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CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)
 12 Months Ended
Dec. 31, 2019
Consolidated Sponsored Investment Portfolios [Abstract]  
Net assets of consolidated T. Rowe Price investment portfolios
The following table details the net assets of the consolidated T. Rowe Price investment products:
 
12/31/2019
 
12/31/2018
(in millions)
VOE
 
VIE
 
Total
 
VOE
 
VIE
 
Total
Cash and cash equivalents(1)
$
9.9

 
$
66.6

 
$
76.5

 
$
18.5

 
$
51.6

 
$
70.1

Investments(2)
281.1

 
1,891.3

 
2,172.4

 
261.3

 
1,322.7

 
1,584.0

Other assets
10.6

 
17.4

 
28.0

 
8.0

 
18.3

 
26.3

Total assets
301.6

 
1,975.3

 
2,276.9

 
287.8

 
1,392.6

 
1,680.4

Liabilities
12.2

 
27.0

 
39.2

 
16.0

 
22.7

 
38.7

Net assets
$
289.4

 
$
1,948.3

 
$
2,237.7

 
$
271.8

 
$
1,369.9

 
$
1,641.7

 
 
 
 
 
 
 
 
 
 
 
 
Attributable to T. Rowe Price Group
$
199.6

 
$
917.1

 
$
1,116.7

 
$
175.3

 
$
726.1

 
$
901.4

Attributable to redeemable non-controlling interests
89.8

 
1,031.2

 
1,121.0

 
96.5

 
643.8

 
740.3

 
$
289.4

 
$
1,948.3

 
$
2,237.7

 
$
271.8

 
$
1,369.9

 
$
1,641.7

(1) Cash and cash equivalents includes $9.1 million and $18.5 million at December 31, 2019 and 2018, respectively, of investments in
T. Rowe Price money market mutual funds.
(2) Investments include $40.2 million and $43.8 million at December 31, 2019 and 2018, respectively, of T. Rowe Price investment products.
Operating results of consolidated T. Rowe Price investment portfolios
The operating results of the consolidated T. Rowe Price investment products, are reflected in our consolidated statements of income as follows:
 
2019
 
2018
 
2017
(in millions)
VOE
 
VIE
 
Total
 
VOE
 
VIE
 
Total
 
VOE
 
VIE
 
Total
Operating expenses reflected in net operating income
$
(2.2
)
 
$
(12.5
)
 
$
(14.7
)
 
$
(1.9
)
 
$
(10.8
)
 
$
(12.7
)
 
$
(1.1
)
 
$
(11.2
)
 
$
(12.3
)
Net gains (losses) reflected in non-operating income
31.0

 
241.9

 
272.9

 
(16.7
)
 
(76.2
)
 
(92.9
)
 
18.8

 
175.1

 
193.9

Impact on income before taxes
$
28.8

 
$
229.4

 
$
258.2

 
$
(18.6
)
 
$
(87.0
)
 
$
(105.6
)
 
$
17.7

 
$
163.9

 
$
181.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to T. Rowe Price Group
$
21.3

 
$
119.3

 
$
140.6

 
$
(6.3
)
 
$
(30.5
)
 
$
(36.8
)
 
$
13.3

 
$
84.9

 
$
98.2

Net income (loss) attributable to redeemable non-controlling interests
7.5

 
110.1

 
117.6

 
(12.3
)
 
(56.5
)
 
(68.8
)
 
4.4

 
79.0

 
83.4

 
$
28.8

 
$
229.4

 
$
258.2

 
$
(18.6
)
 
$
(87.0
)
 
$
(105.6
)
 
$
17.7

 
$
163.9

 
$
181.6
Cash flows of consolidated T. Rowe Price investment portfolios
The following table details the impact of these consolidated investment products on the individual lines of our consolidated statements of cash flows.
 
2019
 
2018
 
2017
(in millions)
VOE
 
VIE
 
Total
 
VOE
 
VIE
 
Total
 
VOE
 
VIE
 
Total
Net cash provided by operating activities
$
(7.2
)
 
$
(663.6
)
 
$
(670.8
)
 
$
(43.9
)
 
$
(505.2
)
 
$
(549.1
)
 
$
(33.0
)
 
$
(1,282.3
)
 
$
(1,315.3
)
Net cash used in investing activities
(7.1
)
 
(11.3
)
 
(18.4
)
 
(.8
)
 
(23.0
)
 
(23.8
)
 
(9.0
)
 
(55.2
)
 
(64.2
)
Net cash used in financing activities
5.7

 
692.4

 
698.1

 
56.1

 
499.2

 
555.3

 
38.8

 
1,372.9

 
1,411.7

FX impact on cash
—

 
(2.5
)
 
(2.5
)
 
—

 
(15.4
)
 
(15.4
)
 
—

 
5.3

 
5.3

Net change in cash and cash equivalents during period
(8.6
)
 
15.0

 
6.4

 
11.4

 
(44.4
)
 
(33.0
)
 
(3.2
)
 
40.7

 
37.5

Cash and cash equivalents at beginning of year
18.5

 
51.6

 
70.1

 
7.1

 
96.0

 
103.1

 
10.3

 
55.3

 
65.6

Cash and cash equivalents at end of year
$
9.9

 
$
66.6

 
$
76.5

 
$
18.5

 
$
51.6

 
$
70.1

 
$
7.1

 
$
96.0

 
$
103.1
Fair values of investments held by consolidated T. Rowe Price 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.
 
12/31/2019
 
12/31/2018
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Assets
 
 
 
 
 
 
 
  Cash equivalents
$
9.1

 
$
1.1

 
$
19.3

 
$
—

Equity securities
162.8

 
724.5

 
189.6

 
483.5

Fixed income securities
—

 
1,248.6

 
—

 
890.2

Other investments
2.7

 
33.8

 
1.7

 
19.0

 
$
174.6

 
$
2,008.0

 
$
210.6

 
$
1,392.7

 
 
 
 
 
 
 
 
Liabilities
$
(.4
)
 
$
(11.2
)
 
$
(.8
)
 
$
(12.8
)