T. Rowe Price (TROW) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-32191
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	100 East Pratt Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common Stock, $.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,571,987
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Central Index Key	0001113169
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 2,094.1	$ 1,755.6
Accounts receivable and accrued revenue	730.4	748.7
Investments	2,606.2	2,539.2
Assets of consolidated sponsored investment products ($1,588.8 million at March 31, 2023 and $1,375.6 million at December 31, 2022, related to variable interest entities)	1,820.9	1,603.4
Operating lease assets	268.5	279.4
Property, equipment and software, net	762.2	755.7
Intangible assets, net	603.8	629.8
Goodwill	2,642.8	2,642.8
Other assets	627.7	688.7
Total assets	12,156.6	11,643.3
LIABILITIES
Accounts payable and accrued expenses	359.9	406.7
Liabilities of consolidated sponsored investment products ($66.0 million at March 31, 2023 and $39.1 million at December 31, 2022, related to variable interest entities)	111.4	89.1
Operating lease liabilities	323.9	329.6
Accrued compensation and related costs	306.1	228
Supplemental savings plan liability	785.6	761.2
Contingent consideration liability	46.2	95.8
Income taxes payable	149.6	46
Total liabilities	2,082.7	1,956.4
Commitments and contingent liabilities
Redeemable non-controlling interests	834.1	656.7
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares	0	0
Common stock, $.20 par value—authorized 750,000,000; issued 224,527,000 shares at March 31, 2023 and 224,310,000 at December 31, 2022	44.9	44.9
Additional capital in excess of par value	501.8	437.9
Retained earnings	8,550.4	8,409.7
Accumulated other comprehensive loss	(51.7)	(53)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.	9,045.4	8,839.5
Non-controlling interests in consolidated entities	194.4	190.7
Total stockholders’ equity	9,239.8	9,030.2
Total liabilities, redeemable non-controlling interests, and stockholders’ equity	$ 12,156.6	$ 11,643.3

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets of consolidated T. Rowe Price investment products	$ 1,820.9	$ 1,603.4
Liabilities of consolidated T. Rowe Price investment products	$ 111.4	$ 89.1
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)	224,527,000	224,310,000
Variable interest entities
Assets of consolidated T. Rowe Price investment products	$ 1,588.8	$ 1,375.6
Liabilities of consolidated T. Rowe Price investment products	$ 66	$ 39.1

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Net revenues	$ 1,537.6	$ 1,863
Operating expenses
Compensation and related costs	653.5	581.6
Distribution and servicing	71.5	85.9
Advertising and promotion	25.8	23.4
Product and recordkeeping related costs	72.1	80.4
Technology, occupancy, and facility costs	146.6	133.9
General, administrative, and other	107.5	98.8
Change in fair value of contingent consideration	(49.6)	(45.5)
Acquisition-related amortization	26	27.1
Total operating expenses	1,053.4	985.6
Net operating income	484.2	877.4
Non-operating income (loss)
Net gains (losses) on investments	93.9	(89.9)
Net gains (losses) on consolidated investment products	45.4	(101.4)
Other losses	(3.9)	(7.2)
Total non-operating income (loss)	135.4	(198.5)
Income before income taxes	619.6	678.9
Provision for income taxes	177.9	164.5
Net income	441.7	514.4
Less: net income (loss) attributable to redeemable non-controlling interests	20.2	(53.5)
Net income attributable to T. Rowe Price Group	$ 421.5	$ 567.9
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 1.83	$ 2.43
Diluted (in dollars per share)	$ 1.83	$ 2.41
Investment advisory fees
Revenues
Net revenues	$ 1,391.8	$ 1,662.1
Capital allocation-based income
Revenues
Net revenues	16.9	44.4
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 128.9	$ 156.5

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 441.7	$ 514.4
Currency translation adjustments
Other comprehensive income (loss) before income taxes	8	(16.6)
Net deferred tax (expense) benefits	(0.6)	1.8
Total other comprehensive income (loss)	7.4	(14.8)
Total comprehensive income	449.1	499.6
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	26.3	(63.3)
Total comprehensive income attributable to T. Rowe Price Group	422.8	562.9
Variable interest entities
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities	9.1	(15.5)
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products	0	(1.6)
Total currency translation adjustments	9.1	(17.1)
Equity method investments
Currency translation adjustments
Total currency translation adjustments	$ (1.1)	$ 0.5

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 441.7	$ 514.4
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	58.8	54.5
Amortization and impairment of acquisition-related assets and retention arrangements	48.2	53.9
Fair value remeasurement of contingent consideration liability	(49.6)	(45.5)
Stock-based compensation expense	58.8	63.6
Net (gains) losses recognized on investments	(102.3)	38.3
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability	18.4	6.1
Net change in securities held by consolidated sponsored investment products	(200.7)	180.1
Other changes in assets and liabilities	238.4	238
Net cash provided by operating activities	511.7	1,103.4
Cash flows from investing activities
Purchases of sponsored investment products	(8.4)	(6)
Dispositions of sponsored investment products	14.7	64.9
Net cash of sponsored investment products on deconsolidation	(2.5)	(5.9)
Additions to property, equipment and software	(60.7)	(54.9)
Other investing activity	(0.6)	5.7
Net cash provided by (used in) investing activities	(57.5)	3.8
Cash flows from financing activities
Repurchases of common stock	(8.2)	(320.1)
Common share issuances under stock-based compensation plans	8	5.1
Dividends paid to common stockholders of T. Rowe Price	(282.2)	(279.2)
Net contributions to non-controlling interests in consolidated entities	0.2	6
Net subscriptions (redemptions) from redeemable non-controlling interest holders	138	(55.9)
Net cash used in financing activities	(144.2)	(644.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	1.5	(2.7)
Net change in cash and cash equivalents during period	311.5	460.4
Cash and cash equivalents at beginning of year	1,874.7	1,624.2
Cash and cash equivalents at end of period	$ 2,186.2	$ 2,084.6

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 2,186.2	$ 1,874.7	$ 2,084.6	$ 1,624.2
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 92.1	$ 119.1	$ 87.1	$ 101.1

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 stock Restricted stock units	Additional capital in excess of par value	Additional capital in excess of par value Restricted stock units	Retained earnings	AOCI	[1]	Non-controlling interests in consolidated entities
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	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)					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		0				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) redeemable non-controlling interests	(53.5)
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	(9.9)
Net subscriptions (redemption) into T. Rowe Price investment products	(65.6)
Net consolidations of T. Rowe Price investment products attributable to redeemable non-controlling interests	(62.9)
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2022	790.4
Beginning balance (in shares) at Dec. 31, 2022					224,310,000
Balances at beginning of period at Dec. 31, 2022	9,030.2		8,839.5		$ 44.9		437.9		8,409.7	(53)		190.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	421.5		421.5						421.5			3.5
Net income	425
Other comprehensive income (loss), net of tax	1.3		1.3							1.3
Dividends declared	$ (280.7)		(280.7)						(280.7)
Shares issued upon option exercises (in shares)	252,013				190,000
Shares issued upon option exercises	$ 10.2		10.2				10.2
Net shares issued upon vesting of restricted stock units (in shares)						52,000
Net shares issued upon vesting of restricted stock units		$ (2.5)		$ (2.5)				$ (2.5)
Stock-based compensation expense	58.8		58.8				58.8
Restricted stock units issued as dividend equivalents	0		0				0.1		(0.1)
Common shares repurchased (in shares)					(25,000)
Common shares repurchased	(2.7)		(2.7)				(2.7)
Net contributions from non-controlling interests in consolidated entities	0.2											0.2
Ending balance (in shares) at Mar. 31, 2023					224,527,000
Balances at end of period at Mar. 31, 2023	9,239.8		$ 9,045.4		$ 44.9		$ 501.8		$ 8,550.4	$ (51.7)		$ 194.4
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2022	656.7
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) redeemable non-controlling interests	20.2
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	6.1
Net subscriptions (redemption) into T. Rowe Price investment products	151.1
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2023	$ 834.1
[1]Accumulated other comprehensive income

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.22	$ 1.20

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION	3 Months Ended
	Mar. 31, 2023
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. (“T. Rowe Price”, “us”, or “we”) 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 sponsored products. The other sponsored 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, 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. 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 2022 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, 2023
Information about Receivables, Revenues, and Services [Abstract]
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Our revenues are derived primarily from investment advisory services provided to individual and institutional investors through the use of U.S. mutual funds, subadvised funds, separately managed accounts, collective investment trusts, and other sponsored products. The other sponsored 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, 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 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 also known as carried interest. We manage a broad mix of equity, fixed income, multi-asset, and alternative classes and solutions that meet the varied needs and objectives of individual and institutional investors. 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 affect our revenues. Net revenues earned for the three months ended March 31, 2023 and 2022, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We have also included average assets under management by asset class, on which we earn the investment advisory revenues. Three months ended (in millions) 3/31/2023 3/31/2022 Investment advisory fees Equity $ 833.9 $ 1,086.0 Fixed income, including money market 102.4 106.6 Multi-asset 386.0 404.6 Alternatives 69.5 64.9 Total investment advisory fees $ 1,391.8 $ 1,662.1 Total administrative, distribution, and servicing fees 128.9 156.5 Capital allocation-based income 16.9 44.4 Net revenues $ 1,537.6 $ 1,863.0 Average AUM (in billions) : Equity $ 687.0 $ 886.5 Fixed income, including money market 169.6 177.8 Multi-asset 422.2 453.7 Alternatives 44.1 41.9 Average AUM $ 1,322.9 $ 1,559.9 Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,268.0 million and $1,536.4 million for the three months ended March 31, 2023 and 2022, respectively. Accounts receivable from our sponsored products aggregate to $498.5 million at March 31, 2023 and $492.4 million at December 31, 2022.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS. The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows: (in millions) 3/31/2023 12/31/2022 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 244.2 $ 242.0 Seed capital 249.2 195.1 Supplemental savings plan liability economic hedges 786.7 760.7 Investment partnerships and other investments 80.7 87.1 Investments in affiliated collateralized loan obligations 7.2 6.4 Equity method investments T. Rowe Price investment products Discretionary investments 208.0 199.6 Seed capital 85.1 125.7 23% Investment in UTI Asset Management Company Limited (India) 159.5 158.8 Investments in affiliated private investment funds - carried interest 483.8 467.8 Investments in affiliated private investment funds - seed/co-investment 179.4 173.8 Other investment partnerships and investments 2.1 2.4 Held to maturity Investments in affiliated collateralized loan obligations 108.3 109.6 Certificates of deposit 11.0 9.2 U.S. Treasury note 1.0 1.0 Total $ 2,606.2 $ 2,539.2 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, 2023, net gains on investments included $46.7 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2023. 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. During the three months ended March 31, 2023 and 2022, certain sponsored 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 sponsored investment products as either an equity method investment or an investment held at fair value. Additionally, during the three months ended March 31, 2022, certain sponsored 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) 3/31/2023 3/31/2022 Net decrease in assets of consolidated sponsored investment products $ (2.4) $ (97.5) Net decrease in liabilities of consolidated sponsored investment products $ (.1) $ (8.6) Net decrease in redeemable non-controlling interests $ — $ (63.0) Gains recognized upon deconsolidation $ — $ 1.6 The gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain sponsored 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, 2023 and December 31, 2022, the debt is carried at $101.7 million and $103.0 million, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €65.8 million (equivalent to $71.3 million at March 31, 2023 and $71.3 million at December 31, 2022 at the respective EUR spot rates) and collateralized by the CLO investments. The debt also includes outstanding note facilities of €35.6 million (equivalent to $30.4 million at March 31, 2023 and $31.7 million at December 31, 2022 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. These note facilities bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 11.26% as of March 31, 2023. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner. VARIABLE INTEREST ENTITIES. Our investments at March 31, 2023 and December 31, 2022 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) 3/31/2023 12/31/2022 Investment carrying values $ 777.1 $ 762.2 Unfunded capital commitments 86.5 84.7 Accounts receivable 89.8 91.5 $ 953.4 $ 938.4 The unfunded capital commitments, totaling $86.5 million at March 31, 2023 and $84.7 million at December 31, 2022, 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 FUNDS. 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) 3/31/2023 12/31/2022 Assets $ 529.1 $ 526.2 Liabilities $ 1.7 $ 15.8 Non-controlling interest $ 194.4 $ 190.7

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 liabilities 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 sponsored investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 3/31/2023 12/31/2022 (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 1,678.9 $ — $ — $ 1,412.0 $ — $ — Discretionary investments 244.2 — — 242.0 — — Seed capital 206.5 42.7 — 161.0 34.1 — Supplemental savings plan liability economic hedges 786.7 — — 760.7 — — Other investments .6 — — .6 .1 — Investments in affiliated collateralized loan obligations — 7.2 — — 6.4 — Total $ 2,916.9 $ 49.9 $ — $ 2,576.3 $ 40.6 $ — Contingent consideration liability $ — $ — $ 46.2 $ — $ — $ 95.8 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 $80.1 million at March 31, 2023, and $86.4 million at December 31, 2022. 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 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 Three months ended (in millions) 3/31/2023 3/31/2022 Balance at beginning of period $ 95.8 $ 306.3 Measurement period adjustment — (49.3) Unrealized gains, included in earnings (49.6) (45.5) Balance at end of period $ 46.2 $ 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 rates and from changes pertaining to the achievement of the defined financial targets. 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. For the three months ended March 31, 2023 and 2022, the amounts recognized as part of compensation expense in our unaudited condensed consolidated statements of income were immaterial.

CONSOLIDATED SPONSORED INVESTME

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS	3 Months Ended
	Mar. 31, 2023
Consolidated Sponsored Investment Portfolios [Abstract]
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS	CONSOLIDATED SPONSORED INVESTMENT PRODUCTS. The sponsored 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 and certain other sponsored products 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 sponsored investment products: 3/31/2023 12/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 8.2 $ 83.9 $ 92.1 $ 16.2 $ 102.9 $ 119.1 Investments (2) 218.4 1,464.0 1,682.4 205.3 1,255.5 1,460.8 Other assets 5.5 40.9 46.4 6.3 17.2 23.5 Total assets 232.1 1,588.8 1,820.9 227.8 1,375.6 1,603.4 Liabilities 45.4 66.0 111.4 50.0 39.1 89.1 Net assets $ 186.7 $ 1,522.8 $ 1,709.5 $ 177.8 $ 1,336.5 $ 1,514.3 Attributable to T. Rowe Price Group $ 145.1 $ 730.3 $ 875.4 $ 142.4 $ 715.2 $ 857.6 Attributable to redeemable non-controlling interests 41.6 792.5 834.1 35.4 621.3 656.7 $ 186.7 $ 1,522.8 $ 1,709.5 $ 177.8 $ 1,336.5 $ 1,514.3 (1) Cash and cash equivalents includes $.9 million at March 31, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds. (2) Investments include $7.1 million at March 31, 2023, and $7.6 million at December 31, 2022 of sponsored investment products. Although we can redeem our interest in these consolidated sponsored 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 sponsored investment products is limited to valuation changes associated with our 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 sponsored investment products for the three months ended March 31, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2023 3/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.7) $ (2.3) $ (4.0) $ (.2) $ (2.3) $ (2.5) Net investment income (loss) reflected in non-operating income 6.9 38.9 45.8 (6.6) (94.8) (101.4) Impact on income before taxes $ 5.2 $ 36.6 $ 41.8 $ (6.8) $ (97.1) $ (103.9) Net income (loss) attributable to T. Rowe Price Group $ 3.7 $ 17.9 $ 21.6 $ (4.7) $ (45.7) $ (50.4) Net income (loss) attributable to redeemable non-controlling interests 1.5 18.7 20.2 (2.1) (51.4) (53.5) $ 5.2 $ 36.6 $ 41.8 $ (6.8) $ (97.1) $ (103.9) 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 $0.6 million and $0.9 million for the three months ended March 31, 2023 and 2022, 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 sponsored 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, 2023 and 2022. Three months ended 3/31/2023 3/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (12.4) $ (147.2) $ (159.6) $ (2.6) $ 88.2 $ 85.6 Net cash used in investing activities — (2.5) (2.5) — (5.9) (5.9) Net cash provided by (used in) financing activities 4.4 129.2 133.6 4.9 (95.9) (91.0) Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — 1.5 1.5 — (2.7) (2.7) Net change in cash and cash equivalents during period (8.0) (19.0) (27.0) 2.3 (16.3) (14.0) Cash and cash equivalents at beginning of year 16.2 102.9 119.1 7.3 93.8 101.1 Cash and cash equivalents at end of period $ 8.2 $ 83.9 $ 92.1 $ 9.6 $ 77.5 $ 87.1 The net cash provided by financing activities during the three months ended March 31, 2023 and 2022 includes $4.4 million and $35.1 million, respectively, of net redemptions we received from the consolidated sponsored investment products, including dividends. These cash flows were eliminated in consolidation. FAIR VALUE MEASUREMENTS. We determine the fair value of investments held by consolidated sponsored 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. 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 sponsored investment products using fair value measurements determined based on the differing levels of inputs. 3/31/2023 12/31/2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ .9 $ — $ — $ 4.4 $ 20.6 $ — Equity securities 159.5 159.7 — 136.7 167.8 — Fixed income securities — 1,261.6 — — 1,051.1 — Other investments 1.1 24.7 75.8 3.3 30.1 71.8 $ 161.5 $ 1,446.0 $ 75.8 $ 144.4 $ 1,269.6 $ 71.8 Liabilities $ (3.5) $ (17.0) $ — $ (.9) $ (19.1) $ — The fair value of Level 3 investments held by consolidated sponsored investment products is derived from inputs that are unobservable and which reflect the company's own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on the company's own data, which is adjusted if information indicates that market participants would use different assumptions. There were no transfers into or out of Level 3 of the fair value hierarchy for the three months ended March 31, 2023. The following table provides information about the significant Level 3 inputs: Fair value measurements as of March 31, 2023 (in millions) Fair value Valuation techniques Unobservable inputs Ranges Other investments $ 75.8 Market Yield (Comparables) Yield 9.5% - 12.2% Fair value measurements as of December 31, 2022 (in millions) Fair value Valuation techniques Unobservable inputs Ranges Other investments $ 71.8 Market Yield (Comparables) Yield 9.8% - 12.4%

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following: (in millions) 3/31/2023 12/31/2022 Goodwill $ 2,642.8 $ 2,642.8 Indefinite-lived intangible assets - trade name 117.1 117.1 Indefinite-lived intangible assets - investment advisory agreements 65.6 65.6 Definite-lived intangible assets - investment advisory agreements 421.1 447.1 Total $ 3,246.6 $ 3,272.6 Amortization expense for the definite-lived investment advisory agreements intangible assets was $26.0 million and $27.1 million for the three months ended March 31, 2023 and 2022, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the remainder of 2023 is $78.1 million, $91.5 million for 2024, $91.2 million for 2025, $74.2 million for 2026, and $50.0 million for 2027. We evaluate the carrying amount of goodwill in our unaudited condensed consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year or if triggering events occur that require us to evaluate for impairment earlier. We did not record any impairment charges for goodwill for the three months ended March 31, 2023.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
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, 2023. Options Weighted- average exercise price Outstanding at December 31, 2022 2,218,506 $ 74.31 Exercised (252,013) $ 70.28 Outstanding at March 31, 2023 1,966,493 $ 74.83 Exercisable at March 31, 2023 1,966,493 $ 74.83 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, 2023. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2022 8,715 5,901,600 $ 142.37 Time-based grants — 16,664 $ 114.04 Dividend equivalents granted to non-employee directors — 1,036 $ 110.37 Vested — (65,827) $ 101.60 Forfeited — (33,039) $ 141.24 Nonvested at March 31, 2023 8,715 5,820,434 $ 142.75 Nonvested at March 31, 2023, includes performance-based restricted stock units of 320,326. These nonvested performance-based restricted stock units include 105,106 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, 2023. 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 2023 $ 59.0 Third quarter 2023 57.8 Fourth quarter 2023 50.6 2024 121.5 2025 through 2029 96.1 Total $ 385.0

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS	3 Months Ended
	Mar. 31, 2023
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) 3/31/2023 3/31/2022 Net income attributable to T. Rowe Price $ 421.5 $ 567.9 Less: net income allocated to outstanding restricted stock and stock unit holders 10.5 13.0 Net income allocated to common stockholders $ 411.0 $ 554.9 Weighted-average common shares Outstanding 224.4 228.2 Outstanding assuming dilution 225.2 229.8

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS. The changes in currency translation adjustments included in accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 are presented in the table below. Three months ended 3/31/2023 Three months ended 3/31/2022 (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 $ (50.5) $ (2.5) $ (53.0) $ (36.7) $ 10.2 $ (26.5) Other comprehensive income (loss) before reclassifications and income taxes (1.1) 3.0 1.9 .5 (5.6) (5.1) Reclassification adjustments recognized in non-operating income — — — — (1.6) (1.6) (1.1) 3.0 1.9 .5 (7.2) (6.7) Net deferred tax benefits (income taxes) .2 (.8) (.6) (.1) 1.9 1.8 Other comprehensive income (loss) (.9) 2.2 1.3 .4 (5.3) (4.9) Balances at end of period $ (51.4) $ (.3) $ (51.7) $ (36.3) $ 4.9 $ (31.4) The other comprehensive income (loss) in the table above excludes gains (losses) of $6.1 million and $(9.9) million of other comprehensive income related to redeemable non-controlling interests held in our consolidated products for the three months ended March 31, 2023 and 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $472.4 million to fund OHA products over the next four years. CONTINGENCIES. On October 27, 2022, two individuals filed a class action lawsuit in the United States District Court for the Southern District of California against T. Rowe Price Retirement Plan Services, Inc. (“RPS”). The complaint alleged that use of certain biometric voiceprints to validate the identity of callers as participants in retirement plans serviced by RPS violated the California Invasion of Privacy Act (“CIPA”) because RPS did not obtain their express written consent. On February 27, 2023, the plaintiffs moved to dismiss their complaint without prejudice and the court granted the motion. 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, 2023
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	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, 2023
Information about Receivables, Revenues, and Services [Abstract]
Schedule of Revenues From Advisory Services	of investment advisory revenues earned from clients by their underlying asset class. We have also included average assets under management by asset class, on which we earn the investment advisory revenues. Three months ended (in millions) 3/31/2023 3/31/2022 Investment advisory fees Equity $ 833.9 $ 1,086.0 Fixed income, including money market 102.4 106.6 Multi-asset 386.0 404.6 Alternatives 69.5 64.9 Total investment advisory fees $ 1,391.8 $ 1,662.1 Total administrative, distribution, and servicing fees 128.9 156.5 Capital allocation-based income 16.9 44.4 Net revenues $ 1,537.6 $ 1,863.0 Average AUM (in billions) : Equity $ 687.0 $ 886.5 Fixed income, including money market 169.6 177.8 Multi-asset 422.2 453.7 Alternatives 44.1 41.9 Average AUM $ 1,322.9 $ 1,559.9

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Unconsolidated Investments	The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows: (in millions) 3/31/2023 12/31/2022 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 244.2 $ 242.0 Seed capital 249.2 195.1 Supplemental savings plan liability economic hedges 786.7 760.7 Investment partnerships and other investments 80.7 87.1 Investments in affiliated collateralized loan obligations 7.2 6.4 Equity method investments T. Rowe Price investment products Discretionary investments 208.0 199.6 Seed capital 85.1 125.7 23% Investment in UTI Asset Management Company Limited (India) 159.5 158.8 Investments in affiliated private investment funds - carried interest 483.8 467.8 Investments in affiliated private investment funds - seed/co-investment 179.4 173.8 Other investment partnerships and investments 2.1 2.4 Held to maturity Investments in affiliated collateralized loan obligations 108.3 109.6 Certificates of deposit 11.0 9.2 U.S. Treasury note 1.0 1.0 Total $ 2,606.2 $ 2,539.2
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) 3/31/2023 3/31/2022 Net decrease in assets of consolidated sponsored investment products $ (2.4) $ (97.5) Net decrease in liabilities of consolidated sponsored investment products $ (.1) $ (8.6) Net decrease in redeemable non-controlling interests $ — $ (63.0) Gains recognized upon deconsolidation $ — $ 1.6
Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities	Our investments at March 31, 2023 and December 31, 2022 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) 3/31/2023 12/31/2022 Investment carrying values $ 777.1 $ 762.2 Unfunded capital commitments 86.5 84.7 Accounts receivable 89.8 91.5 $ 953.4 $ 938.4
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) 3/31/2023 12/31/2022 Assets $ 529.1 $ 526.2 Liabilities $ 1.7 $ 15.8 Non-controlling interest $ 194.4 $ 190.7

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table summarizes our investments and liabilities 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 sponsored investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5. 3/31/2023 12/31/2022 (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 1,678.9 $ — $ — $ 1,412.0 $ — $ — Discretionary investments 244.2 — — 242.0 — — Seed capital 206.5 42.7 — 161.0 34.1 — Supplemental savings plan liability economic hedges 786.7 — — 760.7 — — Other investments .6 — — .6 .1 — Investments in affiliated collateralized loan obligations — 7.2 — — 6.4 — Total $ 2,916.9 $ 49.9 $ — $ 2,576.3 $ 40.6 $ — Contingent consideration liability $ — $ — $ 46.2 $ — $ — $ 95.8
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 Three months ended (in millions) 3/31/2023 3/31/2022 Balance at beginning of period $ 95.8 $ 306.3 Measurement period adjustment — (49.3) Unrealized gains, included in earnings (49.6) (45.5) Balance at end of period $ 46.2 $ 211.5

CONSOLIDATED SPONSORED INVEST_2

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 sponsored investment products: 3/31/2023 12/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 8.2 $ 83.9 $ 92.1 $ 16.2 $ 102.9 $ 119.1 Investments (2) 218.4 1,464.0 1,682.4 205.3 1,255.5 1,460.8 Other assets 5.5 40.9 46.4 6.3 17.2 23.5 Total assets 232.1 1,588.8 1,820.9 227.8 1,375.6 1,603.4 Liabilities 45.4 66.0 111.4 50.0 39.1 89.1 Net assets $ 186.7 $ 1,522.8 $ 1,709.5 $ 177.8 $ 1,336.5 $ 1,514.3 Attributable to T. Rowe Price Group $ 145.1 $ 730.3 $ 875.4 $ 142.4 $ 715.2 $ 857.6 Attributable to redeemable non-controlling interests 41.6 792.5 834.1 35.4 621.3 656.7 $ 186.7 $ 1,522.8 $ 1,709.5 $ 177.8 $ 1,336.5 $ 1,514.3 (1) Cash and cash equivalents includes $.9 million at March 31, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds. (2) Investments include $7.1 million at March 31, 2023, and $7.6 million at December 31, 2022 of sponsored investment products.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios	The operating results of the consolidated sponsored investment products for the three months ended March 31, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2023 3/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (1.7) $ (2.3) $ (4.0) $ (.2) $ (2.3) $ (2.5) Net investment income (loss) reflected in non-operating income 6.9 38.9 45.8 (6.6) (94.8) (101.4) Impact on income before taxes $ 5.2 $ 36.6 $ 41.8 $ (6.8) $ (97.1) $ (103.9) Net income (loss) attributable to T. Rowe Price Group $ 3.7 $ 17.9 $ 21.6 $ (4.7) $ (45.7) $ (50.4) Net income (loss) attributable to redeemable non-controlling interests 1.5 18.7 20.2 (2.1) (51.4) (53.5) $ 5.2 $ 36.6 $ 41.8 $ (6.8) $ (97.1) $ (103.9)
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, 2023 and 2022. Three months ended 3/31/2023 3/31/2022 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (12.4) $ (147.2) $ (159.6) $ (2.6) $ 88.2 $ 85.6 Net cash used in investing activities — (2.5) (2.5) — (5.9) (5.9) Net cash provided by (used in) financing activities 4.4 129.2 133.6 4.9 (95.9) (91.0) Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products — 1.5 1.5 — (2.7) (2.7) Net change in cash and cash equivalents during period (8.0) (19.0) (27.0) 2.3 (16.3) (14.0) Cash and cash equivalents at beginning of year 16.2 102.9 119.1 7.3 93.8 101.1 Cash and cash equivalents at end of period $ 8.2 $ 83.9 $ 92.1 $ 9.6 $ 77.5 $ 87.1
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 sponsored investment products using fair value measurements determined based on the differing levels of inputs. 3/31/2023 12/31/2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ .9 $ — $ — $ 4.4 $ 20.6 $ — Equity securities 159.5 159.7 — 136.7 167.8 — Fixed income securities — 1,261.6 — — 1,051.1 — Other investments 1.1 24.7 75.8 3.3 30.1 71.8 $ 161.5 $ 1,446.0 $ 75.8 $ 144.4 $ 1,269.6 $ 71.8 Liabilities $ (3.5) $ (17.0) $ — $ (.9) $ (19.1) $ — The following table provides information about the significant Level 3 inputs: Fair value measurements as of March 31, 2023 (in millions) Fair value Valuation techniques Unobservable inputs Ranges Other investments $ 75.8 Market Yield (Comparables) Yield 9.5% - 12.2% Fair value measurements as of December 31, 2022 (in millions) Fair value Valuation techniques Unobservable inputs Ranges Other investments $ 71.8 Market Yield (Comparables) Yield 9.8% - 12.4%

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consist of the following: (in millions) 3/31/2023 12/31/2022 Goodwill $ 2,642.8 $ 2,642.8 Indefinite-lived intangible assets - trade name 117.1 117.1 Indefinite-lived intangible assets - investment advisory agreements 65.6 65.6 Definite-lived intangible assets - investment advisory agreements 421.1 447.1 Total $ 3,246.6 $ 3,272.6

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023. Options Weighted- average exercise price Outstanding at December 31, 2022 2,218,506 $ 74.31 Exercised (252,013) $ 70.28 Outstanding at March 31, 2023 1,966,493 $ 74.83 Exercisable at March 31, 2023 1,966,493 $ 74.83
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, 2023. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2022 8,715 5,901,600 $ 142.37 Time-based grants — 16,664 $ 114.04 Dividend equivalents granted to non-employee directors — 1,036 $ 110.37 Vested — (65,827) $ 101.60 Forfeited — (33,039) $ 141.24 Nonvested at March 31, 2023 8,715 5,820,434 $ 142.75
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, 2023. 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 2023 $ 59.0 Third quarter 2023 57.8 Fourth quarter 2023 50.6 2024 121.5 2025 through 2029 96.1 Total $ 385.0

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
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) 3/31/2023 3/31/2022 Net income attributable to T. Rowe Price $ 421.5 $ 567.9 Less: net income allocated to outstanding restricted stock and stock unit holders 10.5 13.0 Net income allocated to common stockholders $ 411.0 $ 554.9 Weighted-average common shares Outstanding 224.4 228.2 Outstanding assuming dilution 225.2 229.8

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The changes in currency translation adjustments included in accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 are presented in the table below. Three months ended 3/31/2023 Three months ended 3/31/2022 (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 $ (50.5) $ (2.5) $ (53.0) $ (36.7) $ 10.2 $ (26.5) Other comprehensive income (loss) before reclassifications and income taxes (1.1) 3.0 1.9 .5 (5.6) (5.1) Reclassification adjustments recognized in non-operating income — — — — (1.6) (1.6) (1.1) 3.0 1.9 .5 (7.2) (6.7) Net deferred tax benefits (income taxes) .2 (.8) (.6) (.1) 1.9 1.8 Other comprehensive income (loss) (.9) 2.2 1.3 .4 (5.3) (4.9) Balances at end of period $ (51.4) $ (.3) $ (51.7) $ (36.3) $ 4.9 $ (31.4)

INFORMATION ABOUT RECEIVABLES_3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Services Concentration and Receivables (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Concentration Risk [Line Items]
Net revenues	$ 1,537.6	$ 1,863
Accounts receivable	$ 730.4		$ 748.7
Investment advisory fees | Assets under management | Geographic concentration | Outside U.S.
Concentration Risk [Line Items]
Concentration risk	8.90%		9.10%
Sponsored investment portfolios
Concentration Risk [Line Items]
Net revenues	$ 1,268	$ 1,536.4
Accounts receivable	$ 498.5		$ 492.4

INFORMATION ABOUT RECEIVABLES_4

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue and Services [Line Items]
Net revenues	$ 1,537.6	$ 1,863
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,391.8	1,662.1
Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	1,322,900	1,559,900
Investment advisory fees | Assets under management | Equity
Revenue and Services [Line Items]
Net revenues	687,000	886,500
Investment advisory fees | Assets under management | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	169,600	177,800
Investment advisory fees | Assets under management | Multi-asset
Revenue and Services [Line Items]
Net revenues	422,200	453,700
Investment advisory fees | Assets under management | Alternatives
Revenue and Services [Line Items]
Net revenues	44,100	41,900
Investment advisory fees | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,391.8	1,662.1
Investment advisory fees | Investment advisory fees | Equity
Revenue and Services [Line Items]
Net revenues	833.9	1,086
Investment advisory fees | Investment advisory fees | Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	102.4	106.6
Investment advisory fees | Investment advisory fees | Multi-asset
Revenue and Services [Line Items]
Net revenues	386	404.6
Investment advisory fees | Investment advisory fees | Alternatives
Revenue and Services [Line Items]
Net revenues	69.5	64.9
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	$ 16.9	$ 44.4

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 2,606.2	$ 2,539.2
U.S. Treasury note
Schedule of Equity Method Investments [Line Items]
Held to maturity	1	1
Certificates of deposit
Schedule of Equity Method Investments [Line Items]
Held to maturity	11	9.2
Discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	244.2	242
Equity method investments	208	199.6
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	249.2	195.1
Equity method investments	85.1	125.7
Supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	786.7	760.7
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	80.7	87.1
Equity method investments	2.1	2.4
Investments in affiliated collateralized loan obligations
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	7.2	6.4
Held to maturity	$ 108.3	$ 109.6
23% Investment in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investment (ownership percentage)	23%	23%
Equity method investments	$ 159.5	$ 158.8
Investments in affiliated private investment funds - carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments	483.8	467.8
Investments in affiliated private investment funds - seed/co-investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 179.4	$ 173.8

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized (loss) gain on T. Rowe Price investments product recognized in nonoperating income	$ 46.7	$ (99.9)
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt	$ 30.4		€ 35.6	$ 31.7	€ 35.6
Investments in affiliated collateralized loan obligations | Minimum | Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.15%		1.15%
Investments in affiliated collateralized loan obligations | Maximum | Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	11.26%		11.26%
Investments in affiliated collateralized loan obligations | Repurchase Agreements
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements	$ 71.3		€ 65.8	71.3	€ 65.8
Investments in affiliated collateralized loan obligations | Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed	$ 101.7			$ 103

INVESTMENTS - Deconsolidation I

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ 135.4	$ (198.5)
Reclassification out of accumulated other comprehensive income | Currency translation adjustments
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	0	1.6
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities and redeemable noncontrolling interests	(2.4)	(97.5)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities and redeemable noncontrolling interests	(0.1)	(8.6)
Redeemable Noncontrolling Interest
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities and redeemable noncontrolling interests	$ 0	$ (63)

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investment carrying values	$ 777.1	$ 762.2
Unfunded capital commitments	86.5	84.7
Accounts receivable	89.8	91.5
Maximum risk of loss related to nonconsolidated variable interest entities	$ 953.4	$ 938.4

INVESTMENTS - Variable Intere_2

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 86.5	$ 84.7

INVESTMENTS - Total Assets, Lia

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 12,156.6	$ 11,643.3
Liabilities	2,082.7	1,956.4
Non-controlling interest	194.4	190.7
Variable interest entities
Subsidiary or Equity Method Investee [Line Items]
Assets	529.1	526.2
Liabilities	1.7	15.8
Non-controlling interest	$ 194.4	$ 190.7

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 46.2	$ 95.8
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	244.2	242
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	249.2	195.1
Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	786.7	760.7
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	1,678.9	1,412
Other investments	0.6	0.6
Investments in affiliated collateralized loan obligations	0	0
Total	2,916.9	2,576.3
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	244.2	242
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	206.5	161
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	786.7	760.7
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	0.1
Investments in affiliated collateralized loan obligations	7.2	6.4
Total	49.9	40.6
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	42.7	34.1
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	46.2	95.8
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	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
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%
Incentive payment, percentage	10%
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
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value			$ 80.1	$ 86.4

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) - Level 3 - Fair value, measurements, recurring - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 95.8	$ 306.3
Measurement period adjustment	0	(49.3)
Unrealized gains, included in earnings	(49.6)	(45.5)
Ending Balance	$ 46.2	$ 211.5

CONSOLIDATED SPONSORED INVEST_3

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,094.1	$ 1,755.6
Investments	2,606.2	2,539.2
Other assets	627.7	688.7
Total assets	12,156.6	11,643.3
Liabilities	2,082.7	1,956.4
Attributable to redeemable non-controlling interests	834.1	656.7	$ 790.4	$ 982.3
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	875.4	857.6
Attributable to redeemable non-controlling interests	834.1	656.7
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	145.1	142.4
Attributable to redeemable non-controlling interests	41.6	35.4
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	529.1	526.2
Liabilities	1.7	15.8
Attributable to T. Rowe Price Group	730.3	715.2
Attributable to redeemable non-controlling interests	792.5	621.3
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	92.1	119.1
Investments	1,682.4	1,460.8
Other assets	46.4	23.5
Total assets	1,820.9	1,603.4
Liabilities	111.4	89.1
Net assets	1,709.5	1,514.3
Reportable entities | Consolidated T. Rowe Price investment products | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	7.1	7.6
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	0.9	2.6
Reportable entities | Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	8.2	16.2
Investments	218.4	205.3
Other assets	5.5	6.3
Total assets	232.1	227.8
Liabilities	45.4	50
Net assets	186.7	177.8
Reportable entities | Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	83.9	102.9
Investments	1,464	1,255.5
Other assets	40.9	17.2
Total assets	1,588.8	1,375.6
Liabilities	66	39.1
Net assets	$ 1,522.8	$ 1,336.5

CONSOLIDATED SPONSORED INVEST_4

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (1,053.4)	$ (985.6)
Income before income taxes	619.6	678.9
Net income (loss) attributable to redeemable non-controlling interests	20.2	(53.5)
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	41.8	(103.9)
Net income (loss) attributable to T. Rowe Price Group	21.6	(50.4)
Net income (loss) attributable to redeemable non-controlling interests	20.2	(53.5)
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(4)	(2.5)
Net investment income (loss) reflected in non-operating income	45.8	(101.4)
Income before income taxes	41.8	(103.9)
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	5.2	(6.8)
Net income (loss) attributable to T. Rowe Price Group	3.7	(4.7)
Net income (loss) attributable to redeemable non-controlling interests	1.5	(2.1)
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(1.7)	(0.2)
Net investment income (loss) reflected in non-operating income	6.9	(6.6)
Income before income taxes	5.2	(6.8)
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	36.6	(97.1)
Net income (loss) attributable to T. Rowe Price Group	17.9	(45.7)
Net income (loss) attributable to redeemable non-controlling interests	18.7	(51.4)
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.3)	(2.3)
Net investment income (loss) reflected in non-operating income	38.9	(94.8)
Income before income taxes	$ 36.6	$ (97.1)

CONSOLIDATED SPONSORED INVEST_5

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 1,053.4	$ 985.6
Net cash provided by financing activities	(144.2)	(644.1)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses	0.6	0.9
Net cash provided by financing activities	$ 4.4	$ 35.1

CONSOLIDATED SPONSORED INVEST_6

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 511.7	$ 1,103.4
Net cash used in investing activities	(57.5)	3.8
Net cash provided by (used in) financing activities	(144.2)	(644.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	1.5	(2.7)
Net change in cash and cash equivalents during period	311.5	460.4
Cash and cash equivalents at beginning of year	1,874.7	1,624.2
Cash and cash equivalents at end of period	2,186.2	2,084.6
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of year	119.1	101.1
Cash and cash equivalents at end of period	92.1	87.1
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(159.6)	85.6
Net cash used in investing activities	(2.5)	(5.9)
Net cash provided by (used in) financing activities	133.6	(91)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	1.5	(2.7)
Net change in cash and cash equivalents during period	(27)	(14)
Cash and cash equivalents at beginning of year	119.1	101.1
Cash and cash equivalents at end of period	92.1	87.1
Reportable entities | Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(12.4)	(2.6)
Net cash used in investing activities	0	0
Net cash provided by (used in) financing activities	4.4	4.9
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	(8)	2.3
Cash and cash equivalents at beginning of year	16.2	7.3
Cash and cash equivalents at end of period	8.2	9.6
Reportable entities | Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(147.2)	88.2
Net cash used in investing activities	(2.5)	(5.9)
Net cash provided by (used in) financing activities	129.2	(95.9)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	1.5	(2.7)
Net change in cash and cash equivalents during period	(19)	(16.3)
Cash and cash equivalents at beginning of year	102.9	93.8
Cash and cash equivalents at end of period	$ 83.9	$ 77.5

CONSOLIDATED SPONSORED INVEST_7

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,678.9	$ 1,412
Other investments	0.6	0.6
Total	2,916.9	2,576.3
Level 1 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.9	4.4
Equity securities	159.5	136.7
Fixed income securities	0	0
Other investments	1.1	3.3
Total	161.5	144.4
Liabilities	(3.5)	(0.9)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0	0.1
Total	49.9	40.6
Level 2 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	20.6
Equity securities	159.7	167.8
Fixed income securities	1,261.6	1,051.1
Other investments	24.7	30.1
Total	1,446	1,269.6
Liabilities	(17)	(19.1)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0	0
Total	0	0
Level 3 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Equity securities	0	0
Fixed income securities	0	0
Other investments	75.8	71.8
Total	75.8	71.8
Liabilities	$ 0	$ 0
Level 3 | Consolidated T. Rowe Price investment products | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.122	0.124
Level 3 | Consolidated T. Rowe Price investment products | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.095	0.098

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,642.8	$ 2,642.8
Total	3,246.6	3,272.6
Trade Name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	117.1	117.1
Investment Advisory Agreements
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	65.6	65.6
Investment Advisory Agreements
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets - investment advisory agreements	$ 421.1	$ 447.1

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Acquisition-related amortization	$ 26,000,000	$ 27,100,000
Goodwill impairment	0
Investment Advisory Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated amortization expense, Remainder of 2023	78,100,000
Estimated amortization expense, 2024	91,500,000
Estimated amortization expense, 2025	91,200,000
Estimated amortization expense, 2026	74,200,000
Estimated amortization expense, 2027	$ 50,000,000

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Options
Outstanding, beginning balance (in shares) | shares	2,218,506
Exercised (in shares) | shares	(252,013)
Outstanding, ending balance (in shares) | shares	1,966,493
Exercisable (in shares) | shares	1,966,493
Weighted- average exercise price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 74.31
Exercised (in dollars per share) | $ / shares	70.28
Outstanding, ending balance (in dollars per share) | $ / shares	74.83
Exercisable (in dollars per share) | $ / shares	$ 74.83

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Weighted-average fair value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 142.37
Grants (in dollars per share) | $ / shares	114.04
Dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	110.37
Vested (in dollars per share) | $ / shares	101.60
Forfeited (in dollars per share) | $ / shares	141.24
Nonvested, ending balance (in dollars per share) | $ / shares	$ 142.75
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)	8,715
Grants (in shares)	0
Dividend equivalents granted to non-employee directors (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	8,715
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)	5,901,600
Grants (in shares)	16,664
Dividend equivalents granted to non-employee directors (in shares)	1,036
Vested (in shares)	(65,827)
Forfeited (in shares)	(33,039)
Nonvested, ending balance (in shares)	5,820,434

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - Restricted stock units - shares	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	5,820,434	5,901,600
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	320,326
Nonvested shares where performance threshold has been met (in shares)	105,106

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Second quarter 2023	$ 59
Third quarter 2023	57.8
Fourth quarter 2023	50.6
2024	121.5
2025 through 2029	96.1
Total	$ 385

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0
Net income attributable to T. Rowe Price	$ 421.5	$ 567.9
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	10.5	13
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	10.5	13
Net income allocated to common stockholders (basic)	411	554.9
Net income allocated to common stockholders (diluted)	$ 411	$ 554.9
Weighted-average common shares
Outstanding (in shares)	224,400,000	228,200,000
Outstanding assuming dilution (in shares)	225,200,000	229,800,000

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, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 9,030.2	$ 9,271.4
Other comprehensive income (loss)	1.3	(5)
Balances at end of period	9,239.8	9,326.6
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(53)	(26.5)
Other comprehensive income (loss) before reclassifications and income taxes	1.9	(5.1)
Reclassification adjustments recognized in non-operating income	0	(1.6)
Other comprehensive income (loss), before taxes	1.9	(6.7)
Net deferred tax benefits (income taxes)	(0.6)	1.8
Other comprehensive income (loss)	1.3	(4.9)
Balances at end of period	(51.7)	(31.4)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(50.5)	(36.7)
Other comprehensive income (loss) before reclassifications and income taxes	(1.1)	0.5
Reclassification adjustments recognized in non-operating income	0	0
Other comprehensive income (loss), before taxes	(1.1)	0.5
Net deferred tax benefits (income taxes)	0.2	(0.1)
Other comprehensive income (loss)	(0.9)	0.4
Balances at end of period	(51.4)	(36.3)
Currency translation adjustments | Variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(2.5)	10.2
Other comprehensive income (loss) before reclassifications and income taxes	3	(5.6)
Reclassification adjustments recognized in non-operating income	0	(1.6)
Other comprehensive income (loss), before taxes	3	(7.2)
Net deferred tax benefits (income taxes)	(0.8)	1.9
Other comprehensive income (loss)	2.2	(5.3)
Balances at end of period	$ (0.3)	$ 4.9

OTHER COMPREHENSIVE INCOME AN_4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	$ 6.1	$ (9.9)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 27, 2022 claim	Mar. 31, 2023 USD ($)
Pending Litigation
Other Commitments [Line Items]
Loss Contingency, New Claims Filed, Number | claim	2
OHA Commitments
Other Commitments [Line Items]
Investment commitment, amount | $		$ 472.4
Other commitment period		4 years