T. Rowe Price (TROW) 10-Q 28 Apr 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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		227,548,883
Entity Central Index Key	0001113169
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,562.4	$ 1,781.8
Accounts receivable and accrued revenue	585.3	646.6
Investments	2,731.3	2,939.8
Assets of consolidated T. Rowe Price investment products ($1,795.8 million at March 31, 2020 and $1,975.3 million at December 31, 2019, related to variable interest entities)	2,024.3	2,276.9
Operating lease assets	137.6	110.8
Property and equipment, net	675.2	674.4
Goodwill	665.7	665.7
Other assets	255.1	234.4
Total assets	8,636.9	9,330.4
LIABILITIES
Accounts payable and accrued expenses	198.5	214.5
Liabilities of consolidated T. Rowe Price investment products ($72.0 million at March 31, 2020 and $27.0 million at December 31, 2019, related to variable interest entities)	82.9	39.2
Operating lease liabilities	172.6	146.3
Accrued compensation and related costs	215.4	112.1
Supplemental savings plan liability	504.2	563.4
Income taxes payable	58.3	31.8
Total liabilities	1,231.9	1,107.3
Commitments and contingent liabilities
Redeemable non-controlling interests	971	1,121
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 227,985,000 shares at March 31, 2020 and 235,214,000 at December 31, 2019	45.6	47
Additional capital in excess of par value	654.6	654.6
Retained earnings	5,782.9	6,443.5
Accumulated other comprehensive loss	(49.1)	(43)
Total permanent stockholders’ equity	6,434	7,102.1
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 8,636.9	$ 9,330.4

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets of consolidated T. Rowe Price investment products	$ 2,024.3	$ 2,276.9
Liabilities of consolidated T. Rowe Price investment products	$ 82.9	$ 39.2
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)	227,985,000	235,214,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 1,795.8	$ 1,975.3
Liabilities of consolidated T. Rowe Price investment products	$ 72	$ 27

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Net revenues	$ 1,462.6	$ 1,327.3
Operating expenses
Compensation and related costs	440.7	491.5
Distribution and servicing	65.7	66.4
Advertising and promotion	24.9	21.6
Product-related costs	41.6	44.2
Technology, occupancy, and facility costs	105.4	98.1
General, administrative, and other	77.1	73
Total operating expenses	755.4	794.8
Net operating income	707.2	532.5
Non-operating income (loss)
Net gains (losses) on investments	(154.6)	100.1
Net gains (losses) on consolidated investment products	(330.3)	101.9
Other income (loss)	(15.4)	0.8
Total non-operating income (loss)	(500.3)	202.8
Income before income taxes	206.9	735.3
Provision for income taxes	40.3	181.3
Net income	166.6	554
Less: net income (loss) attributable to redeemable non-controlling interests	(176.5)	41.4
Net income attributable to T. Rowe Price Group	$ 343.1	$ 512.6
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 1.43	$ 2.11
Diluted (in dollars per share)	$ 1.41	$ 2.09
Investment advisory fees
Revenues
Net revenues	$ 1,327.8	$ 1,194.2
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 134.8	$ 133.1

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 166.6	$ 554
Other comprehensive income (loss)
Other comprehensive loss before income taxes	(25.3)	(1)
Net deferred tax benefits	2	0.1
Total other comprehensive loss	(23.3)	(0.9)
Total comprehensive income	143.3	553.1
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(193.7)	40.1
Total comprehensive income attributable to T. Rowe Price Group	337	513
Equity method investments
Other comprehensive income (loss)
Currency translation adjustments	(0.1)	4.9
Variable interest entities
Other comprehensive income (loss)
Consolidated T. Rowe Price investment products - variable interest entities	(25.1)	(5.8)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	(0.1)	(0.1)
Currency translation adjustments	$ (25.2)	$ (5.9)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 166.6	$ 554
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	46.1	41.9
Stock-based compensation expense	58.3	43.5
Net (gains) losses recognized on investments	167.3	(82)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	(8.9)	(18.2)
Net change in securities held by consolidated T. Rowe Price investment products	234.6	(184.2)
Other changes in assets and liabilities	123.7	223.7
Net cash provided by operating activities	787.7	578.7
Cash flows from investing activities
Purchases of T. Rowe Price investment products	(225.1)	(15.6)
Dispositions of T. Rowe Price investment products	299.1	33.5
Net cash of T. Rowe Price investment products on deconsolidation	(0.8)	(3.4)
Additions to property and equipment	(46)	(47.7)
Other investing activity	0.4	(0.6)
Net cash provided by (used in) investing activities	27.6	(33.8)
Cash flows from financing activities
Repurchases of common stock	(891.3)	(231)
Common share issuances under stock-based compensation plans	38.1	43.6
Dividends paid to common stockholders of T. Rowe Price Group	(215.2)	(184.6)
Net subscriptions received from redeemable non-controlling interest holders	76.1	66
Net cash used in financing activities	(992.3)	(306)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(1.2)	(0.7)
Net change in cash and cash equivalents during period	(178.2)	238.2
Cash and cash equivalents at beginning of period	1,858.3	1,495.3
Cash and cash equivalents at ending of period	$ 1,680.1	$ 1,733.5

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Cash and cash equivalents at beginning of period	$ 1,858.3	$ 1,733.5	$ 1,495.3
Cash and cash equivalents at ending of period	1,680.1	1,858.3	1,733.5
Consolidated T. Rowe Price investment products
Cash and cash equivalents at beginning of period	76.5	76.1	70.1
Cash and cash equivalents at ending of period	$ 117.7	$ 76.5	$ 76.1

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Restricted stock units	Common stock	Common stockRestricted stock units	Additional capital in excess of par value	Additional capital in excess of par valueRestricted stock units	Retained earnings	AOCI	[1]
Beginning Balances (in shares) at Dec. 31, 2018			238,069,000
Balances at beginning of period at Dec. 31, 2018	$ 6,124.3		$ 47.6		$ 654.6		$ 5,464.1	$ (42)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	512.6						512.6
Other comprehensive income (loss), net of tax	0.4							0.4
Dividends declared	(183.8)						(183.8)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)			830,000
Shares issued upon option exercises	45		$ 0.2		44.8
Net shares issued upon vesting of restricted stock units (in shares)				14,000
Net shares issued upon vesting of restricted stock units		$ (1.2)				$ (1.2)
Forfeiture of restricted awards (in shares)			(5,000)
Stock-based compensation expense	43.5				43.5
Common shares repurchased (in shares)			(2,476,000)
Common shares repurchased	(229.8)		$ (0.5)		(87.2)		(142.1)
Ending Balances (in shares) at Mar. 31, 2019			236,432,000
Balances at end of period at Mar. 31, 2019	6,311		$ 47.3		654.5		5,650.8	(41.6)
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	41.4
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(1.3)
Net subscriptions into consolidated T. Rowe Price investment products	85.9
Net reconsolidations (deconsolidations) of T. Rowe Price investment products	20.4
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2019	886.7
Beginning Balances (in shares) at Dec. 31, 2019			235,214,000
Balances at beginning of period at Dec. 31, 2019	7,102.1		$ 47		654.6		6,443.5	(43)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	343.1						343.1
Other comprehensive income (loss), net of tax	(6.1)							(6.1)
Dividends declared	$ (214.7)						(214.7)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)	1,540,694		1,068,000
Shares issued upon option exercises	$ 41.3		$ 0.2		41.1
Net shares issued upon vesting of restricted stock units (in shares)				37,000
Net shares issued upon vesting of restricted stock units		$ (3)				$ (3)
Stock-based compensation expense	58.3				58.3
Restricted stock units issued as dividend equivalents					0.1		(0.1)
Common shares repurchased (in shares)			(8,334,000)
Common shares repurchased	(887)		$ (1.6)		(96.5)		(788.9)
Ending Balances (in shares) at Mar. 31, 2020			227,985,000
Balances at end of period at Mar. 31, 2020	6,434		$ 45.6		$ 654.6		$ 5,782.9	$ (49.1)
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2019	1,121
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests	(176.5)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(17.2)
Net subscriptions into consolidated T. Rowe Price investment products	63.8
Net reconsolidations (deconsolidations) of T. Rowe Price investment products	(20.1)
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2020	$ 971
[1]	Accumulated other comprehensive income.

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in USD per share)	$ 0.90	$ 0.76

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION.	3 Months Ended
	Mar. 31, 2020
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. The other T. Rowe Price products include: collective investment trusts, open-ended investment products offered to investors outside the U.S., and products offered through variable annuity life insurance plans in the U.S. 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. 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 2019 Annual Report. NEW ACCOUNTING GUIDANCE. We adopted 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 on January 1, 2020 using the prospective method of adoption. This update required implementation costs incurred in cloud computing arrangements to be deferred and recognized over the term of the hosting arrangement. A hosting arrangement is an agreement that allows customers, like us, to access and use software on an as-needed basis without having possession of the software. Beginning on January 1, 2020, we are required to defer such qualifying implementation costs. As of March 31, 2020, we capitalized an immaterial amount of implementation costs incurred in a cloud computing arrangement. Accordingly, the adoption of this guidance did not have a material impact on our consolidated balance sheets or our consolidated statements of income. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE 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. U.S. ECONOMIC RELIEF LEGISLATION

INFORMATION ABOUT RECEIVABLES,

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.	3 Months Ended
	Mar. 31, 2020
Information about Receivables, Revenues, and Services [Abstract]
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned during the first quarter of 2020 and 2019 under agreements with clients include: Three months ended 3/31/2020 Three months ended 3/31/2019 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 $ 876.2 $ 77.2 $ 27.9 $ 981.3 $ 815.9 $ 76.6 $ 30.2 $ 922.7 Subadvised and separate accounts and other investment products 451.6 — — 451.6 378.3 — — 378.3 Other clients — 29.7 — 29.7 — 26.3 — 26.3 $ 1,327.8 $ 106.9 $ 27.9 $ 1,462.6 $ 1,194.2 $ 102.9 $ 30.2 $ 1,327.3 Total net revenues earned from our related parties, specifically T. Rowe Price investment products , aggregate $1,207.7 million and $1,093.4 million for the three months ended March 31, 2020 and 2019 , respectively. Accounts receivable from these products aggregate to $374.3 million at March 31, 2020 , and $424.8 million at December 31, 2019 . The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended (in millions) 3/31/2020 3/31/2019 U.S. mutual funds Equity and blended assets $ 749.8 $ 694.5 Fixed income, including money market 126.4 121.4 876.2 815.9 Subadvised and separate accounts and other investment products Equity and blended assets 385.2 318.8 Fixed income, including money market 66.4 59.5 451.6 378.3 Total $ 1,327.8 $ 1,194.2 The following table summarizes the assets under management on which we earn investment advisory fees. Average during three months ended As of (in billions) 3/31/2020 3/31/2019 3/31/2020 12/31/2019 U.S. mutual funds Equity and blended assets $ 525.0 $ 487.6 $ 443.6 $ 552.4 Fixed income, including money market 129.3 122.5 118.7 130.3 654.3 610.1 562.3 682.7 Subadvised and separate accounts and other investment products Equity and blended assets 396.3 332.9 340.9 412.1 Fixed income, including money market 112.1 100.5 105.6 112.0 508.4 433.4 446.5 524.1 Total $ 1,162.7 $ 1,043.5 $ 1,008.8 $ 1,206.8 Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 7.4% and 6.9% of our assets under management at March 31, 2020 , and December 31, 2019

INVESTMENTS.

INVESTMENTS.	3 Months Ended
	Mar. 31, 2020
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) 3/31/2020 12/31/2019 Investments held at fair value T. Rowe Price investment products $ 1,088.1 $ 1,402.9 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 500.0 561.1 Investment partnerships and other investments 105.5 99.7 Equity method investments T. Rowe Price investment products 864.5 705.6 26% interest in UTI Asset Management Company Limited (India) 166.8 164.5 Investment partnerships and other investments 5.4 5.0 U.S. Treasury note 1.0 1.0 Total $ 2,731.3 $ 2,939.8 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 months ended March 31, 2020 , net losses on investments included $103.6 million of net unrealized losses related to investments held at fair value that were still held at March 31, 2020 . For the same period of 2019, the net gains on investments included $50.6 million of net unrealized gains on investments held at fair value that were still held at March 31, 2019 . During the three months ended March 31, 2020 and 2019, 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 three months ended March 31, 2019 , 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 (in millions) 3/31/2020 3/31/2019 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (46.2 ) $ 12.3 Net decrease in liabilities of consolidated T. Rowe Price investment products $ (2.4 ) $ (.9 ) Net increase (decrease) in redeemable non-controlling interests $ (20.1 ) $ 20.4 Gains recognized upon deconsolidation $ .1 $ .1 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 (loss). VARIABLE INTEREST ENTITIES. Our investments at March 31, 2020 and December 31, 2019 , 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) 3/31/2020 12/31/2019 Investment carrying values $ 129.4 $ 156.0 Unfunded capital commitments 15.6 18.1 Uncollected investment advisory and administrative fees 7.1 10.5 $ 152.1 $ 184.6 The unfunded capital commitments totaling $15.6 million and $18.1 million at March 31, 2020 and December 31, 2019

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	3 Months Ended
	Mar. 31, 2020
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. 3/31/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,164.9 $ — $ 1,355.6 $ — T. Rowe Price investment products 1,075.7 12.4 1,393.0 9.9 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 500.0 — 561.1 — Total $ 2,740.6 $ 12.4 $ 3,309.7 $ 9.9 As required by the accounting guidance, the fair value hierarchy levels table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient. The carrying value of these investments as disclosed in Note 3 were $105.5 million at March 31, 2020 and $99.7 million at December 31, 2019 .

CONSOLIDATED T. ROWE PRICE INVE

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS.	3 Months Ended
	Mar. 31, 2020
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 : 3/31/2020 12/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 23.1 $ 94.6 $ 117.7 $ 9.9 $ 66.6 $ 76.5 Investments (2) 197.3 1,641.3 1,838.6 281.1 1,891.3 2,172.4 Other assets 8.1 59.9 68.0 10.6 17.4 28.0 Total assets 228.5 1,795.8 2,024.3 301.6 1,975.3 2,276.9 Liabilities 10.9 72.0 82.9 12.2 27.0 39.2 Net assets $ 217.6 $ 1,723.8 $ 1,941.4 $ 289.4 $ 1,948.3 $ 2,237.7 Attributable to T. Rowe Price Group $ 155.0 $ 815.4 $ 970.4 $ 199.6 $ 917.1 $ 1,116.7 Attributable to redeemable non-controlling interests 62.6 908.4 971.0 89.8 1,031.2 1,121.0 $ 217.6 $ 1,723.8 $ 1,941.4 $ 289.4 $ 1,948.3 $ 2,237.7 (1) Cash and cash equivalents includes $22.5 million and $9.1 million at March 31, 2020 , and December 31, 2019 , respectively, of T. Rowe Price money market mutual funds. (2) Investments includes $35.3 million and $40.2 million at March 31, 2020 , and December 31, 2019 , 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 months ended March 31, 2020 and 2019 , are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2020 3/31/2019 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.2 ) $ (3.5 ) $ (3.7 ) $ (.3 ) $ (2.8 ) $ (3.1 ) Net investment income (loss) reflected in non-operating income (loss) (35.2 ) (295.1 ) (330.3 ) 8.0 93.9 101.9 Impact on income before taxes $ (35.4 ) $ (298.6 ) $ (334.0 ) $ 7.7 $ 91.1 $ 98.8 Net income (loss) attributable to T. Rowe Price Group $ (22.6 ) $ (134.9 ) $ (157.5 ) $ 8.7 $ 48.7 $ 57.4 Net income (loss) attributable to redeemable non-controlling interests (12.8 ) (163.7 ) (176.5 ) (1.0 ) 42.4 41.4 $ (35.4 ) $ (298.6 ) $ (334.0 ) $ 7.7 $ 91.1 $ 98.8 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 $2.5 million and $1.5 million for the three months ended March 31, 2020 and 2019 , respectively, against the investment advisory and administrative fees earned from these products. The net investment income (loss) reflected in non- operating income (loss) 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 three months ended March 31, 2020 and 2019 . Three months ended 3/31/2020 3/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by operating activities $ 11.3 $ (87.0 ) $ (75.7 ) $ (28.7 ) $ (65.0 ) $ (93.7 ) Net cash provided by (used in) investing activities (.8 ) — (.8 ) (5.1 ) 1.7 (3.4 ) Net cash used in financing activities 2.7 116.2 118.9 31.6 72.2 103.8 Effect of exchange rate changes on cash and cash equivalents of consolidated — (1.2 ) (1.2 ) — (.7 ) (.7 ) Net change in cash and cash equivalents during period 13.2 28.0 41.2 (2.2 ) 8.2 6.0 Cash and cash equivalents at beginning of year 9.9 66.6 76.5 18.5 51.6 70.1 Cash and cash equivalents at end of period $ 23.1 $ 94.6 $ 117.7 $ 16.3 $ 59.8 $ 76.1 The net cash provided by financing activities during the three months ended March 31, 2020 and 2019 includes $42.8 million and $37.8 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. 3/31/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 22.5 $ — $ 9.1 $ 1.1 Equity securities 149.9 548.3 162.8 724.5 Fixed income securities — 1,097.9 — 1,248.6 Other investments 3.3 39.2 2.7 33.8 $ 175.7 $ 1,685.4 $ 174.6 $ 2,008.0 Liabilities $ (2.3 ) $ (31.9 ) $ (.4 ) $ (11.2 )

STOCKHOLDERS' EQUITY.

STOCKHOLDERS' EQUITY.	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY. Accounts payable and accrued expenses includes liabilities of $7.9 million at March 31, 2020 , and $12.2 million at December 31, 2019

STOCK-BASED COMPENSATION.

STOCK-BASED COMPENSATION.	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 . Options Weighted- average exercise price Outstanding at December 31, 2019 7,388,068 $ 71.06 Exercised (1,540,694 ) $ 67.50 Forfeited (1,428 ) $ 76.00 Outstanding at March 31, 2020 5,845,946 $ 72.00 Exercisable at March 31, 2020 5,176,419 $ 71.50 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 three months ended March 31, 2020 . Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2019 7,404 6,718,261 $ 98.75 Time-based grants — 15,184 $ 126.33 Dividend equivalents granted to non-employee directors — 643 $ 98.80 Vested — (62,499 ) $ 95.26 Forfeited — (34,004 ) $ 97.30 Nonvested at March 31, 2020 7,404 6,637,585 $ 98.85 Nonvested at March 31, 2020 , includes 403,008 performance-based restricted stock units, including 318,768 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 March 31, 2020 . 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) Second quarter 2020 $ 54.5 Third quarter 2020 53.2 Fourth quarter 2020 46.2 2021 108.1 2022 through 2026 90.0 Total $ 352.0

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.	3 Months Ended
	Mar. 31, 2020
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 (in millions) 3/31/2020 3/31/2019 Net income attributable to T. Rowe Price Group $ 343.1 $ 512.6 Less: net income allocated to outstanding restricted stock and stock unit holders 9.4 13.0 Net income allocated to common stockholders $ 333.7 $ 499.6 Weighted-average common shares Outstanding 234.1 236.6 Outstanding assuming dilution 236.8 239.6

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended March 31, 2020 and 2019 are presented in the table below. Three months ended 3/31/2020 Three months ended 3/31/2019 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 $ (46.9 ) $ 3.9 $ (43.0 ) $ (48.8 ) $ 6.8 $ (42.0 ) Other comprehensive income (loss) before reclassifications and income taxes (.1 ) (7.9 ) (8.0 ) 4.9 (4.5 ) .4 Reclassification adjustments recognized in non-operating income — (.1 ) (.1 ) — (.1 ) (.1 ) (.1 ) (8.0 ) (8.1 ) 4.9 (4.6 ) .3 Net deferred tax benefits (income taxes) — 2.0 2.0 (1.1 ) 1.2 .1 Other comprehensive income (loss) (.1 ) (6.0 ) (6.1 ) 3.8 (3.4 ) .4 Balances at end of period $ (47.0 ) $ (2.1 ) $ (49.1 ) $ (45.0 ) $ 3.4 $ (41.6 ) The other comprehensive income (loss) in the table above excludes $17.2 million and $1.3 million of other comprehensive loss related to redeemable non-controlling interests held in our consolidated products for the three months ended March 31, 2020 and 2019 , respectively.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	3 Months Ended
	Mar. 31, 2020
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 expert 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)	3 Months Ended
	Mar. 31, 2020
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. 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 on January 1, 2020 using the prospective method of adoption. This update required implementation costs incurred in cloud computing arrangements to be deferred and recognized over the term of the hosting arrangement. A hosting arrangement is an agreement that allows customers, like us, to access and use software on an as-needed basis without having possession of the software. Beginning on January 1, 2020, we are required to defer such qualifying implementation costs. As of March 31, 2020, we capitalized an immaterial amount of implementation costs incurred in a cloud computing arrangement. Accordingly, the adoption of this guidance did not have a material impact on our consolidated balance sheets or our consolidated statements of income. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE 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.

INFORMATION ABOUT RECEIVABLES_2

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables)	3 Months Ended
	Mar. 31, 2020
Information about Receivables, Revenues, and Services [Abstract]
Components of revenues from advisory services	Revenues earned during the first quarter of 2020 and 2019 under agreements with clients include: Three months ended 3/31/2020 Three months ended 3/31/2019 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 $ 876.2 $ 77.2 $ 27.9 $ 981.3 $ 815.9 $ 76.6 $ 30.2 $ 922.7 Subadvised and separate accounts and other investment products 451.6 — — 451.6 378.3 — — 378.3 Other clients — 29.7 — 29.7 — 26.3 — 26.3 $ 1,327.8 $ 106.9 $ 27.9 $ 1,462.6 $ 1,194.2 $ 102.9 $ 30.2 $ 1,327.3 Total net revenues earned from our related parties, specifically T. Rowe Price investment products , aggregate $1,207.7 million and $1,093.4 million for the three months ended March 31, 2020 and 2019 , respectively. Accounts receivable from these products aggregate to $374.3 million at March 31, 2020 , and $424.8 million at December 31, 2019 . The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended (in millions) 3/31/2020 3/31/2019 U.S. mutual funds Equity and blended assets $ 749.8 $ 694.5 Fixed income, including money market 126.4 121.4 876.2 815.9 Subadvised and separate accounts and other investment products Equity and blended assets 385.2 318.8 Fixed income, including money market 66.4 59.5 451.6 378.3 Total $ 1,327.8 $ 1,194.2
Components of assets under management	The following table summarizes the assets under management on which we earn investment advisory fees. Average during three months ended As of (in billions) 3/31/2020 3/31/2019 3/31/2020 12/31/2019 U.S. mutual funds Equity and blended assets $ 525.0 $ 487.6 $ 443.6 $ 552.4 Fixed income, including money market 129.3 122.5 118.7 130.3 654.3 610.1 562.3 682.7 Subadvised and separate accounts and other investment products Equity and blended assets 396.3 332.9 340.9 412.1 Fixed income, including money market 112.1 100.5 105.6 112.0 508.4 433.4 446.5 524.1 Total $ 1,162.7 $ 1,043.5 $ 1,008.8 $ 1,206.8

INVESTMENTS. (Tables)

INVESTMENTS. (Tables)	3 Months Ended
	Mar. 31, 2020
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) 3/31/2020 12/31/2019 Investments held at fair value T. Rowe Price investment products $ 1,088.1 $ 1,402.9 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 500.0 561.1 Investment partnerships and other investments 105.5 99.7 Equity method investments T. Rowe Price investment products 864.5 705.6 26% interest in UTI Asset Management Company Limited (India) 166.8 164.5 Investment partnerships and other investments 5.4 5.0 U.S. Treasury note 1.0 1.0 Total $ 2,731.3 $ 2,939.8
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 (in millions) 3/31/2020 3/31/2019 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (46.2 ) $ 12.3 Net decrease in liabilities of consolidated T. Rowe Price investment products $ (2.4 ) $ (.9 ) Net increase (decrease) in redeemable non-controlling interests $ (20.1 ) $ 20.4 Gains recognized upon deconsolidation $ .1 $ .1
Maximum risk of loss related to investments in variable interest entities	Our investments at March 31, 2020 and December 31, 2019 , 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) 3/31/2020 12/31/2019 Investment carrying values $ 129.4 $ 156.0 Unfunded capital commitments 15.6 18.1 Uncollected investment advisory and administrative fees 7.1 10.5 $ 152.1 $ 184.6

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	3 Months Ended
	Mar. 31, 2020
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. 3/31/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,164.9 $ — $ 1,355.6 $ — T. Rowe Price investment products 1,075.7 12.4 1,393.0 9.9 T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability 500.0 — 561.1 — Total $ 2,740.6 $ 12.4 $ 3,309.7 $ 9.9

CONSOLIDATED T. ROWE PRICE IN_2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)	3 Months Ended
	Mar. 31, 2020
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 : 3/31/2020 12/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 23.1 $ 94.6 $ 117.7 $ 9.9 $ 66.6 $ 76.5 Investments (2) 197.3 1,641.3 1,838.6 281.1 1,891.3 2,172.4 Other assets 8.1 59.9 68.0 10.6 17.4 28.0 Total assets 228.5 1,795.8 2,024.3 301.6 1,975.3 2,276.9 Liabilities 10.9 72.0 82.9 12.2 27.0 39.2 Net assets $ 217.6 $ 1,723.8 $ 1,941.4 $ 289.4 $ 1,948.3 $ 2,237.7 Attributable to T. Rowe Price Group $ 155.0 $ 815.4 $ 970.4 $ 199.6 $ 917.1 $ 1,116.7 Attributable to redeemable non-controlling interests 62.6 908.4 971.0 89.8 1,031.2 1,121.0 $ 217.6 $ 1,723.8 $ 1,941.4 $ 289.4 $ 1,948.3 $ 2,237.7 (1) Cash and cash equivalents includes $22.5 million and $9.1 million at March 31, 2020 , and December 31, 2019 , respectively, of T. Rowe Price money market mutual funds. (2) Investments includes $35.3 million and $40.2 million at March 31, 2020 , and December 31, 2019 , 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 months ended March 31, 2020 and 2019 , are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2020 3/31/2019 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.2 ) $ (3.5 ) $ (3.7 ) $ (.3 ) $ (2.8 ) $ (3.1 ) Net investment income (loss) reflected in non-operating income (loss) (35.2 ) (295.1 ) (330.3 ) 8.0 93.9 101.9 Impact on income before taxes $ (35.4 ) $ (298.6 ) $ (334.0 ) $ 7.7 $ 91.1 $ 98.8 Net income (loss) attributable to T. Rowe Price Group $ (22.6 ) $ (134.9 ) $ (157.5 ) $ 8.7 $ 48.7 $ 57.4 Net income (loss) attributable to redeemable non-controlling interests (12.8 ) (163.7 ) (176.5 ) (1.0 ) 42.4 41.4 $ (35.4 ) $ (298.6 ) $ (334.0 ) $ 7.7 $ 91.1 $ 98.8
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 three months ended March 31, 2020 and 2019 . Three months ended 3/31/2020 3/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by operating activities $ 11.3 $ (87.0 ) $ (75.7 ) $ (28.7 ) $ (65.0 ) $ (93.7 ) Net cash provided by (used in) investing activities (.8 ) — (.8 ) (5.1 ) 1.7 (3.4 ) Net cash used in financing activities 2.7 116.2 118.9 31.6 72.2 103.8 Effect of exchange rate changes on cash and cash equivalents of consolidated — (1.2 ) (1.2 ) — (.7 ) (.7 ) Net change in cash and cash equivalents during period 13.2 28.0 41.2 (2.2 ) 8.2 6.0 Cash and cash equivalents at beginning of year 9.9 66.6 76.5 18.5 51.6 70.1 Cash and cash equivalents at end of period $ 23.1 $ 94.6 $ 117.7 $ 16.3 $ 59.8 $ 76.1
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. 3/31/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 22.5 $ — $ 9.1 $ 1.1 Equity securities 149.9 548.3 162.8 724.5 Fixed income securities — 1,097.9 — 1,248.6 Other investments 3.3 39.2 2.7 33.8 $ 175.7 $ 1,685.4 $ 174.6 $ 2,008.0 Liabilities $ (2.3 ) $ (31.9 ) $ (.4 ) $ (11.2 )

STOCK-BASED COMPENSATION. (Tabl

STOCK-BASED COMPENSATION. (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Rollforward of stock options	The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2020 . Options Weighted- average exercise price Outstanding at December 31, 2019 7,388,068 $ 71.06 Exercised (1,540,694 ) $ 67.50 Forfeited (1,428 ) $ 76.00 Outstanding at March 31, 2020 5,845,946 $ 72.00 Exercisable at March 31, 2020 5,176,419 $ 71.50
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 three months ended March 31, 2020 . Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2019 7,404 6,718,261 $ 98.75 Time-based grants — 15,184 $ 126.33 Dividend equivalents granted to non-employee directors — 643 $ 98.80 Vested — (62,499 ) $ 95.26 Forfeited — (34,004 ) $ 97.30 Nonvested at March 31, 2020 7,404 6,637,585 $ 98.85
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 March 31, 2020 . 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) Second quarter 2020 $ 54.5 Third quarter 2020 53.2 Fourth quarter 2020 46.2 2021 108.1 2022 through 2026 90.0 Total $ 352.0

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS. (Tables)	3 Months Ended
	Mar. 31, 2020
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 (in millions) 3/31/2020 3/31/2019 Net income attributable to T. Rowe Price Group $ 343.1 $ 512.6 Less: net income allocated to outstanding restricted stock and stock unit holders 9.4 13.0 Net income allocated to common stockholders $ 333.7 $ 499.6 Weighted-average common shares Outstanding 234.1 236.6 Outstanding assuming dilution 236.8 239.6

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Changes in accumulated other comprehensive loss	he changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended March 31, 2020 and 2019 are presented in the table below. Three months ended 3/31/2020 Three months ended 3/31/2019 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 $ (46.9 ) $ 3.9 $ (43.0 ) $ (48.8 ) $ 6.8 $ (42.0 ) Other comprehensive income (loss) before reclassifications and income taxes (.1 ) (7.9 ) (8.0 ) 4.9 (4.5 ) .4 Reclassification adjustments recognized in non-operating income — (.1 ) (.1 ) — (.1 ) (.1 ) (.1 ) (8.0 ) (8.1 ) 4.9 (4.6 ) .3 Net deferred tax benefits (income taxes) — 2.0 2.0 (1.1 ) 1.2 .1 Other comprehensive income (loss) (.1 ) (6.0 ) (6.1 ) 3.8 (3.4 ) .4 Balances at end of period $ (47.0 ) $ (2.1 ) $ (49.1 ) $ (45.0 ) $ 3.4 $ (41.6 ) The other comprehensive income (loss) in the table above excludes $17.2 million and $1.3 million of other comprehensive loss related to redeemable non-controlling interests held in our consolidated products for the three months ended March 31, 2020 and 2019 , respectively.

INFORMATION ABOUT RECEIVABLES_3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Investment Advisory Services) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue and Services [Line Items]
Net revenues	$ 1,462.6	$ 1,327.3
Average assets under management	1,162,700	1,043,500
Period end assets under management	1,008,800		$ 1,206,800
T. Rowe Price investment products
Revenue and Services [Line Items]
Net revenues	1,207.7	1,093.4
U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	981.3	922.7
Average assets under management	654,300	610,100
Period end assets under management	562,300		682,700
U.S. mutual funds | Equity and blended assets
Revenue and Services [Line Items]
Average assets under management	525,000	487,600
Period end assets under management	443,600		552,400
U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	129,300	122,500
Period end assets under management	118,700		130,300
Subadvised and separate accounts and other investment products
Revenue and Services [Line Items]
Net revenues	451.6	378.3
Average assets under management	508,400	433,400
Period end assets under management	446,500		524,100
Subadvised and separate accounts and other investment products | Equity and blended assets
Revenue and Services [Line Items]
Average assets under management	396,300	332,900
Period end assets under management	340,900		412,100
Subadvised and separate accounts and other investment products | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	112,100	100,500
Period end assets under management	105,600		$ 112,000
Other clients
Revenue and Services [Line Items]
Net revenues	29.7	26.3
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,327.8	1,194.2
Investment advisory fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	876.2	815.9
Investment advisory fees | U.S. mutual funds | Equity and blended assets
Revenue and Services [Line Items]
Net revenues	749.8	694.5
Investment advisory fees | U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	126.4	121.4
Investment advisory fees | Subadvised and separate accounts and other investment products
Revenue and Services [Line Items]
Net revenues	451.6	378.3
Investment advisory fees | Subadvised and separate accounts and other investment products | Equity and blended assets
Revenue and Services [Line Items]
Net revenues	385.2	318.8
Investment advisory fees | Subadvised and separate accounts and other investment products | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	66.4	59.5
Investment advisory fees | Other clients
Revenue and Services [Line Items]
Net revenues	0	0
Administrative fees
Revenue and Services [Line Items]
Net revenues	106.9	102.9
Administrative fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	77.2	76.6
Administrative fees | Subadvised and separate accounts and other investment products
Revenue and Services [Line Items]
Net revenues	0	0
Administrative fees | Other clients
Revenue and Services [Line Items]
Net revenues	29.7	26.3
Distribution and servicing fees
Revenue and Services [Line Items]
Net revenues	27.9	30.2
Distribution and servicing fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	27.9	30.2
Distribution and servicing fees | Subadvised and separate accounts and other investment products
Revenue and Services [Line Items]
Net revenues	0	0
Distribution and servicing fees | Other clients
Revenue and Services [Line Items]
Net revenues	$ 0	$ 0

INFORMATION ABOUT RECEIVABLES_4

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Services Concentration and Receivables) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Concentration Risk [Line Items]
Net revenues			$ 1,462.6	$ 1,327.3
Accounts receivable	$ 585.3	$ 646.6	585.3
T. Rowe Price investment products
Concentration Risk [Line Items]
Net revenues			1,207.7	$ 1,093.4
Accounts receivable	$ 374.3	$ 424.8	$ 374.3
Outside U.S. | Assets under management | Investment advisory clients | Geographic concentration
Concentration Risk [Line Items]
Concentration risk, percentage	7.40%	6.90%

INVESTMENTS. (Investments) (Det

INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
U.S. Treasury note	$ 1		$ 1
Total	2,731.3		2,939.8
Net unrealized gains (losses) on T. Rowe Price investments product recognized in nonoperating income	(103.6)	$ 50.6
Gains recognized upon deconsolidation	(500.3)	202.8
Reclassification out of accumulated other comprehensive income | Currency translation adjustments
Schedule of Equity Method Investments [Line Items]
Gains recognized upon deconsolidation	0.1	0.1
Assets
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(46.2)	12.3
Liability
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(2.4)	(0.9)
Redeemable noncontrolling interest
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(20.1)	$ 20.4
T. Rowe Price investment products
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	1,088.1		1,402.9
Equity method investments	864.5		705.6
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	500		561.1
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	105.5		99.7
26% interest in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 166.8		$ 164.5
Equity method investment (ownership percentage)	26.00%		26.00%
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 5.4		$ 5

INVESTMENTS. (Variable Interest

INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investment carrying values	$ 129.4	$ 156
Unfunded capital commitments	15.6	18.1
Uncollected investment advisory and administrative fees	7.1	10.5
Maximum risk of loss related to nonconsolidated variable interest entities	$ 152.1	$ 184.6

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	$ 1,164.9	$ 1,355.6
Total	2,740.6	3,309.7
Level 2 | Fair value, measurements, recurring
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	12.4	9.9
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	105.5	99.7
T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	1,088.1	1,402.9
T. Rowe Price investment products | Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	1,075.7	1,393
T. Rowe Price investment products | Level 2 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	12.4	9.9
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	500	561.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability | Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	500	561.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability | Level 2 | Fair value, measurements, recurring
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	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,562.4	$ 1,781.8
Investments	2,731.3	2,939.8
Other assets	255.1	234.4
Total assets	8,636.9	9,330.4
Liabilities	1,231.9	1,107.3
Attributable to redeemable non-controlling interests	971	1,121	$ 886.7	$ 740.3
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,941.4	2,237.7
Attributable to T. Rowe Price Group	970.4	1,116.7
Attributable to redeemable non-controlling interests	971	1,121
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	117.7	76.5
Investments	1,838.6	2,172.4
Other assets	68	28
Total assets	2,024.3	2,276.9
Liabilities	82.9	39.2
Net assets	1,941.4	2,237.7
Consolidated T. Rowe Price investment products | Reportable entities | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	35.3	40.2
Consolidated T. Rowe Price investment products | Money Market Funds | Reportable entities | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	22.5	9.1
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	217.6	289.4
Attributable to T. Rowe Price Group	155	199.6
Attributable to redeemable non-controlling interests	62.6	89.8
Voting interest entities | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	23.1	9.9
Investments	197.3	281.1
Other assets	8.1	10.6
Total assets	228.5	301.6
Liabilities	10.9	12.2
Net assets	217.6	289.4
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,723.8	1,948.3
Attributable to T. Rowe Price Group	815.4	917.1
Attributable to redeemable non-controlling interests	908.4	1,031.2
Variable interest entities | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	94.6	66.6
Investments	1,641.3	1,891.3
Other assets	59.9	17.4
Total assets	1,795.8	1,975.3
Liabilities	72	27
Net assets	$ 1,723.8	$ 1,948.3

CONSOLIDATED T. ROWE PRICE IN_4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (755.4)	$ (794.8)
Income before income taxes	206.9	735.3
Net income (loss) attributable to redeemable non-controlling interests	(176.5)	41.4
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.5)	(1.5)
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(334)	98.8
Net income (loss) attributable to T. Rowe Price Group	(157.5)	41.4
Net income (loss) attributable to redeemable non-controlling interests	(176.5)	57.4
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.7)	(3.1)
Net investment income (loss) reflected in non-operating income (loss)	(330.3)	101.9
Income before income taxes	(334)	98.8
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(35.4)	7.7
Net income (loss) attributable to T. Rowe Price Group	(22.6)	(1)
Net income (loss) attributable to redeemable non-controlling interests	(12.8)	8.7
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.2)	(0.3)
Net investment income (loss) reflected in non-operating income (loss)	(35.2)	8
Income before income taxes	(35.4)	7.7
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(298.6)	91.1
Net income (loss) attributable to T. Rowe Price Group	(134.9)	42.4
Net income (loss) attributable to redeemable non-controlling interests	(163.7)	48.7
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.5)	(2.8)
Net investment income (loss) reflected in non-operating income (loss)	(295.1)	93.9
Income before income taxes	$ (298.6)	$ 91.1

CONSOLIDATED T. ROWE PRICE IN_5

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 787.7	$ 578.7
Net cash provided by (used in) investing activities	27.6	(33.8)
Net cash used in financing activities	(992.3)	(306)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(1.2)	(0.7)
Net change in cash and cash equivalents during period	(178.2)	238.2
Cash and cash equivalents at beginning of period	1,858.3	1,495.3
Cash and cash equivalents at ending of period	1,680.1	1,733.5
Consolidation eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in financing activities	42.8	37.8
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of period	76.5	70.1
Cash and cash equivalents at ending of period	117.7	76.1
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(75.7)	(93.7)
Net cash provided by (used in) investing activities	(0.8)	(3.4)
Net cash used in financing activities	118.9	103.8
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(1.2)	(0.7)
Net change in cash and cash equivalents during period	41.2	6
Cash and cash equivalents at beginning of period	76.5	70.1
Cash and cash equivalents at ending of period	117.7	76.1
Voting interest entities | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	11.3	(28.7)
Net cash provided by (used in) investing activities	(0.8)	(5.1)
Net cash used in financing activities	2.7	31.6
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	13.2	(2.2)
Cash and cash equivalents at beginning of period	9.9	18.5
Cash and cash equivalents at ending of period	23.1	16.3
Variable interest entities | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(87)	(65)
Net cash provided by (used in) investing activities	0	1.7
Net cash used in financing activities	116.2	72.2
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(1.2)	(0.7)
Net change in cash and cash equivalents during period	28	8.2
Cash and cash equivalents at beginning of period	66.6	51.6
Cash and cash equivalents at ending of period	$ 94.6	$ 59.8

CONSOLIDATED T. ROWE PRICE IN_6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Fair Value Measurements) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,164.9	$ 1,355.6
Total	2,740.6	3,309.7
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	12.4	9.9
Consolidated T. Rowe Price investment products | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	22.5	9.1
Total	175.7	174.6
Liabilities	(2.3)	(0.4)
Consolidated T. Rowe Price investment products | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	1.1
Total	1,685.4	2,008
Liabilities	(31.9)	(11.2)
Consolidated T. Rowe Price investment products | Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	149.9	162.8
Consolidated T. Rowe Price investment products | Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	548.3	724.5
Consolidated T. Rowe Price investment products | Fixed income securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Consolidated T. Rowe Price investment products | Fixed income securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,097.9	1,248.6
Consolidated T. Rowe Price investment products | Other investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3.3	2.7
Consolidated T. Rowe Price investment products | Other investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 39.2	$ 33.8

STOCKHOLDERS' EQUITY. (Details)

STOCKHOLDERS' EQUITY. (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Common stock repurchases liability	$ 7.9	$ 12.2

STOCK-BASED COMPENSATION. (Stoc

STOCK-BASED COMPENSATION. (Stock Options) (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) | shares	7,388,068
Exercised (in shares) | shares	(1,540,694)
Forfeited (in shares) | shares	(1,428)
Outstanding, ending balance (in shares) | shares	5,845,946
Exercisable at current period-end (in shares) | shares	5,176,419
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price of options outstanding, beginning balance (in dollars per share) | $ / shares	$ 71.06
Weighted-average exercise price of options exercised (in dollars per share) | $ / shares	67.50
Weighted-average exercise price of options forfeited (in dollars per share) | $ / shares	76
Weighted-average exercise price of options outstanding, ending balance (in dollars per share) | $ / shares	72
Weighted-average exercise price of options exercisable at current period-end (in dollars per share) | $ / shares	$ 71.50

STOCK-BASED COMPENSATION. (Rest

STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details)	3 Months Ended
	Mar. 31, 2020$ / 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, beginning balance (in dollars per share) | $ / shares	$ 98.75
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) | $ / shares	126.33
Nonvested dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	98.80
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	95.26
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	97.30
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) | $ / shares	$ 98.85
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	7,404
Grants (in shares)	0
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	7,404
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	6,718,261
Grants (in shares)	15,184
Nonvested dividend equivalents granted to non-employee directors (in shares)	643
Vested (in shares)	(62,499)
Forfeited (in shares)	(34,004)
Nonvested, ending balance (in shares)	6,637,585
Restricted stock units | Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, ending balance (in shares)	403,008
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)	318,768

STOCK-BASED COMPENSATION. (Futu

STOCK-BASED COMPENSATION. (Future Stock-Based Compensation Expense) (Details) $ in Millions	Mar. 31, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Second quarter 2020	$ 54.5
Third quarter 2020	53.2
Fourth quarter 2020	46.2
2021	108.1
2022 through 2026	90
Total	$ 352

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0
Net income attributable to T. Rowe Price Group	$ 343.1	$ 512.6
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	9.4	13
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	9.4	13
Net income allocated to common stockholders (basic)	333.7	499.6
Net income allocated to common stockholders (diluted)	$ 333.7	$ 499.6
Weighted-average common shares
Outstanding (in shares)	234,100,000	236,600,000
Outstanding assuming dilution (in shares)	236,800,000	239,600,000

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 7,102.1	$ 6,124.3
Other comprehensive income (loss)	(6.1)	0.4
Balances at end of period	6,434	6,311
Other comprehensive loss, net of tax, attributable to redeemable non-controlling interests	17.2	1.3
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(43)	(42)
Other comprehensive income (loss) before reclassifications and income taxes	(8)	0.4
Reclassification adjustments recognized in non-operating income	(0.1)	(0.1)
Other comprehensive income (loss), before taxes	(8.1)	0.3
Net deferred tax benefits (income taxes)	2	0.1
Other comprehensive income (loss)	(6.1)	0.4
Balances at end of period	(49.1)	(41.6)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(46.9)	(48.8)
Other comprehensive income (loss) before reclassifications and income taxes	(0.1)	4.9
Reclassification adjustments recognized in non-operating income	0	0
Other comprehensive income (loss), before taxes	(0.1)	4.9
Net deferred tax benefits (income taxes)	0	(1.1)
Other comprehensive income (loss)	(0.1)	3.8
Balances at end of period	(47)	(45)
Consolidated T. Rowe Price investment products - variable interest entities | Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	3.9	6.8
Other comprehensive income (loss) before reclassifications and income taxes	(7.9)	(4.5)
Reclassification adjustments recognized in non-operating income	(0.1)	(0.1)
Other comprehensive income (loss), before taxes	(8)	(4.6)
Net deferred tax benefits (income taxes)	2	1.2
Other comprehensive income (loss)	(6)	(3.4)
Balances at end of period	$ (2.1)	$ 3.4