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Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2015
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Jul. 30, 2015
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| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2015 | |
| Document Fiscal Year Focus | 2015 | |
| Document Fiscal Period Focus | Q2 | |
| Entity Registrant Name | Carlyle Group L.P. | |
| Entity Central Index Key | 0001527166 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 78,458,491 |
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- Details
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of realized performance fees, if the fund were liquidated at the reporting date fair value, that would be given back to the fund investors at the end of the fund's life if the fund fair value does not recover sufficiently to pass through the hurdle rate that allows for the recognition of performance fees. No definition available.
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- Definition
Amounts represent performance fees that our existing, unrealized fund portfolio would generate if we sold every asset across all of our funds at fair value as of the end of the reporting period. No definition available.
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- Definition
Cash and cash equivalents held at consolidated funds represents cash and cash equivalents held by consolidated funds and other consolidated entities. Such amounts are not available to fund general liquidity needs of the business. No definition available.
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- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entities' consolidated funds and other consolidated entities by means of direct or indirect ownership. No definition available.
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- Definition
Amount of partners' capital appropriated for consolidated funds and other consolidated entities. No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all investments held at the consolidated funds and other consolidated entities. No definition available.
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- Definition
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable held at consolidated funds and other consolidated entities. No definition available.
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- Definition
The total amount of loans payable for a consolidated real estate VIE recorded at fair value. No definition available.
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- Definition
Total of all partners' capital which is attributable to Carlyle Holdings. No definition available.
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- Definition
The total amount of other assets of a consolidated real estate VIE. No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred by consolidate funds and other consolidated entities through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. No definition available.
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- Definition
The total amount of other liabilities for a consolidated real estate VIE. No definition available.
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- Definition
The total amount of receivables and inventory for a consolidated real estate VIE. No definition available.
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- Definition
Amounts represent restricted cash and securities held by consolidated funds and other consolidated entities. Such amounts are not available to fund general liquidity needs of the business. No definition available.
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- Definition
Carrying value as of the balance sheet date of notes due 2023 with the highest claim on the assets of the issuer in case of bankruptcy or liquidation. Senior note holders are paid off in full before any payments are made to junior note holders. No definition available.
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- Definition
Carrying value as of the balance sheet date of notes due 2043 with the highest claim on the assets of the issuer in case of bankruptcy or liquidation. Senior note holders are paid off in full before any payments are made to junior note holders. No definition available.
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- Definition
Temporary equity partners capital. No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets are assets, not including financial assets, lacking physical substance. No definition available.
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- Definition
Sum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate fair value as of the reporting date of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Jun. 30, 2015
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Dec. 31, 2014
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| Principal amount of loans payable | $ 173.0 | $ 243.6 |
| Common stock, units issued (in shares) | 78,458,491 | 67,761,012 |
| Common stock, units outstanding (in shares) | 78,458,491 | 67,761,012 |
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3.875% Senior Notes Due 2/01/2023
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| Interest rate on senior notes (as a percent) | 3.875% | 3.875% |
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5.625% Senior Notes Due 3/30/2043
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| Interest rate on senior notes (as a percent) | 5.625% | 5.625% |
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- Definition
Face (par) amount of debt instrument for consolidated real estate VIE. No definition available.
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest and other expense of consolidated VIE. No definition available.
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- Definition
Interest and other expenses relating to and incurred by the consolidated funds and other consolidated entities. No definition available.
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- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein held by consolidated funds and other consolidated entities. No definition available.
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- Details
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- Definition
Net income (loss) attributable to noncontrolling interest in subsidiary. No definition available.
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- Definition
Net income loss in subsidiary. No definition available.
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- Definition
Net gains (losses) from consolidated funds and other consolidated entities' investment activities. No definition available.
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- Definition
Compensation of our investment professionals related to realized performance fees. No definition available.
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- Details
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- Definition
Fees received from a carry fund that had a distribution event. No definition available.
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- Definition
Fees earned from a carry fund that the Partnership would be eligible to receive upon a hypothetical liquidation of the fund at fair value No definition available.
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- Definition
Compensation of our investment professionals related to unrealized performance fees. No definition available.
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- Definition
Investment income (loss) realized represents the gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. Investment income (loss) is realized when the partnership redeems all or a portion of its investment or when the partnership receives cash income, such as dividends or distributions, from its non consolidated funds. No definition available.
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- Definition
Revenues of consolidated VIEs. No definition available.
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- Definition
Investment income (loss) unrealized represents the unrealized gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. 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. No definition available.
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of fees earned from providing investment advice and research to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of revenue earned by the entity based on the investment results achieved. Excludes fees based upon a percentage of the assets under management not performance-related. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Comprehensive income attributable to Carlyle Holdings. No definition available.
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- Definition
Comprehensive income loss net of taxes attributable to equity appropriated for consolidated funds. No definition available.
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- Definition
Comprehensive income net of tax attributable to noncontrolling interest in subsidiary. No definition available.
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- Definition
Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities. No definition available.
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- Definition
Other comprehensive income loss reclassification pension and other postretirement benefit plans net gain loss recognized in net periodic benefit cost net of tax. No definition available.
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- Definition
Amount after tax of increase (decrease) in accumulated gain (loss) from defined benefit plans arising during the period. No definition available.
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Change in due to/from affiliates and other receivables of consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Change in due to/from affiliates financing activities. No definition available.
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| X | ||||||||||
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- Definition
Change in parents ownership interest. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount represents amount of non-cash item on statement of cash flow related to the deconsolidation of consolidated funds during the period. No definition available.
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| X | ||||||||||
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- Definition
Deferred tax asset related to acquisition of partnership units. No definition available.
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| X | ||||||||||
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- Definition
Deferred tax liability related to acquisition of partnership units. No definition available.
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| X | ||||||||||
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- Definition
Distributions to noncontrolling interest holders. No definition available.
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| X | ||||||||||
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- Definition
Distributions to noncontrolling interest holders in Carlyle Holdings. No definition available.
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| X | ||||||||||
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- Definition
Change in other receivables held at consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Increase (decrease) in consolidated real estate variable interest entity loans payable. No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) in consolidated real estate variable interest entity other assets during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
Increase (decrease) in consolidated real estate variable interest entity other liabilities. No definition available.
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| X | ||||||||||
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- Definition
Increase decrease in consolidated real estate variable interest entity receivables and inventory. No definition available.
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| X | ||||||||||
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- Definition
Change in other liabilities held at consolidated funds. No definition available.
|
| X | ||||||||||
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- Definition
Change in other receivables held at consolidated funds. No definition available.
|
| X | ||||||||||
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- Definition
Non-cash contributions from non-controlling interest holders. No definition available.
|
| X | ||||||||||
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- Definition
Non cash initial consolidation of consolidated funds. No definition available.
|
| X | ||||||||||
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- Definition
Non-cash interest income, net. No definition available.
|
| X | ||||||||||
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- Definition
Non-cash performance fees. No definition available.
|
| X | ||||||||||
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- Definition
Partners capital related to exchange of equity interests. No definition available.
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| X | ||||||||||
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- Definition
Payment of contingent consideration. No definition available.
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| X | ||||||||||
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- Definition
Net payments on loans payable of consolidated funds. No definition available.
|
| X | ||||||||||
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- Definition
Proceeds from sale and settlements of investments by consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Purchases of investments by consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Realized unrealized gain (loss) from loans payable of consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Realized unrealized gain (loss) on investments of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Senior notes due 2043 issued during the period. No definition available.
|
| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tax receivable agreement liability. No definition available.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
Amount of increase (decrease) in the value of right to a contingent consideration asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the period in accrued salaries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in moneys or securities given as security including, but not limited to, contract, escrow, or earnest money deposits, retainage (if applicable), deposits with clearing organizations and others, collateral, or margin deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the issuance of common limited partners units during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the sale and maturity (principal being due) of other investments, prepayment and call (request of early payment) of other investments not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) (5.625% Senior Notes Due 3/30/2043)
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Jun. 30, 2015
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Dec. 31, 2014
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|---|---|---|
|
5.625% Senior Notes Due 3/30/2043
|
||
| Interest rate on senior notes (as a percent) | 5.625% | 5.625% |
| X | ||||||||||
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- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Organization and Basis of Presentation
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Basis of Presentation | Organization and Basis of Presentation The Carlyle Group L.P., together with its consolidated subsidiaries (the “Partnership” or “Carlyle”), is one of the world’s largest global alternative asset management firms that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, growth capital financings, real estate opportunities, bank loans, high-yield debt, distressed assets, mezzanine debt and other investment opportunities. The Partnership is a Delaware limited partnership formed on July 18, 2011. The Partnership is managed and operated by its general partner, Carlyle Group Management L.L.C., which is in turn wholly-owned and controlled by Carlyle’s founders and other senior Carlyle professionals. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, business development companies, collateralized loan obligations (“CLOs”), hedge funds and other investment products sponsored by the Partnership for the investment of client assets in the normal course of business. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products. Carlyle operates its business through four reportable segments: Corporate Private Equity, Global Market Strategies, Real Assets and Investment Solutions (see Note 18). Basis of Presentation The accompanying financial statements include the accounts of the Partnership and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities, certain CLOs managed by the Partnership (collectively the “Consolidated Funds”) and a real estate development company (see Note 17) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 2. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and has no effect on the net income attributable to the Partnership. The majority economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities, partners’ capital appropriated for Consolidated Funds and redeemable non-controlling interests in consolidated entities in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (“SEC”). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. June 2015 Public Offering of Partnership Common Units On June 5, 2015, the Partnership completed a public offering of 7,000,000 common units priced at $30.07 per common unit. The Partnership received net proceeds of approximately $209.9 million after deduction of offering expenses. The Partnership’s wholly owned subsidiaries used the net proceeds to acquire 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As the sole general partner of Carlyle Holdings, the Partnership consolidates the financial position and results of operations of Carlyle Holdings into its financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. The Partnership accounted for this public offering as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value consideration paid by the Partnership over the carrying amount of the non-controlling interest acquired was recognized directly as a reduction to partners’ capital. The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions):
The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions):
The acquisition by the Partnership of the 7,000,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings also is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $57.9 million, an increase to the liability owed under the tax receivable agreement of $49.8 million, and an increase in partners’ capital of $8.1 million based on estimated tax information available at the time. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable. Additionally, the Partnership recorded a deferred tax liability related to outside tax basis difference as a result of the Partnership’s acquisition of additional interests in Carlyle Holdings. Accordingly, the Partnership recorded a deferred tax liability of $2.6 million with a corresponding decrease to partners’ capital. Following the issuance of common units in the June 2015 public offering, the vesting of deferred restricted common units, and the cancellation of certain unvested common units (see Note 16), the total number of Partnership common units outstanding as of June 30, 2015 was 78,458,491. March 2014 Public Offering of Partnership Common Units On March 10, 2014, the Partnership completed a public offering of 13,800,000 common units priced at $33.50 per common unit. The Partnership received net proceeds of approximately $449.5 million, after deduction of the underwriting discount and offering expenses. The Partnership’s wholly-owned subsidiaries used $146.1 million of the net proceeds to acquire 4,500,000 newly issued Carlyle Holdings partnership units from Carlyle Holdings. These proceeds are being used by Carlyle Holdings for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. The Partnership’s wholly-owned subsidiaries used the remaining net proceeds of $303.4 million to acquire 9,300,000 Carlyle Holding partnership units from the other limited partners of Carlyle Holdings, including certain of the Partnership’s directors and executive officers. As it relates to the 4,500,000 newly issued Carlyle Holdings partnership units that the Partnership acquired, because the Partnership acquired these partnership units at a valuation in excess of the proportion of the book value of the net assets acquired, the Partnership incurred an immediate dilution of approximately $116.8 million. This dilution was reflected within partners’ capital as a reallocation from partners’ capital to non-controlling interests in Carlyle Holdings. As it relates to the 9,300,000 Carlyle Holdings partnership units that the Partnership acquired from the other limited partners of Carlyle Holdings, the Partnership accounted for this transaction as an acquisition of ownership interests in a subsidiary while retaining a controlling interest in the subsidiary. Accordingly, the carrying value of the non-controlling interest was adjusted to reflect the change in the ownership interests in Carlyle Holdings. The excess of the fair value of the consideration issued by the Partnership over the carrying amount of the non-controlling interest acquired on the transaction date was $237.0 million, which was recognized directly as a reduction to partners’ capital. Additionally, the acquisition by the Partnership of the 9,300,000 Carlyle Holdings partnership units from the other limited partners of Carlyle Holdings is subject to the terms of the tax receivable agreement. Accordingly, the Partnership recorded a deferred tax asset of $70.0 million, an increase to the liability owed under the tax receivable agreement of $60.1 million, and an increase in partners’ capital of $9.9 million based on estimated tax information available at the time. The Partnership recorded subsequent adjustments for this exchange due to updated relevant tax calculations, which increased the deferred tax asset by $3.5 million, increased the liability to the limited partners by $3.0 million and increased partners’ capital by $0.5 million. The liability is expected to be paid as the deferred tax asset is realized as a reduction in taxes payable. |
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| X | ||||||||||
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- Definition
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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| X | ||||||||||
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- Details
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Summary of Significant Accounting Policies
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The Partnership consolidates all entities that it controls through a majority voting interest or otherwise. In addition, the accompanying condensed consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The revised consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. 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 June 30, 2015, assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $23.3 billion and $17.7 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 June 30, 2015, the Partnership held $173.8 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 condensed consolidated financial statements. Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. The assets recognized in the Partnership’s condensed 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:
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 condensed consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s condensed 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 condensed consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the condensed 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% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $4.8 million and $33.2 million for the three months ended June 30, 2015 and 2014, respectively, and $12.4 million and $40.2 million for the six months ended June 30, 2015 and 2014, 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 of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values. 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 June 30, 2015 and December 31, 2014, the Partnership has recognized $221.8 million and $104.4 million, respectively, for giveback obligations. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and 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 condensed consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $227.3 million and $214.8 million for the three months ended June 30, 2015 and 2014, respectively, and $435.7 million and $436.0 million for the six months ended June 30, 2015 and 2014, respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed consolidated statements of operations. Compensation and Benefits Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate. Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis, adjusted for estimated forfeitures of awards that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to 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 that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. As of June 30, 2015 and December 31, 2014, the Partnership had recorded a liability of $1.8 billion related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying condensed consolidated financial statements. Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes 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 in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes. Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying condensed 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 condensed 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 condensed 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 condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings. Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260. Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s condensed consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment, but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis. Equity-Method Investments The Partnership accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity-method investments is determined based on amounts invested by the Partnership, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash and Cash Equivalents Cash and cash equivalents 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 $20.3 million and $29.9 million at June 30, 2015 and December 31, 2014, 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 Restricted cash at June 30, 2015 and December 31, 2014 includes $3.0 million and $8.7 million, respectively, of cash received on behalf of certain non-consolidated Carlyle funds that was paid out in July 2015 and January 2015, respectively. Also included in restricted cash at June 30, 2015 and December 31, 2014 is €4.4 million ($4.9 million and $5.4 million as of June 30, 2015 and December 31, 2014, respectively) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). Also included in restricted cash at December 31, 2014 was $13.2 million which is no longer restricted at June 30, 2015. Also included in restricted cash at June 30, 2015 is $690.4 million of proceeds received on behalf of a non-consolidated Carlyle Fund related to the pending sale of an investment by that fund; these proceeds will be disbursed upon closing of the transaction. The Partnership has recorded a corresponding liability in due to affiliates for this amount. The remaining balance in restricted cash at June 30, 2015 and December 31, 2014 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 $1.9 million and $2.3 million is included in restricted cash and securities of Consolidated Funds at June 30, 2015 and December 31, 2014, respectively. Certain CLOs hold U.S. Treasury notes and corporate bonds as collateral for specific classes of loans payable in the CLOs. As of June 30, 2015 and December 31, 2014, securities of $16.5 million and $12.6 million, respectively, are included in restricted cash and securities of Consolidated Funds. Derivative Instruments Derivative instruments are recognized at fair value in the condensed consolidated balance sheets with changes in fair value recognized in the condensed 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 condensed 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 five to ten years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership’s intangible assets include acquired contractual rights for fee income related to open-ended funds. Open-ended funds are subject to redemptions on a quarterly or more frequent basis and investors can generally decide to exit their fund investments at any time. The resulting inherent volatility in fee income derived from these contractual rights increases the degree of judgment and estimates used by management in evaluating such intangible assets for impairment. Actual results could differ from management’s estimates and assumptions and such differences could result in a material impairment. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 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 (loss) is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest. The components of accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were as follows:
Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency losses resulting from transactions outside of the functional currency of an entity of $3.1 million and $3.9 million for the three months ended June 30, 2015 and 2014, respectively, and $18.5 million and $4.5 million for the six months ended June 30, 2015 and 2014, respectively, are included in general, administrative and other expenses in the condensed consolidated statements of operations. Recent Accounting Pronouncements On April 7, 2015, the FASB issued ASU 2015-3, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-3 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This guidance is effective for the Partnership on January 1, 2016 and the ASU requires the guidance to be applied on a retrospective basis. This guidance is not expected to have a material impact on the Partnership’s consolidated financial statements upon adoption. On February 18, 2015, the FASB issued ASU 2015-2, Consolidation (Topic 820): Amendments to the Consolidation Analysis. ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance in ASU 2015-2 will be effective for the Partnership beginning on January 1, 2016, and early adoption is permitted. The Partnership is currently assessing the impact that this guidance will have on its consolidated financial statements; however, the guidance is expected to significantly reduce the number of funds consolidated by the Partnership. The expected deconsolidation would significantly reduce the Partnership’s total assets, total liabilities and total partners’ capital, as well as impact net income, but there would be no impact to net income attributable to the Partnership. In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. ASU 2014-13 relates to reporting entities that elect to measure all eligible financial assets and financial liabilities of a consolidated collateralized financing entity at fair value. Under the Partnership’s current practice, the difference between the fair value of the financial assets and the fair value of the financial liabilities is classified within partners’ capital appropriated for Consolidated Funds. ASU 2014-13 provides the option for a reporting entity to initially measure both the financial assets and financial liabilities using the fair value of the financial assets or financial liabilities, whichever is more observable. As a result, the reporting entity will no longer have a difference to report within appropriated partners’ capital. This guidance will be effective for the Partnership on January 1, 2016. The Partnership’s consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. The guidance is expected to change the measurement of the financial assets or financial liabilities of the Partnership’s consolidated CLOs, which will impact net income but not impact net income attributable to the Partnership. Upon adoption, substantially all the balance within partners’ capital appropriated for Consolidated Funds will be reclassified to investments of Consolidated Funds or loans payable of Consolidated Funds. At June 30, 2015 partners’ capital appropriated for Consolidated Funds was $122.7 million. In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606). ASU 2014-9 provides comprehensive guidance for recognizing revenue from contracts with customers. Entities will be able to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The guidance in ASU 2014-9 is effective for the Partnership beginning on January 1, 2017. However, in July 2015, the FASB voted to issue amended guidance delaying the adoption date to 2018, with early adoption as of the original effective date permitted. The Partnership is still assessing the potential impact of this guidance, however, this may have a material impact on the Partnership’s consolidated financial statements by significantly delaying the recognition of performance fee revenue. |
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions Acquisition of Diversified Global Asset Management Corporation On February 3, 2014, the Partnership acquired 100% of the equity interests in Diversified Global Asset Management Corporation ("DGAM”), a Toronto, Canada-based alternative investment manager with $2.9 billion in fee-earning assets under management. As of February 3, 2014, DGAM also advised on $3.6 billion in assets, for which it earned a nominal advisory fee. The purchase price consisted of approximately $8.0 million in cash and 662,134 newly issued common units (approximately $23.1 million). The transaction also included contingent compensation of up to $23.7 million in cash and $47.3 million in common units, which are issuable through 2021 upon the achievement of certain performance and service-based requirements. The Partnership consolidated the financial position and results of operations of DGAM effective February 3, 2014 and accounted for this transaction as a business combination. DGAM is the Partnership’s fund of hedge funds platform and is included in the Partnership’s Investment Solutions business segment. See Note 3 to the consolidated financial statements included in the Partnership’s 2014 Annual Report on Form 10-K for additional information on the DGAM acquisition. |
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- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurement
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | Fair Value Measurement The fair value measurement accounting guidance establishes a hierarchal disclosure framework which ranks the observability of market price inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: Level I – inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The type of financial instruments included in Level I include unrestricted securities, including equities and derivatives, listed in active markets. The Partnership does not adjust the quoted price for these instruments, even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Level II – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The type of financial instruments in this category includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Investments in hedge funds are classified in this category when their net asset value is redeemable without significant restriction. Level III – inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately-held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. Investments in fund of funds are generally included in this category. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2015:
The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014:
Transfers from Level II to Level I during the six months ended June 30, 2015 were due to the expiration of transferability restrictions on certain equity securities of Consolidated Funds that were previously classified as Level II. There were no transfers from Level II to Level I during the six months ended June 30, 2014. Investment professionals with responsibility for the underlying investments are responsible for preparing the investment valuations pursuant to the policies, methodologies and templates prepared by the Partnership’s valuation group, which is a team made up of dedicated valuation professionals reporting to the Partnership’s chief accounting officer. The valuation group is responsible for maintaining the Partnership’s valuation policy and related guidance, templates and systems that are designed to be consistent with the guidance found in ASC 820, Fair Value Measurement. These valuations, inputs and preliminary conclusions are reviewed by the fund accounting teams. The valuations are then reviewed and approved by the respective fund valuation subcommittees, which are comprised of the respective fund head(s), segment head, chief financial officer and chief accounting officer, as well as members of the valuation group. The valuation group compiles the aggregate results and significant matters and presents them for review and approval by the global valuation committee, which is comprised of the Partnership’s co-chief executive officers, president and chief operating officer, chief risk officer, chief financial officer, chief accounting officer, deputy chief investment officers for Corporate Private Equity, the business segment heads, and observed by the chief compliance officer, the director of internal audit and the Partnership’s audit committee. Additionally, each quarter a sample of valuations are reviewed by external valuation firms. In the absence of observable market prices, the Partnership values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. Management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies and real estate properties, and certain debt positions. The valuation technique for each of these investments is described below: Private Equity and Real Estate Investments – The fair values of private equity investments are determined by reference to projected net earnings, earnings before interest, taxes, depreciation and amortization (“EBITDA”), the discounted cash flow method, public market or private transactions, valuations for comparable companies or sales of comparable assets, and other measures which, in many cases, are unaudited at the time received. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rate (“cap rate”) analysis. Valuations may be derived by reference to observable valuation measures for comparable companies or transactions (e.g., applying a key performance metric of the investment such as EBITDA or net operating income to a relevant valuation multiple or cap rate observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar models. Adjustments to observable valuation measures are frequently made upon the initial investment to calibrate the initial investment valuation to industry observable inputs. Such adjustments are made to align the investment to observable industry inputs for differences in size, profitability, projected growth rates, geography and capital structure if applicable. The adjustments are reviewed with each subsequent valuation to assess how the investment has evolved relative to the observable inputs. Additionally, the investment may be subject to certain specific risks and/or development milestones which are also taken into account in the valuation assessment. Option pricing models and similar tools do not currently drive a significant portion of private equity or real estate valuations and are used primarily to value warrants, derivatives, certain restrictions and other atypical investment instruments. Credit-Oriented Investments – The fair values of credit-oriented investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Specifically, for investments in distressed debt and corporate loans and bonds, the fair values are generally determined by valuations of comparable investments. In some instances, the Partnership may utilize other valuation techniques, including the discounted cash flow method. CLO Investments and CLO Loans Payable – The Partnership has elected the fair value option to measure the loans payable of the CLOs at fair value, as the Partnership has determined that measurement of the loans payable issued by the CLOs at fair value better correlates with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The investments of the CLOs are also carried at fair value. The fair values of the CLO loan and bond assets are primarily based on quotations from reputable dealers or relevant pricing services. In situations where valuation quotations are unavailable, the assets are valued based on similar securities, market index changes, and other factors. The Partnership corroborates quotations from pricing services either with other available pricing data or with its own models. Generally, the loan and bond assets of the CLOs are not actively traded and are classified as Level III. The fair values of the CLO loans payable and the CLO structured asset positions are determined based on both discounted cash flow analyses and third-party quotes. Those analyses consider the position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates and default forecasts and are compared to broker quotations from market makers and third party dealers. Loans Payable of a Consolidated Real Estate VIE – The Partnership has elected the fair value option to measure the loans payable of a consolidated real estate VIE at fair value. The fair values of the loans are primarily based on discounted cash flows analyses, which consider the liquidity and current financial condition of the consolidated real estate VIE. These loans are classified as Level III. Fund Investments – The Partnership’s investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined. The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):
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 condensed consolidated statements of operations. Realized and unrealized gains and losses included in earnings for Level III contingent consideration liabilities are included in other non-operating expense (income), and such gains and losses for loans payable of a consolidated real estate VIE are included in interest and other expenses of a consolidated real estate VIE in the condensed consolidated statement of operations. Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss, partners’ capital appropriated for Consolidated Funds, non-controlling interests in consolidated entities and non-controlling interests in Carlyle Holdings in the condensed consolidated balance sheets. The following table summarizes quantitative information about the Partnership’s Level III inputs as of June 30, 2015:
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014:
The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include EBITDA, indicative quotes and discount rates. Significant decreases in EBITDA multiples or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in bonds and loans are market yields and indicative quotes. Significant increases in market yields in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s trading securities and other investments include EBITDA multiples and discount rates. Significant decreases in EBITDA multiples in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s restricted securities of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of Consolidated Funds are discount rates, default rates, recovery rates and indicative quotes. Significant increases in discount rates or default rates in isolation would result in a significantly lower fair value measurement, while a significant increase in recovery rates and indicative quotes in isolation would result in a significantly higher fair value. The significant unobservable inputs used in the fair value measurement of the Partnership’s loans payable of a consolidated real estate VIE are discount to expected payment and discount rate. A significant increase in either of these inputs in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s derivative instruments of Consolidated Funds include indicative quotes. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Partnership’s contingent consideration are an assumed percentage of total potential contingent payments and discount rate. A significant decrease in the assumed percentage of total potential contingent payments or increase in discount rate in isolation would result in a significantly lower fair value measurement. |
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Accrued Performance Fees | Accrued Performance Fees The components of accrued performance fees are as follows:
Approximately 48% and 55% of accrued performance fees at June 30, 2015 and December 31, 2014, respectively, are related to Carlyle Partners V, L.P. and Carlyle Europe Partners III, L.P., two of the Partnership’s Corporate Private Equity funds. Accrued performance fees are shown gross of the Partnership’s accrued performance fee-related compensation, and accrued giveback obligations (see Note 10), which are separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as follows:
Performance Fees The performance fees included in revenues are derived from the following segments:
Approximately 57% or $168.6 million of performance fees for the three months ended June 30, 2015 are related to Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle Asia Growth Partners IV, L.P., three of the Partnership’s Corporate Private Equity funds, and Carlyle Realty Partners VI, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P., two of the Partnership’s Real Assets funds. Total revenues recognized from Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., Carlyle Asia Growth Partners IV, L.P., Carlyle Realty Partners VI, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P. were $98.7 million, $42.6 million, $57.1 million, $35.6 million and $(40.8) million, respectively, for the three months ended June 30, 2015. Approximately 39% or $336.1 million of performance fees for the six months ended June 30, 2015 are related to Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P., and Carlyle/Riverstone Global Energy and Power Fund III, L.P. Total revenues recognized from Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle/Riverstone Global Energy and Power Fund III, L.P. were $274.3 million, $216.3 million and $(105.6) million, respectively, for the six months ended June 30, 2015. Approximately 54% or $295.2 million of performance fees for the three months ended June 30, 2014 were related to Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle Asia Partners II, L.P., three of the Partnership’s Corporate Private Equity funds, as well as AlpInvest’s Main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006). Total revenues recognized from Carlyle Partners V, L.P., Carlyle Europe Partners III, L.P. and Carlyle Asia Partners II, L.P., were $109.3 million, $200.4 million and $(53.2) million, respectively, for the three months ended June 30, 2014. AlpInvest’s main Fund III Secondary Investments (2006) and Main Fund III Co-Investments (2006) collectively were $83.4 million of the Partnership’s total revenues for the three months ended June 30, 2014. Approximately 59% or $682.4 million of performance fees for the six months ended June 30, 2014 were related to Carlyle Partners V, L.P., and Carlyle Europe Partners III, L.P. Total revenues recognized from Carlyle Partners V, L.P., and Carlyle Europe Partners III, L.P., were $379.9 million and $385.0 million, respectively, for the six months ended June 30, 2014. |
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Accrued performance fees. No definition available.
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Investments
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Jun. 30, 2015
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments Investments consist of the following:
Strategic Investment in NGP On December 20, 2012, the Partnership entered into separate purchase agreements with ECM Capital, L.P. and Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”), pursuant to which the Partnership agreed to invest in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). NGP is an Irving, Texas-based energy investor. The Partnership’s equity interests in NGP Management entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of the NGP entities that serve as the advisors to certain private equity funds, and future interests in the general partners of certain future carry funds advised by NGP that entitle the Partnership to an allocation of income equal to 47.5% of the carried interest received by such fund general partners. For periods prior to 2015, the Partnership’s allocation of income related to management fee-related revenues of NGP was 47.5%. This increase in the allocation of income did not result in a change in accounting for the investment as an equity method investment. The Partnership has an option, exercisable by the Partnership in approximately 10 years, to purchase from ECM Capital, L.P. and its affiliates, for a formulaic purchase price in cash based upon a measure of the earnings of NGP, the remaining equity interests in NGP Management. In July 2014, the Partnership exercised another option granted in 2012 to acquire from BNRI its interests in the general partner of the NGP Natural Resources X, L.P. fund (“NGP X”), which entitles the Partnership to an allocation of income equal to 40% of the carried interest received by the fund’s general partner. The Partnership additionally acquired certain general partner investments in the NGP X fund. As of June 30, 2015 and December 31, 2014, the carrying value of the Partnership’s investment in the NGP X general partner attributable to the carried interest allocation was approximately $3.4 million and $18.5 million, respectively, and the carrying value of the Partnership’s general partner investments in the NGP X fund were $21.7 million and $20.4 million, respectively. In consideration for these interests and option, the Partnership paid an aggregate of $504.6 million in cash to ECM Capital, L.P. and BNRI, and issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. that vest ratably over a period of five years. The transaction also includes contingent consideration payable to ECM Capital, L.P. of up to $45.0 million in cash, 597,944 Carlyle Holdings partnership units that were issued at closing but vest upon the achievement of performance conditions, and contingently issuable Carlyle Holdings partnership units with a value of up to $15.0 million that will be issued if the performance conditions are met. The contingent consideration is payable in 2018, depending on NGP’s achievement of certain business performance goals. Additionally, the transaction includes contingent consideration payable to BNRI of up to $183.0 million, which will be payable in 2016 approximately one-third in cash and approximately two-thirds by a six year promissory note issued by the Partnership, if the performance conditions are met. The promissory note will accrue interest at the three month LIBOR plus 2.5%. As of June 30, 2015, the NGP Natural Resources XI, L.P. fund (“NGP XI”) had closed on aggregate commitments of approximately $5.3 billion. The management fees for this fund will turn on over the next year or sooner as the fund deploys capital. Based on the amount of NGP XI commitments raised through June 30, 2015, it is probable that BNRI will be entitled to receive the contingent consideration when such payment becomes due. Accordingly, as of June 30, 2015, the Partnership has accrued $183.0 million related to this future payment obligation. The timing of the cash payment and issuance of the promissory note to BNRI is based on the contractual agreement between the Partnership and BNRI, which is estimated to be in early 2016. The Partnership also has a senior advisor consulting agreement with the chief executive officer of NGP and granted in 2012 deferred restricted common units to a group of NGP personnel who are providing the Partnership with consulting services. The Partnership accounts for its investment in NGP Management under the equity method of accounting. The Partnership recorded its investment in NGP Management initially at cost, excluding any elements in the transaction that were deemed to be compensatory arrangements to NGP personnel. The Carlyle Holdings partnership units issued in the transaction, the contingently issuable Carlyle Holdings partnership units, and the deferred restricted common units were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP. The Partnership records investment income (loss) for its equity income allocation from NGP management fees and performance fees, and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the transaction, and the amortization of the basis differences related to the definitive-lived identifiable intangible assets of NGP Management. The net investment earnings (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three months and six months ended June 30, 2015 and 2014 were as follows:
The difference between the Partnership’s carrying value of its investment and its share of the underlying net assets of the investee was $113.3 million and $141.6 million as of June 30, 2015 and December 31, 2014, respectively; these differences are amortized over a period of 10 years from the initial investment date. Equity-Method Investments The Partnership’s equity method investments include its fund investments in Corporate Private Equity, Global Market Strategies and Real Assets, typically as general partner interests, and its investment in NGP Management (included within Real Assets), which are not consolidated. Investments are related to the following segments:
The Partnership evaluates each of its equity method investments to determine if disclosure of summarized income statement information is required under Article 10 of Regulation S-X. As of June 30, 2015 and for the three months and six months then ended, no individual equity method investment held by the Partnership met the threshold for disclosure of summarized income statement information. Investment Income (Loss) The components of investment income (loss) are as follows:
Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of:
Trading Securities and Other Investments Trading securities and other investments as of June 30, 2015 and December 31, 2014 primarily consisted of $28.5 million and $12.9 million, respectively, of investments in derivative instruments and corporate mezzanine securities and bonds, as well as other cost method investments. Investments of Consolidated Funds During the six months ended June 30, 2015, the Partnership formed three 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 these CLOs into its condensed consolidated financial statements beginning on their respective closing dates. As of June 30, 2015, the total assets of these CLOs included in the Partnership’s condensed consolidated financial statements were approximately $2.0 billion. 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:
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:
The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:
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The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Intangible Assets and Goodwill
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Jun. 30, 2015
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table summarizes the carrying amount of intangible assets as of June 30, 2015 and December 31, 2014:
The following table summarizes the changes in the carrying amount of goodwill by segment as of June 30, 2015. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments.
As discussed in Note 2, the Partnership reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. During the six months ended June 30, 2015 and 2014, the Partnership evaluated for indicators of impairment certain definite-lived intangible assets associated with acquired contractual rights for fee income. This evaluation was performed on the intangible assets related to the open-ended funds in the Global Market Strategies segment with a carrying value of $255 million as of June 30, 2015, of which $216 million relates to the credit hedge funds. Declines in performance and net redemptions in the credit hedge funds have given rise to the potential that the carrying value may not be recovered. As such, the Partnership performed tests of recoverability of the $216 million of intangible assets, and, based upon the results of this testing, no impairment has been identified as of June 30, 2015. Separately, the Partnership recorded an impairment loss of $11.8 million and $24.6 million during the six months ended June 30, 2015 and 2014, respectively, to reduce the carrying value of other Global Market Strategies 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 losses were included in general, administrative and other expenses in the accompanying condensed consolidated financial statements for the six months ended June 30, 2015 and 2014, respectively. Intangible asset amortization expense, excluding impairment losses, was $21.3 million and $25.4 million during the three months ended June 30, 2015 and 2014, respectively, and $43.7 million and $52.9 million during the six months ended June 30, 2015 and 2014, respectively, and is included in general, administrative, and other expenses in the condensed consolidated statements of operations. The following table summarizes the expected amortization expense for July 1, 2015 through 2019 and thereafter (Dollars in millions):
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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Borrowings
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Jun. 30, 2015
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Borrowings The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s borrowings consist of the following (Dollars in millions):
Senior Credit Facility As of June 30, 2015, the senior credit facility included $25.0 million in a term loan and $750.0 million in a revolving credit facility. As of June 30, 2015, the term loan and revolving credit facility were scheduled to mature on May 5, 2020. Principal amounts outstanding under the term loan and revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75%, or (b) at LIBOR plus an applicable margin not to exceed 1.75% (at June 30, 2015, the interest rate was 1.32%). Interest expense under the senior credit facility was not significant for the three months and six months ended June 30, 2015 and 2014. The fair value of the outstanding balances of the term loan and revolving credit facility at June 30, 2015 and December 31, 2014 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy. On May 5, 2015, the Partnership entered into Amendment No. 2 to the senior credit facility, which: (i) extended the maturity date of the term loan and revolving credit facility from August 9, 2018 to May 5, 2020, (ii) revised the management fee earning assets covenant to remove the step up requirement to add a percentage of future acquired AUM to set the minimum management fee earning assets amount, (iii) changed the definition of Indebtedness to provide for a deduction of unrestricted cash, and (iv) reduced the corporate ratings-based pricing grid. The costs related to the amendment to the senior credit facility were not material. CLO Term Loan On October 3, 2013, the Partnership borrowed €12.6 million ($14.0 million at June 30, 2015) under a term loan and security agreement with a financial institution. Proceeds from the borrowing were used to fund the Partnership’s investment in a CLO. Interest on the term loan accrues at EURIBOR plus 1.75% (1.75% at June 30, 2015). The Partnership may prepay the facility in whole or in part at any time without penalty. The facility is scheduled to mature on the earlier of 5 years after closing or the date that the CLO is dissolved. The facility is secured by the Partnership’s investment in the CLO. Interest expense on the term loan was not significant for the three months and six months ended June 30, 2015 and 2014. The fair value of the outstanding balance of the term loan at June 30, 2015 and December 31, 2014 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy. 3.875% Senior Notes In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million in aggregate principal amount of 3.875% senior notes due February 1, 2023 at 99.966% of par. Interest is payable semi-annually on February 1 and August 1, beginning August 1, 2013. This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. Interest expense on the notes was $4.9 million for the three months ended June 30, 2015 and 2014, and $9.9 million for the six months ended June 30, 2015 and 2014. At June 30, 2015 and December 31, 2014, the fair value of the notes, including accrued interest, was approximately $513.3 million and $521.2 million, respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. 5.625% Senior Notes In March 2013, an indirect finance subsidiary of the Partnership issued $400.0 million in aggregate principal amount of 5.625% senior notes due March 30, 2043 at 99.583% of par. Interest is payable semi-annually on March 30 and September 30, beginning September 30, 2013. This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 40 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date. In March 2014, an indirect finance subsidiary of the Partnership issued $200.0 million of 5.625% Senior Notes due March 30, 2043 at 104.315% of par. The net proceeds from the issuance of these notes are being used for general corporate purposes, including investments in Carlyle’s funds as well as investment capital for acquisitions of new fund platforms and strategies or other growth initiatives, to drive innovation across the broader Carlyle platform. These notes were issued as additional 5.625% Senior Notes and will be treated as a single class with the already outstanding $400.0 million aggregate principal amount of these senior notes. Interest expense on the notes was $8.5 million and $8.4 million for the three months ended June 30, 2015 and 2014, respectively, and $16.9 million and $14.7 million for the six months ended June 30, 2015 and 2014, respectively. At June 30, 2015 and December 31, 2014, the fair value of the notes, including accrued interest, was approximately $631.0 million and $707.6 million, respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy. Interest Rate Swaps The Partnership is subject to interest rate risk associated with its variable rate debt financing. To manage this risk, the Partnership has an outstanding interest rate swap to fix the base LIBOR interest rate on its term loan borrowings with a notional amount of $337.5 million at June 30, 2015 that amortizes through September 30, 2016. In the first quarter of 2013, $475.0 million of term loan principal was prepaid. As a result of these term loan prepayments, the interest rate swap is no longer accounted for as a cash flow hedge; the interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. The pre-existing hedge loss included in accumulated other comprehensive loss for this interest rate swap of $8.8 million is being reclassified into earnings as the original forecasted transactions affect earnings. In March 2013, the Partnership entered into a second interest rate swap with a notional amount of $312.5 million at June 30, 2015 that amortizes through September 30, 2016. This interest rate swap is accounted for as a freestanding derivative instrument recorded at fair value each period with changes in fair value recorded through earnings. Debt Covenants The Partnership is subject to various financial covenants under its loan agreements including, among other items, maintenance of a minimum amount of management fee-earning assets. The Partnership is also subject to various non-financial covenants under its loan agreements and the indentures governing its senior notes. The Partnership was in compliance with all financial and non-financial covenants under its various loan agreements as of June 30, 2015. The consolidated real estate VIE was not in compliance with the debt covenants related to substantially all of its loans payable as of June 30, 2015 (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 condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):
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 June 30, 2015 and December 31, 2014, the fair value of the CLO assets was $17.8 billion and $17.6 billion, respectively. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingent Consideration
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Jun. 30, 2015
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contingent Consideration | Contingent Consideration The Partnership has contingent consideration obligations related to its business acquisitions and strategic investments. The changes in the contingent consideration liabilities are as follows:
(a) - Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP. The fair value of the performance-based contingent cash and equity consideration payable to the sellers who are Carlyle professionals has been recorded in due to affiliates in the accompanying condensed consolidated balance sheets. These payments are not contingent upon the Carlyle professional being employed by Carlyle at the time that the performance conditions are met. Changes in the fair value of these amounts are recorded in other non-operating expense (income) in the condensed consolidated statements of operations. The portion of the contingent consideration payment attributable to the initial amount recorded as part of the consideration transferred is classified as cash flows from financing activities. The portion of the contingent consideration payment that is attributable to the subsequent changes in the fair value of the contingent consideration is classified as cash flows from operating activities in the condensed consolidated statements of cash flows. The amount of employment-based contingent cash consideration payable to the sellers who are Carlyle professionals has been recorded as accrued compensation and benefits in the accompanying condensed consolidated balance sheets. Changes in the value of these amounts are recorded as compensation expense in the condensed consolidated statements of operations. On June 30, 2015, the Partnership restructured the agreements relating to the original acquisition of Vermillion. As a result of the restructuring, the Partnership’s economic interest in Vermillion increased from 55% to approximately 83% effective July 1, 2015; no consideration was paid by the Partnership for the increase in economic interest. Also, as a result of the restructuring, the estimated value of the employment-based contingent consideration liability decreased by $46.3 million, which was recognized by the Partnership as a reduction in base compensation expense for the three months ended June 30, 2015. The fair value of contingent consideration payable to non-Carlyle personnel is included in accounts payable, accrued expenses and other liabilities, or due to affiliates for amounts payable to NGP, in the accompanying condensed consolidated balance sheets. Changes in the fair value of this contingent consideration are recorded in other non-operating expense (income), or investment income in the case of amounts payable to NGP, in the condensed consolidated statements of operations. Included in the change in carrying value for the six months ended June 30, 2015 is $23.2 million related to the accrual of additional contingent consideration payable to BNRI (See Note 6). This amount was capitalized into the carrying value of the Partnership’s equity method investment in NGP. The fair values of the performance-based contingent cash consideration for business acquisitions were based on probability-weighted discounted cash flow models. These fair value measurements are based on significant inputs not observable in the market and thus represent Level III measurements as defined in the accounting guidance for fair value measurement. Refer to Note 4 for additional disclosures related to the fair value of these instruments as of June 30, 2015 and December 31, 2014. The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management:
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. |
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The entire disclosure for our contingent considerations related to our business acquisitions and strategic investments. No definition available.
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Accrued Compensation and Benefits
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Jun. 30, 2015
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| Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Compensation and Benefits | Accrued Compensation and Benefits Accrued compensation and benefits consist of the following:
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The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. No definition available.
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Commitments and Contingencies
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Jun. 30, 2015
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Capital Commitments The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2015 (Dollars in millions):
Of the $3.2 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 $11.3 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 2%, reset quarterly (3.30% weighted-average rate at June 30, 2015). As of June 30, 2015 and December 31, 2014, approximately $7.8 million and $7.9 million, respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of June 30, 2015 was not material. The Partnership believes the likelihood of any material funding under this guarantee to be remote. The fair value of this guarantee is not significant to the consolidated financial statements. Contingent Obligations (Giveback) A liability for potential repayment of previously received performance fees of $221.8 million at June 30, 2015, is shown as accrued giveback obligations in the condensed consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at June 30, 2015. However, the ultimate giveback obligation, if any, does not become realized until the end of a fund’s life (see Note 2). The Partnership has recorded $29.8 million and $27.7 million of unbilled receivables from former and current employees and senior Carlyle professionals as of June 30, 2015 and December 31, 2014, respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying condensed 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, $353.0 million and $336.5 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of June 30, 2015 and December 31, 2014, respectively. Such amounts are held by an entity not included in the accompanying condensed consolidated balance sheets. If, at June 30, 2015, all of the investments held by the Partnership’s Funds were deemed worthless, a possibility that management views as remote, the amount of realized and distributed carried interest subject to potential giveback would be $1.6 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 2015 through 2031. These leases are accounted for as operating leases. Rent expense was approximately $14.4 million and $13.8 million for the three months ended June 30, 2015 and 2014, respectively, and $28.9 million and $26.7 million for the six months ended June 30, 2015 and 2014, respectively, and is included in general, administrative and other expenses in the condensed consolidated statements of operations. The future minimum commitments for the leases are as follows (Dollars in millions):
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 $48.4 million and $40.4 million as of June 30, 2015 and December 31, 2014, respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed 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 the reasonably possible amount of loss or range of loss for the matters that have not been resolved. The Partnership does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Partnership or these financial statements. The Partnership believes that the matters described below are without merit and intends to vigorously contest all such allegations for the matters that have not been resolved. Along with many other companies and individuals in the financial sector, the Partnership and Carlyle Mezzanine Partners, L.P. (“CMP”) are named as defendants in Foy v. Austin Capital, a case filed in June 2009, pending in the State of New Mexico’s First Judicial District Court, County of Santa Fe, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act ("FATA"). The suit alleges that investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents. The plaintiffs seek, among other things, actual damages, actual damages for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In May 2011, the Attorney General of New Mexico moved to dismiss certain defendants including the Partnership and CMP on the grounds that separate civil litigation by the Attorney General is a more effective means to seek recovery for the State from these defendants. The Attorney General has brought two civil actions against certain of those defendants, not including the Partnership defendants. The Attorney General has stated that its investigation is continuing and it may bring additional civil actions. Foy v. Austin Capital had been stayed while the plaintiff pursued an interlocutory appeal on the question of whether FATA could be applied retroactively to events that occurred prior to its effective date. In June 2015, the New Mexico Supreme Court ruled that FATA could be applied retroactively and activity in the suit is expected to resume once the Supreme Court appoints a new judge to hear the case. Carlyle Capital Corporation Limited (“CCC”) was a fund sponsored by the Partnership that invested in AAA-rated residential mortgage backed securities on a highly leveraged basis. In March of 2008, amidst turmoil throughout the mortgage markets and money markets, CCC filed for insolvency protection in Guernsey. The Guernsey liquidators who took control of CCC in March 2008 filed a suit on July 7, 2010 against the Partnership, certain of its affiliates and the former directors of CCC in the Royal Court of Guernsey seeking $1.0 billion in damages in a case styled Carlyle Capital Corporation Limited v. Conway et al. The Guernsey liquidators allege that the Partnership and the CCC board of directors were negligent, grossly negligent or willfully mismanaged the CCC investment program and breached certain fiduciary duties allegedly owed to CCC and its shareholders. The liquidators further allege (among other things) that the directors and the Partnership put the interests of the Partnership ahead of the interests of CCC and its shareholders and gave priority to preserving and enhancing the Partnership’s reputation and its “brand” over the best interests of CCC. On July 24, 2013, plaintiffs filed an amended complaint, which contained further detail in support of the existing claims but no new defendants or claims. On December 20, 2013, defendants filed a defense to the amended complaint and on June 30, 2014 plaintiffs filed their reply. The Court has set the case schedule and trial is scheduled for May 2016. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management has not concluded that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Partnership’s condensed consolidated financial statements. However, given the potentially large and/or indeterminate amounts of damages sought in certain of these matters and the inherent unpredictability of investigations and litigations, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on our financial results in any particular period. Other Contingencies From 2007 to 2009, a Luxembourg subsidiary of CEREP I, a real estate fund, received proceeds from the sale of real estate located in Paris, France. Based on a provision in the Luxembourg-France tax treaty, it did not report or pay tax in France on gain from the sale. The French tax authorities asserted that CEREP I was ineligible to claim exemptions from French tax under the tax treaty, and issued a tax assessment seeking to collect taxes, interest and penalties. An income tax hearing on these matters was held on March 11, 2015 in front of the French tax court. On April 15, 2015, the French tax court issued an opinion in this matter that is adverse to CEREP I, holding the Luxembourg property company liable for approximately €105 million (including interest accrued since the beginning of the tax dispute). The Partnership disagrees with the outcome and filed a petition of appeal on July 3, 2015. In June 2015, in satisfaction of the obligation to the French government, CEREP I paid approximately €30 million of the tax obligations and the Partnership paid approximately €67 million in its capacity as a guarantor. CEREP I has approximately €1 million in net assets as of June 30, 2015. The remaining €7 million of the tax obligations will be paid by the Partnership. Additionally, the French Ministry of Justice is expected to continue its investigation of the actions of the Luxembourg property company and its former directors, managers and representatives in claiming the tax treaty exemptions. The Partnership was required to provide a financial guarantee to the French government in July 2012 for the amount of French tax assessed against CEREP I. Since that time, the Partnership has consolidated CEREP I into its consolidated financial statements. In the first quarter of 2015, CEREP I recognized a loss of approximately $34 million which has been included in net investment gains/losses of Consolidated Funds for the three months ended March 31, 2015 and the six months ended June 30, 2015, and this amount reduced net income attributable to Carlyle Holdings in the Partnership’s condensed consolidated financial statements for those periods. In 2013 and 2014, the Partnership had previously recognized losses of approximately €42 million for the French tax matter, which were reflected in net investment gains/losses of Consolidated Funds and reduced net income attributable to Carlyle Holdings. Indemnifications In the normal course of business, the Partnership and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. However, based on experience, the Partnership believes the risk of material loss to be remote. Risks and Uncertainties Carlyle’s funds seek investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the underlying investees conduct their operations, as well as general economic conditions, may have a significant negative impact on the Partnership’s investments and profitability. Such events are beyond the Partnership’s control, and the likelihood that they may occur and the effect on the Partnership cannot be predicted. Furthermore, certain of the funds’ investments are made in private companies and there are generally no public markets for the underlying securities at the current time. The funds’ ability to liquidate their publicly-traded investments are often subject to limitations, including discounts that may be required to be taken on quoted prices due to the number of shares being sold. The funds’ ability to liquidate their investments and realize value is subject to significant limitations and uncertainties, including among others currency fluctuations and natural disasters. The funds make investments outside of the United States. Investments outside the 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. Except for the senior notes, the carrying amounts reported in the condensed consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior notes is disclosed in Note 8. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions
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Jun. 30, 2015
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| Related Party Transactions | Related Party Transactions Due from Affiliates and Other Receivables, Net The Partnership had the following due from affiliates and other receivables at June 30, 2015 and December 31, 2014:
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 7.15% as of June 30, 2015. The accrued and charged interest to the affiliates was not significant for any period presented. These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the condensed 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 June 30, 2015 and December 31, 2014:
(1) Refer to Note 2 for information on the restricted cash due to one of the Partnership’s non-consolidated funds. The Partnership has recorded obligations for amounts due to certain of its affiliates. The Partnership periodically offsets expenses it has paid on behalf of its affiliates against these obligations. The amount owed under the tax receivable agreement is related primarily to the acquisition by the Partnership of 7,000,000 and 9,300,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively, (see Note 1) as well as the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units. 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 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 $1.4 million for the three months ended June 30, 2015 and 2014, and $2.5 million and $2.9 million for the six months ended June 30, 2015 and 2014, respectively. These fees are included in general, administrative, and other expenses in the condensed consolidated statements of operations. Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management or performance fees. However, Carlyle professionals and employees are required to pay their portion of partnership expenses. Carried interest income from the funds may 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. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Jun. 30, 2015
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| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Partnership is generally 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. For income taxes on income earned for which the Partnership is responsible for the tax liability, the Partnership’s income tax expense was $6.0 million and $53.8 million for the three months ended June 30, 2015 and 2014, respectively, and $16.5 million and $69.8 million for the six months ended June 30, 2015 and 2014, respectively. In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. As of June 30, 2015, the Partnership’s U.S. federal income tax returns for the years 2011 through 2014 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 2010 to 2014. Foreign tax returns are generally subject to audit from 2007 to 2014. Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. The Partnership does not believe that the outcome of these audits will require it to record reserves for uncertain tax positions or that the outcome will have a material impact on the consolidated financial statements. The Partnership does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Non-controlling Interests in Consolidated Entities
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Jun. 30, 2015
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling Interests in Consolidated Entities | Non-controlling Interests in Consolidated Entities The components of the Partnership’s non-controlling interests in consolidated entities are as follows:
The components of the Partnership’s non-controlling interests in income (loss) of consolidated entities are as follows:
There have been no significant changes in the Partnership’s ownership interests in its consolidated entities for the periods presented other than the Partnership’s acquisition of 7,000,000 and 13,800,000 Carlyle Holdings partnership units in June 2015 and March 2014, respectively (see Note 1). |
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The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Common Unit
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Jun. 30, 2015
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Unit | Earnings Per Common Unit Basic and diluted net income per common unit are calculated as follows:
The weighted-average common units outstanding, basic and diluted, are calculated as follows:
The Carlyle Group L.P. weighted-average common units outstanding includes vested deferred restricted common units and common units associated with acquisitions that have been earned for which issuance of the related common units is deferred until future periods. The Partnership applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. Also included in the determination of dilutive weighted-average common units are contingently issuable Carlyle Holdings partnership units and common units associated with the Claren Road, Vermillion, Metropolitan, and DGAM acquisitions. For purposes of determining the dilutive weighted-average common units, it is assumed that June 30, 2015 and 2014 represent the end of the contingency period, the “if-converted” method is applied to any Carlyle Holdings partnership units issuable therefrom, and the treasury stock method is applied. The Partnership applies the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common units outstanding. The Partnership applies the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common units represented by the unvested Carlyle Holdings partnership units. In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, 218,776,707 and 217,003,285 of vested Carlyle Holdings partnership units and 10,359,224 and 11,138,333 of unvested Carlyle Holdings partnership units for the three months and six months ended June 30, 2015, respectively, were dilutive. As a result, the net income of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $73.9 million and $188.3 million for the three months and six months ended June 30, 2015 has been included in net income attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. Further, based on these calculations, the incremental 226,857,400 of vested and unvested Carlyle Holdings partnership units for the three months ended June 30, 2014 were antidilutive, and therefore have been excluded. For the six months ended June 30, 2014, the incremental 230,752,823 of vested and unvested Carlyle Holdings partnership units were antidilutive, and therefore have been excluded. On August 1, 2013, as part of acquiring the remaining 40% equity interests in AlpInvest, the Partnership issued 914,087 common units that are subject to vesting conditions. As of June 30, 2015, 766,991 common units remain unvested. The common units participate immediately in any Partnership distributions. Under ASC 260, these common units are considered participating securities and are required to be included in the computation of earnings per common unit pursuant to the two-class method. |
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Equity-Based Compensation
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Jun. 30, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation | Equity-Based Compensation In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a source of equity-based awards permitting the Partnership to grant to Carlyle employees, directors of the Partnership’s general partner and consultants non-qualified options, unit appreciation rights, common units, restricted common units, deferred restricted common units, phantom restricted common units and other awards based on the Partnership’s common units and Carlyle Holdings partnership units. The total number of the Partnership’s common units and Carlyle Holdings partnership units which were initially available for grant under the Equity Incentive Plan was 30,450,000. The Equity Incentive Plan contains a provision which automatically increases the number of the Partnership’s common units and Carlyle Holdings partnership units available for grant based on a pre-determined formula; this increase occurs annually on January 1. As of January 1, 2015, 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 31,895,630. Unvested Partnership Common Units On August 1, 2013, the Partnership acquired the remaining 40% equity interest in AlpInvest. As part of the transaction, the Partnership issued 914,087 common units to AlpInvest sellers who are employees of the Partnership that are subject to vesting conditions. In June 2015, 11,674 unvested common units were forfeited and canceled by the Partnership. At the same time, in accordance with the Carlyle Holdings partnership agreements, Carlyle Holdings canceled a corresponding number of Carlyle Holdings partnership units held by the Partnership. These newly issued common units were unvested at grant and vest over a period of up to five years. The unvested common units are accounted for as equity-based compensation in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). The grant-date fair value of the unvested common units is charged to equity-based compensation on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 5%. For the three months ended June 30, 2015 and 2014, the Partnership recorded $2.2 million and $2.4 million in equity-based compensation expense associated with these awards, respectively. For the six months ended June 30, 2015 and 2014, the Partnership recorded $5.1 million and $4.5 million in equity-based compensation expense associated with these awards, respectively. As of June 30, 2015, the total unrecognized equity-based compensation expense related to unvested common units, considering estimated forfeitures, is $6.0 million, which is expected to be recognized over a weighted-average term of 0.8 years. Unvested Carlyle Holdings Partnership Units Unvested Carlyle Holdings partnership units are held by senior Carlyle professionals and other individuals engaged in Carlyle’s business and generally vest ratably over a six-year period. The unvested Carlyle Holdings partnership units are accounted for as equity-based compensation in accordance with ASC 718. The grant-date fair value of the unvested Carlyle Holdings partnership units are charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate of up to 2.5%. The Partnership recorded equity-based compensation expense associated with these awards of $64.1 million and $60.7 million for the three months ended June 30, 2015 and 2014, respectively, and $106.1 million and $105.5 million for the six months ended June 30, 2015 and 2014, respectively. No tax benefits have been recorded related to the unvested Carlyle Holdings partnership units, as the vesting of these units does not result in a tax deduction to the corporate taxpayers. In connection with the Partnership’s investment in NGP Management in December 2012, the Partnership issued 996,572 Carlyle Holdings partnership units to ECM Capital, L.P. which vest ratably over a period of five years. The Partnership also issued 597,944 Carlyle Holdings partnership units to ECM Capital, L.P. that were issued at closing but vest upon the achievement of performance conditions. The fair value of these units will be recognized as a reduction to the Partnership’s investment income in NGP Management over the relevant service or performance period, based on the fair value of the units on each reporting date and adjusted for the actual fair value of the units at each vesting date. For the Carlyle Holdings partnership units that vest based on the achievement of performance conditions, the Partnership uses the minimum number of partnership units within the range of potential values for measurement and recognition purposes. As of June 30, 2015, the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units, considering estimated forfeitures, is $522.6 million, which is expected to be recognized over a weighted-average term of 2.8 years. Deferred Restricted Common Units The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years. The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees is charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a forfeiture rate that generally ranges from 2% to 10% and a per unit discount that generally ranges up to 25%, as these unvested awards do not participate in any Partnership distributions. During the first quarter of 2015, the Partnership revised its estimated forfeiture rates to a range of 2% to 10% from a previous range of 5% to 15%. As a result, the Partnership recognized $7.5 million of equity-based compensation expense for the six months ended June 30, 2015 for the cumulative effect of the change in this estimate. The Partnership recorded compensation expense of $47.1 million and $44.5 million for the three months ended June 30, 2015 and 2014, respectively, with $4.6 million and $5.6 million of corresponding deferred tax benefits, respectively. The Partnership recorded compensation expense of $91.4 million and $71.4 million for the six months ended June 30, 2015 and 2014, respectively, with $8.7 million and $8.9 million of corresponding deferred tax benefits, respectively. As of June 30, 2015, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units, considering estimated forfeitures, is $381.3 million, which is expected to be recognized over a weighted-average term of 2.8 years. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The expense associated with the deferred restricted common units granted to NGP personnel by the Partnership are recognized as a reduction of the Partnership’s investment income in NGP Management. The grant-date fair value of deferred restricted common units granted to Carlyle’s non-employee directors is 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 three months and six months ended June 30, 2015 and 2014. 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 10%. During the first quarter of 2015, the Partnership revised its estimated forfeiture rate to 10% from 15%. The cumulative effect of the change in this estimate was not material. The Partnership recorded $0.9 million and $1.4 million in equity-based compensation expense associated with these awards for the three months ended June 30, 2015 and 2014, respectively. The Partnership recorded $1.6 million and $1.8 million in equity-based compensation expense associated with these awards for the six months ended June 30, 2015 and 2014, respectively. The tax benefits recognized from these awards were not material during these periods. As of June 30, 2015, the total unrecognized equity-based compensation expense related to unvested phantom deferred restricted common units, considering estimated forfeitures, is $0.1 million, which is expected to be recognized over a weighted-average term of 1.5 years. A summary of the status of the Partnership’s non-vested equity-based awards as of June 30, 2015 and a summary of changes for the six months ended June 30, 2015, are presented below:
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidation of a Real Estate Development Company
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Jun. 30, 2015
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidation of a Real Estate Development Company | Consolidation of a Real Estate Development Company The Partnership, indirectly through certain Carlyle real estate investment funds, has an investment in Urbplan Desenvolvimento Urbano S.A. (“Urbplan”), a Brazilian residential subdivision and land development company. In late 2012, it was determined that Urbplan was facing serious liquidity problems and would require additional capital infusions to continue operations. The Partnership and certain of its senior Carlyle professionals provided capital to Urbplan through one of the Carlyle investment funds starting in 2013. The Partnership concluded that Urbplan was a VIE as of September 30, 2013 because Urbplan’s equity investment at risk was not sufficient to permit it to finance its activities without additional financial support. The Partnership also concluded that it was the primary beneficiary of Urbplan since the Partnership has the power to direct the activities of Urbplan that most significantly impact its economic performance and the Partnership’s investments in Urbplan will absorb losses incurred by Urbplan. As such, the Partnership began consolidating Urbplan into its consolidated financial statements as of September 30, 2013. Due to the timing and availability of financial information from Urbplan, the Partnership consolidates the financial position and results of operations of Urbplan on a financial reporting lag of 90 days. The Partnership will disclose the effect of intervening events at Urbplan that materially affect the financial position or results of operations of the Partnership, if any. The assets and liabilities of Urbplan are held in legal entities separate from the Partnership; the Partnership has not guaranteed or assumed any obligation for repayment of Urbplan’s liabilities nor are the assets of Urbplan available to meet the liquidity requirements of the Partnership. However, if Urbplan fails to complete its construction projects, customers, partners, government agencies or municipalities or other creditors in certain circumstances might seek to assert claims against the Partnership and its assets unrelated to Urbplan under certain consumer protection or other laws. Urbplan is currently a party to various litigation, government investigations and proceedings, disputes and other potential claims. The Partnership does not believe it is probable that the outcome of any existing Urbplan litigation, disputes or other potential claims will materially affect the Partnership or these consolidated financial statements. From 2013 through June 30, 2015, $270.2 million has been funded to Urbplan by the Partnership and its senior Carlyle professionals (net of gains from related foreign currency forward contracts). The Partnership has funded $65.1 million of the $270.2 million and the remaining $205.1 million has been funded by senior Carlyle professionals indirectly through the Partnership. For the three months ended June 30, 2015, $42.8 million was funded to Urbplan, of which the Partnership funded $10.8 million and the senior Carlyle professionals funded $32.0 million indirectly through the Partnership. At this time, Urbplan is estimated to require approximately $60 million of additional capital over the next twelve months to complete its expected business turnaround. 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 condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 related to Urbplan were as follows:
The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three months and six months ended June 30, 2015 and 2014, respectively, related to Urbplan were as follows:
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 $128.1 million and $190.4 million of customer advances received as of June 30, 2015 and December 31, 2014, respectively. Urbplan records valuation adjustments on inventory when events and circumstances indicate that the inventory may be impaired and when the cash flows estimated to be generated by the real estate project are less than its carrying amount. Real estate projects that demonstrate potential impairment indicators are tested for impairment by 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 65% of the outstanding principal amounts of the loans as of June 30, 2015. 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% (18.0% to 21.4% as of June 30, 2015); (ii) IGP-M plus a margin of 12.0% (19.4% as of June 30, 2015); or (iii) IPCA plus a margin ranging from 10.0% to 13.5% (19.1% to 22.6% as of June 30, 2015). Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions):
Substantially all of Urbplan’s customer and other receivables and investments have been pledged as collateral for the loans. As of June 30, 2015, substantially all of Urbplan’s loans payable are not in compliance with their related debt covenants or are otherwise in technical default. These violations do not cause a default or event of default under the Partnership’s senior credit facility or senior notes. Urbplan management is in discussions with its 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 June 30, 2015, Urbplan had outstanding commitments for land development services with an estimated $60.9 million of future costs to be incurred. |
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- Definition
Consolidation of a real estate development company variable interest entity and disclosure of all of the significant accounting policies of that entity. No definition available.
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Segment Reporting
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Jun. 30, 2015
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting Carlyle conducts its operations through four reportable segments: Corporate Private Equity – The Corporate Private Equity segment is comprised of the Partnership’s operations that advise a diverse group of funds that invest in buyout and growth capital transactions that focus on either a particular geography or a particular industry. Global Market Strategies – The Global Market Strategies segment advises a group of funds that pursue investment opportunities across various types of credit, equities and alternative instruments, and (as regards certain macroeconomic strategies) currencies, commodities, sovereign debt, and interest rate products and their derivatives. Real Assets – The Real Assets segment is comprised of the Partnership’s operations that advise U.S. and international funds focused on real estate, infrastructure, energy and renewable energy transactions. Investment Solutions – The Investment Solutions segment advises a global private equity fund of funds program and related co-investment and secondary activities through AlpInvest. This segment also includes Metropolitan, a global manager of real estate fund of funds, and DGAM, the Partnership’s fund of hedge funds and liquid alternatives platform. The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are allocated based on direct base compensation expense for each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road, ESG and Vermillion. The Partnership’s earnings from its investment in NGP Management are presented in the respective operating captions within the Real Assets segment. The net income or loss from the consolidation of Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within investment income in the Real Assets segment. Economic Net Income (“ENI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. ENI differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with performance fee compensation, and does not include net income (loss) attributable to non-Carlyle interests in Consolidated Funds or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with equity-based compensation that was issued in the initial public offering in May 2012 or is issued in acquisitions or strategic investments, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, charges associated with earnouts and contingent consideration including gains and losses associated with the 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. 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. 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. 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 table presents the financial data for the Partnership’s four reportable segments for the three months ended June 30, 2015 and as of and for the six months ended June 30, 2015:
The following table presents the financial data for the Partnership’s four reportable segments for the three months and six months ended June 30, 2014:
The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2015 and 2014:
The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2015 and 2014, and Total Assets as of June 30, 2015:
(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. |
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- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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6 Months Ended |
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Jun. 30, 2015
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events In July 2015, the Board of Directors of the general partner of the Partnership declared a quarterly distribution of $0.89 per common unit to common unitholders of record at the close of business on August 19, 2015, payable on August 27, 2015. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Supplemental Financial Information
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Financial Information | Supplemental Financial Information The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of June 30, 2015 and December 31, 2014 and results of operations for the three months and six months ended June 30, 2015 and 2014. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.
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- Definition
The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. No definition available.
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Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
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Jun. 30, 2015
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| 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 condensed consolidated financial statements consolidate: (1) Carlyle-affiliated funds and co-investment entities for which the Partnership is the sole general partner and the presumption of control by the general partner has not been overcome and (2) variable interest entities (“VIEs”), including certain CLOs and a real estate development company, for which the Partnership is deemed to be the primary beneficiary; consolidation of these entities is a requirement under U.S. GAAP. All significant inter-entity transactions and balances have been eliminated. For entities that are determined to be VIEs, the Partnership consolidates those entities where it is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The revised consolidation rules require an analysis to (a) determine whether an entity in which the Partnership holds a variable interest is a VIE and (b) whether the Partnership’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. In evaluating whether the Partnership is the primary beneficiary, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. The consolidation analysis is generally performed qualitatively. This consolidation analysis, which requires judgment, is performed at each reporting date. 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 June 30, 2015, assets and liabilities of consolidated VIEs reflected in the condensed consolidated balance sheets were $23.3 billion and $17.7 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 June 30, 2015, the Partnership held $173.8 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 condensed consolidated financial statements. |
| Investments in Unconsolidated Variable Interest Entities | Investments in Unconsolidated Variable Interest Entities The Partnership holds variable interests in certain VIEs that are not consolidated because the Partnership is not the primary beneficiary, including its strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 6 for information on this investment. The Partnership’s involvement with such entities is in the form of direct equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by the Partnership relating to these unconsolidated entities. |
| Basis of Accounting | Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these condensed consolidated financial statements, the Partnership has retained the specialized accounting for the Funds. All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s condensed consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s condensed consolidated statements of operations. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Partnership’s condensed 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 condensed consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the condensed 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% generally on the lower of cost or fair value of capital invested; however, certain of our managed accounts base management fees at all times on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees for corporate private equity and real assets funds during a specified period of time, which is generally ten years from the initial closing date, or, in some instances, from the final closing date, but such termination date may be earlier in certain limited circumstances or later if extended for successive one-year periods, typically up to a maximum of two years. Depending upon the contracted terms of investment advisory or investment management and related agreements, these fees are generally called semi-annually in advance and are recognized as earned over the subsequent six month period. For certain global market strategies funds, management fees are calculated based on assets under management of the funds with generally lower fee rates. Hedge funds typically pay management fees quarterly that generally range from 1.5% to 2.0% of NAV per year. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.0% of gross assets, excluding cash and cash equivalents. Management fees for the CLOs and other structured products typically range from 0.15% to 1.0% on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly or semi-annually based on the terms and recognized over the respective period. Management fees for the CLOs/structured products and credit opportunities are governed by indentures and collateral management agreements. The Partnership will receive management fees for the CLOs until redemption of the securities issued by the CLOs, which is generally five to ten years after issuance. Open-ended funds typically do not have stated termination dates. Management fees for our private equity and real estate fund of funds vehicles generally range from 0.3% to 1.0% on the vehicle’s capital commitments during the commitment fee period of the relevant fund or the weighted-average investment period of the underlying funds. Following the expiration of the commitment fee period or weighted-average investment period of such funds, the management fees generally range from 0.3% to 1.0% on the lower of cost or fair value of the capital invested, the net asset value for unrealized investments, or the contributions for unrealized investments. The management fees for our fund of hedge fund vehicles generally range from 0.2% to 1.5% of net asset value. Management fees for our Investment Solutions segment are generally due quarterly and recognized over the related quarter. The Partnership also provides transaction advisory and portfolio advisory services to the Portfolio Companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $4.8 million and $33.2 million for the three months ended June 30, 2015 and 2014, respectively, and $12.4 million and $40.2 million for the six months ended June 30, 2015 and 2014, 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 of generally 8% to 9% and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement) from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment. Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values. 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 June 30, 2015 and December 31, 2014, the Partnership has recognized $221.8 million and $104.4 million, respectively, for giveback obligations. In addition to its performance fees from its corporate private equity and real assets funds and closed-end carry funds in the global market strategies segment, the Partnership is also entitled to receive performance fees from certain of its global market strategies funds and 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 condensed consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments. Equity method investment income (loss) includes the related amortization of the basis difference between the Partnership’s carrying value of its investment and the Partnership’s share of underlying net assets of the investee, as well as the compensation expense associated with compensatory arrangements provided by the Partnership to employees of its equity method investee. Investment income (loss) is realized when the Partnership redeems all or a portion of its investment or when the Partnership receives or is due cash income, such as dividends or distributions. Unrealized investment income (loss) results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest Income Interest income is recognized when earned. Interest income earned by the Partnership is included in interest and other income in the accompanying condensed consolidated statements of operations. Interest income of the Consolidated Funds was $227.3 million and $214.8 million for the three months ended June 30, 2015 and 2014, respectively, and $435.7 million and $436.0 million for the six months ended June 30, 2015 and 2014, respectively, and is included in interest and other income of Consolidated Funds in the accompanying condensed 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 that are not expected to vest. The compensation expense for awards that do not require future service is recognized immediately. Upon the end of the service period, compensation expense is adjusted to account for the actual forfeiture rate. Cash settled equity-based awards are classified as liabilities and are re-measured at the end of each reporting period. The compensation expense for awards that contain performance conditions is recognized when it is probable that the performance conditions will be achieved; in certain instances, such compensation expense may be recognized prior to the grant date of the award. Equity-based awards issued to non-employees are recognized as general, administrative and other expenses. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to 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 that are not expected to vest, based on the fair value of the award on each reporting date and adjusted for the actual fair value of the award at each vesting date. Accordingly, the measured value of the award will not be finalized until the vesting date. Performance Fee Related Compensation – A portion of the performance fees earned is due to employees and advisors of the Partnership. These amounts are accounted for as compensation expense in conjunction with the recognition of the related performance fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon any reversal of performance fee revenue, the related compensation expense is also reversed. |
| Income Taxes | Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the condensed consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes 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 in the provision for income taxes. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is “more likely than not” that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes. |
| Tax Receivable Agreement | Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying condensed 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 condensed 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 condensed 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 condensed consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings. |
| Earnings Per Common Unit | Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260. |
| Investments | Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) the investments held by the Consolidated Funds (all of which are presented at fair value in the Partnership’s condensed consolidated financial statements), (iii) strategic investments made by the Partnership and (iv) certain credit-oriented investments. The valuation procedures utilized for investments of the Funds vary depending on the nature of the investment. The fair value of investments in publicly-traded securities is based on the closing price of the security with adjustments to reflect appropriate discounts if the securities are subject to restrictions. The fair value of non-equity securities or other investments, which may include instruments that are not listed on an exchange, considers, among other factors, external pricing sources, such as dealer quotes or independent pricing services, recent trading activity or other information that, in the opinion of the Partnership, may not have been reflected in pricing obtained from external sources. When valuing private securities or assets without readily determinable market prices, the Partnership gives consideration to operating results, financial condition, economic and/or market events, recent sales prices and other pertinent information. These valuation procedures may vary by investment, but include such techniques as comparable public market valuation, comparable acquisition valuation and discounted cash flow analysis. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Furthermore, there is no assurance that, upon liquidation, the Partnership will realize the values presented herein. Upon the sale of a security or other investment, the realized net gain or loss is computed on a weighted average cost basis, with the exception of the CLOs, which compute the realized net gain or loss on a first in, first out basis. Securities transactions are recorded on a trade date basis. |
| Equity-Method Investments | Equity-Method Investments The Partnership accounts for all investments in which it has or is otherwise presumed to have significant influence, including investments in the unconsolidated Funds and strategic investments, using the equity method of accounting. The carrying value of equity-method investments is determined based on amounts invested by the Partnership, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreement, less distributions received. The Partnership evaluates its equity-method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. |
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash held at banks and cash held for distributions, including temporary investments with original maturities of less than three months when purchased. |
| Cash and Cash Equivalents Held at Consolidated Funds | Cash and Cash Equivalents Held at Consolidated Funds Cash and cash equivalents held at Consolidated Funds consists of cash and cash equivalents held by the Consolidated Funds, which, although not legally restricted, is not available to fund the general liquidity needs of the Partnership. |
| Restricted Cash | Restricted Cash Restricted cash at June 30, 2015 and December 31, 2014 includes $3.0 million and $8.7 million, respectively, of cash received on behalf of certain non-consolidated Carlyle funds that was paid out in July 2015 and January 2015, respectively. Also included in restricted cash at June 30, 2015 and December 31, 2014 is €4.4 million ($4.9 million and $5.4 million as of June 30, 2015 and December 31, 2014, respectively) in escrow related to a tax contingency at one of the Partnership’s real estate funds (see Note 11). Also included in restricted cash at December 31, 2014 was $13.2 million which is no longer restricted at June 30, 2015. Also included in restricted cash at June 30, 2015 is $690.4 million of proceeds received on behalf of a non-consolidated Carlyle Fund related to the pending sale of an investment by that fund; these proceeds will be disbursed upon closing of the transaction. The Partnership has recorded a corresponding liability in due to affiliates for this amount. The remaining balance in restricted cash at June 30, 2015 and December 31, 2014 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 $1.9 million and $2.3 million is included in restricted cash and securities of Consolidated Funds at June 30, 2015 and December 31, 2014, respectively. Certain CLOs hold U.S. Treasury notes and corporate bonds as collateral for specific classes of loans payable in the CLOs. As of June 30, 2015 and December 31, 2014, securities of $16.5 million and $12.6 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 condensed consolidated balance sheets with changes in fair value recognized in the condensed 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 condensed consolidated statements of operations. |
| Fixed Assets | Fixed Assets Fixed assets consist of furniture, fixtures and equipment, leasehold improvements, and computer hardware and software and are stated at cost, less accumulated depreciation and amortization. Depreciation is recognized on a straight-line method over the assets’ estimated useful lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, and three to seven years for other fixed assets. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
| Intangible Assets and Goodwill | Intangible Assets and Goodwill The Partnership’s intangible assets consist of acquired contractual rights to earn future fee income, including management and advisory fees, customer relationships, and acquired trademarks. Finite-lived intangible assets are amortized over their estimated useful lives, which range from five to ten years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership’s intangible assets include acquired contractual rights for fee income related to open-ended funds. Open-ended funds are subject to redemptions on a quarterly or more frequent basis and investors can generally decide to exit their fund investments at any time. The resulting inherent volatility in fee income derived from these contractual rights increases the degree of judgment and estimates used by management in evaluating such intangible assets for impairment. Actual results could differ from management’s estimates and assumptions and such differences could result in a material impairment. Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 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 (loss) is comprised of unrealized gains and losses on cash flow hedges, foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest. |
| Foreign Currency Translation | Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the condensed consolidated statements of operations are translated at rates of exchange in effect throughout the period. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements On April 7, 2015, the FASB issued ASU 2015-3, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-3 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This guidance is effective for the Partnership on January 1, 2016 and the ASU requires the guidance to be applied on a retrospective basis. This guidance is not expected to have a material impact on the Partnership’s consolidated financial statements upon adoption. On February 18, 2015, the FASB issued ASU 2015-2, Consolidation (Topic 820): Amendments to the Consolidation Analysis. ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance in ASU 2015-2 will be effective for the Partnership beginning on January 1, 2016, and early adoption is permitted. The Partnership is currently assessing the impact that this guidance will have on its consolidated financial statements; however, the guidance is expected to significantly reduce the number of funds consolidated by the Partnership. The expected deconsolidation would significantly reduce the Partnership’s total assets, total liabilities and total partners’ capital, as well as impact net income, but there would be no impact to net income attributable to the Partnership. In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. ASU 2014-13 relates to reporting entities that elect to measure all eligible financial assets and financial liabilities of a consolidated collateralized financing entity at fair value. Under the Partnership’s current practice, the difference between the fair value of the financial assets and the fair value of the financial liabilities is classified within partners’ capital appropriated for Consolidated Funds. ASU 2014-13 provides the option for a reporting entity to initially measure both the financial assets and financial liabilities using the fair value of the financial assets or financial liabilities, whichever is more observable. As a result, the reporting entity will no longer have a difference to report within appropriated partners’ capital. This guidance will be effective for the Partnership on January 1, 2016. The Partnership’s consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. The guidance is expected to change the measurement of the financial assets or financial liabilities of the Partnership’s consolidated CLOs, which will impact net income but not impact net income attributable to the Partnership. Upon adoption, substantially all the balance within partners’ capital appropriated for Consolidated Funds will be reclassified to investments of Consolidated Funds or loans payable of Consolidated Funds. At June 30, 2015 partners’ capital appropriated for Consolidated Funds was $122.7 million. In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606). ASU 2014-9 provides comprehensive guidance for recognizing revenue from contracts with customers. Entities will be able to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. The guidance in ASU 2014-9 is effective for the Partnership beginning on January 1, 2017. However, in July 2015, the FASB voted to issue amended guidance delaying the adoption date to 2018, with early adoption as of the original effective date permitted. The Partnership is still assessing the potential impact of this guidance, however, this may have a material impact on the Partnership’s consolidated financial statements by significantly delaying the recognition of performance fee revenue. |
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- Definition
Disclosure of accounting policy for cash and cash equivalents held at consolidated funds and includes a statement that these cash and cash equivalents are not available to fund the general liquidity needs of the partnership. No definition available.
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- Definition
Investment In Unconsolidated Variable Interest Entities Policy [Policy Text Block] No definition available.
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- Definition
Non Controlling Interests In Consolidated Entities Policy [Policy Text Block] No definition available.
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- Definition
Disclosure of accounting policy for restricted cash and securities of consolidated funds and includes a description of the types of cash and securities. No definition available.
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- Definition
Disclosure of accounting policy for exchanges of Carlyle Holdings partnership units for partnership common units. No definition available.
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- Details
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- Definition
Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition
Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for comprehensive income. No definition available.
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- Definition
Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition
Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for recognizing unearned income or deferred revenue related to transactions involving the sale of a product or performance of services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Organization and Basis of Presentation (Tables)
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Jun. 30, 2015
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of adjustment to partners' capital | The adjustment to partners’ capital for the excess of fair value of the consideration transferred over the carrying value of the non-controlling interest acquired was derived as follows (Dollars in millions):
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| Summary of the adjustments within partners' capital related to public offering | The following summarizes the adjustments within partners’ capital related to the June 2015 public offering (Dollars in millions):
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- Definition
Schedule of changes from business combination in partners capital. No definition available.
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- Details
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- Definition
Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Tables)
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Jun. 30, 2015
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets recognized and Partnership's maximum exposure to loss | The assets recognized in the Partnership’s condensed 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:
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| Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were as follows:
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- Details
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- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurement (Tables)
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Jun. 30, 2015
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of 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 June 30, 2015:
The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2014:
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| Changes in financial assets measured at fair value for which the Partnership has used Level III inputs | 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):
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| Changes in financial liabilities measured at fair value for which the Partnership has used Level III inputs |
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| Summary of quantitative information about Partnership's Level III inputs | The following table summarizes quantitative information about the Partnership’s Level III inputs as of June 30, 2015:
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2014:
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| X | ||||||||||
|
- Definition
Schedule of quantitative information about partnership level three inputs. No definition available.
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| X | ||||||||||
|
- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Accrued Performance Fees (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2015
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| Deferred Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of accrued performance fees | The components of accrued performance fees are as follows:
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| Components of accrued giveback obligations | The components of the accrued giveback obligations are as follows:
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| Performance fees included in revenues | The performance fees included in revenues are derived from the following segments:
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of accrued giveback obligations by reportable segment. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of accrued performance fees by reportable segment. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the components of performance fee revenues by reportable segment. No definition available.
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| X | ||||||||||
|
- Details
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Investments (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2015
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of investments | Investments consist of the following:
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| Schedule of net investment earnings (loss) | The net investment earnings (loss) recognized in the Partnership’s condensed consolidated statements of operations for the three months and six months ended June 30, 2015 and 2014 were as follows:
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| Schedule of 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. Investments are related to the following segments:
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| Components of investment income (loss) | The components of investment income (loss) are as follows:
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| Schedule of income (loss) from equity-method investments | Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the condensed consolidated statements of operations and consists of:
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| Components of interest and other income of consolidated funds | The components of interest and other income of Consolidated Funds are as follows:
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| Components of net investment gains (losses) of consolidated funds | The components of net investment gains (losses) of Consolidated Funds are as follows:
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| Schedule of 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:
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| X | ||||||||||
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- Definition
Equity method investment income. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of net investment gains losses of consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of realized and unrealized gains earned from investments of consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
A table of investments, shown as a text block. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of interest income and other income elements which are not separately disclosed on the income statement. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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Intangible Assets and Goodwill (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying amount of intangible assets | The following table summarizes the carrying amount of intangible assets as of June 30, 2015 and December 31, 2014:
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| Carrying amount of goodwill by segment | The following table summarizes the changes in the carrying amount of goodwill by segment as of June 30, 2015. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments.
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| Summary of expected amortization expense | The following table summarizes the expected amortization expense for July 1, 2015 through 2019 and thereafter (Dollars in millions):
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Borrowings (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2015
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Partnership's 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):
|
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| Summary of borrowings outstanding, including preferred shares classified as liabilities | As of June 30, 2015 and December 31, 2014, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation for our consolidated funds. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
|
|
Contingent Consideration (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in contingent consideration liabilities | The changes in the contingent consideration liabilities are as follows:
(a) - Refer to Note 6 for information on the contingent consideration payable to BNRI from the strategic investment in NGP. |
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| Maximum amounts that could be paid from contingent cash obligations | The following table represents the maximum amounts that could be paid from contingent cash obligations associated with the business acquisitions and the strategic investment in NGP Management:
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| X | ||||||||||
|
- Definition
Schedule of changes in contingent consideration resulting from acquisitions. No definition available.
|
| X | ||||||||||
|
- Definition
Schedule of maximum amount of contingent cash obligations for business acquisitions and strategic investments. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Accrued Compensation and Benefits (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2015
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| Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of accrued compensation and benefits | Accrued compensation and benefits consist of the following:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of accrued liabilities. No definition available.
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Commitments and Contingencies (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Schedule of unfunded commitments | The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of June 30, 2015 (Dollars in millions):
|
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| Future minimum commitments for leases | The future minimum commitments for the leases are as follows (Dollars in millions):
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| X | ||||||||||
|
- Definition
Tabular disclosure of unfunded commitments by reportable segment. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Related Party Transactions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2015
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amounts due from affiliates and other receivables | The Partnership had the following due from affiliates and other receivables at June 30, 2015 and December 31, 2014:
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| Amounts due to affiliates | The Partnership had the following due to affiliates balances at June 30, 2015 and December 31, 2014:
(1) Refer to Note 2 for information on the restricted cash due to one of the Partnership’s non-consolidated funds. |
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| X | ||||||||||
|
- Definition
Schedule of due from affiliates and other receivables. No definition available.
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| X | ||||||||||
|
- Definition
Schedule of due to affiliates. No definition available.
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| X | ||||||||||
|
- Details
|
|
Non-controlling Interests in Consolidated Entities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Partnership's non-controlling interests in consolidated entities | The components of the Partnership’s non-controlling interests in consolidated entities are as follows:
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| Components of 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:
|
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| X | ||||||||||
|
- Definition
Schedule of components of partnerships non controlling interests in consolidated entities. No definition available.
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| X | ||||||||||
|
- Definition
Schedule of components of partnerships non controlling interests in income loss of consolidated entities. No definition available.
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| X | ||||||||||
|
- Details
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|
Earnings Per Common Unit (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of basic and diluted net income per common unit | Basic and diluted net income per common unit are calculated as follows:
|
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| Summary of weighted-average common units outstanding, basic and diluted | The weighted-average common units outstanding, basic and diluted, are calculated as follows:
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Equity-Based Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2015
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of status of non-vested equity-based awards | A summary of the status of the Partnership’s non-vested equity-based awards as of June 30, 2015 and a summary of changes for the six months ended June 30, 2015, are presented below:
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the changes in outstanding nonvested shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidation of a Real Estate Development Company (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2015
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets | The assets and liabilities recognized in the Partnership’s condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 related to Urbplan were as follows:
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| Revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations | The revenues and expenses recognized in the Partnership’s condensed consolidated statements of operations for the three months and six months ended June 30, 2015 and 2014, respectively, related to Urbplan were as follows:
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| Outstanding principal amounts on loans based on current contractual terms | Outstanding principal amounts on the loans based on current contractual terms are payable as follows (Dollars in millions):
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Reporting (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reportable segments financial data | The following table presents the financial data for the Partnership’s four reportable segments for the three months ended June 30, 2015 and as of and for the six months ended June 30, 2015:
The following table presents the financial data for the Partnership’s four reportable segments for the three months and six months ended June 30, 2014:
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| Total segments to partnership income before provision for taxes reconciliation | The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the three months ended June 30, 2015 and 2014:
The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Taxes for the six months ended June 30, 2015 and 2014, and Total Assets as of June 30, 2015:
(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. |
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| Expenses adjustment representing elimination of intercompany expenses | The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income, 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 and Vermillion, as detailed below (Dollars in millions):
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| Reconciliation of income before provision for income taxes | The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Net Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):
(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. |
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| X | ||||||||||
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- Definition
Tabular disclosure of the detail for the expenses adjustment in the reconciliation of total segment information to consolidated information. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation of income before taxes to economic net income, fee related earnings and distributable earnings. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure that reconciles certain total segment information to consolidated income before taxes. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Supplemental Financial Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental financial Position | The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of June 30, 2015 and December 31, 2014 and results of operations for the three months and six months ended June 30, 2015 and 2014. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.
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| Supplemental results of operations |
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| Supplemental statement of cash flows |
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| X | ||||||||||
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- Definition
Tabular disclosure of supplemental financial position information that illustrates the consolidating effects of the consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of supplemental cash flow information that illustrates the consolidating effects of the consolidated funds. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of supplemental results of operations information that illustrates the consolidating effects of the consolidated funds. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount Of Increase (Decrease) To Deferred Tax Asset Resulting From Partnership Unit Acquisition No definition available.
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| X | ||||||||||
|
- Definition
approximate amount of dilution incurred by partnership. No definition available.
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| X | ||||||||||
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- Definition
Common units used for new fund platforms and other growth initiatives proceeds value. No definition available.
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| X | ||||||||||
|
- Definition
Deferred tax asset related to acquisition of Carlyle Holdings partnership units. No definition available.
|
| X | ||||||||||
|
- Definition
Deferred tax liability related to acquisition of partnership units. No definition available.
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| X | ||||||||||
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- Definition
Amount represents the excess fair value of consideration issued by Partnership over carrying amount of non-controlling interest acquired in March 2014 transaction to acquire ownership interests in a subsidiary No definition available.
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| X | ||||||||||
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- Definition
Issuance of common units in public offering. No definition available.
|
| X | ||||||||||
|
- Definition
Number of newly issued Carlyle Holdings partnership units acquired with a portion of the proceeds from the public equity offering. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents increase (decrease) to partners capital resulting from acquisition of units. No definition available.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
Number of Carlyle Holdings partnership units acquired from Carlyle Holdings limited partners with a portion of the proceeds from the public equity offering. No definition available.
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| X | ||||||||||
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- Definition
Proceeds from offering net of underwriting discounts and offering expenses. No definition available.
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| X | ||||||||||
|
- Definition
Public offering price per share. No definition available.
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| X | ||||||||||
|
- Definition
Specified common units used for purchasing partnership units form officers proceeds value. No definition available.
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| X | ||||||||||
|
- Definition
Amount of increase (decrease) in tax receivable agreement resulting from acquisition of units. No definition available.
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| X | ||||||||||
|
- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
|
Organization and Basis of Presentation - Schedule of Adjustment to Partners' Capital (Details) (USD $)
In Millions, unless otherwise specified |
0 Months Ended | |
|---|---|---|
|
Jun. 05, 2015
|
Jun. 05, 2015
|
|
| Acquisition-date fair value of consideration transferred: | ||
| Cash | $ 209.9 | |
| Carrying value of non-controlling interest acquired | (45.4) | |
| Excess of fair value of consideration transferred over carrying value of non-controlling interest acquired | $ 164.5 |
| X | ||||||||||
|
- Definition
Amount of cash paid to acquire additional ownership interests in Carlyle Holdings. No definition available.
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| X | ||||||||||
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- Definition
Amount of fair value consideration in excess of the carrying value of the non-controlling interests acquired. No definition available.
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| X | ||||||||||
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- Definition
This element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net Increase or Decrease in balance of noncontrolling interest in the subsidiary during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders. No definition available.
|
|
Summary of Significant Accounting Policies - Principles of Consolidation (Details) (USD $)
|
Jun. 30, 2015
|
|---|---|
| Variable Interest Entity [Line Items] | |
| Consolidated VIEs, assets | $ 23,300,000,000 |
| Consolidated VIEs, liabilities | 17,700,000,000 |
|
Collateralized Loan Obligations
|
|
| Variable Interest Entity [Line Items] | |
| Investments in CLOs | $ 173,800,000 |
| X | ||||||||||
|
- Definition
Total of investments in CLOs that were consolidated. No definition available.
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| X | ||||||||||
|
- Definition
The carrying amount of the consolidated Variable Interest Entity's assets included in the reporting entity's statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The carrying amount of the consolidated Variable Interest Entity's liabilities included in the reporting entity's statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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|
Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Investments | $ 926.4 | $ 931.6 |
|
Variable Interest Entity, Primary Beneficiary
|
||
| Variable Interest Entity [Line Items] | ||
| Investments | 495.8 | 511.8 |
| Receivables | 4.5 | 3.7 |
| Maximum Exposure to Loss | $ 500.3 | $ 515.5 |
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The reporting entity's maximum amount of exposure to loss as a result of its involvement with the Variable Interest Entity (VIE). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of realized performance fees, if the fund were liquidated at the reporting date fair value, that would be given back to the fund investors at the end of the fund's life if the fund fair value does not recover sufficiently to pass through the hurdle rate that allows for the recognition of performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Extension period for fund closing. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of allocation based performance fees related to external coinvestment vehicles. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Allocation Based Performance Fees Related To Fund Of Funds Vehicles No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees Earned No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of management fees for business development companies based on average daily gross assets, excluding cash and cash equivalents. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees For Unrealized Investments After Termination Of Investment Period No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees From Funds Of Funds During Commitment Fee Period No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees Of Adjusted Contributions For Unrealized Investments Following Expiration Of Weighted Average Investment Period No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees Paid By Hedge Funds No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Management Fees Related To Collateralized Loan Obligation No definition available.
|
| X | ||||||||||
|
- Definition
Percent of Preferred Returns No definition available.
|
| X | ||||||||||
|
- Definition
Performance fees allocation percentage to partnership. No definition available.
|
| X | ||||||||||
|
- Definition
Period of time for which management fees will be received by partners from initial closing date. No definition available.
|
| X | ||||||||||
|
- Definition
Period Of Management Fees Related To Collateralized Loan Obligation No definition available.
|
| X | ||||||||||
|
- Definition
Period of time subsequent to being called that management fees are recognized as earned. No definition available.
|
| X | ||||||||||
|
- Definition
Transaction and portfolio advisory fees included in fund management fees. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Accrued performance fees due to employees and advisors included in accrued compensation. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of securities included in restricted cash and securities of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash included in restricted cash that was received from a non-consolidated Carlyle fund. No definition available.
|
| X | ||||||||||
|
- Definition
Cash withheld from carried interest distributions for potential giveback obligations. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of partners' capital appropriated for consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Definition
Escrow related to tax contingency of real estate funds included in restricted cash. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the proceeds received on behalf of a non-consolidated fund related to the pending sale of an investment in that fund. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of remaining estimated realizable tax benefit on exchange transactions. No definition available.
|
| X | ||||||||||
|
- Definition
Restricted cash for carried interest proceeds for one corporate private equity fund. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of cash collateral held for borrowed securities, for which the cash is restricted as to withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies - Fixed Assets (Details)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2015
|
|
|
Minimum
|
|
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life of other fixed assets (in years) | 3 years |
|
Maximum
|
|
| Property, Plant and Equipment [Line Items] | |
| Estimated useful life of other fixed assets (in years) | 7 years |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
|
Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2015
|
|
|
Minimum
|
|
| Finite-Lived Intangible Assets [Line Items] | |
| Estimated useful life of finite lived intangible assets (in years) | 5 years |
|
Maximum
|
|
| Finite-Lived Intangible Assets [Line Items] | |
| Estimated useful life of finite lived intangible assets (in years) | 10 years |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
|
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2015
|
Dec. 31, 2014
|
|
| Accounting Policies [Abstract] | ||
| Unrealized losses on cash flow hedge instruments | $ (0.8) | $ (0.9) |
| Currency translation adjustments | (73.8) | (35.8) |
| Unrealized losses on defined benefit plans | (2.3) | (2.3) |
| Total | $ (76.9) | $ (39.0) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit), after reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax, after reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit) allocated to other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions (Details) (Diversified Global Asset Management Corporation, USD $)
|
0 Months Ended | 6 Months Ended |
|---|---|---|
|
Feb. 03, 2014
|
Jun. 30, 2015
|
|
|
Diversified Global Asset Management Corporation
|
||
| Business Acquisition [Line Items] | ||
| Date of acquisition | Feb. 03, 2014 | |
| Equity interest (as a percent) | 100.00% | |
| Fee-earning assets under management | $ 2,900,000,000 | |
| Assets under management | 3,600,000,000 | |
| Cash paid for acquisitions | 8,000,000 | |
| Purchase price - newly issued common units (in shares) | 662,134 | |
| Approximate value of The Carlyle Group L.P. common units | 23,100,000 | |
| Contingent consideration - cash | 23,700,000 | |
| Contingent consideration - common units | $ 47,300,000 | |
| Contingent consideration payment year | 2021 |
| X | ||||||||||
|
- Definition
Amount of advised assets under management. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of fee earning assets under management. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum amount of cash eligible to be earned in the future upon the achievement of certain performance and service requirements. No definition available.
|
| X | ||||||||||
|
- Definition
Business combination contingent consideration payable payment year. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum amount of common units eligible to be earned in the future upon the achievement of certain performance and service requirements. No definition available.
|
| X | ||||||||||
|
- Definition
Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of equity interests issued or issuable to acquire entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of equity interests of the acquirer, including instruments or interests issued or issuable in consideration for the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Derivative instruments of subsidiary. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value contingent consideration. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the amount of foreign currency forward contracts measured at fair value on a recurring basis for the period No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of loans payable for a consolidated real estate VIE recorded at fair value. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial and nonfinancial obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of contractual obligation to pay money on demand or on fixed or determinable dates. No definition available.
|
|
Fair Value Measurement - Additional Information (Details)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2015
|
|
| Fair Value Disclosures [Abstract] | |
| Maximum lag period for which the partnership investments in funds are valued | 90 days |
| X | ||||||||||
|
- Definition
Maximum lag period for which the partnership investments in funds are valued. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of realized and unrealized gain (loss) included in earnings, which have arisen from the use of significant unobservable inputs (level 3) to measure fair value of assets, liabilities, and financial instruments classified in shareholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in the income statement for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of purchases of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sale of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of settlement of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of transfer of financial instrument classified as an asset into level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of transfers of financial instrument classified as an asset out of level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in other comprehensive income, arising from assets, liabilities and financial instruments classified in shareholders' equity measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value liabilities measured on recurring basis unobservable input reconciliation loans payable of consolidated real estate in VIE. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the fair value of the financial assets that were initially consolidated during the period using unobservable inputs (Level 3). No definition available.
|
| X | ||||||||||
|
- Definition
Paydowns related to the financial liability that is measured at fair value using significant unobservable inputs. No definition available.
|
| X | ||||||||||
|
- Definition
Financial Liabilities, Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings No definition available.
|
| X | ||||||||||
|
- Definition
Financial Liabilities, Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
|
| X | ||||||||||
|
- Definition
Assumed range percentage of potential contingent payments. No definition available.
|
| X | ||||||||||
|
- Definition
Default rates range percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Discount rate range percentage. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value inputs discount to expected payment. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value measurements valuation technique of assets. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value measurements valuation technique of liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Forward Ebitda Multiple Range No definition available.
|
| X | ||||||||||
|
- Definition
Indicative quotes per share range. No definition available.
|
| X | ||||||||||
|
- Definition
Indicative quotes range percentage. No definition available.
|
| X | ||||||||||
|
- Definition
LTM EBITDA multiple range. No definition available.
|
| X | ||||||||||
|
- Definition
Market yield range percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of indicative quotes range notional amount. No definition available.
|
| X | ||||||||||
|
- Definition
Recovery rates range percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial and nonfinancial obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Accrued Performance Fees - Components of Accrued Performance Fees (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Accrued performance fees | $ 3,525.5 | $ 3,795.6 |
|
Operating Segments | Corporate Private Equity
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued performance fees | 2,577.3 | 2,932.6 |
|
Operating Segments | Global Market Strategies
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued performance fees | 149.1 | 129.9 |
|
Operating Segments | Real Assets
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued performance fees | 299.8 | 272.9 |
|
Operating Segments | Investment Solutions
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued performance fees | $ 499.3 | $ 460.2 |
| X | ||||||||||
|
- Definition
Amounts represent performance fees that our existing, unrealized fund portfolio would generate if we sold every asset across all of our funds at fair value as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Accrued Performance Fees - Components of Accrued Giveback Obligations (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Accrued giveback obligations | $ (221.8) | $ (104.4) |
|
Operating Segments | Corporate Private Equity
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued giveback obligations | (52.4) | (52.4) |
|
Operating Segments | Real Assets
|
||
| Segment Reporting Information [Line Items] | ||
| Accrued giveback obligations | $ (169.4) | $ (52.0) |
| X | ||||||||||
|
- Definition
Amount of realized performance fees, if the fund were liquidated at the reporting date fair value, that would be given back to the fund investors at the end of the fund's life if the fund fair value does not recover sufficiently to pass through the hurdle rate that allows for the recognition of performance fees. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Accrued Performance Fees - Performance Fees (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Segment Reporting Information [Line Items] | ||||
| Performance fees | $ 294.9 | $ 542.4 | $ 867.9 | $ 1,162.9 |
|
Corporate Private Equity
|
||||
| Segment Reporting Information [Line Items] | ||||
| Performance fees | 266.9 | 311.5 | 780.2 | 764.7 |
|
Global Market Strategies
|
||||
| Segment Reporting Information [Line Items] | ||||
| Performance fees | 3.7 | 44.9 | 22.4 | 111.0 |
|
Real Assets
|
||||
| Segment Reporting Information [Line Items] | ||||
| Performance fees | (20.3) | 60.1 | (28.8) | 76.9 |
|
Investment Solutions
|
||||
| Segment Reporting Information [Line Items] | ||||
| Performance fees | $ 44.6 | $ 125.9 | $ 94.1 | $ 210.3 |
| X | ||||||||||
|
- Definition
Amount of revenue earned by the entity based on the investment results achieved. Excludes fees based upon a percentage of the assets under management not performance-related. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of partnerships corporate private equity funds related to accrued performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Number of partnerships corporate private equity funds related to performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Number of partnerships real asset funds related to performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of accrued performance fees related to certain corporate private equity funds. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of performance fees related to certain corporate private equity funds. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of revenue earned by the entity based on the investment results achieved for certain of corporate private equity funds. Excludes fees based upon a percentage of the assets under management not performance-related. No definition available.
|
| X | ||||||||||
|
- Definition
Performance fees related to certain corporate private equity funds. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Investments - Schedule of Investments (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Equity Method Investments and Joint Ventures [Abstract] | ||
| Equity method investments, excluding accrued performance fees | $ 897.9 | $ 918.7 |
| Trading securities and other investments | 28.5 | 12.9 |
| Total investments | $ 926.4 | $ 931.6 |
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of other investments classified as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accrued Contingent Consideration Obligation No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the aggregate commitments closed for NGP XI fund No definition available.
|
| X | ||||||||||
|
- Definition
Amortization period of Partnership's basis difference in the underlying net assets of NGP. No definition available.
|
| X | ||||||||||
|
- Definition
Approximate amount of contingent consideration to be issued to Barclay in a promissory note in future year. No definition available.
|
| X | ||||||||||
|
- Definition
Approximate amount of contingent consideration to be paid in future year No definition available.
|
| X | ||||||||||
|
- Definition
Assets of the CLOs that were formed during the year. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the partnership's basis difference in the underlying net assets of NGP. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the carrying value of investment in general partner attributable to carried interest allocation No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the carrying value of general partner investments in fund No definition available.
|
| X | ||||||||||
|
- Definition
Contingent purchase price consideration. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of partnership units. No definition available.
|
| X | ||||||||||
|
- Definition
Minimum percent of aggregate assets for individual investments with fair value. No definition available.
|
| X | ||||||||||
|
- Definition
Number of collateralized loan obligations. No definition available.
|
| X | ||||||||||
|
- Definition
Partnership vested period. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of carried interest income to be allocated to partnership for future interests in future carry funds. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of carried interest to be received upon the purchase of additional interests in the future. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of income allocated under partnership investment. No definition available.
|
| X | ||||||||||
|
- Definition
Period for option to purchase additional interests. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of basis spread on promissory note No definition available.
|
| X | ||||||||||
|
- Definition
Length of term in years of promissory note No definition available.
|
| X | ||||||||||
|
- Definition
Value of additional partnership units to be issued upon the satisfaction of certain performance conditions. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of other investments classified as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments - Schedule of Net Investment Earnings (Loss) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Equity Method Investments and Joint Ventures [Abstract] | ||||
| Management fees | $ 12.6 | $ 15.2 | $ 26.9 | $ 29.6 |
| Performance fees | (0.6) | 0 | (15.1) | 0 |
| Investment income (loss) | (0.3) | 0 | (0.5) | 0 |
| Expenses and amortization of basis differences | (19.7) | (19.6) | (37.8) | (38.3) |
| Net investment income (loss) | $ (8.0) | $ (4.4) | $ (26.5) | $ (8.7) |
| X | ||||||||||
|
- Definition
Investment Income, Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Management Fees, Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Net Realized Investment Gains Losses No definition available.
|
| X | ||||||||||
|
- Definition
Performance Fees, Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments - Schedule of Equity Method Investments (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Schedule of Investments [Line Items] | ||
| Equity method investments | $ 897.9 | $ 918.7 |
|
Operating Segments | Corporate Private Equity
|
||
| Schedule of Investments [Line Items] | ||
| Equity method investments | 243.0 | 246.3 |
|
Operating Segments | Global Market Strategies
|
||
| Schedule of Investments [Line Items] | ||
| Equity method investments | 24.2 | 25.3 |
|
Operating Segments | Real Assets
|
||
| Schedule of Investments [Line Items] | ||
| Equity method investments | $ 630.7 | $ 647.1 |
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments - Components of Investment Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Equity Method Investments and Joint Ventures [Abstract] | ||||
| Income from equity investments | $ 6.4 | $ 24.0 | $ 15.2 | $ 28.0 |
| Income (loss) from trading securities | 2.4 | (0.5) | (0.2) | 1.4 |
| Other investment income | 0.4 | 0.2 | 1.0 | 0.4 |
| Total investment income | $ 9.2 | $ 23.7 | $ 16.0 | $ 29.8 |
| X | ||||||||||
|
- Definition
Other investments income (loss). No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gain (loss) realized during the period from the sale of trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments - Schedule of Income (Loss) from Equity-Method Investments (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Schedule of Investments [Line Items] | ||||
| Income (loss) from equity-method investments | $ 6.4 | $ 24.0 | $ 15.2 | $ 28.0 |
|
Operating Segments | Corporate Private Equity
|
||||
| Schedule of Investments [Line Items] | ||||
| Income (loss) from equity-method investments | 6.4 | 11.0 | 30.2 | 28.0 |
|
Operating Segments | Global Market Strategies
|
||||
| Schedule of Investments [Line Items] | ||||
| Income (loss) from equity-method investments | 0.2 | 1.7 | 0.9 | 1.7 |
|
Operating Segments | Real Assets
|
||||
| Schedule of Investments [Line Items] | ||||
| Income (loss) from equity-method investments | $ (0.2) | $ 11.3 | $ (15.9) | $ (1.7) |
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments - Interest and Other Income of Consolidated Funds (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Equity Method Investments and Joint Ventures [Abstract] | ||||
| Interest income from investments | $ 227.3 | $ 214.8 | $ 435.7 | $ 436.0 |
| Other income | 29.7 | 28.9 | 47.6 | 58.4 |
| Total | $ 257.0 | $ 243.7 | $ 483.3 | $ 494.4 |
| X | ||||||||||
|
- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein held by consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Equity Method Investments and Joint Ventures [Abstract] | ||||
| Gains from investments of Consolidated Funds | $ 515.4 | $ 493.0 | $ 1,075.9 | $ 981.9 |
| Losses from liabilities of CLOs | (54.1) | (48.0) | (109.6) | (113.1) |
| Gains on other assets of CLOs | 0.3 | 0 | 0.8 | 0.2 |
| Total | $ 461.6 | $ 445.0 | $ 967.1 | $ 869.0 |
| X | ||||||||||
|
- Definition
Net gains (losses) from consolidated funds and other consolidated entities' investment activities. No definition available.
|
| X | ||||||||||
|
- Definition
Realized Unrealized Gain Loss from Collateralized Loan Obligations of Consolidated Funds No definition available.
|
| X | ||||||||||
|
- Definition
Realized unrealized gains from investments of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Realized/unrealized gains/losses on other assets of collateralized loan obligations of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Equity Method Investments and Joint Ventures [Abstract] | ||||
| Realized gains | $ 209.5 | $ 213.9 | $ 434.1 | $ 946.2 |
| Net change in unrealized gains | 305.9 | 279.1 | 641.8 | 35.7 |
| Total | $ 515.4 | $ 493.0 | $ 1,075.9 | $ 981.9 |
| X | ||||||||||
|
- Definition
Realized unrealized gains loss from investments of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Acquired contractual rights | $ 836.8 | $ 843.0 |
| Acquired trademarks | 6.6 | 6.7 |
| Accumulated amortization | (509.0) | (455.1) |
| Finite-lived intangible assets, net | 334.4 | 394.6 |
| Goodwill | 46.2 | 47.5 |
| Intangible assets, net | $ 380.6 | $ 442.1 |
| X | ||||||||||
|
- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date of an intangible asset that arises from a contractual arrangement with a third party (not including franchise rights and license agreements). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a specified period of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets are assets, not including financial assets, lacking physical substance. No definition available.
|
|
Intangible Assets and Goodwill - Carrying Amount of Goodwill, by Segment (Details) (USD $)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2015
|
|
| Goodwill [Roll Forward] | |
| Balance at beginning of period | $ 47,500,000 |
| Foreign currency translation | (1,300,000) |
| Balance at end of period | 46,200,000 |
|
Operating Segments | Global Market Strategies
|
|
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 28,000,000 |
| Foreign currency translation | 0 |
| Balance at end of period | 28,000,000 |
|
Operating Segments | Investment Solutions
|
|
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 19,500,000 |
| Foreign currency translation | (1,300,000) |
| Balance at end of period | $ 18,200,000 |
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) from foreign currency translation adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Intangible Assets and Goodwill - Additional Information (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Dec. 31, 2014
|
|
| Goodwill [Line Items] | |||||
| Goodwill | $ 46,200,000 | $ 46,200,000 | $ 47,500,000 | ||
| Amount of intangible assets for a reportable segment | 255,000,000 | 255,000,000 | |||
| Amount of intangible assets for a fund type | 216,000,000 | 216,000,000 | |||
| Impairment loss | 11,800,000 | 24,600,000 | |||
| Intangible asset amortization expense, excluding impairment losses | 21,300,000 | 25,400,000 | 43,700,000 | 52,900,000 | |
|
Corporate Private Equity
|
|||||
| Goodwill [Line Items] | |||||
| Goodwill | 0 | 0 | |||
|
Operating Segments | Real Assets
|
|||||
| Goodwill [Line Items] | |||||
| Goodwill | $ 0 | $ 0 | |||
| X | ||||||||||
|
- Definition
Amount represents the total amount of definite-lived intangible assets for a fund type within a reportable segment as of the period end. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the total amount of definite-lived intangible assets for a reportable segment as of the period end. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2015 | $ 40.4 |
| 2016 | 69.0 |
| 2017 | 65.9 |
| 2018 | 58.8 |
| 2019 | 48.6 |
| Thereafter | 51.7 |
| Total | $ 334.4 |
| X | ||||||||||
|
- Definition
Amount represents the five year total of estimated amortization expense for the finite-lived intangible assets. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Borrowings - Partnership's Borrowings (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2015
|
Dec. 31, 2014
|
|
| Debt Instrument [Line Items] | ||
| Borrowing Outstanding | $ 1,139.0 | $ 1,140.2 |
| Carrying Value | 1,145.6 | 1,146.9 |
|
Senior Credit Facility Term Loan Due 5/05/2020
|
||
| Debt Instrument [Line Items] | ||
| Borrowing Outstanding | 25.0 | 25.0 |
| Carrying Value | 25.0 | 25.0 |
| Loan maturity date | May 05, 2020 | |
|
CLO Term Loan
|
||
| Debt Instrument [Line Items] | ||
| Borrowing Outstanding | 14.0 | 15.2 |
| Carrying Value | 14.0 | 15.2 |
| Loan maturity date | Sep. 28, 2018 | |
|
3.875% Senior Notes Due 2/01/2023
|
||
| Debt Instrument [Line Items] | ||
| Borrowing Outstanding | 500.0 | 500.0 |
| Carrying Value | 499.9 | 499.9 |
| Loan maturity date | Feb. 01, 2023 | |
| Interest rate on senior notes (as a percent) | 3.875% | 3.875% |
|
5.625% Senior Notes Due 3/30/2043
|
||
| Debt Instrument [Line Items] | ||
| Borrowing Outstanding | 600.0 | 600.0 |
| Carrying Value | $ 606.7 | $ 606.8 |
| Loan maturity date | Mar. 30, 2043 | |
| Interest rate on senior notes (as a percent) | 5.625% | 5.625% |
| X | ||||||||||
|
- Definition
Amount borrowed under debt instruments as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of all notes and loans payable (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Borrowings - Additional Information (Details)
|
3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2014
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2014
USD ($)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2013
USD ($)
|
Jun. 30, 2015
Interest Rate Swap
Not designated as a hedging instrument
USD ($)
|
Jun. 30, 2015
Interest Rate Swaps Second
Not designated as a hedging instrument
USD ($)
|
Jan. 31, 2013
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Jun. 30, 2015
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Jun. 30, 2014
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Jun. 30, 2015
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Jun. 30, 2014
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Dec. 31, 2014
3.875% Senior Notes Due 2/01/2023
USD ($)
|
Jan. 31, 2013
3.875% Senior Notes Due 2/01/2023
Treasury Rate
|
Mar. 31, 2013
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Jun. 30, 2015
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Jun. 30, 2014
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Jun. 30, 2015
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Jun. 30, 2014
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Dec. 31, 2014
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Mar. 31, 2014
5.625% Senior Notes Due 3/30/2043
USD ($)
|
Mar. 31, 2013
5.625% Senior Notes Due 3/30/2043
Treasury Rate
|
Jun. 30, 2015
Senior Credit Facility Term Loan Due 5/05/2020
USD ($)
|
Dec. 31, 2014
Senior Credit Facility Term Loan Due 5/05/2020
USD ($)
|
Jun. 30, 2015
Term Loan Principal and Interest Due in Quarterly Installment
|
Mar. 31, 2013
Revolving Credit Facility
USD ($)
|
Jun. 30, 2015
Revolving Credit Facility
|
Oct. 03, 2013
New Term Loan
|
Jun. 30, 2015
New Term Loan
USD ($)
|
Oct. 03, 2013
New Term Loan
EUR (€)
|
|
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
| Maximum borrowing capacity in term loan | $ 25,000,000.0 | $ 25,000,000.0 | |||||||||||||||||||||||||||||
| Borrowing capacity | 750,000,000.0 | 750,000,000.0 | |||||||||||||||||||||||||||||
| Loan maturity date | Sep. 30, 2016 | Feb. 01, 2023 | Mar. 30, 2043 | May 05, 2020 | Aug. 09, 2018 | ||||||||||||||||||||||||||
| Maximum percentage of applicable margin in addition to base rate | 0.75% | ||||||||||||||||||||||||||||||
| Maximum percentage of applicable margin | 1.75% | ||||||||||||||||||||||||||||||
| Actual percentage at period end | 1.32% | ||||||||||||||||||||||||||||||
| Term loan principal prepaid | 475,000,000 | ||||||||||||||||||||||||||||||
| Maximum borrowing | 1,139,000,000 | 1,139,000,000 | 1,140,200,000 | 25,000,000 | 25,000,000 | 14,000,000 | 12,600,000 | ||||||||||||||||||||||||
| Interest rate spread on term loan to fund investment in a CLO (as a percent) | 30.00% | 40.00% | 1.75% | ||||||||||||||||||||||||||||
| Actual percentage at period end for term loan that funded investment in CLO | 1.75% | ||||||||||||||||||||||||||||||
| Maturity period | 5 years | ||||||||||||||||||||||||||||||
| Senior notes principal amount | 500,000,000.0 | 400,000,000.0 | 200,000,000.0 | ||||||||||||||||||||||||||||
| Interest rate on senior notes (as a percent) | 3.875% | 5.625% | 5.625% | ||||||||||||||||||||||||||||
| Senior notes percentage of par value | 99.966% | 99.583% | 104.315% | ||||||||||||||||||||||||||||
| Date of first required interest payment | Aug. 01, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||||
| Senior notes redemption terms percentage to principal amount | 100.00% | 100.00% | |||||||||||||||||||||||||||||
| Interest expense | 14,500,000 | 14,500,000 | 29,100,000 | 26,700,000 | 4,900,000 | 4,900,000 | 9,900,000 | 9,900,000 | 8,500,000 | 8,400,000 | 16,900,000 | 14,700,000 | |||||||||||||||||||
| Fair value of notes payable | 513,300,000 | 513,300,000 | 521,200,000 | 631,000,000 | 631,000,000 | 707,600,000 | |||||||||||||||||||||||||
| Notional amount | 337,500,000.0 | 312,500,000.0 | |||||||||||||||||||||||||||||
| Accumulated other comprehensive loss related to cash flow hedges | 8,800,000 | ||||||||||||||||||||||||||||||
| Derivative maturity date | Sep. 30, 2016 | ||||||||||||||||||||||||||||||
| Fair value of collateralized loan obligation assets | $ 17,800,000,000 | $ 17,800,000,000 | $ 17,600,000,000 | ||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Actual interest rate at period end for term loan that funded investment in a CLO. No definition available.
|
| X | ||||||||||
|
- Definition
Actual interest rate percentage of credit facility at period end. No definition available.
|
| X | ||||||||||
|
- Definition
Debt instrument maximum borrowing capacity. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under debt instruments as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Debt instrument percent to par value. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value of collateralized loan obligation assets. No definition available.
|
| X | ||||||||||
|
- Definition
Maturity period of debt instruments. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum percentage of applicable margin. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum percentage of applicable margin in addition to base rate. No definition available.
|
| X | ||||||||||
|
- Definition
Payment of senior term loan principal. No definition available.
|
| X | ||||||||||
|
- Definition
Senior notes option to redeem price equal to percentage of principal. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
Date the debt agreement requires the first payment to be made, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the derivative contract matures, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of notes payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Debt instrument weighted average remaining life. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average interest rate of debt outstanding. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Contingent Consideration - Changes in Contingent Consideration Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Loss Contingency Accrual [Roll Forward] | ||||
| Balance, beginning of period | $ 395.4 | $ 323.5 | $ 384.6 | $ 350.3 |
| Change in carrying value | (40.5) | 20.3 | (23.7) | 66.2 |
| Payments | (0.7) | (1.0) | (4.5) | (73.7) |
| Issuances of equity | 0 | (2.2) | ||
| Balance, end of period | 354.2 | 342.8 | 354.2 | 342.8 |
|
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent cash consideration
|
||||
| Loss Contingency Accrual [Roll Forward] | ||||
| Balance, beginning of period | 27.5 | 91.6 | 26.8 | 145.1 |
| Change in carrying value | 1.0 | (3.2) | 1.7 | 13.8 |
| Payments | 0 | 0 | 0 | (70.5) |
| Issuances of equity | 0 | 0 | ||
| Balance, end of period | 28.5 | 88.4 | 28.5 | 88.4 |
|
Amounts payable to the sellers who are Carlyle professionals | Performance-based | Contingent equity consideration
|
||||
| Loss Contingency Accrual [Roll Forward] | ||||
| Balance, beginning of period | 0 | 26.3 | 0 | 15.7 |
| Change in carrying value | 0 | (0.1) | 0 | 10.5 |
| Payments | 0 | 0 | 0 | 0 |
| Issuances of equity | 0 | 0 | ||
| Balance, end of period | 0 | 26.2 | 0 | 26.2 |
|
Amounts payable to the sellers who are Carlyle professionals | Employment-based | Contingent cash consideration
|
||||
| Loss Contingency Accrual [Roll Forward] | ||||
| Balance, beginning of period | 141.8 | 161.8 | 156.8 | 148.7 |
| Change in carrying value | (40.2) | 22.5 | (49.7) | 35.6 |
| Payments | 0 | 0 | (3.3) | 0 |
| Issuances of equity | 0 | (2.2) | ||
| Balance, end of period | 101.6 | 184.3 | 101.6 | 184.3 |
|
Contingent cash and other consideration payable to non- Carlyle personnel
|
||||
| Loss Contingency Accrual [Roll Forward] | ||||
| Balance, beginning of period | 226.1 | 43.8 | 201.0 | 40.8 |
| Change in carrying value | (1.3) | 1.1 | 24.3 | 6.3 |
| Payments | (0.7) | (1.0) | (1.2) | (3.2) |
| Issuances of equity | 0 | 0 | ||
| Balance, end of period | $ 224.1 | $ 43.9 | $ 224.1 | $ 43.9 |
| X | ||||||||||
|
- Definition
Value of common units issued as a result of certain employment-based performance conditions were achieved. No definition available.
|
| X | ||||||||||
|
- Definition
Value of compensation to employees. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of liability recognized arising from contingent consideration in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Contingent Consideration - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | |
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2015
Barclays Natural Resource Investments
|
Jun. 30, 2015
Vermillion
|
Jul. 01, 2015
Vermillion
Subsequent Event
|
|
| Business Acquisition [Line Items] | ||||
| Percentage of economic interest | 55.00% | |||
| Revised ownership percentage | 83.00% | |||
| Amount of decrease in contingent consideration payable due to change in ownership interest | $ 46.3 | |||
| Change in carrying value of contingent consideration obligation for Barclays | $ 23.2 | |||
| X | ||||||||||
|
- Definition
Change In Carrying Value Contingent Consideration Obligation No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the increase (decrease) in contingent consideration payable due to change in ownership interest. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of economic interest. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage represents the revised percentage ownership based on restructuring of agreements No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Business acquisition contingent consideration potential cash payments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of liability arising from an inherited contingency (as defined) which has been recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Accrued Compensation and Benefits (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Compensation and Retirement Disclosure [Abstract] | ||
| Accrued performance fee-related compensation | $ 1,750.8 | $ 1,815.4 |
| Accrued bonuses | 218.1 | 229.6 |
| Employment-based contingent cash consideration | 101.6 | 156.8 |
| Other | 150.8 | 110.7 |
| Total | $ 2,221.3 | $ 2,312.5 |
| X | ||||||||||
|
- Definition
Accrued performance fees due to employees and advisors included in accrued compensation. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value of employment-based contingent cash consideration. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for employer-related costs not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Commitments and Contingencies - Unfunded Commitments (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
|---|---|
| Segment Reporting Information [Line Items] | |
| Unfunded Commitments | $ 3,203.3 |
|
Operating Segments | Corporate Private Equity
|
|
| Segment Reporting Information [Line Items] | |
| Unfunded Commitments | 2,046.7 |
|
Operating Segments | Global Market Strategies
|
|
| Segment Reporting Information [Line Items] | |
| Unfunded Commitments | 369.3 |
|
Operating Segments | Real Assets
|
|
| Segment Reporting Information [Line Items] | |
| Unfunded Commitments | 750.2 |
|
Operating Segments | Investment Solutions
|
|
| Segment Reporting Information [Line Items] | |
| Unfunded Commitments | $ 37.1 |
| X | ||||||||||
|
- Definition
Unfunded commitment as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of realized performance fees, if the fund were liquidated at the reporting date fair value, that would be given back to the fund investors at the end of the fund's life if the fund fair value does not recover sufficiently to pass through the hurdle rate that allows for the recognition of performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the total amount amount liable as a result of an opinion from a French tax court No definition available.
|
| X | ||||||||||
|
- Definition
Amount of realized and distributed carried interest of potential giveback on after-tax basis. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the total paid by one of our consolidated funds for French tax obligations No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the total paid by the Partnership for French tax obligations. No definition available.
|
| X | ||||||||||
|
- Definition
Cash withheld from carried interest distributions for potential giveback obligations. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents cumulative losses for 2013 and 2014 related to the French tax matter No definition available.
|
| X | ||||||||||
|
- Definition
Fund Losses Related To French Tax Matter No definition available.
|
| X | ||||||||||
|
- Definition
Number of civil actions. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the residual amount that CEREP I is liable as a result of an opinion from a French tax court after consideration of assets in the fund No definition available.
|
| X | ||||||||||
|
- Definition
Unfunded commitment as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
Unfunded commitment to be paid by senior executives and professionals. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for contractual rent under lease arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date which lease or group of leases is set to expire, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The value (monetary amount) of the award the plaintiff seeks in the legal matter. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unbilled receivables under long-term contracts that have not been billed and were not billable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Commitments and Contingencies - Future Minimum Commitments for Leases (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2015 | $ 26.0 |
| 2016 | 52.3 |
| 2017 | 48.5 |
| 2018 | 44.4 |
| 2019 | 38.3 |
| Thereafter | 334.1 |
| Future minimum commitments for leases, total | $ 543.6 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
|
Related Party Transactions - Due from Affiliates and Other Receivables (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Notes receivable and accrued interest from affiliates | $ 15.6 | $ 11.1 |
| Other receivables from unconsolidated funds and affiliates, net | 162.2 | 160.6 |
| Total | 207.6 | 199.4 |
|
Contingent Obligations (Giveback)
|
||
| Related Party Transaction [Line Items] | ||
| Unbilled receivable for giveback obligations from current and former employees | $ 29.8 | $ 27.7 |
| X | ||||||||||
|
- Definition
Notes receivable and accrued interest from affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Other receivables from unconsolidated funds and affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of unbilled receivables under long-term contracts that have not been billed and were not billable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Related Party Transactions - Due to Affiliates (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Related Party Transactions [Abstract] | ||
| Due to affiliates of Consolidated Funds | $ 0.5 | $ 0.6 |
| Due to non-consolidated affiliates | 716.8 | 37.1 |
| Performance-based contingent cash and equity consideration related to acquisitions | 50.2 | 43.6 |
| Amounts owed under the tax receivable agreement | 137.9 | 89.0 |
| Other | 15.4 | 13.9 |
| Total | $ 920.8 | $ 184.2 |
| X | ||||||||||
|
- Definition
Amounts owed under tax receivable agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Contingent consideration related to acquisitions payable to affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Due to affiliates of consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Due to affiliates, other. No definition available.
|
| X | ||||||||||
|
- Definition
Due to non-consolidated affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Related Party Transactions - Additional Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jun. 05, 2015
|
Mar. 10, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Related Party Transactions [Abstract] | ||||||
| Maximum percentage of interest on amounts due from affiliates | 7.15% | |||||
| Number of Carlyle Holdings partnership units acquired from Carlyle Holdings limited partners | 7,000,000 | 9,300,000 | ||||
| Payment of aircraft related expenses | $ 1.4 | $ 1.4 | $ 2.5 | $ 2.9 | ||
| X | ||||||||||
|
- Definition
Number of Carlyle Holdings partnership units acquired from Carlyle Holdings limited partners with a portion of the proceeds from the public equity offering. No definition available.
|
| X | ||||||||||
|
- Definition
Yield on the receivable, on which interest has been imputed, as calculated from its issuance value or purchase price. The calculated effective interest rate considers factors such as the issued face value or price paid for the receivable, the time period between payments, and the time until maturity [full receipt] of the receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Income Taxes [Line Items] | ||||
| Provision for income taxes | $ 6.0 | $ 53.8 | $ 16.5 | $ 69.8 |
| Number of years federal income tax returns are subject to examination | 3 years | |||
| Period in which significant changes in unrecognized tax benefits are not expected | next twelve months | |||
|
U.S. Federal
|
||||
| Income Taxes [Line Items] | ||||
| Income tax examination, start year | 2011 | |||
| Income tax examination, end year | 2014 | |||
|
State and Local
|
||||
| Income Taxes [Line Items] | ||||
| Income tax examination, start year | 2010 | |||
| Income tax examination, end year | 2014 | |||
|
Foreign
|
||||
| Income Taxes [Line Items] | ||||
| Income tax examination, start year | 2007 | |||
| Income tax examination, end year | 2014 | |||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Income tax examination year under examination range end. No definition available.
|
| X | ||||||||||
|
- Definition
Income tax examination year under examination range start. No definition available.
|
| X | ||||||||||
|
- Definition
Period in which significant changes in unrecognized tax benefits are not expected. No definition available.
|
| X | ||||||||||
|
- Definition
Period of federal income tax returns subject to examination. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
| Noncontrolling Interest [Line Items] | ||
| Non-controlling interests in consolidated entities | $ 5,387.8 | $ 6,446.4 |
|
Non-Carlyle interests in Consolidated Funds
|
||
| Noncontrolling Interest [Line Items] | ||
| Non-controlling interests in consolidated entities | 5,135.5 | 6,160.1 |
|
Non-Carlyle interests in majority-owned subsidiaries
|
||
| Noncontrolling Interest [Line Items] | ||
| Non-controlling interests in consolidated entities | 343.5 | 301.4 |
|
Non-controlling interest in carried interest and cash held for carried interest distributions
|
||
| Noncontrolling Interest [Line Items] | ||
| Non-controlling interests in consolidated entities | $ (91.2) | $ (15.1) |
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net income loss attributable to equity appropriated for collateralized loan obligations. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to redeemable noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax of income (loss) attributable to other nonredeemable noncontrolling equity holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Non-controlling Interests in Consolidated Entities - Additional Information (Details)
|
Jun. 05, 2015
|
Mar. 10, 2014
|
|---|---|---|
| Noncontrolling Interest [Abstract] | ||
| Public offering of common units completed by partnership | 7,000,000 | 13,800,000 |
| X | ||||||||||
|
- Definition
Issuance of common units in public offering. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Earnings Per Common Unit - Basic and Diluted Net Income Per Common Unit (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Basic | ||||
| Net income attributable to The Carlyle Group L.P. | $ 30,600,000 | $ 19,500,000 | $ 70,100,000 | $ 44,100,000 |
| Dilution of earnings due to participating securities with distribution rights | (329,300) | (242,700) | (783,700) | (764,900) |
| Net income attributable to common units | 30,270,700 | 19,257,300 | 69,316,300 | 43,335,100 |
| Weighted-average common units outstanding, basic (in shares) | 71,781,981 | 65,138,793 | 69,744,646 | 58,855,013 |
| Net income per common unit (usd per share) | $ 0.42 | $ 0.30 | $ 0.99 | $ 0.74 |
| Diluted | ||||
| Net income attributable to The Carlyle Group L.P. | 30,600,000 | 19,500,000 | 70,100,000 | 44,100,000 |
| Dilution of earnings due to participating securities with distribution rights | (460,600) | (234,200) | (1,823,700) | (816,000) |
| Incremental net income from assumed exchange of Carlyle Holdings partnership units | 73,900,000 | 188,300,000 | ||
| Net income attributable to common units | $ 104,039,400 | $ 19,265,800 | $ 256,576,300 | $ 43,284,000 |
| Weighted-average common units outstanding, diluted (in shares) | 306,629,008 | 70,677,702 | 303,073,361 | 65,170,359 |
| Net income per common unit (usd per share) | $ 0.34 | $ 0.27 | $ 0.85 | $ 0.66 |
| X | ||||||||||
|
- Definition
Participating securities distributed and undistributed earnings basic. No definition available.
|
| X | ||||||||||
|
- Definition
Participating securities distributed and undistributed earnings diluted. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise stock options, restrictive stock units (RSUs), convertible preferred stock of an employee stock ownership plan (ESOP), and other dilutive convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings Per Common Unit - Additional Information (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
Weighted-average vested Carlyle Holdings Partnership units
|
Jun. 30, 2015
Weighted-average vested Carlyle Holdings Partnership units
|
Jun. 30, 2015
Unvested Carlyle Holdings Partnership units
|
Jun. 30, 2014
Unvested Carlyle Holdings Partnership units
|
Jun. 30, 2015
Unvested Carlyle Holdings Partnership units
|
Jun. 30, 2014
Unvested Carlyle Holdings Partnership units
|
Aug. 01, 2013
AlpInvest
|
Jun. 30, 2015
AlpInvest
Unvested Carlyle Holdings Partnership units
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
| Weighted-average common units outstanding, diluted (in shares) | 306,629,008 | 70,677,702 | 303,073,361 | 65,170,359 | 218,776,707 | 217,003,285 | 10,359,224 | 11,138,333 | 766,991 | |||
| Incremental net income from assumed exchange of Carlyle Holdings partnership units | $ 73,900,000 | $ 188,300,000 | ||||||||||
| Carlyle Holdings partnership units deemed antidilutive (in shares) | 226,857,400 | 230,752,823 | ||||||||||
| Additional ownership percentage acquired | 40.00% | |||||||||||
| Common units issued to AlpInvest employees that are subject to vesting conditions (in shares) | 914,087 | |||||||||||
| X | ||||||||||
|
- Definition
The additional ownership percentage acquired. No definition available.
|
| X | ||||||||||
|
- Definition
Number of partnership common units subject to vesting conditions that were issued to the sellers. No definition available.
|
| X | ||||||||||
|
- Definition
The incremental amount of Carlyle Holdings partnership units that are antidilutive for the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise stock options, restrictive stock units (RSUs), convertible preferred stock of an employee stock ownership plan (ESOP), and other dilutive convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Equity-Based Compensation - Additional Information (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 01, 2015
|
May 31, 2012
|
Aug. 01, 2013
AlpInvest
|
Jun. 30, 2015
Unvested Partnership Common Units
|
Jun. 30, 2014
Unvested Partnership Common Units
|
Jun. 30, 2015
Unvested Partnership Common Units
|
Jun. 30, 2014
Unvested Partnership Common Units
|
Jun. 30, 2015
Unvested Partnership Common Units
Maximum
|
Aug. 01, 2013
Unvested Partnership Common Units
AlpInvest
|
Jun. 30, 2015
Unvested Partnership Common Units
AlpInvest
|
Jun. 30, 2015
Unvested Carlyle Holdings Partnership Units
|
Jun. 30, 2015
Unvested Carlyle Holdings Partnership Units
Carlyle Holdings
|
Jun. 30, 2014
Unvested Carlyle Holdings Partnership Units
Carlyle Holdings
|
Jun. 30, 2015
Unvested Carlyle Holdings Partnership Units
Carlyle Holdings
|
Jun. 30, 2014
Unvested Carlyle Holdings Partnership Units
Carlyle Holdings
|
Dec. 31, 2012
Unvested Carlyle Holdings Partnership Units
ECM Capital, L.P.
|
Jun. 30, 2015
Deferred Restricted Common Units
|
Jun. 30, 2014
Deferred Restricted Common Units
|
Jun. 30, 2015
Deferred Restricted Common Units
|
Jun. 30, 2014
Deferred Restricted Common Units
|
Jun. 30, 2015
Deferred Restricted Common Units
Minimum
|
Dec. 31, 2014
Deferred Restricted Common Units
Minimum
|
Jun. 30, 2015
Deferred Restricted Common Units
Maximum
|
Dec. 31, 2014
Deferred Restricted Common Units
Maximum
|
Jun. 30, 2015
Phantom Units
|
Jun. 30, 2014
Phantom Units
|
Jun. 30, 2015
Phantom Units
|
Jun. 30, 2014
Phantom Units
|
Dec. 31, 2014
Phantom Units
|
|
| 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 (in shares) | 31,895,630 | 30,450,000 | |||||||||||||||||||||||||||
| Additional ownership percentage acquired | 40.00% | 40.00% | |||||||||||||||||||||||||||
| Common units issued to AlpInvest employees that are subject to vesting conditions (in shares) | 914,087 | 914,087 | |||||||||||||||||||||||||||
| Amount of unvested common units forfeited by an individual | 11,674 | ||||||||||||||||||||||||||||
| Period of vesting of unvested units (in years) | 5 years | 6 years | 5 years | 6 years | 3 years | ||||||||||||||||||||||||
| Forfeiture rate (as a percent) | 5.00% | 2.50% | 2.00% | 10.00% | 10.00% | ||||||||||||||||||||||||
| Allocated share based compensation expense | $ 2,200,000 | $ 2,400,000 | $ 5,100,000 | $ 4,500,000 | $ 64,100,000 | $ 60,700,000 | $ 106,100,000 | $ 105,500,000 | $ 47,100,000 | $ 44,500,000 | $ 91,400,000 | $ 71,400,000 | $ 900,000 | $ 1,400,000 | $ 1,600,000 | $ 1,800,000 | |||||||||||||
| Tax benefits related to equity-based compensation expense | 0 | 4,600,000 | 5,600,000 | 8,700,000 | 8,900,000 | ||||||||||||||||||||||||
| Number of partnership units issued with time vesting (in shares) | 996,572 | ||||||||||||||||||||||||||||
| Number of partnership units issued at closing with performance-based vesting (in shares) | 597,944 | ||||||||||||||||||||||||||||
| Unrecognized equity-based compensation expense | 6,000,000 | 6,000,000 | 522,600,000 | 381,300,000 | 381,300,000 | 100,000 | 100,000 | ||||||||||||||||||||||
| Weighted-average term for unrecognized compensation expense to be recognized | 0 years 10 months 0 days | 2 years 10 months 0 days | 2 years 10 months 0 days | 1 year 6 months 0 days | |||||||||||||||||||||||||
| Forfeiture rate (as a percent) | 2.00% | 5.00% | 10.00% | 15.00% | 10.00% | 15.00% | |||||||||||||||||||||||
| Unit discount (as a percent) | 25.00% | ||||||||||||||||||||||||||||
| Additional compensation expense recognized due to the revision of forfeiture rates | $ 7,500,000 | ||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Amount represents the additional compensation expense recognized in the period due to the revision of forfeiture rates No definition available.
|
| X | ||||||||||
|
- Definition
The additional ownership percentage acquired. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the amount in units that were forfeited by an individual during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of partnership common units subject to vesting conditions that were issued to the sellers. No definition available.
|
| X | ||||||||||
|
- Definition
Discount on unvested awards. No definition available.
|
| X | ||||||||||
|
- Definition
Share based compensation arrangement by share based payment award equity instruments other than options forfeiture rate. No definition available.
|
| X | ||||||||||
|
- Definition
Share based compensation arrangement by share based payment award equity instruments other than options revised forfeiture rate. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other than shares newly issued, the number of additional shares issued (for example, a stock split) or canceled (for example, to correct a share issuance), during the period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share instruments newly issued under a share-based compensation plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Units granted under share-based compensation arrangement other than as part of the initial public offering. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted-average grant date fair value of units granted under share-based compensation arrangement other than as part of the initial public offering. No definition available.
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of funding received by consolidated real estate VIE during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of funding received by consolidated real estate VIE during the period from the Partnership. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of funding received by consolidated real estate VIE during the period from Senior Partnership Professionals. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of capital funding to consolidated real estate VIE in year of consolidation. No definition available.
|
| X | ||||||||||
|
- Definition
Total amount of funding to consolidated real estate VIE since initial consolidation. No definition available.
|
| X | ||||||||||
|
- Definition
Anticipated amount of future contributions to real estate development company. No definition available.
|
| X | ||||||||||
|
- Definition
Interest rate for customer receivables. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum additional capital investment fund. No definition available.
|
| X | ||||||||||
|
- Definition
Outstanding commitment assumed. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of principal amount to determine estimated fair value. No definition available.
|
| X | ||||||||||
|
- Definition
The number of days lag in which the Partnership reports the financial information for the consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments. No definition available.
|
| X | ||||||||||
|
- Definition
For utilities only, represents the carrying amount of the liability as of the balance sheet date for payments received by a utility from its customers in advance of performing its obligations under terms of its construction agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer), related to consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer, related to consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Customer and other receivables. No definition available.
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument for consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax assets related to a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Inventory costs in excess of billings and advances. No definition available.
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer), related to consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of other assets of a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed, related to consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total amount as of the balance sheet date, of liabilities not separately disclosed in the balance sheet, related to consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet related to consolidated real estate VIEs. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total amount of receivables and inventory for a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Restricted investments related to consolidated real estate VIE. No definition available.
|
|
Consolidation of a Real Estate Development Company - Revenues and Expenses Recognized in the Partnership's Condensed Consolidated Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Revenue of a consolidated real estate VIE | ||||
| Land development services | $ 6.5 | $ 5.2 | $ 61.3 | $ 9.8 |
| Investment income | 1.3 | 2.8 | 1.7 | 4.2 |
| Revenue of a consolidated real estate VIE | 7.8 | 8.0 | 63.0 | 14.0 |
| Interest and other expenses of a consolidated real estate VIE: | ||||
| Costs of products sold and services rendered | 2.2 | 2.8 | 43.2 | 16.5 |
| Interest expense | 10.1 | 10.5 | 20.3 | 21.7 |
| Change in fair value of loans payable | 3.8 | 16.1 | 9.6 | 26.3 |
| Compensation and benefits | 2.2 | 3.1 | 4.8 | 5.5 |
| G&A and other expenses | 9.3 | 9.5 | 19.7 | 21.2 |
| Interest and other expenses of a consolidated real estate VIE | $ 27.6 | $ 42.0 | $ 97.6 | $ 91.2 |
| X | ||||||||||
|
- Definition
Change in fair value of loans payable of consolidated vies. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of compensation and benefits related to a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
General administrative and other expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Interest and other expense of consolidated VIE. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Interest expense of consolidated vies. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income of consolidated vies. No definition available.
|
| X | ||||||||||
|
- Definition
Land development services. No definition available.
|
| X | ||||||||||
|
- Definition
Revenues of consolidated VIEs. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Consolidation of a Real Estate Development Company - Outstanding Principal Amounts on Loans (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2015
|
|---|---|
| Long-term Debt, Fiscal Year Maturity [Abstract] | |
| 2015 | $ 19.7 |
| 2016 | 20.8 |
| 2017 | 16.1 |
| 2018 | 13.9 |
| 2019 | 15.9 |
| Thereafter | 86.6 |
| Total outstanding principal amounts on the loans | $ 173.0 |
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Segment Reporting - Additional Information (Details)
|
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2015
Segment
|
Jun. 30, 2014
Segment
|
Jun. 30, 2015
Segment
|
|
| Segment Reporting [Abstract] | |||
| Number of reportable segments | 4 | 4 | 4 |
| X | ||||||||||
|
- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reflects the amount of net realized earnings without the effects of consolidation of the consolidated funds. Represents economic net income less net performance fees and investment income plus realized net performance fees and realized investment income. No definition available.
|
| X | ||||||||||
|
- Definition
Represents segment net income which excludes the impact of income taxes, acquisition-related items including amortization of acquired intangibles and contingent considerations taking the form of earn-outs, charges for stock-based compensation grants issued as part of the initial public offering, corporate actions, and infrequently occurring or unusual events. No definition available.
|
| X | ||||||||||
|
- Definition
Equity Based Compensation No definition available.
|
| X | ||||||||||
|
- Definition
Reflects the ability of the business to cover direct base compensation and operating expenses from fee revenues other than performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Fee Related Earnings, Realized Investment Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Total fee revenues. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Expenditures for salaries for other than investment professionals. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Investment Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of total performance fee revenue less performance fee-related compensation expense. No definition available.
|
| X | ||||||||||
|
- Definition
Net realized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to realized performance fees. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fees received from a carry fund that had a distribution event. No definition available.
|
| X | ||||||||||
|
- Definition
Fees earned from a carry fund that the Partnership would be eligible to receive upon a hypothetical liquidation of the fund at fair value No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to unrealized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Portfolio advisory fees. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) realized represents the gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. Investment income (loss) is realized when the partnership redeems all or a portion of its investment or when the partnership receives cash income, such as dividends or distributions, from its non consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. No definition available.
|
| X | ||||||||||
|
- Definition
Transaction and other fees net. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) unrealized represents the unrealized gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. 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. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of fees earned from providing investment advice and research to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue earned by the entity based on the investment results achieved. Excludes fees based upon a percentage of the assets under management not performance-related. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Segment Reporting - Total Segments to Partnership Income before Provision for Taxes Reconciliation (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Dec. 31, 2014
|
|
| Segment Reporting Information [Line Items] | |||||
| Revenues | $ 856.1 | $ 1,138.8 | $ 1,992.9 | $ 2,286.2 | |
| Expenses | 843.6 | 1,042.6 | 1,870.6 | 2,141.6 | |
| Other income | 461.6 | 445.0 | 967.1 | 869.0 | |
| Economic net income | 474.1 | 541.2 | 1,089.4 | 1,013.6 | |
| Total assets | 34,401.9 | 34,401.9 | 35,994.3 | ||
|
Total Reportable Segments
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 663.1 | 900.1 | 1,548.0 | 1,796.6 | |
| Expenses | 483.5 | 610.7 | 1,095.7 | 1,195.5 | |
| Other income | 0 | 0 | 0 | 0 | |
| Economic net income | 179.6 | 289.4 | 452.3 | 601.1 | |
| Total assets | 7,787.6 | 7,787.6 | |||
|
Consolidated Funds
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 257.0 | 243.7 | 483.3 | 494.4 | |
| Expenses | 311.2 | 316.3 | 604.0 | 656.1 | |
| Other income | 463.1 | 442.6 | 970.9 | 869.5 | |
| Economic net income | 408.9 | 370.0 | 850.2 | 707.8 | |
| Total assets | 26,830.2 | 26,830.2 | 28,809.8 | ||
|
Reconciling Items
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | (64.0) | (5.0) | (38.4) | (4.8) | |
| Expenses | 48.9 | 115.6 | 170.9 | 290.0 | |
| Other income | (1.5) | 2.4 | (3.8) | (0.5) | |
| Economic net income | (114.4) | (118.2) | (213.1) | (295.3) | |
| Total assets | $ (215.9) | $ (215.9) | |||
| X | ||||||||||
|
- Definition
Represents segment net income which excludes the impact of income taxes, acquisition-related items including amortization of acquired intangibles and contingent considerations taking the form of earn-outs, charges for stock-based compensation grants issued as part of the initial public offering, corporate actions, and infrequently occurring or unusual events. No definition available.
|
| X | ||||||||||
|
- Definition
Net gains (losses) from consolidated funds and other consolidated entities' investment activities. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Acquisition related charges and amortization of intangibles. No definition available.
|
| X | ||||||||||
|
- Definition
Economic interests in acquired business. No definition available.
|
| X | ||||||||||
|
- Definition
Amounts reflect the total of other adjustments to reconcile consolidated expenses to segment expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents tax expense associated with performance fee compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration for segment reporting purposes. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. No definition available.
|
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Acquisition related charges and amortization of intangibles. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reflects the amount of net realized earnings without the effects of consolidation of the consolidated funds. Represents economic net income less net performance fees and investment income plus realized net performance fees and realized investment income. No definition available.
|
| X | ||||||||||
|
- Definition
Represents segment net income which excludes the impact of income taxes, acquisition-related items including amortization of acquired intangibles and contingent considerations taking the form of earn-outs, charges for stock-based compensation grants issued as part of the initial public offering, corporate actions, and infrequently occurring or unusual events. No definition available.
|
| X | ||||||||||
|
- Definition
Equity Based Compensation No definition available.
|
| X | ||||||||||
|
- Definition
Reflects the ability of the business to cover direct base compensation and operating expenses from fee revenues other than performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Fee Related Earnings, Realized Investment Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Investment Income (Loss) No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of total performance fee revenue less performance fee-related compensation expense. No definition available.
|
| X | ||||||||||
|
- Definition
Net realized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Other intercompany expenses adjustments. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents tax expense associated with performance fee compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration for segment reporting purposes. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
| Performance fees | ||||
| Realized | $ 595.0 | $ 415.6 | $ 921.8 | $ 667.0 |
| Unrealized | (300.1) | 126.8 | (53.9) | 495.9 |
| Total performance fees | 294.9 | 542.4 | 867.9 | 1,162.9 |
| Performance fee related compensation expense | ||||
| Realized | 263.5 | 181.2 | 406.5 | 289.9 |
| Unrealized | (91.8) | 109.0 | 81.9 | 330.6 |
| Investment income (loss) | ||||
| Realized | 2.8 | 29.9 | 11.7 | 29.9 |
| Unrealized | 6.4 | (6.2) | 4.3 | (0.1) |
| Total investment income (loss) | 9.2 | 23.7 | 16.0 | 29.8 |
|
Claren Road
|
||||
| Investment income (loss) | ||||
| Percentage of economic interest | 55.00% | |||
|
Emerging Sovereign Group LLC
|
||||
| Investment income (loss) | ||||
| Percentage of economic interest | 55.00% | |||
|
Vermillion
|
||||
| Investment income (loss) | ||||
| Percentage of economic interest | 55.00% | |||
|
Carlyle Consolidated
|
||||
| Performance fees | ||||
| Realized | 595.0 | 415.6 | 921.8 | 667.0 |
| Unrealized | (300.1) | 126.8 | (53.9) | 495.9 |
| Total performance fees | 294.9 | 542.4 | 867.9 | 1,162.9 |
| Performance fee related compensation expense | ||||
| Realized | 263.5 | 181.2 | 406.5 | 289.9 |
| Unrealized | (91.8) | 109.0 | 81.9 | 330.6 |
| Total performance fee related compensation expense | 171.7 | 290.2 | 488.4 | 620.5 |
| Net performance fees | ||||
| Realized | 331.5 | 234.4 | 515.3 | 377.1 |
| Unrealized | (208.3) | 17.8 | (135.8) | 165.3 |
| Total net performance fees | 123.2 | 252.2 | 379.5 | 542.4 |
| Investment income (loss) | ||||
| Realized | 2.8 | 29.9 | 11.7 | 29.9 |
| Unrealized | 6.4 | (6.2) | 4.3 | (0.1) |
| Total investment income (loss) | 9.2 | 23.7 | 16.0 | 29.8 |
|
Adjustments
|
||||
| Performance fees | ||||
| Realized | 2.0 | (4.8) | (3.1) | (6.8) |
| Unrealized | 34.5 | 11.5 | 68.8 | (1.9) |
| Total performance fees | 36.5 | 6.7 | 65.7 | (8.7) |
| Performance fee related compensation expense | ||||
| Realized | 0.8 | (1.7) | 1.1 | (1.1) |
| Unrealized | 9.7 | 27.2 | 13.1 | 5.0 |
| Total performance fee related compensation expense | 10.5 | 25.5 | 14.2 | 3.9 |
| Net performance fees | ||||
| Realized | 1.2 | (3.1) | (4.2) | (5.7) |
| Unrealized | 24.8 | (15.7) | 55.7 | (6.9) |
| Total net performance fees | 26.0 | (18.8) | 51.5 | (12.6) |
| Investment income (loss) | ||||
| Realized | 3.3 | (18.4) | (87.6) | (13.1) |
| Unrealized | (1.5) | (10.0) | 54.6 | (29.3) |
| Total investment income (loss) | 1.8 | (28.4) | (33.0) | (42.4) |
|
Total Reportable Segments
|
||||
| Performance fees | ||||
| Realized | 597.0 | 410.8 | 918.7 | 660.2 |
| Unrealized | (265.6) | 138.3 | 14.9 | 494.0 |
| Total performance fees | 331.4 | 549.1 | 933.6 | 1,154.2 |
| Performance fee related compensation expense | ||||
| Realized | 264.3 | 179.5 | 407.6 | 288.8 |
| Unrealized | (82.1) | 136.2 | 95.0 | 335.6 |
| Total performance fee related compensation expense | 182.2 | 315.7 | 502.6 | 624.4 |
| Net performance fees | ||||
| Realized | 332.7 | 231.3 | 511.1 | 371.4 |
| Unrealized | (183.5) | 2.1 | (80.1) | 158.4 |
| Total net performance fees | 149.2 | 233.4 | 431.0 | 529.8 |
| Investment income (loss) | ||||
| Realized | 6.1 | 11.5 | (75.9) | 16.8 |
| Unrealized | 4.9 | (16.2) | 58.9 | (29.4) |
| Total investment income (loss) | $ 11.0 | $ (4.7) | $ (17.0) | $ (12.6) |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the amount of total performance fee revenue less performance fee-related compensation expense. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of economic interest. No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to realized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Performance fee realized net. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Performance fee related compensation expense. No definition available.
|
| X | ||||||||||
|
- Definition
Fees received from a carry fund that had a distribution event. No definition available.
|
| X | ||||||||||
|
- Definition
Fees earned from a carry fund that the Partnership would be eligible to receive upon a hypothetical liquidation of the fund at fair value No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to unrealized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Performance fee unrealized net. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) realized represents the gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. Investment income (loss) is realized when the partnership redeems all or a portion of its investment or when the partnership receives cash income, such as dividends or distributions, from its non consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) unrealized represents the unrealized gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. 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. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue earned by the entity based on the investment results achieved. Excludes fees based upon a percentage of the assets under management not performance-related. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Subsequent Events (Details) (Subsequent Event, USD $)
|
0 Months Ended | |
|---|---|---|
|
Jul. 31, 2015
|
Jul. 31, 2015
|
|
|
Subsequent Event
|
||
| Subsequent Event [Line Items] | ||
| Distribution per common unit (usd per share) | $ 0.89 | |
| Dividends payable, date of record | Aug. 19, 2015 | |
| Dividends payable, date to be paid | Aug. 27, 2015 |
| X | ||||||||||
|
- Definition
Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The per share amount of a dividend declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of realized performance fees, if the fund were liquidated at the reporting date fair value, that would be given back to the fund investors at the end of the fund's life if the fund fair value does not recover sufficiently to pass through the hurdle rate that allows for the recognition of performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Amounts represent performance fees that our existing, unrealized fund portfolio would generate if we sold every asset across all of our funds at fair value as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Cash and cash equivalents held at consolidated funds represents cash and cash equivalents held by consolidated funds and other consolidated entities. Such amounts are not available to fund general liquidity needs of the business. No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entities' consolidated funds and other consolidated entities by means of direct or indirect ownership. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of partners' capital appropriated for consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all investments held at the consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable held at consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of loans payable for a consolidated real estate VIE recorded at fair value. No definition available.
|
| X | ||||||||||
|
- Definition
Total of all partners' capital which is attributable to Carlyle Holdings. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of other assets of a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred by consolidate funds and other consolidated entities through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of other liabilities for a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of receivables and inventory for a consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Amounts represent restricted cash and securities held by consolidated funds and other consolidated entities. Such amounts are not available to fund general liquidity needs of the business. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of notes due 2023 with the highest claim on the assets of the issuer in case of bankruptcy or liquidation. Senior note holders are paid off in full before any payments are made to junior note holders. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of notes due 2043 with the highest claim on the assets of the issuer in case of bankruptcy or liquidation. Senior note holders are paid off in full before any payments are made to junior note holders. No definition available.
|
| X | ||||||||||
|
- Definition
Temporary equity partners capital. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets are assets, not including financial assets, lacking physical substance. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate fair value as of the reporting date of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument for consolidated real estate VIE. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest and other expense of consolidated VIE. No definition available.
|
| X | ||||||||||
|
- Definition
Interest and other expenses relating to and incurred by the consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein held by consolidated funds and other consolidated entities. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net income (loss) attributable to noncontrolling interest in subsidiary. No definition available.
|
| X | ||||||||||
|
- Definition
Net income loss in subsidiary. No definition available.
|
| X | ||||||||||
|
- Definition
Net gains (losses) from consolidated funds and other consolidated entities' investment activities. No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to realized performance fees. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fees received from a carry fund that had a distribution event. No definition available.
|
| X | ||||||||||
|
- Definition
Fees earned from a carry fund that the Partnership would be eligible to receive upon a hypothetical liquidation of the fund at fair value No definition available.
|
| X | ||||||||||
|
- Definition
Compensation of our investment professionals related to unrealized performance fees. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) realized represents the gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. Investment income (loss) is realized when the partnership redeems all or a portion of its investment or when the partnership receives cash income, such as dividends or distributions, from its non consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Revenues of consolidated VIEs. No definition available.
|
| X | ||||||||||
|
- Definition
Investment income (loss) unrealized represents the unrealized gains and losses on the partnership's principal investments, including its investments in funds that are not consolidated, its equity method investments, and other principal investments. 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. No definition available.
|
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of fees earned from providing investment advice and research to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of revenue earned by the entity based on the investment results achieved. Excludes fees based upon a percentage of the assets under management not performance-related. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in due to/from affiliates financing activities without consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the effect of exchange rate changes on cash balances held in foreign currencies. No definition available.
|
| X | ||||||||||
|
- Definition
Increase (Decrease) in Accounts Payable and Accrued Liabilities, Excluding Consolidated Funds No definition available.
|
| X | ||||||||||
|
- Definition
Increase (decrease) in consolidated real estate variable interest entity loans payable. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) in consolidated real estate variable interest entity other assets during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Increase (decrease) in consolidated real estate variable interest entity other liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Increase decrease in consolidated real estate variable interest entity receivables and inventory. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds the increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the increase (decrease) during the reporting period in moneys or securities given as security including, but not limited to, contract, escrow, or earnest money deposits, retain-age (if applicable), deposits with clearing organizations and others, collateral, or margin deposits. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the net cash inflow or outflow from financing activity for the period. No definition available.
|
| X | ||||||||||
|
- Definition
Net Cash Provided By (Used In) Operating Activities Without Consolidated Funds No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash performance fees excluding consolidated funds. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed. No definition available.
|
| X | ||||||||||
|
- Definition
Payment of contingent consideration. No definition available.
|
| X | ||||||||||
|
- Definition
Payment of contingent consideration on acquisitions. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the consolidated funds, the cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of proceeds received on investments and trading securities during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Without the effects of the Consolidated Funds, the consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of investments and trading securities purchased during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Senior notes due 2043 issued during the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash distribution paid to unit-holder of limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in accrued salaries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from entity's first offering of stock to the public. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Supplemental Financial Information - Supplemental Statement of Cash Flows (Additional Information) (Details) (5.625% Senior Notes Due 3/30/2043)
|
Jun. 30, 2015
|
Dec. 31, 2014
|
|---|---|---|
|
5.625% Senior Notes Due 3/30/2043
|
||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Interest rate on senior notes (as a percent) | 5.625% | 5.625% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|