T. Rowe Price (TROW) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-32191
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		226,432,807
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Central Index Key	0001113169
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 2,228.2	$ 1,781.8
Accounts receivable and accrued revenue	714.8	646.6
Investments	3,030.8	2,939.8
Assets of consolidated T. Rowe Price investment products ($2,255.3 million at September 30, 2020 and $1,975.3 million at December 31, 2019, related to variable interest entities)	2,442.3	2,276.9
Operating lease assets	139.2	110.8
Property and equipment, net	681.9	674.4
Goodwill	665.7	665.7
Other assets	231.7	234.4
Total assets	10,134.6	9,330.4
LIABILITIES
Accounts payable and accrued expenses	186.9	214.5
Liabilities of consolidated T. Rowe Price investment products ($36.8 million at September 30, 2020 and $27.0 million at December 31, 2019, related to variable interest entities)	46.5	39.2
Operating lease liabilities	175.3	146.3
Accrued compensation and related costs	583.3	112.1
Supplemental savings plan liability	607.2	563.4
Income taxes payable	66.7	31.8
Total liabilities	1,665.9	1,107.3
Commitments and contingent liabilities
Redeemable non-controlling interests	1,340.2	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 226,375,000 shares at September 30, 2020 and 235,214,000 at December 31, 2019	45.3	47
Additional capital in excess of par value	654.6	654.6
Retained earnings	6,471.3	6,443.5
Accumulated other comprehensive loss	(42.7)	(43)
Total permanent stockholders’ equity	7,128.5	7,102.1
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 10,134.6	$ 9,330.4

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets of consolidated T. Rowe Price investment products	$ 2,442.3	$ 2,276.9
Liabilities of consolidated T. Rowe Price investment products	$ 46.5	$ 39.2
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	226,375,000	235,214,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 2,255.3	$ 1,975.3
Liabilities of consolidated T. Rowe Price investment products	$ 36.8	$ 27

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Net revenues	$ 1,595.8	$ 1,426.7	$ 4,473.8	$ 4,149.2
Operating expenses
Compensation and related costs	552.3	466.3	1,542	1,441
Distribution and servicing	73.5	64.5	201.2	195.3
Advertising and promotion	14.2	17.1	52.5	58.5
Product-related costs	36.8	38	118	115.6
Technology, occupancy, and facility costs	115.6	106.5	332.3	309.5
General, administrative, and other	74.5	75.2	238	222.6
Total operating expenses	866.9	767.6	2,484	2,342.5
Net operating income	728.9	659.1	1,989.8	1,806.7
Non-operating income (loss)
Net gains on investments	84.6	32.1	100.6	194
Net gains on consolidated investment products	101.2	11.6	13.3	176.3
Other income (loss)	5.8	(0.7)	(7.5)	0
Total non-operating income	191.6	43	106.4	370.3
Income before income taxes	920.5	702.1	2,096.2	2,177
Provision for income taxes	221.9	157	502.5	522
Net income	698.6	545.1	1,593.7	1,655
Less: net income (loss) attributable to redeemable non-controlling interests	55.4	(0.8)	4.4	69
Net income attributable to T. Rowe Price Group	$ 643.2	$ 545.9	$ 1,589.3	$ 1,586
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 2.75	$ 2.26	$ 6.73	$ 6.55
Diluted (in dollars per share)	$ 2.73	$ 2.23	$ 6.66	$ 6.47
Investment advisory fees
Revenues
Net revenues	$ 1,469.3	$ 1,303.4	$ 4,090.9	$ 3,767.8
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 126.5	$ 123.3	$ 382.9	$ 381.4

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 698.6	$ 545.1	$ 1,593.7	$ 1,655
Other comprehensive income (loss)
Other comprehensive income (loss) before income taxes	33.5	(31)	14.7	(26.9)
Net deferred tax benefits (income taxes)	(3.2)	3.4	(0.5)	2.5
Total other comprehensive income (loss)	30.3	(27.6)	14.2	(24.4)
Total comprehensive income	728.9	517.5	1,607.9	1,630.6
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	76.2	(18.2)	18.3	51.3
Total comprehensive income attributable to T. Rowe Price Group	652.7	535.7	1,589.6	1,579.3
Equity method investments
Other comprehensive income (loss)
Currency translation adjustments	0.1	(1)	(9.4)	5.4
Variable interest entities
Other comprehensive income (loss)
Consolidated T. Rowe Price investment products - variable interest entities	33.4	(30.1)	24.2	(32.2)
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	0	0.1	(0.1)	(0.1)
Currency translation adjustments	$ 33.4	$ (30)	$ 24.1	$ (32.3)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 1,593.7	$ 1,655
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	144	131.7
Stock-based compensation expense	164.5	136.1
Net gains recognized on investments	(75.3)	(137.3)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	(19.1)	(20.5)
Net change in securities held by consolidated T. Rowe Price investment products	(350.8)	(688.1)
Other changes in assets and liabilities	459.9	423.8
Net cash provided by operating activities	1,916.9	1,500.7
Cash flows from investing activities
Purchases of T. Rowe Price investment products	(240.3)	(35)
Dispositions of T. Rowe Price investment products	381.9	112
Net cash of T. Rowe Price investment products on deconsolidation	(49.1)	(8.3)
Additions to property and equipment	(155.4)	(148.9)
Other investing activity	9.8	3.5
Net cash used in investing activities	(53.1)	(76.7)
Cash flows from financing activities
Repurchases of common stock	(1,158.5)	(576)
Common share issuances under stock-based compensation plans	76.2	116.3
Dividends paid to common stockholders of T. Rowe Price Group	(635.7)	(550.4)
Net subscriptions received from redeemable non-controlling interest holders	298.7	387.1
Net cash used in financing activities	(1,419.3)	(623)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	3.4	(2.2)
Net change in cash and cash equivalents during period	447.9	798.8
Cash and cash equivalents at beginning of period	1,858.3	1,495.3
Cash and cash equivalents at ending of period	$ 2,306.2	$ 2,294.1

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Cash and cash equivalents at beginning of period	$ 1,858.3	$ 2,294.1	$ 1,495.3
Cash and cash equivalents at ending of period	2,306.2	1,858.3	2,294.1
Consolidated T. Rowe Price investment products
Cash and cash equivalents at beginning of period	76.5	80.9	70.1
Cash and cash equivalents at ending of period	$ 78	$ 76.5	$ 80.9

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Restricted shares	Restricted stock units	Common stock	Common stockRestricted shares	Common stockRestricted stock units	Additional capital in excess of par value	Additional capital in excess of par valueRestricted shares	Additional capital in excess of par valueRestricted stock units	Retained earnings	AOCI	[1]
Beginning balance (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	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)				2,277,000
Shares issued upon option exercises	119.3			$ 0.4			118.9
Restricted shares issued, net of shares withheld for taxes (in shares)					7,000	51,000
Restricted shares issued, net of shares withheld for taxes		$ (0.1)	$ (2.6)					$ (0.1)	$ (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)
Ending balance (in shares) at Sep. 30, 2019				234,702,000
Balances at end of period 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 deconsolidations of T. Rowe Price investment products	(81.4)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2019	1,102.9
Beginning balance (in shares) at Jun. 30, 2019				235,518,000
Balances at beginning of period 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
Restricted shares issued, net of shares withheld for taxes (in shares)					0
Restricted shares issued, net of shares withheld for taxes		0						$ 0
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
Restricted stock units issued as dividend equivalents	0						0			0
Common shares repurchased (in shares)				(1,613,000)
Common shares repurchased	(173.1)			$ (0.3)			(80.7)			(92.1)
Ending balance (in shares) at Sep. 30, 2019				234,702,000
Balances at end of period 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 deconsolidations of T. Rowe Price investment products	(72.3)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2019	1,102.9
Beginning balance (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	1,589.3									1,589.3
Other comprehensive income (loss), net of tax	0.3										0.3
Dividends declared	$ (635.3)									(635.3)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)	2,555,527			1,856,000
Shares issued upon option exercises	$ 83.2			$ 0.4			82.8
Restricted shares issued, net of shares withheld for taxes (in shares)					8,000	60,000
Restricted shares issued, net of shares withheld for taxes		$ 0	(4.8)						(4.8)
Stock-based compensation expense	164.3						164.3
Restricted stock units issued as dividend equivalents							0.2			(0.2)
Common shares repurchased (in shares)				(10,763,000)
Common shares repurchased	(1,170.6)			$ (2.1)			(242.5)			(926)
Ending balance (in shares) at Sep. 30, 2020				226,375,000
Balances at end of period at Sep. 30, 2020	7,128.5			$ 45.3			654.6			6,471.3	(42.7)
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	4.4
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(13.9)
Net subscriptions into consolidated T. Rowe Price investment products	307.8
Net deconsolidations of T. Rowe Price investment products	(106.9)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2020	1,340.2
Beginning balance (in shares) at Jun. 30, 2020				226,990,000
Balances at beginning of period at Jun. 30, 2020	6,750.7			$ 45.4			654.6			6,102.9	(52.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	643.2									643.2
Other comprehensive income (loss), net of tax	9.5										9.5
Dividends declared	(210.2)									(210.2)
Common stock-based compensation plans activity
Shares issued upon option exercises (in shares)				492,000
Shares issued upon option exercises	26			$ 0.1			25.9
Restricted shares issued, net of shares withheld for taxes (in shares)					0
Net shares issued upon vesting of restricted stock units (in shares)						17,000
Net shares issued upon vesting of restricted stock units			$ (1.6)						$ (1.6)
Stock-based compensation expense	52.8						52.8
Restricted stock units issued as dividend equivalents							0.1			(0.1)
Common shares repurchased (in shares)				(1,124,000)
Common shares repurchased	(141.9)			$ (0.2)			(77.2)			(64.5)
Ending balance (in shares) at Sep. 30, 2020				226,375,000
Balances at end of period at Sep. 30, 2020	7,128.5			$ 45.3			$ 654.6			$ 6,471.3	$ (42.7)
Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2020	1,090.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests	55.4
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(20.8)
Net subscriptions into consolidated T. Rowe Price investment products	217.9
Net deconsolidations of T. Rowe Price investment products	(44)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2020	$ 1,340.2
[1]	Accumulated other comprehensive income.

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retained earnings
Cash dividends declared (in dollars per share)	$ 0.90	$ 0.76	$ 2.70	$ 2.28

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION.	9 Months Ended
	Sep. 30, 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”), subadvised funds, separately managed accounts, collective investment trusts, and other T. Rowe Price products. The other T. Rowe Price products include: 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. Certain prior year amounts have been reclassified to conform to the 2020 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 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 September 30, 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.	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019 under agreements with clients include: Three months ended 9/30/2020 Three months ended 9/30/2019 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 $ 939.5 $ 72.4 $ 28.5 $ 1,040.4 $ 881.0 $ 69.0 $ 30.1 $ 980.1 Subadvised funds, separate accounts, collective investment trusts, and other investment products 529.8 — — 529.8 422.4 — — 422.4 Other clients — 25.6 — 25.6 — 24.2 — 24.2 $ 1,469.3 $ 98.0 $ 28.5 $ 1,595.8 $ 1,303.4 $ 93.2 $ 30.1 $ 1,426.7 Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 $ 2,638.8 $ 219.0 $ 82.1 $ 2,939.9 $ 2,557.6 $ 215.3 $ 90.4 $ 2,863.3 Subadvised funds, separate accounts, collective investment trusts, and other investment products 1,452.1 — — 1,452.1 1,210.2 — — 1,210.2 Other clients — 81.8 — 81.8 — 75.7 — 75.7 $ 4,090.9 $ 300.8 $ 82.1 $ 4,473.8 $ 3,767.8 $ 291.0 $ 90.4 $ 4,149.2 Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,302.3 million and $1,180.9 million for the three months ended September 30, 2020 and 2019, respectively. Total net revenues earned during the nine months ended September 30, 2020 and 2019 aggregate $3,652.8 million and $3,421.9 million, respectively. Accounts receivable from these products aggregate to $442.0 million at September 30, 2020, and $424.8 million at December 31, 2019. In the second quarter of 2020, we changed our fee structure of the target date retirement funds such that our investment advisory fee revenue is now earned at the target date retirement fund level rather than at the underlying mutual fund level. As a result, we have modified our investment advisory fee and assets under management presentation below to separately breakout the fees earned from clients and related assets under management of our multi-asset portfolios. All prior periods have been recast to conform to this new presentation and to provide comparability. The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 U.S. mutual funds Equity $ 636.3 $ 570.2 $ 1,750.6 $ 1,641.4 Fixed income, including money market 66.6 70.7 205.1 208.6 Multi-asset 236.6 240.1 683.1 707.6 939.5 881.0 2,638.8 2,557.6 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 339.6 259.5 924.7 751.0 Fixed income, including money market 38.4 39.7 110.3 116.0 Multi-asset 151.8 123.2 417.1 343.2 529.8 422.4 1,452.1 1,210.2 Total $ 1,469.3 $ 1,303.4 $ 4,090.9 $ 3,767.8 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) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 9/30/2020 12/31/2019 U.S. mutual funds Equity $ 433.4 $ 384.4 $ 398.9 $ 371.5 $ 442.3 $ 407.1 Fixed income, including money market 78.1 73.3 76.0 71.3 77.6 73.7 Multi-asset 197.3 192.8 189.1 190.4 196.3 201.9 708.8 650.5 664.0 633.2 716.2 682.7 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 338.8 262.4 303.3 251.1 343.5 291.7 Fixed income, including money market 82.4 80.9 80.3 78.9 83.5 74.2 Multi-asset 162.9 136.4 151.3 128.3 167.2 158.2 584.1 479.7 534.9 458.3 594.2 524.1 Total $ 1,292.9 $ 1,130.2 $ 1,198.9 $ 1,091.5 $ 1,310.4 $ 1,206.8

INVESTMENTS.

INVESTMENTS.	9 Months Ended
	Sep. 30, 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) 9/30/2020 12/31/2019 Investments held at fair value T. Rowe Price investment products - discretionary investments $ 1,005.6 $ 1,221.8 T. Rowe Price investment products - seed capital 160.0 181.1 T. Rowe Price investment products - supplemental savings plan liability economic hedges 565.3 561.1 Investment partnerships and other investments 99.4 99.7 Equity method investments T. Rowe Price investment products - discretionary investments 829.1 610.0 T. Rowe Price investment products - seed capital 166.2 95.6 T. Rowe Price investment products - supplemental savings plan liability economic hedges 40.4 — 26% interest in UTI Asset Management Company Limited (India) 158.5 164.5 Investment partnerships and other investments 5.3 5.0 U.S. Treasury note 1.0 1.0 Total $ 3,030.8 $ 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- and nine-months ended September 30, 2020, net gains on investments included $75.5 million and $53.6 million, respectively, of net unrealized gains related to investments held at fair value that were still held at September 30, 2020. For the same periods of 2019, the net gains on investments included $4.8 million and $84.2 million, respectively, of net unrealized gains on investments held at fair value that were still held at September 30, 2019. During the nine months ended September 30, 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 nine months ended September 30, 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 Nine months ended (in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (132.2) $ (113.5) $ (278.4) $ (169.6) Net decrease in liabilities of consolidated T. Rowe Price investment products $ (4.0) $ (9.8) $ (7.6) $ (11.0) Net increase (decrease) in redeemable non-controlling interests $ (44.0) $ (72.3) $ (106.9) $ (81.4) Gains (losses) recognized upon deconsolidation $ — $ (.1) $ .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. In October 2020, UTI Asset Management Company Limited (India), one of our equity method investments, held an initial public offering in India. As part of the offering, we sold a portion of our 26% interest and recorded a net gain on the sale of approximately $3.5 million in the fourth quarter of 2020. Subsequent to the sale, we have an ownership interest of 23% in UTI Asset Management Company Limited (India). VARIABLE INTEREST ENTITIES. Our investments at September 30, 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) 9/30/2020 12/31/2019 Investment carrying values $ 118.9 $ 156.0 Unfunded capital commitments 13.2 18.1 Uncollected investment advisory and administrative fees 14.0 10.5 $ 146.1 $ 184.6

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS. We determine the fair value of our cash equivalents and investments held at fair value 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. 9/30/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,870.9 $ — $ 1,355.6 $ — T. Rowe Price investment products - discretionary investments 1,005.6 — 1,221.8 — T. Rowe Price investment products - seed capital 149.7 10.3 171.2 9.9 T. Rowe Price investment products - supplemental savings plan liability economic hedges 565.3 — 561.1 — Other investments 2.0 .6 — — Total $ 3,593.5 $ 10.9 $ 3,309.7 $ 9.9 As required by the accounting guidance, the fair value hierarchy level 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

CONSOLIDATED T. ROWE PRICE INVE

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS.	9 Months Ended
	Sep. 30, 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: 9/30/2020 12/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 5.2 $ 72.8 $ 78.0 $ 9.9 $ 66.6 $ 76.5 Investments (2) 178.8 2,150.3 2,329.1 281.1 1,891.3 2,172.4 Other assets 3.0 32.2 35.2 10.6 17.4 28.0 Total assets 187.0 2,255.3 2,442.3 301.6 1,975.3 2,276.9 Liabilities 9.7 36.8 46.5 12.2 27.0 39.2 Net assets $ 177.3 $ 2,218.5 $ 2,395.8 $ 289.4 $ 1,948.3 $ 2,237.7 Attributable to T. Rowe Price Group $ 126.2 $ 929.4 $ 1,055.6 $ 199.6 $ 917.1 $ 1,116.7 Attributable to redeemable non-controlling interests 51.1 1,289.1 1,340.2 89.8 1,031.2 1,121.0 $ 177.3 $ 2,218.5 $ 2,395.8 $ 289.4 $ 1,948.3 $ 2,237.7 (1) Cash and cash equivalents includes $5.1 million at September 30, 2020, and $9.1 million at December 31, 2019, of T. Rowe Price money market mutual funds. (2) Investments includes $18.9 million at September 30, 2020, and $40.2 million at December 31, 2019 of other 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, 2020 and 2019, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2020 9/30/2019 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.7) $ (3.7) $ (4.4) $ (.6) $ (3.1) $ (3.7) Net investment income (loss) reflected in non-operating income (loss) 13.1 88.1 101.2 1.5 10.1 11.6 Impact on income before taxes $ 12.4 $ 84.4 $ 96.8 $ .9 $ 7.0 $ 7.9 Net income (loss) attributable to T. Rowe Price Group $ 7.0 $ 34.4 $ 41.4 $ .7 $ 8.0 $ 8.7 Net income (loss) attributable to redeemable non-controlling interests 5.4 50.0 55.4 .2 (1.0) (.8) $ 12.4 $ 84.4 $ 96.8 $ .9 $ 7.0 $ 7.9 Nine months ended 9/30/2020 9/30/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.2) $ (10.5) $ (11.7) $ (1.6) $ (9.0) $ (10.6) Net investment income (loss) reflected in non-operating income (5.7) 19.0 13.3 20.9 155.4 176.3 Impact on income before taxes $ (6.9) $ 8.5 $ 1.6 $ 19.3 $ 146.4 $ 165.7 Net income (loss) attributable to T. Rowe Price Group $ (2.7) $ (.1) $ (2.8) $ 14.6 $ 82.1 $ 96.7 Net income (loss) attributable to redeemable non-controlling interests (4.2) 8.6 4.4 4.7 64.3 69.0 $ (6.9) $ 8.5 $ 1.6 $ 19.3 $ 146.4 $ 165.7 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 $2.7 million and $2.6 million for the three months ended September 30, 2020 and 2019, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2020 and 2019, were $7.3 million and $6.3 million, respectively. 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 nine months ended September 30, 2020 and 2019. Nine months ended 9/30/2020 9/30/2019 (in millions) Voting interest entities Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (105.7) $ (241.0) $ (346.7) $ (15.1) $ (508.4) $ (523.5) Net cash used in investing activities (23.4) (25.7) (49.1) (7.4) (.9) (8.3) Net cash provided by in financing activities 124.4 269.5 393.9 15.5 529.3 544.8 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — 3.4 3.4 — (2.2) (2.2) Net change in cash and cash equivalents during period (4.7) 6.2 1.5 (7.0) 17.8 10.8 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 $ 5.2 $ 72.8 $ 78.0 $ 11.5 $ 69.4 $ 80.9 The net cash provided by financing activities during the nine months ended September 30, 2020 and 2019 includes $95.2 million and $157.7 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. 9/30/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 5.1 $ — $ 9.1 $ 1.1 Equity securities 277.0 761.6 162.8 724.5 Fixed income securities — 1,262.4 — 1,248.6 Other investments 2.7 25.4 2.7 33.8 $ 284.8 $ 2,049.4 $ 174.6 $ 2,008.0 Liabilities $ (.2) $ (12.8) $ (.4) $ (11.2)

STOCKHOLDERS' EQUITY.

STOCKHOLDERS' EQUITY.	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY.Accounts payable and accrued expenses includes liabilities of $12.2 million at December 31, 2019, for common stock repurchases that settled during the first week of January 2020.

STOCK-BASED COMPENSATION.

STOCK-BASED COMPENSATION.	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020. Options Weighted- average exercise price Outstanding at December 31, 2019 7,388,068 $ 71.06 Exercised (2,555,527) $ 68.53 Forfeited (6,874) $ 74.48 Outstanding at September 30, 2020 4,825,667 $ 72.39 Exercisable at September 30, 2020 4,165,306 $ 71.85 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, 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 7,412 53,484 $ 119.80 Dividend equivalents granted to non-employee directors — 1,842 $ 116.19 Vested (7,404) (116,121) $ 93.25 Forfeited — (82,764) $ 97.29 Nonvested at September 30, 2020 7,412 6,574,702 $ 99.07 Nonvested at September 30, 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 September 30, 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) Fourth quarter 2020 $ 46.8 2021 109.1 2022 through 2026 90.6 Total $ 246.5

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.	9 Months Ended
	Sep. 30, 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 outstanding 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) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net income attributable to T. Rowe Price Group $ 643.2 $ 545.9 $ 1,589.3 $ 1,586.0 Less: net income allocated to outstanding restricted stock and stock unit holders 17.9 13.9 44.1 40.7 Net income allocated to common stockholders $ 625.3 $ 532.0 $ 1,545.2 $ 1,545.3 Weighted-average common shares Outstanding 227.0 234.9 229.5 235.8 Outstanding assuming dilution 229.4 238.2 231.9 239.0

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.	9 Months Ended
	Sep. 30, 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 September 30, 2020 and 2019 are presented in the table below. Three months ended 9/30/2020 Three months ended 9/30/2019 (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 $ (54.4) $ 2.2 $ (52.2) $ (43.8) $ 5.3 $ (38.5) Other comprehensive income (loss) before reclassifications and income taxes (2.0) 12.5 10.5 (1.0) (12.6) (13.6) Reclassification adjustments recognized in non-operating income — — — — .1 .1 (2.0) 12.5 10.5 (1.0) (12.5) (13.5) Net deferred tax benefits (income taxes) 2.1 (3.1) (1.0) .3 3.1 3.4 Other comprehensive income (loss) .1 9.4 9.5 (.7) (9.4) (10.1) Balances at end of period $ (54.3) $ 11.6 $ (42.7) $ (44.5) $ (4.1) $ (48.6) The other comprehensive income (loss) in the table above excludes $20.8 million in the 2020 quarter and $(17.4) million in the 2019 quarter of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products. The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2020 and 2019, are presented in the table below. Nine months ended 9/30/2020 Nine months ended 9/30/2019 (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 (9.4) 10.3 .9 5.4 (14.4) (9.0) Reclassification adjustments recognized in non-operating income — (.1) (.1) — (.1) (.1) (9.4) 10.2 .8 5.4 (14.5) (9.1) Net deferred tax benefits (income taxes) 2.0 (2.5) (.5) (1.1) 3.6 2.5 Other comprehensive income (loss) (7.4) 7.7 .3 4.3 (10.9) (6.6) Balances at end of period $ (54.3) $ 11.6 $ (42.7) $ (44.5) $ (4.1) $ (48.6) The other comprehensive income (loss) in the table above excludes $13.9 million for the 2020 period and $(17.7) million for the 2019 period of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	9 Months Ended
	Sep. 30, 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. Plaintiffs have filed a motion for partial summary judgment and defendants have filed a cross-motion for summary judgment, and briefing is underway. 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, 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 September 30, 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)	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019 under agreements with clients include: Three months ended 9/30/2020 Three months ended 9/30/2019 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 $ 939.5 $ 72.4 $ 28.5 $ 1,040.4 $ 881.0 $ 69.0 $ 30.1 $ 980.1 Subadvised funds, separate accounts, collective investment trusts, and other investment products 529.8 — — 529.8 422.4 — — 422.4 Other clients — 25.6 — 25.6 — 24.2 — 24.2 $ 1,469.3 $ 98.0 $ 28.5 $ 1,595.8 $ 1,303.4 $ 93.2 $ 30.1 $ 1,426.7 Nine months ended 9/30/2020 Nine months ended 9/30/2019 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 $ 2,638.8 $ 219.0 $ 82.1 $ 2,939.9 $ 2,557.6 $ 215.3 $ 90.4 $ 2,863.3 Subadvised funds, separate accounts, collective investment trusts, and other investment products 1,452.1 — — 1,452.1 1,210.2 — — 1,210.2 Other clients — 81.8 — 81.8 — 75.7 — 75.7 $ 4,090.9 $ 300.8 $ 82.1 $ 4,473.8 $ 3,767.8 $ 291.0 $ 90.4 $ 4,149.2 The following table details the investment advisory fees earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 U.S. mutual funds Equity $ 636.3 $ 570.2 $ 1,750.6 $ 1,641.4 Fixed income, including money market 66.6 70.7 205.1 208.6 Multi-asset 236.6 240.1 683.1 707.6 939.5 881.0 2,638.8 2,557.6 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 339.6 259.5 924.7 751.0 Fixed income, including money market 38.4 39.7 110.3 116.0 Multi-asset 151.8 123.2 417.1 343.2 529.8 422.4 1,452.1 1,210.2 Total $ 1,469.3 $ 1,303.4 $ 4,090.9 $ 3,767.8
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) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 9/30/2020 12/31/2019 U.S. mutual funds Equity $ 433.4 $ 384.4 $ 398.9 $ 371.5 $ 442.3 $ 407.1 Fixed income, including money market 78.1 73.3 76.0 71.3 77.6 73.7 Multi-asset 197.3 192.8 189.1 190.4 196.3 201.9 708.8 650.5 664.0 633.2 716.2 682.7 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 338.8 262.4 303.3 251.1 343.5 291.7 Fixed income, including money market 82.4 80.9 80.3 78.9 83.5 74.2 Multi-asset 162.9 136.4 151.3 128.3 167.2 158.2 584.1 479.7 534.9 458.3 594.2 524.1 Total $ 1,292.9 $ 1,130.2 $ 1,198.9 $ 1,091.5 $ 1,310.4 $ 1,206.8

INVESTMENTS. (Tables)

INVESTMENTS. (Tables)	9 Months Ended
	Sep. 30, 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) 9/30/2020 12/31/2019 Investments held at fair value T. Rowe Price investment products - discretionary investments $ 1,005.6 $ 1,221.8 T. Rowe Price investment products - seed capital 160.0 181.1 T. Rowe Price investment products - supplemental savings plan liability economic hedges 565.3 561.1 Investment partnerships and other investments 99.4 99.7 Equity method investments T. Rowe Price investment products - discretionary investments 829.1 610.0 T. Rowe Price investment products - seed capital 166.2 95.6 T. Rowe Price investment products - supplemental savings plan liability economic hedges 40.4 — 26% interest in UTI Asset Management Company Limited (India) 158.5 164.5 Investment partnerships and other investments 5.3 5.0 U.S. Treasury note 1.0 1.0 Total $ 3,030.8 $ 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 Nine months ended (in millions) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (132.2) $ (113.5) $ (278.4) $ (169.6) Net decrease in liabilities of consolidated T. Rowe Price investment products $ (4.0) $ (9.8) $ (7.6) $ (11.0) Net increase (decrease) in redeemable non-controlling interests $ (44.0) $ (72.3) $ (106.9) $ (81.4) Gains (losses) recognized upon deconsolidation $ — $ (.1) $ .1 $ .1
Maximum risk of loss related to investments in variable interest entities	Our investments at September 30, 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) 9/30/2020 12/31/2019 Investment carrying values $ 118.9 $ 156.0 Unfunded capital commitments 13.2 18.1 Uncollected investment advisory and administrative fees 14.0 10.5 $ 146.1 $ 184.6

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	9 Months Ended
	Sep. 30, 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. 9/30/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Cash equivalents held in T. Rowe Price money market funds $ 1,870.9 $ — $ 1,355.6 $ — T. Rowe Price investment products - discretionary investments 1,005.6 — 1,221.8 — T. Rowe Price investment products - seed capital 149.7 10.3 171.2 9.9 T. Rowe Price investment products - supplemental savings plan liability economic hedges 565.3 — 561.1 — Other investments 2.0 .6 — — Total $ 3,593.5 $ 10.9 $ 3,309.7 $ 9.9

CONSOLIDATED T. ROWE PRICE IN_2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)	9 Months Ended
	Sep. 30, 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: 9/30/2020 12/31/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 5.2 $ 72.8 $ 78.0 $ 9.9 $ 66.6 $ 76.5 Investments (2) 178.8 2,150.3 2,329.1 281.1 1,891.3 2,172.4 Other assets 3.0 32.2 35.2 10.6 17.4 28.0 Total assets 187.0 2,255.3 2,442.3 301.6 1,975.3 2,276.9 Liabilities 9.7 36.8 46.5 12.2 27.0 39.2 Net assets $ 177.3 $ 2,218.5 $ 2,395.8 $ 289.4 $ 1,948.3 $ 2,237.7 Attributable to T. Rowe Price Group $ 126.2 $ 929.4 $ 1,055.6 $ 199.6 $ 917.1 $ 1,116.7 Attributable to redeemable non-controlling interests 51.1 1,289.1 1,340.2 89.8 1,031.2 1,121.0 $ 177.3 $ 2,218.5 $ 2,395.8 $ 289.4 $ 1,948.3 $ 2,237.7 (1) Cash and cash equivalents includes $5.1 million at September 30, 2020, and $9.1 million at December 31, 2019, of T. Rowe Price money market mutual funds. (2) Investments includes $18.9 million at September 30, 2020, and $40.2 million at December 31, 2019 of other 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, 2020 and 2019, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2020 9/30/2019 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.7) $ (3.7) $ (4.4) $ (.6) $ (3.1) $ (3.7) Net investment income (loss) reflected in non-operating income (loss) 13.1 88.1 101.2 1.5 10.1 11.6 Impact on income before taxes $ 12.4 $ 84.4 $ 96.8 $ .9 $ 7.0 $ 7.9 Net income (loss) attributable to T. Rowe Price Group $ 7.0 $ 34.4 $ 41.4 $ .7 $ 8.0 $ 8.7 Net income (loss) attributable to redeemable non-controlling interests 5.4 50.0 55.4 .2 (1.0) (.8) $ 12.4 $ 84.4 $ 96.8 $ .9 $ 7.0 $ 7.9 Nine months ended 9/30/2020 9/30/2019 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.2) $ (10.5) $ (11.7) $ (1.6) $ (9.0) $ (10.6) Net investment income (loss) reflected in non-operating income (5.7) 19.0 13.3 20.9 155.4 176.3 Impact on income before taxes $ (6.9) $ 8.5 $ 1.6 $ 19.3 $ 146.4 $ 165.7 Net income (loss) attributable to T. Rowe Price Group $ (2.7) $ (.1) $ (2.8) $ 14.6 $ 82.1 $ 96.7 Net income (loss) attributable to redeemable non-controlling interests (4.2) 8.6 4.4 4.7 64.3 69.0 $ (6.9) $ 8.5 $ 1.6 $ 19.3 $ 146.4 $ 165.7
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, 2020 and 2019. Nine months ended 9/30/2020 9/30/2019 (in millions) Voting interest entities Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (105.7) $ (241.0) $ (346.7) $ (15.1) $ (508.4) $ (523.5) Net cash used in investing activities (23.4) (25.7) (49.1) (7.4) (.9) (8.3) Net cash provided by in financing activities 124.4 269.5 393.9 15.5 529.3 544.8 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — 3.4 3.4 — (2.2) (2.2) Net change in cash and cash equivalents during period (4.7) 6.2 1.5 (7.0) 17.8 10.8 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 $ 5.2 $ 72.8 $ 78.0 $ 11.5 $ 69.4 $ 80.9
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. 9/30/2020 12/31/2019 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 5.1 $ — $ 9.1 $ 1.1 Equity securities 277.0 761.6 162.8 724.5 Fixed income securities — 1,262.4 — 1,248.6 Other investments 2.7 25.4 2.7 33.8 $ 284.8 $ 2,049.4 $ 174.6 $ 2,008.0 Liabilities $ (.2) $ (12.8) $ (.4) $ (11.2)

STOCK-BASED COMPENSATION. (Tabl

STOCK-BASED COMPENSATION. (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020. Options Weighted- average exercise price Outstanding at December 31, 2019 7,388,068 $ 71.06 Exercised (2,555,527) $ 68.53 Forfeited (6,874) $ 74.48 Outstanding at September 30, 2020 4,825,667 $ 72.39 Exercisable at September 30, 2020 4,165,306 $ 71.85
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, 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 7,412 53,484 $ 119.80 Dividend equivalents granted to non-employee directors — 1,842 $ 116.19 Vested (7,404) (116,121) $ 93.25 Forfeited — (82,764) $ 97.29 Nonvested at September 30, 2020 7,412 6,574,702 $ 99.07
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, 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) Fourth quarter 2020 $ 46.8 2021 109.1 2022 through 2026 90.6 Total $ 246.5

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS. (Tables)	9 Months Ended
	Sep. 30, 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 outstanding 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) 9/30/2020 9/30/2019 9/30/2020 9/30/2019 Net income attributable to T. Rowe Price Group $ 643.2 $ 545.9 $ 1,589.3 $ 1,586.0 Less: net income allocated to outstanding restricted stock and stock unit holders 17.9 13.9 44.1 40.7 Net income allocated to common stockholders $ 625.3 $ 532.0 $ 1,545.2 $ 1,545.3 Weighted-average common shares Outstanding 227.0 234.9 229.5 235.8 Outstanding assuming dilution 229.4 238.2 231.9 239.0

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
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, 2020 and 2019 are presented in the table below. Three months ended 9/30/2020 Three months ended 9/30/2019 (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 $ (54.4) $ 2.2 $ (52.2) $ (43.8) $ 5.3 $ (38.5) Other comprehensive income (loss) before reclassifications and income taxes (2.0) 12.5 10.5 (1.0) (12.6) (13.6) Reclassification adjustments recognized in non-operating income — — — — .1 .1 (2.0) 12.5 10.5 (1.0) (12.5) (13.5) Net deferred tax benefits (income taxes) 2.1 (3.1) (1.0) .3 3.1 3.4 Other comprehensive income (loss) .1 9.4 9.5 (.7) (9.4) (10.1) Balances at end of period $ (54.3) $ 11.6 $ (42.7) $ (44.5) $ (4.1) $ (48.6) The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2020 and 2019, are presented in the table below. Nine months ended 9/30/2020 Nine months ended 9/30/2019 (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 (9.4) 10.3 .9 5.4 (14.4) (9.0) Reclassification adjustments recognized in non-operating income — (.1) (.1) — (.1) (.1) (9.4) 10.2 .8 5.4 (14.5) (9.1) Net deferred tax benefits (income taxes) 2.0 (2.5) (.5) (1.1) 3.6 2.5 Other comprehensive income (loss) (7.4) 7.7 .3 4.3 (10.9) (6.6) Balances at end of period $ (54.3) $ 11.6 $ (42.7) $ (44.5) $ (4.1) $ (48.6)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue and Services [Line Items]
Net revenues	$ 1,595.8	$ 1,426.7	$ 4,473.8	$ 4,149.2
Average assets under management	1,292,900	1,130,200	1,198,900	1,091,500
Period end assets under management	1,310,400		1,310,400		$ 1,206,800
U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	1,040.4	980.1	2,939.9	2,863.3
Average assets under management	708,800	650,500	664,000	633,200
Period end assets under management	716,200		716,200		682,700
U.S. mutual funds | Equity
Revenue and Services [Line Items]
Average assets under management	433,400	384,400	398,900	371,500
Period end assets under management	442,300		442,300		407,100
U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	78,100	73,300	76,000	71,300
Period end assets under management	77,600		77,600		73,700
U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Average assets under management	197,300	192,800	189,100	190,400
Period end assets under management	196,300		196,300		201,900
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	529.8	422.4	1,452.1	1,210.2
Average assets under management	584,100	479,700	534,900	458,300
Period end assets under management	594,200		594,200		524,100
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Average assets under management	338,800	262,400	303,300	251,100
Period end assets under management	343,500		343,500		291,700
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	82,400	80,900	80,300	78,900
Period end assets under management	83,500		83,500		74,200
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Average assets under management	162,900	136,400	151,300	128,300
Period end assets under management	167,200		167,200		$ 158,200
Other clients
Revenue and Services [Line Items]
Net revenues	25.6	24.2	81.8	75.7
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,469.3	1,303.4	4,090.9	3,767.8
Investment advisory fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	939.5	881	2,638.8	2,557.6
Investment advisory fees | U.S. mutual funds | Equity
Revenue and Services [Line Items]
Net revenues	636.3	570.2	1,750.6	1,641.4
Investment advisory fees | U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	66.6	70.7	205.1	208.6
Investment advisory fees | U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Net revenues	236.6	240.1	683.1	707.6
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	529.8	422.4	1,452.1	1,210.2
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Net revenues	339.6	259.5	924.7	751
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	38.4	39.7	110.3	116
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Net revenues	151.8	123.2	417.1	343.2
Investment advisory fees | Other clients
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Administrative fees
Revenue and Services [Line Items]
Net revenues	98	93.2	300.8	291
Administrative fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	72.4	69	219	215.3
Administrative fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Administrative fees | Other clients
Revenue and Services [Line Items]
Net revenues	25.6	24.2	81.8	75.7
Distribution and servicing fees
Revenue and Services [Line Items]
Net revenues	28.5	30.1	82.1	90.4
Distribution and servicing fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	28.5	30.1	82.1	90.4
Distribution and servicing fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	0	0	0	0
Distribution and servicing fees | Other clients
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, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Concentration Risk [Line Items]
Net revenues			$ 1,595.8	$ 1,426.7	$ 4,473.8	$ 4,149.2
Accounts receivable	$ 714.8	$ 646.6	714.8		714.8
T. Rowe Price investment products
Concentration Risk [Line Items]
Net revenues			1,302.3	$ 1,180.9	3,652.8	$ 3,421.9
Accounts receivable	$ 442	$ 424.8	$ 442		$ 442
Outside U.S. | Assets under management | Investment advisory clients | Geographic concentration
Concentration Risk [Line Items]
Concentration risk, percentage	8.70%	6.90%

INVESTMENTS. (Investments) (Det

INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 29, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
U.S. Treasury note		$ 1		$ 1		$ 1
Total		3,030.8		3,030.8		2,939.8
Net unrealized gains (losses) on T. Rowe Price investments product recognized in nonoperating income		75.5	$ 4.8	53.6	$ 84.2
Gains (losses) recognized upon deconsolidation		191.6	43	106.4	370.3
Reclassification out of accumulated other comprehensive income | Currency translation adjustments
Schedule of Equity Method Investments [Line Items]
Gains (losses) recognized upon deconsolidation		0	(0.1)	0.1	0.1
Assets
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest		(132.2)	(113.5)	(278.4)	(169.6)
Liability
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest		(4)	(9.8)	(7.6)	(11)
Redeemable noncontrolling interest
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest		(44)	$ (72.3)	(106.9)	$ (81.4)
T. Rowe Price investment products - discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value		1,005.6		1,005.6		1,221.8
Equity method investments		829.1		829.1		610
T. Rowe Price investment products - seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value		160		160		181.1
Equity method investments		166.2		166.2		95.6
T. Rowe Price investment products - supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value		565.3		565.3		561.1
Equity method investments		40.4		40.4		0
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value		99.4		99.4		99.7
26% interest in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 158.5		$ 158.5		$ 164.5
Equity method investment (ownership percentage)		26.00%		26.00%		26.00%
26% interest in UTI Asset Management Company Limited (India) | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity investments	$ 3.5
Equity method investment (ownership percentage)	23.00%
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 5.3		$ 5.3		$ 5

INVESTMENTS. (Variable Interest

INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investment carrying values	$ 118.9	$ 156
Unfunded capital commitments	13.2	18.1
Uncollected investment advisory and administrative fees	14	10.5
Maximum risk of loss related to nonconsolidated variable interest entities	$ 146.1	$ 184.6

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 1,870.9	$ 1,355.6
Other investments	2	0
Total	3,593.5	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
Other investments	0.6	0
Total	10.9	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 and other investments	96.8	99.7
T. Rowe Price investment products - discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	1,005.6	1,221.8
T. Rowe Price investment products - discretionary investments | Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	1,005.6	1,221.8
T. Rowe Price investment products - discretionary investments | Level 2 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	0	0
T. Rowe Price investment products - seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	160	181.1
T. Rowe Price investment products - seed capital | Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	149.7	171.2
T. Rowe Price investment products - seed capital | Level 2 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	10.3	9.9
T. Rowe Price investment products - supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	565.3	561.1
T. Rowe Price investment products - supplemental savings plan liability economic hedges | Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	565.3	561.1
T. Rowe Price investment products - supplemental savings plan liability economic hedges | Level 2 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	$ 0	$ 0

CONSOLIDATED T. ROWE PRICE IN_3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Net Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,228.2		$ 1,781.8
Investments	3,030.8		2,939.8
Other assets	231.7		234.4
Total assets	10,134.6		9,330.4
Liabilities	1,665.9		1,107.3
Attributable to redeemable non-controlling interests	1,340.2	$ 1,090.1	1,121	$ 1,102.9	$ 1,012.3	$ 740.3
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	2,395.8		2,237.7
Attributable to T. Rowe Price Group	1,055.6		1,116.7
Attributable to redeemable non-controlling interests	1,340.2		1,121
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	78		76.5
Investments	2,329.1		2,172.4
Other assets	35.2		28
Total assets	2,442.3		2,276.9
Liabilities	46.5		39.2
Net assets	2,395.8		2,237.7
Consolidated T. Rowe Price investment products | Reportable entities | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	18.9		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	5.1		9.1
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	177.3		289.4
Attributable to T. Rowe Price Group	126.2		199.6
Attributable to redeemable non-controlling interests	51.1		89.8
Voting interest entities | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	5.2		9.9
Investments	178.8		281.1
Other assets	3		10.6
Total assets	187		301.6
Liabilities	9.7		12.2
Net assets	177.3		289.4
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	2,218.5		1,948.3
Attributable to T. Rowe Price Group	929.4		917.1
Attributable to redeemable non-controlling interests	1,289.1		1,031.2
Variable interest entities | Reportable entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	72.8		66.6
Investments	2,150.3		1,891.3
Other assets	32.2		17.4
Total assets	2,255.3		1,975.3
Liabilities	36.8		27
Net assets	$ 2,218.5		$ 1,948.3

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (866.9)	$ (767.6)	$ (2,484)	$ (2,342.5)
Income before income taxes	920.5	702.1	2,096.2	2,177
Net income (loss) attributable to redeemable non-controlling interests	55.4	(0.8)	4.4	69
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.7)	(2.6)	(7.3)	(6.3)
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	96.8	7.9	1.6	165.7
Net income (loss) attributable to T. Rowe Price Group	41.4	8.7	(2.8)	96.7
Net income (loss) attributable to redeemable non-controlling interests	55.4	(0.8)	4.4	69
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(4.4)	(3.7)	(11.7)	(10.6)
Net investment income (loss) reflected in non-operating income (loss)	101.2	11.6	13.3	176.3
Income before income taxes	96.8	7.9	1.6	165.7
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	12.4	0.9	(6.9)	19.3
Net income (loss) attributable to T. Rowe Price Group	7	0.7	(2.7)	14.6
Net income (loss) attributable to redeemable non-controlling interests	5.4	0.2	(4.2)	4.7
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.7)	(0.6)	(1.2)	(1.6)
Net investment income (loss) reflected in non-operating income (loss)	13.1	1.5	(5.7)	20.9
Income before income taxes	12.4	0.9	(6.9)	19.3
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	84.4	7	8.5	146.4
Net income (loss) attributable to T. Rowe Price Group	34.4	8	(0.1)	82.1
Net income (loss) attributable to redeemable non-controlling interests	50	(1)	8.6	64.3
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.7)	(3.1)	(10.5)	(9)
Net investment income (loss) reflected in non-operating income (loss)	88.1	10.1	19	155.4
Income before income taxes	$ 84.4	$ 7	$ 8.5	$ 146.4

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, 2020	Sep. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,916.9	$ 1,500.7
Net cash used in investing activities	(53.1)	(76.7)
Net cash provided by in financing activities	(1,419.3)	(623)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	3.4	(2.2)
Net change in cash and cash equivalents during period	447.9	798.8
Cash and cash equivalents at beginning of period	1,858.3	1,495.3
Cash and cash equivalents at ending of period	2,306.2	2,294.1
Consolidation eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by in financing activities	95.2	157.7
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	78	80.9
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(346.7)	(523.5)
Net cash used in investing activities	(49.1)	(8.3)
Net cash provided by in financing activities	393.9	544.8
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	3.4	(2.2)
Net change in cash and cash equivalents during period	1.5	10.8
Cash and cash equivalents at beginning of period	76.5	70.1
Cash and cash equivalents at ending of period	78	80.9
Voting interest entities | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(105.7)	(15.1)
Net cash used in investing activities	(23.4)	(7.4)
Net cash provided by in financing activities	124.4	15.5
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	(4.7)	(7)
Cash and cash equivalents at beginning of period	9.9	18.5
Cash and cash equivalents at ending of period	5.2	11.5
Variable interest entities | Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(241)	(508.4)
Net cash used in investing activities	(25.7)	(0.9)
Net cash provided by in financing activities	269.5	529.3
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	3.4	(2.2)
Net change in cash and cash equivalents during period	6.2	17.8
Cash and cash equivalents at beginning of period	66.6	51.6
Cash and cash equivalents at ending of period	$ 72.8	$ 69.4

CONSOLIDATED T. ROWE PRICE IN_6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Fair Value Measurements) (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,870.9	$ 1,355.6
Other investments	2	0
Total	3,593.5	3,309.7
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0.6	0
Total	10.9	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	5.1	9.1
Equity securities	277	162.8
Fixed income securities	0	0
Other investments	2.7	2.7
Total	284.8	174.6
Liabilities	(0.2)	(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
Equity securities	761.6	724.5
Fixed income securities	1,262.4	1,248.6
Other investments	25.4	33.8
Total	2,049.4	2,008
Liabilities	$ (12.8)	$ (11.2)

STOCKHOLDERS' EQUITY. (Details)

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

STOCK-BASED COMPENSATION. (Stoc

STOCK-BASED COMPENSATION. (Stock Options) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	7,388,068
Exercised (in shares)	(2,555,527)
Forfeited (in shares)	(6,874)
Outstanding, ending balance (in shares)	4,825,667
Exercisable at current period-end (in shares)	4,165,306
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)	$ 71.06
Weighted-average exercise price of options exercised (in dollars per share)	68.53
Weighted-average exercise price of options forfeited (in dollars per share)	74.48
Weighted-average exercise price of options outstanding, ending balance (in dollars per share)	72.39
Weighted-average exercise price of options exercisable at current period-end (in dollars per share)	$ 71.85

STOCK-BASED COMPENSATION. (Rest

STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details)	9 Months Ended
	Sep. 30, 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	119.80
Weighted-average fair value of restricted shares and restricted stock units nonvested dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	116.19
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	93.25
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	97.29
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) | $ / shares	$ 99.07
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)	7,412
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Vested (in shares)	(7,404)
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	7,412
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)	53,484
Nonvested dividend equivalents granted to non-employee directors (in shares)	1,842
Vested (in shares)	(116,121)
Forfeited (in shares)	(82,764)
Nonvested, ending balance (in shares)	6,574,702
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	Sep. 30, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Fourth quarter 2020	$ 46.8
2021	109.1
2022 through 2026	90.6
Total	$ 246.5

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0	0	0
Net income attributable to T. Rowe Price Group	$ 643.2	$ 545.9	$ 1,589.3	$ 1,586
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	17.9	13.9	44.1	40.7
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	17.9	13.9	44.1	40.7
Net income allocated to common stockholders (basic)	625.3	532	1,545.2	1,545.3
Net income allocated to common stockholders (diluted)	$ 625.3	$ 532	$ 1,545.2	$ 1,545.3
Weighted-average common shares
Outstanding (in shares)	227,000,000	234,900,000	229,500,000	235,800,000
Outstanding assuming dilution (in shares)	229,400,000	238,200,000	231,900,000	239,000,000

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 6,750.7	$ 6,579.1	$ 7,102.1	$ 6,124.3
Other comprehensive income (loss)	9.5	(10.2)	0.3	(6.7)
Balances at end of period	7,128.5	6,839.8	7,128.5	6,839.8
Other comprehensive loss, net of tax, attributable to redeemable non-controlling interests	20.8	(17.4)	13.9	(17.7)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(52.2)	(38.5)	(43)	(42)
Other comprehensive income (loss) before reclassifications and income taxes	10.5	(13.6)	0.9	(9)
Reclassification adjustments recognized in non-operating income	0	0.1	(0.1)	(0.1)
Other comprehensive income (loss), before taxes	10.5	(13.5)	0.8	(9.1)
Net deferred tax benefits (income taxes)	(1)	3.4	(0.5)	2.5
Other comprehensive income (loss)	9.5	(10.1)	0.3	(6.6)
Balances at end of period	(42.7)	(48.6)	(42.7)	(48.6)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(54.4)	(43.8)	(46.9)	(48.8)
Other comprehensive income (loss) before reclassifications and income taxes	(2)	(1)	(9.4)	5.4
Reclassification adjustments recognized in non-operating income	0	0	0	0
Other comprehensive income (loss), before taxes	(2)	(1)	(9.4)	5.4
Net deferred tax benefits (income taxes)	2.1	0.3	2	(1.1)
Other comprehensive income (loss)	0.1	(0.7)	(7.4)	4.3
Balances at end of period	(54.3)	(44.5)	(54.3)	(44.5)
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	2.2	5.3	3.9	6.8
Other comprehensive income (loss) before reclassifications and income taxes	12.5	(12.6)	10.3	(14.4)
Reclassification adjustments recognized in non-operating income	0	0.1	(0.1)	(0.1)
Other comprehensive income (loss), before taxes	12.5	(12.5)	10.2	(14.5)
Net deferred tax benefits (income taxes)	(3.1)	3.1	(2.5)	3.6
Other comprehensive income (loss)	9.4	(9.4)	7.7	(10.9)
Balances at end of period	$ 11.6	$ (4.1)	$ 11.6	$ (4.1)