The sponsored 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 and certain other sponsored products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.


	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

Although we can generally redeem our net interest in the sponsored 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 sponsored investment products is limited to valuation changes associated with our net interest. However, we 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 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

The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $2.1 million in 2023, $2.0 million in 2022, and $5.5 million in 2021, 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 sponsored investment products.

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

The net cash provided by financing activities includes $544.6 million in 2023, $142.8 million in 2022 and $51.9 million in 2021, of net subscriptions we made into the consolidated sponsored investment products, net of dividends received. These cash flows were eliminated in consolidation.

We determine the fair value of investments held by consolidated sponsored investment products using the following broad levels of inputs as defined by related accounting standards:

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads. These inputs are based on market data obtained from independent sources.

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 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.

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%