T. Rowe Price (TROW) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-32191
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	100 East Pratt Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common Stock, $.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		227,296,619
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Central Index Key	0001113169
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 1,997.5	$ 1,523.1
Accounts receivable and accrued revenue	919.5	1,058.3
Investments	2,879.3	2,975.5
Assets of consolidated T. Rowe Price investment products ($1,501.0 million at March 31, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities)	1,658.2	1,962.8
Operating lease assets	164.5	201.2
Property, equipment and software, net	736.3	736.2
Intangible assets, net	886.3	913.4
Goodwill	2,643.9	2,693.2
Other assets	462.5	445.3
Total assets	12,348	12,509
LIABILITIES
Accounts payable and accrued expenses	417.3	431
Liabilities of consolidated T. Rowe Price investment products ($44.2 million at March 31, 2022 and $36.2 million at December 31, 2021, related to variable interest entities)	55.9	51.5
Operating lease liabilities	211.8	249.2
Accrued compensation and related costs	293.6	256.8
Supplemental savings plan liability	826.3	882.6
Contingent consideration liability	211.5	306.3
Income taxes payable	214.6	77.9
Total liabilities	2,231	2,255.3
Commitments and contingent liabilities
Redeemable non-controlling interests	790.4	982.3
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares	0	0
Common stock, $.20 par value—authorized 750,000,000; issued 227,283,000 shares at March 31, 2022 and 229,175,000 at December 31, 2021	45.5	45.8
Additional capital in excess of par value	668.2	919.8
Retained earnings	8,372.2	8,083.6
Accumulated other comprehensive loss	(31.5)	(26.5)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.	9,054.4	9,022.7
Non-controlling interests in consolidated entities	272.2	248.7
Total permanent stockholders’ equity	9,326.6	9,271.4
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 12,348	$ 12,509

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets of consolidated T. Rowe Price investment products	$ 1,658.2	$ 1,962.8
Liabilities of consolidated T. Rowe Price investment products	$ 55.9	$ 51.5
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)	227,283,000	229,175,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 1,501	$ 1,761.5
Liabilities of consolidated T. Rowe Price investment products	$ 44.2	$ 36.2

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net revenues	$ 1,863	$ 1,826.8
Operating expenses
Compensation and related costs	581.6	583.5
Distribution and servicing	85.9	85.6
Advertising and promotion	23.4	18.9
Product and recordkeeping related costs	80.4	41
Technology, occupancy, and facility costs	133.9	117.3
General, administrative, and other	80.4	87.3
Total operating expenses	985.6	933.6
Net operating income	877.4	893.2
Non-operating income (loss)
Net gains (losses) on investments	(89.9)	68.6
Net gains (losses) on consolidated investment products	(101.4)	37.2
Other income (loss)	(7.2)	(3.7)
Total non-operating income (loss)	(198.5)	102.1
Income before income taxes	678.9	995.3
Provision for income taxes	164.5	230.5
Net income	514.4	764.8
Less: net income (loss) attributable to redeemable non-controlling interests	(53.5)	15.4
Net income attributable to T. Rowe Price Group	$ 567.9	$ 749.4
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 2.43	$ 3.20
Diluted (in dollars per share)	$ 2.41	$ 3.17
Investment advisory fees
Revenues
Net revenues	$ 1,662.1	$ 1,687.8
Capital allocation-based income
Revenues
Net revenues	44.4	0
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 156.5	$ 139

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 514.4	$ 764.8
Currency translation adjustments
Other comprehensive income (loss) before income taxes	(16.6)	(22.3)
Net deferred tax (expense) benefits	1.8	3
Total other comprehensive income (loss)	(14.8)	(19.3)
Total comprehensive income	499.6	745.5
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(63.3)	3.6
Total comprehensive income attributable to T. Rowe Price Group	562.9	741.9
Variable interest entities
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities	(15.5)	(18.9)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	(1.6)	(2.6)
Total currency translation adjustments	(17.1)	(21.5)
Equity method investments
Currency translation adjustments
Total currency translation adjustments	$ 0.5	$ (0.8)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 514.4	$ 764.8
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property, equipment and software	54.5	49
Amortization of acquisition-related assets and retention arrangements	53.9	0
Fair value remeasurement of contingent consideration liability	(45.5)	0
Stock-based compensation expense	63.6	57.5
Net (gains) losses recognized on investments	38.3	(59.5)
Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	6.1	22
Net change in securities held by consolidated T. Rowe Price investment products	180.1	(120.9)
Other changes	238	281.8
Net cash provided by operating activities	1,103.4	994.7
Cash flows from investing activities
Purchases of investment products	(6)	(12.5)
Dispositions of investment products	64.9	60.3
Net cash of T. Rowe Price investment products on deconsolidation	(5.9)	(27.3)
Additions to property, equipment and software	(54.9)	(58.8)
Other investing activity	5.7	7.5
Net cash provided by (used in) investing activities	3.8	(30.8)
Cash flows from financing activities
Repurchases of common stock	(320.1)	(259.2)
Common share issuances under stock-based compensation plans	5.1	20.9
Dividends paid to common stockholders of T. Rowe Price	(279.2)	(252.3)
Net contributions from non-controlling interests in consolidated entities	6	0
Net subscriptions (redemptions) received from redeemable non-controlling interest holders	(55.9)	183.1
Net cash used in financing activities	(644.1)	(307.5)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.7)	0.9
Net change in cash and cash equivalents during period	460.4	657.3
Cash and cash equivalents at beginning of year	1,624.2	2,256.5
Cash and cash equivalents at end of period	$ 2,084.6	$ 2,913.8

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 2,084.6	$ 1,624.2	$ 2,913.8	$ 2,256.5
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 87.1	$ 101.1	$ 83.7	$ 104.8

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Restricted stock units	Total stockholders’ equity attributable to T. Rowe Price Group, Inc.	Total stockholders’ equity attributable to T. Rowe Price Group, Inc.Restricted stock units	Common stock	Common stockRestricted stock units	Additional capital in excess of par value	Additional capital in excess of par valueRestricted stock units	Retained earnings	AOCI	[1]	Non-controlling interests in consolidated entities
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	749.4								749.4
Other comprehensive income (loss), net of tax	(7.5)									(7.5)
Dividends declared	(252.3)								(252.3)
Shares issued upon option exercises (in shares)					572,000
Shares issued upon option exercises	25.4				$ 0.1		25.3
Net shares issued upon vesting of restricted stock units (in shares)						41,000
Net shares issued upon vesting of restricted stock units		$ (3.7)						$ (3.7)
Stock-based compensation expense	57.5						57.5
Restricted stock units issued as dividend equivalents							0.1		(0.1)
Common shares repurchased (in shares)					(1,630,000)
Common shares repurchased	(267.6)				$ (0.3)		(79.2)		(188.1)
Ending balance (in shares) at Mar. 31, 2021					226,948,000
Balances at end of period at Mar. 31, 2021	8,008.2				$ 45.4		654.6		7,338.7	(30.5)
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	15.4
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(11.8)
Net redemptions from subscription into T. Rowe Price investment products	187.5
Net deconsolidations of T. Rowe Price investment products	(739.9)
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2021	1,012.9
Beginning balance (in shares) at Dec. 31, 2021					229,175,000
Balances at beginning of period at Dec. 31, 2021	9,271.4		$ 9,022.7		$ 45.8		919.8		8,083.6	(26.5)		$ 248.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	567.9		567.9						567.9			17.5
Net income (loss)	585.4
Other comprehensive income (loss), net of tax	(5)		(5)							(5)
Dividends declared	$ (279.2)		(279.2)						(279.2)
Shares issued upon option exercises (in shares)	214,772				174,000
Shares issued upon option exercises	$ 7.8		7.8				7.8
Net shares issued upon vesting of restricted stock units (in shares)						41,000
Net shares issued upon vesting of restricted stock units		$ (3.2)		$ (3.2)				$ (3.2)
Stock-based compensation expense	63.5		63.5				63.5
Restricted stock units issued as dividend equivalents							0.1		(0.1)
Common shares repurchased (in shares)					(2,107,000)
Common shares repurchased	(320.1)		(320.1)		$ (0.3)		(319.8)
Net contributions from non-controlling interests in consolidated entities	6											6
Ending balance (in shares) at Mar. 31, 2022					227,283,000
Balances at end of period at Mar. 31, 2022	9,326.6		$ 9,054.4		$ 45.5		$ 668.2		$ 8,372.2	$ (31.5)		$ 272.2
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2021	982.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable non-controlling interests	(53.5)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(9.9)
Net redemptions from subscription into T. Rowe Price investment products	(65.6)
Net deconsolidations of T. Rowe Price investment products	(62.9)
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2022	$ 790.4
[1]	Accumulated other comprehensive income

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.20	$ 1.08

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION	3 Months Ended
	Mar. 31, 2022
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 affiliated products. The other affiliated products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds or private accounts, and collateralized loan obligations. 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. Additionally, we also derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements. 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. On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that had common ownership (collectively, OHA). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). As of March 31, 2022, OHA had $57 billion of capital under management (which includes net assets value, portfolio value and/or unfunded capital). We have reflected the financial position, operating results and cash flows of OHA in these financial statements. 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 2021 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	3 Months Ended
	Mar. 31, 2022
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 3/31/2022 Three months ended 3/31/2021 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Capital allocation-based income Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 976.5 $ 93.1 $ 26.3 $ — $ 1,095.9 $ 1,050.2 $ 78.7 $ 29.1 $ 1,158.0 Subadvised funds, separate accounts, collective investment trusts, and other investment products 685.6 — — 44.4 730.0 637.6 — — 637.6 Other clients (1) — 37.1 — — 37.1 — 31.2 — 31.2 $ 1,662.1 $ 130.2 $ 26.3 $ 44.4 $ 1,863.0 $ 1,687.8 $ 109.9 $ 29.1 $ 1,826.8 (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 aggregate $1,536.4 million and $1,482.3 million for the three months ended March 31, 2022 and 2021, respectively. Accounts receivable from these products aggregate to $584.5 million at March 31, 2022 and $577.9 million at December 31, 2021. The following table details the investment advisory revenues earned from clients by their underlying asset class. Three months ended (in millions) 3/31/2022 3/31/2021 U.S. mutual funds Equity $ 691.9 $ 729.8 Fixed income, including money market 64.0 59.0 Multi-asset 220.6 261.4 976.5 1,050.2 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 394.1 424.2 Fixed income, including money market 42.6 37.5 Multi-asset 184.0 175.9 Alternatives 64.9 — 685.6 637.6 Total $ 1,662.1 $ 1,687.8 The following table summarizes the assets under management on which we earn investment advisory revenues. Average during Three months ended As of (in billions) 3/31/2022 3/31/2021 3/31/2022 12/31/2021 U.S. mutual funds Equity $ 491.3 $ 509.6 $ 489.0 $ 553.9 Fixed income, including money market 86.4 82.3 83.9 85.3 Multi-asset 220.3 222.6 216.5 232.2 798.0 814.5 789.4 871.4 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 395.2 408.4 389.0 438.8 Fixed income, including money market 91.4 90.7 91.3 90.4 Multi-asset 233.4 195.2 239.9 245.5 Alternatives 41.9 — 42.2 41.7 761.9 694.3 762.4 816.4 Total $ 1,559.9 $ 1,508.8 $ 1,551.8 $ 1,687.8

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS. The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows: (in millions) 3/31/2022 12/31/2021 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 502.2 $ 518.7 Seed capital 224.6 264.8 Supplemental savings plan liability economic hedges 820.0 881.5 Investment partnerships and other investments 105.0 108.9 Investments in affiliated collateralized loan obligations 9.3 10.8 Equity method investments T. Rowe Price investment products - seed capital 134.0 141.7 Investments in affiliated private investment funds - carried interest 642.1 609.8 Investments in affiliated private investment funds - seed/co-investment 153.1 151.3 23% Investment in UTI Asset Management Company Limited (India) 170.3 165.4 Other investment partnerships and investments 2.5 2.5 Held to maturity Investments in affiliated collateralized loan obligations 115.2 119.1 U.S. Treasury note 1.0 1.0 Total $ 2,879.3 $ 2,975.5 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 March 31, 2022, net losses on investments included $99.9 million of net unrealized losses related to investments held at fair value that were still held at March 31, 2022. For the same period of 2021, net gains on investments included $38.8 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2021. During the three months ended March 31, 2022 and 2021, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the three months ended March 31, 2022 and March 31, 2021, 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 (in millions) 3/31/2022 3/31/2021 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (97.5) $ (928.1) Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products $ (8.6) $ (15.3) Net increase (decrease) in redeemable non-controlling interests $ (63.0) $ (739.9) Gains recognized upon deconsolidation $ 1.6 $ 2.6 The gains 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. INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS. There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). As of March 31, 2022 and December 31, 2021, the debt is valued at $108.7 million and $113.5 million, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €66.7 million (equivalent to $73.8 million at March 31, 2022 and $75.9 million at December 31, 2021 at the respective EUR spot rates) and collateralized by the CLO investments. The debt also includes outstanding note facilities of €32.4 million (equivalent to $34.9 million at March 31, 2022 and $36.9 million at December 31, 2021 at the respective EUR spot rates) and are collateralized by first priority security interests in the assets of the consolidated OHA entity that is party to the notes. The debt bears interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.70% to 1.95% as of March 31, 2022. The debt matures on various dates through 2032 or if the investments are paid back in full or cancelled. VARIABLE INTEREST ENTITIES. Our investments at March 31, 2022 and December 31, 2021 include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows: (in millions) 3/31/2022 12/31/2021 Investment carrying values $ 951.9 $ 943.3 Unfunded capital commitments 110.4 94.2 Accounts receivable 94.2 145.1 $ 1,156.5 $ 1,182.6 The unfunded capital commitments totaling $110.4 million at March 31, 2022 and $94.2 million at December 31, 2021 relate primarily to the affiliated private investment funds and the investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances. INVESTMENTS IN AFFILIATED PARTNERS. During 2021, as part of the OHA acquisition, we acquired a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income. These entities are considered variable interest entities and are consolidated as T. Rowe Price was determined to be the primary beneficiary. The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows: (in millions) 3/31/2022 12/31/2021 Assets $ 695.4 $ 692.7 Liabilities $ 1.1 $ 56.4 Non-controlling interest $ 272.2 $ 248.7

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market. These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments and liability that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 3/31/2022 12/31/2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 T. Rowe Price investment products Cash equivalents held in money market funds 1,551.1 $ — $ — $ 1,183.9 $ — $ — Discretionary investments 502.2 — — 518.7 — — Seed capital 202.9 21.7 — 241.4 23.4 — Supplemental savings plan liability economic hedges 820.0 — — 881.5 — — Other investments 1.3 .1 — .7 .1 — Investments in affiliated collateralized loan obligations — 9.3 — — 10.8 — Total $ 3,077.5 $ 31.1 $ — $ 2,826.2 $ 34.3 $ — Contingent consideration liability $ — $ — $ 211.5 $ — $ — $ 306.3 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 $103.6 million at March 31, 2022, and $108.1 million at December 31, 2021. As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent consideration in the amount of up to $900.0 million, payable in cash, that may be due as part of an earnout payment starting in 2025 and ending in 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend two The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows: Contingent Consideration Liability (in millions) Three Months Ended 3/31/2022 Balance, 12/31/2021 $ 306.3 Measurement period adjustment (49.3) Unrealized (gains) losses, included in earnings (45.5) Balance, 3/31/2022 $ 211.5 The fair value of the contingent consideration is measured using the Monte Carlo simulation methodology of valuation. The most significant assumptions used relate to the discount periods and rates and from changes pertaining to the achievement of the defined financial targets. The unrealized (gains) losses during the quarter are reflected in general, administrative and other expenses in our unaudited condensed consolidated statements of income. In addition, simultaneously with the OHA acquisition, a Value Creation Agreement was entered into whereby certain employees of OHA will receive incentive payments in the aggregate equal to 10% of the appreciated value of the OHA business, subject to an annualized preferred return to T. Rowe Price, on the fifth anniversary of the acquisition date. This arrangement is treated as a post-combination compensation expense. This arrangement will be remeasured at fair value at each reporting date and recognized over the related service period. As of March 31, 2022, $2.0 million was recognized as part of compensation expense in our unaudited condensed consolidated statements of income.

CONSOLIDATED T. ROWE PRICE INVE

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES	3 Months Ended
	Mar. 31, 2022
Consolidated Sponsored Investment Portfolios [Abstract]
CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES	CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES.The T. Rowe Price investment products that we consolidate in our unaudited condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities. The following table details the net assets of the consolidated T. Rowe Price investment products: 3/31/2022 12/31/2021 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 9.5 $ 77.5 $ 87.0 $ 7.3 $ 93.8 $ 101.1 Investments (2) 144.4 1,391.5 1,535.9 188.9 1,645.0 1,833.9 Other assets 3.3 32.0 35.3 5.1 22.7 27.8 Total assets 157.2 1,501.0 1,658.2 201.3 1,761.5 1,962.8 Liabilities 11.7 44.2 55.9 15.3 36.2 51.5 Net assets $ 145.5 $ 1,456.8 $ 1,602.3 $ 186.0 $ 1,725.3 $ 1,911.3 Attributable to T. Rowe Price $ 99.6 $ 712.3 $ 811.9 $ 125.3 $ 803.7 $ 929.0 Attributable to redeemable non-controlling interests 45.9 744.5 790.4 60.7 921.6 982.3 $ 145.5 $ 1,456.8 $ 1,602.3 $ 186.0 $ 1,725.3 $ 1,911.3 (1) Cash and cash equivalents includes $6.6 million at March 31, 2022, and $6.5 million at December 31, 2021, of T. Rowe Price money market mutual funds. (2) Investments include $39.3 million at March 31, 2022, and $42.5 million at December 31, 2021 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 months ended March 31, 2022 and 2021, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2022 3/31/2021 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.2) $ (2.3) $ (2.5) $ (.2) $ (3.3) $ (3.5) Net investment income (loss) reflected in non-operating income (loss) (6.6) (94.8) (101.4) 6.1 31.1 37.2 Impact on income before taxes $ (6.8) $ (97.1) $ (103.9) $ 5.9 $ 27.8 $ 33.7 Net income (loss) attributable to T. Rowe Price $ (4.7) $ (45.7) $ (50.4) $ 4.0 $ 14.3 $ 18.3 Net income (loss) attributable to redeemable non-controlling interests (2.1) (51.4) (53.5) 1.9 13.5 15.4 $ (6.8) $ (97.1) $ (103.9) $ 5.9 $ 27.8 $ 33.7 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 $0.9 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively, against the investment advisory and administrative fees earned from these products. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income 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 three months ended March 31, 2022 and 2021. Three months ended 3/31/2022 3/31/2021 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (2.6) $ 88.2 $ 85.6 $ (31.7) $ (112.0) $ (143.7) Net cash used in investing activities — (5.9) (5.9) (9.1) (18.2) (27.3) Net cash provided by (used in) financing activities 4.9 (95.9) (91.0) 36.7 112.3 149.0 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — (2.7) (2.7) — .9 .9 Net change in cash and cash equivalents during period 2.3 (16.3) (14.0) (4.1) (17.0) (21.1) Cash and cash equivalents at beginning of year 7.3 93.8 101.1 7.1 97.7 104.8 Cash and cash equivalents at end of period $ 9.6 $ 77.5 $ 87.1 $ 3.0 $ 80.7 $ 83.7 The net cash provided by financing activities during the three months ended March 31, 2022 and 2021 includes $35.1 million and $34.1 million, respectively, of net subscriptions we made into the consolidated T. Rowe Price investment products, net of dividends received. These cash flows were eliminated in consolidation. FAIR VALUE MEASUREMENTS. We determine the fair value of investments held by consolidated T. Rowe Price investment products using the following broad levels of inputs as defined by related accounting standards: Level 1 – quoted prices in active markets for identical securities. Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources. Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant. These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs. 3/31/2022 12/31/2021 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 6.6 $ 2.1 $ 6.5 $ .7 Equity securities 212.4 239.0 247.8 340.3 Fixed income securities — 1,024.6 — 1,187.4 Other investments 8.6 51.3 5.7 52.7 $ 227.6 $ 1,317.0 $ 260.0 $ 1,581.1 Liabilities $ (1.9) $ (13.1) $ (.7) $ (9.7)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following: (in millions) 3/31/2022 12/31/2021 Goodwill $ 2,643.9 $ 2,693.2 Indefinite-lived intangible assets - trade name 134.7 134.7 Indefinite-lived intangible assets - investment advisory agreements 164.8 164.8 Definite-lived intangible assets - investment advisory agreements 586.8 613.9 Total $ 3,530.2 $ 3,606.6 Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the remainder of 2022 is $81.4 million, $108.1 million for 2023, $105.7 million for 2024, $105.0 million for 2025, and $87.7 million for 2026. Amortization expense for the definite-lived investment advisory agreements intangible assets was $27.1 million for the three months ended March 31, 2022. Goodwill activity during the three months ended March 31, 2022 was as follows: (in millions) 2022 Balance, 12/31/2021 $ 2,693.2 Measurement period adjustment (49.3) Balance, 3/31/2022 $ 2,643.9 We evaluate the carrying amount of goodwill for possible impairment on an annual basis in the third quarter using a fair value approach or if triggering events occur that require us to evaluate for impairment earlier.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY.Accounts payable and accrued expenses includes liabilities of $— million at March 31, 2022 for common stock repurchases that settled during the first week of April 2022.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2022. Options Weighted- average exercise price Outstanding at December 31, 2021 2,846,579 $ 72.87 Exercised (214,772) $ 64.58 Outstanding at March 31, 2022 2,631,807 $ 73.55 Exercisable at March 31, 2022 2,631,807 $ 73.55 RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the three months ended March 31, 2022. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2021 5,720 5,701,865 $ 146.87 Time-based grants — 8,078 $ 173.08 Dividend equivalents granted to non-employee directors — 786 $ 153.10 Vested — (62,378) $ 98.23 Forfeited — (61,216) $ 141.91 Nonvested at March 31, 2022 5,720 5,587,135 $ 147.50 Nonvested at March 31, 2022, includes performance-based restricted stock units of 294,518. These nonvested performance-based restricted stock units include 81,123 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 March 31, 2022. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures. (in millions) Second quarter 2022 $ 64.0 Third quarter 2022 63.1 Fourth quarter 2022 54.3 2023 125.5 2024 through 2026 105.4 Total $ 412.3

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS	3 Months Ended
	Mar. 31, 2022
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 (in millions) 3/31/2022 3/31/2021 Net income attributable to T. Rowe Price $ 567.9 $ 749.4 Less: net income allocated to outstanding restricted stock and stock unit holders 13.0 19.9 Net income allocated to common stockholders $ 554.9 $ 729.5 Weighted-average common shares Outstanding 228.2 227.7 Outstanding assuming dilution 229.8 230.0

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended March 31, 2022 and 2021 are presented in the table below. Three months ended 3/31/2022 Three months ended 3/31/2021 (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 $ (36.7) $ 10.2 $ (26.5) $ (43.6) $ 20.6 $ (23.0) Other comprehensive income (loss) before reclassifications and income taxes .5 (5.6) (5.1) (.8) (7.1) (7.9) Reclassification adjustments recognized in non-operating income — (1.6) (1.6) — (2.6) (2.6) .5 (7.2) (6.7) (.8) (9.7) (10.5) Net deferred tax benefits (income taxes) (.1) 1.9 1.8 .5 2.5 3.0 Other comprehensive income (loss) .4 (5.3) (4.9) (.3) (7.2) (7.5) Balances at end of period $ (36.3) $ 4.9 $ (31.4) $ (43.9) $ 13.4 $ (30.5) The other comprehensive income (loss) in the table above excludes losses of $9.9 million and income of $11.8 million of other comprehensive income related to redeemable non-controlling interests held in our consolidated products for the three months ended March 31, 2022 and 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $499.1 million to fund OHA products over the next five years. 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 reached a settlement agreement, and, on January 18, 2022, the Court provided preliminary approval of the proposed settlement and set a fairness hearing for May 24, 2022. 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.

THE COMPANY AND BASIS OF PREP_2

THE COMPANY AND BASIS OF PREPARATION (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States.
Use of estimates	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)	3 Months Ended
	Mar. 31, 2022
Information about Receivables, Revenues, and Services [Abstract]
Schedule of Revenues From Advisory Services	Revenues earned under agreements with clients include: Three months ended 3/31/2022 Three months ended 3/31/2021 Administrative, distribution, and servicing fees Administrative, distribution, and servicing fees (in millions) Investment advisory fees Administrative fees Distribution and servicing fees Capital allocation-based income Net revenues Investment advisory fees Administrative fees Distribution and servicing fees Net revenues U.S. mutual funds $ 976.5 $ 93.1 $ 26.3 $ — $ 1,095.9 $ 1,050.2 $ 78.7 $ 29.1 $ 1,158.0 Subadvised funds, separate accounts, collective investment trusts, and other investment products 685.6 — — 44.4 730.0 637.6 — — 637.6 Other clients (1) — 37.1 — — 37.1 — 31.2 — 31.2 $ 1,662.1 $ 130.2 $ 26.3 $ 44.4 $ 1,863.0 $ 1,687.8 $ 109.9 $ 29.1 $ 1,826.8 (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 (in millions) 3/31/2022 3/31/2021 U.S. mutual funds Equity $ 691.9 $ 729.8 Fixed income, including money market 64.0 59.0 Multi-asset 220.6 261.4 976.5 1,050.2 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 394.1 424.2 Fixed income, including money market 42.6 37.5 Multi-asset 184.0 175.9 Alternatives 64.9 — 685.6 637.6 Total $ 1,662.1 $ 1,687.8
Schedule of Assets Under Management	The following table summarizes the assets under management on which we earn investment advisory revenues. Average during Three months ended As of (in billions) 3/31/2022 3/31/2021 3/31/2022 12/31/2021 U.S. mutual funds Equity $ 491.3 $ 509.6 $ 489.0 $ 553.9 Fixed income, including money market 86.4 82.3 83.9 85.3 Multi-asset 220.3 222.6 216.5 232.2 798.0 814.5 789.4 871.4 Subadvised funds, separate accounts, collective investment trusts, and other investment products Equity 395.2 408.4 389.0 438.8 Fixed income, including money market 91.4 90.7 91.3 90.4 Multi-asset 233.4 195.2 239.9 245.5 Alternatives 41.9 — 42.2 41.7 761.9 694.3 762.4 816.4 Total $ 1,559.9 $ 1,508.8 $ 1,551.8 $ 1,687.8

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Unconsolidated Investments	The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows: (in millions) 3/31/2022 12/31/2021 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 502.2 $ 518.7 Seed capital 224.6 264.8 Supplemental savings plan liability economic hedges 820.0 881.5 Investment partnerships and other investments 105.0 108.9 Investments in affiliated collateralized loan obligations 9.3 10.8 Equity method investments T. Rowe Price investment products - seed capital 134.0 141.7 Investments in affiliated private investment funds - carried interest 642.1 609.8 Investments in affiliated private investment funds - seed/co-investment 153.1 151.3 23% Investment in UTI Asset Management Company Limited (India) 170.3 165.4 Other investment partnerships and investments 2.5 2.5 Held to maturity Investments in affiliated collateralized loan obligations 115.2 119.1 U.S. Treasury note 1.0 1.0 Total $ 2,879.3 $ 2,975.5
Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements	The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below. Three months ended (in millions) 3/31/2022 3/31/2021 Net increase (decrease) in assets of consolidated T. Rowe Price investment products $ (97.5) $ (928.1) Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products $ (8.6) $ (15.3) Net increase (decrease) in redeemable non-controlling interests $ (63.0) $ (739.9) Gains recognized upon deconsolidation $ 1.6 $ 2.6
Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities	Our investments at March 31, 2022 and December 31, 2021 include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows: (in millions) 3/31/2022 12/31/2021 Investment carrying values $ 951.9 $ 943.3 Unfunded capital commitments 110.4 94.2 Accounts receivable 94.2 145.1 $ 1,156.5 $ 1,182.6
Schedule of Total Assets, Liabilities And Non-controlling Interests of Consolidated Variable Interest Entities	The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows: (in millions) 3/31/2022 12/31/2021 Assets $ 695.4 $ 692.7 Liabilities $ 1.1 $ 56.4 Non-controlling interest $ 272.2 $ 248.7

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table summarizes our investments and liability that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 3/31/2022 12/31/2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 T. Rowe Price investment products Cash equivalents held in money market funds 1,551.1 $ — $ — $ 1,183.9 $ — $ — Discretionary investments 502.2 — — 518.7 — — Seed capital 202.9 21.7 — 241.4 23.4 — Supplemental savings plan liability economic hedges 820.0 — — 881.5 — — Other investments 1.3 .1 — .7 .1 — Investments in affiliated collateralized loan obligations — 9.3 — — 10.8 — Total $ 3,077.5 $ 31.1 $ — $ 2,826.2 $ 34.3 $ — Contingent consideration liability $ — $ — $ 211.5 $ — $ — $ 306.3
Schedule of Change in Contingent Consideration Liability	The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows: Contingent Consideration Liability (in millions) Three Months Ended 3/31/2022 Balance, 12/31/2021 $ 306.3 Measurement period adjustment (49.3) Unrealized (gains) losses, included in earnings (45.5) Balance, 3/31/2022 $ 211.5

CONSOLIDATED T. ROWE PRICE IN_2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Consolidated Sponsored Investment Portfolios [Abstract]
Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios	The following table details the net assets of the consolidated T. Rowe Price investment products: 3/31/2022 12/31/2021 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 9.5 $ 77.5 $ 87.0 $ 7.3 $ 93.8 $ 101.1 Investments (2) 144.4 1,391.5 1,535.9 188.9 1,645.0 1,833.9 Other assets 3.3 32.0 35.3 5.1 22.7 27.8 Total assets 157.2 1,501.0 1,658.2 201.3 1,761.5 1,962.8 Liabilities 11.7 44.2 55.9 15.3 36.2 51.5 Net assets $ 145.5 $ 1,456.8 $ 1,602.3 $ 186.0 $ 1,725.3 $ 1,911.3 Attributable to T. Rowe Price $ 99.6 $ 712.3 $ 811.9 $ 125.3 $ 803.7 $ 929.0 Attributable to redeemable non-controlling interests 45.9 744.5 790.4 60.7 921.6 982.3 $ 145.5 $ 1,456.8 $ 1,602.3 $ 186.0 $ 1,725.3 $ 1,911.3 (1) Cash and cash equivalents includes $6.6 million at March 31, 2022, and $6.5 million at December 31, 2021, of T. Rowe Price money market mutual funds. (2) Investments include $39.3 million at March 31, 2022, and $42.5 million at December 31, 2021 of other T. Rowe Price investment products.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios	The operating results of the consolidated T. Rowe Price investment products for the three months ended March 31, 2022 and 2021, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2022 3/31/2021 (in millions) Voting interest entities Variable interest entities Total Voting interest entities Variable interest entities Total Operating expenses reflected in net operating income $ (.2) $ (2.3) $ (2.5) $ (.2) $ (3.3) $ (3.5) Net investment income (loss) reflected in non-operating income (loss) (6.6) (94.8) (101.4) 6.1 31.1 37.2 Impact on income before taxes $ (6.8) $ (97.1) $ (103.9) $ 5.9 $ 27.8 $ 33.7 Net income (loss) attributable to T. Rowe Price $ (4.7) $ (45.7) $ (50.4) $ 4.0 $ 14.3 $ 18.3 Net income (loss) attributable to redeemable non-controlling interests (2.1) (51.4) (53.5) 1.9 13.5 15.4 $ (6.8) $ (97.1) $ (103.9) $ 5.9 $ 27.8 $ 33.7
Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios	The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021. Three months ended 3/31/2022 3/31/2021 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (2.6) $ 88.2 $ 85.6 $ (31.7) $ (112.0) $ (143.7) Net cash used in investing activities — (5.9) (5.9) (9.1) (18.2) (27.3) Net cash provided by (used in) financing activities 4.9 (95.9) (91.0) 36.7 112.3 149.0 Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — (2.7) (2.7) — .9 .9 Net change in cash and cash equivalents during period 2.3 (16.3) (14.0) (4.1) (17.0) (21.1) Cash and cash equivalents at beginning of year 7.3 93.8 101.1 7.1 97.7 104.8 Cash and cash equivalents at end of period $ 9.6 $ 77.5 $ 87.1 $ 3.0 $ 80.7 $ 83.7
Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios	The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs. 3/31/2022 12/31/2021 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 6.6 $ 2.1 $ 6.5 $ .7 Equity securities 212.4 239.0 247.8 340.3 Fixed income securities — 1,024.6 — 1,187.4 Other investments 8.6 51.3 5.7 52.7 $ 227.6 $ 1,317.0 $ 260.0 $ 1,581.1 Liabilities $ (1.9) $ (13.1) $ (.7) $ (9.7)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consist of the following: (in millions) 3/31/2022 12/31/2021 Goodwill $ 2,643.9 $ 2,693.2 Indefinite-lived intangible assets - trade name 134.7 134.7 Indefinite-lived intangible assets - investment advisory agreements 164.8 164.8 Definite-lived intangible assets - investment advisory agreements 586.8 613.9 Total $ 3,530.2 $ 3,606.6
Schedule of Goodwill	Goodwill activity during the three months ended March 31, 2022 was as follows: (in millions) 2022 Balance, 12/31/2021 $ 2,693.2 Measurement period adjustment (49.3) Balance, 3/31/2022 $ 2,643.9

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Roll Forward of Stock Options	The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2022. Options Weighted- average exercise price Outstanding at December 31, 2021 2,846,579 $ 72.87 Exercised (214,772) $ 64.58 Outstanding at March 31, 2022 2,631,807 $ 73.55 Exercisable at March 31, 2022 2,631,807 $ 73.55
Schedule of Roll Forward of Nonvested Restricted Shares and Restricted Stock Units	The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the three months ended March 31, 2022. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2021 5,720 5,701,865 $ 146.87 Time-based grants — 8,078 $ 173.08 Dividend equivalents granted to non-employee directors — 786 $ 153.10 Vested — (62,378) $ 98.23 Forfeited — (61,216) $ 141.91 Nonvested at March 31, 2022 5,720 5,587,135 $ 147.50
Schedule of Future Stock-based Compensation Expense	The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at March 31, 2022. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures. (in millions) Second quarter 2022 $ 64.0 Third quarter 2022 63.1 Fourth quarter 2022 54.3 2023 125.5 2024 through 2026 105.4 Total $ 412.3

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
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 (in millions) 3/31/2022 3/31/2021 Net income attributable to T. Rowe Price $ 567.9 $ 749.4 Less: net income allocated to outstanding restricted stock and stock unit holders 13.0 19.9 Net income allocated to common stockholders $ 554.9 $ 729.5 Weighted-average common shares Outstanding 228.2 227.7 Outstanding assuming dilution 229.8 230.0

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended March 31, 2022 and 2021 are presented in the table below. Three months ended 3/31/2022 Three months ended 3/31/2021 (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 $ (36.7) $ 10.2 $ (26.5) $ (43.6) $ 20.6 $ (23.0) Other comprehensive income (loss) before reclassifications and income taxes .5 (5.6) (5.1) (.8) (7.1) (7.9) Reclassification adjustments recognized in non-operating income — (1.6) (1.6) — (2.6) (2.6) .5 (7.2) (6.7) (.8) (9.7) (10.5) Net deferred tax benefits (income taxes) (.1) 1.9 1.8 .5 2.5 3.0 Other comprehensive income (loss) .4 (5.3) (4.9) (.3) (7.2) (7.5) Balances at end of period $ (36.3) $ 4.9 $ (31.4) $ (43.9) $ 13.4 $ (30.5)

THE COMPANY AND BASIS OF PREP_3

THE COMPANY AND BASIS OF PREPARATION (Details) - USD ($) $ in Billions	Mar. 31, 2022	Dec. 31, 2021	Dec. 29, 2021
Business Acquisition [Line Items]
Assets under management	$ 1,551.8	$ 1,687.8
OAK HILL ADVISORS, L.P
Business Acquisition [Line Items]
Voting interests acquired			100.00%
Assets under management	$ 57
Co Investment Entities
Business Acquisition [Line Items]
Voting interests acquired			100.00%

INFORMATION ABOUT RECEIVABLES_3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue and Services [Line Items]
Net revenues	$ 1,863	$ 1,826.8
Average assets under management	1,559,900	1,508,800
Period end assets under management	1,551,800		$ 1,687,800
U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	1,095.9	1,158
Average assets under management	798,000	814,500
Period end assets under management	789,400		871,400
U.S. mutual funds | Equity
Revenue and Services [Line Items]
Average assets under management	491,300	509,600
Period end assets under management	489,000		553,900
U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	86,400	82,300
Period end assets under management	83,900		85,300
U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Average assets under management	220,300	222,600
Period end assets under management	216,500		232,200
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	730	637.6
Average assets under management	761,900	694,300
Period end assets under management	762,400		816,400
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Average assets under management	395,200	408,400
Period end assets under management	389,000		438,800
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	91,400	90,700
Period end assets under management	91,300		90,400
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Average assets under management	233,400	195,200
Period end assets under management	239,900		245,500
Subadvised funds, separate accounts, collective investment trusts, and other investment products | Alternatives
Revenue and Services [Line Items]
Average assets under management	41,900	0
Period end assets under management	42,200		$ 41,700
Other clients
Revenue and Services [Line Items]
Net revenues	37.1	31.2
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,662.1	1,687.8
Investment advisory fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	976.5	1,050.2
Investment advisory fees | U.S. mutual funds | Equity
Revenue and Services [Line Items]
Net revenues	691.9	729.8
Investment advisory fees | U.S. mutual funds | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	64	59
Investment advisory fees | U.S. mutual funds | Multi-asset
Revenue and Services [Line Items]
Net revenues	220.6	261.4
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	685.6	637.6
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Equity
Revenue and Services [Line Items]
Net revenues	394.1	424.2
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	42.6	37.5
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Multi-asset
Revenue and Services [Line Items]
Net revenues	184	175.9
Investment advisory fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products | Alternatives
Revenue and Services [Line Items]
Net revenues	64.9	0
Investment advisory fees | Other clients
Revenue and Services [Line Items]
Net revenues	0	0
Administrative fees
Revenue and Services [Line Items]
Net revenues	130.2	109.9
Administrative fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	93.1	78.7
Administrative fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	0	0
Administrative fees | Other clients
Revenue and Services [Line Items]
Net revenues	37.1	31.2
Distribution and servicing fees
Revenue and Services [Line Items]
Net revenues	26.3	29.1
Distribution and servicing fees | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	26.3	29.1
Distribution and servicing fees | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	0	0
Distribution and servicing fees | Other clients
Revenue and Services [Line Items]
Net revenues	0	0
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	44.4	$ 0
Capital allocation-based income | U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	0
Capital allocation-based income | Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	44.4
Capital allocation-based income | Other clients
Revenue and Services [Line Items]
Net revenues	$ 0

INFORMATION ABOUT RECEIVABLES_4

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Services Concentration and Receivables (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Net revenues	$ 1,863	$ 1,826.8
Accounts receivable	919.5		$ 1,058.3
Sponsored investment portfolios
Concentration Risk [Line Items]
Net revenues	1,536.4	$ 1,482.3
Accounts receivable	$ 584.5		$ 577.9
Investment advisory clients | Outside U.S. | Assets under management | Geographic concentration
Concentration Risk [Line Items]
Concentration risk	9.70%		9.90%

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total	$ 2,879.3	$ 2,975.5
U.S. Treasury note
Schedule of Equity Method Investments [Line Items]
Held to maturity	1	1
Discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	502.2	518.7
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	224.6	264.8
Equity method investments	134	141.7
Supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	820	881.5
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	105	108.9
Equity method investments	2.5	2.5
Investments in affiliated collateralized loan obligations
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	9.3	10.8
Held to maturity	115.2	119.1
Investments in affiliated private investment funds - carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments	642.1	609.8
Investments in affiliated private investment funds - seed/co-investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	153.1	151.3
23% Investment in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 170.3	$ 165.4
Equity method investment (ownership percentage)	23.00%	23.00%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized (loss) gain on T. Rowe Price investments product recognized in nonoperating income	$ (99.9)	$ 38.8
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt	$ 34.9		€ 32.4		€ 36.9
Investments in affiliated collateralized loan obligations | Minimum | Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.70%		1.70%
Investments in affiliated collateralized loan obligations | Maximum | Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.95%		1.95%
Investments in affiliated collateralized loan obligations | Repurchase Agreements
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements	$ 73.8		€ 66.7	$ 75.9
Investments in affiliated collateralized loan obligations | Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed	$ 108.7			$ 113.5

INVESTMENTS - Deconsolidation I

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ (198.5)	$ 102.1
Reclassification out of accumulated other comprehensive income | Currency translation adjustments
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	1.6	2.6
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(97.5)	(928.1)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(8.6)	(15.3)
Redeemable noncontrolling interest
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	$ (63)	$ (739.9)

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investment carrying values	$ 951.9	$ 943.3
Unfunded capital commitments	110.4	94.2
Accounts receivable	94.2	145.1
Maximum risk of loss related to nonconsolidated variable interest entities	$ 1,156.5	$ 1,182.6

INVESTMENTS - Variable Intere_2

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 110.4	$ 94.2

INVESTMENTS - Total Assets, Lia

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 12,348	$ 12,509
Liabilities	2,231	2,255.3
Non-controlling interest	272.2	248.7
Variable interest entities
Subsidiary or Equity Method Investee [Line Items]
Assets	695.4	692.7
Liabilities	1.1	56.4
Non-controlling interest	$ 272.2	$ 248.7

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 211.5	$ 306.3
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	502.2	518.7
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	224.6	264.8
Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	820	881.5
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	1,551.1	1,183.9
Other investments	1.3	0.7
Investments in affiliated collateralized loan obligations	0	0
Total	3,077.5	2,826.2
Contingent consideration liability	0	0
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	502.2	518.7
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	202.9	241.4
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	820	881.5
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	0.1
Investments in affiliated collateralized loan obligations	9.3	10.8
Total	31.1	34.3
Contingent consideration liability	0	0
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	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	21.7	23.4
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	0	0
Level 3 | 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	0
Investments in affiliated collateralized loan obligations	0	0
Total	0	0
Contingent consideration liability	211.5	306.3
Level 3 | Fair value, measurements, recurring | Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Level 3 | Fair value, measurements, recurring | Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Level 3 | 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	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2021	Mar. 31, 2022	Dec. 31, 2021
OHA Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, maximum earnout payment	$ 900
Extended earnout payment period	2 years
Earnout 30% threshold	22.00%
Incentive payment, percentage			10.00%
OHA Acquisition | Compensation and Related Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value		$ 5.1
Compensation expense included in current period		2
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value		$ 103.6	$ 108.1

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 306.3
Measurement period adjustment	(49.3)
Unrealized (gains) losses, included in earnings	(45.5)
Ending Balance	$ 211.5

CONSOLIDATED T. ROWE PRICE IN_3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Net Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,997.5	$ 1,523.1
Investments	2,879.3	2,975.5
Other assets	462.5	445.3
Total assets	12,348	12,509
Liabilities	2,231	2,255.3
Attributable to redeemable non-controlling interests	790.4	982.3	$ 1,012.9	$ 1,561.7
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,602.3	1,911.3
Attributable to T. Rowe Price	811.9	929
Attributable to redeemable non-controlling interests	790.4	982.3
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	145.5	186
Attributable to T. Rowe Price	99.6	125.3
Attributable to redeemable non-controlling interests	45.9	60.7
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	695.4	692.7
Liabilities	1.1	56.4
Net assets	1,456.8	1,725.3
Attributable to T. Rowe Price	712.3	803.7
Attributable to redeemable non-controlling interests	744.5	921.6
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	87	101.1
Investments	1,535.9	1,833.9
Other assets	35.3	27.8
Total assets	1,658.2	1,962.8
Liabilities	55.9	51.5
Net assets	1,602.3	1,911.3
Reportable entities | Consolidated T. Rowe Price investment products | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	39.3	42.5
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	6.6	6.5
Reportable entities | Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	9.5	7.3
Investments	144.4	188.9
Other assets	3.3	5.1
Total assets	157.2	201.3
Liabilities	11.7	15.3
Net assets	145.5	186
Reportable entities | Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	77.5	93.8
Investments	1,391.5	1,645
Other assets	32	22.7
Total assets	1,501	1,761.5
Liabilities	44.2	36.2
Net assets	$ 1,456.8	$ 1,725.3

CONSOLIDATED T. ROWE PRICE IN_4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (985.6)	$ (933.6)
Income before income taxes	678.9	995.3
Net income (loss) attributable to redeemable non-controlling interests	(53.5)	15.4
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(103.9)	33.7
Net income (loss) attributable to T. Rowe Price	(53.5)	18.3
Net income (loss) attributable to redeemable non-controlling interests	(50.4)	15.4
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.5)	(3.5)
Net investment income (loss) reflected in non-operating income (loss)	(101.4)	37.2
Income before income taxes	(103.9)	33.7
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(6.8)	5.9
Net income (loss) attributable to T. Rowe Price	(2.1)	4
Net income (loss) attributable to redeemable non-controlling interests	(4.7)	1.9
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.2)	(0.2)
Net investment income (loss) reflected in non-operating income (loss)	(6.6)	6.1
Income before income taxes	(6.8)	5.9
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(97.1)	27.8
Net income (loss) attributable to T. Rowe Price	(51.4)	14.3
Net income (loss) attributable to redeemable non-controlling interests	(45.7)	13.5
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.3)	(3.3)
Net investment income (loss) reflected in non-operating income (loss)	(94.8)	31.1
Income before income taxes	$ (97.1)	$ 27.8

CONSOLIDATED T. ROWE PRICE IN_5

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Income Statements, Captions [Line Items]
Operating expenses reversed	$ (985.6)	$ (933.6)
Net cash provided by financing activities	(644.1)	(307.5)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses reversed	(0.9)	(1.3)
Net cash provided by financing activities	$ 35.1	$ 34.1

CONSOLIDATED T. ROWE PRICE IN_6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,103.4	$ 994.7
Net cash used in investing activities	3.8	(30.8)
Net cash provided by (used in) financing activities	(644.1)	(307.5)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.7)	0.9
Net change in cash and cash equivalents during period	460.4	657.3
Cash and cash equivalents at beginning of year	1,624.2	2,256.5
Cash and cash equivalents at end of period	2,084.6	2,913.8
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of year	101.1	104.8
Cash and cash equivalents at end of period	87.1	83.7
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	85.6	(143.7)
Net cash used in investing activities	(5.9)	(27.3)
Net cash provided by (used in) financing activities	(91)	149
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.7)	0.9
Net change in cash and cash equivalents during period	(14)	(21.1)
Cash and cash equivalents at beginning of year	101.1	104.8
Cash and cash equivalents at end of period	87.1	83.7
Reportable entities | Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2.6)	(31.7)
Net cash used in investing activities	0	(9.1)
Net cash provided by (used in) financing activities	4.9	36.7
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	2.3	(4.1)
Cash and cash equivalents at beginning of year	7.3	7.1
Cash and cash equivalents at end of period	9.6	3
Reportable entities | Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	88.2	(112)
Net cash used in investing activities	(5.9)	(18.2)
Net cash provided by (used in) financing activities	(95.9)	112.3
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(2.7)	0.9
Net change in cash and cash equivalents during period	(16.3)	(17)
Cash and cash equivalents at beginning of year	93.8	97.7
Cash and cash equivalents at end of period	$ 77.5	$ 80.7

CONSOLIDATED T. ROWE PRICE IN_7

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,551.1	$ 1,183.9
Other investments	1.3	0.7
Total	3,077.5	2,826.2
Level 1 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6.6	6.5
Equity securities	212.4	247.8
Fixed income securities	0	0
Other investments	8.6	5.7
Total	227.6	260
Liabilities	(1.9)	(0.7)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0.1	0.1
Total	31.1	34.3
Level 2 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2.1	0.7
Equity securities	239	340.3
Fixed income securities	1,024.6	1,187.4
Other investments	51.3	52.7
Total	1,317	1,581.1
Liabilities	$ (13.1)	$ (9.7)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,643.9	$ 2,693.2
Total	3,530.2	3,606.6
Trade Name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	134.7	134.7
Investment Advisory Agreements
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	164.8	164.8
Investment Advisory Agreements
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets - investment advisory agreements	$ 586.8	$ 613.9

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 2,643.9	$ 2,693.2
Investment Advisory Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated amortization expense, Remainder of 2022	81.4
Estimated amortization expense, 2023	108.1
Estimated amortization expense, 2024	105.7
Estimated amortization expense, 2025	105
Estimated amortization expense, 2026	87.7
Amortization expense	$ 27.1

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Balance, beginning	$ 2,693.2
Measurement period adjustment	(49.3)
Balance, ending	$ 2,643.9

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ in Millions	Mar. 31, 2022USD ($)
Stockholders' Equity Note [Abstract]
Unsettled common stock repurchases liability	$ 0

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Options
Outstanding, beginning balance (in shares) | shares	2,846,579
Exercised (in shares) | shares	(214,772)
Outstanding, ending balance (in shares) | shares	2,631,807
Exercisable at current period-end (in shares) | shares	2,631,807
Weighted- average exercise price
Weighted-average exercise price of options outstanding, beginning balance (in dollars per share) | $ / shares	$ 72.87
Weighted-average exercise price of options exercised (in dollars per share) | $ / shares	64.58
Weighted-average exercise price of options outstanding, ending balance (in dollars per share) | $ / shares	73.55
Weighted-average exercise price of options exercisable at current period-end (in dollars per share) | $ / shares	$ 73.55

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Weighted-average fair value
Weighted-average fair value of nonvested restricted shares and restricted stock units, beginning balance (in dollars per share) | $ / shares	$ 146.87
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) | $ / shares	173.08
Weighted-average fair value of restricted shares and restricted stock units nonvested dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	153.10
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	98.23
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	141.91
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) | $ / shares	$ 147.50
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)	5,720
Grants (in shares)	0
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	5,720
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)	5,701,865
Grants (in shares)	8,078
Nonvested dividend equivalents granted to non-employee directors (in shares)	786
Vested (in shares)	(62,378)
Forfeited (in shares)	(61,216)
Nonvested, ending balance (in shares)	5,587,135

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - Restricted stock units - shares	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	5,587,135	5,701,865
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	294,518
Nonvested shares where performance threshold has been met (in shares)	81,123

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Mar. 31, 2022USD ($)
Share-based Payment Arrangement [Abstract]
Second quarter 2022	$ 64
Third quarter 2022	63.1
Fourth quarter 2022	54.3
2023	125.5
2024 through 2026	105.4
Total	$ 412.3

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0
Net income attributable to T. Rowe Price	$ 567.9	$ 749.4
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	13	19.9
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	13	19.9
Net income allocated to common stockholders (basic)	554.9	729.5
Net income allocated to common stockholders (diluted)	$ 554.9	$ 729.5
Weighted-average common shares
Outstanding (in shares)	228,200,000	227,700,000
Outstanding assuming dilution (in shares)	229,800,000	230,000,000

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 9,271.4	$ 7,707
Other comprehensive income (loss)	(5)	(7.5)
Balances at end of period	9,326.6	8,008.2
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(26.5)	(23)
Other comprehensive income (loss) before reclassifications and income taxes	(5.1)	(7.9)
Reclassification adjustments recognized in non-operating income	(1.6)	(2.6)
Other comprehensive income (loss), before taxes	(6.7)	(10.5)
Net deferred tax benefits (income taxes)	1.8	3
Other comprehensive income (loss)	(4.9)	(7.5)
Balances at end of period	(31.4)	(30.5)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(36.7)	(43.6)
Other comprehensive income (loss) before reclassifications and income taxes	0.5	(0.8)
Reclassification adjustments recognized in non-operating income	0	0
Other comprehensive income (loss), before taxes	0.5	(0.8)
Net deferred tax benefits (income taxes)	(0.1)	0.5
Other comprehensive income (loss)	0.4	(0.3)
Balances at end of period	(36.3)	(43.9)
Currency translation adjustments | Variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	10.2	20.6
Other comprehensive income (loss) before reclassifications and income taxes	(5.6)	(7.1)
Reclassification adjustments recognized in non-operating income	(1.6)	(2.6)
Other comprehensive income (loss), before taxes	(7.2)	(9.7)
Net deferred tax benefits (income taxes)	1.9	2.5
Other comprehensive income (loss)	(5.3)	(7.2)
Balances at end of period	$ 4.9	$ 13.4

OTHER COMPREHENSIVE INCOME AN_4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	$ (9.9)	$ (11.8)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - OHA Commitments $ in Millions	Mar. 31, 2022USD ($)
Other Commitments [Line Items]
Investment commitment, amount	$ 499.1
Other commitment period	5 years