Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
| Cash flows from operating activities |
|
|
|
| Net income (loss) |
$ (496.7)
|
$ 1,284.7
|
$ 3,045.2
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
| Depreciation and amortization |
180.6
|
147.4
|
52.0
|
| Right-of-use asset impairment, net of broker fees |
0.0
|
0.0
|
24.8
|
| Equity-based compensation |
249.1
|
154.0
|
163.1
|
| Non-cash performance allocations and incentive fees, net |
1,572.8
|
393.6
|
(1,670.7)
|
| Non-cash principal investment (income) loss |
(123.9)
|
(553.4)
|
(618.5)
|
| Other non-cash amounts |
23.8
|
(10.3)
|
29.1
|
| Consolidated Funds related: |
|
|
|
| Realized/unrealized (gain) loss on investments of Consolidated Funds |
(246.9)
|
408.1
|
(76.6)
|
| Realized/unrealized (gain) loss from loans payable of Consolidated Funds |
240.0
|
(366.6)
|
74.1
|
| Purchases of investments by Consolidated Funds |
(3,084.7)
|
(3,826.2)
|
(5,407.0)
|
| Proceeds from sale and settlements of investments by Consolidated Funds |
2,348.8
|
2,860.4
|
4,888.7
|
| Non-cash interest income, net |
(27.2)
|
(12.1)
|
(11.8)
|
| Change in cash and cash equivalents held at Consolidated Funds |
(171.8)
|
(61.0)
|
30.3
|
| Change in other receivables held at Consolidated Funds |
(30.1)
|
19.3
|
(45.7)
|
| Change in other liabilities held at Consolidated Funds |
97.1
|
(336.8)
|
115.6
|
| Other non-cash amounts of Consolidated Funds |
0.0
|
0.1
|
0.0
|
| Purchases of investments |
(301.2)
|
(629.9)
|
(276.7)
|
| Proceeds from the sale of investments |
472.2
|
474.9
|
668.4
|
| Payments of contingent consideration |
(68.6)
|
(5.7)
|
(48.0)
|
| Changes in deferred taxes, net |
(368.7)
|
(73.2)
|
508.4
|
| Change in due from affiliates and other receivables |
(33.4)
|
(82.5)
|
(25.7)
|
| Change in deposits and other |
6.3
|
(11.8)
|
(12.5)
|
| Change in accounts payable, accrued expenses and other liabilities |
(33.2)
|
(14.3)
|
105.7
|
| Change in accrued compensation and benefits |
10.6
|
(135.4)
|
239.0
|
| Change in due to affiliates |
(14.5)
|
1.7
|
0.2
|
| Change in lease right-of-use assets and lease liabilities |
(10.8)
|
(8.8)
|
4.5
|
| Change in deferred revenue |
15.3
|
4.5
|
35.1
|
| Net cash provided by (used in) operating activities |
204.9
|
(379.3)
|
1,791.0
|
 |
| Cash flows from investing activities |
|
|
|
| Purchases of corporate treasury investments |
(187.3)
|
(69.6)
|
0.0
|
| Proceeds from corporate treasury investments |
210.3
|
50.0
|
0.0
|
| Purchases of fixed assets, net |
(66.6)
|
(40.6)
|
(41.4)
|
| Purchase of Abingworth, net of cash acquired |
0.0
|
(150.2)
|
0.0
|
| Purchase of CBAM intangibles and investments |
0.0
|
(618.4)
|
0.0
|
| Net cash used in investing activities |
(43.6)
|
(828.8)
|
(32.2)
|
|
| Cash flows from financing activities |
|
|
|
| Borrowings under credit facilities |
0.0
|
0.0
|
70.0
|
| Repayments under credit facilities |
0.0
|
0.0
|
(70.0)
|
| Issuance of 4.625% subordinated notes due 2061, net of financing costs |
0.0
|
0.0
|
484.1
|
| Repurchase of 3.875% senior notes due 2023 |
0.0
|
0.0
|
(259.9)
|
| Proceeds from CLO borrowings, net of financing costs |
12.0
|
73.2
|
111.7
|
| Payments on CLO borrowings |
(17.2)
|
(16.7)
|
(232.5)
|
| Net borrowings on loans payable of Consolidated Funds |
700.6
|
624.2
|
182.9
|
| Payments of contingent consideration |
0.0
|
0.0
|
(0.1)
|
| Dividends to common stockholders |
(497.7)
|
(443.6)
|
(355.8)
|
| Payment of deferred consideration for Carlyle Holdings units |
(68.8)
|
(68.8)
|
(68.8)
|
| Contributions from non-controlling interest holders |
177.0
|
391.2
|
216.2
|
| Distributions to non-controlling interest holders |
(139.7)
|
(216.8)
|
(94.6)
|
| Common shares issued for performance allocations |
0.0
|
38.9
|
4.8
|
| Common shares repurchased |
(203.5)
|
(185.6)
|
(161.8)
|
| Change in due to/from affiliates financing activities |
(62.3)
|
(81.2)
|
(68.7)
|
| Net cash (used in) provided by financing activities |
(99.6)
|
114.8
|
(242.5)
|
|
| Effect of foreign exchange rate changes |
18.9
|
(20.3)
|
(30.8)
|
|
| Increase (decrease) in cash, cash equivalents and restricted cash |
80.6
|
(1,113.6)
|
1,485.5
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
1,361.5
|
2,475.1
|
989.6
|
| Cash, cash equivalents and restricted cash, end of period |
1,442.1
|
1,361.5
|
2,475.1
|
| Supplemental cash disclosures |
|
|
|
| Cash paid for interest |
91.8
|
91.5
|
92.7
|
| Cash paid for income taxes |
250.1
|
402.1
|
402.6
|
| Supplemental non-cash disclosures |
|
|
|
| Net asset impact of deconsolidation of Consolidated Funds |
(110.4)
|
(47.7)
|
(34.4)
|
| Reconciliation of cash, cash equivalents and restricted cash, end of period: |
|
|
|
| Cash and cash equivalents |
1,440.3
|
1,360.7
|
2,469.5
|
| Restricted cash |
1.8
|
0.8
|
5.6
|
| Total cash, cash equivalents and restricted cash, end of period |
1,442.1
|
1,361.5
|
2,475.1
|
| Cash and cash equivalents held at Consolidated Funds |
346.0
|
209.0
|
147.8
|
| Consolidated Operating Entities |
|
|
|
| Cash flows from operating activities |
|
|
|
| Net income (loss) |
(579.3)
|
1,248.6
|
3,042.5
|
| Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
| Depreciation and amortization |
180.6
|
147.4
|
52.0
|
| Right-of-use asset impairment, net of broker fees |
0.0
|
0.0
|
24.8
|
| Equity-based compensation |
249.1
|
154.0
|
163.1
|
| Non-cash performance allocations and incentive fees, net |
1,569.2
|
387.5
|
(1,670.7)
|
| Non-cash principal investment (income) loss |
(130.7)
|
(501.5)
|
(628.9)
|
| Other non-cash amounts |
23.8
|
(10.3)
|
29.1
|
| Consolidated Funds related: |
|
|
|
| Purchases of investments |
(345.8)
|
(737.7)
|
(384.5)
|
| Proceeds from the sale of investments |
485.9
|
498.0
|
708.3
|
| Payments of contingent consideration |
(68.6)
|
(5.7)
|
(48.0)
|
| Changes in deferred taxes, net |
(368.7)
|
(73.2)
|
508.4
|
| Change in due from affiliates and other receivables |
(33.5)
|
(82.3)
|
(25.1)
|
| Change in deposits and other |
6.3
|
(11.8)
|
(12.5)
|
| Change in accounts payable, accrued expenses and other liabilities |
(33.2)
|
(14.3)
|
105.7
|
| Change in accrued compensation and benefits |
10.6
|
(135.4)
|
239.0
|
| Change in due to affiliates |
(14.5)
|
1.7
|
0.2
|
| Change in lease right-of-use assets and lease liabilities |
(10.8)
|
(8.8)
|
4.5
|
| Change in deferred revenue |
15.3
|
4.5
|
35.1
|
| Net cash provided by (used in) operating activities |
955.7
|
860.7
|
2,143.0
|
| Cash flows from investing activities |
|
|
|
| Purchases of corporate treasury investments |
(187.3)
|
(69.6)
|
0.0
|
| Proceeds from corporate treasury investments |
210.3
|
50.0
|
0.0
|
| Purchases of fixed assets, net |
(66.6)
|
(40.6)
|
(41.4)
|
| Purchase of Abingworth, net of cash acquired |
0.0
|
(150.2)
|
0.0
|
| Purchase of CBAM intangibles and investments |
0.0
|
(618.4)
|
0.0
|
| Net cash used in investing activities |
(43.6)
|
(828.8)
|
(32.2)
|
| Cash flows from financing activities |
|
|
|
| Borrowings under credit facilities |
0.0
|
0.0
|
70.0
|
| Repayments under credit facilities |
0.0
|
0.0
|
(70.0)
|
| Issuance of 4.625% subordinated notes due 2061, net of financing costs |
0.0
|
0.0
|
484.1
|
| Repurchase of 3.875% senior notes due 2023 |
0.0
|
0.0
|
(259.9)
|
| Proceeds from CLO borrowings, net of financing costs |
12.0
|
73.2
|
111.7
|
| Payments on CLO borrowings |
(17.2)
|
(16.7)
|
(232.5)
|
| Payments of contingent consideration |
0.0
|
0.0
|
(0.1)
|
| Dividends to common stockholders |
(497.7)
|
(443.6)
|
(355.8)
|
| Payment of deferred consideration for Carlyle Holdings units |
(68.8)
|
(68.8)
|
(68.8)
|
| Contributions from non-controlling interest holders |
11.8
|
9.2
|
19.4
|
| Distributions to non-controlling interest holders |
(64.0)
|
(78.7)
|
(74.5)
|
| Common shares issued for performance allocations |
0.0
|
38.9
|
4.8
|
| Common shares repurchased |
(203.5)
|
(185.6)
|
(161.8)
|
| Change in due to/from affiliates financing activities |
(16.2)
|
(456.2)
|
(68.7)
|
| Net cash (used in) provided by financing activities |
(843.6)
|
(1,128.3)
|
(602.1)
|
| Effect of foreign exchange rate changes |
12.1
|
(17.2)
|
(23.2)
|
| Increase (decrease) in cash, cash equivalents and restricted cash |
80.6
|
(1,113.6)
|
1,485.5
|
| Cash, cash equivalents and restricted cash, beginning of period |
1,361.5
|
2,475.1
|
989.6
|
| Cash, cash equivalents and restricted cash, end of period |
1,442.1
|
1,361.5
|
2,475.1
|
| Supplemental non-cash disclosures |
|
|
|
| Issuance of common shares related to the acquisition of CBAM and Abingworth |
0.0
|
219.5
|
0.0
|
| Reconciliation of cash, cash equivalents and restricted cash, end of period: |
|
|
|
| Cash and cash equivalents |
1,440.3
|
1,360.7
|
2,469.5
|
| Restricted cash |
1.8
|
0.8
|
5.6
|
| Total cash, cash equivalents and restricted cash, end of period |
1,442.1
|
1,361.5
|
2,475.1
|
| Cash and cash equivalents held at Consolidated Funds |
346.0
|
209.0
|
147.8
|
| MRE |
|
|
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sale, net of cash sold |
0.0
|
0.0
|
5.9
|
| MRE | Consolidated Operating Entities |
|
|
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sale, net of cash sold |
0.0
|
0.0
|
5.9
|
| Brazil management entity |
|
|
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sale, net of cash sold |
0.0
|
0.0
|
3.3
|
| Brazil management entity | Consolidated Operating Entities |
|
|
|
| Cash flows from investing activities |
|
|
|
| Proceeds from sale, net of cash sold |
$ 0.0
|
$ 0.0
|
$ 3.3
|