Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 09, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Entity Registrant Name	Carlyle Group L.P.
Entity Central Index Key	0001527166
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,473,514
Entity Public Float			$ 1,788,459,848

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 1,000.1	$ 670.9
Cash and cash equivalents held at Consolidated Funds	377.6	761.5
Restricted cash	28.7	13.1
Corporate treasury investments	376.3	190.2
Accrued performance fees	3,670.6	2,481.1
Investments	1,624.3	1,107.0
Investments of Consolidated Funds	4,534.3	3,893.7
Due from affiliates and other receivables, net	257.1	227.2
Due from affiliates and other receivables of Consolidated Funds, net	50.8	29.5
Receivables and inventory of a real estate VIE	0.0	145.4
Fixed assets, net	100.4	106.1
Deposits and other	54.1	39.4
Other assets of a real estate VIE	0.0	31.5
Intangible assets, net	35.9	42.0
Deferred tax assets	170.4	234.4
Total assets	12,280.6	9,973.0
Liabilities and partners’ capital
Debt obligations	1,573.6	1,265.2
Loans payable of Consolidated Funds	4,303.8	3,866.3
Loans payable of a real estate VIE at fair value (principal amount of $144.4 million as of December 31, 2016)	0.0	79.4
Accounts payable, accrued expenses and other liabilities	355.1	369.8
Accrued compensation and benefits	2,222.6	1,661.8
Due to affiliates	229.9	223.6
Deferred revenue	82.1	54.0
Deferred tax liabilities	75.6	76.6
Other liabilities of Consolidated Funds	422.1	637.0
Other liabilities of a real estate VIE	0.0	124.5
Accrued giveback obligations	66.8	160.8
Total liabilities	9,331.6	8,519.0
Commitments and contingencies
Series A preferred units (16,000,000 units issued and outstanding as of December 31, 2017)	387.5	0.0
Partners’ capital (common units, 100,100,650 and 84,610,951 issued and outstanding as of December 31, 2017 and 2016, respectively)	701.8	403.1
Accumulated other comprehensive loss	(72.7)	(95.2)
Non-controlling interests in consolidated entities	404.7	277.8
Non-controlling interests in Carlyle Holdings	1,527.7	868.3
Total partners’ capital	2,949.0	1,454.0
Total liabilities and partners’ capital	$ 12,280.6	$ 9,973.0

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Principal amount	$ 0.0	$ 144.4
Common stock issued (units)	100,100,650	84,610,951
Common stock outstanding (units)	100,100,650	84,610,951
Series A Preferred Stock
Preferred units, issued (in shares)	16,000,000
Preferred units, outstanding (in shares)	16,000,000

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Fund management fees	$ 1,026,900,000	$ 1,076,100,000	$ 1,085,200,000
Performance fees
Realized	1,097,300,000	1,129,500,000	1,441,900,000
Unrealized	996,600,000	(377,700,000)	(617,000,000)
Total performance fees	2,093,900,000	751,800,000	824,900,000
Investment income (loss)
Realized	70,400,000	112,900,000	32,900,000
Unrealized	161,600,000	47,600,000	(17,700,000)
Total investment income (loss)	232,000,000	160,500,000	15,200,000
Interest and other income	36,700,000	23,900,000	18,600,000
Interest and other income of Consolidated Funds	177,700,000	166,900,000	975,500,000
Revenue of a real estate VIE	109,000,000	95,100,000	86,800,000
Total revenues	3,676,200,000	2,274,300,000	3,006,200,000
Compensation and benefits
Base compensation	652,700,000	647,100,000	632,200,000
Equity-based compensation	320,300,000	334,600,000	378,000,000
Performance fee related
Realized	520,700,000	580,500,000	650,500,000
Unrealized	467,600,000	(227,400,000)	(139,600,000)
Total compensation and benefits	1,961,300,000	1,334,800,000	1,521,100,000
General, administrative and other expenses	276,800,000	521,100,000	712,800,000
Interest	65,500,000	61,300,000	58,000,000
Interest and other expenses of Consolidated Funds	197,600,000	128,500,000	1,039,300,000
Interest and other expenses of a real estate VIE and loss on deconsolidation	202,500,000	207,600,000	144,600,000
Other non-operating income	(71,400,000)	(11,200,000)	(7,400,000)
Total expenses	2,632,300,000	2,242,100,000	3,468,400,000
Other income
Net investment gains of Consolidated Funds	88,400,000	13,100,000	864,400,000
Income before provision for income taxes	1,132,300,000	45,300,000	402,200,000
Provision for income taxes	124,900,000	30,000,000	2,100,000
Net income	1,007,400,000	15,300,000	400,100,000
Net income attributable to non-controlling interests in consolidated entities	72,500,000	41,000,000	537,900,000
Net income attributable to Carlyle Holdings	934,900,000	(25,700,000)	(137,800,000)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings	690,800,000	(32,100,000)	(119,400,000)
Net income (loss) attributable to The Carlyle Group L.P.	244,100,000	6,400,000	(18,400,000)
Net income attributable to Series A Preferred Unitholders	6,000,000	0	0
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders	$ 238,100,000	$ 6,400,000	$ (18,400,000)
Net income (loss) attributable to The Carlyle Group L.P. per common unit (see Note 13)
Basic (in dollars per share)	$ 2.58	$ 0.08	$ (0.24)
Diluted (in dollars per share)	$ 2.38	$ (0.08)	$ (0.30)
Weighted-average common units
Basic (in shares)	92,136,959	82,714,178	74,523,935
Diluted (in shares)	100,082,548	308,522,990	298,739,382
Distributions declared per common unit (in dollars per share)	$ 1.24	$ 1.68	$ 3.39

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,007.4	$ 15.3	$ 400.1
Other comprehensive income (loss)
Foreign currency translation adjustments	95.8	(54.6)	(801.0)
Cash flow hedges
Reclassification adjustment for loss included in interest expense	0.0	1.9	2.3
Defined benefit plans
Unrealized gain (loss) for the period	(0.8)	(6.8)	4.1
Reclassification adjustment for unrecognized loss during the period, net, included in base compensation expense	1.2	0.0	0.3
Other comprehensive gain (loss)	96.2	(59.5)	(794.3)
Comprehensive income (loss)	1,103.6	(44.2)	(394.2)
Comprehensive loss attributable to partners’ capital appropriated for Consolidated Funds	0.0	0.0	63.7
Comprehensive (income) loss attributable to non-controlling interests in consolidated entities	(108.1)	10.7	(143.8)
Comprehensive (income) loss attributable to redeemable non-controlling interests in consolidated entities	0.0	(0.2)	185.4
Comprehensive income (loss) attributable to Carlyle Holdings	995.5	(33.7)	(288.9)
Comprehensive (income) loss attributable to non-controlling interests in Carlyle Holdings	(734.3)	39.5	239.1
Comprehensive income (loss) attributable to The Carlyle Group L.P.	$ 261.2	$ 5.8	$ (49.8)

Consolidated Statements of Changes in Partners' Capital and Redeemable Non-Controlling Interests in Consolidated Entities - USD ($) $ in Millions	Total	Common Units	Preferred Equity	Partners’ Capital	Accumulated Other Comprehensive Income (Loss)	Partners’ Capital Appropriated for Consolidated Funds	Non-controlling Interests in Consolidated Entities	Non- controlling Interests in Carlyle Holdings	Redeemable Non-controlling Interests in Consolidated Entities
Beginning Balance (in units) at Dec. 31, 2014		67,800,000
Beginning Balance at Dec. 31, 2014	$ 9,094.5			$ 566.0	$ (39.0)	$ 184.5	$ 6,446.4	$ 1,936.6	$ 3,761.5
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings (in units)		100,000
Reallocation of ownership interests in Carlyle Holdings				34.5	(12.6)			(21.9)
Exchange of units, net of issuance costs (in units)		7,000,000
Exchange of units, net of issuance costs				52.5	(7.1)			(45.4)
Issuance of common units related to acquisitions (in shares)		100,000
Issuance of common units related to acquisitions	2.3			0.5				1.8
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	5.5			5.5
Equity-based compensation	376.0			92.8				283.2
Net delivery of vested common units (in units)		5,400,000
Net delivery of vested common units	4.0			3.5				0.5
Contributions	1,090.5						1,090.5		1,286.1
Distributions	(4,330.3)			(251.0)			(3,230.8)	(848.5)	(2,036.2)
Initial consolidation of a Consolidated Fund	43.9						43.9		19.9
Net income (loss)	585.5			(18.4)		(54.4)	777.7	(119.4)	(185.4)
Currency translation adjustments	(801.0)				(32.9)	(9.3)	(633.9)	(124.9)
Defined benefit plans, net	4.4				1.0			3.4
Change in fair value of cash flow hedge instruments	2.3				0.5			1.8
Ending Balance (in units) at Dec. 31, 2015		80,400,000
Ending Balance at Dec. 31, 2015	6,077.6			485.9	(90.1)	120.8	4,493.8	1,067.2	2,845.9
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings (in units)		900,000
Reallocation of ownership interests in Carlyle Holdings				18.1	(4.5)			(13.6)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	0.4			0.4
Equity-based compensation	376.2			97.4				278.8
Net delivery of vested common units (in units)		6,900,000
Net delivery of vested common units	(6.7)			(6.2)				(0.5)
Contributions	119.3						119.3
Distributions	(671.4)			(140.9)			(107.9)	(422.6)	(1.5)
Net income (loss)	15.1			6.4			40.8	(32.1)	0.2
Currency translation adjustments	(54.6)				0.7		(51.5)	(3.8)
Defined benefit plans, net	(6.8)				(1.8)			(5.0)
Change in fair value of cash flow hedge instruments	1.9				0.5			1.4
Units repurchased (in units)		(3,600,000)
Units repurchased	(58.9)			(57.4)				(1.5)
Deconsolidation of ESG/consolidated entity	(6.2)			(0.6)			(5.6)		(6.3)
Deconsolidation of Consolidated Funds upon adoption of ASU 2015-02 and the impact of adoption of ASU 2014-13 (see Note 2)	(4,331.9)					(120.8)	(4,211.1)		(2,838.3)
Ending Balance (in units) at Dec. 31, 2016		84,600,000
Ending Balance at Dec. 31, 2016	1,454.0			403.1	(95.2)	0.0	277.8	868.3	0.0
Increase (Decrease) in Partners' Capital [Roll Forward]
Cumulative effect adjustment upon adoption of ASU 2016-09	(16.2)			(3.2)				(13.0)
Reallocation of ownership interests in Carlyle Holdings				33.1	(8.3)			(24.8)
Exchange of units, net of issuance costs (in units)		6,600,000
Exchange of units, net of issuance costs				41.0	(6.5)			(34.5)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	8.0			8.0
Equity-based compensation	358.6			104.3				254.3
Net delivery of vested common units (in units)		8,900,000
Contributions	119.2						119.2
Distributions	(537.7)		$ (6.0)	(118.1)			(118.0)	(295.6)
Net income (loss)	1,007.4		$ 6.0	238.1			72.5	690.8
Currency translation adjustments	95.8				17.0		35.6	43.2
Defined benefit plans, net	$ 0.4				0.1			0.3
Units repurchased (in units)	(14,190)
Units repurchased	$ (0.2)			(0.2)
Deconsolidation of ESG/consolidated entity	$ 72.2			(4.3)	20.2		17.6	38.7
Equity issued in connection with preferred units (in shares)	387,500,000
Equity issued in connection with preferred units	$ 387.5
Ending Balance (in units) at Dec. 31, 2017		100,100,000	387,500,000
Ending Balance at Dec. 31, 2017	$ 2,949.0			$ 701.8	$ (72.7)	$ 0.0	$ 404.7	$ 1,527.7	$ 0.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income	$ 1,007.4	$ 15.3	$ 400.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and impairment	41.3	72.0	322.8
Equity-based compensation	320.3	334.6	378.0
Excess tax benefits related to equity-based compensation	0.0	0.0	(4.0)
Non-cash performance fees	(626.8)	199.6	455.1
Other non-cash amounts	(74.6)	(41.7)	12.7
Consolidated Funds related:
Realized/unrealized gain on investments of Consolidated Funds	(27.0)	(51.7)	(458.7)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(61.4)	40.5	(436.5)
Purchases of investments by Consolidated Funds	(2,875.0)	(2,739.4)	(10,472.1)
Proceeds from sale and settlements of investments by Consolidated Funds	2,649.3	1,282.9	11,653.6
Non-cash interest (income) loss, net	(5.3)	(5.5)	3.3
Change in cash and cash equivalents held at Consolidated Funds	383.9	513.7	1,281.8
Change in other receivables held at Consolidated Funds	(16.7)	1.1	534.6
Change in other liabilities held at Consolidated Funds	(266.1)	268.9	48.0
Other non-cash amounts of Consolidated Funds	0.0	(17.5)	0.0
Investment income	(227.1)	(154.6)	(0.5)
Purchases of investments	(888.5)	(368.2)	(91.9)
Proceeds from the sale of investments	467.5	299.5	313.0
Payments of contingent consideration	(22.6)	(82.6)	(17.8)
Deconsolidation of Claren Road (see Note 9)	(23.3)	0.0	0.0
Deconsolidation of Urbplan (see Note 15)	14.0	0.0	0.0
Deconsolidation of ESG	0.0	(34.5)	0.0
Changes in deferred taxes, net	93.4	(4.4)	(31.4)
Change in due from affiliates and other receivables	0.3	(10.9)	(1.4)
Change in receivables and inventory of a real estate VIE	(14.5)	29.0	(57.5)
Change in deposits and other	(2.0)	5.1	(10.8)
Change in other assets of a real estate VIE	1.6	41.2	(17.4)
Change in accounts payable, accrued expenses and other liabilities	50.5	66.6	62.5
Change in accrued compensation and benefits	(13.7)	6.5	(35.3)
Change in due to affiliates	35.7	(19.3)	21.0
Change in other liabilities of a real estate VIE	47.9	34.3	101.6
Change in deferred revenue	24.4	18.9	(50.0)
Net cash provided by (used in) operating activities	(7.1)	(300.6)	3,902.8
Cash flows from investing activities
Change in restricted cash	(15.5)	5.3	40.8
Purchases of fixed assets, net	(34.0)	(25.4)	(62.3)
Net cash used in investing activities	(49.5)	(20.1)	(21.5)
Cash flows from financing activities
Borrowings under credit facility	250.0	0.0	0.0
Repayments under credit facility	(250.0)	0.0	0.0
Proceeds from debt obligations	265.6	20.6	0.0
Payments on debt obligations	(21.7)	(9.0)	0.0
Net payments on loans payable of a real estate VIE	(14.3)	(34.5)	(65.3)
Net borrowings on loans payable of Consolidated Funds	147.2	594.2	734.3
Payments of contingent consideration	(0.6)	(3.3)	(8.1)
Distributions to common unitholders	(118.1)	(140.9)	(251.0)
Distributions to preferred unitholders	(6.0)	0.0	0.0
Distributions to non-controlling interest holders in Carlyle Holdings	(295.6)	(422.6)	(848.5)
Net proceeds from issuance of common units, net of offering costs	0.0	0.0	209.9
Proceeds from issuance of preferred units, net of offering costs and expenses	387.5	0.0	0.0
Excess tax benefits related to equity-based compensation	0.0	0.0	4.0
Contributions from non-controlling interest holders	119.2	113.0	2,376.6
Distributions to non-controlling interest holders	(118.0)	(109.4)	(5,267.0)
Acquisition of non-controlling interests in Carlyle Holdings	0.0	0.0	(209.9)
Common units repurchased	(0.2)	(58.9)	0.0
Change in due to/from affiliates financing activities	(26.4)	66.1	(62.7)
Change in due to/from affiliates and other receivables of Consolidated Funds	0.0	0.0	(623.5)
Net cash provided by (used in) financing activities	318.6	15.3	(4,011.2)
Effect of foreign exchange rate changes	67.2	(15.2)	(120.6)
Increase (Decrease) in cash and cash equivalents	329.2	(320.6)	(250.5)
Cash and cash equivalents, beginning of period	670.9	991.5	1,242.0
Cash and cash equivalents, end of period	1,000.1	670.9	991.5
Supplemental cash disclosures
Cash paid for interest	59.5	59.0	56.0
Cash paid for income taxes	24.8	35.1	41.6
Supplemental non-cash disclosures
Increase in partners’ capital related to reallocation of ownership interest in Carlyle Holdings	24.8	13.6	21.9
Initial consolidation of Consolidated Funds	0.0	0.0	63.8
Net asset impact of deconsolidation of Consolidated Funds	0.0	(7,170.2)	0.0
Non-cash contributions from non-controlling interest holders	0.0	6.3	0.0
Tax effect from acquisition of Carlyle Holdings partnership units:
Deferred tax asset	38.7	3.0	59.6
Deferred tax liability	0.0	0.0	2.6
Tax receivable agreement liability	30.7	2.6	51.5
Total partners’ capital	$ 8.0	$ 0.4	$ 5.5

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2017
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 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 Carlyle Group L.P. is a Delaware limited partnership formed on July 18, 2011, which 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. Except as otherwise indicated by the context, references to the “Partnership” or “Carlyle” refer to The Carlyle Group L.P., together with its consolidated subsidiaries. Carlyle provides investment management services to, and has transactions with, various private equity funds, real estate funds, private credit funds, collateralized loan obligations (“CLOs”), 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, Real Assets, Global Credit (formerly known as Global Market Strategies) and Investment Solutions (see Note 16). 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 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 accounts of the real estate development company were deconsolidated during 2017 (see Note 15). The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has no effect on the net income attributable to the Partnership. The economic ownership interests of the other investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying consolidated financial statements (see Note 2).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The Partnership consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”). On January 1, 2016, the Partnership adopted ASU 2015-2, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides a revised consolidation model for all reporting entities to use in evaluating whether to consolidate certain types of legal entities. As a result, the Partnership deconsolidated the majority of the Partnership's Consolidated Funds on January 1, 2016. Upon adoption, the Partnership deconsolidated approximately $23.2 billion in assets and approximately $16.1 billion in liabilities, and, using the modified retrospective method, recorded a $4.3 billion cumulative effect adjustment to partners' capital and $2.8 billion to redeemable non-controlling interests in consolidated entities. The adoption of the new consolidation guidance had no impact on net income (loss) attributable to Carlyle Holdings or to net income (loss) attributable to the Partnership. Prior period results were not restated upon adoption.

The Partnership evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the Partnership's involvement would make it the primary beneficiary. In evaluating whether the Partnership holds a variable interest, fees (including management fees and performance fees) that are customary and commensurate with the level of services provided, and where the Partnership does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Partnership considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest. For the funds the Partnership deconsolidated on January 1, 2016, the Partnership's fee arrangements were not considered to be variable interests.

For those entities where the Partnership holds a variable interest, the Partnership determines whether each of these entities qualifies as a VIE and, if so, whether or not the Partnership is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties' equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity.

For entities that are determined to be VIEs, the Partnership consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance 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. 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.

As of December 31, 2017, assets and liabilities of the consolidated VIEs reflected in the consolidated balance sheets were $5.0 billion and $4.8 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership.

Substantially all of our Consolidated Funds are CLOs, which are VIEs that issue loans payable that 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 (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. As of December 31, 2017, the Partnership held $220.6 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.

Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Partnership consolidates those entities it controls through a majority voting interest.

All significant inter-entity transactions and balances of entities consolidated have been eliminated.

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 investments in certain CLOs and strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 5 for information on the strategic investment in NGP. 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 its variable interests in these unconsolidated entities. The assets recognized in the Partnership’s consolidated balance sheets related to the Partnership’s variable interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to unconsolidated VIEs were as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Investments	$	975.3	$	664.2
Due from affiliates, net	0.1		1.8
Maximum Exposure to Loss	$	975.4	$	666.0

Additionally, as of December 31, 2017, the Partnership had $62.0 million and $11.7 million recognized in the consolidated balance sheet related to performance fee and management fee arrangements, respectively, related to the unconsolidated VIEs.

Basis of Accounting

The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these consolidated financial statements, the Partnership has retained the specialized accounting for the Funds.

All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s consolidated statements of operations. Prior to January 1, 2016, the excess of the CLO assets over the CLO liabilities upon consolidation was reflected in the Partnership’s consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs was included in net income (loss) attributable to non-controlling interests in consolidated entities in the consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the consolidated balance sheets.

On January 1, 2016, the Partnership adopted 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. The Partnership's consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. 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 either the financial assets or financial liabilities, whichever is more observable. In adopting this guidance on January 1, 2016, the Partnership applied the modified retrospective method by recording a cumulative effect adjustment to appropriated partners' capital of $2.0 million as of January 1, 2016. As a result of applying this adoption method, prior periods have not been impacted. The adoption of this guidance did not have an impact on net income attributable to Carlyle Holdings or to net income attributable to the Partnership.

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.

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 closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, management fees generally range from 1.0% to 2.0% of commitments during the fund's investment period based on limited partners' capital commitments to the funds. Following the expiration or termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital and the rate charged may also be reduced to between 0.6% and 2.0%. For certain separately managed accounts and longer-dated carry funds, with expected terms greater than ten years, management fees generally range from 0.2% to 1.0% based on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees 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 longer-dated carry funds, management fees are called quarterly over the life of the funds.

Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.3% to 0.6% based 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 and other structured products 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. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.5% of gross assets, excluding cash and cash equivalents.

Management fees for the Partnership's private equity and real estate carry fund vehicles in the Investment Solutions segment generally range from 0.25% 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 0.25% to 1.0% on (i) the lower of cost or fair value of the capital invested, (ii) the net asset value for unrealized investments, or (iii) the contributions for unrealized investments; however, certain separately managed accounts earn management fees at all times on contributions for unrealized investments or on the initial commitment amount. Management fees for the Investment Solutions carry fund vehicles 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 $43.6 million, $47.8 million and $25.2 million for the years ended December 31, 2017, 2016 and 2015, respectively, net of any offsets as defined in the respective partnership agreements. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses.

Performance Fees

Performance fees consist principally of the performance-based capital allocation from fund limited partners to the Partnership (commonly known as "carried interest").

For closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, the Partnership is generally entitled to a 20% allocation (or 10% to 20% on certain longer-dated carry funds, certain credit funds, and external co-investment vehicles, or approximately 2% to 10% for most of the recent Investment Solutions carry fund vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 7% to 9% (or 4% to 7% for certain longer-dated carry funds) and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement). Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. As of December 31, 2017 and 2016, the Partnership has recognized $66.8 million and $160.8 million, respectively, for giveback obligations.

The Partnership is also entitled to receive performance fees pursuant to management contracts from certain of its Global Credit funds when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying consolidated statements of operations.

Investment Income (Loss)

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments, including CLOs. 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, as it relates to its investment in NGP (see Note 5). 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. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods. Interest income earned by the Partnership is included in interest and other income in the accompanying consolidated statements of operations. Interest income of the Consolidated Funds was $167.3 million, $140.4 million and $873.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in interest and other income of Consolidated Funds in the accompanying consolidated statements of operations.

Compensation and Benefits

Base Compensation – Base compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), performance payment arrangements and benefits paid and payable to Carlyle employees. Bonuses are accrued over the service period to which they relate.

Equity-Based Compensation – Compensation expense relating to the issuance of equity-based awards to Carlyle employees is measured at fair value on the grant date. The compensation expense for awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. The compensation expense for awards that do not require future service is recognized immediately. 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, except to the extent they are recognized as part of our equity method earnings because they are issued to employees of our equity method investees. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period 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.

On January 1, 2017, the Partnership adopted ASU 2016-9, Compensation - Stock Compensation (Topic 718). In accordance with ASU 2016-9, the Partnership elected to recognize equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Partnership is required to recognize prospectively all excess tax benefits and deficiencies as income tax benefit or expense in the statement of operations.

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 a reversal of performance fee revenue, the related compensation expense, if any, is also reversed. As of December 31, 2017 and 2016, the Partnership had recorded a liability of $1.9 billion and $1.3 billion, respectively, related to the portion of accrued performance fees due to employees and advisors, which was included in accrued compensation and benefits in the accompanying consolidated financial statements.

Income Taxes

Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities.

The Partnership accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities 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. For instance, in December 2017, new corporate federal income tax rates were enacted, which impacted the Partnership's deferred tax assets and liabilities. See Note 11 for more information on the newly enacted corporate federal income tax rates. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is more likely than not that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.

Tax Receivable Agreement

Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service.

The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital.

All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes.

Non-controlling Interests

Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital.

Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings.

Earnings Per Common Unit

The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260.

Investments

Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) strategic investments made by the Partnership (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Partnership’s consolidated financial statements), and (iv) certain credit-oriented investments, including investments in the CLOs (which are accounted for as trading securities).

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 investments held by 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.

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 primarily represents cash held by the Partnership's foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.

Corporate Treasury Investments

Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income.

Derivative Instruments

The Partnership uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the consolidated balance sheets with changes in fair value recognized in the consolidated statements of operations for all derivatives not designated as hedging instruments.

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.

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.

Accumulated Other Comprehensive Income (Loss)

The Partnership’s accumulated other comprehensive income (loss) is comprised of 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 December 31, 2017 and 2016 were as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Currency translation adjustments	$	(68.8	)	$	(91.7	)
Unrealized losses on defined benefit plans	(3.9		)	(3.5		)
Total	$	(72.7	)	$	(95.2	)

Foreign Currency Translation

Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the consolidated statements of operations are translated at rates of exchange in effect throughout the period. Foreign currency (gains) losses resulting from transactions outside of the functional currency of an entity of $(3.9) million, $(26.3) million and $2.5 million for the years ended December 31, 2017, 2016 and 2015, respectively, are included in general, administrative and other expenses in the consolidated statements of operations.

Recent Accounting Pronouncements

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12, among other things, permits hedge accounting for risk components in hedging relationships to now involve nonfinancial risk components and requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedge item is reported. The guidance is effective for the Partnership on January 1, 2019 and requires cash flow hedges and net investment hedges existing at the date of adoption to apply a cumulative effect adjustment to eliminate the measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of partners’ capital as of the beginning of the fiscal year that an entity adopts the guidance. The amended presentation and disclosure guidance is required only prospectively. Early adoption is permitted. While the Partnership is still assessing the guidance in ASU 2017-12, it does not expect the impact of this guidance to be material.

In January 2017, the FASB issued ASU 2017-1, Business Combinations (Topic 805) - Clarifying the Definition of a Business. ASU 2017-01 changes the criteria for determining whether a group of assets acquired is a business. Specifically, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired would not be considered a business. The guidance is effective for the Partnership on January 1, 2018 and is required to be applied prospectively, however, early adoption is permitted. This guidance will impact the Partnership's analysis of the accounting for any future acquisitions occurring after the date of adoption.

In January 2017, the FASB issued ASU 2017-4, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies an entity’s annual goodwill test for impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead an entity should compare the fair value of a reporting unit with its carrying amount. The impairment charge will then be the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity would still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for the Partnership on January 1, 2020 and requires the guidance to be applied using a prospective transition method. Early adoption is permitted. The Partnership does not expect the impact of this guidance to be material.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 clarifies the presentation of restricted cash in the statement of cash flows by requiring the amounts described as restricted cash be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. If cash and cash equivalents and restricted cash are presented separately on the statement of financial position, a reconciliation of these separate line items to the total cash amount included in the statement of cash flows will be required either in the footnotes or on the face of the statement of cash flows. The guidance is effective for the Partnership on January 1, 2018 and ASU 2016-18 requires the guidance to be applied using a retrospective transition method. Early adoption is permitted; however, the Partnership will reflect this change in presentation of restricted cash in its first quarter 2018 consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the classification of several discrete cash flow issues, including the treatment of cash distributions from equity method investments. The guidance is effective for the Partnership on January 1, 2018 and ASU 2016-15 requires the guidance to be applied using a retrospective transition method. Early adoption is permitted, provided that all of the amendments for all of the topics are adopted in the same period. The Partnership does not expect the impact of this guidance to its consolidated statements of cash flows to be material.

In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, GAAP requires an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This provision of the guidance requires a modified retrospective transition method and will result in a cumulative-effect adjustment in retained earnings upon adoption. This guidance is effective for the Partnership on January 1, 2020 and early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance.

In March 2016, the FASB issued ASU 2016-9, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-9 changes certain aspects of accounting for share-based payments to employees. ASU 2016-9 requires the income tax effects of awards to be recognized through the income statement when the awards vest or are settled. Previously, an entity was required to determine for each award whether the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes resulted in either an excess tax benefit or a tax deficiency. Excess tax benefits were recognized in partners’ capital, while tax deficiencies were recognized as an offset to accumulated excess tax benefits or in the income statement. Under ASU 2016-9, all excess tax benefits and tax deficiencies are required to be recognized as income tax benefit or expense in the income statement. This provision of the guidance is required to be applied prospectively. Additionally, ASU 2016-9 allows an employer to withhold employee shares upon vest up to maximum statutory tax rates without causing an award to be classified as a liability. This provision of the guidance requires a modified retrospective transition method. Finally, the previous equity-based compensation guidance required cost to be measured based on the number of awards that are expected to vest. Under ASU 2016-9, an accounting policy election can be made to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This guidance was effective for the Partnership on January 1, 2017. The Partnership adopted this guidance on that date by recording an adjustment for the cumulative effect of adoption in partners' capital on January 1, 2017. The impact of the adjustment was not material to total partners' capital.

In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842). ASU 2016-2 requires lessees to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. The lease liability will be measured at the present value of lease payments and the right-of-use asset will be based on the lease liability value, subject to adjustments. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. This guidance is effective for the Partnership on January 1, 2019 and ASU 2016-2 requires the guidance to be applied using a modified retrospective method. Early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance, however, the Partnership's total assets and total liabilities on its consolidated balance sheet will increase upon adoption of this guidance.

The FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”) in May 2014 and subsequently issued several amendments to the standard. ASU 2014-9, and related amendments, provide 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, and the related amendments, is effective for the Partnership beginning on January 1, 2018, and the Partnership adopted this guidance on that date.

Upon adoption of ASU 2014-9, performance fees that represent a performance-based capital allocation from fund limited partners to the Partnership (commonly known as “carried interest”, which comprised over 90% of the Partnership's performance fee revenues for each of the years ended December 31, 2017, 2016 and 2015) will be accounted for as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore will not be in the scope of ASU 2014-9. In accordance with ASC 323, the Partnership will record equity method income (losses) as a component of investment income based on the change in our proportionate claim on net assets of the investment fund, including performance-based capital allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund's governing agreements. The Partnership will apply this change in accounting on a full retrospective basis. This change in accounting will result in a reclassification from performance fee revenues to investment income (losses).

The Partnership is currently in the process of implementing ASU 2014-9 and its related amendments. The Partnership does not expect significant changes to our historical pattern of recognizing revenue for management fees and performance fees (both for arrangements within the scope of ASC 323 and arrangements within the scope of ASU 2014-9). Additionally, while the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the Partnership expects that the customer will generally be the investment fund for our significant management and advisory contracts. Also, certain costs incurred on behalf of Carlyle funds, primarily travel and entertainment costs, that were previously presented net in our consolidated statements of operations will be presented gross beginning January 1, 2018. Finally, the Partnership will apply the modified retrospective method for adopting ASU 2014-9 and its related amendments.

Fair Value Measurement

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

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.

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.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments.

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2017:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	7.9	$	7.9
Bonds	—		—		413.4		413.4
Loans	—		—		4,112.7		4,112.7
Other	—		—		0.3		0.3
	—		—		4,534.3		4,534.3
Investments in CLOs and other	—		—		405.4		405.4
Corporate treasury investments
Bonds	—		194.1		—		194.1
Commercial paper and other	—		182.2		—		182.2
	—		376.3		—		376.3
Foreign currency forward contracts	—		0.4		—		0.4
Total	$	—	$	376.7	$	4,939.7	$	5,316.4
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,303.8	$	4,303.8
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	4,304.8	$	4,306.0


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

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, 2016:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	10.3	$	10.3
Bonds	—		—		396.4		396.4
Loans	—		—		3,485.6		3,485.6
Other	—		—		1.4		1.4
	—		—		3,893.7		3,893.7
Investments in CLOs and other	—		—		152.6		152.6
Corporate treasury investments
Bonds	—		91.3		—		91.3
Commercial paper and other	—		98.9		—		98.9
	—		190.2		—		190.2
Foreign currency forward contracts	—		2.5		—		2.5
Total	$	—	$	192.7	$	4,046.3	$	4,239.0
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	3,866.3	$	3,866.3
Contingent consideration	—		—		1.5		1.5
Loans payable of a real estate VIE	—		—		79.4		79.4
Foreign currency forward contracts	—		10.0		—		10.0
Total	$	—	$	10.0	$	3,947.2	$	3,957.2


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

There were no transfers from Level II to Level I during the year ended December 31, 2017 and 2016.

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-executive chairman of the board, chairman emeritus, co-chief executive officers, chief risk officer, chief financial officer, chief accounting officer, co-chief investment officer, 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 (including corporate treasury 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 measures the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs, as the Partnership believes the fair value of the financial assets are more observable. 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 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.

The Partnership measures the CLO loan payables held by third party beneficial interest holders on the basis of the fair value of the financial assets of the CLO and the beneficial interests held by the Partnership. The Partnership continues to measure the CLO loans payable that it holds at fair value based on both discounted cash flow analyses and third party quotes, as described above.

Loans Payable of a Real Estate VIE – Prior to September 30, 2017, the Partnership elected the fair value option to measure the loans payable of a real estate VIE at fair value. The fair values of the loans were primarily based on discounted cash flow analyses, which considered the liquidity and current financial condition of the real estate VIE. These loans were classified as Level III.

Fund Investments – The Partnership’s investments in external funds are valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. The terms of the investments generally preclude the ability to redeem the investment. Distributions from these investments will be received as the underlying assets in the funds are liquidated, the timing of which cannot be readily determined.

The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):



	Financial Assets Year Ended December 31, 2017
	Investments of Consolidated Funds												Investments in CLOs and other			Total
	Equity securities			Bonds			Loans			Other			Investments in CLOs and other			Total
Balance, beginning of period	$	10.3		$	396.4		$	3,485.6		$	1.4		$	152.6		$	4,046.3
Purchases	0.1			280.6			2,594.3			—			255.8			3,130.8
Sales and distributions	(27.0		)	(310.9		)	(1,223.9		)	(3.0		)	(28.2		)	(1,593.0		)
Settlements	—			—			(1,084.1		)	—			—			(1,084.1		)
Realized and unrealized gains (losses), net
Included in earnings	23.5			(7.5		)	16.6			1.7			12.2			46.5
Included in other comprehensive income	1.0			54.8			324.2			0.2			13.0			393.2
Balance, end of period	$	7.9		$	413.4		$	4,112.7		$	0.3		$	405.4		$	4,939.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	6.7		$	(5.0	)	$	18.5		$	—		$	11.3		$	31.5



	Financial Assets Year Ended December 31, 2016
	Investments of Consolidated Funds															Investments in CLOs and other			Restricted securities of Consolidated Funds			Total
	Equity securities			Bonds			Loans			Partnership and LLC interests⁽²⁾			Other			Investments in CLOs and other			Restricted securities of Consolidated Funds			Total
Balance, beginning of period	$	575.3		$	1,180.9		$	15,686.7		$	59.6		$	5.0		$	1.4		$	8.7		$	17,517.6
Deconsolidation of funds⁽¹⁾	(562.1		)	(890.7		)	(13,506.9		)	(74.3		)	(5.0		)	123.8			(8.7		)	(14,923.9		)
Purchases	12.2			268.8			2,446.7			12.4			—			25.9			—			2,766.0
Sales and distributions	(5.1		)	(152.0		)	(356.7		)	—			—			(7.8		)	—			(521.6		)
Settlements	—			—			(771.1		)	—			—			—			—			(771.1		)
Realized and unrealized gains (losses), net
Included in earnings	(9.7		)	4.3			52.7			2.3			1.5			29.1			—			80.2
Included in other comprehensive	(0.3		)	(14.9		)	(65.8		)	—			(0.1		)	(19.8		)	—			(100.9		)
Balance, end of period	$	10.3		$	396.4		$	3,485.6		$	—		$	1.4		$	152.6		$	—		$	4,046.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(9.5	)	$	2.8		$	41.2		$	—		$	1.5		$	29.1		$	—		$	65.1


(1)	As a result of the adoption of ASU 2015-2 and the deconsolidation of certain CLOs on January 1, 2016, $123.8 million of investments that the Partnership held in those CLOs were no longer eliminated in consolidation and were included in investments in CLOs and other for the year ended December 31, 2016.


(2)	As a result of the retrospective adoption of ASU 2015-7, the beginning balance of Partnership and LLC interests that are measured at fair value using the NAV per share practical expedient have been revised to reflect their exclusion from the fair value hierarchy.



	Financial Liabilities Year Ended December 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration			Loans Payable of a real estate VIE			Total
Balance, beginning of period	$	3,866.3		$	1.5		$	79.4		$	3,947.2
Borrowings	2,314.3			—			—			2,314.3
Paydowns	(2,167.1		)	(0.7		)	(14.3		)	(2,182.1		)
Deconsolidation of a real estate VIE	—			—			(72.6		)	(72.6		)
Realized and unrealized (gains) losses, net
Included in earnings	(61.5		)	0.1			3.3			(58.1		)
Included in other comprehensive income	351.8			0.1			4.2			356.1
Balance, end of period	$	4,303.8		$	1.0		$	—		$	4,304.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(57.0	)	$	0.1		$	—		$	(56.9	)



	Financial Liabilities Year Ended December 31, 2016
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Contingent Consideration			Loans Payable of a consolidated real estate VIE			Total
Balance, beginning of period	$	17,046.7		$	29.1		$	20.8		$	75.4		$	17,172.0
Initial consolidation/deconsolidation of funds	(13,742.6		)	(29.0		)	—			—			(13,771.6		)
Borrowings	1,336.7			—			—			—			1,336.7
Paydowns	(742.5		)	—			(10.3		)	(34.5		)	(787.3		)
Sales	—			(1.7		)	—			—			(1.7		)
Realized and unrealized (gains) losses, net
Included in earnings	40.4			1.6			(9.0		)	19.8			52.8
Included in other comprehensive income	(72.4		)	—			—			18.7			(53.7		)
Balance, end of period	$	3,866.3		$	—		$	1.5		$	79.4		$	3,947.2
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	37.6		$	—		$	(0.1	)	$	19.8		$	57.3

Realized and unrealized gains and losses included in earnings for Level III investments for investments in CLOs and other investments are included in investment income (loss), and such gains and losses for investments of Consolidated Funds and loans payable and derivative instruments of the CLOs are included in net investment gains (losses) of Consolidated Funds in the consolidated statements of operations.

Realized and unrealized gains and losses included in earnings for Level III contingent consideration liabilities are included in other non-operating expense (income), and such gains and losses for loans payable of a real estate VIE are included in interest and other expenses of a real estate VIE in the consolidated statement of operations.

Gains and losses included in other comprehensive income for all Level III financial asset and liabilities are included in accumulated other comprehensive loss, non-controlling interests in consolidated entities and non-controlling interests in Carlyle Holdings in the consolidated balance sheets.

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2017:



	Fair Value at				Range (Weighted Average)
(Dollars in millions)	December 31, 2017		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	5.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)

	2.2		Consensus Pricing	Indicative Quotes ($ per share)	0 - 33 (30)

Bonds	413.4		Consensus Pricing	Indicative Quotes (% of Par)	44 - 107 (98)
Loans	4,112.7		Consensus Pricing	Indicative Quotes (% of Par)	64 - 103 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,534.3
Investments in CLOs and other
Senior secured notes	357.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 9% (3%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	98 - 104 (101)
Subordinated notes and preferred shares	48.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	63 - 97 (81)
Total	$	4,939.7
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,100.5	Other	N/A	N/A
Subordinated notes and preferred shares	26.9		Other	N/A	N/A
	176.4		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	79 - 93 (86)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,304.8

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2016:



(Dollars in millions)	Fair Value at December 31, 2016		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	9.6	Discounted Cash Flow	Discount Rates	9% - 10% (9%)
				Exit Cap Rate	7% - 9% (7%)
	0.7		Consensus Pricing	Indicative Quotes ($ per share)	10 - 10 (10)

Bonds	396.4		Consensus Pricing	Indicative Quotes (% of Par)	74 - 108 (99)
Loans	3,485.6		Consensus Pricing	Indicative Quotes (% of Par)	31 - 102 (99)
Other	1.4		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	6 - 8 (7)
	3,893.7
Senior secured notes	115.9		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 11% (2%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 74% (71%)
				Indicative Quotes (% of Par)	82 - 102 (99)
Subordinated notes and preferred shares	35.4		Discounted Cash Flow with Consensus Pricing	Discount Rate	9% - 14% (12%)
				Default Rates	1% - 10% (2%)
				Recovery Rates	50% - 74% (64%)
				Indicative Quotes (% of Par)	2 - 101 (96)
Other	1.3		Comparable Multiple	LTM EBITDA Multiple	5.7x - 5.7x (5.7x)
Total	$	4,046.3
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes⁽¹⁾	3,672.5		Other	N/A	N/A
Subordinated notes and preferred shares⁽¹⁾	26.9		Other	N/A	N/A
	166.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	9% - 14% (12%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 74% (66%)
				Indicative Quotes (% of Par)	7 - 90 (68)
Loans payable of a real estate VIE	79.4		Discounted Cash Flow	Discount to Expected Payment	10% - 55% (37%)
				Discount Rate	20% - 30% (23%)
Contingent consideration	1.5		Other	N/A	N/A
Total	$	3,947.2


(1)	Beginning on January 1, 2016, CLO loan payables held by third party beneficial interest holders are measured on the basis of fair value of the financial assets of the CLOs and the beneficial interests held by the Partnership.

The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include indicative quotes, discount rates and exit cap rates. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates and exit cap rates in isolation would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Partnership’s investments in bonds and loans are 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 investments in CLOs and other investments include EBITDA multiples, discount rates, default rates, recovery rates and indicative quotes. Significant decreases in EBITDA multiples, recovery rates or indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates or default 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 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.

- Definition

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.

+ References + Details

Accrued Performance Fees

12 Months Ended

Dec. 31, 2017

Deferred Costs [Abstract]

Accrued Performance Fees

The components of accrued performance fees are as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Corporate Private Equity	$	2,272.4	$	1,375.4
Real Assets	657.5		483.4
Global Credit	56.1		68.6
Investment Solutions	684.6		553.7
Total	$	3,670.6	$	2,481.1

Approximately 19% of accrued performance fees at December 31, 2017 are related to Carlyle Partners VI, one of the Partnership’s Corporate Private Equity funds.

Approximately 27% of accrued performance fees at December 31, 2016 are related to Carlyle Partners V, L.P. and Carlyle Asia 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 (see Note 8), and accrued giveback obligations, which are separately presented in the consolidated balance sheets. The components of the accrued giveback obligations are as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Corporate Private Equity	$	(8.7	)	$	(3.9	)
Real Assets	(58.1		)	(156.9		)
Total	$	(66.8	)	$	(160.8	)

During the year ended December 31, 2017, the Partnership paid $98.4 million to satisfy giveback obligations related to two of its Real Assets funds. Approximately $67.1 million of these obligations was paid by current and former senior Carlyle professionals and $31.3 million by Carlyle Holdings.

During the year ended December 31, 2016, the Partnership paid $47.3 million to satisfy a giveback obligation related to one of its Corporate Private Equity funds. Substantially all of the giveback obligation was paid by current and former senior Carlyle professionals.

Performance Fees

The performance fees included in revenues are derived from the following segments:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Corporate Private Equity	$	1,629.6	$	289.6	$	698.2
Global Credit	56.6		37.4		(41.0		)
Real Assets	265.2		321.1		49.3
Investment Solutions	142.5		103.7		118.4
Total	$	2,093.9	$	751.8	$	824.9

Approximately 61%, or $1,273.2 million, of performance fees for the year ended December 31, 2017 are related to the following funds along with total revenue recognized (total revenue includes performance fees, fund management fees, and investment income):

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $335.1 million,

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $844.5 million, and

•Carlyle Asia Partners IV, L.P. (Corporate Private Equity segment) - $381.8 million.

Approximately 28%, or $214.2 million, of performance fees for the year ended December 31, 2016 are related to the following funds along with total revenue recognized (total revenue includes performance fees, fund management fees, and investment income):

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $194.4 million, and

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $138.7 million.

Approximately 51%, or $422.1 million, of performance fees for the year ended December 31, 2015 are related to the following funds along with total revenue recognized (total revenue includes performance fees, fund management fees, and investment income for the following funds):

•Carlyle Europe Partners III, L.P. (Corporate Private Equity segment) - $273.4 million,

•Carlyle Asia Partners III, L.P. (Corporate Private Equity segment) - $202.7 million,

•Carlyle Realty Partners VI, L.P. (Real Assets segment) - $116.4 million, and

•Carlyle/Riverstone Global Energy and Power Fund III, L.P. (Real Assets segment) - $(102.6) million.

Investments

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments consist of the following:



	As of December 31,
	2017		2016
	(Dollars in millions)
Equity method investments, excluding accrued performance fees	$	1,218.4	$	950.9
Investments in CLOs and other	405.9		156.1
Total investments	$	1,624.3	$	1,107.0

Strategic Investment in NGP

In December 2012, the Partnership entered into an agreement with ECM Capital, L.P. (“ECM”) and Barclays Natural Resource Investments, a division of Barclays Bank PLC (“BNRI”), to make an investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”), an Irving, Texas-based energy investor. The agreement was amended in March 2017 to further align the interests of the Partnership and NGP. 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.

In consideration for these interests, the Partnership paid an aggregate of $504.6 million in cash to ECM and BNRI, and issued 996,572 Carlyle Holdings partnership units to ECM that vest ratably through 2017. In January 2016, the Partnership also paid contingent consideration to BNRI of $183.0 million, of which $63.0 million was paid in cash and $120.0 million was paid by the Partnership by issuing a promissory note due in 2022 (see Note 7). The transaction also included contingent consideration payable to ECM of up to $45.0 million in cash (of which $22.5 million was paid in March 2017 with the balance paid in January 2018), together with an additional $15.0 million in cash, which was paid in January 2018, and 597,944 Carlyle Holdings partnership units that were issued in December 2012 and substantially vested upon the amendment in March 2017. The Partnership has also agreed to issue common units on each of February 1, 2018, 2019, and 2020, with a value of $10.0 million per year to an affiliate of NGP Management, and subsequent to 2020, to issue common units on an annual basis with a value not to exceed $10.0 million per year based on a prescribed formula, which will vest over a 42-month period. The Partnership has the right to purchase the remaining equity interests in NGP Management in specific remote situations designed to protect the Partnership's interest.

The Partnership accounts for its investments in NGP under the equity method of accounting. The Partnership recorded its investments in NGP 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 and the deferred restricted common units (which were granted in 2012 to certain NGP personnel) were deemed to be compensatory arrangements; these elements are recognized as an expense under applicable U.S. GAAP.

The Partnership records investment income (loss) for its equity income allocation from NGP management fees and performance fees, and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the transaction, and the amortization of the basis differences related to the definitive-lived identifiable intangible assets of NGP Management. The net investment earnings (loss) recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Management fees	$	80.5		$	80.7		$	53.9
Performance fees	98.4			44.7			(18.5		)
Investment income (loss)	12.1			9.4			(3.3		)
Expenses	(54.0		)	(16.0		)	(15.3		)
Amortization of basis differences	(8.5		)	(55.2		)	(56.6		)
Net investment income (loss)	$	128.5		$	63.6		$	(39.8	)

The difference between the Partnership’s remaining carrying value of its investment and its share of the underlying net assets of the investee was $21.3 million, $29.8 million and $85.0 million as of December 31, 2017, 2016 and 2015, 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, Real Assets, Global Credit, and Investment Solutions typically as general partner interests, and its strategic investments in NGP (included within Real Assets), which are not consolidated. Investments are related to the following segments:



	As of December 31,
	2017		2016
	(Dollars in millions)
Corporate Private Equity	$	369.5	$	282.4
Real Assets	775.1		622.8
Global Credit	23.0		20.1
Investment Solutions	50.8		25.6
Total	$	1,218.4	$	950.9

The summarized financial information of the Partnership’s equity method investees from the date of initial investment is as follows (Dollars in millions):



	Corporate Private Equity								Real Assets								Global Credit									Investment Solutions									Aggregate Totals
	For the Year Ended December 31,								For the Year Ended December 31,								For the Year Ended December 31,									For the Year Ended December 31,									For the Year Ended December 31,
	2017		2016			2015			2017			2016		2015			2017			2016			2015			2017			2016			2015			2017			2016			2015
Statement of operations information
Investment income	$	630.8	$	532.2		$	380.7		$	230.4		$	679.5	$	441.2		$	267.7		$	167.4		$	193.6		$	78.6		$	107.2		$	118.6		$	1,207.5		$	1,486.3		$	1,134.1
Expenses	553.3		597.1			613.8			572.4			544.3		604.4			118.8			95.1			45.7			665.5			493.0			436.5			1,910.0			1,729.5			1,700.4
Net investment income (loss)	77.5		(64.9		)	(233.1		)	(342.0		)	135.2		(163.2		)	148.9			72.3			147.9			(586.9		)	(385.8		)	(317.9		)	(702.5		)	(243.2		)	(566.3		)
Net realized and unrealized gain (loss)	9,587.4		2,906.8			4,831.6			2,605.6			2,184.2		(3,047.6		)	(51.5		)	(504.6		)	(323.1		)	2,676.3			2,360.2			2,511.1			14,817.8			6,946.6			3,972.0
Net income (loss)	$	9,664.9	$	2,841.9		$	4,598.5		$	2,263.6		$	2,319.4	$	(3,210.8	)	$	97.4		$	(432.3	)	$	(175.2	)	$	2,089.4		$	1,974.4		$	2,193.2		$	14,115.3		$	6,703.4		$	3,405.7



	Corporate Private Equity				Real Assets				Global Credit				Investment Solutions				Aggregate Totals
	As of December 31,				As of December 31,				As of December 31,				As of December 31,				As of December 31,
	2017		2016		2017		2016		2017		2016		2017		2016		2017		2016
Balance sheet information
Investments	$	42,129.8	$	31,427.7	$	24,352.0	$	21,460.2	$	3,873.5	$	2,240.8	$	16,155.4	$	13,312.6	$	86,510.7	$	68,441.3
Total assets	$	44,987.0	$	33,605.0	$	25,894.9	$	22,666.0	$	4,050.0	$	2,502.5	$	16,402.5	$	13,476.3	$	91,334.4	$	72,249.8
Debt	$	2,141.8	$	416.2	$	2,633.0	$	1,552.9	$	508.1	$	170.4	$	135.0	$	96.8	$	5,417.9	$	2,236.3
Other liabilities	$	693.2	$	607.2	$	239.6	$	384.1	$	128.7	$	94.3	$	379.5	$	304.1	$	1,441.0	$	1,389.7
Total liabilities	$	2,835.0	$	1,023.4	$	2,872.6	$	1,937.0	$	636.8	$	264.7	$	514.5	$	400.9	$	6,858.9	$	3,626.0
Partners’ capital	$	42,152.0	$	32,581.6	$	23,022.3	$	20,729.0	$	3,413.2	$	2,237.8	$	15,888.0	$	13,075.4	$	84,475.5	$	68,623.8

Investment Income (Loss)

The components of investment income (loss) are as follows:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Income from equity investments	$	226.4	$	150.6	$	10.4
Income (loss) from investments in CLOs and other investments	5.6		9.6		(1.7		)
Other investment income	—		0.3		6.5
Total	$	232.0	$	160.5	$	15.2

Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the consolidated statements of operations and consists of:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Corporate Private Equity	$	64.8	$	51.8		$	28.9
Real Assets	151.7		101.2			(18.6		)
Global Credit	1.7		(3.8		)	(0.9		)
Investment Solutions	8.2		1.4			1.0
Total	$	226.4	$	150.6		$	10.4

Investments in CLOs and Other Investments

Investments in CLOs and other investments as of December 31, 2017 and 2016 primarily consisted of $405.9 million and $156.1 million, respectively, of investments in CLO senior and subordinated notes, derivative instruments, and corporate mezzanine securities and bonds.

Investments of Consolidated Funds

The Partnership consolidates the financial positions and results of operations of certain CLOs in which it is the primary beneficiary. During the year ended December 31, 2017, the Partnership formed seven new CLOs for which the Partnership is primary beneficiary of two of those CLOs. As of December 31, 2017, the total assets of these CLOs formed during the year and included in the Partnership’s consolidated financial statements were approximately $1.2 billion.

The following table presents a summary of the investments held by the Consolidated Funds. Investments held by the Consolidated Funds do not represent the investments of all Carlyle sponsored funds. The table below presents investments as a percentage of investments of Consolidated Funds:



	Fair Value				Percentage of Investments of Consolidated Funds
	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry	December 31,				December 31,
Description or Investment Strategy	2017		2016		2017		2016
	(Dollars in millions)
United States
Assets of the CLOs:
Bonds	$	36.6	$	12.5	0.81	%	0.32	%
Equity	2.2		0.7		0.05	%	0.02	%
Loans	1,644.4		1,941.7		36.27	%	49.87	%
Total assets of the CLOs (cost of $1,661.1 and $1,958.6 at December 31, 2017 and 2016, respectively)	1,683.2		1,954.9		37.13	%	50.21	%
Total United States	$	1,683.2	$	1,954.9	37.13	%	50.21	%



Europe
Equity securities:
Other	5.7		$	9.6	0.13	%	0.25	%
Total equity securities (cost of $28.1 and $97.0 at December 31, 2017 and 2016, respectively)	5.7		9.6		0.13	%	0.25	%
Assets of the CLOs:
Bonds	368.5		377.7		8.13	%	9.70	%
Loans	2,369.9		1,403.9		52.26	%	36.06	%
Other	0.3		1.4		—	%	0.03	%
Total assets of the CLOs (cost of $2,745.1 and $1,777.0 at December 31, 2017 and 2016, respectively)	2,738.7		1,783.0		60.39	%	45.79	%
Total Europe	$	2,744.4	$	1,792.6	60.52	%	46.04	%
Global
Assets of the CLOs:
Bonds	$	8.3	$	6.2	0.18	%	0.16	%
Loans	98.4		140.0		2.17	%	3.59	%
Total assets of the CLOs (cost of $107.7 and $147.9 at December 31, 2017 and 2016, respectively)	106.7		146.2		2.35	%	3.75	%
Total Global	$	106.7	$	146.2	2.35	%	3.75	%
Total investments of Consolidated Funds (cost of $4,542.0 and $3,980.5 at December 31, 2017 and 2016, respectively)	$	4,534.3	$	3,893.7	100.00	%	100.00	%

There were no individual investments with a fair value greater than five percent of the Partnership’s total assets for any period presented.

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Interest income from investments	$	167.3	$	140.4	$	873.1
Other income	10.4		26.5		102.4
Total	$	177.7	$	166.9	$	975.5

Net Investment Gains (Losses) of Consolidated Funds

Net investment gains (losses) of Consolidated Funds include net realized gains (losses) from sales of investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of net investment gains (losses) of Consolidated Funds are as follows:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Gains from investments of Consolidated Funds	$	27.0	$	51.7		$	426.2
Gains (losses) from liabilities of CLOs	61.4		(40.5		)	436.5
Gains on other assets of CLOs	—		1.9			1.7
Total	$	88.4	$	13.1		$	864.4

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Realized gains (losses)	$	(54.0	)	$	(33.4	)	$	1,114.7
Net change in unrealized gains (losses)	81.0			85.1			(688.5		)
Total	$	27.0		$	51.7		$	426.2

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of December 31, 2017 and 2016:



	As of December 31,
	2017			2016
	(Dollars in millions)
Acquired contractual rights⁽¹⁾	$	81.4		$	74.1
Acquired trademarks⁽¹⁾	1.2			1.0
Accumulated amortization	(57.8		)	(43.2		)
Finite-lived intangible assets, net	24.8			31.9
Goodwill⁽¹⁾	11.1			10.1
Intangible assets, net	$	35.9		$	42.0

(1) Changes in the carrying amounts of acquired contractual rights, acquired trademarks, and goodwill are due to foreign currency translation.

As of December 31, 2017, all of the remaining finite-lived intangible assets, net, are associated with the Partnership's Investment Solutions segment.

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. No impairment losses were recorded during the years ended December 31, 2017 and 2016. During the year ended December 31, 2015, the Partnership evaluated for indicators of impairment certain definite-lived intangible assets associated with acquired contractual rights for fee income. These intangible assets are included in the Global Credit and Investment Solutions segments. The Partnership recorded impairment losses, primarily as a result of the redemptions received on the open-ended credit hedge funds in the Global Credit segment and with the open-ended fund of hedge funds in the Investment Solutions segment, of $186.6 million and $15.0 million, respectively, during the year ended December 31, 2015. Additionally, the Partnership recorded a $7.0 million goodwill impairment charge during the year ended December 31, 2015 as a result of the Partnership's decision to restructure the Investment Solutions segment. Finally, the Partnership recorded an additional impairment loss of $11.8 million for the year ended December 31, 2015 to reduce the carrying value of other Global Credit intangible assets to their estimated fair value.

The fair value determinations were based on a probability-weighted discounted cash flow model. These fair value measurements were based on significant inputs not observable in the market (primarily discount rates ranging from 10% to 20%) and thus represented Level III measurements as defined in the accounting guidance for fair value measurements. The impairment losses were included in general, administrative and other expenses in the accompanying consolidated financial statements.

Intangible asset amortization expense, excluding impairment losses, was $10.1 million, $42.5 million and $76.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in general, administrative, and other expenses in the consolidated statements of operations.

The following table summarizes the expected amortization expense for 2018 through 2022 and thereafter (Dollars in millions):




2018	$	9.8
2019	6.0
2020	6.0
2021	3.0
	$	24.8

- Definition

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.

+ References + Details

Borrowings

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Borrowings

The Partnership borrows and enters into credit agreements for its general operating and investment purposes. The Partnership’s debt obligations consist of the following (Dollars in millions):



	As of December 31,
	2017				2016
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.8	$	25.0	$	24.7
CLO Term Loans (See below)	294.5		294.5		33.8		33.8
3.875% Senior Notes Due 2/01/2023	500.0		497.6		500.0		497.2
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
Promissory Note Due 1/01/2022	108.8		108.8		108.8		108.8
Promissory Notes Due 7/15/2019	47.2		47.2		—		—
Total debt obligations	$	1,575.5	$	1,573.6	$	1,267.6	$	1,265.2

Senior Credit Facility

As of December 31, 2017, the senior credit facility included $25.0 million in a term loan and $750.0 million in a revolving credit facility. As of December 31, 2017, the term loan and revolving credit facility were scheduled to mature on May 5, 2020. Principal amounts outstanding under the term loan and revolving credit facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.75%, or (b) at LIBOR plus an applicable margin not to exceed 1.75% (at December 31, 2017, the interest rate was 2.60%). There was no amount outstanding under the revolving credit facility at December 31, 2017. Interest expense under the senior credit facility was not significant for the years ended December 31, 2017, 2016 and 2015. The fair value of the outstanding balances of the term loan and revolving credit facility at December 31, 2017 and 2016 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy.

On April 6, 2017, the Partnership borrowed $250.0 million against the $750.0 million revolving credit facility. This amount was repaid in full on June 2, 2017.

CLO Term Loans

For certain of our CLOs, the Partnership finances a portion of its investment in the CLOs through the proceeds received from term loans with financial institutions. The Partnership's outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding December 31, 2017			Borrowing Outstanding December 31, 2016			Maturity Date (1)	Interest Rate as of December 31, 2017
October 3, 2013	$	—	(2)	$	13.2	(2)	September 28, 2018	NA	(3)
June 7, 2016	20.6			20.6			July 15, 2027	3.16%	(4)
February 28, 2017	74.3			—			September 21, 2029	2.33%	(5)
April 19, 2017	22.8			—			April 22, 2031	3.29%	(6) (15)
June 28, 2017	23.1			—			July 22, 2031	3.29%	(7) (15)
July 20, 2017	24.4			—			April 21, 2027	2.90%	(8) (15)
August 2, 2017	22.8			—			July 23, 2029	3.17%	(9) (15)
August 2, 2017	20.9			—			August 3, 2022	1.75%	(10)
August 14, 2017	22.6			—			August 15, 2030	3.26%	(11) (15)
November 30, 2017	22.7			—			January 16, 2030	3.12%	(12) (15)
December 6, 2017	19.1			—			October 16, 2030	3.01%	(13) (15)
December 7, 2017	21.2			—			January 19, 2029	2.73%	(14) (15)
	$	294.5		$	33.8

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2) Original borrowing of €12.6 million.

(3) Note paid off in 2017.

(4) Incurs interest at the weighted average rate of the underlying senior notes.


(5)	Original borrowing of €61.8 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(6)	Incurs interest at LIBOR plus 1.932%.


(7)	Incurs interest at LIBOR plus 1.923%.


(8)	Incurs interest at LIBOR plus 1.536%.


(9)	Incurs interest at LIBOR plus 1.808%.


(10)	Original borrowing of €17.4 million; incurs interest at LIBOR plus 1.75% and has full recourse to the Partnership.


(11)	Incurs interest at LIBOR plus 1.848%.


(12)	Incurs interest at LIBOR plus 1.7312%.


(13)	Incurs interest at LIBOR plus 1.647%.


(14)	Incurs interest at LIBOR plus 1.365%.


(15)	Term loan issued under master credit agreement.

The CLO term loans are secured by the Partnership's investments in the respective CLO, have a general unsecured interest in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense on these term loans was not significant for the years ended December 31, 2017, 2016 and 2015. The fair value of the outstanding balance of the CLO term loans at December 31, 2017 and 2016 approximated par value based on current market rates for similar debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.

European CLO Financing - February 28, 2017

On February 28, 2017, a subsidiary of the Partnership entered into a financing agreement with several financial institutions under which these financial institutions provided a €61.8 million term loan ($74.3 million at December 31, 2017) to the Partnership. This term loan is secured by the Partnership’s investments in the retained notes in certain European CLOs that were formed in 2014 and 2015. This term loan will mature on the earlier of September 21, 2029 or the date that the certain European CLO retained notes have been redeemed. The Partnership may prepay the term loan in whole or in part at any time after the third anniversary of the date of issuance without penalty. Prepayment of the term loan within the first three years will incur a penalty based on the prepayment amount. Interest on this term loan accrues at EURIBOR plus applicable margins (2.33% at December 31, 2017).

Master Credit Agreement - Term Loans

In January 2017, the Partnership entered into a master credit agreement with a financial institution under which the financial institution expects to provide term loans to the Partnership for the purchase of eligible interests in CLOs. This agreement will terminate in January 2020. Any term loan issued under this master credit agreement is secured by the Partnership’s investment in the respective CLO as well as any senior management fee and subordinated management fee payable by each CLO. Any term loan bears interest at LIBOR plus a weighted average spread over LIBOR on the CLO notes and an applicable margin. Interest is due quarterly.

3.875% Senior Notes

In January 2013, an indirect finance subsidiary of the Partnership issued $500.0 million in aggregate principal amount of 3.875% senior notes due February 1, 2023 at 99.966% of par. Interest is payable semi-annually on February 1 and August 1, beginning August 1, 2013. This subsidiary may redeem the senior notes in whole at any time or in part from time to time at a price equal to the greater of 100% of the principal amount of the notes being redeemed and the sum of the present values of the remaining scheduled payments of principal and interest on any notes being redeemed discounted to the redemption date on a semi-annual basis at the Treasury rate plus 30 basis points plus accrued and unpaid interest on the principal amounts being redeemed to the redemption date.

Interest expense on the notes was $19.8 million for the years ended December 31, 2017, 2016 and 2015. At December 31, 2017 and 2016, the fair value of the notes, including accrued interest, was approximately $520.4 million and $512.8 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. These notes were issued as additional 5.625% Senior Notes and will be treated as a single class with the already outstanding $400.0 million aggregate principal amount of these senior notes.

Interest expense on the notes was $33.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017 and 2016, the fair value of the notes, including accrued interest, was approximately $696.3 million and $603.1 million, respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy.

Promissory Notes

Promissory Note Due January 1, 2022

On January 1, 2016, the Partnership issued a $120.0 million promissory note to BNRI as a result of a contingent consideration arrangement entered into in 2012 between the Partnership and BNRI as part of the Partnership's strategic investment in NGP (see Note 5). Interest on the promissory note accrues at the three month LIBOR plus 2.50% (4.19% at December 31, 2017). The Partnership may prepay the promissory note in whole or in part at any time without penalty. The promissory note is scheduled to mature on January 1, 2022. Interest expense on the promissory note was not significant for the year ended December 31, 2017. The fair value of the outstanding balance of the promissory note at December 31, 2017 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy.

In December 2016, the Partnership repurchased $11.2 million of the promissory note for a purchase price of approximately $9.0 million. Approximately $108.8 million of the promissory note is outstanding at December 31, 2017.

Promissory Notes Due July 15, 2019

In June 2017, as part of the settlement with investors in two commodities investment vehicles managed by an affiliate of the Partnership (disclosed in Note 9), the Partnership issued a series of promissory notes, aggregating to $53.9 million, to the investors of these commodities investment vehicles. Interest on these promissory notes accrues at the three month LIBOR plus 2% (3.36% at December 31, 2017). The Partnership may prepay these promissory notes in whole or in part at any time without penalty. In October 2017, the Partnership repaid $6.7 million of these promissory notes. Accordingly, $47.2 million of these promissory notes are outstanding at December 31, 2017. These promissory notes are scheduled to mature on July 15, 2019. Interest expense on these promissory notes was not significant for the year ended December 31, 2017. The fair value of the outstanding balance of these promissory notes at December 31, 2017 approximated par value based on current market rates for similar debt instruments and is classified as Level III within the fair value hierarchy.

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 December 31, 2017.

Loans Payable of Consolidated Funds

Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs. Several of the CLOs issued preferred shares representing the most subordinated interest, however these tranches are mandatorily redeemable upon the maturity dates of the senior secured loans payable, and as a result have been classified as liabilities and are included in loans payable of Consolidated Funds in the consolidated balance sheets.

As of December 31, 2017 and 2016, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,128.3	$	4,100.5	2.16	%		11.44
Subordinated notes, preferred shares, and other	195.2		203.3		N/A		(a)	9.85
Total	$	4,323.5	$	4,303.8



	As of December 31, 2016
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	3,681.0	$	3,672.5	2.45	%		10.22
Subordinated notes, preferred shares, and other	195.6		193.8		N/A		(a)	9.26
Total	$	3,876.6	$	3,866.3


(a)	The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and other securities. As of December 31, 2017 and 2016, the fair value of the CLO assets was $4.9 billion and $4.7 billion, respectively.

Accrued Compensation and Benefits

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:



	As of December 31,
	2017		2016
	(Dollars in millions)
Accrued performance fee-related compensation	$	1,894.8	$	1,307.4
Accrued bonuses	202.6		177.2
Other	125.2		177.2
Total	$	2,222.6	$	1,661.8

Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. As of December 31, 2017 and 2016, the benefit obligation of those pension plans totaled approximately $73.4 million and $61.9 million, respectively. As of December 31, 2017 and 2016, the fair value of the plans’ assets was approximately $56.3 million and $46.3 million, respectively. At December 31, 2017 and 2016, the Partnership recognized a liability of $17.1 million and $15.6 million, respectively, representing the funded status of the plans, which was included in accrued compensation and benefits in the accompanying consolidated financial statements. For the years ended December 31, 2017, 2016 and 2015, the net periodic benefit cost recognized was $4.2 million, $2.5 million and $2.8 million, respectively, which is included in base compensation expense in the accompanying consolidated financial statements. No other employees of the Partnership are covered by defined benefit pension plans.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Capital Commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of December 31, 2017 (Dollars in millions):



	Unfunded
	Commitments
Corporate Private Equity	$	2,354.2
Real Assets	812.0
Global Credit	526.0
Investment Solutions	146.5
Total	$	3,838.7

Of the $3.8 billion of unfunded commitments, approximately $3.4 billion is subscribed individually by senior Carlyle professionals, advisors and other professionals, with the balance funded directly by the Partnership. In addition to these unfunded commitments, the Partnership may from time to time exercise its right to purchase additional interests in its investment funds that become available in the ordinary course of their operations.

Guaranteed Loans

On August 4, 2001, the Partnership entered into an agreement with a financial institution pursuant to which the Partnership is the guarantor on a credit facility for eligible employees investing in Carlyle sponsored funds. This credit facility renews on an annual basis, allowing for annual incremental borrowings up to an aggregate of $11.3 million, and accrues interest at the lower of the prime rate, as defined, or three-month LIBOR plus 3%, reset quarterly (4.34% weighted-average rate at December 31, 2017). As of December 31, 2017 and 2016, approximately $13.3 million and $9.6 million, respectively, were outstanding under the credit facility and payable by the employees. The amount funded by the Partnership under this guarantee as of December 31, 2017 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.

Certain consolidated subsidiaries of the Partnership are the guarantor of revolving credit facilities for certain funds in the Investment Solutions segment. The guarantee is limited to the lesser of the total amount drawn under the credit facilities or the NAV of the guarantor subsidiaries, which was approximately $7.3 million as of December 31, 2017. The outstanding balances are secured by uncalled capital commitments from the underlying funds and the Partnership believes the likelihood of any material funding under this guarantee to be remote.

Contingent Obligations (Giveback)

A liability for potential repayment of previously received performance fees of $66.8 million at December 31, 2017, is shown as accrued giveback obligations in the consolidated balance sheets, representing the giveback obligation that would need to be paid if the funds were liquidated at their current fair values at December 31, 2017. However, the ultimate giveback obligation, if any, generally is not paid until the end of a fund’s life or earlier if the giveback becomes fixed and early payment is agreed upon by the fund's partners (see Note 2). The Partnership has recorded $5.1 million and $5.6 million of unbilled receivables from former and current employees and senior Carlyle professionals as of December 31, 2017 and 2016, respectively, related to giveback obligations, which are included in due from affiliates and other receivables, net in the accompanying consolidated balance sheets. The receivables are collateralized by investments made by individual senior Carlyle professionals and employees in Carlyle-sponsored funds. In addition, $247.6 million and $356.9 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of December 31, 2017 and 2016, respectively. Such amounts are held on behalf of the respective current and former Carlyle employees to satisfy any givebacks they may owe and are held by entities not included in the accompanying consolidated balance sheets. Current and former senior Carlyle professionals and employees are personally responsible for their giveback obligations. As of December 31, 2017, approximately $37.9 million of the Partnership's accrued giveback obligation is the responsibility of various current and former senior Carlyle professionals and other limited partners of the Carlyle Holdings partnerships, and the net accrued giveback obligation attributable to Carlyle Holdings is $28.9 million.

If, at December 31, 2017, 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 $0.7 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 2018 through 2032. These leases are accounted for as operating leases. Rent expense was approximately $56.6 million, $55.0 million and $56.3 million for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in general, administrative and other expenses in the consolidated statements of operations.

The future minimum commitments for the leases are as follows (Dollars in millions):




2018	$	47.9
2019	48.9
2020	48.4
2021	44.1
2022	41.0
Thereafter	295.7
	$	526.0

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 $62.9 million and $60.3 million as of December 31, 2017 and 2016, respectively, and is included in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Legal Matters

In the ordinary course of business, the Partnership is a party to litigation, investigations, inquiries, employment-related matters, disputes and other potential claims. Certain of these matters are described below. The Partnership is not currently able to estimate the reasonably possible amount of loss or range of loss, in excess of amounts accrued, for the matters that have not been resolved. The Partnership does not believe it is probable that the outcome of any existing litigation, investigations, disputes or other potential claims will materially affect the Partnership or these financial statements in excess of amounts accrued. The Partnership believes that the claims asserted against the Partnership in the pending litigation matters described below are without merit and intends to vigorously contest such allegations.

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 in state court in New Mexico, which purports to be a qui tam suit on behalf of the State of New Mexico under the state Fraud Against Taxpayers Act (“FATA”). The suit alleges that investment decisions by New Mexico public investment funds were improperly influenced by campaign contributions and payments to politically connected placement agents. The plaintiffs seek, among other things, actual damages for lost income, rescission of the investment transactions described in the complaint and disgorgement of all fees received. In September 2017, the Court dismissed the lawsuit and the plaintiffs then filed an appeal seeking to reverse that decision. The Attorney General may also pursue its own recovery from the defendants in the action.

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 more than $1.0 billion in damages in a case styled Carlyle Capital Corporation Limited v. Conway et al. On September 4, 2017, the Royal Court of Guernsey ruled that the Partnership and Directors of CCC acted reasonably and appropriately in the management and governance of CCC and that none of the Partnership, its affiliates or former directors of CCC had any liability. In December 2017, the plaintiff filed a notice of appeal of the trial court decision and the Partnership is preparing its response. The Partnership may be entitled to receive additional amounts from the plaintiff as reimbursement of legal fees and expenses incurred to defend against the claims. In December 2017, the Partnership received approximately $29.8 million from the plaintiff as a deposit towards its obligations to reimburse the Partnership for such expenses, but such amount is subject to repayment pending a final determination of the correct reimbursement amount and the ultimate outcome of the appeal process.

Cobalt International Energy, Inc. ("Cobalt") was a portfolio company owned by two of our Legacy Energy funds and funds advised by certain other private equity sponsors. Cobalt filed for bankruptcy protection on December 14, 2017. A federal securities class action against Cobalt (In re Cobalt International Energy, Inc. Securities Litigation) was filed in November 2014 in the U.S. District Court for the Southern District of Texas, seeking monetary damages and alleging that Cobalt and its directors made misrepresentations in certain of Cobalt’s securities offering filings relating to: (i) the value of oil reserves in Angola for which Cobalt had acquired drilling concessions, and (ii) its compliance with the Foreign Corrupt Practices Act regarding its operations in Angola and a U.S. government investigation regarding the same. The securities class action also named as co-defendants certain securities underwriters and the five private equity sponsors of Cobalt, including Riverstone and the Partnership. The class action alleged that the Partnership has liability as a "control person" for the alleged misrepresentations in Cobalt's securities offerings as well as insider trading liability. The federal court dismissed the insider trading claim against the Partnership. In addition to the class action in federal court, a class action claim was also filed in Texas state court in Houston (Ira Gaines v. Joseph Bryant, et al.) on similar grounds, alleging derivative claims that Cobalt and the private equity sponsors breached their fiduciary duties by engaging in insider trading. No Partnership employee served as a director or executive of Cobalt, and we vigorously contest all allegations made against the Partnership.

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. In April 2015, the French tax court issued an opinion in this matter that was adverse to CEREP I, holding the Luxembourg property company liable for approximately €105 million (including interest accrued since the beginning of the tax dispute). CEREP I paid approximately €30 million of the tax obligations and the Partnership paid the remaining approximately €75 million in its capacity as a guarantor. The Partnership disagreed with the outcome and filed a petition of appeal. In December 2017, the Partnership was successful on its appeal, with the French appellate court reversing the earlier tax court opinion and awarding the Partnership a refund of the full €105 million of tax and penalties (inclusive of amounts paid by CEREP I) and awarding interest on the refund (which is estimated to be approximately €12.5 million, before tax). The appellate decision remains subject to the possibility of a further appeal, but the French tax authorities have not given notice as to whether they will pursue such a further appeal. Pending receipt of the refund and a final determination on any further appeal, the Partnership has not recognized income in respect of the refund as of December 31, 2017.

The Partnership currently is and expects to continue to be, from time to time, subject to examinations, formal and informal inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to, the SEC, Department of Justice, state attorneys general, FINRA, National Futures Association and the U.K. Financial Conduct Authority. The Partnership routinely cooperates with such examinations, inquiries and investigations, and they may result in the commencement of civil, criminal, or administrative or other proceedings against the Partnership or its personnel. For example, among various other requests for information, the SEC has requested information about: (i) the Partnership's historical practices relating to the acceleration of monitoring fees received from certain of the Partnership's funds' portfolio companies, and (ii) the Partnership's relationship with a third-party investment adviser to a registered investment company that has invested in various investment funds sponsored by the Partnership. The Partnership is cooperating fully with the SEC's inquiries.

During the year, the Partnership entered into settlement and purchase agreements with investors in a hedge fund and two structured finance vehicles managed by Vermillion related to investments of approximately $400 million in petroleum commodities that the Partnership believes were misappropriated by third parties outside the U.S. In total, the Partnership paid $265 million ($165 million of which was paid in 2017 with the remaining $100 million paid in 2016) to fully resolve all claims related to these matters and issued promissory notes in the aggregate amount of $54 million to repurchase the investors' interests in the two structured finance vehicles. In connection with these settlements, the Partnership also acquired certain rights to receive a portion of any proceeds obtained from marine cargo insurance policies and other efforts to pursue reimbursement for the misappropriation of petroleum. In the year ended December 31, 2017, the Partnership recognized $177 million, net of related recovery costs, in general liability insurance proceeds related to these settlements.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings and employment-related matters, and some of the matters discussed above involve claims for potentially large and/or indeterminate amounts of damages. Based on information known by management, management does not believe that as of the date of this filing the final resolutions of the matters above will have a material effect upon the Partnership’s 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 the Partnership's financial results in any particular period.

The Partnership accrues an estimated loss contingency liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. As of December 31, 2017, the Partnership had recorded liabilities aggregating to approximately $35 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The Partnership evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management's best judgment after consultation with counsel. There is no assurance that the Partnership's accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Partnership has recorded.

Transaction with Claren Road

On December 12, 2016, the Partnership signed an agreement with the founders of Claren Road Asset Management, LLC and its subsidiaries (collectively, “Claren Road”) to transfer all of the Partnership's 63% ownership interest in Claren Road to its founders. As a result of the transaction, the Partnership is also relieved of all of its obligations under the 2010 acquisition agreement, including any potential future obligations thereunder. This transaction closed on January 31, 2017. The Partnership recorded additional base compensation expense of approximately $25.0 million in the year ended December 31, 2016 associated with the transfer of the interests to Claren Road in addition to the disposition of approximately $4.4 million of intangible assets and approximately $10.8 million of potential future obligations. The remaining income before provision for income taxes for the year ended December 31, 2016 was not material. Claren Road was part of the Partnership's Global Credit segment.

Transaction with ESG

On October 31, 2016, the Partnership closed a transaction with the founders of Emerging Sovereign Group and its subsidiaries and affiliates (collectively,“ESG”) and transferred the Partnership's 55% ownership interest in ESG to its founders. Prior to the transaction closing, the carrying value of the contingent consideration liability for the Partnership's obligation to purchase the 45% ownership interest in 2020 (or after) was $49.5 million (substantially all of which was included in accrued compensation and benefits in the accompanying consolidated balance sheet) and the Partnership also had $22.4 million of intangible assets and $28.0 million of goodwill related to its 2011 acquisition of its 55% ownership interest in ESG as of October 31, 2016, all of which was disposed of upon the transaction closing. ESG's income before provision for income taxes for the year ended December 31, 2016 was not material to the Partnership's consolidated financial statements. There was no material gain or loss associated with the transfer of the interests to ESG. ESG was part of the Partnership's Global Credit segment.

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 Partnership and the funds make investments outside of the United States. Investments outside the United States may be subject to less developed bankruptcy, corporate, partnership and other laws (which may have the effect of disregarding or otherwise circumventing the limited liability structures potentially causing the actions or liabilities of one fund or a portfolio company to adversely impact the Partnership or an unrelated fund or portfolio company). Non-U.S. investments are subject to the same risks associated with the Partnership’s U.S. investments as well as additional risks, such as fluctuations in foreign currency exchange rates, unexpected changes in regulatory requirements, heightened risk of political and economic instability, difficulties in managing non-U.S. investments, potentially adverse tax consequences and the burden of complying with a wide variety of foreign laws.

Furthermore, Carlyle is exposed to economic risk concentrations related to certain large investments as well as concentrations of investments in certain industries and geographies.

Additionally, the Partnership encounters credit risk. Credit risk is the risk of default by a counterparty in the Partnership’s investments in debt securities, loans, leases and derivatives that result from a borrower’s, lessee’s or derivative counterparty’s inability or unwillingness to make required or expected payments.

The Partnership considers cash, cash equivalents, securities, receivables, equity method investments, accounts payable, accrued expenses, other liabilities, loans, senior notes, assets and liabilities of Consolidated Funds and contingent and other consideration for acquisitions to be its financial instruments. Except for the senior notes, the carrying amounts reported in the consolidated balance sheets for these financial instruments equal or closely approximate their fair values. The fair value of the senior notes is disclosed in Note 7.

Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at December 31, 2017 and 2016:



	As of December 31,
	2017		2016
	(Dollars in millions)
Unbilled receivable for giveback obligations from current and former employees	$	5.1	$	5.6
Notes receivable and accrued interest from affiliates	22.8		37.6
Other receivables from unconsolidated funds and affiliates, net	229.2		184.0
Total	$	257.1	$	227.2

Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Other receivables from certain of the unconsolidated funds and portfolio companies relate to management fees receivable from limited partners, advisory fees receivable and expenses paid on behalf of these entities. These costs represent costs related to the pursuit of actual or proposed investments, professional fees and expenses associated with the acquisition, holding and disposition of the investments. The affiliates are obligated at the discretion of the Partnership to reimburse the expenses. Based on management’s determination, the Partnership accrues and charges interest on amounts due from affiliate accounts at interest rates ranging up to 7.07% as of December 31, 2017. The accrued and charged interest to the affiliates was not significant for any period presented.

These receivables are assessed regularly for collectability and amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such amounts were not significant for any period presented.

Due to Affiliates

The Partnership had the following due to affiliates balances at December 31, 2017 and 2016:



	As of December 31,
	2017		2016
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	—	$	0.2
Due to non-consolidated affiliates	75.7		29.7
Performance-based contingent cash consideration related to acquisitions	37.5		36.1
Amounts owed under the tax receivable agreement	94.0		137.8
Other	22.7		19.8
Total	$	229.9	$	223.6

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 Carlyle Holdings partnership units in June 2015 and March 2014, respectively, the exchange in May 2012 by CalPERS of its Carlyle Holdings partnership units for Partnership common units, as well as certain unit exchanges by senior Carlyle professionals which began in 2017 (see Note 14).

Other Related Party Transactions

In the normal course of business, the Partnership has made use of aircraft owned by entities controlled by senior Carlyle professionals. The senior Carlyle professionals paid for their purchases of the aircraft and bear all operating, personnel and maintenance costs associated with their operation for personal use. Payment by the Partnership for the business use of these aircraft by senior Carlyle professionals and other employees, which is made at market rates, totaled $5.4 million, $4.8 million and $4.4 million for the years ended December 31, 2017, 2016 and 2015, respectively. These fees are included in general, administrative, and other expenses in the consolidated statements of operations.

Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay management or performance fees, however, Carlyle professionals and employees are required to pay their portion of partnership expenses.

Carried interest income from the funds can be distributed to senior Carlyle professionals and employees on a current basis, but is subject to repayment by the subsidiary of the Partnership that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions received.

The Partnership does business with some of its portfolio companies; all such arrangements are on a negotiated basis.

Substantially all revenue is earned from affiliates of Carlyle.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. The rate reduction takes effect on January 1, 2018. As a result of the reduction of the federal corporate income tax rate, the Partnership revalued its deferred tax assets and liabilities as of December 31, 2017 using the newly enacted rate. The revaluation resulted in the recognition of additional provision for income taxes of approximately $113.0 million. In addition, the Partnership's tax receivable agreement liability was reduced by approximately $71.5 million due to the reduction in expected future benefits owed to the limited partners of Carlyle Holdings resulting from the decrease in the federal corporate income tax rate. The reduction in the tax receivable agreement liability resulting from the Act is included in other non-operating income in the consolidated statements of operations. The SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) in December 2017, which allows for reporting provisional amounts during a measurement period until the evaluation is complete. The Partnership assessed the potential impact of the Act on its consolidated financial statements at December 31, 2017 and believes the material provisions have been properly considered. The Partnership will continue to evaluate the provisions of the Act and the impact of any future authoritative guidance.

The provision for income taxes consists of the following:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Current
Federal income tax	$	(6.2	)	$	0.4		$	0.7
State and local income tax	(0.2		)	(0.4		)	4.9
Foreign income tax	38.8			34.9			27.4
Subtotal	32.4			34.9			33.0
Deferred
Federal income tax	106.2			(9.8		)	(36.7		)
State and local income tax	(2.7		)	(1.3		)	(2.6		)
Foreign income tax	(11.0		)	6.2			8.4
Subtotal	92.5			(4.9		)	(30.9		)
Total provision for income taxes	$	124.9		$	30.0		$	2.1

Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse.

A summary of the tax effects of the temporary differences is as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Deferred tax assets
Federal foreign tax credit	$	11.9		$	12.8
Federal net operating loss carry forward	22.8			12.1
State net operating loss carry forwards	11.8			4.3
Tax basis goodwill and intangibles	98.2			149.8
Depreciation and amortization	16.6			25.3
Deferred restricted common unit compensation	9.4			12.1
Accrued compensation	31.0			25.0
Basis difference in investments	24.4			34.0
Other	24.3			25.5
Deferred tax assets before valuation allowance	250.4			300.9
Valuation allowance	(27.3		)	(21.8		)
Total deferred tax assets	$	223.1		$	279.1
Deferred tax liabilities ⁽¹⁾
Intangible assets	$	4.8		$	5.5
Unrealized appreciation on investments	121.0			111.0
Other	2.5			4.8
Total deferred tax liabilities	$	128.3		$	121.3
Net deferred tax assets (liabilities)	$	94.8		$	157.8


(1)	As of December 31, 2017 and 2016, $52.7 million and $44.7 million, respectively, of deferred tax liabilities were offset and presented as a single deferred tax asset amount on the Partnership’s balance sheet as these deferred tax assets and liabilities relate to the same jurisdiction.

As of December 31, 2017, the Partnership has a federal net operating loss carry forward of approximately $108.6 million and cumulative net operating loss carry forwards of approximately $197.1 million for separate state tax jurisdictions, which will be available to offset future taxable income. If not used, a portion of the federal and state carry forwards will expire in 2035 and years forward and 2020 and years forward, respectively. As of December 31, 2017, the Partnership had a federal foreign tax credit (“FTC”) carryforward of $11.9 million. The FTCs are related to taxes paid in various foreign jurisdictions and if not utilized a portion will expire in 2023 and years forward.

The Partnership had $170.4 million and $234.4 million in deferred tax assets as of December 31, 2017 and 2016, respectively. These deferred tax assets resulted primarily from future amortization of tax basis intangible assets generated from exchanges covered by the Tax Receivable Agreement (see Note 2) and acquisitions by the Partnership and temporary differences between the financial statement and tax bases of depreciation on fixed assets and accrued compensation on lower-tier partnerships. The realization of the deferred tax assets is dependent on the Partnership’s future taxable income before deductions related to the establishment of its deferred tax assets. The deferred tax asset balance is comprised of a portion that would be realized in connection with future ordinary income and a portion that would be realized in connection with future capital gains.

The Partnership evaluated various sources of evidence in determining the ultimate realizability of its deferred tax assets including the character and timing of projected future taxable income. During 2017 and 2016, a Partnership entity subject to entity level income tax in certain states incurred a significant tax loss. Management evaluated specific factors associated with the realizability of its net operating losses and the entity’s deferred tax assets and determined that it is more likely than not that the Partnership will not realize these tax assets. Additionally, the Partnership determined that a portion of the US federal FTC carryforward earned in 2013 and forward will not ultimately be realized due to federal limitations on FTC utilization. As of December 31, 2017 and 2016, the Partnership has established a valuation allowance of $27.3 million and $21.8 million, respectively, for these items. For all other deferred tax assets, the Partnership has concluded it is more likely than not that they will be realized and that a valuation allowance is not needed at December 31, 2017.

The Partnership had deferred tax liabilities of $75.6 million and $76.6 million at December 31, 2017 and 2016, respectively, which primarily relate to unrealized appreciation on the Partnership’s investments in the U.S. and in the Netherlands. Deferred tax liabilities related to unrealized appreciation were also recorded for outside tax basis differences as a result of the Partnership’s investment in Carlyle Holdings (see Note 1). The deferred tax liabilities related to intangible assets were recorded as part of the Partnership’s business acquisitions.

The Partnership’s income tax expense was $124.9 million, $30.0 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:



	Year Ended December 31,
	2017		2016		2015
Statutory U.S. federal income tax rate	35.00	%	35.00	%	35.00	%
Income passed through to common unitholders and non-controlling interest holders⁽¹⁾	(31.55	)%	(40.00	)%	(40.64	)%
Reduction in U.S. corporate tax rate	7.77	%	—	%	—	%
Unvested Carlyle Holdings partnership units and other compensation	1.45	%	36.74	%	1.87	%
Foreign income taxes	0.12	%	28.75	%	1.61	%
State and local income taxes	(0.19	)%	(6.70	)%	4.13	%
Valuation allowance impacting provision for income taxes	0.07	%	16.84	%	(3.88	)%
Other adjustments	(1.64	)%	(4.40	)%	2.43	%
Effective income tax rate⁽²⁾	11.03	%	66.23	%	0.52	%


(1)	The Partnership is organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any income tax is the responsibility of the unitholders and is paid at that level.


(2)	The effective income tax rate is calculated on income before provision for income taxes. The effective tax rate is impacted by a variety of factors, including, but not limited to, changes in the sources of income or loss during the period and whether such income or loss is attributable to the Partnership's taxable subsidiaries.

Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is “more likely than not” to be sustained upon examination. The Partnership has recorded a liability for uncertain tax positions of $12.3 million and $19.0 million as of December 31, 2017 and 2016, respectively, which is reflected in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. These balances include $3.4 million and $6.0 million as of December 31, 2017 and 2016, related to interest and penalties associated with uncertain tax positions. If recognized, $12.3 million of uncertain tax positions would be recorded as a reduction in the provision for income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows:



	As of December 31,
	2017			2016			2015
	(Dollars in millions)
Balance at January 1	$	13.0		$	13.1		$	13.8
Additions for tax positions of prior years	1.6			1.3			(0.7		)
Reductions due to lapse of statute of limitations	(5.7		)	(1.4		)	—
Balance at December 31	$	8.9		$	13.0		$	13.1

In the normal course of business, the Partnership is subject to examination by federal and certain state, local and foreign tax regulators. With a few exceptions, as of December 31, 2017, the Partnership’s U.S. federal income tax returns for the years 2014 through 2016 are open under the normal three years statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2013 to 2016. Foreign tax returns are generally subject to audit from 2010 to 2016. Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities. Currently. the Internal Revenue Service is examining the tax returns of certain subsidiaries for the 2013, 2014, and 2015 years.

The Partnership does not believe that the outcome of these audits will require it to record reserves for uncertain tax positions or that the outcome will have a material impact on the consolidated financial statements. The Partnership does not believe that it has any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.

Non-controlling Interests in Consolidated Entities

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Non-controlling Interests in Consolidated Entities

The components of the Partnership’s non-controlling interests in consolidated entities are as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	13.3	$	13.5
Non-Carlyle interests in majority-owned subsidiaries	386.5		331.7
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	4.9		(67.4		)
Non-controlling interests in consolidated entities	$	404.7	$	277.8

The components of the Partnership’s non-controlling interests in income of consolidated entities are as follows:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	12.0	$	17.1		$	876.6
Non-Carlyle interests in majority-owned subsidiaries	41.3		(8.6		)	(20.6		)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	19.2		32.3			(78.3		)
Net income attributable to other non-controlling interests in consolidated entities	72.5		40.8			777.7
Net loss attributable to partners’ capital appropriated for CLOs	—		—			(54.4		)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	—		0.2			(185.4		)
Non-controlling interests in income of consolidated entities	$	72.5	$	41.0		$	537.9

Earnings Per Common Unit

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Common Unit

Basic and diluted net income (loss) per common unit are calculated as follows:



	Year Ended December 31, 2017				Year Ended December 31, 2016					Year Ended December 31, 2015
	Basic		Diluted		Basic		Diluted			Basic			Diluted
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	238,100,000	$	238,100,000	$	6,400,000	$	6,400,000		$	(18,400,000	)	$	(18,400,000	)
Dilution of earnings due to participating securities with distribution rights	—		—		—		—			167,000			(1,743,000		)
Incremental net income (loss) from assumed exchange of Carlyle Holdings partnership units	—		—		—		(32,100,000		)	—			(69,300,000		)
Net income (loss) attributable to common units	$	238,100,000	$	238,100,000	$	6,400,000	$	(25,700,000	)	$	(18,233,000	)	$	(89,443,000	)
Weighted-average common units outstanding	92,136,959		100,082,548		82,714,178		308,522,990			74,523,935			298,739,382
Net income (loss) per common unit	$	2.58	$	2.38	$	0.08	$	(0.08	)	$	(0.24	)	$	(0.30	)

The weighted-average common units outstanding, basic and diluted, are calculated as follows:



	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	92,136,959	92,136,959	82,714,178	82,714,178	74,523,935	74,523,935
Unvested deferred restricted common units	—	7,347,645	—	3,331,282	—	—
Contingently issuable Carlyle Holdings partnership units and common units	—	597,944	—	—	—	—
Weighted-average vested Carlyle Holdings partnership units	—	—	—	222,183,911	—	216,943,053
Unvested Carlyle Holdings partnership units	—	—	—	293,619	—	7,272,394
Weighted-average common units outstanding	92,136,959	100,082,548	82,714,178	308,522,990	74,523,935	298,739,382

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 issuable and contingently issuable Carlyle Holdings partnership units and common units associated with the Partnership's acquisitions and strategic investments in NGP. For purposes of determining the dilutive weighted-average common units, it is assumed that December 31, 2017, 2016 and 2015 represent the end of the contingency period.

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 decrease due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, 227,275,453 of vested Carlyle Holdings partnership units and 2,579,831 of unvested Carlyle Holdings partnership units for the year ended December 31, 2017 were antidilutive, and therefore have been excluded.

For the year ended December 31, 2016, 222,183,911 of vested Carlyle Holdings partnership units and 293,619 of unvested Carlyle Holdings partnership units for the year ended December 31, 2016 were dilutive. As a result, the net loss of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $(32.1) million for the year ended December 31, 2016 has been included in net income (loss) attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation.

For the year ended December 31, 2015, 216,943,053 of vested Carlyle Holdings partnership units and 7,272,394 of unvested Carlyle Holdings partnership units were dilutive. As a result, the net loss of non-controlling interests in Carlyle Holdings associated with this assumed exchange of $69.3 million for the year ended December 31, 2015 has been included in net income (loss) attributable to The Carlyle Group L.P. for purposes of the dilutive earnings per common unit calculation. However, for the year ended December 31, 2015, 3,978,436 of unvested deferred restricted common units were antidilutive, and therefore have been excluded.

On August 1, 2013, as part of acquiring the remaining 40% equity interests in AlpInvest, the Partnership issued 914,087 common units that are subject to vesting conditions. As of December 31, 2017, 7,782 common units remain unvested. The common units participate immediately in any Partnership distributions. Under ASC 260, these common units are considered participating securities and are required to be included in the computation of earnings per common unit pursuant to the two-class method.

Equity and Equity-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity and Equity-Based Compensation

Preferred Unit Issuance

On September 13, 2017, the Partnership issued 16,000,000 of 5.875% Series A Preferred Units (the “Preferred Units”) for gross proceeds of $400.0 million, or $387.5 million, net of issuance costs and expenses. The Partnership plans to use the net proceeds from the sale of the Preferred Units for general corporate purposes, including to fund investments.

Distributions on the Preferred Units will be payable quarterly on March 15, June 15, September 15, and December 15 of each year, beginning on December 15, 2017, when, as and if declared by the Board of Directors of the general partner of the Partnership, at a rate per annum of 5.875%. Distributions on the Preferred Units are discretionary and non-cumulative.

Subject to certain exceptions, unless distributions have been declared and paid or declared and set apart for payment on the Preferred Units for a quarterly distribution period, during the remainder of that distribution period, the Partnership may not repurchase any common units or any other units that are junior in rank to the Preferred Units and the Partnership may not declare or pay or set apart payment for distributions on any common or junior units for the remainder of that distribution period, other than (i) distributions of tax distribution amounts received from Carlyle Holdings in accordance with the terms of the partnership agreements of the Carlyle Holdings partnerships as in effect on the date the Preferred Units were first issued, (ii) the net unit settlement of equity-based awards granted under The Carlyle Group L.P. 2012 Equity Incentive Plan (the “Equity Incentive Plan”) (or any successor or any similar plan) in order to satisfy associated tax obligations, or (iii) distributions paid in junior units or options, warrants or rights to subscribe for or purchase other units or with proceeds from the substantially concurrent sale of junior units. These restrictions are not applicable during the period from original issue date to, but excluding, December 15, 2017.

The Preferred Units may be redeemed at the Partnership’s option, in whole or in part, at any time on or after September 15, 2022 at a price of $25.00 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. Holders of the Preferred Units have no right to require the redemption of the Preferred Units and there is no maturity date.

If a change of control event or tax redemption event occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such change in control event or such tax redemption event, as applicable, at a price of $25.25 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions. If (i) a change of control event occurs (whether before, on or after September 15, 2022) and (ii) the Partnership does not give notice prior to the 31^st day following the change in control event to redeem all the outstanding Preferred Units, the distribution rate per annum on the Preferred Units will increase by 5.00%, beginning on the 31^st day following such change in control event.

If a rating agency event occurs prior to September 15, 2022, the Partnership may, at its option, redeem the Preferred Units, in whole but not in part, upon at least 30 days’ notice, within 60 days of the occurrence of such rating agency event, as applicable, at a price of $25.50 per Preferred Unit, plus declared and unpaid distributions to, but excluding, the redemption date, without payment of any undeclared distributions.

The Preferred Units are not convertible into common units or any other class or series of interests or any other security. Holders of the Preferred Units will generally have no voting rights and have none of the voting rights given to holders of the Partnership’s common units, except as otherwise provided in the Partnership's limited partnership agreement.

Unit Repurchase Program

In February 2016, the Board of Directors of the general partner of the Partnership authorized the repurchase of up to $200 million of common units and/or Carlyle Holdings units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The Partnership expects that the majority of repurchases under this program will be done via open market transactions. No units will be repurchased from the Partnership's executive officers under this program. The timing and actual number of common units and/or Carlyle Holdings units repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the year ended December 31, 2017, the Partnership paid an aggregate of $0.2 million to repurchase and retire 14,190 units with all of the repurchases done via open market transactions. Since inception of this program, the Partnership has paid an aggregate of $59.1 million to repurchase and retire 3.7 million units.

Quarterly Unit Exchange Program

Beginning in the second quarter of 2017, current and former senior Carlyle professionals are able to exchange their Carlyle Holdings partnership units for common units on a quarterly basis, subject to the terms of the Exchange Agreement. During the year ended December 31, 2017, current and former senior Carlyle professionals exchanged 6,430,383 Carlyle Holdings partnership units for common units, resulting in a reallocation of capital of $33.9 million from non-controlling interests in Carlyle Holdings to partners' capital and accumulated other comprehensive loss. None of Carlyle's named executive officers participated in the quarterly unit exchange.

Equity-Based Compensation

In May 2012, Carlyle Group Management L.L.C., the general partner of the Partnership, adopted 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, 2018, pursuant to the formula, the total number of the Partnership’s common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan was 32,645,874.

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. These 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. For the years ended December 31, 2017, 2016 and 2015, the Partnership recorded $0.2 million, $1.6 million and $9.0 million in equity-based compensation expense associated with these awards, respectively.

As of December 31, 2017, the total unrecognized equity-based compensation expense related to unvested common units was not material and is expected to be recognized within the next year.

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. The Partnership recorded equity-based compensation expense associated with these awards of $166.4 million, $183.7 million and $191.1 million for the years ended December 31, 2017, 2016 and 2015, 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. As disclosed in Note 5, the performance condition was removed as part of the March 2017 agreement with NGP. 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 periods prior to 2017 for Carlyle Holdings partnership units that vest based on the achievement of performance conditions, the Partnership uses the minimum number of partnership units within the range of potential values for measurement and recognition purposes.

As of December 31, 2017, the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units is $55.6 million, which is expected to be recognized over a weighted-average term of 0.3 years

Deferred Restricted Common Units

The deferred restricted common units are unvested when granted and vest ratably over a service period, which ranges up to six years. The grant-date fair value of the deferred restricted common units granted to Carlyle’s employees is charged to equity-based compensation expense on a straight-line basis over the required service period. Additionally, the calculation of the expense assumes a per unit discount that generally ranges up to 40.0%, as these unvested awards do not participate in any Partnership distributions. The Partnership recorded compensation expense of $153.7 million, $149.2 million and $176.2 million for the years ended December 31, 2017, 2016 and 2015, with $13.6 million, $17.2 million and $16.4 million of corresponding deferred tax benefits, respectively. A portion of the accumulated deferred tax asset associated with equity-based compensation expense was reclassified as a current tax benefit due to units vesting during the years ended December 31, 2017, 2016 and 2015. Equity-based compensation expense generates deferred tax assets, which are realized when the units vest. The net impact of additional deferred tax assets due to equity-based compensation expense less the reduction to the deferred tax assets for units that vested was not significant for the year ended December 31 2017, and was $4.8 million and $2.9 million for the years ended December 31, 2016 and 2015, respectively. As of December 31, 2017, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units is $154.7 million, which is expected to be recognized over a weighted-average term of 1.9 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 years ended December 31, 2017, 2016 and 2015.

The vesting of deferred restricted common units creates taxable income for the Partnership's employees in certain jurisdictions. Accordingly, the employees may elect to engage the Partnership's equity plan service provider to sell sufficient common units and generate proceeds to cover their minimum tax obligations.

In February 2018, the Partnership granted approximately 13.7 million deferred restricted common units across a significant number of the Partnership's employees. The total estimated grant-date fair value of these awards was approximately $283 million. The awards vest generally over a period of 12 to 60 months.

A summary of the status of the Partnership’s non-vested equity-based awards as of December 31, 2017 and a summary of changes from December 31, 2014 through December 31, 2017, are presented below:



	Carlyle Holdings			The Carlyle Group, L.P.
				Equity Settled Awards						Cash Settled Awards
Unvested Units	Partnership Units	Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units	Weighted- Average Grant Date Fair Value		Unvested Common Units	Weighted- Average Grant Date Fair Value		Phantom Units	Weighted- Average Grant Date Fair Value
Balance, December 31, 2014	35,997,415	$	22.16	18,929,270	$	26.12	809,797	$	27.19	104,070	$	23.40
Granted	—	$	—	6,770,420	$	22.39	—	$	—	—	$	—
Vested	8,733,826	$	22.11	5,452,961	$	26.91	31,132	$	21.53	93,109	$	22.52
Forfeited	444,477	$	22.00	1,826,295	$	24.98	11,674	$	27.99	4,220	$	24.80
Balance, December 31, 2015	26,819,112	$	22.18	18,420,434	$	24.62	766,991	$	27.41	6,741	$	34.58
Granted	—	$	—	6,730,159	$	11.30	—	$	—	—	$	—
Vested	8,830,325	$	22.11	7,007,857	$	25.14	728,080	$	27.71	3,480	$	34.45
Forfeited	748,787	$	22.00	1,436,816	$	22.91	—	$	—	741	$	34.39
Balance, December 31, 2016	17,240,000	$	22.22	16,705,920	$	19.21	38,911	$	21.67	2,520	$	34.81
Granted	—	$	—	8,260,455	$	14.17	—	$	—	—	$	—
Vested	8,707,671	$	22.40	8,864,747	$	19.63	31,129	$	21.53	2,520	$	34.81
Forfeited	437,314	$	22.00	582,037	$	19.62	—	$	—	—	$	—
Balance, December 31, 2017	8,095,015	$	22.03	15,519,591	$	16.25	7,782	$	22.22	—	$	—

Deconsolidation of a Real Estate Development Company

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Deconsolidation of a Real Estate Development Company

The Partnership, indirectly through certain Carlyle real estate investment funds, had an investment in Urbplan Desenvolvimento Urbano S.A. (“Urbplan”), a Brazilian residential subdivision and land development company. During the year ended December 31, 2017, the Partnership disposed of its interests in Urbplan in a transaction with a third party. The third party acquired operational control and all of the economic interests in Urbplan in the transaction. Since the Partnership is no longer the primary beneficiary of Urbplan, Urbplan was deconsolidated from the Partnership's financial results. The Partnership recorded a pre-tax loss upon deconsolidation of $65 million during the third quarter of 2017, which includes the impact of deconsolidation, the terms of the transaction with the third party and related reserves. The loss is recorded in interest and other expenses of a real estate VIE and loss on deconsolidation in the consolidated statements of operations. Excluding the effect of this transaction, Urbplan's income before provision for income taxes prior to the transaction was not material to the Partnership's consolidated financial statements.

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. 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 consolidated the financial position and results of operations of Urbplan on a financial reporting lag of 90 days. The assets and liabilities of Urbplan were held in legal entities separate from the Partnership; the Partnership did not guarantee or assume any obligation for repayment of Urbplan’s liabilities nor were the assets of Urbplan available to meet the liquidity requirements of the Partnership.

Urbplan is party to various litigation, government investigations and proceedings, including disputes with creditors and customers. The Partnership does not believe it is probable that the outcome of any Urbplan litigation, disputes or other potential claims will materially affect the Partnership or these consolidated financial statements.

The assets and liabilities recognized in the Partnership’s consolidated balance sheets as of December 31, 2016 related to Urbplan were as follows:



	As of December 31,
	2016
	(Dollars in millions)
Receivables and inventory of a real estate VIE:
Customer and other receivables	$	99.4
Inventory costs in excess of billings and advances	46.0
	$	145.4
Other assets of a real estate VIE:
Restricted investments	$	12.7
Fixed assets, net	0.2
Deferred tax assets	9.1
Other assets	9.5
	$	31.5
Loans payable of a real estate VIE, at fair value (principal amount of $144.4 million as of December 31, 2016)	$	79.4
Other liabilities of a real estate VIE:
Accounts payable	$	14.6
Other liabilities	109.9
	$	124.5

The revenues and expenses recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, related to Urbplan were as follows:



	Year Ended December 31,
	2017			2016				2015
	(Dollars in millions)
Revenue of a real estate VIE:
Land development services	$	104.6		$	69.3			$	80.0
Investment income	4.4			25.8				6.8
	$	109.0		$	95.1			$	86.8

Interest and other expenses of a real estate VIE and loss on deconsolidation:
Costs of products sold and services rendered	$	64.4		$	31.3			$	48.5
Interest expense	18.5			51.4				40.9
Change in fair value of loans payable	(6.6		)	(17.6		)		9.2
Compensation and benefits	2.8			8.5				10.7
G&A and other expenses	58.9			134.0				35.3
Loss on deconsolidation	64.5			—			—	—
	$	202.5		$	207.6			$	144.6

The following is a summary of the significant classifications of revenues and expenses of Urbplan:

Revenue of a real estate VIE – This balance consisted 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 was not recorded until the period in which the land development services contract is completed.

Interest and other expenses of a real estate VIE and loss on deconsolidation – This balance consisted primarily of interest expense on Urbplan’s borrowings, general and administrative expenses, compensation and benefits, costs associated with land development services, and the loss incurred upon the deconsolidation of Urbplan in the third quarter of 2017. Also included in this caption was the change in the Partnership’s estimate of the fair value of Urbplan’s loans payable during the period. Interest expense was recorded on Urbplan’s borrowings at variable rates as defined. Costs related to Urbplan’s land development services activities were capitalized until the services are complete. Costs associated with advertising, marketing and other selling activities were expensed when incurred.

Segment Reporting

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

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.

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.

Global Credit – The Global Credit 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, and interest rate products and their derivatives. We have now completed the exit of our hedge fund investment advisory and commodities investment advisory businesses.

Investment Solutions – The Investment Solutions segment advises global private equity fund of funds programs and related co-investment and secondary activities through AlpInvest. This segment also includes Metropolitan, a global manager of real estate fund of funds and related co-investment and secondary activities, and, through the first quarter of 2016, Diversified Global Asset Management (“DGAM”). The Partnership wound down of the operations of DGAM throughout 2016.

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on direct base compensation expense for each segment. The Partnership includes adjustments to reflect the Partnership’s economic interests in Claren Road (through January 2017) and ESG (through June 2016). Effective January 1, 2016, the Partnership's economic interest in Claren Road increased from 55% to 63% as a result of reallocation of interest from a departing founder. On January 31, 2017, the Partnership transferred all of its economic interests in Claren Road to its founders (see Note 9). The Partnership's earnings from its investment in NGP are presented in the respective operating captions within the Real Assets segment. The net income or loss from Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within investment income in the Real Assets segment until the third quarter of 2017 when Urbplan was deconsolidated from the Partnership's financial results (see Note 15).

Economic Income (“EI”) and its components are key performance measures used by management to make operating decisions and assess the performance of the Partnership’s reportable segments. EI was formerly defined as “Economic Net Income.” There has been no change to the computation of this measure. EI 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 fees, and does not include net income (loss) attributable to non-Carlyle interests in consolidated entities or charges (credits) related to Carlyle corporate actions and non-recurring items. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with equity-based compensation that was issued in the initial public offering in May 2012 or is issued in acquisitions or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, charges associated with earnouts and contingent consideration including gains and losses associated with the estimated fair value of contingent consideration issued in conjunction with acquisitions or strategic investments, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance.

Fee Related Earnings (“FRE”) is a component of EI 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 EI and also adjusts EI to exclude net performance fees, investment income from investments in Carlyle funds, equity-based compensation, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain. As of December 31, 2017, the Partnership updated the definition of FRE to exclude net interest (interest income less interest expense) in our segment results. FRE for all prior periods presented has been recast to reflect the updated definition.

Distributable Earnings (“DE”) is FRE plus realized net performance fees, realized investment income, and net interest, and is used to assess performance and amounts potentially available for distribution. DE is used by management primarily in making resource deployment and compensation decisions across the Partnership’s four reportable segments. Management also uses Distributable Earnings in our budgeting, forecasting, and the overall management of our segments. Management makes operating decisions and assesses the performance of each of the Partnership’s business segments based on financial and operating metrics and data that is presented without the consolidation of any of the Consolidated Funds. Consequently, the key performance measures discussed above and all segment data exclude the assets, liabilities and operating results related to the Consolidated Funds.

The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2017:



	December 31, 2017 and the Year Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	471.0		$	263.6		$	191.5		$	154.9		$	1,081.0
Portfolio advisory fees, net	15.2			0.8			0.7			—			16.7
Transaction fees, net	22.4			4.5			—			—			26.9
Total fund level fee revenues	508.6			268.9			192.2			154.9			1,124.6
Performance fees
Realized	831.5			92.0			75.4			86.4			1,085.3
Unrealized	781.6			268.3			(16.3		)	56.0			1,089.6
Total performance fees	1,613.1			360.3			59.1			142.4			2,174.9
Investment income (loss)
Realized	25.4			(63.2		)	11.9			0.1			(25.8		)
Unrealized	37.0			26.7			5.4			3.9			73.0
Total investment income (loss)	62.4			(36.5		)	17.3			4.0			47.2
Interest income	5.5			3.0			7.1			1.1			16.7
Other income	6.0			2.2			6.8			0.4			15.4
Total revenues	2,195.6			597.9			282.5			302.8			3,378.8
Segment Expenses
Compensation and benefits
Direct base compensation	235.7			77.6			79.2			72.0			464.5
Indirect base compensation	105.0			50.5			25.3			12.7			193.5
Equity-based compensation	60.5			34.9			20.7			7.8			123.9
Performance fee related
Realized	372.9			41.6			35.0			83.2			532.7
Unrealized	362.6			75.3			(7.3		)	33.8			464.4
Total compensation and benefits	1,136.7			279.9			152.9			209.5			1,779.0
General, administrative, and other indirect expenses	119.8			78.5			3.3			32.3			233.9
Depreciation and amortization expense	15.3			7.1			5.1			3.6			31.1
Interest expense	27.9			17.0			14.5			6.1			65.5
Total expenses	1,299.7			382.5			175.8			251.5			2,109.5
Economic Income	$	895.9		$	215.4		$	106.7		$	51.3		$	1,269.3
(-) Net Performance Fees	877.6			243.4			31.4			25.4			1,177.8
(-) Investment Income (Loss)	62.4			(36.5		)	17.3			4.0			47.2
(+) Equity-based Compensation	60.5			34.9			20.7			7.8			123.9
(+) Net Interest	22.4			14.0			7.4			5.0			48.8
(+) Reserve for Litigation and Contingencies	(12.5		)	(5.8		)	(4.1		)	(2.6		)	(25.0		)
(=) Fee Related Earnings	$	26.3		$	51.6		$	82.0		$	32.1		$	192.0
(+) Realized Net Performance Fees	458.6			50.4			40.4			3.2			552.6
(+) Realized Investment Income (Loss)	25.4			(63.2		)	11.9			0.1			(25.8		)
(+) Net Interest	(22.4		)	(14.0		)	(7.4		)	(5.0		)	(48.8		)
(=) Distributable Earnings	$	487.9		$	24.8		$	126.9		$	30.4		$	670.0
Segment assets as of December 31, 2017	$	3,644.6		$	1,946.3		$	881.0		$	1,071.2		$	7,543.1

The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2016:



	December 31, 2016 and the Year Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	498.9		$	251.1		$	195.5		$	140.3		$	1,085.8
Portfolio advisory fees, net	14.5			0.2			1.1			0.8			16.6
Transaction fees, net	31.2			—			—			—			31.2
Total fund level fee revenues	544.6			251.3			196.6			141.1			1,133.6
Performance fees
Realized	1,060.5			53.1			36.6			65.6			1,215.8
Unrealized	(777.5		)	274.0			1.2			38.2			(464.1		)
Total performance fees	283.0			327.1			37.8			103.8			751.7
Investment income (loss)
Realized	60.3			(20.6		)	5.1			0.1			44.9
Unrealized	(11.0		)	1.4			15.3			(0.3		)	5.4
Total investment income (loss)	49.3			(19.2		)	20.4			(0.2		)	50.3
Interest income	3.4			1.7			4.7			0.4			10.2
Other income	6.0			1.6			4.7			0.5			12.8
Total revenues	886.3			562.5			264.2			245.6			1,958.6
Segment Expenses
Compensation and benefits
Direct base compensation	210.8			72.1			87.4			66.8			437.1
Indirect base compensation	78.8			39.1			32.6			13.7			164.2
Equity-based compensation	69.3			26.3			17.6			6.4			119.6
Performance fee related
Realized	472.1			37.6			17.6			63.2			590.5
Unrealized	(342.6		)	81.9			0.6			27.6			(232.5		)
Total compensation and benefits	488.4			257.0			155.8			177.7			1,078.9
General, administrative, and other indirect expenses	131.9			67.1			250.0			34.5			483.5
Depreciation and amortization expense	13.6			5.9			6.2			3.3			29.0
Interest expense	28.2			16.0			11.3			5.8			61.3
Total expenses	662.1			346.0			423.3			221.3			1,652.7
Economic Income (Loss)	$	224.2		$	216.5		$	(159.1	)	$	24.3		$	305.9
(-) Net Performance Fees	153.5			207.6			19.6			13.0			393.7
(-) Investment Income (Loss)	49.3			(19.2		)	20.4			(0.2		)	50.3
(+) Equity-based Compensation	69.3			26.3			17.6			6.4			119.6
(+) Net Interest	24.8			14.3			6.6			5.4			51.1
(=) Fee Related Earnings	$	115.5		$	68.7		$	(174.9	)	$	23.3		$	32.6
(+) Realized Net Performance Fees	588.4			15.5			19.0			2.4			625.3
(+) Realized Investment Income (Loss)	60.3			(20.6		)	5.1			0.1			44.9
(+) Net Interest	(24.8		)	(14.3		)	(6.6		)	(5.4		)	(51.1		)
(=) Distributable Earnings	$	739.4		$	49.3		$	(157.4	)	$	20.4		$	651.7
Segment assets as of December 31, 2016	$	2,435.8		$	1,515.0		$	656.4		$	850.1		$	5,457.3

The following tables present the financial data for the Partnership’s four reportable segments for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	577.4		$	255.9		$	210.7		$	153.9		$	1,197.9
Portfolio advisory fees, net	14.3			0.4			0.7			—			15.4
Transaction fees, net	7.7			2.1			—			—			9.8
Total fund level fee revenues	599.4			258.4			211.4			153.9			1,223.1
Performance fees
Realized	1,209.5			163.2			38.0			24.1			1,434.8
Unrealized	(523.1		)	(42.5		)	(63.1		)	103.6			(525.1		)
Total performance fees	686.4			120.7			(25.1		)	127.7			909.7
Investment income (loss)
Realized	23.3			(93.6		)	5.4			0.1			(64.8		)
Unrealized	(5.2		)	63.1			(15.7		)	0.2			42.4
Total investment income (loss)	18.1			(30.5		)	(10.3		)	0.3			(22.4		)
Interest income	1.5			0.3			2.8			0.2			4.8
Other income	9.8			2.6			3.9			0.9			17.2
Total revenues	1,315.2			351.5			182.7			283.0			2,132.4
Segment Expenses
Compensation and benefits
Direct base compensation	224.2			70.0			101.2			82.3			477.7
Indirect base compensation	91.5			39.3			28.3			13.0			172.1
Equity-based compensation	65.1			25.0			19.0			12.4			121.5
Performance fee related
Realized	540.9			68.5			16.6			20.3			646.3
Unrealized	(221.7		)	26.3			(27.7		)	94.8			(128.3		)
Total compensation and benefits	700.0			229.1			137.4			222.8			1,289.3
General, administrative, and other indirect expenses	172.4			74.6			69.8			46.0			362.8
Depreciation and amortization expense	12.5			4.3			5.0			3.8			25.6
Interest expense	30.8			10.6			10.8			5.9			58.1
Total expenses	915.7			318.6			223.0			278.5			1,735.8
Economic Income (Loss)	$	399.5		$	32.9		$	(40.3	)	$	4.5		$	396.6
(-) Net Performance Fees	367.2			25.9			(14.0		)	12.6			391.7
(-) Investment Income (Loss)	18.1			(30.5		)	(10.3		)	0.3			(22.4		)
(+) Equity-based Compensation	65.1			25.0			19.0			12.4			121.5
(+) Net Interest	29.3			10.3			8.0			5.7			53.3
(+) Reserve for Litigation and Contingencies	26.8			9.2			9.0			5.0			50.0
(=) Fee Related Earnings	$	135.4		$	82.0		$	20.0		$	14.7		$	252.1
(+) Realized Net Performance Fees	668.6			94.7			21.4			3.8			788.5
(+) Realized Investment Income (loss)	23.3			(93.6		)	5.4			0.1			(64.8		)
(+) Net Interest	(29.3		)	(10.3		)	(8.0		)	(5.7		)	(53.3		)
(=) Distributable Earnings	$	798.0		$	72.8		$	38.8		$	12.9		$	922.5

The following tables reconcile the Total Segments to the Partnership’s Total Assets and Income Before Provision for Income Taxes as of and for the years ended December 31, 2017 and 2016:



	December 31, 2017 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	3,378.8	$	177.7	$	119.7		(a)	$	3,676.2
Expenses	$	2,109.5	$	240.4	$	282.4		(b)	$	2,632.3
Other income	$	—	$	123.5	$	(35.1	)	(c)	$	88.4
Economic income	$	1,269.3	$	60.8	$	(197.8	)	(d)	$	1,132.3
Total assets	$	7,543.1	$	4,962.7	$	(225.2	)	(e)	$	12,280.6



	December 31, 2016 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,958.6	$	166.9	$	148.8		(a)	$	2,274.3
Expenses	$	1,652.7	$	153.1	$	436.3		(b)	$	2,242.1
Other income	$	—	$	13.1	$	—		(c)	$	13.1
Economic income	$	305.9	$	26.9	$	(287.5	)	(d)	$	45.3
Total assets	$	5,457.3	$	4,684.7	$	(169.0	)	(e)	$	9,973.0

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Income Taxes for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,132.4	$	975.5	$	(101.7	)	(a)	$	3,006.2
Expenses	$	1,735.8	$	1,258.8	$	473.8		(b)	$	3,468.4
Other income	$	—	$	886.9	$	(22.5	)	(c)	$	864.4
Economic income	$	396.6	$	603.6	$	(598.0	)	(d)	$	402.2

(a)

The Revenues adjustment principally represents fund management and performance fees earned from the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income until Urbplan was deconsolidated during the third quarter of 2017, the inclusion of tax expenses associated with certain performance fees, and adjustments to reflect the Partnership’s ownership interests in Claren Road (through January 2017) and ESG (through June 2016) that were included in Revenues in the Partnership’s segment reporting.

(b)

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of certain tax expenses associated with performance fee compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of investment income until Urbplan was deconsolidated during the third quarter of 2017, changes in the tax receivable agreement liability, charges and credits associated with Carlyle corporate actions and non-recurring items and adjustments to reflect the Partnership’s economic interests in Claren Road (through January 2017) and ESG (through June 2016) as detailed below (Dollars in millions):



	Year Ended December 31,
	2017			2016			2015
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	241.2		$	223.4		$	259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Non-Carlyle economic interests in acquired business	115.7			159.0			160.3
Severance and other adjustments	13.2			10.6			6.7
Elimination of expenses of Consolidated Funds	(42.8		)	(24.6		)	(219.5		)
	$	282.4		$	436.3		$	473.8


(c)	The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total Other Income (Loss).


(d)	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):



	Year Ended December 31,
	2017			2016			2015
Income before provision for income taxes	$	1,132.3		$	45.3		$	402.2
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	241.2			223.4			259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense⁽¹⁾	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Net income attributable to non-controlling interests in Consolidated entities	(72.5		)	(41.0		)	(537.9		)
Severance and other adjustments	13.2			10.3			6.0
Economic Income	$	1,269.3		$	305.9		$	396.6
Net performance fees⁽²⁾	1,177.8			393.7			391.7
Investment income (loss)⁽²⁾	47.2			50.3			(22.4		)
Equity-based compensation	123.9			119.6			121.5
Net Interest	48.8			51.1			53.3
Reserve for litigation and contingencies	(25.0		)	—			50.0
Fee Related Earnings	$	192.0		$	32.6		$	252.1
Realized performance fees, net of related compensation	552.6			625.3			788.5
Realized investment income (loss)⁽²⁾	(25.8		)	44.9			(64.8		)
Net Interest	(48.8		)	(51.1		)	(53.3		)
Distributable Earnings	$	670.0		$	651.7		$	922.5

(1) Included in other non-operating (income) expense for the year ended December 31, 2017 is a $71.5 million adjustment for the revaluation of the tax receivable agreement liability as result of the passage of the Tax Cuts and Jobs Act of 2017.

(2) See reconciliation to most directly comparable U.S. GAAP measure below:



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,097.3	$	(12.0	)	$	1,085.3
Unrealized	996.6		93.0			1,089.6
Total performance fees	2,093.9		81.0			2,174.9
Performance fee related compensation expense
Realized	520.7		12.0			532.7
Unrealized	467.6		(3.2		)	464.4
Total performance fee related compensation expense	988.3		8.8			997.1
Net performance fees
Realized	576.6		(24.0		)	552.6
Unrealized	529.0		96.2			625.2
Total net performance fees	$	1,105.6	$	72.2		$	1,177.8
Investment income (loss)
Realized	$	70.4	$	(96.2	)	$	(25.8	)
Unrealized	161.6		(88.6		)	73.0
Total investment income (loss)	$	232.0	$	(184.8	)	$	47.2



	Year Ended December 31, 2016
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,129.5		$	86.3		$	1,215.8
Unrealized	(377.7		)	(86.4		)	(464.1		)
Total performance fees	751.8			(0.1		)	751.7
Performance fee related compensation expense
Realized	580.5			10.0			590.5
Unrealized	(227.4		)	(5.1		)	(232.5		)
Total performance fee related compensation expense	353.1			4.9			358.0
Net performance fees
Realized	549.0			76.3			625.3
Unrealized	(150.3		)	(81.3		)	(231.6		)
Total net performance fees	$	398.7		$	(5.0	)	$	393.7
Investment income (loss)
Realized	$	112.9		$	(68.0	)	$	44.9
Unrealized	47.6			(42.2		)	5.4
Total investment income (loss)	$	160.5		$	(110.2	)	$	50.3



	Year Ended December 31, 2015
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,441.9		$	(7.1	)	$	1,434.8
Unrealized	(617.0		)	91.9			(525.1		)
Total performance fees	824.9			84.8			909.7
Performance fee related compensation expense
Realized	650.5			(4.2		)	646.3
Unrealized	(139.6		)	11.3			(128.3		)
Total performance fee related compensation expense	510.9			7.1			518.0
Net performance fees
Realized	791.4			(2.9		)	788.5
Unrealized	(477.4		)	80.6			(396.8		)
Total net performance fees	$	314.0		$	77.7		$	391.7
Investment income
Realized	$	32.9		$	(97.7	)	$	(64.8	)
Unrealized	(17.7		)	60.1			42.4
Total investment income	$	15.2		$	(37.6	)	$	(22.4	)

(3)

Adjustments to performance fees and investment income (loss) relate to (i) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (ii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results and (iii) the reclassification of NGP performance fees, which are included in investment income in the U.S. GAAP financial statements, and (iv) the reclassification of certain tax expenses associated with performance fees. Adjustments to investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results, and adjustments to reflect the Partnership’s share of Urbplan’s net losses as investment losses for the segment results until Urbplan was deconsolidated during the third quarter of 2017. Adjustments are also included in these financial statement captions to reflect the Partnership’s economic interest in Claren Road (through January 2017) and ESG (through June 2016).


(e)	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.

Information by Geographic Location

Carlyle primarily transacts business in the United States and a significant amount of its revenues are generated domestically. The Partnership has established investment vehicles whose primary focus is making investments in specified geographical locations. The tables below present consolidated revenues and assets based on the geographical focus of the associated investment vehicle.



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2017
Americas⁽¹⁾	$	2,299.0	62	%	$	5,033.5	41	%
EMEA⁽²⁾	837.6		23	%	6,085.6		50	%
Asia-Pacific⁽³⁾	539.6		15	%	1,161.5		9	%
Total	$	3,676.2	100	%	$	12,280.6	100	%



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2016
Americas⁽¹⁾	$	1,473.5	65	%	$	5,048.7	50	%
EMEA⁽²⁾	615.1		27	%	4,245.1		43	%
Asia-Pacific⁽³⁾	185.7		8	%	679.2		7	%
Total	$	2,274.3	100	%	$	9,973.0	100	%



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2015
Americas⁽¹⁾	$	1,518.7	51	%	$	19,049.3	59	%
EMEA⁽²⁾	1,090.1		36	%	12,369.1		39	%
Asia-Pacific⁽³⁾	397.4		13	%	763.2		2	%
Total	$	3,006.2	100	%	$	32,181.6	100	%


(1)	Relates to investment vehicles whose primary focus is the United States, Mexico or South America.


(2)	Relates to investment vehicles whose primary focus is Europe, the Middle East, and Africa.


(3)	Relates to investment vehicles whose primary focus is Asia, including China, Japan, India and Australia.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Unaudited quarterly information for each of the three months in the years ended December 31, 2017 and 2016 are presented below.



	Three Months Ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
	(Dollars in millions)
Revenues	$	1,120.1	$	908.4	$	639.9	$	1,007.8
Expenses	809.5		705.4		492.6		624.8
Other income	17.1		40.7		18.6		12.0
Income before provision for income taxes	$	327.7	$	243.7	$	165.9	$	395.0
Net income	$	321.9	$	230.5	$	167.2	$	287.8
Net income attributable to The Carlyle Group L.P. common unitholders	$	83.0	$	57.6	$	44.6	$	52.9
Net income attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.97	$	0.65	$	0.47	$	0.53
Diluted	$	0.90	$	0.59	$	0.43	$	0.49
Distributions declared per common unit⁽²⁾	$	0.16	$	0.10	$	0.42	$	0.56



	Three Months Ended
	March 31, 2016			June 30, 2016		September 30, 2016			December 31, 2016
	(Dollars in millions)
Revenues	$	483.1		$	608.0	$	607.3		$	575.9
Expenses	459.4			546.9		661.8			574.0
Other income (loss)	(8.4		)	6.7		4.8			10.0
Income (loss) before provision for income taxes	$	15.3		$	67.8	$	(49.7	)	$	11.9
Net income (loss)	$	7.9		$	43.5	$	(50.7	)	$	14.6
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	8.4		$	6.1	$	0.8		$	(8.9	)
Net income (loss) attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.10		$	0.07	$	0.01		$	(0.11	)
Diluted	$	0.01		$	0.07	$	(0.02	)	$	(0.16	)
Distributions declared per common unit⁽²⁾	$	0.29		$	0.26	$	0.63		$	0.50


(1)	The sum of the quarterly earnings per common unit amounts may not equal the total for the year due to the effects of rounding and dilution.


(2)	Distributions declared reflects the calendar date of the declaration of each distribution.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2018, the Board of Directors of the general partner of the Partnership declared a distribution of $0.33 per common unit to common unitholders of record at the close of business on February 20, 2018, payable on February 27, 2018. In February 2018, the Board of Directors of the general partner of the Partnership declared a distribution for the first quarter of 2018 of $0.367188 per preferred unit to preferred unitholders of record at the close of business on March 1, 2018, payable on March 15, 2018. See Note 14 for more information on the preferred units.

Supplemental Financial Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of December 31, 2017 and 2016 and results of operations for the years ended December 31, 2017, 2016 and 2015. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of December 31, 2017
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,000.1		$	—	$	—		$	1,000.1
Cash and cash equivalents held at Consolidated Funds	—			377.6		—			377.6
Restricted cash	28.7			—		—			28.7
Corporate treasury investments	376.3			—		—			376.3
Accrued performance fees	3,670.6			—		—			3,670.6
Investments	1,844.2			—		(219.9		)	1,624.3
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	262.4			—		(5.3		)	257.1
Due from affiliates and other receivables of Consolidated Funds, net	—			50.8		—			50.8
Fixed assets, net	100.4			—		—			100.4
Deposits and other	54.1			—		—			54.1
Intangible assets, net	35.9			—		—			35.9
Deferred tax assets	170.4			—		—			170.4
Total assets	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6
Liabilities and partners’ capital
Debt obligations	$	1,573.6		$	—	$	—		$	1,573.6
Loans payable of Consolidated Funds	—			4,303.8		—			4,303.8
Accounts payable, accrued expenses and other liabilities	355.1			—		—			355.1
Accrued compensation and benefits	2,222.6			—		—			2,222.6
Due to affiliates	229.9			—		—			229.9
Deferred revenue	82.1			—		—			82.1
Deferred tax liabilities	75.6			—		—			75.6
Other liabilities of Consolidated Funds	—			422.1		—			422.1
Accrued giveback obligations	66.8			—		—			66.8
Total liabilities	4,605.7			4,725.9		—			9,331.6
Series A preferred units	387.5			—		—			387.5
Partners’ capital	701.8			62.8		(62.8		)	701.8
Accumulated other comprehensive income (loss)	(72.2		)	4.1		(4.6		)	(72.7		)
Non-controlling interests in consolidated entities	391.4			13.3		—			404.7
Non-controlling interests in Carlyle Holdings	1,528.9			156.6		(157.8		)	1,527.7
Total partners’ capital	2,937.4			236.8		(225.2		)	2,949.0
Total liabilities and partners’ capital	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6



	As of December 31, 2016
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	670.9		$	—		$	—		$	670.9
Cash and cash equivalents held at Consolidated Funds	—			761.5			—			761.5
Restricted cash	13.1			—			—			13.1
Corporate treasury investments	190.2			—			—			190.2
Accrued performance fees	2,481.1			—			—			2,481.1
Investments	1,272.2			—			(165.2		)	1,107.0
Investments of Consolidated Funds	—			3,893.7			—			3,893.7
Due from affiliates and other receivables, net	231.0			—			(3.8		)	227.2
Due from affiliates and other receivables of Consolidated Funds, net	—			29.5			—			29.5
Receivables and inventory of a real estate VIE	145.4			—			—			145.4
Fixed assets, net	106.1			—			—			106.1
Deposits and other	39.4			—			—			39.4
Other assets of a real estate VIE	31.5			—			—			31.5
Intangible assets, net	42.0			—			—			42.0
Deferred tax assets	234.4			—			—			234.4
Total assets	$	5,457.3		$	4,684.7		$	(169.0	)	$	9,973.0
Liabilities and partners’ capital
Debt obligations	$	1,265.2		$	—		$	—		$	1,265.2
Loans payable of Consolidated Funds	—			3,866.3			—			3,866.3
Loans payable of a real estate VIE at fair value (principal amount of $144.4 million)	79.4			—			—			79.4
Accounts payable, accrued expenses and other liabilities	369.8			—			—			369.8
Accrued compensation and benefits	1,661.8			—			—			1,661.8
Due to affiliates	223.4			0.2			—			223.6
Deferred revenue	54.0			—			—			54.0
Deferred tax liabilities	76.6			—			—			76.6
Other liabilities of Consolidated Funds	—			669.0			(32.0		)	637.0
Other liabilities of a real estate VIE	124.5			—			—			124.5
Accrued giveback obligations	160.8			—			—			160.8
Total liabilities	4,015.5			4,535.5			(32.0		)	8,519.0
Partners’ capital	403.1			36.7			(36.7		)	403.1
Accumulated other comprehensive income (loss)	(94.9		)	(1.5		)	1.2			(95.2		)
Non-controlling interests in consolidated entities	264.3			13.5			—			277.8
Non-controlling interests in Carlyle Holdings	869.3			100.5			(101.5		)	868.3
Total partners’ capital	1,441.8			149.2			(137.0		)	1,454.0
Total liabilities and partners’ capital	$	5,457.3		$	4,684.7		$	(169.0	)	$	9,973.0



	Year Ended December 31, 2017
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,045.4		$	—	$	(18.5	)	$	1,026.9
Performance fees
Realized	1,099.7			—		(2.4		)	1,097.3
Unrealized	996.6			—		—			996.6
Total performance fees	2,096.3			—		(2.4		)	2,093.9
Investment income
Realized	77.5			—		(7.1		)	70.4
Unrealized	166.3			—		(4.7		)	161.6
Total investment income	243.8			—		(11.8		)	232.0
Interest and other income	60.5			—		(23.8		)	36.7
Interest and other income of Consolidated Funds	—			177.7		—			177.7
Revenue of a real estate VIE	109.0			—		—			109.0
Total revenues	3,555.0			177.7		(56.5		)	3,676.2
Expenses
Compensation and benefits
Base compensation	652.7			—		—			652.7
Equity-based compensation	320.3			—		—			320.3
Performance fee related
Realized	520.7			—		—			520.7
Unrealized	467.6			—		—			467.6
Total compensation and benefits	1,961.3			—		—			1,961.3
General, administrative and other expenses	276.8			—		—			276.8
Interest	65.5			—		—			65.5
Interest and other expenses of Consolidated Funds	—			240.4		(42.8		)	197.6
Interest and other expenses of a real estate VIE and loss on deconsolidation	202.5			—		—			202.5
Other non-operating income	(71.4		)	—		—			(71.4		)
Total expenses	2,434.7			240.4		(42.8		)	2,632.3
Other income
Net investment gains of Consolidated Funds	—			123.5		(35.1		)	88.4
Income before provision for income taxes	1,120.3			60.8		(48.8		)	1,132.3
Provision for income taxes	124.9			—		—			124.9
Net income	995.4			60.8		(48.8		)	1,007.4
Net income attributable to non-controlling interests in consolidated entities	60.5			—		12.0			72.5
Net income attributable to Carlyle Holdings	934.9			60.8		(60.8		)	934.9
Net income attributable to non-controlling interests in Carlyle Holdings	690.8			—		—			690.8
Net income attributable to The Carlyle Group L.P.	244.1			60.8		(60.8		)	244.1
Net income attributable to Series A Preferred Unitholders	6.0			—		—			6.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	238.1		$	60.8	$	(60.8	)	$	238.1



	Year Ended December 31, 2016
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,090.3		$	—	$	(14.2	)	$	1,076.1
Performance fees
Realized	1,129.7			—		(0.2		)	1,129.5
Unrealized	(377.7		)	—		—			(377.7		)
Total performance fees	752.0			—		(0.2		)	751.8
Investment income
Realized	115.5			—		(2.6		)	112.9
Unrealized	50.0			—		(2.4		)	47.6
Total investment income	165.5			—		(5.0		)	160.5
Interest and other income	38.9			—		(15.0		)	23.9
Interest and other income of Consolidated Funds	—			166.9		—			166.9
Revenue of a real estate VIE	95.1			—		—			95.1
Total revenues	2,141.8			166.9		(34.4		)	2,274.3
Expenses
Compensation and benefits
Base compensation	647.1			—		—			647.1
Equity-based compensation	334.6			—		—			334.6
Performance fee related
Realized	580.5			—		—			580.5
Unrealized	(227.4		)	—		—			(227.4		)
Total compensation and benefits	1,334.8			—		—			1,334.8
General, administrative and other expenses	521.1			—		—			521.1
Interest	61.3			—		—			61.3
Interest and other expenses of Consolidated Funds	—			153.1		(24.6		)	128.5
Interest and other expenses of a real estate VIE	207.6			—		—			207.6
Other non-operating income	(11.2		)	—		—			(11.2		)
Total expenses	2,113.6			153.1		(24.6		)	2,242.1
Other income
Net investment gains of Consolidated Funds	—			13.1		—			13.1
Income before provision for income taxes	28.2			26.9		(9.8		)	45.3
Provision for income taxes	30.0			—		—			30.0
Net income (loss)	(1.8		)	26.9		(9.8		)	15.3
Net income attributable to non-controlling interests in consolidated entities	23.9			—		17.1			41.0
Net income (loss) attributable to Carlyle Holdings	(25.7		)	26.9		(26.9		)	(25.7		)
Net loss attributable to non-controlling interests in Carlyle Holdings	(32.1		)	—		—			(32.1		)
Net income attributable to The Carlyle Group L.P.	$	6.4		$	26.9	$	(26.9	)	$	6.4



	Year Ended December 31, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,239.1		$	—	$	(153.9	)	$	1,085.2
Performance fees
Realized	1,460.3			—		(18.4		)	1,441.9
Unrealized	(602.0		)	—		(15.0		)	(617.0		)
Total performance fees	858.3			—		(33.4		)	824.9
Investment income (loss)
Realized	(35.4		)	—		68.3			32.9
Unrealized	23.3			—		(41.0		)	(17.7		)
Total investment income (loss)	(12.1		)	—		27.3			15.2
Interest and other income	22.9			—		(4.3		)	18.6
Interest and other income of Consolidated Funds	—			975.5		—			975.5
Revenue of a real estate VIE	86.8			—		—			86.8
Total revenues	2,195.0			975.5		(164.3		)	3,006.2
Expenses
Compensation and benefits
Base compensation	632.2			—		—			632.2
Equity-based compensation	378.0			—		—			378.0
Performance fee related
Realized	650.5			—		—			650.5
Unrealized	(139.6		)	—		—			(139.6		)
Total compensation and benefits	1,521.1			—		—			1,521.1
General, administrative and other expenses	712.8			—		—			712.8
Interest	58.0			—		—			58.0
Interest and other expenses of Consolidated Funds	—			1,258.8		(219.5		)	1,039.3
Interest and other expenses of a real estate VIE	144.6			—		—			144.6
Other non-operating income	(7.4		)	—		—			(7.4		)
Total expenses	2,429.1			1,258.8		(219.5		)	3,468.4
Other income
Net investment gains of Consolidated Funds	—			886.9		(22.5		)	864.4
Income (loss) before provision for income taxes	(234.1		)	603.6		32.7			402.2
Provision for income taxes	2.1			—		—			2.1
Net income (loss)	(236.2		)	603.6		32.7			400.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(98.4		)	—		636.3			537.9
Net income (loss) attributable to Carlyle Holdings	(137.8		)	603.6		(603.6		)	(137.8		)
Net loss attributable to non-controlling interests in Carlyle Holdings	(119.4		)	—		—			(119.4		)
Net income (loss) attributable to The Carlyle Group L.P.	$	(18.4	)	$	603.6	$	(603.6	)	$	(18.4	)



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	995.4		$	(1.8	)	$	(236.2	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization, and impairment	41.3			72.0			322.8
Equity-based compensation	320.3			334.6			378.0
Excess tax benefits related to equity-based compensation	—			—			(4.0		)
Non-cash performance fees, net	(626.8		)	199.6			437.4
Other non-cash amounts	(79.8		)	(55.8		)	12.7
Investment (income) loss	(222.8		)	(159.5		)	26.7
Purchases of investments	(938.6		)	(458.3		)	(174.5		)
Proceeds from the sale of investments	477.6			325.1			349.6
Payments of contingent consideration	(22.6		)	(82.6		)	(17.8		)
Change in deferred taxes, net	93.4			(4.4		)	(31.4		)
Change in due from affiliates and other receivables	(1.1		)	(12.4		)	(1.4		)
Change in receivables and inventory of a real estate VIE	(14.5		)	29.0			(57.5		)
Change in deposits and other	(2.0		)	6.1			(9.0		)
Change in other assets of a real estate VIE	1.6			41.2			(17.4		)
Deconsolidation of Claren Road (see Note 9)	(23.3		)	—			—
Deconsolidation of Urbplan (see Note 15)	14.0			—			—
Deconsolidation of ESG	—			(34.5		)	—
Change in accounts payable, accrued expenses and other liabilities	50.5			66.6			(20.3		)
Change in accrued compensation and benefits	(13.7		)	6.5			(35.3		)
Change in due to affiliates	35.7			(19.3		)	21.0
Change in other liabilities of a real estate VIE	47.9			34.3			101.6
Change in deferred revenue	24.4			18.9			(50.0		)
Net cash provided by operating activities	156.9			305.3			995.0
Cash flows from investing activities
Change in restricted cash	(15.5		)	5.3			40.8
Purchases of fixed assets, net	(34.0		)	(25.4		)	(62.3		)
Net cash used in investing activities	(49.5		)	(20.1		)	(21.5		)
Cash flows from financing activities
Borrowings under credit facility	250.0			—			—
Repayments under credit facility	(250.0		)	—			—
Proceeds from debt obligations	265.6			20.6			—
Payments on debt obligations	(21.7		)	(9.0		)	—
Net payments on loans payable of a real estate VIE	(14.3		)	(34.5		)	(65.3		)
Payments of contingent consideration	(0.6		)	(3.3		)	(8.1		)
Net proceeds from issuance of common units, net of offering costs	—			—			209.9
Proceeds from issuance of preferred units	387.5			—			—
Excess tax benefits related to equity-based compensation	—			—			4.0
Distributions to common unitholders	(118.1		)	(140.9		)	(251.0		)
Distributions to preferred unitholders	(6.0		)	—			—
Distributions to non-controlling interest holders in Carlyle Holdings	(295.6		)	(422.6		)	(848.5		)
Contributions from non-controlling interest holders	119.2			113.0			168.5
Distributions to non-controlling interest holders	(100.8		)	(104.2		)	(110.8		)
Acquisition of non-controlling interests in Carlyle Holdings	—			—			(209.9		)
Units repurchased	(0.2		)	(58.9		)	—
Change in due to/from affiliates financing activities	(26.4		)	53.6			(62.7		)
Net cash provided by (used in) financing activities	188.6			(586.2		)	(1,173.9		)
Effect of foreign exchange rate changes	33.2			(19.6		)	(50.1		)
Increase (decrease) in cash and cash equivalents	329.2			(320.6		)	(250.5		)
Cash and cash equivalents, beginning of period	670.9			991.5			1,242.0
Cash and cash equivalents, end of period	$	1,000.1		$	670.9		$	991.5

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	All of the investments held and notes issued by the Consolidated Funds are presented at their estimated fair values in the Partnership’s consolidated balance sheets. Interest and other income of the Consolidated Funds as well as interest expense and other expenses of the Consolidated Funds are included in the Partnership’s consolidated statements of operations. Prior to January 1, 2016, the excess of the CLO assets over the CLO liabilities upon consolidation was reflected in the Partnership’s consolidated balance sheets as partners’ capital appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs was included in net income (loss) attributable to non-controlling interests in consolidated entities in the consolidated statements of operations and partners’ capital appropriated for Consolidated Funds in the consolidated balance sheets. On January 1, 2016, the Partnership adopted 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. The Partnership's consolidated CLOs are consolidated collateralized financing entities for which the Partnership has measured financial assets and financial liabilities at fair value. 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 either the financial assets or financial liabilities, whichever is more observable. In adopting this guidance on January 1, 2016, the Partnership applied the modified retrospective method by recording a cumulative effect adjustment to appropriated partners' capital of $2.0 million as of January 1, 2016. As a result of applying this adoption method, prior periods have not been impacted. The adoption of this guidance did not have an impact on net income attributable to Carlyle Holdings or to net income attributable to the Partnership. Principles of Consolidation The Partnership consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”). On January 1, 2016, the Partnership adopted ASU 2015-2, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides a revised consolidation model for all reporting entities to use in evaluating whether to consolidate certain types of legal entities. As a result, the Partnership deconsolidated the majority of the Partnership's Consolidated Funds on January 1, 2016. Upon adoption, the Partnership deconsolidated approximately $23.2 billion in assets and approximately $16.1 billion in liabilities, and, using the modified retrospective method, recorded a $4.3 billion cumulative effect adjustment to partners' capital and $2.8 billion to redeemable non-controlling interests in consolidated entities. The adoption of the new consolidation guidance had no impact on net income (loss) attributable to Carlyle Holdings or to net income (loss) attributable to the Partnership. Prior period results were not restated upon adoption. The Partnership evaluates (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the Partnership's involvement would make it the primary beneficiary. In evaluating whether the Partnership holds a variable interest, fees (including management fees and performance fees) that are customary and commensurate with the level of services provided, and where the Partnership does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. The Partnership considers all economic interests, including indirect interests, to determine if a fee is considered a variable interest. For the funds the Partnership deconsolidated on January 1, 2016, the Partnership's fee arrangements were not considered to be variable interests. For those entities where the Partnership holds a variable interest, the Partnership determines whether each of these entities qualifies as a VIE and, if so, whether or not the Partnership is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties' equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. For entities that are determined to be VIEs, the Partnership consolidates those entities where it has concluded it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance 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. 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. As of December 31, 2017, assets and liabilities of the consolidated VIEs reflected in the consolidated balance sheets were $5.0 billion and $4.8 billion, respectively. Except to the extent of the consolidated assets of the VIEs, the holders of the consolidated VIEs’ liabilities generally do not have recourse to the Partnership. Substantially all of our Consolidated Funds are CLOs, which are VIEs that issue loans payable that 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 (primarily because of a retained interest that is significant to the CLO), those management fees have been eliminated as intercompany transactions. As of December 31, 2017, the Partnership held $220.6 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. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, the Partnership consolidates those entities it controls through a majority voting interest. All significant inter-entity transactions and balances of entities consolidated have been eliminated.
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 investments in certain CLOs and strategic investment in NGP Management Company, L.L.C. (“NGP Management” and, together with its affiliates, “NGP”). Refer to Note 5 for information on the strategic investment in NGP. 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 its variable interests in these unconsolidated entities.
Basis of Accounting	Basis of Accounting The accompanying financial statements are prepared in accordance with U.S. GAAP. Management has determined that the Partnership’s Funds are investment companies under U.S. GAAP for the purposes of financial reporting. U.S. GAAP for an investment company requires investments to be recorded at estimated fair value and the unrealized gains and/or losses in an investment’s fair value are recognized on a current basis in the statements of operations. Additionally, the Funds do not consolidate their majority-owned and controlled investments (the “Portfolio Companies”). In the preparation of these consolidated financial statements, the Partnership has retained the specialized accounting for the Funds.
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.
Revenue Recognition	The Partnership is also entitled to receive performance fees pursuant to management contracts from certain of its Global Credit funds when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fees are recognized when the performance benchmark has been achieved, and are included in performance fees in the accompanying consolidated statements of operations. Investment Income (Loss) Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership’s equity method investments and other principal investments, including CLOs. 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, as it relates to its investment in NGP (see Note 5). 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. For debt securities representing non-investment grade beneficial interests in securitizations, the effective yield is determined based on the estimated cash flows of the security. Changes in the effective yield of these securities due to changes in estimated cash flows are recognized on a prospective basis as adjustments to interest income in future periods. Interest income earned by the Partnership is included in interest and other income in the accompanying consolidated statements of operations. Fund management fees exclude the reimbursement of any partnership expenses paid by the Partnership on behalf of the Carlyle funds pursuant to the limited partnership agreements, including amounts related to the pursuit of actual, proposed, or unconsummated investments, professional fees, expenses associated with the acquisition, holding and disposition of investments, and other fund administrative expenses. Performance Fees Performance fees consist principally of the performance-based capital allocation from fund limited partners to the Partnership (commonly known as "carried interest"). For closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, the Partnership is generally entitled to a 20% allocation (or 10% to 20% on certain longer-dated carry funds, certain credit funds, and external co-investment vehicles, or approximately 2% to 10% for most of the recent Investment Solutions carry fund vehicles) of the net realized income or gain as a carried interest after returning the invested capital, the allocation of preferred returns of generally 7% to 9% (or 4% to 7% for certain longer-dated carry funds) and return of certain fund costs (generally subject to catch-up provisions as set forth in the fund limited partnership agreement). Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in each respective partnership agreement. The Partnership recognizes revenues attributable to performance fees based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized as performance fees reflects the Partnership’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material. Carried interest is ultimately realized when: (i) an underlying investment is profitably disposed of, (ii) certain costs borne by the limited partner investors have been reimbursed, (iii) the fund’s cumulative returns are in excess of the preferred return and (iv) the Partnership has decided to collect carry rather than return additional capital to limited partner investors. Realized carried interest may be required to be returned by the Partnership in future periods if the funds’ investment values decline below certain levels. When the fair value of a fund’s investments remains constant or falls below certain return hurdles, previously recognized performance fees are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance fees can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments at their then current fair values, previously recognized and distributed carried interest would be required to be returned, a liability is established for the potential giveback obligation. 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 closed-end carry funds in the Corporate Private Equity, Real Assets and Global Credit segments, management fees generally range from 1.0% to 2.0% of commitments during the fund's investment period based on limited partners' capital commitments to the funds. Following the expiration or termination of the investment period, management fees generally are based on the lower of cost or fair value of invested capital and the rate charged may also be reduced to between 0.6% and 2.0%. For certain separately managed accounts and longer-dated carry funds, with expected terms greater than ten years, management fees generally range from 0.2% to 1.0% based on contributions for unrealized investments or the current value of the investment. The Partnership will receive management fees 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 longer-dated carry funds, management fees are called quarterly over the life of the funds. Within the Global Credit segment, for CLOs and other structured products, management fees generally range from 0.3% to 0.6% based 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 and other structured products 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. Management fees for the business development companies are due quarterly in arrears at annual rates that range from 0.25% to 1.5% of gross assets, excluding cash and cash equivalents. Management fees for the Partnership's private equity and real estate carry fund vehicles in the Investment Solutions segment generally range from 0.25% 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 0.25% to 1.0% on (i) the lower of cost or fair value of the capital invested, (ii) the net asset value for unrealized investments, or (iii) the contributions for unrealized investments; however, certain separately managed accounts earn management fees at all times on contributions for unrealized investments or on the initial commitment amount. Management fees for the Investment Solutions carry fund vehicles 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.
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. The compensation expense for awards that do not require future service is recognized immediately. 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, except to the extent they are recognized as part of our equity method earnings because they are issued to employees of our equity method investees. The grant-date fair value of equity-based awards granted to Carlyle’s non-employee directors is expensed on a straight-line basis over the vesting period. The cost of services received in exchange for an equity-based award issued to non-employees who are not directors is measured at each vesting date, and is not measured based on the grant-date fair value of the award unless the award is vested at the grant date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period 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. On January 1, 2017, the Partnership adopted ASU 2016-9, Compensation - Stock Compensation (Topic 718). In accordance with ASU 2016-9, the Partnership elected to recognize equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Partnership is required to recognize prospectively all excess tax benefits and deficiencies as income tax benefit or expense in the statement of operations. 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 a reversal of performance fee revenue, the related compensation expense, if any, is also reversed.
Income Taxes	Income Taxes Certain of the wholly-owned subsidiaries of the Partnership and the Carlyle Holdings partnerships are subject to federal, state, local and foreign corporate income taxes at the entity level and the related tax provision attributable to the Partnership’s share of this income is reflected in the consolidated financial statements. Based on applicable federal, foreign, state and local tax laws, the Partnership records a provision for income taxes for certain entities. Tax positions taken by the Partnership are subject to periodic audit by U.S. federal, state, local and foreign taxing authorities. The Partnership accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities 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. For instance, in December 2017, new corporate federal income tax rates were enacted, which impacted the Partnership's deferred tax assets and liabilities. See Note 11 for more information on the newly enacted corporate federal income tax rates. Further, deferred tax assets are recognized for the expected realization of available net operating loss and tax credit carry forwards. A valuation allowance is recorded on the Partnership’s gross deferred tax assets when it is more likely than not that such asset will not be realized. When evaluating the realizability of the Partnership’s deferred tax assets, all evidence, both positive and negative is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies, and expectations of future earnings. Under U.S. GAAP for income taxes, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained upon examination. The Partnership analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, the Partnership determines that uncertainties in tax positions exist, a liability is established, which is included in accounts payable, accrued expenses and other liabilities in the consolidated financial statements. The Partnership recognizes accrued interest and penalties related to unrecognized tax positions in the provision for income taxes. If recognized, the entire amount of unrecognized tax positions would be recorded as a reduction in the provision for income taxes.
Tax Receivable Agreement	Tax Receivable Agreement Exchanges of Carlyle Holdings partnership units for the Partnership’s common units that are executed by the limited partners of the Carlyle Holdings partnerships result in transfers of and increases in the tax basis of the tangible and intangible assets of Carlyle Holdings, primarily attributable to a portion of the goodwill inherent in the business. These transfers and increases in tax basis will increase (for tax purposes) depreciation and amortization and therefore reduce the amount of tax that certain of the Partnership’s subsidiaries, including Carlyle Holdings I GP Inc., which are referred to as the “corporate taxpayers,” would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Partnership has entered into a tax receivable agreement with the limited partners of the Carlyle Holdings partnerships whereby the corporate taxpayers have agreed to pay to the limited partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or foreign or franchise tax that the corporate taxpayers realize as a result of these increases in tax basis and, in limited cases, transfers or prior increases in tax basis. The corporate taxpayers expect to benefit from the remaining 15% of cash tax savings, if any, in income tax they realize. Payments under the tax receivable agreement will be based on the tax reporting positions that the Partnership will determine. The corporate taxpayers will not be reimbursed for any payments previously made under the tax receivable agreement if a tax basis increase is successfully challenged by the Internal Revenue Service. The Partnership records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange. To the extent that the Partnership estimates that the corporate taxpayers will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, its expectation of future earnings, the Partnership will reduce the deferred tax asset with a valuation allowance and will assess the probability that the related liability owed under the tax receivable agreement will be paid. The Partnership records 85% of the estimated realizable tax benefit (which is the recorded deferred tax asset less any recorded valuation allowance) as an increase to the liability due under the tax receivable agreement, which is included in due to affiliates in the accompanying consolidated financial statements. The remaining 15% of the estimated realizable tax benefit is initially recorded as an increase to the Partnership’s partners’ capital. All of the effects to the deferred tax asset of changes in any of the Partnership’s estimates after the tax year of the exchange will be reflected in the provision for income taxes. Similarly, the effect of subsequent changes in the enacted tax rates will be reflected in the provision for income taxes.
Non-controlling Interests	Non-controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third-party investors. These interests are adjusted for general partner allocations and by subscriptions and redemptions in hedge funds which occur during the reporting period. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Transaction costs incurred in connection with such changes in ownership of a subsidiary are recorded as a direct charge to partners’ capital. Non-controlling interests in Carlyle Holdings relate to the ownership interests of the other limited partners of the Carlyle Holdings partnerships. The Partnership, through wholly-owned subsidiaries, is the sole general partner of Carlyle Holdings. Accordingly, the Partnership consolidates Carlyle Holdings into its consolidated financial statements, and the other ownership interests in Carlyle Holdings are reflected as non-controlling interests in the Partnership’s consolidated financial statements. Any change to the Partnership’s ownership interest in Carlyle Holdings while it retains the controlling financial interest in Carlyle Holdings is accounted for as a transaction within partners’ capital as a reallocation of ownership interests in Carlyle Holdings.
Earnings Per Common Unit	Earnings Per Common Unit The Partnership computes earnings per common unit in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common unit is calculated by dividing net income (loss) attributable to the common units of the Partnership by the weighted-average number of common units outstanding for the period. Diluted earnings per common unit reflects the assumed conversion of all dilutive securities. Net income (loss) attributable to the common units excludes net income (loss) and dividends attributable to any participating securities under the two-class method of ASC 260.
Investments/Corporate Treasury Investments	Investments Investments include (i) the Partnership’s ownership interests (typically general partner interests) in the Funds, (ii) strategic investments made by the Partnership (both of which are accounted for as equity method investments), (iii) the investments held by the Consolidated Funds (which are presented at fair value in the Partnership’s consolidated financial statements), and (iv) certain credit-oriented investments, including investments in the CLOs (which are accounted for as trading securities). 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 investments held by 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. Corporate Treasury Investments Corporate treasury investments represent investments in U.S. Treasury and government agency obligations, commercial paper, certificates of deposit, other investment grade securities and other investments with original maturities of greater than three months when purchased. These investments are accounted for as trading securities in which changes in the fair value of each investment are recorded through investment income (loss). Any interest earned on debt investments is recorded through interest and other income.
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 primarily represents cash held by the Partnership's foreign subsidiaries due to certain government regulatory capital requirements as well as certain amounts held on behalf of Carlyle funds.
Derivative Instruments	Derivative Instruments The Partnership uses derivative instruments primarily to reduce its exposure to changes in foreign currency exchange rates. Derivative instruments are recognized at fair value in the consolidated balance sheets with changes in fair value recognized in the consolidated statements of operations for all derivatives not designated as hedging instruments.
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. 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.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The Partnership’s accumulated other comprehensive income (loss) is comprised of foreign currency translation adjustments and gains and losses on defined benefit plans sponsored by AlpInvest.
Foreign Currency Translation	Foreign Currency Translation Non-U.S. dollar denominated assets and liabilities are translated at period-end rates of exchange, and the consolidated statements of operations are translated at rates of exchange in effect throughout the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12, among other things, permits hedge accounting for risk components in hedging relationships to now involve nonfinancial risk components and requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedge item is reported. The guidance is effective for the Partnership on January 1, 2019 and requires cash flow hedges and net investment hedges existing at the date of adoption to apply a cumulative effect adjustment to eliminate the measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of partners’ capital as of the beginning of the fiscal year that an entity adopts the guidance. The amended presentation and disclosure guidance is required only prospectively. Early adoption is permitted. While the Partnership is still assessing the guidance in ASU 2017-12, it does not expect the impact of this guidance to be material. In January 2017, the FASB issued ASU 2017-1, Business Combinations (Topic 805) - Clarifying the Definition of a Business. ASU 2017-01 changes the criteria for determining whether a group of assets acquired is a business. Specifically, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired would not be considered a business. The guidance is effective for the Partnership on January 1, 2018 and is required to be applied prospectively, however, early adoption is permitted. This guidance will impact the Partnership's analysis of the accounting for any future acquisitions occurring after the date of adoption. In January 2017, the FASB issued ASU 2017-4, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies an entity’s annual goodwill test for impairment by eliminating the requirement to calculate the implied fair value of goodwill, and instead an entity should compare the fair value of a reporting unit with its carrying amount. The impairment charge will then be the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity would still have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The guidance is effective for the Partnership on January 1, 2020 and requires the guidance to be applied using a prospective transition method. Early adoption is permitted. The Partnership does not expect the impact of this guidance to be material. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 clarifies the presentation of restricted cash in the statement of cash flows by requiring the amounts described as restricted cash be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. If cash and cash equivalents and restricted cash are presented separately on the statement of financial position, a reconciliation of these separate line items to the total cash amount included in the statement of cash flows will be required either in the footnotes or on the face of the statement of cash flows. The guidance is effective for the Partnership on January 1, 2018 and ASU 2016-18 requires the guidance to be applied using a retrospective transition method. Early adoption is permitted; however, the Partnership will reflect this change in presentation of restricted cash in its first quarter 2018 consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the classification of several discrete cash flow issues, including the treatment of cash distributions from equity method investments. The guidance is effective for the Partnership on January 1, 2018 and ASU 2016-15 requires the guidance to be applied using a retrospective transition method. Early adoption is permitted, provided that all of the amendments for all of the topics are adopted in the same period. The Partnership does not expect the impact of this guidance to its consolidated statements of cash flows to be material. In June 2016, the FASB issued ASU 2016-13, Accounting for Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Currently, GAAP requires an "incurred loss" methodology that delays recognition until it is probable a loss has been incurred. Under the new standard, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. This provision of the guidance requires a modified retrospective transition method and will result in a cumulative-effect adjustment in retained earnings upon adoption. This guidance is effective for the Partnership on January 1, 2020 and early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance. In March 2016, the FASB issued ASU 2016-9, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-9 changes certain aspects of accounting for share-based payments to employees. ASU 2016-9 requires the income tax effects of awards to be recognized through the income statement when the awards vest or are settled. Previously, an entity was required to determine for each award whether the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes resulted in either an excess tax benefit or a tax deficiency. Excess tax benefits were recognized in partners’ capital, while tax deficiencies were recognized as an offset to accumulated excess tax benefits or in the income statement. Under ASU 2016-9, all excess tax benefits and tax deficiencies are required to be recognized as income tax benefit or expense in the income statement. This provision of the guidance is required to be applied prospectively. Additionally, ASU 2016-9 allows an employer to withhold employee shares upon vest up to maximum statutory tax rates without causing an award to be classified as a liability. This provision of the guidance requires a modified retrospective transition method. Finally, the previous equity-based compensation guidance required cost to be measured based on the number of awards that are expected to vest. Under ASU 2016-9, an accounting policy election can be made to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This guidance was effective for the Partnership on January 1, 2017. The Partnership adopted this guidance on that date by recording an adjustment for the cumulative effect of adoption in partners' capital on January 1, 2017. The impact of the adjustment was not material to total partners' capital. In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842). ASU 2016-2 requires lessees to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. The lease liability will be measured at the present value of lease payments and the right-of-use asset will be based on the lease liability value, subject to adjustments. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. This guidance is effective for the Partnership on January 1, 2019 and ASU 2016-2 requires the guidance to be applied using a modified retrospective method. Early adoption is permitted. The Partnership is currently assessing the potential impact of this guidance, however, the Partnership's total assets and total liabilities on its consolidated balance sheet will increase upon adoption of this guidance. The FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”) in May 2014 and subsequently issued several amendments to the standard. ASU 2014-9, and related amendments, provide 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, and the related amendments, is effective for the Partnership beginning on January 1, 2018, and the Partnership adopted this guidance on that date. Upon adoption of ASU 2014-9, performance fees that represent a performance-based capital allocation from fund limited partners to the Partnership (commonly known as “carried interest”, which comprised over 90% of the Partnership's performance fee revenues for each of the years ended December 31, 2017, 2016 and 2015) will be accounted for as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore will not be in the scope of ASU 2014-9. In accordance with ASC 323, the Partnership will record equity method income (losses) as a component of investment income based on the change in our proportionate claim on net assets of the investment fund, including performance-based capital allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund's governing agreements. The Partnership will apply this change in accounting on a full retrospective basis. This change in accounting will result in a reclassification from performance fee revenues to investment income (losses). The Partnership is currently in the process of implementing ASU 2014-9 and its related amendments. The Partnership does not expect significant changes to our historical pattern of recognizing revenue for management fees and performance fees (both for arrangements within the scope of ASC 323 and arrangements within the scope of ASU 2014-9). Additionally, while the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the Partnership expects that the customer will generally be the investment fund for our significant management and advisory contracts. Also, certain costs incurred on behalf of Carlyle funds, primarily travel and entertainment costs, that were previously presented net in our consolidated statements of operations will be presented gross beginning January 1, 2018. Finally, the Partnership will apply the modified retrospective method for adopting ASU 2014-9 and its related amendments.
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. 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. 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.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of assets recognized and Partnership's maximum exposure to loss

The assets recognized in the Partnership’s consolidated balance sheets related to the Partnership’s variable interests in these non-consolidated VIEs and the Partnership’s maximum exposure to loss relating to unconsolidated VIEs were as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Investments	$	975.3	$	664.2
Due from affiliates, net	0.1		1.8
Maximum Exposure to Loss	$	975.4	$	666.0

Components of accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) as of December 31, 2017 and 2016 were as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Currency translation adjustments	$	(68.8	)	$	(91.7	)
Unrealized losses on defined benefit plans	(3.9		)	(3.5		)
Total	$	(72.7	)	$	(95.2	)

- 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.

+ References + Details

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2017:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	7.9	$	7.9
Bonds	—		—		413.4		413.4
Loans	—		—		4,112.7		4,112.7
Other	—		—		0.3		0.3
	—		—		4,534.3		4,534.3
Investments in CLOs and other	—		—		405.4		405.4
Corporate treasury investments
Bonds	—		194.1		—		194.1
Commercial paper and other	—		182.2		—		182.2
	—		376.3		—		376.3
Foreign currency forward contracts	—		0.4		—		0.4
Total	$	—	$	376.7	$	4,939.7	$	5,316.4
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,303.8	$	4,303.8
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.2		—		1.2
Total	$	—	$	1.2	$	4,304.8	$	4,306.0


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

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, 2016:



(Dollars in millions)	Level I		Level II		Level III		Total
Assets
Investments of Consolidated Funds:
Equity securities	$	—	$	—	$	10.3	$	10.3
Bonds	—		—		396.4		396.4
Loans	—		—		3,485.6		3,485.6
Other	—		—		1.4		1.4
	—		—		3,893.7		3,893.7
Investments in CLOs and other	—		—		152.6		152.6
Corporate treasury investments
Bonds	—		91.3		—		91.3
Commercial paper and other	—		98.9		—		98.9
	—		190.2		—		190.2
Foreign currency forward contracts	—		2.5		—		2.5
Total	$	—	$	192.7	$	4,046.3	$	4,239.0
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	3,866.3	$	3,866.3
Contingent consideration	—		—		1.5		1.5
Loans payable of a real estate VIE	—		—		79.4		79.4
Foreign currency forward contracts	—		10.0		—		10.0
Total	$	—	$	10.0	$	3,947.2	$	3,957.2


(1)	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.

Financial Instruments Measured at Fair Value

The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):



	Financial Assets Year Ended December 31, 2017
	Investments of Consolidated Funds												Investments in CLOs and other			Total
	Equity securities			Bonds			Loans			Other			Investments in CLOs and other			Total
Balance, beginning of period	$	10.3		$	396.4		$	3,485.6		$	1.4		$	152.6		$	4,046.3
Purchases	0.1			280.6			2,594.3			—			255.8			3,130.8
Sales and distributions	(27.0		)	(310.9		)	(1,223.9		)	(3.0		)	(28.2		)	(1,593.0		)
Settlements	—			—			(1,084.1		)	—			—			(1,084.1		)
Realized and unrealized gains (losses), net
Included in earnings	23.5			(7.5		)	16.6			1.7			12.2			46.5
Included in other comprehensive income	1.0			54.8			324.2			0.2			13.0			393.2
Balance, end of period	$	7.9		$	413.4		$	4,112.7		$	0.3		$	405.4		$	4,939.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	6.7		$	(5.0	)	$	18.5		$	—		$	11.3		$	31.5



	Financial Assets Year Ended December 31, 2016
	Investments of Consolidated Funds															Investments in CLOs and other			Restricted securities of Consolidated Funds			Total
	Equity securities			Bonds			Loans			Partnership and LLC interests⁽²⁾			Other			Investments in CLOs and other			Restricted securities of Consolidated Funds			Total
Balance, beginning of period	$	575.3		$	1,180.9		$	15,686.7		$	59.6		$	5.0		$	1.4		$	8.7		$	17,517.6
Deconsolidation of funds⁽¹⁾	(562.1		)	(890.7		)	(13,506.9		)	(74.3		)	(5.0		)	123.8			(8.7		)	(14,923.9		)
Purchases	12.2			268.8			2,446.7			12.4			—			25.9			—			2,766.0
Sales and distributions	(5.1		)	(152.0		)	(356.7		)	—			—			(7.8		)	—			(521.6		)
Settlements	—			—			(771.1		)	—			—			—			—			(771.1		)
Realized and unrealized gains (losses), net
Included in earnings	(9.7		)	4.3			52.7			2.3			1.5			29.1			—			80.2
Included in other comprehensive	(0.3		)	(14.9		)	(65.8		)	—			(0.1		)	(19.8		)	—			(100.9		)
Balance, end of period	$	10.3		$	396.4		$	3,485.6		$	—		$	1.4		$	152.6		$	—		$	4,046.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	(9.5	)	$	2.8		$	41.2		$	—		$	1.5		$	29.1		$	—		$	65.1


(1)	As a result of the adoption of ASU 2015-2 and the deconsolidation of certain CLOs on January 1, 2016, $123.8 million of investments that the Partnership held in those CLOs were no longer eliminated in consolidation and were included in investments in CLOs and other for the year ended December 31, 2016.


(2)	As a result of the retrospective adoption of ASU 2015-7, the beginning balance of Partnership and LLC interests that are measured at fair value using the NAV per share practical expedient have been revised to reflect their exclusion from the fair value hierarchy.

Transfer Out of Level III of Financial Liabilities



	Financial Liabilities Year Ended December 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration			Loans Payable of a real estate VIE			Total
Balance, beginning of period	$	3,866.3		$	1.5		$	79.4		$	3,947.2
Borrowings	2,314.3			—			—			2,314.3
Paydowns	(2,167.1		)	(0.7		)	(14.3		)	(2,182.1		)
Deconsolidation of a real estate VIE	—			—			(72.6		)	(72.6		)
Realized and unrealized (gains) losses, net
Included in earnings	(61.5		)	0.1			3.3			(58.1		)
Included in other comprehensive income	351.8			0.1			4.2			356.1
Balance, end of period	$	4,303.8		$	1.0		$	—		$	4,304.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(57.0	)	$	0.1		$	—		$	(56.9	)



	Financial Liabilities Year Ended December 31, 2016
	Loans Payable of Consolidated Funds			Derivative Instruments of Consolidated Funds			Contingent Consideration			Loans Payable of a consolidated real estate VIE			Total
Balance, beginning of period	$	17,046.7		$	29.1		$	20.8		$	75.4		$	17,172.0
Initial consolidation/deconsolidation of funds	(13,742.6		)	(29.0		)	—			—			(13,771.6		)
Borrowings	1,336.7			—			—			—			1,336.7
Paydowns	(742.5		)	—			(10.3		)	(34.5		)	(787.3		)
Sales	—			(1.7		)	—			—			(1.7		)
Realized and unrealized (gains) losses, net
Included in earnings	40.4			1.6			(9.0		)	19.8			52.8
Included in other comprehensive income	(72.4		)	—			—			18.7			(53.7		)
Balance, end of period	$	3,866.3		$	—		$	1.5		$	79.4		$	3,947.2
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	37.6		$	—		$	(0.1	)	$	19.8		$	57.3

Quantitative Information about Partnership's Level III Inputs

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2017:



	Fair Value at				Range (Weighted Average)
(Dollars in millions)	December 31, 2017		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	5.7	Discounted Cash Flow	Discount Rates	10% - 10% (10%)

	2.2		Consensus Pricing	Indicative Quotes ($ per share)	0 - 33 (30)

Bonds	413.4		Consensus Pricing	Indicative Quotes (% of Par)	44 - 107 (98)
Loans	4,112.7		Consensus Pricing	Indicative Quotes (% of Par)	64 - 103 (100)
Other	0.3		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	9 - 9 (9)
	4,534.3
Investments in CLOs and other
Senior secured notes	357.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 9% (3%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	98 - 104 (101)
Subordinated notes and preferred shares	48.2		Discounted Cash Flow with Consensus Pricing	Discount Rate	8% - 11% (9%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	63 - 97 (81)
Total	$	4,939.7
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,100.5	Other	N/A	N/A
Subordinated notes and preferred shares	26.9		Other	N/A	N/A
	176.4		Discounted Cash Flow with Consensus Pricing	Discount Rates	8% - 11% (10%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 70% (60%)
				Indicative Quotes (% of Par)	79 - 93 (86)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,304.8

The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2016:



(Dollars in millions)	Fair Value at December 31, 2016		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Equity securities	$	9.6	Discounted Cash Flow	Discount Rates	9% - 10% (9%)
				Exit Cap Rate	7% - 9% (7%)
	0.7		Consensus Pricing	Indicative Quotes ($ per share)	10 - 10 (10)

Bonds	396.4		Consensus Pricing	Indicative Quotes (% of Par)	74 - 108 (99)
Loans	3,485.6		Consensus Pricing	Indicative Quotes (% of Par)	31 - 102 (99)
Other	1.4		Counterparty Pricing	Indicative Quotes (% of Notional Amount)	6 - 8 (7)
	3,893.7
Senior secured notes	115.9		Discounted Cash Flow with Consensus Pricing	Discount Rate	1% - 11% (2%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 74% (71%)
				Indicative Quotes (% of Par)	82 - 102 (99)
Subordinated notes and preferred shares	35.4		Discounted Cash Flow with Consensus Pricing	Discount Rate	9% - 14% (12%)
				Default Rates	1% - 10% (2%)
				Recovery Rates	50% - 74% (64%)
				Indicative Quotes (% of Par)	2 - 101 (96)
Other	1.3		Comparable Multiple	LTM EBITDA Multiple	5.7x - 5.7x (5.7x)
Total	$	4,046.3
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes⁽¹⁾	3,672.5		Other	N/A	N/A
Subordinated notes and preferred shares⁽¹⁾	26.9		Other	N/A	N/A
	166.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	9% - 14% (12%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	50% - 74% (66%)
				Indicative Quotes (% of Par)	7 - 90 (68)
Loans payable of a real estate VIE	79.4		Discounted Cash Flow	Discount to Expected Payment	10% - 55% (37%)
				Discount Rate	20% - 30% (23%)
Contingent consideration	1.5		Other	N/A	N/A
Total	$	3,947.2


(1)	Beginning on January 1, 2016, CLO loan payables held by third party beneficial interest holders are measured on the basis of fair value of the financial assets of the CLOs and the beneficial interests held by the Partnership.

Accrued Performance Fees (Tables)

12 Months Ended

Dec. 31, 2017

Deferred Costs [Abstract]

Components of accrued performance fees

The components of accrued performance fees are as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Corporate Private Equity	$	2,272.4	$	1,375.4
Real Assets	657.5		483.4
Global Credit	56.1		68.6
Investment Solutions	684.6		553.7
Total	$	3,670.6	$	2,481.1

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Corporate Private Equity	$	(8.7	)	$	(3.9	)
Real Assets	(58.1		)	(156.9		)
Total	$	(66.8	)	$	(160.8	)

Performance fees included in revenues

The performance fees included in revenues are derived from the following segments:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Corporate Private Equity	$	1,629.6	$	289.6	$	698.2
Global Credit	56.6		37.4		(41.0		)
Real Assets	265.2		321.1		49.3
Investment Solutions	142.5		103.7		118.4
Total	$	2,093.9	$	751.8	$	824.9

Investments (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments

Investments consist of the following:



	As of December 31,
	2017		2016
	(Dollars in millions)
Equity method investments, excluding accrued performance fees	$	1,218.4	$	950.9
Investments in CLOs and other	405.9		156.1
Total investments	$	1,624.3	$	1,107.0

Schedule of net investment earnings (loss)

The net investment earnings (loss) recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Management fees	$	80.5		$	80.7		$	53.9
Performance fees	98.4			44.7			(18.5		)
Investment income (loss)	12.1			9.4			(3.3		)
Expenses	(54.0		)	(16.0		)	(15.3		)
Amortization of basis differences	(8.5		)	(55.2		)	(56.6		)
Net investment income (loss)	$	128.5		$	63.6		$	(39.8	)

Schedule of equity method investments

Investments are related to the following segments:



	As of December 31,
	2017		2016
	(Dollars in millions)
Corporate Private Equity	$	369.5	$	282.4
Real Assets	775.1		622.8
Global Credit	23.0		20.1
Investment Solutions	50.8		25.6
Total	$	1,218.4	$	950.9

Partnership's equity method investees, summarized statement of income information

The summarized financial information of the Partnership’s equity method investees from the date of initial investment is as follows (Dollars in millions):



	Corporate Private Equity								Real Assets								Global Credit									Investment Solutions									Aggregate Totals
	For the Year Ended December 31,								For the Year Ended December 31,								For the Year Ended December 31,									For the Year Ended December 31,									For the Year Ended December 31,
	2017		2016			2015			2017			2016		2015			2017			2016			2015			2017			2016			2015			2017			2016			2015
Statement of operations information
Investment income	$	630.8	$	532.2		$	380.7		$	230.4		$	679.5	$	441.2		$	267.7		$	167.4		$	193.6		$	78.6		$	107.2		$	118.6		$	1,207.5		$	1,486.3		$	1,134.1
Expenses	553.3		597.1			613.8			572.4			544.3		604.4			118.8			95.1			45.7			665.5			493.0			436.5			1,910.0			1,729.5			1,700.4
Net investment income (loss)	77.5		(64.9		)	(233.1		)	(342.0		)	135.2		(163.2		)	148.9			72.3			147.9			(586.9		)	(385.8		)	(317.9		)	(702.5		)	(243.2		)	(566.3		)
Net realized and unrealized gain (loss)	9,587.4		2,906.8			4,831.6			2,605.6			2,184.2		(3,047.6		)	(51.5		)	(504.6		)	(323.1		)	2,676.3			2,360.2			2,511.1			14,817.8			6,946.6			3,972.0
Net income (loss)	$	9,664.9	$	2,841.9		$	4,598.5		$	2,263.6		$	2,319.4	$	(3,210.8	)	$	97.4		$	(432.3	)	$	(175.2	)	$	2,089.4		$	1,974.4		$	2,193.2		$	14,115.3		$	6,703.4		$	3,405.7

Partnership's equity method investees, summarized balance sheet information



	Corporate Private Equity				Real Assets				Global Credit				Investment Solutions				Aggregate Totals
	As of December 31,				As of December 31,				As of December 31,				As of December 31,				As of December 31,
	2017		2016		2017		2016		2017		2016		2017		2016		2017		2016
Balance sheet information
Investments	$	42,129.8	$	31,427.7	$	24,352.0	$	21,460.2	$	3,873.5	$	2,240.8	$	16,155.4	$	13,312.6	$	86,510.7	$	68,441.3
Total assets	$	44,987.0	$	33,605.0	$	25,894.9	$	22,666.0	$	4,050.0	$	2,502.5	$	16,402.5	$	13,476.3	$	91,334.4	$	72,249.8
Debt	$	2,141.8	$	416.2	$	2,633.0	$	1,552.9	$	508.1	$	170.4	$	135.0	$	96.8	$	5,417.9	$	2,236.3
Other liabilities	$	693.2	$	607.2	$	239.6	$	384.1	$	128.7	$	94.3	$	379.5	$	304.1	$	1,441.0	$	1,389.7
Total liabilities	$	2,835.0	$	1,023.4	$	2,872.6	$	1,937.0	$	636.8	$	264.7	$	514.5	$	400.9	$	6,858.9	$	3,626.0
Partners’ capital	$	42,152.0	$	32,581.6	$	23,022.3	$	20,729.0	$	3,413.2	$	2,237.8	$	15,888.0	$	13,075.4	$	84,475.5	$	68,623.8

Components of investment income (loss)

The components of investment income (loss) are as follows:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Income from equity investments	$	226.4	$	150.6	$	10.4
Income (loss) from investments in CLOs and other investments	5.6		9.6		(1.7		)
Other investment income	—		0.3		6.5
Total	$	232.0	$	160.5	$	15.2

Schedule of income (loss) from equity-method investments

Carlyle’s income (loss) from its equity-method investments is included in investment income (loss) in the consolidated statements of operations and consists of:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Corporate Private Equity	$	64.8	$	51.8		$	28.9
Real Assets	151.7		101.2			(18.6		)
Global Credit	1.7		(3.8		)	(0.9		)
Investment Solutions	8.2		1.4			1.0
Total	$	226.4	$	150.6		$	10.4

Investments held by Consolidated Funds

The table below presents investments as a percentage of investments of Consolidated Funds:



	Fair Value				Percentage of Investments of Consolidated Funds
	Fair Value				Percentage of Investments of Consolidated Funds
Geographic Region/Instrument Type/ Industry	December 31,				December 31,
Description or Investment Strategy	2017		2016		2017		2016
	(Dollars in millions)
United States
Assets of the CLOs:
Bonds	$	36.6	$	12.5	0.81	%	0.32	%
Equity	2.2		0.7		0.05	%	0.02	%
Loans	1,644.4		1,941.7		36.27	%	49.87	%
Total assets of the CLOs (cost of $1,661.1 and $1,958.6 at December 31, 2017 and 2016, respectively)	1,683.2		1,954.9		37.13	%	50.21	%
Total United States	$	1,683.2	$	1,954.9	37.13	%	50.21	%



Europe
Equity securities:
Other	5.7		$	9.6	0.13	%	0.25	%
Total equity securities (cost of $28.1 and $97.0 at December 31, 2017 and 2016, respectively)	5.7		9.6		0.13	%	0.25	%
Assets of the CLOs:
Bonds	368.5		377.7		8.13	%	9.70	%
Loans	2,369.9		1,403.9		52.26	%	36.06	%
Other	0.3		1.4		—	%	0.03	%
Total assets of the CLOs (cost of $2,745.1 and $1,777.0 at December 31, 2017 and 2016, respectively)	2,738.7		1,783.0		60.39	%	45.79	%
Total Europe	$	2,744.4	$	1,792.6	60.52	%	46.04	%
Global
Assets of the CLOs:
Bonds	$	8.3	$	6.2	0.18	%	0.16	%
Loans	98.4		140.0		2.17	%	3.59	%
Total assets of the CLOs (cost of $107.7 and $147.9 at December 31, 2017 and 2016, respectively)	106.7		146.2		2.35	%	3.75	%
Total Global	$	106.7	$	146.2	2.35	%	3.75	%
Total investments of Consolidated Funds (cost of $4,542.0 and $3,980.5 at December 31, 2017 and 2016, respectively)	$	4,534.3	$	3,893.7	100.00	%	100.00	%

Interest and other income

The components of interest and other income of Consolidated Funds are as follows:



	Year Ended December 31,
	2017		2016		2015
	(Dollars in millions)
Interest income from investments	$	167.3	$	140.4	$	873.1
Other income	10.4		26.5		102.4
Total	$	177.7	$	166.9	$	975.5

Net investment gains losses

The components of net investment gains (losses) of Consolidated Funds are as follows:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Gains from investments of Consolidated Funds	$	27.0	$	51.7		$	426.2
Gains (losses) from liabilities of CLOs	61.4		(40.5		)	436.5
Gains on other assets of CLOs	—		1.9			1.7
Total	$	88.4	$	13.1		$	864.4

Realized and unrealized gains earned from investments

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Realized gains (losses)	$	(54.0	)	$	(33.4	)	$	1,114.7
Net change in unrealized gains (losses)	81.0			85.1			(688.5		)
Total	$	27.0		$	51.7		$	426.2

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying amount of intangible assets

The following table summarizes the carrying amount of intangible assets as of December 31, 2017 and 2016:



	As of December 31,
	2017			2016
	(Dollars in millions)
Acquired contractual rights⁽¹⁾	$	81.4		$	74.1
Acquired trademarks⁽¹⁾	1.2			1.0
Accumulated amortization	(57.8		)	(43.2		)
Finite-lived intangible assets, net	24.8			31.9
Goodwill⁽¹⁾	11.1			10.1
Intangible assets, net	$	35.9		$	42.0

(1) Changes in the carrying amounts of acquired contractual rights, acquired trademarks, and goodwill are due to foreign currency translation.

Summary of estimated amortization expense, excluding impairment losses

The following table summarizes the expected amortization expense for 2018 through 2022 and thereafter (Dollars in millions):




2018	$	9.8
2019	6.0
2020	6.0
2021	3.0
	$	24.8

Borrowings (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Partnership's Borrowings

The Partnership’s debt obligations consist of the following (Dollars in millions):



	As of December 31,
	2017				2016
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.8	$	25.0	$	24.7
CLO Term Loans (See below)	294.5		294.5		33.8		33.8
3.875% Senior Notes Due 2/01/2023	500.0		497.6		500.0		497.2
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
Promissory Note Due 1/01/2022	108.8		108.8		108.8		108.8
Promissory Notes Due 7/15/2019	47.2		47.2		—		—
Total debt obligations	$	1,575.5	$	1,573.6	$	1,267.6	$	1,265.2

The Partnership's outstanding CLO term loans consist of the following (Dollars in millions):



Formation Date	Borrowing Outstanding December 31, 2017			Borrowing Outstanding December 31, 2016			Maturity Date (1)	Interest Rate as of December 31, 2017
October 3, 2013	$	—	(2)	$	13.2	(2)	September 28, 2018	NA	(3)
June 7, 2016	20.6			20.6			July 15, 2027	3.16%	(4)
February 28, 2017	74.3			—			September 21, 2029	2.33%	(5)
April 19, 2017	22.8			—			April 22, 2031	3.29%	(6) (15)
June 28, 2017	23.1			—			July 22, 2031	3.29%	(7) (15)
July 20, 2017	24.4			—			April 21, 2027	2.90%	(8) (15)
August 2, 2017	22.8			—			July 23, 2029	3.17%	(9) (15)
August 2, 2017	20.9			—			August 3, 2022	1.75%	(10)
August 14, 2017	22.6			—			August 15, 2030	3.26%	(11) (15)
November 30, 2017	22.7			—			January 16, 2030	3.12%	(12) (15)
December 6, 2017	19.1			—			October 16, 2030	3.01%	(13) (15)
December 7, 2017	21.2			—			January 19, 2029	2.73%	(14) (15)
	$	294.5		$	33.8

(1) Maturity date is earlier of date indicated or the date that the CLO is dissolved.

(2) Original borrowing of €12.6 million.

(3) Note paid off in 2017.

(4) Incurs interest at the weighted average rate of the underlying senior notes.


(5)	Original borrowing of €61.8 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(6)	Incurs interest at LIBOR plus 1.932%.


(7)	Incurs interest at LIBOR plus 1.923%.


(8)	Incurs interest at LIBOR plus 1.536%.


(9)	Incurs interest at LIBOR plus 1.808%.


(10)	Original borrowing of €17.4 million; incurs interest at LIBOR plus 1.75% and has full recourse to the Partnership.


(11)	Incurs interest at LIBOR plus 1.848%.


(12)	Incurs interest at LIBOR plus 1.7312%.


(13)	Incurs interest at LIBOR plus 1.647%.


(14)	Incurs interest at LIBOR plus 1.365%.


(15)	Term loan issued under master credit agreement.

Schedule of debt table for consolidated funds

As of December 31, 2017 and 2016, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2017
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,128.3	$	4,100.5	2.16	%		11.44
Subordinated notes, preferred shares, and other	195.2		203.3		N/A		(a)	9.85
Total	$	4,323.5	$	4,303.8



	As of December 31, 2016
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	3,681.0	$	3,672.5	2.45	%		10.22
Subordinated notes, preferred shares, and other	195.6		193.8		N/A		(a)	9.26
Total	$	3,876.6	$	3,866.3


(a)	The subordinated notes and preferred shares do not have contractual interest rates, but instead receive distributions from the excess cash flows of the CLOs.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Unfunded commitments

The Partnership and its unconsolidated affiliates have unfunded commitments to entities within the following segments as of December 31, 2017 (Dollars in millions):



	Unfunded
	Commitments
Corporate Private Equity	$	2,354.2
Real Assets	812.0
Global Credit	526.0
Investment Solutions	146.5
Total	$	3,838.7

Future minimum commitments for leases

The future minimum commitments for the leases are as follows (Dollars in millions):




2018	$	47.9
2019	48.9
2020	48.4
2021	44.1
2022	41.0
Thereafter	295.7
	$	526.0

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Amounts due from affiliates and other receivables

The Partnership had the following due from affiliates and other receivables at December 31, 2017 and 2016:



	As of December 31,
	2017		2016
	(Dollars in millions)
Unbilled receivable for giveback obligations from current and former employees	$	5.1	$	5.6
Notes receivable and accrued interest from affiliates	22.8		37.6
Other receivables from unconsolidated funds and affiliates, net	229.2		184.0
Total	$	257.1	$	227.2

Amounts due to affiliates

The Partnership had the following due to affiliates balances at December 31, 2017 and 2016:



	As of December 31,
	2017		2016
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$	—	$	0.2
Due to non-consolidated affiliates	75.7		29.7
Performance-based contingent cash consideration related to acquisitions	37.5		36.1
Amounts owed under the tax receivable agreement	94.0		137.8
Other	22.7		19.8
Total	$	229.9	$	223.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consists of the following:



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Current
Federal income tax	$	(6.2	)	$	0.4		$	0.7
State and local income tax	(0.2		)	(0.4		)	4.9
Foreign income tax	38.8			34.9			27.4
Subtotal	32.4			34.9			33.0
Deferred
Federal income tax	106.2			(9.8		)	(36.7		)
State and local income tax	(2.7		)	(1.3		)	(2.6		)
Foreign income tax	(11.0		)	6.2			8.4
Subtotal	92.5			(4.9		)	(30.9		)
Total provision for income taxes	$	124.9		$	30.0		$	2.1

Summary of tax effects of temporary differences

A summary of the tax effects of the temporary differences is as follows:



	As of December 31,
	2017			2016
	(Dollars in millions)
Deferred tax assets
Federal foreign tax credit	$	11.9		$	12.8
Federal net operating loss carry forward	22.8			12.1
State net operating loss carry forwards	11.8			4.3
Tax basis goodwill and intangibles	98.2			149.8
Depreciation and amortization	16.6			25.3
Deferred restricted common unit compensation	9.4			12.1
Accrued compensation	31.0			25.0
Basis difference in investments	24.4			34.0
Other	24.3			25.5
Deferred tax assets before valuation allowance	250.4			300.9
Valuation allowance	(27.3		)	(21.8		)
Total deferred tax assets	$	223.1		$	279.1
Deferred tax liabilities ⁽¹⁾
Intangible assets	$	4.8		$	5.5
Unrealized appreciation on investments	121.0			111.0
Other	2.5			4.8
Total deferred tax liabilities	$	128.3		$	121.3
Net deferred tax assets (liabilities)	$	94.8		$	157.8


(1)	As of December 31, 2017 and 2016, $52.7 million and $44.7 million, respectively, of deferred tax liabilities were offset and presented as a single deferred tax asset amount on the Partnership’s balance sheet as these deferred tax assets and liabilities relate to the same jurisdiction.

Reconciliation of provision for income taxes to U.S Federal statutory tax rate

The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:



	Year Ended December 31,
	2017		2016		2015
Statutory U.S. federal income tax rate	35.00	%	35.00	%	35.00	%
Income passed through to common unitholders and non-controlling interest holders⁽¹⁾	(31.55	)%	(40.00	)%	(40.64	)%
Reduction in U.S. corporate tax rate	7.77	%	—	%	—	%
Unvested Carlyle Holdings partnership units and other compensation	1.45	%	36.74	%	1.87	%
Foreign income taxes	0.12	%	28.75	%	1.61	%
State and local income taxes	(0.19	)%	(6.70	)%	4.13	%
Valuation allowance impacting provision for income taxes	0.07	%	16.84	%	(3.88	)%
Other adjustments	(1.64	)%	(4.40	)%	2.43	%
Effective income tax rate⁽²⁾	11.03	%	66.23	%	0.52	%


(1)	The Partnership is organized as a series of pass through entities pursuant to the United States Internal Revenue Code. As such, the Partnership is not responsible for the tax liability due on certain income earned during the year. Such income is taxed at the unitholder and non-controlling interest holder level, and any income tax is the responsibility of the unitholders and is paid at that level.


(2)	The effective income tax rate is calculated on income before provision for income taxes. The effective tax rate is impacted by a variety of factors, including, but not limited to, changes in the sources of income or loss during the period and whether such income or loss is attributable to the Partnership's taxable subsidiaries.

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows:



	As of December 31,
	2017			2016			2015
	(Dollars in millions)
Balance at January 1	$	13.0		$	13.1		$	13.8
Additions for tax positions of prior years	1.6			1.3			(0.7		)
Reductions due to lapse of statute of limitations	(5.7		)	(1.4		)	—
Balance at December 31	$	8.9		$	13.0		$	13.1

Non-controlling Interests in Consolidated Entities (Tables)

12 Months Ended

Dec. 31, 2017

Noncontrolling Interest [Abstract]

Components of Partnership's non-controlling interests in consolidated entities

The components of the Partnership’s non-controlling interests in consolidated entities are as follows:



	As of December 31,
	2017		2016
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	13.3	$	13.5
Non-Carlyle interests in majority-owned subsidiaries	386.5		331.7
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	4.9		(67.4		)
Non-controlling interests in consolidated entities	$	404.7	$	277.8

Components of Partnership's non-controlling interests in income (loss) of consolidated entities

The components of the Partnership’s non-controlling interests in income of consolidated entities are as follows:



	Year Ended December 31,
	2017		2016			2015
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	12.0	$	17.1		$	876.6
Non-Carlyle interests in majority-owned subsidiaries	41.3		(8.6		)	(20.6		)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	19.2		32.3			(78.3		)
Net income attributable to other non-controlling interests in consolidated entities	72.5		40.8			777.7
Net loss attributable to partners’ capital appropriated for CLOs	—		—			(54.4		)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	—		0.2			(185.4		)
Non-controlling interests in income of consolidated entities	$	72.5	$	41.0		$	537.9

Earnings Per Common Unit (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Basic and Diluted Net Income Per Common Unit

Basic and diluted net income (loss) per common unit are calculated as follows:



	Year Ended December 31, 2017				Year Ended December 31, 2016					Year Ended December 31, 2015
	Basic		Diluted		Basic		Diluted			Basic			Diluted
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	238,100,000	$	238,100,000	$	6,400,000	$	6,400,000		$	(18,400,000	)	$	(18,400,000	)
Dilution of earnings due to participating securities with distribution rights	—		—		—		—			167,000			(1,743,000		)
Incremental net income (loss) from assumed exchange of Carlyle Holdings partnership units	—		—		—		(32,100,000		)	—			(69,300,000		)
Net income (loss) attributable to common units	$	238,100,000	$	238,100,000	$	6,400,000	$	(25,700,000	)	$	(18,233,000	)	$	(89,443,000	)
Weighted-average common units outstanding	92,136,959		100,082,548		82,714,178		308,522,990			74,523,935			298,739,382
Net income (loss) per common unit	$	2.58	$	2.38	$	0.08	$	(0.08	)	$	(0.24	)	$	(0.30	)

Weighted-Average Common Units Outstanding, Basic and Diluted

The weighted-average common units outstanding, basic and diluted, are calculated as follows:



	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	92,136,959	92,136,959	82,714,178	82,714,178	74,523,935	74,523,935
Unvested deferred restricted common units	—	7,347,645	—	3,331,282	—	—
Contingently issuable Carlyle Holdings partnership units and common units	—	597,944	—	—	—	—
Weighted-average vested Carlyle Holdings partnership units	—	—	—	222,183,911	—	216,943,053
Unvested Carlyle Holdings partnership units	—	—	—	293,619	—	7,272,394
Weighted-average common units outstanding	92,136,959	100,082,548	82,714,178	308,522,990	74,523,935	298,739,382

Equity and Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Status of Non-Vested Equity-Based Awards

A summary of the status of the Partnership’s non-vested equity-based awards as of December 31, 2017 and a summary of changes from December 31, 2014 through December 31, 2017, are presented below:



	Carlyle Holdings			The Carlyle Group, L.P.
				Equity Settled Awards						Cash Settled Awards
Unvested Units	Partnership Units	Weighted- Average Grant Date Fair Value		Deferred Restricted Common Units	Weighted- Average Grant Date Fair Value		Unvested Common Units	Weighted- Average Grant Date Fair Value		Phantom Units	Weighted- Average Grant Date Fair Value
Balance, December 31, 2014	35,997,415	$	22.16	18,929,270	$	26.12	809,797	$	27.19	104,070	$	23.40
Granted	—	$	—	6,770,420	$	22.39	—	$	—	—	$	—
Vested	8,733,826	$	22.11	5,452,961	$	26.91	31,132	$	21.53	93,109	$	22.52
Forfeited	444,477	$	22.00	1,826,295	$	24.98	11,674	$	27.99	4,220	$	24.80
Balance, December 31, 2015	26,819,112	$	22.18	18,420,434	$	24.62	766,991	$	27.41	6,741	$	34.58
Granted	—	$	—	6,730,159	$	11.30	—	$	—	—	$	—
Vested	8,830,325	$	22.11	7,007,857	$	25.14	728,080	$	27.71	3,480	$	34.45
Forfeited	748,787	$	22.00	1,436,816	$	22.91	—	$	—	741	$	34.39
Balance, December 31, 2016	17,240,000	$	22.22	16,705,920	$	19.21	38,911	$	21.67	2,520	$	34.81
Granted	—	$	—	8,260,455	$	14.17	—	$	—	—	$	—
Vested	8,707,671	$	22.40	8,864,747	$	19.63	31,129	$	21.53	2,520	$	34.81
Forfeited	437,314	$	22.00	582,037	$	19.62	—	$	—	—	$	—
Balance, December 31, 2017	8,095,015	$	22.03	15,519,591	$	16.25	7,782	$	22.22	—	$	—

Deconsolidation of a Real Estate Development Company (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan

The assets and liabilities recognized in the Partnership’s consolidated balance sheets as of December 31, 2016 related to Urbplan were as follows:



	As of December 31,
	2016
	(Dollars in millions)
Receivables and inventory of a real estate VIE:
Customer and other receivables	$	99.4
Inventory costs in excess of billings and advances	46.0
	$	145.4
Other assets of a real estate VIE:
Restricted investments	$	12.7
Fixed assets, net	0.2
Deferred tax assets	9.1
Other assets	9.5
	$	31.5
Loans payable of a real estate VIE, at fair value (principal amount of $144.4 million as of December 31, 2016)	$	79.4
Other liabilities of a real estate VIE:
Accounts payable	$	14.6
Other liabilities	109.9
	$	124.5

Revenues, Expenses and Net Losses Recognized in the Partnership's Consolidated Statement of Operations Related to Urbplan

The revenues and expenses recognized in the Partnership’s consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, related to Urbplan were as follows:



	Year Ended December 31,
	2017			2016				2015
	(Dollars in millions)
Revenue of a real estate VIE:
Land development services	$	104.6		$	69.3			$	80.0
Investment income	4.4			25.8				6.8
	$	109.0		$	95.1			$	86.8

Interest and other expenses of a real estate VIE and loss on deconsolidation:
Costs of products sold and services rendered	$	64.4		$	31.3			$	48.5
Interest expense	18.5			51.4				40.9
Change in fair value of loans payable	(6.6		)	(17.6		)		9.2
Compensation and benefits	2.8			8.5				10.7
G&A and other expenses	58.9			134.0				35.3
Loss on deconsolidation	64.5			—			—	—
	$	202.5		$	207.6			$	144.6

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Reportable Segments Financial Data

The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2017:



	December 31, 2017 and the Year Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	471.0		$	263.6		$	191.5		$	154.9		$	1,081.0
Portfolio advisory fees, net	15.2			0.8			0.7			—			16.7
Transaction fees, net	22.4			4.5			—			—			26.9
Total fund level fee revenues	508.6			268.9			192.2			154.9			1,124.6
Performance fees
Realized	831.5			92.0			75.4			86.4			1,085.3
Unrealized	781.6			268.3			(16.3		)	56.0			1,089.6
Total performance fees	1,613.1			360.3			59.1			142.4			2,174.9
Investment income (loss)
Realized	25.4			(63.2		)	11.9			0.1			(25.8		)
Unrealized	37.0			26.7			5.4			3.9			73.0
Total investment income (loss)	62.4			(36.5		)	17.3			4.0			47.2
Interest income	5.5			3.0			7.1			1.1			16.7
Other income	6.0			2.2			6.8			0.4			15.4
Total revenues	2,195.6			597.9			282.5			302.8			3,378.8
Segment Expenses
Compensation and benefits
Direct base compensation	235.7			77.6			79.2			72.0			464.5
Indirect base compensation	105.0			50.5			25.3			12.7			193.5
Equity-based compensation	60.5			34.9			20.7			7.8			123.9
Performance fee related
Realized	372.9			41.6			35.0			83.2			532.7
Unrealized	362.6			75.3			(7.3		)	33.8			464.4
Total compensation and benefits	1,136.7			279.9			152.9			209.5			1,779.0
General, administrative, and other indirect expenses	119.8			78.5			3.3			32.3			233.9
Depreciation and amortization expense	15.3			7.1			5.1			3.6			31.1
Interest expense	27.9			17.0			14.5			6.1			65.5
Total expenses	1,299.7			382.5			175.8			251.5			2,109.5
Economic Income	$	895.9		$	215.4		$	106.7		$	51.3		$	1,269.3
(-) Net Performance Fees	877.6			243.4			31.4			25.4			1,177.8
(-) Investment Income (Loss)	62.4			(36.5		)	17.3			4.0			47.2
(+) Equity-based Compensation	60.5			34.9			20.7			7.8			123.9
(+) Net Interest	22.4			14.0			7.4			5.0			48.8
(+) Reserve for Litigation and Contingencies	(12.5		)	(5.8		)	(4.1		)	(2.6		)	(25.0		)
(=) Fee Related Earnings	$	26.3		$	51.6		$	82.0		$	32.1		$	192.0
(+) Realized Net Performance Fees	458.6			50.4			40.4			3.2			552.6
(+) Realized Investment Income (Loss)	25.4			(63.2		)	11.9			0.1			(25.8		)
(+) Net Interest	(22.4		)	(14.0		)	(7.4		)	(5.0		)	(48.8		)
(=) Distributable Earnings	$	487.9		$	24.8		$	126.9		$	30.4		$	670.0
Segment assets as of December 31, 2017	$	3,644.6		$	1,946.3		$	881.0		$	1,071.2		$	7,543.1

The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2016:



	December 31, 2016 and the Year Then Ended
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	498.9		$	251.1		$	195.5		$	140.3		$	1,085.8
Portfolio advisory fees, net	14.5			0.2			1.1			0.8			16.6
Transaction fees, net	31.2			—			—			—			31.2
Total fund level fee revenues	544.6			251.3			196.6			141.1			1,133.6
Performance fees
Realized	1,060.5			53.1			36.6			65.6			1,215.8
Unrealized	(777.5		)	274.0			1.2			38.2			(464.1		)
Total performance fees	283.0			327.1			37.8			103.8			751.7
Investment income (loss)
Realized	60.3			(20.6		)	5.1			0.1			44.9
Unrealized	(11.0		)	1.4			15.3			(0.3		)	5.4
Total investment income (loss)	49.3			(19.2		)	20.4			(0.2		)	50.3
Interest income	3.4			1.7			4.7			0.4			10.2
Other income	6.0			1.6			4.7			0.5			12.8
Total revenues	886.3			562.5			264.2			245.6			1,958.6
Segment Expenses
Compensation and benefits
Direct base compensation	210.8			72.1			87.4			66.8			437.1
Indirect base compensation	78.8			39.1			32.6			13.7			164.2
Equity-based compensation	69.3			26.3			17.6			6.4			119.6
Performance fee related
Realized	472.1			37.6			17.6			63.2			590.5
Unrealized	(342.6		)	81.9			0.6			27.6			(232.5		)
Total compensation and benefits	488.4			257.0			155.8			177.7			1,078.9
General, administrative, and other indirect expenses	131.9			67.1			250.0			34.5			483.5
Depreciation and amortization expense	13.6			5.9			6.2			3.3			29.0
Interest expense	28.2			16.0			11.3			5.8			61.3
Total expenses	662.1			346.0			423.3			221.3			1,652.7
Economic Income (Loss)	$	224.2		$	216.5		$	(159.1	)	$	24.3		$	305.9
(-) Net Performance Fees	153.5			207.6			19.6			13.0			393.7
(-) Investment Income (Loss)	49.3			(19.2		)	20.4			(0.2		)	50.3
(+) Equity-based Compensation	69.3			26.3			17.6			6.4			119.6
(+) Net Interest	24.8			14.3			6.6			5.4			51.1
(=) Fee Related Earnings	$	115.5		$	68.7		$	(174.9	)	$	23.3		$	32.6
(+) Realized Net Performance Fees	588.4			15.5			19.0			2.4			625.3
(+) Realized Investment Income (Loss)	60.3			(20.6		)	5.1			0.1			44.9
(+) Net Interest	(24.8		)	(14.3		)	(6.6		)	(5.4		)	(51.1		)
(=) Distributable Earnings	$	739.4		$	49.3		$	(157.4	)	$	20.4		$	651.7
Segment assets as of December 31, 2016	$	2,435.8		$	1,515.0		$	656.4		$	850.1		$	5,457.3

The following tables present the financial data for the Partnership’s four reportable segments for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Corporate Private Equity			Real Assets			Global Credit			Investment Solutions			Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	577.4		$	255.9		$	210.7		$	153.9		$	1,197.9
Portfolio advisory fees, net	14.3			0.4			0.7			—			15.4
Transaction fees, net	7.7			2.1			—			—			9.8
Total fund level fee revenues	599.4			258.4			211.4			153.9			1,223.1
Performance fees
Realized	1,209.5			163.2			38.0			24.1			1,434.8
Unrealized	(523.1		)	(42.5		)	(63.1		)	103.6			(525.1		)
Total performance fees	686.4			120.7			(25.1		)	127.7			909.7
Investment income (loss)
Realized	23.3			(93.6		)	5.4			0.1			(64.8		)
Unrealized	(5.2		)	63.1			(15.7		)	0.2			42.4
Total investment income (loss)	18.1			(30.5		)	(10.3		)	0.3			(22.4		)
Interest income	1.5			0.3			2.8			0.2			4.8
Other income	9.8			2.6			3.9			0.9			17.2
Total revenues	1,315.2			351.5			182.7			283.0			2,132.4
Segment Expenses
Compensation and benefits
Direct base compensation	224.2			70.0			101.2			82.3			477.7
Indirect base compensation	91.5			39.3			28.3			13.0			172.1
Equity-based compensation	65.1			25.0			19.0			12.4			121.5
Performance fee related
Realized	540.9			68.5			16.6			20.3			646.3
Unrealized	(221.7		)	26.3			(27.7		)	94.8			(128.3		)
Total compensation and benefits	700.0			229.1			137.4			222.8			1,289.3
General, administrative, and other indirect expenses	172.4			74.6			69.8			46.0			362.8
Depreciation and amortization expense	12.5			4.3			5.0			3.8			25.6
Interest expense	30.8			10.6			10.8			5.9			58.1
Total expenses	915.7			318.6			223.0			278.5			1,735.8
Economic Income (Loss)	$	399.5		$	32.9		$	(40.3	)	$	4.5		$	396.6
(-) Net Performance Fees	367.2			25.9			(14.0		)	12.6			391.7
(-) Investment Income (Loss)	18.1			(30.5		)	(10.3		)	0.3			(22.4		)
(+) Equity-based Compensation	65.1			25.0			19.0			12.4			121.5
(+) Net Interest	29.3			10.3			8.0			5.7			53.3
(+) Reserve for Litigation and Contingencies	26.8			9.2			9.0			5.0			50.0
(=) Fee Related Earnings	$	135.4		$	82.0		$	20.0		$	14.7		$	252.1
(+) Realized Net Performance Fees	668.6			94.7			21.4			3.8			788.5
(+) Realized Investment Income (loss)	23.3			(93.6		)	5.4			0.1			(64.8		)
(+) Net Interest	(29.3		)	(10.3		)	(8.0		)	(5.7		)	(53.3		)
(=) Distributable Earnings	$	798.0		$	72.8		$	38.8		$	12.9		$	922.5

Total Segments to Partnership Income Before Provision for Taxes Reconciliation

The following tables reconcile the Total Segments to the Partnership’s Total Assets and Income Before Provision for Income Taxes as of and for the years ended December 31, 2017 and 2016:



	December 31, 2017 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	3,378.8	$	177.7	$	119.7		(a)	$	3,676.2
Expenses	$	2,109.5	$	240.4	$	282.4		(b)	$	2,632.3
Other income	$	—	$	123.5	$	(35.1	)	(c)	$	88.4
Economic income	$	1,269.3	$	60.8	$	(197.8	)	(d)	$	1,132.3
Total assets	$	7,543.1	$	4,962.7	$	(225.2	)	(e)	$	12,280.6



	December 31, 2016 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	1,958.6	$	166.9	$	148.8		(a)	$	2,274.3
Expenses	$	1,652.7	$	153.1	$	436.3		(b)	$	2,242.1
Other income	$	—	$	13.1	$	—		(c)	$	13.1
Economic income	$	305.9	$	26.9	$	(287.5	)	(d)	$	45.3
Total assets	$	5,457.3	$	4,684.7	$	(169.0	)	(e)	$	9,973.0

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Income Taxes for the year ended December 31, 2015:



	Year Ended December 31, 2015
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,132.4	$	975.5	$	(101.7	)	(a)	$	3,006.2
Expenses	$	1,735.8	$	1,258.8	$	473.8		(b)	$	3,468.4
Other income	$	—	$	886.9	$	(22.5	)	(c)	$	864.4
Economic income	$	396.6	$	603.6	$	(598.0	)	(d)	$	402.2

(a)

(b)



	Year Ended December 31,
	2017			2016			2015
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	241.2		$	223.4		$	259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Non-Carlyle economic interests in acquired business	115.7			159.0			160.3
Severance and other adjustments	13.2			10.6			6.7
Elimination of expenses of Consolidated Funds	(42.8		)	(24.6		)	(219.5		)
	$	282.4		$	436.3		$	473.8


(c)	The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Partnership’s total Other Income (Loss).


(d)	The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):



	Year Ended December 31,
	2017			2016			2015
Income before provision for income taxes	$	1,132.3		$	45.3		$	402.2
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	241.2			223.4			259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense⁽¹⁾	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Net income attributable to non-controlling interests in Consolidated entities	(72.5		)	(41.0		)	(537.9		)
Severance and other adjustments	13.2			10.3			6.0
Economic Income	$	1,269.3		$	305.9		$	396.6
Net performance fees⁽²⁾	1,177.8			393.7			391.7
Investment income (loss)⁽²⁾	47.2			50.3			(22.4		)
Equity-based compensation	123.9			119.6			121.5
Net Interest	48.8			51.1			53.3
Reserve for litigation and contingencies	(25.0		)	—			50.0
Fee Related Earnings	$	192.0		$	32.6		$	252.1
Realized performance fees, net of related compensation	552.6			625.3			788.5
Realized investment income (loss)⁽²⁾	(25.8		)	44.9			(64.8		)
Net Interest	(48.8		)	(51.1		)	(53.3		)
Distributable Earnings	$	670.0		$	651.7		$	922.5

(2) See reconciliation to most directly comparable U.S. GAAP measure below:



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,097.3	$	(12.0	)	$	1,085.3
Unrealized	996.6		93.0			1,089.6
Total performance fees	2,093.9		81.0			2,174.9
Performance fee related compensation expense
Realized	520.7		12.0			532.7
Unrealized	467.6		(3.2		)	464.4
Total performance fee related compensation expense	988.3		8.8			997.1
Net performance fees
Realized	576.6		(24.0		)	552.6
Unrealized	529.0		96.2			625.2
Total net performance fees	$	1,105.6	$	72.2		$	1,177.8
Investment income (loss)
Realized	$	70.4	$	(96.2	)	$	(25.8	)
Unrealized	161.6		(88.6		)	73.0
Total investment income (loss)	$	232.0	$	(184.8	)	$	47.2



	Year Ended December 31, 2016
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,129.5		$	86.3		$	1,215.8
Unrealized	(377.7		)	(86.4		)	(464.1		)
Total performance fees	751.8			(0.1		)	751.7
Performance fee related compensation expense
Realized	580.5			10.0			590.5
Unrealized	(227.4		)	(5.1		)	(232.5		)
Total performance fee related compensation expense	353.1			4.9			358.0
Net performance fees
Realized	549.0			76.3			625.3
Unrealized	(150.3		)	(81.3		)	(231.6		)
Total net performance fees	$	398.7		$	(5.0	)	$	393.7
Investment income (loss)
Realized	$	112.9		$	(68.0	)	$	44.9
Unrealized	47.6			(42.2		)	5.4
Total investment income (loss)	$	160.5		$	(110.2	)	$	50.3



	Year Ended December 31, 2015
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,441.9		$	(7.1	)	$	1,434.8
Unrealized	(617.0		)	91.9			(525.1		)
Total performance fees	824.9			84.8			909.7
Performance fee related compensation expense
Realized	650.5			(4.2		)	646.3
Unrealized	(139.6		)	11.3			(128.3		)
Total performance fee related compensation expense	510.9			7.1			518.0
Net performance fees
Realized	791.4			(2.9		)	788.5
Unrealized	(477.4		)	80.6			(396.8		)
Total net performance fees	$	314.0		$	77.7		$	391.7
Investment income
Realized	$	32.9		$	(97.7	)	$	(64.8	)
Unrealized	(17.7		)	60.1			42.4
Total investment income	$	15.2		$	(37.6	)	$	(22.4	)

(3)


(e)	The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Partnership’s total assets.

Expenses Adjustment Represents Elimination of Intercompany Expenses



	Year Ended December 31,
	2017			2016			2015
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	$	241.2		$	223.4		$	259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Non-Carlyle economic interests in acquired business	115.7			159.0			160.3
Severance and other adjustments	13.2			10.6			6.7
Elimination of expenses of Consolidated Funds	(42.8		)	(24.6		)	(219.5		)
	$	282.4		$	436.3		$	473.8

Reconciliation of Income Before Provision for Income Taxes

The following table is a reconciliation of Income Before Provision for Income Taxes to Economic Income, to Fee Related Earnings, and to Distributable Earnings (Dollars in millions):



	Year Ended December 31,
	2017			2016			2015
Income before provision for income taxes	$	1,132.3		$	45.3		$	402.2
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments	241.2			223.4			259.8
Acquisition related charges and amortization of intangibles and impairment	35.7			94.2			288.8
Other non-operating (income) expense⁽¹⁾	(71.4		)	(11.2		)	(7.4		)
Tax provision associated with performance fees	(9.2		)	(15.1		)	(14.9		)
Net income attributable to non-controlling interests in Consolidated entities	(72.5		)	(41.0		)	(537.9		)
Severance and other adjustments	13.2			10.3			6.0
Economic Income	$	1,269.3		$	305.9		$	396.6
Net performance fees⁽²⁾	1,177.8			393.7			391.7
Investment income (loss)⁽²⁾	47.2			50.3			(22.4		)
Equity-based compensation	123.9			119.6			121.5
Net Interest	48.8			51.1			53.3
Reserve for litigation and contingencies	(25.0		)	—			50.0
Fee Related Earnings	$	192.0		$	32.6		$	252.1
Realized performance fees, net of related compensation	552.6			625.3			788.5
Realized investment income (loss)⁽²⁾	(25.8		)	44.9			(64.8		)
Net Interest	(48.8		)	(51.1		)	(53.3		)
Distributable Earnings	$	670.0		$	651.7		$	922.5

Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income

See reconciliation to most directly comparable U.S. GAAP measure below:



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,097.3	$	(12.0	)	$	1,085.3
Unrealized	996.6		93.0			1,089.6
Total performance fees	2,093.9		81.0			2,174.9
Performance fee related compensation expense
Realized	520.7		12.0			532.7
Unrealized	467.6		(3.2		)	464.4
Total performance fee related compensation expense	988.3		8.8			997.1
Net performance fees
Realized	576.6		(24.0		)	552.6
Unrealized	529.0		96.2			625.2
Total net performance fees	$	1,105.6	$	72.2		$	1,177.8
Investment income (loss)
Realized	$	70.4	$	(96.2	)	$	(25.8	)
Unrealized	161.6		(88.6		)	73.0
Total investment income (loss)	$	232.0	$	(184.8	)	$	47.2



	Year Ended December 31, 2016
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,129.5		$	86.3		$	1,215.8
Unrealized	(377.7		)	(86.4		)	(464.1		)
Total performance fees	751.8			(0.1		)	751.7
Performance fee related compensation expense
Realized	580.5			10.0			590.5
Unrealized	(227.4		)	(5.1		)	(232.5		)
Total performance fee related compensation expense	353.1			4.9			358.0
Net performance fees
Realized	549.0			76.3			625.3
Unrealized	(150.3		)	(81.3		)	(231.6		)
Total net performance fees	$	398.7		$	(5.0	)	$	393.7
Investment income (loss)
Realized	$	112.9		$	(68.0	)	$	44.9
Unrealized	47.6			(42.2		)	5.4
Total investment income (loss)	$	160.5		$	(110.2	)	$	50.3



	Year Ended December 31, 2015
	Carlyle Consolidated			Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance fees
Realized	$	1,441.9		$	(7.1	)	$	1,434.8
Unrealized	(617.0		)	91.9			(525.1		)
Total performance fees	824.9			84.8			909.7
Performance fee related compensation expense
Realized	650.5			(4.2		)	646.3
Unrealized	(139.6		)	11.3			(128.3		)
Total performance fee related compensation expense	510.9			7.1			518.0
Net performance fees
Realized	791.4			(2.9		)	788.5
Unrealized	(477.4		)	80.6			(396.8		)
Total net performance fees	$	314.0		$	77.7		$	391.7
Investment income
Realized	$	32.9		$	(97.7	)	$	(64.8	)
Unrealized	(17.7		)	60.1			42.4
Total investment income	$	15.2		$	(37.6	)	$	(22.4	)

Consolidated Revenues and Assets Based on Geographical Focus of Associated Investment Vehicle

The tables below present consolidated revenues and assets based on the geographical focus of the associated investment vehicle.



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2017
Americas⁽¹⁾	$	2,299.0	62	%	$	5,033.5	41	%
EMEA⁽²⁾	837.6		23	%	6,085.6		50	%
Asia-Pacific⁽³⁾	539.6		15	%	1,161.5		9	%
Total	$	3,676.2	100	%	$	12,280.6	100	%



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2016
Americas⁽¹⁾	$	1,473.5	65	%	$	5,048.7	50	%
EMEA⁽²⁾	615.1		27	%	4,245.1		43	%
Asia-Pacific⁽³⁾	185.7		8	%	679.2		7	%
Total	$	2,274.3	100	%	$	9,973.0	100	%



	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2015
Americas⁽¹⁾	$	1,518.7	51	%	$	19,049.3	59	%
EMEA⁽²⁾	1,090.1		36	%	12,369.1		39	%
Asia-Pacific⁽³⁾	397.4		13	%	763.2		2	%
Total	$	3,006.2	100	%	$	32,181.6	100	%


(1)	Relates to investment vehicles whose primary focus is the United States, Mexico or South America.


(2)	Relates to investment vehicles whose primary focus is Europe, the Middle East, and Africa.


(3)	Relates to investment vehicles whose primary focus is Asia, including China, Japan, India and Australia.

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Information

Unaudited quarterly information for each of the three months in the years ended December 31, 2017 and 2016 are presented below.



	Three Months Ended
	March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
	(Dollars in millions)
Revenues	$	1,120.1	$	908.4	$	639.9	$	1,007.8
Expenses	809.5		705.4		492.6		624.8
Other income	17.1		40.7		18.6		12.0
Income before provision for income taxes	$	327.7	$	243.7	$	165.9	$	395.0
Net income	$	321.9	$	230.5	$	167.2	$	287.8
Net income attributable to The Carlyle Group L.P. common unitholders	$	83.0	$	57.6	$	44.6	$	52.9
Net income attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.97	$	0.65	$	0.47	$	0.53
Diluted	$	0.90	$	0.59	$	0.43	$	0.49
Distributions declared per common unit⁽²⁾	$	0.16	$	0.10	$	0.42	$	0.56



	Three Months Ended
	March 31, 2016			June 30, 2016		September 30, 2016			December 31, 2016
	(Dollars in millions)
Revenues	$	483.1		$	608.0	$	607.3		$	575.9
Expenses	459.4			546.9		661.8			574.0
Other income (loss)	(8.4		)	6.7		4.8			10.0
Income (loss) before provision for income taxes	$	15.3		$	67.8	$	(49.7	)	$	11.9
Net income (loss)	$	7.9		$	43.5	$	(50.7	)	$	14.6
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	8.4		$	6.1	$	0.8		$	(8.9	)
Net income (loss) attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.10		$	0.07	$	0.01		$	(0.11	)
Diluted	$	0.01		$	0.07	$	(0.02	)	$	(0.16	)
Distributions declared per common unit⁽²⁾	$	0.29		$	0.26	$	0.63		$	0.50


(1)	The sum of the quarterly earnings per common unit amounts may not equal the total for the year due to the effects of rounding and dilution.


(2)	Distributions declared reflects the calendar date of the declaration of each distribution.

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Supplemental Financial Position



	As of December 31, 2017
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,000.1		$	—	$	—		$	1,000.1
Cash and cash equivalents held at Consolidated Funds	—			377.6		—			377.6
Restricted cash	28.7			—		—			28.7
Corporate treasury investments	376.3			—		—			376.3
Accrued performance fees	3,670.6			—		—			3,670.6
Investments	1,844.2			—		(219.9		)	1,624.3
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	262.4			—		(5.3		)	257.1
Due from affiliates and other receivables of Consolidated Funds, net	—			50.8		—			50.8
Fixed assets, net	100.4			—		—			100.4
Deposits and other	54.1			—		—			54.1
Intangible assets, net	35.9			—		—			35.9
Deferred tax assets	170.4			—		—			170.4
Total assets	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6
Liabilities and partners’ capital
Debt obligations	$	1,573.6		$	—	$	—		$	1,573.6
Loans payable of Consolidated Funds	—			4,303.8		—			4,303.8
Accounts payable, accrued expenses and other liabilities	355.1			—		—			355.1
Accrued compensation and benefits	2,222.6			—		—			2,222.6
Due to affiliates	229.9			—		—			229.9
Deferred revenue	82.1			—		—			82.1
Deferred tax liabilities	75.6			—		—			75.6
Other liabilities of Consolidated Funds	—			422.1		—			422.1
Accrued giveback obligations	66.8			—		—			66.8
Total liabilities	4,605.7			4,725.9		—			9,331.6
Series A preferred units	387.5			—		—			387.5
Partners’ capital	701.8			62.8		(62.8		)	701.8
Accumulated other comprehensive income (loss)	(72.2		)	4.1		(4.6		)	(72.7		)
Non-controlling interests in consolidated entities	391.4			13.3		—			404.7
Non-controlling interests in Carlyle Holdings	1,528.9			156.6		(157.8		)	1,527.7
Total partners’ capital	2,937.4			236.8		(225.2		)	2,949.0
Total liabilities and partners’ capital	$	7,543.1		$	4,962.7	$	(225.2	)	$	12,280.6



	As of December 31, 2016
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	670.9		$	—		$	—		$	670.9
Cash and cash equivalents held at Consolidated Funds	—			761.5			—			761.5
Restricted cash	13.1			—			—			13.1
Corporate treasury investments	190.2			—			—			190.2
Accrued performance fees	2,481.1			—			—			2,481.1
Investments	1,272.2			—			(165.2		)	1,107.0
Investments of Consolidated Funds	—			3,893.7			—			3,893.7
Due from affiliates and other receivables, net	231.0			—			(3.8		)	227.2
Due from affiliates and other receivables of Consolidated Funds, net	—			29.5			—			29.5
Receivables and inventory of a real estate VIE	145.4			—			—			145.4
Fixed assets, net	106.1			—			—			106.1
Deposits and other	39.4			—			—			39.4
Other assets of a real estate VIE	31.5			—			—			31.5
Intangible assets, net	42.0			—			—			42.0
Deferred tax assets	234.4			—			—			234.4
Total assets	$	5,457.3		$	4,684.7		$	(169.0	)	$	9,973.0
Liabilities and partners’ capital
Debt obligations	$	1,265.2		$	—		$	—		$	1,265.2
Loans payable of Consolidated Funds	—			3,866.3			—			3,866.3
Loans payable of a real estate VIE at fair value (principal amount of $144.4 million)	79.4			—			—			79.4
Accounts payable, accrued expenses and other liabilities	369.8			—			—			369.8
Accrued compensation and benefits	1,661.8			—			—			1,661.8
Due to affiliates	223.4			0.2			—			223.6
Deferred revenue	54.0			—			—			54.0
Deferred tax liabilities	76.6			—			—			76.6
Other liabilities of Consolidated Funds	—			669.0			(32.0		)	637.0
Other liabilities of a real estate VIE	124.5			—			—			124.5
Accrued giveback obligations	160.8			—			—			160.8
Total liabilities	4,015.5			4,535.5			(32.0		)	8,519.0
Partners’ capital	403.1			36.7			(36.7		)	403.1
Accumulated other comprehensive income (loss)	(94.9		)	(1.5		)	1.2			(95.2		)
Non-controlling interests in consolidated entities	264.3			13.5			—			277.8
Non-controlling interests in Carlyle Holdings	869.3			100.5			(101.5		)	868.3
Total partners’ capital	1,441.8			149.2			(137.0		)	1,454.0
Total liabilities and partners’ capital	$	5,457.3		$	4,684.7		$	(169.0	)	$	9,973.0

Supplemental Results of Operations



	Year Ended December 31, 2017
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,045.4		$	—	$	(18.5	)	$	1,026.9
Performance fees
Realized	1,099.7			—		(2.4		)	1,097.3
Unrealized	996.6			—		—			996.6
Total performance fees	2,096.3			—		(2.4		)	2,093.9
Investment income
Realized	77.5			—		(7.1		)	70.4
Unrealized	166.3			—		(4.7		)	161.6
Total investment income	243.8			—		(11.8		)	232.0
Interest and other income	60.5			—		(23.8		)	36.7
Interest and other income of Consolidated Funds	—			177.7		—			177.7
Revenue of a real estate VIE	109.0			—		—			109.0
Total revenues	3,555.0			177.7		(56.5		)	3,676.2
Expenses
Compensation and benefits
Base compensation	652.7			—		—			652.7
Equity-based compensation	320.3			—		—			320.3
Performance fee related
Realized	520.7			—		—			520.7
Unrealized	467.6			—		—			467.6
Total compensation and benefits	1,961.3			—		—			1,961.3
General, administrative and other expenses	276.8			—		—			276.8
Interest	65.5			—		—			65.5
Interest and other expenses of Consolidated Funds	—			240.4		(42.8		)	197.6
Interest and other expenses of a real estate VIE and loss on deconsolidation	202.5			—		—			202.5
Other non-operating income	(71.4		)	—		—			(71.4		)
Total expenses	2,434.7			240.4		(42.8		)	2,632.3
Other income
Net investment gains of Consolidated Funds	—			123.5		(35.1		)	88.4
Income before provision for income taxes	1,120.3			60.8		(48.8		)	1,132.3
Provision for income taxes	124.9			—		—			124.9
Net income	995.4			60.8		(48.8		)	1,007.4
Net income attributable to non-controlling interests in consolidated entities	60.5			—		12.0			72.5
Net income attributable to Carlyle Holdings	934.9			60.8		(60.8		)	934.9
Net income attributable to non-controlling interests in Carlyle Holdings	690.8			—		—			690.8
Net income attributable to The Carlyle Group L.P.	244.1			60.8		(60.8		)	244.1
Net income attributable to Series A Preferred Unitholders	6.0			—		—			6.0
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	238.1		$	60.8	$	(60.8	)	$	238.1



	Year Ended December 31, 2016
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,090.3		$	—	$	(14.2	)	$	1,076.1
Performance fees
Realized	1,129.7			—		(0.2		)	1,129.5
Unrealized	(377.7		)	—		—			(377.7		)
Total performance fees	752.0			—		(0.2		)	751.8
Investment income
Realized	115.5			—		(2.6		)	112.9
Unrealized	50.0			—		(2.4		)	47.6
Total investment income	165.5			—		(5.0		)	160.5
Interest and other income	38.9			—		(15.0		)	23.9
Interest and other income of Consolidated Funds	—			166.9		—			166.9
Revenue of a real estate VIE	95.1			—		—			95.1
Total revenues	2,141.8			166.9		(34.4		)	2,274.3
Expenses
Compensation and benefits
Base compensation	647.1			—		—			647.1
Equity-based compensation	334.6			—		—			334.6
Performance fee related
Realized	580.5			—		—			580.5
Unrealized	(227.4		)	—		—			(227.4		)
Total compensation and benefits	1,334.8			—		—			1,334.8
General, administrative and other expenses	521.1			—		—			521.1
Interest	61.3			—		—			61.3
Interest and other expenses of Consolidated Funds	—			153.1		(24.6		)	128.5
Interest and other expenses of a real estate VIE	207.6			—		—			207.6
Other non-operating income	(11.2		)	—		—			(11.2		)
Total expenses	2,113.6			153.1		(24.6		)	2,242.1
Other income
Net investment gains of Consolidated Funds	—			13.1		—			13.1
Income before provision for income taxes	28.2			26.9		(9.8		)	45.3
Provision for income taxes	30.0			—		—			30.0
Net income (loss)	(1.8		)	26.9		(9.8		)	15.3
Net income attributable to non-controlling interests in consolidated entities	23.9			—		17.1			41.0
Net income (loss) attributable to Carlyle Holdings	(25.7		)	26.9		(26.9		)	(25.7		)
Net loss attributable to non-controlling interests in Carlyle Holdings	(32.1		)	—		—			(32.1		)
Net income attributable to The Carlyle Group L.P.	$	6.4		$	26.9	$	(26.9	)	$	6.4



	Year Ended December 31, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,239.1		$	—	$	(153.9	)	$	1,085.2
Performance fees
Realized	1,460.3			—		(18.4		)	1,441.9
Unrealized	(602.0		)	—		(15.0		)	(617.0		)
Total performance fees	858.3			—		(33.4		)	824.9
Investment income (loss)
Realized	(35.4		)	—		68.3			32.9
Unrealized	23.3			—		(41.0		)	(17.7		)
Total investment income (loss)	(12.1		)	—		27.3			15.2
Interest and other income	22.9			—		(4.3		)	18.6
Interest and other income of Consolidated Funds	—			975.5		—			975.5
Revenue of a real estate VIE	86.8			—		—			86.8
Total revenues	2,195.0			975.5		(164.3		)	3,006.2
Expenses
Compensation and benefits
Base compensation	632.2			—		—			632.2
Equity-based compensation	378.0			—		—			378.0
Performance fee related
Realized	650.5			—		—			650.5
Unrealized	(139.6		)	—		—			(139.6		)
Total compensation and benefits	1,521.1			—		—			1,521.1
General, administrative and other expenses	712.8			—		—			712.8
Interest	58.0			—		—			58.0
Interest and other expenses of Consolidated Funds	—			1,258.8		(219.5		)	1,039.3
Interest and other expenses of a real estate VIE	144.6			—		—			144.6
Other non-operating income	(7.4		)	—		—			(7.4		)
Total expenses	2,429.1			1,258.8		(219.5		)	3,468.4
Other income
Net investment gains of Consolidated Funds	—			886.9		(22.5		)	864.4
Income (loss) before provision for income taxes	(234.1		)	603.6		32.7			402.2
Provision for income taxes	2.1			—		—			2.1
Net income (loss)	(236.2		)	603.6		32.7			400.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(98.4		)	—		636.3			537.9
Net income (loss) attributable to Carlyle Holdings	(137.8		)	603.6		(603.6		)	(137.8		)
Net loss attributable to non-controlling interests in Carlyle Holdings	(119.4		)	—		—			(119.4		)
Net income (loss) attributable to The Carlyle Group L.P.	$	(18.4	)	$	603.6	$	(603.6	)	$	(18.4	)

Supplemental Statement of Cash Flows



	Year Ended December 31,
	2017			2016			2015
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	995.4		$	(1.8	)	$	(236.2	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization, and impairment	41.3			72.0			322.8
Equity-based compensation	320.3			334.6			378.0
Excess tax benefits related to equity-based compensation	—			—			(4.0		)
Non-cash performance fees, net	(626.8		)	199.6			437.4
Other non-cash amounts	(79.8		)	(55.8		)	12.7
Investment (income) loss	(222.8		)	(159.5		)	26.7
Purchases of investments	(938.6		)	(458.3		)	(174.5		)
Proceeds from the sale of investments	477.6			325.1			349.6
Payments of contingent consideration	(22.6		)	(82.6		)	(17.8		)
Change in deferred taxes, net	93.4			(4.4		)	(31.4		)
Change in due from affiliates and other receivables	(1.1		)	(12.4		)	(1.4		)
Change in receivables and inventory of a real estate VIE	(14.5		)	29.0			(57.5		)
Change in deposits and other	(2.0		)	6.1			(9.0		)
Change in other assets of a real estate VIE	1.6			41.2			(17.4		)
Deconsolidation of Claren Road (see Note 9)	(23.3		)	—			—
Deconsolidation of Urbplan (see Note 15)	14.0			—			—
Deconsolidation of ESG	—			(34.5		)	—
Change in accounts payable, accrued expenses and other liabilities	50.5			66.6			(20.3		)
Change in accrued compensation and benefits	(13.7		)	6.5			(35.3		)
Change in due to affiliates	35.7			(19.3		)	21.0
Change in other liabilities of a real estate VIE	47.9			34.3			101.6
Change in deferred revenue	24.4			18.9			(50.0		)
Net cash provided by operating activities	156.9			305.3			995.0
Cash flows from investing activities
Change in restricted cash	(15.5		)	5.3			40.8
Purchases of fixed assets, net	(34.0		)	(25.4		)	(62.3		)
Net cash used in investing activities	(49.5		)	(20.1		)	(21.5		)
Cash flows from financing activities
Borrowings under credit facility	250.0			—			—
Repayments under credit facility	(250.0		)	—			—
Proceeds from debt obligations	265.6			20.6			—
Payments on debt obligations	(21.7		)	(9.0		)	—
Net payments on loans payable of a real estate VIE	(14.3		)	(34.5		)	(65.3		)
Payments of contingent consideration	(0.6		)	(3.3		)	(8.1		)
Net proceeds from issuance of common units, net of offering costs	—			—			209.9
Proceeds from issuance of preferred units	387.5			—			—
Excess tax benefits related to equity-based compensation	—			—			4.0
Distributions to common unitholders	(118.1		)	(140.9		)	(251.0		)
Distributions to preferred unitholders	(6.0		)	—			—
Distributions to non-controlling interest holders in Carlyle Holdings	(295.6		)	(422.6		)	(848.5		)
Contributions from non-controlling interest holders	119.2			113.0			168.5
Distributions to non-controlling interest holders	(100.8		)	(104.2		)	(110.8		)
Acquisition of non-controlling interests in Carlyle Holdings	—			—			(209.9		)
Units repurchased	(0.2		)	(58.9		)	—
Change in due to/from affiliates financing activities	(26.4		)	53.6			(62.7		)
Net cash provided by (used in) financing activities	188.6			(586.2		)	(1,173.9		)
Effect of foreign exchange rate changes	33.2			(19.6		)	(50.1		)
Increase (decrease) in cash and cash equivalents	329.2			(320.6		)	(250.5		)
Cash and cash equivalents, beginning of period	670.9			991.5			1,242.0
Cash and cash equivalents, end of period	$	1,000.1		$	670.9		$	991.5

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Deconsolidated assets	$ (12,280.6)	$ (9,973.0)		$ (32,181.6)
Deconsolidated liabilities	(9,331.6)	(8,519.0)
Adjustment to partners’ capital	2,949.0	$ 1,454.0		$ 6,077.6	$ 9,094.5
Consolidated VIEs, assets	5,000.0
Consolidated VIEs, liabilities	4,800.0
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investment in CLOs	$ 220.6
Accounting Standards Update 2015-2
Variable Interest Entity [Line Items]
Adjustment to redeemable noncontrolling interest			$ 2,800.0
Accounting Standards Update 2015-2 \| Restatement Adjustment
Variable Interest Entity [Line Items]
Deconsolidated assets			23,200.0
Deconsolidated liabilities			16,100.0
Adjustment to partners’ capital			$ 4,300.0

Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investments	$ 1,624.3	$ 1,107.0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments	975.3	664.2
Due from affiliates, net	0.1	1.8
Maximum Exposure to Loss	975.4	$ 666.0
Amount of variable interests in unconsolidated VIEs related to performance fees	62.0
Amount of variable interests in unconsolidated VIEs related to management fees	$ 11.7

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2016	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to partners’ capital	$ 2,949.0	$ 1,454.0	$ 6,077.6		$ 9,094.5
Accrued performance fee-related compensation	$ 1,894.8	1,307.4
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions	85.00%
Percentage of remaining estimated realizable tax benefit on exchange transactions	15.00%
Foreign currency transaction (gain) losses before tax	$ (3.9)	$ (26.3)	$ 2.5
Percentage of performance fees to be accounted for as earnings of financial assets	90.00%	90.00%	90.00%
Accounting Standards Update 2014-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to partners’ capital				$ 2.0

Summary of Significant Accounting Policies - Revenue Recognition (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fund Management Fees
Period of time for which management fees will be received by partners from the initial closing date (in years)	10 years
Subsequent period in which management fees are recognized after these fees are called (in months)	6 months
Transaction and advisory fees	$ 43.6	$ 47.8	$ 25.2
Performance Fees
Performance fees allocation percentage to partnership (percent)	20.00%
Accrued giveback obligations	$ 66.8	160.8
Interest Income
Interest income of consolidated funds	$ 167.3	$ 140.4	$ 873.1
Minimum
Fund Management Fees
Percentage of management fees earned	1.00%
Percentage of management fees earned on unrealized investments after termination of the investment period	0.60%
Extension period for fund closing (in years)	1 year
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.30%
Period of management fees related to Collateralized Loan Obligation (in years)	5 years
Percentage of management fees for business development companies	0.25%
Percentage of management fees from funds of funds following the expiration of the weighted average investment period	0.25%
Performance Fees
External co-investment vehicles (as a percent)	10.00%
Percentage of allocation based performance fees related to fund of funds vehicles	2.00%
Percent of preferred returns	7.00%
Minimum \| Certain Open-ended and Longer-dated Carry Funds
Performance Fees
Percent of preferred returns	4.00%
Minimum \| Managed Accounts and Longer-dated Carry Funds
Fund Management Fees
Percentage of management fees earned	0.20%
Minimum \| Private Equity And Real Estate Fund
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period	0.25%
Maximum
Fund Management Fees
Percentage of management fees earned	2.00%
Percentage of management fees earned on unrealized investments after termination of the investment period	2.00%
Extension period for fund closing (in years)	2 years
Percentage of management fees for CLOs on the total par amount of assets in the fund	0.60%
Period of management fees related to Collateralized Loan Obligation (in years)	10 years
Percentage of management fees for business development companies	1.50%
Percentage of management fees from funds of funds following the expiration of the weighted average investment period	1.00%
Performance Fees
External co-investment vehicles (as a percent)	20.00%
Percentage of allocation based performance fees related to fund of funds vehicles	10.00%
Percent of preferred returns	9.00%
Maximum \| Certain Open-ended and Longer-dated Carry Funds
Performance Fees
Percent of preferred returns	7.00%
Maximum \| Managed Accounts and Longer-dated Carry Funds
Fund Management Fees
Percentage of management fees earned	1.00%
Maximum \| Private Equity And Real Estate Fund
Fund Management Fees
Percentage of management fees from funds of funds during the commitment fee period	1.00%

Summary of Significant Accounting Policies - Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2017
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	7 years

Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (68.8)	$ (91.7)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(3.9)	(3.5)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (72.7)	$ (95.2)

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets
Assets	$ 5,316.4	$ 4,239.0
Liabilities
Loans payable of Consolidated Funds	4,303.8	3,866.3
Contingent consideration	1.0	1.5
Loans payable of a real estate VIE	0.0	79.4
Foreign currency forward contracts	1.2	10.0
Total Liabilities	4,306.0	3,957.2
Equity securities
Assets
Assets	7.9	10.3
Bonds
Assets
Assets	413.4	396.4
Loans
Assets
Assets	4,112.7	3,485.6
Other
Assets
Assets	0.3	1.4
Investments of Consolidated Funds
Assets
Assets	4,534.3	3,893.7
Investments in CLOs and other
Assets
Assets	405.4	152.6
Bonds
Assets
Assets	194.1	91.3
Commercial paper and other
Assets
Assets	182.2	98.9
Corporate treasury investments
Assets
Assets	376.3	190.2
Foreign currency forward contracts
Assets
Assets	0.4	2.5
Level I
Assets
Assets	0.0	0.0
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Loans payable of a real estate VIE		0.0
Foreign currency forward contracts	0.0	0.0
Total Liabilities	0.0	0.0
Level I \| Equity securities
Assets
Assets	0.0	0.0
Level I \| Bonds
Assets
Assets	0.0	0.0
Level I \| Loans
Assets
Assets	0.0	0.0
Level I \| Other
Assets
Assets	0.0	0.0
Level I \| Investments of Consolidated Funds
Assets
Assets	0.0	0.0
Level I \| Investments in CLOs and other
Assets
Assets	0.0	0.0
Level I \| Bonds
Assets
Assets	0.0	0.0
Level I \| Commercial paper and other
Assets
Assets	0.0	0.0
Level I \| Corporate treasury investments
Assets
Assets	0.0	0.0
Level I \| Foreign currency forward contracts
Assets
Assets	0.0	0.0
Level II
Assets
Assets	376.7	192.7
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Loans payable of a real estate VIE		0.0
Foreign currency forward contracts	1.2	10.0
Total Liabilities	1.2	10.0
Level II \| Equity securities
Assets
Assets	0.0	0.0
Level II \| Bonds
Assets
Assets	0.0	0.0
Level II \| Loans
Assets
Assets	0.0	0.0
Level II \| Other
Assets
Assets	0.0	0.0
Level II \| Investments of Consolidated Funds
Assets
Assets	0.0	0.0
Level II \| Investments in CLOs and other
Assets
Assets	0.0	0.0
Level II \| Bonds
Assets
Assets	194.1	91.3
Level II \| Commercial paper and other
Assets
Assets	182.2	98.9
Level II \| Corporate treasury investments
Assets
Assets	376.3	190.2
Level II \| Foreign currency forward contracts
Assets
Assets	0.4	2.5
Level III
Assets
Assets	4,939.7	4,046.3
Liabilities
Loans payable of Consolidated Funds	4,303.8	3,866.3
Contingent consideration	1.0	1.5
Loans payable of a real estate VIE		79.4
Foreign currency forward contracts	0.0	0.0
Total Liabilities	4,304.8	3,947.2
Level III \| Equity securities
Assets
Assets	7.9	10.3
Level III \| Bonds
Assets
Assets	413.4	396.4
Level III \| Loans
Assets
Assets	4,112.7	3,485.6
Level III \| Other
Assets
Assets	0.3	1.4
Level III \| Investments of Consolidated Funds
Assets
Assets	4,534.3	3,893.7
Level III \| Investments in CLOs and other
Assets
Assets	405.4	152.6
Level III \| Bonds
Assets
Assets	0.0	0.0
Level III \| Commercial paper and other
Assets
Assets	0.0	0.0
Level III \| Corporate treasury investments
Assets
Assets	0.0	0.0
Level III \| Foreign currency forward contracts
Assets
Assets	$ 0.0	$ 0.0

Fair Value Measurement - Changes in Financial Assets Using Level III Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2016
Accounting Standards Update 2015-2 \| Investments in CLOs and other
Realized and unrealized gains (losses), net
Fair value of investments			$ 123.8
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,046.3	$ 17,517.6
Deconsolidation of funds		(14,923.9)
Purchases	3,130.8	2,766.0
Sales and distributions	(1,593.0)	(521.6)
Settlements	(1,084.1)	(771.1)
Realized and unrealized gains (losses), net
Included in earnings	46.5	80.2
Included in other comprehensive income	393.2	(100.9)
Balance, end of period	4,939.7	4,046.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	31.5	65.1
Fair value of investments	4,046.3	17,517.6
Level III \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	10.3	575.3
Deconsolidation of funds		(562.1)
Purchases	0.1	12.2
Sales and distributions	(27.0)	(5.1)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	23.5	(9.7)
Included in other comprehensive income	1.0	(0.3)
Balance, end of period	7.9	10.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	6.7	(9.5)
Fair value of investments	10.3	575.3
Level III \| Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	396.4	1,180.9
Deconsolidation of funds		(890.7)
Purchases	280.6	268.8
Sales and distributions	(310.9)	(152.0)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(7.5)	4.3
Included in other comprehensive income	54.8	(14.9)
Balance, end of period	413.4	396.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(5.0)	2.8
Fair value of investments	396.4	1,180.9
Level III \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,485.6	15,686.7
Deconsolidation of funds		(13,506.9)
Purchases	2,594.3	2,446.7
Sales and distributions	(1,223.9)	(356.7)
Settlements	(1,084.1)	(771.1)
Realized and unrealized gains (losses), net
Included in earnings	16.6	52.7
Included in other comprehensive income	324.2	(65.8)
Balance, end of period	4,112.7	3,485.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	18.5	41.2
Fair value of investments	3,485.6	15,686.7
Level III \| Partnership and LLC interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.0	59.6
Deconsolidation of funds		(74.3)
Purchases		12.4
Sales and distributions		0.0
Settlements		0.0
Realized and unrealized gains (losses), net
Included in earnings		2.3
Included in other comprehensive income		0.0
Balance, end of period		0.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date		0.0
Fair value of investments	0.0	59.6
Level III \| Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1.4	5.0
Deconsolidation of funds		(5.0)
Purchases	0.0	0.0
Sales and distributions	(3.0)	0.0
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	1.7	1.5
Included in other comprehensive income	0.2	(0.1)
Balance, end of period	0.3	1.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.0	1.5
Fair value of investments	1.4	5.0
Level III \| Investments in CLOs and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	152.6	1.4
Deconsolidation of funds		123.8
Purchases	255.8	25.9
Sales and distributions	(28.2)	(7.8)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	12.2	29.1
Included in other comprehensive income	13.0	(19.8)
Balance, end of period	405.4	152.6
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	11.3	29.1
Fair value of investments	152.6	1.4
Level III \| Restricted securities of Consolidated Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.0	8.7
Deconsolidation of funds		(8.7)
Purchases		0.0
Sales and distributions		0.0
Settlements		0.0
Realized and unrealized gains (losses), net
Included in earnings		0.0
Included in other comprehensive income		0.0
Balance, end of period		0.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date		0.0
Fair value of investments	$ 0.0	$ 8.7

Fair Value Measurement - Changes in Financial Liabilities Using Level III Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Borrowings	$ 265.6	$ 20.6	$ 0.0
Level III
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,947.2	17,172.0
Initial consolidation/deconsolidation of funds		(13,771.6)
Borrowings	2,314.3	1,336.7
Paydowns	(2,182.1)	(787.3)
Deconsolidation of a real estate VIE	(72.6)
Sales		(1.7)
Realized and unrealized gains (losses), net
Included in earnings	(58.1)	52.8
Included in other comprehensive income	356.1	(53.7)
Balance, end of period	4,304.8	3,947.2	17,172.0
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(56.9)	57.3
Level III \| Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	3,866.3	17,046.7
Initial consolidation/deconsolidation of funds		(13,742.6)
Borrowings	2,314.3	1,336.7
Paydowns	(2,167.1)	(742.5)
Deconsolidation of a real estate VIE	0.0
Sales		0.0
Realized and unrealized gains (losses), net
Included in earnings	(61.5)	40.4
Included in other comprehensive income	351.8	(72.4)
Balance, end of period	4,303.8	3,866.3	17,046.7
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(57.0)	37.6
Level III \| Derivative Instruments of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.0	29.1
Initial consolidation/deconsolidation of funds		(29.0)
Borrowings		0.0
Paydowns		0.0
Sales		(1.7)
Realized and unrealized gains (losses), net
Included in earnings		1.6
Included in other comprehensive income		0.0
Balance, end of period		0.0	29.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date		0.0
Level III \| Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1.5	20.8
Initial consolidation/deconsolidation of funds		0.0
Borrowings	0.0	0.0
Paydowns	(0.7)	(10.3)
Deconsolidation of a real estate VIE	0.0
Sales		0.0
Realized and unrealized gains (losses), net
Included in earnings	0.1	(9.0)
Included in other comprehensive income	0.1	0.0
Balance, end of period	1.0	1.5	20.8
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	0.1	(0.1)
Level III \| Loans Payable of a real estate VIE
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	79.4	75.4
Initial consolidation/deconsolidation of funds		0.0
Borrowings	0.0	0.0
Paydowns	(14.3)	(34.5)
Deconsolidation of a real estate VIE	(72.6)
Sales		0.0
Realized and unrealized gains (losses), net
Included in earnings	3.3	19.8
Included in other comprehensive income	4.2	18.7
Balance, end of period	0.0	79.4	$ 75.4
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$ 0.0	$ 19.8

Accrued Performance Fees - Components of Accrued Performance Fee (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Accrued performance fees	$ 3,670.6	$ 2,481.1
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued performance fees	2,272.4	1,375.4
Real Assets
Segment Reporting Information [Line Items]
Accrued performance fees	657.5	483.4
Global Credit
Segment Reporting Information [Line Items]
Accrued performance fees	56.1	68.6
Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance fees	$ 684.6	$ 553.7

Accrued Performance Fees - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017 fund	Dec. 31, 2017 USD ($) obligation fund	Dec. 31, 2016 USD ($) obligation fund	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Percentage of accrued performance fees related to certain Corporate Private Equity funds	19.00%	19.00%	27.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees \| fund	1	1	2
Performance fees		$ 2,093.9	$ 751.8	$ 824.9
Performance Fee Revenue \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds	61.00%		28.00%	51.00%
Performance fees		1,273.2	$ 214.2	$ 422.1
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Partners V, L.P.
Segment Reporting Information [Line Items]
Performance fees		335.1	194.4
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners VI, L.P.
Segment Reporting Information [Line Items]
Performance fees		844.5
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Asia Partners IV, L.P.
Segment Reporting Information [Line Items]
Performance fees		381.8
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners VII, L.P.
Segment Reporting Information [Line Items]
Performance fees			$ 138.7
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Europe Partners III, L.P.
Segment Reporting Information [Line Items]
Performance fees				273.4
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Asia Partners III, L.P.
Segment Reporting Information [Line Items]
Performance fees				202.7
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle Realty Partners VI, L.P.
Segment Reporting Information [Line Items]
Performance fees				116.4
Performance Fee Revenue \| Customer Concentration Risk \| Carlyle/Riverstone Global Energy and Power Fund III, L.P.
Segment Reporting Information [Line Items]
Performance fees				(102.6)
Real Assets
Segment Reporting Information [Line Items]
Amount paid to satisfy giveback obligation		$ 98.4
Number of giveback obligations paid off \| obligation		2	1
Performance fees		$ 265.2	$ 321.1	49.3
Real Assets \| Carlyle Holdings
Segment Reporting Information [Line Items]
Amount paid to satisfy giveback obligation		31.3
Corporate Private Equity
Segment Reporting Information [Line Items]
Amount paid to satisfy giveback obligation			47.3
Performance fees		1,629.6	$ 289.6	$ 698.2
Management And Former Management \| Real Assets
Segment Reporting Information [Line Items]
Amount paid to satisfy giveback obligation		$ 67.1

Accrued Performance Fees - Components of Accrued Giveback Obligations (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (66.8)	$ (160.8)
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(8.7)	(3.9)
Real Assets
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (58.1)	$ (156.9)

Accrued Performance Fees - Performance Fees (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Performance fees	$ 2,093.9	$ 751.8	$ 824.9
Corporate Private Equity
Segment Reporting Information [Line Items]
Performance fees	1,629.6	289.6	698.2
Global Credit
Segment Reporting Information [Line Items]
Performance fees	56.6	37.4	(41.0)
Real Assets
Segment Reporting Information [Line Items]
Performance fees	265.2	321.1	49.3
Investment Solutions
Segment Reporting Information [Line Items]
Performance fees	$ 142.5	$ 103.7	$ 118.4

Investments - Schedule of Investments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Investments Schedule [Abstract]
Equity method investments, excluding accrued performance fees	$ 1,218.4	$ 950.9
Investments in CLOs and other	405.9	156.1
Total investments	$ 1,624.3	$ 1,107.0

Investments - Narrative (Details) - USD ($)	1 Months Ended				12 Months Ended
Investments - Narrative (Details) - USD ($)	Jan. 31, 2018	Mar. 31, 2017	Jan. 31, 2016	Dec. 31, 2012	Dec. 31, 2017	Jan. 01, 2021	Feb. 01, 2020	Feb. 01, 2019	Feb. 01, 2018	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest income to be allocated to Partnership for future interests in future carry funds		47.50%
Amount of cash for strategic investment contingent consideration			$ 63,000,000
Amount of promissory note for strategic investment contingent consideration			120,000,000
Vesting period of common units to be issued in future period					42 months
Partnership's basis difference based on underlying net assets					$ 21,300,000					$ 29,800,000	$ 85,000,000
Basis difference amortization period (in years)					10 years
Investments in CLOs and other					$ 405,900,000					156,100,000
Corporate Mezzanine Securities Bonds And Warrants
Schedule of Equity Method Investments [Line Items]
Investments in CLOs and other					$ 405,900,000					$ 156,100,000
Scenario, Forecast
Schedule of Equity Method Investments [Line Items]
Value of common units to be issued in future period						$ 10,000,000.0	$ 10,000,000	$ 10,000,000
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Value of common units to be issued in future period									$ 10,000,000.0
Barclays Natural Resource Investments
Schedule of Equity Method Investments [Line Items]
Contingent consideration			$ 183,000,000
Carlyle Holdings
Schedule of Equity Method Investments [Line Items]
Issuance of partnership units (in shares)				597,944
Carlyle Holdings \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses and interest in affiliates	$ 15,000,000
ECM Capital, L.P.
Schedule of Equity Method Investments [Line Items]
Contingent consideration				$ 45,000,000.0
Payments to acquire businesses and interest in affiliates		$ 22,500,000
ECM Capital, L.P. \| Barclays Natural Resource Investments
Schedule of Equity Method Investments [Line Items]
Purchase price				$ 504,600,000
Issuance of partnership units (in shares)				996,572
Management fee-related revenues
Schedule of Equity Method Investments [Line Items]
Percentage of management fee revenue allocated to Carlyle		55.00%

Investments - Schedule of Net Investment Earnings (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Management fees	$ 80.5	$ 80.7	$ 53.9
Performance fees	98.4	44.7	(18.5)
Investment income (loss)	12.1	9.4	(3.3)
Expenses	(54.0)	(16.0)	(15.3)
Amortization of basis differences	(8.5)	(55.2)	(56.6)
Net investment income (loss)	$ 128.5	$ 63.6	$ (39.8)

Investments - Schedule of Equity Method Investments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Equity method investments	$ 1,218.4	$ 950.9
Corporate Private Equity
Schedule of Investments [Line Items]
Equity method investments	369.5	282.4
Real Assets
Schedule of Investments [Line Items]
Equity method investments	775.1	622.8
Global Credit
Schedule of Investments [Line Items]
Equity method investments	23.0	20.1
Investment Solutions
Schedule of Investments [Line Items]
Equity method investments	$ 50.8	$ 25.6

Investments - Partnership's Equity Method Investees, Summarized Statement of Income Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of operations information
Investment income	$ 1,207.5	$ 1,486.3	$ 1,134.1
Expenses	1,910.0	1,729.5	1,700.4
Net investment income (loss)	(702.5)	(243.2)	(566.3)
Net realized and unrealized gain (loss)	14,817.8	6,946.6	3,972.0
Net income (loss)	14,115.3	6,703.4	3,405.7
Corporate Private Equity
Statement of operations information
Investment income	630.8	532.2	380.7
Expenses	553.3	597.1	613.8
Net investment income (loss)	77.5	(64.9)	(233.1)
Net realized and unrealized gain (loss)	9,587.4	2,906.8	4,831.6
Net income (loss)	9,664.9	2,841.9	4,598.5
Real Assets
Statement of operations information
Investment income	230.4	679.5	441.2
Expenses	572.4	544.3	604.4
Net investment income (loss)	(342.0)	135.2	(163.2)
Net realized and unrealized gain (loss)	2,605.6	2,184.2	(3,047.6)
Net income (loss)	2,263.6	2,319.4	(3,210.8)
Global Credit
Statement of operations information
Investment income	267.7	167.4	193.6
Expenses	118.8	95.1	45.7
Net investment income (loss)	148.9	72.3	147.9
Net realized and unrealized gain (loss)	(51.5)	(504.6)	(323.1)
Net income (loss)	97.4	(432.3)	(175.2)
Investment Solutions
Statement of operations information
Investment income	78.6	107.2	118.6
Expenses	665.5	493.0	436.5
Net investment income (loss)	(586.9)	(385.8)	(317.9)
Net realized and unrealized gain (loss)	2,676.3	2,360.2	2,511.1
Net income (loss)	$ 2,089.4	$ 1,974.4	$ 2,193.2

Investments - Partnership's Equity Method Investees, Summarized Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Balance sheet information
Investments	$ 86,510.7	$ 68,441.3
Total assets	91,334.4	72,249.8
Debt	5,417.9	2,236.3
Other liabilities	1,441.0	1,389.7
Total liabilities	6,858.9	3,626.0
Partners’ capital	84,475.5	68,623.8
Corporate Private Equity
Balance sheet information
Investments	42,129.8	31,427.7
Total assets	44,987.0	33,605.0
Debt	2,141.8	416.2
Other liabilities	693.2	607.2
Total liabilities	2,835.0	1,023.4
Partners’ capital	42,152.0	32,581.6
Real Assets
Balance sheet information
Investments	24,352.0	21,460.2
Total assets	25,894.9	22,666.0
Debt	2,633.0	1,552.9
Other liabilities	239.6	384.1
Total liabilities	2,872.6	1,937.0
Partners’ capital	23,022.3	20,729.0
Global Credit
Balance sheet information
Investments	3,873.5	2,240.8
Total assets	4,050.0	2,502.5
Debt	508.1	170.4
Other liabilities	128.7	94.3
Total liabilities	636.8	264.7
Partners’ capital	3,413.2	2,237.8
Investment Solutions
Balance sheet information
Investments	16,155.4	13,312.6
Total assets	16,402.5	13,476.3
Debt	135.0	96.8
Other liabilities	379.5	304.1
Total liabilities	514.5	400.9
Partners’ capital	$ 15,888.0	$ 13,075.4

Investments - Components of Investment Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Income from equity investments	$ 226.4	$ 150.6	$ 10.4
Income (loss) from investments in CLOs and other investments	5.6	9.6	(1.7)
Other investment income	0.0	0.3	6.5
Total investment income (loss)	$ 232.0	$ 160.5	$ 15.2

- 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.

+ References + Details

Investments - Schedule of Income (Loss) from Equity-Method Investments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Income from equity investments	$ 226.4	$ 150.6	$ 10.4
Corporate Private Equity
Schedule of Investments [Line Items]
Income from equity investments	64.8	51.8	28.9
Real Assets
Schedule of Investments [Line Items]
Income from equity investments	151.7	101.2	(18.6)
Global Credit
Schedule of Investments [Line Items]
Income from equity investments	1.7	(3.8)	(0.9)
Investment Solutions
Schedule of Investments [Line Items]
Income from equity investments	$ 8.2	$ 1.4	$ 1.0

Investments - Consolidated Funds Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2017 USD ($) collateralized_loan_obligation
Equity Method Investments and Joint Ventures [Abstract]
Number of CLOs	7
Number Of CLOs Consolidated During Period	2
Total assets of the CLOs that were formed during the year \| $	$ 1.2
Minimum percent of aggregate assets for individual investments with fair value	5.00%

Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 1,200.0
Investments	5,316.4	$ 4,239.0
Investments of Consolidated Funds	$ 4,534.3	$ 3,893.7
Percentage of investments in Hedge Funds	100.00%	100.00%
United States
Schedule of Investments [Line Items]
Investments	$ 1,683.2	$ 1,954.9
Percentage of investments in Hedge Funds	37.13%	50.21%
United States \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 36.6	$ 12.5
Percentage of assets of the CLOs	0.81%	0.32%
United States \| Assets of the CLOs - Equity
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 2.2	$ 0.7
Percentage of assets of the CLOs	0.05%	0.02%
United States \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 1,644.4	$ 1,941.7
Percentage of assets of the CLOs	36.27%	49.87%
United States \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 1,683.2	$ 1,954.9
Percentage of assets of the CLOs	37.13%	50.21%
Europe
Schedule of Investments [Line Items]
Investments of Consolidated Funds	$ 2,744.4	$ 1,792.6
Percentage of investments in Hedge Funds	60.52%	46.04%
Europe \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 368.5	$ 377.7
Percentage of assets of the CLOs	8.13%	9.70%
Europe \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 2,369.9	$ 1,403.9
Percentage of assets of the CLOs	52.26%	36.06%
Europe \| Equity securities
Schedule of Investments [Line Items]
Equity securities	$ 5.7	$ 9.6
Percentage of equity securities	0.13%	0.25%
Europe \| Equity securities \| Other
Schedule of Investments [Line Items]
Equity securities	$ 5.7	$ 9.6
Percentage of equity securities	0.13%	0.25%
Europe \| Assets of the CLOs - Other
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 0.3	$ 1.4
Percentage of assets of the CLOs	0.00%	0.03%
Europe \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 2,738.7	$ 1,783.0
Percentage of assets of the CLOs	60.39%	45.79%
Global
Schedule of Investments [Line Items]
Investments of Consolidated Funds	$ 106.7	$ 146.2
Percentage of investments in Hedge Funds	2.35%	3.75%
Global \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 8.3	$ 6.2
Percentage of assets of the CLOs	0.18%	0.16%
Global \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 98.4	$ 140.0
Percentage of assets of the CLOs	2.17%	3.59%
Global \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 106.7	$ 146.2
Percentage of assets of the CLOs	2.35%	3.75%

Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds (Additional Information) (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Cost of investments of Consolidated Funds	$ 4,542.0	$ 3,980.5
United States \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	1,661.1	1,958.6
Europe \| Equity securities
Schedule of Investments [Line Items]
Cost of equity securities	28.1	97.0
Europe \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	2,745.1	1,777.0
Global \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	$ 107.7	$ 147.9

Investments - Components of Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Interest income from investments	$ 167.3	$ 140.4	$ 873.1
Other income	10.4	26.5	102.4
Total	$ 177.7	$ 166.9	$ 975.5

Investments - Components of Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Gains from investments of Consolidated Funds									$ 27.0	$ 51.7	$ 426.2
Gains (losses) from liabilities of CLOs									61.4	(40.5)	436.5
Gains on other assets of CLOs									0.0	1.9	1.7
Total	$ 12.0	$ 18.6	$ 40.7	$ 17.1	$ 10.0	$ 4.8	$ 6.7	$ (8.4)	$ 88.4	$ 13.1	$ 864.4

Investments - Schedule of Realized and Unrealized Gains (Losses) Earned From Investments of the Consolidated Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Realized gains (losses)	$ (54.0)	$ (33.4)	$ 1,114.7
Net change in unrealized gains (losses)	81.0	85.1	(688.5)
Total	$ 27.0	$ 51.7	$ 426.2

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 81.4	$ 74.1
Acquired trademarks	1.2	1.0
Accumulated amortization	(57.8)	(43.2)
Finite-lived intangible assets, net	24.8	31.9
Goodwill	11.1	10.1
Intangible assets, net	$ 35.9	$ 42.0

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Impairment of intangible assets	$ 0	$ 0	$ 186,600,000
Goodwill impairment charge			7,000,000
Impairment loss			11,800,000
Intangible asset amortization expense	$ 10,100,000	$ 42,500,000	76,100,000
Investment Solutions
Goodwill [Line Items]
Impairment of intangible assets			$ 15,000,000
Global Credit \| Minimum \| Discounted Cash Flow \| Level III
Goodwill [Line Items]
Discount rate (as a percent)	10.00%
Global Credit \| Maximum \| Discounted Cash Flow \| Level III
Goodwill [Line Items]
Discount rate (as a percent)	20.00%

Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 9.8
2019	6.0
2020	6.0
2021	3.0
Total estimated amortization expense	$ 24.8

Borrowings - Partnership's Borrowings (Detail) - USD ($)	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,575,500,000		$ 1,267,600,000
Carrying Value	1,573,600,000		1,265,200,000
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Borrowing Outstanding	25,000,000		25,000,000
Carrying Value	24,800,000		24,700,000
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding	294,500,000		33,800,000
Carrying Value	294,500,000		33,800,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Borrowing Outstanding	500,000,000		500,000,000
Carrying Value	$ 497,600,000		497,200,000
Interest rate on senior notes (as a percent)	3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowing Outstanding	$ 600,000,000		600,000,000
Carrying Value	$ 600,700,000		600,700,000
Interest rate on senior notes (as a percent)	5.625%
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding		$ 53,900,000
London Interbank Offered Rate (LIBOR) \| Promissory Note Due 1/01/2022
Debt Instrument [Line Items]
Borrowing Outstanding	$ 108,800,000		108,800,000
Carrying Value	108,800,000		108,800,000
London Interbank Offered Rate (LIBOR) \| Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding	47,200,000		0
Carrying Value	$ 47,200,000		$ 0

Borrowings - Senior Credit Facility (Detail) - USD ($)		12 Months Ended
Borrowings - Senior Credit Facility (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 06, 2017
Debt Instrument [Line Items]
Senior notes principal amount	$ 1,575,500,000	$ 1,575,500,000	$ 1,267,600,000
Interest		65,500,000	61,300,000	$ 58,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	750,000,000.0	750,000,000.0
Interest		0	0	$ 0
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds	0	0			$ 250,000,000
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Senior notes principal amount	$ 25,000,000	$ 25,000,000	$ 25,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum percentage of applicable margin in addition to base rate	0.75%	0.75%
Maximum percentage of applicable margin	1.75%	1.75%
Actual Percentage	2.60%

Borrowings - CLO Term Loans (Details)										12 Months Ended
Borrowings - CLO Term Loans (Details)	Dec. 31, 2017 USD ($)	Dec. 07, 2017	Dec. 06, 2017	Nov. 30, 2017	Aug. 14, 2017	Aug. 02, 2017 EUR (€)	Jul. 20, 2017	Jun. 28, 2017	Apr. 19, 2017	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Feb. 28, 2017 EUR (€)	Mar. 31, 2014 USD ($)	Oct. 03, 2013 EUR (€)	Mar. 31, 2013 USD ($)
Debt Instrument [Line Items]
Interest										$ 65,500,000	$ 61,300,000	$ 58,000,000
Borrowing Outstanding	$ 1,575,500,000									1,575,500,000	1,267,600,000
Carrying value	1,573,600,000									1,573,600,000	1,265,200,000
CLO Term Loan Maturing September 28, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	0									0	13,200,000				€ 12,600,000.0
CLO Term Loan Maturing July 15, 2027
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20,600,000									$ 20,600,000	20,600,000
Interest Rate as of December 31, 2017	3.16%									3.16%
CLO Term Loan Maturing September 21, 2029
Debt Instrument [Line Items]
Borrowing Outstanding \| €													€ 61,800,000.0
CLO Term Loan Maturing August 3, 2022
Debt Instrument [Line Items]
Borrowing Outstanding \| €						€ 17,400,000.0
CLO Term Loans
Debt Instrument [Line Items]
Interest										$ 0	0	0
Borrowing Outstanding	$ 294,500,000									294,500,000	33,800,000
Carrying value	294,500,000									294,500,000	33,800,000
Euro CLO Financing
Debt Instrument [Line Items]
Borrowing Outstanding \| €													€ 61,800,000.0
Carrying value	74,300,000									$ 74,300,000
Debt instrument, prepayment terms, penalty period threshold										3 years
Euribor Future \| CLO Term Loan Maturing September 21, 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 74,300,000									$ 74,300,000	0
Interest Rate as of December 31, 2017	2.33%									2.33%
Euribor Future \| Euro CLO Financing
Debt Instrument [Line Items]
Margin range of interest rates (as a percent)	2.33%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin range of interest rates (as a percent)				1.7312%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing April 22, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22,800,000									$ 22,800,000	0
Interest Rate as of December 31, 2017	3.29%									3.29%
Margin range of interest rates (as a percent)									1.932%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing July 22, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 23,100,000									$ 23,100,000	0
Interest Rate as of December 31, 2017	3.29%									3.29%
Margin range of interest rates (as a percent)								1.923%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing April 21, 2027
Debt Instrument [Line Items]
Borrowing Outstanding	$ 24,400,000									$ 24,400,000	0
Interest Rate as of December 31, 2017	2.90%									2.90%
Margin range of interest rates (as a percent)							1.536%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing July 23, 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22,800,000									$ 22,800,000	0
Interest Rate as of December 31, 2017	3.17%									3.17%
Margin range of interest rates (as a percent)						1.808%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing August 3, 2022
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20,900,000									$ 20,900,000	0
Interest Rate as of December 31, 2017	1.75%									1.75%
Margin range of interest rates (as a percent)						1.75%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing August 15, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22,600,000									$ 22,600,000	0
Interest Rate as of December 31, 2017	3.26%									3.26%
Margin range of interest rates (as a percent)					1.848%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing January 16, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22,700,000									$ 22,700,000	0
Interest Rate as of December 31, 2017	3.12%									3.12%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing October 16, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19,100,000									$ 19,100,000	0
Interest Rate as of December 31, 2017	3.01%									3.01%
Margin range of interest rates (as a percent)			1.647%
London Interbank Offered Rate (LIBOR) \| CLO Term Loan Maturing January 19, 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 21,200,000									$ 21,200,000	0
Interest Rate as of December 31, 2017	2.73%									2.73%
Margin range of interest rates (as a percent)		1.365%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest										$ 33,700,000	$ 33,700,000	$ 33,700,000
Borrowing Outstanding														$ 200,000,000.0		$ 400,000,000.0

Borrowings - Senior Notes (Details) - USD ($)	1 Months Ended		12 Months Ended
Borrowings - Senior Notes (Details) - USD ($)	Mar. 31, 2013	Jan. 31, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Borrowing Outstanding			$ 1,575,500,000	$ 1,267,600,000
Interest			65,500,000	61,300,000	$ 58,000,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate on senior notes (as a percent)		3.875%
Borrowing Outstanding		$ 500,000,000.0
Senior notes percentage of par value		99.966%
Senior notes redemption terms percentage to principal amount		100.00%
Interest			19,800,000	19,800,000	19,800,000
Fair value			520,400,000	512,800,000
3.875% Senior Notes Due 2/01/2023 \| Treasury Rate
Debt Instrument [Line Items]
Margin range of interest rates (as a percent)		0.30%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate on senior notes (as a percent)	5.625%					5.625%
Borrowing Outstanding	$ 400,000,000.0					$ 200,000,000.0
Senior notes percentage of par value	99.583%					104.315%
Senior notes redemption terms percentage to principal amount	100.00%
Interest			33,700,000	33,700,000	$ 33,700,000
Fair value			$ 696,300,000	$ 603,100,000
5.625% Senior Notes Due 3/30/2043 \| Treasury Rate
Debt Instrument [Line Items]
Margin range of interest rates (as a percent)	0.40%

Borrowings - Promissory Notes (Details)			1 Months Ended	12 Months Ended
Borrowings - Promissory Notes (Details)	Dec. 31, 2017 USD ($)	Nov. 30, 2017	Oct. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 30, 2017 USD ($) vehicle	Jan. 31, 2016 USD ($)	Jan. 01, 2016 USD ($)
Debt Instrument [Line Items]
Amount of promissory note for strategic investment contingent consideration								$ 120,000,000
Interest				$ 65,500,000	$ 61,300,000	$ 58,000,000
Number of derivatives settled \| vehicle							2
Borrowing Outstanding	$ 1,575,500,000			1,575,500,000	1,267,600,000
Payments on debt obligations				$ 21,700,000	9,000,000	$ 0
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin range of interest rates (as a percent)		1.7312%
Promissory Note Due 1/01/2022
Debt Instrument [Line Items]
Amount of promissory note for strategic investment contingent consideration									$ 120,000,000.0
Promissory note basis spread on variable rate note (as a percent)				2.50%
Actual Percentage	4.19%
Interest				$ 0
Promissory Note Due 1/01/2022 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Borrowing Outstanding	$ 108,800,000			108,800,000	108,800,000
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Interest				0
Debt outstanding	$ 47,200,000			47,200,000
Borrowing Outstanding							$ 53,900,000
Payments on debt obligations			$ 6,700,000
Promissory Notes Due 7/15/2019 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Actual Percentage	3.36%
Borrowing Outstanding	$ 47,200,000			47,200,000	0
Margin range of interest rates (as a percent)	2.00%
Promissory Note \| Promissory Note Maturing January 1, 2022
Debt Instrument [Line Items]
Approximate amount of debt repurchase					11,200,000
Debt repurchase price					$ 9,000,000
Debt outstanding	$ 108,800,000			$ 108,800,000

Borrowings - Outstanding Loans Payable of Consolidated Funds (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 4,323.5	$ 3,876.6
Fair Value	4,303.8	3,866.3
Fair value of CLO	4,900.0	4,700.0
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	4,128.3	3,681.0
Fair Value	$ 4,100.5	$ 3,672.5
Weighted Average Interest Rate (as a percent)	2.16%	2.45%
Weighted Average Remaining Maturity in Years	11 years 5 months 8 days	10 years 2 months 19 days
Subordinated notes and preferred shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 195.2	$ 195.6
Fair Value	$ 203.3	$ 193.8
Weighted Average Remaining Maturity in Years	9 years 10 months 6 days	9 years 3 months 3 days

Accrued Compensation and Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Accrued performance fee-related compensation	$ 1,894.8	$ 1,307.4
Accrued bonuses	202.6	177.2
Other	125.2	177.2
Total	$ 2,222.6	$ 1,661.8

Accrued Compensation and Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Defined benefit plan obligation	$ 73.4	$ 61.9
Defined benefit plan fair value of the plans' assets	56.3	46.3
Defined benefit plan liability	17.1	15.6
Net periodic benefit cost	$ 4.2	$ 2.5	$ 2.8

Commitments and Contingencies - Capital Commitments (Details) $ in Millions	Dec. 31, 2017 USD ($)
Loss Contingencies [Line Items]
Unfunded commitment	$ 3,838.7
Unfunded commitment to be paid by senior Carlyle executives and professionals	3,400.0
Corporate Private Equity
Loss Contingencies [Line Items]
Unfunded commitment	2,354.2
Real Assets
Loss Contingencies [Line Items]
Unfunded commitment	812.0
Global Credit
Loss Contingencies [Line Items]
Unfunded commitment	526.0
Investment Solutions
Loss Contingencies [Line Items]
Unfunded commitment	$ 146.5

Commitments and Contingencies - Additional Information (Detail) € in Millions				1 Months Ended		12 Months Ended			24 Months Ended
	Dec. 12, 2016	Oct. 31, 2016 USD ($)	Jul. 07, 2010 USD ($)	Dec. 31, 2017 USD ($) finance_vehicle vehicle	Apr. 30, 2015 EUR (€)	Dec. 31, 2017 USD ($) finance_vehicle vehicle	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) finance_vehicle vehicle	Dec. 31, 2017 EUR (€) finance_vehicle vehicle
Guarantor Obligations [Line Items]
Potential repayment of performance fees				$ 66,800,000		$ 66,800,000	$ 160,800,000		$ 66,800,000
Amount of giveback obligation of current and former related parties				37,900,000		37,900,000			37,900,000
Amount of net accrued giveback obligation of subsidiary				28,900,000		28,900,000			28,900,000
Rent expense						56,600,000	55,000,000	$ 56,300,000
Deferred rent payable				62,900,000		62,900,000	60,300,000		62,900,000
Damages thought (more than)			$ 1,000,000,000.0
Proceeds from legal settlements				29,800,000
Carrying value				$ 1,575,500,000		$ 1,575,500,000	1,267,600,000		$ 1,575,500,000
Number of structured finance vehicles invested in petroleum commodities settled \| vehicle				2		2			2	2
Loss contingency accrual				$ 35,000,000		$ 35,000,000			$ 35,000,000
Goodwill				11,100,000		11,100,000	10,100,000		11,100,000
Additional base compensation expense related to disposal of intangible assets								$ 11,800,000
Affiliated Entity \| Claren Road
Guarantor Obligations [Line Items]
Loss contingency accrual				$ 10,800,000		10,800,000			10,800,000
Percentage of economic interest (percent)	63.00%
Additional base compensation expense related to							25,000,000
Additional base compensation expense related to disposal of intangible assets						4,400,000
Affiliated Entity \| Emerging Sovereign Group LLC
Guarantor Obligations [Line Items]
Percentage of economic interest (percent)		55.00%
Economic interest former owners		45.00%
Contingent consideration, liability		$ 49,500,000
Partnership intangible assets		22,400,000
Goodwill		$ 28,000,000
Alleged Misappropriation of Investments in Petroleum Commodities
Guarantor Obligations [Line Items]
Payments for legal settlements						$ 165,000,000	100,000,000		$ 265,000,000
Number of structured finance vehicles managed by an affiliate that invested in petroleum commodities believed to be stolen \| finance_vehicle				2		2			2	2
Amount of investment in petroleum commodities believed stolen				$ 400,000,000		$ 400,000,000			$ 400,000,000
Proceeds from Insurance settlement, operating activities						177,000,000
Guaranteed Loans
Guarantor Obligations [Line Items]
Incremental borrowings under credit facility for eligible employees investing in Carlyle sponsored funds						$ 11,300,000
Percentage points to be added to the interest rate under credit facility for eligible employees investing in Carlyle sponsored funds						3.00%
Weighted-average rate under credit facility (as a percent)				4.34%		4.34%			4.34%	4.34%
Outstanding borrowing under credit facility for eligible employees investing in Carlyle sponsored funds				$ 13,300,000		$ 13,300,000	9,600,000		$ 13,300,000
Guarantee				7,300,000		7,300,000			7,300,000
Contingent Obligations Giveback
Guarantor Obligations [Line Items]
Unbilled receivable for giveback obligations from current and former employees				5,100,000		5,100,000	5,600,000		5,100,000
Cash withheld from carried interest distributions for potential giveback obligations				247,600,000		247,600,000	$ 356,900,000		247,600,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis				700,000,000		700,000,000			700,000,000
French tax authority
Guarantor Obligations [Line Items]
Damages thought (more than) \| €					€ 105.0
Payments for legal settlements \| €					75.0
Amount awarded from other party \| €										€ 105.0
Amount awarded from other party, before tax \| €										€ 12.5
French tax authority \| CEREP I
Guarantor Obligations [Line Items]
Payments for legal settlements \| €					€ 30.0
Notes Payable \| Alleged Misappropriation of Investments in Petroleum Commodities
Guarantor Obligations [Line Items]
Carrying value				$ 54,000,000		$ 54,000,000			$ 54,000,000

Commitments and Contingencies - Future Minimum Commitments for Leases (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Leases, Future Minimum Payments Due [Abstract]
2018	$ 47.9
2019	48.9
2020	48.4
2021	44.1
2022	41.0
Thereafter	295.7
Future minimum commitments for leases, total	$ 526.0

Related Party Transactions - Due from Affiliates and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Notes receivable and accrued interest from affiliates	$ 22.8	$ 37.6
Other receivables from unconsolidated funds and affiliates, net	229.2	184.0
Total	257.1	227.2
Unbilled receivable for giveback obligations from current and former employees
Related Party Transaction [Line Items]
Unbilled receivable for giveback obligations from current and former employees	$ 5.1	$ 5.6

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transactions [Abstract]
Maximum percentage of interest on amounts due from affiliates	7.07%
Payment of aircraft related expenses	$ 5.4	$ 4.8	$ 4.4

Related Party Transactions - Due to Affiliates (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Due to affiliates of Consolidated Funds	$ 0.0	$ 0.2
Due to non-consolidated affiliates	75.7	29.7
Performance-based contingent cash consideration related to acquisitions	37.5	36.1
Amounts owed under the tax receivable agreement	94.0	137.8
Other	22.7	19.8
Total	$ 229.9	$ 223.6

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
Federal income tax	$ (6.2)	$ 0.4	$ 0.7
State and local income tax	(0.2)	(0.4)	4.9
Foreign income tax	38.8	34.9	27.4
Subtotal	32.4	34.9	33.0
Deferred
Federal income tax	106.2	(9.8)	(36.7)
State and local income tax	(2.7)	(1.3)	(2.6)
Foreign income tax	(11.0)	6.2	8.4
Subtotal	92.5	(4.9)	(30.9)
Total provision for income taxes	$ 124.9	$ 30.0	$ 2.1

Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Federal foreign tax credit	$ 11.9	$ 12.8
Federal net operating loss carry forward	22.8	12.1
State net operating loss carry forwards	11.8	4.3
Tax basis goodwill and intangibles	98.2	149.8
Depreciation and amortization	16.6	25.3
Deferred restricted common unit compensation	9.4	12.1
Accrued compensation	31.0	25.0
Basis difference in investments	24.4	34.0
Other	24.3	25.5
Deferred tax assets before valuation allowance	250.4	300.9
Valuation allowance	(27.3)	(21.8)
Total deferred tax assets	223.1	279.1
Deferred tax liabilities
Intangible assets	4.8	5.5
Unrealized appreciation on investments	121.0	111.0
Other	2.5	4.8
Total deferred tax liabilities	128.3	121.3
Net deferred tax assets (liabilities)	94.8	157.8
Amount of deferred tax liabilities offset for presentation purposes	$ 52.7	$ 44.7

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Examination [Line Items]
Additional provision for income tax recognized	$ 113.0
Reduction in liability due to new tax act	71.5
Cumulative net operating loss carry forwards, amount	197.1
Federal foreign tax carryforwards, amount	11.9	$ 12.8
Deferred tax assets	170.4	234.4
Valuation allowance established by partnership	27.3	21.8
Deferred tax liabilities	75.6	76.6
Income tax expense	124.9	30.0	$ 2.1
Liability for uncertain tax positions	12.3	19.0
Accrued interest and penalties associated with uncertain tax positions	3.4	$ 6.0
Uncertain tax positions that would reduce effective tax rate, if recognized	12.3
U.S. Federal
Income Tax Examination [Line Items]
Operating loss carryforward	$ 108.6

Income Taxes - Reconciliation of Provision for Income Taxes to U.S Federal Statutory Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	35.00%	35.00%	35.00%
Income passed through to common unitholders and non-controlling interest holders(1)	(31.55%)	(40.00%)	(40.64%)
Reduction in U.S. corporate tax rate	7.77%	0.00%	0.00%
Unvested Carlyle Holdings partnership units and other compensation	1.45%	36.74%	1.87%
Foreign income taxes	0.12%	28.75%	1.61%
State and local income taxes	(0.19%)	(6.70%)	4.13%
Valuation allowance impacting provision for income taxes	0.07%	16.84%	(3.88%)
Other adjustments	(1.64%)	(4.40%)	2.43%
Effective income tax rate	11.03%	66.23%	0.52%

Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits, Exclusive of Penalties and Interest (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 13.0	$ 13.1	$ 13.8
Additions for tax positions of prior years	1.6	1.3	(0.7)
Reductions due to lapse of statute of limitations	(5.7)	(1.4)	0.0
Balance at December 31	$ 8.9	$ 13.0	$ 13.1

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 404.7	$ 277.8
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	13.3	13.5
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	386.5	331.7
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 4.9	$ (67.4)

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Income (Loss) of Consolidated Entities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 72.5	$ 40.8	$ 777.7
Net loss attributable to partners’ capital appropriated for CLOs	0.0	0.0	(54.4)
Net income (loss) attributable to redeemable non-controlling interests in consolidated entities	0.0	0.2	(185.4)
Non-controlling interests in income of consolidated entities	72.5	41.0	537.9
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	12.0	17.1	876.6
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	41.3	(8.6)	(20.6)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 19.2	$ 32.3	$ (78.3)

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to The Carlyle Group L.P. common unitholders									$ 238,100,000	$ 6,400,000	$ (18,400,000)
Basic
Dilution of earnings due to participating securities with distribution rights									0	0	167,000
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders									$ 238,100,000	$ 6,400,000	$ (18,233,000)
Weighted-average common units outstanding (in shares)									92,136,959	82,714,178	74,523,935
Net income (loss) per common unit (in dollars per share)	$ 0.53	$ 0.47	$ 0.65	$ 0.97	$ (0.11)	$ 0.01	$ 0.07	$ 0.10	$ 2.58	$ 0.08	$ (0.24)
Diluted
Dilution of earnings due to participating securities with distribution rights									$ 0	$ 0	$ (1,743,000)
Incremental net income (loss) from assumed exchange of Carlyle Holdings partnership units									0	(32,100,000)	(69,300,000)
Net income (loss) attributable to common units									$ 238,100,000	$ (25,700,000)	$ (89,443,000)
Weighted-average common units outstanding (in shares)									100,082,548	308,522,990	298,739,382
Net income (loss) per common unit (in dollars per share)	$ 0.49	$ 0.43	$ 0.59	$ 0.90	$ (0.16)	$ (0.02)	$ 0.07	$ 0.01	$ 2.38	$ (0.08)	$ (0.30)
The Carlyle Group, L.P.
Basic
Weighted-average common units outstanding (in shares)									92,136,959	82,714,178	74,523,935
Diluted
Weighted-average common units outstanding (in shares)									92,136,959	82,714,178	74,523,935
Unvested deferred restricted common units
Basic
Weighted-average common units outstanding (in shares)									0	0	0
Diluted
Weighted-average common units outstanding (in shares)									7,347,645	3,331,282	0
Contingently issuable Carlyle Holdings partnership units and common units
Basic
Weighted-average common units outstanding (in shares)									0	0	0
Diluted
Weighted-average common units outstanding (in shares)									597,944	0	0
Weighted-average vested Carlyle Holdings partnership units
Diluted
Weighted-average common units outstanding (in shares)									0	222,183,911	216,943,053
Unvested Carlyle Holdings partnership units
Diluted
Weighted-average common units outstanding (in shares)									0	293,619	7,272,394

Earnings Per Common Unit - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2013	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding (in shares)		100,082,548	308,522,990	298,739,382
Incremental net income from assumed exchange of Carlyle Holdings partnership units, Diluted		$ 0	$ (32,100)	$ (69,300)
Weighted-average vested Carlyle Holdings partnership units
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding (in shares)		0	222,183,911	216,943,053
Carlyle Holdings partnership units deemed antidilutive (in shares)			222,183,911	216,943,053
Antidilutive securities excluded (in shares)		227,275,453		3,978,436
Unvested Carlyle Holdings partnership units
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding (in shares)		0	293,619	7,272,394
Antidilutive securities excluded (in shares)		2,579,831
AlpInvest
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional ownership percentage acquired in the current year	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in units)	914,087
AlpInvest \| Unvested Carlyle Holdings partnership units
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding (in shares)		7,782

Equity and Equity-Based Compensation - Preferred Unit Issuance (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 13, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Preferred Units [Line Items]
Proceeds from issuance of preferred units, net of offering costs and expenses		$ 387.5	$ 0.0	$ 0.0
Series A Preferred Stock
Preferred Units [Line Items]
Preferred units, issued (in shares)	16,000,000	16,000,000
Preferred stock, dividend rate, percentage	5.875%
Proceeds from issuance of preferred stock and preference stock, gross	$ 400.0
Proceeds from issuance of preferred units, net of offering costs and expenses	$ 387.5
Redemption price per share (in dollars per share)	$ 25.00
Minimum redemption notice period in the event of change in control or tax redemption	30 days
Redemption period window in the event of change in control or tax redemption	60 days
Redemption price per share, in the event of change in control or tax redemption (in usd per share)	$ 25.25
Thirty First Day Following Change Of Control \| Series A Preferred Stock
Preferred Units [Line Items]
Minimum redemption notice period in the event of change in control or tax redemption	30 days
Redemption period window in the event of change in control or tax redemption	60 days
Redemption price per share, in the event of change in control or tax redemption (in usd per share)	$ 25.50
Distribution increase, percent	5.00%

Equity and Equity-Based Compensation - Additional Information (Detail) - USD ($)		1 Months Ended		12 Months Ended			23 Months Ended
	Aug. 01, 2013	Feb. 15, 2018	Dec. 31, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Jan. 01, 2018	Feb. 29, 2016	May 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount									$ 200,000,000
Common units repurchased				$ 200,000	$ 58,900,000	$ 0	$ 59,100,000
Units repurchased (in units)				14,190			3,700,000
Unit exchange program, number of partnership units exchanged for common units (in shares)				6,430,383
Noncontrolling interest, decrease from redemptions or purchase of interests				$ 33,900,000
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan (in shares)										30,450,000
Deferred restricted common unit compensation				$ 9,400,000	12,100,000		$ 9,400,000
AlpInvest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional ownership percentage acquired in the current year	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in units)	914,087
Unvested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)				6 years
Tax benefit related to equity-based compensation expense				$ 0
Unrecognized equity-based compensation expense				$ 55,600,000			55,600,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)				3 months 18 days
Unvested Carlyle Holdings Partnership Units \| Carlyle Holdings
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional base compensation expense related to				$ 166,400,000	183,700,000	191,100,000
Unvested Carlyle Holdings Partnership Units \| ECM Capital, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)			5 years
Number of partnership units issued with time vesting (in shares)			996,572
Number of partnership units issued at closing with performance-based vesting (in shares)			597,944
Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional base compensation expense related to				153,700,000	149,200,000	176,200,000
Tax benefit related to equity-based compensation expense				13,600,000	17,200,000	16,400,000
Unrecognized equity-based compensation expense				$ 154,700,000			154,700,000
Weighted-average term for unrecognized compensation expense to be recognized (in years)				1 year 11 months
Deferred Restricted Common Units \| Vested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred restricted common unit compensation				$ 0	4,800,000	2,900,000	0
Deferred Restricted Common Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)				6 years
Discount on unvested awards (as a percent)				40.00%
Unvested Partnership Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)	5 years
Additional base compensation expense related to				$ 200,000	$ 1,600,000	$ 9,000,000
Unrecognized equity-based compensation expense				$ 0			$ 0
Unvested Partnership Common Units \| AlpInvest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional ownership percentage acquired in the current year	40.00%
Common units issued to AlpInvest employees that are subject to vesting conditions (in units)	914,087
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of the Partnership's common units and Carlyle Holdings partnership units available for grant under the Equity Incentive Plan (in shares)								32,645,874
Subsequent Event \| Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		13,700,000
Grants during the period, estimated grant-date fair value		$ 283,000,000
Subsequent Event \| Deferred Restricted Common Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)		12 months
Subsequent Event \| Deferred Restricted Common Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units (in years)		60 months

Equity and Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carlyle Holdings
Units
Beginning balance (in shares)	17,240,000	26,819,112	35,997,415
Granted (in shares)	0	0	0
Vested (in shares)	8,707,671	8,830,325	8,733,826
Forfeited (in shares)	437,314	748,787	444,477
Ending balance (in shares)	8,095,015	17,240,000	26,819,112
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 22.22	$ 22.18	$ 22.16
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	22.40	22.11	22.11
Forfeited (in dollars per share)	22.00	22.00	22.00
Ending balance (in dollars per share)	$ 22.03	$ 22.22	$ 22.18
Equity Settled Awards \| Deferred Restricted Common Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	16,705,920	18,420,434	18,929,270
Granted (in shares)	8,260,455	6,730,159	6,770,420
Vested (in shares)	8,864,747	7,007,857	5,452,961
Forfeited (in shares)	582,037	1,436,816	1,826,295
Ending balance (in shares)	15,519,591	16,705,920	18,420,434
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 19.21	$ 24.62	$ 26.12
Granted (in dollars per share)	14.17	11.30	22.39
Vested (in dollars per share)	19.63	25.14	26.91
Forfeited (in dollars per share)	19.62	22.91	24.98
Ending balance (in dollars per share)	$ 16.25	$ 19.21	$ 24.62
Equity Settled Awards \| Unvested Common Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	38,911	766,991	809,797
Granted (in shares)	0	0	0
Vested (in shares)	31,129	728,080	31,132
Forfeited (in shares)	0	0	11,674
Ending balance (in shares)	7,782	38,911	766,991
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.67	$ 27.41	$ 27.19
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	21.53	27.71	21.53
Forfeited (in dollars per share)	0.00	0.00	27.99
Ending balance (in dollars per share)	$ 22.22	$ 21.67	$ 27.41
Cash Settled Awards \| Phantom Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	2,520	6,741	104,070
Granted (in shares)	0	0	0
Vested (in shares)	2,520	3,480	93,109
Forfeited (in shares)	0	741	4,220
Ending balance (in shares)	0	2,520	6,741
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 34.81	$ 34.58	$ 23.40
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	34.81	34.45	22.52
Forfeited (in dollars per share)	0.00	34.39	24.80
Ending balance (in dollars per share)	$ 0.00	$ 34.81	$ 34.58

Deconsolidation of a Real Estate Development Company - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Deconsolidation loss	$ 65.0	$ 0.0	$ (34.5)	$ 0.0
Urbplan
Real Estate Properties [Line Items]
Period, in days, of the financial reporting lag		90 days

Deconsolidation of a Real Estate Development Company - Assets and Liabilities Recognized in the Partnership's Consolidated Balance Sheet Related to Urbplan (Additional Information) (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Other liabilities of a real estate VIE:
Principal amount of loans payable	$ 0.0	$ 144.4
Partnership
Receivables and inventory of a real estate VIE:
Customer and other receivables		99.4
Inventory costs in excess of billings and advances		46.0
Receivables and inventory of a real estate VIE:		145.4
Other assets of a real estate VIE:
Restricted investments		12.7
Fixed assets, net		0.2
Deferred tax assets		9.1
Other assets		9.5
Other assets of a real estate VIE:		31.5
Loans payable of a real estate VIE, at fair value (principal amount of $144.4 million as of December 31, 2016)		79.4
Other liabilities of a real estate VIE:
Accounts payable		14.6
Other liabilities		109.9
Other liabilities of a real estate VIE:		124.5
Loans Payable of a real estate VIE \| Partnership
Other liabilities of a real estate VIE:
Principal amount of loans payable		$ 144.4

Deconsolidation of a Real Estate Development Company - Revenues, Expenses and Net Losses Recognized in the Partnership's Consolidated Statement of Operations Related to Urbplan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest and other expenses of a real estate VIE and loss on deconsolidation:
Costs of products sold and services rendered	$ 64.4	$ 31.3	$ 48.5
Interest expense	18.5	51.4	40.9
Change in fair value of loans payable	(6.6)	(17.6)	9.2
Compensation and benefits	2.8	8.5	10.7
G&A and other expenses	58.9	134.0	35.3
Loss on Deconsolidation	64.5	0.0	0.0
Interest and other expenses of a real estate VIE and loss on deconsolidation:	202.5	207.6	144.6
Urbplan
Revenue of a real estate VIE:
Land development services	104.6	69.3	80.0
Investment income	4.4	25.8	6.8
Revenue of a real estate VIE:	$ 109.0	$ 95.1	$ 86.8

Segment Reporting - Additional Information (Detail) $ in Millions		12 Months Ended
	Jan. 01, 2016	Dec. 31, 2017 segment	Dec. 31, 2017 USD ($)	Dec. 31, 2017 Segment	Dec. 31, 2016 Segment	Dec. 31, 2015 Segment
Segment Reporting Information [Line Items]
Number of reportable segments		4		4	4	4
Reduction in liability due to new tax act			$ 71.5
Claren Road
Segment Reporting Information [Line Items]
Percentage of economic interest (percent)						55.00%
Revised ownership interest percentage	63.00%

Segment Reporting - Reportable Segments Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fund level fee revenues
Fund management fees									$ 1,026.9	$ 1,076.1	$ 1,085.2
Performance fees
Realized									1,097.3	1,129.5	1,441.9
Unrealized									996.6	(377.7)	(617.0)
Total performance fees									2,093.9	751.8	824.9
Investment income (loss)
Realized									70.4	112.9	32.9
Unrealized									161.6	47.6	(17.7)
Total investment income (loss)									232.0	160.5	15.2
Other income									10.4	26.5	102.4
Total revenues	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 575.9	$ 607.3	$ 608.0	$ 483.1	3,676.2	2,274.3	3,006.2
Performance fee related
Realized									520.7	580.5	650.5
Unrealized									467.6	(227.4)	(139.6)
Total compensation and benefits									1,961.3	1,334.8	1,521.1
General, administrative and other expenses									276.8	521.1	712.8
Interest expense									65.5	61.3	58.0
Total expenses	624.8	$ 492.6	$ 705.4	$ 809.5	574.0	$ 661.8	$ 546.9	$ 459.4	2,632.3	2,242.1	3,468.4
Net Performance Fees									1,105.6	398.7	314.0
Investment income (loss)									227.1	154.6	0.5
Segment assets	12,280.6				9,973.0				12,280.6	9,973.0	32,181.6
Corporate Private Equity
Performance fees
Total performance fees									1,629.6	289.6	698.2
Real Assets
Performance fees
Total performance fees									265.2	321.1	49.3
Investment Solutions
Performance fees
Total performance fees									142.5	103.7	118.4
Total Reportable Segments
Fund level fee revenues
Fund management fees									1,081.0	1,085.8	1,197.9
Portfolio advisory fees, net									16.7	16.6	15.4
Transaction fees, net									26.9	31.2	9.8
Total fund level fee revenues									1,124.6	1,133.6	1,223.1
Performance fees
Realized									1,085.3	1,215.8	1,434.8
Unrealized									1,089.6	(464.1)	(525.1)
Total performance fees									2,174.9	751.7	909.7
Investment income (loss)
Realized									(25.8)	44.9	(64.8)
Unrealized									73.0	5.4	42.4
Total investment income (loss)									47.2	50.3	(22.4)
Interest income									16.7	10.2	4.8
Other income									15.4	12.8	17.2
Total revenues									3,378.8	1,958.6	2,132.4
Compensation and benefits
Direct base compensation									464.5	437.1	477.7
Indirect base compensation									193.5	164.2	172.1
Equity-based compensation									123.9	119.6	121.5
Performance fee related
Realized									532.7	590.5	646.3
Unrealized									464.4	(232.5)	(128.3)
Total compensation and benefits									1,779.0	1,078.9	1,289.3
General, administrative and other expenses									233.9	483.5	362.8
Depreciation and amortization expense									31.1	29.0	25.6
Interest expense									65.5	61.3	58.1
Total expenses									2,109.5	1,652.7	1,735.8
Economic Income									1,269.3	305.9	396.6
Net Performance Fees									1,177.8	393.7	391.7
Investment income (loss)									47.2	50.3	(22.4)
Equity-based compensation									123.9	119.6	121.5
Net Interest									48.8	51.1	53.3
Reserve for Litigation and Contingencies									(25.0)		50.0
Fee Related Earnings									192.0	32.6	252.1
Realized Net Performance Fees									552.6	625.3	788.5
Realized Investment Income (loss)									(25.8)	44.9	(64.8)
Net Interest									48.8	51.1	53.3
Distributable Earnings									670.0	651.7	922.5
Segment assets	7,543.1				5,457.3				7,543.1	5,457.3
Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Fund management fees									471.0	498.9	577.4
Portfolio advisory fees, net									15.2	14.5	14.3
Transaction fees, net									22.4	31.2	7.7
Total fund level fee revenues									508.6	544.6	599.4
Performance fees
Realized									831.5	1,060.5	1,209.5
Unrealized									781.6	(777.5)	(523.1)
Total performance fees									1,613.1	283.0	686.4
Investment income (loss)
Realized									25.4	60.3	23.3
Unrealized									37.0	(11.0)	(5.2)
Total investment income (loss)									62.4	49.3	18.1
Interest income									5.5	3.4	1.5
Other income									6.0	6.0	9.8
Total revenues									2,195.6	886.3	1,315.2
Compensation and benefits
Direct base compensation									235.7	210.8	224.2
Indirect base compensation									105.0	78.8	91.5
Equity-based compensation									60.5	69.3	65.1
Performance fee related
Realized									372.9	472.1	540.9
Unrealized									362.6	(342.6)	(221.7)
Total compensation and benefits									1,136.7	488.4	700.0
General, administrative and other expenses									119.8	131.9	172.4
Depreciation and amortization expense									15.3	13.6	12.5
Interest expense									27.9	28.2	30.8
Total expenses									1,299.7	662.1	915.7
Economic Income									895.9	224.2	399.5
Net Performance Fees									877.6	153.5	367.2
Investment income (loss)									62.4	49.3	18.1
Equity-based compensation									60.5	69.3	65.1
Net Interest									22.4	24.8	29.3
Reserve for Litigation and Contingencies									(12.5)		26.8
Fee Related Earnings									26.3	115.5	135.4
Realized Net Performance Fees									458.6	588.4	668.6
Realized Investment Income (loss)									25.4	60.3	23.3
Net Interest									22.4	24.8	29.3
Distributable Earnings									487.9	739.4	798.0
Segment assets	3,644.6				2,435.8				3,644.6	2,435.8
Total Reportable Segments \| Real Assets
Fund level fee revenues
Fund management fees									263.6	251.1	255.9
Portfolio advisory fees, net									0.8	0.2	0.4
Transaction fees, net									4.5	0.0	2.1
Total fund level fee revenues									268.9	251.3	258.4
Performance fees
Realized									92.0	53.1	163.2
Unrealized									268.3	274.0	(42.5)
Total performance fees									360.3	327.1	120.7
Investment income (loss)
Realized									(63.2)	(20.6)	(93.6)
Unrealized									26.7	1.4	63.1
Total investment income (loss)									(36.5)	(19.2)	(30.5)
Interest income									3.0	1.7	0.3
Other income									2.2	1.6	2.6
Total revenues									597.9	562.5	351.5
Compensation and benefits
Direct base compensation									77.6	72.1	70.0
Indirect base compensation									50.5	39.1	39.3
Equity-based compensation									34.9	26.3	25.0
Performance fee related
Realized									41.6	37.6	68.5
Unrealized									75.3	81.9	26.3
Total compensation and benefits									279.9	257.0	229.1
General, administrative and other expenses									78.5	67.1	74.6
Depreciation and amortization expense									7.1	5.9	4.3
Interest expense									17.0	16.0	10.6
Total expenses									382.5	346.0	318.6
Economic Income									215.4	216.5	32.9
Net Performance Fees									243.4	207.6	25.9
Investment income (loss)									(36.5)	(19.2)	(30.5)
Equity-based compensation									34.9	26.3	25.0
Net Interest									14.0	14.3	10.3
Reserve for Litigation and Contingencies									(5.8)		9.2
Fee Related Earnings									51.6	68.7	82.0
Realized Net Performance Fees									50.4	15.5	94.7
Realized Investment Income (loss)									(63.2)	(20.6)	(93.6)
Net Interest									14.0	14.3	10.3
Distributable Earnings									24.8	49.3	72.8
Segment assets	1,946.3				1,515.0				1,946.3	1,515.0
Total Reportable Segments \| Global Credit
Fund level fee revenues
Fund management fees									191.5	195.5	210.7
Portfolio advisory fees, net									0.7	1.1	0.7
Transaction fees, net									0.0	0.0	0.0
Total fund level fee revenues									192.2	196.6	211.4
Performance fees
Realized									75.4	36.6	38.0
Unrealized									(16.3)	1.2	(63.1)
Total performance fees									59.1	37.8	(25.1)
Investment income (loss)
Realized									11.9	5.1	5.4
Unrealized									5.4	15.3	(15.7)
Total investment income (loss)									17.3	20.4	(10.3)
Interest income									7.1	4.7	2.8
Other income									6.8	4.7	3.9
Total revenues									282.5	264.2	182.7
Compensation and benefits
Direct base compensation									79.2	87.4	101.2
Indirect base compensation									25.3	32.6	28.3
Equity-based compensation									20.7	17.6	19.0
Performance fee related
Realized									35.0	17.6	16.6
Unrealized									(7.3)	0.6	(27.7)
Total compensation and benefits									152.9	155.8	137.4
General, administrative and other expenses									3.3	250.0	69.8
Depreciation and amortization expense									5.1	6.2	5.0
Interest expense									14.5	11.3	10.8
Total expenses									175.8	423.3	223.0
Economic Income									106.7	(159.1)	(40.3)
Net Performance Fees									31.4	19.6	(14.0)
Investment income (loss)									17.3	20.4	(10.3)
Equity-based compensation									20.7	17.6	19.0
Net Interest									7.4	6.6	8.0
Reserve for Litigation and Contingencies									(4.1)		9.0
Fee Related Earnings									82.0	(174.9)	20.0
Realized Net Performance Fees									40.4	19.0	21.4
Realized Investment Income (loss)									11.9	5.1	5.4
Net Interest									7.4	6.6	8.0
Distributable Earnings									126.9	(157.4)	38.8
Segment assets	881.0				656.4				881.0	656.4
Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Fund management fees									154.9	140.3	153.9
Portfolio advisory fees, net									0.0	0.8	0.0
Transaction fees, net									0.0	0.0	0.0
Total fund level fee revenues									154.9	141.1	153.9
Performance fees
Realized									86.4	65.6	24.1
Unrealized									56.0	38.2	103.6
Total performance fees									142.4	103.8	127.7
Investment income (loss)
Realized									0.1	0.1	0.1
Unrealized									3.9	(0.3)	0.2
Total investment income (loss)									4.0	(0.2)	0.3
Interest income									1.1	0.4	0.2
Other income									0.4	0.5	0.9
Total revenues									302.8	245.6	283.0
Compensation and benefits
Direct base compensation									72.0	66.8	82.3
Indirect base compensation									12.7	13.7	13.0
Equity-based compensation									7.8	6.4	12.4
Performance fee related
Realized									83.2	63.2	20.3
Unrealized									33.8	27.6	94.8
Total compensation and benefits									209.5	177.7	222.8
General, administrative and other expenses									32.3	34.5	46.0
Depreciation and amortization expense									3.6	3.3	3.8
Interest expense									6.1	5.8	5.9
Total expenses									251.5	221.3	278.5
Economic Income									51.3	24.3	4.5
Net Performance Fees									25.4	13.0	12.6
Investment income (loss)									4.0	(0.2)	0.3
Equity-based compensation									7.8	6.4	12.4
Net Interest									5.0	5.4	5.7
Reserve for Litigation and Contingencies									(2.6)		5.0
Fee Related Earnings									32.1	23.3	14.7
Realized Net Performance Fees									3.2	2.4	3.8
Realized Investment Income (loss)									0.1	0.1	0.1
Net Interest									5.0	5.4	5.7
Distributable Earnings									30.4	20.4	$ 12.9
Segment assets	$ 1,071.2				$ 850.1				$ 1,071.2	$ 850.1

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 575.9	$ 607.3	$ 608.0	$ 483.1	$ 3,676.2	$ 2,274.3	$ 3,006.2
Expenses	624.8	492.6	705.4	809.5	574.0	661.8	546.9	459.4	2,632.3	2,242.1	3,468.4
Other income	12.0	$ 18.6	$ 40.7	$ 17.1	10.0	$ 4.8	$ 6.7	$ (8.4)	88.4	13.1	864.4
Economic income									1,132.3	45.3	402.2
Total assets	12,280.6				9,973.0				12,280.6	9,973.0	32,181.6
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues									3,378.8	1,958.6	2,132.4
Expenses									2,109.5	1,652.7	1,735.8
Other income									0.0	0.0	0.0
Economic income									1,269.3	305.9	396.6
Total assets	7,543.1				5,457.3				7,543.1	5,457.3
Reconciling Items
Segment Reporting Information [Line Items]
Revenues									119.7	148.8	(101.7)
Expenses									282.4	436.3	473.8
Other income									(35.1)	0.0	(22.5)
Economic income									(197.8)	(287.5)	(598.0)
Total assets	(225.2)				(169.0)				(225.2)	(169.0)
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues									177.7	166.9	975.5
Expenses									240.4	153.1	1,258.8
Other income									123.5	13.1	886.9
Economic income									60.8	26.9	$ 603.6
Total assets	$ 4,962.7				$ 4,684.7				$ 4,962.7	$ 4,684.7

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Other non-operating (income) expense									$ (71.4)	$ (11.2)	$ (7.4)
Expenses	$ 624.8	$ 492.6	$ 705.4	$ 809.5	$ 574.0	$ 661.8	$ 546.9	$ 459.4	2,632.3	2,242.1	3,468.4
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments									241.2	223.4	259.8
Acquisition related charges and amortization of intangibles and impairment									35.7	94.2	288.8
Other non-operating (income) expense									(71.4)	(11.2)	(7.4)
Tax provision associated with performance fees									(9.2)	(15.1)	(14.9)
Non-Carlyle economic interests in acquired business									115.7	159.0	160.3
Severance and other adjustments expenses									13.2	10.6	6.7
Expenses									282.4	436.3	473.8
Elimination of expenses of Consolidated Funds
Segment Reporting Information [Line Items]
Other non-operating (income) expense									0.0	0.0	0.0
Expenses									$ (42.8)	$ (24.6)	$ (219.5)

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Income before provision for income taxes	$ 395.0	$ 165.9	$ 243.7	$ 327.7	$ 11.9	$ (49.7)	$ 67.8	$ 15.3	$ 1,132.3	$ 45.3	$ 402.2
Adjustments:
Other non-operating (income) expense									(71.4)	(11.2)	(7.4)
Net income attributable to non-controlling interests in Consolidated entities									(72.5)	(41.0)	(537.9)
Net performance fees									1,105.6	398.7	314.0
Investment income (loss)									227.1	154.6	0.5
Reconciling Items
Adjustments:
Equity-based compensation issued in conjunction with the initial public offering, acquisitions and strategic investments									241.2	223.4	259.8
Acquisition related charges and amortization of intangibles and impairment									35.7	94.2	288.8
Other non-operating (income) expense									(71.4)	(11.2)	(7.4)
Tax provision associated with performance fees									(9.2)	(15.1)	(14.9)
Net income attributable to non-controlling interests in Consolidated entities									(72.5)	(41.0)	(537.9)
Severance and other adjustments									13.2	10.3	6.0
Net performance fees									72.2	(5.0)	77.7
Total Reportable Segments
Adjustments:
Economic Income									1,269.3	305.9	396.6
Net performance fees									1,177.8	393.7	391.7
Investment income (loss)									47.2	50.3	(22.4)
Equity-based compensation									123.9	119.6	121.5
Net Interest									48.8	51.1	53.3
Reserve for litigation and contingencies									(25.0)	0.0	50.0
Fee Related Earnings									192.0	32.6	252.1
Realized performance fees, net of related compensation									552.6	625.3	788.5
Realized investment income (loss)									(25.8)	44.9	(64.8)
Net Interest									(48.8)	(51.1)	(53.3)
Distributable Earnings									$ 670.0	$ 651.7	$ 922.5

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Performance fees
Realized	$ 1,097.3	$ 1,129.5	$ 1,441.9
Unrealized	996.6	(377.7)	(617.0)
Total performance fees	2,093.9	751.8	824.9
Performance fee related compensation expense
Realized	520.7	580.5	650.5
Unrealized	467.6	(227.4)	(139.6)
Total performance fee related compensation expense	988.3	353.1	510.9
Net performance fees
Realized	576.6	549.0	791.4
Unrealized	529.0	(150.3)	(477.4)
Total net performance fees	1,105.6	398.7	314.0
Investment income (loss)
Realized	70.4	112.9	32.9
Unrealized	161.6	47.6	(17.7)
Total investment income (loss)	232.0	160.5	15.2
Adjustments
Performance fees
Realized	(12.0)	86.3	(7.1)
Unrealized	93.0	(86.4)	91.9
Total performance fees	81.0	(0.1)	84.8
Performance fee related compensation expense
Realized	12.0	10.0	(4.2)
Unrealized	(3.2)	(5.1)	11.3
Total performance fee related compensation expense	8.8	4.9	7.1
Net performance fees
Realized	(24.0)	76.3	(2.9)
Unrealized	96.2	(81.3)	80.6
Total net performance fees	72.2	(5.0)	77.7
Investment income (loss)
Realized	(96.2)	(68.0)	(97.7)
Unrealized	(88.6)	(42.2)	60.1
Total investment income (loss)	(184.8)	(110.2)	(37.6)
Total Reportable Segments
Performance fees
Realized	1,085.3	1,215.8	1,434.8
Unrealized	1,089.6	(464.1)	(525.1)
Total performance fees	2,174.9	751.7	909.7
Performance fee related compensation expense
Realized	532.7	590.5	646.3
Unrealized	464.4	(232.5)	(128.3)
Total performance fee related compensation expense	997.1	358.0	518.0
Net performance fees
Realized	552.6	625.3	788.5
Unrealized	625.2	(231.6)	(396.8)
Total net performance fees	1,177.8	393.7	391.7
Investment income (loss)
Realized	(25.8)	44.9	(64.8)
Unrealized	73.0	5.4	42.4
Total investment income (loss)	$ 47.2	$ 50.3	$ (22.4)

Segment Reporting - Consolidated Revenues and Assets Based on Geographical Focus of Associated Investment Vehicle (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Share of Total Revenues	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 575.9	$ 607.3	$ 608.0	$ 483.1	$ 3,676.2	$ 2,274.3	$ 3,006.2
Percentages Of Revenue By Geographic Regions									100.00%	100.00%	100.00%
Assets	12,280.6				9,973.0				$ 12,280.6	$ 9,973.0	$ 32,181.6
Percentage Of Assets By Geographic Regions									100.00%	100.00%	100.00%
Americas
Segment Reporting Information [Line Items]
Share of Total Revenues									$ 2,299.0	$ 1,473.5	$ 1,518.7
Percentages Of Revenue By Geographic Regions									62.00%	65.00%	51.00%
Assets	5,033.5				5,048.7				$ 5,033.5	$ 5,048.7	$ 19,049.3
Percentage Of Assets By Geographic Regions									41.00%	50.00%	59.00%
EMEA
Segment Reporting Information [Line Items]
Share of Total Revenues									$ 837.6	$ 615.1	$ 1,090.1
Percentages Of Revenue By Geographic Regions									23.00%	27.00%	36.00%
Assets	6,085.6				4,245.1				$ 6,085.6	$ 4,245.1	$ 12,369.1
Percentage Of Assets By Geographic Regions									50.00%	43.00%	39.00%
Asia-Pacific
Segment Reporting Information [Line Items]
Share of Total Revenues									$ 539.6	$ 185.7	$ 397.4
Percentages Of Revenue By Geographic Regions									15.00%	8.00%	13.00%
Assets	$ 1,161.5				$ 679.2				$ 1,161.5	$ 679.2	$ 763.2
Percentage Of Assets By Geographic Regions									9.00%	7.00%	2.00%

Quarterly Financial Data (Unaudited) - Unaudited Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 575.9	$ 607.3	$ 608.0	$ 483.1	$ 3,676.2	$ 2,274.3	$ 3,006.2
Expenses	624.8	492.6	705.4	809.5	574.0	661.8	546.9	459.4	2,632.3	2,242.1	3,468.4
Other income (loss)	12.0	18.6	40.7	17.1	10.0	4.8	6.7	(8.4)	88.4	13.1	864.4
Income before provision for income taxes	395.0	165.9	243.7	327.7	11.9	(49.7)	67.8	15.3	1,132.3	45.3	402.2
Net income (loss)	287.8	167.2	230.5	321.9	14.6	(50.7)	43.5	7.9	1,007.4	15.3	400.1
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$ 52.9	$ 44.6	$ 57.6	$ 83.0	$ (8.9)	$ 0.8	$ 6.1	$ 8.4	$ 244.1	$ 6.4	$ (18.4)
Net income (loss) attributable to The Carlyle Group L.P. per common unit
Basic (in dollars per share)	$ 0.53	$ 0.47	$ 0.65	$ 0.97	$ (0.11)	$ 0.01	$ 0.07	$ 0.10	$ 2.58	$ 0.08	$ (0.24)
Diluted (in dollars per share)	0.49	0.43	0.59	0.90	(0.16)	(0.02)	0.07	0.01	2.38	(0.08)	(0.30)
Distributions declared per common unit (in dollars per share)	$ 0.56	$ 0.42	$ 0.10	$ 0.16	$ 0.50	$ 0.63	$ 0.26	$ 0.29	$ 1.24	$ 1.68	$ 3.39

Subsequent Events (Detail) - Subsequent Event	Feb. 15, 2018 $ / shares
Subsequent Event [Line Items]
Distribution per common unit (in dollars per share)	$ 0.33
Series A Preferred Stock
Subsequent Event [Line Items]
Distribution per common unit (in dollars per share)	$ 0.367188

Supplemental Financial Information - Supplemental Financial Position (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 1,000.1	$ 670.9	$ 991.5	$ 1,242.0
Cash and cash equivalents held at Consolidated Funds	377.6	761.5
Restricted cash	28.7	13.1
Corporate treasury investments	376.3	190.2
Accrued performance fees	3,670.6	2,481.1
Investments	1,624.3	1,107.0
Investments of Consolidated Funds	4,534.3	3,893.7
Due from affiliates and other receivables, net	257.1	227.2
Due from affiliates and other receivables of Consolidated Funds, net	50.8	29.5
Receivables and inventory of a real estate VIE	0.0	145.4
Fixed assets, net	100.4	106.1
Deposits and other	54.1	39.4
Other assets of a real estate VIE	0.0	31.5
Intangible assets, net	35.9	42.0
Deferred tax assets	170.4	234.4
Total assets	12,280.6	9,973.0	32,181.6
Liabilities and partners’ capital
Debt obligations	1,573.6	1,265.2
Loans payable of Consolidated Funds	4,303.8	3,866.3
Loans payable of a real estate VIE	0.0	79.4
Principal amount	0.0	144.4
Accounts payable, accrued expenses and other liabilities	355.1	369.8
Accrued compensation and benefits	2,222.6	1,661.8
Due to affiliates	229.9	223.6
Deferred revenue	82.1	54.0
Deferred tax liabilities	75.6	76.6
Other liabilities of Consolidated Funds	422.1	637.0
Other liabilities of a real estate VIE	0.0	124.5
Accrued giveback obligations	66.8	160.8
Total liabilities	9,331.6	8,519.0
Series A preferred units	387.5	0.0
Partners’ capital	701.8	403.1
Accumulated other comprehensive income (loss)	(72.7)	(95.2)
Non-controlling interests in consolidated entities	404.7	277.8
Non-controlling interests in Carlyle Holdings	1,527.7	868.3
Total partners’ capital	2,949.0	1,454.0	$ 6,077.6	$ 9,094.5
Total liabilities and partners’ capital	12,280.6	9,973.0
Consolidated Entities \| Consolidated Funds
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	377.6	761.5
Restricted cash	0.0	0.0
Corporate treasury investments	0.0	0.0
Accrued performance fees	0.0	0.0
Investments	0.0	0.0
Investments of Consolidated Funds	4,534.3	3,893.7
Due from affiliates and other receivables, net	0.0	0.0
Due from affiliates and other receivables of Consolidated Funds, net	50.8	29.5
Receivables and inventory of a real estate VIE		0.0
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Other assets of a real estate VIE		0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	4,962.7	4,684.7
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	4,303.8	3,866.3
Loans payable of a real estate VIE		0.0
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.2
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	422.1	669.0
Other liabilities of a real estate VIE		0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	4,725.9	4,535.5
Series A preferred units	0.0
Partners’ capital	62.8	36.7
Accumulated other comprehensive income (loss)	4.1	(1.5)
Non-controlling interests in consolidated entities	13.3	13.5
Non-controlling interests in Carlyle Holdings	156.6	100.5
Total partners’ capital	236.8	149.2
Total liabilities and partners’ capital	4,962.7	4,684.7
Consolidated Entities \| Consolidated Operating Entities
Assets
Cash and cash equivalents	1,000.1	670.9
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	28.7	13.1
Corporate treasury investments	376.3	190.2
Accrued performance fees	3,670.6	2,481.1
Investments	1,844.2	1,272.2
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	262.4	231.0
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Receivables and inventory of a real estate VIE		145.4
Fixed assets, net	100.4	106.1
Deposits and other	54.1	39.4
Other assets of a real estate VIE		31.5
Intangible assets, net	35.9	42.0
Deferred tax assets	170.4	234.4
Total assets	7,543.1	5,457.3
Liabilities and partners’ capital
Debt obligations	1,573.6	1,265.2
Loans payable of Consolidated Funds	0.0	0.0
Loans payable of a real estate VIE		79.4
Accounts payable, accrued expenses and other liabilities	355.1	369.8
Accrued compensation and benefits	2,222.6	1,661.8
Due to affiliates	229.9	223.4
Deferred revenue	82.1	54.0
Deferred tax liabilities	75.6	76.6
Other liabilities of Consolidated Funds	0.0	0.0
Other liabilities of a real estate VIE		124.5
Accrued giveback obligations	66.8	160.8
Total liabilities	4,605.7	4,015.5
Series A preferred units	387.5
Partners’ capital	701.8	403.1
Accumulated other comprehensive income (loss)	(72.2)	(94.9)
Non-controlling interests in consolidated entities	391.4	264.3
Non-controlling interests in Carlyle Holdings	1,528.9	869.3
Total partners’ capital	2,937.4	1,441.8
Total liabilities and partners’ capital	7,543.1	5,457.3
Eliminations
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	0.0	0.0
Corporate treasury investments	0.0	0.0
Accrued performance fees	0.0	0.0
Investments	(219.9)	(165.2)
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	(5.3)	(3.8)
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Receivables and inventory of a real estate VIE		0.0
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Other assets of a real estate VIE		0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	(225.2)	(169.0)
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	0.0	0.0
Loans payable of a real estate VIE		0.0
Accounts payable, accrued expenses and other liabilities	0.0	0.0
Accrued compensation and benefits	0.0	0.0
Due to affiliates	0.0	0.0
Deferred revenue	0.0	0.0
Deferred tax liabilities	0.0	0.0
Other liabilities of Consolidated Funds	0.0	(32.0)
Other liabilities of a real estate VIE		0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	0.0	(32.0)
Series A preferred units	0.0
Partners’ capital	(62.8)	(36.7)
Accumulated other comprehensive income (loss)	(4.6)	1.2
Non-controlling interests in consolidated entities	0.0	0.0
Non-controlling interests in Carlyle Holdings	(157.8)	(101.5)
Total partners’ capital	(225.2)	(137.0)
Total liabilities and partners’ capital	$ (225.2)	$ (169.0)

Supplemental Financial Information - Supplemental Results of Operations (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Fund management fees									$ 1,026,900,000	$ 1,076,100,000	$ 1,085,200,000
Performance fees
Realized									1,097,300,000	1,129,500,000	1,441,900,000
Unrealized									996,600,000	(377,700,000)	(617,000,000)
Total performance fees									2,093,900,000	751,800,000	824,900,000
Investment income (loss)
Realized									70,400,000	112,900,000	32,900,000
Unrealized									161,600,000	47,600,000	(17,700,000)
Total investment income (loss)									232,000,000	160,500,000	15,200,000
Interest and other income									36,700,000	23,900,000	18,600,000
Interest and other income of Consolidated Funds									177,700,000	166,900,000	975,500,000
Revenue of a real estate VIE									109,000,000	95,100,000	86,800,000
Total revenues	$ 1,007,800,000	$ 639,900,000	$ 908,400,000	$ 1,120,100,000	$ 575,900,000	$ 607,300,000	$ 608,000,000	$ 483,100,000	3,676,200,000	2,274,300,000	3,006,200,000
Compensation and benefits
Base compensation									652,700,000	647,100,000	632,200,000
Equity-based compensation									320,300,000	334,600,000	378,000,000
Performance fee related
Realized									520,700,000	580,500,000	650,500,000
Unrealized									467,600,000	(227,400,000)	(139,600,000)
Total compensation and benefits									1,961,300,000	1,334,800,000	1,521,100,000
General, administrative and other expenses									276,800,000	521,100,000	712,800,000
Interest									65,500,000	61,300,000	58,000,000
Interest and other expenses of Consolidated Funds									197,600,000	128,500,000	1,039,300,000
Interest and other expenses of a real estate VIE									202,500,000	207,600,000	144,600,000
Other non-operating income									(71,400,000)	(11,200,000)	(7,400,000)
Total expenses	624,800,000	492,600,000	705,400,000	809,500,000	574,000,000	661,800,000	546,900,000	459,400,000	2,632,300,000	2,242,100,000	3,468,400,000
Other income
Net investment gains of Consolidated Funds	12,000,000	18,600,000	40,700,000	17,100,000	10,000,000	4,800,000	6,700,000	(8,400,000)	88,400,000	13,100,000	864,400,000
Income before provision for income taxes	395,000,000	165,900,000	243,700,000	327,700,000	11,900,000	(49,700,000)	67,800,000	15,300,000	1,132,300,000	45,300,000	402,200,000
Provision for income taxes									124,900,000	30,000,000	2,100,000
Net income	287,800,000	167,200,000	230,500,000	321,900,000	14,600,000	(50,700,000)	43,500,000	7,900,000	1,007,400,000	15,300,000	400,100,000
Net income attributable to non-controlling interests in consolidated entities									72,500,000	41,000,000	537,900,000
Net income attributable to Carlyle Holdings									934,900,000	(25,700,000)	(137,800,000)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									690,800,000	(32,100,000)	(119,400,000)
Net income (loss) attributable to The Carlyle Group L.P.	$ 52,900,000	$ 44,600,000	$ 57,600,000	$ 83,000,000	$ (8,900,000)	$ 800,000	$ 6,100,000	$ 8,400,000	244,100,000	6,400,000	(18,400,000)
Net income attributable to Series A Preferred Unitholders									6,000,000	0	0
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders									238,100,000	6,400,000	(18,400,000)
Consolidated Entities \| Consolidated Operating Entities
Revenues
Fund management fees									1,045,400,000	1,090,300,000	1,239,100,000
Performance fees
Realized									1,099,700,000	1,129,700,000	1,460,300,000
Unrealized									996,600,000	(377,700,000)	(602,000,000)
Total performance fees									2,096,300,000	752,000,000	858,300,000
Investment income (loss)
Realized									77,500,000	115,500,000	(35,400,000)
Unrealized									166,300,000	50,000,000	23,300,000
Total investment income (loss)									243,800,000	165,500,000	(12,100,000)
Interest and other income									60,500,000	38,900,000	22,900,000
Interest and other income of Consolidated Funds									0	0	0
Revenue of a real estate VIE									109,000,000	95,100,000	86,800,000
Total revenues									3,555,000,000	2,141,800,000	2,195,000,000
Compensation and benefits
Base compensation									652,700,000	647,100,000	632,200,000
Equity-based compensation									320,300,000	334,600,000	378,000,000
Performance fee related
Realized									520,700,000	580,500,000	650,500,000
Unrealized									467,600,000	(227,400,000)	(139,600,000)
Total compensation and benefits									1,961,300,000	1,334,800,000	1,521,100,000
General, administrative and other expenses									276,800,000	521,100,000	712,800,000
Interest									65,500,000	61,300,000	58,000,000
Interest and other expenses of Consolidated Funds									0	0	0
Interest and other expenses of a real estate VIE									202,500,000	207,600,000	144,600,000
Other non-operating income									(71,400,000)	(11,200,000)	(7,400,000)
Total expenses									2,434,700,000	2,113,600,000	2,429,100,000
Other income
Net investment gains of Consolidated Funds									0	0	0
Income before provision for income taxes									1,120,300,000	28,200,000	(234,100,000)
Provision for income taxes									124,900,000	30,000,000	2,100,000
Net income									995,400,000	(1,800,000)	(236,200,000)
Net income attributable to non-controlling interests in consolidated entities									60,500,000	23,900,000	(98,400,000)
Net income attributable to Carlyle Holdings									934,900,000	(25,700,000)	(137,800,000)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									690,800,000	(32,100,000)	(119,400,000)
Net income (loss) attributable to The Carlyle Group L.P.									244,100,000	6,400,000	(18,400,000)
Net income attributable to Series A Preferred Unitholders									6,000,000
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders									238,100,000
Consolidated Entities \| Consolidated Funds
Revenues
Fund management fees									0	0	0
Performance fees
Realized									0	0	0
Unrealized									0	0	0
Total performance fees									0	0	0
Investment income (loss)
Realized									0	0	0
Unrealized									0	0	0
Total investment income (loss)									0	0	0
Interest and other income									0	0	0
Interest and other income of Consolidated Funds									177,700,000	166,900,000	975,500,000
Revenue of a real estate VIE									0	0	0
Total revenues									177,700,000	166,900,000	975,500,000
Compensation and benefits
Base compensation									0	0	0
Equity-based compensation									0	0	0
Performance fee related
Realized									0	0	0
Unrealized									0	0	0
Total compensation and benefits									0	0	0
General, administrative and other expenses									0	0	0
Interest									0	0	0
Interest and other expenses of Consolidated Funds									240,400,000	153,100,000	1,258,800,000
Interest and other expenses of a real estate VIE									0	0	0
Other non-operating income									0	0	0
Total expenses									240,400,000	153,100,000	1,258,800,000
Other income
Net investment gains of Consolidated Funds									123,500,000	13,100,000	886,900,000
Income before provision for income taxes									60,800,000	26,900,000	603,600,000
Provision for income taxes									0	0	0
Net income									60,800,000	26,900,000	603,600,000
Net income attributable to non-controlling interests in consolidated entities									0	0	0
Net income attributable to Carlyle Holdings									60,800,000	26,900,000	603,600,000
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									0	0	0
Net income (loss) attributable to The Carlyle Group L.P.									60,800,000	26,900,000	603,600,000
Net income attributable to Series A Preferred Unitholders									0
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders									60,800,000
Eliminations
Revenues
Fund management fees									(18,500,000)	(14,200,000)	(153,900,000)
Performance fees
Realized									(2,400,000)	(200,000)	(18,400,000)
Unrealized									0	0	(15,000,000)
Total performance fees									(2,400,000)	(200,000)	(33,400,000)
Investment income (loss)
Realized									(7,100,000)	(2,600,000)	68,300,000
Unrealized									(4,700,000)	(2,400,000)	(41,000,000)
Total investment income (loss)									(11,800,000)	(5,000,000)	27,300,000
Interest and other income									(23,800,000)	(15,000,000)	(4,300,000)
Interest and other income of Consolidated Funds									0	0	0
Revenue of a real estate VIE									0	0	0
Total revenues									(56,500,000)	(34,400,000)	(164,300,000)
Compensation and benefits
Base compensation									0	0	0
Equity-based compensation									0	0	0
Performance fee related
Realized									0	0	0
Unrealized									0	0	0
Total compensation and benefits									0	0	0
General, administrative and other expenses									0	0	0
Interest									0	0	0
Interest and other expenses of Consolidated Funds									(42,800,000)	(24,600,000)	(219,500,000)
Interest and other expenses of a real estate VIE									0	0	0
Other non-operating income									0	0	0
Total expenses									(42,800,000)	(24,600,000)	(219,500,000)
Other income
Net investment gains of Consolidated Funds									(35,100,000)	0	(22,500,000)
Income before provision for income taxes									(48,800,000)	(9,800,000)	32,700,000
Provision for income taxes									0	0	0
Net income									(48,800,000)	(9,800,000)	32,700,000
Net income attributable to non-controlling interests in consolidated entities									12,000,000	17,100,000	636,300,000
Net income attributable to Carlyle Holdings									(60,800,000)	(26,900,000)	(603,600,000)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									0	0	0
Net income (loss) attributable to The Carlyle Group L.P.									(60,800,000)	$ (26,900,000)	$ (603,600,000)
Net income attributable to Series A Preferred Unitholders									0
Net income (loss) attributable to The Carlyle Group L.P. Common Unitholders									$ (60,800,000)

Supplemental Financial Information - Supplemental Statement of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended			23 Months Ended
	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)		$ 995.4	$ (1.8)	$ (236.2)
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and impairment		41.3	72.0	322.8
Equity-based compensation		320.3	334.6	378.0
Excess tax benefits related to equity-based compensation		0.0	0.0	(4.0)
Non-cash performance fees, net		(626.8)	199.6	437.4
Other non-cash amounts		(79.8)	(55.8)	12.7
Investment (income) loss		(222.8)	(159.5)	26.7
Purchases of investments		(938.6)	(458.3)	(174.5)
Proceeds from the sale of investments		477.6	325.1	349.6
Payments of contingent consideration		(22.6)	(82.6)	(17.8)
Change in deferred taxes, net		93.4	(4.4)	(31.4)
Change in due from affiliates and other receivables		(1.1)	(12.4)	(1.4)
Change in receivables and inventory of a real estate VIE		(14.5)	29.0	(57.5)
Change in deposits and other		(2.0)	6.1	(9.0)
Change in other assets of a real estate VIE		1.6	41.2	(17.4)
Deconsolidation of Claren Road (see Note 9)		(23.3)	0.0	0.0
Deconsolidation of Urbplan (see Note 15)		14.0	0.0	0.0
Deconsolidation of ESG	$ 65.0	0.0	(34.5)	0.0
Change in accounts payable, accrued expenses and other liabilities		50.5	66.6	(20.3)
Change in accrued compensation and benefits		(13.7)	6.5	(35.3)
Change in due to affiliates		35.7	(19.3)	21.0
Change in other liabilities of a real estate VIE		47.9	34.3	101.6
Change in deferred revenue		24.4	18.9	(50.0)
Net cash provided by operating activities		156.9	305.3	995.0
Cash flows from investing activities
Change in restricted cash		(15.5)	5.3	40.8
Purchases of fixed assets, net		(34.0)	(25.4)	(62.3)
Net cash used in investing activities		(49.5)	(20.1)	(21.5)
Cash flows from financing activities
Proceeds from issuance of preferred units, net of offering costs and expenses		387.5	0.0	0.0
Borrowings under credit facility		250.0	0.0	0.0
Repayments under credit facility		(250.0)	0.0	0.0
Proceeds from debt obligations		265.6	20.6	0.0
Payments on debt obligations		(21.7)	(9.0)	0.0
Net payments on loans payable of a real estate VIE		(14.3)	(34.5)	(65.3)
Payments of contingent consideration		(0.6)	(3.3)	(8.1)
Net proceeds from issuance of common units, net of offering costs		0.0	0.0	209.9
Excess tax benefits related to equity-based compensation		0.0	0.0	4.0
Distributions to common unitholders		(118.1)	(140.9)	(251.0)
Distributions to preferred unitholders		(6.0)	0.0	0.0
Distributions to non-controlling interest holders in Carlyle Holdings		(295.6)	(422.6)	(848.5)
Contributions from non-controlling interest holders		119.2	113.0	168.5
Distributions to non-controlling interest holders		(100.8)	(104.2)	(110.8)
Acquisition of non-controlling interests in Carlyle Holdings		0.0	0.0	(209.9)
Common units repurchased		(0.2)	(58.9)	0.0	$ (59.1)
Change in due to/from affiliates financing activities		(26.4)	53.6	(62.7)
Net cash provided by (used in) financing activities		188.6	(586.2)	(1,173.9)
Effect of foreign exchange rate changes		33.2	(19.6)	(50.1)
Increase (Decrease) in cash and cash equivalents		329.2	(320.6)	(250.5)
Cash and cash equivalents, beginning of period		670.9	991.5	1,242.0
Cash and cash equivalents, end of period		$ 1,000.1	$ 670.9	$ 991.5	$ 1,000.1

Fair Value Measurement - Quantitative Information about Partnership's Level III Inputs (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,306.0	$ 3,957.2
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	4,304.8	3,947.2
Level III \| Equity securities \| Discounted Cash Flow
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 5.7	$ 9.6
Level III \| Equity securities \| Discounted Cash Flow \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	9.00%
Exit Cap Rate (as a percent)		7.00%
Level III \| Equity securities \| Discounted Cash Flow \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	10.00%
Exit Cap Rate (as a percent)		9.00%
Level III \| Equity securities \| Discounted Cash Flow \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	9.00%
Exit Cap Rate (as a percent)		7.00%
Level III \| Equity securities \| Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 2.2	$ 0.7
Level III \| Equity securities \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	$ 0	$ 10
Level III \| Equity securities \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	33	10
Level III \| Equity securities \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes ($ per share)	$ 30	$ 10
Level III \| Bonds \| Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 413.4	$ 396.4
Level III \| Bonds \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	44.00%	74.00%
Level III \| Bonds \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	107.00%	108.00%
Level III \| Bonds \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	98.00%	99.00%
Level III \| Loans \| Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 4,112.7	$ 3,485.6
Level III \| Loans \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	64.00%	31.00%
Level III \| Loans \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	103.00%	102.00%
Level III \| Loans \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	100.00%	99.00%
Level III \| Other \| Counterparty Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 0.3	$ 1.4
Level III \| Other \| Counterparty Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	6.00%
Level III \| Other \| Counterparty Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	8.00%
Level III \| Other \| Counterparty Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Notional Amount)	9.00%	7.00%
Level III \| Other \| Comparable Multiple
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets		$ 1.3
Level III \| Other \| Comparable Multiple \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
LTM EBITDA Multiple		5.7
Level III \| Other \| Comparable Multiple \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
LTM EBITDA Multiple		5.7
Level III \| Other \| Comparable Multiple \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
LTM EBITDA Multiple		5.7
Level III \| Investments of Consolidated Funds
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 4,534.3	$ 3,893.7
Level III \| Senior secured notes \| Discounted Cash Flow with Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 357.2	$ 115.9
Level III \| Senior secured notes \| Discounted Cash Flow with Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	1.00%	1.00%
Indicative Quotes (% of Par)	98.00%	82.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Level III \| Senior secured notes \| Discounted Cash Flow with Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	9.00%	11.00%
Indicative Quotes (% of Par)	104.00%	102.00%
Default Rates (as a percent)	3.00%	3.00%
Recovery Rates (as a percent)	70.00%	74.00%
Level III \| Senior secured notes \| Discounted Cash Flow with Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	3.00%	2.00%
Indicative Quotes (% of Par)	101.00%	99.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	60.00%	71.00%
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 48.2	$ 35.4
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	8.00%	9.00%
Indicative Quotes (% of Par)	63.00%	2.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	14.00%
Indicative Quotes (% of Par)	97.00%	101.00%
Default Rates (as a percent)	3.00%	10.00%
Recovery Rates (as a percent)	70.00%	74.00%
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	9.00%	12.00%
Indicative Quotes (% of Par)	81.00%	96.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	60.00%	64.00%
Level III \| Investments in CLOs and other
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	$ 4,939.7	$ 4,046.3
Level III \| Senior secured notes \| Other
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,100.5	$ 3,672.5
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	79.00%	7.00%
Default Rates (as a percent)	1.00%	1.00%
Recovery Rates (as a percent)	50.00%	50.00%
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	93.00%	90.00%
Default Rates (as a percent)	3.00%	3.00%
Recovery Rates (as a percent)	70.00%	74.00%
Level III \| Subordinated notes and preferred shares \| Discounted Cash Flow with Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Indicative Quotes (% of Par)	86.00%	68.00%
Default Rates (as a percent)	2.00%	2.00%
Recovery Rates (as a percent)	60.00%	66.00%
Level III \| Subordinated notes and preferred shares \| Other
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 26.9	$ 26.9
Level III \| Loans Payable of Consolidated Funds \| Discounted Cash Flow with Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 176.4	$ 166.9
Level III \| Loans Payable of Consolidated Funds \| Discounted Cash Flow with Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	8.00%	9.00%
Level III \| Loans Payable of Consolidated Funds \| Discounted Cash Flow with Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	11.00%	14.00%
Level III \| Loans Payable of Consolidated Funds \| Discounted Cash Flow with Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)	10.00%	12.00%
Level III \| Loans payable of a real estate VIE \| Discounted Cash Flow
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities		$ 79.4
Level III \| Loans payable of a real estate VIE \| Discounted Cash Flow \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		20.00%
Discount to Expected Payment		10.00%
Level III \| Loans payable of a real estate VIE \| Discounted Cash Flow \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		30.00%
Discount to Expected Payment		55.00%
Level III \| Loans payable of a real estate VIE \| Discounted Cash Flow \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount Rates (as a percent)		23.00%
Discount to Expected Payment		37.00%
Level III \| Contingent consideration \| Other
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 1.0	$ 1.5

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details)	12 Months Ended
	Dec. 31, 2017
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

Fair Value Measurement - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued (in days)	90 days