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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Cash flows from operating activities |  |  |
Net income | $ 1,768.7 | $ 1,581.2 | $ 1,254.0
Adjustments to reconcile net income to net cash provided by operating activities |  |  |
Depreciation and amortization of property and equipment | 159.5 | 143.6 | 133.4
Stock-based compensation expense | 197.1 | 152.0 | 161.6
Realized gains on dispositions of available-for-sale T. Rowe Price investment products |  | (83.1) | (53.0)
Gains recognized upon transfer of an investment in a T. Rowe Price mutual fund from available-for-sale to held as trading |  | (23.6) | 0.0
Net gains recognized on other investments | (50.5) | (49.7) | (31.0)
Net investments in T. Rowe Price investment products to economically hedge supplemental savings plan liability | (129.5) | (218.6) | 0.0
Net change in trading securities held by consolidated T. Rowe Price investment products | (437.0) | (1,492.9) | (1,297.9)
Changes in accounts receivable and accrued revenue | 12.7 | (101.6) | (10.5)
Changes in payables and accrued liabilities | 111.3 | 323.4 | 139.2
Other changes in assets and liabilities | (12.4) | (1.2) | (125.3)
Net cash provided by operating activities | 1,619.9 | 229.5 | 170.5
Cash flows from investing activities |  |  |
Purchases of T. Rowe Price investment products | (1,124.0) | (39.9) | (0.3)
Dispositions T. Rowe Price investment products | 352.4 | 336.6 | 219.1
Net cash of T. Rowe Price investment products on consolidation (deconsolidation) | (23.8) | (64.2) | 41.4
Additions to property and equipment | (168.5) | (186.1) | (148.3)
Other investing activity | 88.4 | (7.4) | (5.7)
Net cash provided by (used in) investing activities | (875.5) | 39.0 | 106.2
Cash flows from financing activities |  |  |
Repurchases of common stock | (1,090.4) | (458.1) | (676.9)
Common share issuances under stock-based compensation plans | 74.8 | 201.1 | 126.3
Dividends paid to common stock and equity-award holders | (694.3) | (563.1) | (540.8)
Net subscriptions received from redeemable non-controlling interest holders | 470.4 | 1,281.6 | 915.0
Net cash provided by (used in) provided by financing activities | (1,239.5) | 461.5 | (176.4)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | (15.4) | 5.3 | (2.1)
Net change in cash and cash equivalents during period | (510.5) | 735.3 | 98.2
Cash and cash equivalents at beginning of period, including $103.1 million at December 31, 2017 and $65.6 million at December 31, 2016 held by consolidated T. Rowe Price investment products | 2,005.8 | 1,270.5 | 1,172.3
Cash and cash equivalents at end of period, including $70.1 million at December 31, 2018, $103.1 million at December 31, 2017, and $65.6 million at December 31, 2016, held by consolidated T. Rowe Price investment products | $ 1,495.3 | $ 2,005.8 | $ 1,270.5

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