QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
9/30/2023 | 12/31/2022 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable and accrued revenue | ||||||||||||||
Investments | ||||||||||||||
Assets of consolidated sponsored investment products ($ | ||||||||||||||
Operating lease assets | ||||||||||||||
Property, equipment and software, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Accounts payable and accrued expenses | $ | $ | ||||||||||||
Liabilities of consolidated sponsored investment products ($ | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Accrued compensation and related costs | ||||||||||||||
Supplemental savings plan liability | ||||||||||||||
Contingent consideration liability | ||||||||||||||
Income taxes payable | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||
Redeemable non-controlling interests | ||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||
Preferred stock, undesignated, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | ||||||||||||||
Non-controlling interests in consolidated entities | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities, redeemable non-controlling interests, and stockholders’ equity | $ | $ |
Three months ended | Nine months ended | ||||||||||||||||||||||
9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Investment advisory fees | $ | $ | $ | $ | |||||||||||||||||||
Capital allocation-based income | ( | ||||||||||||||||||||||
Administrative, distribution, and servicing fees | |||||||||||||||||||||||
Net revenues | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Compensation and related costs | |||||||||||||||||||||||
Distribution and servicing | |||||||||||||||||||||||
Advertising and promotion | |||||||||||||||||||||||
Product and recordkeeping related costs | |||||||||||||||||||||||
Technology, occupancy, and facility costs | |||||||||||||||||||||||
General, administrative, and other | |||||||||||||||||||||||
Change in fair value of contingent consideration | ( | ( | ( | ||||||||||||||||||||
Acquisition-related amortization and impairment costs | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Net operating income | |||||||||||||||||||||||
Non-operating income (loss) | |||||||||||||||||||||||
Net gains (losses) on investments | ( | ( | |||||||||||||||||||||
Net gains (losses) on consolidated investment products | ( | ( | ( | ||||||||||||||||||||
Other losses | ( | ( | ( | ||||||||||||||||||||
Total non-operating income (loss) | ( | ( | |||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||
Net income attributable to T. Rowe Price Group | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share on common stock of T. Rowe Price Group | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three months ended | Nine months ended | ||||||||||||||||||||||
9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Currency translation adjustments | |||||||||||||||||||||||
Consolidated T. Rowe Price investment products - variable interest entities | ( | ( | ( | ||||||||||||||||||||
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products | ( | ( | ( | ||||||||||||||||||||
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities | ( | ( | ( | ||||||||||||||||||||
Equity method investments | ( | ||||||||||||||||||||||
Other comprehensive income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||
Net deferred tax (expense) benefits | ( | ||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Less: comprehensive income (loss) attributable to redeemable non-controlling interests | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income attributable to T. Rowe Price Group | $ | $ | $ | $ |
Nine months ended | |||||||||||
9/30/2023 | 9/30/2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation, amortization and impairment of property, equipment and software | |||||||||||
Amortization and impairment of acquisition-related assets and retention arrangements | |||||||||||
Fair value remeasurement of contingent consideration liability | ( | ( | |||||||||
Stock-based compensation expense | |||||||||||
Net (gains) losses recognized on investments | ( | ||||||||||
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability | |||||||||||
Net change in securities held by consolidated sponsored investment products | ( | ||||||||||
Other changes in assets and liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchases of sponsored investment products | ( | ( | |||||||||
Dispositions of sponsored investment products | |||||||||||
Net cash of sponsored investment products on deconsolidation | ( | ( | |||||||||
Additions to property, equipment and software | ( | ( | |||||||||
Other investing activity | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities | |||||||||||
Repurchases of common stock | ( | ( | |||||||||
Common share issuances under stock-based compensation plans | |||||||||||
Dividends paid to common stockholders of T. Rowe Price | ( | ( | |||||||||
Net distributions to non-controlling interests in consolidated entities | ( | ( | |||||||||
Net subscriptions (redemptions) from redeemable non-controlling interest holders | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | ( | ||||||||||
Net change in cash and cash equivalents during period | |||||||||||
Cash and cash equivalents at beginning of period, including $ | |||||||||||
Cash and cash equivalents at end of period, including $ | $ | $ |
Three months ended 9/30/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | ( | ( | ( | — | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Three months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | ( | ( | ( | — | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net distributions from non-controlling interests in consolidated entities | — | — | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net consolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Nine months ended 9/30/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total Stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | ( | ( | ( | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total Stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | — | ( | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | ( | ( | ( | ( | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Net redemptions from T. Rowe Price investment products | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Three months ended | Nine months ended | |||||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||||
Investment advisory fees | ||||||||||||||||||||||||||
Equity | $ | $ | $ | $ | ||||||||||||||||||||||
Fixed income, including money market | ||||||||||||||||||||||||||
Multi-asset | ||||||||||||||||||||||||||
Alternatives | ||||||||||||||||||||||||||
Total investment advisory fees | $ | $ | $ | $ | ||||||||||||||||||||||
Capital allocation-based income | ( | |||||||||||||||||||||||||
Total administrative, distribution, and servicing fees | ||||||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Average AUM (in billions): | ||||||||||||||||||||||||||
Equity | $ | $ | $ | $ | ||||||||||||||||||||||
Fixed income, including money market | ||||||||||||||||||||||||||
Multi-asset | ||||||||||||||||||||||||||
Alternatives | ||||||||||||||||||||||||||
Average AUM | $ | $ | $ | $ |
(in millions) | 9/30/2023 | 12/31/2022 | |||||||||
Investments held at fair value | |||||||||||
T. Rowe Price investment products | |||||||||||
Discretionary investments | $ | $ | |||||||||
Seed capital | |||||||||||
Supplemental savings plan liability economic hedges | |||||||||||
Investment partnerships and other investments | |||||||||||
Investments in affiliated collateralized loan obligations | |||||||||||
Equity method investments | |||||||||||
T. Rowe Price investment products | |||||||||||
Discretionary investments | |||||||||||
Seed capital | |||||||||||
Supplemental savings plan liability economic hedges | |||||||||||
Investments in affiliated private investment funds - carried interest | |||||||||||
Investments in affiliated private investment funds - seed/co-investment | |||||||||||
Other investment partnerships and investments | |||||||||||
Held to maturity | |||||||||||
Investments in affiliated collateralized loan obligations | |||||||||||
Certificates of deposit | |||||||||||
U.S. Treasury note | |||||||||||
Total | $ | $ |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Net increase (decrease) in assets of consolidated sponsored investment products | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Net increase (decrease) in liabilities of consolidated sponsored investment products | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Net increase (decrease) in redeemable non-controlling interests | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Gains recognized upon deconsolidation | $ | $ | $ | $ |
(in millions) | 9/30/2023 | 12/31/2022 | |||||||||
Investment carrying values | $ | $ | |||||||||
Unfunded capital commitments | |||||||||||
Accounts receivable | |||||||||||
$ | $ |
(in millions) | 9/30/2023 | 12/31/2022 | ||||||||||||
Assets | $ | $ | ||||||||||||
Liabilities | $ | $ | ||||||||||||
Non-controlling interest | $ | $ |
9/30/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
T. Rowe Price investment products | |||||||||||||||||||||||||||||||||||
Cash equivalents held in money market funds | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Discretionary investments | |||||||||||||||||||||||||||||||||||
Seed capital | |||||||||||||||||||||||||||||||||||
Supplemental savings plan liability economic hedges | |||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Investments in affiliated collateralized loan obligations | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Contingent consideration liability | $ | $ | $ | $ | $ | $ |
Contingent Consideration Liability | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Measurement period adjustment | ( | ||||||||||||||||||||||
Unrealized gains, included in earnings | ( | ( | ( | ||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
9/30/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | |||||||||||||||||||||||||||||
Cash and cash equivalents(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Investments(2) | |||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Net assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Attributable to T. Rowe Price Group | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Attributable to redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Three months ended | |||||||||||||||||||||||||||||||||||
9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | |||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income (loss) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Impact on income before taxes | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Net income (loss) attributable to T. Rowe Price Group | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
$ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Nine months ended | |||||||||||||||||||||||||||||||||||
9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | |||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Impact on income before taxes | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net income (loss) attributable to T. Rowe Price Group | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
$ | ( | $ | $ | $ | ( | $ | ( | $ | ( |
Nine months ended | |||||||||||||||||||||||||||||||||||
9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | |||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | ( | ( | |||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents during period | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ | $ |
9/30/2023 | 12/31/2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | — | $ | $ | $ | ||||||||||||||||||||||||||||
Liabilities | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ |
(in millions) | 9/30/2023 | 12/31/2022 | |||||||||
Goodwill | $ | $ | |||||||||
Indefinite-lived intangible assets - trade name | |||||||||||
Indefinite-lived intangible assets - investment advisory agreements | |||||||||||
Definite-lived intangible assets - investment advisory agreements | |||||||||||
Total | $ | $ |
Options | Weighted- average exercise price | ||||||||||
Outstanding at December 31, 2022 | $ | ||||||||||
Exercised | ( | $ | |||||||||
Outstanding at September 30, 2023 | $ | ||||||||||
Exercisable at September 30, 2023 | $ |
Restricted shares | Restricted stock units | Weighted-average fair value | |||||||||||||||
Nonvested at December 31, 2022 | $ | ||||||||||||||||
Time-based grants | $ | ||||||||||||||||
Dividend equivalents granted to non-employee directors | $ | ||||||||||||||||
Vested | ( | ( | $ | ||||||||||||||
Forfeited | ( | $ | |||||||||||||||
Nonvested at September 30, 2023 | $ |
(in millions) | |||||
Fourth quarter 2023 | $ | ||||
2024 | |||||
2025 through 2029 | |||||
Total | $ |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Net income attributable to T. Rowe Price | $ | $ | $ | $ | |||||||||||||||||||
Less: net income allocated to outstanding restricted stock and stock unit holders | |||||||||||||||||||||||
Net income allocated to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||
Outstanding assuming dilution |
Three months ended 9/30/2023 | Three months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | ||||||||||||||||||||||||||||||||
Balances at beginning of period | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | ( | ( | ||||||||||||||||||||||||||||||||||||
( | ( | ( | ||||||||||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | ( | ( | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balances at end of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Nine months ended 9/30/2023 | Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | ||||||||||||||||||||||||||||||||
Balances at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at end of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||
Index | 9/30/2023 | 9/30/2023 | ||||||||||||
S&P 500 Index | (3.3)% | 13.1% | ||||||||||||
NASDAQ Composite Index(1) | (4.1)% | 26.3% | ||||||||||||
Russell 2000 Index | (5.1)% | 2.5% | ||||||||||||
MSCI EAFE (Europe, Australasia, and Far East) Index | (4.1)% | 7.6% | ||||||||||||
MSCI Emerging Markets Index | (2.8)% | 2.2% |
Three months ended | Nine months ended | |||||||||||||
Index | 9/30/2023 | 9/30/2023 | ||||||||||||
Bloomberg U.S. Aggregate Bond Index | (3.2)% | (1.2)% | ||||||||||||
JPMorgan Global High Yield Index | 0.8% | 6.2% | ||||||||||||
Bloomberg Municipal Bond Index | (4.0)% | (1.4)% | ||||||||||||
Bloomberg Global Aggregate Ex-U.S. Dollar Bond Index | (4.0)% | (3.2)% | ||||||||||||
JPMorgan Emerging Markets Bond Index Plus | (3.4)% | (0.2)% | ||||||||||||
ICE Bank of America U.S. High Yield Index | 0.5% | 6.0% | ||||||||||||
Credit Suisse Leveraged Loan Index | 3.4% | 9.9% |
Three months ended 9/30/2023 | Nine months ended 9/30/2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at beginning of period | $ | 732.2 | $ | 169.3 | $ | 453.2 | $ | 44.7 | $ | 1,399.4 | $ | 664.2 | $ | 167.0 | $ | 400.1 | $ | 43.4 | $ | 1,274.7 | ||||||||||||||||||||||||||||||||||||||||||
Net cash flows(4) | (19.7) | 1.0 | 0.4 | 0.9 | (17.4) | (62.7) | (0.8) | 9.1 | 0.9 | (53.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market appreciation (depreciation) and gains(losses(5) | (22.5) | (1.0) | (13.1) | 1.1 | (35.5) | 88.5 | 3.1 | 31.3 | 2.4 | 125.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change during the period | (42.2) | — | (12.7) | 2.0 | (52.9) | 25.8 | 2.3 | 40.4 | 3.3 | 71.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at September 30, 2023 | $ | 690.0 | $ | 169.3 | $ | 440.5 | $ | 46.7 | $ | 1,346.5 | $ | 690.0 | $ | 169.3 | $ | 440.5 | $ | 46.7 | $ | 1,346.5 |
% of U.S. mutual funds that outperformed Morningstar median(2),(3) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 49% | 50% | 70% | 73% | ||||||||||||||||||||||
Fixed Income | 60% | 59% | 73% | 68% | ||||||||||||||||||||||
Multi-Asset | 73% | 58% | 86% | 88% | ||||||||||||||||||||||
All Funds | 61% | 55% | 76% | 75% | ||||||||||||||||||||||
% of U.S. mutual funds that outperformed passive peer median(2),(4) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 49% | 36% | 53% | 56% | ||||||||||||||||||||||
Fixed Income | 47% | 53% | 57% | 57% | ||||||||||||||||||||||
Multi-Asset | 76% | 63% | 90% | 60% | ||||||||||||||||||||||
All Funds | 59% | 49% | 65% | 57% | ||||||||||||||||||||||
% of composites that outperformed benchmarks(5) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 35% | 33% | 56% | 66% | ||||||||||||||||||||||
Fixed Income | 49% | 51% | 51% | 74% | ||||||||||||||||||||||
All Composites | 41% | 40% | 54% | 69% | ||||||||||||||||||||||
AUM Weighted Performance | ||||||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed Morningstar median(2),(3) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 64% | 47% | 70% | 83% | ||||||||||||||||||||||
Fixed Income | 55% | 68% | 90% | 81% | ||||||||||||||||||||||
Multi-Asset | 93% | 89% | 96% | 87% | ||||||||||||||||||||||
All Funds | 71% | 60% | 79% | 86% | ||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed passive peer median(2),(4) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 65% | 26% | 51% | 52% | ||||||||||||||||||||||
Fixed Income | 49% | 71% | 73% | 68% | ||||||||||||||||||||||
Multi-Asset | 96% | 92% | 97% | 95% | ||||||||||||||||||||||
All Funds | 73% | 49% | 66% | 65% | ||||||||||||||||||||||
% of composites AUM that outperformed benchmarks(5) | ||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 44% | 34% | 46% | 52% | ||||||||||||||||||||||
Fixed Income | 52% | 51% | 51% | 66% | ||||||||||||||||||||||
All Composites | 46% | 37% | 47% | 54% | ||||||||||||||||||||||
Three months ended | Q3 2023 vs. Q3 2022 | Nine months ended | YTD 2023 vs. YTD 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per-share data) | 9/30/2023 | 9/30/2022 | $ change | % change(1) | 9/30/2023 | 9/30/2022 | $ change | % change(1) | ||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP basis | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment advisory fees | $ | 1,463.9 | $ | 1,442.0 | $ | 21.9 | 1.5 | % | $ | 4,286.5 | $ | 4,600.8 | $ | (314.3) | (6.8) | % | ||||||||||||||||||||||||||||||||||
Capital allocation-based income(2) | $ | 66.1 | $ | 1.1 | $ | 65.0 | n/m | $ | 121.7 | $ | (80.8) | $ | 202.5 | n/m | ||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,670.7 | $ | 1,588.2 | $ | 82.5 | 5.2 | % | $ | 4,818.5 | $ | 4,964.2 | $ | (145.7) | (2.9) | % | ||||||||||||||||||||||||||||||||||
Operating expenses | $ | 1,089.4 | $ | 1,013.6 | $ | 75.8 | 7.5 | % | $ | 3,219.5 | $ | 2,843.6 | $ | 375.9 | 13.2 | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | 581.3 | $ | 574.6 | $ | 6.7 | 1.2 | % | $ | 1,599.0 | $ | 2,120.6 | $ | (521.6) | (24.6) | % | ||||||||||||||||||||||||||||||||||
Non-operating income (loss) | $ | 2.8 | $ | (82.8) | $ | 85.6 | n/m | $ | 244.4 | $ | (561.2) | $ | 805.6 | n/m | ||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price | $ | 453.2 | $ | 384.4 | $ | 68.8 | 17.9 | % | $ | 1,351.1 | $ | 1,291.9 | $ | 59.2 | 4.6 | % | ||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 1.97 | $ | 1.66 | $ | 0.31 | 18.7 | % | $ | 5.86 | $ | 5.54 | $ | 0.32 | 5.8 | % | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding assuming dilution | 224.8 | 226.3 | $ | (1.5) | (0.7) | % | 225.1 | 228.0 | $ | (2.9) | (1.3) | % | ||||||||||||||||||||||||||||||||||||||
Adjusted non-GAAP basis(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 1,061.3 | $ | 1,028.2 | $ | 33.1 | 3.2 | % | $ | 3,110.0 | $ | 3,014.6 | $ | 95.4 | 3.2 | % | ||||||||||||||||||||||||||||||||||
Net operating income | $ | 635.9 | $ | 573.7 | $ | 62.2 | 10.8 | % | $ | 1,760.5 | $ | 1,991.4 | $ | (230.9) | (11.6) | % | ||||||||||||||||||||||||||||||||||
Non-operating income (loss) | $ | 28.7 | $ | (3.7) | $ | 32.4 | n/m | $ | 91.3 | $ | (58.1) | $ | 149.4 | n/m | ||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price | $ | 499.5 | $ | 430.6 | $ | 68.9 | 16.0 | % | $ | 1,355.4 | $ | 1,465.2 | $ | (109.8) | (7.5) | % | ||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 2.17 | $ | 1.86 | $ | 0.31 | 16.7 | % | $ | 5.88 | $ | 6.28 | $ | (0.40) | (6.4) | % | ||||||||||||||||||||||||||||||||||
Assets under management (in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | $ | 1,393.6 | $ | 1,347.5 | $ | 46.1 | 3.4 | % | $ | 1,358.2 | $ | 1,437.1 | $ | (78.9) | (5.5) | % | ||||||||||||||||||||||||||||||||||
Ending assets under management | $ | 1,346.5 | $ | 1,230.0 | $ | 116.5 | 9.5 | % | $ | 1,346.5 | $ | 1,230.0 | $ | 116.5 | 9.5 | % |
Three months ended | Q3 2023 vs. Q3 2022 | Nine months ended | YTD 2023 vs. YTD 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | $ change | % change | 9/30/2023 | 9/30/2022 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||
Investment advisory fees | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | $ | 885.0 | $ | 897.0 | $ | (12.0) | (1.3) | % | $ | 2,581.2 | $ | 2,924.0 | $ | (342.8) | (11.7) | % | ||||||||||||||||||||||||||||||||||
Fixed income | 100.9 | 107.6 | (6.7) | (6.2) | % | 303.3 | 324.1 | (20.8) | (6.4) | % | ||||||||||||||||||||||||||||||||||||||||
Multi-asset | 405.5 | 367.2 | 38.3 | 10.4 | % | 1,182.8 | 1,149.3 | 33.5 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||
Alternatives | 72.5 | 70.2 | 2.3 | 3.3 | % | 219.2 | 203.4 | 15.8 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||
1,463.9 | 1,442.0 | 21.9 | 1.5 | % | 4,286.5 | 4,600.8 | (314.3) | (6.8) | % | |||||||||||||||||||||||||||||||||||||||||
Capital allocation-based income | 66.1 | 1.1 | 65.0 | n/m | 121.7 | (80.8) | 202.5 | n/m | ||||||||||||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | ||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative fees | 119.4 | 123.1 | (3.7) | (3.0) | % | 347.7 | 372.7 | (25.0) | (6.7) | % | ||||||||||||||||||||||||||||||||||||||||
Distribution and servicing fees | $ | 21.3 | 22.0 | (0.7) | (3.2) | % | 62.6 | 71.5 | (8.9) | (12.4) | % | |||||||||||||||||||||||||||||||||||||||
$ | 140.7 | 145.1 | (4.4) | (3.0) | % | 410.3 | 444.2 | (33.9) | (7.6) | % | ||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,670.7 | $ | 1,588.2 | $ | 82.5 | 5.2 | % | $ | 4,818.5 | $ | 4,964.2 | $ | (145.7) | (2.9) | % | ||||||||||||||||||||||||||||||||||
Average assets under management (in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | $ | 725.0 | $ | 724.9 | $ | 0.1 | — | % | $ | 705.3 | $ | 793.0 | $ | (87.7) | (11.1) | % | ||||||||||||||||||||||||||||||||||
Fixed income | 169.0 | 173.0 | (4.0) | (2.3) | % | 169.6 | 175.1 | (5.5) | (3.1) | % | ||||||||||||||||||||||||||||||||||||||||
Multi-asset | 453.8 | 406.7 | 47.1 | 11.6 | % | 438.5 | 426.6 | 11.9 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||
Alternatives | 45.8 | 42.9 | 2.9 | 6.8 | % | 44.8 | 42.4 | 2.4 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||
Average assets under management | $ | 1,393.6 | $ | 1,347.5 | $ | 46.1 | 3.4 | % | $ | 1,358.2 | $ | 1,437.1 | $ | (78.9) | (5.5) | % | ||||||||||||||||||||||||||||||||||
Investment advisory annualized effective fee rate (in bps) | 41.7 | 42.5 | (0.8) | (1.9) | % | 42.2 | 42.8 | (0.6) | (1.4) | % |
Three months ended | Q3 2023 vs. Q3 2022 | Nine months ended | YTD 2023 vs. YTD 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | $ change | % change | 9/30/2023 | 9/30/2022 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||
Compensation, benefits and related costs | $ | 617.0 | $ | 595.6 | $ | 21.4 | 3.6 | % | $ | 1,801.3 | $ | 1,781.3 | $ | 20.0 | 1.1 | % | ||||||||||||||||||||||||||||||||||
Acquisition-related retention agreements | 13.7 | 17.1 | (3.4) | (19.9) | % | 41.5 | 54.3 | (12.8) | (23.6) | % | ||||||||||||||||||||||||||||||||||||||||
Capital allocation-based income compensation | 19.9 | 0.1 | 19.8 | n/m | 34.0 | (33.3) | 67.3 | n/m | ||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan(1) | (14.2) | (24.7) | 10.5 | n/m | 61.3 | (169.2) | 230.5 | n/m | ||||||||||||||||||||||||||||||||||||||||||
Total compensation and related costs | 636.4 | 588.1 | 48.3 | 8.2 | % | 1,938.1 | 1,633.1 | 305.0 | 18.7 | % | ||||||||||||||||||||||||||||||||||||||||
Distribution and servicing | 74.9 | 69.9 | 5.0 | 7.2 | % | 214.2 | 231.5 | (17.3) | (7.5) | % | ||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 21.1 | 24.3 | (3.2) | (13.2) | % | 69.8 | 69.1 | 0.7 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||
Product and recordkeeping related costs | 73.1 | 75.6 | (2.5) | (3.3) | % | 222.9 | 232.3 | (9.4) | (4.0) | % | ||||||||||||||||||||||||||||||||||||||||
Technology, occupancy, and facility costs | 159.7 | 143.6 | 16.1 | 11.2 | % | 461.0 | 411.8 | 49.2 | 11.9 | % | ||||||||||||||||||||||||||||||||||||||||
General, administrative, and other | 85.7 | 114.9 | (29.2) | (25.4) | % | 293.2 | 310.1 | (16.9) | (5.4) | % | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | (29.9) | 29.9 | (100.0) | % | (72.8) | (125.7) | 52.9 | (42.1) | % | ||||||||||||||||||||||||||||||||||||||||
Acquisition-related amortization | 38.5 | 27.1 | 11.4 | 42.1 | % | 93.1 | 81.4 | 11.7 | 14.4 | % | ||||||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 1,089.4 | $ | 1,013.6 | $ | 75.8 | 7.5 | % | $ | 3,219.5 | $ | 2,843.6 | $ | 375.9 | 13.2 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | |||||||||||||||||||||||
Cash and discretionary investments | |||||||||||||||||||||||
Dividend income | $ | 30.3 | $ | 11.5 | $ | 76.0 | $ | 15.1 | |||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | 2.2 | (15.2) | 19.1 | (73.2) | |||||||||||||||||||
Total cash and discretionary investments | 32.5 | (3.7) | 95.1 | (58.1) | |||||||||||||||||||
Seed capital investments | |||||||||||||||||||||||
Dividend income | 0.3 | 0.2 | 1.2 | 0.6 | |||||||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | (4.5) | (14.1) | 25.0 | (77.5) | |||||||||||||||||||
Net gains recognized upon deconsolidation | 0.7 | — | 0.7 | 6.8 | |||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | (19.7) | (26.3) | 58.6 | (178.0) | |||||||||||||||||||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | 9.3 | (43.9) | 180.6 | (306.2) | |||||||||||||||||||
Other investment income | 21.4 | 2.4 | 33.1 | 4.9 | |||||||||||||||||||
Net gains (losses) on investments | 30.7 | (41.5) | 213.7 | (301.3) | |||||||||||||||||||
Net gains (losses) on consolidated sponsored investment portfolios | (24.4) | (41.7) | 45.4 | (247.7) | |||||||||||||||||||
Other income (losses), including foreign currency losses | (3.5) | 0.4 | (14.7) | (12.2) | |||||||||||||||||||
Non-operating income (loss) | $ | 2.8 | $ | (82.8) | $ | 244.4 | $ | (561.2) |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | |||||||||||||||||||
Operating expenses reflected in net operating income | $ | (1.4) | $ | (1.8) | $ | (8.8) | $ | (6.2) | |||||||||||||||
Net investment income (loss) reflected in non-operating income | (24.4) | (41.8) | 45.4 | (247.8) | |||||||||||||||||||
Impact on income before taxes | $ | (25.8) | $ | (43.6) | $ | 36.6 | $ | (254.0) | |||||||||||||||
Net income (loss) attributable to our interest in the consolidated T. Rowe Price investment products | $ | (11.8) | $ | (17.0) | $ | 25.6 | $ | (122.1) | |||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests (unrelated third-party investors) | (14.0) | (26.6) | 11.0 | (131.9) | |||||||||||||||||||
$ | (25.8) | $ | (43.6) | $ | 36.6 | $ | (254.0) |
Three months ended | Nine months ended | ||||||||||||||||||||||
9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||||||||
Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||||||
State income taxes for current year, net of federal income tax benefits(1) | 3.3 | 3.4 | 3.0 | 3.5 | |||||||||||||||||||
Net (income) losses attributable to redeemable non-controlling interests(2) | 0.1 | 2.5 | (0.2) | 1.6 | |||||||||||||||||||
Net excess tax benefits from stock-based compensation plans activity | (0.4) | (0.5) | (0.3) | (0.5) | |||||||||||||||||||
Other items, including valuation allowances | 0.8 | 0.8 | 2.6 | — | |||||||||||||||||||
Effective income tax rate | 24.8 | % | 27.2 | % | 26.1 | % | 25.6 | % |
Three months ended 9/30/2023 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 1,089.4 | $ | 581.3 | $ | 2.8 | $ | 144.9 | $ | 453.2 | $ | 1.97 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) | 10.6 | 15.2 | — | 4.6 | 10.6 | 0.04 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | (13.7) | 13.7 | — | 4.2 | 9.5 | 0.04 | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) | (38.5) | 38.5 | — | 11.7 | 26.8 | 0.12 | |||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | (41.6) | 67.4 | — | 20.5 | 46.9 | 0.20 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | 14.2 | (14.2) | 19.7 | 1.7 | 3.8 | 0.02 | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (0.7) | 1.4 | 24.4 | 3.6 | 8.2 | 0.03 | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | (18.2) | (5.6) | (12.6) | (0.05) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 1,061.3 | $ | 635.9 | $ | 28.7 | $ | 165.1 | $ | 499.5 | $ | 2.17 |
Three months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 1,013.6 | $ | 574.6 | $ | (82.8) | $ | 134.0 | $ | 384.4 | $ | 1.66 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) | 5.6 | 7.6 | — | 1.4 | 6.2 | 0.03 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | (17.1) | 17.1 | — | 3.0 | 14.1 | 0.06 | |||||||||||||||||||||||||||||
Contingent consideration(1) | 29.9 | (29.9) | — | (3.8) | (26.1) | (0.11) | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) | (27.1) | 27.1 | — | 5.1 | 22.0 | 0.09 | |||||||||||||||||||||||||||||
Transaction costs(2) (General, admin and other) | (0.1) | 0.1 | — | — | 0.1 | — | |||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | (8.8) | 22.0 | — | 5.7 | 16.3 | 0.07 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | 24.7 | (24.7) | 26.3 | 0.1 | 1.5 | 0.01 | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (1.3) | 1.8 | 41.7 | (0.3) | 17.2 | 0.07 | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | 11.1 | (0.1) | 11.2 | 0.05 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 1,028.2 | $ | 573.7 | $ | (3.7) | $ | 139.4 | $ | 430.6 | $ | 1.86 |
Nine months ended 9/30/2023 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 3,219.5 | $ | 1,599.0 | $ | 244.4 | $ | 481.3 | $ | 1,351.1 | $ | 5.86 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) | 20.8 | 29.6 | — | 6.2 | 23.4 | 0.10 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | (41.5) | 41.5 | — | 7.2 | 34.3 | 0.15 | |||||||||||||||||||||||||||||
Contingent consideration(1) | 72.8 | (72.8) | — | (8.0) | (64.8) | (0.28) | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) | (93.1) | 93.1 | — | 17.7 | 75.4 | 0.33 | |||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | (41.0) | 91.4 | — | 23.1 | 68.3 | 0.30 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | (61.3) | 61.3 | (58.6) | 1.4 | 1.3 | 0.01 | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (7.2) | 8.8 | (45.4) | (0.5) | (25.1) | (0.11) | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | (49.1) | (8.9) | (40.2) | (0.18) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 3,110.0 | $ | 1,760.5 | $ | 91.3 | $ | 496.4 | $ | 1,355.4 | $ | 5.88 |
Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 2,843.6 | $ | 2,120.6 | $ | (561.2) | $ | 399.4 | $ | 1,291.9 | $ | 5.54 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Investment and NCI amortization and impairments(1) (Capital allocation-based income and Compensation and related costs) | 16.9 | 22.8 | — | 6.5 | 16.3 | 0.07 | |||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | (54.3) | 54.3 | — | 15.4 | 38.9 | 0.17 | |||||||||||||||||||||||||||||
Contingent consideration(1) | 125.7 | (125.7) | — | (35.7) | (90.0) | (0.40) | |||||||||||||||||||||||||||||
Intangible assets amortization and impairments(1) | (81.4) | 81.4 | — | 23.1 | 58.3 | 0.25 | |||||||||||||||||||||||||||||
Transaction costs(2) (General, admin and other) | (0.9) | 0.9 | — | 0.2 | 0.7 | — | |||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | 6.0 | 33.7 | — | 9.5 | 24.2 | 0.09 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | 169.2 | (169.2) | 178.0 | 2.5 | 6.3 | 0.03 | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (4.2) | 6.3 | 247.7 | 34.7 | 87.4 | 0.38 | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | 77.4 | 22.0 | 55.4 | 0.24 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 3,014.6 | $ | 1,991.4 | $ | (58.1) | $ | 468.1 | $ | 1,465.2 | $ | 6.28 |
Three months ended | Nine months ended | ||||||||||||||||
9/30/2023 | 9/30/2022 | 9/30/2023 | 9/30/2022 | ||||||||||||||
Adjusted net income attributable to T. Rowe Price | $ | 499.5 | $ | 430.6 | $ | 1,355.4 | $ | 1,465.2 | |||||||||
Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | 11.7 | 10.7 | 32.8 | 34.1 | |||||||||||||
Adjusted net income allocated to common stockholders | $ | 487.8 | $ | 419.9 | $ | 1,322.6 | $ | 1,431.1 |
(in millions) | 9/30/2023 | 12/31/2022 | |||||||||
Cash and cash equivalents | $ | 2,578.7 | $ | 1,755.6 | |||||||
Discretionary investments | 486.3 | 449.7 | |||||||||
Total cash and discretionary investments | 3,065.0 | 2,205.3 | |||||||||
Redeemable seed capital investments | 1,167.4 | 1,120.3 | |||||||||
Investments used to hedge the supplemental savings plan liability | 783.9 | 760.7 | |||||||||
Total cash and investments in T. Rowe Price products | $ | 5,016.3 | $ | 4,086.3 |
(in millions) | Cash and cash equivalents | Investments | Net assets of consolidated T. Rowe Price investment products(1) | Total | |||||||||||||||||||
Cash and discretionary investments | $ | 2,578.7 | $ | 263.0 | $ | 223.3 | $ | 3,065.0 | |||||||||||||||
Seed capital investments | — | 322.7 | 844.7 | 1,167.4 | |||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | — | 717.6 | 66.3 | 783.9 | |||||||||||||||||||
Total cash and investments in T. Rowe Price products attributable to T. Rowe Price | 2,578.7 | 1,303.3 | 1,134.3 | 5,016.3 | |||||||||||||||||||
Investments in affiliated private investment funds(2) | — | 825.0 | — | 825.0 | |||||||||||||||||||
Investments in CLOs | — | 110.1 | — | 110.1 | |||||||||||||||||||
Investment in UTI and other investments | — | 265.2 | — | 265.2 | |||||||||||||||||||
Total cash and investments attributable to T. Rowe Price | 2,578.7 | 2,503.6 | 1,134.3 | 6,216.6 | |||||||||||||||||||
Redeemable non-controlling interests | — | — | 560.2 | 560.2 | |||||||||||||||||||
As reported on unaudited condensed consolidated balance sheet at September 30, 2023 | $ | 2,578.7 | $ | 2,503.6 | $ | 1,694.5 | $ | 6,776.8 |
(in millions) | Recurring dividend | Special dividend | Stock repurchases | Total cash returned to stockholders | |||||||||||||||||||
2021 | $ | 1,003.7 | $ | 699.8 | $ | 1,136.0 | $ | 2,839.5 | |||||||||||||||
2022 | 1,108.8 | — | 855.3 | 1,964.1 | |||||||||||||||||||
Nine months ended 9/30/2023 | 841.1 | — | 150.6 | 991.7 | |||||||||||||||||||
Total | $ | 2,953.6 | $ | 699.8 | $ | 2,141.9 | $ | 5,795.3 |
Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||
9/30/2023 | 9/30/2022 | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated sponsored investment products | Elims | As reported | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated sponsored investment products | Elims | As reported | |||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,351.1 | $ | 36.6 | $ | (25.6) | $ | 1,362.1 | $ | 1,291.9 | $ | (254.0) | $ | 122.1 | $ | 1,160.0 | |||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairments of property, equipment and software | 181.6 | — | — | 181.6 | 166.0 | — | — | 166.0 | |||||||||||||||||||||||||||||||||||||||
Amortization and impairment of acquisition-related assets and retention agreements | 165.6 | — | — | 165.6 | 158.4 | — | — | 158.4 | |||||||||||||||||||||||||||||||||||||||
Fair value remeasurement of contingent liability | (72.8) | — | — | (72.8) | (125.7) | — | — | (125.7) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 169.7 | — | — | 169.7 | 185.7 | — | — | 185.7 | |||||||||||||||||||||||||||||||||||||||
Net (gains) losses recognized on investments | (326.0) | — | 25.6 | (300.4) | 506.6 | — | (122.1) | 384.5 | |||||||||||||||||||||||||||||||||||||||
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability | 101.3 | — | — | 101.3 | 33.8 | — | — | 33.8 | |||||||||||||||||||||||||||||||||||||||
Net change in trading securities held by consolidated sponsored investment products | — | (779.9) | — | (779.9) | — | 291.0 | — | 291.0 | |||||||||||||||||||||||||||||||||||||||
Other changes | 546.8 | 11.8 | (9.3) | 549.3 | 236.1 | 21.0 | (16.2) | 240.9 | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 2,117.3 | (731.5) | (9.3) | 1,376.5 | 2,452.8 | 58.0 | (16.2) | 2,494.6 | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (333.3) | (35.6) | 407.0 | 38.1 | (54.7) | (8.7) | (6.1) | (69.5) | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (960.9) | 741.4 | (397.7) | (617.2) | (1,554.9) | (84.1) | 22.3 | (1,616.7) | |||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | — | (1.8) | — | (1.8) | — | 11.8 | — | 11.8 | |||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents during period | 823.1 | (27.5) | — | 795.6 | 843.2 | (23.0) | — | 820.2 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | 1,755.6 | 119.1 | — | 1,874.7 | 1,523.1 | 101.1 | — | 1,624.2 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2,578.7 | $ | 91.6 | $ | — | $ | 2,670.3 | $ | 2,366.3 | $ | 78.1 | $ | — | $ | 2,444.4 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
July | 24,840 | $ | 118.88 | — | 8,354,638 | |||||||||||||||||||||
August | 314,929 | $ | 112.14 | 304,011 | 8,050,627 | |||||||||||||||||||||
September | 687,082 | $ | 106.22 | 673,247 | 7,377,380 | |||||||||||||||||||||
Total | 1,026,851 | $ | 108.34 | 977,258 |
Authorization Dates | 7/1/2023 | Total Number of Shares Purchased | Maximum Number of Shares that May Yet Be Purchased at 9/30/2023 | |||||||||||||||||
March 2020 | 8,354,638 | (977,258) | 7,377,380 | |||||||||||||||||
3(i) | |||||||||||
3(ii) | |||||||||||
10.01 | T. Rowe Price, Inc. 1986 Employee Stock Purchase Plan, Restated as of April 26, 2017, as amended. (Incorporated by reference from Form S-8 registration statement filed on August 2, 2023.) | ||||||||||
10.02 | |||||||||||
15 | |||||||||||
31(i).1 | |||||||||||
31(i).2 | |||||||||||
32 | |||||||||||
101 | The following series of unaudited XBRL-formatted documents are collectively included herewith as Exhibit 101. The financial information is extracted from T. Rowe Price Group’s unaudited condensed consolidated interim financial statements and notes that are included in this Form 10-Q Report. | ||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | ||||||||||
101.LAB | XBRL Taxonomy Label Linkbase Document | ||||||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document | ||||||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets of consolidated T. Rowe Price investment products | $ 1,778.3 | $ 1,603.4 |
Liabilities of consolidated T. Rowe Price investment products | $ 83.8 | $ 89.1 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.20 | $ 0.20 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 223,540,000 | 224,310,000 |
Variable interest entities | ||
Assets of consolidated T. Rowe Price investment products | $ 1,105.2 | $ 1,375.6 |
Liabilities of consolidated T. Rowe Price investment products | $ 35.8 | $ 39.1 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Cash and cash equivalents | $ 2,670.3 | $ 1,874.7 | $ 2,444.4 | $ 1,624.2 |
Consolidated T. Rowe Price investment products | ||||
Cash and cash equivalents | $ 91.6 | $ 119.1 | $ 78.1 | $ 101.1 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share (in dollars per share) | $ 1.22 | $ 1.20 | $ 3.66 | $ 3.60 |
THE COMPANY AND BASIS OF PREPARATION |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY AND BASIS OF PREPARATION | THE COMPANY AND BASIS OF PREPARATION. T. Rowe Price Group, Inc. (“T. Rowe Price”, “us”, or “we”) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements also known as carried interest. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PRESENTATION. These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. The unaudited interim financial information contained in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2022 Annual Report. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.
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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES |
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Information about Receivables, Revenues, and Services [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES | INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Our revenues are derived primarily from investment advisory services provided to individual and institutional investors through the use of U.S. mutual funds, subadvised funds, separately managed accounts, collective investment trusts, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements also known as carried interest. We manage a broad mix of equity, fixed income, multi-asset, and alternative classes and solutions that meet the varied needs and objectives of individual and institutional investors. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management affect our revenues. Net revenues earned for the three- and nine-month periods ended September 30, 2023 and 2022, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues.
Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,387.5 million and $1,311.2 million for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, total net revenues earned from our sponsored products aggregate $3,979.9 million and $4,069.7 million, respectively. Accounts receivable from our sponsored products aggregate to $488.2 million at September 30, 2023 and $492.4 million at December 31, 2022. Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.2%, 8.9%, and 9.1% of our assets under management at September 30, 2023, June 30, 2023, and December 31, 2022, respectively.
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INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS. The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows:
The investment partnerships are carried at fair value using net asset value (“NAV”) per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant transferability restrictions. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate. During the three- and nine-months ended September 30, 2023, net gains on investments included $46.1 million of net unrealized losses and $28.9 million of net unrealized gains, respectively, related to investments held at fair value that were still held at September 30, 2023. For the same periods of 2022, net losses on investments included $35.3 million and $258.7 million of net unrealized losses related to investments held at fair value that were still held at September 30, 2022. During the nine months ended September 30, 2023 and 2022, certain sponsored investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these sponsored investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine months ended September 30, 2023 and 2022, certain sponsored investment products were consolidated, as we regained a controlling interest. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.
The gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain sponsored investment products with non-USD functional currencies from accumulated other comprehensive income (loss) to non-operating income (loss). INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS. There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $96.1 million at September 30, 2023 and $103.0 million at December 31, 2022, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €65.7 million (equivalent to $69.5 million at September 30, 2023 and $71.3 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt also includes outstanding note facilities of €25.2 million (equivalent to $26.6 million at September 30, 2023 and $31.7 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by first priority security interests in the assets of a consolidated subsidiary that is party to the notes. These note facilities bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 12.52% as of September 30, 2023. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner. VARIABLE INTEREST ENTITIES. Our investments at September 30, 2023 and December 31, 2022 include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:
The unfunded capital commitments, totaling $123.9 million at September 30, 2023 and $84.7 million at December 31, 2022, relate primarily to the affiliated private investment funds and the investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances. INVESTMENTS IN AFFILIATED FUNDS. Certain of the the investments in affiliated funds represent interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income or carried interest. These entities are considered variable interest entities and are consolidated as T. Rowe Price was determined to be the primary beneficiary. The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS. We determine the fair value of our cash equivalents and investments held at fair value using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market. These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments and liabilities that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated sponsored investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.
The fair value hierarchy level table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient. The carrying value of these investments as disclosed in Note 3 were $74.9 million at September 30, 2023, and $86.4 million at December 31, 2022. Contingent Consideration As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent consideration in the amount of up to $900 million, payable in cash, that may be due as part of an earnout payment starting in 2025 and ending in 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend additional years if the defined revenue targets are not achieved. About 22% of the earnout is conditioned upon continued service with T. Rowe Price and was excluded from the purchase consideration and deemed compensatory. The fair value of the earnout deemed compensatory is remeasured each reporting period and recognized over the related service period. The amount recorded as compensation expense for the three- and nine-months ended September 30, 2023 was immaterial. The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:
The fair value of the contingent consideration is measured using the Monte Carlo simulation methodology of valuation. The most significant assumptions used relate to the discount rates and from changes pertaining to the achievement of the defined financial targets. |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS |
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Consolidated Sponsored Investment Portfolios [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | CONSOLIDATED SPONSORED INVESTMENT PRODUCTS. The sponsored investment products that we consolidate in our unaudited condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds and certain other sponsored products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities. The following table details the net assets of the consolidated sponsored investment products:
(1) Cash and cash equivalents includes $14.5 million at September 30, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.2 million at September 30, 2023, and $7.6 million at December 31, 2022 of other sponsored investment products. Although we can redeem our interest in these consolidated sponsored investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors. Since third party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated sponsored investment products is limited to valuation changes associated with our interest. We, however, are required to recognize the valuation changes associated with all underlying investments held by these products in our unaudited condensed consolidated statements of income and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests. The operating results of the consolidated sponsored investment products for the three- and nine- months ended September 30, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows:
The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $0.7 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2023 and 2022, were $1.6 million and $2.0 million, respectively. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as realized and unrealized gains and losses on the underlying securities held by the consolidated sponsored investment products. The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022.
The net cash provided by financing activities during the nine months ended September 30, 2023 and 2022 includes $397.7 million and $22.3 million, respectively, of net subscriptions we made into the consolidated sponsored investment products, net of dividends received. These cash flows were eliminated in consolidation. FAIR VALUE MEASUREMENTS. We determine the fair value of investments held by consolidated sponsored investment products using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated sponsored investment products using fair value measurements determined based on the differing levels of inputs.
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GOODWILL AND INTANGIBLE ASSETS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following:
Amortization and impairment expense for the definite-lived investment advisory agreements intangible assets was $35.0 million and $87.4 million for the three- and nine-months ended September 30, 2023, respectively. For the three- and nine-months ended September 30, 2022, amortization expense for the definite-lived investment advisory agreements intangible assets was $27.1 million and $81.4 millions, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the remainder of 2023 is $26.8 million, $89.2 million for 2024, $87.8 million for 2025, $70.8 million for 2026, and $48.7 million for 2027. We evaluate the carrying amount of goodwill in our unaudited condensed consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year or if triggering events occur that require us to evaluate for impairment earlier. We did not record any impairment charges for goodwill in either the three or nine months ended September 30, 2023.
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STOCK-BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2023.
RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2023.
Nonvested at September 30, 2023, includes performance-based restricted stock units of 320,326. These nonvested performance-based restricted stock units include 105,106 units for which the performance period has lapsed, and the performance threshold has been met. FUTURE STOCK-BASED COMPENSATION EXPENSE. The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2023. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.
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EARNINGS PER SHARE CALCULATIONS |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS. The following table presents the reconciliation of net income attributable to T. Rowe Price to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No outstanding stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented.
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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS | OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. The changes in currency translation adjustments included in accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022 are presented in the table below.
The other comprehensive income (loss) in the table above excludes $3.9 million and $19.1 million of other comprehensive losses related to redeemable non-controlling interests held in our consolidated products for the three months ended September 30, 2023 and 2022. The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2023 and 2022, are presented in the table below.
The other comprehensive income (loss) in the table above excludes net gains of $7.7 million for 2023 period and net losses of $44.6 million for the 2022 period of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products.
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COMMITMENTS AND CONTINGENCIES |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $412 million to fund OHA products over the next four years. CONTINGENCIES. Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.
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THE COMPANY AND BASIS OF PREPARATION (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of accounting | These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. |
Use of estimates | These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. |
Newly issued but not yet adopted accounting guidance | We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations. |
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Receivables, Revenues, and Services [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenues From Advisory Services | Net revenues earned for the three- and nine-month periods ended September 30, 2023 and 2022, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues.
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INVESTMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unconsolidated Investments | The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows:
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Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements | The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.
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Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities | Our investments at September 30, 2023 and December 31, 2022 include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:
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Schedule of Total Assets, Liabilities and Non-controlling Interests of Consolidated Variable Interest Entities | The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements | The following table summarizes our investments and liabilities that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated sponsored investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.
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Schedule of Change in Contingent Consideration Liability | The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:
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CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Sponsored Investment Portfolios [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios | The following table details the net assets of the consolidated sponsored investment products:
(1) Cash and cash equivalents includes $14.5 million at September 30, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.2 million at September 30, 2023, and $7.6 million at December 31, 2022 of other sponsored investment products.
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Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios | The operating results of the consolidated sponsored investment products for the three- and nine- months ended September 30, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows:
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Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios | The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022.
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Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios | The following table summarizes the investment holdings held by our consolidated sponsored investment products using fair value measurements determined based on the differing levels of inputs.
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets consist of the following:
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STOCK-BASED COMPENSATION (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Roll Forward of Stock Options | The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2023.
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Schedule of Roll Forward of Nonvested Restricted Shares and Restricted Stock Units | The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2023.
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Schedule of Future Stock-based Compensation Expense | The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2023. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.
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EARNINGS PER SHARE CALCULATIONS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Reconciliation | The following table presents the reconciliation of net income attributable to T. Rowe Price to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No outstanding stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented.
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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss | The changes in currency translation adjustments included in accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022 are presented in the table below.
The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2023 and 2022, are presented in the table below.
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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Revenue and Services [Line Items] | ||||
Net revenues | $ 1,670.7 | $ 1,588.2 | $ 4,818.5 | $ 4,964.2 |
Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 1,463.9 | 1,442.0 | 4,286.5 | 4,600.8 |
Investment advisory fees | Assets under management | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 1,393,600.0 | 1,347,500.0 | 1,358,200.0 | 1,437,100.0 |
Capital allocation-based income | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 66.1 | 1.1 | 121.7 | (80.8) |
Administrative, distribution, and servicing fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 140.7 | 145.1 | 410.3 | 444.2 |
Equity | Investment advisory fees | Assets under management | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 725,000.0 | 724,900.0 | 705,300.0 | 793,000.0 |
Fixed income, including money market | Investment advisory fees | Assets under management | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 169,000.0 | 173,000.0 | 169,600.0 | 175,100.0 |
Multi-asset | Investment advisory fees | Assets under management | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 453,800.0 | 406,700.0 | 438,500.0 | 426,600.0 |
Alternatives | Investment advisory fees | Assets under management | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 45,800.0 | 42,900.0 | 44,800.0 | 42,400.0 |
Investment advisory fees | Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 1,463.9 | 1,442.0 | 4,286.5 | 4,600.8 |
Investment advisory fees | Equity | Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 885.0 | 897.0 | 2,581.2 | 2,924.0 |
Investment advisory fees | Fixed income, including money market | Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 100.9 | 107.6 | 303.3 | 324.1 |
Investment advisory fees | Multi-asset | Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | 405.5 | 367.2 | 1,182.8 | 1,149.3 |
Investment advisory fees | Alternatives | Investment advisory fees | ||||
Revenue and Services [Line Items] | ||||
Net revenues | $ 72.5 | $ 70.2 | $ 219.2 | $ 203.4 |
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
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Concentration Risk [Line Items] | ||||||
Net revenues | $ 1,670.7 | $ 1,588.2 | $ 4,818.5 | $ 4,964.2 | ||
Accounts receivable | 752.0 | 752.0 | $ 748.7 | |||
Sponsored investment portfolios | ||||||
Concentration Risk [Line Items] | ||||||
Net revenues | 1,387.5 | $ 1,311.2 | 3,979.9 | $ 4,069.7 | ||
Accounts receivable | $ 488.2 | $ 488.2 | $ 492.4 | |||
Investment advisory fees | Assets under management | Geographic concentration | Outside U.S. | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk | 8.90% | 9.20% | 9.10% |
INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Total | $ 2,503.6 | $ 2,539.2 |
U.S. Treasury note | ||
Schedule of Equity Method Investments [Line Items] | ||
Held to maturity | 1.0 | 1.0 |
Certificates of deposit | ||
Schedule of Equity Method Investments [Line Items] | ||
Held to maturity | 17.4 | 9.2 |
Discretionary investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments held at fair value | 259.3 | 242.0 |
Equity method investments | 3.7 | 199.6 |
Seed capital | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments held at fair value | 240.2 | 195.1 |
Equity method investments | 82.5 | 125.7 |
Supplemental savings plan liability economic hedges | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments held at fair value | 698.4 | 760.7 |
Equity method investments | 19.2 | 0.0 |
Investment partnerships and other investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments held at fair value | 75.5 | 87.1 |
Equity method investments | 1.3 | 2.4 |
Investments in affiliated collateralized loan obligations | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments held at fair value | 7.6 | |
Held to maturity | $ 102.5 | $ 109.6 |
23% Investment in UTI Asset Management Company Limited (India) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment (ownership percentage) | 23.00% | 23.00% |
Equity method investments | $ 170.0 | $ 158.8 |
Investments in affiliated private investment funds - carried interest | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 578.2 | 467.8 |
Investments in affiliated private investment funds - seed/co-investment | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 246.8 | $ 173.8 |
INVESTMENTS - Narrative (Details) € in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
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Sep. 30, 2022
USD ($)
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Sep. 30, 2023
USD ($)
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Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
EUR (€)
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Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
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Debt and Equity Securities, FV-NI [Line Items] | |||||||
Net unrealized gains (losses) on T. Rowe Price investments product recognized in nonoperating income | $ (46.1) | $ (35.3) | $ 28.9 | $ (258.7) | |||
Investments in affiliated collateralized loan obligations | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Secured debt | $ 26.6 | $ 26.6 | € 25.2 | $ 31.7 | € 25.2 | ||
Investments in affiliated collateralized loan obligations | Minimum | Euro Interbank Offer Rate (EURIBOR) | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Investment interest rate | 1.15% | 1.15% | 1.15% | ||||
Investments in affiliated collateralized loan obligations | Maximum | Euro Interbank Offer Rate (EURIBOR) | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Investment interest rate | 12.52% | 12.52% | 12.52% | ||||
Investments in affiliated collateralized loan obligations | Repurchase Agreements | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Secured debt, repurchase agreements | $ 69.5 | $ 69.5 | € 65.7 | 71.3 | € 65.7 | ||
Investments in affiliated collateralized loan obligations | Accounts Payable and Accrued Liabilities | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Debt assumed | $ 96.1 | $ 96.1 | $ 103.0 |
INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Debt and Equity Securities, FV-NI [Line Items] | ||||
Gains recognized upon deconsolidation | $ 2.8 | $ (82.8) | $ 244.4 | $ (561.2) |
Reclassification out of accumulated other comprehensive income | Currency translation adjustments | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Gains recognized upon deconsolidation | 0.7 | 0.0 | 0.7 | 6.9 |
Assets | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Net decrease in assets, liabilities and redeemable noncontrolling interests | (568.7) | 24.2 | (650.1) | (289.6) |
Liability | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Net decrease in assets, liabilities and redeemable noncontrolling interests | (10.4) | 0.0 | (43.5) | (15.0) |
Redeemable Noncontrolling Interest | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Net decrease in assets, liabilities and redeemable noncontrolling interests | $ (466.1) | $ 42.9 | $ (460.2) | $ (175.2) |
INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investment carrying values | $ 989.6 | $ 762.2 |
Unfunded capital commitments | 123.9 | 84.7 |
Accounts receivable | 97.4 | 91.5 |
Maximum risk of loss related to nonconsolidated variable interest entities | $ 1,210.9 | $ 938.4 |
INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Variable interest entity, not primary beneficiary | ||
Variable Interest Entity [Line Items] | ||
Unfunded capital commitments | $ 123.9 | $ 84.7 |
INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Subsidiary or Equity Method Investee [Line Items] | ||
Assets | $ 12,556.8 | $ 11,643.3 |
Liabilities | 2,375.2 | 1,956.4 |
Non-controlling interest | 221.5 | 190.7 |
Variable interest entities | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Assets | 621.7 | 526.2 |
Liabilities | $ 0.2 | $ 15.8 |
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | $ 23.0 | $ 95.8 |
Discretionary investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 259.3 | 242.0 |
Seed capital | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 240.2 | 195.1 |
Supplemental savings plan liability economic hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 698.4 | 760.7 |
Level 1 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents held in money market funds | 2,080.7 | 1,412.0 |
Other investments | 0.6 | 0.6 |
Investments in affiliated collateralized loan obligations | 0.0 | 0.0 |
Total | 3,233.5 | 2,576.3 |
Contingent consideration liability | 0.0 | 0.0 |
Level 1 | Fair value, measurements, recurring | Discretionary investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 259.3 | 242.0 |
Level 1 | Fair value, measurements, recurring | Seed capital | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 194.5 | 161.0 |
Level 1 | Fair value, measurements, recurring | Supplemental savings plan liability economic hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 698.4 | 760.7 |
Level 2 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents held in money market funds | 0.0 | 0.0 |
Other investments | 0.0 | 0.1 |
Investments in affiliated collateralized loan obligations | 7.6 | 6.4 |
Total | 53.3 | 40.6 |
Contingent consideration liability | 0.0 | 0.0 |
Level 2 | Fair value, measurements, recurring | Discretionary investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 0.0 | 0.0 |
Level 2 | Fair value, measurements, recurring | Seed capital | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 45.7 | 34.1 |
Level 2 | Fair value, measurements, recurring | Supplemental savings plan liability economic hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 0.0 | 0.0 |
Level 3 | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents held in money market funds | 0.0 | 0.0 |
Other investments | 0.0 | 0.0 |
Investments in affiliated collateralized loan obligations | 0.0 | 0.0 |
Total | 0.0 | 0.0 |
Level 3 | Fair value, measurements, recurring | Discretionary investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 0.0 | 0.0 |
Level 3 | Fair value, measurements, recurring | Seed capital | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | 0.0 | 0.0 |
Level 3 | Fair value, measurements, recurring | Supplemental savings plan liability economic hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
T. Rowe Price investment products | $ 0.0 | $ 0.0 |
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
OHA Acquisition | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, maximum earnout payment | $ 900.0 | ||
Extended earnout payment period | 2 years | ||
Earnout 30% threshold | 22.00% | ||
Incentive payment, percentage | 10.00% | ||
Fair value measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments held at fair value | $ 74.9 | $ 86.4 |
FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) - Level 3 - Fair value, measurements, recurring - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 23.0 | $ 161.2 | $ 95.8 | $ 306.3 |
Measurement period adjustment | 0.0 | 0.0 | 0.0 | (49.3) |
Unrealized gains, included in earnings | 0.0 | (29.9) | (72.8) | (125.7) |
Ending balance | $ 23.0 | $ 131.3 | $ 23.0 | $ 131.3 |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | $ 2,578.7 | $ 1,755.6 | ||||
Investments | 2,503.6 | 2,539.2 | ||||
Other assets | 709.4 | 688.7 | ||||
Total assets | 12,556.8 | 11,643.3 | ||||
Liabilities | 2,375.2 | 1,956.4 | ||||
Attributable to redeemable non-controlling interests | 560.2 | $ 985.2 | 656.7 | $ 580.8 | $ 564.6 | $ 982.3 |
Consolidated T. Rowe Price investment products | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Attributable to T. Rowe Price Group | 1,134.3 | 857.6 | ||||
Attributable to redeemable non-controlling interests | 560.2 | 656.7 | ||||
Voting interest entities | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Attributable to T. Rowe Price Group | 488.2 | 142.4 | ||||
Attributable to redeemable non-controlling interests | 136.9 | 35.4 | ||||
Variable interest entities | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Total assets | 621.7 | 526.2 | ||||
Liabilities | 0.2 | 15.8 | ||||
Attributable to T. Rowe Price Group | 646.1 | 715.2 | ||||
Attributable to redeemable non-controlling interests | 423.3 | 621.3 | ||||
Reportable entities | Consolidated T. Rowe Price investment products | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 91.6 | 119.1 | ||||
Investments | 1,637.5 | 1,460.8 | ||||
Other assets | 49.2 | 23.5 | ||||
Total assets | 1,778.3 | 1,603.4 | ||||
Liabilities | 83.8 | 89.1 | ||||
Net assets | 1,694.5 | 1,514.3 | ||||
Reportable entities | Consolidated T. Rowe Price investment products | T. Rowe Price investment products | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Investments | 6.2 | 7.6 | ||||
Reportable entities | Consolidated T. Rowe Price investment products | Money Market Funds | T. Rowe Price investment products | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 14.5 | 2.6 | ||||
Reportable entities | Voting interest entities | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 27.4 | 16.2 | ||||
Investments | 618.7 | 205.3 | ||||
Other assets | 27.0 | 6.3 | ||||
Total assets | 673.1 | 227.8 | ||||
Liabilities | 48.0 | 50.0 | ||||
Net assets | 625.1 | 177.8 | ||||
Reportable entities | Variable interest entities | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 64.2 | 102.9 | ||||
Investments | 1,018.8 | 1,255.5 | ||||
Other assets | 22.2 | 17.2 | ||||
Total assets | 1,105.2 | 1,375.6 | ||||
Liabilities | 35.8 | 39.1 | ||||
Net assets | $ 1,069.4 | $ 1,336.5 |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses reflected in net operating income | $ (1,089.4) | $ (1,013.6) | $ (3,219.5) | $ (2,843.6) |
Income before income taxes | 584.1 | 491.8 | 1,843.4 | 1,559.4 |
Net income (loss) attributable to redeemable non-controlling interests | (14.0) | (26.6) | 11.0 | (131.9) |
Consolidated T. Rowe Price investment products | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Income before income taxes | (25.8) | (43.6) | 36.6 | (254.0) |
Net income (loss) attributable to T. Rowe Price Group | (11.8) | (17.0) | 25.6 | (122.1) |
Net income (loss) attributable to redeemable non-controlling interests | (14.0) | (26.6) | 11.0 | (131.9) |
Consolidated T. Rowe Price investment products | Reportable entities | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses reflected in net operating income | (1.4) | (1.8) | (8.8) | (6.2) |
Net investment income (loss) reflected in non-operating income (loss) | (24.4) | (41.8) | 45.4 | (247.8) |
Income before income taxes | (25.8) | (43.6) | 36.6 | (254.0) |
Voting interest entities | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Income before income taxes | (12.1) | (1.8) | (1.9) | (16.8) |
Net income (loss) attributable to T. Rowe Price Group | (8.6) | (1.1) | (0.5) | (11.4) |
Net income (loss) attributable to redeemable non-controlling interests | (3.5) | (0.7) | (1.4) | (5.4) |
Voting interest entities | Reportable entities | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses reflected in net operating income | (0.5) | 0.0 | (3.0) | (0.3) |
Net investment income (loss) reflected in non-operating income (loss) | (11.6) | (1.8) | 1.1 | (16.5) |
Income before income taxes | (12.1) | (1.8) | (1.9) | (16.8) |
Variable interest entities | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Income before income taxes | (13.7) | (41.8) | 38.5 | (237.2) |
Net income (loss) attributable to T. Rowe Price Group | (3.2) | (15.9) | 26.1 | (110.7) |
Net income (loss) attributable to redeemable non-controlling interests | (10.5) | (25.9) | 12.4 | (126.5) |
Variable interest entities | Reportable entities | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses reflected in net operating income | (0.9) | (1.8) | (5.8) | (5.9) |
Net investment income (loss) reflected in non-operating income (loss) | (12.8) | (40.0) | 44.3 | (231.3) |
Income before income taxes | $ (13.7) | $ (41.8) | $ 38.5 | $ (237.2) |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses | $ 1,089.4 | $ 1,013.6 | $ 3,219.5 | $ 2,843.6 |
Net cash provided by (used in) financing activities | (617.2) | (1,616.7) | ||
Consolidation eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Operating expenses | $ 0.7 | $ 0.5 | 1.6 | 2.0 |
Net cash provided by (used in) financing activities | $ (397.7) | $ 22.3 |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 1,376.5 | $ 2,494.6 |
Net cash used in investing activities | 38.1 | (69.5) |
Net cash provided by (used in) financing activities | (617.2) | (1,616.7) |
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | (1.8) | 11.8 |
Net change in cash and cash equivalents during period | 795.6 | 820.2 |
Cash and cash equivalents at beginning of year | 1,874.7 | 1,624.2 |
Cash and cash equivalents at end of period | 2,670.3 | 2,444.4 |
Consolidated T. Rowe Price investment products | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash and cash equivalents at beginning of year | 119.1 | 101.1 |
Cash and cash equivalents at end of period | 91.6 | 78.1 |
Reportable entities | Consolidated T. Rowe Price investment products | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (731.5) | 58.0 |
Net cash used in investing activities | (35.6) | (8.7) |
Net cash provided by (used in) financing activities | 741.4 | (84.1) |
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | (1.8) | 11.8 |
Net change in cash and cash equivalents during period | (27.5) | (23.0) |
Cash and cash equivalents at beginning of year | 119.1 | 101.1 |
Cash and cash equivalents at end of period | 91.6 | 78.1 |
Reportable entities | Voting interest entities | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (417.5) | (17.7) |
Net cash used in investing activities | (12.3) | (0.1) |
Net cash provided by (used in) financing activities | 441.0 | 10.7 |
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | 0.0 | 0.0 |
Net change in cash and cash equivalents during period | 11.2 | (7.1) |
Cash and cash equivalents at beginning of year | 16.2 | 7.3 |
Cash and cash equivalents at end of period | 27.4 | 0.2 |
Reportable entities | Variable interest entities | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (314.0) | 75.7 |
Net cash used in investing activities | (23.3) | (8.6) |
Net cash provided by (used in) financing activities | 300.4 | (94.8) |
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | (1.8) | 11.8 |
Net change in cash and cash equivalents during period | (38.7) | (15.9) |
Cash and cash equivalents at beginning of year | 102.9 | 93.8 |
Cash and cash equivalents at end of period | $ 64.2 | $ 77.9 |
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 2,080.7 | $ 1,412.0 |
Other investments | 0.6 | 0.6 |
Total | 3,233.5 | 2,576.3 |
Level 1 | Consolidated T. Rowe Price investment products | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15.7 | 4.4 |
Equity securities | 232.9 | 136.7 |
Fixed income securities | 0.0 | 0.0 |
Other investments | 3.7 | 3.3 |
Total | 252.3 | 144.4 |
Liabilities | (1.5) | (0.9) |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.0 | 0.0 |
Other investments | 0.0 | 0.1 |
Total | 53.3 | 40.6 |
Level 2 | Consolidated T. Rowe Price investment products | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 11.7 | 20.6 |
Equity securities | 197.6 | 167.8 |
Fixed income securities | 1,183.5 | 1,051.1 |
Other investments | 19.8 | 30.1 |
Total | 1,412.6 | 1,269.6 |
Liabilities | (19.2) | (19.1) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.0 | 0.0 |
Other investments | 0.0 | 0.0 |
Total | 0.0 | 0.0 |
Level 3 | Consolidated T. Rowe Price investment products | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.0 | 0.0 |
Equity securities | 0.0 | 0.0 |
Fixed income securities | 0.0 | |
Other investments | 0.0 | 71.8 |
Total | 0.0 | 71.8 |
Liabilities | $ 0.0 | $ 0.0 |
GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 2,642.8 | $ 2,642.8 |
Total | 3,185.2 | 3,272.6 |
Trade Name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 117.1 | 117.1 |
Investment Advisory Agreements | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 65.6 | 65.6 |
Investment Advisory Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets - investment advisory agreements | $ 359.7 | $ 447.1 |
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Acquisition-related amortization and impairment costs | $ 38,500,000 | $ 27,100,000 | $ 93,100,000 | $ 81,400,000 |
Goodwill impairment | 0 | 0 | ||
Investment Advisory Agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquisition-related amortization and impairment costs | 35,000,000 | 87,400,000 | ||
Estimated amortization expense, Remainder of 2023 | 26,800,000 | 26,800,000 | ||
Estimated amortization expense, 2024 | 89,200,000 | 89,200,000 | ||
Estimated amortization expense, 2025 | 87,800,000 | 87,800,000 | ||
Estimated amortization expense, 2026 | 70,800,000 | 70,800,000 | ||
Estimated amortization expense, 2027 | $ 48,700,000 | $ 48,700,000 |
STOCK-BASED COMPENSATION - Stock Options (Details) - $ / shares |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Options | |
Outstanding, beginning balance (in shares) | 2,218,506 |
Exercised (in shares) | (621,808) |
Outstanding, ending balance (in shares) | 1,596,698 |
Exercisable (in shares) | 1,596,698 |
Weighted- average exercise price | |
Outstanding, beginning balance (in dollars per share) | $ 74.31 |
Exercised (in dollars per share) | 71.26 |
Outstanding, ending balance (in dollars per share) | 75.50 |
Exercisable (in dollars per share) | $ 75.50 |
STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Weighted-average fair value | |
Nonvested, beginning balance (in dollars per share) | $ / shares | $ 142.37 |
Time-based grants (in dollars per share) | $ / shares | 110.07 |
Dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares | 108.48 |
Vested (in dollars per share) | $ / shares | 110.78 |
Forfeited (in dollars per share) | $ / shares | 140.97 |
Nonvested, ending balance (in dollars per share) | $ / shares | $ 142.43 |
Restricted shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, beginning balance (in shares) | 8,715 |
Time-based grants (in shares) | 56,740 |
Dividend equivalents granted to non-employee directors (in shares) | 0 |
Vested (in shares) | (8,715) |
Forfeited (in shares) | 0 |
Nonvested, ending balance (in shares) | 56,740 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, beginning balance (in shares) | 5,901,600 |
Time-based grants (in shares) | 42,316 |
Dividend equivalents granted to non-employee directors (in shares) | 2,996 |
Vested (in shares) | (99,933) |
Forfeited (in shares) | (121,871) |
Nonvested, ending balance (in shares) | 5,725,108 |
STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - Restricted stock units - shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested, equity instruments other than options | 5,725,108 | 5,901,600 |
Performance-based | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested, equity instruments other than options | 320,326 | |
Nonvested shares where performance threshold has been met (in shares) | 105,106 |
STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Share-Based Payment Arrangement [Abstract] | |
Fourth quarter 2023 | $ 51.0 |
2024 | 122.5 |
2025 through 2029 | 97.1 |
Total | $ 270.6 |
EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Stock options with anti-diluted impact (in shares) | 0 | 0 | ||
Net income attributable to T. Rowe Price | $ 453.2 | $ 384.4 | $ 1,351.1 | $ 1,291.9 |
Less: net income allocated to outstanding restricted stock and stock unit holders (basic) | 10.6 | 9.2 | 32.7 | 29.6 |
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted) | 10.6 | 9.2 | 32.7 | 29.6 |
Net income allocated to common stockholders (basic) | 442.6 | 375.2 | 1,318.4 | 1,262.3 |
Net income allocated to common stockholders (diluted) | $ 442.6 | $ 375.2 | $ 1,318.4 | $ 1,262.3 |
Weighted-average common shares | ||||
Outstanding (in shares) | 224,100,000 | 225,300,000 | 224,300,000 | 226,700,000 |
Outstanding assuming dilution (in shares) | 224,800,000 | 226,300,000 | 225,100,000 | 228,000,000.0 |
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at beginning of period | $ 9,465.9 | $ 9,173.0 | $ 9,030.2 | $ 9,271.4 |
Other comprehensive income (loss) | 1.6 | (9.1) | 6.8 | (30.0) |
Balances at end of period | 9,621.4 | 9,114.5 | 9,621.4 | 9,114.5 |
Currency translation adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at beginning of period | (47.8) | (47.4) | (53.0) | (26.5) |
Other comprehensive income (loss) before reclassifications and income taxes | 1.5 | (12.0) | 8.4 | (31.2) |
Reclassification adjustments recognized in non-operating income | (0.7) | 0.0 | (0.7) | (6.9) |
Other comprehensive income (loss), before taxes | 0.8 | (12.0) | 7.7 | (38.1) |
Net deferred tax benefits (income taxes) | 0.8 | 2.9 | (0.9) | 8.1 |
Other comprehensive income (loss) | 1.6 | (9.1) | 6.8 | (30.0) |
Balances at end of period | (46.2) | (56.5) | (46.2) | (56.5) |
Currency translation adjustments | Equity method investments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at beginning of period | (50.5) | (39.9) | (50.5) | (36.7) |
Other comprehensive income (loss) before reclassifications and income taxes | 8.4 | 0.7 | 8.4 | (1.9) |
Reclassification adjustments recognized in non-operating income | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss), before taxes | 8.4 | 0.7 | 8.4 | (1.9) |
Net deferred tax benefits (income taxes) | (1.0) | (0.1) | (1.0) | (0.7) |
Other comprehensive income (loss) | 7.4 | 0.6 | 7.4 | (2.6) |
Balances at end of period | (43.1) | (39.3) | (43.1) | (39.3) |
Currency translation adjustments | Consolidated T. Rowe Price investment products - variable interest entities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at beginning of period | 2.7 | (7.5) | (2.5) | 10.2 |
Other comprehensive income (loss) before reclassifications and income taxes | (6.9) | (12.7) | 0.0 | (29.3) |
Reclassification adjustments recognized in non-operating income | (0.7) | 0.0 | (0.7) | (6.9) |
Other comprehensive income (loss), before taxes | (7.6) | (12.7) | (0.7) | (36.2) |
Net deferred tax benefits (income taxes) | 1.8 | 3.0 | 0.1 | 8.8 |
Other comprehensive income (loss) | (5.8) | (9.7) | (0.6) | (27.4) |
Balances at end of period | $ (3.1) | $ (17.2) | $ (3.1) | $ (17.2) |
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Equity [Abstract] | ||||
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests | $ (3.9) | $ (19.1) | $ 7.7 | $ (44.6) |
COMMITMENTS AND CONTINGENCIES (Details) - OHA Commitments $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Other Commitments [Line Items] | |
Investment commitment, amount | $ 412,000 |
Other commitment period | 4 years |
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