☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 52-2264646 | |||||||
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $.20 par value per share | TROW | The NASDAQ Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
6/30/2022 | 12/31/2021 | 9/30/2022 | 12/31/2021 | |||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 2,116.0 | $ | 1,523.1 | Cash and cash equivalents | $ | 2,366.3 | $ | 1,523.1 | ||||||||||||||||||
Accounts receivable and accrued revenue | Accounts receivable and accrued revenue | 773.2 | 1,058.3 | Accounts receivable and accrued revenue | 741.4 | 1,058.3 | ||||||||||||||||||||||
Investments | Investments | 2,563.7 | 2,975.5 | Investments | 2,480.2 | 2,975.5 | ||||||||||||||||||||||
Assets of consolidated T. Rowe Price investment products ($1,226.0 million at June 30, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities) | 1,307.2 | 1,962.8 | ||||||||||||||||||||||||||
Assets of consolidated T. Rowe Price investment products ($1,234.8 million at September 30, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities) | Assets of consolidated T. Rowe Price investment products ($1,234.8 million at September 30, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities) | 1,284.3 | 1,962.8 | |||||||||||||||||||||||||
Operating lease assets | Operating lease assets | 158.1 | 201.2 | Operating lease assets | 282.8 | 201.2 | ||||||||||||||||||||||
Property, equipment and software, net | Property, equipment and software, net | 747.3 | 736.2 | Property, equipment and software, net | 752.8 | 736.2 | ||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | 859.1 | 913.4 | Intangible assets, net | 832.0 | 913.4 | ||||||||||||||||||||||
Goodwill | Goodwill | 2,652.4 | 2,693.2 | Goodwill | 2,652.4 | 2,693.2 | ||||||||||||||||||||||
Other assets | Other assets | 591.7 | 445.3 | Other assets | 601.0 | 445.3 | ||||||||||||||||||||||
Total assets | Total assets | $ | 11,768.7 | $ | 12,509.0 | Total assets | $ | 11,993.2 | $ | 12,509.0 | ||||||||||||||||||
LIABILITIES | LIABILITIES | LIABILITIES | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | $ | 361.0 | $ | 431.0 | Accounts payable and accrued expenses | $ | 382.8 | $ | 431.0 | ||||||||||||||||||
Liabilities of consolidated T. Rowe Price investment products ($34.4 million at June 30, 2022 and $36.2 million at December 31, 2021, related to variable interest entities) | 43.1 | 51.5 | ||||||||||||||||||||||||||
Liabilities of consolidated T. Rowe Price investment products ($41.6 million at September 30, 2022 and $36.2 million at December 31, 2021, related to variable interest entities) | Liabilities of consolidated T. Rowe Price investment products ($41.6 million at September 30, 2022 and $36.2 million at December 31, 2021, related to variable interest entities) | 47.5 | 51.5 | |||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 204.7 | 249.2 | Operating lease liabilities | 320.0 | 249.2 | ||||||||||||||||||||||
Accrued compensation and related costs | Accrued compensation and related costs | 494.7 | 256.8 | Accrued compensation and related costs | 701.1 | 256.8 | ||||||||||||||||||||||
Supplemental savings plan liability | Supplemental savings plan liability | 732.1 | 882.6 | Supplemental savings plan liability | 676.9 | 882.6 | ||||||||||||||||||||||
Contingent consideration liability | Contingent consideration liability | 161.2 | 306.3 | Contingent consideration liability | 131.3 | 306.3 | ||||||||||||||||||||||
Income taxes payable | Income taxes payable | 34.3 | 77.9 | Income taxes payable | 38.3 | 77.9 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 2,031.1 | 2,255.3 | Total liabilities | 2,297.9 | 2,255.3 | ||||||||||||||||||||||
Commitments and contingent liabilities | Commitments and contingent liabilities | 0 | 0 | Commitments and contingent liabilities | ||||||||||||||||||||||||
Redeemable non-controlling interests | Redeemable non-controlling interests | 564.6 | 982.3 | Redeemable non-controlling interests | 580.8 | 982.3 | ||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares | Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares | — | — | Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares | — | — | ||||||||||||||||||||||
Common stock, $.20 par value—authorized 750,000,000; issued 225,715,000 shares at June 30, 2022 and 229,175,000 at December 31, 2021 | 45.1 | 45.8 | ||||||||||||||||||||||||||
Common stock, $.20 par value—authorized 750,000,000; issued 223,920,000 shares at September 30, 2022 and 229,175,000 at December 31, 2021 | Common stock, $.20 par value—authorized 750,000,000; issued 223,920,000 shares at September 30, 2022 and 229,175,000 at December 31, 2021 | 44.8 | 45.8 | |||||||||||||||||||||||||
Additional capital in excess of par value | Additional capital in excess of par value | 654.6 | 919.8 | Additional capital in excess of par value | 499.3 | 919.8 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 8,311.9 | 8,083.6 | Retained earnings | 8,419.9 | 8,083.6 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (47.4) | (26.5) | Accumulated other comprehensive loss | (56.5) | (26.5) | ||||||||||||||||||||||
Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | 8,964.2 | 9,022.7 | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | 8,907.5 | 9,022.7 | ||||||||||||||||||||||
Non-controlling interests in consolidated entities | Non-controlling interests in consolidated entities | 208.8 | 248.7 | Non-controlling interests in consolidated entities | 207.0 | 248.7 | ||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 9,173.0 | 9,271.4 | Total stockholders’ equity | 9,114.5 | 9,271.4 | ||||||||||||||||||||||
Total liabilities, redeemable non-controlling interests, and stockholders’ equity | Total liabilities, redeemable non-controlling interests, and stockholders’ equity | $ | 11,768.7 | $ | 12,509.0 | Total liabilities, redeemable non-controlling interests, and stockholders’ equity | $ | 11,993.2 | $ | 12,509.0 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Investment advisory fees | Investment advisory fees | $ | 1,496.7 | $ | 1,787.2 | $ | 3,158.8 | $ | 3,475.0 | Investment advisory fees | $ | 1,442.0 | $ | 1,813.4 | $ | 4,600.8 | $ | 5,288.4 | ||||||||||||||||||||||||||||
Capital allocation-based income | Capital allocation-based income | (126.3) | — | (81.9) | — | Capital allocation-based income | 1.1 | — | (80.8) | — | ||||||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | 142.6 | 142.1 | 299.1 | 281.1 | Administrative, distribution, and servicing fees | 145.1 | 140.7 | 444.2 | 421.8 | ||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | 1,513.0 | 1,929.3 | 3,376.0 | 3,756.1 | Net revenues | 1,588.2 | 1,954.1 | 4,964.2 | 5,710.2 | ||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and related costs | Compensation and related costs | 463.4 | 603.8 | 1,045.0 | 1,187.3 | Compensation and related costs | 588.1 | 564.6 | 1,633.1 | 1,751.9 | ||||||||||||||||||||||||||||||||||||
Distribution and servicing | Distribution and servicing | 75.7 | 92.7 | 161.6 | 178.3 | Distribution and servicing | 69.9 | 96.0 | 231.5 | 274.3 | ||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 21.4 | 20.4 | 44.8 | 39.3 | Advertising and promotion | 24.3 | 22.1 | 69.1 | 61.4 | ||||||||||||||||||||||||||||||||||||
Product and recordkeeping related costs | Product and recordkeeping related costs | 76.3 | 43.3 | 156.7 | 84.3 | Product and recordkeeping related costs | 75.6 | 70.3 | 232.3 | 154.6 | ||||||||||||||||||||||||||||||||||||
Technology, occupancy, and facility costs | Technology, occupancy, and facility costs | 134.3 | 119.3 | 268.2 | 236.6 | Technology, occupancy, and facility costs | 143.6 | 123.1 | 411.8 | 359.7 | ||||||||||||||||||||||||||||||||||||
General, administrative, and other | General, administrative, and other | 73.3 | 91.7 | 153.7 | 179.0 | General, administrative, and other | 112.1 | 81.8 | 265.8 | 260.8 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 844.4 | 971.2 | 1,830.0 | 1,904.8 | Total operating expenses | 1,013.6 | 957.9 | 2,843.6 | 2,862.7 | ||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | 668.6 | 958.1 | 1,546.0 | 1,851.3 | Net operating income | 574.6 | 996.2 | 2,120.6 | 2,847.5 | ||||||||||||||||||||||||||||||||||||
Non-operating income (loss) | Non-operating income (loss) | Non-operating income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on investments | Net gains (losses) on investments | (169.9) | 87.7 | (259.8) | 156.3 | Net gains (losses) on investments | (41.5) | 8.7 | (301.3) | 165.0 | ||||||||||||||||||||||||||||||||||||
Net gains (losses) on consolidated investment products | Net gains (losses) on consolidated investment products | (104.6) | 55.5 | (206.0) | 92.7 | Net gains (losses) on consolidated investment products | (41.7) | (17.1) | (247.7) | 75.7 | ||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | (5.4) | .7 | (12.6) | (3.0) | Other income (loss) | .4 | (3.1) | (12.2) | (6.2) | ||||||||||||||||||||||||||||||||||||
Total non-operating income (loss) | Total non-operating income (loss) | (279.9) | 143.9 | (478.4) | 246.0 | Total non-operating income (loss) | (82.8) | (11.5) | (561.2) | 234.5 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 388.7 | 1,102.0 | 1,067.6 | 2,097.3 | Income before income taxes | 491.8 | 984.7 | 1,559.4 | 3,082.0 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 100.9 | 259.3 | 265.4 | 489.8 | Provision for income taxes | 134.0 | 227.3 | 399.4 | 717.1 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 287.8 | 842.7 | 802.2 | 1,607.5 | Net income | 357.8 | 757.4 | 1,160.0 | 2,364.9 | ||||||||||||||||||||||||||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | Less: net income (loss) attributable to redeemable non-controlling interests | (51.8) | 27.0 | (105.3) | 42.4 | Less: net income (loss) attributable to redeemable non-controlling interests | (26.6) | (19.8) | (131.9) | 22.6 | ||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price Group | Net income attributable to T. Rowe Price Group | $ | 339.6 | $ | 815.7 | $ | 907.5 | $ | 1,565.1 | Net income attributable to T. Rowe Price Group | $ | 384.4 | $ | 777.2 | $ | 1,291.9 | $ | 2,342.3 | ||||||||||||||||||||||||||||
Earnings per share on common stock of T. Rowe Price Group | Earnings per share on common stock of T. Rowe Price Group | Earnings per share on common stock of T. Rowe Price Group | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 1.47 | $ | 3.50 | $ | 3.90 | $ | 6.70 | Basic | $ | 1.67 | $ | 3.34 | $ | 5.57 | $ | 10.04 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 1.46 | $ | 3.46 | $ | 3.88 | $ | 6.63 | Diluted | $ | 1.66 | $ | 3.31 | $ | 5.54 | $ | 9.94 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 287.8 | $ | 842.7 | $ | 802.2 | $ | 1,607.5 | Net income | $ | 357.8 | $ | 757.4 | $ | 1,160.0 | $ | 2,364.9 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | Currency translation adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products - variable interest entities | Consolidated T. Rowe Price investment products - variable interest entities | (26.6) | 6.1 | (42.1) | (12.8) | Consolidated T. Rowe Price investment products - variable interest entities | (31.8) | (17.2) | (73.9) | (30.0) | ||||||||||||||||||||||||||||||||||||
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products | Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products | (5.3) | — | (6.9) | (2.6) | Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products | — | — | (6.9) | (2.6) | ||||||||||||||||||||||||||||||||||||
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities | (31.9) | 6.1 | (49.0) | (15.4) | Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities | (31.8) | (17.2) | (80.8) | (32.6) | ||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments | (3.1) | (.3) | (2.6) | (1.1) | Equity method investments | .7 | 3.5 | (1.9) | 2.4 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before income taxes | (35.0) | 5.8 | (51.6) | (16.5) | ||||||||||||||||||||||||||||||||||||||||||
Net deferred tax (expense) benefits | 3.4 | (.2) | 5.2 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | (31.6) | 5.6 | (46.4) | (13.7) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss before income taxes | Other comprehensive loss before income taxes | (31.1) | (13.7) | (82.7) | (30.2) | |||||||||||||||||||||||||||||||||||||||||
Net deferred tax benefits | Net deferred tax benefits | 2.9 | .8 | 8.1 | 3.6 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | (28.2) | (12.9) | (74.6) | (26.6) | |||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 256.2 | 848.3 | 755.8 | 1,593.8 | Total comprehensive income | 329.6 | 744.5 | 1,085.4 | 2,338.3 | ||||||||||||||||||||||||||||||||||||
Less: comprehensive income (loss) attributable to redeemable non-controlling interests | Less: comprehensive income (loss) attributable to redeemable non-controlling interests | (67.5) | 30.8 | (130.8) | 34.4 | Less: comprehensive income (loss) attributable to redeemable non-controlling interests | (45.7) | (32.0) | (176.5) | 2.4 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income attributable to T. Rowe Price Group | Total comprehensive income attributable to T. Rowe Price Group | $ | 323.7 | $ | 817.5 | $ | 886.6 | $ | 1,559.4 | Total comprehensive income attributable to T. Rowe Price Group | $ | 375.3 | $ | 776.5 | $ | 1,261.9 | $ | 2,335.9 |
Six months ended | Nine months ended | |||||||||||||||||||||
6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||
Net income | Net income | $ | 802.2 | $ | 1,607.5 | Net income | $ | 1,160.0 | $ | 2,364.9 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization of property, equipment and software | Depreciation and amortization of property, equipment and software | 109.2 | 99.4 | Depreciation and amortization of property, equipment and software | 166.0 | 151.1 | ||||||||||||||||
Amortization of acquisition-related assets and retention arrangements | Amortization of acquisition-related assets and retention arrangements | 106.7 | — | Amortization of acquisition-related assets and retention arrangements | 158.4 | — | ||||||||||||||||
Fair value remeasurement of contingent consideration liability | Fair value remeasurement of contingent consideration liability | (95.8) | — | Fair value remeasurement of contingent consideration liability | (125.7) | — | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 122.9 | 113.9 | Stock-based compensation expense | 185.7 | 166.3 | ||||||||||||||||
Net (gains) losses recognized on investments | Net (gains) losses recognized on investments | 338.8 | (140.9) | Net (gains) losses recognized on investments | 384.5 | (144.4) | ||||||||||||||||
Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | 3.9 | 21.9 | Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | 33.8 | 28.1 | ||||||||||||||||
Net change in securities held by consolidated T. Rowe Price investment products | Net change in securities held by consolidated T. Rowe Price investment products | 282.3 | (253.4) | Net change in securities held by consolidated T. Rowe Price investment products | 291.0 | (5.3) | ||||||||||||||||
Other changes | Other changes | 56.8 | 353.6 | Other changes | 240.9 | 530.0 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 1,727.0 | 1,802.0 | Net cash provided by operating activities | 2,494.6 | 3,090.7 | ||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||||||||
Purchases of investment products | Purchases of investment products | (31.2) | (30.6) | Purchases of investment products | (47.7) | (47.3) | ||||||||||||||||
Dispositions of investment products | Dispositions of investment products | 141.4 | 190.7 | Dispositions of investment products | 160.8 | 285.4 | ||||||||||||||||
Net cash of T. Rowe Price investment products on deconsolidation | Net cash of T. Rowe Price investment products on deconsolidation | (13.5) | (44.2) | Net cash of T. Rowe Price investment products on deconsolidation | (8.7) | (15.6) | ||||||||||||||||
Additions to property, equipment and software | Additions to property, equipment and software | (122.8) | (121.8) | Additions to property, equipment and software | (177.2) | (178.7) | ||||||||||||||||
Other investing activity | Other investing activity | .4 | 11.6 | Other investing activity | 3.3 | 13.8 | ||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (25.7) | 5.7 | Net cash provided by (used in) investing activities | (69.5) | 57.6 | ||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (510.4) | (311.4) | Repurchases of common stock | (727.9) | (493.1) | ||||||||||||||||
Common share issuances under stock-based compensation plans | Common share issuances under stock-based compensation plans | 7.8 | 24.7 | Common share issuances under stock-based compensation plans | 13.8 | 33.3 | ||||||||||||||||
Dividends paid to common stockholders of T. Rowe Price | Dividends paid to common stockholders of T. Rowe Price | (556.2) | (505.1) | Dividends paid to common stockholders of T. Rowe Price | (832.4) | (1,454.0) | ||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | Net distributions to non-controlling interests in consolidated entities | (6.5) | — | Net distributions to non-controlling interests in consolidated entities | (8.4) | — | ||||||||||||||||
Net subscriptions (redemptions) received from redeemable non-controlling interest holders | Net subscriptions (redemptions) received from redeemable non-controlling interest holders | (65.7) | 299.1 | Net subscriptions (redemptions) received from redeemable non-controlling interest holders | (61.8) | 22.7 | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (1,131.0) | (492.7) | Net cash used in financing activities | (1,616.7) | (1,891.1) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | (7.3) | (.5) | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | 11.8 | (3.6) | ||||||||||||||||
Net change in cash and cash equivalents during period | Net change in cash and cash equivalents during period | 563.0 | 1,314.5 | Net change in cash and cash equivalents during period | 820.2 | 1,253.6 | ||||||||||||||||
Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products | Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products | 1,624.2 | 2,256.5 | Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products | 1,624.2 | 2,256.5 | ||||||||||||||||
Cash and cash equivalents at end of period, including $71.2 million at June 30, 2022, and $56.1 million at June 30, 2021, held by consolidated T. Rowe Price investment products | $ | 2,187.2 | $ | 3,571.0 | ||||||||||||||||||
Cash and cash equivalents at end of period, including $78.1 million at September 30, 2022, and $91.6 million at September 30, 2021, held by consolidated T. Rowe Price investment products | Cash and cash equivalents at end of period, including $78.1 million at September 30, 2022, and $91.6 million at September 30, 2021, held by consolidated T. Rowe Price investment products | $ | 2,444.4 | $ | 3,510.1 |
Three months ended 6/30/2022 | Three months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 227,283 | $ | 45.5 | $ | 668.2 | $ | 8,372.2 | $ | (31.5) | $ | 9,054.4 | $ | 272.2 | $ | 9,326.6 | $ | 790.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | Balances at June 30, 2022 | 225,715 | $ | 45.1 | $ | 654.6 | $ | 8,311.9 | $ | (47.4) | $ | 8,964.2 | $ | 208.8 | $ | 9,173.0 | $ | 564.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 339.6 | — | 339.6 | (50.9) | 288.7 | (51.8) | Net income (loss) | — | — | — | 384.4 | — | 384.4 | .1 | 384.5 | (26.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (15.9) | (15.9) | — | (15.9) | (15.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (9.1) | (9.1) | — | (9.1) | (19.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.20 per share) | Dividends declared ($1.20 per share) | — | — | — | (277.2) | — | (277.2) | — | (277.2) | — | Dividends declared ($1.20 per share) | — | — | — | (276.4) | — | (276.4) | — | (276.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | Shares issued upon option exercises | 63 | — | 3.6 | — | — | 3.6 | — | 3.6 | — | Shares issued upon option exercises | 135 | — | 6.4 | — | — | 6.4 | — | 6.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | Net shares issued upon vesting of restricted stock units | 20 | — | (.2) | — | — | (.2) | — | (.2) | — | Net shares issued upon vesting of restricted stock units | 11 | — | (.3) | — | — | (.3) | — | (.3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 59.3 | — | — | 59.3 | — | 59.3 | — | Stock-based compensation expense | — | — | 62.8 | — | — | 62.8 | — | 62.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | 9 | — | .1 | (.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | Common shares repurchased | (1,660) | (.4) | (76.4) | (122.6) | — | (199.4) | — | (199.4) | — | Common shares repurchased | (1,941) | (.3) | (224.2) | — | — | (224.5) | — | (224.5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (12.5) | (12.5) | — | Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (1.9) | (1.9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net redemptions from T. Rowe Price investment products | — | — | — | — | — | — | — | — | (3.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | (155.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 225,715 | $ | 45.1 | $ | 654.6 | $ | 8,311.9 | $ | (47.4) | $ | 8,964.2 | $ | 208.8 | $ | 9,173.0 | $ | 564.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions from T. Rowe Price investment products | Net subscriptions from T. Rowe Price investment products | — | — | — | — | — | — | — | — | 19.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations of T. Rowe Price investment products | Net consolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | 42.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | 223,920 | $ | 44.8 | $ | 499.3 | $ | 8,419.9 | $ | (56.5) | $ | 8,907.5 | $ | 207.0 | $ | 9,114.5 | $ | 580.8 |
Three months ended 6/30/2021 | Three months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity | Redeemable non-controlling interests | Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 226,948 | $ | 45.4 | $ | 654.6 | $ | 7,338.7 | $ | (30.5) | $ | 8,008.2 | $ | 1,012.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | Balances at June 30, 2021 | 226,925 | $ | 45.4 | $ | 673.7 | $ | 7,202.6 | $ | (28.7) | $ | 7,893.0 | $ | 880.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 815.7 | — | 815.7 | 27.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 1.8 | 1.8 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 777.2 | — | 777.2 | (19.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (.7) | (.7) | (12.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.08 per share) | Dividends declared ($1.08 per share) | — | — | — | (251.8) | — | (251.8) | — | Dividends declared ($1.08 per share) | — | — | — | (250.7) | — | (250.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special cash dividend declared ($3.00 per share) | — | — | — | (699.5) | — | (699.5) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | Shares issued upon option exercises | 190 | — | 4.3 | — | — | 4.3 | — | Shares issued upon option exercises | 321 | — | 9.0 | — | — | 9.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes | 4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | Net shares issued upon vesting of restricted stock units | 8 | — | (.6) | — | — | (.6) | — | Net shares issued upon vesting of restricted stock units | 5 | — | (.5) | — | — | (.5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 56.6 | — | — | 56.6 | — | Stock-based compensation expense | — | — | 52.3 | — | — | 52.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | Restricted stock units issued as dividend equivalents | — | — | .1 | (.5) | — | (.4) | — | Restricted stock units issued as dividend equivalents | — | — | .4 | (.2) | — | .2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | Common shares repurchased | (225) | — | (41.3) | — | — | (41.3) | — | Common shares repurchased | (1,034) | (.2) | (80.3) | (137.2) | — | (217.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 111.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (274.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 226,925 | $ | 45.4 | $ | 673.7 | $ | 7,202.6 | $ | (28.7) | $ | 7,893.0 | $ | 880.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net redemptions from T. Rowe Price investment products | Net redemptions from T. Rowe Price investment products | — | — | — | — | — | — | (292.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations of T. Rowe Price investment products | Net consolidations of T. Rowe Price investment products | — | — | — | — | — | — | 531.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | Balances at September 30, 2021 | 226,217 | $ | 45.2 | $ | 654.6 | $ | 7,591.7 | $ | (29.4) | $ | 8,262.1 | $ | 1,086.6 |
Six months ended 6/30/2022 | Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity attributable to T. Rowe Price Group, Inc. | Non-controlling interests in consolidated entities | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | Balances at December 31, 2021 | 229,175 | $ | 45.8 | $ | 919.8 | $ | 8,083.6 | $ | (26.5) | $ | 9,022.7 | $ | 248.7 | $ | 9,271.4 | $ | 982.3 | Balances at December 31, 2021 | 229,175 | $ | 45.8 | $ | 919.8 | $ | 8,083.6 | $ | (26.5) | $ | 9,022.7 | $ | 248.7 | $ | 9,271.4 | $ | 982.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 907.5 | — | 907.5 | (33.4) | 874.1 | (105.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (20.9) | (20.9) | — | (20.9) | (25.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.40 per share) | — | — | — | (556.4) | — | (556.4) | — | (556.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | 1,291.9 | — | 1,291.9 | (33.3) | 1,258.6 | (131.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (30.0) | (30.0) | — | (30.0) | (44.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($3.60 per share) | Dividends declared ($3.60 per share) | — | — | — | (832.7) | — | (832.7) | — | (832.7) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | Shares issued upon option exercises | 237 | .1 | 11.4 | — | — | 11.5 | — | 11.5 | — | Shares issued upon option exercises | 372 | .1 | 17.7 | — | — | 17.8 | — | 17.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | Net shares issued upon vesting of restricted stock units | 61 | — | (3.5) | — | — | (3.5) | — | (3.5) | — | Net shares issued upon vesting of restricted stock units | 72 | — | (3.9) | — | — | (3.9) | — | (3.9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 122.9 | — | — | 122.9 | — | 122.9 | — | Stock-based compensation expense | — | — | 185.7 | — | — | 185.7 | — | 185.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | Restricted stock units issued as dividend equivalents | 9 | — | .2 | (.2) | — | — | — | — | — | Restricted stock units issued as dividend equivalents | 9 | — | .2 | (.2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | Common shares repurchased | (3,767) | (.8) | (396.2) | (122.6) | — | (519.6) | — | (519.6) | — | Common shares repurchased | (5,708) | (1.1) | (620.2) | (122.7) | — | (744.0) | — | (744.0) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions to non-controlling interests in consolidated entities | Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (6.5) | (6.5) | — | Net distributions to non-controlling interests in consolidated entities | — | — | — | — | — | — | (8.4) | (8.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net redemptions from T. Rowe Price investment products | Net redemptions from T. Rowe Price investment products | — | — | — | — | — | — | — | — | (68.8) | Net redemptions from T. Rowe Price investment products | — | — | — | — | — | — | — | — | (49.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | (218.1) | Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | — | — | (175.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 225,715 | $ | 45.1 | $ | 654.6 | $ | 8,311.9 | $ | (47.4) | $ | 8,964.2 | $ | 208.8 | $ | 9,173.0 | $ | — | $ | 564.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | Balances at September 30, 2022 | 223,920 | $ | 44.8 | $ | 499.3 | $ | 8,419.9 | $ | (56.5) | $ | 8,907.5 | $ | 207.0 | $ | 9,114.5 | $ | — | $ | 580.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2021 | Nine months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity | Redeemable non-controlling interests | Common shares outstanding | Common stock | Additional capital in excess of par value | Retained earnings | AOCI(1) | Total stockholders’ equity | Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | Balances at December 31, 2020 | 227,965 | $ | 45.6 | $ | 654.6 | $ | 7,029.8 | $ | (23.0) | $ | 7,707.0 | $ | 1,561.7 | Balances at December 31, 2020 | 227,965 | $ | 45.6 | $ | 654.6 | $ | 7,029.8 | $ | (23.0) | $ | 7,707.0 | $ | 1,561.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 1,565.1 | — | 1,565.1 | 42.4 | Net income | — | — | — | 2,342.3 | — | 2,342.3 | 22.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (5.7) | (5.7) | (8.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($2.16 per share) | — | — | — | (504.1) | — | (504.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (6.4) | (6.4) | (20.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($3.24 per share) | Dividends declared ($3.24 per share) | — | — | — | (754.8) | — | (754.8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special cash dividend declared ($3.00 per share) | Special cash dividend declared ($3.00 per share) | — | — | — | (699.5) | — | (699.5) | — | Special cash dividend declared ($3.00 per share) | — | — | — | (699.5) | — | (699.5) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | Shares issued upon option exercises | 762 | .2 | 29.6 | — | — | 29.8 | — | Shares issued upon option exercises | 1,083 | .2 | 38.6 | — | — | 38.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes | Restricted shares issued, net of shares withheld for taxes | 4 | — | — | — | — | — | — | Restricted shares issued, net of shares withheld for taxes | 4 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net shares issued upon vesting of restricted stock units | Net shares issued upon vesting of restricted stock units | 49 | — | (4.3) | — | — | (4.3) | — | Net shares issued upon vesting of restricted stock units | 54 | — | (4.8) | — | — | (4.8) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | — | 113.9 | — | — | 113.9 | — | Stock-based compensation expense | — | — | 166.2 | — | — | 166.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | Restricted stock units issued as dividend equivalents | — | — | .2 | (.5) | — | (.3) | — | Restricted stock units issued as dividend equivalents | — | — | .6 | (.7) | — | (.1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares repurchased | Common shares repurchased | (1,855) | (.4) | (120.3) | (188.2) | — | (308.9) | — | Common shares repurchased | (2,889) | (.6) | (200.6) | (325.4) | — | (526.6) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 298.9 | Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (1,014.6) | Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (483.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 226,925 | $ | 45.4 | $ | 673.7 | $ | 7,202.6 | $ | (28.7) | $ | 7,893.0 | $ | 880.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | Balances at September 30, 2021 | 226,217 | $ | 45.2 | $ | 654.6 | $ | 7,591.7 | $ | (29.4) | $ | 8,262.1 | $ | 1,086.6 |
Three months ended 6/30/2022 | Three months ended 6/30/2021 | Three months ended 9/30/2022 | Three months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Capital allocation-based income | Net revenues | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | (in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Capital allocation-based income | Net revenues | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | $ | 876.2 | $ | 85.5 | $ | 23.2 | $ | — | $ | 984.9 | $ | 1,097.5 | $ | 81.8 | $ | 30.0 | $ | 1,209.3 | U.S. mutual funds | $ | 841.7 | $ | 86.5 | $ | 22.0 | $ | — | $ | 950.2 | $ | 1,125.5 | $ | 82.6 | $ | 30.9 | $ | 1,239.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 620.5 | 2.8 | — | (126.3) | 497.0 | 689.7 | — | — | 689.7 | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 600.3 | 5.0 | — | 1.1 | 606.4 | 687.9 | — | — | 687.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other clients(1) | Other clients(1) | — | 31.1 | — | — | 31.1 | — | 30.3 | — | 30.3 | Other clients(1) | — | 31.6 | — | — | 31.6 | — | 27.2 | — | 27.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,496.7 | $ | 119.4 | $ | 23.2 | $ | (126.3) | $ | 1,513.0 | $ | 1,787.2 | $ | 112.1 | $ | 30.0 | $ | 1,929.3 | $ | 1,442.0 | $ | 123.1 | $ | 22.0 | $ | 1.1 | $ | 1,588.2 | $ | 1,813.4 | $ | 109.8 | $ | 30.9 | $ | 1,954.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2022 | Six months ended 6/30/2021 | Nine months ended 9/30/2022 | Nine months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Capital allocation-based income | Net revenues | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | (in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Capital allocation-based income | Net revenues | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | $ | 1,852.7 | $ | 178.6 | $ | 49.5 | $ | — | $ | 2,080.8 | $ | 2,147.7 | $ | 160.5 | $ | 59.1 | $ | 2,367.3 | U.S. mutual funds | $ | 2,694.4 | $ | 265.1 | $ | 71.5 | $ | — | $ | 3,031.0 | $ | 3,273.2 | $ | 243.1 | $ | 90.0 | $ | 3,606.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,306.1 | 7.5 | — | (81.9) | 1,231.7 | 1,327.3 | — | — | 1,327.3 | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,906.4 | 12.5 | — | (80.8) | 1,838.1 | 2,015.2 | — | — | 2,015.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other clients(1) | Other clients(1) | — | 63.5 | — | — | 63.5 | — | 61.5 | — | 61.5 | Other clients(1) | — | 95.1 | — | — | 95.1 | — | 88.7 | — | 88.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 3,158.8 | $ | 249.6 | $ | 49.5 | $ | (81.9) | $ | 3,376.0 | $ | 3,475.0 | $ | 222.0 | $ | 59.1 | $ | 3,756.1 | $ | 4,600.8 | $ | 372.7 | $ | 71.5 | $ | (80.8) | $ | 4,964.2 | $ | 5,288.4 | $ | 331.8 | $ | 90.0 | $ | 5,710.2 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | (in millions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | U.S. mutual funds | ||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | $ | 604.5 | $ | 768.0 | $ | 1,296.4 | $ | 1,497.8 | Equity | $ | 580.1 | $ | 813.0 | $ | 1,876.5 | $ | 2,310.8 | ||||||||||||||||||||||||||||
Fixed income, including money market | Fixed income, including money market | 68.7 | 59.9 | 132.7 | 118.9 | Fixed income, including money market | 66.2 | 64.8 | 198.9 | 183.7 | ||||||||||||||||||||||||||||||||||||
Multi-asset | Multi-asset | 203.0 | 269.6 | 423.6 | 531.0 | Multi-asset | 195.4 | 247.7 | 619.0 | 778.7 | ||||||||||||||||||||||||||||||||||||
876.2 | 1,097.5 | 1,852.7 | 2,147.7 | 841.7 | 1,125.5 | 2,694.4 | 3,273.2 | |||||||||||||||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | ||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 336.5 | 446.0 | 730.6 | 870.2 | Equity | 316.9 | 458.8 | 1,047.5 | 1,329.0 | ||||||||||||||||||||||||||||||||||||
Fixed income, including money market | Fixed income, including money market | 41.2 | 40.8 | 83.8 | 78.3 | Fixed income, including money market | 41.4 | 41.3 | 125.2 | 119.6 | ||||||||||||||||||||||||||||||||||||
Multi-asset | Multi-asset | 174.5 | 202.9 | 358.5 | 378.8 | Multi-asset | 171.8 | 187.8 | 530.3 | 566.6 | ||||||||||||||||||||||||||||||||||||
Alternatives | Alternatives | 68.3 | — | 133.2 | — | Alternatives | 70.2 | — | 203.4 | — | ||||||||||||||||||||||||||||||||||||
620.5 | 689.7 | 1,306.1 | 1,327.3 | 600.3 | 687.9 | 1,906.4 | 2,015.2 | |||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,496.7 | $ | 1,787.2 | $ | 3,158.8 | $ | 3,475.0 | Total | $ | 1,442.0 | $ | 1,813.4 | $ | 4,600.8 | $ | 5,288.4 |
Average during | Average during | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | As of | Three months ended | Nine months ended | As of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | (in billions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | 6/30/2022 | 12/31/2021 | (in billions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 12/31/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | U.S. mutual funds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | $ | 426.7 | $ | 532.2 | $ | 458.8 | $ | 520.9 | $ | 390.9 | $ | 553.9 | Equity | $ | 405.8 | $ | 559.8 | $ | 441.0 | $ | 534.0 | $ | 365.2 | $ | 553.9 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income, including money market | Fixed income, including money market | 82.4 | 85.9 | 84.4 | 84.1 | 78.7 | 85.3 | Fixed income, including money market | 79.4 | 88.4 | 82.7 | 85.6 | 74.5 | 85.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-asset | Multi-asset | 202.0 | 230.1 | 211.1 | 226.3 | 187.5 | 232.2 | Multi-asset | 192.4 | 232.8 | 204.8 | 228.5 | 174.8 | 232.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
711.1 | 848.2 | 754.3 | 831.3 | 657.1 | 871.4 | 677.6 | 881.0 | 728.5 | 848.1 | 614.5 | 871.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 342.9 | 427.7 | 368.9 | 418.1 | 308.7 | 438.8 | Equity | 319.1 | 445.7 | 352.0 | 427.3 | 282.6 | 438.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income, including money market | Fixed income, including money market | 92.4 | 91.3 | 91.9 | 91.0 | 92.4 | 90.4 | Fixed income, including money market | 93.6 | 94.3 | 92.4 | 92.1 | 90.9 | 90.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-asset | Multi-asset | 218.2 | 218.1 | 225.8 | 206.7 | 208.4 | 245.5 | Multi-asset | 214.3 | 227.7 | 221.8 | 213.8 | 199.3 | 245.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternatives | Alternatives | 42.5 | — | 42.1 | — | 43.1 | 41.7 | Alternatives | 42.9 | — | 42.4 | — | 42.7 | 41.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
696.0 | 737.1 | 728.7 | 715.8 | 652.6 | 816.4 | 669.9 | 767.7 | 708.6 | 733.2 | 615.5 | 816.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,407.1 | $ | 1,585.3 | $ | 1,483.0 | $ | 1,547.1 | $ | 1,309.7 | $ | 1,687.8 | Total | $ | 1,347.5 | $ | 1,648.7 | $ | 1,437.1 | $ | 1,581.3 | $ | 1,230.0 | $ | 1,687.8 |
(in millions) | (in millions) | 6/30/2022 | 12/31/2021 | (in millions) | 9/30/2022 | 12/31/2021 | ||||||||||||||||
Investments held at fair value | Investments held at fair value | Investments held at fair value | ||||||||||||||||||||
T. Rowe Price investment products | T. Rowe Price investment products | T. Rowe Price investment products | ||||||||||||||||||||
Discretionary investments | Discretionary investments | $ | 254.2 | $ | 518.7 | Discretionary investments | $ | 241.4 | $ | 518.7 | ||||||||||||
Seed capital | Seed capital | 199.1 | 264.8 | Seed capital | 177.1 | 264.8 | ||||||||||||||||
Supplemental savings plan liability economic hedges | Supplemental savings plan liability economic hedges | 725.7 | 881.5 | Supplemental savings plan liability economic hedges | 669.5 | 881.5 | ||||||||||||||||
Investment partnerships and other investments | Investment partnerships and other investments | 100.5 | 108.9 | Investment partnerships and other investments | 91.8 | 108.9 | ||||||||||||||||
Investments in affiliated collateralized loan obligations | Investments in affiliated collateralized loan obligations | 6.4 | 10.8 | Investments in affiliated collateralized loan obligations | 6.4 | 10.8 | ||||||||||||||||
Equity method investments | Equity method investments | Equity method investments | ||||||||||||||||||||
T. Rowe Price investment products | T. Rowe Price investment products | T. Rowe Price investment products | ||||||||||||||||||||
Discretionary investments | Discretionary investments | 203.0 | — | Discretionary investments | 192.5 | — | ||||||||||||||||
Seed capital | Seed capital | 133.5 | 141.7 | Seed capital | 154.9 | 141.7 | ||||||||||||||||
Investments in affiliated private investment funds - carried interest | Investments in affiliated private investment funds - carried interest | 507.2 | 609.8 | Investments in affiliated private investment funds - carried interest | 508.3 | 609.8 | ||||||||||||||||
Investments in affiliated private investment funds - seed/co-investment | Investments in affiliated private investment funds - seed/co-investment | 153.0 | 151.3 | Investments in affiliated private investment funds - seed/co-investment | 168.1 | 151.3 | ||||||||||||||||
23% Investment in UTI Asset Management Company Limited (India) | 23% Investment in UTI Asset Management Company Limited (India) | 169.0 | 165.4 | 23% Investment in UTI Asset Management Company Limited (India) | 165.6 | 165.4 | ||||||||||||||||
Other investment partnerships and investments | Other investment partnerships and investments | 2.4 | 2.5 | Other investment partnerships and investments | 2.4 | 2.5 | ||||||||||||||||
Held to maturity | Held to maturity | Held to maturity | ||||||||||||||||||||
Investments in affiliated collateralized loan obligations | Investments in affiliated collateralized loan obligations | 108.7 | 119.1 | Investments in affiliated collateralized loan obligations | 100.2 | 119.1 | ||||||||||||||||
Certificates of deposit | Certificates of deposit | 1.0 | — | |||||||||||||||||||
U.S. Treasury note | U.S. Treasury note | 1.0 | 1.0 | U.S. Treasury note | 1.0 | 1.0 | ||||||||||||||||
Total | Total | $ | 2,563.7 | $ | 2,975.5 | Total | $ | 2,480.2 | $ | 2,975.5 |
Three months ended | Six months ended | ||||||||||||||||||||||
(in millions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||||||
Net decrease in assets of consolidated T. Rowe Price investment products | $ | (216.3) | $ | (389.2) | $ | (313.8) | $ | (1,317.3) | |||||||||||||||
Net decrease in liabilities of consolidated T. Rowe Price investment products | $ | (6.4) | $ | (8.9) | $ | (15.0) | $ | (24.2) | |||||||||||||||
Net decrease in redeemable non-controlling interests | $ | (155.0) | $ | (274.7) | $ | (218.1) | $ | (1,014.6) | |||||||||||||||
Gains recognized upon deconsolidation | $ | 5.2 | $ | — | 0 | $ | 2.6 |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||
Net increase (decrease) in assets of consolidated T. Rowe Price investment products | $ | 24.2 | $ | 589.7 | $ | (289.6) | $ | (727.6) | |||||||||||||||
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products | $ | — | $ | 7.1 | $ | (15.0) | $ | (17.1) | |||||||||||||||
Net increase (decrease) in redeemable non-controlling interests | $ | 42.9 | $ | 531.0 | $ | (175.2) | $ | (483.6) | |||||||||||||||
Gains recognized upon deconsolidation | $ | — | $ | — | $ | 6.8 | $ | 2.6 |
(in millions) | (in millions) | 6/30/2022 | 12/31/2021 | (in millions) | 9/30/2022 | 12/31/2021 | ||||||||||||||||
Investment carrying values | Investment carrying values | $ | 803.5 | $ | 943.3 | Investment carrying values | $ | 804.0 | $ | 943.3 | ||||||||||||
Unfunded capital commitments | Unfunded capital commitments | 101.6 | 94.2 | Unfunded capital commitments | 87.9 | 94.2 | ||||||||||||||||
Accounts receivable | Accounts receivable | 88.2 | 145.1 | Accounts receivable | 86.7 | 145.1 | ||||||||||||||||
$ | 993.3 | $ | 1,182.6 | $ | 978.6 | $ | 1,182.6 |
(in millions) | (in millions) | 6/30/2022 | 12/31/2021 | (in millions) | 9/30/2022 | 12/31/2021 | ||||||||||||||||||||||
Assets | Assets | $ | 549.1 | $ | 692.7 | Assets | $ | 550.4 | $ | 692.7 | ||||||||||||||||||
Liabilities | Liabilities | $ | .2 | $ | 56.4 | Liabilities | $ | 1.1 | $ | 56.4 | ||||||||||||||||||
Non-controlling interest | Non-controlling interest | $ | 208.8 | $ | 248.7 | Non-controlling interest | $ | 207.0 | $ | 248.7 |
6/30/2022 | 12/31/2021 | 9/30/2022 | 12/31/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
T. Rowe Price investment products | T. Rowe Price investment products | T. Rowe Price investment products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents held in money market funds | Cash equivalents held in money market funds | 1,692.9 | $ | — | $ | — | $ | 1,183.9 | $ | — | $ | — | Cash equivalents held in money market funds | 1,917.3 | $ | — | $ | — | $ | 1,183.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Discretionary investments | Discretionary investments | 254.2 | — | — | 518.7 | — | — | Discretionary investments | 241.4 | — | — | 518.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seed capital | Seed capital | 168.9 | 30.2 | — | 241.4 | 23.4 | — | Seed capital | 147.1 | 30.0 | — | 241.4 | 23.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan liability economic hedges | Supplemental savings plan liability economic hedges | 725.7 | — | — | 881.5 | — | — | Supplemental savings plan liability economic hedges | 669.5 | — | — | 881.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | .6 | .1 | — | .7 | .1 | — | Other investments | .7 | .1 | — | .7 | .1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in affiliated collateralized loan obligations | Investments in affiliated collateralized loan obligations | — | 6.4 | — | — | 10.8 | — | Investments in affiliated collateralized loan obligations | — | 6.4 | — | — | 10.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,842.3 | $ | 36.7 | $ | — | $ | 2,826.2 | $ | 34.3 | $ | — | Total | $ | 2,976.0 | $ | 36.5 | $ | — | $ | 2,826.2 | $ | 34.3 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration liability | Contingent consideration liability | $ | — | $ | — | $ | 161.2 | $ | — | $ | — | $ | 306.3 | Contingent consideration liability | $ | — | $ | — | $ | 131.3 | $ | — | $ | — | $ | 306.3 |
Contingent Consideration Liability | Contingent Consideration Liability | |||||||||||||||
(in millions) | (in millions) | Three Months Ended 6/30/2022 | Six Months Ended 6/30/2022 | (in millions) | Three months ended 9/30/2022 | Nine months ended 9/30/2022 | ||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 211.5 | $ | 306.3 | Balance at beginning of period | $ | 161.2 | $ | 306.3 | ||||||
Measurement period adjustment | Measurement period adjustment | — | (49.3) | Measurement period adjustment | — | (49.3) | ||||||||||
Unrealized (gains) losses, included in earnings | Unrealized (gains) losses, included in earnings | (50.3) | (95.8) | Unrealized (gains) losses, included in earnings | (29.9) | (125.7) | ||||||||||
Balance, June 30, 2022 | $ | 161.2 | $ | 161.2 | ||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 131.3 | $ | 131.3 |
6/30/2022 | 12/31/2021 | 9/30/2022 | 12/31/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents(1) | Cash and cash equivalents(1) | $ | 3.0 | $ | 68.2 | $ | 71.2 | $ | 7.3 | $ | 93.8 | $ | 101.1 | Cash and cash equivalents(1) | $ | .2 | $ | 77.9 | $ | 78.1 | $ | 7.3 | $ | 93.8 | $ | 101.1 | ||||||||||||||||||||||||||||||||||||||||||||
Investments(2) | Investments(2) | 75.2 | 1,143.7 | 1,218.9 | 188.9 | 1,645.0 | 1,833.9 | Investments(2) | 48.5 | 1,124.9 | 1,173.4 | 188.9 | 1,645.0 | 1,833.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 3.0 | 14.1 | 17.1 | 5.1 | 22.7 | 27.8 | Other assets | .8 | 32.0 | 32.8 | 5.1 | 22.7 | 27.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | 81.2 | 1,226.0 | 1,307.2 | 201.3 | 1,761.5 | 1,962.8 | Total assets | 49.5 | 1,234.8 | 1,284.3 | 201.3 | 1,761.5 | 1,962.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | 8.7 | 34.4 | 43.1 | 15.3 | 36.2 | 51.5 | Liabilities | 5.9 | 41.6 | 47.5 | 15.3 | 36.2 | 51.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets | Net assets | $ | 72.5 | $ | 1,191.6 | $ | 1,264.1 | $ | 186.0 | $ | 1,725.3 | $ | 1,911.3 | Net assets | $ | 43.6 | $ | 1,193.2 | $ | 1,236.8 | $ | 186.0 | $ | 1,725.3 | $ | 1,911.3 | ||||||||||||||||||||||||||||||||||||||||||||
Attributable to T. Rowe Price | Attributable to T. Rowe Price | $ | 54.0 | $ | 645.5 | $ | 699.5 | $ | 125.3 | $ | 803.7 | $ | 929.0 | Attributable to T. Rowe Price | $ | 29.3 | $ | 626.7 | $ | 656.0 | $ | 125.3 | $ | 803.7 | $ | 929.0 | ||||||||||||||||||||||||||||||||||||||||||||
Attributable to redeemable non-controlling interests | Attributable to redeemable non-controlling interests | 18.5 | 546.1 | 564.6 | 60.7 | 921.6 | 982.3 | Attributable to redeemable non-controlling interests | 14.3 | 566.5 | 580.8 | 60.7 | 921.6 | 982.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 72.5 | $ | 1,191.6 | $ | 1,264.1 | $ | 186.0 | $ | 1,725.3 | $ | 1,911.3 | $ | 43.6 | $ | 1,193.2 | $ | 1,236.8 | $ | 186.0 | $ | 1,725.3 | $ | 1,911.3 |
Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | Operating expenses reflected in net operating income | $ | (.1) | $ | (1.8) | $ | (1.9) | $ | (.1) | $ | (2.7) | $ | (2.8) | Operating expenses reflected in net operating income | $ | — | $ | (1.8) | $ | (1.8) | $ | (.1) | $ | (2.7) | $ | (2.8) | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income (loss) | Net investment income (loss) reflected in non-operating income (loss) | (8.1) | (96.5) | (104.6) | 7.3 | 48.2 | 55.5 | Net investment income (loss) reflected in non-operating income (loss) | (1.8) | (40.0) | (41.8) | .7 | (17.8) | (17.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact on income before taxes | Impact on income before taxes | $ | (8.2) | $ | (98.3) | $ | (106.5) | $ | 7.2 | $ | 45.5 | $ | 52.7 | Impact on income before taxes | $ | (1.8) | $ | (41.8) | $ | (43.6) | $ | .6 | $ | (20.5) | $ | (19.9) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to T. Rowe Price | Net income (loss) attributable to T. Rowe Price | $ | (5.6) | $ | (49.1) | $ | (54.7) | $ | 4.3 | $ | 21.4 | $ | 25.7 | Net income (loss) attributable to T. Rowe Price | $ | (1.1) | $ | (15.9) | $ | (17.0) | $ | .5 | $ | (.6) | $ | (.1) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | Net income (loss) attributable to redeemable non-controlling interests | (2.6) | (49.2) | (51.8) | 2.9 | 24.1 | 27.0 | Net income (loss) attributable to redeemable non-controlling interests | (.7) | (25.9) | (26.6) | .1 | (19.9) | (19.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (8.2) | $ | (98.3) | $ | (106.5) | $ | 7.2 | $ | 45.5 | $ | 52.7 | $ | (1.8) | $ | (41.8) | $ | (43.6) | $ | .6 | $ | (20.5) | $ | (19.9) |
Six months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | Operating expenses reflected in net operating income | $ | (.3) | $ | (4.1) | $ | (4.4) | $ | (.3) | $ | (6.0) | $ | (6.3) | Operating expenses reflected in net operating income | $ | (.3) | $ | (5.9) | $ | (6.2) | $ | (.4) | $ | (8.7) | $ | (9.1) | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income | Net investment income (loss) reflected in non-operating income | (14.7) | (191.3) | (206.0) | 13.4 | 79.3 | 92.7 | Net investment income (loss) reflected in non-operating income | (16.5) | (231.3) | (247.8) | 14.1 | 61.5 | 75.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact on income before taxes | Impact on income before taxes | $ | (15.0) | $ | (195.4) | $ | (210.4) | $ | 13.1 | $ | 73.3 | $ | 86.4 | Impact on income before taxes | $ | (16.8) | $ | (237.2) | $ | (254.0) | $ | 13.7 | $ | 52.8 | $ | 66.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to T. Rowe Price Group | Net income (loss) attributable to T. Rowe Price Group | $ | (10.3) | $ | (94.8) | $ | (105.1) | $ | 8.3 | $ | 35.7 | $ | 44.0 | Net income (loss) attributable to T. Rowe Price Group | $ | (11.4) | $ | (110.7) | $ | (122.1) | $ | 8.8 | $ | 35.1 | $ | 43.9 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | Net income (loss) attributable to redeemable non-controlling interests | (4.7) | (100.6) | (105.3) | 4.8 | 37.6 | 42.4 | Net income (loss) attributable to redeemable non-controlling interests | (5.4) | (126.5) | (131.9) | 4.9 | 17.7 | 22.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (15.0) | $ | (195.4) | $ | (210.4) | $ | 13.1 | $ | 73.3 | $ | 86.4 | $ | (16.8) | $ | (237.2) | $ | (254.0) | $ | 13.7 | $ | 52.8 | $ | 66.5 |
Six months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | (in millions) | Voting interest entities | Variable interest entities | Total | Voting interest entities | Variable interest entities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | $ | (9.7) | $ | 93.2 | $ | 83.5 | $ | (69.0) | $ | (153.9) | $ | (222.9) | Net cash provided by (used in) operating activities | $ | (17.7) | $ | 75.7 | $ | 58.0 | $ | (109.1) | $ | 127.7 | $ | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | — | (13.5) | (13.5) | (11.8) | (32.4) | (44.2) | Net cash used in investing activities | (.1) | (8.6) | (8.7) | (11.9) | (3.7) | (15.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 5.4 | (98.0) | (92.6) | 74.6 | 144.3 | 218.9 | Net cash provided by (used in) financing activities | 10.7 | (94.8) | (84.1) | 120.1 | (132.7) | (12.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | (7.3) | (7.3) | — | (.5) | (.5) | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | 11.8 | 11.8 | — | (3.6) | (3.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents during period | Net change in cash and cash equivalents during period | (4.3) | (25.6) | (29.9) | (6.2) | (42.5) | (48.7) | Net change in cash and cash equivalents during period | (7.1) | (15.9) | (23.0) | (.9) | (12.3) | (13.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year | 7.3 | 93.8 | 101.1 | 7.1 | 97.7 | 104.8 | Cash and cash equivalents at beginning of year | 7.3 | 93.8 | 101.1 | 7.1 | 97.7 | 104.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 3.0 | $ | 68.2 | $ | 71.2 | $ | .9 | $ | 55.2 | $ | 56.1 | Cash and cash equivalents at end of period | $ | .2 | $ | 77.9 | $ | 78.1 | $ | 6.2 | $ | 85.4 | $ | 91.6 |
6/30/2022 | 12/31/2021 | 9/30/2022 | 12/31/2021 | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Level 1 | Level 2 | Level 1 | Level 2 | (in millions) | Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 2.9 | $ | — | $ | 6.5 | $ | .7 | Cash equivalents | $ | .1 | $ | 21.0 | $ | 6.5 | $ | .7 | ||||||||||||||||||||||||||||
Equity securities | Equity securities | 126.0 | 134.8 | 247.8 | 340.3 | Equity securities | 129.4 | 130.3 | 247.8 | 340.3 | ||||||||||||||||||||||||||||||||||||
Fixed income securities | Fixed income securities | 0 | 932.6 | — | 1,187.4 | Fixed income securities | 875.7 | — | 1,187.4 | |||||||||||||||||||||||||||||||||||||
Other investments | Other investments | 1.7 | 23.8 | 5.7 | 52.7 | Other investments | 9.8 | 28.2 | 5.7 | 52.7 | ||||||||||||||||||||||||||||||||||||
$ | 130.6 | $ | 1,091.2 | $ | 260.0 | $ | 1,581.1 | $ | 139.3 | $ | 1,055.2 | $ | 260.0 | $ | 1,581.1 | |||||||||||||||||||||||||||||||
Liabilities | Liabilities | $ | (1.7) | $ | (10.6) | $ | (.7) | $ | (9.7) | Liabilities | $ | (8.8) | $ | (10.2) | $ | (.7) | $ | (9.7) |
(in millions) | (in millions) | 6/30/2022 | 12/31/2021 | (in millions) | 9/30/2022 | 12/31/2021 | ||||||||||||||||||||||
Goodwill | Goodwill | $ | 2,652.4 | $ | 2,693.2 | Goodwill | $ | 2,652.4 | $ | 2,693.2 | ||||||||||||||||||
Indefinite-lived intangible assets - trade name | Indefinite-lived intangible assets - trade name | 134.7 | 134.7 | Indefinite-lived intangible assets - trade name | 134.7 | 134.7 | ||||||||||||||||||||||
Indefinite-lived intangible assets - investment advisory agreements | Indefinite-lived intangible assets - investment advisory agreements | 164.8 | 164.8 | Indefinite-lived intangible assets - investment advisory agreements | 164.8 | 164.8 | ||||||||||||||||||||||
Definite-lived intangible assets - investment advisory agreements | Definite-lived intangible assets - investment advisory agreements | 559.6 | 613.9 | Definite-lived intangible assets - investment advisory agreements | 532.5 | 613.9 | ||||||||||||||||||||||
Total | Total | $ | 3,511.5 | $ | 3,606.6 | Total | $ | 3,484.4 | $ | 3,606.6 |
(in millions) | (in millions) | Three Months Ended 6/30/2022 | Six Months Ended 6/30/2022 | (in millions) | Three months ended 9/30/2022 | Nine months ended 9/30/2022 | ||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 2,643.9 | $ | 2,693.2 | Balance at beginning of period | $ | 2,652.4 | $ | 2,693.2 | ||||||||||||
Measurement period adjustment | Measurement period adjustment | 8.5 | (40.8) | Measurement period adjustment | — | (40.8) | ||||||||||||||||
Balance, June 30, 2022 | $ | 2,652.4 | $ | 2,652.4 | ||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 2,652.4 | $ | 2,652.4 |
Options | Weighted- average exercise price | Options | Weighted- average exercise price | |||||||||||||||||||
Outstanding at December 31, 2021 | Outstanding at December 31, 2021 | 2,846,579 | $ | 72.87 | Outstanding at December 31, 2021 | 2,846,579 | $ | 72.87 | ||||||||||||||
Exercised | Exercised | (288,737) | $ | 65.26 | Exercised | (463,232) | $ | 65.14 | ||||||||||||||
Outstanding at June 30, 2022 | 2,557,842 | $ | 73.73 | |||||||||||||||||||
Exercisable at June 30, 2022 | 2,557,842 | $ | 73.73 | |||||||||||||||||||
Outstanding at September 30, 2022 | Outstanding at September 30, 2022 | 2,383,347 | $ | 74.37 | ||||||||||||||||||
Exercisable at September 30, 2022 | Exercisable at September 30, 2022 | 2,383,347 | $ | 74.37 |
Restricted shares | Restricted stock units | Weighted-average fair value | Restricted shares | Restricted stock units | Weighted-average fair value | |||||||||||||||||||||||||||||
Nonvested at December 31, 2021 | Nonvested at December 31, 2021 | 5,720 | 5,701,865 | $ | 146.87 | Nonvested at December 31, 2021 | 5,720 | 5,701,865 | $ | 146.87 | ||||||||||||||||||||||||
Time-based grants | Time-based grants | 8,715 | 43,521 | $ | 132.20 | Time-based grants | 8,715 | 63,475 | $ | 127.99 | ||||||||||||||||||||||||
Dividend equivalents granted to non-employee directors | Dividend equivalents granted to non-employee directors | — | 1,786 | $ | 132.04 | Dividend equivalents granted to non-employee directors | — | 2,897 | $ | 121.67 | ||||||||||||||||||||||||
Vested | Vested | (4,336) | (81,365) | $ | 110.16 | Vested | (4,336) | (97,003) | $ | 113.22 | ||||||||||||||||||||||||
Forfeited | Forfeited | — | (136,628) | $ | 142.06 | Forfeited | — | (149,318) | $ | 143.31 | ||||||||||||||||||||||||
Nonvested at June 30, 2022 | 10,099 | 5,529,179 | $ | 147.43 | ||||||||||||||||||||||||||||||
Nonvested at September 30, 2022 | Nonvested at September 30, 2022 | 10,099 | 5,521,916 | $ | 147.33 |
(in millions) | (in millions) | (in millions) | ||||||||
Third quarter 2022 | $ | 63.0 | ||||||||
Fourth quarter 2022 | Fourth quarter 2022 | 54.4 | Fourth quarter 2022 | $ | 54.4 | |||||
2023 | 2023 | 125.4 | 2023 | 125.7 | ||||||
2024 through 2027 | 2024 through 2027 | 105.0 | 2024 through 2027 | 105.4 | ||||||
Total | Total | $ | 347.8 | Total | $ | 285.5 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | (in millions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price | Net income attributable to T. Rowe Price | $ | 339.6 | $ | 815.7 | $ | 907.5 | $ | 1,565.1 | Net income attributable to T. Rowe Price | $ | 384.4 | $ | 777.2 | $ | 1,291.9 | $ | 2,342.3 | ||||||||||||||||||||||||||||
Less: net income allocated to outstanding restricted stock and stock unit holders | Less: net income allocated to outstanding restricted stock and stock unit holders | 7.4 | 22.2 | 20.4 | 42.1 | Less: net income allocated to outstanding restricted stock and stock unit holders | 9.2 | 19.5 | 29.6 | 61.6 | ||||||||||||||||||||||||||||||||||||
Net income allocated to common stockholders | Net income allocated to common stockholders | $ | 332.2 | $ | 793.5 | $ | 887.1 | $ | 1,523.0 | Net income allocated to common stockholders | $ | 375.2 | $ | 757.7 | $ | 1,262.3 | $ | 2,280.7 | ||||||||||||||||||||||||||||
Weighted-average common shares | Weighted-average common shares | Weighted-average common shares | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | 226.7 | 226.9 | 227.5 | 227.3 | Outstanding | 225.3 | 226.9 | 226.7 | 227.2 | ||||||||||||||||||||||||||||||||||||
Outstanding assuming dilution | Outstanding assuming dilution | 227.9 | 229.2 | 228.8 | 229.6 | Outstanding assuming dilution | 226.3 | 229.1 | 228.0 | 229.4 |
Three months ended 6/30/2022 | Three months ended 6/30/2021 | Three months ended 9/30/2022 | Three months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | (in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at beginning of period | Balances at beginning of period | $ | (36.3) | $ | 4.9 | $ | (31.4) | $ | (43.9) | $ | 13.4 | $ | (30.5) | Balances at beginning of period | $ | (39.9) | $ | (7.5) | $ | (47.4) | $ | (43.8) | $ | 15.1 | $ | (28.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | Other comprehensive income (loss) before reclassifications and income taxes | (3.1) | (11.0) | (14.1) | (.3) | 2.3 | 2.0 | Other comprehensive income (loss) before reclassifications and income taxes | .7 | (12.7) | (12.0) | 3.5 | (5.0) | (1.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | — | (5.3) | (5.3) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3.1) | (16.3) | (19.4) | (.3) | 2.3 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | Net deferred tax benefits (income taxes) | (.5) | 3.9 | 3.4 | .4 | (.6) | (.2) | Net deferred tax benefits (income taxes) | (.1) | 3.0 | 2.9 | (.4) | 1.2 | .8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (3.6) | (12.4) | (16.0) | .1 | 1.7 | 1.8 | Other comprehensive income (loss) | .6 | (9.7) | (9.1) | 3.1 | (3.8) | (.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at end of period | Balances at end of period | $ | (39.9) | $ | (7.5) | $ | (47.4) | $ | (43.8) | $ | 15.1 | $ | (28.7) | Balances at end of period | $ | (39.3) | $ | (17.2) | $ | (56.5) | $ | (40.7) | $ | 11.3 | $ | (29.4) |
Six months ended 6/30/2022 | Six months ended 6/30/2021 | Nine months ended 9/30/2022 | Nine months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | (in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at beginning of period | Balances at beginning of period | $ | (36.7) | $ | 10.2 | $ | (26.5) | $ | (43.6) | $ | 20.6 | $ | (23.0) | Balances at beginning of period | $ | (36.7) | $ | 10.2 | $ | (26.5) | $ | (43.6) | $ | 20.6 | $ | (23.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | Other comprehensive income (loss) before reclassifications and income taxes | (2.6) | (16.6) | (19.2) | (1.1) | (4.8) | (5.9) | Other comprehensive income (loss) before reclassifications and income taxes | (1.9) | (29.3) | (31.2) | 2.4 | (9.8) | (7.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | Reclassification adjustments recognized in non-operating income | — | (6.9) | (6.9) | — | (2.6) | (2.6) | Reclassification adjustments recognized in non-operating income | — | (6.9) | (6.9) | — | (2.6) | (2.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2.6) | (23.5) | (26.1) | (1.1) | (7.4) | (8.5) | (1.9) | (36.2) | (38.1) | 2.4 | (12.4) | (10.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | Net deferred tax benefits (income taxes) | (.6) | 5.8 | 5.2 | .9 | 1.9 | 2.8 | Net deferred tax benefits (income taxes) | (.7) | 8.8 | 8.1 | .5 | 3.1 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (3.2) | (17.7) | (20.9) | (.2) | (5.5) | (5.7) | Other comprehensive income (loss) | (2.6) | (27.4) | (30.0) | 2.9 | (9.3) | (6.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at end of period | Balances at end of period | $ | (39.9) | $ | (7.5) | $ | (47.4) | $ | (43.8) | $ | 15.1 | $ | (28.7) | Balances at end of period | $ | (39.3) | $ | (17.2) | $ | (56.5) | $ | (40.7) | $ | 11.3 | $ | (29.4) |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||
Index | Index | 6/30/2022 | 6/30/2022 | Index | 9/30/2022 | 9/30/2022 | ||||||||||||||||||||||
S&P 500 Index | S&P 500 Index | (16.1)% | (20.0)% | S&P 500 Index | (4.9)% | (23.9)% | ||||||||||||||||||||||
NASDAQ Composite Index(1) | NASDAQ Composite Index(1) | (22.4)% | (29.5)% | NASDAQ Composite Index(1) | (4.1)% | (32.4)% | ||||||||||||||||||||||
Russell 2000 Index | Russell 2000 Index | (17.2)% | (23.4)% | Russell 2000 Index | (2.2)% | (25.1)% | ||||||||||||||||||||||
MSCI EAFE (Europe, Australasia, and Far East) Index | MSCI EAFE (Europe, Australasia, and Far East) Index | (14.3)% | (19.3)% | MSCI EAFE (Europe, Australasia, and Far East) Index | (9.3)% | (26.8)% | ||||||||||||||||||||||
MSCI Emerging Markets Index | MSCI Emerging Markets Index | (11.3)% | (17.5)% | MSCI Emerging Markets Index | (11.4)% | (26.9)% |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||
Index | Index | 6/30/2022 | 6/30/2022 | Index | 9/30/2022 | 9/30/2022 | ||||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Aggregate Bond Index | (4.7)% | (10.4)% | Bloomberg U.S. Aggregate Bond Index | (4.8)% | (14.6)% | ||||||||||||||||||||||
JPMorgan Global High Yield Index | JPMorgan Global High Yield Index | (9.3)% | (13.4)% | JPMorgan Global High Yield Index | (.6)% | (13.9)% | ||||||||||||||||||||||
Bloomberg Municipal Bond Index | Bloomberg Municipal Bond Index | (2.9)% | (9.0)% | Bloomberg Municipal Bond Index | (3.5)% | (12.1)% | ||||||||||||||||||||||
Bloomberg Global Aggregate Ex-U.S. Dollar Bond Index | Bloomberg Global Aggregate Ex-U.S. Dollar Bond Index | (11.0)% | (16.5)% | Bloomberg Global Aggregate Ex-U.S. Dollar Bond Index | (8.9)% | (23.9)% | ||||||||||||||||||||||
JPMorgan Emerging Markets Bond Index Plus | JPMorgan Emerging Markets Bond Index Plus | (12.5)% | (26.7)% | JPMorgan Emerging Markets Bond Index Plus | (5.5)% | (30.7)% | ||||||||||||||||||||||
Bank of America U.S. High Yield Index | Bank of America U.S. High Yield Index | (1.6)% | (13.8)% | |||||||||||||||||||||||||
JPMorgan Leveraged Loan Index | JPMorgan Leveraged Loan Index | 1.9% | (2.0)% |
Three months ended 6/30/2022 | Six months ended 6/30/2022 | Three months ended 9/30/2022 | Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | (in billions) | U.S. mutual funds | Subadvised funds and separate accounts | Collective investment trusts and other investment products | Total | U.S. mutual funds | Subadvised funds and separate accounts | Collective investment trusts and other investment products | Total | (in billions) | U.S. mutual funds | Subadvised funds and separate accounts | Collective investment trusts and other investment products | Total | U.S. mutual funds | Subadvised funds and separate accounts | Collective investment trusts and other investment products | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at beginning of period | Assets under management at beginning of period | $ | 789.4 | $ | 398.0 | $ | 364.4 | $ | 1,551.8 | $ | 871.4 | $ | 437.1 | $ | 379.3 | $ | 1,687.8 | Assets under management at beginning of period | $ | 657.1 | $ | 332.8 | $ | 319.8 | $ | 1,309.7 | $ | 871.4 | $ | 437.1 | $ | 379.3 | $ | 1,687.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows before client transfers | Net cash flows before client transfers | (11.8) | (3.6) | .7 | (14.7) | (17.5) | (8.1) | 5.6 | (20.0) | Net cash flows before client transfers | (11.2) | (14.4) | 1.0 | (24.6) | (28.7) | (22.5) | 6.6 | (44.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Client transfers | Client transfers | (2.9) | 1.0 | 1.9 | — | (7.0) | 1.0 | 6.0 | — | Client transfers | (3.3) | .5 | 2.8 | — | (10.3) | 1.5 | 8.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flows after client transfers | Net cash flows after client transfers | (14.7) | (2.6) | 2.6 | (14.7) | (24.5) | (7.1) | 11.6 | (20.0) | Net cash flows after client transfers | (14.5) | (13.9) | 3.8 | (24.6) | (39.0) | (21.0) | 15.4 | (44.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market depreciation and losses | Net market depreciation and losses | (117.4) | (62.6) | (47.2) | (227.2) | (189.2) | (97.2) | (71.1) | (357.5) | Net market depreciation and losses | (27.9) | (12.4) | (14.6) | (54.9) | (217.1) | (109.6) | (85.7) | (412.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions not reinvested | Net distributions not reinvested | (.2) | — | — | (.2) | (.6) | — | — | (.6) | Net distributions not reinvested | (.2) | — | — | (.2) | (.8) | — | — | (.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change during the period | Change during the period | (132.3) | (65.2) | (44.6) | (242.1) | (214.3) | (104.3) | (59.5) | (378.1) | Change during the period | (42.6) | (26.3) | (10.8) | (79.7) | (256.9) | (130.6) | (70.3) | (457.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at June 30, 2022 | $ | 657.1 | $ | 332.8 | $ | 319.8 | $ | 1,309.7 | $ | 657.1 | $ | 332.8 | $ | 319.8 | $ | 1,309.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at September 30, 2022 | Assets under management at September 30, 2022 | $ | 614.5 | $ | 306.5 | $ | 309.0 | $ | 1,230.0 | $ | 614.5 | $ | 306.5 | $ | 309.0 | $ | 1,230.0 |
Three months ended 6/30/2022 | Six months ended 6/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at beginning of period | $ | 878.0 | $ | 175.2 | $ | 456.4 | $ | 42.2 | $ | 1,551.8 | $ | 992.7 | $ | 175.7 | $ | 477.7 | $ | 41.7 | $ | 1,687.8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash flows | (17.5) | 3.2 | (2.1) | 1.7 | (14.7) | (35.6) | 8.5 | 4.6 | 2.5 | (20.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market depreciation and losses(4) | (160.9) | (7.3) | (58.4) | (.8) | (227.4) | (257.5) | (13.1) | (86.4) | (1.1) | (358.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change during the period | (178.4) | (4.1) | (60.5) | .9 | (242.1) | (293.1) | (4.6) | (81.8) | 1.4 | (378.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at June 30, 2022 | $ | 699.6 | $ | 171.1 | $ | 395.9 | $ | 43.1 | $ | 1,309.7 | $ | 699.6 | $ | 171.1 | $ | 395.9 | $ | 43.1 | $ | 1,309.7 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/2022 | Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | Equity | Fixed income, including money market | Multi-asset(2) | Alternatives(3) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at beginning of period | $ | 699.6 | $ | 171.1 | $ | 395.9 | $ | 43.1 | $ | 1,309.7 | $ | 992.7 | $ | 175.7 | $ | 477.7 | $ | 41.7 | $ | 1,687.8 | ||||||||||||||||||||||||||||||||||||||||||
Net cash flows | (22.8) | (2.4) | .8 | (.2) | (24.6) | (58.4) | 6.1 | 5.4 | 2.3 | (44.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market depreciation and losses(4) | (29.0) | (3.3) | (22.6) | (.2) | (55.1) | (286.5) | (16.4) | (109.0) | (1.3) | (413.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change during the period | (51.8) | (5.7) | (21.8) | (.4) | (79.7) | (344.9) | (10.3) | (103.6) | 1.0 | (457.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management at September 30, 2022 | $ | 647.8 | $ | 165.4 | $ | 374.1 | $ | 42.7 | $ | 1,230.0 | $ | 647.8 | $ | 165.4 | $ | 374.1 | $ | 42.7 | $ | 1,230.0 | ||||||||||||||||||||||||||||||||||||||||||
Net cash inflows (outflows) | Net cash inflows (outflows) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management | Three months ended | Six months ended | Assets under management | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | (in billions) | 6/30/2022 | 3/31/2022 | 12/31/2021 | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | (in billions) | 9/30/2022 | 6/30/2022 | 12/31/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | $ | 150.6 | $ | 174.4 | $ | 187.1 | $ | (1.7) | $ | (4.9) | $ | (3.3) | $ | (8.7) | U.S. mutual funds | $ | 140.6 | $ | 150.6 | $ | 187.1 | $ | (1.5) | $ | (.7) | $ | (4.8) | $ | (9.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective investment trusts | Collective investment trusts | 166.0 | 188.6 | 191.1 | 2.3 | 12.2 | 11.1 | 20.3 | Collective investment trusts | 161.0 | 166.0 | 191.1 | 5.0 | 1.4 | 16.1 | 21.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subadvised and separately managed accounts | Subadvised and separately managed accounts | 10.5 | 12.2 | 12.9 | (.1) | .2 | — | .4 | Subadvised and separately managed accounts | 9.9 | 10.5 | 12.9 | — | — | — | .4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 327.1 | $ | 375.2 | $ | 391.1 | $ | .5 | $ | 7.5 | $ | 7.8 | $ | 12.0 | $ | 311.5 | $ | 327.1 | $ | 391.1 | $ | 3.5 | $ | .7 | $ | 11.3 | $ | 12.7 |
% of U.S. mutual funds that outperformed Morningstar median(2),(3) | % of U.S. mutual funds that outperformed Morningstar median(2),(3) | % of U.S. mutual funds that outperformed Morningstar median(2),(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 57% | 55% | 60% | 79% | Equity | 51% | 57% | 60% | 78% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 53% | 66% | 62% | 65% | Fixed Income | 51% | 59% | 60% | 65% | ||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 24% | 78% | 80% | 90% | Multi-Asset | 18% | 75% | 83% | 90% | ||||||||||||||||||||||||||||||||||||||||||
All Funds | All Funds | 46% | 65% | 66% | 77% | All Funds | 39% | 63% | 66% | 76% | ||||||||||||||||||||||||||||||||||||||||||
% of U.S. mutual funds that outperformed passive peer median(2),(4) | % of U.S. mutual funds that outperformed passive peer median(2),(4) | % of U.S. mutual funds that outperformed passive peer median(2),(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 53% | 48% | 50% | 71% | Equity | 56% | 52% | 50% | 72% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 44% | 53% | 55% | 58% | Fixed Income | 41% | 53% | 48% | 50% | ||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 18% | 84% | 75% | 86% | Multi-Asset | 24% | 84% | 81% | 92% | ||||||||||||||||||||||||||||||||||||||||||
All Funds | All Funds | 40% | 61% | 60% | 71% | All Funds | 40% | 62% | 59% | 69% | ||||||||||||||||||||||||||||||||||||||||||
% of composites that outperformed benchmarks(5) | % of composites that outperformed benchmarks(5) | % of composites that outperformed benchmarks(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 41% | 50% | 51% | 79% | Equity | 36% | 55% | 57% | 77% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 21% | 60% | 63% | 79% | Fixed Income | 21% | 52% | 58% | 79% | ||||||||||||||||||||||||||||||||||||||||||
All Composites | All Composites | 33% | 54% | 56% | 79% | All Composites | 30% | 54% | 57% | 78% |
AUM Weighted Performance | AUM Weighted Performance | AUM Weighted Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed Morningstar median(2),(3) | % of U.S. mutual funds AUM that outperformed Morningstar median(2),(3) | % of U.S. mutual funds AUM that outperformed Morningstar median(2),(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 53% | 49% | 61% | 85% | Equity | 47% | 54% | 59% | 84% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 66% | 69% | 75% | 79% | Fixed Income | 63% | 74% | 69% | 81% | ||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 3% | 92% | 96% | 98% | Multi-Asset | 3% | 89% | 93% | 97% | ||||||||||||||||||||||||||||||||||||||||||
All Funds | All Funds | 40% | 63% | 72% | 88% | All Funds | 36% | 65% | 69% | 88% | ||||||||||||||||||||||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed passive peer median(2),(4) | % of U.S. mutual funds AUM that outperformed passive peer median(2),(4) | % of U.S. mutual funds AUM that outperformed passive peer median(2),(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 52% | 43% | 54% | 62% | Equity | 53% | 49% | 54% | 67% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 48% | 58% | 62% | 60% | Fixed Income | 47% | 64% | 51% | 64% | ||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 3% | 97% | 96% | 97% | Multi-Asset | 5% | 97% | 96% | 97% | ||||||||||||||||||||||||||||||||||||||||||
All Funds | All Funds | 38% | 59% | 66% | 72% | All Funds | 39% | 63% | 65% | 74% | ||||||||||||||||||||||||||||||||||||||||||
% of composites AUM that outperformed benchmarks(5) | % of composites AUM that outperformed benchmarks(5) | % of composites AUM that outperformed benchmarks(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 43% | 42% | 41% | 70% | Equity | 36% | 44% | 42% | 70% | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 7% | 53% | 47% | 73% | Fixed Income | 14% | 42% | 40% | 74% | ||||||||||||||||||||||||||||||||||||||||||
All Composites | All Composites | 36% | 44% | 42% | 71% | All Composites | 32% | 44% | 41% | 71% |
Three months ended | Q2 2022 vs. Q2 2021 | Six months ended | YTD 2022 vs. YTD 2021 | Three months ended | Q3 2022 vs. Q3 2021 | Nine months ended | YTD 2022 vs. YTD 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per-share data) | (in millions, except per-share data) | 6/30/2022 | 6/30/2021 | $ change | % change | 6/30/2022 | 6/30/2021 | $ change | % change | (in millions, except per-share data) | 9/30/2022 | 9/30/2021 | $ change | % change | 9/30/2022 | 9/30/2021 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP basis | U.S. GAAP basis | U.S. GAAP basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment advisory fees | Investment advisory fees | $ | 1,496.7 | $ | 1,787.2 | $ | (290.5) | (16.3) | % | $ | 3,158.8 | $ | 3,475.0 | $ | (316.2) | (9.1) | % | Investment advisory fees | $ | 1,442.0 | $ | 1,813.4 | $ | (371.4) | (20.5) | % | $ | 4,600.8 | $ | 5,288.4 | $ | (687.6) | (13.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital allocation-based income(1) | Capital allocation-based income(1) | $ | (126.3) | $ | — | $ | (126.3) | n/m | $ | (81.9) | $ | — | $ | (81.9) | n/m | Capital allocation-based income(1) | $ | 1.1 | $ | — | $ | 1.1 | n/m | $ | (80.8) | $ | — | $ | (80.8) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | $ | 1,513.0 | $ | 1,929.3 | $ | (416.3) | (21.6) | % | $ | 3,376.0 | $ | 3,756.1 | $ | (380.1) | (10.1) | % | Net revenues | $ | 1,588.2 | $ | 1,954.1 | $ | (365.9) | (18.7) | % | $ | 4,964.2 | $ | 5,710.2 | $ | (746.0) | (13.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | $ | 844.4 | $ | 971.2 | $ | (126.8) | (13.1) | % | $ | 1,830.0 | $ | 1,904.8 | $ | (74.8) | (3.9) | % | Operating expenses | $ | 1,013.6 | $ | 957.9 | $ | 55.7 | 5.8 | % | $ | 2,843.6 | $ | 2,862.7 | $ | (19.1) | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | $ | 668.6 | $ | 958.1 | $ | (289.5) | (30.2) | % | $ | 1,546.0 | $ | 1,851.3 | $ | (305.3) | (16.5) | % | Net operating income | $ | 574.6 | $ | 996.2 | $ | (421.6) | (42.3) | % | $ | 2,120.6 | $ | 2,847.5 | $ | (726.9) | (25.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (loss)(1) | Non-operating income (loss)(1) | $ | (279.9) | $ | 143.9 | $ | (423.8) | n/m | $ | (478.4) | $ | 246.0 | $ | (724.4) | n/m | Non-operating income (loss)(1) | $ | (82.8) | $ | (11.5) | $ | (71.3) | n/m | $ | (561.2) | $ | 234.5 | $ | (795.7) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price | Net income attributable to T. Rowe Price | $ | 339.6 | $ | 815.7 | $ | (476.1) | (58.4) | % | $ | 907.5 | $ | 1,565.1 | $ | (657.6) | (42.0) | % | Net income attributable to T. Rowe Price | $ | 384.4 | $ | 777.2 | $ | (392.8) | (50.5) | % | $ | 1,291.9 | $ | 2,342.3 | $ | (1,050.4) | (44.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.46 | $ | 3.46 | $ | (2.00) | (57.8) | % | $ | 3.88 | $ | 6.63 | $ | (2.75) | (41.5) | % | Diluted earnings per common share | $ | 1.66 | $ | 3.31 | $ | (1.65) | (49.8) | % | $ | 5.54 | $ | 9.94 | $ | (4.40) | (44.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding assuming dilution | Weighted average common shares outstanding assuming dilution | 227.9 | 229.2 | $ | (1.3) | (.6) | % | 228.8 | 229.6 | $ | (.8) | (.3) | % | Weighted average common shares outstanding assuming dilution | 226.3 | 229.1 | $ | (2.8) | (1.2) | % | 228.0 | 229.4 | $ | (1.4) | (.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted non-GAAP basis(2) | Adjusted non-GAAP basis(2) | Adjusted non-GAAP basis(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | $ | 947.3 | $ | 931.8 | $ | 15.5 | 1.7 | % | $ | 1,986.4 | $ | 1,841.0 | $ | 145.4 | 7.9 | % | Operating expenses | $ | 1,028.2 | $ | 957.2 | $ | 71.0 | 7.4 | % | $ | 3,014.6 | $ | 2,798.2 | $ | 216.4 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | $ | 579.7 | $ | 998.6 | $ | (418.9) | (41.9) | % | $ | 1,417.7 | $ | 1,917.5 | $ | (499.8) | (26.1) | % | Net operating income | $ | 573.7 | $ | 998.7 | $ | (425.0) | (42.6) | % | $ | 1,991.4 | $ | 2,916.2 | $ | (924.8) | (31.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (loss)(1) | Non-operating income (loss)(1) | $ | (30.6) | $ | 17.8 | $ | (48.4) | n/m | $ | (54.4) | $ | 31.5 | $ | (85.9) | n/m | Non-operating income (loss)(1) | $ | (3.7) | $ | (3.0) | $ | (.7) | n/m | $ | (58.1) | $ | 28.5 | $ | (86.6) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to T. Rowe Price | Net income attributable to T. Rowe Price | $ | 417.7 | $ | 779.0 | $ | (361.3) | (46.4) | % | $ | 1,034.6 | $ | 1,491.0 | $ | (456.4) | (30.6) | % | Net income attributable to T. Rowe Price | $ | 430.6 | $ | 767.6 | $ | (337.0) | (43.9) | % | $ | 1,465.2 | $ | 2,258.6 | $ | (793.4) | (35.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 1.79 | $ | 3.31 | $ | (1.52) | (45.9) | % | $ | 4.42 | $ | 6.32 | $ | (1.90) | (30.1) | % | Diluted earnings per common share | $ | 1.86 | $ | 3.27 | $ | (1.41) | (43.1) | % | $ | 6.28 | $ | 9.59 | $ | (3.31) | (34.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets under management (in billions) | Assets under management (in billions) | Assets under management (in billions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average assets under management | Average assets under management | $ | 1,407.1 | $ | 1,585.3 | $ | (178.2) | (11.2) | % | $ | 1,483.0 | $ | 1,547.1 | $ | (64.1) | (4.1) | % | Average assets under management | $ | 1,347.5 | $ | 1,648.7 | $ | (301.2) | (18.3) | % | $ | 1,437.1 | $ | 1,581.3 | $ | (144.2) | (9.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending assets under management | Ending assets under management | $ | 1,309.7 | $ | 1,623.1 | $ | (313.4) | (19.3) | % | $ | 1,309.7 | $ | 1,623.1 | $ | (313.4) | (19.3) | % | Ending assets under management | $ | 1,230.0 | $ | 1,612.3 | $ | (382.3) | (23.7) | % | $ | 1,230.0 | $ | 1,612.3 | $ | (382.3) | (23.7) | % |
Three months ended | Q2 2022 vs. Q2 2021 | Six months ended | YTD 2022 vs. YTD 2021 | Three months ended | Q3 2022 vs. Q3 2021 | Nine months ended | YTD 2022 vs. YTD 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 6/30/2022 | 6/30/2021 | $ change | % change | 6/30/2022 | 6/30/2021 | $ change | % change | (in millions) | 9/30/2022 | 9/30/2021 | $ change | % change | 9/30/2022 | 9/30/2021 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment advisory fees | Investment advisory fees | Investment advisory fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | U.S. mutual funds | $ | 876.2 | $ | 1,097.5 | $ | (221.3) | (20.2) | % | $ | 1,852.7 | $ | 2,147.7 | $ | (295.0) | (13.7) | % | U.S. mutual funds | $ | 841.7 | $ | 1,125.5 | $ | (283.8) | (25.2) | % | $ | 2,694.4 | $ | 3,273.2 | $ | (578.8) | (17.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 620.5 | 689.7 | (69.2) | (10.0) | % | 1,306.1 | 1,327.3 | (21.2) | (1.6) | % | Subadvised funds, separate accounts, collective investment trusts, and other investment products | 600.3 | 687.9 | (87.6) | (12.7) | % | 1,906.4 | 2,015.2 | (108.8) | (5.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,496.7 | 1,787.2 | (290.5) | (16.3) | % | 3,158.8 | 3,475.0 | (316.2) | (9.1) | % | 1,442.0 | 1,813.4 | (371.4) | (20.5) | % | 4,600.8 | 5,288.4 | (687.6) | (13.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | Administrative, distribution, and servicing fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative fees | Administrative fees | 119.4 | 112.1 | 7.3 | 6.5 | % | 249.6 | 222.0 | 27.6 | 12.4 | % | Administrative fees | 123.1 | 109.8 | 13.3 | 12.1 | % | 372.7 | 331.8 | 40.9 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and servicing fees | Distribution and servicing fees | 23.2 | 30.0 | (6.8) | (22.7) | % | 49.5 | 59.1 | (9.6) | (16.2) | % | Distribution and servicing fees | 22.0 | 30.9 | (8.9) | (28.8) | % | 71.5 | 90.0 | (18.5) | (20.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
142.6 | 142.1 | .5 | .4 | % | 299.1 | 281.1 | 18.0 | 6.4 | % | 145.1 | 140.7 | 4.4 | 3.1 | % | 444.2 | 421.8 | 22.4 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital allocation-based income(1) | Capital allocation-based income(1) | (126.3) | — | (126.3) | n/m | (81.9) | — | (81.9) | n/m | Capital allocation-based income(1) | 1.1 | — | 1.1 | n/m | (80.8) | — | (80.8) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | Net revenues | $ | 1,513.0 | $ | 1,929.3 | $ | (416.3) | (21.6) | % | $ | 3,376.0 | $ | 3,756.1 | $ | (380.1) | (10.1) | % | Net revenues | $ | 1,588.2 | $ | 1,954.1 | $ | (365.9) | (18.7) | % | $ | 4,964.2 | $ | 5,710.2 | $ | (746.0) | (13.1) | % |
Three months ended | Q2 2022 vs. Q2 2021 | Six months ended | YTD 2022 vs. YTD 2021 | Three months ended | Q3 2022 vs. Q3 2021 | Nine months ended | YTD 2022 vs. YTD 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 6/30/2022 | 6/30/2021 | $ change | % change | 6/30/2022 | 6/30/2021 | $ change | % change | (in millions) | 9/30/2022 | 9/30/2021 | $ change | % change | 9/30/2022 | 9/30/2021 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and related costs, excluding acquisition-related retention agreements and supplemental savings plan | $ | 544.6 | $ | 566.1 | $ | (21.5) | (3.8) | % | $ | 1,163.6 | $ | 1,127.4 | $ | 36.2 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and related costs, excluding acquisition-related retention agreements, capital allocation-based income compensation, and supplemental savings plan | Compensation and related costs, excluding acquisition-related retention agreements, capital allocation-based income compensation, and supplemental savings plan | $ | 595.6 | $ | 564.9 | $ | 30.7 | 5.4 | % | $ | 1,781.3 | $ | 1,692.3 | $ | 89.0 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention agreements | Acquisition-related retention agreements | 12.3 | — | 12.3 | n/m | 25.9 | — | 25.9 | n/m | Acquisition-related retention agreements | 17.1 | — | 17.1 | n/m | 54.3 | — | 54.3 | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital allocation-based income compensation | Capital allocation-based income compensation | .1 | — | .1 | n/m | (33.3) | — | (33.3) | n/m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan(1) | Supplemental savings plan(1) | (93.5) | 37.7 | (131.2) | n/m | (144.5) | 59.9 | $ | (204.4) | n/m | Supplemental savings plan(1) | (24.7) | (.3) | (24.4) | n/m | (169.2) | 59.6 | $ | (228.8) | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total compensation and related costs | Total compensation and related costs | 463.4 | 603.8 | (140.4) | (23.3) | % | 1,045.0 | 1,187.3 | (142.3) | (12.0) | % | Total compensation and related costs | 588.1 | 564.6 | 23.5 | 4.2 | % | 1,633.1 | 1,751.9 | (118.8) | (6.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and servicing | Distribution and servicing | 75.7 | 92.7 | (17.0) | (18.3) | % | 161.6 | 178.3 | (16.7) | (9.4) | % | Distribution and servicing | 69.9 | 96.0 | (26.1) | (27.2) | % | 231.5 | 274.3 | (42.8) | (15.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 21.4 | 20.4 | 1.0 | 4.9 | % | 44.8 | 39.3 | 5.5 | 14.0 | % | Advertising and promotion | 24.3 | 22.1 | 2.2 | 10.0 | % | 69.1 | 61.4 | 7.7 | 12.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product and recordkeeping related costs | Product and recordkeeping related costs | 76.3 | 43.3 | 33.0 | 76.2 | % | 156.7 | 84.3 | 72.4 | 85.9 | % | Product and recordkeeping related costs | 75.6 | 70.3 | 5.3 | 7.5 | % | 232.3 | 154.6 | 77.7 | 50.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology, occupancy, and facility costs | Technology, occupancy, and facility costs | 134.3 | 119.3 | 15.0 | 12.6 | % | 268.2 | 236.6 | 31.6 | 13.4 | % | Technology, occupancy, and facility costs | 143.6 | 123.1 | 20.5 | 16.7 | % | 411.8 | 359.7 | 52.1 | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General, administrative, and other | General, administrative, and other | 73.3 | 91.7 | (18.4) | (20.1) | % | 153.7 | 179.0 | (25.3) | (14.1) | % | General, administrative, and other | 112.1 | 81.8 | 30.3 | 37.0 | % | 265.8 | 260.8 | 5.0 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | $ | 844.4 | $ | 971.2 | $ | (126.8) | (13.1) | % | $ | 1,830.0 | $ | 1,904.8 | $ | (74.8) | (3.9) | % | Total operating expenses | $ | 1,013.6 | $ | 957.9 | $ | 55.7 | 5.8 | % | $ | 2,843.6 | $ | 2,862.7 | $ | (19.1) | (.7) | % |
Three months ended | Six months ended | ||||||||||||||||||||||
(in millions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | |||||||||||||||||||||||
Cash and discretionary investments | |||||||||||||||||||||||
Dividend income | $ | 2.8 | $ | 4.9 | $ | 3.6 | $ | 10.0 | |||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | (33.4) | 12.9 | (58.0) | 21.5 | |||||||||||||||||||
Total cash and discretionary investments | (30.6) | 17.8 | (54.4) | 31.5 | |||||||||||||||||||
Seed capital investments | |||||||||||||||||||||||
Dividend income | .2 | — | .4 | .1 | |||||||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | (40.6) | 17.5 | (63.4) | 29.4 | |||||||||||||||||||
Net gains recognized upon deconsolidation | 5.2 | — | 6.8 | 2.6 | |||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | (96.4) | 37.1 | (151.7) | 59.2 | |||||||||||||||||||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | (162.2) | 72.4 | (262.3) | 122.8 | |||||||||||||||||||
Other investment income | (7.7) | 15.3 | 2.5 | 33.5 | |||||||||||||||||||
Net gains (losses) on investments | (169.9) | 87.7 | (259.8) | 156.3 | |||||||||||||||||||
Net gains (losses) on consolidated sponsored investment portfolios | (104.6) | 55.5 | (206.0) | 92.7 | |||||||||||||||||||
Other income (loss), including foreign currency gains and losses | (5.4) | .7 | (12.6) | (3.0) | |||||||||||||||||||
Non-operating income (loss) | $ | (279.9) | $ | 143.9 | $ | (478.4) | $ | 246.0 |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in millions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | |||||||||||||||||||||||
Cash and discretionary investments | |||||||||||||||||||||||
Dividend income | $ | 11.5 | $ | 4.0 | $ | 15.1 | $ | 14.0 | |||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | (15.2) | (7.0) | (73.2) | 14.5 | |||||||||||||||||||
Total cash and discretionary investments | (3.7) | (3.0) | (58.1) | 28.5 | |||||||||||||||||||
Seed capital investments | |||||||||||||||||||||||
Dividend income | .2 | — | .6 | .1 | |||||||||||||||||||
Market-related gains (losses) and equity in earnings (losses) | (14.1) | (2.4) | (77.5) | 27.0 | |||||||||||||||||||
Net gains recognized upon deconsolidation | — | — | 6.8 | 2.6 | |||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | (26.3) | .1 | (178.0) | 59.3 | |||||||||||||||||||
Total net gains (losses) from non-consolidated T. Rowe Price investment products | (43.9) | (5.3) | (306.2) | 117.5 | |||||||||||||||||||
Other investment income | 2.4 | 14.0 | 4.9 | 47.5 | |||||||||||||||||||
Net gains (losses) on investments | (41.5) | 8.7 | (301.3) | 165.0 | |||||||||||||||||||
Net gains (losses) on consolidated sponsored investment portfolios | (41.7) | (17.1) | (247.7) | 75.7 | |||||||||||||||||||
Other income (loss), including foreign currency gains and losses | .4 | (3.1) | (12.2) | (6.2) | |||||||||||||||||||
Non-operating income (loss) | $ | (82.8) | $ | (11.5) | $ | (561.2) | $ | 234.5 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | (in millions) | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | Operating expenses reflected in net operating income | $ | (1.9) | $ | (2.8) | $ | (4.4) | $ | (6.3) | Operating expenses reflected in net operating income | $ | (1.8) | $ | (2.8) | $ | (6.2) | $ | (9.1) | ||||||||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income | Net investment income (loss) reflected in non-operating income | (104.6) | 55.5 | (206.0) | 92.7 | Net investment income (loss) reflected in non-operating income | (41.8) | (17.1) | (247.8) | 75.6 | ||||||||||||||||||||||||||||||||||||
Impact on income before taxes | Impact on income before taxes | $ | (106.5) | $ | 52.7 | $ | (210.4) | $ | 86.4 | Impact on income before taxes | $ | (43.6) | $ | (19.9) | $ | (254.0) | $ | 66.5 | ||||||||||||||||||||||||||||
Net income (loss) attributable to our interest in the consolidated T. Rowe Price investment products | Net income (loss) attributable to our interest in the consolidated T. Rowe Price investment products | $ | (54.7) | $ | 25.7 | $ | (105.1) | $ | 44.0 | Net income (loss) attributable to our interest in the consolidated T. Rowe Price investment products | $ | (17.0) | $ | (.1) | $ | (122.1) | $ | 43.9 | ||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests (unrelated third-party investors) | Net income (loss) attributable to redeemable non-controlling interests (unrelated third-party investors) | (51.8) | 27.0 | (105.3) | 42.4 | Net income (loss) attributable to redeemable non-controlling interests (unrelated third-party investors) | (26.6) | (19.8) | (131.9) | 22.6 | ||||||||||||||||||||||||||||||||||||
$ | (106.5) | $ | 52.7 | $ | (210.4) | $ | 86.4 | $ | (43.6) | $ | (19.9) | $ | (254.0) | $ | 66.5 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||
Statutory U.S. federal income tax rate | Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||
State income taxes for current year, net of federal income tax benefits(1) | State income taxes for current year, net of federal income tax benefits(1) | 3.9 | 3.7 | 3.5 | 3.7 | State income taxes for current year, net of federal income tax benefits(1) | 3.4 | 3.8 | 3.5 | 3.8 | ||||||||||||||||||||||||||||||||||||
Net (income) losses attributable to redeemable non-controlling interests | Net (income) losses attributable to redeemable non-controlling interests | 2.7 | (.1) | 1.1 | (.3) | Net (income) losses attributable to redeemable non-controlling interests | 2.5 | .1 | 1.6 | (.2) | ||||||||||||||||||||||||||||||||||||
Net excess tax benefits from stock-based compensation plans activity | Net excess tax benefits from stock-based compensation plans activity | (.5) | (.6) | (.5) | (.9) | Net excess tax benefits from stock-based compensation plans activity | (.5) | (1.6) | (.5) | (1.1) | ||||||||||||||||||||||||||||||||||||
Other items | Other items | (1.1) | (.5) | (.2) | (.1) | Other items | .8 | (.2) | — | (.2) | ||||||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 26.0 | % | 23.5 | % | 24.9 | % | 23.4 | % | Effective income tax rate | 27.2 | % | 23.1 | % | 25.6 | % | 23.3 | % |
Three months ended 6/30/2022 | Three months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | U.S. GAAP Basis (FS line item) | $ | 844.4 | $ | 668.6 | $ | (279.9) | $ | 100.9 | $ | 339.6 | $ | 1.46 | U.S. GAAP Basis (FS line item) | $ | 1,013.6 | $ | 574.6 | $ | (82.8) | $ | 134.0 | $ | 384.4 | $ | 1.66 | ||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | Acquisition-related non-GAAP adjustments: | Acquisition-related non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment amortization(1) (Net Revenues) | — | 13.3 | — | 3.5 | 9.8 | .04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation arrangements amortization(1) (Compensation and related costs) | (12.3) | 12.3 | — | 3.2 | 9.1 | .04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and NCI amortization(1) (Net Revenues and Compensation and related costs) | Investment and NCI amortization(1) (Net Revenues and Compensation and related costs) | 5.6 | 7.6 | — | 1.4 | 6.2 | .03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | Acquisition-related retention arrangements(1) (Compensation and related costs) | (17.1) | 17.1 | — | 3.0 | 14.1 | .06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration(1) (General, admin and other) | Contingent consideration(1) (General, admin and other) | 50.3 | (50.3) | — | (13.7) | (36.6) | (.16) | Contingent consideration(1) (General, admin and other) | 29.9 | (29.9) | — | (3.8) | (26.1) | (.11) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets amortization(1) (General, admin and other) | Intangible assets amortization(1) (General, admin and other) | (27.2) | 27.2 | — | 7.2 | 20.0 | .09 | Intangible assets amortization(1) (General, admin and other) | (27.1) | 27.1 | — | 5.1 | 22.0 | .09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs(2) (general, admin and other) | (.1) | .1 | — | — | .1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs(2) (General, admin and other) | Transaction costs(2) (General, admin and other) | (.1) | .1 | — | — | .1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | Total acquisition-related non-GAAP adjustments | 10.7 | 2.6 | — | .2 | 2.4 | .01 | Total acquisition-related non-GAAP adjustments | (8.8) | 22.0 | — | 5.7 | 16.3 | .07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | Supplemental savings plan liability(3) (Compensation and related costs) | 93.5 | (93.5) | 96.4 | 0.6 | 2.3 | .01 | Supplemental savings plan liability(3) (Compensation and related costs) | 24.7 | (24.7) | 26.3 | .1 | 1.5 | .01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | Consolidated T. Rowe Price investment products(4) | (1.3) | 2.0 | 104.6 | 14.8 | 40.0 | .17 | Consolidated T. Rowe Price investment products(4) | (1.3) | 1.8 | 41.7 | (.3) | 17.2 | .07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating income(5) | Other non-operating income(5) | — | — | 48.3 | 14.9 | 33.4 | .14 | Other non-operating income(5) | — | — | 11.1 | (.1) | 11.2 | .05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | Adjusted Non-GAAP Basis | $ | 947.3 | $ | 579.7 | $ | (30.6) | $ | 131.4 | $ | 417.7 | $ | 1.79 | Adjusted Non-GAAP Basis | $ | 1,028.2 | $ | 573.7 | $ | (3.7) | $ | 139.4 | $ | 430.6 | $ | 1.86 |
Three months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 957.9 | $ | 996.2 | $ | (11.5) | $ | 227.3 | $ | 777.2 | $ | 3.31 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | .3 | (.3) | (.1) | — | (.5) | — | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (1.0) | 2.8 | 17.1 | — | .1 | — | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | (8.5) | .8 | (9.2) | (.04) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 957.2 | $ | 998.7 | $ | (3.0) | $ | 228.1 | $ | 767.6 | $ | 3.27 |
Three months ended 6/30/2021 | |||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | ||||||||||||||||||||||||||||||
U.S. GAAP Basis (FS line item) | $ | 971.2 | $ | 958.1 | $ | 143.9 | $ | 259.3 | $ | 815.7 | $ | 3.46 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | (37.7) | 37.7 | (37.1) | .2 | .4 | — | |||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | (1.7) | 2.8 | (55.5) | (9.6) | (16.1) | (.09) | |||||||||||||||||||||||||||||
Other non-operating income(5) | — | — | (33.5) | (12.5) | (21.0) | (.06) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 931.8 | $ | 998.6 | $ | 17.8 | $ | 237.4 | $ | 779.0 | $ | 3.31 |
Six months ended 6/30/2022 | Nine months ended 9/30/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP Basis | U.S. GAAP Basis | $ | 1,830.0 | $ | 1,546.0 | $ | (478.4) | $ | 265.4 | $ | 907.5 | $ | 3.88 | U.S. GAAP Basis | $ | 2,843.6 | $ | 2,120.6 | $ | (561.2) | $ | 399.4 | $ | 1,291.9 | $ | 5.54 | ||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related non-GAAP adjustments: | Acquisition-related non-GAAP adjustments: | Acquisition-related non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment amortization(1) (Net Revenues) | — | 26.5 | — | 8.8 | 17.7 | .08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation arrangements amortization(1) (Compensation and related costs) | (25.9) | 25.9 | — | 8.6 | 17.3 | .08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and NCI amortization(1) (Net Revenues and Compensation and related costs) | Investment and NCI amortization(1) (Net Revenues and Compensation and related costs) | 16.9 | 22.8 | — | 6.5 | 16.3 | .07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention arrangements(1) (Compensation and related costs) | Acquisition-related retention arrangements(1) (Compensation and related costs) | (54.3) | 54.3 | — | 15.4 | 38.9 | .17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration(1) (General, admin and other) | Contingent consideration(1) (General, admin and other) | 95.8 | (95.8) | — | (31.9) | (63.9) | (.28) | Contingent consideration(1) (General, admin and other) | 125.7 | (125.7) | — | (35.7) | (90.0) | (.40) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets amortization(1) (General, admin and other) | Intangible assets amortization(1) (General, admin and other) | (54.3) | 54.3 | — | 18.0 | 36.3 | .16 | Intangible assets amortization(1) (General, admin and other) | (81.4) | 81.4 | — | 23.1 | 58.3 | .25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs(2) (general, admin and other) | (.8) | .8 | — | .3 | .5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs(2) (General, admin and other) | Transaction costs(2) (General, admin and other) | (.9) | .9 | — | .2 | .7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total acquisition-related non-GAAP adjustments | Total acquisition-related non-GAAP adjustments | 14.8 | 11.7 | — | 3.8 | 7.9 | .04 | Total acquisition-related non-GAAP adjustments | 6.0 | 33.7 | — | 9.5 | 24.2 | .09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | Supplemental savings plan liability(3) (Compensation and related costs) | 144.5 | (144.5) | 151.7 | 2.4 | 4.8 | .02 | Supplemental savings plan liability(3) (Compensation and related costs) | 169.2 | (169.2) | 178.0 | 2.5 | 6.3 | .03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | Consolidated T. Rowe Price investment products(4) | (2.9) | 4.5 | 206.0 | 35.0 | 70.2 | .30 | Consolidated T. Rowe Price investment products(4) | (4.2) | 6.3 | 247.7 | 34.7 | 87.4 | .38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating income(5) | Other non-operating income(5) | — | — | 66.3 | 22.1 | 44.2 | .18 | Other non-operating income(5) | — | — | 77.4 | 22.0 | 55.4 | .24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | Adjusted Non-GAAP Basis | $ | 1,986.4 | $ | 1,417.7 | $ | (54.4) | $ | 328.7 | $ | 1,034.6 | $ | 4.42 | Adjusted Non-GAAP Basis | $ | 3,014.6 | $ | 1,991.4 | $ | (58.1) | $ | 468.1 | $ | 1,465.2 | $ | 6.28 |
Six months ended 6/30/2021 | Nine months ended 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | Operating expenses | Net operating income | Non-operating income (loss) | Provision (benefit) for income taxes(6) | Net income attributable to T. Rowe Price | Diluted earnings per share(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GAAP Basis | U.S. GAAP Basis | $ | 1,904.8 | $ | 1,851.3 | $ | 246.0 | $ | 489.8 | $ | 1,565.1 | $ | 6.63 | U.S. GAAP Basis | $ | 2,862.7 | $ | 2,847.5 | $ | 234.5 | $ | 717.1 | $ | 2,342.3 | $ | 9.94 | ||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP adjustments: | Non-GAAP adjustments: | Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental savings plan liability(3) (Compensation and related costs) | Supplemental savings plan liability(3) (Compensation and related costs) | (59.9) | 59.9 | (59.2) | .2 | .5 | — | Supplemental savings plan liability(3) (Compensation and related costs) | (59.6) | 59.6 | (59.3) | .3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price investment products(4) | Consolidated T. Rowe Price investment products(4) | (3.9) | 6.3 | (92.7) | (13.4) | (30.6) | (.14) | Consolidated T. Rowe Price investment products(4) | (4.9) | 9.1 | (75.7) | (13.5) | (30.5) | (.13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating income(5) | Other non-operating income(5) | — | — | (62.6) | (18.6) | (44.0) | (.17) | Other non-operating income(5) | — | — | (71.0) | (17.8) | (53.2) | (.22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | Adjusted Non-GAAP Basis | $ | 1,841.0 | $ | 1,917.5 | $ | 31.5 | $ | 458.0 | $ | 1,491.0 | $ | 6.32 | Adjusted Non-GAAP Basis | $ | 2,798.2 | $ | 2,916.2 | $ | 28.5 | $ | 686.1 | $ | 2,258.6 | $ | 9.59 |
Three months ended | Six months ended | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||
Adjusted net income attributable to T. Rowe Price | Adjusted net income attributable to T. Rowe Price | $ | 417.7 | $ | 779.0 | $ | 1,034.6 | $ | 1,491.0 | Adjusted net income attributable to T. Rowe Price | $ | 430.6 | $ | 767.6 | $ | 1,465.2 | $ | 2,258.6 | ||||||||||||||||||||||
Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | 9.3 | 21.3 | 23.3 | 40.1 | Less: adjusted net income allocated to outstanding restricted stock and stock unit holders | 10.7 | 19.4 | 34.1 | 59.5 | ||||||||||||||||||||||||||||||
Adjusted net income allocated to common stockholders | Adjusted net income allocated to common stockholders | $ | 408.4 | $ | 757.7 | $ | 1,011.3 | $ | 1,450.9 | Adjusted net income allocated to common stockholders | $ | 419.9 | $ | 748.2 | $ | 1,431.1 | $ | 2,199.1 |
(in millions) | (in millions) | 6/30/2022 | 12/31/2021 | (in millions) | 9/30/2022 | 12/31/2021 | ||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 2,116.0 | $ | 1,523.1 | Cash and cash equivalents | $ | 2,366.3 | $ | 1,523.1 | ||||||||||||||||||
Discretionary investments | Discretionary investments | 491.3 | 554.1 | Discretionary investments | 446.9 | 554.1 | ||||||||||||||||||||||
Total cash and discretionary investments | Total cash and discretionary investments | 2,607.3 | 2,077.2 | Total cash and discretionary investments | 2,813.2 | 2,077.2 | ||||||||||||||||||||||
Redeemable seed capital investments | Redeemable seed capital investments | 998.0 | 1,300.1 | Redeemable seed capital investments | 975.0 | 1,300.1 | ||||||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | Investments used to hedge the supplemental savings plan liability | 725.7 | 881.5 | Investments used to hedge the supplemental savings plan liability | 669.5 | 881.5 | ||||||||||||||||||||||
Total cash and investments in T. Rowe Price products | Total cash and investments in T. Rowe Price products | $ | 4,331.0 | $ | 4,258.8 | Total cash and investments in T. Rowe Price products | $ | 4,457.7 | $ | 4,258.8 |
(in millions) | (in millions) | Cash and cash equivalents | Investments | Net assets of consolidated T. Rowe Price investment products(1) | 6/30/2022 | (in millions) | Cash and cash equivalents | Investments | Net assets of consolidated T. Rowe Price investment products(1) | 9/30/2022 | ||||||||||||||||||||||||||||||||||||||||||
Cash and discretionary investments | Cash and discretionary investments | $ | 2,116.0 | $ | 457.2 | $ | 34.1 | $ | 2,607.3 | Cash and discretionary investments | $ | 2,366.3 | $ | 433.9 | $ | 13.0 | $ | 2,813.2 | ||||||||||||||||||||||||||||||||||
Seed capital investments | Seed capital investments | — | 332.6 | 665.4 | 998.0 | Seed capital investments | — | 332.0 | 643.0 | 975.0 | ||||||||||||||||||||||||||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | Investments used to hedge the supplemental savings plan liability | — | 725.7 | — | 725.7 | Investments used to hedge the supplemental savings plan liability | — | 669.5 | — | 669.5 | ||||||||||||||||||||||||||||||||||||||||||
Total cash and investments in T. Rowe Price products attributable to T. Rowe Price | Total cash and investments in T. Rowe Price products attributable to T. Rowe Price | 2,116.0 | 1,515.5 | 699.5 | 4,331.0 | Total cash and investments in T. Rowe Price products attributable to T. Rowe Price | 2,366.3 | 1,435.4 | 656.0 | 4,457.7 | ||||||||||||||||||||||||||||||||||||||||||
Investments in affiliated private investment funds(2) | Investments in affiliated private investment funds(2) | — | 660.2 | — | 660.2 | Investments in affiliated private investment funds(2) | — | 676.4 | — | 676.4 | ||||||||||||||||||||||||||||||||||||||||||
Investments in CLOs | Investments in CLOs | — | 115.1 | — | 115.1 | Investments in CLOs | — | 106.6 | — | 106.6 | ||||||||||||||||||||||||||||||||||||||||||
Investment in UTI and other investments | Investment in UTI and other investments | — | 272.9 | — | 272.9 | Investment in UTI and other investments | — | 261.8 | — | 261.8 | ||||||||||||||||||||||||||||||||||||||||||
Total cash and investments attributable to T. Rowe Price | Total cash and investments attributable to T. Rowe Price | 2,116.0 | 2,563.7 | 699.5 | 5,379.2 | Total cash and investments attributable to T. Rowe Price | 2,366.3 | 2,480.2 | 656.0 | 5,502.5 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable non-controlling interests | Redeemable non-controlling interests | — | — | 564.6 | 564.6 | Redeemable non-controlling interests | — | — | 580.8 | 580.8 | ||||||||||||||||||||||||||||||||||||||||||
As reported on unaudited condensed consolidated balance sheet at June 30, 2022 | $ | 2,116.0 | $ | 2,563.7 | $ | 1,264.1 | $ | 5,943.8 | ||||||||||||||||||||||||||||||||||||||||||||
As reported on unaudited condensed consolidated balance sheet at September 30, 2022 | As reported on unaudited condensed consolidated balance sheet at September 30, 2022 | $ | 2,366.3 | $ | 2,480.2 | $ | 1,236.8 | $ | 6,083.3 |
(in millions) | (in millions) | Recurring dividend | Special dividend | Stock repurchases | Total cash returned to stockholders | (in millions) | Recurring dividend | Special dividend | Stock repurchases | Total cash returned to stockholders | ||||||||||||||||||||||||||||||||||||
2020 | 2020 | $ | 846.0 | $ | — | $ | 1,192.2 | $ | 2,038.2 | 2020 | $ | 846.0 | $ | — | $ | 1,192.2 | $ | 2,038.2 | ||||||||||||||||||||||||||||
2021 | 2021 | 1,003.7 | 699.8 | 1,136.0 | 2,839.5 | 2021 | 1,003.7 | 699.8 | 1,136.0 | 2,839.5 | ||||||||||||||||||||||||||||||||||||
Six months ended 6/30/2022 | 556.4 | — | 519.5 | 1,075.9 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended 9/30/2022 | Nine months ended 9/30/2022 | 832.8 | — | 744.0 | 1,576.8 | |||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,406.1 | $ | 699.8 | $ | 2,847.7 | $ | 5,953.6 | Total | $ | 2,682.5 | $ | 699.8 | $ | 3,072.2 | $ | 6,454.5 |
Six months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2022 | 6/30/2021 | 9/30/2022 | 9/30/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated T. Rowe Price investment products | Elims | As reported | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated T. Rowe Price investment products | Elims | As reported | (in millions) | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated T. Rowe Price investment products | Elims | As reported | Cash flow attributable to T. Rowe Price | Cash flow attributable to consolidated T. Rowe Price investment products | Elims | As reported | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 907.5 | $ | (210.4) | $ | 105.1 | $ | 802.2 | $ | 1,565.1 | $ | 86.4 | $ | (44.0) | $ | 1,607.5 | Net income (loss) | $ | 1,291.9 | $ | (254.0) | $ | 122.1 | $ | 1,160.0 | $ | 2,342.3 | $ | 66.5 | $ | (43.9) | $ | 2,364.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | Adjustments to reconcile net income (loss) to net cash provided by operating activities | Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and software | Depreciation and amortization of property, equipment and software | 109.2 | — | — | 109.2 | 99.4 | — | — | 99.4 | Depreciation and amortization of property, equipment and software | 166.0 | — | — | 166.0 | 151.1 | — | — | 151.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of acquired assets and liabilities | Amortization of acquired assets and liabilities | 106.7 | — | — | 106.7 | — | — | — | — | Amortization of acquired assets and liabilities | 158.4 | — | — | 158.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value remeasurement of contingent liability | Fair value remeasurement of contingent liability | (95.8) | — | — | (95.8) | — | — | — | — | Fair value remeasurement of contingent liability | (125.7) | — | — | (125.7) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 122.9 | — | — | 122.9 | 113.9 | — | — | 113.9 | Stock-based compensation expense | 185.7 | — | — | 185.7 | 166.3 | — | — | 166.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gains) losses recognized on investments | Net (gains) losses recognized on investments | 443.9 | — | (105.1) | 338.8 | (184.9) | — | 44.0 | (140.9) | Net (gains) losses recognized on investments | 506.6 | — | (122.1) | 384.5 | (188.3) | — | 43.9 | (144.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | 3.9 | — | — | 3.9 | 21.9 | — | — | 21.9 | Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | 33.8 | — | — | 33.8 | 28.1 | — | — | 28.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in trading securities held by consolidated T. Rowe Price investment products | Net change in trading securities held by consolidated T. Rowe Price investment products | — | 282.3 | — | 282.3 | — | (253.4) | — | (253.4) | Net change in trading securities held by consolidated T. Rowe Price investment products | — | 291.0 | — | 291.0 | — | (5.3) | — | (5.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other changes | Other changes | 61.5 | 11.6 | (16.3) | 56.8 | 409.8 | (55.9) | (.3) | 353.6 | Other changes | 236.1 | 21.0 | (16.2) | 240.9 | 573.1 | (42.6) | (.5) | 530.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 1,659.8 | 83.5 | (16.3) | 1,727.0 | 2,025.2 | (222.9) | (.3) | 1,802.0 | Net cash provided by (used in) operating activities | 2,452.8 | 58.0 | (16.2) | 2,494.6 | 3,072.6 | 18.6 | (.5) | 3,090.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (1.6) | (13.5) | (10.6) | (25.7) | 129.8 | (44.2) | (79.9) | 5.7 | Net cash provided by (used in) investing activities | (54.7) | (8.7) | (6.1) | (69.5) | 108.0 | (15.6) | (34.8) | 57.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (1,065.3) | (92.6) | 26.9 | (1,131.0) | (791.8) | 218.9 | 80.2 | (492.7) | Net cash provided by (used in) financing activities | (1,554.9) | (84.1) | 22.3 | (1,616.7) | (1,913.8) | (12.6) | 35.3 | (1,891.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | (7.3) | — | (7.3) | — | (.5) | — | (.5) | Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | 11.8 | — | 11.8 | — | (3.6) | — | (3.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents during period | Net change in cash and cash equivalents during period | 592.9 | (29.9) | — | 563.0 | 1,363.2 | (48.7) | — | 1,314.5 | Net change in cash and cash equivalents during period | 843.2 | (23.0) | — | 820.2 | 1,266.8 | (13.2) | — | 1,253.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | Cash and cash equivalents at beginning of year | 1,523.1 | 101.1 | — | 1,624.2 | 2,151.7 | 104.8 | — | 2,256.5 | Cash and cash equivalents at beginning of year | 1,523.1 | 101.1 | — | 1,624.2 | 2,151.7 | 104.8 | — | 2,256.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 2,116.0 | $ | 71.2 | $ | — | $ | 2,187.2 | $ | 3,514.9 | $ | 56.1 | $ | — | $ | 3,571.0 | Cash and cash equivalents at end of period | $ | 2,366.3 | $ | 78.1 | $ | — | $ | 2,444.4 | $ | 3,418.5 | $ | 91.6 | $ | — | $ | 3,510.1 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
April | 36,029 | $ | 125.64 | 35,000 | 13,383,640 | |||||||||||||||||||||
May | 929,950 | $ | 123.18 | 925,000 | 12,458,640 | |||||||||||||||||||||
June | 704,138 | $ | 115.78 | 700,000 | 11,758,640 | |||||||||||||||||||||
Total | 1,670,117 | $ | 120.11 | 1,660,000 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
July | 65,723 | $ | 117.71 | 65,000 | 11,693,640 | |||||||||||||||||||||
August | 571,413 | $ | 123.36 | 560,544 | 11,133,096 | |||||||||||||||||||||
September | 1,316,888 | $ | 112.30 | 1,315,000 | 9,818,096 | |||||||||||||||||||||
Total | 1,954,024 | $ | 115.72 | 1,940,544 |
Authorization Dates | Authorization Dates | 4/1/2022 | Total Number of Shares Purchased | Maximum Number of Shares that May Yet Be Purchased at 6/30/2022 | Authorization Dates | 7/1/2022 | Total Number of Shares Purchased | Maximum Number of Shares that May Yet Be Purchased at 9/30/2022 | ||||||||||||||||||||||||||||||||||||||||||||
March 2020 | March 2020 | 13,418,640 | (1,660,000) | 11,758,640 | March 2020 | 11,758,640 | (1,940,544) | 9,818,096 |
3(i) | ||||||||
3(ii) | ||||||||
15 | ||||||||
31(i).1 | ||||||||
31(i).2 | ||||||||
32 | ||||||||
99.1 | ||||||||
101 | The following series of unaudited XBRL-formatted documents are collectively included herewith as Exhibit 101. The financial information is extracted from T. Rowe Price Group’s unaudited condensed consolidated interim financial statements and notes that are included in this Form 10-Q Report. | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document |