T. Rowe Price (TROW) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-32191
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	100 East Pratt Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common stock, $.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,751,344
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Central Index Key	0001113169
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 3,418.5	$ 2,151.7
Accounts receivable and accrued revenue	941.6	863.1
Investments	3,330.3	3,250.8
Assets of consolidated T. Rowe Price investment products ($1,837.1 million at September 30, 2021 and $2,497.4 million at December 31, 2020, related to variable interest entities)	2,026.7	2,695.5
Operating lease assets	106.2	117.6
Property and equipment, net	719.1	695.4
Goodwill	665.7	665.7
Other assets	242.6	219.2
Total assets	11,450.7	10,659
LIABILITIES
Accounts payable and accrued expenses	309.8	187.7
Liabilities of consolidated T. Rowe Price investment products ($62.3 million at September 30, 2021 and $47.7 million at December 31, 2020, related to variable interest entities)	92.1	57.7
Operating lease liabilities	142.1	154.1
Accrued compensation and related costs	697.5	133.6
Income taxes payable	60.7	85
Supplemental savings plan liability	799.8	772.2
Total liabilities	2,102	1,390.3
Commitments and contingent liabilities
Redeemable non-controlling interests	1,086.6	1,561.7
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 226,217,000 shares at September 30, 2021 and 227,965,000 at December 31, 2020	45.2	45.6
Additional capital in excess of par value	654.6	654.6
Retained earnings	7,591.7	7,029.8
Accumulated other comprehensive loss	(29.4)	(23)
Total permanent stockholders’ equity	8,262.1	7,707
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 11,450.7	$ 10,659

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets of consolidated T. Rowe Price investment products	$ 2,026.7	$ 2,695.5
Liabilities of consolidated T. Rowe Price investment products	$ 92.1	$ 57.7
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)	226,217,000	227,965,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 1,837.1	$ 2,497.4
Liabilities of consolidated T. Rowe Price investment products	$ 62.3	$ 47.7

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Net revenues	$ 1,954.1	$ 1,595.8	$ 5,710.2	$ 4,473.8
Operating expenses
Compensation and related costs	564.6	552.3	1,751.9	1,542
Distribution and servicing	96	73.5	274.3	201.2
Advertising and promotion	22.1	14.2	61.4	52.5
Product and recordkeeping related costs	70.3	36.8	154.6	118
Technology, occupancy, and facility costs	123.1	115.6	359.7	332.3
General, administrative, and other	81.8	74.5	260.8	238
Total operating expenses	957.9	866.9	2,862.7	2,484
Net operating income	996.2	728.9	2,847.5	1,989.8
Non-operating income (loss)
Net gains on investments	8.7	84.6	165	100.6
Net gains (losses) on consolidated investment products	(17.1)	101.2	75.7	13.3
Other income (loss)	(3.1)	5.8	(6.2)	(7.5)
Total non-operating income	(11.5)	191.6	234.5	106.4
Income before income taxes	984.7	920.5	3,082	2,096.2
Provision for income taxes	227.3	221.9	717.1	502.5
Net income	757.4	698.6	2,364.9	1,593.7
Less: net income (loss) attributable to redeemable non-controlling interests	(19.8)	55.4	22.6	4.4
Net income attributable to T. Rowe Price	$ 777.2	$ 643.2	$ 2,342.3	$ 1,589.3
Earnings per share on common stock of T. Rowe Price
Basic (in dollars per share)	$ 3.34	$ 2.75	$ 10.04	$ 6.73
Diluted (in dollars per share)	$ 3.31	$ 2.73	$ 9.94	$ 6.66
Investment advisory fees
Revenues
Net revenues	$ 1,813.4	$ 1,469.3	$ 5,288.4	$ 4,090.9
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 140.7	$ 126.5	$ 421.8	$ 382.9

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 757.4	$ 698.6	$ 2,364.9	$ 1,593.7
Other comprehensive income (loss)
Other comprehensive income (loss) before income taxes	(13.7)	33.5	(30.2)	14.7
Net deferred tax (expense) benefits	0.8	(3.2)	3.6	(0.5)
Total other comprehensive income (loss)	(12.9)	30.3	(26.6)	14.2
Total comprehensive income	744.5	728.9	2,338.3	1,607.9
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(32)	76.2	2.4	18.3
Total comprehensive income attributable to T. Rowe Price	776.5	652.7	2,335.9	1,589.6
Variable interest entities
Other comprehensive income (loss)
Consolidated T. Rowe Price investment products - variable interest entities	(17.2)	33.4	(30)	24.2
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	0	0	(2.6)	(0.1)
Currency translation adjustments	(17.2)	33.4	(32.6)	24.1
Equity method investments
Other comprehensive income (loss)
Currency translation adjustments	$ 3.5	$ 0.1	$ 2.4	$ (9.4)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 2,364.9	$ 1,593.7
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	151.1	144
Stock-based compensation expense	166.3	164.5
Net gains recognized on investments	(144.4)	(75.3)
Net (investments) redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	28.1	(19.1)
Net change in securities held by consolidated T. Rowe Price investment products	(5.3)	(350.8)
Other changes in assets and liabilities	530	459.9
Net cash provided by operating activities	3,090.7	1,916.9
Cash flows from investing activities
Purchases of T. Rowe Price investment products	(47.3)	(240.3)
Dispositions of T. Rowe Price investment products	285.4	381.9
Net cash of T. Rowe Price investment products on deconsolidation	(15.6)	(49.1)
Additions to property and equipment	(178.7)	(155.4)
Other investing activity	13.8	9.8
Net cash provided by (used in) investing activities	57.6	(53.1)
Cash flows from financing activities
Repurchases of common stock	(493.1)	(1,158.5)
Common share issuances under stock-based compensation plans	33.3	76.2
Dividends paid to common stockholders of T. Rowe Price	(1,454)	(635.7)
Net subscriptions received from redeemable non-controlling interest holders	22.7	298.7
Net cash used in financing activities	(1,891.1)	(1,419.3)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(3.6)	3.4
Net change in cash and cash equivalents during period	1,253.6	447.9
Cash and cash equivalents at beginning of period	2,256.5	1,858.3
Cash and cash equivalents at ending of period	$ 3,510.1	$ 2,306.2

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 3,510.1	$ 2,256.5	$ 2,306.2	$ 1,858.3
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 91.6	$ 104.8	$ 78	$ 76.5

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	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 stock units	Retained earnings	AOCI	[1]
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)
Shares issued upon option exercises (in shares)			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
Net shares issued upon vesting of restricted stock units (in shares)					60,000
Net shares issued upon vesting of restricted stock units		$ (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 redemptions from subscription into T. Rowe Price investment products	307.8
Net consolidations deconsolidation 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)
Shares issued upon option exercises (in shares)			492,000
Shares issued upon option exercises	26		$ 0.1			25.9
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 redemptions from subscription into T. Rowe Price investment products	217.9
Net consolidations deconsolidation of T. Rowe Price investment products	(44)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2020	1,340.2
Beginning balance (in shares) at Dec. 31, 2020			227,965,000
Balances at beginning of period at Dec. 31, 2020	7,707		$ 45.6			654.6		7,029.8	(23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,342.3							2,342.3
Other comprehensive income (loss), net of tax	(6.4)								(6.4)
Dividends declared	(754.8)							(754.8)
Special cash dividends declared	$ (699.5)							(699.5)
Shares issued upon option exercises (in shares)	1,403,996		1,083,000
Shares issued upon option exercises	$ 38.8		$ 0.2			38.6
Restricted shares issued, net of shares withheld for taxes (in shares)				4,000
Net shares issued upon vesting of restricted stock units (in shares)					54,000
Net shares issued upon vesting of restricted stock units		(4.8)					(4.8)
Stock-based compensation expense	166.2					166.2
Restricted stock units issued as dividend equivalents	(0.1)					0.6		(0.7)
Common shares repurchased (in shares)			(2,889,000)
Common shares repurchased	(526.6)		$ (0.6)			(200.6)		(325.4)
Ending balance (in shares) at Sep. 30, 2021			226,217,000
Balances at end of period at Sep. 30, 2021	8,262.1		$ 45.2			654.6		7,591.7	(29.4)
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2020	1,561.7
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests	22.6
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	20.2
Net redemptions from subscription into T. Rowe Price investment products	6.1
Net consolidations deconsolidation of T. Rowe Price investment products	(483.6)
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2021	1,086.6
Beginning balance (in shares) at Jun. 30, 2021			226,925,000
Balances at beginning of period at Jun. 30, 2021	7,893		$ 45.4			673.7		7,202.6	(28.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	777.2							777.2
Other comprehensive income (loss), net of tax	(0.7)								(0.7)
Dividends declared	(250.7)							(250.7)
Shares issued upon option exercises (in shares)			321,000
Shares issued upon option exercises	9					9
Net shares issued upon vesting of restricted stock units (in shares)					5,000
Net shares issued upon vesting of restricted stock units		$ (0.5)					$ (0.5)
Stock-based compensation expense	52.3					52.3
Restricted stock units issued as dividend equivalents	0.2					0.4		(0.2)
Common shares repurchased (in shares)			(1,034,000)
Common shares repurchased	(217.7)		$ (0.2)			(80.3)		(137.2)
Ending balance (in shares) at Sep. 30, 2021			226,217,000
Balances at end of period at Sep. 30, 2021	8,262.1		$ 45.2			$ 654.6		$ 7,591.7	$ (29.4)
Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2021	880.4
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests	(19.8)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	12.2
Net redemptions from subscription into T. Rowe Price investment products	(292.8)
Net consolidations deconsolidation of T. Rowe Price investment products	531
Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2021	$ 1,086.6
[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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.08	$ 0.90	$ 3.24	$ 2.70
Special cash dividends declared per share (in dollars per share)			$ 3

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION	9 Months Ended
	Sep. 30, 2021
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; trust services; and non-discretionary advisory services through model delivery and other multi-asset solutions for providers to implement. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PRESENTATION. These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2020 Annual Report. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all 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,

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	9 Months Ended
	Sep. 30, 2021
Information about Receivables, Revenues, and Services [Abstract]
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Revenues earned under agreements with clients include: Three months ended 9/30/2021 Three months ended 9/30/2020 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 $ 1,125.5 $ 82.6 $ 30.9 $ 1,239.0 $ 939.5 $ 72.4 $ 28.5 $ 1,040.4 Subadvised funds, separate accounts, collective investment trusts, and other investment products 687.9 — — 687.9 529.8 — — 529.8 Other clients (1) — 27.2 — 27.2 — 25.6 — 25.6 $ 1,813.4 $ 109.8 $ 30.9 $ 1,954.1 $ 1,469.3 $ 98.0 $ 28.5 $ 1,595.8 Nine months ended 9/30/2021 Nine months ended 9/30/2020 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 $ 3,273.2 $ 243.1 $ 90.0 $ 3,606.3 $ 2,638.8 $ 219.0 $ 82.1 $ 2,939.9 Subadvised funds, separate accounts, collective investment trusts, and other investment products 2,015.2 — — 2,015.2 1,452.1 — — 1,452.1 Other clients (1) — 88.7 — 88.7 — 81.8 — 81.8 $ 5,288.4 $ 331.8 $ 90.0 $ 5,710.2 $ 4,090.9 $ 300.8 $ 82.1 $ 4,473.8 (1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services. Total net revenues earned from our related parties, specifically T. Rowe Price investment products, aggregate $1,599.5 million and $1,302.3 million for the three months ended September 30, 2021 and 2020, respectively. Total net revenues earned from these products during the nine months ended September 30, 2021 and 2020 aggregate $4,653.7 million and $3,652.8 million, respectively. Accounts receivable from these products aggregate to $581.6 million at September 30, 2021 and $523.4 million at December 31, 2020. The following table details the investment advisory revenues earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 U.S. mutual funds Equity $ 813.0 $ 636.3 $ 2,310.8 $ 1,750.6 Fixed income, including money market 64.8 66.6 183.7 205.1 Multi-asset 247.7 236.6 778.7 683.1 1,125.5 939.5 3,273.2 2,638.8 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 458.8 339.6 1,329.0 924.7 Fixed income, including money market 41.3 38.4 119.6 110.3 Multi-asset 187.8 151.8 566.6 417.1 687.9 529.8 2,015.2 1,452.1 Total $ 1,813.4 $ 1,469.3 $ 5,288.4 $ 4,090.9 The following table summarizes the assets under management on which we earn investment advisory revenues. Average during Three months ended Nine months ended As of (in billions) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 9/30/2021 12/31/2020 U.S. mutual funds Equity $ 559.8 $ 433.4 $ 534.0 $ 398.9 $ 546.1 $ 498.6 Fixed income, including money market 88.4 78.1 85.6 76.0 87.7 79.4 Multi-asset 232.8 197.3 228.5 189.1 227.2 216.6 881.0 708.8 848.1 664.0 861.0 794.6 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 445.7 338.8 427.3 303.3 428.6 397.2 Fixed income, including money market 94.3 82.4 92.1 80.3 93.0 89.3 Multi-asset 227.7 162.9 213.8 151.3 229.7 189.4 767.7 584.1 733.2 534.9 751.3 675.9 Total $ 1,648.7 $ 1,292.9 $ 1,581.3 $ 1,198.9 $ 1,612.3 $ 1,470.5

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2021
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) 9/30/2021 12/31/2020 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 1,610.2 $ 1,647.7 Seed capital 236.6 169.5 Supplemental savings plan liability economic hedges 795.5 768.1 Investment partnerships and other investments 108.6 95.1 Equity method investments T. Rowe Price investment products Discretionary investments 254.1 242.9 Seed capital 164.9 178.6 23% investment in UTI Asset Management Company Limited (India) 156.6 145.5 Investment partnerships and other investments 2.8 2.4 U.S. Treasury note 1.0 1.0 Total $ 3,330.3 $ 3,250.8 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 transferability restrictions. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate. During the three months ended September 30, 2021, net losses on investments included $4.6 million of net unrealized losses related to investments held at fair value that were still held at September 30, 2021. During the nine months ended September 30, 2021, net gains on investments included $83.7 million of net unrealized gains related to investments held at fair value that were still held at September 30, 2021. For 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. During the nine months ended September 30, 2021 and 2020, 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, 2021 and September 30, 2020, certain T. Rowe Price investment products 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) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ 589.7 $ (132.2) $ (727.6) $ (278.4) Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products $ 7.1 $ (4.0) $ (17.1) $ (7.6) Net increase (decrease) in redeemable non-controlling interests $ 531.0 $ (44.0) $ (483.6) $ (106.9) Gains recognized upon deconsolidation $ — $ — $ 2.6 $ .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. VARIABLE INTEREST ENTITIES. Our investments at September 30, 2021 and December 31, 2020, 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) 9/30/2021 12/31/2020 Investment carrying values $ 193.4 $ 144.7 Unfunded capital commitments 9.2 12.3 Accounts receivable 21.7 13.8 $ 224.3 $ 170.8

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
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. 9/30/2021 12/31/2020 (in millions) Level 1 Level 2 Level 1 Level 2 T. Rowe Price investment products Cash equivalents held in money market funds 2,966.7 $ — $ 1,931.1 $ — Discretionary investments 1,610.2 — 1,647.7 — Seed capital 216.2 20.4 156.6 12.9 Supplemental savings plan liability economic hedges 795.5 — 768.1 — Other investments .7 .1 .5 .6 Total $ 5,589.3 $ 20.5 $ 4,504.0 $ 13.5 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 expedient. The carrying value of these investments as disclosed in Note 3 were $107.8 million at September 30, 2021, and $94.0 million at December 31, 2020.

CONSOLIDATED T. ROWE PRICE INVE

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS	9 Months Ended
	Sep. 30, 2021
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: 9/30/2021 12/31/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 6.2 $ 85.4 $ 91.6 $ 7.1 $ 97.7 $ 104.8 Investments (2) 178.5 1,634.7 1,813.2 188.2 2,372.7 2,560.9 Other assets 4.9 117.0 121.9 2.8 27.0 29.8 Total assets 189.6 1,837.1 2,026.7 198.1 2,497.4 2,695.5 Liabilities 29.8 62.3 92.1 10.0 47.7 57.7 Net assets $ 159.8 $ 1,774.8 $ 1,934.6 $ 188.1 $ 2,449.7 $ 2,637.8 Attributable to T. Rowe Price $ 126.4 $ 721.6 $ 848.0 $ 130.7 $ 945.4 $ 1,076.1 Attributable to redeemable non-controlling interests 33.4 1,053.2 1,086.6 57.4 1,504.3 1,561.7 $ 159.8 $ 1,774.8 $ 1,934.6 $ 188.1 $ 2,449.7 $ 2,637.8 (1) Cash and cash equivalents includes $6.0 million at September 30, 2021, and $7.0 million at December 31, 2020, of T. Rowe Price money market mutual funds. (2) Investments include $44.5 million at September 30, 2021, and $26.9 million at December 31, 2020 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, 2021 and 2020, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2021 9/30/2020 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.1) $ (2.7) $ (2.8) $ (.7) $ (3.7) $ (4.4) Net investment income (loss) reflected in non-operating income (loss) .7 (17.8) (17.1) 13.1 88.1 101.2 Impact on income before taxes $ .6 $ (20.5) $ (19.9) $ 12.4 $ 84.4 $ 96.8 Net income (loss) attributable to T. Rowe Price $ .5 $ (.6) $ (.1) $ 7.0 $ 34.4 $ 41.4 Net income (loss) attributable to redeemable non-controlling interests .1 (19.9) (19.8) 5.4 50.0 55.4 $ .6 $ (20.5) $ (19.9) $ 12.4 $ 84.4 $ 96.8 Nine months ended 9/30/2021 9/30/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (.4) $ (8.7) $ (9.1) $ (1.2) $ (10.5) $ (11.7) Net investment income (loss) reflected in non-operating income 14.1 61.5 75.6 (5.7) 19.0 13.3 Impact on income before taxes $ 13.7 $ 52.8 $ 66.5 $ (6.9) $ 8.5 $ 1.6 Net income (loss) attributable to T. Rowe Price $ 8.8 $ 35.1 $ 43.9 $ (2.7) $ (.1) $ (2.8) Net income (loss) attributable to redeemable non-controlling interests 4.9 17.7 22.6 (4.2) 8.6 4.4 $ 13.7 $ 52.8 $ 66.5 $ (6.9) $ 8.5 $ 1.6 The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $1.6 million and $2.7 million for the three months ended September 30, 2021 and 2020, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2021 and 2020, were $4.0 million and $7.3 million, respectively. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as 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, 2021 and 2020. Nine months ended 9/30/2021 9/30/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (109.1) $ 127.7 $ 18.6 $ (105.7) $ (241.0) $ (346.7) Net cash used in investing activities (11.9) (3.7) (15.6) (23.4) (25.7) (49.1) Net cash provided by (used in) financing activities 120.1 (132.7) (12.6) 124.4 269.5 393.9 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — (3.6) (3.6) — 3.4 3.4 Net change in cash and cash equivalents during period (.9) (12.3) (13.2) (4.7) 6.2 1.5 Cash and cash equivalents at beginning of year 7.1 97.7 104.8 9.9 66.6 76.5 Cash and cash equivalents at end of period $ 6.2 $ 85.4 $ 91.6 $ 5.2 $ 72.8 $ 78.0 The net cash provided by financing activities during the nine months ended September 30, 2021 and 2020 includes $35.3 million and $95.2 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. 9/30/2021 12/31/2020 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 6.0 $ — $ 7.0 $ — Equity securities 278.9 239.7 308.0 708.0 Fixed income securities — 1,231.1 — 1,411.3 Other investments 8.8 54.7 2.6 131.0 $ 293.7 $ 1,525.5 $ 317.6 $ 2,250.3 Liabilities $ (.3) $ (10.8) $ (.4) $ (18.8)

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY.Accounts payable and accrued expenses includes liabilities of $36.0 million at September 30, 2021, and $2.5 million at December 31, 2020 for common stock repurchases that settled during the first week of October 2021 and January 2021, respectively. On June 14, 2021, the Board of Directors declared a special cash dividend of $3.00 per common share, or $699.8 million, that was paid on July 7, 2021 to stockholders of record as of the close of business on June 25, 2021.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
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, 2021. Options Weighted- average exercise price Outstanding at December 31, 2020 4,379,663 $ 71.67 Exercised (1,403,996) $ 69.20 Outstanding at September 30, 2021 2,975,667 $ 72.83 Exercisable at September 30, 2021 2,975,667 $ 72.83 EFFECT OF SPECIAL CASH DIVIDEND. As a result of the special cash dividend declared by the Board of Directors in June 2021, the anti-dilution provisions of our employee long-term incentive plans and non-employee director plans (collectively, the LTI plans) require an automatic adjustment to neutralize the effect of the special cash dividend. On the special cash dividend’s ex-dividend date (June 24, 2021), the number of shares authorized and the number of stock options outstanding and their exercise price were adjusted resulting in an increase of 50,607 stock options outstanding on the ex-dividend date, and no incremental compensation expense. In the table above, the number of options outstanding at December 31, 2020 was updated to reflect this adjustment. 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, 2021. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2020 7,412 6,367,059 $ 116.51 Time-based grants 4,336 29,314 $ 188.58 Dividend equivalents granted to non-employee directors — 2,978 $ 192.66 Vested (7,412) (99,091) $ 103.07 Forfeited — (137,390) $ 118.39 Nonvested at September 30, 2021 4,336 6,162,870 $ 117.21 Nonvested at September 30, 2021, includes performance-based restricted stock units of 335,162. These nonvested performance-based restricted stock units include 188,612 units for which the performance period has lapsed, 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, 2021. 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 2021 49.9 2022 116.4 2023 through 2026 95.8 Total $ 262.1

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS	9 Months Ended
	Sep. 30, 2021
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 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) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 Net income attributable to T. Rowe Price $ 777.2 $ 643.2 $ 2,342.3 $ 1,589.3 Less: net income allocated to outstanding restricted stock and stock unit holders 19.5 17.9 61.6 44.1 Net income allocated to common stockholders $ 757.7 $ 625.3 $ 2,280.7 $ 1,545.2 Weighted-average common shares Outstanding 226.9 227.0 227.2 229.5 Outstanding assuming dilution 229.1 229.4 229.4 231.9

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020 are presented in the table below. Three months ended 9/30/2021 Three months ended 9/30/2020 (in millions) Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Balances at beginning of period $ (43.8) $ 15.1 $ (28.7) $ (54.4) $ 2.2 $ (52.2) Other comprehensive income (loss) before reclassifications and income taxes 3.5 (5.0) (1.5) (2.0) 12.5 10.5 Net deferred tax benefits (income taxes) (.4) 1.2 .8 2.1 (3.1) (1.0) Other comprehensive income (loss) 3.1 (3.8) (.7) .1 9.4 9.5 Balances at end of period $ (40.7) $ 11.3 $ (29.4) $ (54.3) $ 11.6 $ (42.7) The other comprehensive income (loss) in the table above excludes $(12.2) million and $20.8 million of other comprehensive income related to redeemable non-controlling interests held in our consolidated products for the three months ended September 30, 2021 and 2020, respectively. The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2021 and 2020, are presented in the table below. Nine months ended 9/30/2021 Nine months ended 9/30/2020 (in millions) Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Balances at beginning of period $ (43.6) $ 20.6 $ (23.0) $ (46.9) $ 3.9 $ (43.0) Other comprehensive income (loss) before reclassifications and income taxes 2.4 (9.8) (7.4) (9.4) 10.3 .9 Reclassification adjustments recognized in non-operating income — (2.6) (2.6) — (.1) (.1) 2.4 (12.4) (10.0) (9.4) 10.2 .8 Net deferred tax benefits (income taxes) .5 3.1 3.6 2.0 (2.5) (.5) Other comprehensive income (loss) 2.9 (9.3) (6.4) (7.4) 7.7 .3 Balances at end of period $ (40.7) $ 11.3 $ (29.4) $ (54.3) $ 11.6 $ (42.7) The other comprehensive income (loss) in the table above excludes $20.2 million for the 2021 period and $13.9 million for the 2020 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, 2021
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. The parties have reached an agreement in principle for a settlement, which will be presented to the court for approval. The proposed settlement would not be material to T. Rowe Price Group, Inc. In addition to the matter 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS. PENDING ACQUISITION OF OAK HILL ADVISORS, L.P. On October 28, 2021, we entered into a definitive purchase agreement to acquire 100% of the equity of Oak Hill Advisors, L.P. (OHA), and certain other entities that have common ownership. OHA is an alternative investment management firm with a focus on performing and distressed credit investments in North America, Europe and other geographies. Under the purchase agreement, we will acquire OHA for a purchase price of up to $4.2 billion, with $3.3 billion payable at closing, approximately 74% in cash and 26% in T. Rowe Price Group, Inc. common stock, and up to an additional $900 million in cash upon the achievement of certain business milestones beginning in 2025. The purchase price includes the retirement of OHA debt outstanding at closing. The completion of the acquisition is subject to various approvals and other customary closing conditions and is expected to close in the fourth quarter of 2021.

THE COMPANY AND BASIS OF PREP_2

THE COMPANY AND BASIS OF PREPARATION (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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.
NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all 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, 2021
Information about Receivables, Revenues, and Services [Abstract]
Components of revenues from advisory services	Revenues earned under agreements with clients include: Three months ended 9/30/2021 Three months ended 9/30/2020 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 $ 1,125.5 $ 82.6 $ 30.9 $ 1,239.0 $ 939.5 $ 72.4 $ 28.5 $ 1,040.4 Subadvised funds, separate accounts, collective investment trusts, and other investment products 687.9 — — 687.9 529.8 — — 529.8 Other clients (1) — 27.2 — 27.2 — 25.6 — 25.6 $ 1,813.4 $ 109.8 $ 30.9 $ 1,954.1 $ 1,469.3 $ 98.0 $ 28.5 $ 1,595.8 Nine months ended 9/30/2021 Nine months ended 9/30/2020 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 $ 3,273.2 $ 243.1 $ 90.0 $ 3,606.3 $ 2,638.8 $ 219.0 $ 82.1 $ 2,939.9 Subadvised funds, separate accounts, collective investment trusts, and other investment products 2,015.2 — — 2,015.2 1,452.1 — — 1,452.1 Other clients (1) — 88.7 — 88.7 — 81.8 — 81.8 $ 5,288.4 $ 331.8 $ 90.0 $ 5,710.2 $ 4,090.9 $ 300.8 $ 82.1 $ 4,473.8 (1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services. The following table details the investment advisory revenues earned from clients by their underlying asset class. Three months ended Nine months ended (in millions) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 U.S. mutual funds Equity $ 813.0 $ 636.3 $ 2,310.8 $ 1,750.6 Fixed income, including money market 64.8 66.6 183.7 205.1 Multi-asset 247.7 236.6 778.7 683.1 1,125.5 939.5 3,273.2 2,638.8 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 458.8 339.6 1,329.0 924.7 Fixed income, including money market 41.3 38.4 119.6 110.3 Multi-asset 187.8 151.8 566.6 417.1 687.9 529.8 2,015.2 1,452.1 Total $ 1,813.4 $ 1,469.3 $ 5,288.4 $ 4,090.9
Components of assets under management	The following table summarizes the assets under management on which we earn investment advisory revenues. Average during Three months ended Nine months ended As of (in billions) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 9/30/2021 12/31/2020 U.S. mutual funds Equity $ 559.8 $ 433.4 $ 534.0 $ 398.9 $ 546.1 $ 498.6 Fixed income, including money market 88.4 78.1 85.6 76.0 87.7 79.4 Multi-asset 232.8 197.3 228.5 189.1 227.2 216.6 881.0 708.8 848.1 664.0 861.0 794.6 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 445.7 338.8 427.3 303.3 428.6 397.2 Fixed income, including money market 94.3 82.4 92.1 80.3 93.0 89.3 Multi-asset 227.7 162.9 213.8 151.3 229.7 189.4 767.7 584.1 733.2 534.9 751.3 675.9 Total $ 1,648.7 $ 1,292.9 $ 1,581.3 $ 1,198.9 $ 1,612.3 $ 1,470.5

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
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) 9/30/2021 12/31/2020 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 1,610.2 $ 1,647.7 Seed capital 236.6 169.5 Supplemental savings plan liability economic hedges 795.5 768.1 Investment partnerships and other investments 108.6 95.1 Equity method investments T. Rowe Price investment products Discretionary investments 254.1 242.9 Seed capital 164.9 178.6 23% investment in UTI Asset Management Company Limited (India) 156.6 145.5 Investment partnerships and other investments 2.8 2.4 U.S. Treasury note 1.0 1.0 Total $ 3,330.3 $ 3,250.8
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) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ 589.7 $ (132.2) $ (727.6) $ (278.4) Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products $ 7.1 $ (4.0) $ (17.1) $ (7.6) Net increase (decrease) in redeemable non-controlling interests $ 531.0 $ (44.0) $ (483.6) $ (106.9) Gains recognized upon deconsolidation $ — $ — $ 2.6 $ .1
Maximum risk of loss related to investments in variable interest entities	Our investments at September 30, 2021 and December 31, 2020, 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) 9/30/2021 12/31/2020 Investment carrying values $ 193.4 $ 144.7 Unfunded capital commitments 9.2 12.3 Accounts receivable 21.7 13.8 $ 224.3 $ 170.8

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
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. 9/30/2021 12/31/2020 (in millions) Level 1 Level 2 Level 1 Level 2 T. Rowe Price investment products Cash equivalents held in money market funds 2,966.7 $ — $ 1,931.1 $ — Discretionary investments 1,610.2 — 1,647.7 — Seed capital 216.2 20.4 156.6 12.9 Supplemental savings plan liability economic hedges 795.5 — 768.1 — Other investments .7 .1 .5 .6 Total $ 5,589.3 $ 20.5 $ 4,504.0 $ 13.5

CONSOLIDATED T. ROWE PRICE IN_2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS (Tables)	9 Months Ended
	Sep. 30, 2021
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: 9/30/2021 12/31/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 6.2 $ 85.4 $ 91.6 $ 7.1 $ 97.7 $ 104.8 Investments (2) 178.5 1,634.7 1,813.2 188.2 2,372.7 2,560.9 Other assets 4.9 117.0 121.9 2.8 27.0 29.8 Total assets 189.6 1,837.1 2,026.7 198.1 2,497.4 2,695.5 Liabilities 29.8 62.3 92.1 10.0 47.7 57.7 Net assets $ 159.8 $ 1,774.8 $ 1,934.6 $ 188.1 $ 2,449.7 $ 2,637.8 Attributable to T. Rowe Price $ 126.4 $ 721.6 $ 848.0 $ 130.7 $ 945.4 $ 1,076.1 Attributable to redeemable non-controlling interests 33.4 1,053.2 1,086.6 57.4 1,504.3 1,561.7 $ 159.8 $ 1,774.8 $ 1,934.6 $ 188.1 $ 2,449.7 $ 2,637.8 (1) Cash and cash equivalents includes $6.0 million at September 30, 2021, and $7.0 million at December 31, 2020, of T. Rowe Price money market mutual funds. (2) Investments include $44.5 million at September 30, 2021, and $26.9 million at December 31, 2020 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, 2021 and 2020, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 9/30/2021 9/30/2020 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.1) $ (2.7) $ (2.8) $ (.7) $ (3.7) $ (4.4) Net investment income (loss) reflected in non-operating income (loss) .7 (17.8) (17.1) 13.1 88.1 101.2 Impact on income before taxes $ .6 $ (20.5) $ (19.9) $ 12.4 $ 84.4 $ 96.8 Net income (loss) attributable to T. Rowe Price $ .5 $ (.6) $ (.1) $ 7.0 $ 34.4 $ 41.4 Net income (loss) attributable to redeemable non-controlling interests .1 (19.9) (19.8) 5.4 50.0 55.4 $ .6 $ (20.5) $ (19.9) $ 12.4 $ 84.4 $ 96.8 Nine months ended 9/30/2021 9/30/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (.4) $ (8.7) $ (9.1) $ (1.2) $ (10.5) $ (11.7) Net investment income (loss) reflected in non-operating income 14.1 61.5 75.6 (5.7) 19.0 13.3 Impact on income before taxes $ 13.7 $ 52.8 $ 66.5 $ (6.9) $ 8.5 $ 1.6 Net income (loss) attributable to T. Rowe Price $ 8.8 $ 35.1 $ 43.9 $ (2.7) $ (.1) $ (2.8) Net income (loss) attributable to redeemable non-controlling interests 4.9 17.7 22.6 (4.2) 8.6 4.4 $ 13.7 $ 52.8 $ 66.5 $ (6.9) $ 8.5 $ 1.6
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, 2021 and 2020. Nine months ended 9/30/2021 9/30/2020 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (109.1) $ 127.7 $ 18.6 $ (105.7) $ (241.0) $ (346.7) Net cash used in investing activities (11.9) (3.7) (15.6) (23.4) (25.7) (49.1) Net cash provided by (used in) financing activities 120.1 (132.7) (12.6) 124.4 269.5 393.9 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — (3.6) (3.6) — 3.4 3.4 Net change in cash and cash equivalents during period (.9) (12.3) (13.2) (4.7) 6.2 1.5 Cash and cash equivalents at beginning of year 7.1 97.7 104.8 9.9 66.6 76.5 Cash and cash equivalents at end of period $ 6.2 $ 85.4 $ 91.6 $ 5.2 $ 72.8 $ 78.0
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. 9/30/2021 12/31/2020 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 6.0 $ — $ 7.0 $ — Equity securities 278.9 239.7 308.0 708.0 Fixed income securities — 1,231.1 — 1,411.3 Other investments 8.8 54.7 2.6 131.0 $ 293.7 $ 1,525.5 $ 317.6 $ 2,250.3 Liabilities $ (.3) $ (10.8) $ (.4) $ (18.8)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021. Options Weighted- average exercise price Outstanding at December 31, 2020 4,379,663 $ 71.67 Exercised (1,403,996) $ 69.20 Outstanding at September 30, 2021 2,975,667 $ 72.83 Exercisable at September 30, 2021 2,975,667 $ 72.83
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, 2021. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2020 7,412 6,367,059 $ 116.51 Time-based grants 4,336 29,314 $ 188.58 Dividend equivalents granted to non-employee directors — 2,978 $ 192.66 Vested (7,412) (99,091) $ 103.07 Forfeited — (137,390) $ 118.39 Nonvested at September 30, 2021 4,336 6,162,870 $ 117.21
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, 2021. 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 2021 49.9 2022 116.4 2023 through 2026 95.8 Total $ 262.1

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per share reconciliation	The following table presents the reconciliation of net income attributable to T. Rowe Price 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) 9/30/2021 9/30/2020 9/30/2021 9/30/2020 Net income attributable to T. Rowe Price $ 777.2 $ 643.2 $ 2,342.3 $ 1,589.3 Less: net income allocated to outstanding restricted stock and stock unit holders 19.5 17.9 61.6 44.1 Net income allocated to common stockholders $ 757.7 $ 625.3 $ 2,280.7 $ 1,545.2 Weighted-average common shares Outstanding 226.9 227.0 227.2 229.5 Outstanding assuming dilution 229.1 229.4 229.4 231.9

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020 are presented in the table below. Three months ended 9/30/2021 Three months ended 9/30/2020 (in millions) Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Balances at beginning of period $ (43.8) $ 15.1 $ (28.7) $ (54.4) $ 2.2 $ (52.2) Other comprehensive income (loss) before reclassifications and income taxes 3.5 (5.0) (1.5) (2.0) 12.5 10.5 Net deferred tax benefits (income taxes) (.4) 1.2 .8 2.1 (3.1) (1.0) Other comprehensive income (loss) 3.1 (3.8) (.7) .1 9.4 9.5 Balances at end of period $ (40.7) $ 11.3 $ (29.4) $ (54.3) $ 11.6 $ (42.7) The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2021 and 2020, are presented in the table below. Nine months ended 9/30/2021 Nine months ended 9/30/2020 (in millions) Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Equity method investments Consolidated T. Rowe Price investment products - variable interest entities Total currency translation adjustments Balances at beginning of period $ (43.6) $ 20.6 $ (23.0) $ (46.9) $ 3.9 $ (43.0) Other comprehensive income (loss) before reclassifications and income taxes 2.4 (9.8) (7.4) (9.4) 10.3 .9 Reclassification adjustments recognized in non-operating income — (2.6) (2.6) — (.1) (.1) 2.4 (12.4) (10.0) (9.4) 10.2 .8 Net deferred tax benefits (income taxes) .5 3.1 3.6 2.0 (2.5) (.5) Other comprehensive income (loss) 2.9 (9.3) (6.4) (7.4) 7.7 .3 Balances at end of period $ (40.7) $ 11.3 $ (29.4) $ (54.3) $ 11.6 $ (42.7)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue and Services [Line Items]
Net revenues	$ 1,954.1	$ 1,595.8	$ 5,710.2	$ 4,473.8
Average assets under management	1,648,700	1,292,900	1,581,300	1,198,900
Period end assets under management	1,612,300		1,612,300		$ 1,470,500
U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	1,239	1,040.4	3,606.3	2,939.9
Average assets under management	881,000	708,800	848,100	664,000
Period end assets under management	861,000		861,000		794,600
U.S. mutual funds | Equity
Revenue and Services [Line Items]
Average assets under management	559,800	433,400	534,000	398,900
Period end assets under management	546,100		546,100		498,600
U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	88,400	78,100	85,600	76,000
Period end assets under management	87,700		87,700		79,400
U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Average assets under management	232,800	197,300	228,500	189,100
Period end assets under management	227,200		227,200		216,600
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	687.9	529.8	2,015.2	1,452.1
Average assets under management	767,700	584,100	733,200	534,900
Period end assets under management	751,300		751,300		675,900
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Average assets under management	445,700	338,800	427,300	303,300
Period end assets under management	428,600		428,600		397,200
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	94,300	82,400	92,100	80,300
Period end assets under management	93,000		93,000		89,300
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Average assets under management	227,700	162,900	213,800	151,300
Period end assets under management	229,700		229,700		$ 189,400
Other clients
Revenue and Services [Line Items]
Net revenues	27.2	25.6	88.7	81.8
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,813.4	1,469.3	5,288.4	4,090.9
Investment advisory fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	1,125.5	939.5	3,273.2	2,638.8
Investment advisory fees | U.S. mutual funds | Equity
Revenue and Services [Line Items]
Net revenues	813	636.3	2,310.8	1,750.6
Investment advisory fees | U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	64.8	66.6	183.7	205.1
Investment advisory fees | U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Net revenues	247.7	236.6	778.7	683.1
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	687.9	529.8	2,015.2	1,452.1
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Net revenues	458.8	339.6	1,329	924.7
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	41.3	38.4	119.6	110.3
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Net revenues	187.8	151.8	566.6	417.1
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	109.8	98	331.8	300.8
Administrative fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	82.6	72.4	243.1	219
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	27.2	25.6	88.7	81.8
Distribution and servicing fees
Revenue and Services [Line Items]
Net revenues	30.9	28.5	90	82.1
Distribution and servicing fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	30.9	28.5	90	82.1
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, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Concentration Risk [Line Items]
Net revenues				$ 1,954.1	$ 1,595.8	$ 5,710.2	$ 4,473.8
Accounts receivable	$ 941.6		$ 863.1	941.6		941.6
T. Rowe Price investment products
Concentration Risk [Line Items]
Net revenues				1,599.5	$ 1,302.3	4,653.7	$ 3,652.8
Accounts receivable	$ 581.6		$ 523.4	$ 581.6		$ 581.6
Investment advisory clients | Outside U.S. | Assets under management | Geographic concentration
Concentration Risk [Line Items]
Concentration risk	8.80%	9.00%	9.30%

INVESTMENTS - Investments (Deta

INVESTMENTS - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
U.S. Treasury note	$ 1		$ 1		$ 1
Total	3,330.3		3,330.3		3,250.8
Net unrealized gains (losses) on T. Rowe Price investments product recognized in nonoperating income	(4.6)	$ 75.5	83.7	$ 53.6
Gains recognized upon deconsolidation	(11.5)	191.6	234.5	106.4
Reclassification out of accumulated other comprehensive income | Currency translation adjustments
Schedule of Equity Method Investments [Line Items]
Gains recognized upon deconsolidation	0	0	2.6	0.1
Assets
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	589.7	(132.2)	(727.6)	(278.4)
Liability
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	7.1	(4)	(17.1)	(7.6)
Redeemable noncontrolling interest
Schedule of Equity Method Investments [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	531	$ (44)	(483.6)	$ (106.9)
Discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	1,610.2		1,610.2		1,647.7
Equity method investments	254.1		254.1		242.9
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	236.6		236.6		169.5
Equity method investments	164.9		164.9		178.6
Supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	795.5		795.5		768.1
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	108.6		108.6		95.1
23% investment in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 156.6		$ 156.6		$ 145.5
Equity method investment (ownership percentage)	23.00%		23.00%		23.00%
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2.8		$ 2.8		$ 2.4

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investment carrying values	$ 193.4	$ 144.7
Unfunded capital commitments	9.2	12.3
Accounts receivable	21.7	13.8
Maximum risk of loss related to nonconsolidated variable interest entities	$ 224.3	$ 170.8

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	$ 1,610.2	$ 1,647.7
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	236.6	169.5
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	795.5	768.1
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,589.3	4,504
Level 1 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	2,966.7	1,931.1
Other investments	0.7	0.5
Level 1 | Fair value, measurements, recurring | Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	1,610.2	1,647.7
Level 1 | Fair value, measurements, recurring | Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	216.2	156.6
Level 1 | Fair value, measurements, recurring | 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	795.5	768.1
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	20.5	13.5
Level 2 | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0	0
Other investments	0.1	0.6
Level 2 | Fair value, measurements, recurring | Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	0	0
Level 2 | Fair value, measurements, recurring | Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products and other investments	20.4	12.9
Level 2 | Fair value, measurements, recurring | 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	0	0
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	$ 107.8	$ 94

CONSOLIDATED T. ROWE PRICE IN_3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,418.5		$ 2,151.7
Investments	3,330.3		3,250.8
Other assets	242.6		219.2
Total assets	11,450.7		10,659
Liabilities	2,102		1,390.3
Attributable to redeemable non-controlling interests	1,086.6	$ 880.4	1,561.7	$ 1,340.2	$ 1,090.1	$ 1,121
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,934.6		2,637.8
Attributable to T. Rowe Price	848		1,076.1
Attributable to redeemable non-controlling interests	1,086.6		1,561.7
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	159.8		188.1
Attributable to T. Rowe Price	126.4		130.7
Attributable to redeemable non-controlling interests	33.4		57.4
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,774.8		2,449.7
Attributable to T. Rowe Price	721.6		945.4
Attributable to redeemable non-controlling interests	1,053.2		1,504.3
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	91.6		104.8
Investments	1,813.2		2,560.9
Other assets	121.9		29.8
Total assets	2,026.7		2,695.5
Liabilities	92.1		57.7
Net assets	1,934.6		2,637.8
Reportable entities | Consolidated T. Rowe Price investment products | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	44.5		26.9
Reportable entities | Consolidated T. Rowe Price investment products | Money Market Funds | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	6		7
Reportable entities | Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	6.2		7.1
Investments	178.5		188.2
Other assets	4.9		2.8
Total assets	189.6		198.1
Liabilities	29.8		10
Net assets	159.8		188.1
Reportable entities | Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	85.4		97.7
Investments	1,634.7		2,372.7
Other assets	117		27
Total assets	1,837.1		2,497.4
Liabilities	62.3		47.7
Net assets	$ 1,774.8		$ 2,449.7

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (957.9)	$ (866.9)	$ (2,862.7)	$ (2,484)
Income before income taxes	984.7	920.5	3,082	2,096.2
Net income (loss) attributable to redeemable non-controlling interests	(19.8)	55.4	22.6	4.4
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(1.6)	(2.7)	(4)	(7.3)
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(19.9)	96.8	66.5	1.6
Net income (loss) attributable to T. Rowe Price	(19.8)	41.4	22.6	4.4
Net income (loss) attributable to redeemable non-controlling interests	(0.1)	55.4	43.9	(2.8)
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.8)	(4.4)	(9.1)	(11.7)
Net investment income (loss) reflected in non-operating income (loss)	(17.1)	101.2	75.6	13.3
Income before income taxes	(19.9)	96.8	66.5	1.6
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	0.6	12.4	13.7	(6.9)
Net income (loss) attributable to T. Rowe Price	0.1	7	4.9	(4.2)
Net income (loss) attributable to redeemable non-controlling interests	0.5	5.4	8.8	(2.7)
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.1)	(0.7)	(0.4)	(1.2)
Net investment income (loss) reflected in non-operating income (loss)	0.7	13.1	14.1	(5.7)
Income before income taxes	0.6	12.4	13.7	(6.9)
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(20.5)	84.4	52.8	8.5
Net income (loss) attributable to T. Rowe Price	(19.9)	34.4	17.7	8.6
Net income (loss) attributable to redeemable non-controlling interests	(0.6)	50	35.1	(0.1)
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.7)	(3.7)	(8.7)	(10.5)
Net investment income (loss) reflected in non-operating income (loss)	(17.8)	88.1	61.5	19
Income before income taxes	$ (20.5)	$ 84.4	$ 52.8	$ 8.5

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, 2021	Sep. 30, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 3,090.7	$ 1,916.9
Net cash used in investing activities	57.6	(53.1)
Net cash provided by (used in) financing activities	(1,891.1)	(1,419.3)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(3.6)	3.4
Net change in cash and cash equivalents during period	1,253.6	447.9
Cash and cash equivalents at beginning of period	2,256.5	1,858.3
Cash and cash equivalents at ending of period	3,510.1	2,306.2
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of period	104.8	76.5
Cash and cash equivalents at ending of period	91.6	78
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	18.6	(346.7)
Net cash used in investing activities	(15.6)	(49.1)
Net cash provided by (used in) financing activities	(12.6)	393.9
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(3.6)	3.4
Net change in cash and cash equivalents during period	(13.2)	1.5
Cash and cash equivalents at beginning of period	104.8	76.5
Cash and cash equivalents at ending of period	91.6	78
Reportable entities | Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(109.1)	(105.7)
Net cash used in investing activities	(11.9)	(23.4)
Net cash provided by (used in) financing activities	120.1	124.4
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	(0.9)	(4.7)
Cash and cash equivalents at beginning of period	7.1	9.9
Cash and cash equivalents at ending of period	6.2	5.2
Reportable entities | Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	127.7	(241)
Net cash used in investing activities	(3.7)	(25.7)
Net cash provided by (used in) financing activities	(132.7)	269.5
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(3.6)	3.4
Net change in cash and cash equivalents during period	(12.3)	6.2
Cash and cash equivalents at beginning of period	97.7	66.6
Cash and cash equivalents at ending of period	85.4	72.8
Consolidation eliminations | Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Subscriptions payment, net of dividends received	$ 35.3	$ (95.2)

CONSOLIDATED T. ROWE PRICE IN_6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 5,589.3	$ 4,504
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	20.5	13.5
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,966.7	1,931.1
Other investments	0.7	0.5
Fair value, measurements, recurring | Level 1 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6	7
Equity securities	278.9	308
Fixed income securities	0	0
Other investments	8.8	2.6
Total	293.7	317.6
Liabilities	(0.3)	(0.4)
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0.1	0.6
Fair value, measurements, recurring | Level 2 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities	239.7	708
Fixed income securities	1,231.1	1,411.3
Other investments	54.7	131
Total	1,525.5	2,250.3
Liabilities	$ (10.8)	$ (18.8)

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2021	Jun. 14, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Unsettled common stock repurchases liability	$ 36		$ 2.5
Dividends per share (in dollars per share)		$ 3
Dividends payable		$ 699.8

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021
Options
Outstanding, beginning balance (in shares)	4,379,663
Exercised (in shares)	(1,403,996)
Outstanding, ending balance (in shares)	2,975,667
Exercisable at current period-end (in shares)	2,975,667
Weighted- average exercise price
Weighted-average exercise price of options outstanding, beginning balance (in dollars per share)	$ 71.67
Weighted-average exercise price of options exercised (in dollars per share)	69.20
Weighted-average exercise price of options outstanding, ending balance (in dollars per share)	72.83
Weighted-average exercise price of options exercisable at current period-end (in dollars per share)	$ 72.83

STOCK-BASED COMPENSATION - Effe

STOCK-BASED COMPENSATION - Effect of Special Cash Dividend (Details)	Jun. 24, 2021USD ($)shares
Share-based Payment Arrangement [Abstract]
Increase of stock options outstanding (in shares) | shares	50,607
Compensation expense | $	$ 0

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Weighted-average fair value
Weighted-average fair value of nonvested restricted shares and restricted stock units, beginning balance (in dollars per share) | $ / shares	$ 116.51
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) | $ / shares	188.58
Weighted-average fair value of restricted shares and restricted stock units nonvested dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	192.66
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	103.07
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	118.39
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) | $ / shares	$ 117.21
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)	7,412
Grants (in shares)	4,336
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Vested (in shares)	(7,412)
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	4,336
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)	6,367,059
Grants (in shares)	29,314
Nonvested dividend equivalents granted to non-employee directors (in shares)	2,978
Vested (in shares)	(99,091)
Forfeited (in shares)	(137,390)
Nonvested, ending balance (in shares)	6,162,870
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)	335,162
Weighted-average fair value
Nonvested shares where performance threshold has been met (in shares)	188,612

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Sep. 30, 2021USD ($)
Share-based Payment Arrangement [Abstract]
Fourth quarter 2021	$ 49.9
2022	116.4
2023 through 2026	95.8
Total	$ 262.1

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0	0	0
Net income attributable to T. Rowe Price	$ 777.2	$ 643.2	$ 2,342.3	$ 1,589.3
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	19.5	17.9	61.6	44.1
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	19.5	17.9	61.6	44.1
Net income allocated to common stockholders (basic)	757.7	625.3	2,280.7	1,545.2
Net income allocated to common stockholders (diluted)	$ 757.7	$ 625.3	$ 2,280.7	$ 1,545.2
Weighted-average common shares
Outstanding (in shares)	226,900,000	227,000,000	227,200,000	229,500,000
Outstanding assuming dilution (in shares)	229,100,000	229,400,000	229,400,000	231,900,000

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 7,893	$ 6,750.7	$ 7,707	$ 7,102.1
Other comprehensive income (loss)	(0.7)	9.5	(6.4)	0.3
Balances at end of period	8,262.1	7,128.5	8,262.1	7,128.5
Other comprehensive loss, net of tax, attributable to redeemable non-controlling interests	(12.2)	20.8	(20.2)	13.9
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(28.7)	(52.2)	(23)	(43)
Other comprehensive income (loss) before reclassifications and income taxes	(1.5)	10.5	(7.4)	0.9
Reclassification adjustments recognized in non-operating income			(2.6)	(0.1)
Other comprehensive income (loss), before taxes			(10)	0.8
Net deferred tax benefits (income taxes)	0.8	(1)	3.6	(0.5)
Other comprehensive income (loss)	(0.7)	9.5	(6.4)	0.3
Balances at end of period	(29.4)	(42.7)	(29.4)	(42.7)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(43.8)	(54.4)	(43.6)	(46.9)
Other comprehensive income (loss) before reclassifications and income taxes	3.5	(2)	2.4	(9.4)
Reclassification adjustments recognized in non-operating income			0	0
Other comprehensive income (loss), before taxes			2.4	(9.4)
Net deferred tax benefits (income taxes)	(0.4)	2.1	0.5	2
Other comprehensive income (loss)	3.1	0.1	2.9	(7.4)
Balances at end of period	(40.7)	(54.3)	(40.7)	(54.3)
Currency translation adjustments | Variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	15.1	2.2	20.6	3.9
Other comprehensive income (loss) before reclassifications and income taxes	(5)	12.5	(9.8)	10.3
Reclassification adjustments recognized in non-operating income			(2.6)	(0.1)
Other comprehensive income (loss), before taxes			(12.4)	10.2
Net deferred tax benefits (income taxes)	1.2	(3.1)	3.1	(2.5)
Other comprehensive income (loss)	(3.8)	9.4	(9.3)	7.7
Balances at end of period	$ 11.3	$ 11.6	$ 11.3	$ 11.6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - OAK HILL ADVISORS, L.P $ in Millions	Oct. 28, 2021USD ($)
Subsequent Event [Line Items]
Percentage of interests acquired	100.00%
Purchase price	$ 4,200
Consideration payable at closing	3,300
Contingent consideration	$ 900
Consideration transferred in cash	74.00%
Equity interest issued	26.00%