Carlyle Group Inc.CG

Carlyle Group Inc. Goodwill & Intangibles Disclosure

10-KFiled Feb 27, 20262 min read
5. Intangible Assets and Goodwill
The following table summarizes the carrying amount of intangible assets as of December 31, 2025 and 2024:
 
As of December 31,
 
2025
2024
 
(Dollars in millions)
Acquired contractual rights
$928.1
$922.7
Accumulated amortization
(525.6)
(392.2)
Finite-lived intangible assets, net
402.5
530.5
Goodwill
104.6
103.6
Intangible assets, net
$507.1
$634.1
As of both December 31, 2025 and 2024, goodwill included $91.1 million related to the Company’s Global Private
Equity segment and $5.5 million associated with the Company’s Global Credit segment. As of December 31, 2025 and 2024,
goodwill included $8.0 million and $7.0 million, respectively, associated with the Company’s Carlyle AlpInvest segment.
As discussed in Note 2, Summary of Significant Accounting Policies, the Company reviews its intangible assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable,
and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the
ability to raise new funds. The Company recorded no impairment losses of intangible assets for the periods presented.
Intangible asset amortization expense was $131.0 million, $130.8 million and $135.0 million for the years ended
December 31, 2025, 2024 and 2023, respectively, and is included in general, administrative, and other expenses in the
consolidated statements of operations. Certain intangible assets are held by entities of which the functional currency is not the
U.S. dollar. Any corresponding currency translation is recorded in accumulated other comprehensive income (loss).
The following table summarizes the expected amortization expense for 2026 through 2030 and thereafter (Dollars in
millions):
Year ending December 31,
2026
$131.8
2027
121.7
2028
114.6
2029
31.9
2030
2.5
$402.5
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Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 27, 2025
2023Feb 22, 2024
2022Feb 9, 2023
2021Feb 10, 2022
2020Feb 11, 2021
2019Feb 12, 2020
2018Feb 13, 2019
2017Feb 15, 2018
2016Feb 16, 2017
2015Feb 24, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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