Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 08, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		108,953,241
Entity Public Float			$ 2,151,317,402

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 629.6	$ 1,000.1
Cash and cash equivalents held at Consolidated Funds	247.5	377.6
Restricted cash	8.7	28.7
Corporate treasury investments	51.7	376.3
Investments, including accrued performance allocations of $3,480.0 million and $3,664.3 million as of December 31, 2018 and 2017, respectively	5,697.5	5,288.6
Investments of Consolidated Funds	5,286.6	4,534.3
Due from affiliates and other receivables, net	441.1	263.4
Due from affiliates and other receivables of Consolidated Funds, net	135.4	50.8
Fixed assets, net	95.1	100.4
Deposits and other	49.3	54.1
Intangible assets, net	77.3	35.9
Deferred tax assets	194.4	170.4
Total assets	12,914.2	12,280.6
Liabilities and partners’ capital
Debt obligations	1,550.4	1,573.6
Loans payable of Consolidated Funds	4,840.1	4,303.8
Accounts payable, accrued expenses and other liabilities	442.2	355.1
Accrued compensation and benefits	2,222.3	2,222.6
Due to affiliates	174.0	229.9
Deferred revenue	111.3	82.1
Deferred tax liabilities	64.3	75.6
Other liabilities of Consolidated Funds	610.1	422.1
Accrued giveback obligations	63.2	66.8
Total liabilities	10,077.9	9,331.6
Commitments and contingencies
Series A preferred units (16,000,000 units issued and outstanding as of December 31, 2018 and 2017, respectively)	387.5	387.5
Partners’ capital (common units, 107,746,443 and 100,100,650 issued and outstanding as of December 31, 2018 and 2017, respectively)	673.4	701.8
Accumulated other comprehensive loss	(83.3)	(72.7)
Non-controlling interests in consolidated entities	324.2	404.7
Non-controlling interests in Carlyle Holdings	1,534.5	1,527.7
Total partners’ capital	2,836.3	2,949.0
Total liabilities and partners’ capital	$ 12,914.2	$ 12,280.6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accrued performance allocations	$ 3,480.0	$ 3,664.3
Common stock issued (units)	107,746,443	100,100,650
Common stock outstanding (units)	107,746,443	100,100,650
Series A Preferred Stock
Preferred units, issued (in shares)	16,000,000	160,000
Preferred units, outstanding (in shares)	16,000,000	160,000

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Incentive fees and Investment income (loss)									$ 809,200	$ 2,290,600	$ 875,900
Interest and other income									101,300	36,700	23,900
Interest and other income of Consolidated Funds									214,500	177,700	166,900
Revenue of a real estate VIE									0	109,000	95,100
Total revenues	$ 151,700	$ 679,100	$ 893,600	$ 702,800	$ 1,007,800	$ 639,900	$ 908,400	$ 1,120,100	2,427,200	3,676,200	2,274,300
Compensation and benefits
Cash-based compensation and benefits									746,700	652,700	647,100
Equity-based compensation									239,900	320,300	334,600
Performance allocations and incentive fee related compensation									376,300	988,300	353,100
Total compensation and benefits									1,362,900	1,961,300	1,334,800
General, administrative and other expenses									460,700	276,800	521,100
Interest									82,200	65,500	61,300
Interest and other expenses of Consolidated Funds									164,600	197,600	128,500
Interest and other expenses of a real estate VIE and loss on deconsolidation									0	202,500	207,600
Other non-operating expenses (income)									1,100	(71,400)	(11,200)
Total expenses	222,900	615,600	653,700	579,300	624,800	492,600	705,400	809,500	2,071,500	2,632,300	2,242,100
Other income
Net investment gains of Consolidated Funds	(7,500)	(2,900)	12,900	2,000	12,000	18,600	40,700	17,100	4,500	88,400	13,100
Income before provision for income taxes	(78,700)	60,600	252,800	125,500	395,000	165,900	243,700	327,700	360,200	1,132,300	45,300
Provision for income taxes									31,300	124,900	30,000
Net income	(73,200)	43,200	241,200	117,700	287,800	167,200	230,500	321,900	328,900	1,007,400	15,300
Net income attributable to non-controlling interests in consolidated entities									33,900	72,500	41,000
Net income attributable to Carlyle Holdings									295,000	934,900	(25,700)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									178,500	690,800	(32,100)
Net income attributable to The Carlyle Group L.P.	$ (16,000)	$ 11,600	$ 63,500	$ 33,800	$ 52,900	$ 44,600	$ 57,600	$ 83,000	116,500	244,100	6,400
Net income attributable to Series A Preferred Unitholders									23,600	6,000	0
Net income attributable to The Carlyle Group L.P. Common Unitholders									$ 92,900	$ 238,100	$ 6,400
Net income (loss) attributable to The Carlyle Group L.P. per common unit (see Note 13)
Basic (in dollars per share)	$ (0.15)	$ 0.11	$ 0.62	$ 0.34	$ 0.53	$ 0.47	$ 0.65	$ 0.97	$ 0.89	$ 2.58	$ 0.08
Diluted (in dollars per share)	$ (0.15)	$ 0.10	$ 0.56	$ 0.30	$ 0.49	$ 0.43	$ 0.59	$ 0.90	$ 0.82	$ 2.38	$ (0.08)
Weighted-average common units
Basic (in shares)									104,198,089	92,136,959	82,714,178
Diluted (in shares)									113,389,443	100,082,548	308,522,990
Fund management fees
Revenues
Fund management fees									$ 1,272,000	$ 1,026,900	$ 1,076,100
Incentive fees
Revenues
Incentive fees and Investment income (loss)									30,200	35,300	36,400
Performance allocations
Revenues
Incentive fees and Investment income (loss)									622,900	2,058,600	715,400
Principal investment income
Revenues
Incentive fees and Investment income (loss)									$ 186,300	$ 232,000	$ 160,500

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 328.9	$ 1,007.4	$ 15.3
Other comprehensive income (loss)
Foreign currency translation adjustments	(47.4)	95.8	(54.6)
Unrealized gains on Fortitude Re available-for-sale securities	3.2	0.0	0.0
Cash flow hedges
Reclassification adjustment for loss included in interest expense	0.0	0.0	1.9
Defined benefit plans
Unrealized loss for the period	(2.5)	(0.8)	(6.8)
Reclassification adjustment for unrecognized gain (loss) during the period, net, included in base compensation expense	0.9	1.2	0.0
Other comprehensive income (loss)	(45.8)	96.2	(59.5)
Comprehensive income (loss)	283.1	1,103.6	(44.2)
Comprehensive (income) loss attributable to non-controlling interests in consolidated entities	(6.8)	(108.1)	10.7
Comprehensive income attributable to redeemable non-controlling interests in consolidated entities	0.0	0.0	(0.2)
Comprehensive income (loss) attributable to Carlyle Holdings	276.3	995.5	(33.7)
Comprehensive (income) loss attributable to non-controlling interests in Carlyle Holdings	(165.5)	(734.3)	39.5
Comprehensive income attributable to The Carlyle Group L.P.	$ 110.8	$ 261.2	$ 5.8

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, 2015		80,400,000
Beginning 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)
Units repurchased (in units)		(3,600,000)
Units repurchased	(58.9)			(57.4)				(1.5)
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)
Deconsolidation of ESG	(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)
Net income (loss)	15.1			6.4			40.8	(32.1)	0.2
Currency translation adjustments	(54.6)				0.7		(51.5)	(3.8)
Unrealized gains on Fortitude Re available-for-sale securities	0.0
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
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]
Reallocation of ownership interests in Carlyle Holdings				33.1	(8.3)			(24.8)
Exchange of Carlyle Holdings units for common units (in units)		6,600,000
Exchange of Carlyle Holdings units for common units				41.0	(6.5)			(34.5)
Units repurchased	$ (0.2)			(0.2)
Equity issued in connection with preferred units (in shares)	387,500,000
Equity issued in connection with preferred units	$ 387.5
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)
Deconsolidation of a consolidated entity	72.2			(4.3)	20.2		17.6	38.7
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
Unrealized gains on Fortitude Re available-for-sale securities	0.0
Defined benefit plans, net	0.4				0.1			0.3
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
Increase (Decrease) in Partners' Capital [Roll Forward]
Reallocation of ownership interests in Carlyle Holdings				20.5	(2.0)			(18.5)
Exchange of Carlyle Holdings units for common units (in units)		3,800,000
Exchange of Carlyle Holdings units for common units				29.6	(2.9)			(26.7)
Units repurchased (in units)	(4,947,385)	(4,900,000)
Units repurchased	$ (107.5)			(107.5)
Deferred tax effects resulting from acquisition of interests in Carlyle Holdings	1.7			1.7
Equity-based compensation	244.4			65.7				178.7
Net delivery of vested common units (in units)		8,700,000
Contributions	31.3						31.3
Distributions	(560.8)		$ (23.6)	(129.8)			(118.6)	(288.8)
Net income (loss)	328.9		$ 23.6	92.9			33.9	178.5
Currency translation adjustments	(47.4)				(6.2)		(27.1)	(14.1)
Unrealized gains on Fortitude Re available-for-sale securities	3.2				1.0			2.2
Defined benefit plans, net	(1.6)				(0.5)			(1.1)
Ending Balance (in units) at Dec. 31, 2018		107,700,000	387,500,000
Ending Balance at Dec. 31, 2018	$ 2,836.3			$ 673.4	$ (83.3)	$ 0.0	$ 324.2	$ 1,534.5	$ 0.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 328.9	$ 1,007.4	$ 15.3
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and impairment	46.9	41.3	72.0
Equity-based compensation	239.9	320.3	334.6
Non-cash performance allocations and incentive fees	25.9	(626.8)	199.6
Other non-cash amounts	3.2	(74.6)	(41.7)
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	108.8	(27.0)	(51.7)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(113.3)	(61.4)	40.5
Purchases of investments by Consolidated Funds	(3,723.8)	(2,875.0)	(2,739.4)
Proceeds from sale and settlements of investments by Consolidated Funds	2,662.9	2,649.3	1,282.9
Non-cash interest income, net	(4.0)	(5.3)	(5.5)
Change in cash and cash equivalents held at Consolidated Funds	399.4	383.9	513.7
Change in other receivables held at Consolidated Funds	(95.1)	(16.7)	1.1
Change in other liabilities held at Consolidated Funds	(59.1)	(266.1)	268.9
Other non-cash amounts of Consolidated Funds	0.0	0.0	(17.5)
Principal investment income	(179.4)	(227.1)	(154.6)
Purchases of investments	(473.6)	(888.5)	(368.2)
Purchase of investment in Fortitude Re	(393.8)	0.0	0.0
Proceeds from the sale of investments	893.4	467.5	299.5
Payments of contingent consideration	(37.5)	(22.6)	(82.6)
Deconsolidation of Claren Road (see Note 9)	0.0	(23.3)	0.0
Deconsolidation of Urbplan (see Note 16)	0.0	14.0	0.0
Deconsolidation of ESG	0.0	0.0	(34.5)
Changes in deferred taxes, net	(19.8)	93.4	(4.4)
Change in due from affiliates and other receivables	(74.2)	0.3	(10.9)
Change in receivables and inventory of a real estate VIE	0.0	(14.5)	29.0
Change in deposits and other	(4.0)	(2.0)	5.1
Change in other assets of a real estate VIE	0.0	1.6	41.2
Change in accounts payable, accrued expenses and other liabilities	78.2	50.5	66.6
Change in accrued compensation and benefits	60.8	(13.7)	6.5
Change in due to affiliates	(35.6)	35.7	(19.3)
Change in other liabilities of a real estate VIE	0.0	47.9	34.3
Change in deferred revenue	21.4	24.4	18.9
Net cash used in operating activities	(343.5)	(7.1)	(300.6)
Cash flows from investing activities
Purchases of fixed assets, net	(31.3)	(34.0)	(25.4)
Acquisitions, net of cash acquired	(67.8)	0.0	0.0
Net cash used in investing activities	(99.1)	(34.0)	(25.4)
Cash flows from financing activities
Proceeds from issuance of preferred units, net of offering costs and expenses	0.0	387.5	0.0
Borrowings under credit facility	0.0	250.0	0.0
Repayments under credit facility	0.0	(250.0)	0.0
Issuance of 5.650% senior notes due 2048, net of financing costs	345.7	0.0	0.0
Repurchase of 3.875% senior notes due 2023	(255.1)	0.0	0.0
Proceeds from debt obligations	40.8	265.6	20.6
Payments on debt obligations	(156.7)	(21.7)	(9.0)
Net payments on loans payable of a real estate VIE	0.0	(14.3)	(34.5)
Net borrowings on loans payable of Consolidated Funds	818.0	147.2	594.2
Payments of contingent consideration	0.0	(0.6)	(3.3)
Distributions to common unitholders	(129.8)	(118.1)	(140.9)
Distributions to preferred unitholders	(23.6)	(6.0)	0.0
Distributions to non-controlling interest holders in Carlyle Holdings	(288.8)	(295.6)	(422.6)
Contributions from non-controlling interest holders	31.3	119.2	113.0
Distributions to non-controlling interest holders	(105.2)	(118.0)	(109.4)
Common units repurchased	(107.5)	(0.2)	(58.9)
Change in due to/from affiliates financing activities	(97.1)	(26.4)	66.1
Net cash provided by financing activities	72.0	318.6	15.3
Effect of foreign exchange rate changes	(19.9)	67.3	(15.7)
Increase (Decrease) in cash, cash equivalents and restricted cash	(390.5)	344.8	(326.4)
Cash, cash equivalents and restricted cash, beginning of period	1,028.8	684.0	1,010.4
Cash, cash equivalents and restricted cash, end of period	638.3	1,028.8	684.0
Supplemental cash disclosures
Cash paid for interest	60.7	59.5	59.0
Cash paid for income taxes	28.9	24.8	35.1
Supplemental non-cash disclosures
Increase in partners’ capital related to reallocation of ownership interest in Carlyle Holdings	18.5	24.8	13.6
Net asset impact of deconsolidation of Consolidated Funds	0.0	0.0	(7,170.2)
Non-cash contributions from non-controlling interest holders	0.0	0.0	6.3
Non-cash distributions to non-controlling interest holders	(13.4)	0.0	0.0
Tax effect from acquisition of Carlyle Holdings partnership units:
Deferred tax asset	12.3	38.7	3.0
Tax receivable agreement liability	10.6	30.7	2.6
Total partners’ capital	1.7	8.0	0.4
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Total cash, cash equivalents and restricted cash, end of period	$ 1,028.8	$ 684.0	$ 1,010.4

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2018
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 investment 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 and Investment Solutions (see Note 17). 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 16). 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). To simplify the statement of operations, the Partnership has condensed the presentation of performance allocations, principal investment income and performance allocations and incentive fee related compensation in the year ended December 31, 2018, and no longer presents the realized and unrealized components of these line items. The accompanying consolidated statements of operations for all prior periods presented have been recast to reflect this presentation change. The realized and unrealized components of performance allocations and principal investment income is included in Note 5. The realized and unrealized components of performance allocations and incentive fee related compensation is included in Note 8.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

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”).

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, incentive fees and performance allocations) 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 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, 2018, assets and liabilities of the consolidated VIEs reflected in the consolidated balance sheets were $5.7 billion and $5.5 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 the Partnership's 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, 2018, the Partnership held $219.5 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 Partnership's maximum exposure to loss relates to the Partnership's investments in the unconsolidated VIEs and was $1,152.4 million and $1,066.3 million as of December 31, 2018 and 2017, respectively.

Additionally, as of December 31, 2018, the Partnership had $121.2 million and $15.1 million recognized in the consolidated balance sheet related to performance allocation 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.

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 allocations 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 allocations and incentive fees. Actual results could differ from these estimates and such differences could be material.

Business Combinations

The Partnership accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

Revenue Recognition

On January 1, 2018, the Partnership adopted ASU 2014-9, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-9”) under the modified retrospective method. ASU 2014-9, and related amendments, provide comprehensive guidance for recognizing revenue from contracts with customers. Revenue is recognized 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) allocated the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

Upon adoption of ASU 2014-9, performance allocations that represent a performance-based capital allocation from fund limited partners to the Partnership (commonly known as “carried interest”, which comprises substantially all of the Partnership's previously reported performance fee revenues) are accounted for as earnings from financial assets within the scope of ASC 323, Investments - Equity Method and Joint Ventures, and therefore are not in the scope of ASU 2014-9. In accordance with ASC 323, the Partnership records equity method income (losses) as a component of investment income based on the change in the Partnership's proportionate claim on net assets of the investment fund, including performance allocations, assuming the investment fund was liquidated as of each reporting date pursuant to each fund's governing agreements. The Partnership applied this change in accounting principle on a full retrospective basis, which resulted in a reclassification of amounts previously reported as accrued performance fees to investments in the accompanying consolidated balance sheets and amounts previously reported as performance fees to performance allocations within investment income (loss) in the accompanying consolidated statements of operations. See Note 5 for additional information on the components of investments and investment income following this change in accounting principle. Amounts previously reported as performance fees that do not meet the definition of performance-based capital allocations are in the scope of ASU 2014-9 and are included in incentive fees in the consolidated statements of operations. The following table shows the impact of this reclassification to the Partnership's previously reported amounts in the consolidated statement of operations for the years ended December 31, 2017 and 2016:



	Year Ended December 31, 2017
	As Previously Reported		Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,097.3	$	(1,062.8	)	$	34.5
Unrealized	996.6		(995.8		)	0.8
Total performance fees¹	$	2,093.9	$	(2,058.6	)	$	35.3
Investment income (loss)²
Realized	$	70.4	$	1,062.8		$	1,133.2
Unrealized	161.6		995.8			1,157.4
Total investment income²	$	232.0	$	2,058.6		$	2,290.6



	Year Ended December 31, 2016
	As Previously Reported			Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,129.5		$	(1,093.1	)	$	36.4
Unrealized	(377.7		)	377.7			—
Total performance fees¹	$	751.8		$	(715.4	)	$	36.4
Investment income (loss)²
Realized	$	112.9		$	1,093.1		$	1,206.0
Unrealized	47.6			(377.7		)	(330.1		)
Total investment income²	$	160.5		$	715.4		$	875.9


(1)	As adjusted, amounts now labeled as incentive fees in the consolidated statements of operations.


(2)	As adjusted, amounts now labeled as performance allocations and principal investment income within investment income (loss) in the consolidated statements of operations.

The adoption of ASU 2014-9 did not materially change the Partnership's historical pattern of recognizing revenue for management fees, incentive fees, and performance allocations (for arrangements within the scope of ASC 323). The Partnership has applied the guidance in ASU 2014-9 only to contracts that are not completed as of January 1, 2018. The Partnership recorded an adjustment of $0.8 million for the cumulative effect of adoption in partners' capital on January 1, 2018, which reduced total partners' capital. Additionally, while the determination of who is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Partnership's significant management and advisory contracts. The customer determination impacts the Partnership's analysis of the accounting for contract costs. Also, the recovery of certain costs incurred on behalf of Carlyle funds, primarily travel and entertainment costs, that were previously presented net in the consolidated statements of operations are presented gross beginning on January 1, 2018 as the Partnership controls the inputs to its investment management performance obligation. For the year ended December 31, 2018, these costs were approximately $29.3 million and are presented in interest and other income and general, administrative and other expenses in the consolidated statements of operations.

Fund Management Fees

The Partnership provides management services to funds in which it holds a general partner interest or has a management agreement. The Partnership considers the performance obligations in its contracts with its funds to be the promise to provide (or to arrange for third parties to provide) investment management services related to the management, policies and operations of the funds.

As it relates to the Partnership’s performance obligation to provide investment management services, the Partnership typically satisfies this performance obligation over time as the services are rendered (under the output method described in ASC 606), since the funds simultaneously receive and consume the benefits provided as the Partnership performs the service. The transaction price is the amount of consideration to which the Partnership expects to be entitled in exchange for transferring the promised services to the funds. Management fees earned from each investment management contract over the contract life represent variable consideration because the consideration the Partnership is entitled to varies based on fluctuations in the basis for the management fee, for example fund net asset value ("NAV") or AUM. Given that the management fee basis is susceptible to market factors outside of the Partnership’s influence, management fees are constrained. Accordingly, estimates of future period management fees are generally not included in the transaction price because these estimates are constrained. The transaction price for the investment management services provided is generally the amount determined at the end of the period because that is when the uncertainty for that period is resolved.

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 0.4% to 0.5% based on the total par amount of assets or the aggregate principal amount of the notes in the CLO and are due quarterly 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 1.25% of invested capital 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.

As of December 31, 2018 and December 31, 2017, management fee receivables were $76.2 million and $47.7 million, respectively, and are included in due from affiliates and other receivables, net, in the consolidated balance sheets.

The Partnership also provides transaction advisory and portfolio advisory services to the portfolio companies, and where covered by separate contractual agreements, recognizes fees for these services when the service has been provided and collection is reasonably assured. Fund management fees includes transaction and portfolio advisory fees of $50.5 million, $43.6 million and $47.8 million for the years ended December 31, 2018, 2017 and 2016, 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. For the professional fees that the Partnership arranges for the investment funds, the Partnership concluded that the nature of its promise is to arrange for the services to be provided and it does not control the services provided by third parties before they are transferred to the customer. Therefore, the Partnership concluded it is acting in the capacity of an agent. Accordingly, the reimbursement for these professional fees paid on behalf of the investment funds is presented on a net basis in general, administrative and other expenses in the consolidated statements of operations.

The Partnership also incurs certain costs, primarily employee travel and entertainment costs, employee compensation and systems costs, for which it receives reimbursement from the investment funds in connection with its performance obligation to provide investment and management services. For reimbursable travel, compensation and systems costs, the Partnership concluded it controls the services provided by its employees and the resources used to develop applicable systems before they are transferred to the customer and therefore is a principal. Accordingly, the reimbursement for these costs incurred by the Partnership to manage the fund limited partnerships are presented on a gross basis in interest and other income in the consolidated statements of operations and the expense in general, administrative and other expenses or cash-based compensation and benefits expenses in the consolidated statements of operations.

Incentive Fees

In connection with management contracts from certain of its Global Credit funds, the Partnership is also entitled to receive performance-based incentive fees when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has been achieved. Incentive fees are variable consideration because they are contingent upon the investment vehicle achieving stipulated investment return hurdles. Investment returns are highly susceptible to market factors outside of the Partnership’s influence. Accordingly, incentive fees are constrained until all uncertainty is resolved. Estimates of future period incentive fees are generally not included in the transaction price because these estimates are constrained. The transaction price for incentive fees is generally the amount determined at the end of each accounting period to which they relate because that is when the uncertainty for that period is resolved, as these fees are not subject to clawback.

Investment Income (Loss), including Performance Allocations

Investment income (loss) represents the unrealized and realized gains and losses resulting from the Partnership's equity method investments, including any associated general partner performance allocations, and other principal investments, including CLOs.

General partner performance allocations consist of the allocation of profits from certain of the funds to which the Partnership is entitled (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 allocations 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 allocations 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 allocations are reversed. In all cases, each fund is considered separately in this regard, and for a given fund, performance allocations 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, 2018 and 2017, the Partnership has recognized $63.2 million and $66.8 million, respectively, for giveback obligations.

Principal 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. Principal investment income (loss) also includes the Partnership's allocation of earnings from its investments in Fortitude Re and, as it relates to the Partnership's investments in NGP (see Note 5), 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. Unrealized principal 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 $207.2 million, $167.3 million and $140.4 million for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in interest and other income of Consolidated Funds in the accompanying consolidated statements of operations.

Compensation and Benefits

Cash-based Compensation and Benefits – Cash-based compensation and benefits 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. In June 2018, the Partnership adopted ASU 2018-7, Improvements to Nonemployee Share-Based Payment Accounting, which aligned the accounting for non-employee equity-based awards with the accounting for employee equity-based awards, retroactive to January 1, 2018. 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 equity method earnings because they are issued to employees of the Partnership's equity method investees.

The Partnership recognizes 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 recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the consolidated statement of operations.

Performance Allocations and Incentive Fee Related Compensation – A portion of the performance allocations and incentive 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 allocations and incentive fee revenue and, until paid, are recognized as a component of the accrued compensation and benefits liability. Accordingly, upon a reversal of performance allocations or incentive fee revenue, the related compensation expense, if any, is also reversed. As of December 31, 2018 and 2017, the Partnership had recorded a liability of $1.8 billion and $1.9 billion, respectively, related to the portion of accrued performance allocations and incentive fees due to employees and advisors, respectively, which was included in accrued compensation and benefits in the accompanying consolidated balance sheets.

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. 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.

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 (including performance allocations) 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 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 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 four 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. The increase in the deferred revenue balance for the year ended December 31, 2018 was primarily driven by cash payments received in advance of satisfying the Partnership's performance obligations, partially offset by revenues recognized that were included in the deferred revenue balance at the beginning of the period.

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, 2018 and 2017 were as follows:



	As of December 31,
	2018			2017
	(Dollars in millions)
Currency translation adjustments	$	(79.7	)	$	(68.8	)
Unrealized losses on defined benefit plans	(4.6		)	(3.9		)
Fortitude Re available-for-sale securities	1.0			—
Total	$	(83.3	)	$	(72.7	)

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 resulting from transactions outside of the functional currency of an entity of $1.8 million, $3.9 million and $26.3 million for the years ended December 31, 2018, 2017 and 2016, respectively, are included in general, administrative and other expenses in the consolidated statements of operations.

Recent Accounting Pronouncements

In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The amendments became effective on November 5, 2018. Among the amendments is the requirement to present the changes in shareholders’ equity in the interim financial statements (either in a separate statement or footnote) in quarterly reports on Form 10-Q. The Partnership will include disclosure of the changes in partners’ capital in its quarterly reports on Form 10-Q beginning in 2019.

Recently Issued Accounting Standards Adopted as of January 1, 2018

In June 2018, the FASB issued ASU 2018-7, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-7 aligns the measurement and classification for share-based payments to non-employees with the accounting guidance for share-based payments to employees. Among other requirements, the measurement of non-employee awards will now be fixed at the grant date, rather than remeasured at every reporting date. The guidance is effective for the Partnership on January 1, 2019, however early adoption is permitted. The Partnership adopted this standard retroactive to January 1, 2018 and the impact of this guidance was not material to the financial statements.

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 was effective for the Partnership on January 1, 2018 and is required to be applied prospectively. This guidance will impact the Partnership's analysis of the accounting for any future acquisitions occurring after the date of adoption.

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 was effective for the Partnership on January 1, 2018 and ASU 2016-18 requires the guidance to be applied using a retrospective transition method. The Partnership reflected this change in presentation of restricted cash in these 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 was effective for the Partnership on January 1, 2018 and ASU 2016-15 requires the guidance to be applied using a retrospective transition method. The impact of this guidance was not material to the consolidated statements of cash flows.

Recently Issued Accounting Standards Effective on January 1, 2019

In February 2018, the FASB issued ASU 2018-2, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-2 allows a reclassification from accumulated other comprehensive income to partners’ capital for stranded effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for the Partnership on January 1, 2019 and the Partnership adopted this guidance on that date. The impact of this guidance was not material to the Partnership.

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. The Partnership adopted this guidance on January 1, 2019 and the impact was not material.

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 is required to be applied using a modified retrospective method. The Partnership is finalizing implementation activities and expects total assets to increase $200 - $250 million and total liabilities to increase $270 - $320 million on its consolidated balance sheet upon adoption of this guidance. The Partnership does not expect the adoption of this guidance to have a material impact on operating results. The Partnership is electing to use the practical expedients available under the transition provisions under which the Partnership would not need to reassess whether an arrangement is or contains a lease, lease classification, and the accounting for initial direct costs. The Partnership is also electing the recent transition option provided by the FASB, which allows entities to not apply ASC 842 in the comparative periods presented in the financial statements in the year of adoption.

Recently Issued Accounting Standards Effective on January 1, 2020

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. 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 to the fair value disclosures.

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 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.

Acquisition of Carlyle Aviation Partners

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisition of Carlyle Aviation Partners

On December 19, 2018, the Partnership acquired 100% of the equity interests in Apollo Aviation Group, a Miami, Florida-based multi-strategy investment manager that is engaged in commercial aviation aircraft financing and investment and providing investment management services related to the commercial aviation industry. Upon closing, Apollo Aviation Group was renamed Carlyle Aviation Partners, Ltd. ("Carlyle Aviation Partners") and is included in the Partnership’s Global Credit business segment. Carlyle Aviation Partners has $5.8 billion in assets under management with an investor base that is predominantly institutional, including public and private pension funds, family offices and endowments. The purchase price consisted of $74.5 million in cash. The transaction also included an earn-out of up to $150.0 million that is payable upon the achievement of certain revenue and earnings performance targets during 2020 through 2025, which will be accounted for as compensation expense. The Partnership consolidated the financial position and results of operations of Carlyle Aviation Partners effective December 19, 2018 and accounted for this transaction as a business combination. In connection with this transaction, the Partnership incurred approximately $4.3 million of acquisition costs that were recorded as an expense for the year ended December 31, 2018.

The acquisition-date fair value of the consideration transferred for the Carlyle Aviation Partners acquisition, and the estimated fair values of the assets acquired and liabilities assumed at the acquisition date are as follows (Dollars in millions):



Acquisition-date fair value of consideration transferred
Cash	$	74.5
Estimated fair value of assets acquired and liabilities assumed
Cash and receivables	11.3
Investments and accrued performance allocations	47.2
Net fixed assets and other assets	2.2
Finite-lived intangible assets - contractual rights	48.0
Goodwill	4.6
Accrued expenses and accrued compensation and benefits	(25.4		)
Deferred tax liabilities	(3.7		)
Other liabilities	(9.7		)
Total	$	74.5

The finite-lived intangible assets are amortized over a period ranging from four to eight years.

The amount of revenue and earnings of Carlyle Aviation Partners since the acquisition date and the pro forma impact to the Partnership’s consolidated financial results for the years ended December 31, 2018 and 2017 as if the acquisition had been consummated as of January 1, 2017, was not significant.

Fair Value Measurement

12 Months Ended

Dec. 31, 2018

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 in this category include unrestricted securities, such as 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 types of financial instruments in this category include 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. The types of financial instruments 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, 2018:



	Level I		Level II		Level III		Total
Assets	(Dollars in millions)
Investments of Consolidated Funds:
Bonds	$	—	$	—	$	690.1	$	690.1
Loans	—		—		4,596.5		4,596.5
	—		—		5,286.6		5,286.6
Investments in CLOs and other	—		—		446.4		446.4
Corporate treasury investments
Bonds	—		29.2		—		29.2
Commercial paper and other	—		22.5		—		22.5
	—		51.7		—		51.7
Total	$	—	$	51.7	$	5,733.0	$	5,784.7
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,840.1	$	4,840.1
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.4		—		1.4
Total	$	—	$	1.4	$	4,841.1	$	4,842.5


(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, 2017:



	Level I		Level II		Level III		Total
Assets	(Dollars in millions)
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.

There were no transfers from Level II to Level I during the year ended December 31, 2018 and 2017.

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 include 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 includes the Partnership’s co-executive chairmen of the board, chairman emeritus, co-chief executive officers, chief risk officer, chief financial officer, chief accounting officer, co-chief investment officer and the business segment heads, and observed by the chief compliance officer, the director of internal audit, the Partnership’s audit committee and others. 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 involve 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 its deconsolidation in 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, 2018
	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	$	7.9		$	413.4		$	4,112.7		$	0.3		$	405.4		$	4,939.7
Purchases	0.1			706.4			3,017.3			—			78.5			3,802.3
Sales and distributions	(13.7		)	(366.6		)	(1,400.3		)	(0.3		)	(39.2		)	(1,820.1		)
Settlements	—			—			(882.0		)	—			—			(882.0		)
Realized and unrealized gains (losses), net
Included in earnings	5.9			(36.2		)	(73.2		)	—			10.0			(93.5		)
Included in other comprehensive income	(0.2		)	(26.9		)	(178.0		)	—			(8.3		)	(213.4		)
Balance, end of period	$	—		$	690.1		$	4,596.5		$	—		$	446.4		$	5,733.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	—		$	(34.4	)	$	(55.0	)	$	—		$	10.0		$	(79.4	)



	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	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 Liabilities Year Ended December 31, 2018
	Loans Payable of Consolidated Funds			Contingent Consideration			Total
Balance, beginning of period	$	4,303.8		$	1.0		$	4,304.8
Borrowings	3,318.1			—			3,318.1
Paydowns	(2,485.7		)	(0.1		)	(2,485.8		)
Realized and unrealized (gains) losses, net
Included in earnings	(113.2		)	0.1			(113.1		)
Included in other comprehensive income	(182.9		)	—			(182.9		)
Balance, end of period	$	4,840.1		$	1.0		$	4,841.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(93.6	)	$	0.1		$	(93.5	)



	Financial Liabilities Year Ended December 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration			Loans Payable of a consolidated 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	)

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 of the Consolidated Funds 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 and loss on deconsolidation 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, 2018:



	Fair Value at				Range (Weighted Average)
(Dollars in millions)	December 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Bonds	$	690.1	Consensus Pricing	Indicative Quotes (% of Par)	50 - 104 (94)
Loans	4,596.5		Consensus Pricing	Indicative Quotes (% of Par)	73 - 102 (98)
	5,286.6
Investments in CLOs and other
Senior secured notes	392.8		Discounted Cash Flow with Consensus Pricing	Discount Margins (% of Par)	70 - 1,100 (182)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (57%)
				Indicative Quotes (% of Par)	86 - 101 (99)
Subordinated notes and preferred shares	53.6		Discounted Cash Flow with Consensus Pricing	Discount Rate	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (56%)
				Indicative Quotes (% of Par)	45 - 106 (75)
Total	$	5,733.0
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,607.2	Other	N/A	N/A
Subordinated notes and preferred shares	232.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (60%)
				Indicative Quotes (% of Par)	68 - 94 (81)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,841.1

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
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⁽¹⁾	4,100.5		Other	N/A	N/A
Subordinated notes and preferred shares⁽¹⁾	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 significant unobservable inputs used in the fair value measurement of the Partnership’s investments in equity securities include indicative quotes and discount rates. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement.

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

- 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

Investments

12 Months Ended

Dec. 31, 2018

Investments [Abstract]

Investments

Investments consist of the following:



	As of December 31,
	2018		2017
	(Dollars in millions)
Accrued performance allocations	$	3,480.0	$	3,664.3
Principal equity method investments, excluding performance allocations	1,765.8		1,218.4
Principal investments in CLOs and other	451.7		405.9
Total investments	$	5,697.5	$	5,288.6

Accrued Performance Allocations

The components of accrued performance allocations are as follows:



	As of December 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	1,990.2	$	2,272.4
Real Assets	654.2		656.7
Global Credit	99.3		50.6
Investment Solutions	736.3		684.6
Total	$	3,480.0	$	3,664.3

Approximately 24% and 19% of accrued performance allocations at December 31, 2018 and December 31, 2017, respectively, are related to Carlyle Partners VI, L.P., one of the Partnership’s Corporate Private Equity funds.

Accrued performance allocations are shown gross of the Partnership’s accrued performance allocations and incentive 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,
	2018			2017
	(Dollars in millions)
Corporate Private Equity	$	(5.0	)	$	(8.7	)
Real Assets	(58.2		)	(58.1		)
Total	$	(63.2	)	$	(66.8	)

Principal Equity-Method Investments, Excluding Performance Allocations

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) and Fortitude Re (included within Global Credit), which are not consolidated. Investments are related to the following segments:



	As of December 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	374.7	$	369.5
Real Assets	770.0		775.1
Global Credit	545.0		23.0
Investment Solutions	76.1		50.8
Total	$	1,765.8	$	1,218.4

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,
	2018			2017		2016			2018		2017			2016		2018		2017			2016			2018			2017			2016			2018			2017			2016
Statement of operations information
Investment income	$	561.7		$	630.8	$	532.2		$	722.2	$	230.4		$	679.5	$	319.5	$	267.7		$	167.4		$	46.1		$	78.6		$	107.2		$	1,649.5		$	1,207.5		$	1,486.3
Expenses	865.1			553.3		597.1			582.4		572.4			544.3		145.5		118.8			95.1			672.6			665.5			493.0			2,265.6			1,910.0			1,729.5
Net investment income (loss)	(303.4		)	77.5		(64.9		)	139.8		(342.0		)	135.2		174.0		148.9			72.3			(626.5		)	(586.9		)	(385.8		)	(616.1		)	(702.5		)	(243.2		)
Net realized and unrealized gain (loss)	4,395.5			9,587.4		2,906.8			1,873.6		2,605.6			2,184.2		174.3		(51.5		)	(504.6		)	3,243.2			2,676.3			2,360.2			9,686.6			14,817.8			6,946.6
Net income (loss)	$	4,092.1		$	9,664.9	$	2,841.9		$	2,013.4	$	2,263.6		$	2,319.4	$	348.3	$	97.4		$	(432.3	)	$	2,616.7		$	2,089.4		$	1,974.4		$	9,070.5		$	14,115.3		$	6,703.4



	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,
	2018		2017		2018		2017		2018		2017		2018		2017		2018		2017
Balance sheet information
Investments	$	46,448.0	$	42,129.8	$	27,717.9	$	24,352.0	$	45,131.5	$	3,873.5	$	17,333.9	$	16,155.4	$	136,631.3	$	86,510.7
Total assets	$	48,045.2	$	44,987.0	$	29,141.5	$	25,894.9	$	46,055.6	$	4,050.0	$	17,411.5	$	16,402.5	$	140,653.8	$	91,334.4
Debt	$	5,444.1	$	2,141.8	$	3,093.1	$	2,633.0	$	738.4	$	508.1	$	252.8	$	135.0	$	9,528.4	$	5,417.9
Other liabilities	$	490.2	$	693.2	$	278.0	$	239.6	$	38,383.0	$	128.7	$	317.0	$	379.5	$	39,468.2	$	1,441.0
Total liabilities	$	5,934.3	$	2,835.0	$	3,371.1	$	2,872.6	$	39,121.4	$	636.8	$	569.8	$	514.5	$	48,996.6	$	6,858.9
Partners’ capital	$	42,110.9	$	42,152.0	$	25,770.4	$	23,022.3	$	6,934.2	$	3,413.2	$	16,841.7	$	15,888.0	$	91,657.2	$	84,475.5

Strategic Investment in Fortitude Re (f/k/a DSA Re)

On November 13, 2018, the Partnership acquired a 19.9% interest in Fortitude Group Holdings, LLC ("Fortitude Holdings"), a wholly owned subsidiary of American International Group, Inc. ("AIG") (the "Transaction"). Fortitude Holdings owns 100% of the outstanding common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (collectively, "Fortitude Re", f/k/a “DSA Re”) established to reinsure a portfolio of AIG’s legacy life, annuity and property and casualty liabilities. Fortitude Re had approximately $35 billion in reserves as of December 31, 2018.

Pursuant to the Membership Interest Purchase Agreement, the Partnership entered into a strategic asset management relationship with Fortitude Re pursuant to which Fortitude Re, together with certain AIG-affiliated ceding companies it has reinsured, committed to allocate assets in asset management strategies and vehicles of the Partnership and its affiliates. If Fortitude Re, together with AIG and its affiliates, fails to allocate an agreed upon amount of assets to the Partnership's asset management strategies and vehicles within 30 to 36 months of the closing of the transaction, the Partnership may be entitled to certain payments from AIG based on the commitment shortfall and assumed customary fee rates.

The Partnership paid $381 million in cash at closing and expects to pay up to $95 million in additional deferred consideration following December 31, 2023. If Fortitude Re is unable to distribute a planned non-pro rata dividend to AIG within 18 months following closing, then the Initial Purchase Price may be adjusted upward by up to $100 million to account for the increased value of Fortitude Re’s equity. AIG has also agreed to a post-closing purchase price adjustment pursuant to which AIG will pay affiliates of the Partnership in respect of certain adverse reserve developments in Fortitude Re’s property and casualty insurance business, based on an agreed methodology, that occur on or prior to December 31, 2023, up to the value of the Partnership’s investment.

In connection with the Transaction, the Partnership also entered into an operating agreement that governs its rights and obligations as an equity holder of Fortitude Re and entitles the Partnership to customary minority protections contingent upon the Partnership maintaining agreed ownership percentages of Fortitude Re.

The Partnership’s investment is accounted for under the equity method of accounting and the investment is included in the Global Credit segment. Separately, income from the assets to be managed by the Partnership is included in the segment of the relevant investment fund.

As of December 31, 2018, the Partnership's investment in Fortitude Re is $460.2 million. The Partnership's earnings from its investment for the period from closing to December 31, 2018 were $57.9 million, inclusive of $46.2 million of unrealized gains related to change in the fair value of embedded derivatives related to certain reinsurance contracts included in Fortitude Re's U.S. GAAP financial statements. Modified coinsurance is subject to the general accounting principles for hedging, specifically the guidance originally issued as Derivatives Implementation Group Issue No. B36: Embedded Derivatives: Modified Coinsurance Agreements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments ("DIG B36"). The Partnership incurred approximately $17.9 million in transaction costs, which are included in the carrying value of the investment.

Strategic Investment in NGP

The Partnership has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds. The Partnership accounts for its investments in NGP under the equity method of accounting, and includes these investments in the Real Assets segment. These interests entitle the Partnership to an allocation of income equal to 55.0% of the management fee-related revenues of NGP Management which serves as the investment advisor to certain NGP funds as well as 47.5% of the performance allocations received by certain current and future NGP fund general partners.

The Partnership's investments in NGP as of December 31, 2018 and December 31, 2017 are as follows:



	As of
	December 31, 2018		December 31, 2017
	(Dollars in millions)
Investment in NGP Management	$	394.6	$	397.7
Investments in NGP general partners - accrued performance allocations	151.0		143.2
Principal investments in NGP funds	77.6		67.9
Total investments in NGP	$	623.2	$	608.8

Investment in NGP Management. 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 NGP Management, which serves as the investment advisor to the NGP Energy Funds. Management fees are generally calculated as 1.0% to 2.0% of the limited partners' commitments during the fund's investment period, and 0.6% to 2.0% based on the lower of cost or fair market value of invested capital following the expiration or termination of the investment period. Management fee-related revenues from NGP Management are primarily driven by NGP XII, NGP XI and NGP X during the year ended December 31, 2018, and NGP XI and NGP X during the years ended December 31, 2017 and 2016.

The Partnership records investment income (loss) for its equity income allocation from NGP management fee-related revenues, and also records its share of any allocated expenses from NGP Management, expenses associated with the compensatory elements of the strategic investment, 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, 2018, 2017 and 2016 were as follows:



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Management fee-related revenues from NGP Management	$	96.0		$	80.5		$	80.7
Expenses related to the investment in NGP Management	(13.1		)	(54.0		)	(16.0		)
Amortization of basis differences from the investment in NGP Management	(7.1		)	(8.5		)	(55.2		)
Net investment income from NGP Management	$	75.8		$	18.0		$	9.5

The difference between the Partnership’s remaining carrying value of its investment and its share of the underlying net assets of the investee was $14.2 million, $21.3 million and $29.8 million as of December 31, 2018, 2017 and 2016, respectively; these differences are amortized over a period of 10 years from the initial investment date.

Investment in the General Partners of NGP Carry Funds. The Partnership’s investment in the general partners of the NGP Carry Funds entitle it to 47.5% of the performance allocations received by certain current and future NGP fund general partners. The Partnership records investment income for its equity income allocation from these performance allocations. The Partnership recognized net investment earnings related to these performance allocations in its consolidated statements of operations of $7.9 million, $98.4 million and $44.7 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Principal Investments in NGP Funds. The Partnership also holds principal investments in the NGP Carry Funds. The Partnership recognized net investment earnings (loss) related to principal investment income in its consolidated statements of operations of $12.1 million and $9.4 million for the years ended December 31, 2017 and 2016, respectively. The net investment loss related to principal investment income for the year ended December 31, 2018 was not significant.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs and other investments as of December 31, 2018 and 2017 primarily consisted of $451.7 million and $405.9 million, respectively, of investments in CLO senior and subordinated notes and derivative instruments.

Investment Income (Loss)

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



	Year Ended December 31,
	2018			2017		2016
	(Dollars in millions)
Performance allocations
Realized	$	693.8		$	1,062.8	$	1,093.1
Unrealized	(70.9		)	995.8		(377.7		)
	622.9			2,058.6		715.4
Principal investment income from equity method investments (excluding performance allocations)
Realized	122.9			68.1		110.4
Unrealized	66.4			158.3		40.2
	189.3			226.4		150.6
Principal investment income (loss) from investments in CLOs and other investments
Realized	1.5			2.3		2.2
Unrealized	(4.5		)	3.3		7.4
	(3.0		)	5.6		9.6
Other investment income
Realized	—			—		0.3
Total	$	809.2		$	2,290.6	$	875.9

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



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Corporate Private Equity	$	291.4	$	1,629.6	$	289.6
Real Assets	148.4		265.2		321.1
Global Credit	9.1		21.3		1.0
Investment Solutions	174.0		142.5		103.7
Total	$	622.9	$	2,058.6	$	715.4

Approximately 32%, or $201.7 million, of performance allocations for the year ended December 31, 2018 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal investment income):

•Carlyle Partners VI, L.P. (Corporate Private Equity segment) - $277.0 million,

•Carlyle Asia Partners IV, L.P. (Corporate Private Equity segment) - $(208.0) million,

•Carlyle Realty Partners VII, L.P. (Real Assets segment) - $173.9 million,

•Carlyle Europe Partners IV, L.P. (Corporate Private Equity segment) - $140.4 million,

•Carlyle International Energy Partners, L.P. (Real Assets segment) - $122.7 million,

•Carlyle Partners V, L.P. (Corporate Private Equity segment) - $87.2 million, and

•Carlyle Realty Partners V, L.P. (Real Assets segment) - $(58.0) million.

Approximately 62%, or $1,273.2 million, of performance allocations for the year ended December 31, 2017 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal 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 30%, or $214.2 million, of performance allocations for the year ended December 31, 2016 are related to the following funds along with total revenue recognized (total revenue includes performance allocations, fund management fees, and principal 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.

Carlyle’s principal investment income (loss) from its equity-method investments consists of:



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Corporate Private Equity	$	22.9	$	64.8	$	51.8
Real Assets	102.1		151.7		101.2
Global Credit	55.8		1.7		(3.8		)
Investment Solutions	8.5		8.2		1.4
Total	$	189.3	$	226.4	$	150.6

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, 2018, the Partnership formed seven new CLOs for which the Partnership is primary beneficiary of one of those CLOs. As of December 31, 2018, the total assets of the CLO included in the Partnership’s consolidated financial statements were approximately $499.9 million.

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	2018		2017		2018		2017
	(Dollars in millions)
United States
Assets of the CLOs:
Bonds	$	75.3	$	36.6	1.42	%	0.81	%
Equity	—		2.2		—	%	0.05	%
Loans	1,621.3		1,644.4		30.67	%	36.27	%
Total assets of the CLOs (cost of $1,720.4 and $1,661.1 at December 31, 2018 and 2017, respectively)	1,696.6		1,683.2		32.09	%	37.13	%
Total United States	$	1,696.6	$	1,683.2	32.09	%	37.13	%



Europe
Equity securities:
Other	—		$	5.7	—	%	0.13	%
Total equity securities (cost of $0.1 and $28.1 at December 31, 2018 and 2017, respectively)	—		5.7		—	%	0.13	%
Assets of the CLOs:
Bonds	610.3		368.5		11.54	%	8.13	%
Loans	2,804.1		2,369.9		53.04	%	52.26	%
Other	—		0.3		—	%	—	%
Total assets of the CLOs (cost of $3,483.2 and $2,745.1 at December 31, 2018 and 2017, respectively)	3,414.4		2,738.7		64.58	%	60.39	%
Total Europe	$	3,414.4	$	2,744.4	64.58	%	60.52	%
Global
Assets of the CLOs:
Bonds	$	4.5	$	8.3	0.09	%	0.18	%
Loans	171.1		98.4		3.24	%	2.17	%
Total assets of the CLOs (cost of $176.4 and $107.7 at December 31, 2018 and 2017, respectively)	175.6		106.7		3.33	%	2.35	%
Total Global	$	175.6	$	106.7	3.33	%	2.35	%
Total investments of Consolidated Funds (cost of $5,380.1 and $4,542.0 at December 31, 2018 and 2017, respectively)	$	5,286.6	$	4,534.3	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,
	2018		2017		2016
	(Dollars in millions)
Interest income from investments	$	207.2	$	167.3	$	140.4
Other income	7.3		10.4		26.5
Total	$	214.5	$	177.7	$	166.9

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,
	2018			2017		2016
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(108.8	)	$	27.0	$	51.7
Gains (losses) from liabilities of CLOs	113.3			61.4		(40.5		)
Gains on other assets of CLOs	—			—		1.9
Total	$	4.5		$	88.4	$	13.1

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



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Realized gains (losses)	$	(4.9	)	$	(54.0	)	$	(33.4	)
Net change in unrealized gains (losses)	(103.9		)	81.0			85.1
Total	$	(108.8	)	$	27.0		$	51.7

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of December 31, 2018 and 2017:



	As of December 31,
	2018			2017
	(Dollars in millions)
Acquired contractual rights	$	104.1		$	81.4
Acquired trademarks	1.1			1.2
Accumulated amortization	(43.2		)	(57.8		)
Finite-lived intangible assets, net	62.0			24.8
Goodwill	15.3			11.1
Intangible assets, net	$	77.3		$	35.9

As of December 31, 2018, goodwill consisted of $4.6 million associated with the Partnership's Global Credit segment in connection with the Partnership's acquisition of Carlyle Aviation Partners. Refer to Note 3 for information related to this acquisition. The remaining $10.7 million of goodwill is associated with the Partnership's Investment Solutions segment. As of December 31, 2017, all of the $11.1 million of goodwill was 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, 2018, 2017 and 2016.

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.

Intangible asset amortization expense was $10.0 million, $10.1 million and $42.5 million for the years ended December 31, 2018, 2017 and 2016, 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 2019 through 2023 and thereafter (Dollars in millions):




2019	$	15.6
2020	14.6
2021	10.1
2022	6.1
2023	3.9
Thereafter	11.7
	$	62.0

Borrowings

12 Months Ended

Dec. 31, 2018

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,
	2018				2017
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.9	$	25.0	$	24.8
CLO Term Loans (See below)	309.9		309.9		294.5		294.5
3.875% Senior Notes Due 2/01/2023	250.0		249.0		500.0		497.6
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		345.7		—		—
Promissory Note Due 1/01/2022	—		—		108.8		108.8
Promissory Notes Due 7/15/2019	20.2		20.2		47.2		47.2
Total debt obligations	$	1,555.1	$	1,550.4	$	1,575.5	$	1,573.6

Senior Credit Facility

As of December 31, 2018, 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, 2018, the term loan and revolving credit facility were scheduled to mature on May 5, 2020, and principal amounts outstanding under the term loan and revolving credit facility accrued interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 0.50%, or (b) at LIBOR plus an applicable margin not to exceed 1.50% (at December 31, 2018, the interest rate was 3.60%). There was no amount outstanding under the revolving credit facility at December 31, 2018. Interest expense under the senior credit facility was not significant for the years ended December 31, 2018, 2017 and 2016. The fair value of the outstanding balances of the term loan and revolving credit facility at December 31, 2018 and 2017 approximated par value based on current market rates for similar debt instruments and are classified as Level III within the fair value hierarchy.

In 2017, the Partnership borrowed and repaid in full $250.0 million against the $750.0 million revolving credit facility.

On February 11, 2019, the Partnership entered into an amendment and restatement of the senior credit facility. In connection with the amendment and restatement, the size of the revolving credit facility increased from $750.0 million to $775.0 million, the outstanding $25.0 million term loan was repaid, and the maturity date was extended to February 11, 2024.

Global Credit Revolving Credit Facility

On December 17, 2018, certain subsidiaries of the Partnership established a $250.0 million revolving line of credit, primarily intended to support certain lending activities within the Global Credit segment. The credit facility includes a $125.0 million line of credit with a one-year term, and a $125.0 million line of credit with a three-year term. Principal amounts outstanding under the facility accrue interest, at the option of the borrowers, either (a) at an alternate base rate plus an applicable margin not to exceed 1.00%, or (b) at the Eurocurrency rate plus an applicable margin, not to exceed 2.00% (at December 31, 2018, the interest rate was 6.50%).

The Partnership has made no borrowings under the facility during the period from December 17, 2018 through December 31, 2018, and there was no amount outstanding under the facility as of December 31, 2018.

CLO Term Loans

For certain 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, 2018		Borrowing Outstanding December 31, 2017		Maturity Date (1)	Interest Rate as of December 31, 2018
June 7, 2016	$	—	$	20.6	July 15, 2027	N/A	(2)
February 28, 2017	77.0		74.3		November 17, 2031	2.33%	(3)
April 19, 2017	22.9		22.8		April 22, 2031	4.40%	(4) (15)
June 28, 2017	23.0		23.1		July 22, 2031	4.39%	(5) (15)
July 20, 2017	24.4		24.4		April 21, 2027	4.01%	(6) (15)
August 2, 2017	22.8		22.8		July 23, 2029	4.28%	(7) (15)
August 2, 2017	19.9		20.9		August 3, 2022	1.75%	(8)
August 14, 2017	22.5		22.6		August 15, 2030	4.46%	(9) (15)
November 30, 2017	22.7		22.7		January 16, 2030	4.17%	(10) (15)
December 6, 2017	19.1		19.1		October 16, 2030	4.08%	(11) (15)
December 7, 2017	21.1		21.2		January 19, 2029	3.81%	(12) (15)
January 30, 2018	19.2		—		January 22, 2030	4.09%	(13) (15)
March 1, 2018	15.3		—		January 15, 2031	3.99%	(14) (15)
	$	309.9	$	294.5

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

(2) Note paid off in third quarter of 2018.


(3)	Original borrowing of €67.2 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(4)	Incurs interest at LIBOR plus 1.932%.


(5)	Incurs interest at LIBOR plus 1.923%.


(6)	Incurs interest at LIBOR plus 1.536%.


(7)	Incurs interest at LIBOR plus 1.808%.


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


(9)	Incurs interest at LIBOR plus 1.848%.


(10)	Incurs interest at LIBOR plus 1.7312%.


(11)	Incurs interest at LIBOR plus 1.647%.


(12)	Incurs interest at LIBOR plus 1.365%.

(13) Incurs interest at LIBOR plus 1.624%

(14) Incurs interest at LIBOR plus 1.552%


(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 for the years ended December 31, 2018, 2017 and 2016 was $10.5 million, $4.0 million, and $0.3 million, respectively. The fair value of the outstanding balance of the CLO term loans at December 31, 2018 and 2017 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 €67.2 million term loan ($77.0 million at December 31, 2018) 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, 2018).

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.

In September 2018, the Partnership completed a tender offer to re-purchase $250.0 million in aggregate principal amount of its 3.875% Senior Notes due 2023. As a result of this repurchase, the Partnership recognized $6.9 million of costs in interest expense and $0.9 million of costs in general, administrative and other expenses upon early extinguishment of the debt.

Interest expense on the notes was $17.2 million for the year ended December 31, 2018 and $19.8 million for the years ended December 31, 2017 and 2016, respectively. At December 31, 2018 and 2017, the fair value of the notes, including accrued interest, was approximately $255.5 million and $520.4 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, 2018, 2017 and 2016, respectively. At December 31, 2018 and 2017, the fair value of the notes, including accrued interest, was approximately $604.1 million and $696.3 million, respectively, based on indicative quotes. The notes are classified as Level II within the fair value hierarchy.

5.650% Senior Notes

In September 2018, an indirect finance subsidiary of the Partnership issued $350.0 million in aggregate principal amount of 5.650% senior notes due September 15, 2048 at 99.914% of par. Interest is payable semi-annually on March 15 and September 15, beginning March 15, 2019. 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 accrued and unpaid interest on the principal amounts being redeemed to the redemption date and the greater of 100% of (1) the principal amount of the notes being redeemed and (2) 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.

Interest expense on the notes was $5.9 million for the year ended December 31, 2018. At December 31, 2018, the fair value of the notes, including accrued interest, was approximately $354.4 million, 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%. In September 2018, the Partnership prepaid the $108.8 million outstanding promissory note, plus $1.2 million of accrued and unpaid interest. Interest expense on the promissory note was not significant for the years ended December 31, 2018, 2017 and 2016. The fair value of the outstanding balance of the promissory note at December 31, 2017 approximated par value based on current markets for similar debt instruments and was classified as Level III within the fair value hierarchy.

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% (4.44% at December 31, 2018). The Partnership may prepay these promissory notes in whole or in part at any time without penalty. Through December 31, 2018, the Partnership repaid $33.7 million of these promissory notes. Accordingly, $20.2 million of these promissory notes are outstanding at December 31, 2018. These promissory notes are scheduled to mature on July 15, 2019. Interest expense on these promissory notes was not significant for the years ended December 31, 2018 and 2017. The fair value of the outstanding balance of these promissory notes at December 31, 2018 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, 2018.

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, 2018 and 2017, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,723.4	$	4,607.2	1.94	%		10.70
Subordinated notes, preferred shares, and other	178.5		232.9		N/A		(a)	9.95
Total	$	4,901.9	$	4,840.1



	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


(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, 2018 and 2017, the fair value of the CLO assets was $5.5 billion and $4.9 billion, respectively.

Accrued Compensation and Benefits

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:



	As of December 31,
	2018		2017
	(Dollars in millions)
Accrued performance allocations and incentive fee-related compensation	$	1,843.6	$	1,894.8
Accrued bonuses	246.8		202.6
Employment-based contingent cash consideration	0.8		—
Other	131.1		125.2
Total	$	2,222.3	$	2,222.6

The following table presents realized and unrealized performance allocations and incentive fee related compensation:



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Realized	$	363.8	$	520.7	$	580.5
Unrealized	12.5		467.6		(227.4		)
Total	$	376.3	$	988.3	$	353.1

Certain employees of AlpInvest are covered by defined benefit pension plans sponsored by AlpInvest. As of December 31, 2018 and 2017, the benefit obligation of those pension plans totaled approximately $73.8 million and $73.4 million, respectively. As of December 31, 2018 and 2017, the fair value of the plans’ assets was approximately $53.8 million and $56.3 million, respectively. At December 31, 2018 and 2017, the Partnership recognized a liability of $20.0 million and $17.1 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, 2018, 2017 and 2016, the net periodic benefit cost recognized was $3.1 million, $4.2 million and $2.5 million, respectively, which is included in cash-based compensation and benefits expense (for the service cost component) and other non-operating expenses (for non-service cost components) 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, 2018

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, 2018 (Dollars in millions):



	Unfunded
	Commitments
Corporate Private Equity	$	2,479.6
Real Assets	987.2
Global Credit	452.4
Investment Solutions	130.0
Total	$	4,049.2

Of the $4.0 billion of unfunded commitments, approximately $3.5 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. Additionally, as of December 31, 2018 certain subsidiaries of the Partnership have $104.8 million in commitments related to the origination and syndication of loans and securities under the Carlyle Capital Solutions platform. In February 2019, these loans and securities were sold to third-party investors and the Partnership's commitment was extinguished.

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 (5.41% weighted-average rate at December 31, 2018). As of December 31, 2018 and 2017, approximately $10.3 million and $13.3 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, 2018 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 $16.2 million as of December 31, 2018. 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 allocations of $63.2 million at December 31, 2018, 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, 2018. 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 $1.4 million and $5.1 million of unbilled receivables from former and current employees and senior Carlyle professionals as of December 31, 2018 and 2017, 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, $176.1 million and $247.6 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of December 31, 2018 and 2017, 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, 2018, approximately $36.0 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 $27.2 million.

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.

If, at December 31, 2018, 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 $0.5 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 in June 2018, the Partnership entered into an amended non-cancelable lease agreement expiring on March 31, 2030. In connection with the amended lease for the Washington, D.C. office, the Partnership exercised an option to terminate its office lease in Arlington, Virginia at the end of 2019. The Partnership will be relocating one of its New York City offices in late 2020 to new office space in Midtown New York. The new lease was signed in July 2018 and expires in 2036. In connection with this new lease, the Partnership incurred a charge of $63.5 million (including transaction costs) during the year ended December 31, 2018 related to the assignment of an existing office lease in New York City. The charge is expected to be paid over approximately 15 years beginning in 2021. This charge was accounted for as a lease incentive, and is included in deferred rent payable as of December 31, 2018. 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 $51.3 million, $56.6 million and $55.0 million for the years ended December 31, 2018, 2017 and 2016, 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):




2019	$	60.5
2020	54.2
2021	56.3
2022	66.4
2023	62.2
Thereafter	546.8
	$	846.4

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 $125.2 million and $62.9 million as of December 31, 2018 and 2017, 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 matters described below are without merit.

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. That appeal is pending. 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.A hearing before the Guernsey appellate court took place from October 8 through October 18, 2018. It is unclear whether the appellate court will affirm or reverse the trial court decision. In December 2017, the Partnership received approximately $29.8 million from the plaintiff as a deposit towards its obligations to reimburse the Partnership for legal fees and expenses incurred to defend against the claims, but such amount is subject to adjustment 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. On November 2, 2018, the district court preliminarily approved a settlement between the lead plaintiffs in the securities class action and various parties, including the Partnership, under which all claims against the Partnership would be released without any requirement for the Partnership to make any financial contribution towards the settlement. 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. On May 9, 2018, the Plan Administrator for Cobalt filed a Notice of Nonsuit with Prejudice, dismissing all claims in the case (including the claim against the Partnership) with prejudice. The court ordered the nonsuit of all claims in an order entered the same day.

A Luxembourg subsidiary of CEREP I, a real estate fund, has been involved since 2010 in a tax dispute with the French authorities relating to whether gain from the sale of an investment was taxable in France. In April 2015, the French tax court issued an opinion in this matter adverse to CEREP I, holding the Luxembourg subsidiary of CEREP I 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 appealed the decision of the French tax court. In December 2017, the French appellate court reversed the earlier tax court opinion and awarded the Partnership a refund of the full €105 million of tax and penalties (inclusive of amounts paid by CEREP I) and awarded interest on the refund of €12.5 million, before tax. On February 22, 2018 the French tax authorities appealed the appellate court decision and on October 2, 2018, CEREP I filed its appellate brief. The parties are awaiting a hearing on the appeal. The Partnership has not recognized income in respect of the refund as of December 31, 2018, pending a final determination on the current appeal. The full amount of the refund is held at CEREP I and its subsidiaries. As CEREP I is a consolidated fund, the refund of €117.5 million is recorded in our assets and liabilities of consolidated funds as of December 31, 2018.

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 2017, 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 acquired certain rights to recoveries from certain marine cargo insurance policies and is continuing to undertake efforts to obtain reimbursement for the misappropriation of petroleum. There is no assurance that the Partnership will be successful in any of its ongoing recovery efforts and the Partnership will not recognize any amounts in respect of such recoveries until such amounts are probable of payment. However, during the fourth quarter 2018, we reached an agreement with the primary underwriters in the marine cargo insurance policies for $55 million, of which the Partnership recognized approximately $32 million in insurance proceeds during the year ended December 31, 2018, with the remaining proceeds to be distributed to former investors. In total, the Partnership has recognized approximately $209 million in insurance proceeds related to these settlements ($177 million of which was recognized in 2017).

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 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, 2018, 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, upwards 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 was 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 cash-based compensation and benefits 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 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, 2018

Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Partnership had the following due from affiliates and other receivables at December 31, 2018 and 2017:



	As of December 31,
	2018		2017
	(Dollars in millions)
Accrued incentive fees	$	7.1	$	6.3
Unbilled receivable for giveback obligations from current and former employees	1.4		5.1
Notes receivable and accrued interest from affiliates	14.4		22.8
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	418.2		229.2
Total	$	441.1	$	263.4

Notes receivable represent loans that the Partnership has provided to certain unconsolidated funds to meet short-term obligations to purchase investments. Reimbursable expenses and 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 7.50% as of December 31, 2018. 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, 2018 and 2017:



	As of December 31,
	2018		2017
	(Dollars in millions)
Due to non-consolidated affiliates	$	27.6	$	75.7
Performance-based contingent cash consideration related to acquisitions	—		37.5
Amounts owed under the tax receivable agreement	101.9		94.0
Other	44.5		22.7
Total	$	174.0	$	229.9

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 the second quarter of 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 $8.4 million, $5.4 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, 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 allocations, 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, 2018

Income Tax Disclosure [Abstract]

Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted. The Act included numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. The rate reduction took 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 the year ended December 31, 2017. In addition, the Partnership's tax receivable agreement liability was reduced by approximately $71.5 million in the year ended December 31, 2017 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 was included in other non-operating income in the consolidated statements of operations. The SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) on December 22, 2017, which allowed for reporting provisional amounts during a measurement period until the evaluation was complete. The Partnership assessed the impact of the Act on its consolidated financial statements at December 31, 2018 and believes the material provisions have been properly considered. The measurement period under SAB 118 is closed as of December 22, 2018. The Partnership will continue to evaluate the impact of any future authoritative guidance under the Act.

The provision for income taxes consists of the following:



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Current
Federal income tax	$	2.5		$	(6.2	)	$	0.4
State and local income tax	0.2			(0.2		)	(0.4		)
Foreign income tax	40.6			38.8			34.9
Subtotal	43.3			32.4			34.9
Deferred
Federal income tax	(13.4		)	106.2			(9.8		)
State and local income tax	(1.7		)	(2.7		)	(1.3		)
Foreign income tax	3.1			(11.0		)	6.2
Subtotal	(12.0		)	92.5			(4.9		)
Total provision for income taxes	$	31.3		$	124.9		$	30.0

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,
	2018			2017
	(Dollars in millions)
Deferred tax assets
Federal foreign tax credit	$	11.9		$	11.9
Federal net operating loss carry forward	25.5			22.8
State net operating loss carry forwards	9.7			11.8
Capital loss carry forward	9.9			—
Tax basis goodwill and intangibles	105.1			98.2
Depreciation and amortization	14.0			16.6
Deferred restricted common unit compensation	14.7			9.4
Accrued compensation	43.5			31.0
Basis difference in investments	8.9			24.4
Other	44.6			24.3
Deferred tax assets before valuation allowance	287.8			250.4
Valuation allowance	(28.7		)	(27.3		)
Total deferred tax assets	$	259.1		$	223.1
Deferred tax liabilities ⁽¹⁾
Intangible assets	$	3.7		$	4.8
Unrealized appreciation on investments	125.3			121.0
Other	—			2.5
Total deferred tax liabilities	$	129.0		$	128.3
Net deferred tax assets (liabilities)	$	130.1		$	94.8


(1)	As of December 31, 2018 and 2017, $64.7 million and $52.7 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, 2018, the Partnership has a federal net operating loss carry forward of approximately $121.5 million (of which $6.1 million was generated in 2018) and cumulative net operating loss carry forwards of approximately $230.4 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. The federal net operating loss generated in 2018 may be utilized up to 80% of taxable income in any tax year and are available for indefinite carry forward. As of December 31, 2018, the Partnership has a capital loss carry forward of approximately $41.1 million which will be available to offset future capital gain. If not used, a portion of the capital loss carry forwards will expire in 2023 and 2024, respectively. As of December 31, 2018, 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 $194.4 million and $170.4 million in deferred tax assets as of December 31, 2018 and 2017, 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 2018 and 2017, 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, 2018 and 2017, the Partnership has established a valuation allowance of $28.7 million and $27.3 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, 2018.

The Partnership had deferred tax liabilities of $64.3 million and $75.6 million at December 31, 2018 and 2017, respectively, which primarily relate to unrealized appreciation on the Partnership’s investments 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. 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 $31.3 million, $124.9 million and $30.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:



	Year Ended December 31,
	2018		2017		2016
Statutory U.S. federal income tax rate	21.00	%	35.00	%	35.00	%
Income passed through to common unitholders and non-controlling interest holders⁽¹⁾	(20.85	)%	(31.55	)%	(40.00	)%
Reduction in U.S. corporate tax rate	—	%	7.77	%	—	%
Unvested Carlyle Holdings partnership units and other compensation	0.54	%	1.45	%	36.74	%
Foreign income taxes	8.25	%	0.12	%	28.75	%
State and local income taxes	(0.63	)%	(0.19	)%	(6.70	)%
Valuation allowance impacting provision for income taxes	0.24	%	0.07	%	16.84	%
Other adjustments	0.14	%	(1.64	)%	(4.40	)%
Effective income tax rate⁽²⁾	8.69	%	11.03	%	66.23	%


(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 $13.1 million and $12.3 million as of December 31, 2018 and 2017, respectively, which is reflected in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. These balances include $4.2 million and $3.4 million as of December 31, 2018 and 2017, related to interest and penalties associated with uncertain tax positions. If recognized, $13.1 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,
	2018			2017			2016
	(Dollars in millions)
Balance at January 1	$	8.9		$	13.0		$	13.1
Additions for tax positions of prior years	0.2			1.6			1.3
Reductions due to lapse of statute of limitations	(0.2		)	(5.7		)	(1.4		)
Balance at December 31	$	8.9		$	8.9		$	13.0

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, 2018, the Partnership’s U.S. federal income tax returns for the years 2015 through 2017 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 2017. Foreign tax returns are generally subject to audit from 2011 to 2017. Certain of the Partnership’s affiliates are currently under audit by federal, state and foreign tax authorities.

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

Non-controlling Interests in Consolidated Entities

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	1.2		$	13.3
Non-Carlyle interests in majority-owned subsidiaries	337.1			386.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(14.1		)	4.9
Non-controlling interests in consolidated entities	$	324.2		$	404.7

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



	Year Ended December 31,
	2018			2017		2016
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	(5.3	)	$	12.0	$	17.1
Non-Carlyle interests in majority-owned subsidiaries	36.4			41.3		(8.6		)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	2.8			19.2		32.3
Net income attributable to other non-controlling interests in consolidated entities	33.9			72.5		40.8
Net income attributable to redeemable non-controlling interests in consolidated entities	—			—		0.2
Non-controlling interests in income of consolidated entities	$	33.9		$	72.5	$	41.0

Earnings Per Common Unit

12 Months Ended

Dec. 31, 2018

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, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to The Carlyle Group L.P. common unitholders	$	92,900,000	$	92,900,000	$	238,100,000	$	238,100,000	$	6,400,000	$	6,400,000
Incremental net income (loss) from assumed exchange of Carlyle Holdings Partnership units	—		—		—		—		—		(32,100,000		)
Net income (loss) attributable to common units	$	92,900,000	$	92,900,000	$	238,100,000	$	238,100,000	$	6,400,000	$	(25,700,000	)
Weighted-average common units outstanding	104,198,089		113,389,443		92,136,959		100,082,548		82,714,178		308,522,990
Net income (loss) per common unit	$	0.89	$	0.82	$	2.58	$	2.38	$	0.08	$	(0.08	)

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



	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	104,198,089	104,198,089	92,136,959	92,136,959	82,714,178	82,714,178
Unvested deferred restricted common units	—	8,336,661	—	7,347,645	—	3,331,282
Contingently issuable Carlyle Holdings Partnership units and common units	—	854,693	—	597,944	—	—
Weighted-average vested Carlyle Holdings Partnership units	—	—	—	—	—	222,183,911
Unvested Carlyle Holdings Partnership units	—	—	—	—	—	293,619
Weighted-average common units outstanding	104,198,089	113,389,443	92,136,959	100,082,548	82,714,178	308,522,990

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, strategic investments in NGP and performance-vesting deferred restricted common units. For purposes of determining the dilutive weighted-average common units, it is assumed that December 31, 2018, 2017 and 2016 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, 230,266,308 of vested Carlyle Holdings partnership units and 2,140,224 of unvested Carlyle Holdings partnership units for the year ended December 31, 2018 were antidilutive, and therefore have been excluded.

For the year ended December 31, 2017, 227,275,453 of vested Carlyle Holdings partnership units and 2,579,831 of unvested Carlyle Holdings partnership units 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 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.

On August 1, 2013, as part of acquiring the remaining 40% interests in Alpinvest, the Partnership issued 914,087 common units that are subject to vesting conditions. The common units participate immediately in any Partnership distributions. Under ASC 260, these common units are considered participating securities and are required to be included in the computation of earnings per common unit pursuant to the two-class method. As of December 31, 2017, 7,782 of these common units remained unvested. These common units vested on January 1, 2018 and there were no unvested common units as of December 31, 2018.

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

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. 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, 2018, the Partnership paid an aggregate of $107.5 million to repurchase and retire 4,947,385 units with all of the repurchases done via open market and brokered transactions. Since inception of this program, the Partnership has paid an aggregate of $166.6 million to repurchase and retire 8,643,274 units.

In December 2018, 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, inclusive of amounts remaining under the February 2016 repurchase program. Under this new unit repurchase program, which is effective January 1, 2019, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. We expect that the majority of repurchases under this program will be done via open market and brokered transactions. 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.

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, 2018, current and former senior Carlyle professionals exchanged 3,836,022 Carlyle Holdings partnership units for common units, resulting in a reallocation of capital of $26.8 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.

Distributions

The table below presents information regarding the quarterly distributions on the common units, which were made at the sole discretion of the general partner of the Partnership. Because certain wholly owned subsidiaries of the Partnership must pay taxes and make payments under the tax receivable agreement, the amounts ultimately distributed to the common unitholders may be less, on a per unit basis, than the amounts distributed by the Carlyle Holdings partnerships to the other limited partners of the Carlyle Holdings partnerships in respect of their Carlyle Holdings partnership units.



Distribution Record Date	Distribution Payment Date	Distribution per Common Unit		Distribution to Common Unitholders
		(Dollars in millions, except per unit data)
May 15, 2017	May 22, 2017	$	0.10	$	9.0
August 14, 2017	August 21, 2017	0.42		40.3
November 10, 2017	November 16, 2017	0.56		55.1
February 20, 2018	February 27, 2018	0.33		33.2

Total 2017 Distribution Year		$	1.41	$	137.6

May 11, 2018	May 17, 2018	0.27		27.8
August 13, 2018	August 17, 2018	0.22		23.3
November 13, 2018	November 20, 2018	0.42		45.5
February 19, 2019	February 26, 2019	0.43		47.5

Total 2018 Distribution Year		$	1.34	$	144.1

The general partner will take into account general economic and business conditions, as well as the Partnership's strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of distributions by the Partnership to its common unitholders or by subsidiaries to the Partnership, and other such factors as the general partner may deem relevant.

Under the Delaware Limited Partnership Act, the Partnership may not make a distribution to a partner if after the distribution all of the Partnership's liabilities, other than liabilities to partners on account of their partnership interest and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the Partnership's assets. If the Partnership were to make such an impermissible distribution, any limited partner who received a distribution and knew at the time of the distribution that the distribution was in violation of the Delaware Limited Partnership Act would be liable to the Partnership for the amount of the distribution for three years. In addition, the terms of the Partnership's credit facility provide certain limits on our ability to make distributions.

Equity-Based Compensation

12 Months Ended

Dec. 31, 2018

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

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

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, 2019, 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 33,872,427.

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 and 2016, the Partnership recorded $0.2 million and $1.6 million in equity-based compensation expense associated with these awards, respectively. The remaining unvested common units vested on January 1, 2018 and the equity-based compensation expense for the year ended December 31, 2018 was not significant.

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 $55.8 million, $166.4 million and $183.7 million for the years ended December 31, 2018, 2017 and 2016, 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 vested ratably over a period of five years. The Partnership also issued 597,944 Carlyle Holdings partnership units to ECM Capital, L.P. that vested in 2017. The expense for these awards was recognized as a reduction to the Partnership's investment income in NGP Management over the relevant service period.

As of December 31, 2018, the total unrecognized equity-based compensation expense related to unvested Carlyle Holdings partnership units is not significant and is expected to be recognized within the next year.

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 ranges from 0% to 40.0%, as these unvested awards do not participate in any Partnership distributions. The Partnership recorded compensation expense of $184.0 million, $153.7 million and $149.2 million for the years ended December 31, 2018, 2017 and 2016, respectively, with $16.6 million, $13.6 million and $17.2 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, 2018, 2017 and 2016. 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 $2.3 million and $4.8 million for the year ended December 31, 2018 and 2016, respectively. The net impact of additional deferred tax assets was not significant for the year ended December 31, 2017. As of December 31, 2018, the total unrecognized equity-based compensation expense related to unvested deferred restricted common units is $226.1 million, which is expected to be recognized over a weighted-average term of 2.6 years.

The expense associated with the deferred restricted common units granted to NGP personnel are recognized as a reduction of the Partnership’s investment income in NGP Management. Equity-based awards issued to non-employees, including non-employee directors and consultants, are recognized as general, administrative and other expenses. The grant-date fair value of deferred restricted common units granted to non-employees is charged to expense on a straight-line basis over the vesting period date. Equity-based awards that require the satisfaction of future service criteria are recognized over the relevant service period. The expense for equity-based awards issued to non-employees was $6.4 million for the year ended December 31, 2018 and was not significant for the years ended December 31, 2017 and 2016.

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 2018, the Partnership granted approximately 12.9 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 $270.0 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, 2018 and a summary of changes from December 31, 2015 through December 31, 2018, 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, 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	—	$	—
Granted	—	$	—	12,907,610	$	20.83	—	$	—	—	$	—
Vested	8,085,628	$	22.02	8,665,497	$	17.42	7,782	$	22.22	—	$	—
Forfeited	—	$	—	638,004	$	16.57	—	$	—	—	$	—
Balance, December 31, 2018	9,387	$	28.26	19,123,700	$	18.73	—	$	—	—	$	—

Deconsolidation of a Real Estate Development Company

12 Months Ended

Dec. 31, 2018

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



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

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

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, 2018

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, including loans & structured credit, direct lending, opportunistic credit, energy credit, distressed credit and aviation finance.

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.

The Partnership’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The Partnership includes adjustments to reflect the Partnership’s 63% economic interest in Claren Road (through January 2017) and 55% interest in ESG (through June 2016). 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 the consolidation of Urbplan allocable to the Partnership (after consideration of amounts allocable to non-controlling interests) is presented within principal 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 16).

Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions and in assessing performance of the Partnership's four reportable segments. Management also uses DE in budgeting, forecasting, and the overall management of the Partnership's segments. Management believes that reporting DE is helpful to understanding the Partnership's business and that investors should review the same supplemental financial measure that management uses to analyze the Partnership's segment performance. DE is intended to show the amount of net realized earnings without the effects of consolidation of the Consolidated Funds. DE is derived from the Partnership's segment reported results and is used to assess performance and determine amounts potentially available for distribution from Carlyle Holdings to its unitholders.

Distributable Earnings 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 revenues (comprised of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, 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 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. Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the Partnership's core operating performance.

Fee Related Earnings. Fee Related Earnings, or “FRE,” is used to assess the ability of the business to cover direct base compensation and operating expenses from total fee revenues. FRE differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts DE to exclude net realized performance revenues, realized principal investment income, net interest (interest income less interest expense), and certain general, administrative and other expenses when the timing of any future payment is uncertain.

In connection with a change to the Partnership’s chief operating decision makers, management has reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of the Partnership’s business. Effective with the three months ended December 31, 2018, DE and FRE are the performance measures for the Partnership’s profitability used by management in making operational and resource deployment decisions. Previously, Economic Income ("EI") was also a key performance measure. The key distinction between DE and EI is that DE reflects the earnings of the Partnership excluding unrealized performance revenues and related compensation expense, and unrealized principal investment income.

In connection with this modification, segment information as of December 31, 2017 and for the years ended December 31, 2017 and 2016 has been presented in this Annual Report on Form 10-K to conform to the Partnership’s current segment presentation for comparability purposes. Consequently, this information will be different from the historical segment financial results reported by the Partnership in its reports filed with the SEC.

The following tables present the financial data for the Partnership’s four reportable segments as of and for the year ended December 31, 2018:



	December 31, 2018 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	$	634.1	$	317.9	$	243.0	$	166.8	$	1,361.8
Portfolio advisory fees, net and other	21.1		4.5		5.1		0.4		31.1
Transaction fees, net	26.7		4.4		1.0		—		32.1
Total fund level fee revenues	681.9		326.8		249.1		167.2		1,425.0
Realized performance revenues	415.9		150.3		9.8		106.4		682.4
Realized principal investment income (loss)	26.6		13.5		7.9		0.1		48.1
Interest income	9.3		4.4		15.3		1.4		30.4
Total revenues	1,133.7		495.0		282.1		275.1		2,185.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	373.2		135.1		140.4		92.0		740.7
Realized performance revenues related compensation	195.3		66.6		4.5		96.3		362.7
Total compensation and benefits	568.5		201.7		144.9		188.3		1,103.4
General, administrative, and other indirect expenses	167.6		64.1		30.5		36.6		298.8
Depreciation and amortization expense	17.3		6.8		6.3		4.7		35.1
Interest expense	29.9		15.3		22.9		6.6		74.7
Total expenses	783.3		287.9		204.6		236.2		1,512.0
Distributable Earnings	$	350.4	$	207.1	$	77.5	$	38.9	$	673.9
(-) Realized net performance revenues	220.6		83.7		5.3		10.1		319.7
(-) Realized principal investment income (loss)	26.6		13.5		7.9		0.1		48.1
(+) Net interest	20.6		10.9		7.6		5.2		44.3
(=) Fee Related Earnings	$	123.8	$	120.8	$	71.9	$	33.9	$	350.4
Segment assets as of December 31, 2018	$	2,980.0	$	1,738.8	$	1,702.9	$	1,049.0	$	7,470.7

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 and other	21.2		3.0			7.5		0.4		32.1
Transaction fees, net	22.4		4.5			—		—		26.9
Total fund level fee revenues	514.6		271.1			199.0		155.3		1,140.0
Realized performance revenues	831.5		92.0			75.4		86.4		1,085.3
Realized principal investment income (loss)	25.4		(63.2		)	11.9		0.1		(25.8		)
Interest income	5.5		3.0			7.1		1.1		16.7
Total revenues	1,377.0		302.9			293.4		242.9		2,216.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	340.7		128.1			104.5		84.7		658.0
Realized performance revenues related compensation	372.9		41.6			35.0		83.2		532.7
Total compensation and benefits	713.6		169.7			139.5		167.9		1,190.7
General, administrative, and other indirect expenses	132.3		84.3			7.4		34.9		258.9
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	889.1		278.1			166.5		212.5		1,546.2
Distributable Earnings	$	487.9	$	24.8		$	126.9	$	30.4	$	670.0
(-) Realized Net Performance Revenues	458.6		50.4			40.4		3.2		552.6
(-) Realized Principal 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
(=) Fee Related Earnings	$	26.3	$	51.6		$	82.0	$	32.1	$	192.0
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 for the year ended December 31, 2016:



	Year Ended December 31, 2016
	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 and other	20.5		1.8			5.8			1.3		29.4
Transaction fees, net	31.2		—			—			—		31.2
Total fund level fee revenues	550.6		252.9			201.3			141.6		1,146.4
Realized performance revenues	1,060.5		53.1			36.6			65.6		1,215.8
Realized principal investment income (loss)	60.3		(20.6		)	5.1			0.1		44.9
Interest income	3.4		1.7			4.7			0.4		10.2
Total revenues	1,674.8		287.1			247.7			207.7		2,417.3
Segment Expenses
Compensation and benefits
Cash-based compensation	289.6		111.2			120.0			80.5		601.3
Realized performance revenue related compensation	472.1		37.6			17.6			63.2		590.5
Total compensation and benefits	761.7		148.8			137.6			143.7		1,191.8
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	935.4		237.8			405.1			187.3		1,765.6
Distributable Earnings	$	739.4	$	49.3		$	(157.4	)	$	20.4	$	651.7
(-) Realized Net Performance Revenues	588.4		15.5			19.0			2.4		625.3
(-) Realized Principal 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
(=) Fee Related Earnings	$	115.5	$	68.7		$	(174.9	)	$	23.3	$	32.6

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, 2018 and 2017:



	December 31, 2018 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,185.9	$	214.5	$	26.8		(a)	$	2,427.2
Expenses	$	1,512.0	$	213.3	$	346.2		(b)	$	2,071.5
Other income	$	—	$	4.5	$	—		(c)	$	4.5
Distributable earnings	$	673.9	$	5.7	$	(319.4	)	(d)	$	360.2
Total assets	$	7,470.7	$	5,669.5	$	(226.0	)	(e)	$	12,914.2



	December 31, 2017 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,216.2	$	177.7	$	1,282.3		(a)	$	3,676.2
Expenses	$	1,546.2	$	240.4	$	845.7		(b)	$	2,632.3
Other income	$	—	$	123.5	$	(35.1	)	(c)	$	88.4
Distributable earnings	$	670.0	$	60.8	$	401.5		(d)	$	1,132.3
Total assets	$	7,543.1	$	4,962.7	$	(225.2	)	(e)	$	12,280.6

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Income Taxes for the year ended December 31, 2016:



	Year Ended December 31, 2016
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,417.3	$	166.9	$	(309.9	)	(a)	$	2,274.3
Expenses	$	1,765.6	$	153.1	$	323.4		(b)	$	2,242.1
Other income	$	—	$	13.1	$	—		(c)	$	13.1
Distributable earnings	$	651.7	$	26.9	$	(633.3	)	(d)	$	45.3

(a)

The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income, revenues 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 reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of principal investment income until Urbplan was deconsolidated during the third quarter of 2017, the inclusion of tax expenses associated with certain performance revenues, 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.

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Partnership's consolidated fund management fees, for the years ended December 31, 2018, 2017 and 2016:



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	1,425.0		$	1,140.0		$	1,146.4
Adjustments ⁽¹⁾	(153.0		)	(113.1		)	(70.3		)
Carlyle Consolidated - Fund management fees	$	1,272.0		$	1,026.9		$	1,076.1

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of certain incentive fees from business development companies, management fees earned from consolidated CLOs which were eliminated in consolidation to arrive at the Partnership's fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Partnership, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, adjustments to reflect the Partnership’s share of Urbplan’s net losses as a component of principal investment income until Urbplan was deconsolidated during 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,
	2018			2017			2016
Unrealized performance revenues related compensation	$	7.4		$	464.4		$	(232.5	)
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense	1.1			(71.4		)	(11.2		)
Tax expense associated with performance revenues	(6.2		)	(8.4		)	(6.0		)
Non-Carlyle economic interests in acquired business and other adjustments to present certain costs on a net-basis	34.3			114.9			149.9
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.6
Elimination of expenses of Consolidated Funds	(48.7		)	(42.8		)	(24.6		)
	$	346.2		$	845.7		$	323.4


(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 Distributable Earnings and to Fee Related Earnings (Dollars in millions):



	Year Ended December 31,
	2018			2017			2016
Income before provision for income taxes	$	360.2		$	1,132.3		$	45.3
Adjustments:
Net unrealized performance revenues⁽²⁾	50.2			(625.2		)	231.6
Unrealized principal investment income⁽²⁾	(48.8		)	(73.0		)	(5.4		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(11.7		)	—			—
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense⁽¹⁾	1.1			(71.4		)	(11.2		)
Net income attributable to non-controlling interests in Consolidated entities	(33.9		)	(72.5		)	(41.0		)
Tax expense associated with performance revenues	(1.5		)	(9.2		)	(15.1		)
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.3
Distributable Earnings	$	673.9		$	670.0		$	651.7
Realized performance revenues, net of related compensation⁽²⁾	319.7			552.6			625.3
Realized principal investment income (loss)⁽²⁾	48.1			(25.8		)	44.9
Net Interest	44.3			48.8			51.1
Fee Related Earnings	$	350.4		$	192.0		$	32.6

(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, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	622.9	$	59.5		$	682.4
Performance revenues related compensation expense	376.3		(13.6		)	362.7
Net performance revenues	$	246.6	$	73.1		$	319.7
Principal investment income (loss)	$	186.3	$	(138.2	)	$	48.1



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	2,058.6	$	(973.3	)	$	1,085.3
Performance revenues related compensation expense	988.3		(455.6		)	532.7
Net performance revenues	$	1,070.3	$	(517.7	)	$	552.6
Principal investment income (loss)	$	232.0	$	(257.8	)	$	(25.8	)



	Year Ended December 31, 2016
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	715.4	$	500.4		$	1,215.8
Performance revenues related compensation expense	353.1		237.4			590.5
Net performance revenues	$	362.3	$	263.0		$	625.3
Principal investment income (loss)	$	160.5	$	(115.6	)	$	44.9

(3)

Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from our Non-GAAP results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results (iv) the reclassification of NGP performance revenues, which are included in principal investment income in the U.S. GAAP financial statements, (v) the reclassification of certain incentive fees from business development companies, which are included in fund management fees in the segment results, and (vi) the reclassification of certain tax expenses associated with performance revenues. Adjustments to principal 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, 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, 2018
Americas⁽¹⁾	$	1,596.0		66	%	$	5,555.9	43	%
EMEA⁽²⁾	875.5			36	%	6,791.6		53	%
Asia-Pacific⁽³⁾	(44.3		)	(2	)%	566.7		4	%
Total	$	2,427.2		100	%	$	12,914.2	100	%



	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	%


(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, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Unaudited quarterly information for each of the three months in the years ended December 31, 2018 and 2017 are presented below.



	Three Months Ended
	March 31, 2018		June 30, 2018		September 30, 2018			December 31, 2018
	(Dollars in millions)
Revenues	$	702.8	$	893.6	$	679.1		$	151.7
Expenses	579.3		653.7		615.6			222.9
Other income (loss)	2.0		12.9		(2.9		)	(7.5		)
Income (loss) before provision for income taxes	$	125.5	$	252.8	$	60.6		$	(78.7	)
Net income (loss)	$	117.7	$	241.2	$	43.2		$	(73.2	)
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	33.8	$	63.5	$	11.6		$	(16.0	)
Net income (loss) attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.34	$	0.62	$	0.11		$	(0.15	)
Diluted	$	0.30	$	0.56	$	0.10		$	(0.15	)
Distributions declared per common unit⁽²⁾	$	0.33	$	0.27	$	0.22		$	0.42



	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


(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

12 Months Ended

Dec. 31, 2018

Condensed Financial Information 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, 2018 and 2017 and results of operations for the years ended December 31, 2018, 2017 and 2016. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of December 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	629.6		$	—	$	—		$	629.6
Cash and cash equivalents held at Consolidated Funds	—			247.5		—			247.5
Restricted cash	8.7			—		—			8.7
Corporate treasury investments	51.7			—		—			51.7
Investments, including performance allocations of $3,480.0 million	5,917.8			—		(220.3		)	5,697.5
Investments of Consolidated Funds	—			5,286.6		—			5,286.6
Due from affiliates and other receivables, net	446.8			—		(5.7		)	441.1
Due from affiliates and other receivables of Consolidated Funds, net	—			135.4		—			135.4
Fixed assets, net	95.1			—		—			95.1
Deposits and other	49.3			—		—			49.3
Intangible assets, net	77.3			—		—			77.3
Deferred tax assets	194.4			—		—			194.4
Total assets	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2
Liabilities and partners’ capital
Debt obligations	$	1,550.4		$	—	$	—		$	1,550.4
Loans payable of Consolidated Funds	—			4,840.1		—			4,840.1
Accounts payable, accrued expenses and other liabilities	442.2			—		—			442.2
Accrued compensation and benefits	2,222.3			—		—			2,222.3
Due to affiliates	174.0			—		—			174.0
Deferred revenue	111.3			—		—			111.3
Deferred tax liabilities	64.3			—		—			64.3
Other liabilities of Consolidated Funds	—			610.1		—			610.1
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,627.7			5,450.2		—			10,077.9
Series A preferred units	387.5			—		—			387.5
Partners’ capital	673.4			68.2		(68.2		)	673.4
Accumulated other comprehensive income (loss)	(80.7		)	1.1		(3.7		)	(83.3		)
Non-controlling interests in consolidated entities	323.0			1.2		—			324.2
Non-controlling interests in Carlyle Holdings	1,539.8			148.8		(154.1		)	1,534.5
Total partners’ capital	2,843.0			219.3		(226.0		)	2,836.3
Total liabilities and partners’ capital	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2



	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
Investments, including performance allocations of $3,664.3 million	5,508.5			—		(219.9		)	5,288.6
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	268.7			—		(5.3		)	263.4
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



	Year Ended December 31, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,296.4	$	—	$	(24.4	)	$	1,272.0
Incentive fees	31.3		—		(1.1		)	30.2
Investment income
Performance allocations	622.9		—		—			622.9
Principal investment income	193.8		—		(7.5		)	186.3
Total investment income	816.7		—		(7.5		)	809.2
Interest and other income	128.0		—		(26.7		)	101.3
Interest and other income of Consolidated Funds	—		214.5		—			214.5
Total revenues	2,272.4		214.5		(59.7		)	2,427.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	746.7		—		—			746.7
Equity-based compensation	239.9		—		—			239.9
Performance allocations and incentive fee related compensation	376.3		—		—			376.3
Total compensation and benefits	1,362.9		—		—			1,362.9
General, administrative and other expenses	460.7		—		—			460.7
Interest	82.2		—		—			82.2
Interest and other expenses of Consolidated Funds	—		213.3		(48.7		)	164.6
Other non-operating expense	1.1		—		—			1.1
Total expenses	1,906.9		213.3		(48.7		)	2,071.5
Other income
Net investment gains of Consolidated Funds	—		4.5		—			4.5
Income before provision for income taxes	365.5		5.7		(11.0		)	360.2
Provision for income taxes	31.3		—		—			31.3
Net income	334.2		5.7		(11.0		)	328.9
Net income attributable to non-controlling interests in consolidated entities	39.2		—		(5.3		)	33.9
Net income attributable to Carlyle Holdings	295.0		5.7		(5.7		)	295.0
Net income attributable to non-controlling interests in Carlyle Holdings	178.5		—		—			178.5
Net income attributable to The Carlyle Group L.P.	116.5		5.7		(5.7		)	116.5
Net income attributable to Series A Preferred Unitholders	23.6		—		—			23.6
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	92.9	$	5.7	$	(5.7	)	$	92.9



	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
Incentive fees	37.7			—		(2.4		)	35.3
Investment income
Performance allocations	2,058.6			—		—			2,058.6
Principal investment income	243.8			—		(11.8		)	232.0
Total investment income	2,302.4			—		(11.8		)	2,290.6
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
Cash-based compensation and benefits	652.7			—		—			652.7
Equity-based compensation	320.3			—		—			320.3
Performance allocations and incentive fee related compensation	988.3			—		—			988.3
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
Incentive fees	36.6			—		(0.2		)	36.4
Investment income
Performance allocations	715.4			—		—			715.4
Principal investment income	165.5			—		(5.0		)	160.5
Total investment income (loss)	880.9			—		(5.0		)	875.9
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
Cash-based compensation and benefits	647.1			—		—			647.1
Equity-based compensation	334.6			—		—			334.6
Performance allocations and incentive fee related compensation	353.1			—		—			353.1
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,
	2018			2017			2016
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	334.2		$	995.4		$	(1.8	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization, and impairment	46.9			41.3			72.0
Equity-based compensation	239.9			320.3			334.6
Non-cash performance allocations and incentive fees	25.8			(626.8		)	199.6
Other non-cash amounts	3.2			(79.8		)	(55.8		)
Principal investment income	(165.9		)	(222.8		)	(159.5		)
Purchases of investments	(533.8		)	(938.6		)	(458.3		)
Purchase of investment in Fortitude Re	(393.8		)	—			—
Proceeds from the sale of investments	916.2			477.6			325.1
Payments of contingent consideration	(37.5		)	(22.6		)	(82.6		)
Change in deferred taxes, net	(19.8		)	93.4			(4.4		)
Change in due from affiliates and other receivables	(75.0		)	(1.1		)	(12.4		)
Change in receivables and inventory of a real estate VIE	—			(14.5		)	29.0
Change in deposits and other	(4.0		)	(2.0		)	6.1
Change in other assets of a real estate VIE	—			1.6			41.2
Deconsolidation of Claren Road (see Note 9)	—			(23.3		)	—
Deconsolidation of Urbplan (see Note 16)	—			14.0			—
Deconsolidation of ESG	—			—			(34.5		)
Change in accounts payable, accrued expenses and other liabilities	78.2			50.5			66.6
Change in accrued compensation and benefits	60.8			(13.7		)	6.5
Change in due to affiliates	(35.6		)	35.7			(19.3		)
Change in other liabilities of a real estate VIE	—			47.9			34.3
Change in deferred revenue	21.4			24.4			18.9
Net cash provided by operating activities	461.2			156.9			305.3
Cash flows from investing activities
Purchases of fixed assets, net	(31.3		)	(34.0		)	(25.4		)
Acquisitions, net of cash acquired	(67.8		)	—			—
Net cash used in investing activities	(99.1		)	(34.0		)	(25.4		)
Cash flows from financing activities
Borrowings under credit facility	—			250.0			—
Repayments under credit facility	—			(250.0		)	—
Issuance of 5.650% senior notes due 2048, net of financing costs	345.7			—			—
Repurchase of 3.875% senior notes due 2023	(255.1		)	—			—
Proceeds from debt obligations	40.8			265.6			20.6
Payments on debt obligations	(156.7		)	(21.7		)	(9.0		)
Net payments on loans payable of a real estate VIE	—			(14.3		)	(34.5		)
Payments of contingent consideration	—			(0.6		)	(3.3		)
Proceeds from issuance of preferred units	—			387.5			—
Distributions to common unitholders	(129.8		)	(118.1		)	(140.9		)
Distributions to preferred unitholders	(23.6		)	(6.0		)	—
Distributions to non-controlling interest holders in Carlyle Holdings	(288.8		)	(295.6		)	(422.6		)
Contributions from non-controlling interest holders	31.3			119.2			113.0
Distributions to non-controlling interest holders	(98.9		)	(100.8		)	(104.2		)
Common units repurchased	(107.5		)	(0.2		)	(58.9		)
Change in due to/from affiliates financing activities	(97.1		)	(26.4		)	53.6
Net cash provided by (used in) financing activities	(739.7		)	188.6			(586.2		)
Effect of foreign exchange rate changes	(12.9		)	33.3			(20.1		)
Increase (decrease) in cash, cash equivalents and restricted cash	(390.5		)	344.8			(326.4		)
Cash, cash equivalents and restricted cash, beginning of period	1,028.8			684.0			1,010.4
Cash, cash equivalents and restricted cash, end of period	$	638.3		$	1,028.8		$	684.0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	629.6		$	1,000.1		$	670.9
Restricted cash	8.7			28.7			13.1
Total cash, cash equivalents and restricted cash, end of period	$	638.3		$	1,028.8		$	684.0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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”).

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

Investments in Unconsolidated Variable Interest Entities

Basis of Accounting

Use of Estimates

Business Combinations

Revenue Recognition



	Year Ended December 31, 2017
	As Previously Reported		Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,097.3	$	(1,062.8	)	$	34.5
Unrealized	996.6		(995.8		)	0.8
Total performance fees¹	$	2,093.9	$	(2,058.6	)	$	35.3
Investment income (loss)²
Realized	$	70.4	$	1,062.8		$	1,133.2
Unrealized	161.6		995.8			1,157.4
Total investment income²	$	232.0	$	2,058.6		$	2,290.6



	Year Ended December 31, 2016
	As Previously Reported			Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,129.5		$	(1,093.1	)	$	36.4
Unrealized	(377.7		)	377.7			—
Total performance fees¹	$	751.8		$	(715.4	)	$	36.4
Investment income (loss)²
Realized	$	112.9		$	1,093.1		$	1,206.0
Unrealized	47.6			(377.7		)	(330.1		)
Total investment income²	$	160.5		$	715.4		$	875.9


(1)	As adjusted, amounts now labeled as incentive fees in the consolidated statements of operations.


(2)	As adjusted, amounts now labeled as performance allocations and principal investment income within investment income (loss) in the consolidated statements of operations.

Fund Management Fees

Incentive Fees

Investment Income (Loss), including Performance Allocations

General partner performance allocations consist of the allocation of profits from certain of the funds to which the Partnership is entitled (commonly known as carried interest).

Interest Income

Compensation and Benefits

Income Taxes

Tax Receivable Agreement

Non-controlling Interests

Earnings Per Common Unit

Investments/Corporate Treasury Investments

Corporate Treasury Investments

Investments

Cash and Cash Equivalents

Cash and cash equivalents include cash held at banks and cash held for distributions, including investments with original maturities of less than three months when purchased.

Cash and Cash Equivalents Held at Consolidated Funds

Restricted Cash

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

Derivative Instruments

Fixed Assets

Intangible Assets and Goodwill

Deferred Revenue

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

Recent Accounting Pronouncements

Recently Issued Accounting Standards Adopted as of January 1, 2018

Recently Issued Accounting Standards Effective on January 1, 2019

Recently Issued Accounting Standards Effective on January 1, 2020

Fair Value Measurement

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:

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of new accounting pronouncements and changes in accounting principles

The following table shows the impact of this reclassification to the Partnership's previously reported amounts in the consolidated statement of operations for the years ended December 31, 2017 and 2016:



	Year Ended December 31, 2017
	As Previously Reported		Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,097.3	$	(1,062.8	)	$	34.5
Unrealized	996.6		(995.8		)	0.8
Total performance fees¹	$	2,093.9	$	(2,058.6	)	$	35.3
Investment income (loss)²
Realized	$	70.4	$	1,062.8		$	1,133.2
Unrealized	161.6		995.8			1,157.4
Total investment income²	$	232.0	$	2,058.6		$	2,290.6



	Year Ended December 31, 2016
	As Previously Reported			Reclassifications			As Adjusted
	(Dollars in millions)
Performance fees¹
Realized	$	1,129.5		$	(1,093.1	)	$	36.4
Unrealized	(377.7		)	377.7			—
Total performance fees¹	$	751.8		$	(715.4	)	$	36.4
Investment income (loss)²
Realized	$	112.9		$	1,093.1		$	1,206.0
Unrealized	47.6			(377.7		)	(330.1		)
Total investment income²	$	160.5		$	715.4		$	875.9


(1)	As adjusted, amounts now labeled as incentive fees in the consolidated statements of operations.


(2)	As adjusted, amounts now labeled as performance allocations and principal investment income within investment income (loss) in the consolidated statements of operations.

Components of accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) as of December 31, 2018 and 2017 were as follows:



	As of December 31,
	2018			2017
	(Dollars in millions)
Currency translation adjustments	$	(79.7	)	$	(68.8	)
Unrealized losses on defined benefit plans	(4.6		)	(3.9		)
Fortitude Re available-for-sale securities	1.0			—
Total	$	(83.3	)	$	(72.7	)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018:



	Level I		Level II		Level III		Total
Assets	(Dollars in millions)
Investments of Consolidated Funds:
Bonds	$	—	$	—	$	690.1	$	690.1
Loans	—		—		4,596.5		4,596.5
	—		—		5,286.6		5,286.6
Investments in CLOs and other	—		—		446.4		446.4
Corporate treasury investments
Bonds	—		29.2		—		29.2
Commercial paper and other	—		22.5		—		22.5
	—		51.7		—		51.7
Total	$	—	$	51.7	$	5,733.0	$	5,784.7
Liabilities
Loans payable of Consolidated Funds⁽¹⁾	$	—	$	—	$	4,840.1	$	4,840.1
Contingent consideration	—		—		1.0		1.0
Foreign currency forward contracts	—		1.4		—		1.4
Total	$	—	$	1.4	$	4,841.1	$	4,842.5


(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, 2017:



	Level I		Level II		Level III		Total
Assets	(Dollars in millions)
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.

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, 2018
	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	$	7.9		$	413.4		$	4,112.7		$	0.3		$	405.4		$	4,939.7
Purchases	0.1			706.4			3,017.3			—			78.5			3,802.3
Sales and distributions	(13.7		)	(366.6		)	(1,400.3		)	(0.3		)	(39.2		)	(1,820.1		)
Settlements	—			—			(882.0		)	—			—			(882.0		)
Realized and unrealized gains (losses), net
Included in earnings	5.9			(36.2		)	(73.2		)	—			10.0			(93.5		)
Included in other comprehensive income	(0.2		)	(26.9		)	(178.0		)	—			(8.3		)	(213.4		)
Balance, end of period	$	—		$	690.1		$	4,596.5		$	—		$	446.4		$	5,733.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$	—		$	(34.4	)	$	(55.0	)	$	—		$	10.0		$	(79.4	)



	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	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

Transfer Out of Level III of Financial Liabilities



	Financial Liabilities Year Ended December 31, 2018
	Loans Payable of Consolidated Funds			Contingent Consideration			Total
Balance, beginning of period	$	4,303.8		$	1.0		$	4,304.8
Borrowings	3,318.1			—			3,318.1
Paydowns	(2,485.7		)	(0.1		)	(2,485.8		)
Realized and unrealized (gains) losses, net
Included in earnings	(113.2		)	0.1			(113.1		)
Included in other comprehensive income	(182.9		)	—			(182.9		)
Balance, end of period	$	4,840.1		$	1.0		$	4,841.1
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$	(93.6	)	$	0.1		$	(93.5	)



	Financial Liabilities Year Ended December 31, 2017
	Loans Payable of Consolidated Funds			Contingent Consideration			Loans Payable of a consolidated 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	)

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, 2018:



	Fair Value at				Range (Weighted Average)
(Dollars in millions)	December 31, 2018		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Assets
Investments of Consolidated Funds:
Bonds	$	690.1	Consensus Pricing	Indicative Quotes (% of Par)	50 - 104 (94)
Loans	4,596.5		Consensus Pricing	Indicative Quotes (% of Par)	73 - 102 (98)
	5,286.6
Investments in CLOs and other
Senior secured notes	392.8		Discounted Cash Flow with Consensus Pricing	Discount Margins (% of Par)	70 - 1,100 (182)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (57%)
				Indicative Quotes (% of Par)	86 - 101 (99)
Subordinated notes and preferred shares	53.6		Discounted Cash Flow with Consensus Pricing	Discount Rate	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (56%)
				Indicative Quotes (% of Par)	45 - 106 (75)
Total	$	5,733.0
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$	4,607.2	Other	N/A	N/A
Subordinated notes and preferred shares	232.9		Discounted Cash Flow with Consensus Pricing	Discount Rates	10% - 12% (11%)
				Default Rates	1% - 3% (2%)
				Recovery Rates	45% - 73% (60%)
				Indicative Quotes (% of Par)	68 - 94 (81)
Contingent consideration	1.0		Other	N/A	N/A
Total	$	4,841.1

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
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⁽¹⁾	4,100.5		Other	N/A	N/A
Subordinated notes and preferred shares⁽¹⁾	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

Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments [Abstract]

Schedule of investments

Investments consist of the following:



	As of December 31,
	2018		2017
	(Dollars in millions)
Accrued performance allocations	$	3,480.0	$	3,664.3
Principal equity method investments, excluding performance allocations	1,765.8		1,218.4
Principal investments in CLOs and other	451.7		405.9
Total investments	$	5,697.5	$	5,288.6

Components of accrued performance fees

The components of accrued performance allocations are as follows:



	As of December 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	1,990.2	$	2,272.4
Real Assets	654.2		656.7
Global Credit	99.3		50.6
Investment Solutions	736.3		684.6
Total	$	3,480.0	$	3,664.3

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:



	As of December 31,
	2018			2017
	(Dollars in millions)
Corporate Private Equity	$	(5.0	)	$	(8.7	)
Real Assets	(58.2		)	(58.1		)
Total	$	(63.2	)	$	(66.8	)

Schedule of equity method investments

The Partnership's investments in NGP as of December 31, 2018 and December 31, 2017 are as follows:



	As of
	December 31, 2018		December 31, 2017
	(Dollars in millions)
Investment in NGP Management	$	394.6	$	397.7
Investments in NGP general partners - accrued performance allocations	151.0		143.2
Principal investments in NGP funds	77.6		67.9
Total investments in NGP	$	623.2	$	608.8



	As of December 31,
	2018		2017
	(Dollars in millions)
Corporate Private Equity	$	374.7	$	369.5
Real Assets	770.0		775.1
Global Credit	545.0		23.0
Investment Solutions	76.1		50.8
Total	$	1,765.8	$	1,218.4

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,
	2018			2017		2016			2018		2017			2016		2018		2017			2016			2018			2017			2016			2018			2017			2016
Statement of operations information
Investment income	$	561.7		$	630.8	$	532.2		$	722.2	$	230.4		$	679.5	$	319.5	$	267.7		$	167.4		$	46.1		$	78.6		$	107.2		$	1,649.5		$	1,207.5		$	1,486.3
Expenses	865.1			553.3		597.1			582.4		572.4			544.3		145.5		118.8			95.1			672.6			665.5			493.0			2,265.6			1,910.0			1,729.5
Net investment income (loss)	(303.4		)	77.5		(64.9		)	139.8		(342.0		)	135.2		174.0		148.9			72.3			(626.5		)	(586.9		)	(385.8		)	(616.1		)	(702.5		)	(243.2		)
Net realized and unrealized gain (loss)	4,395.5			9,587.4		2,906.8			1,873.6		2,605.6			2,184.2		174.3		(51.5		)	(504.6		)	3,243.2			2,676.3			2,360.2			9,686.6			14,817.8			6,946.6
Net income (loss)	$	4,092.1		$	9,664.9	$	2,841.9		$	2,013.4	$	2,263.6		$	2,319.4	$	348.3	$	97.4		$	(432.3	)	$	2,616.7		$	2,089.4		$	1,974.4		$	9,070.5		$	14,115.3		$	6,703.4

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,
	2018		2017		2018		2017		2018		2017		2018		2017		2018		2017
Balance sheet information
Investments	$	46,448.0	$	42,129.8	$	27,717.9	$	24,352.0	$	45,131.5	$	3,873.5	$	17,333.9	$	16,155.4	$	136,631.3	$	86,510.7
Total assets	$	48,045.2	$	44,987.0	$	29,141.5	$	25,894.9	$	46,055.6	$	4,050.0	$	17,411.5	$	16,402.5	$	140,653.8	$	91,334.4
Debt	$	5,444.1	$	2,141.8	$	3,093.1	$	2,633.0	$	738.4	$	508.1	$	252.8	$	135.0	$	9,528.4	$	5,417.9
Other liabilities	$	490.2	$	693.2	$	278.0	$	239.6	$	38,383.0	$	128.7	$	317.0	$	379.5	$	39,468.2	$	1,441.0
Total liabilities	$	5,934.3	$	2,835.0	$	3,371.1	$	2,872.6	$	39,121.4	$	636.8	$	569.8	$	514.5	$	48,996.6	$	6,858.9
Partners’ capital	$	42,110.9	$	42,152.0	$	25,770.4	$	23,022.3	$	6,934.2	$	3,413.2	$	16,841.7	$	15,888.0	$	91,657.2	$	84,475.5

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, 2018, 2017 and 2016 were as follows:



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Management fee-related revenues from NGP Management	$	96.0		$	80.5		$	80.7
Expenses related to the investment in NGP Management	(13.1		)	(54.0		)	(16.0		)
Amortization of basis differences from the investment in NGP Management	(7.1		)	(8.5		)	(55.2		)
Net investment income from NGP Management	$	75.8		$	18.0		$	9.5

Components of investment income (loss)

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



	Year Ended December 31,
	2018			2017		2016
	(Dollars in millions)
Performance allocations
Realized	$	693.8		$	1,062.8	$	1,093.1
Unrealized	(70.9		)	995.8		(377.7		)
	622.9			2,058.6		715.4
Principal investment income from equity method investments (excluding performance allocations)
Realized	122.9			68.1		110.4
Unrealized	66.4			158.3		40.2
	189.3			226.4		150.6
Principal investment income (loss) from investments in CLOs and other investments
Realized	1.5			2.3		2.2
Unrealized	(4.5		)	3.3		7.4
	(3.0		)	5.6		9.6
Other investment income
Realized	—			—		0.3
Total	$	809.2		$	2,290.6	$	875.9

Performance fees included in revenues

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



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Corporate Private Equity	$	291.4	$	1,629.6	$	289.6
Real Assets	148.4		265.2		321.1
Global Credit	9.1		21.3		1.0
Investment Solutions	174.0		142.5		103.7
Total	$	622.9	$	2,058.6	$	715.4

Schedule of income (loss) from equity-method investments

Carlyle’s principal investment income (loss) from its equity-method investments consists of:



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Corporate Private Equity	$	22.9	$	64.8	$	51.8
Real Assets	102.1		151.7		101.2
Global Credit	55.8		1.7		(3.8		)
Investment Solutions	8.5		8.2		1.4
Total	$	189.3	$	226.4	$	150.6

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	2018		2017		2018		2017
	(Dollars in millions)
United States
Assets of the CLOs:
Bonds	$	75.3	$	36.6	1.42	%	0.81	%
Equity	—		2.2		—	%	0.05	%
Loans	1,621.3		1,644.4		30.67	%	36.27	%
Total assets of the CLOs (cost of $1,720.4 and $1,661.1 at December 31, 2018 and 2017, respectively)	1,696.6		1,683.2		32.09	%	37.13	%
Total United States	$	1,696.6	$	1,683.2	32.09	%	37.13	%



Europe
Equity securities:
Other	—		$	5.7	—	%	0.13	%
Total equity securities (cost of $0.1 and $28.1 at December 31, 2018 and 2017, respectively)	—		5.7		—	%	0.13	%
Assets of the CLOs:
Bonds	610.3		368.5		11.54	%	8.13	%
Loans	2,804.1		2,369.9		53.04	%	52.26	%
Other	—		0.3		—	%	—	%
Total assets of the CLOs (cost of $3,483.2 and $2,745.1 at December 31, 2018 and 2017, respectively)	3,414.4		2,738.7		64.58	%	60.39	%
Total Europe	$	3,414.4	$	2,744.4	64.58	%	60.52	%
Global
Assets of the CLOs:
Bonds	$	4.5	$	8.3	0.09	%	0.18	%
Loans	171.1		98.4		3.24	%	2.17	%
Total assets of the CLOs (cost of $176.4 and $107.7 at December 31, 2018 and 2017, respectively)	175.6		106.7		3.33	%	2.35	%
Total Global	$	175.6	$	106.7	3.33	%	2.35	%
Total investments of Consolidated Funds (cost of $5,380.1 and $4,542.0 at December 31, 2018 and 2017, respectively)	$	5,286.6	$	4,534.3	100.00	%	100.00	%

Components of interest and other income of consolidated funds

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



	Year Ended December 31,
	2018		2017		2016
	(Dollars in millions)
Interest income from investments	$	207.2	$	167.3	$	140.4
Other income	7.3		10.4		26.5
Total	$	214.5	$	177.7	$	166.9

Components of net investment gains (losses) of consolidated funds

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



	Year Ended December 31,
	2018			2017		2016
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$	(108.8	)	$	27.0	$	51.7
Gains (losses) from liabilities of CLOs	113.3			61.4		(40.5		)
Gains on other assets of CLOs	—			—		1.9
Total	$	4.5		$	88.4	$	13.1

Schedule of realized and unrealized gains (losses) earned from investments of consolidated funds

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



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Realized gains (losses)	$	(4.9	)	$	(54.0	)	$	(33.4	)
Net change in unrealized gains (losses)	(103.9		)	81.0			85.1
Total	$	(108.8	)	$	27.0		$	51.7

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017:



	As of December 31,
	2018			2017
	(Dollars in millions)
Acquired contractual rights	$	104.1		$	81.4
Acquired trademarks	1.1			1.2
Accumulated amortization	(43.2		)	(57.8		)
Finite-lived intangible assets, net	62.0			24.8
Goodwill	15.3			11.1
Intangible assets, net	$	77.3		$	35.9

Summary of estimated amortization expense, excluding impairment losses

The following table summarizes the expected amortization expense for 2019 through 2023 and thereafter (Dollars in millions):




2019	$	15.6
2020	14.6
2021	10.1
2022	6.1
2023	3.9
Thereafter	11.7
	$	62.0

Borrowings (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Partnership's Borrowings

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



	As of December 31,
	2018				2017
	Borrowing Outstanding		Carrying Value		Borrowing Outstanding		Carrying Value
Senior Credit Facility Term Loan Due 5/05/2020	$	25.0	$	24.9	$	25.0	$	24.8
CLO Term Loans (See below)	309.9		309.9		294.5		294.5
3.875% Senior Notes Due 2/01/2023	250.0		249.0		500.0		497.6
5.625% Senior Notes Due 3/30/2043	600.0		600.7		600.0		600.7
5.650% Senior Notes Due 9/15/2048	350.0		345.7		—		—
Promissory Note Due 1/01/2022	—		—		108.8		108.8
Promissory Notes Due 7/15/2019	20.2		20.2		47.2		47.2
Total debt obligations	$	1,555.1	$	1,550.4	$	1,575.5	$	1,573.6

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



Formation Date	Borrowing Outstanding December 31, 2018		Borrowing Outstanding December 31, 2017		Maturity Date (1)	Interest Rate as of December 31, 2018
June 7, 2016	$	—	$	20.6	July 15, 2027	N/A	(2)
February 28, 2017	77.0		74.3		November 17, 2031	2.33%	(3)
April 19, 2017	22.9		22.8		April 22, 2031	4.40%	(4) (15)
June 28, 2017	23.0		23.1		July 22, 2031	4.39%	(5) (15)
July 20, 2017	24.4		24.4		April 21, 2027	4.01%	(6) (15)
August 2, 2017	22.8		22.8		July 23, 2029	4.28%	(7) (15)
August 2, 2017	19.9		20.9		August 3, 2022	1.75%	(8)
August 14, 2017	22.5		22.6		August 15, 2030	4.46%	(9) (15)
November 30, 2017	22.7		22.7		January 16, 2030	4.17%	(10) (15)
December 6, 2017	19.1		19.1		October 16, 2030	4.08%	(11) (15)
December 7, 2017	21.1		21.2		January 19, 2029	3.81%	(12) (15)
January 30, 2018	19.2		—		January 22, 2030	4.09%	(13) (15)
March 1, 2018	15.3		—		January 15, 2031	3.99%	(14) (15)
	$	309.9	$	294.5

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

(2) Note paid off in third quarter of 2018.


(3)	Original borrowing of €67.2 million; incurs interest at EURIBOR plus applicable margins as defined in the agreement.


(4)	Incurs interest at LIBOR plus 1.932%.


(5)	Incurs interest at LIBOR plus 1.923%.


(6)	Incurs interest at LIBOR plus 1.536%.


(7)	Incurs interest at LIBOR plus 1.808%.


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


(9)	Incurs interest at LIBOR plus 1.848%.


(10)	Incurs interest at LIBOR plus 1.7312%.


(11)	Incurs interest at LIBOR plus 1.647%.


(12)	Incurs interest at LIBOR plus 1.365%.

(13) Incurs interest at LIBOR plus 1.624%

(14) Incurs interest at LIBOR plus 1.552%


(15)	Term loan issued under master credit agreement.

Schedule of debt table for consolidated funds

As of December 31, 2018 and 2017, the following borrowings were outstanding, which includes preferred shares classified as liabilities (Dollars in millions):



	As of December 31, 2018
	Borrowing Outstanding		Fair Value		Weighted Average Interest Rate			Weighted Average Remaining Maturity in Years
Senior secured notes	$	4,723.4	$	4,607.2	1.94	%		10.70
Subordinated notes, preferred shares, and other	178.5		232.9		N/A		(a)	9.95
Total	$	4,901.9	$	4,840.1



	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


(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, 2018

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, 2018 (Dollars in millions):



	Unfunded
	Commitments
Corporate Private Equity	$	2,479.6
Real Assets	987.2
Global Credit	452.4
Investment Solutions	130.0
Total	$	4,049.2

Future minimum commitments for leases

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




2019	$	60.5
2020	54.2
2021	56.3
2022	66.4
2023	62.2
Thereafter	546.8
	$	846.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consists of the following:



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Current
Federal income tax	$	2.5		$	(6.2	)	$	0.4
State and local income tax	0.2			(0.2		)	(0.4		)
Foreign income tax	40.6			38.8			34.9
Subtotal	43.3			32.4			34.9
Deferred
Federal income tax	(13.4		)	106.2			(9.8		)
State and local income tax	(1.7		)	(2.7		)	(1.3		)
Foreign income tax	3.1			(11.0		)	6.2
Subtotal	(12.0		)	92.5			(4.9		)
Total provision for income taxes	$	31.3		$	124.9		$	30.0

Summary of tax effects of temporary differences

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



	As of December 31,
	2018			2017
	(Dollars in millions)
Deferred tax assets
Federal foreign tax credit	$	11.9		$	11.9
Federal net operating loss carry forward	25.5			22.8
State net operating loss carry forwards	9.7			11.8
Capital loss carry forward	9.9			—
Tax basis goodwill and intangibles	105.1			98.2
Depreciation and amortization	14.0			16.6
Deferred restricted common unit compensation	14.7			9.4
Accrued compensation	43.5			31.0
Basis difference in investments	8.9			24.4
Other	44.6			24.3
Deferred tax assets before valuation allowance	287.8			250.4
Valuation allowance	(28.7		)	(27.3		)
Total deferred tax assets	$	259.1		$	223.1
Deferred tax liabilities ⁽¹⁾
Intangible assets	$	3.7		$	4.8
Unrealized appreciation on investments	125.3			121.0
Other	—			2.5
Total deferred tax liabilities	$	129.0		$	128.3
Net deferred tax assets (liabilities)	$	130.1		$	94.8


(1)	As of December 31, 2018 and 2017, $64.7 million and $52.7 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,
	2018		2017		2016
Statutory U.S. federal income tax rate	21.00	%	35.00	%	35.00	%
Income passed through to common unitholders and non-controlling interest holders⁽¹⁾	(20.85	)%	(31.55	)%	(40.00	)%
Reduction in U.S. corporate tax rate	—	%	7.77	%	—	%
Unvested Carlyle Holdings partnership units and other compensation	0.54	%	1.45	%	36.74	%
Foreign income taxes	8.25	%	0.12	%	28.75	%
State and local income taxes	(0.63	)%	(0.19	)%	(6.70	)%
Valuation allowance impacting provision for income taxes	0.24	%	0.07	%	16.84	%
Other adjustments	0.14	%	(1.64	)%	(4.40	)%
Effective income tax rate⁽²⁾	8.69	%	11.03	%	66.23	%


(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,
	2018			2017			2016
	(Dollars in millions)
Balance at January 1	$	8.9		$	13.0		$	13.1
Additions for tax positions of prior years	0.2			1.6			1.3
Reductions due to lapse of statute of limitations	(0.2		)	(5.7		)	(1.4		)
Balance at December 31	$	8.9		$	8.9		$	13.0

Non-controlling Interests in Consolidated Entities (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	1.2		$	13.3
Non-Carlyle interests in majority-owned subsidiaries	337.1			386.5
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	(14.1		)	4.9
Non-controlling interests in consolidated entities	$	324.2		$	404.7

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,
	2018			2017		2016
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$	(5.3	)	$	12.0	$	17.1
Non-Carlyle interests in majority-owned subsidiaries	36.4			41.3		(8.6		)
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	2.8			19.2		32.3
Net income attributable to other non-controlling interests in consolidated entities	33.9			72.5		40.8
Net income attributable to redeemable non-controlling interests in consolidated entities	—			—		0.2
Non-controlling interests in income of consolidated entities	$	33.9		$	72.5	$	41.0

Earnings Per Common Unit (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018				Year Ended December 31, 2017				Year Ended December 31, 2016
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to The Carlyle Group L.P. common unitholders	$	92,900,000	$	92,900,000	$	238,100,000	$	238,100,000	$	6,400,000	$	6,400,000
Incremental net income (loss) from assumed exchange of Carlyle Holdings Partnership units	—		—		—		—		—		(32,100,000		)
Net income (loss) attributable to common units	$	92,900,000	$	92,900,000	$	238,100,000	$	238,100,000	$	6,400,000	$	(25,700,000	)
Weighted-average common units outstanding	104,198,089		113,389,443		92,136,959		100,082,548		82,714,178		308,522,990
Net income (loss) per common unit	$	0.89	$	0.82	$	2.58	$	2.38	$	0.08	$	(0.08	)

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, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	104,198,089	104,198,089	92,136,959	92,136,959	82,714,178	82,714,178
Unvested deferred restricted common units	—	8,336,661	—	7,347,645	—	3,331,282
Contingently issuable Carlyle Holdings Partnership units and common units	—	854,693	—	597,944	—	—
Weighted-average vested Carlyle Holdings Partnership units	—	—	—	—	—	222,183,911
Unvested Carlyle Holdings Partnership units	—	—	—	—	—	293,619
Weighted-average common units outstanding	104,198,089	113,389,443	92,136,959	100,082,548	82,714,178	308,522,990

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 and a summary of changes from December 31, 2015 through December 31, 2018, 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, 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	—	$	—
Granted	—	$	—	12,907,610	$	20.83	—	$	—	—	$	—
Vested	8,085,628	$	22.02	8,665,497	$	17.42	7,782	$	22.22	—	$	—
Forfeited	—	$	—	638,004	$	16.57	—	$	—	—	$	—
Balance, December 31, 2018	9,387	$	28.26	19,123,700	$	18.73	—	$	—	—	$	—

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018:



	December 31, 2018 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	$	634.1	$	317.9	$	243.0	$	166.8	$	1,361.8
Portfolio advisory fees, net and other	21.1		4.5		5.1		0.4		31.1
Transaction fees, net	26.7		4.4		1.0		—		32.1
Total fund level fee revenues	681.9		326.8		249.1		167.2		1,425.0
Realized performance revenues	415.9		150.3		9.8		106.4		682.4
Realized principal investment income (loss)	26.6		13.5		7.9		0.1		48.1
Interest income	9.3		4.4		15.3		1.4		30.4
Total revenues	1,133.7		495.0		282.1		275.1		2,185.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	373.2		135.1		140.4		92.0		740.7
Realized performance revenues related compensation	195.3		66.6		4.5		96.3		362.7
Total compensation and benefits	568.5		201.7		144.9		188.3		1,103.4
General, administrative, and other indirect expenses	167.6		64.1		30.5		36.6		298.8
Depreciation and amortization expense	17.3		6.8		6.3		4.7		35.1
Interest expense	29.9		15.3		22.9		6.6		74.7
Total expenses	783.3		287.9		204.6		236.2		1,512.0
Distributable Earnings	$	350.4	$	207.1	$	77.5	$	38.9	$	673.9
(-) Realized net performance revenues	220.6		83.7		5.3		10.1		319.7
(-) Realized principal investment income (loss)	26.6		13.5		7.9		0.1		48.1
(+) Net interest	20.6		10.9		7.6		5.2		44.3
(=) Fee Related Earnings	$	123.8	$	120.8	$	71.9	$	33.9	$	350.4
Segment assets as of December 31, 2018	$	2,980.0	$	1,738.8	$	1,702.9	$	1,049.0	$	7,470.7

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 and other	21.2		3.0			7.5		0.4		32.1
Transaction fees, net	22.4		4.5			—		—		26.9
Total fund level fee revenues	514.6		271.1			199.0		155.3		1,140.0
Realized performance revenues	831.5		92.0			75.4		86.4		1,085.3
Realized principal investment income (loss)	25.4		(63.2		)	11.9		0.1		(25.8		)
Interest income	5.5		3.0			7.1		1.1		16.7
Total revenues	1,377.0		302.9			293.4		242.9		2,216.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	340.7		128.1			104.5		84.7		658.0
Realized performance revenues related compensation	372.9		41.6			35.0		83.2		532.7
Total compensation and benefits	713.6		169.7			139.5		167.9		1,190.7
General, administrative, and other indirect expenses	132.3		84.3			7.4		34.9		258.9
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	889.1		278.1			166.5		212.5		1,546.2
Distributable Earnings	$	487.9	$	24.8		$	126.9	$	30.4	$	670.0
(-) Realized Net Performance Revenues	458.6		50.4			40.4		3.2		552.6
(-) Realized Principal 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
(=) Fee Related Earnings	$	26.3	$	51.6		$	82.0	$	32.1	$	192.0
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 for the year ended December 31, 2016:



	Year Ended December 31, 2016
	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 and other	20.5		1.8			5.8			1.3		29.4
Transaction fees, net	31.2		—			—			—		31.2
Total fund level fee revenues	550.6		252.9			201.3			141.6		1,146.4
Realized performance revenues	1,060.5		53.1			36.6			65.6		1,215.8
Realized principal investment income (loss)	60.3		(20.6		)	5.1			0.1		44.9
Interest income	3.4		1.7			4.7			0.4		10.2
Total revenues	1,674.8		287.1			247.7			207.7		2,417.3
Segment Expenses
Compensation and benefits
Cash-based compensation	289.6		111.2			120.0			80.5		601.3
Realized performance revenue related compensation	472.1		37.6			17.6			63.2		590.5
Total compensation and benefits	761.7		148.8			137.6			143.7		1,191.8
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	935.4		237.8			405.1			187.3		1,765.6
Distributable Earnings	$	739.4	$	49.3		$	(157.4	)	$	20.4	$	651.7
(-) Realized Net Performance Revenues	588.4		15.5			19.0			2.4		625.3
(-) Realized Principal 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
(=) Fee Related Earnings	$	115.5	$	68.7		$	(174.9	)	$	23.3	$	32.6

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, 2018 and 2017:



	December 31, 2018 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,185.9	$	214.5	$	26.8		(a)	$	2,427.2
Expenses	$	1,512.0	$	213.3	$	346.2		(b)	$	2,071.5
Other income	$	—	$	4.5	$	—		(c)	$	4.5
Distributable earnings	$	673.9	$	5.7	$	(319.4	)	(d)	$	360.2
Total assets	$	7,470.7	$	5,669.5	$	(226.0	)	(e)	$	12,914.2



	December 31, 2017 and the Year then Ended
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,216.2	$	177.7	$	1,282.3		(a)	$	3,676.2
Expenses	$	1,546.2	$	240.4	$	845.7		(b)	$	2,632.3
Other income	$	—	$	123.5	$	(35.1	)	(c)	$	88.4
Distributable earnings	$	670.0	$	60.8	$	401.5		(d)	$	1,132.3
Total assets	$	7,543.1	$	4,962.7	$	(225.2	)	(e)	$	12,280.6

The following table reconciles the Total Segments to the Partnership’s Income Before Provision for Income Taxes for the year ended December 31, 2016:



	Year Ended December 31, 2016
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$	2,417.3	$	166.9	$	(309.9	)	(a)	$	2,274.3
Expenses	$	1,765.6	$	153.1	$	323.4		(b)	$	2,242.1
Other income	$	—	$	13.1	$	—		(c)	$	13.1
Distributable earnings	$	651.7	$	26.9	$	(633.3	)	(d)	$	45.3

(a)



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	1,425.0		$	1,140.0		$	1,146.4
Adjustments ⁽¹⁾	(153.0		)	(113.1		)	(70.3		)
Carlyle Consolidated - Fund management fees	$	1,272.0		$	1,026.9		$	1,076.1

(b)



	Year Ended December 31,
	2018			2017			2016
Unrealized performance revenues related compensation	$	7.4		$	464.4		$	(232.5	)
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense	1.1			(71.4		)	(11.2		)
Tax expense associated with performance revenues	(6.2		)	(8.4		)	(6.0		)
Non-Carlyle economic interests in acquired business and other adjustments to present certain costs on a net-basis	34.3			114.9			149.9
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.6
Elimination of expenses of Consolidated Funds	(48.7		)	(42.8		)	(24.6		)
	$	346.2		$	845.7		$	323.4


(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 Distributable Earnings and to Fee Related Earnings (Dollars in millions):



	Year Ended December 31,
	2018			2017			2016
Income before provision for income taxes	$	360.2		$	1,132.3		$	45.3
Adjustments:
Net unrealized performance revenues⁽²⁾	50.2			(625.2		)	231.6
Unrealized principal investment income⁽²⁾	(48.8		)	(73.0		)	(5.4		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(11.7		)	—			—
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense⁽¹⁾	1.1			(71.4		)	(11.2		)
Net income attributable to non-controlling interests in Consolidated entities	(33.9		)	(72.5		)	(41.0		)
Tax expense associated with performance revenues	(1.5		)	(9.2		)	(15.1		)
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.3
Distributable Earnings	$	673.9		$	670.0		$	651.7
Realized performance revenues, net of related compensation⁽²⁾	319.7			552.6			625.3
Realized principal investment income (loss)⁽²⁾	48.1			(25.8		)	44.9
Net Interest	44.3			48.8			51.1
Fee Related Earnings	$	350.4		$	192.0		$	32.6

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



	Year Ended December 31, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	622.9	$	59.5		$	682.4
Performance revenues related compensation expense	376.3		(13.6		)	362.7
Net performance revenues	$	246.6	$	73.1		$	319.7
Principal investment income (loss)	$	186.3	$	(138.2	)	$	48.1



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	2,058.6	$	(973.3	)	$	1,085.3
Performance revenues related compensation expense	988.3		(455.6		)	532.7
Net performance revenues	$	1,070.3	$	(517.7	)	$	552.6
Principal investment income (loss)	$	232.0	$	(257.8	)	$	(25.8	)



	Year Ended December 31, 2016
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	715.4	$	500.4		$	1,215.8
Performance revenues related compensation expense	353.1		237.4			590.5
Net performance revenues	$	362.3	$	263.0		$	625.3
Principal investment income (loss)	$	160.5	$	(115.6	)	$	44.9

(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.

Reconciliation of Fund Level Fee Revenue to Consolidated Fund Management Fees



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	1,425.0		$	1,140.0		$	1,146.4
Adjustments ⁽¹⁾	(153.0		)	(113.1		)	(70.3		)
Carlyle Consolidated - Fund management fees	$	1,272.0		$	1,026.9		$	1,076.1

Expenses Adjustment Represents Elimination of Intercompany Expenses



	Year Ended December 31,
	2018			2017			2016
Unrealized performance revenues related compensation	$	7.4		$	464.4		$	(232.5	)
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense	1.1			(71.4		)	(11.2		)
Tax expense associated with performance revenues	(6.2		)	(8.4		)	(6.0		)
Non-Carlyle economic interests in acquired business and other adjustments to present certain costs on a net-basis	34.3			114.9			149.9
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.6
Elimination of expenses of Consolidated Funds	(48.7		)	(42.8		)	(24.6		)
	$	346.2		$	845.7		$	323.4

Reconciliation of Income Before Provision for Income Taxes

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



	Year Ended December 31,
	2018			2017			2016
Income before provision for income taxes	$	360.2		$	1,132.3		$	45.3
Adjustments:
Net unrealized performance revenues⁽²⁾	50.2			(625.2		)	231.6
Unrealized principal investment income⁽²⁾	(48.8		)	(73.0		)	(5.4		)
Adjusted unrealized principal investment income from investment in Fortitude Re	(11.7		)	—			—
Equity-based compensation	252.2			365.1			343.0
Acquisition related charges and amortization of intangibles and impairment	22.3			35.7			94.2
Other non-operating (income) expense⁽¹⁾	1.1			(71.4		)	(11.2		)
Net income attributable to non-controlling interests in Consolidated entities	(33.9		)	(72.5		)	(41.0		)
Tax expense associated with performance revenues	(1.5		)	(9.2		)	(15.1		)
Reserve for litigation and contingencies	—			(25.0		)	—
Lease assignment and termination costs	66.9			—			—
Debt extinguishment costs	7.8			—			—
Severance and other adjustments	9.1			13.2			10.3
Distributable Earnings	$	673.9		$	670.0		$	651.7
Realized performance revenues, net of related compensation⁽²⁾	319.7			552.6			625.3
Realized principal investment income (loss)⁽²⁾	48.1			(25.8		)	44.9
Net Interest	44.3			48.8			51.1
Fee Related Earnings	$	350.4		$	192.0		$	32.6

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, 2018
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	622.9	$	59.5		$	682.4
Performance revenues related compensation expense	376.3		(13.6		)	362.7
Net performance revenues	$	246.6	$	73.1		$	319.7
Principal investment income (loss)	$	186.3	$	(138.2	)	$	48.1



	Year Ended December 31, 2017
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	2,058.6	$	(973.3	)	$	1,085.3
Performance revenues related compensation expense	988.3		(455.6		)	532.7
Net performance revenues	$	1,070.3	$	(517.7	)	$	552.6
Principal investment income (loss)	$	232.0	$	(257.8	)	$	(25.8	)



	Year Ended December 31, 2016
	Carlyle Consolidated		Adjustments⁽³⁾			Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	715.4	$	500.4		$	1,215.8
Performance revenues related compensation expense	353.1		237.4			590.5
Net performance revenues	$	362.3	$	263.0		$	625.3
Principal investment income (loss)	$	160.5	$	(115.6	)	$	44.9

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, 2018
Americas⁽¹⁾	$	1,596.0		66	%	$	5,555.9	43	%
EMEA⁽²⁾	875.5			36	%	6,791.6		53	%
Asia-Pacific⁽³⁾	(44.3		)	(2	)%	566.7		4	%
Total	$	2,427.2		100	%	$	12,914.2	100	%



	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	%


(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, 2018

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Information

Unaudited quarterly information for each of the three months in the years ended December 31, 2018 and 2017 are presented below.



	Three Months Ended
	March 31, 2018		June 30, 2018		September 30, 2018			December 31, 2018
	(Dollars in millions)
Revenues	$	702.8	$	893.6	$	679.1		$	151.7
Expenses	579.3		653.7		615.6			222.9
Other income (loss)	2.0		12.9		(2.9		)	(7.5		)
Income (loss) before provision for income taxes	$	125.5	$	252.8	$	60.6		$	(78.7	)
Net income (loss)	$	117.7	$	241.2	$	43.2		$	(73.2	)
Net income (loss) attributable to The Carlyle Group L.P. common unitholders	$	33.8	$	63.5	$	11.6		$	(16.0	)
Net income (loss) attributable to The Carlyle Group L.P. per common unit⁽¹⁾
Basic	$	0.34	$	0.62	$	0.11		$	(0.15	)
Diluted	$	0.30	$	0.56	$	0.10		$	(0.15	)
Distributions declared per common unit⁽²⁾	$	0.33	$	0.27	$	0.22		$	0.42



	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


(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, 2018

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Position



	As of December 31, 2018
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	629.6		$	—	$	—		$	629.6
Cash and cash equivalents held at Consolidated Funds	—			247.5		—			247.5
Restricted cash	8.7			—		—			8.7
Corporate treasury investments	51.7			—		—			51.7
Investments, including performance allocations of $3,480.0 million	5,917.8			—		(220.3		)	5,697.5
Investments of Consolidated Funds	—			5,286.6		—			5,286.6
Due from affiliates and other receivables, net	446.8			—		(5.7		)	441.1
Due from affiliates and other receivables of Consolidated Funds, net	—			135.4		—			135.4
Fixed assets, net	95.1			—		—			95.1
Deposits and other	49.3			—		—			49.3
Intangible assets, net	77.3			—		—			77.3
Deferred tax assets	194.4			—		—			194.4
Total assets	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2
Liabilities and partners’ capital
Debt obligations	$	1,550.4		$	—	$	—		$	1,550.4
Loans payable of Consolidated Funds	—			4,840.1		—			4,840.1
Accounts payable, accrued expenses and other liabilities	442.2			—		—			442.2
Accrued compensation and benefits	2,222.3			—		—			2,222.3
Due to affiliates	174.0			—		—			174.0
Deferred revenue	111.3			—		—			111.3
Deferred tax liabilities	64.3			—		—			64.3
Other liabilities of Consolidated Funds	—			610.1		—			610.1
Accrued giveback obligations	63.2			—		—			63.2
Total liabilities	4,627.7			5,450.2		—			10,077.9
Series A preferred units	387.5			—		—			387.5
Partners’ capital	673.4			68.2		(68.2		)	673.4
Accumulated other comprehensive income (loss)	(80.7		)	1.1		(3.7		)	(83.3		)
Non-controlling interests in consolidated entities	323.0			1.2		—			324.2
Non-controlling interests in Carlyle Holdings	1,539.8			148.8		(154.1		)	1,534.5
Total partners’ capital	2,843.0			219.3		(226.0		)	2,836.3
Total liabilities and partners’ capital	$	7,470.7		$	5,669.5	$	(226.0	)	$	12,914.2



	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
Investments, including performance allocations of $3,664.3 million	5,508.5			—		(219.9		)	5,288.6
Investments of Consolidated Funds	—			4,534.3		—			4,534.3
Due from affiliates and other receivables, net	268.7			—		(5.3		)	263.4
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

Supplemental Results of Operations



	Year Ended December 31, 2018
	Consolidated Operating Entities		Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,296.4	$	—	$	(24.4	)	$	1,272.0
Incentive fees	31.3		—		(1.1		)	30.2
Investment income
Performance allocations	622.9		—		—			622.9
Principal investment income	193.8		—		(7.5		)	186.3
Total investment income	816.7		—		(7.5		)	809.2
Interest and other income	128.0		—		(26.7		)	101.3
Interest and other income of Consolidated Funds	—		214.5		—			214.5
Total revenues	2,272.4		214.5		(59.7		)	2,427.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	746.7		—		—			746.7
Equity-based compensation	239.9		—		—			239.9
Performance allocations and incentive fee related compensation	376.3		—		—			376.3
Total compensation and benefits	1,362.9		—		—			1,362.9
General, administrative and other expenses	460.7		—		—			460.7
Interest	82.2		—		—			82.2
Interest and other expenses of Consolidated Funds	—		213.3		(48.7		)	164.6
Other non-operating expense	1.1		—		—			1.1
Total expenses	1,906.9		213.3		(48.7		)	2,071.5
Other income
Net investment gains of Consolidated Funds	—		4.5		—			4.5
Income before provision for income taxes	365.5		5.7		(11.0		)	360.2
Provision for income taxes	31.3		—		—			31.3
Net income	334.2		5.7		(11.0		)	328.9
Net income attributable to non-controlling interests in consolidated entities	39.2		—		(5.3		)	33.9
Net income attributable to Carlyle Holdings	295.0		5.7		(5.7		)	295.0
Net income attributable to non-controlling interests in Carlyle Holdings	178.5		—		—			178.5
Net income attributable to The Carlyle Group L.P.	116.5		5.7		(5.7		)	116.5
Net income attributable to Series A Preferred Unitholders	23.6		—		—			23.6
Net income attributable to The Carlyle Group L.P. Common Unitholders	$	92.9	$	5.7	$	(5.7	)	$	92.9



	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
Incentive fees	37.7			—		(2.4		)	35.3
Investment income
Performance allocations	2,058.6			—		—			2,058.6
Principal investment income	243.8			—		(11.8		)	232.0
Total investment income	2,302.4			—		(11.8		)	2,290.6
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
Cash-based compensation and benefits	652.7			—		—			652.7
Equity-based compensation	320.3			—		—			320.3
Performance allocations and incentive fee related compensation	988.3			—		—			988.3
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
Incentive fees	36.6			—		(0.2		)	36.4
Investment income
Performance allocations	715.4			—		—			715.4
Principal investment income	165.5			—		(5.0		)	160.5
Total investment income (loss)	880.9			—		(5.0		)	875.9
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
Cash-based compensation and benefits	647.1			—		—			647.1
Equity-based compensation	334.6			—		—			334.6
Performance allocations and incentive fee related compensation	353.1			—		—			353.1
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

Supplemental Statement of Cash Flows



	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	334.2		$	995.4		$	(1.8	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation, amortization, and impairment	46.9			41.3			72.0
Equity-based compensation	239.9			320.3			334.6
Non-cash performance allocations and incentive fees	25.8			(626.8		)	199.6
Other non-cash amounts	3.2			(79.8		)	(55.8		)
Principal investment income	(165.9		)	(222.8		)	(159.5		)
Purchases of investments	(533.8		)	(938.6		)	(458.3		)
Purchase of investment in Fortitude Re	(393.8		)	—			—
Proceeds from the sale of investments	916.2			477.6			325.1
Payments of contingent consideration	(37.5		)	(22.6		)	(82.6		)
Change in deferred taxes, net	(19.8		)	93.4			(4.4		)
Change in due from affiliates and other receivables	(75.0		)	(1.1		)	(12.4		)
Change in receivables and inventory of a real estate VIE	—			(14.5		)	29.0
Change in deposits and other	(4.0		)	(2.0		)	6.1
Change in other assets of a real estate VIE	—			1.6			41.2
Deconsolidation of Claren Road (see Note 9)	—			(23.3		)	—
Deconsolidation of Urbplan (see Note 16)	—			14.0			—
Deconsolidation of ESG	—			—			(34.5		)
Change in accounts payable, accrued expenses and other liabilities	78.2			50.5			66.6
Change in accrued compensation and benefits	60.8			(13.7		)	6.5
Change in due to affiliates	(35.6		)	35.7			(19.3		)
Change in other liabilities of a real estate VIE	—			47.9			34.3
Change in deferred revenue	21.4			24.4			18.9
Net cash provided by operating activities	461.2			156.9			305.3
Cash flows from investing activities
Purchases of fixed assets, net	(31.3		)	(34.0		)	(25.4		)
Acquisitions, net of cash acquired	(67.8		)	—			—
Net cash used in investing activities	(99.1		)	(34.0		)	(25.4		)
Cash flows from financing activities
Borrowings under credit facility	—			250.0			—
Repayments under credit facility	—			(250.0		)	—
Issuance of 5.650% senior notes due 2048, net of financing costs	345.7			—			—
Repurchase of 3.875% senior notes due 2023	(255.1		)	—			—
Proceeds from debt obligations	40.8			265.6			20.6
Payments on debt obligations	(156.7		)	(21.7		)	(9.0		)
Net payments on loans payable of a real estate VIE	—			(14.3		)	(34.5		)
Payments of contingent consideration	—			(0.6		)	(3.3		)
Proceeds from issuance of preferred units	—			387.5			—
Distributions to common unitholders	(129.8		)	(118.1		)	(140.9		)
Distributions to preferred unitholders	(23.6		)	(6.0		)	—
Distributions to non-controlling interest holders in Carlyle Holdings	(288.8		)	(295.6		)	(422.6		)
Contributions from non-controlling interest holders	31.3			119.2			113.0
Distributions to non-controlling interest holders	(98.9		)	(100.8		)	(104.2		)
Common units repurchased	(107.5		)	(0.2		)	(58.9		)
Change in due to/from affiliates financing activities	(97.1		)	(26.4		)	53.6
Net cash provided by (used in) financing activities	(739.7		)	188.6			(586.2		)
Effect of foreign exchange rate changes	(12.9		)	33.3			(20.1		)
Increase (decrease) in cash, cash equivalents and restricted cash	(390.5		)	344.8			(326.4		)
Cash, cash equivalents and restricted cash, beginning of period	1,028.8			684.0			1,010.4
Cash, cash equivalents and restricted cash, end of period	$	638.3		$	1,028.8		$	684.0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$	629.6		$	1,000.1		$	670.9
Restricted cash	8.7			28.7			13.1
Total cash, cash equivalents and restricted cash, end of period	$	638.3		$	1,028.8		$	684.0

Summary of Significant Accounting Policies - Principles of Consolidation (Details) $ in Millions	Dec. 31, 2018 USD ($)
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 5,700.0
Consolidated VIEs, liabilities	5,500.0
Collateralized Loan Obligations
Variable Interest Entity [Line Items]
Investment in CLOs	$ 219.5

Summary of Significant Accounting Policies - Investments in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,152.4	$ 1,066.3
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Amount of variable interests in unconsolidated VIEs related to performance fees	121.2
Amount of variable interests in unconsolidated VIEs related to management fees	$ 15.1

Summary of Significant Accounting Policies - Effect of Topic 606 Adoption (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)	$ 809.2	$ 2,290.6	$ 875.9
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		232.0	160.5
Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		2,058.6	715.4
Realized performance fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		34.5	36.4
Realized performance fees \| As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		1,097.3	1,129.5
Realized performance fees \| Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		(1,062.8)	(1,093.1)
Unrealized performance fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		0.8	0.0
Unrealized performance fees \| As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		996.6	(377.7)
Unrealized performance fees \| Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		(995.8)	377.7
Incentive fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)	$ 30.2	35.3	36.4
Incentive fees \| As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		2,093.9	751.8
Incentive fees \| Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		(2,058.6)	(715.4)
Realized investment income (loss)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		1,133.2	1,206.0
Realized investment income (loss) \| As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		70.4	112.9
Realized investment income (loss) \| Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		1,062.8	1,093.1
Unrealized investment income (loss)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		1,157.4	(330.1)
Unrealized investment income (loss) \| As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		161.6	47.6
Unrealized investment income (loss) \| Accounting Standards Update 2014-09 \| Reclassifications
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investment income (loss)		$ 995.8	$ (377.7)

Summary of Significant Accounting Policies - Revenue Recognition (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018	Dec. 31, 2015
Net Investment Income [Line Items]
Partners' capital	$ 2,836.3	$ 2,949.0	$ 1,454.0		$ 6,077.6
Travel and entertainment expense	$ 29.3
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
Management fee receivables	$ 76.2	47.7
Transaction and advisory fees	$ 50.5	43.6	47.8
Performance fees
Performance fees allocation percentage to partnership (percent)	20.00%
Accrued giveback obligations	$ 63.2	66.8
Interest Income
Interest income of consolidated funds	$ 207.2	$ 167.3	$ 140.4
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	0.40%
Period of management fees related to Collateralized Loan Obligation (in years)	5 years
Percentage of management fees for business development companies	1.25%
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	0.50%
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%
Accounting Standards Update 2014-09 \| Reclassifications
Net Investment Income [Line Items]
Partners' capital				$ 0.8

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accrued performance allocations and incentive fee-related compensation	$ 1,843.6	$ 1,894.8
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 transactions gains	$ 1.8	$ 3.9	$ 26.3

Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (79.7)	$ (68.8)
Unrealized losses on defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	(4.6)	(3.9)
Fortitude Re available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	1.0	0.0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	$ (83.3)	$ (72.7)

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		$ 12,914.2	$ 12,280.6	$ 9,973.0
Total liabilities		$ 10,077.9	$ 9,331.6
Accounting Standards Update 2016-02 \| Scenario, Forecast \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	$ 200.0
Total liabilities	270.0
Accounting Standards Update 2016-02 \| Scenario, Forecast \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	250.0
Total liabilities	$ 320.0

Acquisition of Carlyle Aviation Partners - Narrative (Details) - Carlyle Aviation Partners/Apollo Aviation Group - USD ($) $ in Millions		12 Months Ended
	Dec. 19, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Equity interest acquired	100.00%
Assets under management	$ 5,800.0
Cash	74.5
Contingent consideration, estimated maximum range	$ 150.0
Business acquisition costs		$ 4.3
Minimum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, amortization period	4 years
Maximum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, amortization period	8 years

Acquisition of Carlyle Aviation Partners - Consideration and Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 19, 2018	Dec. 31, 2018	Dec. 31, 2017
Estimated fair value of assets acquired and liabilities assumed
Goodwill		$ 15.3	$ 11.1
Carlyle Aviation Partners/Apollo Aviation Group
Acquisition-date fair value of consideration transferred
Cash	$ 74.5
Estimated fair value of assets acquired and liabilities assumed
Cash and receivables	11.3
Investments and accrued performance allocations	47.2
Net fixed assets and other assets	2.2
Finite-lived intangible assets - contractual rights	48.0
Goodwill	4.6
Accrued expenses and accrued compensation and benefits	(25.4)
Deferred tax liabilities	(3.7)
Other liabilities	(9.7)
Total	$ 74.5

Fair Value Measurement - Partnership's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets
Assets	$ 5,784.7	$ 5,316.4
Liabilities
Loans payable of Consolidated Funds	4,840.1	4,303.8
Contingent consideration	1.0	1.0
Foreign currency forward contracts	1.4	1.2
Total Liabilities	4,842.5	4,306.0
Equity securities
Assets
Assets		7.9
Bonds
Assets
Assets	690.1	413.4
Loans
Assets
Assets	4,596.5	4,112.7
Other
Assets
Assets		0.3
Investments of Consolidated Funds:
Assets
Assets	5,286.6	4,534.3
Investments in CLOs and other
Assets
Assets	446.4	405.4
Bonds
Assets
Assets	29.2	194.1
Commercial paper and other
Assets
Assets	22.5	182.2
Corporate treasury investments
Assets
Assets	51.7	376.3
Foreign currency forward contracts
Assets
Assets		0.4
Level I
Assets
Assets	0.0	0.0
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Foreign currency forward contracts	0.0	0.0
Total Liabilities	0.0	0.0
Level I \| Equity securities
Assets
Assets		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
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
Level II
Assets
Assets	51.7	376.7
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Contingent consideration	0.0	0.0
Foreign currency forward contracts	1.4	1.2
Total Liabilities	1.4	1.2
Level II \| Equity securities
Assets
Assets		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
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	29.2	194.1
Level II \| Commercial paper and other
Assets
Assets	22.5	182.2
Level II \| Corporate treasury investments
Assets
Assets	51.7	376.3
Level II \| Foreign currency forward contracts
Assets
Assets		0.4
Level III
Assets
Assets	5,733.0	4,939.7
Liabilities
Loans payable of Consolidated Funds	4,840.1	4,303.8
Contingent consideration	1.0	1.0
Foreign currency forward contracts	0.0	0.0
Total Liabilities	4,841.1	4,304.8
Level III \| Equity securities
Assets
Assets		7.9
Level III \| Bonds
Assets
Assets	690.1	413.4
Level III \| Loans
Assets
Assets	4,596.5	4,112.7
Level III \| Other
Assets
Assets		0.3
Level III \| Investments of Consolidated Funds:
Assets
Assets	5,286.6	4,534.3
Level III \| Investments in CLOs and other
Assets
Assets	446.4	405.4
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

Fair Value Measurement - Changes in Financial Assets Using Level III Inputs (Details) - Level III - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 4,939.7	$ 4,046.3
Purchases	3,802.3	3,130.8
Sales and distributions	(1,820.1)	(1,593.0)
Settlements	(882.0)	(1,084.1)
Realized and unrealized gains (losses), net
Included in earnings	(93.5)	46.5
Included in other comprehensive income	(213.4)	393.2
Balance, end of period	5,733.0	4,939.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(79.4)	31.5
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	7.9	10.3
Purchases	0.1	0.1
Sales and distributions	(13.7)	(27.0)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	5.9	23.5
Included in other comprehensive income	(0.2)	1.0
Balance, end of period	0.0	7.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.0	6.7
Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	413.4	396.4
Purchases	706.4	280.6
Sales and distributions	(366.6)	(310.9)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(36.2)	(7.5)
Included in other comprehensive income	(26.9)	54.8
Balance, end of period	690.1	413.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(34.4)	(5.0)
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,112.7	3,485.6
Purchases	3,017.3	2,594.3
Sales and distributions	(1,400.3)	(1,223.9)
Settlements	(882.0)	(1,084.1)
Realized and unrealized gains (losses), net
Included in earnings	(73.2)	16.6
Included in other comprehensive income	(178.0)	324.2
Balance, end of period	4,596.5	4,112.7
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(55.0)	18.5
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0.3	1.4
Purchases	0.0	0.0
Sales and distributions	(0.3)	(3.0)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	0.0	1.7
Included in other comprehensive income	0.0	0.2
Balance, end of period	0.0	0.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	0.0	0.0
Investments in CLOs and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	405.4	152.6
Purchases	78.5	255.8
Sales and distributions	(39.2)	(28.2)
Settlements	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	10.0	12.2
Included in other comprehensive income	(8.3)	13.0
Balance, end of period	446.4	405.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$ 10.0	$ 11.3

Fair Value Measurement - Changes in Financial Liabilities Using Level III Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Borrowings	$ 40.8	$ 265.6	$ 20.6
Level III
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,304.8	3,947.2
Borrowings	3,318.1	2,314.3
Paydowns	(2,485.8)	(2,182.1)
Deconsolidation of a real estate VIE		(72.6)
Realized and unrealized gains (losses), net
Included in earnings	(113.1)	(58.1)
Included in other comprehensive income	(182.9)	356.1
Balance, end of period	4,841.1	4,304.8	3,947.2
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(93.5)	(56.9)
Level III \| Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	4,303.8	3,866.3
Borrowings	3,318.1	2,314.3
Paydowns	(2,485.7)	(2,167.1)
Deconsolidation of a real estate VIE		0.0
Realized and unrealized gains (losses), net
Included in earnings	(113.2)	(61.5)
Included in other comprehensive income	(182.9)	351.8
Balance, end of period	4,840.1	4,303.8	3,866.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(93.6)	(57.0)
Level III \| Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1.0	1.5
Borrowings	0.0	0.0
Paydowns	(0.1)	(0.7)
Deconsolidation of a real estate VIE		0.0
Realized and unrealized gains (losses), net
Included in earnings	0.1	0.1
Included in other comprehensive income	0.0	0.1
Balance, end of period	1.0	1.0	1.5
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	$ 0.0	79.4
Borrowings		0.0
Paydowns		(14.3)
Deconsolidation of a real estate VIE		(72.6)
Realized and unrealized gains (losses), net
Included in earnings		3.3
Included in other comprehensive income		4.2
Balance, end of period		0.0	$ 79.4
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date		$ 0.0

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Accrued performance allocations	$ 3,480.0	$ 3,664.3
Principal equity method investments, excluding performance allocations	1,765.8	1,218.4
Principal investments in CLOs and other	451.7	405.9
Total investments	$ 5,697.5	$ 5,288.6

Investments - Investment Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 3,480.0	$ 3,664.3
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	1,990.2	2,272.4
Real Assets
Segment Reporting Information [Line Items]
Accrued performance allocations	654.2	656.7
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	99.3	50.6
Investment Solutions
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 736.3	$ 684.6

Investments - Principal Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total	$ 1,765.8	$ 1,218.4
Statement of operations information
Investment income	1,649.5	1,207.5	$ 1,486.3
Expenses	2,265.6	1,910.0	1,729.5
Net investment income (loss)	(616.1)	(702.5)	(243.2)
Net realized and unrealized gain (loss)	9,686.6	14,817.8	6,946.6
Net income (loss)	9,070.5	14,115.3	6,703.4
Balance sheet information
Investments	136,631.3	86,510.7
Total assets	140,653.8	91,334.4
Debt	9,528.4	5,417.9
Other liabilities	39,468.2	1,441.0
Total liabilities	48,996.6	6,858.9
Partners’ capital	91,657.2	84,475.5
Corporate Private Equity
Segment Reporting Information [Line Items]
Total	374.7	369.5
Statement of operations information
Investment income	561.7	630.8	532.2
Expenses	865.1	553.3	597.1
Net investment income (loss)	(303.4)	77.5	(64.9)
Net realized and unrealized gain (loss)	4,395.5	9,587.4	2,906.8
Net income (loss)	4,092.1	9,664.9	2,841.9
Balance sheet information
Investments	46,448.0	42,129.8
Total assets	48,045.2	44,987.0
Debt	5,444.1	2,141.8
Other liabilities	490.2	693.2
Total liabilities	5,934.3	2,835.0
Partners’ capital	42,110.9	42,152.0
Real Assets
Segment Reporting Information [Line Items]
Total	770.0	775.1
Statement of operations information
Investment income	722.2	230.4	679.5
Expenses	582.4	572.4	544.3
Net investment income (loss)	139.8	(342.0)	135.2
Net realized and unrealized gain (loss)	1,873.6	2,605.6	2,184.2
Net income (loss)	2,013.4	2,263.6	2,319.4
Balance sheet information
Investments	27,717.9	24,352.0
Total assets	29,141.5	25,894.9
Debt	3,093.1	2,633.0
Other liabilities	278.0	239.6
Total liabilities	3,371.1	2,872.6
Partners’ capital	25,770.4	23,022.3
Global Credit
Segment Reporting Information [Line Items]
Total	545.0	23.0
Statement of operations information
Investment income	319.5	267.7	167.4
Expenses	145.5	118.8	95.1
Net investment income (loss)	174.0	148.9	72.3
Net realized and unrealized gain (loss)	174.3	(51.5)	(504.6)
Net income (loss)	348.3	97.4	(432.3)
Balance sheet information
Investments	45,131.5	3,873.5
Total assets	46,055.6	4,050.0
Debt	738.4	508.1
Other liabilities	38,383.0	128.7
Total liabilities	39,121.4	636.8
Partners’ capital	6,934.2	3,413.2
Investment Solutions
Segment Reporting Information [Line Items]
Total	76.1	50.8
Statement of operations information
Investment income	46.1	78.6	107.2
Expenses	672.6	665.5	493.0
Net investment income (loss)	(626.5)	(586.9)	(385.8)
Net realized and unrealized gain (loss)	3,243.2	2,676.3	2,360.2
Net income (loss)	2,616.7	2,089.4	$ 1,974.4
Balance sheet information
Investments	17,333.9	16,155.4
Total assets	17,411.5	16,402.5
Debt	252.8	135.0
Other liabilities	317.0	379.5
Total liabilities	569.8	514.5
Partners’ capital	$ 16,841.7	$ 15,888.0

Investments - Strategic Investment in Fortitude Re Narrative (Details) - USD ($)		12 Months Ended
	Nov. 13, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 393,800,000	$ 0	$ 0
Investment		1,765,800,000	$ 1,218,400,000
Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	19.90%
Payments to acquire equity method investments	$ 381,000,000
Deferred consideration, maximum	$ 95,000,000
Acquiree dividend distribution term	18 months
Purchase price adjustment, maximum	$ 100,000,000
Investment		460,200,000
Earnings from investment		57,900,000
Earnings from investment, embedded derivative gains		46,200,000
Transaction costs included in carrying value of investment		17,900,000
Fortitude Reinsurance Company Ltd \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Reserve for unpaid claim and claim adjustment expense		$ 35,000,000,000
Fortitude Reinsurance Company Ltd \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Percentage ownership	100.00%
Minimum \| Fortitude Reinsurance Company Ltd \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Assets commitment allocation time limit	30 months
Maximum \| Fortitude Reinsurance Company Ltd \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Assets commitment allocation time limit	36 months

Investments - Strategic Investment in NGP Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Percentage of carried interest income allocated to partnership for future carry funds		47.50%
Basis difference		$ 14.2	$ 21.3	$ 29.8
Amortization period of basis difference		10 years
Management Fee Related Revenues
Schedule of Equity Method Investments [Line Items]
Percentage of income allocated under partnership investment	55.00%	55.00%
Minimum \| NGP Management Company LLC
Schedule of Equity Method Investments [Line Items]
Management fee - percentage of commitments		1.00%
Management fee - percentage of invested capital		0.60%
Maximum \| NGP Management Company LLC
Schedule of Equity Method Investments [Line Items]
Management fee - percentage of commitments		2.00%
Management fee - percentage of invested capital		2.00%
NGP Management Company LLC
Schedule of Equity Method Investments [Line Items]
Performance allocation income (loss)		$ 7.9	98.4	44.7
Principal investment income (loss)		$ 0.0	$ 12.1	$ 9.4

Investments - Strategic Investment in NGP (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total	$ 1,765.8	$ 1,218.4
Investment in NGP Management
Schedule of Equity Method Investments [Line Items]
Total	394.6	397.7
Investments in NGP general partners - accrued performance allocations
Schedule of Equity Method Investments [Line Items]
Total	151.0	143.2
Principal investments in NGP funds
Schedule of Equity Method Investments [Line Items]
Total	77.6	67.9
Total investments in NGP
Schedule of Equity Method Investments [Line Items]
Total	$ 623.2	$ 608.8

Investments - Schedule of Net Investment Earnings (Loss) from NGP (Details) - Total investments in NGP - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Management fee-related revenues from NGP Management	$ 96.0	$ 80.5	$ 80.7
Expenses related to the investment in NGP Management	(13.1)	(54.0)	(16.0)
Amortization of basis differences from the investment in NGP Management	(7.1)	(8.5)	(55.2)
Net investment income	$ 75.8	$ 18.0	$ 9.5

Investments - Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Investment income (loss)	$ 809.2	$ 2,290.6	$ 875.9
Performance allocations - realized
Investment [Line Items]
Investment income (loss)	693.8	1,062.8	1,093.1
Performance allocations - unrealized
Investment [Line Items]
Investment income (loss)	(70.9)	995.8	(377.7)
Performance allocations
Investment [Line Items]
Investment income (loss)	622.9	2,058.6	715.4
Principal investment income (loss) from equity method investments - realized
Investment [Line Items]
Investment income (loss)	122.9	68.1	110.4
Principal investment income (loss) from equity method investments - unrealized
Investment [Line Items]
Investment income (loss)	66.4	158.3	40.2
Principal investment income (loss) from equity method investments
Investment [Line Items]
Investment income (loss)	189.3	226.4	150.6
Principal investment income (loss) from investments in CLOs and other investments - realized
Investment [Line Items]
Investment income (loss)	1.5	2.3	2.2
Principal investment income (loss) from investments in CLOs and other investments- unrealized
Investment [Line Items]
Investment income (loss)	(4.5)	3.3	7.4
Principal investment income (loss) from investments in CLOs and other investments
Investment [Line Items]
Investment income (loss)	(3.0)	5.6	9.6
Other investment income - realized
Investment [Line Items]
Investment income (loss)	$ 0.0	$ 0.0	$ 0.3

Investments - Investment Income (Loss) Narrative (Details) - Performance revenues - Customer Concentration Risk - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Percentage of performance fees related to certain Corporate Private Equity funds (percent)	32.00%		62.00%	30.00%
Performance fees		$ 201.7	$ 1,273.2	$ 214.2
Carlyle Partners VI, L.P.
Segment Reporting Information [Line Items]
Performance fees		277.0	844.5
Carlyle Asia Partners IV, L.P.
Segment Reporting Information [Line Items]
Performance fees		(208.0)	381.8
Carlyle Realty Partners VII, L.P.
Segment Reporting Information [Line Items]
Performance fees		173.9		138.7
Carlyle Europe Partners IV L.P.
Segment Reporting Information [Line Items]
Performance fees		140.4
Carlyle International Energy Partners L.P.
Segment Reporting Information [Line Items]
Performance fees		122.7
Carlyle Partners V, L.P.
Segment Reporting Information [Line Items]
Performance fees		87.2	$ 335.1	$ 194.4
Carlyle Realty Partners V, L.P.
Segment Reporting Information [Line Items]
Performance fees		$ (58.0)

Investments - Principal Investment Income (Loss) from Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investment income (loss)	$ 809.2	$ 2,290.6	$ 875.9
Principal investment income (loss) from equity method investments
Schedule of Investments [Line Items]
Investment income (loss)	189.3	226.4	150.6
Principal investment income (loss) from equity method investments \| Corporate Private Equity
Schedule of Investments [Line Items]
Investment income (loss)	22.9	64.8	51.8
Principal investment income (loss) from equity method investments \| Real Assets
Schedule of Investments [Line Items]
Investment income (loss)	102.1	151.7	101.2
Principal investment income (loss) from equity method investments \| Global Credit
Schedule of Investments [Line Items]
Investment income (loss)	55.8	1.7	(3.8)
Principal investment income (loss) from equity method investments \| Investment Solutions
Schedule of Investments [Line Items]
Investment income (loss)	$ 8.5	$ 8.2	$ 1.4

Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 499.9
Investments of Consolidated Funds	5,286.6	$ 4,534.3
Investments	$ 5,784.7	$ 5,316.4
Percentage of investments in Hedge Funds	100.00%	100.00%
United States
Schedule of Investments [Line Items]
Investments	$ 1,696.6	$ 1,683.2
Percentage of investments in Hedge Funds	32.09%	37.13%
United States \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 75.3	$ 36.6
Percentage of assets of the CLOs	1.42%	0.81%
United States \| Assets of the CLOs - Equity
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 0.0	$ 2.2
Percentage of assets of the CLOs	0.00%	0.05%
United States \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 1,621.3	$ 1,644.4
Percentage of assets of the CLOs	30.67%	36.27%
United States \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 1,696.6	$ 1,683.2
Percentage of assets of the CLOs	32.09%	37.13%
Europe
Schedule of Investments [Line Items]
Investments of Consolidated Funds	$ 3,414.4	$ 2,744.4
Percentage of investments in Hedge Funds	64.58%	60.52%
Europe \| Equity securities
Schedule of Investments [Line Items]
Equity securities	$ 0.0	$ 5.7
Percentage of equity securities	0.00%	0.13%
Europe \| Equity securities \| Other
Schedule of Investments [Line Items]
Equity securities	$ 0.0	$ 5.7
Percentage of equity securities	0.00%	0.13%
Europe \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 610.3	$ 368.5
Percentage of assets of the CLOs	11.54%	8.13%
Europe \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 2,804.1	$ 2,369.9
Percentage of assets of the CLOs	53.04%	52.26%
Europe \| Assets of the CLOs - Other
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 0.0	$ 0.3
Percentage of assets of the CLOs	0.00%	0.00%
Europe \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 3,414.4	$ 2,738.7
Percentage of assets of the CLOs	64.58%	60.39%
Global
Schedule of Investments [Line Items]
Investments of Consolidated Funds	$ 175.6	$ 106.7
Percentage of investments in Hedge Funds	3.33%	2.35%
Global \| Assets of the CLOs - Bonds
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 4.5	$ 8.3
Percentage of assets of the CLOs	0.09%	0.18%
Global \| Assets of the CLOs - Loans
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 171.1	$ 98.4
Percentage of assets of the CLOs	3.24%	2.17%
Global \| Total assets of the CLOs
Schedule of Investments [Line Items]
Total assets of the CLOs	$ 175.6	$ 106.7
Percentage of assets of the CLOs	3.33%	2.35%

Investments - Schedule of Investments as a Percentage of Investments of Consolidated Funds - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Cost of investments of Consolidated Funds	$ 5,380.1	$ 4,542.0
United States \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	1,720.4	1,661.1
Europe \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	3,483.2	2,745.1
Europe \| Equity securities
Schedule of Investments [Line Items]
Cost of equity securities	0.1	28.1
Global \| Total assets of the CLOs
Schedule of Investments [Line Items]
Cost of total assets	$ 176.4	$ 107.7

Investments - Interest and Other Income of Consolidated Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Interest income from investments	$ 207.2	$ 167.3	$ 140.4
Other income	7.3	10.4	26.5
Total	$ 214.5	$ 177.7	$ 166.9

Investments - Net Investment Gains (Losses) of Consolidated Funds (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Gains (losses) from investments of Consolidated Funds									$ (108.8)	$ 27.0	$ 51.7
Gains (losses) from liabilities of CLOs									113.3	61.4	(40.5)
Gains on other assets of CLOs									0.0	0.0	1.9
Total	$ (7.5)	$ (2.9)	$ 12.9	$ 2.0	$ 12.0	$ 18.6	$ 40.7	$ 17.1	$ 4.5	$ 88.4	$ 13.1

Investments - Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments [Abstract]
Realized gains (losses)	$ (4.9)	$ (54.0)	$ (33.4)
Net change in unrealized gains (losses)	(103.9)	81.0	85.1
Total	$ (108.8)	$ 27.0	$ 51.7

Intangible Assets and Goodwill - Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired contractual rights	$ 104.1	$ 81.4
Acquired trademarks	1.1	1.2
Accumulated amortization	(43.2)	(57.8)
Finite-lived intangible assets, net	62.0	24.8
Goodwill	15.3	11.1
Intangible assets, net	$ 77.3	$ 35.9

Intangible Assets and Goodwill - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Goodwill [Line Items]
Goodwill	$ 15,300,000	$ 11,100,000
Impairment of intangible assets	0	0	$ 0
Intangible asset amortization expense	$ 10,000,000	10,100,000	$ 42,500,000
Discount Rate \| Minimum \| Discounted Cash Flow \| Level III
Goodwill [Line Items]
Discount rate	0.10
Discount Rate \| Maximum \| Discounted Cash Flow \| Level III
Goodwill [Line Items]
Discount rate	0.20
Global Credit
Goodwill [Line Items]
Goodwill	$ 4,600,000
Investment Solutions
Goodwill [Line Items]
Goodwill	$ 10,700,000	$ 11,100,000

Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 15.6
2020	14.6
2021	10.1
2022	6.1
2023	3.9
Thereafter	11.7
Total estimated amortization expense	$ 62.0

Borrowings - Partnership's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,555.1	$ 1,575.5
Carrying Value	1,550.4	1,573.6
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Borrowing Outstanding	25.0	25.0
Carrying Value	24.9	24.8
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding	309.9	294.5
Carrying Value	309.9	294.5
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Borrowing Outstanding	250.0	500.0
Carrying Value	$ 249.0	497.6
Interest rate on senior notes	3.875%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowing Outstanding	$ 600.0	600.0
Carrying Value	$ 600.7	600.7
Interest rate on senior notes	5.625%
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Borrowing Outstanding	$ 350.0	0.0
Carrying Value	$ 345.7	0.0
Interest rate on senior notes	5.65%
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding			$ 53.9
LIBOR rate \| Promissory Note Due 1/01/2022
Debt Instrument [Line Items]
Borrowing Outstanding	$ 0.0	108.8
Carrying Value	0.0	108.8
LIBOR rate \| Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Borrowing Outstanding	20.2	47.2
Carrying Value	$ 20.2	$ 47.2

Borrowings - Senior Credit Facility (Detail) - USD ($)		12 Months Ended
Borrowings - Senior Credit Facility (Detail) - USD ($)	Feb. 11, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Interest expense		$ 82,200,000	$ 65,500,000	$ 61,300,000
Repayments under credit facility		0	250,000,000	0
Revolving credit facililty
Debt Instrument [Line Items]
Borrowing capacity		750,000,000.0
Outstanding borrowing		0
Interest expense		0	0	$ 0
Borrowings under credit facility			250,000,000
Repayments under credit facility			$ 250,000,000
Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Borrowing capacity		$ 25,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate at end of period		3.60%
Base rate
Debt Instrument [Line Items]
Applicable margin over base rate		0.50%
LIBOR rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Applicable margin over base rate		1.50%
Subsequent event \| Revolving credit facililty
Debt Instrument [Line Items]
Borrowing capacity	$ 775,000,000
Subsequent event \| Senior Credit Facility Term Loan Due 5/05/2020
Debt Instrument [Line Items]
Repayments under credit facility	$ 25,000,000

Borrowings Borrowings - Global Credit Revolving Credit Facility (Details) - USD ($)			12 Months Ended
	Dec. 31, 2018	Dec. 17, 2018	Dec. 31, 2018	Dec. 31, 2017
Revolving credit facililty
Debt Instrument [Line Items]
Borrowing capacity	$ 750,000,000.0		$ 750,000,000.0
Borrowings under credit facility				$ 250,000,000
Outstanding borrowing	$ 0		$ 0
Global Credit Revolving Credit Facility \| Revolving credit facililty
Debt Instrument [Line Items]
Borrowing capacity		$ 250,000,000.0
Interest rate at end of period	6.50%		6.50%
Borrowings under credit facility	$ 0
Outstanding borrowing	$ 0		$ 0
Global Credit Revolving Credit Facility \| Short-term line of credit
Debt Instrument [Line Items]
Borrowing capacity		$ 125,000,000.0
Debt term		1 year
Global Credit Revolving Credit Facility \| Long-term line of credit
Debt Instrument [Line Items]
Borrowing capacity		$ 125,000,000.0
Debt term		3 years
Base rate
Debt Instrument [Line Items]
Applicable margin over base rate			0.50%
Base rate \| Global Credit Revolving Credit Facility \| Revolving credit facililty
Debt Instrument [Line Items]
Applicable margin over base rate		1.00%
Eurocurrency rate \| Global Credit Revolving Credit Facility \| Revolving credit facililty
Debt Instrument [Line Items]
Applicable margin over base rate		2.00%

Borrowings - CLO Term Loans (Details) $ in Millions												12 Months Ended
Borrowings - CLO Term Loans (Details) $ in Millions	Dec. 31, 2018 USD ($)	Mar. 01, 2018	Jan. 30, 2018	Dec. 07, 2017	Dec. 06, 2017	Nov. 30, 2017	Aug. 14, 2017	Aug. 02, 2017 EUR (€)	Jul. 20, 2017	Jun. 28, 2017	Apr. 19, 2017	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Feb. 28, 2017 EUR (€)
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1,555.1											$ 1,555.1	$ 1,575.5
Interest expense												82.2	65.5	$ 61.3
Carrying value	1,550.4											1,550.4	1,573.6
CLO Term Loan Maturing July 15, 2027
Debt Instrument [Line Items]
Borrowing Outstanding	0.0											0.0	20.6
CLO Term Loan Maturing November 17, 2031
Debt Instrument [Line Items]
Borrowing Outstanding \| €															€ 67,200,000.0
CLO Term Loan Maturing August 3, 2022
Debt Instrument [Line Items]
Borrowing Outstanding \| €								€ 17,400,000.0
CLO Term Loans
Debt Instrument [Line Items]
Borrowing Outstanding	309.9											309.9	294.5
Interest expense												10.5	4.0	$ 0.3
Carrying value	309.9											309.9	294.5
Euro CLO Financing
Debt Instrument [Line Items]
Borrowing Outstanding \| €															€ 67,200,000
Carrying value	77.0											$ 77.0
Debt instrument, prepayment terms, penalty period threshold												3 years
Euribor Future \| CLO Term Loan Maturing November 17, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 77.0											$ 77.0	74.3
Interest Rate as of December 31, 2018	2.33%											2.33%
Euribor Future \| Euro CLO Financing
Debt Instrument [Line Items]
Applicable margin over base rate	2.33%
LIBOR rate \| CLO Term Loan Maturing April 22, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.9											$ 22.9	22.8
Interest Rate as of December 31, 2018	4.40%											4.40%
Applicable margin over base rate											1.932%
LIBOR rate \| CLO Term Loan Maturing July 22, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 23.0											$ 23.0	23.1
Interest Rate as of December 31, 2018	4.39%											4.39%
Applicable margin over base rate										1.923%
LIBOR rate \| CLO Term Loan Maturing April 21, 2027
Debt Instrument [Line Items]
Borrowing Outstanding	$ 24.4											$ 24.4	24.4
Interest Rate as of December 31, 2018	4.01%											4.01%
Applicable margin over base rate									1.536%
LIBOR rate \| CLO Term Loan Maturing July 23, 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.8											$ 22.8	22.8
Interest Rate as of December 31, 2018	4.28%											4.28%
Applicable margin over base rate								1.808%
LIBOR rate \| CLO Term Loan Maturing August 3, 2022
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.9											$ 19.9	20.9
Interest Rate as of December 31, 2018	1.75%											1.75%
Applicable margin over base rate								1.75%
LIBOR rate \| CLO Term Loan Maturing August 15, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.5											$ 22.5	22.6
Interest Rate as of December 31, 2018	4.46%											4.46%
Applicable margin over base rate							1.848%
LIBOR rate \| CLO Term Loan Maturing January 16, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.7											$ 22.7	22.7
Interest Rate as of December 31, 2018	4.17%											4.17%
Applicable margin over base rate						1.7312%
LIBOR rate \| CLO Term Loan Maturing October 16, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.1											$ 19.1	19.1
Interest Rate as of December 31, 2018	4.08%											4.08%
Applicable margin over base rate					1.647%
LIBOR rate \| CLO Term Loan Maturing January 19, 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 21.1											$ 21.1	21.2
Interest Rate as of December 31, 2018	3.81%											3.81%
Applicable margin over base rate				1.365%
LIBOR rate \| CLO Term Loan Maturing January 22, 2030
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.2											$ 19.2	0.0
Interest Rate as of December 31, 2018	4.09%											4.09%
Applicable margin over base rate			1.624%
LIBOR rate \| CLO Term Loan Maturing January 15, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 15.3											$ 15.3	$ 0.0
Interest Rate as of December 31, 2018	3.99%											3.99%
Applicable margin over base rate		1.552%

Borrowings - Senior Notes (Details) - USD ($)	1 Months Ended			12 Months Ended
Borrowings - Senior Notes (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2013	Jan. 31, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2014
Debt Instrument [Line Items]
Senior notes principal amount				$ 1,555,100,000	$ 1,575,500,000
Interest expense				$ 82,200,000	65,500,000	$ 61,300,000
3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate on senior notes				3.875%
Senior notes principal amount				$ 250,000,000	500,000,000
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate on senior notes				5.625%
Senior notes principal amount				$ 600,000,000	600,000,000
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Interest rate on senior notes				5.65%
Senior notes principal amount				$ 350,000,000	0
Senior Notes \| 3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate on senior notes	3.875%			3.875%
Repurchased face amount	$ 250,000,000
Interest expense \| Senior Notes \| 3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Debt extinguishment costs	6,900,000
General, administrative and other expenses \| Senior Notes \| 3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Debt extinguishment costs	$ 900,000
Senior Notes \| 3.875% Senior Notes Due 2/01/2023
Debt Instrument [Line Items]
Interest rate on senior notes			3.875%
Senior notes principal amount			$ 500,000,000.0
Senior notes percentage of par value			99.966%
Senior notes redemption terms percentage to principal amount			100.00%
Interest expense				$ 17,200,000	19,800,000	19,800,000
Fair value				255,500,000	520,400,000
Senior Notes \| 3.875% Senior Notes Due 2/01/2023 \| Treasury Rate
Debt Instrument [Line Items]
Applicable margin over base rate			0.30%
Senior Notes \| 5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Interest rate on senior notes		5.625%					5.625%
Senior notes principal amount		$ 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 expense				33,700,000	33,700,000	$ 33,700,000
Fair value				$ 604,100,000	$ 696,300,000
Senior Notes \| 5.625% Senior Notes Due 3/30/2043 \| Treasury Rate
Debt Instrument [Line Items]
Applicable margin over base rate		0.40%
Senior Notes \| 5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Interest rate on senior notes	5.65%			5.65%
Senior notes principal amount	$ 350,000,000.0
Senior notes percentage of par value	99.914%
Senior notes redemption terms percentage to principal amount	100.00%
Interest expense				$ 5,900,000
Fair value				$ 354,400,000
Senior Notes \| 5.650% Senior Notes Due 9/15/2048 \| Treasury Rate
Debt Instrument [Line Items]
Applicable margin over base rate	0.40%

Borrowings - Promissory Notes (Details)		1 Months Ended		12 Months Ended			19 Months Ended
Borrowings - Promissory Notes (Details)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2017 USD ($) vehicle	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2016 USD ($)
Debt Instrument [Line Items]
Payments on debt obligations				$ 156,700,000	$ 21,700,000	$ 9,000,000
Interest expense				82,200,000	65,500,000	61,300,000
Number of derivatives settled \| vehicle			2
Borrowing Outstanding	$ 1,555,100,000			$ 1,555,100,000	1,575,500,000		$ 1,555,100,000
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%
Interest expense				$ 0	0	0
Promissory Note Due 1/01/2022 \| LIBOR rate
Debt Instrument [Line Items]
Borrowing Outstanding	0			0	108,800,000		0
Promissory Notes Due 7/15/2019
Debt Instrument [Line Items]
Payments on debt obligations							33,700,000
Interest expense				0	0	$ 0
Borrowing Outstanding			$ 53,900,000
Debt outstanding	20,200,000			20,200,000			20,200,000
Promissory Notes Due 7/15/2019 \| LIBOR rate
Debt Instrument [Line Items]
Borrowing Outstanding	$ 20,200,000			$ 20,200,000	$ 47,200,000		$ 20,200,000
Applicable margin over base rate			2.00%
Actual percentage	4.44%
Promissory Note \| Promissory Note Maturing January 1, 2022
Debt Instrument [Line Items]
Payments on debt obligations		$ 108,800,000
Payment of interest		$ 1,200,000

Borrowings - Outstanding Loans Payable of Consolidated Funds (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 4,901.9	$ 4,323.5
Fair Value	4,840.1	4,303.8
Fair value of CLO	5,500.0	4,900.0
Senior secured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	4,723.4	4,128.3
Fair Value	$ 4,607.2	$ 4,100.5
Weighted Average Interest Rate (as a percent)	1.94%	2.16%
Weighted Average Remaining Maturity in Years	10 years 8 months 12 days	11 years 5 months 8 days
Subordinated notes and preferred shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Borrowing Outstanding	$ 178.5	$ 195.2
Fair Value	$ 232.9	$ 203.3
Weighted Average Remaining Maturity in Years	9 years 11 months 12 days	9 years 10 months 6 days

Accrued Compensation and Benefits (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Accrued performance allocations and incentive fee-related compensation	$ 1,843.6	$ 1,894.8
Accrued bonuses	246.8	202.6
Employment-based contingent cash consideration	0.8	0.0
Other	131.1	125.2
Total	$ 2,222.3	$ 2,222.6

Accrued Compensation and Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Defined benefit plan obligation	$ 73.8	$ 73.4
Defined benefit plan fair value of the plans' assets	53.8	56.3
Defined benefit plan liability	20.0	17.1
Net periodic benefit cost	$ 3.1	$ 4.2	$ 2.5

Commitments and Contingencies - Capital Commitments (Details) $ in Millions	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Unfunded commitment	$ 4,049.2
Unfunded commitment to be paid by senior Carlyle executives and professionals	3,500.0
Unfunded commitments related to origination and syndication of loans	104.8
Corporate Private Equity
Loss Contingencies [Line Items]
Unfunded commitment	2,479.6
Real Assets
Loss Contingencies [Line Items]
Unfunded commitment	987.2
Global Credit
Loss Contingencies [Line Items]
Unfunded commitment	452.4
Investment Solutions
Loss Contingencies [Line Items]
Unfunded commitment	$ 130.0

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 ($) finance_vehicle	Apr. 30, 2015 EUR (€)	Dec. 31, 2018 USD ($) office	Dec. 31, 2017 USD ($) finance_vehicle obligation	Dec. 31, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) finance_vehicle	Dec. 31, 2018 EUR (€)
Guarantor Obligations [Line Items]
Potential repayment of performance fees				$ 66,800,000		$ 63,200,000	$ 66,800,000		$ 63,200,000	$ 66,800,000
Amount of giveback obligation of current and former related parties						36,000,000			36,000,000
Amount of net accrued giveback obligation of subsidiary						$ 27,200,000			$ 27,200,000
Number of offices relocated \| office						1
Lease assignment and termination costs						$ 63,500,000
Term of lease						15 years			15 years		15 years
Rent expense						$ 51,300,000	56,600,000	$ 55,000,000
Deferred rent payable				62,900,000		125,200,000	62,900,000		$ 125,200,000	62,900,000
Damages thought (more than)			$ 1,000,000,000.0
Proceeds from legal settlements				29,800,000
Promissory notes issued				1,575,500,000		1,555,100,000	1,575,500,000		1,555,100,000	1,575,500,000
Loss contingency accrual						35,000,000			35,000,000
Goodwill				$ 11,100,000		15,300,000	11,100,000		15,300,000	11,100,000
Affiliated Entity \| Claren Road
Guarantor Obligations [Line Items]
Loss contingency accrual								10,800,000
Percentage of economic interest	63.00%
Equity-based compensation expense								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		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
Amount of investment in petroleum commodities believed stolen				$ 400,000,000			$ 400,000,000			$ 400,000,000
Estimated insurance proceeds, including amounts to be distributed to former investors						55,000,000			55,000,000
Insurance proceeds recognized						32,000,000	177,000,000		$ 209,000,000
Alleged Misappropriation of Investments in Petroleum Commodities \| Promissory notes
Guarantor Obligations [Line Items]
Promissory notes issued				54,000,000			54,000,000			54,000,000
Guaranteed Loans
Guarantor Obligations [Line Items]
Borrowings under credit facility						$ 11,300,000
Applicable margin over base rate						3.00%
Interest rate at end of period						5.41%			5.41%		5.41%
Outstanding borrowing				13,300,000		$ 10,300,000	13,300,000		$ 10,300,000	13,300,000
Guarantee						16,200,000			16,200,000
Contingent Obligations Giveback
Guarantor Obligations [Line Items]
Unbilled receivable for giveback obligations from current and former employees				5,100,000		1,400,000	5,100,000		1,400,000	5,100,000
Cash withheld from carried interest distributions for potential giveback obligations				247,600,000		176,100,000	247,600,000		176,100,000	247,600,000
Amount of realized and distributed carried interest subject to potential giveback on after-tax basis						500,000,000			500,000,000
French tax authority
Guarantor Obligations [Line Items]
Damages thought (more than) \| €					€ 105.0
Payments for legal settlements \| €					75.0
Refund awarded from other party, tax and penalties \| €											€ 105.0
Refund awarded from other party, interest \| €											12.5
Refund awarded from other party \| €											€ 117.5
French tax authority \| CEREP I
Guarantor Obligations [Line Items]
Payments for legal settlements \| €					€ 30.0
Real Assets
Guarantor Obligations [Line Items]
Potential repayment of performance fees				$ 58,100,000		$ 58,200,000	58,100,000		$ 58,200,000	$ 58,100,000
Amount paid during period for giveback obligation for a fund							$ 98,400,000
Number of giveback obligations paid off \| obligation							2
Real Assets \| Carlyle Holdings
Guarantor Obligations [Line Items]
Amount paid during period for giveback obligation for a fund							$ 31,300,000
Real Assets \| Current and former senior professionals
Guarantor Obligations [Line Items]
Amount paid during period for giveback obligation for a fund							$ 67,100,000

Commitments and Contingencies - Future Minimum Commitments for Leases (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Leases, Future Minimum Payments Due [Abstract]
2019	$ 60.5
2020	54.2
2021	56.3
2022	66.4
2023	62.2
Thereafter	546.8
Future minimum commitments for leases, total	$ 846.4

Related Party Transactions - Due from Affiliates and Other Receivables (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Accrued incentive fees	$ 7.1	$ 6.3
Notes receivable and accrued interest from affiliates	14.4	22.8
Management fee, reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	418.2	229.2
Total	441.1	263.4
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	$ 1.4	$ 5.1

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Maximum percentage of interest on amounts due from affiliates	7.50%
Payment of aircraft related expenses	$ 8.4	$ 5.4	$ 4.8

Related Party Transactions - Due to Affiliates (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Due to non-consolidated affiliates	$ 27.6	$ 75.7
Performance-based contingent cash consideration related to acquisitions	0.0	37.5
Amounts owed under the tax receivable agreement	101.9	94.0
Other	44.5	22.7
Total	$ 174.0	$ 229.9

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	$ 230.4
Federal foreign tax carryforwards, amount	11.9	11.9
Deferred tax assets	194.4	170.4
Valuation allowance established by partnership	28.7	27.3
Deferred tax liabilities	64.3	75.6
Income tax expense	31.3	124.9	$ 30.0
Liability for uncertain tax positions	13.1	12.3
Accrued interest and penalties associated with uncertain tax positions	4.2	$ 3.4
Uncertain tax positions that would reduce effective tax rate, if recognized	13.1
U.S. Federal
Income Tax Examination [Line Items]
Operating loss carry forward	121.5
2018 tax year \| U.S. Federal
Income Tax Examination [Line Items]
Operating loss carry forward	6.1
Capital loss carry forward
Income Tax Examination [Line Items]
Capital loss carry forward	$ 41.1

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current
Federal income tax	$ 2.5	$ (6.2)	$ 0.4
State and local income tax	0.2	(0.2)	(0.4)
Foreign income tax	40.6	38.8	34.9
Subtotal	43.3	32.4	34.9
Deferred
Federal income tax	(13.4)	106.2	(9.8)
State and local income tax	(1.7)	(2.7)	(1.3)
Foreign income tax	3.1	(11.0)	6.2
Subtotal	(12.0)	92.5	(4.9)
Total provision for income taxes	$ 31.3	$ 124.9	$ 30.0

Income Taxes - Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Federal foreign tax credit	$ 11.9	$ 11.9
Federal net operating loss carry forward	25.5	22.8
State net operating loss carry forwards	9.7	11.8
Capital loss carry forward	9.9	0.0
Tax basis goodwill and intangibles	105.1	98.2
Depreciation and amortization	14.0	16.6
Deferred restricted common unit compensation	14.7	9.4
Accrued compensation	43.5	31.0
Basis difference in investments	8.9	24.4
Other	44.6	24.3
Deferred tax assets before valuation allowance	287.8	250.4
Valuation allowance	(28.7)	(27.3)
Total deferred tax assets	259.1	223.1
Deferred tax liabilities
Intangible assets	3.7	4.8
Unrealized appreciation on investments	125.3	121.0
Other	0.0	2.5
Total deferred tax liabilities	129.0	128.3
Net deferred tax assets (liabilities)	130.1	94.8
Amount of deferred tax liabilities offset for presentation purposes	$ 64.7	$ 52.7

Income Taxes - Reconciliation of Provision for Income Taxes to U.S Federal Statutory Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	35.00%	35.00%
Income passed through to common unitholders and non-controlling interest holders(1)	(20.85%)	(31.55%)	(40.00%)
Reduction in U.S. corporate tax rate	0.00%	7.77%	0.00%
Unvested Carlyle Holdings partnership units and other compensation	0.54%	1.45%	36.74%
Foreign income taxes	8.25%	0.12%	28.75%
State and local income taxes	(0.63%)	(0.19%)	(6.70%)
Valuation allowance impacting provision for income taxes	0.24%	0.07%	16.84%
Other adjustments	0.14%	(1.64%)	(4.40%)
Effective income tax rate	8.69%	11.03%	66.23%

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 8.9	$ 13.0	$ 13.1
Additions for tax positions of prior years	0.2	1.6	1.3
Reductions due to lapse of statute of limitations	(0.2)	(5.7)	(1.4)
Balance at December 31	$ 8.9	$ 8.9	$ 13.0

Non-controlling Interests in Consolidated Entities - Partnership's Non-Controlling Interests in Consolidated Entities (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	$ 324.2	$ 404.7
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	1.2	13.3
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Non-controlling interests in consolidated entities	337.1	386.5
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	$ (14.1)	$ 4.9

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	$ 33.9	$ 72.5	$ 40.8
Net income attributable to redeemable non-controlling interests in consolidated entities	0.0	0.0	0.2
Non-controlling interests in income of consolidated entities	33.9	72.5	41.0
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	(5.3)	12.0	17.1
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	36.4	41.3	(8.6)
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	$ 2.8	$ 19.2	$ 32.3

Earnings Per Common Unit - Weighted-Average Common Units Outstanding, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to The Carlyle Group L.P. common unitholders									$ 92,900	$ 238,100	$ 6,400
Basic
Net income (loss) attributable to common units									$ 92,900	$ 238,100	$ 6,400
Weighted-average common units outstanding (in shares)									104,198,089	92,136,959	82,714,178
Net income (loss) per common unit (in dollars per share)	$ (0.15)	$ 0.11	$ 0.62	$ 0.34	$ 0.53	$ 0.47	$ 0.65	$ 0.97	$ 0.89	$ 2.58	$ 0.08
Diluted
Incremental net income (loss) from assumed exchange of Carlyle Holdings Partnership units									$ 0	$ 0	$ (32,100)
Net income (loss) attributable to common units									$ 92,900	$ 238,100	$ (25,700)
Weighted-average common units outstanding (in shares)									113,389,443	100,082,548	308,522,990
Net income (loss) per common unit (in dollars per share)	$ (0.15)	$ 0.10	$ 0.56	$ 0.30	$ 0.49	$ 0.43	$ 0.59	$ 0.90	$ 0.82	$ 2.38	$ (0.08)
The Carlyle Group, L.P.
Basic
Weighted-average common units outstanding (in shares)									104,198,089	92,136,959	82,714,178
Diluted
Weighted-average common units outstanding (in shares)									104,198,089	92,136,959	82,714,178
Unvested deferred restricted common units
Basic
Weighted-average common units outstanding (in shares)									0	0	0
Diluted
Weighted-average common units outstanding (in shares)									8,336,661	7,347,645	3,331,282
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)									854,693	597,944	0
Weighted-average vested Carlyle Holdings Partnership units
Diluted
Weighted-average common units outstanding (in shares)									0	0	222,183,911
Unvested Carlyle Holdings Partnership units
Diluted
Weighted-average common units outstanding (in shares)									0	0	293,619

Earnings Per Common Unit - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common units outstanding (in shares)		113,389,443	100,082,548	308,522,990
Incremental net income (loss) from assumed exchange of Carlyle Holdings Partnership units		$ 0	$ 0	$ (32,100)
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
Weighted-average vested Carlyle Holdings Partnership units
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		230,266,308	227,275,453
Weighted-average common units outstanding (in shares)		0	0	222,183,911
Unvested Carlyle Holdings Partnership units
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		2,140,224	2,579,831
Weighted-average common units outstanding (in shares)		0	0	293,619
Unvested Carlyle Holdings Partnership units \| AlpInvest
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 - Additional Information (Details) - USD ($)		12 Months Ended			23 Months Ended
Equity - Additional Information (Details) - USD ($)	Sep. 13, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Feb. 29, 2016
Preferred Units [Line Items]
Proceeds from issuance of preferred units, net of offering costs and expenses		$ 0	$ 387,500,000	$ 0
Stock repurchase program, authorized amount						$ 200,000,000
Common units repurchased		$ 107,500,000	$ 200,000	$ 58,900,000	$ 166,600,000
Units repurchased (in units)		4,947,385			8,643,274
Stock repurchase program, additional authorized amount		$ 200,000,000
Unit exchange program, number of partnership units exchanged for common units (in shares)		3,836,022
Noncontrolling interest, decrease from redemptions or purchase of interests		$ 26,800,000
Series A Preferred Stock
Preferred Units [Line Items]
Preferred units, issued (in shares)	16,000,000	16,000,000	160,000		160,000
Proceeds from issuance of preferred stock and preference stock, gross	$ 400,000,000
Proceeds from issuance of preferred units, net of offering costs and expenses	$ 387,500,000
Preferred stock, dividend rate, percentage	5.875%
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 - Distributions (Details) - USD ($) $ / shares in Units, $ in Millions									9 Months Ended
	Feb. 26, 2019	Nov. 20, 2018	Aug. 17, 2018	May 17, 2018	Feb. 27, 2018	Nov. 16, 2017	Aug. 21, 2017	May 22, 2017	Feb. 26, 2019	Feb. 27, 2018
Distribution Made to Limited Partner [Line Items]
Distributions to common unitholders, paid (in dollars per share)		$ 0.42	$ 0.22	$ 0.27	$ 0.33	$ 0.56	$ 0.42	$ 0.10		$ 1.41
Distributions to common unitholders, paid		$ 45.5	$ 23.3	$ 27.8	$ 33.2	$ 55.1	$ 40.3	$ 9.0		$ 137.6
Scenario, Forecast
Distribution Made to Limited Partner [Line Items]
Distributions to common unitholders, paid (in dollars per share)	$ 0.43								$ 1.34
Distributions to common unitholders, paid	$ 47.5								$ 144.1

Equity-Based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Aug. 01, 2013	Dec. 31, 2012	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018	May 31, 2012
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)						33,872,427	30,450,000
Deferred restricted common unit compensation			$ 14,700,000	$ 9,400,000
Unvested Partnership Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units	5 years
Equity-based compensation expense			$ 0	200,000	$ 1,600,000
Unvested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units			6 years
Tax benefit related to equity-based compensation expense			$ 0
Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units			6 years
Equity-based compensation expense			$ 184,000,000	153,700,000	149,200,000
Tax benefit related to equity-based compensation expense			16,600,000	13,600,000	17,200,000
Unrecognized equity-based compensation expense			$ 226,100,000
Weighted-average term for unrecognized compensation expense to be recognized			2 years 7 months 6 days
Awards granted (in shares)			12,900,000
Grants during the period, estimated grant-date fair value			$ 270,000,000
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			$ 2,300,000	0	4,800,000
Deferred Restricted Common Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units			12 months
Discount on unvested awards			0.00%
Deferred Restricted Common Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units			60 months
Discount on unvested awards			40.00%
Carlyle Holdings \| Unvested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense			$ 55,800,000	166,400,000	183,700,000
ECM Capital, L.P. \| Unvested Carlyle Holdings Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of vesting of unvested units		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
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
AlpInvest \| Unvested Partnership Common Units
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
Non-employees \| Deferred Restricted Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards expense			$ 6,400,000	$ 0	$ 0

Equity-Based Compensation - Summary of Status of Non-Vested Equity-Based Awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Carlyle Holdings
Units
Beginning balance (in shares)	8,095,015	17,240,000	26,819,112
Granted (in shares)	0	0	0
Vested (in shares)	8,085,628	8,707,671	8,830,325
Forfeited (in shares)	0	437,314	748,787
Ending balance (in shares)	9,387	8,095,015	17,240,000
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 22.03	$ 22.22	$ 22.18
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	22.02	22.40	22.11
Forfeited (in dollars per share)	0.00	22.00	22.00
Ending balance (in dollars per share)	$ 28.26	$ 22.03	$ 22.22
Equity Settled Awards \| Deferred Restricted Common Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	15,519,591	16,705,920	18,420,434
Granted (in shares)	12,907,610	8,260,455	6,730,159
Vested (in shares)	8,665,497	8,864,747	7,007,857
Forfeited (in shares)	638,004	582,037	1,436,816
Ending balance (in shares)	19,123,700	15,519,591	16,705,920
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 16.25	$ 19.21	$ 24.62
Granted (in dollars per share)	20.83	14.17	11.30
Vested (in dollars per share)	17.42	19.63	25.14
Forfeited (in dollars per share)	16.57	19.62	22.91
Ending balance (in dollars per share)	$ 18.73	$ 16.25	$ 19.21
Equity Settled Awards \| Unvested Common Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	7,782	38,911	766,991
Granted (in shares)	0	0	0
Vested (in shares)	7,782	31,129	728,080
Forfeited (in shares)	0	0	0
Ending balance (in shares)	0	7,782	38,911
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 22.22	$ 21.67	$ 27.41
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	22.22	21.53	27.71
Forfeited (in dollars per share)	0.00	0.00	0.00
Ending balance (in dollars per share)	$ 0.00	$ 22.22	$ 21.67
Cash Settled Awards \| Phantom Units \| The Carlyle Group, L.P.
Units
Beginning balance (in shares)	0	2,520	6,741
Granted (in shares)	0	0	0
Vested (in shares)	0	2,520	3,480
Forfeited (in shares)	0	0	741
Ending balance (in shares)	0	0	2,520
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0.00	$ 34.81	$ 34.58
Granted (in dollars per share)	0.00	0.00	0.00
Vested (in dollars per share)	0.00	34.81	34.45
Forfeited (in dollars per share)	0.00	0.00	34.39
Ending balance (in dollars per share)	$ 0.00	$ 0.00	$ 34.81

Deconsolidation of a Real Estate Development Company - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Deconsolidation loss	$ 65.0	$ 0.0	$ 0.0	$ (34.5)
Urbplan
Real Estate Properties [Line Items]
Period, in days, of the financial reporting lag		90 days

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
Interest and other expenses of a real estate VIE and loss on deconsolidation:
Costs of products sold and services rendered	$ 64.4	$ 31.3
Interest expense	18.5	51.4
Change in fair value of loans payable	(6.6)	(17.6)
Compensation and benefits	2.8	8.5
G&A and other expenses	58.9	134.0
Loss on Deconsolidation	64.5	0.0
Interest and other expenses of a real estate VIE and loss on deconsolidation:	202.5	207.6
Urbplan
Revenue of a real estate VIE:
Land development services	104.6	69.3
Investment income	4.4	25.8
Revenue of a real estate VIE:	$ 109.0	$ 95.1

Segment Reporting - Additional Information (Detail) $ in Millions			12 Months Ended
	Jan. 31, 2017	Jun. 30, 2016	Dec. 31, 2018 segment	Dec. 31, 2018 Segment	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 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	63.00%
ESG
Segment Reporting Information [Line Items]
Percentage of economic interest		55.00%

Segment Reporting - Reportable Segments Financial Data (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fund level fee revenues
Incentive fees and Investment income (loss)									$ 809.2	$ 2,290.6	$ 875.9
Interest income									101.3	36.7	23.9
Total revenues	$ 151.7	$ 679.1	$ 893.6	$ 702.8	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	2,427.2	3,676.2	2,274.3
Compensation and benefits
Cash-based compensation and benefits									746.7	652.7	647.1
Realized performance revenues related compensation									376.3	988.3	353.1
Total compensation and benefits									1,362.9	1,961.3	1,334.8
General, administrative and other expenses									460.7	276.8	521.1
Interest									82.2	65.5	61.3
Total expenses	222.9	$ 615.6	$ 653.7	$ 579.3	624.8	$ 492.6	$ 705.4	$ 809.5	2,071.5	2,632.3	2,242.1
Segment assets	12,914.2				12,280.6				12,914.2	12,280.6	9,973.0
Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues									1,425.0	1,140.0	1,146.4
Interest income									30.4	16.7	10.2
Total revenues									2,185.9	2,216.2	2,417.3
Compensation and benefits
Cash-based compensation and benefits									740.7	658.0	601.3
Realized performance revenues related compensation									362.7	532.7	590.5
Total compensation and benefits									1,103.4	1,190.7	1,191.8
General, administrative and other expenses									298.8	258.9	483.5
Depreciation and amortization expense									35.1	31.1	29.0
Interest									74.7	65.5	61.3
Total expenses									1,512.0	1,546.2	1,765.6
Distributable Earnings									673.9	670.0	651.7
(-) Realized net performance revenues									319.7	552.6	625.3
(-) Realized principal investment income (loss)									48.1	(25.8)	44.9
Net Interest									44.3	48.8	51.1
Fee Related Earnings									350.4	192.0	32.6
Segment assets	7,470.7				7,543.1				7,470.7	7,543.1
Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues									681.9	514.6	550.6
Interest income									9.3	5.5	3.4
Total revenues									1,133.7	1,377.0	1,674.8
Compensation and benefits
Cash-based compensation and benefits									373.2	340.7	289.6
Realized performance revenues related compensation									195.3	372.9	472.1
Total compensation and benefits									568.5	713.6	761.7
General, administrative and other expenses									167.6	132.3	131.9
Depreciation and amortization expense									17.3	15.3	13.6
Interest									29.9	27.9	28.2
Total expenses									783.3	889.1	935.4
Distributable Earnings									350.4	487.9	739.4
(-) Realized net performance revenues									220.6	458.6	588.4
(-) Realized principal investment income (loss)									26.6	25.4	60.3
Net Interest									20.6	22.4	24.8
Fee Related Earnings									123.8	26.3	115.5
Segment assets	2,980.0				3,644.6				2,980.0	3,644.6
Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues									326.8	271.1	252.9
Interest income									4.4	3.0	1.7
Total revenues									495.0	302.9	287.1
Compensation and benefits
Cash-based compensation and benefits									135.1	128.1	111.2
Realized performance revenues related compensation									66.6	41.6	37.6
Total compensation and benefits									201.7	169.7	148.8
General, administrative and other expenses									64.1	84.3	67.1
Depreciation and amortization expense									6.8	7.1	5.9
Interest									15.3	17.0	16.0
Total expenses									287.9	278.1	237.8
Distributable Earnings									207.1	24.8	49.3
(-) Realized net performance revenues									83.7	50.4	15.5
(-) Realized principal investment income (loss)									13.5	(63.2)	(20.6)
Net Interest									10.9	14.0	14.3
Fee Related Earnings									120.8	51.6	68.7
Segment assets	1,738.8				1,946.3				1,738.8	1,946.3
Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues									249.1	199.0	201.3
Interest income									15.3	7.1	4.7
Total revenues									282.1	293.4	247.7
Compensation and benefits
Cash-based compensation and benefits									140.4	104.5	120.0
Realized performance revenues related compensation									4.5	35.0	17.6
Total compensation and benefits									144.9	139.5	137.6
General, administrative and other expenses									30.5	7.4	250.0
Depreciation and amortization expense									6.3	5.1	6.2
Interest									22.9	14.5	11.3
Total expenses									204.6	166.5	405.1
Distributable Earnings									77.5	126.9	(157.4)
(-) Realized net performance revenues									5.3	40.4	19.0
(-) Realized principal investment income (loss)									7.9	11.9	5.1
Net Interest									7.6	7.4	6.6
Fee Related Earnings									71.9	82.0	(174.9)
Segment assets	1,702.9				881.0				1,702.9	881.0
Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues									167.2	155.3	141.6
Interest income									1.4	1.1	0.4
Total revenues									275.1	242.9	207.7
Compensation and benefits
Cash-based compensation and benefits									92.0	84.7	80.5
Realized performance revenues related compensation									96.3	83.2	63.2
Total compensation and benefits									188.3	167.9	143.7
General, administrative and other expenses									36.6	34.9	34.5
Depreciation and amortization expense									4.7	3.6	3.3
Interest									6.6	6.1	5.8
Total expenses									236.2	212.5	187.3
Distributable Earnings									38.9	30.4	20.4
(-) Realized net performance revenues									10.1	3.2	2.4
(-) Realized principal investment income (loss)									0.1	0.1	0.1
Net Interest									5.2	5.0	5.4
Fee Related Earnings									33.9	32.1	23.3
Segment assets	$ 1,049.0				$ 1,071.2				1,049.0	1,071.2
Fund management fees
Fund level fee revenues
Total fund level fee revenues									1,272.0	1,026.9	1,076.1
Fund management fees \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues									1,361.8	1,081.0	1,085.8
Fund management fees \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues									634.1	471.0	498.9
Fund management fees \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues									317.9	263.6	251.1
Fund management fees \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues									243.0	191.5	195.5
Fund management fees \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues									166.8	154.9	140.3
Portfolio advisory fees, net and other \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues									31.1	32.1	29.4
Portfolio advisory fees, net and other \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues									21.1	21.2	20.5
Portfolio advisory fees, net and other \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues									4.5	3.0	1.8
Portfolio advisory fees, net and other \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues									5.1	7.5	5.8
Portfolio advisory fees, net and other \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues									0.4	0.4	1.3
Transaction fees, net \| Total Reportable Segments
Fund level fee revenues
Total fund level fee revenues									32.1	26.9	31.2
Transaction fees, net \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Total fund level fee revenues									26.7	22.4	31.2
Transaction fees, net \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Total fund level fee revenues									4.4	4.5	0.0
Transaction fees, net \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Total fund level fee revenues									1.0	0.0	0.0
Transaction fees, net \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Total fund level fee revenues									0.0	0.0	0.0
Performance allocations
Fund level fee revenues
Incentive fees and Investment income (loss)									622.9	2,058.6	715.4
Performance allocations \| Total Reportable Segments
Fund level fee revenues
Incentive fees and Investment income (loss)									682.4	1,085.3	1,215.8
Performance allocations \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Incentive fees and Investment income (loss)									415.9	831.5	1,060.5
Performance allocations \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Incentive fees and Investment income (loss)									150.3	92.0	53.1
Performance allocations \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Incentive fees and Investment income (loss)									9.8	75.4	36.6
Performance allocations \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Incentive fees and Investment income (loss)									106.4	86.4	65.6
Realized principal investment income (loss) \| Total Reportable Segments \| Corporate Private Equity
Fund level fee revenues
Incentive fees and Investment income (loss)									26.6	25.4	60.3
Realized principal investment income (loss) \| Total Reportable Segments \| Real Assets
Fund level fee revenues
Incentive fees and Investment income (loss)									13.5	(63.2)	(20.6)
Realized principal investment income (loss) \| Total Reportable Segments \| Global Credit
Fund level fee revenues
Incentive fees and Investment income (loss)									7.9	11.9	5.1
Realized principal investment income (loss) \| Total Reportable Segments \| Investment Solutions
Fund level fee revenues
Incentive fees and Investment income (loss)									$ 0.1	$ 0.1	$ 0.1

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 151.7	$ 679.1	$ 893.6	$ 702.8	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 2,427.2	$ 3,676.2	$ 2,274.3
Expenses	222.9	615.6	653.7	579.3	624.8	492.6	705.4	809.5	2,071.5	2,632.3	2,242.1
Other income	(7.5)	$ (2.9)	$ 12.9	$ 2.0	12.0	$ 18.6	$ 40.7	$ 17.1	4.5	88.4	13.1
Distributable earnings									360.2	1,132.3	45.3
Total assets	12,914.2				12,280.6				12,914.2	12,280.6	9,973.0
Total Reportable Segments
Segment Reporting Information [Line Items]
Revenues									2,185.9	2,216.2	2,417.3
Expenses									1,512.0	1,546.2	1,765.6
Other income									0.0	0.0	0.0
Distributable earnings									673.9	670.0	651.7
Total assets	7,470.7				7,543.1				7,470.7	7,543.1
Reconciling Items
Segment Reporting Information [Line Items]
Revenues									26.8	1,282.3	(309.9)
Expenses									346.2	845.7	323.4
Other income									0.0	(35.1)	0.0
Distributable earnings									(319.4)	401.5	(633.3)
Total assets	(226.0)				(225.2)				(226.0)	(225.2)
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues									214.5	177.7	166.9
Expenses									213.3	240.4	153.1
Other income									4.5	123.5	13.1
Distributable earnings									5.7	60.8	$ 26.9
Total assets	$ 5,669.5				$ 4,962.7				$ 5,669.5	$ 4,962.7

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees	$ 1,425.0	$ 1,140.0	$ 1,146.4
Adjustments
Segment Reporting Information [Line Items]
Adjustments	(153.0)	(113.1)	(70.3)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees	1,272.0	1,026.9	1,076.1
Fund management fees \| Total Reportable Segments
Segment Reporting Information [Line Items]
Fund management fees	1,361.8	1,081.0	1,085.8
Fund management fees \| Adjustments
Segment Reporting Information [Line Items]
Fund management fees	$ (24.4)	$ (18.5)	$ (14.2)

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Unrealized performance revenues related compensation									$ 12.5	$ 467.6	$ (227.4)
Equity-based compensation									239.9	320.3	334.6
Other non-operating (income) expense									1.1	(71.4)	(11.2)
Lease assignment and termination costs									63.5
Expenses	$ 222.9	$ 615.6	$ 653.7	$ 579.3	$ 624.8	$ 492.6	$ 705.4	$ 809.5	2,071.5	2,632.3	2,242.1
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance revenues related compensation									7.4	464.4	(232.5)
Expenses									1,512.0	1,546.2	1,765.6
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation									252.2	365.1	343.0
Acquisition related charges and amortization of intangibles and impairment									22.3	35.7	94.2
Other non-operating (income) expense									1.1	(71.4)	(11.2)
Tax expense associated with performance revenues									(1.5)	(9.2)	(15.1)
Non-Carlyle economic interests in acquired business and other adjustments to present certain costs on a net-basis									34.3	114.9	149.9
Reserve for litigation and contingencies									0.0	(25.0)	0.0
Lease assignment and termination costs									66.9	0.0	0.0
Debt extinguishment costs									7.8	0.0	0.0
Severance and other adjustments									9.1	13.2	10.6
Expenses									346.2	845.7	323.4
Eliminations
Segment Reporting Information [Line Items]
Equity-based compensation									0.0	0.0	0.0
Other non-operating (income) expense									0.0	0.0	0.0
Expenses									$ (48.7)	$ (42.8)	$ (24.6)

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Income before provision for income taxes	$ (78.7)	$ 60.6	$ 252.8	$ 125.5	$ 395.0	$ 165.9	$ 243.7	$ 327.7	$ 360.2	$ 1,132.3	$ 45.3
Adjustments:
Investment income (loss)									(809.2)	(2,290.6)	(875.9)
Equity-based compensation									239.9	320.3	334.6
Other non-operating (income) expense									1.1	(71.4)	(11.2)
Net income attributable to non-controlling interests in Consolidated entities									(33.9)	(72.5)	(41.0)
Lease assignment and termination costs									63.5
Total Reportable Segments
Segment Reporting Information [Line Items]
Net unrealized performance revenues									50.2	(625.2)	231.6
Adjustments:
Distributable Earnings									673.9	670.0	651.7
Realized performance revenues, net of related compensation									319.7	552.6	625.3
Realized principal investment income (loss)									48.1	(25.8)	44.9
Net Interest									44.3	48.8	51.1
Fee Related Earnings									350.4	192.0	32.6
Reconciling Items
Adjustments:
Equity-based compensation									252.2	365.1	343.0
Acquisition related charges and amortization of intangibles and impairment									22.3	35.7	94.2
Other non-operating (income) expense									1.1	(71.4)	(11.2)
Net income attributable to non-controlling interests in Consolidated entities									(33.9)	(72.5)	(41.0)
Tax expense associated with performance revenues									(1.5)	(9.2)	(15.1)
Reserve for litigation and contingencies									0.0	(25.0)	0.0
Lease assignment and termination costs									66.9	0.0	0.0
Debt extinguishment costs									7.8	0.0	0.0
Severance and other adjustments									9.1	13.2	10.3
Distributable Earnings									673.9	670.0	651.7
Fee Related Earnings									350.4	192.0	32.6
Unrealized principal investment income (loss) \| Reconciling Items
Adjustments:
Investment income (loss)									(48.8)	(73.0)	(5.4)
Unrealized principal investment income (loss) \| Reconciling Items \| Fortitude Group Holdings, LLC
Adjustments:
Investment income (loss)									$ (11.7)	$ 0.0	$ 0.0

Segment Reporting - Adjustments for Performance Fees, Performance Fee Related Compensation and Investment Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Investment income (loss)	$ 809.2	$ 2,290.6	$ 875.9
Performance revenues related compensation expense	376.3	988.3	353.1
Adjustments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	(13.6)	(455.6)	237.4
Total Reportable Segments
Segment Reporting Information [Line Items]
Performance revenues related compensation expense	362.7	532.7	590.5
Performance allocations
Segment Reporting Information [Line Items]
Investment income (loss)	622.9	2,058.6	715.4
Net performance revenues	246.6	1,070.3	362.3
Performance allocations \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	59.5	(973.3)	500.4
Net performance revenues	73.1	(517.7)	263.0
Performance allocations \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	682.4	1,085.3	1,215.8
Net performance revenues	319.7	552.6	625.3
Principal investment income
Segment Reporting Information [Line Items]
Investment income (loss)	186.3	232.0	160.5
Principal investment income \| Adjustments
Segment Reporting Information [Line Items]
Investment income (loss)	(138.2)	(257.8)	(115.6)
Principal investment income \| Total Reportable Segments
Segment Reporting Information [Line Items]
Investment income (loss)	$ 48.1	$ (25.8)	$ 44.9

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Share of Total Revenues	$ 151.7	$ 679.1	$ 893.6	$ 702.8	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 2,427.2	$ 3,676.2	$ 2,274.3
Percentages Of Revenue By Geographic Regions									100.00%	100.00%	100.00%
Assets	12,914.2				12,280.6				$ 12,914.2	$ 12,280.6	$ 9,973.0
Percentage Of Assets By Geographic Regions									100.00%	100.00%	100.00%
Americas
Segment Reporting Information [Line Items]
Share of Total Revenues									$ 1,596.0	$ 2,299.0	$ 1,473.5
Percentages Of Revenue By Geographic Regions									66.00%	62.00%	65.00%
Assets	5,555.9				5,033.5				$ 5,555.9	$ 5,033.5	$ 5,048.7
Percentage Of Assets By Geographic Regions									43.00%	41.00%	50.00%
EMEA
Segment Reporting Information [Line Items]
Share of Total Revenues									$ 875.5	$ 837.6	$ 615.1
Percentages Of Revenue By Geographic Regions									36.00%	23.00%	27.00%
Assets	6,791.6				6,085.6				$ 6,791.6	$ 6,085.6	$ 4,245.1
Percentage Of Assets By Geographic Regions									53.00%	50.00%	43.00%
Asia-Pacific
Segment Reporting Information [Line Items]
Share of Total Revenues									$ (44.3)	$ 539.6	$ 185.7
Percentages Of Revenue By Geographic Regions									(2.00%)	15.00%	8.00%
Assets	$ 566.7				$ 1,161.5				$ 566.7	$ 1,161.5	$ 679.2
Percentage Of Assets By Geographic Regions									4.00%	9.00%	7.00%

Quarterly Financial Data (Unaudited) - Unaudited Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 151.7	$ 679.1	$ 893.6	$ 702.8	$ 1,007.8	$ 639.9	$ 908.4	$ 1,120.1	$ 2,427.2	$ 3,676.2	$ 2,274.3
Expenses	222.9	615.6	653.7	579.3	624.8	492.6	705.4	809.5	2,071.5	2,632.3	2,242.1
Other income	(7.5)	(2.9)	12.9	2.0	12.0	18.6	40.7	17.1	4.5	88.4	13.1
Income before provision for income taxes	(78.7)	60.6	252.8	125.5	395.0	165.9	243.7	327.7	360.2	1,132.3	45.3
Net income	(73.2)	43.2	241.2	117.7	287.8	167.2	230.5	321.9	328.9	1,007.4	15.3
Net income attributable to The Carlyle Group L.P. common unitholders	$ (16.0)	$ 11.6	$ 63.5	$ 33.8	$ 52.9	$ 44.6	$ 57.6	$ 83.0	$ 116.5	$ 244.1	$ 6.4
Net income (loss) attributable to The Carlyle Group L.P. per common unit
Basic (in dollars per share)	$ (0.15)	$ 0.11	$ 0.62	$ 0.34	$ 0.53	$ 0.47	$ 0.65	$ 0.97	$ 0.89	$ 2.58	$ 0.08
Diluted (in dollars per share)	(0.15)	0.10	0.56	0.30	0.49	0.43	0.59	0.90	$ 0.82	$ 2.38	$ (0.08)
Distributions declared per common unit (in dollars per share)	$ 0.42	$ 0.22	$ 0.27	$ 0.33	$ 0.56	$ 0.42	$ 0.10	$ 0.16

Subsequent Events (Detail) - Subsequent event	1 Months Ended
Subsequent Events (Detail) - Subsequent event	Feb. 13, 2019 $ / shares
Subsequent Event [Line Items]
Distributions to unitholders, declared (in dollars per share)	$ 0.43
Series A Preferred Stock
Subsequent Event [Line Items]
Distributions to unitholders, declared (in dollars per share)	$ 0.367188

Supplemental Financial Information - Supplemental Financial Position (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 629.6	$ 1,000.1	$ 670.9
Cash and cash equivalents held at Consolidated Funds	247.5	377.6	761.5
Restricted cash	8.7	28.7	13.1
Corporate treasury investments	51.7	376.3
Investments, including accrued performance allocations of $3,480.0 million and $3,664.3 million as of December 31, 2018 and 2017, respectively	5,697.5	5,288.6
Investments of Consolidated Funds	5,286.6	4,534.3
Due from affiliates and other receivables, net	441.1	263.4
Due from affiliates and other receivables of Consolidated Funds, net	135.4	50.8
Fixed assets, net	95.1	100.4
Deposits and other	49.3	54.1
Intangible assets, net	77.3	35.9
Deferred tax assets	194.4	170.4
Total assets	12,914.2	12,280.6	9,973.0
Liabilities and partners’ capital
Debt obligations	1,550.4	1,573.6
Loans payable of Consolidated Funds	4,840.1	4,303.8
Accounts payable, accrued expenses and other liabilities	442.2	355.1
Accrued compensation and benefits	2,222.3	2,222.6
Due to affiliates	174.0	229.9
Deferred revenue	111.3	82.1
Deferred tax liabilities	64.3	75.6
Other liabilities of Consolidated Funds	610.1	422.1
Accrued giveback obligations	63.2	66.8
Total liabilities	10,077.9	9,331.6
Series A preferred units	387.5	387.5
Partners’ capital	673.4	701.8
Accumulated other comprehensive income (loss)	(83.3)	(72.7)
Non-controlling interests in consolidated entities	324.2	404.7
Non-controlling interests in Carlyle Holdings	1,534.5	1,527.7
Total partners’ capital	2,836.3	2,949.0	$ 1,454.0	$ 6,077.6
Total liabilities and partners’ capital	12,914.2	12,280.6
Accrued performance allocations	3,480.0	3,664.3
Consolidated Entities \| Consolidated Operating Entities
Assets
Cash and cash equivalents	629.6	1,000.1
Cash and cash equivalents held at Consolidated Funds	0.0	0.0
Restricted cash	8.7	28.7
Corporate treasury investments	51.7	376.3
Investments, including accrued performance allocations of $3,480.0 million and $3,664.3 million as of December 31, 2018 and 2017, respectively	5,917.8	5,508.5
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	446.8	268.7
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Fixed assets, net	95.1	100.4
Deposits and other	49.3	54.1
Intangible assets, net	77.3	35.9
Deferred tax assets	194.4	170.4
Total assets	7,470.7	7,543.1
Liabilities and partners’ capital
Debt obligations	1,550.4	1,573.6
Loans payable of Consolidated Funds	0.0	0.0
Accounts payable, accrued expenses and other liabilities	442.2	355.1
Accrued compensation and benefits	2,222.3	2,222.6
Due to affiliates	174.0	229.9
Deferred revenue	111.3	82.1
Deferred tax liabilities	64.3	75.6
Other liabilities of Consolidated Funds	0.0	0.0
Accrued giveback obligations	63.2	66.8
Total liabilities	4,627.7	4,605.7
Series A preferred units	387.5	387.5
Partners’ capital	673.4	701.8
Accumulated other comprehensive income (loss)	(80.7)	(72.2)
Non-controlling interests in consolidated entities	323.0	391.4
Non-controlling interests in Carlyle Holdings	1,539.8	1,528.9
Total partners’ capital	2,843.0	2,937.4
Total liabilities and partners’ capital	7,470.7	7,543.1
Consolidated Entities \| Consolidated Funds
Assets
Cash and cash equivalents	0.0	0.0
Cash and cash equivalents held at Consolidated Funds	247.5	377.6
Restricted cash	0.0	0.0
Corporate treasury investments	0.0	0.0
Investments, including accrued performance allocations of $3,480.0 million and $3,664.3 million as of December 31, 2018 and 2017, respectively	0.0	0.0
Investments of Consolidated Funds	5,286.6	4,534.3
Due from affiliates and other receivables, net	0.0	0.0
Due from affiliates and other receivables of Consolidated Funds, net	135.4	50.8
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	5,669.5	4,962.7
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	4,840.1	4,303.8
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	610.1	422.1
Accrued giveback obligations	0.0	0.0
Total liabilities	5,450.2	4,725.9
Series A preferred units	0.0	0.0
Partners’ capital	68.2	62.8
Accumulated other comprehensive income (loss)	1.1	4.1
Non-controlling interests in consolidated entities	1.2	13.3
Non-controlling interests in Carlyle Holdings	148.8	156.6
Total partners’ capital	219.3	236.8
Total liabilities and partners’ capital	5,669.5	4,962.7
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
Investments, including accrued performance allocations of $3,480.0 million and $3,664.3 million as of December 31, 2018 and 2017, respectively	(220.3)	(219.9)
Investments of Consolidated Funds	0.0	0.0
Due from affiliates and other receivables, net	(5.7)	(5.3)
Due from affiliates and other receivables of Consolidated Funds, net	0.0	0.0
Fixed assets, net	0.0	0.0
Deposits and other	0.0	0.0
Intangible assets, net	0.0	0.0
Deferred tax assets	0.0	0.0
Total assets	(226.0)	(225.2)
Liabilities and partners’ capital
Debt obligations	0.0	0.0
Loans payable of Consolidated Funds	0.0	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	0.0
Accrued giveback obligations	0.0	0.0
Total liabilities	0.0	0.0
Series A preferred units	0.0	0.0
Partners’ capital	(68.2)	(62.8)
Accumulated other comprehensive income (loss)	(3.7)	(4.6)
Non-controlling interests in consolidated entities	0.0	0.0
Non-controlling interests in Carlyle Holdings	(154.1)	(157.8)
Total partners’ capital	(226.0)	(225.2)
Total liabilities and partners’ capital	$ (226.0)	$ (225.2)

Supplemental Financial Information - Supplemental Results of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Incentive fees and Investment income (loss)									$ 809,200	$ 2,290,600	$ 875,900
Interest and other income									101,300	36,700	23,900
Interest and other income of Consolidated Funds									214,500	177,700	166,900
Revenue of a real estate VIE									0	109,000	95,100
Total revenues	$ 151,700	$ 679,100	$ 893,600	$ 702,800	$ 1,007,800	$ 639,900	$ 908,400	$ 1,120,100	2,427,200	3,676,200	2,274,300
Compensation and benefits
Cash-based compensation and benefits									746,700	652,700	647,100
Equity-based compensation									239,900	320,300	334,600
Performance allocations and incentive fee related compensation									376,300	988,300	353,100
Total compensation and benefits									1,362,900	1,961,300	1,334,800
General, administrative and other expenses									460,700	276,800	521,100
Interest									82,200	65,500	61,300
Interest and other expenses of Consolidated Funds									164,600	197,600	128,500
Interest and other expenses of a real estate VIE and loss on deconsolidation									0	202,500	207,600
Other non-operating expenses (income)									1,100	(71,400)	(11,200)
Total expenses	222,900	615,600	653,700	579,300	624,800	492,600	705,400	809,500	2,071,500	2,632,300	2,242,100
Other income
Net investment gains of Consolidated Funds	(7,500)	(2,900)	12,900	2,000	12,000	18,600	40,700	17,100	4,500	88,400	13,100
Income before provision for income taxes	(78,700)	60,600	252,800	125,500	395,000	165,900	243,700	327,700	360,200	1,132,300	45,300
Provision for income taxes									31,300	124,900	30,000
Net income	(73,200)	43,200	241,200	117,700	287,800	167,200	230,500	321,900	328,900	1,007,400	15,300
Net income attributable to non-controlling interests in consolidated entities									33,900	72,500	41,000
Net income attributable to Carlyle Holdings									295,000	934,900	(25,700)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									178,500	690,800	(32,100)
Net income attributable to The Carlyle Group L.P.	$ (16,000)	$ 11,600	$ 63,500	$ 33,800	$ 52,900	$ 44,600	$ 57,600	$ 83,000	116,500	244,100	6,400
Net income attributable to Series A Preferred Unitholders									23,600	6,000	0
Net income attributable to The Carlyle Group L.P. Common Unitholders									92,900	238,100	6,400
Consolidated Entities \| Consolidated Operating Entities
Revenues
Incentive fees and Investment income (loss)									816,700	2,302,400	880,900
Interest and other income									128,000	60,500	38,900
Interest and other income of Consolidated Funds									0	0	0
Revenue of a real estate VIE										109,000	95,100
Total revenues									2,272,400	3,555,000	2,141,800
Compensation and benefits
Cash-based compensation and benefits									746,700	652,700	647,100
Equity-based compensation									239,900	320,300	334,600
Performance allocations and incentive fee related compensation									376,300	988,300	353,100
Total compensation and benefits									1,362,900	1,961,300	1,334,800
General, administrative and other expenses									460,700	276,800	521,100
Interest									82,200	65,500	61,300
Interest and other expenses of Consolidated Funds									0	0	0
Interest and other expenses of a real estate VIE and loss on deconsolidation										202,500	207,600
Other non-operating expenses (income)									1,100	(71,400)	(11,200)
Total expenses									1,906,900	2,434,700	2,113,600
Other income
Net investment gains of Consolidated Funds									0	0	0
Income before provision for income taxes									365,500	1,120,300	28,200
Provision for income taxes									31,300	124,900	30,000
Net income									334,200	995,400	(1,800)
Net income attributable to non-controlling interests in consolidated entities									39,200	60,500	23,900
Net income attributable to Carlyle Holdings									295,000	934,900	(25,700)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									178,500	690,800	(32,100)
Net income attributable to The Carlyle Group L.P.									116,500	244,100	6,400
Net income attributable to Series A Preferred Unitholders									23,600	6,000
Net income attributable to The Carlyle Group L.P. Common Unitholders									92,900	238,100
Consolidated Entities \| Consolidated Funds
Revenues
Incentive fees and Investment income (loss)									0	0	0
Interest and other income									0	0	0
Interest and other income of Consolidated Funds									214,500	177,700	166,900
Revenue of a real estate VIE										0	0
Total revenues									214,500	177,700	166,900
Compensation and benefits
Cash-based compensation and benefits									0	0	0
Equity-based compensation									0	0	0
Performance allocations and incentive fee related compensation									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									213,300	240,400	153,100
Interest and other expenses of a real estate VIE and loss on deconsolidation										0	0
Other non-operating expenses (income)									0	0	0
Total expenses									213,300	240,400	153,100
Other income
Net investment gains of Consolidated Funds									4,500	123,500	13,100
Income before provision for income taxes									5,700	60,800	26,900
Provision for income taxes									0	0	0
Net income									5,700	60,800	26,900
Net income attributable to non-controlling interests in consolidated entities									0	0	0
Net income attributable to Carlyle Holdings									5,700	60,800	26,900
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									0	0	0
Net income attributable to The Carlyle Group L.P.									5,700	60,800	26,900
Net income attributable to Series A Preferred Unitholders									0	0
Net income attributable to The Carlyle Group L.P. Common Unitholders									5,700	60,800
Eliminations
Revenues
Incentive fees and Investment income (loss)									(7,500)	(11,800)	(5,000)
Interest and other income									(26,700)	(23,800)	(15,000)
Interest and other income of Consolidated Funds									0	0	0
Revenue of a real estate VIE										0	0
Total revenues									(59,700)	(56,500)	(34,400)
Compensation and benefits
Cash-based compensation and benefits									0	0	0
Equity-based compensation									0	0	0
Performance allocations and incentive fee related compensation									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									(48,700)	(42,800)	(24,600)
Interest and other expenses of a real estate VIE and loss on deconsolidation										0	0
Other non-operating expenses (income)									0	0	0
Total expenses									(48,700)	(42,800)	(24,600)
Other income
Net investment gains of Consolidated Funds									0	(35,100)	0
Income before provision for income taxes									(11,000)	(48,800)	(9,800)
Provision for income taxes									0	0	0
Net income									(11,000)	(48,800)	(9,800)
Net income attributable to non-controlling interests in consolidated entities									(5,300)	12,000	17,100
Net income attributable to Carlyle Holdings									(5,700)	(60,800)	(26,900)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings									0	0	0
Net income attributable to The Carlyle Group L.P.									(5,700)	(60,800)	(26,900)
Net income attributable to Series A Preferred Unitholders									0	0
Net income attributable to The Carlyle Group L.P. Common Unitholders									(5,700)	(60,800)
Fund management fees
Revenues
Fund management fees									1,272,000	1,026,900	1,076,100
Fund management fees \| Consolidated Entities \| Consolidated Operating Entities
Revenues
Fund management fees									1,296,400	1,045,400	1,090,300
Fund management fees \| Consolidated Entities \| Consolidated Funds
Revenues
Fund management fees									0	0	0
Fund management fees \| Eliminations
Revenues
Fund management fees									(24,400)	(18,500)	(14,200)
Incentive fees
Revenues
Incentive fees and Investment income (loss)									30,200	35,300	36,400
Incentive fees \| Consolidated Entities \| Consolidated Operating Entities
Revenues
Incentive fees and Investment income (loss)									31,300	37,700	36,600
Incentive fees \| Consolidated Entities \| Consolidated Funds
Revenues
Incentive fees and Investment income (loss)									0	0	0
Incentive fees \| Eliminations
Revenues
Incentive fees and Investment income (loss)									(1,100)	(2,400)	(200)
Performance allocations
Revenues
Incentive fees and Investment income (loss)									622,900	2,058,600	715,400
Performance allocations \| Consolidated Entities \| Consolidated Operating Entities
Revenues
Incentive fees and Investment income (loss)									622,900	2,058,600	715,400
Performance allocations \| Consolidated Entities \| Consolidated Funds
Revenues
Incentive fees and Investment income (loss)									0	0	0
Performance allocations \| Eliminations
Revenues
Incentive fees and Investment income (loss)									0	0	0
Principal investment income
Revenues
Incentive fees and Investment income (loss)									186,300	232,000	160,500
Principal investment income \| Consolidated Entities \| Consolidated Operating Entities
Revenues
Incentive fees and Investment income (loss)									193,800	243,800	165,500
Principal investment income \| Consolidated Entities \| Consolidated Funds
Revenues
Incentive fees and Investment income (loss)									0	0	0
Principal investment income \| Eliminations
Revenues
Incentive fees and Investment income (loss)									$ (7,500)	$ (11,800)	$ (5,000)

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, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2013
Cash flows from operating activities
Net income (loss)		$ 334.2	$ 995.4	$ (1.8)
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and impairment		46.9	41.3	72.0
Equity-based compensation		239.9	320.3	334.6
Non-cash performance allocations and incentive fees		25.8	(626.8)	199.6
Other non-cash amounts		3.2	(79.8)	(55.8)
Principal investment income		(165.9)	(222.8)	(159.5)
Purchases of investments		(533.8)	(938.6)	(458.3)
Purchase of investment in Fortitude Re		(393.8)	0.0	0.0
Proceeds from the sale of investments		916.2	477.6	325.1
Payments of contingent consideration		(37.5)	(22.6)	(82.6)
Change in deferred taxes, net		(19.8)	93.4	(4.4)
Change in due from affiliates and other receivables		(75.0)	(1.1)	(12.4)
Change in receivables and inventory of a real estate VIE		0.0	(14.5)	29.0
Change in deposits and other		(4.0)	(2.0)	6.1
Change in other assets of a real estate VIE		0.0	1.6	41.2
Deconsolidation of Claren Road (see Note 9)		0.0	(23.3)	0.0
Deconsolidation of Urbplan (see Note 16)		0.0	14.0	0.0
Deconsolidation of ESG	$ 65.0	0.0	0.0	(34.5)
Change in accounts payable, accrued expenses and other liabilities		78.2	50.5	66.6
Change in accrued compensation and benefits		60.8	(13.7)	6.5
Change in due to affiliates		(35.6)	35.7	(19.3)
Change in other liabilities of a real estate VIE		0.0	47.9	34.3
Change in deferred revenue		21.4	24.4	18.9
Net cash provided by operating activities		461.2	156.9	305.3
Cash flows from investing activities
Purchases of fixed assets, net		(31.3)	(34.0)	(25.4)
Acquisitions, net of cash acquired		(67.8)	0.0	0.0
Net cash used in investing activities		(99.1)	(34.0)	(25.4)
Cash flows from financing activities
Borrowings under credit facility		0.0	250.0	0.0
Repayments under credit facility		0.0	(250.0)	0.0
Issuance of 5.650% senior notes due 2048, net of financing costs		345.7	0.0	0.0
Repurchase of 3.875% senior notes due 2023		(255.1)	0.0	0.0
Proceeds from debt obligations		40.8	265.6	20.6
Payments on debt obligations		(156.7)	(21.7)	(9.0)
Net payments on loans payable of a real estate VIE		0.0	(14.3)	(34.5)
Payments of contingent consideration		0.0	(0.6)	(3.3)
Proceeds from issuance of preferred units, net of offering costs and expenses		0.0	387.5	0.0
Distributions to common unitholders		(129.8)	(118.1)	(140.9)
Distributions to preferred unitholders		(23.6)	(6.0)	0.0
Distributions to non-controlling interest holders in Carlyle Holdings		(288.8)	(295.6)	(422.6)
Contributions from non-controlling interest holders		31.3	119.2	113.0
Distributions to non-controlling interest holders		(98.9)	(100.8)	(104.2)
Common units repurchased		(107.5)	(0.2)	(58.9)	$ (166.6)
Change in due to/from affiliates financing activities		(97.1)	(26.4)	53.6
Net cash provided by (used in) financing activities		(739.7)	188.6	(586.2)
Effect of foreign exchange rate changes		(12.9)	33.3	(20.1)
Increase (Decrease) in cash, cash equivalents and restricted cash		(390.5)	344.8	(326.4)
Cash, cash equivalents and restricted cash, beginning of period		1,028.8	684.0	1,010.4
Cash, cash equivalents and restricted cash, end of period		638.3	1,028.8	684.0	1,028.8
Cash and cash equivalents						$ 629.6		$ 1,000.1	$ 670.9
Restricted cash						8.7		28.7	13.1
Total cash, cash equivalents and restricted cash, end of period		$ 1,028.8	$ 684.0	$ 1,010.4	$ 1,028.8	$ 638.3		$ 1,028.8	$ 684.0
5.650% Senior Notes
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes						5.65%
5.650% Senior Notes \| Senior Notes
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes						5.65%	5.65%
3.875% Senior Notes
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes						3.875%
3.875% Senior Notes \| Senior Notes
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes										3.875%
Senior Notes \| 3.875% Senior Notes
Condensed Cash Flow Statements, Captions [Line Items]
Interest rate on senior notes						3.875%	3.875%

Label	Element	Value
Accounting Standards Update 2016-16 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (4,100,000)
Accounting Standards Update 2016-16 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,200,000)
Accounting Standards Update 2016-16 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,900,000)
Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(16,200,000)
Accounting Standards Update 2016-09 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(3,200,000)
Accounting Standards Update 2016-09 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(13,000,000)
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(800,000)
Accounting Standards Update 2014-09 [Member] \| Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(300,000)
Accounting Standards Update 2014-09 [Member] \| Non Controlling Interests In Carlyle Holdings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (500,000)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions In February 2019, the Board of Directors of the general partner of the Partnership declared a distribution of $0.43 per common unit to common unitholders of record at the close of business on February 15, 2019, payable on February 26, 2019. In February 2019, the Board of Directors of the general partner of the Partnership declared a distribution for the first quarter of 2019 of $0.367188 per preferred unit to preferred unitholders of record at the close of business on March 1, 2019, payable on March 15, 2019. See Note 14 for more information on the preferred units.

Summary of Significant Accounting Policies - Fixed Assets (Details)	12 Months Ended
	Dec. 31, 2018
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

Investments - Accrued Performance Fees Narrative (Details) - fund	Dec. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Percentage of accrued performance fees related to certain Corporate Private Equity funds (percent)	24.00%	19.00%
Number of Partnership's Corporate Private Equity funds related to accrued performance fees	1	1

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Corporate Mezzanine Securities Bonds and Warrants
Debt and Equity Securities, FV-NI [Line Items]
Trading securities, cost	$ 451.7	$ 405.9

Investments - Investments in Consolidated Funds Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) collateralized_loan_obligation
Investments [Abstract]
Number of collateralized loan obligations	7
Number of CLOs consolidated during period	1
Assets of CLOs \| $	$ 499.9
Minimum percent of aggregate assets for individual investments with fair value	5.00%

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018 segment	Dec. 31, 2018 Segment	Dec. 31, 2017 Segment	Dec. 31, 2016 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4	4	4	4

Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details)	12 Months Ended
	Dec. 31, 2018
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of finite lived intangible assets (in years)	4 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, 2018
Fair Value Disclosures [Abstract]
Maximum lag period for which the partnership investments in funds are valued (in days)	90 days

Fair Value Measurement - Quantitative Information about Partnership's Level III Inputs (Detail) $ in Millions	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	$ 4,842.5	$ 4,306.0
Level III
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	4,841.1	4,304.8
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
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
Level III \| Bonds \| Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	690.1	413.4
Level III \| Loans \| Consensus Pricing
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	4,596.5	4,112.7
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
Level III \| Investments of Consolidated Funds:
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of assets	5,286.6	4,534.3
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	392.8	357.2
Level III \| Senior secured notes \| Other
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of liabilities	4,607.2	4,100.5
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	53.6	48.2
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	5,733.0	4,939.7
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
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	232.9	176.4
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	$ 1.0
Indicative Quotes (% of Par) \| Level III \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0
Indicative Quotes (% of Par) \| Level III \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0.33
Indicative Quotes (% of Par) \| Level III \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0.30
Indicative Quotes (% of Par) \| Level III \| Bonds \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	0.50	0.44
Indicative Quotes (% of Par) \| Level III \| Bonds \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	1.04	1.07
Indicative Quotes (% of Par) \| Level III \| Bonds \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	0.94	0.98
Indicative Quotes (% of Par) \| Level III \| Loans \| Consensus Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	0.73	0.64
Indicative Quotes (% of Par) \| Level III \| Loans \| Consensus Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	1.02	1.03
Indicative Quotes (% of Par) \| Level III \| Loans \| Consensus Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input	0.98	1.00
Indicative Quotes (% of Par) \| Level III \| Other \| Counterparty Pricing \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input		0.09
Indicative Quotes (% of Par) \| Level III \| Other \| Counterparty Pricing \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input		0.09
Indicative Quotes (% of Par) \| Level III \| Other \| Counterparty Pricing \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Alternative Investment, Measurement Input		0.09
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	0.86	0.98
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	1.01	1.04
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	0.99	1.01
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	0.45	0.63
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	1.06	0.97
Indicative Quotes (% of Par) \| 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]
Alternative Investment, Measurement Input	0.75	0.81
Indicative Quotes (% of Par) \| 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]
Debt Instrument, Measurement Input	0.68	0.79
Indicative Quotes (% of Par) \| 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]
Debt Instrument, Measurement Input	0.94	0.93
Indicative Quotes (% of Par) \| 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]
Debt Instrument, Measurement Input	0.81	0.86
Discount Margins (% of Par) \| 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]
Alternative Investment, Measurement Input	0.70
Discount Margins (% of Par) \| 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]
Alternative Investment, Measurement Input	11.00
Discount Margins (% of Par) \| 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]
Alternative Investment, Measurement Input	1.82
Discount Rate \| Level III \| Discounted Cash Flow \| Minimum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0.10
Discount Rate \| Level III \| Discounted Cash Flow \| Maximum
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0.10
Discount Rate \| Level III \| Discounted Cash Flow \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Equity Securities, FV-NI, Measurement Input		0.10
Discount Rate \| 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]
Alternative Investment, Measurement Input		0.01
Discount Rate \| 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]
Alternative Investment, Measurement Input		0.09
Discount Rate \| 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]
Alternative Investment, Measurement Input		0.03
Discount Rate \| 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]
Alternative Investment, Measurement Input	0.10	0.08
Discount Rate \| 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]
Alternative Investment, Measurement Input	0.12	0.11
Discount Rate \| 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]
Alternative Investment, Measurement Input	0.11	0.09
Discount Rate \| 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]
Debt Instrument, Measurement Input	0.10	0.08
Discount Rate \| 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]
Debt Instrument, Measurement Input	0.12	0.11
Discount Rate \| 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]
Debt Instrument, Measurement Input	0.01	0.10
Default Rates \| 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]
Alternative Investment, Measurement Input	0.01	0.01
Default Rates \| 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]
Alternative Investment, Measurement Input	0.03	0.03
Default Rates \| 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]
Alternative Investment, Measurement Input	0.02	0.02
Default Rates \| 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]
Alternative Investment, Measurement Input	0.01	0.01
Default Rates \| 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]
Alternative Investment, Measurement Input	0.03	0.03
Default Rates \| 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]
Alternative Investment, Measurement Input	0.02	0.02
Default Rates \| 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]
Debt Instrument, Measurement Input	0.01	0.01
Default Rates \| 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]
Debt Instrument, Measurement Input	0.03	0.03
Default Rates \| 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]
Debt Instrument, Measurement Input	0.02	0.02
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.45	0.50
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.73	0.70
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.57	0.60
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.45	0.50
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.73	0.70
Recovery Rates \| 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]
Alternative Investment, Measurement Input	0.56	0.60
Recovery Rates \| 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]
Debt Instrument, Measurement Input	0.45	0.50
Recovery Rates \| 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]
Debt Instrument, Measurement Input	0.73	0.70
Recovery Rates \| 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]
Debt Instrument, Measurement Input	0.60	0.60

Investments - Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (63.2)	$ (66.8)
Corporate Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(5.0)	(8.7)
Real Assets
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (58.2)	$ (58.1)