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CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)
 9 Months Ended
Sep. 30, 2018
Consolidated Sponsored Investment Portfolios [Abstract]  
Net assets of consolidated sponsored investment portfolios
The following table details the net assets of the consolidated T. Rowe Price investment products:
 
12/31/2017
 
9/30/2018
(in millions)
Voting
interest entities
 
Variable interest entities
 
Total
 
Voting
interest entities
 
Variable interest entities
 
Total
Cash and cash equivalents(1)
$
7.1

 
$
96.0

 
$
103.1

 
$
17.9

 
$
87.8

 
$
105.7

Investments(2)
188.8

 
1,725.7

 
1,914.5

 
277.4

 
1,504.1

 
1,781.5

Other assets
12.9

 
17.9

 
30.8

 
8.7

 
21.9

 
30.6

Total assets
208.8

 
1,839.6

 
2,048.4

 
304.0

 
1,613.8

 
1,917.8

Liabilities
16.4

 
39.5

 
55.9

 
13.7

 
61.0

 
74.7

Net assets
$
192.4

 
$
1,800.1

 
$
1,992.5

 
$
290.3

 
$
1,552.8

 
$
1,843.1

 
 
 
 
 
 
 
 
 
 
 
 
Attributable to T. Rowe Price Group
$
131.6

 
$
868.1

 
$
999.7

 
$
190.9

 
$
791.6

 
$
982.5

Attributable to redeemable non-controlling interests
60.8

 
932.0

 
992.8

 
99.4

 
761.2

 
860.6

 
$
192.4

 
$
1,800.1

 
$
1,992.5

 
$
290.3

 
$
1,552.8

 
$
1,843.1


(1) Cash and cash equivalents includes $6.2 million and $17.6 million at December 31, 2017 and September 30, 2018, respectively, of investments in T. Rowe Price money market mutual funds.
(2) Investments include $15.0 million and $46.8 million at December 31, 2017 and September 30, 2018, respectively, of T. Rowe Price investment products.
Operating results of consolidated sponsored investment portfolios
The operating results of the consolidated T. Rowe Price investment products for the three- and nine-months ended September 30, 2017 and 2018 are reflected in our unaudited condensed consolidated statements of income as follows:
 
Three months ended
 
9/30/2017
 
9/30/2018
(in millions)
Voting interest entities
 
Variable interest entities
 
Total
 
Voting interest entities
 
Variable interest entities
 
Total
Operating expenses reflected in net operating income
$
(.4
)
 
$
(2.8
)
 
$
(3.2
)
 
$
(.6
)
 
$
(3.0
)
 
$
(3.6
)
Net investment income reflected in non-operating income
4.6

 
32.9

 
37.5

 
5.0

 
3.7

 
8.7

Impact on income before taxes
$
4.2

 
$
30.1

 
$
34.3

 
$
4.4

 
$
.7

 
$
5.1

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to T. Rowe Price Group
$
3.1

 
$
17.9

 
$
21.0

 
$
2.8

 
$
3.7

 
$
6.5

Net income attributable to redeemable non-controlling interests
1.1

 
12.2

 
13.3

 
1.6

 
(3.0
)
 
(1.4
)
 
$
4.2

 
$
30.1

 
$
34.3

 
$
4.4

 
$
.7

 
$
5.1


 
Nine months ended
 
9/30/2017
 
9/30/2018
(in millions)
Voting
interest entities
 
Variable interest entities
 
Total
 
Voting
interest entities
 
Variable interest entities
 
Total
Operating expenses reflected in net operating income
$
(.9
)
 
$
(7.6
)
 
$
(8.5
)
 
$
(1.3
)
 
$
(7.9
)
 
$
(9.2
)
Net investment income reflected in non-operating income
14.7

 
111.1

 
125.8

 
4.4

 
24.2

 
28.6

Impact on income before taxes
$
13.8

 
$
103.5

 
$
117.3

 
$
3.1

 
$
16.3

 
$
19.4

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to T. Rowe Price Group
$
10.4

 
$
63.0

 
$
73.4

 
$
1.5

 
$
6.8

 
$
8.3

Net income attributable to redeemable non-controlling interests
3.4

 
40.5

 
43.9

 
1.6

 
9.5

 
11.1

 
$
13.8

 
$
103.5

 
$
117.3

 
$
3.1

 
$
16.3

 
$
19.4
Cash flows of consolidated sponsored 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, 2017 and 2018.
 
Nine months ended
 
9/30/2017
 
9/30/2018
(in millions)
Voting
interest entities
 
Variable interest entities
 
Total
 
Voting
interest entities
 
Variable interest entities
 
Total
Net cash provided by (used in) operating activities
$
(28.0
)
 
$
(1,078.1
)
 
$
(1,106.1
)
 
$
(40.7
)
 
$
(529.7
)
 
$
(570.4
)
Net cash provided by (used in) investing activities
(6.1
)
 
(39.9
)
 
(46.0
)
 
(.8
)
 
(21.7
)
 
(22.5
)
Net cash provided by (used in) financing activities
33.3

 
1,153.1

 
1,186.4

 
52.3

 
545.6

 
597.9

Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
—

 
6.9

 
6.9

 
—

 
(2.4
)
 
(2.4
)
Net change in cash and cash equivalents during period
(.8
)
 
42.0

 
41.2

 
10.8

 
(8.2
)
 
2.6

Cash and cash equivalents at beginning of year
10.3

 
55.3

 
65.6

 
7.1

 
96.0

 
103.1

Cash and cash equivalents at end of period
$
9.5

 
$
97.3

 
$
106.8

 
$
17.9

 
$
87.8

 
$
105.7
Fair values of investments held by consolidated sponsored investment portfolios
The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs.
 
12/31/17
 
9/30/18
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Assets
 
 
 
 
 
 
 
  Cash equivalents
$
6.2

 
$
.7

 
$
17.6

 
$
.1

Equity securities
536.0

 
667.5

 
224.3

 
601.9

Fixed income securities
—

 
687.4

 
—

 
933.2

Other investments
1.3

 
22.3

 
1.6

 
20.5

 
$
543.5

 
$
1,377.9

 
$
243.5

 
$
1,555.7

 
 
 
 
 
 
 
 
Liabilities
$
(.1
)
 
$
(13.7
)
 
$
(.3
)
 
$
(7.9
)