CONSOLIDATED INVESTMENT PRODUCTS (Tables)

12 Months Ended

Dec. 31, 2024

Consolidated Investment Portfolios [Abstract]

Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios

The following table details the net assets of the consolidated investment products at December 31:


	2024						2023
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2
Investments(2)	470.8		1,465.4		1,936.2		718.0		1,129.0		1,847.0
Other assets	10.4		34.3		44.7		11.2		23.9		35.1
Total assets	488.4		1,555.6		2,044.0		754.9		1,204.4		1,959.3
Liabilities	15.9		46.2		62.1		19.0		35.2		54.2
Net assets	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

Attributable to T. Rowe Price Group	$	348.5	$	689.4	$	1,037.9	$	589.9	$	721.1	$	1,311.0
Attributable to redeemable non-controlling interests	124.0		820.0		944.0		146.0		448.1		594.1
	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

(1) Cash and cash equivalents includes $4.9 million and $16.2 million at December 31, 2024 and 2023, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Consolidated investment products invest $9.3 million and $6.2 million at December 31, 2024 and 2023, respectively, in other sponsored investment products.

Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios

The operating results of the consolidated investment products, are reflected in our consolidated statements of income for the year ended December 31 as follows:


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(2.4)	$	(7.4)	$	(9.8)	$	(3.7)	$	(7.4)	$	(11.1)	$	(0.5)	$	(7.7)	$	(8.2)
Net gains (losses) reflected in non-operating income	41.7		88.6		130.3		52.4		112.2		164.6		(13.4)		(190.1)		(203.5)
Impact on income before taxes	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

Net income (loss) attributable to T. Rowe Price Group	$	31.4	$	53.4	$	84.8	$	40.9	$	65.6	$	106.5	$	(9.5)	$	(93.9)	$	(103.4)
Net income (loss) attributable to redeemable non-controlling interests	7.9		27.8		35.7		7.8		39.2		47.0		(4.4)		(103.9)		(108.3)
	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

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.


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by (used in) operating activities	$	(239.4)	$	(394.4)	$	(633.8)	$	(517.5)	$	(371.4)	$	(888.9)	$	(84.1)	$	6.9	$	(77.2)
Net cash provided by (used in) investing activities	(14.7)		(1.1)		(15.8)		(32.7)		(24.1)		(56.8)		0.1		(8.8)		(8.7)
Net cash provided by (used in) financing activities	235.6		402.3		637.9		559.7		343.7		903.4		92.9		1.5		94.4
FX impact on cash	—		(2.4)		(2.4)		—		0.4		0.4		—		9.5		9.5
Net change in cash and cash equivalents during period	(18.5)		4.4		(14.1)		9.5		(51.4)		(41.9)		8.9		9.1		18.0
Cash and cash equivalents at beginning of year	25.7		51.5		77.2		16.2		102.9		119.1		7.3		93.8		101.1
Cash and cash equivalents at end of year	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2	$	16.2	$	102.9	$	119.1

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 investment products using fair value measurements determined based on the differing levels of inputs as of December 31.


	2024				2023
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	6.3	$	—		$	17.2	$	8.0
Equity securities	452.3		285.4			365.1		213.6
Fixed income securities	—		1,173.5			—		1,241.9
Other investments	1.6		23.4			3.6		22.8
	$	460.2	$	1,482.3		$	385.9	$	1,486.3

Liabilities	$	(1.7)	$	(14.5)		$	(5.1)	$	(16.2)