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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table summarizes our investments and liabilities that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated sponsored investment products which are presented separately in our unaudited condensed consolidated balance sheets and are detailed in Note 5.

			9/30/2024																		12/31/2023
(in millions)			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
T. Rowe Price investment products
Cash equivalents held in money market funds			$	2,735.3					$	—					$	—					$	1,678.1					$	—					$	—
Discretionary investments			261.0						—						—						246.4						—						—
Seed capital			240.1						57.5						—						206.0						41.8						—
Supplemental savings plan liability economic hedges			901.9						—						—						806.6						—						—
Other investments			0.1						—						42.2						0.7						—						—
Investments in affiliated collateralized loan obligations			—						7.6						—						—						8.4						—
Total			$	4,138.4					$	65.1					$	42.2					$	2,937.8					$	50.2					$	—
Contingent consideration liability			$	—					$	—					$	—					$	—					$	—					$	13.4

Schedule of Fair Values of Investments

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)

Schedule of Change in Contingent Consideration Liability

The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:

			Three months ended												Nine months ended
(in millions)			9/30/2024						9/30/2023						9/30/2024						9/30/2023
Balance at beginning of period			$	13.4					$	23.0					$	13.4					$	95.8
Unrealized gains, included in earnings			(13.4)						—						(13.4)						(72.8)
Balance at end of period			$	—					$	23.0					$	—					$	23.0

X

- 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).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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