T. Rowe Price (TROW) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		223,299,903
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Central Index Key	0001113169
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 2,416.5	$ 2,066.6
Accounts receivable and accrued revenue	883	807.9
Investments	2,588.7	2,554.7
Assets of consolidated sponsored investment products ($1,229.2 million at March 31, 2024 and $1,204.4 million at December 31, 2023, related to variable interest entities)	2,117.2	1,959.3
Operating lease assets	234.9	241.1
Property, equipment and software, net	846.4	806.6
Intangible assets, net	481.8	507.3
Goodwill	2,642.8	2,642.8
Other assets	642.7	692.5
Total assets	12,854	12,278.8
LIABILITIES
Accounts payable and accrued expenses	366.4	409.5
Liabilities of consolidated sponsored investment products ($27.7 million at March 31, 2024 and $35.2 million at December 31, 2023, related to variable interest entities)	71.1	54.2
Operating lease liabilities	302.1	308.5
Accrued compensation and related costs	330.6	240.8
Supplemental savings plan liability	927.4	895
Contingent consideration liability	13.4	13.4
Income taxes payable	176.8	66.2
Total liabilities	2,187.8	1,987.6
Commitments and contingent liabilities
Redeemable non-controlling interests	676.7	594.1
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 223,494,000 shares at March 31, 2024 and 223,938,000 at December 31, 2023	44.7	44.8
Additional capital in excess of par value	424.2	431.7
Retained earnings	9,364.8	9,076.1
Accumulated other comprehensive loss	(49.6)	(47.5)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.	9,784.1	9,505.1
Non-controlling interests in consolidated entities	205.4	192
Total stockholders’ equity	9,989.5	9,697.1
Total liabilities, redeemable non-controlling interests, and stockholders’ equity	$ 12,854	$ 12,278.8

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets of consolidated T. Rowe Price investment products	$ 2,117.2	$ 1,959.3
Liabilities of consolidated T. Rowe Price investment products	$ 71.1	$ 54.2
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	223,494,000	223,938,000
Goodwill	$ 2,642.8	$ 2,642.8
Variable interest entities
Assets of consolidated T. Rowe Price investment products	1,229.2	1,204.4
Liabilities of consolidated T. Rowe Price investment products	$ 27.7	$ 35.2

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Net revenues	$ 1,750.2	$ 1,537.6
Operating expenses
Compensation and related costs	709	653.5
Distribution and servicing	81.9	71.5
Advertising and promotion	25.3	25.8
Product and recordkeeping related costs	75	72.1
Technology, occupancy, and facility costs	149.9	146.6
General, administrative, and other	92.6	107.5
Change in fair value of contingent consideration	0	(49.6)
Acquisition-related amortization and impairment costs	29.9
Total operating expenses	1,163.6	1,053.4
Net operating income	586.6	484.2
Non-operating income (loss)
Net gains (losses) on investments	121.5	93.9
Net gains (losses) on consolidated sponsored investment products	72.3	45.4
Other gains (losses), including foreign currency gains (losses)	(4.9)	(3.9)
Total non-operating income (loss)	188.9	135.4
Income before income taxes	775.5	619.6
Provision for income taxes	182.1	177.9
Net income	593.4	441.7
Less: net income (loss) attributable to redeemable non-controlling interests	19.6	20.2
Net income attributable to T. Rowe Price Group	$ 573.8	$ 421.5
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 2.50	$ 1.83
Diluted (in dollars per share)	$ 2.49	$ 1.83
Investment advisory fees
Revenues
Net revenues	$ 1,554	$ 1,391.8
Capital allocation-based income
Revenues
Net revenues	47.1	16.9
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 149.1	$ 128.9

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 593.4	$ 441.7
Currency translation adjustments
Other comprehensive income (loss) before income taxes	(4.5)	8
Total other comprehensive income (loss)	(3.7)	7.4
Total comprehensive income	589.7	449.1
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	18	26.3
Total comprehensive income attributable to T. Rowe Price Group	571.7	422.8
Variable interest entities
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities	(5.6)	9.1
Net deferred tax (expense) benefits	0.8	(0.6)
Equity method investments
Currency translation adjustments
Equity method investments	$ 1.1	$ (1.1)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 593.4	$ 441.7
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	62.6	58.8
Amortization and impairment of acquisition-related assets and retention arrangements	50.8	48.2
Fair value remeasurement of contingent consideration liability	0	(49.6)
Stock-based compensation expense	58.4	58.8
Net gains recognized on investments	(147)	(102.3)
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability	15.1	18.4
Net change in securities held by consolidated sponsored investment products	(158.3)	(200.7)
Other changes in assets and liabilities	162.3	238.4
Net cash provided by operating activities	637.3	511.7
Cash flows from investing activities
Purchases of sponsored investment products	(4.5)	(8.4)
Dispositions of sponsored investment products	95.7	14.7
Net cash of sponsored investment products on deconsolidation	(0.1)	(2.5)
Additions to property, equipment and software	(102.5)	(60.7)
Other investing activity	2.8	(0.6)
Net cash used in investing activities	(8.6)	(57.5)
Cash flows from financing activities
Repurchases of common stock	(83.1)	(8.2)
Common share issuances under stock-based compensation plans	14.2	8
Dividends paid to common stockholders of T. Rowe Price	(286.5)	(282.2)
Net contributions to non-controlling interests in consolidated entities	0.2	0.2
Net subscriptions from redeemable non-controlling interest holders	87.4	138
Net cash used in financing activities	(267.8)	(144.2)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	(0.8)	1.5
Net change in cash and cash equivalents during period	360.1	311.5
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	2,143.8	1,874.7
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	$ 2,503.9	$ 2,186.2

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 2,503.9	$ 2,143.8	$ 2,186.2	$ 1,874.7
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 87.4	$ 77.2	$ 92.1	$ 119.1

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, 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 (loss)	425		421.5						421.5			3.5
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)					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 to 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)	20.2
Other comprehensive income (loss), net of tax	6.1
Net subscriptions into T. Rowe Price investment products	151.1
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2023	834.1
Beginning balance (in shares) at Dec. 31, 2023					223,938,000
Balances at beginning of period at Dec. 31, 2023	9,697.1		9,505.1		$ 44.8		431.7		9,076.1	(47.5)		192
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	587		573.8						573.8			13.2
Other comprehensive income (loss), net of tax	(2.1)		(2.1)							(2.1)
Dividends declared	$ (285)		(285)						(285)
Shares issued upon option exercises (in shares)	348,728				246,000
Shares issued upon option exercises	$ 15.4		15.4				15.4
Net shares issued upon vesting of restricted stock units (in shares)						27,000
Net shares issued upon vesting of restricted stock units		$ (1.4)		$ (1.4)				$ (1.4)
Stock-based compensation expense	58.4		58.4				58.4
Restricted stock units issued as dividend equivalents	0						0.1		(0.1)
Common shares repurchased (in shares)					(717,000)
Common shares repurchased	(80.1)		(80.1)		$ (0.1)		(80)
Net contributions to non-controlling interests in consolidated entities	0.2											0.2
Ending balance (in shares) at Mar. 31, 2024					223,494,000
Balances at end of period at Mar. 31, 2024	9,989.5		$ 9,784.1		$ 44.7		$ 424.2		$ 9,364.8	$ (49.6)		$ 205.4
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2023	594.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	19.6
Other comprehensive income (loss), net of tax	(1.6)
Net subscriptions into T. Rowe Price investment products	92.7
Net deconsolidations of T. Rowe Price investment products	(28.1)
Ending balances attributable to redeemable non-controlling interests at Mar. 31, 2024	$ 676.7
[1] Accumulated other comprehensive income

UNAUDITED CONDENSED CONSOLIDA_8

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.24	$ 1.22

THE COMPANY AND BASIS OF PREPAR

THE COMPANY AND BASIS OF PREPARATION	3 Months Ended
	Mar. 31, 2024
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 that invest in a broad range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities. 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. The investment solutions are provided in a number of vehicles, including the T. Rowe Price U.S. mutual funds ("U.S. mutual funds"), subadvised funds, separately managed accounts, collective investment trusts, and other T. Rowe Price products. The other T. Rowe Price products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds and collateralized loan obligations. 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 financial information contained in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2023 Annual Report. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . As required by the guidance, we will adopt the annual disclosures of significant segment expenses that are regularly provided to the chief operating decision maker  in our 2024 year-end reporting. Interim segment reporting will become effective under the amendment on January 1, 2025. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for the firm on January 1, 2025. We are currently evaluating the impact of adopting this standard and have not yet determined our transition approach. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

INFORMATION ABOUT RECEIVABLES,

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	3 Months Ended
	Mar. 31, 2024
Information about Receivables, Revenues, and Services [Abstract]
INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES	INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. Net revenues earned in the first quarter of 2024 and 2023, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues. Three months ended (in millions) 3/31/2024 3/31/2023 Investment advisory fees Equity $ 949.6 $ 833.9 Fixed income, including money market 100.6 102.4 Multi-asset 429.7 386.0 Alternatives 74.1 69.5 Total investment advisory fees $ 1,554.0 $ 1,391.8 Capital allocation-based income 47.1 16.9 Total administrative, distribution, and servicing fees 149.1 128.9 Net revenues $ 1,750.2 $ 1,537.6 Average AUM (in billions) : Equity $ 770.4 $ 687.0 Fixed income, including money market 169.5 169.6 Multi-asset 497.0 422.2 Alternatives 47.5 44.1 Average AUM $ 1,484.4 $ 1,322.9 Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,443.6 million and $1,268.0 million for the three months ended March 31, 2024 and 2023, respectively. Accounts receivable from our sponsored products aggregate to $582.2 million at March 31, 2024 and $533.9 million at December 31, 2023.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
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) 3/31/2024 12/31/2023 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 259.9 $ 246.4 Seed capital 237.7 247.8 Supplemental savings plan liability economic hedges 837.4 806.6 Investment partnerships and other investments 67.7 69.7 Investments in affiliated collateralized loan obligations 7.9 8.4 Equity method investments T. Rowe Price investment products Discretionary investments — 5.3 Seed capital 96.3 91.1 Supplemental savings plan liability economic hedges 24.5 21.0 23% Investment in UTI Asset Management Company Limited (India) 171.5 164.5 Investments in affiliated private investment funds - carried interest 514.3 519.9 Investments in affiliated private investment funds - seed/co-investment 254.5 253.4 Other investment partnerships and investments 1.7 2.2 Held to maturity Investments in affiliated collateralized loan obligations 88.9 94.1 Certificates of deposit 25.4 23.3 U.S. Treasury note 1.0 1.0 Total $ 2,588.7 $ 2,554.7 The investment partnerships held at fair value are valued 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, 2024, net gains on investments included $64.5 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2024. For the same period of 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, 2024 and 2023, 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 report our residual interests in these sponsored investment products as either an equity method investment or an investment held at fair value. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the products were deconsolidated is detailed below. Three months ended (in millions) 3/31/2024 3/31/2023 Net increase (decrease) in assets of consolidated sponsored investment products $ (35.4) $ (2.4) Net increase (decrease) in liabilities of consolidated sponsored investment products $ — $ (0.1) Net increase (decrease) in redeemable non-controlling interests $ (28.1) $ — INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS. There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $84.3 million at March 31, 2024 and $89.4 million at December 31, 2023, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €64.2 million (equivalent to $69.3 million at March 31, 2024 and $72.3 million at December 31, 2023 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt also includes outstanding note facilities of €13.9 million (equivalent to $15.0 million at March 31, 2024 and $17.1 million at December 31, 2023, at the respective EUR spot rates) that are collateralized by first priority security interests in the assets of a consolidated subsidiary 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 12.84% as of March 31, 2024. 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, 2024 and December 31, 2023 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) 3/31/2024 12/31/2023 Investment carrying values $ 910.7 $ 919.3 Unfunded capital commitments 92.0 94.1 Accounts receivable 75.3 92.1 $ 1,078.0 $ 1,105.5 The unfunded capital commitments, totaling $92.0 million at March 31, 2024 and $94.1 million at December 31, 2023, 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 - CARRIED INTEREST. Certain of the investments in affiliated funds represent interests in general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income or carried interest. The entities holding such interests 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) 3/31/2024 12/31/2023 Assets $ 604.2 $ 564.7 Liabilities $ 0.3 $ 1.9 Non-controlling interest $ 205.4 $ 192.0

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
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. 3/31/2024 12/31/2023 (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 $ 1,997.4 $ — $ — $ 1,678.1 $ — $ — Discretionary investments 259.9 — — 246.4 — — Seed capital 187.0 50.7 — 206.0 41.8 — Supplemental savings plan liability economic hedges 837.4 — — 806.6 — — Other investments 0.6 — — 0.7 — — Investments in affiliated collateralized loan obligations — 7.9 — — 8.4 — Total $ 3,282.3 $ 58.6 $ — $ 2,937.8 $ 50.2 $ — Contingent consideration liability $ — $ — $ 13.4 $ — $ — $ 13.4 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 $67.1 million at March 31, 2024, and $69.0 million at December 31, 2023. Contingent Consideration 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: Three months ended (in millions) 3/31/2024 3/31/2023 Balance at beginning of period $ 13.4 $ 95.8 Unrealized gains, included in earnings — (49.6) Balance at end of period $ 13.4 $ 46.2 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

CONSOLIDATED SPONSORED INVESTME

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS	3 Months Ended
	Mar. 31, 2024
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: 3/31/2024 12/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 36.6 $ 50.8 $ 87.4 $ 25.7 $ 51.5 $ 77.2 Investments (2) 828.2 1,158.0 1,986.2 718.0 1,129.0 1,847.0 Other assets 23.2 20.4 43.6 11.2 23.9 35.1 Total assets 888.0 1,229.2 2,117.2 754.9 1,204.4 1,959.3 Liabilities 43.4 27.7 71.1 19.0 35.2 54.2 Net assets $ 844.6 $ 1,201.5 $ 2,046.1 $ 735.9 $ 1,169.2 $ 1,905.1 Attributable to T. Rowe Price Group $ 611.1 $ 758.3 $ 1,369.4 $ 589.9 $ 721.1 $ 1,311.0 Attributable to redeemable non-controlling interests 233.5 443.2 676.7 146.0 448.1 594.1 $ 844.6 $ 1,201.5 $ 2,046.1 $ 735.9 $ 1,169.2 $ 1,905.1 (1) Cash and cash equivalents includes $22.5 million at March 31, 2024, and $16.2 million at December 31, 2023, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.4 million at March 31, 2024, and $6.2 million at December 31, 2023 of other 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, 2024 and 2023, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2024 3/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (0.8) $ (1.5) $ (2.3) $ (1.7) $ (2.3) $ (4.0) Net investment income (loss) reflected in non-operating income (loss) 33.4 38.9 72.3 6.9 38.9 45.8 Impact on income before taxes $ 32.6 $ 37.4 $ 70.0 $ 5.2 $ 36.6 $ 41.8 Net income (loss) attributable to T. Rowe Price Group $ 25.8 $ 24.6 $ 50.4 $ 3.7 $ 17.9 $ 21.6 Net income (loss) attributable to redeemable non-controlling interests 6.8 12.8 19.6 1.5 18.7 20.2 $ 32.6 $ 37.4 $ 70.0 $ 5.2 $ 36.6 $ 41.8 The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $1.2 million and $0.6 million for the three months ended March 31, 2024 and 2023, 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, 2024 and 2023. Three months ended 3/31/2024 3/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (61.8) $ (33.9) $ (95.7) $ (12.4) $ (147.2) $ (159.6) Net cash provided by (used in) investing activities — (0.1) (0.1) — (2.5) (2.5) Net cash provided by (used in) financing activities 72.7 34.1 106.8 4.4 129.2 133.6 Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products — (0.8) (0.8) — 1.5 1.5 Net change in cash and cash equivalents during period 10.9 (0.7) 10.2 (8.0) (19.0) (27.0) Cash and cash equivalents at beginning of year 25.7 51.5 77.2 16.2 102.9 119.1 Cash and cash equivalents at end of period $ 36.6 $ 50.8 $ 87.4 $ 8.2 $ 83.9 $ 92.1 For the three months ended March 31, 2024, the net cash provided by or used in financing activities includes $19.4 million of net redemptions we made from the consolidated sponsored investment products and dividends received. For the three months ended March 31, 2023, the net cash provided by or used in financing activities included $4.4 million of net subscriptions we made into the consolidated sponsored 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 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. 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 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. 3/31/2024 12/31/2023 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 23.6 $ 12.0 $ 17.2 $ 8.0 Equity securities 430.8 228.7 365.1 213.6 Fixed income securities — 1,308.9 — 1,241.9 Other investments 3.2 14.6 3.6 22.8 $ 457.6 $ 1,564.2 $ — $ 385.9 $ 1,486.3 Liabilities $ (4.9) $ (7.5) $ (5.1) $ (16.2)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following: (in millions) 3/31/2024 12/31/2023 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 299.1 324.6 Total $ 3,124.6 $ 3,150.1 Amortization and impairment expense for the definite-lived intangible assets was $25.5 million and $26.0 million for the three months ended March 31, 2024 and 2023, respectively. Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is a follows: (in millions) Remaining 2024 $ 64.5 2025 84.7 2026 67.6 2027 46.0 2028 14.3 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 or if triggering events occur that require us to evaluate for impairment earlier. No triggering events arose during the three months ended March 31, 2024.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
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, 2024. Options Weighted- average exercise price Outstanding at December 31, 2023 1,476,104 $ 75.39 Exercised (348,728) $ 76.47 Expired (1,768) $ 76.75 Outstanding at March 31, 2024 1,125,608 $ 75.06 Exercisable at March 31, 2024 1,125,608 $ 75.06 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, 2024. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2023 56,740 6,485,253 $ 127.74 Time-based grants — 13,136 $ 108.66 Dividend equivalents granted to non-employee directors — 973 $ 121.92 Vested — (40,241) $ 98.65 Forfeited — (30,035) $ 127.15 Nonvested at March 31, 2024 56,740 6,429,086 $ 127.89 Nonvested at March 31, 2024, includes performance-based restricted stock units of 334,548. These nonvested performance-based restricted stock units include 108,775 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, 2024. 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 2024 $ 58.2 Third quarter 2024 57.2 Fourth quarter 2024 50.2 2025 118.8 2026 through 2029 88.4 Total $ 372.8

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS	3 Months Ended
	Mar. 31, 2024
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) 3/31/2024 3/31/2023 Net income attributable to T. Rowe Price $ 573.8 $ 421.5 Less: net income allocated to outstanding restricted stock and stock unit holders 15.8 10.5 Net income allocated to common stockholders $ 558.0 $ 411.0 Weighted-average common shares Outstanding 223.6 224.4 Outstanding assuming dilution 224.2 225.2

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are presented in the table below. Three months ended 3/31/2024 Three months ended 3/31/2023 (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 $ (51.9) $ 4.4 $ (47.5) $ (50.5) $ (2.5) $ (53.0) Other comprehensive income (loss) before reclassifications and income taxes 1.1 (4.0) (2.9) (1.1) 3.0 1.9 Net deferred tax benefits (income taxes) (0.1) 0.9 0.8 0.2 (0.8) (0.6) Other comprehensive income (loss) 1.0 (3.1) (2.1) (0.9) 2.2 1.3 Balances at end of period $ (50.9) $ 1.3 $ (49.6) $ (51.4) $ (0.3) $ (51.7) The other comprehensive income (loss) in the table above excludes other comprehensive losses of $1.6 million for the three months ended March 31, 2024, and other comprehensive income of $6.1 million for the three months ended March 31, 2023 related to redeemable non-controlling interests held in our consolidated products.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $397 million to fund OHA products over the next three years. CONTINGENCIES. 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, 2024
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. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . As required by the guidance, we will adopt the annual disclosures of significant segment expenses that are regularly provided to the chief operating decision maker  in our 2024 year-end reporting. Interim segment reporting will become effective under the amendment on January 1, 2025. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for the firm on January 1, 2025. We are currently evaluating the impact of adopting this standard and have not yet determined our transition approach. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

INFORMATION ABOUT RECEIVABLES_2

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)	3 Months Ended
	Mar. 31, 2024
Information about Receivables, Revenues, and Services [Abstract]
Schedule of Revenues From Advisory Services	Net revenues earned in the first quarter of 2024 and 2023, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues. Three months ended (in millions) 3/31/2024 3/31/2023 Investment advisory fees Equity $ 949.6 $ 833.9 Fixed income, including money market 100.6 102.4 Multi-asset 429.7 386.0 Alternatives 74.1 69.5 Total investment advisory fees $ 1,554.0 $ 1,391.8 Capital allocation-based income 47.1 16.9 Total administrative, distribution, and servicing fees 149.1 128.9 Net revenues $ 1,750.2 $ 1,537.6 Average AUM (in billions) : Equity $ 770.4 $ 687.0 Fixed income, including money market 169.5 169.6 Multi-asset 497.0 422.2 Alternatives 47.5 44.1 Average AUM $ 1,484.4 $ 1,322.9

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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) 3/31/2024 12/31/2023 Investments held at fair value T. Rowe Price investment products Discretionary investments $ 259.9 $ 246.4 Seed capital 237.7 247.8 Supplemental savings plan liability economic hedges 837.4 806.6 Investment partnerships and other investments 67.7 69.7 Investments in affiliated collateralized loan obligations 7.9 8.4 Equity method investments T. Rowe Price investment products Discretionary investments — 5.3 Seed capital 96.3 91.1 Supplemental savings plan liability economic hedges 24.5 21.0 23% Investment in UTI Asset Management Company Limited (India) 171.5 164.5 Investments in affiliated private investment funds - carried interest 514.3 519.9 Investments in affiliated private investment funds - seed/co-investment 254.5 253.4 Other investment partnerships and investments 1.7 2.2 Held to maturity Investments in affiliated collateralized loan obligations 88.9 94.1 Certificates of deposit 25.4 23.3 U.S. Treasury note 1.0 1.0 Total $ 2,588.7 $ 2,554.7
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 products were deconsolidated is detailed below. Three months ended (in millions) 3/31/2024 3/31/2023 Net increase (decrease) in assets of consolidated sponsored investment products $ (35.4) $ (2.4) Net increase (decrease) in liabilities of consolidated sponsored investment products $ — $ (0.1) Net increase (decrease) in redeemable non-controlling interests $ (28.1) $ —
Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities	Our investments at March 31, 2024 and December 31, 2023 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) 3/31/2024 12/31/2023 Investment carrying values $ 910.7 $ 919.3 Unfunded capital commitments 92.0 94.1 Accounts receivable 75.3 92.1 $ 1,078.0 $ 1,105.5
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) 3/31/2024 12/31/2023 Assets $ 604.2 $ 564.7 Liabilities $ 0.3 $ 1.9 Non-controlling interest $ 205.4 $ 192.0

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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. 3/31/2024 12/31/2023 (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 $ 1,997.4 $ — $ — $ 1,678.1 $ — $ — Discretionary investments 259.9 — — 246.4 — — Seed capital 187.0 50.7 — 206.0 41.8 — Supplemental savings plan liability economic hedges 837.4 — — 806.6 — — Other investments 0.6 — — 0.7 — — Investments in affiliated collateralized loan obligations — 7.9 — — 8.4 — Total $ 3,282.3 $ 58.6 $ — $ 2,937.8 $ 50.2 $ — Contingent consideration liability $ — $ — $ 13.4 $ — $ — $ 13.4
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: Three months ended (in millions) 3/31/2024 3/31/2023 Balance at beginning of period $ 13.4 $ 95.8 Unrealized gains, included in earnings — (49.6) Balance at end of period $ 13.4 $ 46.2

CONSOLIDATED SPONSORED INVEST_2

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables)	3 Months Ended
	Mar. 31, 2024
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: 3/31/2024 12/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Cash and cash equivalents (1) $ 36.6 $ 50.8 $ 87.4 $ 25.7 $ 51.5 $ 77.2 Investments (2) 828.2 1,158.0 1,986.2 718.0 1,129.0 1,847.0 Other assets 23.2 20.4 43.6 11.2 23.9 35.1 Total assets 888.0 1,229.2 2,117.2 754.9 1,204.4 1,959.3 Liabilities 43.4 27.7 71.1 19.0 35.2 54.2 Net assets $ 844.6 $ 1,201.5 $ 2,046.1 $ 735.9 $ 1,169.2 $ 1,905.1 Attributable to T. Rowe Price Group $ 611.1 $ 758.3 $ 1,369.4 $ 589.9 $ 721.1 $ 1,311.0 Attributable to redeemable non-controlling interests 233.5 443.2 676.7 146.0 448.1 594.1 $ 844.6 $ 1,201.5 $ 2,046.1 $ 735.9 $ 1,169.2 $ 1,905.1 (1) Cash and cash equivalents includes $22.5 million at March 31, 2024, and $16.2 million at December 31, 2023, of investments in T. Rowe Price money market mutual funds. (2) Investments include $6.4 million at March 31, 2024, and $6.2 million at December 31, 2023 of other 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, 2024 and 2023, are reflected in our unaudited condensed consolidated statements of income as follows: Three months ended 3/31/2024 3/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Operating expenses reflected in net operating income $ (0.8) $ (1.5) $ (2.3) $ (1.7) $ (2.3) $ (4.0) Net investment income (loss) reflected in non-operating income (loss) 33.4 38.9 72.3 6.9 38.9 45.8 Impact on income before taxes $ 32.6 $ 37.4 $ 70.0 $ 5.2 $ 36.6 $ 41.8 Net income (loss) attributable to T. Rowe Price Group $ 25.8 $ 24.6 $ 50.4 $ 3.7 $ 17.9 $ 21.6 Net income (loss) attributable to redeemable non-controlling interests 6.8 12.8 19.6 1.5 18.7 20.2 $ 32.6 $ 37.4 $ 70.0 $ 5.2 $ 36.6 $ 41.8
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, 2024 and 2023. Three months ended 3/31/2024 3/31/2023 (in millions) Voting Variable interest entities Total Voting Variable interest entities Total Net cash provided by (used in) operating activities $ (61.8) $ (33.9) $ (95.7) $ (12.4) $ (147.2) $ (159.6) Net cash provided by (used in) investing activities — (0.1) (0.1) — (2.5) (2.5) Net cash provided by (used in) financing activities 72.7 34.1 106.8 4.4 129.2 133.6 Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products — (0.8) (0.8) — 1.5 1.5 Net change in cash and cash equivalents during period 10.9 (0.7) 10.2 (8.0) (19.0) (27.0) Cash and cash equivalents at beginning of year 25.7 51.5 77.2 16.2 102.9 119.1 Cash and cash equivalents at end of period $ 36.6 $ 50.8 $ 87.4 $ 8.2 $ 83.9 $ 92.1
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. 3/31/2024 12/31/2023 (in millions) Level 1 Level 2 Level 1 Level 2 Assets Cash equivalents $ 23.6 $ 12.0 $ 17.2 $ 8.0 Equity securities 430.8 228.7 365.1 213.6 Fixed income securities — 1,308.9 — 1,241.9 Other investments 3.2 14.6 3.6 22.8 $ 457.6 $ 1,564.2 $ — $ 385.9 $ 1,486.3 Liabilities $ (4.9) $ (7.5) $ (5.1) $ (16.2)

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets	Goodwill and intangible assets consist of the following: (in millions) 3/31/2024 12/31/2023 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 299.1 324.6 Total $ 3,124.6 $ 3,150.1
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense	Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is a follows: (in millions) Remaining 2024 $ 64.5 2025 84.7 2026 67.6 2027 46.0 2028 14.3

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024. Options Weighted- average exercise price Outstanding at December 31, 2023 1,476,104 $ 75.39 Exercised (348,728) $ 76.47 Expired (1,768) $ 76.75 Outstanding at March 31, 2024 1,125,608 $ 75.06 Exercisable at March 31, 2024 1,125,608 $ 75.06
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, 2024. Restricted shares Restricted stock units Weighted-average fair value Nonvested at December 31, 2023 56,740 6,485,253 $ 127.74 Time-based grants — 13,136 $ 108.66 Dividend equivalents granted to non-employee directors — 973 $ 121.92 Vested — (40,241) $ 98.65 Forfeited — (30,035) $ 127.15 Nonvested at March 31, 2024 56,740 6,429,086 $ 127.89
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, 2024. 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 2024 $ 58.2 Third quarter 2024 57.2 Fourth quarter 2024 50.2 2025 118.8 2026 through 2029 88.4 Total $ 372.8

EARNINGS PER SHARE CALCULATIO_2

EARNINGS PER SHARE CALCULATIONS (Tables)	3 Months Ended
	Mar. 31, 2024
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) 3/31/2024 3/31/2023 Net income attributable to T. Rowe Price $ 573.8 $ 421.5 Less: net income allocated to outstanding restricted stock and stock unit holders 15.8 10.5 Net income allocated to common stockholders $ 558.0 $ 411.0 Weighted-average common shares Outstanding 223.6 224.4 Outstanding assuming dilution 224.2 225.2

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 are presented in the table below. Three months ended 3/31/2024 Three months ended 3/31/2023 (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 $ (51.9) $ 4.4 $ (47.5) $ (50.5) $ (2.5) $ (53.0) Other comprehensive income (loss) before reclassifications and income taxes 1.1 (4.0) (2.9) (1.1) 3.0 1.9 Net deferred tax benefits (income taxes) (0.1) 0.9 0.8 0.2 (0.8) (0.6) Other comprehensive income (loss) 1.0 (3.1) (2.1) (0.9) 2.2 1.3 Balances at end of period $ (50.9) $ 1.3 $ (49.6) $ (51.4) $ (0.3) $ (51.7)

INFORMATION ABOUT RECEIVABLES_3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue and Services [Line Items]
Net revenues	$ 1,750.2	$ 1,537.6
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,554	1,391.8
Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	1,484,400	1,322,900
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	47.1	16.9
Administrative, distribution, and servicing fees
Revenue and Services [Line Items]
Net revenues	149.1	128.9
Equity | Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	770,400	687,000
Fixed income, including money market | Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	169,500	169,600
Multi-asset | Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	497,000	422,200
Alternatives | Investment advisory fees | Assets under management
Revenue and Services [Line Items]
Net revenues	47,500	44,100
Investment advisory fees | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,554	1,391.8
Investment advisory fees | Equity | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	949.6	833.9
Investment advisory fees | Fixed income, including money market | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	100.6	102.4
Investment advisory fees | Multi-asset | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	429.7	386
Investment advisory fees | Alternatives | Investment advisory fees
Revenue and Services [Line Items]
Net revenues	$ 74.1	$ 69.5

INFORMATION ABOUT RECEIVABLES_4

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Net revenues	$ 1,750.2	$ 1,537.6
Accounts receivable	883		$ 807.9
Sponsored investment portfolios
Concentration Risk [Line Items]
Net revenues	1,443.6	$ 1,268
Accounts receivable	$ 582.2		$ 533.9
Investment advisory fees | Assets under management | Geographic concentration | Outside U.S.
Concentration Risk [Line Items]
Concentration risk	8.50%		8.60%

INVESTMENTS - Carrying Value of

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment, Type [Extensible Enumeration]	Certificates of Deposit [Member]	Certificates of Deposit [Member]
Held to maturity	$ 25.4	$ 23.3
Total	2,588.7	2,554.7
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	259.9	246.4
Equity method investments	0	5.3
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	237.7	247.8
Equity method investments	96.3	91.1
Supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	837.4	806.6
Equity method investments	24.5	21
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	67.7	69.7
Investments in affiliated collateralized loan obligations
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	7.9	8.4
Held to maturity	$ 88.9	$ 94.1
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	$ 171.5	$ 164.5
Investments in affiliated private investment funds - carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments	514.3	519.9
Investments in affiliated private investment funds - seed/co-investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	254.5	253.4
Investment Partnerships And Other Investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1.7	$ 2.2

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized (loss) gain on T. Rowe Price investments product recognized in nonoperating income	$ 64.5	$ 46.7
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements	69.3		€ 64.2	$ 72.3	€ 64.2
Secured debt	$ 15		€ 13.9	17.1	€ 13.9
Investments in affiliated collateralized loan obligations | Minimum | Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.15%		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	12.84%		12.84%
Investments in affiliated collateralized loan obligations | Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed	$ 84.3			$ 89.4

INVESTMENTS - Deconsolidation I

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities and redeemable noncontrolling interests	$ (35.4)	$ (2.4)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities and redeemable noncontrolling interests	0	(0.1)
Redeemable Noncontrolling Interest
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities and redeemable noncontrolling interests	$ (28.1)	$ 0

INVESTMENTS - Variable Interest

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investment carrying values	$ 910.7	$ 919.3
Unfunded capital commitments	92	94.1
Accounts receivable	75.3	92.1
Maximum risk of loss related to nonconsolidated variable interest entities	$ 1,078	$ 1,105.5

INVESTMENTS - Variable Intere_2

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 92	$ 94.1

INVESTMENTS - Total Assets, Lia

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 12,854	$ 12,278.8
Liabilities	2,187.8	1,987.6
Non-controlling interest	205.4	192
Variable interest entities
Subsidiary or Equity Method Investee [Line Items]
Assets	604.2	564.7
Liabilities	$ 0.3	$ 1.9

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 13.4	$ 13.4
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	259.9	246.4
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	237.7	247.8
Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	837.4	806.6
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	1,997.4	1,678.1
Other investments	0.6	0.7
Investments in affiliated collateralized loan obligations	0	0
Total	3,282.3	2,937.8
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	259.9	246.4
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	187	206
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	837.4	806.6
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
Investments in affiliated collateralized loan obligations	7.9	8.4
Total	58.6	50.2
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	50.7	41.8
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	13.4	13.4
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
	Dec. 31, 2021	Mar. 31, 2024	Dec. 31, 2023
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%
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value		$ 67.1	$ 69

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, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 13.4	$ 95.8
Unrealized gains, included in earnings	0	(49.6)
Ending balance	$ 13.4	$ 46.2

CONSOLIDATED SPONSORED INVEST_3

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,416.5	$ 2,066.6
Investments	2,588.7	2,554.7
Other assets	642.7	692.5
Total assets	12,854	12,278.8
Liabilities	2,187.8	1,987.6
Attributable to redeemable non-controlling interests	676.7	594.1	$ 834.1	$ 656.7
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	1,369.4	1,311
Attributable to redeemable non-controlling interests		594.1
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	611.1	589.9
Attributable to redeemable non-controlling interests	233.5	146
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	604.2	564.7
Liabilities	0.3	1.9
Attributable to T. Rowe Price Group	758.3	721.1
Attributable to redeemable non-controlling interests	443.2	448.1
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	87.4	77.2
Investments	1,986.2	1,847
Other assets	43.6	35.1
Total assets	2,117.2	1,959.3
Liabilities	71.1	54.2
Net assets	2,046.1	1,905.1
Reportable entities | Consolidated T. Rowe Price investment products | T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	6.4	6.2
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	22.5	16.2
Reportable entities | Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	36.6	25.7
Investments	828.2	718
Other assets	23.2	11.2
Total assets	888	754.9
Liabilities	43.4	19
Net assets	844.6	735.9
Reportable entities | Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	50.8	51.5
Investments	1,158	1,129
Other assets	20.4	23.9
Total assets	1,229.2	1,204.4
Liabilities	27.7	35.2
Net assets	$ 1,201.5	$ 1,169.2

CONSOLIDATED SPONSORED INVEST_4

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (1,163.6)	$ (1,053.4)
Income before income taxes	775.5	619.6
Net income (loss) attributable to redeemable non-controlling interests	19.6	20.2
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	70	41.8
Net income (loss) attributable to T. Rowe Price Group	50.4	21.6
Net income (loss) attributable to redeemable non-controlling interests	19.6	20.2
Consolidated T. Rowe Price investment products | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.3)	(4)
Net investment income (loss) reflected in non-operating income (loss)	72.3	45.8
Income before income taxes	70	41.8
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	32.6	5.2
Net income (loss) attributable to T. Rowe Price Group	25.8	3.7
Net income (loss) attributable to redeemable non-controlling interests	6.8	1.5
Voting interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.8)	(1.7)
Net investment income (loss) reflected in non-operating income (loss)	33.4	6.9
Income before income taxes	32.6	5.2
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	37.4	36.6
Net income (loss) attributable to T. Rowe Price Group	24.6	17.9
Net income (loss) attributable to redeemable non-controlling interests	12.8	18.7
Variable interest entities | Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(1.5)	(2.3)
Net investment income (loss) reflected in non-operating income (loss)	38.9	38.9
Income before income taxes	$ 37.4	$ 36.6

CONSOLIDATED SPONSORED INVEST_5

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 1,163.6	$ 1,053.4
Net cash provided by (used in) financing activities	(267.8)	(144.2)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses	1.2	0.6
Net cash provided by (used in) financing activities	$ (19.4)	$ 4.4

CONSOLIDATED SPONSORED INVEST_6

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 637.3	$ 511.7
Net cash provided by (used in) investing activities	(8.6)	(57.5)
Net cash provided by (used in) financing activities	(267.8)	(144.2)
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products	(0.8)	1.5
Net change in cash and cash equivalents during period	360.1	311.5
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	2,143.8	1,874.7
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	2,503.9	2,186.2
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	77.2	119.1
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	87.4	92.1
Reportable entities | Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(95.7)	(159.6)
Net cash provided by (used in) investing activities	(0.1)	(2.5)
Net cash provided by (used in) financing activities	106.8	133.6
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products	(0.8)	1.5
Net change in cash and cash equivalents during period	10.2	(27)
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	77.2	119.1
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	87.4	92.1
Reportable entities | Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(61.8)	(12.4)
Net cash provided by (used in) investing activities	0	0
Net cash provided by (used in) financing activities	72.7	4.4
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products	0	0
Net change in cash and cash equivalents during period	10.9	(8)
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	25.7	16.2
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	36.6	8.2
Reportable entities | Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(33.9)	(147.2)
Net cash provided by (used in) investing activities	(0.1)	(2.5)
Net cash provided by (used in) financing activities	34.1	129.2
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment products	(0.8)	1.5
Net change in cash and cash equivalents during period	(0.7)	(19)
Cash and cash equivalents at beginning of period, including $77.2 million at December 31, 2023, and $119.1 million at December 31, 2022, held by consolidated sponsored investment products	51.5	102.9
Cash and cash equivalents at end of period, including $87.4 million at March 31, 2024, and $92.1 million at March 31, 2023, held by consolidated sponsored investment products	$ 50.8	$ 83.9

CONSOLIDATED SPONSORED INVEST_7

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,997.4	$ 1,678.1
Other investments	0.6	0.7
Total	3,282.3	2,937.8
Level 1 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	23.6	17.2
Equity securities	430.8	365.1
Fixed income securities	0	0
Other investments	3.2	3.6
Total	457.6	385.9
Liabilities	(4.9)	(5.1)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Other investments	0	0
Total	58.6	50.2
Level 2 | Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12	8
Equity securities	228.7	213.6
Fixed income securities	1,308.9	1,241.9
Other investments	14.6	22.8
Total	1,564.2	1,486.3
Liabilities	$ (7.5)	$ (16.2)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,642.8	$ 2,642.8
Total	3,124.6	3,150.1
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	$ 299.1	$ 324.6

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition-related amortization and impairment costs	$ 25.5	$ 26

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Definite-Lived Intangible Assets, Future Amortization Expense (Details) - Investment Advisory Agreements $ in Millions	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remaining 2024	$ 64.5
2025	84.7
2026	67.6
2027	46
2028	$ 14.3

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Options
Outstanding, beginning balance (in shares) | shares	1,476,104
Exercised (in shares) | shares	(348,728)
Expired (in shares) | shares	(1,768)
Outstanding, ending balance (in shares) | shares	1,125,608
Exercisable (in shares) | shares	1,125,608
Weighted- average exercise price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 75.39
Exercised (in dollars per share) | $ / shares	76.47
Expired (in dollars per share) | $ / shares	76.75
Outstanding, ending balance (in dollars per share) | $ / shares	75.06
Exercisable (in dollars per share) | $ / shares	$ 75.06

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Weighted-average fair value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 127.74
Time-based grants (in dollars per share) | $ / shares	108.66
Dividend equivalents granted to non-employee directors (in dollars per share) | $ / shares	121.92
Vested (in dollars per share) | $ / shares	98.65
Forfeited (in dollars per share) | $ / shares	127.15
Nonvested, ending balance (in dollars per share) | $ / shares	$ 127.89
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)	56,740
Time-based 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)	56,740
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	6,485,253
Time-based grants (in shares)	13,136
Dividend equivalents granted to non-employee directors (in shares)	973
Vested (in shares)	(40,241)
Forfeited (in shares)	(30,035)
Nonvested, ending balance (in shares)	6,429,086

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - Restricted stock units - shares	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	6,429,086	6,485,253
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	334,548
Nonvested shares where performance threshold has been met (in shares)	108,775

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Mar. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Second quarter 2024	$ 58.2
Third quarter 2024	57.2
Fourth quarter 2024	50.2
2025	118.8
2026 through 2029	88.4
Total	$ 372.8

EARNINGS PER SHARE CALCULATIO_3

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Stock options with anti-diluted impact (in shares)	0	0
Net income attributable to T. Rowe Price	$ 573.8	$ 421.5
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	15.8	10.5
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	15.8	10.5
Net income allocated to common stockholders (basic)	558	411
Net income allocated to common stockholders (diluted)	$ 558	$ 411
Weighted-average common shares
Outstanding (in shares)	223,600,000	224,400,000
Outstanding assuming dilution (in shares)	224,200,000	225,200,000

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, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	$ 9,697.1	$ 9,030.2
Total other comprehensive income (loss)	(3.7)	7.4
Balances at end of period	9,989.5	9,239.8
Consolidated T. Rowe Price investment products - variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net deferred tax (expense) benefits	0.8	(0.6)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(47.5)	(53)
Other comprehensive income (loss) before reclassifications and income taxes	(2.9)	1.9
Net deferred tax (expense) benefits	0.8	(0.6)
Total other comprehensive income (loss)	(2.1)	1.3
Balances at end of period	(49.6)	(51.7)
Currency translation adjustments | Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	(51.9)	(50.5)
Other comprehensive income (loss) before reclassifications and income taxes	1.1	(1.1)
Net deferred tax (expense) benefits	(0.1)	0.2
Total other comprehensive income (loss)	1	(0.9)
Balances at end of period	(50.9)	(51.4)
Currency translation adjustments | Consolidated T. Rowe Price investment products - variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at beginning of period	4.4	(2.5)
Other comprehensive income (loss) before reclassifications and income taxes	(4)	3
Net deferred tax (expense) benefits	0.9	(0.8)
Total other comprehensive income (loss)	(3.1)	2.2
Balances at end of period	$ 1.3	$ (0.3)

OTHER COMPREHENSIVE INCOME AN_4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	$ (1.6)	$ 6.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - OHA Commitments $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Investment commitment, amount	$ 397
Other commitment period	3 years