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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended
--- | ---
Jun. 30, 2019 | Jun. 30, 2018
Cash flows from operating activities |  |
Net income | $ 1,109.9 | $ 915.1
Adjustments to reconcile net income to net cash provided by (used in) operating activities |  |
Depreciation and amortization of property and equipment | 86.0 | 74.7
Stock-based compensation expense | 90.7 | 90.8
Net gains recognized on investments | (124.4) | (5.4)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | (19.3) | (13.7)
Net change in securities held by consolidated T. Rowe Price investment products | (444.0) | (407.1)
Other changes in assets and liabilities | 249.9 | 274.9
Net cash provided by operating activities | 948.8 | 929.3
Cash flows from investing activities |  |
Purchases of T. Rowe Price investment products | (34.9) | (1,110.2)
Dispositions of T. Rowe Price investment products | 103.8 | 259.3
Net cash of T. Rowe Price investment products on consolidation (deconsolidation) | (5.1) | (21.7)
Additions to property and equipment | (94.5) | (78.6)
Other investing activity | 1.6 | 7.2
Net cash used in investing activities | (29.1) | (944.0)
Cash flows from financing activities |  |
Repurchases of common stock | (402.8) | (450.3)
Common share issuances under stock-based compensation plans | 78.8 | 92.8
Dividends paid to common stockholders of T. Rowe Price Group | (367.8) | (348.7)
Net subscriptions received from redeemable non-controlling interest holders | 190.3 | 318.0
Net cash used in financing activities | (501.5) | (388.2)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | (0.4) | (6.6)
Net change in cash and cash equivalents during period | 417.8 | (409.5)
Cash and cash equivalents at beginning of period | 1,495.3 | 2,005.8
Cash and cash equivalents at end of period | $ 1,913.1 | $ 1,596.3

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- Definition The net cash inflow (outflow) associated with the consolidation (deconsolidation) of sponsored investment portfolios. + References No definition available. + Details
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- Definition The cash inflow associated with the amount received from holders exercising their stock options net of 1) shares swapped by the employee to pay the cost of related employee stock option awards and 2) cash outflows paid by the company to cover an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. A positive value represents cash inflows in excess of cash outflows listed. A negative value represents cash outflows in excess of the cash inflow described. + References No definition available. + Details
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=98513438&loc=d3e33268-110906 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3521-108585 + Details
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3521-108585 + Details
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