XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables)
 9 Months Ended
Sep. 30, 2023
Consolidated Sponsored Investment Portfolios [Abstract]  
Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios
The following table details the net assets of the consolidated sponsored investment products:
9/30/202312/31/2022
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Cash and cash equivalents(1)
$27.4 $64.2 $91.6 $16.2 $102.9 $119.1 
Investments(2)
618.7 1,018.8 1,637.5 205.3 1,255.5 1,460.8 
Other assets27.0 22.2 49.2 6.3 17.2 23.5 
Total assets673.1 1,105.2 1,778.3 227.8 1,375.6 1,603.4 
Liabilities48.0 35.8 83.8 50.0 39.1 89.1 
Net assets$625.1 $1,069.4 $1,694.5 $177.8 $1,336.5 $1,514.3 
Attributable to T. Rowe Price Group$488.2 $646.1 $1,134.3 $142.4 $715.2 $857.6 
Attributable to redeemable non-controlling interests136.9 423.3 560.2 35.4 621.3 656.7 
$625.1 $1,069.4 $1,694.5 $177.8 $1,336.5 $1,514.3 
(1) Cash and cash equivalents includes $14.5 million at September 30, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds.
(2) Investments include $6.2 million at September 30, 2023, and $7.6 million at December 31, 2022 of other sponsored investment products.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios
The operating results of the consolidated sponsored investment products for the three- and nine- months ended September 30, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows:

Three months ended
9/30/20239/30/2022
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Operating expenses reflected in net operating income$(0.5)$(0.9)$(1.4)$— $(1.8)$(1.8)
Net investment income (loss) reflected in non-operating income (loss)(11.6)(12.8)(24.4)(1.8)(40.0)(41.8)
Impact on income before taxes$(12.1)$(13.7)$(25.8)$(1.8)$(41.8)$(43.6)
Net income (loss) attributable to T. Rowe Price Group$(8.6)$(3.2)$(11.8)$(1.1)$(15.9)$(17.0)
Net income (loss) attributable to redeemable non-controlling interests(3.5)(10.5)(14.0)(0.7)(25.9)(26.6)
$(12.1)$(13.7)$(25.8)$(1.8)$(41.8)$(43.6)
Nine months ended
9/30/20239/30/2022
(in millions)Voting
interest entities		Variable interest entitiesTotalVoting
interest entities		Variable interest entitiesTotal
Operating expenses reflected in net operating income$(3.0)$(5.8)$(8.8)$(0.3)$(5.9)$(6.2)
Net investment income (loss) reflected in non-operating income (loss)1.1 44.3 45.4 (16.5)(231.3)(247.8)
Impact on income before taxes$(1.9)$38.5 $36.6 $(16.8)$(237.2)$(254.0)
Net income (loss) attributable to T. Rowe Price Group$(0.5)$26.1 $25.6 $(11.4)$(110.7)$(122.1)
Net income (loss) attributable to redeemable non-controlling interests(1.4)12.4 11.0 (5.4)(126.5)(131.9)
$(1.9)$38.5 $36.6 $(16.8)$(237.2)$(254.0)
Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios
The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022.
Nine months ended
9/30/20239/30/2022
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Net cash provided by (used in) operating activities$(417.5)$(314.0)$(731.5)$(17.7)$75.7 $58.0 
Net cash used in investing activities(12.3)(23.3)(35.6)(0.1)(8.6)(8.7)
Net cash provided by (used in) financing activities441.0 300.4 741.4 10.7 (94.8)(84.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products— (1.8)(1.8)— 11.8 11.8 
Net change in cash and cash equivalents during period
11.2 (38.7)(27.5)(7.1)(15.9)(23.0)
Cash and cash equivalents at beginning of year
16.2 102.9 119.1 7.3 93.8 101.1 
Cash and cash equivalents at end of period
$27.4 $64.2 $91.6 $0.2 $77.9 $78.1 
Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios The following table summarizes the investment holdings held by our consolidated sponsored investment products using fair value measurements determined based on the differing levels of inputs.
9/30/202312/31/2022
(in millions)
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Assets
  Cash equivalents$15.7 $11.7 $— $4.4 $20.6 $— 
Equity securities232.9 197.6 — 136.7 167.8 — 
Fixed income securities— 1,183.5 — 1,051.1 — 
Other investments3.7 19.8 — 3.3 30.1 71.8 
$252.3 $1,412.6 $— $— $144.4 $1,269.6 $71.8 
Liabilities$(1.5)$(19.2)$— $(0.9)$(19.1)$—