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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Cash flows from operating activities |  |  |
Net income | $ 2,248.9 | $ 1,768.7 | $ 1,581.2
Adjustments to reconcile net income to net cash provided by operating activities |  |  |
Depreciation, amortization and impairment of property and equipment | 190.8 | 159.5 | 143.6
Stock-based compensation expense | 206.6 | 197.1 | 152.0
Realized gains on dispositions of available-for-sale T. Rowe Price investment products |  |  | (83.1)
Gains recognized upon transfer of an investment in a T. Rowe Price mutual fund from available-for-sale to held as trading |  |  | (23.6)
Net gains recognized on other investments | (176.3) | (50.5) | (49.7)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | (126.0) | (129.5) | (218.6)
Net change in securities held by consolidated T. Rowe Price investment products | (930.9) | (437.0) | (1,492.9)
Other changes in assets and liabilities | 109.6 | 111.6 | 220.6
Net cash provided by operating activities | 1,522.7 | 1,619.9 | 229.5
Cash flows from investing activities |  |  |
Purchases of T. Rowe Price investment products | (239.7) | (1,124.0) | (39.9)
Dispositions of T. Rowe Price investment products | 131.4 | 352.4 | 336.6
Net cash of T. Rowe Price investment products on consolidation (deconsolidation) | (18.4) | (23.8) | (64.2)
Additions to property and equipment | (204.6) | (168.5) | (186.1)
Other investing activity | 6.8 | 88.4 | (7.4)
Net cash provided by (used in) investing activities | (324.5) | (875.5) | 39.0
Cash flows from financing activities |  |  |
Repurchases of common stock | (705.8) | (1,090.4) | (458.1)
Common share issuances under stock-based compensation plans | 83.3 | 74.8 | 201.1
Dividends paid to common stock and equity-award holders | (733.9) | (694.3) | (563.1)
Net subscriptions received from redeemable non-controlling interest holders | 523.7 | 470.4 | 1,281.6
Net cash provided by (used in) financing activities | (832.7) | (1,239.5) | 461.5
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | (2.5) | (15.4) | 5.3
Net change in cash and cash equivalents during period | 363.0 | (510.5) | 735.3
Cash and cash equivalents at beginning of year | 1,495.3 | 2,005.8 | 1,270.5
Cash and cash equivalents at end of year | $ 1,858.3 | $ 1,495.3 | $ 2,005.8

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