2 | 297.1 | 79.3 | 209.7 | 1,358.00 | 2,231.70 | 10,310.40 | 7,057.00 | 6,631.70 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9,999.30 | $ | 5,609.20 | $ | 4,319.70 | $ | 439.5 | $ | 382.7 | $ | 169.3 | $ | 735.7 | $ | 1,493.60 | $ | 2,265.00 | $ | 11,174.50 | $ | 7,485.50 | $ | 6,754.00 | |||||||||||||||||||||||||
Partnership's Equity Method Investees, Summarized Balance Sheet Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Global | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | Market Strategies | Real Assets | Aggregate Totals | ||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | As of December 31, | As of December 31, | As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Balance sheet information | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments | $ | 38,269.20 | $ | 34,959.50 | $ | 2,091.10 | $ | 1,739.70 | $ | 26,511.50 | $ | 27,915.90 | $ | 66,871.80 | $ | 64,615.10 | |||||||||||||||||||||||||||||||||
Total assets | $ | 40,368.20 | $ | 35,937.10 | $ | 2,719.60 | $ | 2,074.70 | $ | 27,278.90 | $ | 28,709.60 | $ | 70,366.70 | $ | 66,721.40 | |||||||||||||||||||||||||||||||||
Debt | $ | 232.1 | $ | 11.8 | $ | 173.7 | $ | 59.4 | $ | 1,151.20 | $ | 1,438.30 | $ | 1,557.00 | $ | 1,509.50 | |||||||||||||||||||||||||||||||||
Other liabilities | $ | 328.5 | $ | 261.9 | $ | 175.5 | $ | 15.8 | $ | 444.3 | $ | 251.2 | $ | 948.3 | $ | 528.9 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | 560.6 | $ | 273.7 | $ | 349.2 | $ | 75.2 | $ | 1,595.50 | $ | 1,689.50 | $ | 2,505.30 | $ | 2,038.40 | |||||||||||||||||||||||||||||||||
Partners’ capital | $ | 39,807.60 | $ | 35,663.40 | $ | 2,370.40 | $ | 1,999.50 | $ | 25,683.40 | $ | 27,020.10 | $ | 67,861.40 | $ | 64,683.00 | |||||||||||||||||||||||||||||||||
Components of Investment Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The components of investment income (loss) are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Income from equity investments | $ | 14.2 | $ | 32.7 | $ | 70.5 | |||||||||||||||||||||||||||||||||||||||||||
Income from trading securities | 4.2 | 5.7 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Other investment income (loss) | 0.4 | (2.0 | ) | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18.8 | $ | 36.4 | $ | 78.4 | |||||||||||||||||||||||||||||||||||||||||||
Carlyle's 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, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Private Equity | $ | 59.2 | $ | 35.7 | $ | 57.3 | |||||||||||||||||||||||||||||||||||||||||||
Global Market Strategies | 4.6 | 1.2 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | (49.6 | ) | (4.2 | ) | 12.3 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 14.2 | $ | 32.7 | $ | 70.5 | |||||||||||||||||||||||||||||||||||||||||||
Investments Held by 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 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
United States | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Accommodation and Food Services | $ | 58.3 | $ | 20.2 | 0.22 | % | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | 281.1 | 255.9 | 1.05 | % | 1.03 | % | |||||||||||||||||||||||||||||||||||||||||||
Finance and Insurance | 89.9 | 75.9 | 0.33 | % | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||
Health Care and Social Assistance | 50 | 42.1 | 0.19 | % | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||
Information | 125.6 | 76.5 | 0.47 | % | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 373.3 | 340.4 | 1.39 | % | 1.37 | % | |||||||||||||||||||||||||||||||||||||||||||
Professional, Scientific, Technical Services | 466.5 | 610.9 | 1.73 | % | 2.46 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail Trade | 28.1 | 127.7 | 0.1 | % | 0.51 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 62.6 | 116.6 | 0.23 | % | 0.47 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 65.1 | 59.8 | 0.24 | % | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||
Total equity securities (cost of $1,731.9 and $1,901.6 at December 31, 2013 and 2012, respectively) | 1,600.50 | 1,726.00 | 5.95 | % | 6.95 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $2,445.0 and $2,572.5 at December 31, 2013 and 2012, respectively) | 2,450.90 | 2,925.40 | 9.11 | % | 11.79 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | 30 | 31 | 0.11 | % | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||
Finance and Insurance | 41.4 | 44.2 | 0.16 | % | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 56.4 | 21.2 | 0.21 | % | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||
Professional, Scientific, Technical Services | 1 | 107.7 | 0 | % | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 59.7 | 72 | 0.22 | % | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 20.7 | 59.3 | 0.08 | % | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||
Total loans (cost of $285.4 and $390.0 at December 31, 2013 and 2012, respectively) | 209.2 | 335.4 | 0.78 | % | 1.35 | % | |||||||||||||||||||||||||||||||||||||||||||
Total investment in Hedge Funds | 4,403.30 | 2,888.70 | 16.38 | % | 11.65 | % | |||||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 284.6 | 290.8 | 1.06 | % | 1.17 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity | 24.5 | 35 | 0.09 | % | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 8,926.30 | 8,408.70 | 33.2 | % | 33.88 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $9,192.9 and $8,720.7 at December 31, 2013 and 2012, respectively) | 9,235.40 | 8,734.50 | 34.35 | % | 35.19 | % | |||||||||||||||||||||||||||||||||||||||||||
Total United States | $ | 17,899.30 | $ | 16,610.00 | 66.57 | % | 66.93 | % | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Percentage of Investments of | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Funds | |||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Region/Instrument Type/ Industry | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Description or Investment Strategy | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Support, Waste Management, Remediation Services | $ | 110.2 | $ | 104.2 | 0.41 | % | 0.42 | % | |||||||||||||||||||||||||||||||||||||||||
Health Care and Social Assistance | 90.9 | 85.7 | 0.34 | % | 0.35 | % | |||||||||||||||||||||||||||||||||||||||||||
Information | 63.3 | 98.6 | 0.24 | % | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Manufacturing | 231.4 | 476.7 | 0.86 | % | 1.92 | % | |||||||||||||||||||||||||||||||||||||||||||
Retail Trade | 333.1 | 233.9 | 1.24 | % | 0.94 | % | |||||||||||||||||||||||||||||||||||||||||||
Wholesale Trade | 108.2 | 109.3 | 0.4 | % | 0.44 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 444.1 | 305.2 | 1.65 | % | 1.23 | % | |||||||||||||||||||||||||||||||||||||||||||
Total equity securities (cost of $1,239.4 and $1,617.8 at December 31, 2013 and 2012, respectively) | 1,381.20 | 1,413.60 | 5.14 | % | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $961.8 and $952.0 at December 31, 2013 and 2012, respectively) | 880.1 | 898.2 | 3.27 | % | 3.62 | % | |||||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 932.8 | 628.7 | 3.48 | % | 2.53 | % | |||||||||||||||||||||||||||||||||||||||||||
Equity | 3.6 | 0.3 | 0.01 | % | 0 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 4,698.70 | 4,227.50 | 17.47 | % | 17.04 | % | |||||||||||||||||||||||||||||||||||||||||||
Other | 2 | 7.3 | 0.01 | % | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $5,898.6 and $5,397.4 at December 31, 2013 and 2012, respectively) | 5,637.10 | 4,863.80 | 20.97 | % | 19.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Europe | $ | 7,898.40 | $ | 7,175.60 | 29.38 | % | 28.92 | % | |||||||||||||||||||||||||||||||||||||||||
Global | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Manufacturing (cost of $126.9 and $89.6 at December 31, 2013 and 2012, respectively) | $ | 338.8 | $ | 206.8 | 1.26 | % | 0.83 | % | |||||||||||||||||||||||||||||||||||||||||
Assets of the CLOs | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | 32.1 | 14.7 | 0.12 | % | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||
Loans | 233.6 | 316.7 | 0.87 | % | 1.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Total assets of the CLOs (cost of $261.8 and $328.6 at December 31, 2013 and 2012, respectively) | 265.7 | 331.4 | 0.99 | % | 1.34 | % | |||||||||||||||||||||||||||||||||||||||||||
Partnership and LLC interests: | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Investments (cost of $522.0 and $515.8 at December 31, 2013 and 2012, respectively) | 484.2 | 491.9 | 1.8 | % | 1.98 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Global | $ | 1,088.70 | $ | 1,030.10 | 4.05 | % | 4.15 | % | |||||||||||||||||||||||||||||||||||||||||
Total investments of Consolidated Funds (cost of $22,665.7 and $22,486.0 at December 31, 2013 and 2012, respectively) | $ | 26,886.40 | $ | 24,815.70 | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||
Interest and Other Income of Consolidated Funds | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The components of interest and other income of Consolidated Funds are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income from investments | $ | 876.8 | $ | 772.8 | $ | 605.7 | |||||||||||||||||||||||||||||||||||||||||||
Other income | 166.3 | 130.7 | 108.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,043.10 | $ | 903.5 | $ | 714 | |||||||||||||||||||||||||||||||||||||||||||
Net Investment Gains (Losses) of Consolidated Funds | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The components of net investment gains (losses) of Consolidated Funds are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) from investments of Consolidated Funds | $ | 1,390.50 | $ | 2,680.60 | $ | (260.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Losses from liabilities of CLOs | (695.1 | ) | (927.8 | ) | (64.2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Gains on other assets of CLOs | 1.3 | 5.2 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 696.7 | $ | 1,758.00 | $ | (323.3 | ) | ||||||||||||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Realized gains | $ | 662 | $ | 829.5 | $ | 658.8 | |||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | 728.5 | 1,851.10 | (919.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,390.50 | $ | 2,680.60 | $ | (260.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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, 2013 and 2012: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Acquired contractual rights | $ | 826.1 | $ | 797.7 | |||||||||
Acquired trademarks | 6.9 | 6.8 | |||||||||||
Accumulated amortization | (290.5 | ) | (150.4 | ) | |||||||||
Finite-lived intangible assets, net | 542.5 | 654.1 | |||||||||||
Goodwill | 40.3 | 37 | |||||||||||
Intangible assets, net | $ | 582.8 | $ | 691.1 | |||||||||
Carrying Amount of Goodwill, by Segment | ' | ||||||||||||
The following table summarizes the changes in the carrying amount of goodwill by segment as of December 31, 2013. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments. | |||||||||||||
Global | Solutions | Total | |||||||||||
Market | |||||||||||||
Strategies | |||||||||||||
(Dollars in millions) | |||||||||||||
Balance as of December 31, 2012 | $ | 28 | $ | 9 | $ | 37 | |||||||
Goodwill acquired during the period | — | 2.9 | 2.9 | ||||||||||
Foreign currency translation | — | 0.4 | 0.4 | ||||||||||
Balance as of December 31, 2013 | $ | 28 | $ | 12.3 | $ | 40.3 | |||||||
Estimated Future Amortization Expense, Excluding Impairment Losses | ' | ||||||||||||
The following table summarizes the estimated amortization expense, excluding impairment losses, for 2014 through 2018 and thereafter (Dollars in millions): | |||||||||||||
2014 | $ | 100.9 | |||||||||||
2015 | 97.7 | ||||||||||||
2016 | 85.3 | ||||||||||||
2017 | 79.1 | ||||||||||||
2018 | 71.9 | ||||||||||||
Thereafter | 107.6 | ||||||||||||
$ | 542.5 | ||||||||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Partnership's Borrowings | ' | ||||||||||||||||
The Partnership’s borrowings consist of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Borrowing | Carrying | Borrowing | Carrying | ||||||||||||||
Outstanding | Value | Outstanding | Value | ||||||||||||||
Revolving Credit Facility | $ | — | $ | — | $ | 386.3 | $ | 386.3 | |||||||||
Term Loan Due 8/09/2018 | 25 | 25 | 500 | 500 | |||||||||||||
Term Loan (1) | 17.4 | 17.4 | — | — | |||||||||||||
3.875% Senior Notes Due 2/01/2023 | 500 | 499.8 | — | — | |||||||||||||
5.625% Senior Notes Due 3/30/2043 | 400 | 398.4 | — | — | |||||||||||||
$ | 942.4 | $ | 940.6 | $ | 886.3 | $ | 886.3 | ||||||||||
-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, 2013 and 2012, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions): | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Borrowing | Fair Value | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Interest | Remaining | ||||||||||||||||
Rate | Maturity | ||||||||||||||||
in Years | |||||||||||||||||
Senior secured notes | $ | 14,319.80 | $ | 13,910.40 | 1.41 | % | 8.97 | ||||||||||
Subordinated notes, Income notes and Preferred shares | 1,399.30 | 1,294.00 | N/A | (a) | 8.18 | ||||||||||||
Combination notes | 15.2 | 16.3 | N/A | (b) | 8.13 | ||||||||||||
Total | $ | 15,734.30 | $ | 15,220.70 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||
Borrowing | Fair Value | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | |||||||||||||||
Interest | Remaining | ||||||||||||||||
Rate | Maturity | ||||||||||||||||
in Years | |||||||||||||||||
Senior secured notes | $ | 13,662.30 | $ | 12,658.40 | 1.3 | % | 8.8 | ||||||||||
Subordinated notes, Income notes and Preferred shares | 914.8 | 996.9 | N/A | (a) | 8.22 | ||||||||||||
Combination notes | 0.7 | 1.4 | N/A | (b) | 8.81 | ||||||||||||
Total | $ | 14,577.80 | $ | 13,656.70 | |||||||||||||
(a) | The subordinated notes, income 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, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Changes in Contingent Consideration Liabilities | ' | ||||||||||||||||||||
The changes in the contingent consideration liabilities are as follows: | |||||||||||||||||||||
Amounts payable to the sellers who are Carlyle professionals | Contingent | ||||||||||||||||||||
cash and other | |||||||||||||||||||||
Performance-based | Performance-based | Employment-based | consideration | ||||||||||||||||||
contingent cash | contingent equity | contingent cash | payable to non- | ||||||||||||||||||
consideration | consideration | consideration | Carlyle personnel | Total | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 98.6 | $ | 37 | $ | 62.3 | $ | 33.6 | $ | 231.5 | |||||||||||
Contingent consideration from new acquisition / investments | 54 | 32.7 | — | — | 86.7 | ||||||||||||||||
Change in carrying value | 15.3 | 1 | 33.9 | (3.3 | ) | 46.9 | |||||||||||||||
Payments | (9.3 | ) | — | — | (2.2 | ) | (11.5 | ) | |||||||||||||
Issuances | — | (13.1 | ) | — | (13.1 | ) | |||||||||||||||
Balance at December 31, 2012 | 158.6 | 57.6 | 96.2 | 28.1 | 340.5 | ||||||||||||||||
Contingent consideration from new acquisition / investments | — | — | — | 7 | 7 | ||||||||||||||||
Change in carrying value | 12.5 | (23.0 | ) | 52.5 | 1.3 | 43.3 | |||||||||||||||
Payments | (18.9 | ) | (2.3 | ) | — | (2.7 | ) | (23.9 | ) | ||||||||||||
Issuances | — | (16.6 | ) | — | — | (16.6 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 152.2 | $ | 15.7 | $ | 148.7 | $ | 33.7 | $ | 350.3 | |||||||||||
Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment | ' | ||||||||||||||||||||
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 and the amount payable if the Partnership elects to exercise its options related to NGP: | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Liability | |||||||||||||||||||||
Recognized on | |||||||||||||||||||||
Business | NGP | Financial | |||||||||||||||||||
Acquisitions | Investment | Total | Statements(1) | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance-based contingent cash consideration | $ | 361.6 | $ | 183 | $ | 544.6 | $ | 185.9 | |||||||||||||
Employment-based contingent cash consideration | 428.1 | 45 | 473.1 | 148.7 | |||||||||||||||||
Options to acquire additional investments in NGP(2) | — | 97.2 | 97.2 | — | |||||||||||||||||
Total maximum cash obligations | $ | 789.7 | $ | 325.2 | $ | 1,114.90 | $ | 334.6 | |||||||||||||
-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 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. Also, the amounts shown here exclude liabilities that have been recognized on the consolidated financial statements for performance-based contingent equity consideration. | |||||||||||||||||||
-2 | – | Refer to Note 6 for more information. |
Accrued_Compensation_and_Benef1
Accrued Compensation and Benefits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Postemployment Benefits [Abstract] | ' | ||||||||
Accrued Compensation and Benefits | ' | ||||||||
Accrued compensation and benefits consist of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Accrued performance fee-related compensation | $ | 1,661.80 | $ | 912 | |||||
Accrued bonuses | 238 | 188.5 | |||||||
Employment-based contingent cash consideration | 148.7 | 96.2 | |||||||
Other | 204.5 | 121.5 | |||||||
Total | $ | 2,253.00 | $ | 1,318.20 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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, 2013 (Dollars in millions): | |||||||||||||
Unfunded | |||||||||||||
Commitments | |||||||||||||
Corporate Private Equity | $ | 2,319.90 | |||||||||||
Global Market Strategies | 280.5 | ||||||||||||
Real Assets | 522.9 | ||||||||||||
Solutions | 2.4 | ||||||||||||
$ | 3,125.70 | ||||||||||||
Future Minimum Commitments for Leases | ' | ||||||||||||
The future minimum commitments for the leases are as follows (Dollars in millions): | |||||||||||||
2014 | $ | 48.9 | |||||||||||
2015 | 44.9 | ||||||||||||
2016 | 36.5 | ||||||||||||
2017 | 33.5 | ||||||||||||
2018 | 29.8 | ||||||||||||
Thereafter | 81.1 | ||||||||||||
$ | 274.7 | ||||||||||||
Employee and Office Lease Termination Costs | ' | ||||||||||||
The changes in the accrual for termination costs for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Balance, beginning of period | $ | 13.6 | $ | 15.2 | $ | 23.1 | |||||||
Compensation expense | 6.4 | 5.4 | 2.8 | ||||||||||
Contract termination costs | 0.1 | 0.5 | 1.7 | ||||||||||
Costs paid or settled | (9.5 | ) | (7.5 | ) | (12.4 | ) | |||||||
Balance, end of period | $ | 10.6 | $ | 13.6 | $ | 15.2 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Due from Affiliates and Other Receivables | ' | ||||||||
The Partnership had the following due from affiliates and other receivables at December 31, 2013 and 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Unbilled receivable for giveback obligations from current and former employees | $ | 17.6 | $ | 32.8 | |||||
Notes receivable and accrued interest from affiliates | 15.4 | 10 | |||||||
Other receivables from unconsolidated funds and affiliates, net | 142.9 | 147.9 | |||||||
Total | $ | 175.9 | $ | 190.7 | |||||
Due to Affiliates | ' | ||||||||
The Partnership had the following due to affiliates balances at December 31, 2013 and 2012: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Due to affiliates of Consolidated Funds | $ | 51.8 | $ | 42.1 | |||||
Due to non-consolidated affiliates | 130.2 | 27.8 | |||||||
Performance-based contingent cash and equity consideration related to acquisitions | 167.9 | 216.2 | |||||||
Amounts owed under the tax receivable agreement | 33.1 | 34.9 | |||||||
Other | 20.7 | 11.1 | |||||||
Total | $ | 403.7 | $ | 332.1 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Current | |||||||||||||
Federal income tax | $ | 2.2 | $ | 5.1 | $ | — | |||||||
State and local income tax | 5.2 | 7.8 | 7.2 | ||||||||||
Foreign income tax | 44 | 34.1 | 27.8 | ||||||||||
Subtotal | 51.4 | 47 | 35 | ||||||||||
Deferred | |||||||||||||
Federal income tax | (1.5 | ) | (8.3 | ) | — | ||||||||
State and local income tax | 8.7 | (3.6 | ) | (2.5 | ) | ||||||||
Foreign income tax | 37.6 | 5.3 | (4.0 | ) | |||||||||
Subtotal | 44.8 | (6.6 | ) | (6.5 | ) | ||||||||
Total provision for income taxes | $ | 96.2 | $ | 40.4 | $ | 28.5 | |||||||
Summary of Tax Effects of Temporary Differences | ' | ||||||||||||
A summary of the tax effects of the temporary differences is as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Deferred tax assets | |||||||||||||
Federal foreign tax credit | $ | 2 | $ | — | |||||||||
State net operating loss carry forwards | 3.4 | — | |||||||||||
Tax basis goodwill and intangibles | 36.7 | 39.7 | |||||||||||
Depreciation and amortization | 25.4 | 10.3 | |||||||||||
Deferred restricted common unit compensation | 6.4 | 9.2 | |||||||||||
Accrued compensation | 24.7 | 13.1 | |||||||||||
Other | 9.4 | 9.1 | |||||||||||
Deferred tax assets before valuation allowance | 108 | 81.4 | |||||||||||
Valuation allowance | (21.7 | ) | — | ||||||||||
Total deferred tax assets | $ | 86.3 | $ | 81.4 | |||||||||
Deferred tax liabilities (1) | |||||||||||||
Intangible assets | $ | 21.1 | $ | 18.9 | |||||||||
Unrealized appreciation on investments | 106.4 | 54.4 | |||||||||||
Other | 3 | 2.1 | |||||||||||
Total deferred tax liabilities | $ | 130.5 | $ | 75.4 | |||||||||
Net deferred tax assets (liabilities) | $ | (44.2 | ) | $ | 6 | ||||||||
-1 | As of December 31, 2013 and 2012, $26.9 million and $14.3 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, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Income passed through to common unitholders and non-controlling interest holders (1) | (29.23 | %) | (34.58 | %) | (32.72 | %) | |||||||
Unvested Carlyle Holdings partnership units | 2.03 | % | 1.72 | % | — | ||||||||
Foreign income taxes | (1.88 | %) | (0.41 | %) | (0.27 | %) | |||||||
State and local income taxes | 0.17 | % | 0.2 | % | 0.4 | % | |||||||
Valuation allowance establishment impacting provision for income taxes | 1.5 | % | — | — | |||||||||
Interest expense | (0.26 | %) | (0.10 | %) | — | ||||||||
Other adjustments | (0.67 | %) | (0.17 | %) | — | ||||||||
Effective income tax rate(2) | 6.66 | % | 1.66 | % | 2.41 | % | |||||||
-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 (Loss) Before Provision (Benefit) for Taxes. | ||||||||||||
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Exclusive of Penalties and Interest | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Balance at January 1 | $ | 12.4 | $ | 13.6 | |||||||||
Reductions for tax position of prior years | (0.6 | ) | (1.2 | ) | |||||||||
Reductions due to lapse of statute of limitations | (2.5 | ) | — | ||||||||||
Balance at December 31 | $ | 9.3 | $ | 12.4 | |||||||||
NonControlling_Interests_in_Co1
Non-Controlling Interests in Consolidated Entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||
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, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in millions) | |||||||||||||
Non-Carlyle interests in Consolidated Funds | $ | 7,354.00 | $ | 7,963.90 | |||||||||
Non-Carlyle interests in majority-owned subsidiaries | 279.6 | 228.1 | |||||||||||
Non-controlling interest in AlpInvest | — | 28.9 | |||||||||||
Non-controlling interest in carried interest and cash held for carried interest distributions | 63 | 43.9 | |||||||||||
Non-controlling interests in consolidated entities | $ | 7,696.60 | $ | 8,264.80 | |||||||||
Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities | ' | ||||||||||||
The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in millions) | |||||||||||||
Non-Carlyle interests in Consolidated Funds | $ | 769.7 | $ | 2,122.20 | $ | (189.8 | ) | ||||||
Non-Carlyle interests in majority-owned subsidiaries | (12.4 | ) | 10.7 | 24.4 | |||||||||
Non-controlling interest in carried interest and cash held for carried interest distributions | 29.5 | 9.4 | 3.8 | ||||||||||
Net income (loss) attributable to other non-controlling interests in consolidated entities | 786.8 | 2,142.30 | (161.6 | ) | |||||||||
Net loss attributable to partners’ capital appropriated for CLOs | (383.1 | ) | (376.6 | ) | (126.4 | ) | |||||||
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities | 272.3 | (9.0 | ) | 85.4 | |||||||||
Non-controlling interests in income (loss) of consolidated entities | $ | 676 | $ | 1,756.70 | $ | (202.6 | ) | ||||||
Earnings_Per_Common_Unit_Table
Earnings Per Common Unit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
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, 2013 | |||||||||
Basic | Diluted | ||||||||
The Carlyle Group L.P. weighted-average common units outstanding | 46,135,229 | 46,135,229 | |||||||
Unvested deferred restricted common units | — | 4,057,793 | |||||||
Contingently issuable Carlyle Holdings Partnership units | — | 465,909 | |||||||
Weighted-average vested Carlyle Holdings Partnership units | — | 211,225,760 | |||||||
Unvested Carlyle Holdings Partnership units | — | 16,365,798 | |||||||
Weighted-average common units outstanding | 46,135,229 | 278,250,489 | |||||||
For the Period from May 8, 2012 | |||||||||
Through December 31, 2012 | |||||||||
Basic | Diluted | ||||||||
The Carlyle Group L.P. weighted-average common units outstanding | 42,562,928 | 42,562,928 | |||||||
Unvested deferred restricted common units | — | 2,207,816 | |||||||
Contingently issuable Carlyle Holdings Partnership units | — | 1,488,563 | |||||||
Weighted-average vested Carlyle Holdings Partnership units | — | 205,215,204 | |||||||
Unvested Carlyle Holdings Partnership units | — | 8,224,476 | |||||||
Weighted-average common units outstanding | 42,562,928 | 259,698,987 | |||||||
Basic and Diluted Net Income Per Common Unit | ' | ||||||||
Basic and diluted net income per common unit are calculated as follows: | |||||||||
Year Ended December 31, 2013 | |||||||||
Basic | Diluted | ||||||||
Net income attributable to The Carlyle Group L.P. | $ | 104,100,000 | $ | 104,100,000 | |||||
Dilution of earnings due to participating securities with distribution rights | (645,500 | ) | (880,000 | ) | |||||
Incremental net income from assumed exchange of Carlyle Holdings partnership units | — | 465,880,000 | |||||||
Net income per common unit | $ | 103,454,500 | $ | 569,100,000 | |||||
Weighted-average common units outstanding | 46,135,229 | 278,250,489 | |||||||
Net income per common unit | $ | 2.24 | $ | 2.05 | |||||
For the Period from May 8, 2012 | |||||||||
Through December 31, 2012 | |||||||||
Basic | Diluted | ||||||||
Net income attributable to The Carlyle Group L.P. | $ | 20,300,000 | $ | 20,300,000 | |||||
Incremental net income from assumed exchange of Carlyle Holdings partnership units | — | 87,100,000 | |||||||
Total | $ | 20,300,000 | $ | 107,400,000 | |||||
Weighted-average common units outstanding | 42,562,928 | 259,698,987 | |||||||
Net income per common unit | $ | 0.48 | $ | 0.41 | |||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased 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, 2013 and a summary of changes for the period May 2, 2012 through December 31, 2013, 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- | |||||||||||||||||||||||||
Units | Average | Restricted | Average | Common | Average | Units | Average | ||||||||||||||||||||||||||
Grant Date | Common | Grant Date | Units | Grant Date | Grant Date | ||||||||||||||||||||||||||||
Fair Value | Units | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||
Balance, May 2, 2012 | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||
Granted - IPO | 56,760,336 | $ | 22 | 17,113,755 | $ | 22 | — | $ | — | 361,238 | $ | 22 | |||||||||||||||||||||
Granted - Post-IPO | 1,594,516 | $ | 26.2 | 542,039 | $ | 25.81 | — | $ | — | — | $ | — | |||||||||||||||||||||
Vested | — | $ | — | 120,207 | $ | 22 | — | $ | — | — | $ | — | |||||||||||||||||||||
Forfeited | 504,553 | $ | 22 | 828,559 | $ | 22.02 | — | $ | — | 26,624 | $ | 22 | |||||||||||||||||||||
Balance, December 31, 2012 | 57,850,299 | $ | 22.12 | 16,707,028 | $ | 22.28 | — | $ | — | 334,614 | $ | 22 | |||||||||||||||||||||
Granted | 52,889 | $ | 30.8 | 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 | |||||||||||||||||||||
Forfeited | 1,050,093 | $ | 22 | 695,305 | $ | 22.63 | — | $ | — | 21,381 | $ | 22 | |||||||||||||||||||||
Balance, December 31, 2013 | 47,202,803 | $ | 22.13 | 16,250,174 | $ | 23.91 | 872,060 | $ | 26.78 | 208,511 | $ | 22.12 | |||||||||||||||||||||
Consolidation_of_a_Real_Estate1
Consolidation of a Real Estate Development Company (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
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 sheet as of December 31, 2013 related to Urbplan (which reflects Urbplan’s balances as of September 30, 2013) were as follows (Dollars in millions): | |||||
Receivables and inventory of a consolidated real estate VIE: | |||||
Customer and other receivables | $ | 110.3 | |||
Inventory costs in excess of billings and advances | 70.1 | ||||
$ | 180.4 | ||||
Other assets of a consolidated real estate VIE: | |||||
Restricted investments | $ | 7 | |||
Fixed assets, net | 2.2 | ||||
Deferred tax assets | 12.8 | ||||
Other assets | 38.1 | ||||
$ | 60.1 | ||||
Loans payable of a consolidated real estate VIE, at fair value | |||||
(principal amount of $305.3 million) | $ | 122.1 | |||
Other liabilities of a consolidated real estate VIE: | |||||
Accounts payable | $ | 25.4 | |||
Other liabilities | 72.3 | ||||
$ | 97.7 | ||||
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 statement of operations for the year ended December 31, 2013 related to Urbplan (which reflects Urbplan balances for the three months ended September 30, 2013) were as follows (Dollars in millions): | |||||
Revenue of a consolidated real estate VIE | |||||
Land development services | $ | 0.4 | |||
Investment income | 7.1 | ||||
$ | 7.5 | ||||
Interest and other expenses of a consolidated real estate VIE: | |||||
Interest expense | $ | 12.9 | |||
Change in fair value of loans payable | 13 | ||||
Compensation and benefits | 2.7 | ||||
G&A and other expenses | 5.2 | ||||
$ | 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): | |||||
2014 | $ | 87.5 | |||
2015 | 33.8 | ||||
2016 | 32.2 | ||||
2017 | 23.9 | ||||
2018 | 21.9 | ||||
Thereafter | 106 | ||||
$ | 305.3 | ||||
Impact to the Partnership's Consolidated Financial Results | ' | ||||
The following supplemental information presents, on an unaudited pro forma basis, the impact to the Partnership’s consolidated financial results for the year ended December 31, 2013 as if the Partnership had consolidated Urbplan since January 1, 2013. | |||||
Year Ended | |||||
December 31, 2013 | |||||
(Dollars in millions) | |||||
Total revenues | $ | 4,479.10 | |||
Net income attributable to The Carlyle Group L.P. | $ | 101.7 | |||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
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, 2013: | |||||||||||||||||||||
December 31, 2013 and the Year Then Ended | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 471.6 | $ | 275.2 | $ | 188.9 | $ | 119 | $ | 1,054.70 | |||||||||||
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 | 1,105.30 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 914.5 | 151.9 | 40.5 | 21.7 | 1,128.60 | ||||||||||||||||
Unrealized | 959.1 | 32.4 | 43.4 | 129.8 | 1,164.70 | ||||||||||||||||
Total performance fees | 1,873.60 | 184.3 | 83.9 | 151.5 | 2,293.30 | ||||||||||||||||
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 | (85.0 | ) | 0.2 | (42.6 | ) | ||||||||||||||
Interest and other income | 6.5 | 4.2 | 2 | 0.2 | 12.9 | ||||||||||||||||
Total revenues | 2,421.80 | 481.2 | 195 | 270.9 | 3,368.90 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 212.6 | 99.6 | 70.2 | 53.6 | 436 | ||||||||||||||||
Indirect base compensation | 95 | 21.8 | 30.4 | 5.6 | 152.8 | ||||||||||||||||
Equity-based compensation | 7.4 | 3 | 4.6 | 0.7 | 15.7 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 401.7 | 42.1 | (4.0 | ) | 11.5 | 451.3 | |||||||||||||||
Unrealized | 446.2 | 13.7 | 56.7 | 99.1 | 615.7 | ||||||||||||||||
Total compensation and benefits | 1,162.90 | 180.2 | 157.9 | 170.5 | 1,671.50 | ||||||||||||||||
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 | 1,368.20 | 253.5 | 228.8 | 198.3 | 2,048.80 | ||||||||||||||||
Economic Net Income (Loss) | $ | 1,053.60 | $ | 227.7 | $ | (33.8 | ) | $ | 72.6 | $ | 1,320.10 | ||||||||||
(-) Net Performance Fees | 1,025.70 | 128.5 | 31.2 | 40.9 | 1,226.30 | ||||||||||||||||
(-) Investment Income (Loss) | 26.2 | 16 | (85.0 | ) | 0.2 | (42.6 | ) | ||||||||||||||
(+) Equity-based Compensation | 7.4 | 3 | 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 | 10.2 | 677.3 | ||||||||||||||||
(+) Realized Investment Income (Loss) | 15.8 | 17.5 | (22.7 | ) | — | 10.6 | |||||||||||||||
(=Distributable Earnings | $ | 537.7 | $ | 213.5 | $ | 46.4 | $ | 42.4 | $ | 840 | |||||||||||
Segment assets as of December 31, 2013 | $ | 3,895.10 | $ | 1,159.20 | $ | 1,207.40 | $ | 602.5 | $ | 6,864.20 | |||||||||||
The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2012: | |||||||||||||||||||||
December 31, 2012 and the Year Then Ended | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 496.2 | $ | 237.2 | $ | 141 | $ | 68.8 | $ | 943.2 | |||||||||||
Portfolio advisory fees, net | 17.8 | 2.5 | 1.7 | — | 22 | ||||||||||||||||
Transaction fees, net | 19 | 3.5 | 5 | — | 27.5 | ||||||||||||||||
Total fund level fee revenues | 533 | 243.2 | 147.7 | 68.8 | 992.7 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 639.5 | 112.4 | 106.6 | 10.6 | 869.1 | ||||||||||||||||
Unrealized | 130.8 | (21.2 | ) | (13.2 | ) | 30.5 | 126.9 | ||||||||||||||
Total performance fees | 770.3 | 91.2 | 93.4 | 41.1 | 996 | ||||||||||||||||
Investment income (loss) | |||||||||||||||||||||
Realized | 3.3 | 13.1 | (0.1 | ) | — | 16.3 | |||||||||||||||
Unrealized | 20.5 | 9.6 | (4.9 | ) | — | 25.2 | |||||||||||||||
Total investment income (loss) | 23.8 | 22.7 | (5.0 | ) | — | 41.5 | |||||||||||||||
Interest and other income | 9 | 2.3 | 1.7 | 0.7 | 13.7 | ||||||||||||||||
Total revenues | 1,336.10 | 359.4 | 237.8 | 110.6 | 2,043.90 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 226.2 | 86.3 | 71.1 | 33.8 | 417.4 | ||||||||||||||||
Indirect base compensation | 92.5 | 21.3 | 24.5 | 6.2 | 144.5 | ||||||||||||||||
Equity-based compensation | 1.2 | 0.2 | 0.4 | — | 1.8 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 304.7 | 46.2 | 7.3 | 8.8 | 367 | ||||||||||||||||
Unrealized | 71.7 | (8.4 | ) | 17.3 | 23.8 | 104.4 | |||||||||||||||
Total compensation and benefits | 696.3 | 145.6 | 120.6 | 72.6 | 1,035.10 | ||||||||||||||||
General, administrative, and other indirect expenses | 134 | 40.6 | 41.9 | 10.7 | 227.2 | ||||||||||||||||
Depreciation and amortization expense | 12.5 | 3.5 | 3.9 | 1.6 | 21.5 | ||||||||||||||||
Interest expense | 14.3 | 4.5 | 4.4 | 1.3 | 24.5 | ||||||||||||||||
Total expenses | 857.1 | 194.2 | 170.8 | 86.2 | 1,308.30 | ||||||||||||||||
Economic Net Income | $ | 479 | $ | 165.2 | $ | 67 | $ | 24.4 | $ | 735.6 | |||||||||||
(-) Net Performance Fees | 393.9 | 53.4 | 68.8 | 8.5 | 524.6 | ||||||||||||||||
(-) Investment Income | 23.8 | 22.7 | (5.0 | ) | — | 41.5 | |||||||||||||||
(+) Equity-based Compensation | 1.2 | 0.2 | 0.4 | — | 1.8 | ||||||||||||||||
(=Fee Related Earnings | $ | 62.5 | $ | 89.3 | $ | 3.6 | $ | 15.9 | $ | 171.3 | |||||||||||
(+) Realized Net Performance Fees | 334.8 | 66.2 | 99.3 | 1.8 | 502.1 | ||||||||||||||||
(+) Realized Investment Income (Loss) | 3.3 | 13.1 | (0.1 | ) | — | 16.3 | |||||||||||||||
(=Distributable Earnings | $ | 400.6 | $ | 168.6 | $ | 102.8 | $ | 17.7 | $ | 689.7 | |||||||||||
Segment assets as of December 31, 2012 | $ | 2,449.40 | $ | 1,052.80 | $ | 962.1 | $ | 342.3 | $ | 4,806.60 | |||||||||||
The following tables present the financial data for the Partnership’s four reportable segments for the year ended December 31, 2011: | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Corporate | Global | Real | Solutions | Total | |||||||||||||||||
Private | Market | Assets | |||||||||||||||||||
Equity | Strategies | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Segment Revenues | |||||||||||||||||||||
Fund level fee revenues | |||||||||||||||||||||
Fund management fees | $ | 511.3 | $ | 173.5 | $ | 150.7 | $ | 35 | $ | 870.5 | |||||||||||
Portfolio advisory fees, net | 31.3 | 3 | 3.2 | — | 37.5 | ||||||||||||||||
Transaction fees, net | 34.7 | — | 3.5 | — | 38.2 | ||||||||||||||||
Total fee revenues | 577.3 | 176.5 | 157.4 | 35 | 946.2 | ||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | 952.9 | 204.2 | 98 | 46.2 | 1,301.30 | ||||||||||||||||
Unrealized | (99.3 | ) | (92.9 | ) | 52.5 | (55.4 | ) | (195.1 | ) | ||||||||||||
Total performance fees | 853.6 | 111.3 | 150.5 | (9.2 | ) | 1,106.20 | |||||||||||||||
Investment income | |||||||||||||||||||||
Realized | 43.2 | 20.3 | 2.1 | — | 65.6 | ||||||||||||||||
Unrealized | 0.3 | 12.8 | 2.7 | — | 15.8 | ||||||||||||||||
Total investment income | 43.5 | 33.1 | 4.8 | — | 81.4 | ||||||||||||||||
Interest and other income | 9.2 | 4 | 2 | 0.3 | 15.5 | ||||||||||||||||
Total revenues | 1,483.60 | 324.9 | 314.7 | 26.1 | 2,149.30 | ||||||||||||||||
Segment Expenses | |||||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||
Direct base compensation | 253.1 | 61.7 | 75.3 | 14.3 | 404.4 | ||||||||||||||||
Indirect base compensation | 90.4 | 15.1 | 28 | — | 133.5 | ||||||||||||||||
Performance fee related | |||||||||||||||||||||
Realized | 487.5 | 88.4 | 8.4 | 39.5 | 623.8 | ||||||||||||||||
Unrealized | (47.1 | ) | (48.2 | ) | (3.9 | ) | (48.8 | ) | (148.0 | ) | |||||||||||
Total compensation and benefits | 783.9 | 117 | 107.8 | 5 | 1,013.70 | ||||||||||||||||
General, administrative, and other indirect expenses | 133.5 | 33.2 | 47.5 | 7.3 | 221.5 | ||||||||||||||||
Depreciation and amortization expense | 14.6 | 2.7 | 4.3 | 0.2 | 21.8 | ||||||||||||||||
Interest expense | 37.5 | 10.5 | 11.2 | — | 59.2 | ||||||||||||||||
Total expenses | 969.5 | 163.4 | 170.8 | 12.5 | 1,316.20 | ||||||||||||||||
Economic Net Income | $ | 514.1 | $ | 161.5 | $ | 143.9 | $ | 13.6 | $ | 833.1 | |||||||||||
(-) Net Performance Fees | 413.2 | 71.1 | 146 | 0.1 | 630.4 | ||||||||||||||||
(-) Investment Income | 43.5 | 33.1 | 4.8 | — | 81.4 | ||||||||||||||||
(=Fee Related Earnings | $ | 57.4 | $ | 57.3 | $ | (6.9 | ) | $ | 13.5 | $ | 121.3 | ||||||||||
(+) Realized Net Performance Fees | 465.4 | 115.8 | 89.6 | 6.7 | 677.5 | ||||||||||||||||
(+) Realized Investment Income | 43.2 | 20.3 | 2.1 | — | 65.6 | ||||||||||||||||
(=Distributable Earnings | $ | 566 | $ | 193.4 | $ | 84.8 | $ | 20.2 | $ | 864.4 | |||||||||||
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, 2013 and 2012: | |||||||||||||||||||||
December 31, 2013 and the Year then Ended | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 3,368.90 | $ | 1,043.10 | $ | 29.2 | (a) | $ | 4,441.20 | ||||||||||||
Expenses | $ | 2,048.80 | $ | 1,169.40 | $ | 475.7 | (b) | $ | 3,693.90 | ||||||||||||
Other income | $ | — | $ | 701.3 | $ | (4.6 | )(c) | $ | 696.7 | ||||||||||||
Economic net income (loss) | $ | 1,320.10 | $ | 575 | $ | (451.1 | )(d) | $ | 1,444.00 | ||||||||||||
Total assets | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | )(e) | $ | 35,622.30 | ||||||||||||
December 31, 2012 and the Year then Ended | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 2,043.90 | $ | 903.5 | $ | 25.7 | (a) | $ | 2,973.10 | ||||||||||||
Expenses | $ | 1,308.30 | $ | 923.9 | $ | 59 | (b) | $ | 2,291.20 | ||||||||||||
Other income | $ | — | $ | 1,755.50 | $ | 2.5 | (c) | $ | 1,758.00 | ||||||||||||
Economic net income (loss) | $ | 735.6 | $ | 1,735.10 | $ | (30.8 | )(d) | $ | 2,439.90 | ||||||||||||
Total assets | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | )(e) | $ | 31,566.60 | ||||||||||||
The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the year ended December 31, 2011: | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Total Reportable | Consolidated | Reconciling | Carlyle | ||||||||||||||||||
Segments | Funds | Items | Consolidated | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Revenues | $ | 2,149.30 | $ | 714 | $ | (18.0 | )(a) | $ | 2,845.30 | ||||||||||||
Expenses | $ | 1,316.20 | $ | 592.2 | $ | (561.3 | )(b) | $ | 1,347.10 | ||||||||||||
Other loss | $ | — | $ | (330.6 | ) | $ | 15.2 | (c) | $ | (315.4 | ) | ||||||||||
Economic net income (loss) | $ | 833.1 | $ | (208.8 | ) | $ | 558.5 | (d) | $ | 1,182.80 | |||||||||||
(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 investment in NGP Management 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, Vermillion and, for periods prior to August 1, 2013, AlpInvest which 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, adjustments for partner 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, 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, Vermillion and, for periods prior to August 1, 2013, AlpInvest as detailed below (Dollars in millions): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Partner compensation | $ | — | $ | (265.4 | ) | $ | (671.5 | ) | |||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Non-Carlyle economic interests in acquired business | 186.4 | 155.4 | 121.9 | ||||||||||||||||||
Other adjustments | 6.3 | 1.8 | 3.6 | ||||||||||||||||||
Elimination of expenses of Consolidated Funds | (275.3 | ) | (168.3 | ) | (138.8 | ) | |||||||||||||||
$ | 475.7 | $ | 59 | $ | (561.3 | ) | |||||||||||||||
(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, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income (loss) before provision for income taxes | $ | 1,444.00 | $ | 2,439.90 | $ | 1,182.80 | |||||||||||||||
Adjustments: | |||||||||||||||||||||
Partner compensation(1) | — | (265.4 | ) | (671.5 | ) | ||||||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Net (income) loss attributable to non-controlling interests in Consolidated entities | (676.0 | ) | (1,756.7 | ) | 202.6 | ||||||||||||||||
Other adjustments(2) | (6.2 | ) | (17.7 | ) | (4.3 | ) | |||||||||||||||
Economic Net Income | $ | 1,320.10 | $ | 735.6 | $ | 833.1 | |||||||||||||||
Net performance fees(3) | 1,226.30 | 524.6 | 630.4 | ||||||||||||||||||
Investment income (loss)(3) | (42.6 | ) | 41.5 | 81.4 | |||||||||||||||||
Equity-based compensation | 15.7 | 1.8 | — | ||||||||||||||||||
Fee Related Earnings | $ | 152.1 | $ | 171.3 | $ | 121.3 | |||||||||||||||
Realized performance fees, net of related compensation | 677.3 | 502.1 | 677.5 | ||||||||||||||||||
Realized investment income | 10.6 | 16.3 | 65.6 | ||||||||||||||||||
Distributable Earnings | $ | 840 | $ | 689.7 | $ | 864.4 | |||||||||||||||
-1 | Adjustments for partner compensation reflect amounts due to senior Carlyle professionals for compensation and performance fees allocated to them, which amounts were classified as distributions from partners’ capital in the consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012. | ||||||||||||||||||||
-2 | Other adjustments were comprised of the following ($ in millions): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Losses associated with debt refinancing activities | $ | 1.9 | $ | — | $ | — | |||||||||||||||
Severance and lease terminations | 6.5 | 5.9 | 4.5 | ||||||||||||||||||
Provision for income taxes attributable to non-controlling interests in consolidated entities | (12.5 | ) | (19.5 | ) | — | ||||||||||||||||
Gain on business acquisition | — | — | (7.9 | ) | |||||||||||||||||
Other adjustments | (2.1 | ) | (4.1 | ) | (0.9 | ) | |||||||||||||||
$ | (6.2 | ) | $ | (17.7 | ) | $ | (4.3 | ) | |||||||||||||
-3 | See reconciliation to most directly comparable U.S. GAAP measure below: | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,176.70 | $ | (48.1 | ) | $ | 1,128.60 | ||||||||||||||
Unrealized | 1,198.60 | (33.9 | ) | 1,164.70 | |||||||||||||||||
Total performance fees | 2,375.30 | (82.0 | ) | 2,293.30 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 539.2 | (87.9 | ) | 451.3 | |||||||||||||||||
Unrealized | 644.5 | (28.8 | ) | 615.7 | |||||||||||||||||
Total performance fee related compensation expense | 1,183.70 | (116.7 | ) | 1,067.00 | |||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 637.5 | 39.8 | 677.3 | ||||||||||||||||||
Unrealized | 554.1 | (5.1 | ) | 549 | |||||||||||||||||
Total net performance fees | $ | 1,191.60 | $ | 34.7 | $ | 1,226.30 | |||||||||||||||
Investment income (loss) | |||||||||||||||||||||
Realized | $ | 14.4 | $ | (3.8 | ) | $ | 10.6 | ||||||||||||||
Unrealized | 4.4 | (57.6 | ) | (53.2 | ) | ||||||||||||||||
Total investment income (loss) | $ | 18.8 | $ | (61.4 | ) | $ | (42.6 | ) | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 907.5 | $ | (38.4 | ) | $ | 869.1 | ||||||||||||||
Unrealized | 133.6 | (6.7 | ) | 126.9 | |||||||||||||||||
Total performance fees | 1,041.10 | (45.1 | ) | 996 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 285.5 | 81.5 | 367 | ||||||||||||||||||
Unrealized | 32.2 | 72.2 | 104.4 | ||||||||||||||||||
Total performance fee related compensation expense | 317.7 | 153.7 | 471.4 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 622 | (119.9 | ) | 502.1 | |||||||||||||||||
Unrealized | 101.4 | (78.9 | ) | 22.5 | |||||||||||||||||
Total net performance fees | $ | 723.4 | $ | (198.8 | ) | $ | 524.6 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 16.3 | $ | — | $ | 16.3 | |||||||||||||||
Unrealized | 20.1 | 5.1 | 25.2 | ||||||||||||||||||
Total investment income | $ | 36.4 | $ | 5.1 | $ | 41.5 | |||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,307.40 | $ | (6.1 | ) | $ | 1,301.30 | ||||||||||||||
Unrealized | (185.8 | ) | (9.3 | ) | (195.1 | ) | |||||||||||||||
Total performance fees | 1,121.60 | (15.4 | ) | 1,106.20 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 225.7 | 398.1 | 623.8 | ||||||||||||||||||
Unrealized | (122.3 | ) | (25.7 | ) | (148.0 | ) | |||||||||||||||
Total performance fee related compensation expense | 103.4 | 372.4 | 475.8 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 1,081.70 | (404.2 | ) | 677.5 | |||||||||||||||||
Unrealized | (63.5 | ) | 16.4 | (47.1 | ) | ||||||||||||||||
Total net performance fees | $ | 1,018.20 | $ | (387.8 | ) | $ | 630.4 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 65.1 | $ | 0.5 | $ | 65.6 | |||||||||||||||
Unrealized | 13.3 | 2.5 | 15.8 | ||||||||||||||||||
Total investment income | $ | 78.4 | $ | 3 | $ | 81.4 | |||||||||||||||
-4 | Adjustments to performance fees and investment income (loss) relate to amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, and amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results. Adjustments to investment income (loss) also include the reclassification of earnings for the investment in NGP Management to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as unrealized investment losses for the segment results. Adjustments to performance fee related compensation expense relate to the inclusion of partner compensation in the segment results for periods prior to the reorganization and initial public offering in May 2012. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in Claren Road, ESG and Vermillion and, prior to August 1, 2013, the Partnership’s 60% interest in AlpInvest in the segment results. | ||||||||||||||||||||
(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, adjustments for partner 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, 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, Vermillion and, for periods prior to August 1, 2013, AlpInvest as detailed below (Dollars in millions): | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Partner compensation | $ | — | $ | (265.4 | ) | $ | (671.5 | ) | |||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Non-Carlyle economic interests in acquired business | 186.4 | 155.4 | 121.9 | ||||||||||||||||||
Other adjustments | 6.3 | 1.8 | 3.6 | ||||||||||||||||||
Elimination of expenses of Consolidated Funds | (275.3 | ) | (168.3 | ) | (138.8 | ) | |||||||||||||||
$ | 475.7 | $ | 59 | $ | (561.3 | ) | |||||||||||||||
Reconciliation of Income Before Provision for Income Taxes | ' | ||||||||||||||||||||
(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, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Income (loss) before provision for income taxes | $ | 1,444.00 | $ | 2,439.90 | $ | 1,182.80 | |||||||||||||||
Adjustments: | |||||||||||||||||||||
Partner compensation(1) | — | (265.4 | ) | (671.5 | ) | ||||||||||||||||
Equity-based compensation issued in conjuction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | — | ||||||||||||||||||
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 | ||||||||||||||||||
Other non-operating (income) expenses | (16.5 | ) | 7.1 | 32 | |||||||||||||||||
Net (income) loss attributable to non-controlling interests in Consolidated entities | (676.0 | ) | (1,756.7 | ) | 202.6 | ||||||||||||||||
Other adjustments(2) | (6.2 | ) | (17.7 | ) | (4.3 | ) | |||||||||||||||
Economic Net Income | $ | 1,320.10 | $ | 735.6 | $ | 833.1 | |||||||||||||||
Net performance fees(3) | 1,226.30 | 524.6 | 630.4 | ||||||||||||||||||
Investment income (loss)(3) | (42.6 | ) | 41.5 | 81.4 | |||||||||||||||||
Equity-based compensation | 15.7 | 1.8 | — | ||||||||||||||||||
Fee Related Earnings | $ | 152.1 | $ | 171.3 | $ | 121.3 | |||||||||||||||
Realized performance fees, net of related compensation | 677.3 | 502.1 | 677.5 | ||||||||||||||||||
Realized investment income | 10.6 | 16.3 | 65.6 | ||||||||||||||||||
Distributable Earnings | $ | 840 | $ | 689.7 | $ | 864.4 | |||||||||||||||
-1 | Adjustments for partner compensation reflect amounts due to senior Carlyle professionals for compensation and performance fees allocated to them, which amounts were classified as distributions from partners’ capital in the consolidated financial statements for periods prior to the reorganization and initial public offering in May 2012. | ||||||||||||||||||||
-2 | Other adjustments were comprised of the following ($ in millions): | ||||||||||||||||||||
-3 | See reconciliation to most directly comparable U.S. GAAP measure below: | ||||||||||||||||||||
Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income | ' | ||||||||||||||||||||
-3 | See reconciliation to most directly comparable U.S. GAAP measure below: | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,176.70 | $ | (48.1 | ) | $ | 1,128.60 | ||||||||||||||
Unrealized | 1,198.60 | (33.9 | ) | 1,164.70 | |||||||||||||||||
Total performance fees | 2,375.30 | (82.0 | ) | 2,293.30 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 539.2 | (87.9 | ) | 451.3 | |||||||||||||||||
Unrealized | 644.5 | (28.8 | ) | 615.7 | |||||||||||||||||
Total performance fee related compensation expense | 1,183.70 | (116.7 | ) | 1,067.00 | |||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 637.5 | 39.8 | 677.3 | ||||||||||||||||||
Unrealized | 554.1 | (5.1 | ) | 549 | |||||||||||||||||
Total net performance fees | $ | 1,191.60 | $ | 34.7 | $ | 1,226.30 | |||||||||||||||
Investment income (loss) | |||||||||||||||||||||
Realized | $ | 14.4 | $ | (3.8 | ) | $ | 10.6 | ||||||||||||||
Unrealized | 4.4 | (57.6 | ) | (53.2 | ) | ||||||||||||||||
Total investment income (loss) | $ | 18.8 | $ | (61.4 | ) | $ | (42.6 | ) | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 907.5 | $ | (38.4 | ) | $ | 869.1 | ||||||||||||||
Unrealized | 133.6 | (6.7 | ) | 126.9 | |||||||||||||||||
Total performance fees | 1,041.10 | (45.1 | ) | 996 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 285.5 | 81.5 | 367 | ||||||||||||||||||
Unrealized | 32.2 | 72.2 | 104.4 | ||||||||||||||||||
Total performance fee related compensation expense | 317.7 | 153.7 | 471.4 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 622 | (119.9 | ) | 502.1 | |||||||||||||||||
Unrealized | 101.4 | (78.9 | ) | 22.5 | |||||||||||||||||
Total net performance fees | $ | 723.4 | $ | (198.8 | ) | $ | 524.6 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 16.3 | $ | — | $ | 16.3 | |||||||||||||||
Unrealized | 20.1 | 5.1 | 25.2 | ||||||||||||||||||
Total investment income | $ | 36.4 | $ | 5.1 | $ | 41.5 | |||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Carlyle | Adjustments(4) | Total | |||||||||||||||||||
Consolidated | Reportable | ||||||||||||||||||||
Segments | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Performance fees | |||||||||||||||||||||
Realized | $ | 1,307.40 | $ | (6.1 | ) | $ | 1,301.30 | ||||||||||||||
Unrealized | (185.8 | ) | (9.3 | ) | (195.1 | ) | |||||||||||||||
Total performance fees | 1,121.60 | (15.4 | ) | 1,106.20 | |||||||||||||||||
Performance fee related compensation expense | |||||||||||||||||||||
Realized | 225.7 | 398.1 | 623.8 | ||||||||||||||||||
Unrealized | (122.3 | ) | (25.7 | ) | (148.0 | ) | |||||||||||||||
Total performance fee related compensation expense | 103.4 | 372.4 | 475.8 | ||||||||||||||||||
Net performance fees | |||||||||||||||||||||
Realized | 1,081.70 | (404.2 | ) | 677.5 | |||||||||||||||||
Unrealized | (63.5 | ) | 16.4 | (47.1 | ) | ||||||||||||||||
Total net performance fees | $ | 1,018.20 | $ | (387.8 | ) | $ | 630.4 | ||||||||||||||
Investment income | |||||||||||||||||||||
Realized | $ | 65.1 | $ | 0.5 | $ | 65.6 | |||||||||||||||
Unrealized | 13.3 | 2.5 | 15.8 | ||||||||||||||||||
Total investment income | $ | 78.4 | $ | 3 | $ | 81.4 | |||||||||||||||
-4 | Adjustments to performance fees and investment income (loss) relate to amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, and amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results. Adjustments to investment income (loss) also include the reclassification of earnings for the investment in NGP Management to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as unrealized investment losses for the segment results. Adjustments to performance fee related compensation expense relate to the inclusion of partner compensation in the segment results for periods prior to the reorganization and initial public offering in May 2012. Adjustments are also included in these financial statement captions to reflect the Partnership’s 55% economic interest in Claren Road, ESG and Vermillion and, prior to August 1, 2013, the Partnership’s 60% interest in AlpInvest in the segment results. | ||||||||||||||||||||
(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, 2013 | |||||||||||||||||||||
Americas(1) | $ | 2,613.00 | 59 | % | $ | 19,091.70 | 53 | % | |||||||||||||
EMEA(2) | 1,459.30 | 33 | % | 15,974.60 | 45 | % | |||||||||||||||
Asia-Pacific(3) | 368.9 | 8 | % | 556 | 2 | % | |||||||||||||||
Total | $ | 4,441.20 | 100 | % | $ | 35,622.30 | 100 | % | |||||||||||||
Total Revenues | Total Assets | ||||||||||||||||||||
Share | % | Share | % | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Americas(1) | $ | 1,842.60 | 62 | % | $ | 16,419.70 | 52 | % | |||||||||||||
EMEA(2) | 756.2 | 25 | % | 14,670.80 | 46 | % | |||||||||||||||
Asia-Pacific(3) | 374.3 | 13 | % | 476.1 | 2 | % | |||||||||||||||
Total | $ | 2,973.10 | 100 | % | $ | 31,566.60 | 100 | % | |||||||||||||
Total Revenues | Total Assets | ||||||||||||||||||||
Share | % | Share | % | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Americas(1) | $ | 2,416.60 | 85 | % | $ | 12,784.40 | 52 | % | |||||||||||||
EMEA(2) | 503 | 18 | % | 11,342.90 | 46 | % | |||||||||||||||
Asia-Pacific(3) | (74.3 | ) | (3 | %) | 524.4 | 2 | % | ||||||||||||||
Total | $ | 2,845.30 | 100 | % | $ | 24,651.70 | 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_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Information | ' | ||||||||||||||||
Unaudited quarterly information for each of the three months in the years ended December 31, 2013 and 2012 are presented below. For periods prior to the Partnership’s reorganization and initial public offering in May 2012 (see Note 1), the financial information reflects the combined and consolidated financial results of Carlyle Group. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | $ | 1,145.00 | $ | 769.3 | $ | 888.1 | $ | 1,638.80 | |||||||||
Expenses | 904.1 | 774 | 814.7 | 1,201.10 | |||||||||||||
Other income (loss) | 211.5 | 290.6 | (82.0 | ) | 276.6 | ||||||||||||
Income (loss) before provision for income taxes | $ | 452.4 | $ | 285.9 | $ | (8.6 | ) | $ | 714.3 | ||||||||
Net income (loss) | $ | 427.5 | $ | 269.3 | $ | (26.5 | ) | $ | 677.5 | ||||||||
Net income (loss) attributable to The Carlyle Group L.P. | $ | 33.8 | $ | (3.3 | ) | $ | 2.3 | $ | 71.3 | ||||||||
Net income (loss) attributable to The Carlyle Group L.P. per common unit(1) | |||||||||||||||||
Basic | $ | 0.78 | $ | (0.07 | ) | $ | 0.04 | $ | 1.45 | ||||||||
Diluted | $ | 0.66 | $ | (0.07 | ) | $ | 0.04 | $ | 1.17 | ||||||||
Distributions declared per common unit(2) | $ | 0.85 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | $ | 1,110.90 | $ | 248.4 | $ | 858.5 | $ | 755.3 | |||||||||
Expenses | 477.2 | 448.9 | 704.9 | 660.2 | |||||||||||||
Other income | 872.1 | 386.6 | 448.9 | 50.4 | |||||||||||||
Income before provision for income taxes | $ | 1,505.80 | $ | 186.1 | $ | 602.5 | $ | 145.5 | |||||||||
Net income | $ | 1,494.10 | $ | 175.5 | $ | 597 | $ | 132.9 | |||||||||
Net income (loss) attributable to The Carlyle Group L.P. | N/A | $ | (10.3 | ) | $ | 18.6 | $ | 12 | |||||||||
Net income (loss) attributable to The Carlyle Group L.P. per common unit(1) | |||||||||||||||||
Basic | N/A | $ | (0.26 | ) | $ | 0.43 | $ | 0.28 | |||||||||
Diluted | N/A | $ | (0.26 | ) | $ | 0.4 | $ | 0.25 | |||||||||
Distributions declared per common unit(2) | N/A | N/A | $ | 0.11 | $ | 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_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Supplemental Financial Position | ' | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 966.6 | $ | — | $ | — | $ | 966.6 | |||||||||
Cash and cash equivalents held at Consolidated Funds | — | 1,402.70 | — | 1,402.70 | |||||||||||||
Restricted cash | 129.9 | — | — | 129.9 | |||||||||||||
Restricted cash and securities of Consolidated Funds | — | 25.7 | — | 25.7 | |||||||||||||
Accrued performance fees | 3,724.70 | — | (71.1 | ) | 3,653.60 | ||||||||||||
Investments | 867.1 | — | (101.8 | ) | 765.3 | ||||||||||||
Investments of Consolidated Funds | — | 26,846.80 | 39.6 | 26,886.40 | |||||||||||||
Due from affiliates and other receivables, net | 188.8 | — | (12.9 | ) | 175.9 | ||||||||||||
Due from affiliates and other receivables of Consolidated Funds, net | — | 626.2 | — | 626.2 | |||||||||||||
Receivables and inventory of a consolidated real estate VIE | 180.4 | — | — | 180.4 | |||||||||||||
Fixed assets, net | 68.8 | — | — | 68.8 | |||||||||||||
Deposits and other | 35.6 | 2.9 | — | 38.5 | |||||||||||||
Other assets of a consolidated real estate VIE | 60.1 | — | — | 60.1 | |||||||||||||
Intangible assets, net | 582.8 | — | — | 582.8 | |||||||||||||
Deferred tax assets | 59.4 | — | — | 59.4 | |||||||||||||
Total assets | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | ) | $ | 35,622.30 | ||||||||
Liabilities and partners’ capital | |||||||||||||||||
Loans payable | $ | 42.4 | $ | — | $ | — | $ | 42.4 | |||||||||
3.875% senior notes due 2023 | 499.8 | — | — | 499.8 | |||||||||||||
5.625% senior notes due 2043 | 398.4 | — | — | 398.4 | |||||||||||||
Loans payable of Consolidated Funds | — | 15,321.40 | (100.7 | ) | 15,220.70 | ||||||||||||
Loans payable of a consolidated real estate VIE at fair value (principal amount of $305.3) | 122.1 | — | — | 122.1 | |||||||||||||
Accounts payable, accrued expenses and other liabilities | 310.9 | — | (45.8 | ) | 265.1 | ||||||||||||
Accrued compensation and benefits | 2,253.00 | — | — | 2,253.00 | |||||||||||||
Due to affiliates | 352.4 | 51.8 | (0.5 | ) | 403.7 | ||||||||||||
Deferred revenue | 62.8 | 1.3 | — | 64.1 | |||||||||||||
Deferred tax liabilities | 103.6 | — | — | 103.6 | |||||||||||||
Other liabilities of Consolidated Funds | — | 1,445.40 | (62.7 | ) | 1,382.70 | ||||||||||||
Other liabilities of a consolidated real estate VIE | 97.7 | — | — | 97.7 | |||||||||||||
Accrued giveback obligations | 49.9 | — | (10.3 | ) | 39.6 | ||||||||||||
Total liabilities | 4,293.00 | 16,819.90 | (220.0 | ) | 20,892.90 | ||||||||||||
Redeemable non-controlling interests in consolidated entities | 11.4 | 4,340.60 | — | 4,352.00 | |||||||||||||
Partners’ capital | 357.1 | (76.6 | ) | 76.6 | 357.1 | ||||||||||||
Accumulated other comprehensive income (loss) | (11.2 | ) | (0.5 | ) | 0.5 | (11.2 | ) | ||||||||||
Partners’ capital appropriated for Consolidated Funds | — | 466.9 | (3.3 | ) | 463.6 | ||||||||||||
Non-controlling interests in consolidated entities | 342.6 | 7,354.00 | — | 7,696.60 | |||||||||||||
Non-controlling interests in Carlyle Holdings | 1,871.30 | — | — | 1,871.30 | |||||||||||||
Total partners’ capital | 2,559.80 | 7,743.80 | 73.8 | 10,377.40 | |||||||||||||
Total liabilities and partners’ capital | $ | 6,864.20 | $ | 28,904.30 | $ | (146.2 | ) | $ | 35,622.30 | ||||||||
As of December 31, 2012 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 567.1 | $ | — | $ | — | $ | 567.1 | |||||||||
Cash and cash equivalents held at Consolidated Funds | — | 1,646.60 | — | 1,646.60 | |||||||||||||
Restricted cash | 34.5 | — | — | 34.5 | |||||||||||||
Restricted cash and securities of Consolidated Funds | — | 36.3 | — | 36.3 | |||||||||||||
Accrued performance fees | 2,204.90 | — | (12.4 | ) | 2,192.50 | ||||||||||||
Investments | 932.6 | — | (51.4 | ) | 881.2 | ||||||||||||
Investments of Consolidated Funds | — | 24,815.70 | — | 24,815.70 | |||||||||||||
Due from affiliates and other receivables, net | 201.5 | — | (10.8 | ) | 190.7 | ||||||||||||
Due from affiliates and other receivables of Consolidated Funds, net | — | 331.8 | — | 331.8 | |||||||||||||
Fixed assets, net | 63.6 | — | — | 63.6 | |||||||||||||
Deposits and other | 44.2 | 4.2 | — | 48.4 | |||||||||||||
Intangible assets, net | 691.1 | — | — | 691.1 | |||||||||||||
Deferred tax assets | 67.1 | — | — | 67.1 | |||||||||||||
Total assets | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | ) | $ | 31,566.60 | ||||||||
Liabilities and partners’ capital | |||||||||||||||||
Loans payable | $ | 886.3 | $ | — | $ | — | $ | 886.3 | |||||||||
Loans payable of Consolidated Funds | — | 13,708.20 | (51.5 | ) | 13,656.70 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | 215 | — | — | 215 | |||||||||||||
Accrued compensation and benefits | 1,318.20 | — | — | 1,318.20 | |||||||||||||
Due to affiliates | 290.4 | 42.1 | (0.4 | ) | 332.1 | ||||||||||||
Deferred revenue | 57.9 | 1.5 | — | 59.4 | |||||||||||||
Deferred tax liabilities | 61.1 | — | — | 61.1 | |||||||||||||
Other liabilities of Consolidated Funds | — | 1,405.00 | (19.2 | ) | 1,385.80 | ||||||||||||
Accrued giveback obligations | 79 | — | (9.8 | ) | 69.2 | ||||||||||||
Total liabilities | 2,907.90 | 15,156.80 | (80.9 | ) | 17,983.80 | ||||||||||||
Redeemable non-controlling interests in consolidated entities | 6 | 2,881.40 | — | 2,887.40 | |||||||||||||
Partners’ capital | 235.1 | (4.7 | ) | 4.7 | 235.1 | ||||||||||||
Accumulated other comprehensive loss | (5.0 | ) | — | 0.2 | (4.8 | ) | |||||||||||
Partners’ capital appropriated for Consolidated Funds | — | 837.2 | 1.4 | 838.6 | |||||||||||||
Non-controlling interests in consolidated entities | 300.9 | 7,963.90 | — | 8,264.80 | |||||||||||||
Non-controlling interests in Carlyle Holdings | 1,361.70 | — | — | 1,361.70 | |||||||||||||
Total partners’ capital | 1,892.70 | 8,796.40 | 6.3 | 10,695.40 | |||||||||||||
Total liabilities and partners’ capital | $ | 4,806.60 | $ | 26,834.60 | $ | (74.6 | ) | $ | 31,566.60 | ||||||||
Supplemental Results of Operations | ' | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,168.20 | $ | — | $ | (183.6 | ) | $ | 984.6 | ||||||||
Performance fees | |||||||||||||||||
Realized | 1,247.00 | — | (70.3 | ) | 1,176.70 | ||||||||||||
Unrealized | 1,201.50 | — | (2.9 | ) | 1,198.60 | ||||||||||||
Total performance fees | 2,448.50 | — | (73.2 | ) | 2,375.30 | ||||||||||||
Investment income (loss) | |||||||||||||||||
Realized | 15 | — | (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 | — | 1,043.10 | — | 1,043.10 | |||||||||||||
Revenue of a consolidated real estate VIE | 7.5 | — | — | 7.5 | |||||||||||||
Total revenues | 3,590.90 | 1,043.10 | (192.8 | ) | 4,441.20 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 738 | — | — | 738 | |||||||||||||
Equity-based compensation | 322.4 | — | — | 322.4 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 539.2 | — | — | 539.2 | |||||||||||||
Unrealized | 644.5 | — | — | 644.5 | |||||||||||||
Total compensation and benefits | 2,244.10 | — | — | 2,244.10 | |||||||||||||
General, administrative and other expenses | 492.9 | — | 3.5 | 496.4 | |||||||||||||
Interest | 45.5 | — | — | 45.5 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 1,169.40 | (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 | 2,799.80 | 1,169.40 | (275.3 | ) | 3,693.90 | ||||||||||||
Other income | |||||||||||||||||
Net investment gains of Consolidated Funds | — | 701.3 | (4.6 | ) | 696.7 | ||||||||||||
Income before provision for income taxes | 791.1 | 575 | 77.9 | 1,444.00 | |||||||||||||
Provision for income taxes | 96.2 | — | — | 96.2 | |||||||||||||
Net income | 694.9 | 575 | 77.9 | 1,347.80 | |||||||||||||
Net income attributable to non-controlling interests in consolidated entities | 23.1 | — | 652.9 | 676 | |||||||||||||
Net income attributable to Carlyle Holdings | 671.8 | 575 | (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 | $ | (575.0 | ) | $ | 104.1 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,115.70 | $ | — | $ | (138.1 | ) | $ | 977.6 | ||||||||
Performance fees | |||||||||||||||||
Realized | 933.6 | — | (26.1 | ) | 907.5 | ||||||||||||
Unrealized | 126.6 | — | 7 | 133.6 | |||||||||||||
Total performance fees | 1,060.20 | — | (19.1 | ) | 1,041.10 | ||||||||||||
Investment income | |||||||||||||||||
Realized | 31 | — | (14.7 | ) | 16.3 | ||||||||||||
Unrealized | 19.5 | — | 0.6 | 20.1 | |||||||||||||
Total investment income | 50.5 | — | (14.1 | ) | 36.4 | ||||||||||||
Interest and other income | 14.5 | — | — | 14.5 | |||||||||||||
Interest and other income of Consolidated Funds | — | 903.5 | — | 903.5 | |||||||||||||
Total revenues | 2,240.90 | 903.5 | (171.3 | ) | 2,973.10 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 624.5 | — | — | 624.5 | |||||||||||||
Equity-based compensation | 201.7 | — | — | 201.7 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 285.5 | — | — | 285.5 | |||||||||||||
Unrealized | 32.2 | — | — | 32.2 | |||||||||||||
Total compensation and benefits | 1,143.90 | — | — | 1,143.90 | |||||||||||||
General, administrative and other expenses | 360 | — | (2.5 | ) | 357.5 | ||||||||||||
Interest | 24.6 | — | — | 24.6 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 923.9 | (165.8 | ) | 758.1 | ||||||||||||
Other non-operating expenses | 7.1 | — | — | 7.1 | |||||||||||||
Total expenses | 1,535.60 | 923.9 | (168.3 | ) | 2,291.20 | ||||||||||||
Other income | |||||||||||||||||
Net investment gains of Consolidated Funds | — | 1,755.50 | 2.5 | 1,758.00 | |||||||||||||
Income before provision for income taxes | 705.3 | 1,735.10 | (0.5 | ) | 2,439.90 | ||||||||||||
Provision for income taxes | 40.4 | — | — | 40.4 | |||||||||||||
Net income | 664.9 | 1,735.10 | (0.5 | ) | 2,399.50 | ||||||||||||
Net income attributable to non-controlling interests in consolidated entities | 22.1 | — | 1,734.60 | 1,756.70 | |||||||||||||
Net income attributable to Carlyle Holdings | 642.8 | 1,735.10 | (1,735.1 | ) | 642.8 | ||||||||||||
Net income attributable to non-controlling interests in Carlyle Holdings | 622.5 | — | — | 622.5 | |||||||||||||
Net income attributable to The Carlyle Group L.P. | $ | 20.3 | $ | 1,735.10 | $ | (1,735.1 | ) | $ | 20.3 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Consolidated | Consolidated | Eliminations | Consolidated | ||||||||||||||
Operating | Funds | ||||||||||||||||
Entities | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues | |||||||||||||||||
Fund management fees | $ | 1,020.40 | $ | — | $ | (104.9 | ) | $ | 915.5 | ||||||||
Performance fees | |||||||||||||||||
Realized | 1,399.00 | — | (91.6 | ) | 1,307.40 | ||||||||||||
Unrealized | (237.6 | ) | — | 51.8 | (185.8 | ) | |||||||||||
Total performance fees | 1,161.40 | — | (39.8 | ) | 1,121.60 | ||||||||||||
Investment income | |||||||||||||||||
Realized | 82.7 | — | (17.6 | ) | 65.1 | ||||||||||||
Unrealized | 20.4 | — | (7.1 | ) | 13.3 | ||||||||||||
Total investment income | 103.1 | — | (24.7 | ) | 78.4 | ||||||||||||
Interest and other income | 15.6 | — | 0.2 | 15.8 | |||||||||||||
Interest and other income of Consolidated Funds | — | 714 | — | 714 | |||||||||||||
Total revenues | 2,300.50 | 714 | (169.2 | ) | 2,845.30 | ||||||||||||
Expenses | |||||||||||||||||
Compensation and benefits | |||||||||||||||||
Base compensation | 374.5 | — | — | 374.5 | |||||||||||||
Performance fee related | |||||||||||||||||
Realized | 225.7 | — | — | 225.7 | |||||||||||||
Unrealized | (122.3 | ) | — | — | (122.3 | ) | |||||||||||
Total compensation and benefits | 477.9 | — | — | 477.9 | |||||||||||||
General, administrative and other expenses | 323.2 | — | 0.3 | 323.5 | |||||||||||||
Interest | 60.6 | — | — | 60.6 | |||||||||||||
Interest and other expenses of Consolidated Funds | — | 592.2 | (139.1 | ) | 453.1 | ||||||||||||
Other non-operating expenses | 32 | — | — | 32 | |||||||||||||
Total expenses | 893.7 | 592.2 | (138.8 | ) | 1,347.10 | ||||||||||||
Other income (loss) | |||||||||||||||||
Net investment losses of Consolidated Funds | — | (330.6 | ) | 7.3 | (323.3 | ) | |||||||||||
Gain on acquisition of business | 7.9 | — | — | 7.9 | |||||||||||||
Income (loss) before provision for income taxes | 1,414.70 | (208.8 | ) | (23.1 | ) | 1,182.80 | |||||||||||
Provision for income taxes | 28.5 | — | — | 28.5 | |||||||||||||
Net income (loss) | 1,386.20 | (208.8 | ) | (23.1 | ) | 1,154.30 | |||||||||||
Net income (loss) attributable to non-controlling interests in consolidated entities | 29.3 | — | (231.9 | ) | (202.6 | ) | |||||||||||
Net income (loss) attributable to Carlyle Holdings | $ | 1,356.90 | $ | (208.8 | ) | $ | 208.8 | $ | 1,356.90 | ||||||||
Supplemental Statement of Cash Flows | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 694.9 | $ | 664.9 | $ | 1,386.20 | |||||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||||||||
Depreciation and amortization | 163.6 | 107.8 | 83.1 | ||||||||||||||
Amortization of deferred financing fees | 1.4 | 1.3 | 1.1 | ||||||||||||||
Equity-based compensation | 322.4 | 201.7 | — | ||||||||||||||
Excess tax benefits related to equity-based compensation | (1.9 | ) | — | — | |||||||||||||
Non-cash performance fees | (1,595.9 | ) | (185.6 | ) | 114.4 | ||||||||||||
Other non-cash amounts | (10.5 | ) | 7.1 | 32 | |||||||||||||
Investment loss (income) | 77.5 | (39.9 | ) | (84.2 | ) | ||||||||||||
Purchases of investments | (125.0 | ) | (520.3 | ) | (128.4 | ) | |||||||||||
Proceeds from the sale of investments | 282.3 | 217.5 | 300.9 | ||||||||||||||
Purchases of trading securities | (56.1 | ) | (20.1 | ) | (6.7 | ) | |||||||||||
Proceeds from the sale of trading securities | 21.1 | 15.7 | 0.2 | ||||||||||||||
Change in deferred taxes | 44.5 | (9.3 | ) | (19.8 | ) | ||||||||||||
Change in due from affiliates and other receivables | (7.8 | ) | 10.1 | 26.1 | |||||||||||||
Change in receivables and inventory of a consolidated real estate VIE | 10.1 | — | — | ||||||||||||||
Change in deposits and other | 9.7 | 9.4 | (21.9 | ) | |||||||||||||
Change in other assets of a consolidated real estate VIE | 4.3 | — | — | ||||||||||||||
Change in accounts payable, accrued expenses and other liabilities | 46.6 | 3.4 | (51.6 | ) | |||||||||||||
Change in accrued compensation and benefits | 935.5 | (5.3 | ) | (91.7 | ) | ||||||||||||
Change in due to affiliates | 96.7 | (23.6 | ) | 31.3 | |||||||||||||
Change in other liabilities of a consolidated real estate VIE | (32.1 | ) | — | — | |||||||||||||
Change in deferred revenue | 0.7 | (30.1 | ) | (110.7 | ) | ||||||||||||
Net cash provided by operating activities | 882 | 404.7 | 1,460.30 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Change in restricted cash | (95.4 | ) | (9.6 | ) | (8.6 | ) | |||||||||||
Purchases of fixed assets, net | (29.5 | ) | (32.7 | ) | (34.2 | ) | |||||||||||
Purchases of intangible assets | — | (41.0 | ) | (8.1 | ) | ||||||||||||
Acquisitions, net of cash acquired | (10.2 | ) | (42.8 | ) | (53.9 | ) | |||||||||||
Net cash used in investing activities | (135.1 | ) | (126.1 | ) | (104.8 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||
Borrowings under credit facility | — | 820 | 520.5 | ||||||||||||||
Repayments under credit facility | (386.3 | ) | (744.6 | ) | (209.7 | ) | |||||||||||
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 | 394.1 | — | — | ||||||||||||||
Proceeds from loans payable | 17.1 | — | — | ||||||||||||||
Payments on loans payable | (475.0 | ) | (310.0 | ) | (307.5 | ) | |||||||||||
Change in loans payable of a consolidated real estate VIE | (1.5 | ) | — | — | |||||||||||||
Payments of contingent consideration | (23.9 | ) | (10.0 | ) | — | ||||||||||||
Net proceeds from issuance of common units in initial public offering | — | 615.8 | — | ||||||||||||||
Excess tax benefits related to equity-based compensation | 1.9 | — | — | ||||||||||||||
Distributions to common unitholders | (59.9 | ) | (11.7 | ) | — | ||||||||||||
Contributions from predecessor owners | — | 9.3 | 15.1 | ||||||||||||||
Distributions to predecessor owners | — | (452.3 | ) | (1,498.4 | ) | ||||||||||||
Contributions from non-controlling interest holders | 137.7 | 38.3 | 30.7 | ||||||||||||||
Distributions to non-controlling interest holders | (459.9 | ) | (176.0 | ) | (38.8 | ) | |||||||||||
Acquisition of non-controlling interests in consolidated entities | (7.1 | ) | — | — | |||||||||||||
Change in due to/from affiliates financing activities | 17.3 | 0.7 | 32.9 | ||||||||||||||
Net cash used in financing activities | (350.2 | ) | (220.5 | ) | (1,455.2 | ) | |||||||||||
Effect of foreign exchange rate changes | 2.8 | (0.6 | ) | (7.6 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 399.5 | 57.5 | (107.3 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 567.1 | 509.6 | 616.9 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 966.6 | $ | 567.1 | $ | 509.6 | |||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Number of reportable segments | ' | 4 | ' |
Number of common stock units issued during the initial public offering | 30,500,000 | ' | ' |
Net proceeds from initial public offering | $615.80 | ' | $615.80 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Collateralized Loan Obligations [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | ||||||||
Management Fees [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated VIEs, assets | $24,800,000,000 | ' | ' | ' | ' | ' | ' | ' |
Consolidated VIEs, liabilities | 16,800,000,000 | ' | ' | ' | ' | ' | ' | ' |
Investment in CLOs | ' | ' | ' | ' | ' | 68,900,000 | ' | ' |
Percentage of management fees earned - low end of range | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Percentage of management fees earned - high end of range | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Percentage of management fees earned on unrealized investments after termination of the investment period - low end of range | ' | ' | ' | ' | ' | ' | 0.60% | ' |
Percentage of management fee earned for unrealized investments after termination of the investment period - high end of range | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Period of time for which management fees will be received by partners from the initial closing date | '10 years | ' | ' | ' | ' | ' | ' | ' |
Extension period for fund closing | ' | ' | ' | ' | ' | ' | '1 year | '2 years |
Subsequent period in which management fees are recognized after these fees are called | '6 months | ' | ' | ' | ' | ' | ' | ' |
Percentage of management fees paid by hedge funds - low end of range | ' | ' | ' | ' | ' | ' | 1.50% | ' |
Percentage of management fees paid by hedge funds - high end of range | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Percentage of management fees for business development companies based on average daily gross assets | ' | ' | ' | ' | ' | ' | 0.25% | 1.00% |
Percentage of management fees on CLOs on the total par amount of assets in the fund - low end of range | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Percentage of management fees for CLOs on the total par amount of assets in the fund - high end of range | ' | ' | ' | ' | ' | ' | ' | 0.65% |
Period of management fees related to Collateralized Loan Obligation - low end of range | ' | ' | ' | ' | ' | ' | '5 years | ' |
Period of management fees related to Collateralized Loan Obligation - high end of range | ' | ' | ' | ' | ' | ' | ' | '10 years |
Percentage of management fees from funds of funds during the commitment fee period - low end of range | ' | ' | ' | ' | ' | ' | 0.30% | ' |
Percentage of management fees from funds of funds during the commitment fee period- high end of range | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Percentage of management fees from funds of funds following the expiration of the commitment fee period - low end of range | ' | ' | ' | ' | ' | ' | 0.30% | ' |
Percentage of management fees from funds of funds following the expiration of the commitment fee period - high end of range | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Percentage of management fees from funds of funds following the expiration of the weighted average investment period - low end of range | 0.30% | ' | ' | ' | ' | ' | ' | ' |
Percentage of management fees from funds of funds following the expiration of the weighted average investment period - high end of range | 1.00% | ' | ' | ' | ' | ' | ' | ' |
Transaction and advisory fees | 50,600,000 | 49,500,000 | 75,700,000 | ' | ' | ' | ' | ' |
Performance fees allocation percentage to partnership | 20.00% | ' | ' | ' | ' | ' | ' | ' |
External coinvestment vehicles | ' | ' | ' | ' | ' | ' | 10.00% | 20.00% |
Percentage of allocation based performance fees related to fund of funds vehicles - low end of range | 2.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of allocation based performance fees related to fund of funds vehicles - high end of range | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Accrued giveback obligations | 39,600,000 | 69,200,000 | ' | ' | ' | ' | ' | ' |
Interest income earned by partnership | 1,800,000 | 4,900,000 | 8,400,000 | ' | ' | ' | ' | ' |
Interest income of Consolidated Funds | 876,800,000 | 772,800,000 | 605,700,000 | ' | ' | ' | ' | ' |
Accrued performance fees due to employees and advisors included in accrued compensation | 1,700,000,000 | 900,000,000 | ' | ' | ' | ' | ' | ' |
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 | 55,200,000 | 59,200,000 | ' | ' | ' | ' | ' | ' |
Restricted cash for carried interest proceeds for one corporate private equity fund | 13,200,000 | 13,000,000 | ' | ' | ' | ' | ' | ' |
Restricted cash included in escrow related to tax contingency | 6,100,000 | 5,800,000 | ' | 4,400,000 | 4,400,000 | ' | ' | ' |
Cash received on behalf of a non-consolidated funds | 89,200,000 | ' | ' | ' | ' | ' | ' | ' |
Cash received to satisfy collateral requirements | 13,400,000 | 35,700,000 | ' | ' | ' | ' | ' | ' |
Restricted securities of Consolidated Funds | 12,300,000 | 600,000 | ' | ' | ' | ' | ' | ' |
Estimated useful life of other fixed assets | ' | ' | ' | ' | ' | ' | '3 years | '7 years |
Estimated useful life of finite lived intangible assets | ' | ' | ' | ' | ' | ' | '3 years | '10 years |
Foreign currency transaction gain (losses) before tax | ($5,800,000) | ($4,200,000) | $3,400,000 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Partnership's Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Investments | $765.30 | $881.20 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Investments | 364.8 | 398.2 |
Receivables | 132.4 | 43.5 |
Maximum Exposure to Loss | $497.20 | $441.70 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Unrealized losses on cash flow hedge instruments | ($1) | ($0.10) |
Currency translation adjustments | -8.5 | -3.3 |
Unrecognized losses on defined benefit plans | -1.7 | -1.4 |
Total | ($11.20) | ($4.80) |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 8 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2012 | Nov. 02, 2013 | Dec. 31, 2013 | Aug. 01, 2013 | Aug. 01, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Oct. 02, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | Contractual Agreements [Member] | Carlyle Holdings [Member] | Highland Capital Management [Member] | Metropolitan [Member] | Metropolitan [Member] | AlpInvest [Member] | AlpInvest [Member] | AlpInvest [Member] | Vermillion [Member] | Vermillion [Member] | |
Contractual Agreements [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Performance-Based [Member] | |||||||
EUR (€) | USD ($) | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of owner's interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 55.00% | ' |
Amount of capital commitments in acquired entity | ' | ' | ' | ' | ' | ' | ' | $2,600,000,000 | ' | ' | ' | ' | ' | ' |
Cash paid for acquisitions | ' | ' | ' | ' | ' | ' | ' | 12,800,000 | 12,800,000 | 6,000,000 | 4,500,000 | 6,000,000 | ' | 50,000,000 |
Number of Partnership common units issued as part of the transaction | ' | ' | ' | ' | ' | ' | ' | 67,338 | ' | 2,887,970 | 2,887,970 | ' | ' | ' |
Period for contingent consideration payable | ' | ' | ' | ' | ' | ' | ' | '2018 | ' | ' | ' | ' | ' | ' |
The Carlyle Group L.P. common units | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 2,100,000 | 80,800,000 | ' | 55,300,000 | ' | ' |
Potential total cash to be paid in the future upon achievement of certain performance conditions | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Value of common units to be issued as contingent consideration upon achievement of performance conditions | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Issuance of partnership units | 13,100,000 | 16,600,000 | ' | ' | ' | 597,944 | ' | 52,889 | ' | ' | ' | ' | ' | ' |
Carlyle Holdings partnership units | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' |
Partnership unit vesting period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Amount of cash to be paid through 2018 upon achievement of certain performance conditions | 86,700,000 | 7,000,000 | 86,700,000 | ' | ' | ' | ' | 10,400,000 | ' | ' | ' | ' | ' | ' |
Value of partnership units issuable through 2023 upon achievement of certain performance conditions | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' |
Issuable period of Carlyle Holdings units | ' | ' | ' | ' | ' | ' | ' | '2023 | ' | ' | ' | ' | ' | ' |
Acquisitions expenses | ' | 1,100,000 | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' |
Amortization of finite-lived intangible assets, duration | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase to non-controlling interests in Carlyle Holdings due to effect of dilution | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' |
Additional ownership percentage acquired in the current year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | ' | ' | ' |
Option vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' |
Common units issued to AlpInvest employees that are subject to vesting conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 914,087 | 914,087 | ' | ' | ' |
Common units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | ' |
Common units not subject to vesting conditions issued to sellers | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,973,883 | 1,973,883 | ' | ' | ' |
Common units issued not subject to vesting condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,300,000 | ' | ' | ' | ' |
Newly issued common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,887,970 | ' | ' |
Number of concurrently acquired Carlyle Holdings partnership units | ' | ' | ' | ' | ' | 2,140,434 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional Carlyle Holdings partnership units to be acquired in the future | ' | ' | ' | ' | ' | 747,536 | ' | ' | ' | ' | ' | ' | ' | ' |
Contingently issuable Carlyle Holdings partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,440,276 |
Period of consideration for contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 3 months | '5 years 3 months |
Contingently issuable units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,600,000 | ' |
Contingent cash consideration | ' | 1,114,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,300,000 |
Cash paid to purchase of CLOs management contracts | ' | ' | $41,000,000 | $8,100,000 | ' | ' | € 32,400,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Fair_Value_of_Con
Acquisitions - Fair Value of Consideration Transferred and Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Metropolitan [Member] | Metropolitan [Member] | ||
Acquisition-date fair value of consideration transferred | ' | ' | ' | ' |
Cash | ' | ' | $12.80 | $12.80 |
The Carlyle Group L.P. common units | ' | ' | 2.1 | 2.1 |
Contingent cash and equity consideration | ' | ' | ' | 7 |
Total | ' | ' | ' | 21.9 |
Estimated fair value of assets acquired and liabilities assumed | ' | ' | ' | ' |
Cash | ' | ' | ' | 2.6 |
Other assets | ' | ' | ' | 0.8 |
Finite-lived intangible assets-contractual rights | ' | ' | ' | 22.5 |
Goodwill | 40.3 | 37 | 2.9 | 2.9 |
Deferred tax liabilities | ' | ' | ' | -0.1 |
Other liabilities | ' | ' | ' | -6.8 |
Total | ' | ' | ' | $21.90 |
Acquisitions_Adjustment_to_Par
Acquisitions - Adjustment to Partners' Capital (Detail) (AlpInvest [Member]) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 01, 2013 | Aug. 01, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | USD ($) | |
Acquisition-date fair value of consideration transferred: | ' | ' | ' |
The Carlyle Group L.P. common units not subject to vesting | $80.80 | ' | $55.30 |
Cash | 6 | 4.5 | 6 |
Total | ' | ' | 61.3 |
Carrying value of non-controlling interest acquired | ' | ' | -33.1 |
Excess of fair value of consideration transferred over carrying value of non-controlling interests acquired | ' | ' | 28.2 |
Acquisition costs | ' | ' | 1.1 |
Net decrease to partners' capital | ' | ' | $29.30 |
Acquisitions_Summary_of_Adjust
Acquisitions - Summary of Adjustments within Partners' Capital Related to Transaction (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Partners' Capital [Member] | ' |
Business Acquisition [Line Items] | ' |
The Carlyle Group L.P. vested common units issued not subject to vesting | $55.30 |
Acquisition of non-controlling interests in AlpInvest | -29.3 |
Dilution associated with non-controlling interests in Carlyle Holdings | -22.1 |
Total increase (decrease) | 3.9 |
Carlyle Holdings [Member] | ' |
Business Acquisition [Line Items] | ' |
Dilution associated with non-controlling interests in Carlyle Holdings | 22.1 |
Total increase (decrease) | 22.1 |
Non-Controlling Interests in Consolidated Entities [Member] | ' |
Business Acquisition [Line Items] | ' |
Acquisition of non-controlling interests in AlpInvest | -33.1 |
Total increase (decrease) | ($33.10) |
Fair_Value_Measurement_Partner
Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | $26,905.60 | $24,836.30 |
Loans payable of Consolidated Funds | 15,220.70 | 13,656.70 |
Loans payable of a consolidated real estate VIE | 122.1 | ' |
Interest rate swaps | 6.3 | 10.5 |
Derivative instruments of the CLOs | 13.1 | 15.8 |
Contingent consideration | 201.6 | 244.3 |
Total Liabilities | 15,563.80 | 13,927.30 |
Equity Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 3,348.60 | 3,379.90 |
Bonds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 1,249.50 | 934.2 |
Loans [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 14,067.80 | 13,290.10 |
Partnership and LLC Interests [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 3,815.20 | 4,315.50 |
Hedge Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 4,403.30 | 2,888.70 |
Other [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 2 | 7.3 |
Investments of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 26,886.40 | 24,815.70 |
Trading Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 6.9 | 20 |
Restricted Securities of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 12.3 | 0.6 |
Level I [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 614.2 | 873.4 |
Level I [Member] | Equity Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 610.5 | 872.8 |
Level I [Member] | Investments of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 610.5 | 872.8 |
Level I [Member] | Restricted Securities of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 3.7 | 0.6 |
Level II [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 4,427.30 | 2,920.70 |
Interest rate swaps | 6.3 | 10.5 |
Contingent consideration | 15.7 | 57.6 |
Total Liabilities | 22 | 68.1 |
Level II [Member] | Equity Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 24 | 32 |
Level II [Member] | Hedge Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 4,403.30 | 2,888.70 |
Level II [Member] | Investments of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 4,427.30 | 2,920.70 |
Level III [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 21,864.10 | 21,042.20 |
Loans payable of Consolidated Funds | 15,220.70 | 13,656.70 |
Loans payable of a consolidated real estate VIE | 122.1 | ' |
Derivative instruments of the CLOs | 13.1 | 15.8 |
Contingent consideration | 185.9 | 186.7 |
Total Liabilities | 15,541.80 | 13,859.20 |
Level III [Member] | Equity Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 2,714.10 | 2,475.10 |
Level III [Member] | Bonds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 1,249.50 | 934.2 |
Level III [Member] | Loans [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 14,067.80 | 13,290.10 |
Level III [Member] | Partnership and LLC Interests [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 3,815.20 | 4,315.50 |
Level III [Member] | Other [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 2 | 7.3 |
Level III [Member] | Investments of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 21,848.60 | 21,022.20 |
Level III [Member] | Trading Securities [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | 6.9 | 20 |
Level III [Member] | Restricted Securities of Consolidated Funds [Member] | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Total Assets | $8.60 | ' |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Maximum lag period for which the partnership investments in funds are valued | '90 days |
Fair_Value_Measurement_Financi
Fair Value Measurement - Financial Instruments Measured at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | $21,042.20 | $16,828.50 |
Initial consolidation of funds | 71.3 | 2,595.90 |
Transfers in | 11.4 | ' |
Transfers out | -12 | -145.6 |
Purchases | 9,782.70 | 7,476 |
Sales | -5,238.70 | -4,032.30 |
Settlements | -5,248.80 | -3,614.40 |
Realized and unrealized gains (losses), net | 1,456 | 1,934.10 |
Balance, end of period | 21,864.10 | 21,042.20 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 41.5 | 1,621.90 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 2,475.10 | 1,868.90 |
Initial consolidation of funds | ' | 76.9 |
Transfers in | 2.9 | ' |
Transfers out | -12 | -145.6 |
Purchases | 201.8 | 67.7 |
Sales | -312.3 | -290.4 |
Realized and unrealized gains (losses), net | 358.6 | 897.6 |
Balance, end of period | 2,714.10 | 2,475.10 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 349 | 1,197.40 |
Bonds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 934.2 | 557 |
Initial consolidation of funds | ' | 262.6 |
Purchases | 859.7 | 443.3 |
Sales | -648.8 | -426.1 |
Realized and unrealized gains (losses), net | 104.4 | 97.4 |
Balance, end of period | 1,249.50 | 934.2 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 34.2 | 53.5 |
Loans [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 13,290.10 | 10,152.60 |
Initial consolidation of funds | ' | 2,256.40 |
Purchases | 8,390.60 | 6,497.50 |
Sales | -2,814.60 | -2,397.80 |
Settlements | -5,248.80 | -3,614.40 |
Realized and unrealized gains (losses), net | 450.5 | 395.8 |
Balance, end of period | 14,067.80 | 13,290.10 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | 130.6 | 109.2 |
Partnership and LLC Interests [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 4,315.50 | 4,198.60 |
Initial consolidation of funds | 60.9 | ' |
Purchases | 261.5 | 467.5 |
Sales | -1,438.90 | -900.3 |
Realized and unrealized gains (losses), net | 616.2 | 549.7 |
Balance, end of period | 3,815.20 | 4,315.50 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | -387.8 | 259.6 |
Other [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 7.3 | 20.8 |
Initial consolidation of funds | 10.4 | ' |
Purchases | 69.1 | ' |
Sales | -9.6 | -2 |
Realized and unrealized gains (losses), net | -75.2 | -11.5 |
Balance, end of period | 2 | 7.3 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | -83.6 | -2.9 |
Trading Securities and Other [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 20 | 30.6 |
Sales | -14.5 | -15.7 |
Realized and unrealized gains (losses), net | 1.4 | 5.1 |
Balance, end of period | 6.9 | 20 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | -1 | 5.1 |
Restricted Securities of Consolidated Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers in | 8.5 | ' |
Realized and unrealized gains (losses), net | 0.1 | ' |
Balance, end of period | 8.6 | ' |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $0.10 | ' |
Fair_Value_Measurement_Transfe
Fair Value Measurement - Transfer Out of Level lll of Financial Liabilities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | $13,859.20 | $10,121.60 |
Initial consolidation of a real estate VIE | 123.8 | ' |
Initial consolidation of funds | ' | 629.7 |
Contingent consideration from acquisition | 7 | 54 |
Transfers out | -3.7 | -37.8 |
Borrowings | 3,141.60 | 3,808.40 |
Paydowns | -2,573.40 | -1,701.20 |
Sales | -8.4 | -0.2 |
Realized and unrealized (gains) losses, net | 995.7 | 984.7 |
Balance, end of period | 15,541.80 | 13,859.20 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | 625.2 | 834.4 |
Loans Payable of Consolidated Funds [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 13,656.70 | 9,689.90 |
Initial consolidation of funds | ' | 625.1 |
Borrowings | 3,129.80 | 3,808.40 |
Paydowns | -2,534.20 | -1,429.70 |
Realized and unrealized (gains) losses, net | 968.4 | 963 |
Balance, end of period | 15,220.70 | 13,656.70 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | 608.7 | 792.4 |
Derivative Instruments of Consolidated Funds [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 15.8 | ' |
Initial consolidation of funds | ' | 4.6 |
Sales | -8.4 | -0.2 |
Realized and unrealized (gains) losses, net | 5.7 | 11.4 |
Balance, end of period | 13.1 | 15.8 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | -5 | 34.9 |
Subordinated Loan Payable to Affiliate [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | ' | 262.5 |
Paydowns | ' | -260 |
Realized and unrealized (gains) losses, net | ' | -2.5 |
Contingent Cash Consideration [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of period | 186.7 | 169.2 |
Contingent consideration from acquisition | 7 | 54 |
Transfers out | ' | -37.8 |
Paydowns | -21.6 | -11.5 |
Realized and unrealized (gains) losses, net | 13.8 | 12.8 |
Balance, end of period | 185.9 | 186.7 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | 13.7 | 7.1 |
Loans Payable of a Consolidated Real Estate VIE [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Initial consolidation of a real estate VIE | 123.8 | ' |
Transfers out | -3.7 | ' |
Borrowings | 11.8 | ' |
Paydowns | -17.6 | ' |
Realized and unrealized (gains) losses, net | 7.8 | ' |
Balance, end of period | 122.1 | ' |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $7.80 | ' |
Fair_Value_Measurement_Quantit
Fair Value Measurement - Quantitative Information about Partnership's Level III Inputs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Loans [Member] | Trading Securities and Other [Member] | Trading Securities and Other [Member] | Restricted Securities of Consolidated Funds [Member] | Partnership and LLC Interests [Member] | Other [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | Level III [Member] | ||
Comparable Multiple 1 [Member] | Comparable Multiple 2 [Member] | Comparable Multiple 3 [Member] | Consensus Pricing [Member] | Discounted Cash Flow [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Market Yield Analysis [Member] | Comparable Multiple 1 [Member] | Discounted Cash Flow [Member] | Consensus Pricing [Member] | NAV of Underlying Fund [Member] | Various [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Consensus Pricing [Member] | Discounted Cash Flow [Member] | Counterparty Pricing [Member] | Discounted Cash Flow [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Restricted Securities of Consolidated Funds [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Restricted Securities of Consolidated Funds [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Restricted Securities of Consolidated Funds [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Bonds [Member] | Bonds [Member] | Loans [Member] | Loans [Member] | Loans [Member] | Loans [Member] | Trading Securities and Other [Member] | Trading Securities and Other [Member] | Trading Securities and Other [Member] | Trading Securities and Other [Member] | Trading Securities and Other [Member] | Restricted Securities of Consolidated Funds [Member] | Partnership and LLC Interests [Member] | Partnership and LLC Interests [Member] | Other [Member] | Other [Member] | Investments of Consolidated Funds [Member] | Investments of Consolidated Funds [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Combination Notes [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | Derivative Instruments of Consolidated Funds [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Contingent Cash Consideration [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||
Multiplier | Multiplier | Multiplier | Multiplier | Multiplier | Multiplier | Comparable Multiple 1 [Member] | Comparable Multiple 1 [Member] | Comparable Multiple 2 [Member] | Comparable Multiple 2 [Member] | Comparable Multiple 3 [Member] | Comparable Multiple 3 [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Market Yield Analysis [Member] | Market Yield Analysis [Member] | Comparable Multiple 1 [Member] | Comparable Multiple 1 [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Dealer Pricing [Member] | Consensus Pricing [Member] | NAV of Underlying Fund [Member] | NAV of Underlying Fund [Member] | Various [Member] | Various [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Discounted Cash Flow with Consensus Pricing [Member] | Consensus Pricing [Member] | Consensus Pricing [Member] | Discounted Cash Flow [Member] | Counterparty Pricing [Member] | Counterparty Pricing [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | Equity Securities [Member] | Bonds [Member] | Loans [Member] | Trading Securities and Other [Member] | Senior Secured Notes [Member] | Subordinated Notes and Preferred Shares [Member] | Combination Notes [Member] | Derivative Instruments of Consolidated Funds [Member] | Contingent Cash Consideration [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiplier | Multiplier | Multiplier | Multiplier | Multiplier | Multiplier | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,864.10 | $21,042.20 | $2,479.60 | $2,311.50 | $169.70 | $69.40 | $10.20 | $15.40 | $24.10 | $33.80 | $30.50 | $45 | $1,249.50 | $934.20 | $13,858.60 | $12,952.90 | $209.20 | $337.20 | $5 | $6.20 | $1.90 | $2.60 | $11.20 | $8.60 | $3,815.20 | $4,315.50 | $2 | $7.30 | $21,848.60 | $21,022.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indicative Quotes Range Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86.00% | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | 86.00% | ' | ' | ' | ' | 108.00% | ' | ' | ' | ' | ' | 86.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | 104.00% | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
Discount to Expected Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed Range Percentage of Total Potential Contingent Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 79.00% |
Fair value of liabilities | $15,563.80 | $13,927.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,541.80 | $13,859.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,910.40 | $12,658.40 | $1,294 | $996.90 | $16.30 | $1.40 | $122.10 | $13.10 | $15.80 | $185.90 | $186.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indicative Quotes Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | 40.00% | 0.00% | 93.00% | ' | ' | ' | ' | 130.00% | 158.00% | ' | ' | 101.00% | 102.00% | 100.00% | ' | ' | ' | ' | 100.00% | 98.00% | ' | ' | 98.00% | 60.00% | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 83.00% | 30.00% | 7.00% | 96.00% | ' | ' | ' | 125.00% | 124.00% | 83.00% | 104.00% | 120.00% | 97.00% | ' | ' | ' | 94.00% | 94.00% | 83.00% | 93.00% | 42.00% | 96.00% | ' | ' |
Recovery Rates Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.00% | 62.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | 58.00% | 53.00% | ' | ' | ' |
Discount Rate Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 7.00% | ' | 2.00% | 9.00% | ' | 20.00% | ' | 1.00% | 12.00% | ' | ' | 7.00% | ' | 10.00% | 25.00% | ' | 30.00% | ' | 32.00% | 11.00% | ' | ' | 7.00% | ' | 3.00% | 16.00% | ' | 23.00% | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | 7.00% | 2.00% | 11.00% | ' | ' | 2.00% | 15.00% | ' | ' | 7.00% | 22.00% | 40.00% | ' | ' | 35.00% | 11.00% | ' | ' | 7.00% | 4.00% | 29.00% | ' | ' | 17.00% |
Default Rates Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' |
Indicative Quotes Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $2,700 | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
LTM EBITDA Multiple Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' | 5.9 | ' | ' | ' | ' | ' | ' | ' | 15.5 | ' | ' | 5.9 | ' | ' | ' | ' | ' | ' | ' | 10.8 | ' | ' | 5.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' | 5.6 | ' | ' | ' | ' | ' | 13.5 | ' | ' | 5.6 | ' | ' | ' | ' | ' | 9.7 | ' | ' | 5.6 | ' | ' | ' | ' | ' |
Book Value Multiple Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Price Earnings Multiple Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.5 | ' | ' | ' | ' | ' | ' | ' | ' | 13.5 | ' | ' | ' | ' | ' | ' | ' | ' | 13.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Exit Cap Rate Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Market Yield Range Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Fair Value Measurements Valuation Technique of Assets | ' | ' | 'Comparable Multiple | 'Comparable Multiple | 'Comparable Multiple | 'Consensus Pricing | 'Discounted Cash Flow | 'Consensus Pricing | 'Consensus Pricing | 'Market Yield Analysis | 'Comparable Multiple | 'Discounted Cash Flow | 'Consensus Pricing | 'NAV of Underlying Fund | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Comparable Multiple | ' | 'Comparable Multiple | ' | 'Comparable Multiple | ' | 'Consensus Pricing | ' | 'Discounted Cash Flow | ' | 'Consensus Pricing | ' | 'Consensus Pricing | ' | 'Market Yield Analysis | ' | 'Comparable Multiple | ' | 'Discounted Cash Flow | 'Dealer Pricing | ' | ' | 'NAV of Underlying Fund | ' | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurements Valuation Technique of Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Discounted Cash Flow with Consensus Pricing | 'Discounted Cash Flow with Consensus Pricing | 'Consensus Pricing | 'Discounted Cash Flow | 'Counterparty Pricing | 'Discounted Cash Flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Discounted Cash Flow with Consensus Pricing | ' | 'Discounted Cash Flow with Consensus Pricing | ' | 'Consensus Pricing | ' | ' | 'Counterparty Pricing | ' | 'Discounted Cash Flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Performance_Fees_Compo
Accrued Performance Fees - Components of Accrued Performance Fees (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Performance Fees Disclosure [Line Items] | ' | ' |
Accrued performance fees | $3,653.60 | $2,192.50 |
Corporate Private Equity [Member] | ' | ' |
Accrued Performance Fees Disclosure [Line Items] | ' | ' |
Accrued performance fees | 2,830.40 | 1,667.30 |
Global Market Strategies [Member] | ' | ' |
Accrued Performance Fees Disclosure [Line Items] | ' | ' |
Accrued performance fees | 167.2 | 69.5 |
Real Assets [Member] | ' | ' |
Accrued Performance Fees Disclosure [Line Items] | ' | ' |
Accrued performance fees | 277.2 | 250.1 |
Solutions [Member] | ' | ' |
Accrued Performance Fees Disclosure [Line Items] | ' | ' |
Accrued performance fees | $378.80 | $205.60 |
Accrued_Performance_Fees_Addit
Accrued Performance Fees - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Funds | Funds | ||
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of accrued performance fees related to certain Corporate Private Equity funds | 62.00% | 61.00% | ' |
Number of Partnership's Corporate Private Equity funds related to accrued performance fees | 3 | 2 | ' |
Percentage of performance fees related to certain Corporate Private Equity funds | 63.00% | 62.00% | 86.00% |
Performance fees related to certain Corporate Private Equity funds | $1,500 | $647.80 | $964.20 |
Number of Partnership's Corporate Private Equity funds related to performance fees | 3 | 3 | ' |
Carlyle Asia Partners II, L.P [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue recognized on certain Corporate Private Equity funds | ' | 140 | ' |
Carlyle Partners IV, L.P. [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue recognized on certain Corporate Private Equity funds | 419.1 | 274.1 | 536 |
Carlyle Partners V, L.P. [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue recognized on certain Corporate Private Equity funds | 725.2 | 482.4 | 678.5 |
Carlyle Global Financial Services Partners, L.P. [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue recognized on certain Corporate Private Equity funds | $580.80 | ' | ' |
Accrued_Performance_Fees_Compo1
Accrued Performance Fees - Components of Accrued Giveback Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Accrued giveback obligations | ($39.60) | ($69.20) |
Corporate Private Equity [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accrued giveback obligations | -10.4 | -18.9 |
Global Market Strategies [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accrued giveback obligations | -2.1 | -2.1 |
Real Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Accrued giveback obligations | ($27.10) | ($48.20) |
Accrued_Performance_Fees_Perfo
Accrued Performance Fees - Performance Fees (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Performance Fees | $2,375.30 | $1,041.10 | $1,121.60 |
Corporate Private Equity [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Performance Fees | 1,907.40 | 786.1 | 845.8 |
Global Market Strategies [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Performance Fees | 208.2 | 99.6 | 145.9 |
Real Assets [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Performance Fees | 79.7 | 90.7 | 150.4 |
Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Performance Fees | $180 | $64.70 | ($20.50) |
Investments_Investments_Detail
Investments - Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments Schedule [Abstract] | ' | ' |
Equity method investments, excluding accrued performance fees | $751.10 | $855.10 |
Trading securities and other investments | 14.2 | 26.1 |
Total investments | $765.30 | $881.20 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Collateralized_Loan_Obligations | ||||
Investment [Line Items] | ' | ' | ' | ' |
Percentage of management fee revenue allocated to Carlyle | ' | 55.00% | ' | ' |
Percentage of carried interest income to be allocated to Partnership for future interests in future carry funds | ' | 7.50% | ' | ' |
Additional investment in partnership | ' | $7.50 | ' | ' |
Additional investment percentage | ' | 7.50% | ' | ' |
Number of years until Carlyle can purchase the remaining interests in NGP Management | ' | '13 years | ' | ' |
Issuance of partnership units | 13,100,000 | 16,600,000 | ' | ' |
Partnership vested period | ' | '5 years | ' | ' |
Consideration amount upon the termination of the investment period of the NGP X Fund | ' | 7.5 | ' | ' |
Investment earnings | ' | -42.6 | 41.5 | 81.4 |
Partnership's basis difference based on underlying net assets | 259.8 | 199.6 | 259.8 | ' |
Basis difference amortization period | ' | '10 years | ' | ' |
Trading securities | 26.1 | 14.2 | 26.1 | ' |
Number of collateralized loan obligations | ' | 6 | ' | ' |
Total assets of the CLOs that were formed during the year | ' | 3,500 | ' | ' |
Minimum percent of aggregate assets for individual investments with fair value | ' | 5.00% | ' | ' |
Corporate Mezzanine Securities and Bonds [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Trading securities | 26.1 | 14.2 | 26.1 | ' |
NGP Investment [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Net investment income (loss) | ' | 14 | ' | ' |
Investment earnings | ' | 63.2 | ' | ' |
Investment expenses | ' | 77.2 | ' | ' |
ECM Capital, L.P. [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Contingent consideration | ' | 45 | ' | ' |
Barclays Natural Resource Investments [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Contingent consideration | ' | 183 | ' | ' |
Barclays Natural Resource Investments [Member] | ECM Capital, L.P. [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Purchase price | ' | 384 | ' | ' |
Issuance of partnership units | ' | 996,572 | ' | ' |
Carlyle Holdings [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Issuance of partnership units | ' | 597,944 | ' | ' |
Value of additional partnership units to be issued upon the satisfaction of certain performance conditions | ' | 15 | ' | ' |
Option Exercisable between July 1, 2014 and July 1, 2015 [Member] | Minimum [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds | ' | 65 | ' | ' |
Option Exercisable between July 1, 2014 and July 1, 2015 [Member] | Maximum [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds | ' | 74 | ' | ' |
Option Exercisable between July 1, 2014 and July 1, 2015 [Member] | Barclays Natural Resource Investments [Member] | ECM Capital, L.P. [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Percentage of carried interest to be received if certain options to purchase additional interests are made | ' | 40.00% | ' | ' |
Option Exercisable from December 20, 2012 until January 1, 2015 [Member] | Minimum [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds | ' | 34 | ' | ' |
Option Exercisable from December 20, 2012 until January 1, 2015 [Member] | Maximum [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Range of estimated purchase price for additional interest in the general partner of one of the NGP funds | ' | $38 | ' | ' |
Option Exercisable from December 20, 2012 until January 1, 2015 [Member] | Barclays Natural Resource Investments [Member] | ECM Capital, L.P. [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Percentage of carried interest to be received if certain options to purchase additional interests are made | ' | 40.00% | ' | ' |
Management Fee-Related Revenues [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Percentage of management fee revenue allocated to Carlyle | ' | 47.50% | ' | ' |
Investments_Equity_Method_Inve
Investments - Equity Method Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Equity method investments | $751.10 | $855.10 |
Corporate Private Equity [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Equity method investments | 206.5 | 251.6 |
Global Market Strategies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Equity method investments | 25.1 | 18 |
Real Assets [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Equity method investments | $519.50 | $585.50 |
Investments_Partnerships_Equit
Investments - Partnership's Equity Method Investees, Summarized Statement of Income Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment income | $1,933.60 | $1,401.30 | $1,060.40 |
Expenses | 1,069.50 | 972.8 | 938.1 |
Net investment income (loss) | 864.1 | 428.5 | 122.3 |
Net realized and unrealized gain (loss) | 10,310.40 | 7,057 | 6,631.70 |
Net income (loss) | 11,174.50 | 7,485.50 | 6,754 |
Corporate Private Equity [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment income | 699.7 | 733.3 | 496.7 |
Expenses | 495.9 | 526 | 497.7 |
Net investment income (loss) | 203.8 | 207.3 | -1 |
Net realized and unrealized gain (loss) | 9,795.50 | 5,401.90 | 4,320.70 |
Net income (loss) | 9,999.30 | 5,609.20 | 4,319.70 |
Global Market Strategies [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment income | 199.3 | 150.9 | 127.5 |
Expenses | 65 | 65.3 | 37.5 |
Net investment income (loss) | 134.3 | 85.6 | 90 |
Net realized and unrealized gain (loss) | 305.2 | 297.1 | 79.3 |
Net income (loss) | 439.5 | 382.7 | 169.3 |
Real Assets [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment income | 1,034.60 | 517.1 | 436.2 |
Expenses | 508.6 | 381.5 | 402.9 |
Net investment income (loss) | 526 | 135.6 | 33.3 |
Net realized and unrealized gain (loss) | 209.7 | 1,358 | 2,231.70 |
Net income (loss) | $735.70 | $1,493.60 | $2,265 |
Investments_Partnerships_Equit1
Investments - Partnership's Equity Method Investees, Summarized Balance Sheet Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Investments | $66,871.80 | $64,615.10 |
Total assets | 70,366.70 | 66,721.40 |
Debt | 1,557 | 1,509.50 |
Other liabilities | 948.3 | 528.9 |
Total liabilities | 2,505.30 | 2,038.40 |
Partners' capital | 67,861.40 | 64,683 |
Corporate Private Equity [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 38,269.20 | 34,959.50 |
Total assets | 40,368.20 | 35,937.10 |
Debt | 232.1 | 11.8 |
Other liabilities | 328.5 | 261.9 |
Total liabilities | 560.6 | 273.7 |
Partners' capital | 39,807.60 | 35,663.40 |
Global Market Strategies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 2,091.10 | 1,739.70 |
Total assets | 2,719.60 | 2,074.70 |
Debt | 173.7 | 59.4 |
Other liabilities | 175.5 | 15.8 |
Total liabilities | 349.2 | 75.2 |
Partners' capital | 2,370.40 | 1,999.50 |
Real Assets [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 26,511.50 | 27,915.90 |
Total assets | 27,278.90 | 28,709.60 |
Debt | 1,151.20 | 1,438.30 |
Other liabilities | 444.3 | 251.2 |
Total liabilities | 1,595.50 | 1,689.50 |
Partners' capital | $25,683.40 | $27,020.10 |
Investments_Components_of_Inve
Investments - Components of Investment Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Schedule [Abstract] | ' | ' | ' |
Income from equity investments | $14.20 | $32.70 | $70.50 |
Income from trading securities | 4.2 | 5.7 | 8.4 |
Other investment income (loss) | 0.4 | -2 | -0.5 |
Total investment income (loss) | $18.80 | $36.40 | $78.40 |
Investments_Carlyles_Income_Lo
Investments - Carlyle's Income (Loss) from Equity-Method Investments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Investments [Line Items] | ' | ' | ' |
Income (loss) from equity investments | $14.20 | $32.70 | $70.50 |
Corporate Private Equity [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Income (loss) from equity investments | 59.2 | 35.7 | 57.3 |
Global Market Strategies [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Income (loss) from equity investments | 4.6 | 1.2 | 0.9 |
Real Assets [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Income (loss) from equity investments | ($49.60) | ($4.20) | $12.30 |
Investments_Investments_Held_b
Investments - Investments Held by Consolidated Funds (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Total loans | $15,220.70 | $13,656.70 |
Total assets of the CLOs | 3,500 | ' |
Investments | 26,905.60 | 24,836.30 |
Total Investments | 26,886.40 | 24,815.70 |
Percentage of investments | 100.00% | 100.00% |
United States [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 1,600.50 | 1,726 |
Total loans | 209.2 | 335.4 |
Total assets of the CLOs | 9,235.40 | 8,734.50 |
Investments | 17,899.30 | 16,610 |
Percentage of equity securities | 5.95% | 6.95% |
Percentage of loans | 0.78% | 1.35% |
Percentage of assets of the CLOs | 34.35% | 35.19% |
Percentage of investments | 66.57% | 66.93% |
United States [Member] | Accommodation and Food Services [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 58.3 | 20.2 |
Percentage of equity securities | 0.22% | 0.08% |
United States [Member] | Administrative Support, Waste Management, Remediation Services [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 281.1 | 255.9 |
Total loans | 30 | 31 |
Percentage of equity securities | 1.05% | 1.03% |
Percentage of loans | 0.11% | 0.12% |
United States [Member] | Finance and Insurance [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 89.9 | 75.9 |
Total loans | 41.4 | 44.2 |
Percentage of equity securities | 0.33% | 0.31% |
Percentage of loans | 0.16% | 0.18% |
United States [Member] | Health Care and Social Assistance [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 50 | 42.1 |
Percentage of equity securities | 0.19% | 0.17% |
United States [Member] | Information [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 125.6 | 76.5 |
Percentage of equity securities | 0.47% | 0.31% |
United States [Member] | Manufacturing [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 373.3 | 340.4 |
Total loans | 56.4 | 21.2 |
Percentage of equity securities | 1.39% | 1.37% |
Percentage of loans | 0.21% | 0.09% |
United States [Member] | Professional, Scientific, Technical Services [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 466.5 | 610.9 |
Total loans | 1 | 107.7 |
Percentage of equity securities | 1.73% | 2.46% |
Percentage of loans | 0.00% | 0.43% |
United States [Member] | Retail Trade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 28.1 | 127.7 |
Percentage of equity securities | 0.10% | 0.51% |
United States [Member] | Wholesale Trade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 62.6 | 116.6 |
Total loans | 59.7 | 72 |
Percentage of equity securities | 0.23% | 0.47% |
Percentage of loans | 0.22% | 0.29% |
United States [Member] | Other Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 65.1 | 59.8 |
Total loans | 20.7 | 59.3 |
Percentage of equity securities | 0.24% | 0.24% |
Percentage of loans | 0.08% | 0.24% |
United States [Member] | Fund Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total Partnership and LLC interests | 2,450.90 | 2,925.40 |
Investment in Hedge Funds | 4,403.30 | 2,888.70 |
Percentage of Partnership and LLC Interests | 9.11% | 11.79% |
Percentage of investments | 16.38% | 11.65% |
United States [Member] | Bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 284.6 | 290.8 |
Percentage of assets of the CLOs | 1.06% | 1.17% |
United States [Member] | Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 24.5 | 35 |
Percentage of assets of the CLOs | 0.09% | 0.14% |
United States [Member] | Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 8,926.30 | 8,408.70 |
Percentage of assets of the CLOs | 33.20% | 33.88% |
Europe [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 1,381.20 | 1,413.60 |
Total assets of the CLOs | 5,637.10 | 4,863.80 |
Total Investments | 7,898.40 | 7,175.60 |
Percentage of equity securities | 5.14% | 5.70% |
Percentage of assets of the CLOs | 20.97% | 19.60% |
Percentage of investments | 29.38% | 28.92% |
Europe [Member] | Administrative Support, Waste Management, Remediation Services [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 110.2 | 104.2 |
Percentage of equity securities | 0.41% | 0.42% |
Europe [Member] | Health Care and Social Assistance [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 90.9 | 85.7 |
Percentage of equity securities | 0.34% | 0.35% |
Europe [Member] | Information [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 63.3 | 98.6 |
Percentage of equity securities | 0.24% | 0.40% |
Europe [Member] | Manufacturing [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 231.4 | 476.7 |
Percentage of equity securities | 0.86% | 1.92% |
Europe [Member] | Retail Trade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 333.1 | 233.9 |
Percentage of equity securities | 1.24% | 0.94% |
Europe [Member] | Wholesale Trade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 108.2 | 109.3 |
Percentage of equity securities | 0.40% | 0.44% |
Europe [Member] | Other Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 444.1 | 305.2 |
Percentage of equity securities | 1.65% | 1.23% |
Europe [Member] | Fund Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total Partnership and LLC interests | 880.1 | 898.2 |
Percentage of investments | 3.27% | 3.62% |
Europe [Member] | Bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 932.8 | 628.7 |
Percentage of assets of the CLOs | 3.48% | 2.53% |
Europe [Member] | Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 3.6 | 0.3 |
Percentage of assets of the CLOs | 0.01% | 0.00% |
Europe [Member] | Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 4,698.70 | 4,227.50 |
Percentage of assets of the CLOs | 17.47% | 17.04% |
Europe [Member] | Other Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 2 | 7.3 |
Percentage of assets of the CLOs | 0.01% | 0.03% |
Global [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 265.7 | 331.4 |
Total Investments | 1,088.70 | 1,030.10 |
Percentage of assets of the CLOs | 0.99% | 1.34% |
Percentage of investments | 4.05% | 4.15% |
Global [Member] | Manufacturing [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total equity securities | 338.8 | 206.8 |
Percentage of equity securities | 1.26% | 0.83% |
Global [Member] | Fund Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total Partnership and LLC interests | 484.2 | 491.9 |
Percentage of Partnership and LLC Interests | 1.80% | 1.98% |
Global [Member] | Bonds [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | 32.1 | 14.7 |
Percentage of assets of the CLOs | 0.12% | 0.06% |
Global [Member] | Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total assets of the CLOs | $233.60 | $316.70 |
Percentage of assets of the CLOs | 0.87% | 1.28% |
Investments_Investments_Held_b1
Investments - Investments Held by Consolidated Funds (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Cost of investments of Consolidated | $22,665.70 | $22,486 |
United States [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of equity securities | 1,731.90 | 1,901.60 |
Cost of partnership and LLC interests | 2,445 | 2,572.50 |
Cost of Loans | 285.4 | 390 |
Cost of assets of the CLOs | 9,192.90 | 8,720.70 |
Europe [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of equity securities | 1,239.40 | 1,617.80 |
Cost of assets of the CLOs | 5,898.60 | 5,397.40 |
Europe [Member] | Fund Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of partnership and LLC interests | 961.8 | 952 |
Global [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of assets of the CLOs | 261.8 | 328.6 |
Global [Member] | Manufacturing [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of equity securities | 126.9 | 89.6 |
Global [Member] | Fund Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost of partnership and LLC interests | $522 | $515.80 |
Investments_Interest_and_Other
Investments - Interest and Other Income of Consolidated Funds (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Schedule [Abstract] | ' | ' | ' |
Interest income from investments | $876.80 | $772.80 | $605.70 |
Other income | 166.3 | 130.7 | 108.3 |
Total | $1,043.10 | $903.50 | $714 |
Investments_Net_Investment_Gai
Investments - Net Investment Gains (Losses) of Consolidated Funds (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Holdings [Abstract] | ' | ' | ' |
Gains (losses) from investments of Consolidated Funds | $1,390.50 | $2,680.60 | ($260.80) |
Losses from liabilities of CLOs | -695.1 | -927.8 | -64.2 |
Gains on other assets of CLOs | 1.3 | 5.2 | 1.7 |
Total | $696.70 | $1,758 | ($323.30) |
Investments_Realized_and_Unrea
Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds [Abstract] | ' | ' | ' |
Realized gains | $662 | $829.50 | $658.80 |
Net change in unrealized gains (losses) | 728.5 | 1,851.10 | -919.6 |
Total | $1,390.50 | $2,680.60 | ($260.80) |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Acquired contractual rights | $826.10 | $797.70 |
Acquired trademarks | 6.9 | 6.8 |
Accumulated amortization | -290.5 | -150.4 |
Finite-lived intangible assets, net | 542.5 | 654.1 |
Goodwill | 40.3 | 37 |
Intangible assets, net | $582.80 | $691.10 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Metropolitan [Member] | Metropolitan [Member] | Corporate Private Equity [Member] | Real Assets [Member] | ||||
Goodwill | $40.30 | $37 | ' | $2.90 | $2.90 | $0 | $0 |
Percentage of partnership acquired | ' | ' | ' | ' | 100.00% | ' | ' |
Impairment loss | 20.8 | ' | ' | ' | ' | ' | ' |
Amortization expense on intangible assets | $117.90 | $85.60 | $60.90 | ' | ' | ' | ' |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill - Carrying Amount of Goodwill, by Segment (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Global Market Strategies [Member] | Global Market Strategies [Member] | Solutions [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2012 | $37 | $28 | $28 | $9 |
Goodwill acquired during the period | 2.9 | ' | ' | 2.9 |
Foreign currency translation | 0.4 | ' | ' | 0.4 |
Balance as of December 31, 2013 | $40.30 | $28 | $28 | $12.30 |
Intangible_Assets_and_Goodwill5
Intangible Assets and Goodwill - Estimated Future Amortization Expense, Excluding Impairment Losses (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $100.90 |
2015 | 97.7 |
2016 | 85.3 |
2017 | 79.1 |
2018 | 71.9 |
Thereafter | 107.6 |
Total | $542.50 |
Borrowings_Partnerships_Borrow
Borrowings - Partnership's Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | $942.40 | $886.30 |
Carrying Value | 940.6 | 886.3 |
Revolving Credit Facility [Member] | ' | ' |
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | ' | 386.3 |
Carrying Value | ' | 386.3 |
Term Loan Due 8/09/2018 [Member] | ' | ' |
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | 25 | 500 |
Carrying Value | 25 | 500 |
Term Loan [Member] | ' | ' |
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | 17.4 | ' |
Carrying Value | 17.4 | ' |
3.875% Senior Notes Due 2023 [Member] | ' | ' |
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | 500 | ' |
Carrying Value | 499.8 | ' |
5.625% Senior Notes Due 2043 [Member] | ' | ' |
Borrowings [Line Items] | ' | ' |
Borrowing Outstanding | 400 | ' |
Carrying Value | $398.40 | ' |
Borrowings_Partnerships_Borrow1
Borrowings - Partnership's Borrowings (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Term Loan Due 8/09/2018 [Member] | ' |
Borrowings [Line Items] | ' |
Loan maturity | 9-Aug-18 |
Term Loan [Member] | ' |
Borrowings [Line Items] | ' |
Loan maturity | 28-Sep-28 |
3.875% Senior Notes Due 2023 [Member] | ' |
Borrowings [Line Items] | ' |
Loan maturity | 1-Feb-23 |
Interest rate on senior notes | 3.88% |
5.625% Senior Notes Due 2043 [Member] | ' |
Borrowings [Line Items] | ' |
Loan maturity | 30-Mar-43 |
Interest rate on senior notes | 5.63% |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | 3.875% Senior Notes Due 2023 [Member] | 3.875% Senior Notes Due 2023 [Member] | 5.625% Senior Notes Due 2043 [Member] | 5.625% Senior Notes Due 2043 [Member] | Liquidity Facility Agreements [Member] | Term Loan Due 8/09/2018 [Member] | Term Loan Due 8/09/2018 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Principal and Interest Due in Quarterly Installment [Member] | New Term Loan [Member] | New Term Loan [Member] | Interest Rate Swaps Second [Member] | Interest Rate Swap [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | ||||||
Total Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity in term loan | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan maturity | ' | ' | ' | ' | 1-Feb-23 | ' | 30-Mar-43 | ' | ' | 9-Aug-18 | ' | ' | 30-Sep-14 | ' | ' | 9-Aug-18 | ' | ' | ' | 30-Sep-16 |
Maximum percentage of applicable margin in addition to base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' |
Term loan principal prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense under the senior credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | 20,400,000 | 20,900,000 | ' | ' | ' | ' | ' |
Deferred financing costs expensed upon prepayment of term loan | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing | ' | 942,400,000 | 886,300,000 | ' | ' | ' | ' | ' | ' | 25,000,000 | 500,000,000 | ' | ' | ' | ' | ' | 12,600,000 | 17,400,000 | ' | ' |
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.04% | ' | ' |
Maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Senior notes principal amount | ' | 305,300,000 | ' | ' | ' | 500,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes | ' | ' | ' | ' | ' | 3.88% | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes percentage of par value | ' | ' | ' | ' | ' | 99.97% | ' | 99.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of repayment of debt | ' | ' | ' | ' | 'Semi-annually on February 1 and August 1 | ' | 'Semi-annually on March 30 and September 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of first required interest payment | ' | ' | ' | ' | 1-Aug-13 | ' | 30-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes redemption terms percentage to principal amount | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate description | ' | ' | ' | ' | 'Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts | ' | 'Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | 45,500,000 | 24,600,000 | 60,600,000 | 18,900,000 | ' | 17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Fair Value Disclosure | ' | ' | ' | ' | 479,600,000 | ' | 398,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | 500,000,000 |
Accumulated other comprehensive loss related to cash flow hedges | ' | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-16 | ' |
Fair value of collateralized loan obligation assets | ' | 16,900,000,000 | 15,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing | ' | ' | ' | ' | ' | ' | ' | ' | $6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate for outstanding liquidity arrangements for certain CLOs | ' | ' | ' | ' | ' | ' | ' | ' | 'EURIBOR plus 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings_Outstanding_Loans_P
Borrowings - Outstanding Loans Payable of Consolidated Funds (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Borrowing Outstanding | $15,734.30 | $14,577.80 |
Fair Value | 15,220.70 | 13,656.70 |
Senior Secured Notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Borrowing Outstanding | 14,319.80 | 13,662.30 |
Fair Value | 13,910.40 | 12,658.40 |
Weighted Average Interest Rate | 1.41% | 1.30% |
Weighted Average Remaining Maturity in Years | '8 years 11 months 19 days | '8 years 9 months 18 days |
Subordinated Notes, Income Notes and Preferred Shares [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Borrowing Outstanding | 1,399.30 | 914.8 |
Fair Value | 1,294 | 996.9 |
Weighted Average Remaining Maturity in Years | '8 years 2 months 5 days | '8 years 2 months 19 days |
Combination Notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Borrowing Outstanding | 15.2 | 0.7 |
Fair Value | $16.30 | $1.40 |
Weighted Average Remaining Maturity in Years | '8 years 1 month 17 days | '8 years 9 months 22 days |
Contingent_Consideration_Chang
Contingent Consideration - Changes in Contingent Consideration Liabilities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Balance, beginning of period | $340.50 | $231.50 |
Contingent consideration from new acquisition / investments | 7 | 86.7 |
Change in carrying value | 43.3 | 46.9 |
Payments | -23.9 | -11.5 |
Issuances | -16.6 | -13.1 |
Balance, end of period | 350.3 | 340.5 |
Carlyle Consolidated [Member] | Performance-Based [Member] | Contingent Cash Consideration [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Balance, beginning of period | 158.6 | 98.6 |
Contingent consideration from new acquisition / investments | ' | 54 |
Change in carrying value | 12.5 | 15.3 |
Payments | -18.9 | -9.3 |
Balance, end of period | 152.2 | 158.6 |
Carlyle Consolidated [Member] | Performance-Based [Member] | Contingent Equity Consideration [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Balance, beginning of period | 57.6 | 37 |
Contingent consideration from new acquisition / investments | ' | 32.7 |
Change in carrying value | -23 | 1 |
Payments | -2.3 | ' |
Issuances | -16.6 | -13.1 |
Balance, end of period | 15.7 | 57.6 |
Carlyle Consolidated [Member] | Employment-Based [Member] | Contingent Cash Consideration [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Balance, beginning of period | 96.2 | 62.3 |
Change in carrying value | 52.5 | 33.9 |
Balance, end of period | 148.7 | 96.2 |
Non-Carlyle Personnel [Member] | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Balance, beginning of period | 28.1 | 33.6 |
Contingent consideration from new acquisition / investments | 7 | ' |
Change in carrying value | 1.3 | -3.3 |
Payments | -2.7 | -2.2 |
Balance, end of period | $33.70 | $28.10 |
Contingent_Consideration_Maxim
Contingent Consideration - Maximum Amounts of Cash Obligations with Business Acquisitions and Our Strategic Investment (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | $1,114.90 |
Liability Recognized on Financial Statements | 334.6 |
Options to Acquire Additional Investments in NGP [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 97.2 |
Contingent Cash Consideration [Member] | Performance-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 544.6 |
Liability Recognized on Financial Statements | 185.9 |
Contingent Cash Consideration [Member] | Employment-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 473.1 |
Liability Recognized on Financial Statements | 148.7 |
Business Acquisition [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 789.7 |
Business Acquisition [Member] | Contingent Cash Consideration [Member] | Performance-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 361.6 |
Business Acquisition [Member] | Contingent Cash Consideration [Member] | Employment-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 428.1 |
NGP Investment [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 325.2 |
NGP Investment [Member] | Options to Acquire Additional Investments in NGP [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 97.2 |
NGP Investment [Member] | Contingent Cash Consideration [Member] | Performance-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | 183 |
NGP Investment [Member] | Contingent Cash Consideration [Member] | Employment-Based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Contingent Cash Obligations | $45 |
Contingent_Consideration_Addit
Contingent Consideration - Additional Information (Detail) (Performance-Based [Member], Claren Road [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Performance-Based [Member] | Claren Road [Member] | ' |
Schedule Of Business Combination Purchase Price Allocation [Line Items] | ' |
New performance-based compensatory cash payment | $25 |
New performance-based compensatory cash payable year | '2018 |
Accrued_Compensation_and_Benef2
Accrued Compensation and Benefits - Accrued Compensation and Benefits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued performance fee-related compensation | $1,661.80 | $912 |
Accrued bonuses | 238 | 188.5 |
Employment-based contingent cash consideration | 148.7 | 96.2 |
Other | 204.5 | 121.5 |
Total | $2,253 | $1,318.20 |
Accrued_Compensation_and_Benef3
Accrued Compensation and Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Payables And Accruals [Abstract] | ' | ' | ' |
Defined benefit plan obligation | $58 | $52.30 | ' |
Defined benefit plan fair value of the plans' assets | 51.2 | 44.7 | ' |
Defined benefit plan liability | 6.8 | 7.6 | ' |
Net periodic benefit cost | $2.90 | $3.10 | ($1.50) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Unfunded Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Segment Reporting Information [Line Items] | ' |
Total unfunded commitments | $3,125.70 |
Corporate Private Equity [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Total unfunded commitments | 2,319.90 |
Global Market Strategies [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Total unfunded commitments | 280.5 |
Real Assets [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Total unfunded commitments | 522.9 |
Solutions [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Total unfunded commitments | $2.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
Jul. 07, 2010 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Jul. 13, 2009 | |
USD ($) | Lawsuits | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | CEREP I [Member] | CEREP I [Member] | CEREP I [Member] | CEREP I [Member] | Affiliates [Member] | Affiliates [Member] | Guaranteed Loans [Member] | Guaranteed Loans [Member] | Other Guarantees [Member] | Other Guarantees [Member] | Contingent Obligations (Giveback) [Member] | Contingent Obligations (Giveback) [Member] | French Tax Authorities [Member] | French Tax Authorities [Member] | French Tax Authorities [Member] | French Tax Authorities [Member] | Former Shareholders [Member] | |
Lawsuits | Lawsuits | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | ||||||
Cases | ||||||||||||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitment | ' | ' | $3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitment to be paid by senior Carlyle executives and professionals | ' | ' | 2,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental borrowings under credit facility for eligible employees investing in Carlyle sponsored funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate under credit facility for eligible employees investing in Carlyle sponsored funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three-month LIBOR plus 2% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points to be added to the interest rate under credit facility for eligible employees investing in Carlyle sponsored funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average rate under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount held in escrow for potential giveback obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' |
Potential repayment of performance fees | ' | ' | 39,600,000 | ' | 69,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unbilled receivables from former and current employees and senior Carlyle professionals related to giveback obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | 32,800,000 | ' | ' | ' | ' | ' |
Cash withheld from carried interest distributions for potential giveback obligations | ' | ' | 55,200,000 | ' | 59,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,100,000 | 309,100,000 | ' | ' | ' | ' | ' |
Repayment of giveback obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,800,000 | ' | ' | ' | ' | ' | ' |
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | 49,600,000 | ' | 47,400,000 | ' | 43,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date of lease agreement for the Partnership's primary office space | ' | ' | 31-Jul-26 | 31-Jul-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable operating leases future minimum payments receivable | ' | ' | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred rent payable | ' | ' | 34,800,000 | ' | 30,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of civil actions | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loss claimed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 |
Number of suits against the partnership | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of claim filed by former shareholder | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shareholder class actions filed in United States District Court for the District of Columbia | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of putative shareholder class actions filed | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of original D.C. cases consolidated | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consolidated cases from the original D.C. cases | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax assessment related to portfolio companies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,700,000 | ' | 97,000,000 | ' | ' |
Amount held in escrow for litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' |
Accrual related to contingency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,400,000 | 75,000,000 | ' | ' |
Loss related to contingency | ' | ' | 45,500,000 | 33,200,000 | ' | 0 | ' | ' | ' | 64,700,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | $21,500,000 | € 16,100,000 | ' | ' | ' | $11,000,000 | € 8,200,000 | ' | ' | $10,500,000 | € 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination costs accrual description | ' | ' | 'As of December 31, 2013 and 2012, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees | 'As of December 31, 2013 and 2012, the accrual for termination costs primarily represents (1) lease obligations associated with closed offices, and (2) severance costs related to terminated employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Future Minimum Commitments for Leases (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $48.90 |
2015 | 44.9 |
2016 | 36.5 |
2017 | 33.5 |
2018 | 29.8 |
Thereafter | 81.1 |
Future minimum commitments for leases, total | $274.70 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Employee and Office Lease Termination Costs (Detail) (Termination Costs [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Termination Costs [Member] | ' | ' | ' |
Expenses [Line Items] | ' | ' | ' |
Balance, beginning of period | $13.60 | $15.20 | $23.10 |
Compensation expense | 6.4 | 5.4 | 2.8 |
Contract termination costs | 0.1 | 0.5 | 1.7 |
Costs paid or settled | -9.5 | -7.5 | -12.4 |
Balance, end of period | $10.60 | $13.60 | $15.20 |
Related_Party_Transactions_Due
Related Party Transactions - Due from Affiliates and Other Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Unbilled receivable for giveback obligations from current and former employees | $17.60 | $32.80 |
Notes receivable and accrued interest from affiliates | 15.4 | 10 |
Other receivables from unconsolidated funds and affiliates, net | 142.9 | 147.9 |
Total | $175.90 | $190.70 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Investment distributed by partners as part of reorganization | ' | ' | ' | $127.70 |
Payment of aircraft related expenses | $7.40 | $8.20 | $5.70 | ' |
Maximum [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Maximum percentage of interest on amounts due from affiliates | 7.12% | ' | ' | ' |
Related_Party_Transactions_Due1
Related Party Transactions - Due to Affiliates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Due to affiliates of Consolidated Funds | $51.80 | $42.10 |
Due to non-consolidated affiliates | 130.2 | 27.8 |
Performance-based contingent cash and equity consideration related to acquisitions | 167.9 | 216.2 |
Amounts owed under the tax receivable agreement | 33.1 | 34.9 |
Other | 20.7 | 11.1 |
Total | $403.70 | $332.10 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal income tax | $2.20 | $5.10 | ' |
State and local income tax | 5.2 | 7.8 | 7.2 |
Foreign income tax | 44 | 34.1 | 27.8 |
Subtotal | 51.4 | 47 | 35 |
Deferred | ' | ' | ' |
Federal income tax | -1.5 | -8.3 | ' |
State and local income tax | 8.7 | -3.6 | -2.5 |
Foreign income tax | 37.6 | 5.3 | -4 |
Subtotal | 44.8 | -6.6 | -6.5 |
Total provision for income taxes | $96.20 | $40.40 | $28.50 |
Income_Taxes_Summary_of_Tax_Ef
Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Federal foreign tax credit | $2 | ' |
State net operating loss carry forwards | 3.4 | ' |
Tax basis goodwill and intangibles | 36.7 | 39.7 |
Depreciation and amortization | 25.4 | 10.3 |
Deferred restricted common unit compensation | 6.4 | 9.2 |
Accrued compensation | 24.7 | 13.1 |
Other | 9.4 | 9.1 |
Deferred tax assets before valuation allowance | 108 | 81.4 |
Valuation allowance | -21.7 | ' |
Total deferred tax assets | 86.3 | 81.4 |
Intangible assets | 21.1 | 18.9 |
Unrealized appreciation on investments | 106.4 | 54.4 |
Other | 3 | 2.1 |
Total deferred tax liabilities | 130.5 | 75.4 |
Net deferred tax assets (liabilities) | ($44.20) | $6 |
Income_Taxes_Summary_of_Tax_Ef1
Income Taxes - Summary of Tax Effects of Temporary Differences (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Amount of deferred tax liabilities offset for presentation purposes | $26.90 | $14.30 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Cumulative net operating loss carry forwards, amount | $123.80 | ' | ' |
Cumulative net operating loss carry forwards, expiration year | '2033 | ' | ' |
Federal foreign tax carryforwards, amount | 2 | ' | ' |
Federal foreign tax credit carryforwards, expiration year | '2023 | ' | ' |
Deferred tax assets | 59.4 | 67.1 | ' |
Valuation allowance established by partnership | 21.7 | ' | ' |
Deferred tax liabilities | 103.6 | 61.1 | ' |
Income tax expense | 96.2 | 40.4 | 28.5 |
Liability for uncertain tax positions | 13.8 | 17.5 | ' |
Accrued interest and penalties associated with uncertain tax positions | 4.5 | 5.1 | ' |
Expense (benefit) for interest and penalties related to unrecognized tax benefits | ($0.60) | $1.40 | $1.30 |
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 [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax examination, start year | '2010 | ' | ' |
Income tax examination, end year | '2012 | ' | ' |
State and Local [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax examination, start year | '2009 | ' | ' |
Income tax examination, end year | '2012 | ' | ' |
Foreign [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax examination, start year | '2006 | ' | ' |
Income tax examination, end year | '2012 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Provision for Income Taxes to U.S Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | -29.23% | -34.58% | -32.72% |
Unvested Carlyle Holdings partnership units | 2.03% | 1.72% | ' |
Foreign income taxes | -1.88% | -0.41% | -0.27% |
State and local income taxes | 0.17% | 0.20% | 0.40% |
Valuation allowance establishment impacting provision for income taxes | 1.50% | ' | ' |
Interest expense | -0.26% | -0.10% | ' |
Other adjustments | -0.67% | -0.17% | ' |
Effective income tax rate | 6.66% | 1.66% | 2.41% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Exclusive of Penalties and Interest (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance at January 1 | $12.40 | $13.60 |
Reductions for tax position of prior years | -0.6 | -1.2 |
Reductions due to lapse of statute of limitations | -2.5 | ' |
Balance at December 31 | $9.30 | $12.40 |
NonControlling_Interests_in_Co2
Non-Controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests in consolidated entities | $7,696.60 | $8,264.80 |
Non-Carlyle Interests in Consolidated Funds [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests in consolidated entities | 7,354 | 7,963.90 |
Non-Carlyle Interests in Majority-Owned Subsidiaries [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests in consolidated entities | 279.6 | 228.1 |
AlpInvest [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests in consolidated entities | ' | 28.9 |
Non-Controlling Interest in Carried Interest and Cash Held for Carried Interest Distributions [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests in consolidated entities | $63 | $43.90 |
NonControlling_Interests_in_Co3
Non-Controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to other non-controlling interests in consolidated entities | $786.80 | $2,142.30 | ($161.60) |
Net loss attributable to partners' capital appropriated for CLOs | -383.1 | -376.6 | -126.4 |
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities | 272.3 | -9 | 85.4 |
Non-controlling interests in income (loss) of consolidated entities | 676 | 1,756.70 | -202.6 |
Non-Carlyle Interests in Consolidated Funds [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to other non-controlling interests in consolidated entities | 769.7 | 2,122.20 | -189.8 |
Non-Carlyle Interests in Majority-Owned Subsidiaries [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to other non-controlling interests in consolidated entities | -12.4 | 10.7 | 24.4 |
Non-Controlling Interest in Carried Interest and Cash Held for Carried Interest Distributions [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to other non-controlling interests in consolidated entities | $29.50 | $9.40 | $3.80 |
NonControlling_Interests_in_Co4
Non-Controlling Interests in Consolidated Entities - Additional Information (Detail) (AlpInvest [Member]) | Dec. 31, 2013 |
AlpInvest [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Equity interest acquired | 40.00% |
Earnings_Per_Common_Unit_Weigh
Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Detail) | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' |
Basic | 42,562,928 | 46,135,229 | ' |
Diluted | 259,698,987 | 278,250,489 | 259,698,987 |
The Carlyle Group, L.P. [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Basic | 42,562,928 | 46,135,229 | ' |
Diluted | 42,562,928 | 46,135,229 | ' |
Unvested Deferred Restricted Common Units [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Diluted | 2,207,816 | 4,057,793 | ' |
Contingently Issuable Carlyle Holdings Partnership Units [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Diluted | 1,488,563 | 465,909 | ' |
Weighted-Average Vested Carlyle Holdings Partnership Units [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Diluted | 205,215,204 | 211,225,760 | ' |
Unvested Carlyle Holdings Partnership Units [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Diluted | 8,224,476 | 16,365,798 | ' |
Earnings_Per_Common_Unit_Addit
Earnings Per Common Unit - Additional Information (Detail) (USD $) | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 0 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 01, 2013 | |
Weighted-Average Vested Carlyle Holdings Partnership Units [Member] | Weighted-Average Vested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | AlpInvest [Member] | |||
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 | ' | ' | ' | ' | ' | ' | 914,087 |
Carlyle Holdings partnership units deemed antidilutive | ' | ' | ' | 211,225,760 | ' | 16,365,798 | ' |
Incremental net income from assumed exchange of Carlyle Holdings partnership units, Diluted | $87,100,000 | $465,880,000 | ' | ' | ' | ' | ' |
Carlyle Holdings partnership units deemed dilutive | ' | ' | 205,215,204 | ' | 8,224,476 | ' | ' |
Earnings_Per_Common_Unit_Basic
Earnings Per Common Unit - Basic and Diluted Net Income Per Common Unit (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to The Carlyle Group L.P. | $71,300,000 | $2,300,000 | ($3,300,000) | $33,800,000 | $12,000,000 | $18,600,000 | ($10,300,000) | $20,300,000 | $104,100,000 | $20,300,000 |
Dilution of earnings due to participating securities with distribution rights, Basic | ' | ' | ' | ' | ' | ' | ' | ' | -645,500 | ' |
Net income per common unit, Basic | ' | ' | ' | ' | ' | ' | ' | 20,300,000 | 103,454,500 | ' |
Weighted-average common units outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | 42,562,928 | 46,135,229 | 42,562,928 |
Net income per common unit, Basic | $1.45 | $0.04 | ($0.07) | $0.78 | $0.28 | $0.43 | ($0.26) | $0.48 | $2.24 | $0.48 |
Net income (loss) attributable to The Carlyle Group L.P. | 71,300,000 | 2,300,000 | -3,300,000 | 33,800,000 | 12,000,000 | 18,600,000 | -10,300,000 | 20,300,000 | 104,100,000 | 20,300,000 |
Dilution of earnings due to participating securities with distribution rights, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | -880,000 | ' |
Incremental net income from assumed exchange of Carlyle Holdings partnership units, Diluted | ' | ' | ' | ' | ' | ' | ' | 87,100,000 | 465,880,000 | ' |
Net income per common unit, Diluted | ' | ' | ' | ' | ' | ' | ' | $107,400,000 | $569,100,000 | ' |
Weighted-average common units outstanding, Diluted | ' | ' | ' | ' | ' | ' | ' | 259,698,987 | 278,250,489 | 259,698,987 |
Net income per common unit, Diluted | $1.17 | $0.04 | ($0.07) | $0.66 | $0.25 | $0.40 | ($0.26) | $0.41 | $2.05 | $0.41 |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | Dec. 31, 2013 | 31-May-12 | Aug. 01, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 01, 2013 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | AlpInvest [Member] | Carlyle Holdings [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Unvested Carlyle Holdings Partnership Units [Member] | Deferred Restricted Common Units [Member] | Deferred Restricted Common Units [Member] | Deferred Restricted Common Units [Member] | Deferred Restricted Common Units [Member] | Phantom Units [Member] | Phantom Units [Member] | Unvested Partnership Common Units [Member] | Unvested Partnership Common Units [Member] | Unvested Partnership Common Units [Member] | Unvested Partnership Common Units [Member] | Contingently Issuable Shares [Member] | ||
ECM Capital, L.P. [Member] | Carlyle Holdings [Member] | Carlyle Holdings [Member] | Vested Carlyle Holdings Partnership Units [Member] | Maximum [Member] | Maximum [Member] | AlpInvest [Member] | AlpInvest [Member] | Carlyle Holdings [Member] | |||||||||||||
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 | 31,151,826 | 30,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional ownership percentage acquired in the current year | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' |
Common units issued to AlpInvest employees that are subject to vesting conditions | ' | ' | 914,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 914,087 | ' | ' |
Period of vesting of unvested units | ' | ' | ' | ' | ' | ' | '6 years | '5 years | ' | ' | ' | ' | ' | '6 years | ' | '3 years | '5 years | ' | ' | ' | ' |
Revised forfeiture rate | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Allocated share based compensation expense | ' | ' | ' | ' | ' | $59 | $47.90 | ' | $105.80 | $234.80 | $35.60 | $78.70 | ' | ' | $1.30 | $3.90 | $5 | ' | ' | ' | $5 |
Unrecognized equity-based compensation expense | ' | ' | ' | ' | ' | ' | 854.1 | ' | ' | ' | ' | 303.6 | ' | ' | ' | 4.8 | 17.7 | ' | ' | ' | ' |
Weighted-average term for unrecognized compensation expense to be recognized | ' | ' | ' | ' | ' | ' | '4 years 3 months 18 days | ' | ' | ' | ' | '4 years 3 months 18 days | ' | ' | ' | '1 year 4 months 24 days | '2 years 2 months 12 days | ' | ' | ' | ' |
Forfeiture rate | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' |
Tax benefits (expense) related to equity-based compensation expense | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 1.9 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partnership units issued with time vesting | ' | ' | ' | ' | ' | ' | ' | 996,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partnership units issued at closing with performance-based vesting | ' | ' | ' | ' | ' | ' | ' | 597,944 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred tax benefit due to impact of additional deferred tax assets adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred restricted common units issued that vested | ' | ' | ' | 9,650,292 | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Detail) (USD $) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Carlyle Holdings [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance | ' | 57,850,299 |
Granted-IPO | 56,760,336 | 52,889 |
Granted-Post-IPO | 1,594,516 | ' |
Vested, Units | ' | 9,650,292 |
Forfeited, Units | 504,553 | 1,050,093 |
Ending Balance | 57,850,299 | 47,202,803 |
Weighted-Average Grant Date Fair Value, Beginning Balance | ' | $22.12 |
Weighted-Average Grant Date Fair Value, Granted-IPO | $22 | $30.80 |
Weighted-Average Grant Date Fair Value, Granted-Post-IPO | $26.20 | ' |
Weighted-Average Grant Date Fair Value, Vested | ' | $22.09 |
Weighted-Average Grant Date Fair Value, Forfeited | $22 | $22 |
Weighted-Average Grant Date Fair Value, Ending Balance | $22.12 | $22.13 |
Deferred Restricted Common Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vested, Units | ' | 2,900,000 |
Equity Settled Awards [Member] | Deferred Restricted Common Units [Member] | The Carlyle Group, L.P. [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance | ' | 16,707,028 |
Granted-IPO | 17,113,755 | 3,067,158 |
Granted-Post-IPO | 542,039 | ' |
Vested, Units | 120,207 | 2,828,707 |
Forfeited, Units | 828,559 | 695,305 |
Ending Balance | 16,707,028 | 16,250,174 |
Weighted-Average Grant Date Fair Value, Beginning Balance | ' | $22.28 |
Weighted-Average Grant Date Fair Value, Granted-IPO | $22 | $31.05 |
Weighted-Average Grant Date Fair Value, Granted-Post-IPO | $25.81 | ' |
Weighted-Average Grant Date Fair Value, Vested | $22 | $22.34 |
Weighted-Average Grant Date Fair Value, Forfeited | $22.02 | $22.63 |
Weighted-Average Grant Date Fair Value, Ending Balance | $22.28 | $23.91 |
Equity Settled Awards [Member] | Unvested Common Units [Member] | The Carlyle Group, L.P. [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance | ' | ' |
Granted-IPO | ' | 914,087 |
Vested, Units | ' | 42,027 |
Forfeited, Units | ' | ' |
Ending Balance | ' | 872,060 |
Weighted-Average Grant Date Fair Value, Beginning Balance | ' | ' |
Weighted-Average Grant Date Fair Value, Granted-IPO | ' | $26.83 |
Weighted-Average Grant Date Fair Value, Vested | ' | $27.99 |
Weighted-Average Grant Date Fair Value, Ending Balance | ' | $26.78 |
Cash Settled Awards [Member] | Phantom Units [Member] | The Carlyle Group, L.P. [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance | ' | 334,614 |
Granted-IPO | 361,238 | 2,520 |
Vested, Units | ' | 107,242 |
Forfeited, Units | 26,624 | 21,381 |
Ending Balance | 334,614 | 208,511 |
Weighted-Average Grant Date Fair Value, Beginning Balance | ' | $22 |
Weighted-Average Grant Date Fair Value, Granted-IPO | $22 | $31.83 |
Weighted-Average Grant Date Fair Value, Vested | ' | $22 |
Weighted-Average Grant Date Fair Value, Forfeited | $22 | $22 |
Weighted-Average Grant Date Fair Value, Ending Balance | $22 | $22.12 |
Consolidation_of_a_Real_Estate2
Consolidation of a Real Estate Development Company - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
IGP-M Plus [Member] | Urbplan [Member] | Urbplan [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Partnership [Member] | Partnership [Member] | Partnership [Member] | Senior Carlyle Professionals [Member] | Senior Carlyle Professionals [Member] | Senior Carlyle Professionals [Member] | |||
CDI Plus [Member] | IPCA Plus [Member] | CDI Plus [Member] | IPCA Plus [Member] | Urbplan [Member] | Urbplan [Member] | ||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of capital funding received in current year | $66.90 | ' | ' | ' | $32 | ' | ' | ' | ' | ' | ' | ' | $6.40 | ' | $0 | $25.60 | ' |
Amount of prior capital funding received | 26,905.60 | 24,836.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.5 | ' | ' | 33.2 |
Amount of prior capital funding received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Fair Value of all Partnership investments in real estate development company prior to consolidating real estate development company | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period, in days, of the financial reporting lag | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of consolidated assets | ' | ' | ' | ' | 234.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of consolidated liabilities | ' | ' | ' | ' | 234.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and other liabilities | 15,220.70 | 13,656.70 | ' | ' | 123.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of additional funding required | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership contractual obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.1 | ' | ' | ' | ' | ' |
Anticipated future capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | 75.00% | ' | ' |
Mortgage receivables accrue interest rates ranging | ' | ' | ' | ' | ' | 9.00% | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Customer advances received | 176.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value percentage of outstanding principal amounts of loans | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of principal amount of loans interest at variable rates based on an index plus an applicable margin | 'Interest rates are based on: (i) CDI plus a margin ranging from 4.0% to 7.4% ([0.0]% to [0.0]% as of December 31, 2013); (ii) IGP-M plus a margin of 12.0% ([0.0]% as of December 31, 2013); or (iii) IPCA plus a margin ranging from 10.0% to 13.5% ([0.0]% to [0.0]% as of December 31, 2013). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin range of interest rates | ' | ' | 12.00% | ' | ' | ' | 4.00% | 10.00% | ' | 7.40% | 13.50% | ' | ' | ' | ' | ' | ' |
Additional margin range of interest rates | ' | ' | 17.50% | ' | ' | ' | 13.70% | 15.80% | ' | 17.10% | 19.30% | ' | ' | ' | ' | ' | ' |
Outstanding future cost of land development services | ' | ' | ' | $124.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation_of_a_Real_Estate3
Consolidation of a Real Estate Development Company - Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan (Detail) (Partnership [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Partnership [Member] | ' |
Receivables and inventory of a consolidated real estate VIE: | ' |
Customer and other receivables | $110.30 |
Inventory costs in excess of billings and advances | 70.1 |
Total receivables and inventory of a consolidated real estate VIE | 180.4 |
Other assets of a consolidated real estate VIE: | ' |
Restricted investments | 7 |
Fixed assets, net | 2.2 |
Deferred tax assets | 12.8 |
Total other assets of a consolidated real estate VIE | 38.1 |
Total other assets of a consolidated real estate VIE | 60.1 |
Loans payable of a consolidated real estate VIE, at fair value (principal amount of $305.3 million) | 122.1 |
Other liabilities of a consolidated real estate VIE: | ' |
Accounts payable | 25.4 |
Other liabilities | 72.3 |
Total other liabilities of a consolidated real estate VIE | $97.70 |
Consolidation_of_a_Real_Estate4
Consolidation of a Real Estate Development Company - Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Consolidated Balance Sheet Statements [Line Items] | ' |
Principal amount | $305.30 |
Partnership [Member] | Loans Payable of a Consolidated Real Estate VIE [Member] | ' |
Consolidated Balance Sheet Statements [Line Items] | ' |
Principal amount | $305.30 |
Consolidation_of_a_Real_Estate5
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 $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Revenue of a consolidated real estate VIE | ' |
Revenue | $7.50 |
Interest and other expenses of a consolidated real estate VIE: | ' |
Interest and other expenses | 33.8 |
Urbplan [Member] | ' |
Revenue of a consolidated real estate VIE | ' |
Land development services | 0.4 |
Investment income | 7.1 |
Revenue | 7.5 |
Interest and other expenses of a consolidated real estate VIE: | ' |
Interest expense | 12.9 |
Change in fair value of loans payable | 13 |
Compensation and benefits | 2.7 |
G&A and other expenses | 5.2 |
Interest and other expenses | $33.80 |
Consolidation_of_a_Real_Estate6
Consolidation of a Real Estate Development Company - Outstanding Principal Amounts on Loans (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Maturities Of Long Term Debt Of Consolidated Real Estate Vie [Abstract] | ' |
2014 | $87.50 |
2015 | 33.8 |
2016 | 32.2 |
2017 | 23.9 |
2018 | 21.9 |
Thereafter | 106 |
Total | $305.30 |
Consolidation_of_a_Real_Estate7
Consolidation of a Real Estate Development Company - Impact to the Partnership's Consolidated Financial Results (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pro Forma Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $1,638,800,000 | $888,100,000 | $769,300,000 | $1,145,000,000 | $755,300,000 | $858,500,000 | $248,400,000 | $1,110,900,000 | ' | $4,441,200,000 | $2,973,100,000 | $2,845,300,000 |
Net income attributable to The Carlyle Group L.P. | 71,300,000 | 2,300,000 | -3,300,000 | 33,800,000 | 12,000,000 | 18,600,000 | -10,300,000 | ' | 20,300,000 | 104,100,000 | 20,300,000 | ' |
Urbplan [Member] | Pro Forma [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro Forma Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,479,100,000 | ' | ' |
Net income attributable to The Carlyle Group L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | $101,700,000 | ' | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2013 | Aug. 01, 2013 | Jul. 01, 2011 | Nov. 02, 2013 | |
Segment | AlpInvest [Member] | AlpInvest [Member] | Metropolitan [Member] | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Percentage of equity interest of acquisition | ' | 100.00% | 60.00% | 100.00% |
Date of acquisition of AlpInvest | 1-Jul-11 | ' | ' | ' |
Date of additional acquisition of AlpInvest | 1-Aug-13 | ' | ' | ' |
Remaining partnership acquired | ' | 40.00% | ' | ' |
Number of reportable segments | 4 | ' | ' | ' |
Segment_Reporting_Reportable_S
Segment Reporting - Reportable Segments Financial Data (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fund level fee revenues | ' | ' | ' |
Fund management fees | $984.60 | $977.60 | $915.50 |
Performance fees | ' | ' | ' |
Realized | 1,176.70 | 907.5 | 1,307.40 |
Unrealized | 1,198.60 | 133.6 | -185.8 |
Total performance fees | 2,375.30 | 1,041.10 | 1,121.60 |
Compensation and benefits | ' | ' | ' |
Equity-based compensation | -15.7 | -1.8 | ' |
Performance fee related | ' | ' | ' |
Total compensation and benefits | 2,244.10 | 1,143.90 | 477.9 |
Economic Net Income (Loss) | 1,320.10 | 735.6 | 833.1 |
(-) Net Performance Fees | 1,226.30 | 524.6 | 630.4 |
(-) Investment Income (Loss) | 18.8 | 36.4 | 78.4 |
(+) Equity-based Compensation | -15.7 | -1.8 | ' |
(=Fee Related Earnings | 152.1 | 171.3 | 121.3 |
Segment assets | 35,622.30 | 31,566.60 | 24,651.70 |
Corporate Private Equity [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Total performance fees | 1,907.40 | 786.1 | 845.8 |
Global Market Strategies [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Total performance fees | 208.2 | 99.6 | 145.9 |
Real Assets [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Total performance fees | 79.7 | 90.7 | 150.4 |
Total Reportable Segments [Member] | ' | ' | ' |
Fund level fee revenues | ' | ' | ' |
Fund management fees | 1,054.70 | 943.2 | 870.5 |
Portfolio advisory fees, net | 25.9 | 22 | 37.5 |
Transaction fees, net | 24.7 | 27.5 | 38.2 |
Total fund level fee revenues | 1,105.30 | 992.7 | 946.2 |
Performance fees | ' | ' | ' |
Realized | 1,128.60 | 869.1 | 1,301.30 |
Unrealized | 1,164.70 | 126.9 | -195.1 |
Total performance fees | 2,293.30 | 996 | 1,106.20 |
Investment income (loss) | ' | ' | ' |
Realized | 10.6 | 16.3 | 65.6 |
Unrealized | -53.2 | 25.2 | 15.8 |
Total investment income (loss) | -42.6 | 41.5 | 81.4 |
Interest and other income | 12.9 | 13.7 | 15.5 |
Total revenues | 3,368.90 | 2,043.90 | 2,149.30 |
Compensation and benefits | ' | ' | ' |
Direct base compensation | 436 | 417.4 | 404.4 |
Indirect base compensation | 152.8 | 144.5 | 133.5 |
Equity-based compensation | 15.7 | 1.8 | ' |
Performance fee related | ' | ' | ' |
Realized | 451.3 | 367 | 623.8 |
Unrealized | 615.7 | 104.4 | -148 |
Total compensation and benefits | 1,671.50 | 1,035.10 | 1,013.70 |
General, administrative, and other indirect expenses | 309.4 | 227.2 | 221.5 |
Depreciation and amortization expense | 24.3 | 21.5 | 21.8 |
Interest expense | 43.6 | 24.5 | 59.2 |
Total expenses | 2,048.80 | 1,308.30 | 1,316.20 |
Economic Net Income (Loss) | 1,320.10 | 735.6 | 833.1 |
(-) Net Performance Fees | 1,226.30 | 524.6 | 630.4 |
(-) Investment Income (Loss) | -42.6 | 41.5 | 81.4 |
(+) Equity-based Compensation | 15.7 | 1.8 | ' |
(=Fee Related Earnings | 152.1 | 171.3 | 121.3 |
(+) Realized Net Performance Fees | 677.3 | 502.1 | 677.5 |
(+) Realized Investment Income (Loss) | 10.6 | 16.3 | 65.6 |
(=Distributable Earnings | 840 | 689.7 | 864.4 |
Segment assets | 6,864.20 | 4,806.60 | ' |
Total Reportable Segments [Member] | Corporate Private Equity [Member] | ' | ' | ' |
Fund level fee revenues | ' | ' | ' |
Fund management fees | 471.6 | 496.2 | 511.3 |
Portfolio advisory fees, net | 23.2 | 17.8 | 31.3 |
Transaction fees, net | 20.7 | 19 | 34.7 |
Total fund level fee revenues | 515.5 | 533 | 577.3 |
Performance fees | ' | ' | ' |
Realized | 914.5 | 639.5 | 952.9 |
Unrealized | 959.1 | 130.8 | -99.3 |
Total performance fees | 1,873.60 | 770.3 | 853.6 |
Investment income (loss) | ' | ' | ' |
Realized | 15.8 | 3.3 | 43.2 |
Unrealized | 10.4 | 20.5 | 0.3 |
Total investment income (loss) | 26.2 | 23.8 | 43.5 |
Interest and other income | 6.5 | 9 | 9.2 |
Total revenues | 2,421.80 | 1,336.10 | 1,483.60 |
Compensation and benefits | ' | ' | ' |
Direct base compensation | 212.6 | 226.2 | 253.1 |
Indirect base compensation | 95 | 92.5 | 90.4 |
Equity-based compensation | 7.4 | 1.2 | ' |
Performance fee related | ' | ' | ' |
Realized | 401.7 | 304.7 | 487.5 |
Unrealized | 446.2 | 71.7 | -47.1 |
Total compensation and benefits | 1,162.90 | 696.3 | 783.9 |
General, administrative, and other indirect expenses | 166.9 | 134 | 133.5 |
Depreciation and amortization expense | 13.2 | 12.5 | 14.6 |
Interest expense | 25.2 | 14.3 | 37.5 |
Total expenses | 1,368.20 | 857.1 | 969.5 |
Economic Net Income (Loss) | 1,053.60 | 479 | 514.1 |
(-) Net Performance Fees | 1,025.70 | 393.9 | 413.2 |
(-) Investment Income (Loss) | 26.2 | 23.8 | 43.5 |
(+) Equity-based Compensation | 7.4 | 1.2 | ' |
(=Fee Related Earnings | 9.1 | 62.5 | 57.4 |
(+) Realized Net Performance Fees | 512.8 | 334.8 | 465.4 |
(+) Realized Investment Income (Loss) | 15.8 | 3.3 | 43.2 |
(=Distributable Earnings | 537.7 | 400.6 | 566 |
Segment assets | 3,895.10 | 2,449.40 | ' |
Total Reportable Segments [Member] | Global Market Strategies [Member] | ' | ' | ' |
Fund level fee revenues | ' | ' | ' |
Fund management fees | 275.2 | 237.2 | 173.5 |
Portfolio advisory fees, net | 1.4 | 2.5 | 3 |
Transaction fees, net | 0.1 | 3.5 | ' |
Total fund level fee revenues | 276.7 | 243.2 | 176.5 |
Performance fees | ' | ' | ' |
Realized | 151.9 | 112.4 | 204.2 |
Unrealized | 32.4 | -21.2 | -92.9 |
Total performance fees | 184.3 | 91.2 | 111.3 |
Investment income (loss) | ' | ' | ' |
Realized | 17.5 | 13.1 | 20.3 |
Unrealized | -1.5 | 9.6 | 12.8 |
Total investment income (loss) | 16 | 22.7 | 33.1 |
Interest and other income | 4.2 | 2.3 | 4 |
Total revenues | 481.2 | 359.4 | 324.9 |
Compensation and benefits | ' | ' | ' |
Direct base compensation | 99.6 | 86.3 | 61.7 |
Indirect base compensation | 21.8 | 21.3 | 15.1 |
Equity-based compensation | 3 | 0.2 | ' |
Performance fee related | ' | ' | ' |
Realized | 42.1 | 46.2 | 88.4 |
Unrealized | 13.7 | -8.4 | -48.2 |
Total compensation and benefits | 180.2 | 145.6 | 117 |
General, administrative, and other indirect expenses | 60.9 | 40.6 | 33.2 |
Depreciation and amortization expense | 4.5 | 3.5 | 2.7 |
Interest expense | 7.9 | 4.5 | 10.5 |
Total expenses | 253.5 | 194.2 | 163.4 |
Economic Net Income (Loss) | 227.7 | 165.2 | 161.5 |
(-) Net Performance Fees | 128.5 | 53.4 | 71.1 |
(-) Investment Income (Loss) | 16 | 22.7 | 33.1 |
(+) Equity-based Compensation | 3 | 0.2 | ' |
(=Fee Related Earnings | 86.2 | 89.3 | 57.3 |
(+) Realized Net Performance Fees | 109.8 | 66.2 | 115.8 |
(+) Realized Investment Income (Loss) | 17.5 | 13.1 | 20.3 |
(=Distributable Earnings | 213.5 | 168.6 | 193.4 |
Segment assets | 1,159.20 | 1,052.80 | ' |
Total Reportable Segments [Member] | Real Assets [Member] | ' | ' | ' |
Fund level fee revenues | ' | ' | ' |
Fund management fees | 188.9 | 141 | 150.7 |
Portfolio advisory fees, net | 1.3 | 1.7 | 3.2 |
Transaction fees, net | 3.9 | 5 | 3.5 |
Total fund level fee revenues | 194.1 | 147.7 | 157.4 |
Performance fees | ' | ' | ' |
Realized | 40.5 | 106.6 | 98 |
Unrealized | 43.4 | -13.2 | 52.5 |
Total performance fees | 83.9 | 93.4 | 150.5 |
Investment income (loss) | ' | ' | ' |
Realized | -22.7 | -0.1 | 2.1 |
Unrealized | -62.3 | -4.9 | 2.7 |
Total investment income (loss) | -85 | -5 | 4.8 |
Interest and other income | 2 | 1.7 | 2 |
Total revenues | 195 | 237.8 | 314.7 |
Compensation and benefits | ' | ' | ' |
Direct base compensation | 70.2 | 71.1 | 75.3 |
Indirect base compensation | 30.4 | 24.5 | 28 |
Equity-based compensation | 4.6 | 0.4 | ' |
Performance fee related | ' | ' | ' |
Realized | -4 | 7.3 | 8.4 |
Unrealized | 56.7 | 17.3 | -3.9 |
Total compensation and benefits | 157.9 | 120.6 | 107.8 |
General, administrative, and other indirect expenses | 58.4 | 41.9 | 47.5 |
Depreciation and amortization expense | 4.3 | 3.9 | 4.3 |
Interest expense | 8.2 | 4.4 | 11.2 |
Total expenses | 228.8 | 170.8 | 170.8 |
Economic Net Income (Loss) | -33.8 | 67 | 143.9 |
(-) Net Performance Fees | 31.2 | 68.8 | 146 |
(-) Investment Income (Loss) | -85 | -5 | 4.8 |
(+) Equity-based Compensation | 4.6 | 0.4 | ' |
(=Fee Related Earnings | 24.6 | 3.6 | -6.9 |
(+) Realized Net Performance Fees | 44.5 | 99.3 | 89.6 |
(+) Realized Investment Income (Loss) | -22.7 | -0.1 | 2.1 |
(=Distributable Earnings | 46.4 | 102.8 | 84.8 |
Segment assets | 1,207.40 | 962.1 | ' |
Total Reportable Segments [Member] | Solution [Member] | ' | ' | ' |
Fund level fee revenues | ' | ' | ' |
Fund management fees | 119 | 68.8 | 35 |
Total fund level fee revenues | 119 | 68.8 | 35 |
Performance fees | ' | ' | ' |
Realized | 21.7 | 10.6 | 46.2 |
Unrealized | 129.8 | 30.5 | -55.4 |
Total performance fees | 151.5 | 41.1 | -9.2 |
Investment income (loss) | ' | ' | ' |
Unrealized | 0.2 | ' | ' |
Total investment income (loss) | 0.2 | ' | ' |
Interest and other income | 0.2 | 0.7 | 0.3 |
Total revenues | 270.9 | 110.6 | 26.1 |
Compensation and benefits | ' | ' | ' |
Direct base compensation | 53.6 | 33.8 | 14.3 |
Indirect base compensation | 5.6 | 6.2 | ' |
Equity-based compensation | 0.7 | ' | ' |
Performance fee related | ' | ' | ' |
Realized | 11.5 | 8.8 | 39.5 |
Unrealized | 99.1 | 23.8 | -48.8 |
Total compensation and benefits | 170.5 | 72.6 | 5 |
General, administrative, and other indirect expenses | 23.2 | 10.7 | 7.3 |
Depreciation and amortization expense | 2.3 | 1.6 | 0.2 |
Interest expense | 2.3 | 1.3 | ' |
Total expenses | 198.3 | 86.2 | 12.5 |
Economic Net Income (Loss) | 72.6 | 24.4 | 13.6 |
(-) Net Performance Fees | 40.9 | 8.5 | 0.1 |
(-) Investment Income (Loss) | 0.2 | ' | ' |
(+) Equity-based Compensation | 0.7 | ' | ' |
(=Fee Related Earnings | 32.2 | 15.9 | 13.5 |
(+) Realized Net Performance Fees | 10.2 | 1.8 | 6.7 |
(=Distributable Earnings | 42.4 | 17.7 | 20.2 |
Segment assets | $602.50 | $342.30 | ' |
Segment_Reporting_Total_Segmen
Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,638.80 | $888.10 | $769.30 | $1,145 | $755.30 | $858.50 | $248.40 | $1,110.90 | $4,441.20 | $2,973.10 | $2,845.30 |
Expenses | 1,201.10 | 814.7 | 774 | 904.1 | 660.2 | 704.9 | 448.9 | 477.2 | 3,693.90 | 2,291.20 | 1,347.10 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 696.7 | 1,758 | -323.3 |
Other loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -315.4 |
Economic net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,444 | 2,439.90 | 1,182.80 |
Total assets | 35,622.30 | ' | ' | ' | 31,566.60 | ' | ' | ' | 35,622.30 | 31,566.60 | 24,651.70 |
Total Reportable Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,368.90 | 2,043.90 | 2,149.30 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,048.80 | 1,308.30 | 1,316.20 |
Economic net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,320.10 | 735.6 | 833.1 |
Total assets | 6,864.20 | ' | ' | ' | 4,806.60 | ' | ' | ' | 6,864.20 | 4,806.60 | ' |
Consolidated Funds [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,043.10 | 903.5 | 714 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,169.40 | 923.9 | 592.2 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 701.3 | 1,755.50 | ' |
Other loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -330.6 |
Economic net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 575 | 1,735.10 | -208.8 |
Total assets | 28,904.30 | ' | ' | ' | 26,834.60 | ' | ' | ' | 28,904.30 | 26,834.60 | ' |
Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 29.2 | 25.7 | -18 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 475.7 | 59 | -561.3 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -4.6 | 2.5 | ' |
Other loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.2 |
Economic net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -451.1 | -30.8 | 558.5 |
Total assets | ($146.20) | ' | ' | ' | ($74.60) | ' | ' | ' | ($146.20) | ($74.60) | ' |
Segment_Reporting_Expenses_Adj
Segment Reporting - Expenses Adjustment Represents Elimination of Intercompany Expenses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Partner compensation | ' | ($265.40) | ($671.50) |
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments | 314.4 | 200.1 | ' |
Acquisition related charges and amortization of intangibles | 260.4 | 128.3 | 91.5 |
Other non-operating (income) expenses | -16.5 | 7.1 | 32 |
Non-Carlyle economic interests in acquired business | 186.4 | 155.4 | 121.9 |
Other adjustments | 6.3 | 1.8 | 3.6 |
Elimination of expenses of Consolidated Funds | -275.3 | -168.3 | -138.8 |
Total expense adjustments | $475.70 | $59 | ($561.30) |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before provision for income taxes | $714.30 | ($8.60) | $285.90 | $452.40 | $145.50 | $602.50 | $186.10 | $1,505.80 | $1,444 | $2,439.90 | $1,182.80 |
Adjustments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partner compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -265.4 | -671.5 |
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments | ' | ' | ' | ' | ' | ' | ' | ' | 314.4 | 200.1 | ' |
Acquisition related charges and amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 260.4 | 128.3 | 91.5 |
Other non-operating (income) expenses | -276.6 | 82 | -290.6 | -211.5 | -50.4 | -448.9 | -386.6 | -872.1 | -16.5 | 7.1 | 32 |
Net (income) loss attributable to non-controlling interests in Consolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -676 | -1,756.70 | 202.6 |
Other adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -6.2 | -17.7 | -4.3 |
Economic Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,320.10 | 735.6 | 833.1 |
Net performance fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,226.30 | 524.6 | 630.4 |
Investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -42.6 | 41.5 | 81.4 |
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 15.7 | 1.8 | ' |
Fee Related Earnings | ' | ' | ' | ' | ' | ' | ' | ' | 152.1 | 171.3 | 121.3 |
Realized performance fees, net of related compensation | ' | ' | ' | ' | ' | ' | ' | ' | 677.3 | 502.1 | 677.5 |
Realized investment income | ' | ' | ' | ' | ' | ' | ' | ' | 10.6 | 16.3 | 65.6 |
Distributable Earnings | ' | ' | ' | ' | ' | ' | ' | ' | $840 | $689.70 | $864.40 |
Segment_Reporting_Other_Adjust
Segment Reporting - Other Adjustments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Losses associated with debt refinancing activities | $1.90 | ' | ' |
Severance and lease terminations | 6.5 | 5.9 | 4.5 |
Provision for income taxes attributable to non-controlling interests in consolidated entities | -12.5 | -19.5 | ' |
Gain on business acquisition | ' | ' | -7.9 |
Other adjustments | -2.1 | -4.1 | -0.9 |
Total adjustments | ($6.20) | ($17.70) | ($4.30) |
Segment_Reporting_Adjustments_
Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Performance fees | ' | ' | ' |
Realized | $1,176.70 | $907.50 | $1,307.40 |
Unrealized | 1,198.60 | 133.6 | -185.8 |
Total performance fees | 2,375.30 | 1,041.10 | 1,121.60 |
Performance fee related compensation expense | ' | ' | ' |
Realized | 539.2 | 285.5 | 225.7 |
Unrealized | 644.5 | 32.2 | -122.3 |
Net performance fees | ' | ' | ' |
Total net performance fees | 1,226.30 | 524.6 | 630.4 |
Carlyle Consolidated [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Realized | 1,176.70 | 907.5 | 1,307.40 |
Unrealized | 1,198.60 | 133.6 | -185.8 |
Total performance fees | 2,375.30 | 1,041.10 | 1,121.60 |
Performance fee related compensation expense | ' | ' | ' |
Realized | 539.2 | 285.5 | 225.7 |
Unrealized | 644.5 | 32.2 | -122.3 |
Total performance fee related compensation expense | 1,183.70 | 317.7 | 103.4 |
Net performance fees | ' | ' | ' |
Realized | 637.5 | 622 | 1,081.70 |
Unrealized | 554.1 | 101.4 | -63.5 |
Total net performance fees | 1,191.60 | 723.4 | 1,018.20 |
Investment income (loss) | ' | ' | ' |
Realized | 14.4 | 16.3 | 65.1 |
Unrealized | 4.4 | 20.1 | 13.3 |
Total investment income (loss) | 18.8 | 36.4 | 78.4 |
Reconciling Items [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Realized | -48.1 | -38.4 | -6.1 |
Unrealized | -33.9 | -6.7 | -9.3 |
Total performance fees | -82 | -45.1 | -15.4 |
Performance fee related compensation expense | ' | ' | ' |
Realized | -87.9 | 81.5 | 398.1 |
Unrealized | -28.8 | 72.2 | -25.7 |
Total performance fee related compensation expense | -116.7 | 153.7 | 372.4 |
Net performance fees | ' | ' | ' |
Realized | 39.8 | -119.9 | -404.2 |
Unrealized | -5.1 | -78.9 | 16.4 |
Total net performance fees | 34.7 | -198.8 | -387.8 |
Investment income (loss) | ' | ' | ' |
Realized | -3.8 | ' | 0.5 |
Unrealized | -57.6 | 5.1 | 2.5 |
Total investment income (loss) | -61.4 | 5.1 | 3 |
Total Reportable Segments [Member] | ' | ' | ' |
Performance fees | ' | ' | ' |
Realized | 1,128.60 | 869.1 | 1,301.30 |
Unrealized | 1,164.70 | 126.9 | -195.1 |
Total performance fees | 2,293.30 | 996 | 1,106.20 |
Performance fee related compensation expense | ' | ' | ' |
Realized | 451.3 | 367 | 623.8 |
Unrealized | 615.7 | 104.4 | -148 |
Total performance fee related compensation expense | 1,067 | 471.4 | 475.8 |
Net performance fees | ' | ' | ' |
Realized | 677.3 | 502.1 | 677.5 |
Unrealized | 549 | 22.5 | -47.1 |
Total net performance fees | 1,226.30 | 524.6 | 630.4 |
Investment income (loss) | ' | ' | ' |
Realized | 10.6 | 16.3 | 65.6 |
Unrealized | -53.2 | 25.2 | 15.8 |
Total investment income (loss) | ($42.60) | $41.50 | $81.40 |
Segment_Reporting_Adjustments_1
Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
AlpInvest [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of economic interest | 60.00% |
Emerging Sovereign Group LLC [Member] | Claren Road [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Percentage of economic interest | 55.00% |
Segment_Reporting_Consolidated
Segment Reporting - Consolidated Revenues and Assets Based on Geographical Focus of Associated Investment Vehicle (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,638.80 | $888.10 | $769.30 | $1,145 | $755.30 | $858.50 | $248.40 | $1,110.90 | $4,441.20 | $2,973.10 | $2,845.30 |
Assets | 35,622.30 | ' | ' | ' | 31,566.60 | ' | ' | ' | 35,622.30 | 31,566.60 | 24,651.70 |
Percentage of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Percentage of Assets | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,613 | 1,842.60 | 2,416.60 |
Assets | 19,091.70 | ' | ' | ' | 16,419.70 | ' | ' | ' | 19,091.70 | 16,419.70 | 12,784.40 |
Percentage of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 59.00% | 62.00% | 85.00% |
Percentage of Assets | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | 52.00% | 52.00% |
EMEA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,459.30 | 756.2 | 503 |
Assets | 15,974.60 | ' | ' | ' | 14,670.80 | ' | ' | ' | 15,974.60 | 14,670.80 | 11,342.90 |
Percentage of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 25.00% | 18.00% |
Percentage of Assets | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | 46.00% | 46.00% |
Asia-Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Reporting Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 368.9 | 374.3 | -74.3 |
Assets | $556 | ' | ' | ' | $476.10 | ' | ' | ' | $556 | $476.10 | $524.40 |
Percentage of Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 13.00% | -3.00% |
Percentage of Assets | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Unaudited Quarterly Information (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,638,800,000 | $888,100,000 | $769,300,000 | $1,145,000,000 | $755,300,000 | $858,500,000 | $248,400,000 | $1,110,900,000 | ' | $4,441,200,000 | $2,973,100,000 | $2,845,300,000 |
Expenses | 1,201,100,000 | 814,700,000 | 774,000,000 | 904,100,000 | 660,200,000 | 704,900,000 | 448,900,000 | 477,200,000 | ' | 3,693,900,000 | 2,291,200,000 | 1,347,100,000 |
Other income (loss) | 276,600,000 | -82,000,000 | 290,600,000 | 211,500,000 | 50,400,000 | 448,900,000 | 386,600,000 | 872,100,000 | ' | 16,500,000 | -7,100,000 | -32,000,000 |
Income (loss) before provision for income taxes | 714,300,000 | -8,600,000 | 285,900,000 | 452,400,000 | 145,500,000 | 602,500,000 | 186,100,000 | 1,505,800,000 | ' | 1,444,000,000 | 2,439,900,000 | 1,182,800,000 |
Net income | 677,500,000 | -26,500,000 | 269,300,000 | 427,500,000 | 132,900,000 | 597,000,000 | 175,500,000 | 1,494,100,000 | ' | 1,347,800,000 | 2,399,500,000 | 1,154,300,000 |
Net income (loss) attributable to The Carlyle Group L.P. | $71,300,000 | $2,300,000 | ($3,300,000) | $33,800,000 | $12,000,000 | $18,600,000 | ($10,300,000) | ' | $20,300,000 | $104,100,000 | $20,300,000 | ' |
Basic | $1.45 | $0.04 | ($0.07) | $0.78 | $0.28 | $0.43 | ($0.26) | ' | $0.48 | $2.24 | $0.48 | ' |
Diluted | $1.17 | $0.04 | ($0.07) | $0.66 | $0.25 | $0.40 | ($0.26) | ' | $0.41 | $2.05 | $0.41 | ' |
Distributions declared per common unit | $0.16 | $0.16 | $0.16 | $0.85 | $0.16 | $0.11 | ' | ' | ' | $1.33 | $0.27 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 03, 2014 | |
Deferred Restricted Common Units [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Maximum [Member] | Deferred Restricted Common Units [Member] | Deferred Restricted Common Units [Member] | Performance Based Contingencies [Member] | ||||
Maximum [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Equity interest acquired | ' | 100.00% | ' | ' | ' | ' | ' |
Amount of managed and advised assets | ' | ' | ' | $6,600,000,000 | ' | ' | ' |
Purchase price, cash paid | ' | 8,000,000 | ' | ' | ' | ' | ' |
Newly issued common units | ' | 662,134 | ' | ' | ' | ' | ' |
Newly issued common units, value | ' | 22,100,000 | ' | ' | ' | ' | ' |
Amount of potential cash to be paid as compensation upon the achievement of certain performance and service requirements | ' | ' | ' | ' | ' | ' | 23,700,000 |
Value of common units to be issued as contingent consideration upon achievement of performance conditions | ' | ' | ' | ' | ' | ' | 47,300,000 |
Consideration payment year | ' | ' | ' | ' | ' | ' | '2021 |
Deferred restricted common units | ' | ' | ' | ' | 5,600,000 | ' | ' |
Estimated grant-date fair value | ' | ' | ' | ' | $172,000,000 | ' | ' |
Period of vesting of unvested units | '6 years | ' | ' | ' | ' | '6 years | ' |
Distribution per common unit | ' | ' | $1.40 | ' | ' | ' | ' |
Dividends payable, date of record | ' | ' | 3-Mar-14 | ' | ' | ' | ' |
Dividends payable, date to be paid | ' | ' | 11-Mar-14 | ' | ' | ' | ' |
Supplemental_Financial_Informa2
Supplemental Financial Information - Supplemental Financial Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $966.60 | $567.10 | $509.60 | $616.90 |
Cash and cash equivalents held at Consolidated Funds | 1,402.70 | 1,646.60 | ' | ' |
Restricted cash | 129.9 | 34.5 | ' | ' |
Restricted cash and securities of Consolidated Funds | 25.7 | 36.3 | ' | ' |
Accrued performance fees | 3,653.60 | 2,192.50 | ' | ' |
Investments | 765.3 | 881.2 | ' | ' |
Investments of Consolidated Funds | 26,886.40 | 24,815.70 | ' | ' |
Due from affiliates and other receivables, net | 175.9 | 190.7 | ' | ' |
Due from affiliates and other receivables of Consolidated Funds, net | 626.2 | 331.8 | ' | ' |
Receivables and inventory of a consolidated real estate VIE | 180.4 | ' | ' | ' |
Fixed assets, net | 68.8 | 63.6 | ' | ' |
Deposits and other | 38.5 | 48.4 | ' | ' |
Other assets of a consolidated real estate VIE | 60.1 | ' | ' | ' |
Intangible assets, net | 582.8 | 691.1 | ' | ' |
Deferred tax assets | 59.4 | 67.1 | ' | ' |
Total assets | 35,622.30 | 31,566.60 | 24,651.70 | ' |
Liabilities and partners' capital | ' | ' | ' | ' |
Loans payable | 42.4 | 886.3 | ' | ' |
3.875% senior notes due 2023 | 499.8 | ' | ' | ' |
5.625% senior notes due 2043 | 398.4 | ' | ' | ' |
Loans payable of Consolidated Funds | 15,220.70 | 13,656.70 | ' | ' |
Loans payable of a consolidated real estate VIE | 122.1 | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 265.1 | 215 | ' | ' |
Accrued compensation and benefits | 2,253 | 1,318.20 | ' | ' |
Due to affiliates | 403.7 | 332.1 | ' | ' |
Deferred revenue | 64.1 | 59.4 | ' | ' |
Deferred tax liabilities | 103.6 | 61.1 | ' | ' |
Other liabilities of Consolidated Funds | 1,382.70 | 1,385.80 | ' | ' |
Other liabilities of a consolidated real estate VIE | 97.7 | ' | ' | ' |
Accrued giveback obligations | 39.6 | 69.2 | ' | ' |
Total liabilities | 20,892.90 | 17,983.80 | ' | ' |
Redeemable non-controlling interests in consolidated entities | 4,352 | 2,887.40 | ' | ' |
Partners' capital | 357.1 | 235.1 | ' | ' |
Accumulated other comprehensive income (loss) | -11.2 | -4.8 | ' | ' |
Partners' capital appropriated for Consolidated Funds | 463.6 | 838.6 | ' | ' |
Non-controlling interests in consolidated entities | 7,696.60 | 8,264.80 | ' | ' |
Non-controlling interests in Carlyle Holdings | 1,871.30 | 1,361.70 | ' | ' |
Total partners' capital | 10,377.40 | 10,695.40 | 9,167.20 | 2,198.60 |
Total liabilities and partners' capital | 35,622.30 | 31,566.60 | ' | ' |
Consolidated Operating Entities [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 966.6 | 567.1 | ' | ' |
Restricted cash | 129.9 | 34.5 | ' | ' |
Accrued performance fees | 3,724.70 | 2,204.90 | ' | ' |
Investments | 867.1 | 932.6 | ' | ' |
Due from affiliates and other receivables, net | 188.8 | 201.5 | ' | ' |
Receivables and inventory of a consolidated real estate VIE | 180.4 | ' | ' | ' |
Fixed assets, net | 68.8 | 63.6 | ' | ' |
Deposits and other | 35.6 | 44.2 | ' | ' |
Other assets of a consolidated real estate VIE | 60.1 | ' | ' | ' |
Intangible assets, net | 582.8 | 691.1 | ' | ' |
Deferred tax assets | 59.4 | 67.1 | ' | ' |
Total assets | 6,864.20 | 4,806.60 | ' | ' |
Liabilities and partners' capital | ' | ' | ' | ' |
Loans payable | 42.4 | 886.3 | ' | ' |
3.875% senior notes due 2023 | 499.8 | ' | ' | ' |
5.625% senior notes due 2043 | 398.4 | ' | ' | ' |
Loans payable of a consolidated real estate VIE | 122.1 | ' | ' | ' |
Accounts payable, accrued expenses and other liabilities | 310.9 | 215 | ' | ' |
Accrued compensation and benefits | 2,253 | 1,318.20 | ' | ' |
Due to affiliates | 352.4 | 290.4 | ' | ' |
Deferred revenue | 62.8 | 57.9 | ' | ' |
Deferred tax liabilities | 103.6 | 61.1 | ' | ' |
Other liabilities of a consolidated real estate VIE | 97.7 | ' | ' | ' |
Accrued giveback obligations | 49.9 | 79 | ' | ' |
Total liabilities | 4,293 | 2,907.90 | ' | ' |
Redeemable non-controlling interests in consolidated entities | 11.4 | 6 | ' | ' |
Partners' capital | 357.1 | 235.1 | ' | ' |
Accumulated other comprehensive income (loss) | -11.2 | -5 | ' | ' |
Non-controlling interests in consolidated entities | 342.6 | 300.9 | ' | ' |
Non-controlling interests in Carlyle Holdings | 1,871.30 | 1,361.70 | ' | ' |
Total partners' capital | 2,559.80 | 1,892.70 | ' | ' |
Total liabilities and partners' capital | 6,864.20 | 4,806.60 | ' | ' |
Consolidated Funds [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents held at Consolidated Funds | 1,402.70 | 1,646.60 | ' | ' |
Restricted cash and securities of Consolidated Funds | 25.7 | 36.3 | ' | ' |
Investments of Consolidated Funds | 26,846.80 | 24,815.70 | ' | ' |
Due from affiliates and other receivables of Consolidated Funds, net | 626.2 | 331.8 | ' | ' |
Deposits and other | 2.9 | 4.2 | ' | ' |
Total assets | 28,904.30 | 26,834.60 | ' | ' |
Liabilities and partners' capital | ' | ' | ' | ' |
Loans payable of Consolidated Funds | 15,321.40 | 13,708.20 | ' | ' |
Due to affiliates | 51.8 | 42.1 | ' | ' |
Deferred revenue | 1.3 | 1.5 | ' | ' |
Other liabilities of Consolidated Funds | 1,445.40 | 1,405 | ' | ' |
Total liabilities | 16,819.90 | 15,156.80 | ' | ' |
Redeemable non-controlling interests in consolidated entities | 4,340.60 | 2,881.40 | ' | ' |
Partners' capital | -76.6 | -4.7 | ' | ' |
Accumulated other comprehensive income (loss) | -0.5 | ' | ' | ' |
Partners' capital appropriated for Consolidated Funds | 466.9 | 837.2 | ' | ' |
Non-controlling interests in consolidated entities | 7,354 | 7,963.90 | ' | ' |
Total partners' capital | 7,743.80 | 8,796.40 | ' | ' |
Total liabilities and partners' capital | 28,904.30 | 26,834.60 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Accrued performance fees | -71.1 | -12.4 | ' | ' |
Investments | -101.8 | -51.4 | ' | ' |
Investments of Consolidated Funds | 39.6 | ' | ' | ' |
Due from affiliates and other receivables, net | -12.9 | -10.8 | ' | ' |
Total assets | -146.2 | -74.6 | ' | ' |
Liabilities and partners' capital | ' | ' | ' | ' |
Loans payable of Consolidated Funds | -100.7 | -51.5 | ' | ' |
Accounts payable, accrued expenses and other liabilities | -45.8 | ' | ' | ' |
Due to affiliates | -0.5 | -0.4 | ' | ' |
Other liabilities of Consolidated Funds | -62.7 | -19.2 | ' | ' |
Accrued giveback obligations | -10.3 | -9.8 | ' | ' |
Total liabilities | -220 | -80.9 | ' | ' |
Partners' capital | 76.6 | 4.7 | ' | ' |
Accumulated other comprehensive income (loss) | 0.5 | 0.2 | ' | ' |
Partners' capital appropriated for Consolidated Funds | -3.3 | 1.4 | ' | ' |
Total partners' capital | 73.8 | 6.3 | ' | ' |
Total liabilities and partners' capital | ($146.20) | ($74.60) | ' | ' |
Supplemental_Financial_Informa3
Supplemental Financial Information - Supplemental Financial Position (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Principal amount | $305.30 |
3.875% Senior Notes Due 2023 [Member] | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Senior notes percentage | 3.88% |
5.625% Senior Notes Due 2043 [Member] | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Senior notes percentage | 5.63% |
Consolidated Operating Entities [Member] | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Principal amount | $305.30 |
Consolidated Operating Entities [Member] | 3.875% Senior Notes Due 2023 [Member] | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Senior notes percentage | 3.88% |
Consolidated Operating Entities [Member] | 5.625% Senior Notes Due 2043 [Member] | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Senior notes percentage | 5.63% |
Supplemental_Financial_Informa4
Supplemental Financial Information - Supplemental Results of Operations (Detail) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | $984,600,000 | $977,600,000 | $915,500,000 |
Performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,176,700,000 | 907,500,000 | 1,307,400,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,198,600,000 | 133,600,000 | -185,800,000 |
Total performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,375,300,000 | 1,041,100,000 | 1,121,600,000 |
Investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,400,000 | 16,300,000 | 65,100,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 20,100,000 | 13,300,000 |
Total investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,800,000 | 36,400,000 | 78,400,000 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | 14,500,000 | 15,800,000 |
Interest and other income of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,100,000 | 903,500,000 | 714,000,000 |
Revenue of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' |
Total revenues | 1,638,800,000 | 888,100,000 | 769,300,000 | 1,145,000,000 | 755,300,000 | 858,500,000 | 248,400,000 | 1,110,900,000 | ' | 4,441,200,000 | 2,973,100,000 | 2,845,300,000 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 738,000,000 | 624,500,000 | 374,500,000 |
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,400,000 | 201,700,000 | ' |
Performance fee related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539,200,000 | 285,500,000 | 225,700,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 644,500,000 | 32,200,000 | -122,300,000 |
Total compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,244,100,000 | 1,143,900,000 | 477,900,000 |
General, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,400,000 | 357,500,000 | 323,500,000 |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,500,000 | 24,600,000 | 60,600,000 |
Interest and other expenses of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 890,600,000 | 758,100,000 | 453,100,000 |
Interest and other expenses of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,800,000 | ' | ' |
Other non-operating (income) expenses | -276,600,000 | 82,000,000 | -290,600,000 | -211,500,000 | -50,400,000 | -448,900,000 | -386,600,000 | -872,100,000 | ' | -16,500,000 | 7,100,000 | 32,000,000 |
Total expenses | 1,201,100,000 | 814,700,000 | 774,000,000 | 904,100,000 | 660,200,000 | 704,900,000 | 448,900,000 | 477,200,000 | ' | 3,693,900,000 | 2,291,200,000 | 1,347,100,000 |
Other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment gains (losses) of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 696,700,000 | 1,758,000,000 | -323,300,000 |
Gain on acquisition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 |
Income (loss) before provision for income taxes | 714,300,000 | -8,600,000 | 285,900,000 | 452,400,000 | 145,500,000 | 602,500,000 | 186,100,000 | 1,505,800,000 | ' | 1,444,000,000 | 2,439,900,000 | 1,182,800,000 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,200,000 | 40,400,000 | 28,500,000 |
Net income (loss) | 677,500,000 | -26,500,000 | 269,300,000 | 427,500,000 | 132,900,000 | 597,000,000 | 175,500,000 | 1,494,100,000 | ' | 1,347,800,000 | 2,399,500,000 | 1,154,300,000 |
Net income (loss) attributable to non-controlling interests in consolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 676,000,000 | 1,756,700,000 | -202,600,000 |
Net income (loss) attributable to Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 671,800,000 | 642,800,000 | 1,356,900,000 |
Net income attributable to non-controlling interests in Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 567,700,000 | 622,500,000 | ' |
Net income attributable to The Carlyle Group L.P. | 71,300,000 | 2,300,000 | -3,300,000 | 33,800,000 | 12,000,000 | 18,600,000 | -10,300,000 | ' | 20,300,000 | 104,100,000 | 20,300,000 | ' |
Consolidated Operating Entities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,168,200,000 | 1,115,700,000 | 1,020,400,000 |
Performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,247,000,000 | 933,600,000 | 1,399,000,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,201,500,000 | 126,600,000 | -237,600,000 |
Total performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,448,500,000 | 1,060,200,000 | 1,161,400,000 |
Investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 31,000,000 | 82,700,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,400,000 | 19,500,000 | 20,400,000 |
Total investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46,400,000 | 50,500,000 | 103,100,000 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | 14,500,000 | 15,600,000 |
Revenue of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,590,900,000 | 2,240,900,000 | 2,300,500,000 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 738,000,000 | 624,500,000 | 374,500,000 |
Equity-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,400,000 | 201,700,000 | ' |
Performance fee related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539,200,000 | 285,500,000 | 225,700,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 644,500,000 | 32,200,000 | -122,300,000 |
Total compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,244,100,000 | 1,143,900,000 | 477,900,000 |
General, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 492,900,000 | 360,000,000 | 323,200,000 |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,500,000 | 24,600,000 | 60,600,000 |
Interest and other expenses of a consolidated real estate VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,800,000 | ' | ' |
Other non-operating (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,500,000 | 7,100,000 | 32,000,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,799,800,000 | 1,535,600,000 | 893,700,000 |
Other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on acquisition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 791,100,000 | 705,300,000 | 1,414,700,000 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,200,000 | 40,400,000 | 28,500,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 694,900,000 | 664,900,000 | 1,386,200,000 |
Net income (loss) attributable to non-controlling interests in consolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,100,000 | 22,100,000 | 29,300,000 |
Net income (loss) attributable to Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 671,800,000 | 642,800,000 | 1,356,900,000 |
Net income attributable to non-controlling interests in Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 567,700,000 | 622,500,000 | ' |
Net income attributable to The Carlyle Group L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,100,000 | 20,300,000 | ' |
Consolidated Funds [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,100,000 | 903,500,000 | 714,000,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,100,000 | 903,500,000 | 714,000,000 |
Performance fee related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other expenses of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,169,400,000 | 923,900,000 | 592,200,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,169,400,000 | 923,900,000 | 592,200,000 |
Other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment gains (losses) of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 701,300,000 | 1,755,500,000 | -330,600,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | 1,735,100,000 | -208,800,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | 1,735,100,000 | -208,800,000 |
Net income (loss) attributable to Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | 1,735,100,000 | -208,800,000 |
Net income attributable to The Carlyle Group L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 575,000,000 | 1,735,100,000 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fund management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | -183,600,000 | -138,100,000 | -104,900,000 |
Performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | -70,300,000 | -26,100,000 | -91,600,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,900,000 | 7,000,000 | 51,800,000 |
Total performance fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73,200,000 | -19,100,000 | -39,800,000 |
Investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized | ' | ' | ' | ' | ' | ' | ' | ' | ' | -600,000 | -14,700,000 | -17,600,000 |
Unrealized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,800,000 | 600,000 | -7,100,000 |
Total investment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,200,000 | -14,100,000 | -24,700,000 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,200,000 | ' | 200,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | -192,800,000 | -171,300,000 | -169,200,000 |
Performance fee related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General, administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | -2,500,000 | 300,000 |
Interest and other expenses of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | -278,800,000 | -165,800,000 | -139,100,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -275,300,000 | -168,300,000 | -138,800,000 |
Other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment gains (losses) of Consolidated Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,600,000 | 2,500,000 | 7,300,000 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,900,000 | -500,000 | -23,100,000 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,900,000 | -500,000 | -23,100,000 |
Net income (loss) attributable to non-controlling interests in consolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 652,900,000 | 1,734,600,000 | -231,900,000 |
Net income (loss) attributable to Carlyle Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | -575,000,000 | -1,735,100,000 | 208,800,000 |
Net income attributable to The Carlyle Group L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($575,000,000) | ($1,735,100,000) | ' |
Supplemental_Financial_Informa5
Supplemental Financial Information - Supplemental Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $694.90 | $664.90 | $1,386.20 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 163.6 | 107.8 | 83.1 |
Amortization of deferred financing fees | 1.4 | 1.3 | 1.1 |
Equity-based compensation | 322.4 | 201.7 | ' |
Excess tax benefits related to equity-based compensation | -1.9 | ' | ' |
Non-cash performance fees | -1,595.90 | -185.6 | 114.4 |
Other non-cash amounts | -10.5 | 7.1 | 32 |
Investment loss (income) | 77.5 | -39.9 | -84.2 |
Purchases of investments | -125 | -520.3 | -128.4 |
Proceeds from the sale of investments | 282.3 | 217.5 | 300.9 |
Purchases of trading securities | -56.1 | -20.1 | -6.7 |
Proceeds from the sale of trading securities | 21.1 | 15.7 | 0.2 |
Change in deferred taxes | 44.5 | -9.3 | -19.8 |
Change in due from affiliates and other receivables | -7.8 | 10.1 | 26.1 |
Change in receivables and inventory of a consolidated real estate VIE | 10.1 | ' | ' |
Change in deposits and other | 9.7 | 9.4 | -21.9 |
Change in other assets of a consolidated real estate VIE | 4.3 | ' | ' |
Change in accounts payable, accrued expenses and other liabilities | 46.6 | 3.4 | -51.6 |
Change in accrued compensation and benefits | 935.5 | -5.3 | -91.7 |
Change in due to affiliates | 96.7 | -23.6 | 31.3 |
Change in other liabilities of a consolidated real estate VIE | -32.1 | ' | ' |
Change in deferred revenue | 0.7 | -30.1 | -110.7 |
Net cash provided by operating activities | 882 | 404.7 | 1,460.30 |
Cash flows from investing activities | ' | ' | ' |
Change in restricted cash | -95.4 | -9.6 | -8.6 |
Purchases of fixed assets, net | -29.5 | -32.7 | -34.2 |
Purchases of intangible assets | ' | -41 | -8.1 |
Acquisitions, net of cash acquired | -10.2 | -42.8 | -53.9 |
Net cash used in investing activities | -135.1 | -126.1 | -104.8 |
Cash flows from financing activities | ' | ' | ' |
Borrowings under credit facility | ' | 820 | 520.5 |
Repayments under credit facility | -386.3 | -744.6 | -209.7 |
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 | 394.1 | ' | ' |
Proceeds from loans payable | 17.1 | ' | ' |
Payments on loans payable | -475 | -310 | -307.5 |
Change in loans payable of a consolidated real estate VIE | -1.5 | ' | ' |
Payments of contingent consideration | -23.9 | -10 | ' |
Net proceeds from issuance of common units in initial public offering | ' | 615.8 | ' |
Excess tax benefits related to equity-based compensation | 1.9 | ' | ' |
Distributions to common unitholders | -59.9 | -11.7 | ' |
Contributions from predecessor owners | ' | 9.3 | 15.1 |
Distributions to predecessor owners | ' | -452.3 | -1,498.40 |
Contributions from non-controlling interest holders | 137.7 | 38.3 | 30.7 |
Distributions to non-controlling interest holders | -459.9 | -176 | -38.8 |
Acquisition of non-controlling interests in consolidated entities | -7.1 | ' | ' |
Change in due to/from affiliates financing activities | 17.3 | 0.7 | 32.9 |
Net cash used in financing activities | -350.2 | -220.5 | -1,455.20 |
Effect of foreign exchange rate changes | 2.8 | -0.6 | -7.6 |
Increase (decrease) in cash and cash equivalents | 399.5 | 57.5 | -107.3 |
Cash and cash equivalents, beginning of period | 567.1 | 509.6 | 616.9 |
Cash and cash equivalents, end of period | $966.60 | $567.10 | $509.60 |
Supplemental_Financial_Informa6
Supplemental Financial Information - Supplemental Statement of Cash Flows (Parenthetical) (Detail) | Dec. 31, 2013 |
3.875% Senior Notes Due 2023 [Member] | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' |
Senior notes percentage | 3.88% |
5.625% Senior Notes Due 2043 [Member] | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' |
Senior notes percentage | 5.63% |