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CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables) | 9 Months Ended
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Sep. 30, 2024
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:
| 9/30/2024 |  | 12/31/2023
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Cash and cash equivalents(1) | $ | 5.8 |  |  | $ | 49.3 |  |  | $ | 55.1 |  |  | $ | 25.7 |  |  | $ | 51.5 |  |  | $ | 77.2 |
Investments(2) | 418.6 |  |  | 1,348.3 |  |  | 1,766.9 |  |  | 718.0 |  |  | 1,129.0 |  |  | 1,847.0 |
Other assets | 13.4 |  |  | 21.8 |  |  | 35.2 |  |  | 11.2 |  |  | 23.9 |  |  | 35.1 |
Total assets | 437.8 |  |  | 1,419.4 |  |  | 1,857.2 |  |  | 754.9 |  |  | 1,204.4 |  |  | 1,959.3 |
Liabilities | 19.8 |  |  | 38.0 |  |  | 57.8 |  |  | 19.0 |  |  | 35.2 |  |  | 54.2 |
Net assets | $ | 418.0 |  |  | $ | 1,381.4 |  |  | $ | 1,799.4 |  |  | $ | 735.9 |  |  | $ | 1,169.2 |  |  | $ | 1,905.1 |
Attributable to T. Rowe Price Group, Inc. | $ | 319.3 |  |  | $ | 716.7 |  |  | $ | 1,036.0 |  |  | $ | 589.9 |  |  | $ | 721.1 |  |  | $ | 1,311.0 |
Attributable to redeemable non-controlling interests | 98.7 |  |  | 664.7 |  |  | 763.4 |  |  | 146.0 |  |  | 448.1 |  |  | 594.1 |
| $ | 418.0 |  |  | $ | 1,381.4 |  |  | $ | 1,799.4 |  |  | $ | 735.9 |  |  | $ | 1,169.2 |  |  | $ | 1,905.1 |
(1) Cash and cash equivalents includes $5.2 million at September 30, 2024, and $16.2 million at December 31, 2023, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.5 million at September 30, 2024, and $6.2 million at December 31, 2023 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, 2024 and 2023, are reflected in our unaudited condensed consolidated statements of income as follows:
| Three months ended
| 9/30/2024 |  | 9/30/2023
(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) |  |  | $ | (1.9) |  |  | $ | (2.4) |  |  | $ | (0.5) |  |  | $ | (0.9) |  |  | $ | (1.4) |
Net investment income (loss) reflected in non-operating income (loss) | 27.3 |  |  | 58.6 |  |  | 85.9 |  |  | (11.6) |  |  | (12.8) |  |  | (24.4) |
Impact on income before taxes | $ | 26.8 |  |  | $ | 56.7 |  |  | $ | 83.5 |  |  | $ | (12.1) |  |  | $ | (13.7) |  |  | $ | (25.8) |
Net income (loss) attributable to T. Rowe Price Group, Inc. | $ | 19.2 |  |  | $ | 26.9 |  |  | $ | 46.1 |  |  | $ | (8.6) |  |  | $ | (3.2) |  |  | $ | (11.8) |
Net income (loss) attributable to redeemable non-controlling interests | 7.6 |  |  | 29.8 |  |  | 37.4 |  |  | (3.5) |  |  | (10.5) |  |  | (14.0) |
| $ | 26.8 |  |  | $ | 56.7 |  |  | $ | 83.5 |  |  | $ | (12.1) |  |  | $ | (13.7) |  |  | $ | (25.8) |
| Nine months ended
| 9/30/2024 |  | 9/30/2023
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Operating expenses reflected in net operating income | $ | (2.0) |  |  | $ | (5.3) |  |  | $ | (7.3) |  |  | $ | (3.0) |  |  | $ | (5.8) |  |  | $ | (8.8) |
Net investment income (loss) reflected in non-operating income (loss) | 57.0 |  |  | 109.7 |  |  | 166.7 |  |  | 1.1 |  |  | 44.3 |  |  | 45.4 |
Impact on income before taxes | $ | 55.0 |  |  | $ | 104.4 |  |  | $ | 159.4 |  |  | $ | (1.9) |  |  | $ | 38.5 |  |  | $ | 36.6 |
Net income (loss) attributable to T. Rowe Price Group, Inc. | $ | 42.0 |  |  | $ | 58.5 |  |  | $ | 100.5 |  |  | $ | (0.5) |  |  | $ | 26.1 |  |  | $ | 25.6 |
Net income (loss) attributable to redeemable non-controlling interests | 13.0 |  |  | 45.9 |  |  | 58.9 |  |  | (1.4) |  |  | 12.4 |  |  | 11.0 |
| $ | 55.0 |  |  | $ | 104.4 |  |  | $ | 159.4 |  |  | $ | (1.9) |  |  | $ | 38.5 |  |  | $ | 36.6 |
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, 2024 and 2023.
| Nine months ended
| 9/30/2024 |  | 9/30/2023
(in millions) | Voting interest entities |  | Variable interest entities |  | Total |  | Voting interest entities |  | Variable interest entities |  | Total
Net cash provided by (used in) operating activities | $ | (170.5) |  |  | $ | (182.3) |  |  | $ | (352.8) |  |  | $ | (417.5) |  |  | $ | (314.0) |  |  | $ | (731.5) |
Net cash provided by (used in) investing activities | (14.7) |  |  | (1.0) |  |  | (15.7) |  |  | (12.3) |  |  | (23.3) |  |  | (35.6) |
Net cash provided by (used in) financing activities | 165.3 |  |  | 180.6 |  |  | 345.9 |  |  | 441.0 |  |  | 300.4 |  |  | 741.4 |
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products | — |  |  | 0.5 |  |  | 0.5 |  |  | — |  |  | (1.8) |  |  | (1.8) |
Net change in cash and cash equivalents during period | (19.9) |  |  | (2.2) |  |  | (22.1) |  |  | 11.2 |  |  | (38.7) |  |  | (27.5) |
Cash and cash equivalents at beginning of year | 25.7 |  |  | 51.5 |  |  | 77.2 |  |  | 16.2 |  |  | 102.9 |  |  | 119.1 |
Cash and cash equivalents at end of period | $ | 5.8 |  |  | $ | 49.3 |  |  | $ | 55.1 |  |  | $ | 27.4 |  |  | $ | 64.2 |  |  | $ | 91.6 |
Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios | The following table provides information about the significant Level 3 inputs:
| Fair value measurements as of September 30, 2024
(in millions) | Fair value |  | Valuation techniques |  | Unobservable inputs |  | Interest rate input
Other investments | $ | 42.2 |  |  | Market Yield (Comparables) |  | Yield |  | 8.9%
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.
| 9/30/2024 |  | 12/31/2023
(in millions) | Level 1 |  | Level 2 |  |  |  |  |  | Level 1 |  | Level 2 |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 5.8 |  |  | $ | 3.6 |  |  |  |  |  |  | $ | 17.2 |  |  | $ | 8.0 |  |  |  |  |
Equity securities | 325.3 |  |  | 266.9 |  |  |  |  |  |  | 365.1 |  |  | 213.6 |  |  |  |  |
Fixed income securities | — |  |  | 1,151.7 |  |  |  |  |  |  | — |  |  | 1,241.9 |  |  |  |  |
Other investments | 1.4 |  |  | 21.6 |  |  |  |  |  |  | 3.6 |  |  | 22.8 |  |  |  |  |
| $ | 332.5 |  |  | $ | 1,443.8 |  |  |  |  |  | $ | — |  | $ | 385.9 |  |  | $ | 1,486.3 |  |  |  |  |
Liabilities | $ | (1.1) |  |  | $ | (13.0) |  |  |  |  |  |  | $ | (5.1) |  |  | $ | (16.2) |  |  |  |  |

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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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