INVESTMENTS. (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

The carrying values of investments not consolidated are as follows:



(in millions)	12/31/2018		12/31/2017
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	1,538.4	$	692.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	381.3		268.2
Investment partnerships and other investments⁽²⁾	99.6		78.0
Equity method investments
T. Rowe Price investment products	276.2		277.4
26% interest in UTI Asset Management Company Limited (India)	152.4		155.8
Investment partnerships and other investments	4.5		4.8
U.S. Treasury note	1.0		1.0
Total	$	2,453.4	$	1,477.3

⁽¹⁾ Includes $597.1 million of investments at December 31, 2017, that were previously reported as available-for-sale investments prior to the adoption of the new financial instruments guidance on January 1, 2018. Refer to Note 1 for more information.

⁽²⁾ These investments at December 31, 2017, were carried at cost. Upon adoption of new financial guidance on January 1, 2018, these investments are carried at fair value using NAV per share as a practical expedient. Refer to Note 1 for more information.

Net impact of deconsolidation and consolidation on condensed consolidated balance sheets and income statements

The net impact of these changes on our consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



(in millions)	2018			2017			2016
Net decrease in assets of consolidated T. Rowe Price investment products	$	(736.6	)	$	(1,397.2	)	$	(1,342.8	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	17.6		$	(153.1	)	$	(37.3	)
Net decrease in redeemable non-controlling interests	$	(626.4	)	$	(1,042.6	)	$	(967.3	)

Gains recognized upon deconsolidation	$	3.6		$	.1		$	2.2

Maximum risk of loss related to investments in variable interest entities

Our maximum risk of loss related to our involvement with these entities is as follows:



(in millions)	2018		2017
Investment carrying values	$	143.3	$	129.2
Unfunded capital commitments	27.3		38.8
Uncollected investment advisory and administrative fees	5.2		7.7
	$	175.8	$	175.7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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