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CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables) | 12 Months Ended
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Dec. 31, 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 at December 31:
| 2023 |  | 2022
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Cash and cash equivalents(1) | $ | 25.7 |  |  | $ | 51.5 |  |  | $ | 77.2 |  |  | $ | 16.2 |  |  | $ | 102.9 |  |  | $ | 119.1 |
Investments(2) | 718.0 |  |  | 1,129.0 |  |  | 1,847.0 |  |  | 205.3 |  |  | 1,255.5 |  |  | 1,460.8 |
Other assets | 11.2 |  |  | 23.9 |  |  | 35.1 |  |  | 6.3 |  |  | 17.2 |  |  | 23.5 |
Total assets | 754.9 |  |  | 1,204.4 |  |  | 1,959.3 |  |  | 227.8 |  |  | 1,375.6 |  |  | 1,603.4 |
Liabilities | 19.0 |  |  | 35.2 |  |  | 54.2 |  |  | 50.0 |  |  | 39.1 |  |  | 89.1 |
Net assets | $ | 735.9 |  |  | $ | 1,169.2 |  |  | $ | 1,905.1 |  |  | $ | 177.8 |  |  | $ | 1,336.5 |  |  | $ | 1,514.3 |
Attributable to T. Rowe Price Group | $ | 589.9 |  |  | $ | 721.1 |  |  | $ | 1,311.0 |  |  | $ | 142.4 |  |  | $ | 715.2 |  |  | $ | 857.6 |
Attributable to redeemable non-controlling interests | 146.0 |  |  | 448.1 |  |  | 594.1 |  |  | 35.4 |  |  | 621.3 |  |  | 656.7 |
| $ | 735.9 |  |  | $ | 1,169.2 |  |  | $ | 1,905.1 |  |  | $ | 177.8 |  |  | $ | 1,336.5 |  |  | $ | 1,514.3 |
(1) Cash and cash equivalents includes $16.2 million and $2.6 million at December 31, 2023 and 2022, respectively, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.2 million and $7.6 million at December 31, 2023 and 2022, respectively, of sponsored investment products.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios | The operating results of the consolidated sponsored investment products, are reflected in our consolidated statements of income for the year ended December 31 as follows:
| 2023 |  | 2022 |  | 2021
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Operating expenses reflected in net operating income | $ | (3.7) |  |  | $ | (7.4) |  |  | $ | (11.1) |  |  | $ | (.5) |  |  | $ | (7.7) |  |  | $ | (8.2) |  |  | $ | (.6) |  |  | $ | (11.6) |  |  | $ | (12.2) |
Net gains (losses) reflected in non-operating income | 52.4 |  |  | 112.2 |  |  | 164.6 |  |  | (13.4) |  |  | (190.1) |  |  | (203.5) |  |  | 18.0 |  |  | 56.7 |  |  | 74.7 |
Impact on income before taxes | $ | 48.7 |  |  | $ | 104.8 |  |  | $ | 153.5 |  |  | $ | (13.9) |  |  | $ | (197.8) |  |  | $ | (211.7) |  |  | $ | 17.4 |  |  | $ | 45.1 |  |  | $ | 62.5 |
Net income (loss) attributable to T. Rowe Price Group | $ | 40.9 |  |  | $ | 65.6 |  |  | $ | 106.5 |  |  | $ | (9.5) |  |  | $ | (93.9) |  |  | $ | (103.4) |  |  | $ | 11.4 |  |  | $ | 35.5 |  |  | $ | 46.9 |
Net income (loss) attributable to redeemable non-controlling interests | 7.8 |  |  | 39.2 |  |  | 47.0 |  |  | (4.4) |  |  | (103.9) |  |  | (108.3) |  |  | 6.0 |  |  | 9.6 |  |  | 15.6 |
| $ | 48.7 |  |  | $ | 104.8 |  |  | $ | 153.5 |  |  | $ | (13.9) |  |  | $ | (197.8) |  |  | $ | (211.7) |  |  | $ | 17.4 |  |  | $ | 45.1 |  |  | $ | 62.5 |
Schedule of 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.
| 2023 |  | 2022 |  | 2021
(in millions) | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total |  | VOE |  | VIE |  | Total
Net cash provided by operating activities | $ | (517.5) |  |  | $ | (371.4) |  |  | $ | (888.9) |  |  | $ | (84.1) |  |  | $ | 6.9 |  |  | $ | (77.2) |  |  | $ | (135.3) |  |  | $ | 160.8 |  |  | $ | 25.5 |
Net cash provided by (used in) investing activities | (32.7) |  |  | (24.1) |  |  | (56.8) |  |  | .1 |  |  | (8.8) |  |  | (8.7) |  |  | (11.9) |  |  | (5.0) |  |  | (16.9) |
Net cash used in financing activities | 559.7 |  |  | 343.7 |  |  | 903.4 |  |  | 92.9 |  |  | 1.5 |  |  | 94.4 |  |  | 147.4 |  |  | (162.3) |  |  | (14.9) |
FX impact on cash | — |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | 9.5 |  |  | 9.5 |  |  | — |  |  | 2.6 |  |  | 2.6 |
Net change in cash and cash equivalents during period | 9.5 |  |  | (51.4) |  |  | (41.9) |  |  | 8.9 |  |  | 9.1 |  |  | 18.0 |  |  | 0.2 |  |  | (3.9) |  |  | (3.7) |
Cash and cash equivalents at beginning of year | 16.2 |  |  | 102.9 |  |  | 119.1 |  |  | 7.3 |  |  | 93.8 |  |  | 101.1 |  |  | 7.1 |  |  | 97.7 |  |  | 104.8 |
Cash and cash equivalents at end of year | $ | 25.7 |  |  | $ | 51.5 |  |  | $ | 77.2 |  |  | $ | 16.2 |  |  | $ | 102.9 |  |  | $ | 119.1 |  |  | $ | 7.3 |  |  | $ | 93.8 |  |  | $ | 101.1 |
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 as of December 31.
| 2023 |  | 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 17.2 |  |  | $ | 8.0 |  |  | $ | — |  |  | $ | 4.4 |  |  | $ | 20.6 |  |  | $ | — |
Equity securities | 365.1 |  |  | 213.6 |  |  | — |  |  | 136.7 |  |  | 167.8 |  |  | — |
Fixed income securities | — |  |  | 1,241.9 |  |  | — |  |  | — |  |  | 1,051.1 |  |  | — |
Other investments | 3.6 |  |  | 22.8 |  |  | — |  |  | 3.3 |  |  | 30.1 |  |  | 71.8 |
| $ | 385.9 |  |  | $ | 1,486.3 |  |  | $ | — |  |  | $ | 144.4 |  |  | $ | 1,269.6 |  |  | $ | 71.8 |
Liabilities | $ | (5.1) |  |  | $ | (16.2) |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | (19.1) |  |  | $ | — |
The fair value of Level 3 investments held by consolidated sponsored investment products are derived from inputs that are unobservable and which reflect the company's own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on the company's own data, which is adjusted if information indicates that market participants would use different assumptions. Changes in fair value Level 3 are solely attributable to the deconsolidation of certain investments in 2023, and the purchase of investments in 2022. The following table provides information about the significant Level 3 inputs:
| Fair value measurements as of December 31, 2022
(in millions) | Fair value |  | Valuation techniques |  | Unobservable inputs |  | Ranges
Other investments | $ | 71.8 |  |  | Market Yield (Comparables) |  | Yield |  | 9.8% - 12.4%

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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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