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CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. | 12 Months Ended
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Dec. 31, 2020
Consolidated Sponsored Investment Portfolios [Abstract] |
CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS | CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. The T. Rowe Price investment products that we consolidate in our consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities. The following table details the net assets of the consolidated T. Rowe Price investment products at December 31:
| 2020 |  | 2019
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Cash and cash equivalents(1) | $ | 7.1 |  |  | $ | 97.7 |  |  | $ | 104.8 |  |  | $ | 9.9 |  |  | $ | 66.6 |  |  | $ | 76.5 |
Investments(2) | 188.2 |  |  | 2,372.7 |  |  | 2,560.9 |  |  | 281.1 |  |  | 1,891.3 |  |  | 2,172.4 |
Other assets | 2.8 |  |  | 27.0 |  |  | 29.8 |  |  | 10.6 |  |  | 17.4 |  |  | 28.0 |
Total assets | 198.1 |  |  | 2,497.4 |  |  | 2,695.5 |  |  | 301.6 |  |  | 1,975.3 |  |  | 2,276.9 |
Liabilities | 10.0 |  |  | 47.7 |  |  | 57.7 |  |  | 12.2 |  |  | 27.0 |  |  | 39.2 |
Net assets | $ | 188.1 |  |  | $ | 2,449.7 |  |  | $ | 2,637.8 |  |  | $ | 289.4 |  |  | $ | 1,948.3 |  |  | $ | 2,237.7 |
Attributable to T. Rowe Price Group | $ | 130.7 |  |  | $ | 945.4 |  |  | $ | 1,076.1 |  |  | $ | 199.6 |  |  | $ | 917.1 |  |  | $ | 1,116.7 |
Attributable to redeemable non-controlling interests | 57.4 |  |  | 1,504.3 |  |  | 1,561.7 |  |  | 89.8 |  |  | 1,031.2 |  |  | 1,121.0 |
| $ | 188.1 |  |  | $ | 2,449.7 |  |  | $ | 2,637.8 |  |  | $ | 289.4 |  |  | $ | 1,948.3 |  |  | $ | 2,237.7 |
(1) Cash and cash equivalents includes $7.0 million and $9.1 million at December 31, 2020 and 2019, respectively, of investments in T. Rowe Price money market mutual funds. (2) Investments include $26.9 million and $40.2 million at December 31, 2020 and 2019, respectively, of T. Rowe Price investment products. Although we can redeem our net interest in the T. Rowe Price investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors. Since third-party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated T. Rowe Price investment products is limited to valuation changes associated with our net interest. We, however, are required to recognize the valuation changes associated with all underlying investments held by these products in our consolidated statements of income and disclose the portion attributable to third-party investors as net income attributable to redeemable non-controlling interests. The operating results of the consolidated T. Rowe Price investment products, are reflected in our consolidated statements of income for the year ended December 31 as follows:
| 2020 |  | 2019 |  | 2018
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Operating expenses reflected in net operating income | $ | (1.6) |  |  | $ | (14.8) |  |  | $ | (16.4) |  |  | $ | (2.2) |  |  | $ | (12.5) |  |  | $ | (14.7) |  |  | $ | (1.9) |  |  | $ | (10.8) |  |  | $ | (12.7) |
Net gains (losses) reflected in non-operating income | 13.2 |  |  | 238.5 |  |  | 251.7 |  |  | 31.0 |  |  | 241.9 |  |  | 272.9 |  |  | (16.7) |  |  | (76.2) |  |  | (92.9) |
Impact on income before taxes | $ | 11.6 |  |  | $ | 223.7 |  |  | $ | 235.3 |  |  | $ | 28.8 |  |  | $ | 229.4 |  |  | $ | 258.2 |  |  | $ | (18.6) |  |  | $ | (87.0) |  |  | $ | (105.6) |
Net income (loss) attributable to T. Rowe Price Group | $ | 11.6 |  |  | $ | 73.1 |  |  | $ | 84.7 |  |  | $ | 21.3 |  |  | $ | 119.3 |  |  | $ | 140.6 |  |  | $ | (6.3) |  |  | $ | (30.5) |  |  | $ | (36.8) |
Net income (loss) attributable to redeemable non-controlling interests | — |  |  | 150.6 |  |  | 150.6 |  |  | 7.5 |  |  | 110.1 |  |  | 117.6 |  |  | (12.3) |  |  | (56.5) |  |  | (68.8) |
| $ | 11.6 |  |  | $ | 223.7 |  |  | $ | 235.3 |  |  | $ | 28.8 |  |  | $ | 229.4 |  |  | $ | 258.2 |  |  | $ | (18.6) |  |  | $ | (87.0) |  |  | $ | (105.6) |
The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $9.9 million in 2020, $6.8 million in 2019, and $6.2 million in 2018, against the investment advisory and administrative fees earned from these products. The net gains (losses) reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated T. Rowe Price investment products. The following table details the impact of these consolidated investment products on the individual lines of our consolidated statements of cash flows.
| 2020 |  | 2019 |  | 2018
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Net cash provided by operating activities | $ | (155.4) |  |  | $ | (401.3) |  |  | $ | (556.7) |  |  | $ | (7.2) |  |  | $ | (663.6) |  |  | $ | (670.8) |  |  | $ | (43.9) |  |  | $ | (505.2) |  |  | $ | (549.1) |
Net cash provided by (used in) investing activities | (23.4) |  |  | (30.5) |  |  | (53.9) |  |  | (7.1) |  |  | (11.3) |  |  | (18.4) |  |  | (.8) |  |  | (23.0) |  |  | (23.8) |
Net cash used in financing activities | 176.0 |  |  | 461.0 |  |  | 637.0 |  |  | 5.7 |  |  | 692.4 |  |  | 698.1 |  |  | 56.1 |  |  | 499.2 |  |  | 555.3 |
FX impact on cash | — |  |  | 1.9 |  |  | 1.9 |  |  | — |  |  | (2.5) |  |  | (2.5) |  |  | — |  |  | (15.4) |  |  | (15.4) |
Net change in cash and cash equivalents during period | (2.8) |  |  | 31.1 |  |  | 28.3 |  |  | (8.6) |  |  | 15.0 |  |  | 6.4 |  |  | 11.4 |  |  | (44.4) |  |  | (33.0) |
Cash and cash equivalents at beginning of year | 9.9 |  |  | 66.6 |  |  | 76.5 |  |  | 18.5 |  |  | 51.6 |  |  | 70.1 |  |  | 7.1 |  |  | 96.0 |  |  | 103.1 |
Cash and cash equivalents at end of year | $ | 7.1 |  |  | $ | 97.7 |  |  | $ | 104.8 |  |  | $ | 9.9 |  |  | $ | 66.6 |  |  | $ | 76.5 |  |  | $ | 18.5 |  |  | $ | 51.6 |  |  | $ | 70.1 |
The net cash provided by financing activities includes $79.5 million in 2020, $174.4 million in 2019 and $84.9 million in 2018, of net subscriptions we made into the consolidated T. Rowe Price investment products, net of dividends received. These cash flows were eliminated in consolidation. FAIR VALUE MEASUREMENTS. We determine the fair value of investments held by consolidated T. Rowe Price investment products using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant. These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. 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 as of December 31.
| 2020 |  | 2019
(in millions) | Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 7.0 |  |  | $ | — |  |  | $ | 9.1 |  |  | $ | 1.1 |
Equity securities | 308.0 |  |  | 708.0 |  |  | 162.8 |  |  | 724.5 |
Fixed income securities | — |  |  | 1,411.3 |  |  | — |  |  | 1,248.6 |
Other investments | 2.6 |  |  | 131.0 |  |  | 2.7 |  |  | 33.8 |
| $ | 317.6 |  |  | $ | 2,250.3 |  |  | $ | 174.6 |  |  | $ | 2,008.0 |
Liabilities | $ | (.4) |  |  | $ | (18.8) |  |  | $ | (.4) |  |  | $ | (11.2) |

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