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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2020 | Mar. 31, 2019
Cash flows from operating activities |  |
Net income | $ 166.6 | $ 554.0
Adjustments to reconcile net income to net cash provided by operating activities |  |
Depreciation and amortization of property and equipment | 46.1 | 41.9
Stock-based compensation expense | 58.3 | 43.5
Net (gains) losses recognized on investments | 167.3 | (82.0)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | (8.9) | (18.2)
Net change in securities held by consolidated T. Rowe Price investment products | 234.6 | (184.2)
Other changes in assets and liabilities | 123.7 | 223.7
Net cash provided by operating activities | 787.7 | 578.7
Cash flows from investing activities |  |
Purchases of T. Rowe Price investment products | (225.1) | (15.6)
Dispositions of T. Rowe Price investment products | 299.1 | 33.5
Net cash of T. Rowe Price investment products on deconsolidation | (0.8) | (3.4)
Additions to property and equipment | (46.0) | (47.7)
Other investing activity | 0.4 | (0.6)
Net cash provided by (used in) investing activities | 27.6 | (33.8)
Cash flows from financing activities |  |
Repurchases of common stock | (891.3) | (231.0)
Common share issuances under stock-based compensation plans | 38.1 | 43.6
Dividends paid to common stockholders of T. Rowe Price Group | (215.2) | (184.6)
Net subscriptions received from redeemable non-controlling interest holders | 76.1 | 66.0
Net cash used in financing activities | (992.3) | (306.0)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | (1.2) | (0.7)
Net change in cash and cash equivalents during period | (178.2) | 238.2
Cash and cash equivalents at beginning of period | 1,858.3 | 1,495.3
Cash and cash equivalents at ending of period | $ 1,680.1 | $ 1,733.5

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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. 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 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3521-108585 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3044-108585 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=98513485&loc=SL98516268-108586 + Details
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