T. Rowe Price (TROW) 10-Q 24 Oct 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Oct. 22, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	000-32191
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	100 East Pratt Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common stock, $.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		233,677,334
Entity Central Index Key	0001113169
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 2,213.2	$ 1,425.2
Accounts receivable and accrued revenue	620.6	549.6
Investments	2,605.9	2,453.4
Assets of consolidated T. Rowe Price investment products ($1,983.7 million at September 30, 2019 and $1,392.6 million at December 31, 2018, related to variable interest entities)	2,247.4	1,680.4
Operating lease assets	111.3	0
Property and equipment, net	678.8	661.3
Goodwill	665.7	665.7
Other assets	254.9	253.7
Total assets	9,397.8	7,689.3
LIABILITIES
Accounts payable and accrued expenses	203.3	228.5
Liabilities of consolidated T. Rowe Price investment products ($69.8 million at September 30, 2019 and $22.7 million at December 31, 2018, related to variable interest entities)	80.4	38.7
Operating lease liabilities	146.4	0
Accrued compensation and related costs	534	123.3
Supplemental savings plan liability	441.8	380
Income taxes payable	49.2	54.2
Total liabilities	1,455.1	824.7
Commitments and contingent liabilities
Redeemable non-controlling interests	1,102.9	740.3
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares	0	0
Common stock, $.20 par value—authorized 750,000,000; issued 234,702,000 shares at September 30, 2019 and 238,069,000 at December 31, 2018	46.9	47.6
Additional capital in excess of par value	654.6	654.6
Retained earnings	6,187	5,464.1
Accumulated other comprehensive loss	(48.7)	(42)
Total permanent stockholders’ equity	6,839.8	6,124.3
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 9,397.8	$ 7,689.3

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Assets of consolidated T. Rowe Price investment products	$ 2,247.4	$ 1,680.4
Liabilities of consolidated T. Rowe Price investment products	$ 80.4	$ 38.7
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.2	$ 0.2
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.2	$ 0.2
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	234,702,000	238,069,000
Variable interest entities [Member]
Assets of consolidated T. Rowe Price investment products	$ 1,983.7	$ 1,392.6
Liabilities of consolidated T. Rowe Price investment products	$ 69.8	$ 22.7

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Net revenues	$ 1,426.7	$ 1,394.6	$ 4,149.2	$ 4,067.6
Operating expenses
Compensation and related costs	466.3	454.3	1,441	1,351.7
Distribution and servicing	64.5	71.4	195.3	213.3
Advertising and promotion	17.1	20.2	58.5	63.8
Product-related costs	38	37.9	115.6	117.1
Technology, occupancy, and facility costs	106.5	96.5	309.5	283.8
General, administrative, and other	75.2	73.7	222.6	218.8
Total operating expenses	767.6	754	2,342.5	2,248.5
Net operating income	659.1	640.6	1,806.7	1,819.1
Non-operating income
Net gains on investments	32.1	116.1	194	147.9
Net gains on consolidated investment products	11.6	8.7	176.3	28.6
Other income (loss)	(0.7)	0.1	0	(1.4)
Total non-operating income	43	124.9	370.3	175.1
Income before income taxes	702.1	765.5	2,177	1,994.2
Provision for income taxes	157	183.9	522	497.5
Net income	545.1	581.6	1,655	1,496.7
Less: net income (loss) attributable to redeemable non-controlling interests	(0.8)	(1.4)	69	11.1
Net income attributable to T. Rowe Price Group	$ 545.9	$ 583	$ 1,586	$ 1,485.6
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 2.26	$ 2.34	$ 6.55	$ 5.97
Diluted (in dollars per share)	$ 2.23	$ 2.30	$ 6.47	$ 5.85
Investment advisory fees [Member]
Revenues
Net revenues	$ 1,303.4	$ 1,263.3	$ 3,767.8	$ 3,666.9
Administrative, distribution, and servicing fees [Member]
Revenues
Net revenues	$ 123.3	$ 131.3	$ 381.4	$ 400.7

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 545.1	$ 581.6	$ 1,655	$ 1,496.7
Other comprehensive income (loss)
Other comprehensive income (loss) before income taxes	(31)	(12.9)	(26.9)	(39.8)
Net deferred tax benefits (income taxes)	3.4	2.3	2.5	5.8
Total other comprehensive income (loss)	(27.6)	(10.6)	(24.4)	(34)
Total comprehensive income	517.5	571	1,630.6	1,462.7
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(18.2)	(4.7)	51.3	(5.7)
Total comprehensive income attributable to T. Rowe Price Group	535.7	575.7	1,579.3	1,468.4
Variable interest entities [Member]
Other comprehensive income (loss)
Consolidated T. Rowe Price investment products - variable interest entities	(30.1)	(5.8)	(32.2)	(29.6)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	0.1	0	(0.1)	(3.6)
Currency translation adjustments	(30)	(5.8)	(32.3)	(33.2)
Equity method investments [Member]
Other comprehensive income (loss)
Currency translation adjustments	$ (1)	$ (7.1)	$ 5.4	$ (6.6)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income	$ 1,655	$ 1,496.7
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	131.7	114.9
Stock-based compensation expense	136.1	135.3
Net gains recognized on investments	(137.3)	(106.2)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	(20.5)	(14.4)
Net change in securities held by consolidated T. Rowe Price investment products	(688.1)	(578.3)
Other changes in assets and liabilities	423.8	438.4
Net cash provided by operating activities	1,500.7	1,486.4
Cash flows from investing activities
Purchases of T. Rowe Price investment products	(35)	(1,118.7)
Dispositions of T. Rowe Price investment products	112	343.6
Net cash of T. Rowe Price investment products on consolidation (deconsolidation)	(8.3)	(22.5)
Additions to property and equipment	(148.9)	(121.5)
Other investing activity	3.5	88.7
Net cash used in investing activities	(76.7)	(830.4)
Cash flows from financing activities
Repurchases of common stock	(576)	(543)
Common share issuances under stock-based compensation plans	116.3	116
Dividends paid to common stockholders of T. Rowe Price Group	(550.4)	(522.3)
Net subscriptions received from redeemable non-controlling interest holders	387.1	486.2
Net cash used in financing activities	(623)	(463.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.2)	(2.4)
Net change in cash and cash equivalents during period	798.8	190.5
Cash and cash equivalents at beginning of period	1,495.3	2,005.8
Cash and cash equivalents at ending of period	$ 2,294.1	$ 2,196.3

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Cash and cash equivalents at beginning of period	$ 1,495.3	$ 2,196.3	$ 2,005.8
Cash and cash equivalents at ending of period	2,294.1	1,495.3	2,196.3
Consolidated T. Rowe Price investment products [Member]
Cash and cash equivalents at beginning of period	70.1	105.7	103.1
Cash and cash equivalents at ending of period	$ 80.9	$ 70.1	$ 105.7

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions		Total	Restricted stock units [Member]	Common stock [Member]	Common stock [Member]Restricted stock units [Member]	Additional capital in excess of par value [Member]	Additional capital in excess of par value [Member]Restricted stock units [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]	[2]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance | Accounting standards update 2016-01 [Member]	[1]	$ 14.5						$ 22.4	$ (7.9)
Cumulative effect adjustment upon adoption of new accounting guidance | Accounting standards update 2018-02, currency translation adjustments [Member]								2.3	(2.3)
Balances, As Adjusted		5,838.9		$ 49		$ 846.1		4,957.6	(13.8)
Balances (in shares) at Dec. 31, 2017				245,111,000
Beginning Balance at Dec. 31, 2017		5,824.4		$ 49		846.1		4,932.9	(3.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		1,485.6						1,485.6
Other comprehensive income (loss), net of tax		(17.2)							(17.2)
Dividends declared		(522.5)						(522.5)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)				2,770,000
Shares issued upon option exercises		117.2		$ 0.6		116.6
Restricted shares issued, net of shares withheld for taxes (in shares)					8,000
Restricted shares issued, net of shares withheld for taxes			$ (0.1)				$ (0.1)
Net shares issued upon vesting of restricted stock units (in shares)					71,000
Net shares issued upon vesting of restricted stock units			(1.9)				(1.9)
Forfeiture of restricted awards (in shares)				(8,000)
Stock-based compensation expense		135.3				135.3
Restricted stock units issued as dividend equivalents						0.1		(0.1)
Common shares repurchased (in shares)				(5,353,000)
Common shares repurchased		(574.8)		$ (1.1)		(441.6)		(132.1)
Balances (in shares) at Sep. 30, 2018				242,599,000
Ending Balance at Sep. 30, 2018		6,460.5		$ 48.5		654.5		5,788.5	(31)
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2017		992.8
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests		11.1
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests		(16.8)
Net subscriptions into consolidated T. Rowe Price investment products		468.5
Net reconsolidations (deconsolidations) of T. Rowe Price investment products		(595)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2018		860.6
Balances (in shares) at Jun. 30, 2018				243,180,000
Beginning Balance at Jun. 30, 2018		6,114.6		$ 48.6		654.6		5,435.1	(23.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		583						583
Other comprehensive income (loss), net of tax		(7.3)							(7.3)
Dividends declared		(173.7)						(173.7)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)				529,000
Shares issued upon option exercises		25.1		$ 0.2		24.9
Net shares issued upon vesting of restricted stock units (in shares)					15,000
Net shares issued upon vesting of restricted stock units			(1.2)				(1.2)
Forfeiture of restricted awards (in shares)				(2,000)
Stock-based compensation expense		44.5				44.5
Common shares repurchased (in shares)				(1,123,000)
Common shares repurchased		(124.5)		$ (0.3)		(68.3)		(55.9)
Balances (in shares) at Sep. 30, 2018				242,599,000
Ending Balance at Sep. 30, 2018		6,460.5		$ 48.5		654.5		5,788.5	(31)
Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2018		739.2
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests		(1.4)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests		(3.3)
Net subscriptions into consolidated T. Rowe Price investment products		145.9
Net reconsolidations (deconsolidations) of T. Rowe Price investment products		(19.8)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2018		860.6
Balances (in shares) at Dec. 31, 2018				238,069,000
Beginning Balance at Dec. 31, 2018		6,124.3		$ 47.6		654.6		5,464.1	(42)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		1,586						1,586
Other comprehensive income (loss), net of tax		(6.7)							(6.7)
Dividends declared		$ (549.9)						(549.9)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)		2,847,972		2,277,000
Shares issued upon option exercises		$ 119.3		$ 0.4		118.9
Restricted shares issued, net of shares withheld for taxes (in shares)					7,000
Restricted shares issued, net of shares withheld for taxes			(0.1)				(0.1)
Net shares issued upon vesting of restricted stock units (in shares)					51,000
Net shares issued upon vesting of restricted stock units			(2.6)				(2.6)
Forfeiture of restricted awards (in shares)				(10,000)
Stock-based compensation expense		136.2				136.2
Restricted stock units issued as dividend equivalents						0.1		(0.1)
Common shares repurchased (in shares)				(5,692,000)
Common shares repurchased		(566.7)		$ (1.1)		(252.5)		(313.1)
Balances (in shares) at Sep. 30, 2019				234,702,000
Ending Balance at Sep. 30, 2019		6,839.8		$ 46.9		654.6		6,187	(48.7)
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2018		740.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests		69
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests		(17.7)
Net subscriptions into consolidated T. Rowe Price investment products		392.7
Net reconsolidations (deconsolidations) of T. Rowe Price investment products		(81.4)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2019		1,102.9
Balances (in shares) at Jun. 30, 2019				235,518,000
Beginning Balance at Jun. 30, 2019		6,579.1		$ 47.1		654.6		5,915.9	(38.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		545.9						545.9
Other comprehensive income (loss), net of tax		(10.2)							(10.2)
Dividends declared		(182.7)						(182.7)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)				782,000
Shares issued upon option exercises		36.5		$ 0.1		36.4
Net shares issued upon vesting of restricted stock units (in shares)					18,000
Net shares issued upon vesting of restricted stock units			$ (1.2)				$ (1.2)
Forfeiture of restricted awards (in shares)				(3,000)
Stock-based compensation expense		45.5				45.5
Common shares repurchased (in shares)				(1,613,000)
Common shares repurchased		(173.1)		$ (0.3)		(80.7)		(92.1)
Balances (in shares) at Sep. 30, 2019				234,702,000
Ending Balance at Sep. 30, 2019		6,839.8		$ 46.9		$ 654.6		$ 6,187	$ (48.7)
Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2019		1,012.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests		(0.8)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests		(17.4)
Net subscriptions into consolidated T. Rowe Price investment products		181.1
Net reconsolidations (deconsolidations) of T. Rowe Price investment products		(72.3)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2019		$ 1,102.9
[1]	Includes the reclassification of $1.7 million
[2]	Accumulated other comprehensive income.

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash dividends declared (in USD per share)	$ 0.76	$ 0.70	$ 2.28	$ 2.10

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION.	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND BASIS OF PREPARATION	THE COMPANY AND BASIS OF PREPARATION. T. Rowe Price Group Inc. derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“ U.S. mutual funds ”), separately managed accounts, subadvised funds, and other T. Rowe Price products. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PRESENTATION. These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. Certain prior year amounts have been reclassified to conform to the 2019 presentation. The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2018 Annual Report. NEW ACCOUNTING GUIDANCE. We adopted Accounting Standards Update No. 2016-02 — Leases (Topic 842) on January 1, 2019. The update required the recognition of right-of-use lease assets and liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. We adopted this standard using a modified retrospective approach without restating prior comparative periods. We also elected to use certain practical expedients that allowed us to not perform the following: (1) reassess whether expired or existing non-lease contracts that commenced before January 1, 2019 contained an embedded lease, (2) reevaluate the accounting classification of our existing operating leases, and (3) determine whether initial direct costs related to existing leases should be capitalized under this guidance. On January 1, 2019, we recognized operating lease assets totaling $168.7 million and corresponding operating lease liabilities of $168.7 million related primarily to our real estate leases. At implementation, we also reclassified $27.7 million in deferred rent liabilities related to these leases, reducing the recognized operating lease assets to $141.0 million . The adoption did not have a material impact on our results of operations; however, the initial recognition of our operating lease assets and operating lease liabilities on January 1, 2019, represented a non-cash investing activity that affected the amount reported in other changes in assets and liabilities in our unaudited condensed consolidated statements of cash flows. Our leases accounting policy is included in the Summary of Significant Accounting Policies section below. Additional information on our operating leases is included in Note 6 - Leases. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In August 2018, the FASB issued Accounting Standards Update No. 2018-15 — Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Though early adoption is permitted, we will adopt this update on January 1, 2020, using the prospective method of adoption. We expect that the adoption of this standard will not have a material impact on our financial position and results of operations. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Leases We review new arrangements at inception to evaluate whether we substantially obtain all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as there is no rate implicit in any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability.

INFORMATION ABOUT RECEIVABLES,

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.	9 Months Ended
	Sep. 30, 2019
Information about Receivables, Revenues, and Services [Abstract]
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned during the three- and nine-month periods ended September 30, 2019 and 2018 under agreements with clients include: Three months ended 9/30/2019 Three months ended 9/30/2018 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 881.0 $ 69.0 $ 30.1 $ 980.1 $ 877.3 $ 72.3 $ 34.6 $ 984.2 Subadvised and separate accounts and other investment products 422.4 — — 422.4 386.0 — — 386.0 Other clients — 24.2 — 24.2 — 24.4 — 24.4 $ 1,303.4 $ 93.2 $ 30.1 $ 1,426.7 $ 1,263.3 $ 96.7 $ 34.6 $ 1,394.6 Nine months ended 9/30/2019 Nine months ended 9/30/2018 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 2,557.6 $ 215.3 $ 90.4 $ 2,863.3 $ 2,557.1 $ 228.5 $ 106.7 $ 2,892.3 Subadvised and separate accounts and other investment products 1,210.2 — — 1,210.2 1,109.8 — — 1,109.8 Other clients — 75.7 — 75.7 — 65.5 — 65.5 $ 3,767.8 $ 291.0 $ 90.4 $ 4,149.2 $ 3,666.9 $ 294.0 $ 106.7 $ 4,067.6 Total net revenues earned from our related parties, specifically T. Rowe Price investment products , aggregate $1,180.9 million and $1,151.5 million for the three months ended September 30, 2019 and 2018 , respectively. Total net revenues earned during the nine months ended September 30, 2019 and 2018 aggregate $3,421.9 million and $3,366.9 million , respectively. Accounts receivable from these products aggregate to $405.3 million at September 30, 2019 , and $354.8 million at December 31, 2018 . The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 U.S. mutual funds Equity and blended assets $ 754.0 $ 745.5 $ 2,185.3 $ 2,169.0 Fixed income, including money market 127.0 131.8 372.3 388.1 881.0 877.3 2,557.6 2,557.1 Subadvised and separate accounts and other investment products Equity and blended assets 355.5 326.0 1,020.4 931.0 Fixed income, including money market 66.9 60.0 189.8 178.8 422.4 386.0 1,210.2 1,109.8 Total $ 1,303.4 $ 1,263.3 $ 3,767.8 $ 3,666.9 The following table summarizes the assets under management on which we earn investment advisory fees. Average during Average during Three months ended Nine months ended As of (in billions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 9/30/2019 12/31/2018 U.S. mutual funds Equity and blended assets $ 521.3 $ 511.6 $ 507.5 $ 500.8 $ 513.0 $ 441.1 Fixed income, including money market 129.2 129.9 125.7 128.6 129.6 123.4 650.5 641.5 633.2 629.4 642.6 564.5 Subadvised and separate accounts and other investment products Equity and blended assets 370.2 331.8 353.3 318.4 373.4 299.2 Fixed income, including money market 109.5 99.1 105.0 97.2 110.3 98.6 479.7 430.9 458.3 415.6 483.7 397.8 Total $ 1,130.2 $ 1,072.4 $ 1,091.5 $ 1,045.0 $ 1,126.3 $ 962.3 Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 6.5% and 6.2% of our assets under management at September 30, 2019 , and December 31, 2018

INVESTMENTS.

INVESTMENTS.	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS. The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows: (in millions) 9/30/2019 12/31/2018 Investments held at fair value T. Rowe Price investment products $ 1,568.0 $ 1,538.4 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 443.0 381.3 Investment partnerships and other investments 103.2 99.6 Equity method investments T. Rowe Price investment products 320.7 276.2 26% interest in UTI Asset Management Company Limited (India) 165.0 152.4 Investment partnerships and other investments 5.0 4.5 U.S. Treasury note 1.0 1.0 Total $ 2,605.9 $ 2,453.4 The investment partnerships are carried at fair value using net asset value (“NAV”) per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant restrictions on transferability. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate. During the three- and nine- months ended September 30, 2019 , net gains on investments included $4.8 million and $84.2 million of net unrealized gains related to investments held at fair value that were still held at September 30, 2019 . For the three- and nine- months ended September 30, 2018 , the net gains on investments included $11.3 million and $17.4 million , respectively, of net unrealized gains on investments held at fair value that were still held at September 30, 2018 . During the nine months ended September 30, 2019 and 2018, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine months ended September 30, 2019 and 2018, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (113.5 ) $ (41.1 ) $ (169.6 ) $ (701.5 ) Net increase (decrease) in liabilities of consolidated $ (9.8 ) $ (.6 ) $ (11.0 ) $ 17.9 Net increase (decrease) in redeemable non-controlling interests $ (72.3 ) $ (19.8 ) $ (81.4 ) $ (595.0 ) Gains (losses) recognized upon deconsolidation $ (.1 ) $ — $ .1 $ 3.6 The gains or losses recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain T. Rowe Price investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income. During the third quarter of 2018, we sold our 10% holding in Daiwa SB Investments Ltd. The realized gain was recognized in net gains on investments on our unaudited condensed consolidated statement of income and represents the majority of the reason why non-operating income is lower for the three- and nine-month periods ended September 30, 2019, than the corresponding periods in 2018. VARIABLE INTEREST ENTITIES. Our investments at September 30, 2019 and December 31, 2018 , include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows: (in millions) 9/30/2019 12/31/2018 Investment carrying values $ 137.7 $ 143.3 Unfunded capital commitments 19.3 27.3 Uncollected investment advisory and administrative fees 16.8 5.2 $ 173.8 $ 175.8 The unfunded capital commitments totaling $19.3 million and $27.3 million at September 30, 2019 and December 31, 2018

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS. We determine the fair value of our cash equivalents and certain investments using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. We do not value any investments using Level 3 inputs. These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 9/30/2019 12/31/2018 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,921.2 $ — $ 1,196.0 $ — T. Rowe Price investment products 1,560.1 7.9 1,519.2 19.2 T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability 443.0 — 381.3 — Total $ 3,924.3 $ 7.9 $ 3,096.5 $ 19.2 As required by the accounting guidance, the fair value hierarchy levels table above does not include the investment partnerships and other investments that are held at fair value using their NAV per share as a practical expedient. The carrying value of these investments as disclosed in Note 3 were $103.2 million at September 30, 2019 and $99.6 million at December 31, 2018 .

CONSOLIDATED T. ROWE PRICE INVE

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS.	9 Months Ended
	Sep. 30, 2019
Consolidated Sponsored Investment Portfolios [Abstract]
CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS	CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. The T. Rowe Price investment products that we consolidate in our unaudited condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities. The following table details the net assets of the consolidated T. Rowe Price investment products : 9/30/2019 12/31/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 11.5 $ 69.4 $ 80.9 $ 18.5 $ 51.6 $ 70.1 Investments (2) 246.1 1,883.8 2,129.9 261.3 1,322.7 1,584.0 Other assets 6.1 30.5 36.6 8.0 18.3 26.3 Total assets 263.7 1,983.7 2,247.4 287.8 1,392.6 1,680.4 Liabilities 10.6 69.8 80.4 16.0 22.7 38.7 Net assets $ 253.1 $ 1,913.9 $ 2,167.0 $ 271.8 $ 1,369.9 $ 1,641.7 Attributable to T. Rowe Price Group $ 178.3 $ 885.8 $ 1,064.1 $ 175.3 $ 726.1 $ 901.4 Attributable to redeemable non-controlling interests 74.8 1,028.1 1,102.9 96.5 643.8 740.3 $ 253.1 $ 1,913.9 $ 2,167.0 $ 271.8 $ 1,369.9 $ 1,641.7 (1) Cash and cash equivalents includes $10.2 million and $18.5 million at September 30, 2019 and December 31, 2018 , respectively, of T. Rowe Price money market mutual funds. (2) Investments includes $38.2 million and $43.8 million at September 30, 2019 and December 31, 2018 , respectively, of T. Rowe Price investment products. Although we can redeem our net interest in these consolidated T. Rowe Price investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors. Since third party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated T. Rowe Price investment products is limited to valuation changes associated with our net interest. We, however, are required to recognize the valuation changes associated with all underlying investments held by these products in our unaudited condensed consolidated statements of income and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests. The operating results of the consolidated T. Rowe Price investment products for the three- and nine- months ended September 30, 2019 and 2018 are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2019 9/30/2018 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.6 ) $ (3.1 ) $ (3.7 ) $ (.6 ) $ (3.0 ) $ (3.6 ) Net investment income reflected in non-operating income 1.5 10.1 11.6 5.0 3.7 8.7 Impact on income before taxes $ .9 $ 7.0 $ 7.9 $ 4.4 $ .7 $ 5.1 Net income attributable to T. Rowe Price Group $ .7 $ 8.0 $ 8.7 $ 2.8 $ 3.7 $ 6.5 Net income (loss) attributable to redeemable non-controlling interests .2 (1.0 ) (.8 ) 1.6 (3.0 ) (1.4 ) $ .9 $ 7.0 $ 7.9 $ 4.4 $ .7 $ 5.1 Nine months ended 9/30/2019 9/30/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.6 ) $ (9.0 ) $ (10.6 ) $ (1.3 ) $ (7.9 ) $ (9.2 ) Net investment income reflected in non-operating income 20.9 155.4 176.3 4.4 24.2 28.6 Impact on income before taxes $ 19.3 $ 146.4 $ 165.7 $ 3.1 $ 16.3 $ 19.4 Net income attributable to T. Rowe Price Group $ 14.6 $ 82.1 $ 96.7 $ 1.5 $ 6.8 $ 8.3 Net income attributable to redeemable non-controlling interests 4.7 64.3 69.0 1.6 9.5 11.1 $ 19.3 $ 146.4 $ 165.7 $ 3.1 $ 16.3 $ 19.4 The operating expenses of the consolidated investment products are reflected in other operating expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $2.6 million and $1.5 million for the three months ended September 30, 2019 and 2018 , respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2019 and 2018 , were $6.3 million and $4.6 million , respectively. The net investment income reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated T. Rowe Price investment products . The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018 . Nine months ended 9/30/2019 9/30/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by operating activities $ (15.1 ) $ (508.4 ) $ (523.5 ) $ (40.7 ) $ (529.7 ) $ (570.4 ) Net cash used in investing activities (7.4 ) (.9 ) (8.3 ) (.8 ) (21.7 ) (22.5 ) Net cash used in financing activities 15.5 529.3 544.8 52.3 545.6 597.9 Effect of exchange rate changes on cash and cash equivalents of consolidated — (2.2 ) (2.2 ) — (2.4 ) (2.4 ) Net change in cash and cash equivalents during period (7.0 ) 17.8 10.8 10.8 (8.2 ) 2.6 Cash and cash equivalents at beginning of year 18.5 51.6 70.1 7.1 96.0 103.1 Cash and cash equivalents at end of period $ 11.5 $ 69.4 $ 80.9 $ 17.9 $ 87.8 $ 105.7 The net cash provided by financing activities during the nine months ended September 30, 2019 and 2018 includes $157.7 million and $111.7 million , respectively, of net subscriptions we made into the consolidated T. Rowe Price investment products , net of dividends received. These cash flows were eliminated in consolidation. FAIR VALUE MEASUREMENTS. We determine the fair value of investments held by consolidated T. Rowe Price investment products using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant. These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs. 9/30/2019 12/31/2018 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 10.2 $ — $ 19.3 $ — Equity securities 168.2 616.0 189.6 483.5 Fixed income securities — 1,319.3 — 890.2 Other investments 1.4 25.0 1.7 19.0 $ 179.8 $ 1,960.3 $ 210.6 $ 1,392.7 Liabilities $ (.7 ) $ (9.2 ) $ (.8 ) $ (12.8 )

LEASES.

LEASES.	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	LEASES. All of our leases are operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. As of September 30, 2019 , the weighted-average remaining lease term on our leases is approximately 7.0 years and the weighted-average discount rate used to measure the lease liabilities is 3.5% . Operating lease expense for the three months ended September 30, 2019 and 2018 , was $7.1 million and $6.3 million , respectively. Operating lease expense for the nine months ended September 30, 2019 and 2018 , was $22.9 million and $20.9 million , respectively. Charges related to our operating leases that are variable, including variable common area maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $2.2 million for the three months ended September 30, 2019 and $7.4 million for the nine months ended September 30, 2019 . We made lease payments of $22.7 million during the nine months ended September 30, 2019 . Our future undiscounted cash flows related to our operating leases and the reconciliation to the operating lease liability as of September 30, 2019 , are as follows: (in millions) 9/30/2019 Fourth quarter 2019 $ 6.8 2020 26.1 2021 25.6 2022 22.8 2023 20.3 Thereafter 63.4 Total future undiscounted cash flows 165.0 Less: imputed interest to be recognized in lease expense (18.6 ) Operating lease liabilities, as reported $ 146.4

STOCKHOLDERS' EQUITY.

STOCKHOLDERS' EQUITY.	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY. Accounts payable and accrued expenses includes liabilities of $9.2 million at December 31, 2018

STOCK-BASED COMPENSATION.

STOCK-BASED COMPENSATION.	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2019 . Options Weighted- average exercise price Outstanding at December 31, 2018 11,300,393 $ 69.05 Exercised (2,847,972 ) $ 63.58 Forfeited (114,822 ) $ 76.70 Expired (7,839 ) $ 59.03 Outstanding at September 30, 2019 8,329,760 $ 70.83 Exercisable at September 30, 2019 6,410,125 $ 69.12 RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2019 . Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2018 136,964 6,603,920 $ 87.07 Time-based grants 7,404 55,872 $ 103.45 Vested (9,670 ) (83,280 ) $ 90.52 Forfeited (9,619 ) (327,279 ) $ 87.79 Nonvested at September 30, 2019 125,079 6,249,233 $ 87.15 Nonvested at September 30, 2019 , includes 2,400 performance-based restricted shares and 450,727 performance-based restricted stock units. These nonvested performance-based restricted shares and units include 2,400 restricted shares and 289,906 restricted stock units for which the performance period has expired, and the performance threshold has been met. FUTURE STOCK-BASED COMPENSATION EXPENSE. The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2019 . Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures. (in millions) Fourth quarter 2019 $ 43.6 2020 100.6 2021 through 2024 80.6 Total $ 224.8

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE CALCULATIONS	EARNINGS PER SHARE CALCULATIONS. The following table presents the reconciliation of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net income attributable to T. Rowe Price Group $ 545.9 $ 583.0 $ 1,586.0 $ 1,485.6 Less: net income allocated to outstanding restricted stock and stock unit holders 13.9 13.7 40.7 34.8 Net income allocated to common stockholders $ 532.0 $ 569.3 $ 1,545.3 $ 1,450.8 Weighted-average common shares Outstanding 234.9 242.8 235.8 243.1 Outstanding assuming dilution 238.2 247.5 239.0 248.2

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. The following table presents the impact of the components of other comprehensive income (loss) on deferred tax benefits (income taxes). Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net deferred tax benefits on: Currency translation adjustments $ 3.4 $ 2.3 2.5 4.9 Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of a T. Rowe Price investment product — — — .9 Total deferred tax benefits on currency translation adjustments 3.4 2.3 2.5 5.8 The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended September 30, 2019 and 2018 are presented in the table below. Three months ended 9/30/2019 Three months ended 9/30/2018 Currency translation adjustments 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 $ (43.8 ) $ 5.3 $ (38.5 ) $ (36.6 ) $ 12.9 $ (23.7 ) Other comprehensive income (loss) before reclassifications and income taxes (1.0 ) (12.6 ) (13.6 ) (7.1 ) (2.5 ) (9.6 ) Reclassification adjustments recognized in non-operating income — .1 .1 — — — (1.0 ) (12.5 ) (13.5 ) (7.1 ) (2.5 ) (9.6 ) Net deferred tax benefits (income taxes) .3 3.1 3.4 1.6 .7 2.3 Other comprehensive income (loss) (.7 ) (9.4 ) (10.1 ) (5.5 ) (1.8 ) (7.3 ) Balances at end of period $ (44.5 ) $ (4.1 ) $ (48.6 ) $ (42.1 ) $ 11.1 $ (31.0 ) The changes in the currency translation adjustment component of accumulated other comprehensive loss (1) , including reclassification adjustments for nine months ended September 30, 2019 and 2018 are presented in the table below. Nine months ended 9/30/2019 Nine months ended 9/30/2018 (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 $ (48.8 ) $ 6.8 $ (42.0 ) (37.0 ) 23.2 (13.8 ) Other comprehensive income (loss) before reclassifications and income taxes 5.4 (14.4 ) (9.0 ) (6.6 ) (12.8 ) (19.4 ) Reclassification adjustments recognized in non-operating income — (.1 ) (.1 ) — (3.6 ) (3.6 ) 5.4 (14.5 ) (9.1 ) (6.6 ) (16.4 ) (23.0 ) Net deferred tax income taxes (1.1 ) 3.6 2.5 1.5 4.3 5.8 Other comprehensive income (loss) 4.3 (10.9 ) (6.6 ) (5.1 ) (12.1 ) (17.2 ) Balances at end of period $ (44.5 ) $ (4.1 ) $ (48.6 ) $ (42.1 ) $ 11.1 $ (31.0 ) (1) Accumulated other comprehensive loss as of December 31, 2017, also included $7.9 million of net unrealized holding gains that were reclassified to retained earnings upon adoption of the financial instruments accounting guidance on January 1, 2018. This reclassification also includes the reclassification of $1.7 million of stranded income taxes on available-for-sale investments resulting from U.S. tax law changes enacted on December 22, 2017.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The lawsuit alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The matter has been certified as a class action. T. Rowe Price believes the claims are without merit and is vigorously defending the action. This matter is in the discovery phase of litigation and we cannot predict the eventual outcome, or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome. On April 27, 2016, certain shareholders in the T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund and T. Rowe Price Small Cap Stock Fund (the “Funds”) filed a Section 36(b) complaint under the caption Zoidis v. T. Rowe Price Assoc., Inc., against T. Rowe Price Associates, Inc. (“T. Rowe Price”) in the United States District Court for the Northern District of California. The complaint alleges that the management fees for the identified funds are excessive because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The complaint seeks to recover the allegedly excessive advisory fees received by T. Rowe Price in the year preceding the start of the lawsuit, along with investments’ returns and profits. In the alternative, the complaint seeks the rescission of each fund’s investment management agreement and restitution of any allegedly excessive management fees. T. Rowe Price believes the claims are without merit and is vigorously defending the action. This matter is in the discovery phase of litigation and we cannot predict the eventual outcome, or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome. In addition to the matters discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

THE COMPANY AND BASIS OF PREP_2

THE COMPANY AND BASIS OF PREPARATION. (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Guidance and Newly Issued But Not Yet Adopted Accounting Guidance	NEW ACCOUNTING GUIDANCE. We adopted Accounting Standards Update No. 2016-02 — Leases (Topic 842) on January 1, 2019. The update required the recognition of right-of-use lease assets and liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. We adopted this standard using a modified retrospective approach without restating prior comparative periods. We also elected to use certain practical expedients that allowed us to not perform the following: (1) reassess whether expired or existing non-lease contracts that commenced before January 1, 2019 contained an embedded lease, (2) reevaluate the accounting classification of our existing operating leases, and (3) determine whether initial direct costs related to existing leases should be capitalized under this guidance. On January 1, 2019, we recognized operating lease assets totaling $168.7 million and corresponding operating lease liabilities of $168.7 million related primarily to our real estate leases. At implementation, we also reclassified $27.7 million in deferred rent liabilities related to these leases, reducing the recognized operating lease assets to $141.0 million . The adoption did not have a material impact on our results of operations; however, the initial recognition of our operating lease assets and operating lease liabilities on January 1, 2019, represented a non-cash investing activity that affected the amount reported in other changes in assets and liabilities in our unaudited condensed consolidated statements of cash flows. Our leases accounting policy is included in the Summary of Significant Accounting Policies section below. Additional information on our operating leases is included in Note 6 - Leases. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In August 2018, the FASB issued Accounting Standards Update No. 2018-15 — Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Though early adoption is permitted, we will adopt this update on January 1, 2020, using the prospective method of adoption. We expect that the adoption of this standard will not have a material impact on our financial position and results of operations. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.
Lesses	Leases We review new arrangements at inception to evaluate whether we substantially obtain all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as there is no rate implicit in any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability. We recognize lease expense on a straight-line basis over the lease term. Operating lease expense is recognized as part of technology, occupancy, and facility costs in our unaudited condensed consolidated statements of income.

INFORMATION ABOUT RECEIVABLES_2

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables)	9 Months Ended
	Sep. 30, 2019
Information about Receivables, Revenues, and Services [Abstract]
Components of revenues from advisory services	Revenues earned during the three- and nine-month periods ended September 30, 2019 and 2018 under agreements with clients include: Three months ended 9/30/2019 Three months ended 9/30/2018 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 881.0 $ 69.0 $ 30.1 $ 980.1 $ 877.3 $ 72.3 $ 34.6 $ 984.2 Subadvised and separate accounts and other investment products 422.4 — — 422.4 386.0 — — 386.0 Other clients — 24.2 — 24.2 — 24.4 — 24.4 $ 1,303.4 $ 93.2 $ 30.1 $ 1,426.7 $ 1,263.3 $ 96.7 $ 34.6 $ 1,394.6 Nine months ended 9/30/2019 Nine months ended 9/30/2018 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 2,557.6 $ 215.3 $ 90.4 $ 2,863.3 $ 2,557.1 $ 228.5 $ 106.7 $ 2,892.3 Subadvised and separate accounts and other investment products 1,210.2 — — 1,210.2 1,109.8 — — 1,109.8 Other clients — 75.7 — 75.7 — 65.5 — 65.5 $ 3,767.8 $ 291.0 $ 90.4 $ 4,149.2 $ 3,666.9 $ 294.0 $ 106.7 $ 4,067.6 Total net revenues earned from our related parties, specifically T. Rowe Price investment products , aggregate $1,180.9 million and $1,151.5 million for the three months ended September 30, 2019 and 2018 , respectively. Total net revenues earned during the nine months ended September 30, 2019 and 2018 aggregate $3,421.9 million and $3,366.9 million , respectively. Accounts receivable from these products aggregate to $405.3 million at September 30, 2019 , and $354.8 million at December 31, 2018 . The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 U.S. mutual funds Equity and blended assets $ 754.0 $ 745.5 $ 2,185.3 $ 2,169.0 Fixed income, including money market 127.0 131.8 372.3 388.1 881.0 877.3 2,557.6 2,557.1 Subadvised and separate accounts and other investment products Equity and blended assets 355.5 326.0 1,020.4 931.0 Fixed income, including money market 66.9 60.0 189.8 178.8 422.4 386.0 1,210.2 1,109.8 Total $ 1,303.4 $ 1,263.3 $ 3,767.8 $ 3,666.9
Components of assets under management	The following table summarizes the assets under management on which we earn investment advisory fees. Average during Average during Three months ended Nine months ended As of (in billions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 9/30/2019 12/31/2018 U.S. mutual funds Equity and blended assets $ 521.3 $ 511.6 $ 507.5 $ 500.8 $ 513.0 $ 441.1 Fixed income, including money market 129.2 129.9 125.7 128.6 129.6 123.4 650.5 641.5 633.2 629.4 642.6 564.5 Subadvised and separate accounts and other investment products Equity and blended assets 370.2 331.8 353.3 318.4 373.4 299.2 Fixed income, including money market 109.5 99.1 105.0 97.2 110.3 98.6 479.7 430.9 458.3 415.6 483.7 397.8 Total $ 1,130.2 $ 1,072.4 $ 1,091.5 $ 1,045.0 $ 1,126.3 $ 962.3

INVESTMENTS. (Tables)

INVESTMENTS. (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Unconsolidated investments	The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows: (in millions) 9/30/2019 12/31/2018 Investments held at fair value T. Rowe Price investment products $ 1,568.0 $ 1,538.4 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 443.0 381.3 Investment partnerships and other investments 103.2 99.6 Equity method investments T. Rowe Price investment products 320.7 276.2 26% interest in UTI Asset Management Company Limited (India) 165.0 152.4 Investment partnerships and other investments 5.0 4.5 U.S. Treasury note 1.0 1.0 Total $ 2,605.9 $ 2,453.4
Net impact of deconsolidation and consolidation on condensed consolidated balance sheets and income statements	The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (113.5 ) $ (41.1 ) $ (169.6 ) $ (701.5 ) Net increase (decrease) in liabilities of consolidated $ (9.8 ) $ (.6 ) $ (11.0 ) $ 17.9 Net increase (decrease) in redeemable non-controlling interests $ (72.3 ) $ (19.8 ) $ (81.4 ) $ (595.0 ) Gains (losses) recognized upon deconsolidation $ (.1 ) $ — $ .1 $ 3.6
Maximum risk of loss related to investments in variable interest entities	Our investments at September 30, 2019 and December 31, 2018 , include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows: (in millions) 9/30/2019 12/31/2018 Investment carrying values $ 137.7 $ 143.3 Unfunded capital commitments 19.3 27.3 Uncollected investment advisory and administrative fees 16.8 5.2 $ 173.8 $ 175.8

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair value measurements summary	The following table summarizes our investments that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 9/30/2019 12/31/2018 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,921.2 $ — $ 1,196.0 $ — T. Rowe Price investment products 1,560.1 7.9 1,519.2 19.2 T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability 443.0 — 381.3 — Total $ 3,924.3 $ 7.9 $ 3,096.5 $ 19.2

CONSOLIDATED T. ROWE PRICE IN_2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)	9 Months Ended
	Sep. 30, 2019
Consolidated Sponsored Investment Portfolios [Abstract]
Net assets of consolidated sponsored investment portfolios	The following table details the net assets of the consolidated T. Rowe Price investment products : 9/30/2019 12/31/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 11.5 $ 69.4 $ 80.9 $ 18.5 $ 51.6 $ 70.1 Investments (2) 246.1 1,883.8 2,129.9 261.3 1,322.7 1,584.0 Other assets 6.1 30.5 36.6 8.0 18.3 26.3 Total assets 263.7 1,983.7 2,247.4 287.8 1,392.6 1,680.4 Liabilities 10.6 69.8 80.4 16.0 22.7 38.7 Net assets $ 253.1 $ 1,913.9 $ 2,167.0 $ 271.8 $ 1,369.9 $ 1,641.7 Attributable to T. Rowe Price Group $ 178.3 $ 885.8 $ 1,064.1 $ 175.3 $ 726.1 $ 901.4 Attributable to redeemable non-controlling interests 74.8 1,028.1 1,102.9 96.5 643.8 740.3 $ 253.1 $ 1,913.9 $ 2,167.0 $ 271.8 $ 1,369.9 $ 1,641.7 (1) Cash and cash equivalents includes $10.2 million and $18.5 million at September 30, 2019 and December 31, 2018 , respectively, of T. Rowe Price money market mutual funds. (2) Investments includes $38.2 million and $43.8 million at September 30, 2019 and December 31, 2018 , respectively, of T. Rowe Price investment products.
Operating results of consolidated sponsored investment portfolios	The operating results of the consolidated T. Rowe Price investment products for the three- and nine- months ended September 30, 2019 and 2018 are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2019 9/30/2018 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.6 ) $ (3.1 ) $ (3.7 ) $ (.6 ) $ (3.0 ) $ (3.6 ) Net investment income reflected in non-operating income 1.5 10.1 11.6 5.0 3.7 8.7 Impact on income before taxes $ .9 $ 7.0 $ 7.9 $ 4.4 $ .7 $ 5.1 Net income attributable to T. Rowe Price Group $ .7 $ 8.0 $ 8.7 $ 2.8 $ 3.7 $ 6.5 Net income (loss) attributable to redeemable non-controlling interests .2 (1.0 ) (.8 ) 1.6 (3.0 ) (1.4 ) $ .9 $ 7.0 $ 7.9 $ 4.4 $ .7 $ 5.1 Nine months ended 9/30/2019 9/30/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.6 ) $ (9.0 ) $ (10.6 ) $ (1.3 ) $ (7.9 ) $ (9.2 ) Net investment income reflected in non-operating income 20.9 155.4 176.3 4.4 24.2 28.6 Impact on income before taxes $ 19.3 $ 146.4 $ 165.7 $ 3.1 $ 16.3 $ 19.4 Net income attributable to T. Rowe Price Group $ 14.6 $ 82.1 $ 96.7 $ 1.5 $ 6.8 $ 8.3 Net income attributable to redeemable non-controlling interests 4.7 64.3 69.0 1.6 9.5 11.1 $ 19.3 $ 146.4 $ 165.7 $ 3.1 $ 16.3 $ 19.4
Cash flows of consolidated sponsored investment portfolios	The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018 . Nine months ended 9/30/2019 9/30/2018 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by operating activities $ (15.1 ) $ (508.4 ) $ (523.5 ) $ (40.7 ) $ (529.7 ) $ (570.4 ) Net cash used in investing activities (7.4 ) (.9 ) (8.3 ) (.8 ) (21.7 ) (22.5 ) Net cash used in financing activities 15.5 529.3 544.8 52.3 545.6 597.9 Effect of exchange rate changes on cash and cash equivalents of consolidated — (2.2 ) (2.2 ) — (2.4 ) (2.4 ) Net change in cash and cash equivalents during period (7.0 ) 17.8 10.8 10.8 (8.2 ) 2.6 Cash and cash equivalents at beginning of year 18.5 51.6 70.1 7.1 96.0 103.1 Cash and cash equivalents at end of period $ 11.5 $ 69.4 $ 80.9 $ 17.9 $ 87.8 $ 105.7
Fair values of investments held by consolidated sponsored investment portfolios	The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs. 9/30/2019 12/31/2018 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 10.2 $ — $ 19.3 $ — Equity securities 168.2 616.0 189.6 483.5 Fixed income securities — 1,319.3 — 890.2 Other investments 1.4 25.0 1.7 19.0 $ 179.8 $ 1,960.3 $ 210.6 $ 1,392.7 Liabilities $ (.7 ) $ (9.2 ) $ (.8 ) $ (12.8 )

LEASES. (Tables)

LEASES. (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of future minimum lease payments	Our future undiscounted cash flows related to our operating leases and the reconciliation to the operating lease liability as of September 30, 2019 , are as follows: (in millions) 9/30/2019 Fourth quarter 2019 $ 6.8 2020 26.1 2021 25.6 2022 22.8 2023 20.3 Thereafter 63.4 Total future undiscounted cash flows 165.0 Less: imputed interest to be recognized in lease expense (18.6 ) Operating lease liabilities, as reported $ 146.4

STOCK-BASED COMPENSATION. (Tabl

STOCK-BASED COMPENSATION. (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Rollforward of stock options	The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2019 . Options Weighted- average exercise price Outstanding at December 31, 2018 11,300,393 $ 69.05 Exercised (2,847,972 ) $ 63.58 Forfeited (114,822 ) $ 76.70 Expired (7,839 ) $ 59.03 Outstanding at September 30, 2019 8,329,760 $ 70.83 Exercisable at September 30, 2019 6,410,125 $ 69.12
Rollforward of nonvested restricted shares and restricted stock units	The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2019 . Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2018 136,964 6,603,920 $ 87.07 Time-based grants 7,404 55,872 $ 103.45 Vested (9,670 ) (83,280 ) $ 90.52 Forfeited (9,619 ) (327,279 ) $ 87.79 Nonvested at September 30, 2019 125,079 6,249,233 $ 87.15
Future stock-based compensation expense	The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2019 . Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures. (in millions) Fourth quarter 2019 $ 43.6 2020 100.6 2021 through 2024 80.6 Total $ 224.8

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS. (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per share reconciliation	The following table presents the reconciliation of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented. Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net income attributable to T. Rowe Price Group $ 545.9 $ 583.0 $ 1,586.0 $ 1,485.6 Less: net income allocated to outstanding restricted stock and stock unit holders 13.9 13.7 40.7 34.8 Net income allocated to common stockholders $ 532.0 $ 569.3 $ 1,545.3 $ 1,450.8 Weighted-average common shares Outstanding 234.9 242.8 235.8 243.1 Outstanding assuming dilution 238.2 247.5 239.0 248.2

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Impact of the components of other comprehensive income (loss) on deferred tax benefits (income taxes)	The following table presents the impact of the components of other comprehensive income (loss) on deferred tax benefits (income taxes). Three months ended Nine months ended (in millions) 9/30/2019 9/30/2018 9/30/2019 9/30/2018 Net deferred tax benefits on: Currency translation adjustments $ 3.4 $ 2.3 2.5 4.9 Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of a T. Rowe Price investment product — — — .9 Total deferred tax benefits on currency translation adjustments 3.4 2.3 2.5 5.8
Changes in accumulated other comprehensive loss	The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended September 30, 2019 and 2018 are presented in the table below. Three months ended 9/30/2019 Three months ended 9/30/2018 Currency translation adjustments 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 $ (43.8 ) $ 5.3 $ (38.5 ) $ (36.6 ) $ 12.9 $ (23.7 ) Other comprehensive income (loss) before reclassifications and income taxes (1.0 ) (12.6 ) (13.6 ) (7.1 ) (2.5 ) (9.6 ) Reclassification adjustments recognized in non-operating income — .1 .1 — — — (1.0 ) (12.5 ) (13.5 ) (7.1 ) (2.5 ) (9.6 ) Net deferred tax benefits (income taxes) .3 3.1 3.4 1.6 .7 2.3 Other comprehensive income (loss) (.7 ) (9.4 ) (10.1 ) (5.5 ) (1.8 ) (7.3 ) Balances at end of period $ (44.5 ) $ (4.1 ) $ (48.6 ) $ (42.1 ) $ 11.1 $ (31.0 ) The changes in the currency translation adjustment component of accumulated other comprehensive loss (1) , including reclassification adjustments for nine months ended September 30, 2019 and 2018 are presented in the table below. Nine months ended 9/30/2019 Nine months ended 9/30/2018 (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 $ (48.8 ) $ 6.8 $ (42.0 ) (37.0 ) 23.2 (13.8 ) Other comprehensive income (loss) before reclassifications and income taxes 5.4 (14.4 ) (9.0 ) (6.6 ) (12.8 ) (19.4 ) Reclassification adjustments recognized in non-operating income — (.1 ) (.1 ) — (3.6 ) (3.6 ) 5.4 (14.5 ) (9.1 ) (6.6 ) (16.4 ) (23.0 ) Net deferred tax income taxes (1.1 ) 3.6 2.5 1.5 4.3 5.8 Other comprehensive income (loss) 4.3 (10.9 ) (6.6 ) (5.1 ) (12.1 ) (17.2 ) Balances at end of period $ (44.5 ) $ (4.1 ) $ (48.6 ) $ (42.1 ) $ 11.1 $ (31.0 ) (1) Accumulated other comprehensive loss as of December 31, 2017, also included $7.9 million of net unrealized holding gains that were reclassified to retained earnings upon adoption of the financial instruments accounting guidance on January 1, 2018. This reclassification also includes the reclassification of $1.7 million

THE COMPANY AND BASIS OF PREP_3

THE COMPANY AND BASIS OF PREPARATION. (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 146.4		$ 0
Operating lease assets	$ 111.3		$ 0
ASU 2016-02 - Leases [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets, including deferred rent liabilities reclassified		$ 168.7
Operating lease liabilities		168.7
Deferred rent liabilities		27.7
Operating lease assets		$ 141

INFORMATION ABOUT RECEIVABLES_3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Investment Advisory Services) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue and Services [Line Items]
Net revenues	$ 1,426.7	$ 1,394.6	$ 4,149.2	$ 4,067.6
Average assets under management	1,130,200	1,072,400	1,091,500	1,045,000
Period end assets under management	1,126,300		1,126,300		$ 962,300
T. Rowe Price investment products [Member]
Revenue and Services [Line Items]
Net revenues	1,180.9	1,151.5	3,421.9	3,366.9
U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	980.1	984.2	2,863.3	2,892.3
Average assets under management	650,500	641,500	633,200	629,400
Period end assets under management	642,600		642,600		564,500
U.S. mutual funds [Member] | Equity and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management	521,300	511,600	507,500	500,800
Period end assets under management	513,000		513,000		441,100
U.S. mutual funds [Member] | Fixed income, including money market [Member]
Revenue and Services [Line Items]
Average assets under management	129,200	129,900	125,700	128,600
Period end assets under management	129,600		129,600		123,400
Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	422.4	386	1,210.2	1,109.8
Average assets under management	479,700	430,900	458,300	415,600
Period end assets under management	483,700		483,700		397,800
Subadvised and separate accounts and other investment products [Member] | Equity and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management	370,200	331,800	353,300	318,400
Period end assets under management	373,400		373,400		299,200
Subadvised and separate accounts and other investment products [Member] | Fixed income, including money market [Member]
Revenue and Services [Line Items]
Average assets under management	109,500	99,100	105,000	97,200
Period end assets under management	110,300		110,300		$ 98,600
Other clients [Member]
Revenue and Services [Line Items]
Net revenues	24.2	24.4	75.7	65.5
Investment advisory fees [Member]
Revenue and Services [Line Items]
Net revenues	1,303.4	1,263.3	3,767.8	3,666.9
Investment advisory fees [Member] | U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	881	877.3	2,557.6	2,557.1
Investment advisory fees [Member] | U.S. mutual funds [Member] | Equity and blended asset [Member]
Revenue and Services [Line Items]
Net revenues	754	745.5	2,185.3	2,169
Investment advisory fees [Member] | U.S. mutual funds [Member] | Fixed income, including money market [Member]
Revenue and Services [Line Items]
Net revenues	127	131.8	372.3	388.1
Investment advisory fees [Member] | Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	422.4	386	1,210.2	1,109.8
Investment advisory fees [Member] | Subadvised and separate accounts and other investment products [Member] | Equity and blended asset [Member]
Revenue and Services [Line Items]
Net revenues	355.5	326	1,020.4	931
Investment advisory fees [Member] | Subadvised and separate accounts and other investment products [Member] | Fixed income, including money market [Member]
Revenue and Services [Line Items]
Net revenues	66.9	60	189.8	178.8
Investment advisory fees [Member] | Other clients [Member]
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Administrative service [Member]
Revenue and Services [Line Items]
Net revenues	93.2	96.7	291	294
Administrative service [Member] | U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	69	72.3	215.3	228.5
Administrative service [Member] | Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Administrative service [Member] | Other clients [Member]
Revenue and Services [Line Items]
Net revenues	24.2	24.4	75.7	65.5
Distribution and servicing fees [Member]
Revenue and Services [Line Items]
Net revenues	30.1	34.6	90.4	106.7
Distribution and servicing fees [Member] | U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	30.1	34.6	90.4	106.7
Distribution and servicing fees [Member] | Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Distribution and servicing fees [Member] | Other clients [Member]
Revenue and Services [Line Items]
Net revenues	$ 0	$ 0	$ 0	$ 0

INFORMATION ABOUT RECEIVABLES_4

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Services Concentration and Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Concentration Risk [Line Items]
Net revenues			$ 1,426.7	$ 1,394.6	$ 4,149.2	$ 4,067.6
Accounts receivable	$ 620.6	$ 549.6	620.6		620.6
T. Rowe Price investment products [Member]
Concentration Risk [Line Items]
Net revenues			1,180.9	$ 1,151.5	3,421.9	$ 3,366.9
Accounts receivable	$ 405.3	$ 354.8	$ 405.3		$ 405.3
Outside U.S. [Member] | Assets under management [Member] | Investment advisory clients [Member] | Geographic concentration [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	6.50%	6.20%

INVESTMENTS. (Investments) (Det

INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investment [Line Items]
U.S. Treasury note	$ 1		$ 1		$ 1
Total	2,605.9		2,605.9		2,453.4
Net unrealized gains on T. Rowe Price investments product recognized in nonoperating income	4.8	$ 11.3	84.2	$ 17.4
Gains (losses) recognized upon deconsolidation	43	$ 124.9	370.3	$ 175.1
Daiwa SB Investments Ltd [Member]
Investment [Line Items]
Investments ownership percentage		10.00%		10.00%
Reclassification out of accumulated other comprehensive income [Member] | Currency translation adjustments [Member]
Investment [Line Items]
Gains (losses) recognized upon deconsolidation	(0.1)	$ 0	0.1	$ 3.6
Assets [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(113.5)	(41.1)	(169.6)	(701.5)
Liability [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(9.8)	(0.6)	(11)	17.9
Redeemable noncontrolling interest [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(72.3)	$ (19.8)	(81.4)	$ (595)
T. Rowe Price investment products [Member]
Investment [Line Items]
Investments held at fair value	1,568		1,568		1,538.4
Equity method investments	320.7		320.7		276.2
T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability [Member]
Investment [Line Items]
Investments held at fair value	443		443		381.3
Investment partnerships and other investments [Member]
Investment [Line Items]
Investments held at fair value	103.2		103.2		99.6
Interest in UTI Asset Management Company Limited (India) [Member]
Investment [Line Items]
Equity method investments	$ 165		$ 165		$ 152.4
Equity method investment (ownership percentage)	26.00%		26.00%		26.00%
Investment partnerships and other investments [Member]
Investment [Line Items]
Equity method investments	$ 5		$ 5		$ 4.5

INVESTMENTS. (Variable Interest

INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary [Member] - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investment carrying values	$ 137.7	$ 143.3
Unfunded capital commitments	19.3	27.3
Uncollected investment advisory and administrative fees	16.8	5.2
Maximum risk of loss related to nonconsolidated variable interest entities	$ 173.8	$ 175.8

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Level 1 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	$ 1,921.2	$ 1,196
Total	3,924.3	3,096.5
Level 2 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	0	0
Total	7.9	19.2
Fair value measured at NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	103.2	99.6
T. Rowe Price investment products [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	1,568	1,538.4
T. Rowe Price investment products [Member] | Level 1 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	1,560.1	1,519.2
T. Rowe Price investment products [Member] | Level 2 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	7.9	19.2
T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	443	381.3
T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability [Member] | Level 1 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	443	381.3
T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability [Member] | Level 2 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 0	$ 0

CONSOLIDATED T. ROWE PRICE IN_3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Net Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,213.2		$ 1,425.2
Investments	2,605.9		2,453.4
Other assets	254.9		253.7
Total assets	9,397.8		7,689.3
Liabilities	1,455.1		824.7
Attributable to redeemable non-controlling interests	1,102.9	$ 1,012.3	740.3	$ 860.6	$ 739.2	$ 992.8
Consolidated T. Rowe Price investment products [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	2,167		1,641.7
Attributable to T. Rowe Price Group	1,064.1		901.4
Attributable to redeemable non-controlling interests	1,102.9		740.3
Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	80.9		70.1
Investments	2,129.9		1,584
Other assets	36.6		26.3
Total assets	2,247.4		1,680.4
Liabilities	80.4		38.7
Net assets	2,167		1,641.7
Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member] | T. Rowe Price investment products [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	38.2		43.8
Voting interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	253.1		271.8
Attributable to T. Rowe Price Group	178.3		175.3
Attributable to redeemable non-controlling interests	74.8		96.5
Voting interest entities [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	11.5		18.5
Investments	246.1		261.3
Other assets	6.1		8
Total assets	263.7		287.8
Liabilities	10.6		16
Net assets	253.1		271.8
Variable interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,913.9		1,369.9
Attributable to T. Rowe Price Group	885.8		726.1
Attributable to redeemable non-controlling interests	1,028.1		643.8
Variable interest entities [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	69.4		51.6
Investments	1,883.8		1,322.7
Other assets	30.5		18.3
Total assets	1,983.7		1,392.6
Liabilities	69.8		22.7
Net assets	1,913.9		1,369.9
Money Market Funds [Member] | Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member] | T. Rowe Price investment products [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 10.2		$ 18.5

CONSOLIDATED T. ROWE PRICE IN_4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (767.6)	$ (754)	$ (2,342.5)	$ (2,248.5)
Income before income taxes	702.1	765.5	2,177	1,994.2
Net income (loss) attributable to redeemable non-controlling interests	(0.8)	(1.4)	69	11.1
Consolidation eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.6)	(1.5)	(6.3)	(4.6)
Consolidated T. Rowe Price investment products [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	7.9	5.1	165.7	19.4
Net income attributable to T. Rowe Price Group	8.7	6.5	96.7	8.3
Net income (loss) attributable to redeemable non-controlling interests	(0.8)	(1.4)	69	11.1
Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.7)	(3.6)	(10.6)	(9.2)
Net investment income reflected in non-operating income	11.6	8.7	176.3	28.6
Income before income taxes	7.9	5.1	165.7	19.4
Voting interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	0.9	4.4	19.3	3.1
Net income attributable to T. Rowe Price Group	0.7	2.8	14.6	1.5
Net income (loss) attributable to redeemable non-controlling interests	0.2	1.6	4.7	1.6
Voting interest entities [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.6)	(0.6)	(1.6)	(1.3)
Net investment income reflected in non-operating income	1.5	5	20.9	4.4
Income before income taxes	0.9	4.4	19.3	3.1
Variable interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	7	0.7	146.4	16.3
Net income attributable to T. Rowe Price Group	8	3.7	82.1	6.8
Net income (loss) attributable to redeemable non-controlling interests	(1)	(3)	64.3	9.5
Variable interest entities [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.1)	(3)	(9)	(7.9)
Net investment income reflected in non-operating income	10.1	3.7	155.4	24.2
Income before income taxes	$ 7	$ 0.7	$ 146.4	$ 16.3

CONSOLIDATED T. ROWE PRICE IN_5

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Statement of Cash Flows) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 1,500.7	$ 1,486.4
Net cash used in investing activities	(76.7)	(830.4)
Net cash used in financing activities	(623)	(463.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.2)	(2.4)
Net change in cash and cash equivalents during period	798.8	190.5
Cash and cash equivalents at beginning of period	1,495.3	2,005.8
Cash and cash equivalents at ending of period	2,294.1	2,196.3
Consolidation eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in financing activities	157.7	111.7
Consolidated T. Rowe Price investment products [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of period	70.1	103.1
Cash and cash equivalents at ending of period	80.9	105.7
Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(523.5)	(570.4)
Net cash used in investing activities	(8.3)	(22.5)
Net cash used in financing activities	544.8	597.9
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.2)	(2.4)
Net change in cash and cash equivalents during period	10.8	2.6
Cash and cash equivalents at beginning of period	70.1	103.1
Cash and cash equivalents at ending of period	80.9	105.7
Voting interest entities [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(15.1)	(40.7)
Net cash used in investing activities	(7.4)	(0.8)
Net cash used in financing activities	15.5	52.3
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	0	0
Net change in cash and cash equivalents during period	(7)	10.8
Cash and cash equivalents at beginning of period	18.5	7.1
Cash and cash equivalents at ending of period	11.5	17.9
Variable interest entities [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(508.4)	(529.7)
Net cash used in investing activities	(0.9)	(21.7)
Net cash used in financing activities	529.3	545.6
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.2)	(2.4)
Net change in cash and cash equivalents during period	17.8	(8.2)
Cash and cash equivalents at beginning of period	51.6	96
Cash and cash equivalents at ending of period	$ 69.4	$ 87.8

CONSOLIDATED T. ROWE PRICE IN_6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Fair Value Measurements) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,921.2	$ 1,196
Total	3,924.3	3,096.5
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	7.9	19.2
Consolidated T. Rowe Price investment products [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	10.2	19.3
Total	179.8	210.6
Liabilities	(0.7)	(0.8)
Consolidated T. Rowe Price investment products [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	1,960.3	1,392.7
Liabilities	(9.2)	(12.8)
Consolidated T. Rowe Price investment products [Member] | Equity securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	168.2	189.6
Consolidated T. Rowe Price investment products [Member] | Equity securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	616	483.5
Consolidated T. Rowe Price investment products [Member] | Fixed income securities [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Consolidated T. Rowe Price investment products [Member] | Fixed income securities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,319.3	890.2
Consolidated T. Rowe Price investment products [Member] | Other investments [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1.4	1.7
Consolidated T. Rowe Price investment products [Member] | Other investments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 25	$ 19

LEASES. (Additional Information

LEASES. (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Weighted-average remaining lease term on operating leases	7 years		7 years
Weighted-average discount rate on operating leases	3.50%		3.50%
Operating lease expense	$ 7.1	$ 6.3	$ 22.9	$ 20.9
Variable charges related to operating leases not included in measurement of lease liability	$ 2.2		7.4
Cash paid included in measurement of operating lease liabilities			$ 22.7

LEASES. (Schedule of future min

LEASES. (Schedule of future minimum lease payments) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Fourth quarter 2019	$ 6.8
2020	26.1
2021	25.6
2022	22.8
2023	20.3
Thereafter	63.4
Total future undiscounted cash flows	165
Less: imputed interest to be recognized in lease expense	(18.6)
Operating lease liabilities	$ 146.4	$ 0

STOCKHOLDERS' EQUITY. (Details)

STOCKHOLDERS' EQUITY. (Details) $ in Millions	Dec. 31, 2018USD ($)
Stockholders' Equity Note [Abstract]
Common stock repurchases liability	$ 9.2

STOCK-BASED COMPENSATION. (Stoc

STOCK-BASED COMPENSATION. (Stock Options) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at December 31, 2018 (in shares)	11,300,393
Exercised (in shares)	(2,847,972)
Forfeited (in shares)	(114,822)
Expired (in shares)	(7,839)
Outstanding at September 30, 2019 (in shares)	8,329,760
Exercisable at September 30, 2019 (in shares)	6,410,125
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price of options outstanding at December 31, 2018 (in dollars per share)	$ 69.05
Weighted-average exercise price of options exercised (in dollars per share)	63.58
Weighted-average exercise price of options forfeited (in dollars per share)	76.70
Weighted-average exercise price of options expired (in dollars per share)	59.03
Weighted-average exercise price of options outstanding at September 30, 2019 (in dollars per share)	70.83
Weighted-average exercise price of options exercisable at September 30, 2019 (in dollars per share)	$ 69.12

STOCK-BASED COMPENSATION. (Rest

STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of nonvested restricted shares and restricted stock units at December 31, 2018 (in dollars per share) | $ / shares	$ 87.07
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	90.52
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	87.79
Weighted-average fair value of nonvested restricted shares and restricted stock units at September 30, 2019 (in dollars per share) | $ / shares	87.15
Time-based grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) | $ / shares	$ 103.45
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2018 (in shares)	136,964
Vested (in shares)	(9,670)
Forfeited (in shares)	(9,619)
Nonvested at September 30, 2019 (in shares)	125,079
Restricted shares [Member] | Time-based grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	7,404
Restricted shares [Member] | Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at September 30, 2019 (in shares)	2,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	2,400
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2018 (in shares)	6,603,920
Vested (in shares)	(83,280)
Forfeited (in shares)	(327,279)
Nonvested at September 30, 2019 (in shares)	6,249,233
Restricted stock units [Member] | Time-based grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	55,872
Restricted stock units [Member] | Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at September 30, 2019 (in shares)	450,727
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	289,906

STOCK-BASED COMPENSATION. (Futu

STOCK-BASED COMPENSATION. (Future Stock-Based Compensation Expense) (Details) $ in Millions	Sep. 30, 2019USD ($)
Share-based Payment Arrangement [Abstract]
Fourth quarter 2019	$ 43.6
2020	100.6
2021 through 2024	80.6
Total	$ 224.8

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0	0	0
Net income attributable to T. Rowe Price Group	$ 545.9	$ 583	$ 1,586	$ 1,485.6
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	13.9	13.7	40.7	34.8
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	13.9	13.7	40.7	34.8
Net income allocated to common stockholders (basic)	532	569.3	1,545.3	1,450.8
Net income allocated to common stockholders (diluted)	$ 532	$ 569.3	$ 1,545.3	$ 1,450.8
Weighted-average common shares
Outstanding (in shares)	234,900,000	242,800,000	235,800,000	243,100,000
Outstanding assuming dilution (in shares)	238,200,000	247,500,000	239,000,000	248,200,000

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Deferred Tax Benefits (Income Taxes)) (Details) - Currency translation adjustments [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits on other comprehensive income (loss) before reclassifications	$ 3.4	$ 2.3	$ 2.5	$ 4.9
Net deferred tax benefits on reclassification adjustment recognized in the provision for income taxes upon deconsolidation of a T. Rowe Price investment product	0	0	0	0.9
Total deferred tax benefits	$ 3.4	$ 2.3	$ 2.5	$ 5.8

OTHER COMPREHENSIVE INCOME AN_4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		$ 6,579.1	$ 6,114.6	$ 6,124.3	$ 5,824.4
Other comprehensive income (loss)		(10.2)	(7.3)	(6.7)	(17.2)
Ending Balance		6,839.8	6,460.5	6,839.8	6,460.5
Currency translation adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(38.5)	(23.7)	(42)	(13.8)
Other comprehensive income (loss) before reclassifications and income taxes		(13.6)	(9.6)	(9)	(19.4)
Reclassification adjustments recognized in non-operating income		0.1	0	(0.1)	(3.6)
Other comprehensive income (loss), before taxes		(13.5)	(9.6)	(9.1)	(23)
Net deferred tax benefits (income taxes)		3.4	2.3	2.5	5.8
Other comprehensive income (loss)		(10.1)	(7.3)	(6.6)	(17.2)
Ending Balance		(48.6)	(31)	(48.6)	(31)
Currency translation adjustments [Member] | Equity method investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(43.8)	(36.6)	(48.8)	(37)
Other comprehensive income (loss) before reclassifications and income taxes		(1)	(7.1)	5.4	(6.6)
Reclassification adjustments recognized in non-operating income		0	0	0	0
Other comprehensive income (loss), before taxes		(1)	(7.1)	5.4	(6.6)
Net deferred tax benefits (income taxes)		0.3	1.6	(1.1)	1.5
Other comprehensive income (loss)		(0.7)	(5.5)	4.3	(5.1)
Ending Balance		(44.5)	(42.1)	(44.5)	(42.1)
Currency translation adjustments [Member] | Consolidated T. Rowe Price investment products - variable interest entities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		5.3	12.9	6.8	23.2
Other comprehensive income (loss) before reclassifications and income taxes		(12.6)	(2.5)	(14.4)	(12.8)
Reclassification adjustments recognized in non-operating income		0.1	0	(0.1)	(3.6)
Other comprehensive income (loss), before taxes		(12.5)	(2.5)	(14.5)	(16.4)
Net deferred tax benefits (income taxes)		3.1	0.7	3.6	4.3
Other comprehensive income (loss)		(9.4)	(1.8)	(10.9)	(12.1)
Ending Balance		(4.1)	11.1	(4.1)	11.1
Retained earnings [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		5,915.9	5,435.1	5,464.1	4,932.9
Ending Balance		6,187	5,788.5	6,187	5,788.5
Accumulated other comprehensive income (loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	[1]	(38.5)	(23.7)	(42)	(3.6)
Other comprehensive income (loss)	[1]	(10.2)	(7.3)	(6.7)	(17.2)
Ending Balance	[1]	$ (48.7)	$ (31)	$ (48.7)	$ (31)
Accounting standards update 2016-01 [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance	[2]					$ 14.5
Accounting standards update 2016-01 [Member] | Retained earnings [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance	[2]					22.4
Accounting standards update 2016-01 [Member] | Accumulated other comprehensive income (loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance	[1],[2]					(7.9)
Accounting standards update 2016-01 [Member] | Reclassification out of accumulated other comprehensive income [Member] | Retained earnings [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance						7.9
Accounting standards update 2016-01 [Member] | Reclassification out of accumulated other comprehensive income [Member] | Accumulated other comprehensive income (loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance						(7.9)
Accounting standards update 2018-02, available for sale securities [Member] | Retained earnings [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance						1.7
Accounting standards update 2018-02, available for sale securities [Member] | Accumulated other comprehensive income (loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Cumulative effect adjustment upon adoption of new accounting guidance						$ (1.7)
[1]	Accumulated other comprehensive income.
[2]	Includes the reclassification of $1.7 million