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CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS (Tables) | 6 Months Ended
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Jun. 30, 2021
Consolidated Sponsored Investment Portfolios [Abstract] |
Net assets of consolidated sponsored investment portfolios | The following table details the net assets of the consolidated T. Rowe Price investment products:
| 6/30/2021 |  | 12/31/2020
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Cash and cash equivalents(1) | $ | .9 |  |  | $ | 55.2 |  |  | $ | 56.1 |  |  | $ | 7.1 |  |  | $ | 97.7 |  |  | $ | 104.8 |
Investments(2) | 61.1 |  |  | 1,529.8 |  |  | 1,590.9 |  |  | 188.2 |  |  | 2,372.7 |  |  | 2,560.9 |
Other assets | .9 |  |  | 20.0 |  |  | 20.9 |  |  | 2.8 |  |  | 27.0 |  |  | 29.8 |
Total assets | 62.9 |  |  | 1,605.0 |  |  | 1,667.9 |  |  | 198.1 |  |  | 2,497.4 |  |  | 2,695.5 |
Liabilities | .5 |  |  | 30.5 |  |  | 31.0 |  |  | 10.0 |  |  | 47.7 |  |  | 57.7 |
Net assets | $ | 62.4 |  |  | $ | 1,574.5 |  |  | $ | 1,636.9 |  |  | $ | 188.1 |  |  | $ | 2,449.7 |  |  | $ | 2,637.8 |
Attributable to T. Rowe Price | $ | 45.0 |  |  | $ | 711.5 |  |  | $ | 756.5 |  |  | $ | 130.7 |  |  | $ | 945.4 |  |  | $ | 1,076.1 |
Attributable to redeemable non-controlling interests | 17.4 |  |  | 863.0 |  |  | 880.4 |  |  | 57.4 |  |  | 1,504.3 |  |  | 1,561.7 |
| $ | 62.4 |  |  | $ | 1,574.5 |  |  | $ | 1,636.9 |  |  | $ | 188.1 |  |  | $ | 2,449.7 |  |  | $ | 2,637.8 |
(1) Cash and cash equivalents includes $.9 million at June 30, 2021, and $7.0 million at December 31, 2020, of T. Rowe Price money market mutual funds. (2) Investments include $31.3 million at June 30, 2021, and $26.9 million at December 31, 2020 of other T. Rowe Price investment products.
Operating results of consolidated sponsored investment portfolios | The operating results of the consolidated T. Rowe Price investment products for the three- and six- months ended June 30, 2021 and 2020, are reflected in our unaudited condensed consolidated statements of income as follows:
| Three months ended
| 6/30/2021 |  | 6/30/2020
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Operating expenses reflected in net operating income | $ | (.1) |  |  | $ | (2.7) |  |  | $ | (2.8) |  |  | $ | (.3) |  |  | $ | (3.3) |  |  | $ | (3.6) |
Net investment income (loss) reflected in non-operating income (loss) | 7.3 |  |  | 48.2 |  |  | 55.5 |  |  | 16.4 |  |  | 226.0 |  |  | 242.4 |
Impact on income before taxes | $ | 7.2 |  |  | $ | 45.5 |  |  | $ | 52.7 |  |  | $ | 16.1 |  |  | $ | 222.7 |  |  | $ | 238.8 |
Net income (loss) attributable to T. Rowe Price | $ | 4.3 |  |  | $ | 21.4 |  |  | $ | 25.7 |  |  | $ | 12.9 |  |  | $ | 100.4 |  |  | $ | 113.3 |
Net income (loss) attributable to redeemable non-controlling interests | 2.9 |  |  | 24.1 |  |  | 27.0 |  |  | 3.2 |  |  | 122.3 |  |  | 125.5 |
| $ | 7.2 |  |  | $ | 45.5 |  |  | $ | 52.7 |  |  | $ | 16.1 |  |  | $ | 222.7 |  |  | $ | 238.8 |
| Six months ended
| 6/30/2021 |  | 6/30/2020
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Operating expenses reflected in net operating income | $ | (.3) |  |  | $ | (6.0) |  |  | $ | (6.3) |  |  | $ | (.5) |  |  | $ | (6.8) |  |  | $ | (7.3) |
Net investment income (loss) reflected in non-operating income | 13.4 |  |  | 79.3 |  |  | 92.7 |  |  | (18.8) |  |  | (69.1) |  |  | (87.9) |
Impact on income before taxes | $ | 13.1 |  |  | $ | 73.3 |  |  | $ | 86.4 |  |  | $ | (19.3) |  |  | $ | (75.9) |  |  | $ | (95.2) |
Net income (loss) attributable to T. Rowe Price | $ | 8.3 |  |  | $ | 35.7 |  |  | $ | 44.0 |  |  | $ | (9.7) |  |  | $ | (34.5) |  |  | $ | (44.2) |
Net income (loss) attributable to redeemable non-controlling interests | 4.8 |  |  | 37.6 |  |  | 42.4 |  |  | (9.6) |  |  | (41.4) |  |  | (51.0) |
| $ | 13.1 |  |  | $ | 73.3 |  |  | $ | 86.4 |  |  | $ | (19.3) |  |  | $ | (75.9) |  |  | $ | (95.2) |
Cash flows of consolidated sponsored investment portfolios | The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020.
| Six months ended
| 6/30/2021 |  | 6/30/2020
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Net cash provided by (used in) operating activities | $ | (69.0) |  |  | $ | (153.9) |  |  | $ | (222.9) |  |  | $ | .8 |  |  | $ | (49.8) |  |  | $ | (49.0) |
Net cash used in investing activities | (11.8) |  |  | (32.4) |  |  | (44.2) |  |  | (9.2) |  |  | — |  |  | (9.2) |
Net cash provided by financing activities | 74.6 |  |  | 144.3 |  |  | 218.9 |  |  | 9.9 |  |  | 104.0 |  |  | 113.9 |
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — |  |  | (.5) |  |  | (.5) |  |  | — |  |  | (7.4) |  |  | (7.4) |
Net change in cash and cash equivalents during period | (6.2) |  |  | (42.5) |  |  | (48.7) |  |  | 1.5 |  |  | 46.8 |  |  | 48.3 |
Cash and cash equivalents at beginning of year | 7.1 |  |  | 97.7 |  |  | 104.8 |  |  | 9.9 |  |  | 66.6 |  |  | 76.5 |
Cash and cash equivalents at end of period | $ | .9 |  |  | $ | 55.2 |  |  | $ | 56.1 |  |  | $ | 11.4 |  |  | $ | 113.4 |  |  | $ | 124.8 |
Fair values of investments held by consolidated sponsored 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.
| 6/30/2021 |  | 12/31/2020
(in millions) | Level 1 |  | Level 2 |  | Level 1 |  | Level 2
Assets |  |  |  |  |  |  |
Cash equivalents | $ | .9 |  |  | $ | — |  |  | $ | 7.0 |  |  | $ | — |
Equity securities | 160.0 |  |  | 258.4 |  |  | 308.0 |  |  | 708.0 |
Fixed income securities | — |  |  | 1,129.5 |  |  | — |  |  | 1,411.3 |
Other investments | 3.9 |  |  | 39.1 |  |  | 2.6 |  |  | 131.0 |
| $ | 164.8 |  |  | $ | 1,427.0 |  |  | $ | 317.6 |  |  | $ | 2,250.3 |
Liabilities | $ | (.8) |  |  | $ | (7.0) |  |  | $ | (.4) |  |  | $ | (18.8) |

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- Definition Tabular disclosure of assets and liabilities of consolidated sponsored investment portfolios that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References No definition available. + Details
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