View Filing Data

Less: net income (loss) attributable to redeemable non-controlling interests

581.6

404.2

1,496.7

^[1]

1,194.6

^[1]

(1.4)

13.3

11.1

43.9

Net income attributable to T. Rowe Price Group

$ 583.0

$ 390.9

$ 1,485.6

$ 1,150.7

Earnings per share on common stock of T. Rowe Price Group

Basic (in dollars per share)

$ 2.34

$ 1.59

$ 5.97

$ 4.67

Diluted (in dollars per share)

2.30

1.56

5.85

4.60

Dividends declared per share (in dollars per share)

$ 0.7

$ 0.57

$ 2.1

$ 1.71

Investment advisory fees [Member]

Revenues

Net revenues

$ 1,263.3

$ 1,098.9

$ 3,666.9

$ 3,137.6

Administrative, distribution, and servicing fees [Member]

Revenues

Net revenues

$ 131.3

$ 139.8

$ 400.7

$ 419.7

[1]	See note 12 for supplementary consolidating cash flow statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Net unrealized holding gains on available-for-sale investments

$ 581.6

$ 404.2

$ 1,496.7

^[1]

$ 1,194.6

^[1]

Other comprehensive income (loss)

4.9

37.1

Reclassification losses recognized in non-operating income upon dispositions, determined using average cost

(0.1)

(78.0)

Net unrealized losses recognized upon the transfer to trading investments

0.0

(23.6)

Total net unrealized holding gains (losses) recognized in other comprehensive income

4.8

(64.5)

Currency translation adjustments

(12.9)

17.6

(39.8)

58.1

Other comprehensive income (loss) before income taxes

(12.9)

22.4

(39.8)

(6.4)

Net deferred tax benefits (income taxes)

2.3

(7.1)

5.8

8.2

Total other comprehensive income (loss)

(10.6)

15.3

(34.0)

1.8

Total comprehensive income

571.0

419.5

1,462.7

1,196.4

Less: comprehensive income (loss) attributable to redeemable non-controlling interests

(4.7)

17.5

(5.7)

57.7

Comprehensive income attributable to T. Rowe Price Group

575.7

402.0

1,468.4

1,138.7

Variable interest entities [Member]

Other comprehensive income (loss)

Consolidated T. Rowe Price investment products - variable interest entities

(5.8)

16.7

(29.6)

53.7

Reclassification losses recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products

0.0

(0.1)

(3.6)

(0.1)

Currency translation adjustments

(5.8)

16.6

(33.2)

53.6

Equity method investments [Member]

Other comprehensive income (loss)

Currency translation adjustments

$ (7.1)

$ 1.0

$ (6.6)

$ 4.5

[1]	See note 12 for supplementary consolidating cash flow statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Cash flows from operating activities

Adjustments to reconcile net income to net cash provided by (used in) operating activities

^[1]

$ 1,496.7

$ 1,194.6

Depreciation and amortization of property and equipment

^[1]

114.9

106.9

Stock-based compensation expense

^[1]

135.3

110.6

Realized gains on dispositions of available-for-sale T. Rowe Price investment products

^[1]

(78.0)

Gains recognized upon transfer of an investment in a T. Rowe Price mutual fund from available-for-sale to held as trading

^[1]

(23.6)

Net gains recognized on investments

^[1]

(106.2)

(40.4)

Net investments in T. Rowe Price investment products to economically hedge supplemental savings plan liability

^[1]

(14.4)

(129.0)

Net change in securities held by consolidated T. Rowe Price investment products

^[1]

(578.3)

(1,210.5)

Other changes in assets and liabilities

^[1]

438.4

422.2

Net cash provided by (used in) operating activities

^[1]

1,486.4

352.8

Cash flows from investing activities

Purchases of T. Rowe Price investment products

^[1]

(1,118.7)

(39.0)

Dispositions T. Rowe Price investment products

^[1]

343.6

295.8

Net cash of T. Rowe Price investment products on consolidation (deconsolidation)

^[1]

(22.5)

(46.0)

Additions to property and equipment

^[1]

(121.5)

(129.1)

Other investing activity

^[1]

88.7

(6.3)

Net cash provided by (used in) investing activities

^[1]

(830.4)

75.4

Cash flows from financing activities

Repurchases of common stock

^[1]

(543.0)

(456.7)

Common share issuances under stock-based compensation plans

^[1]

116.0

142.8

Dividends paid to common stockholders of T. Rowe Price Group

^[1]

(522.3)

(420.8)

Net subscriptions into consolidated T. Rowe Price investment products

^[1]

486.2

1,005.3

Net cash provided by (used in) financing activities

^[1]

(463.1)

270.6

Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products

^[1]

(2.4)

6.9

Net change in cash and cash equivalents during period

^[1]

190.5

705.7

Cash and cash equivalents at end of period, including $65.6 million at December 31, 2016, and $103.1 million at December 31, 2017, held by consolidated T. Rowe Price investment products

^[1]

2,005.8

1,270.5

Cash and cash equivalents at end of period, including $106.8 million at September 30, 2017, and $105.7 million at September 30, 2018, held by consolidated T. Rowe Price investment products

^[1]

$ 2,196.3

$ 1,976.2

[1]	See note 12 for supplementary consolidating cash flow statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 2,090.6	$ 1,902.7
Consolidated T. Rowe Price investment products [Member]
Cash and cash equivalents	$ 105.7	$ 103.1	$ 106.8	$ 65.6

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions

Total

Restricted shares [Member]

Restricted stock units [Member]

Common stock [Member]

Restricted shares [Member]

Common stock [Member]

Restricted stock units [Member]

Additional capital in excess of par value [Member]

Restricted shares [Member]

Additional capital in excess of par value [Member]

Restricted stock units [Member]

Retained earnings [Member]

Accumulated other comprehensive income (loss) [Member]

Balances (in shares) at Dec. 31, 2017

245,111,000

Beginning Balance at Dec. 31, 2017

$ 5,824.4

$ 49.0

$ 846.1

$ 4,932.9

$ (3.6)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

2.3

Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2017

992.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

^[1]

14.5

22.4

(7.9)

Balances (in shares) at Dec. 31, 2017

5,838.9

$ 49.0

846.1

4,957.6

(13.8)

245,111,000

Beginning Balance at Dec. 31, 2017

5,824.4

$ 49.0

846.1

4,932.9

(3.6)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive income (loss), net of tax

1,485.6

(17.2)

Dividends declared

$ (522.5)

(522.5)

Common stock-based compensation plans activity

Shares issued upon option exercises (shares)

3,678,053

2,770,000

Shares issued upon option exercises

$ 117.2

$ 0.6

116.6

Restricted shares issued, net of shares withheld for taxes (in shares)

8,000

Restricted shares issued, net of shares withheld for taxes

$ (0.1)

$ 0.0

$ (0.1)

Shares issued, net of shares withheld for taxes (shares)

71,000

Shares issued, net of shares withheld for taxes

$ (1.9)

$ 0.0

$ (1.9)

Forfeiture of restricted awards (shares)

(8,000)

Forfeiture of restricted awards

$ 0.0

0.0

Stock-based compensation expense

135.3

Restricted stock units issued as dividend equivalents

0.0

0.1

(0.1)

Common shares repurchased (shares)

(5,353,000)

Common shares repurchased

(574.8)

$ (1.1)

(441.6)

(132.1)

Balances (in shares) at Sep. 30, 2018

242,599,000

Ending Balance at Sep. 30, 2018

6,460.5

$ 48.5

$ 654.5

$ 5,788.5

$ (31.0)

Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2017

992.8

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

11.1

Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests

(16.8)

Net subscriptions into consolidated T. Rowe Price investment products

468.5

Net deconsolidations of T. Rowe Price investment products

(595.0)

Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2018

$ 860.6

[1]	Includes the reclassification of $1.7 million of stranded income taxes on available-for-sale investments resulting from U.S. tax law changes enacted on December 22, 2017, from accumulated other comprehensive income to retained earnings.

THE COMPANY AND BASIS OF PREPARATION.

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY AND BASIS OF PREPARATION

THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group (Price Group) 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) and other investment products, including separately managed accounts, subadvised funds, and other T. Rowe Price investment products. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary to 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.

In order to increase transparency of operating expenses and better align expenses that have similar cost drivers, we have changed, as of January 1, 2018, the presentation of certain line items of our income statement. In doing so, we have reclassified certain prior year amounts to conform to the 2018 presentation. These reclassifications are shown along with the impact of the new revenue recognition accounting standard adopted on January 1, 2018, in the New Accounting Guidance section below.

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 2017 Annual Report.

NEW ACCOUNTING GUIDANCE.

We adopted Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (ASC 606), on January 1, 2018, using the retrospective method, which required adjustments to be reflected as of January 1, 2016. In connection with the adoption of this guidance, we reevaluated all of our revenue contracts and determined that the new guidance does not change the timing of when we recognize revenue. However, we did conclude that certain fees earned from the U.S. mutual funds associated with our mutual fund transfer agent, accounting, shareholder servicing, and participant recordkeeping activities could no longer be reported net of the expenses paid to third parties that perform such services, as we are deemed, under the guidance, to have control over the services before they are transferred to the U.S. mutual funds. No transition-related practical expedients were applied. Certain immaterial balance sheet reclassifications were made to conform to the 2018 presentation and all related note disclosures have been recast. Updates to our revenue recognition disclosures are included in Note 2 - Information about Receivables, Revenues, and Services and our updated revenue recognition accounting policy is included in the Summary of Significant Accounting Policies section below.

The impact of ASC 606 and other income statement reclassifications, as previously described, on the unaudited condensed consolidated statements of income for each quarter of 2017 follows:



	Three months ended 3/31/2017											Three months ended 6/30/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		Recast			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	991.1		$	—		$	1.6	$	992.7		$	1,043.9	$	—		$	2.1		$	1,046.0
Administrative, distribution, and servicing fees⁽¹⁾	122.5			—			17.4		139.9			127.7		—			12.3			140.0
Net revenues	1,113.6			—			19.0		1,132.6			1,171.6		—			14.4			1,186.0
Operating expenses
Compensation and related costs	397.4			—			—		397.4			403.8		—			—			403.8
Distribution and servicing	35.2			22.9			1.7		59.8			36.4		26.4			2.0			64.8
Advertising and promotion	25.6			—			.1		25.7			18.6		—			.1			18.7
Product-related costs	—			21.4			17.2		38.6			—		22.4			12.0			34.4
Technology, occupancy, and facility costs⁽²⁾	81.0			1.8			—		82.8			83.1		2.5			—			85.6
General, administrative, and other	102.7			(46.1		)	—		56.6			122.1		(51.3		)	.3			71.1
Nonrecurring insurance recoveries related to Dell appraisal rights matter	(50.0		)	—			—		(50.0		)	—		—			—			—
Total operating expenses	591.9			—			19.0		610.9			664.0		—			14.4			678.4
Net operating income	$	521.7		$	—		$	—	$	521.7		$	507.6	$	—		$	—		$	507.6

	Three months ended 9/30/2017											Three months ended 12/31/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		As reported herein			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	1,096.7		$	—		$	2.2	$	1,098.9		$	1,156.0	$	—		$	2.2		$	1,158.2
Administrative, distribution, and servicing fees⁽¹⁾	125.0			—			14.8		139.8			130.1		—			9.3			139.4
Net revenues	1,221.7			—			17.0		1,238.7			1,286.1		—			11.5			1,297.6
Operating expenses
Compensation and related costs	417.4			—			—		417.4			446.3		—			—			446.3
Distribution and servicing	37.4			27.9			2.1		67.4			38.0		30.2			2.4			70.6
Advertising and promotion	14.0			—			—		14.0			33.8		—			.2			34.0
Product-related costs	—			23.4			14.5		37.9			—		26.0			9.1			35.1
Technology, occupancy, and facility costs⁽²⁾	84.0			2.2			.1		86.3			90.4		5.5			(.1		)	95.8
General, administrative, and other	120.4			(53.5		)	.3		67.2			146.6		(61.7		)	(.1		)	84.8
Total operating expenses	673.2			—			17.0		690.2			755.1		—			11.5			766.6
Net operating income	$	548.5		$	—		$	—	$	548.5		$	531.0	$	—		$	—		$	531.0

⁽¹⁾The “As previously reported” column aggregates the administrative fees and distribution and servicing fees lines presented in the income statement in prior year.

⁽²⁾The “As previously reported” column aggregates the depreciation and amortization of property and equipment and occupancy and facility costs lines presented in the income statement in prior year.

We adopted Accounting Standards Update No. 2016-01 — Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. After January 1, 2018, the guidance requires substantially all equity investments in non-consolidated entities to be measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting. As such, the guidance eliminated the available-for-sale investment category for equity securities. Prior to this guidance, unrealized holding gains for available-for-sale equity securities were recognized in accumulated other comprehensive income. Upon adoption, we reclassified a net unrealized holding gain of $7.9 million, net of taxes, related to our $597.1 million available-for-sale investment portfolio from accumulated other comprehensive income to retained earnings. Additionally, certain investments that do not have readily available market prices or quotations will be measured at fair value, under the new guidance, as we elected to use their calculated and reported net asset value (NAV) per share as a practical expedient for measuring their fair value in accordance with ASC 946. As such, we recognized a cumulative adjustment to retained earnings of $14.5 million to adjust investments previously accounted for as cost method investments to fair value on January 1, 2018. The corresponding increase in the investments’ carrying value and related deferred taxes was $19.5 million and $5.0 million, respectively. Our updated investments policy is included in the Summary of Significant Accounting Policies section below.

We adopted Accounting Standards Update No. 2018-02 — Reclassification of certain tax effects from accumulated other comprehensive income on January 1, 2018. This guidance permits tax effects stranded in accumulated other comprehensive income resulting primarily from the enactment of U.S. tax reform bill, originally known as the Tax Cuts and Jobs Act of 2017, to be reclassified to retained earnings either on January 1, 2018, or retrospectively. We elected to adopt the guidance on January 1, 2018, and reclassified $2.3 million of stranded tax benefits related to currency translation adjustments to retained earnings. The stranded income taxes related to our available-for-sale investment portfolio at December 31, 2017, were reclassified to retained earnings with the adoption of Accounting Standards Update No. 2016-01 on January 1, 2018. Our updated comprehensive income policy is included in the Summary of Significant Accounting Policies section below.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 — Leases (Topic 842). The update seeks to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standards update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We plan to adopt this standard on January 1, 2019, using a modified retrospective approach without restating prior comparative periods. We will also adopt certain available practical expedients that will alleviate complexities related to the implementation. While we continue to finalize the impact this standard will have on our financial position and results of operations, we currently expect to record a right-of-use asset and a lease liability in the range of approximately $115 million to $140 million related to our operating leases, primarily our real-estate leases. We do not expect the adoption will have a material impact on our results of operations.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15 — Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact this standard will have on our financial position and results of operations.

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

U.S. TAX REFORM AND NEWLY ENACTED MARYLAND TAX LEGISLATION.

The income tax provision for the nine months ended September 30, 2018 includes an additional nonrecurring charge of $20.8 million related to the enactment of U.S. tax reform as the firm adjusted its deferred tax asset and liability re-measurement estimates recorded at December 31, 2017. We also recognized a nonrecurring charge of $7.9 million during the nine months ended September 30, 2018 for the re-measurement of our deferred tax assets and liabilities to reflect the effect of Maryland state tax legislation enacted on April 24, 2018. This new state tax legislation, effective in 2018, adopted a five-year phase-in of the single sales factor method of apportionment for calculating income tax for multi-state companies doing business in Maryland and is expected to result in a net benefit over time. We continue to evaluate the impact of U.S. tax reform and the Maryland state tax legislation on our estimates and expectations due to changes in our interpretations of the law, assumptions used in applying the law, and additional guidance concerning the law that may be issued.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

Revenue recognition.

Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients. Each distinct service we promise in our agreements is considered a performance obligation and is the basis for determining when we recognize revenue. The fees are allocated to each distinct performance obligation and we recognize revenue when, or as, we satisfy our promises. The consideration for our services is generally variable and included in net revenues, when it is improbable that a significant reversal could occur in the future. For certain client agreements, we have the discretion to hire a third party to provide services to our clients. In these circumstances, we are generally deemed to control the services before transferring them to our clients, and accordingly present the revenues gross of the related third-party costs. The timing of when we bill our clients and related payment terms vary in accordance with agreed-upon contractual terms. For the majority of our agreements, billing occurs after we have recognized revenue, which results in accounts receivable and accrued revenue. For an insignificant portion of our contracts, billing occurs in advance of providing services, which results in deferred revenue within the accounts payable and accrued expenses line of our unaudited condensed consolidated balance sheets.

Taxes billed to our clients based on our fees for services rendered are not included in revenues.

Investment advisory fees.

The majority of our investment advisory agreements, including those with the U.S. mutual funds, have a single performance obligation as the promised services are not separately identifiable from other promises in the agreements and, therefore, are not distinct. Substantially all performance obligations for providing advisory services are satisfied over time and revenue is recognized as time passes.

Investment advisory agreements with T. Rowe Price investment products regulated outside the U.S. generally have two performance obligations; one for investment management and one for distribution. For these agreements, we allocate the management fee to each performance obligation using our best estimate of the standalone fee of each of these services. The performance obligation for providing investment management services, like our other advisory contracts, is satisfied over time and revenue is recognized as time passes. The performance obligation for distribution is satisfied at the point in time when an investor makes an investment into the product. Accordingly, a portion of the investment advisory fees earned from these products relate to distribution performance obligations that were satisfied during prior periods. These distribution fees are reported within the investment advisory fees line of our unaudited condensed consolidated statements of income.

The management fee for our investment advisory agreements are based on our assets under management, which change based on fluctuations in financial markets, and represent variable consideration. Therefore, investment advisory fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are no longer subject to financial market volatility. Investment advisory fees for investment products are presented net of fees waived pursuant to the contractual expense limitations of the product. Our assets under management are valued in accordance with valuation and pricing processes for each major type of investment. Fair values used in our processes are primarily determined from quoted market prices; prices furnished by dealers who make markets in such securities; or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management.

We provide all services to the U.S. mutual funds under contracts that are subject to periodic review and approval by the funds’ Boards. Regulations require that the funds’ shareholders also approve material changes to investment advisory contracts.

Administrative, distribution, and servicing fees.

Administrative fees.

The administrative services we provide include distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage, and trust services.

The administrative service agreements with the U.S. mutual funds for accounting oversight, transfer agency, and recordkeeping services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other promises in the agreement and, therefore, are not distinct. The fees for performing these services are generally equal to the costs incurred and represent variable consideration. The fees are generally constrained, and are recognized as revenue when costs are incurred to perform the services. These fees are generally offset by the costs incurred to provide such services.

Other administrative service agreements for participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage services, and trust services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other performance obligations in the contract and, therefore, are not distinct. Our performance obligation in each agreement is satisfied over time and revenue is recognized as time passes. The fees for these services vary by contract and are both fixed and variable.

Distribution and servicing fees.

The agreements for distribution and servicing fees earned from 12b-1 plans of the Advisor Class, R Class, and Variable Annuity II Class shares of the U.S. mutual funds have one performance obligation, as distribution services are not separately identifiable from shareholder servicing promises in the agreements and, therefore, are not distinct. Our performance obligation is satisfied at the point in time when an investor makes an investment into these share classes of the U.S. mutual funds. The fees for these distribution and servicing agreements are based on the assets under management in these shares classes, which change based on fluctuations in financial markets, and represent variable consideration. These fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are not subject to financial market volatility. Accordingly, the majority of the distribution and servicing revenue disclosed in Note 2 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. These fees are offset entirely by the distribution and servicing costs paid to third-party financial intermediaries that source the assets of these share classes.

Investments.

Investments held at fair value

Investments in T. Rowe Price investment products have been made for both general corporate investment purposes and to provide seed capital for newly formed products. Those investments that we do not consolidate are carried at fair value using the quoted closing NAV per share of each fund as of the balance sheet date. The underlying investments held by our consolidated T. Rowe Price investment products retain investment company specialized accounting in consolidation, are considered trading securities for cash flow reporting purposes, and are valued in accordance with the valuation and pricing policy used to value our assets under management which is further described in the Revenue recognition policy above.

We elected to value our interest in investment partnerships, for which market prices or quotations are not readily available, at fair value using the NAV per share as a practical expedient for measuring fair value.

Changes in the fair values of all these investments are reflected in non-operating income in our unaudited condensed consolidated statements of income.

Equity method investments

Equity method investments consist of investments in entities, including T. Rowe Price investment products, for which we have the ability to exercise significant influence over the operating and financial policies of the investee. The carrying values of these investments are adjusted to reflect our proportionate share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial statements into U.S. dollars, and dividends received. Our proportionate share of income or loss is included in non-operating income in our unaudited condensed consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited’s (UTI) earnings on a quarter lag as current financial information is not available in a timely manner. The basis difference between our carrying value and our proportionate share of UTI’s book value is primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase.

Comprehensive income.

The components of comprehensive income are presented in a separate statement following our unaudited condensed consolidated statements of income and include net income, the change in our currency translation adjustments, and prior to 2018, the change in net unrealized security holding gains (losses) on investments classified as available-for-sale. The currency translation adjustments result from translating our proportionate share of the financial statements of UTI, our equity method investment, and certain consolidated T. Rowe Price investment products into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period.

The changes in accumulated balances of each component of other comprehensive income, the deferred tax impacts of each component, and information about significant items reclassified out of accumulated other comprehensive income are presented in the notes to the financial statements. The notes also indicate the line item of our unaudited condensed consolidated statements of income to which the significant reclassifications were recognized.

We reclassify income tax effects relating to currency translation adjustments to tax expense when there is a reduction in our ownership interest in the related investment. The amount of the reclassification depends on the investment’s accounting treatment before and after the change in ownership percentage. Prior to 2018, tax effects relating to each available-for-sale investment’s unrealized holding gain or loss, were reclassified upon the sale of the investment.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

9 Months Ended

Sep. 30, 2018

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned during the three- and nine-month periods ended September 30, 2017 and 2018 under agreements with clients include:



	Three months ended 9/30/2017								Three months ended 9/30/2018
			Administrative, distribution, and servicing fees								Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	786.1	$	83.2	$	37.4	$	906.7	$	877.3	$	72.3	$	34.6	$	984.2
Subadvised and separate accounts and other investment products	312.8		—		—		312.8		386.0		—		—		386.0
Other	—		19.2		—		19.2		—		24.4		—		24.4
	$	1,098.9	$	102.4	$	37.4	$	1,238.7	$	1,263.3	$	96.7	$	34.6	$	1,394.6

	Nine months ended 9/30/2017								Nine months ended 9/30/2018
			Administrative, distribution, and servicing fees								Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	2,259.9	$	253.1	$	109.0	$	2,622.0	$	2,557.1	$	228.5	$	106.7	$	2,892.3
Subadvised and separate accounts and other investment products	877.7		—		—		877.7		1,109.8		—		—		1,109.8
Other	—		57.6		—		57.6		—		65.5		—		65.5
	$	3,137.6	$	310.7	$	109.0	$	3,557.3	$	3,666.9	$	294.0	$	106.7	$	4,067.6

The following table details the investment advisory fees earned from clients by their underlying asset class.



	Three months ended				Nine months ended
(in millions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018
U.S. mutual funds
Equity and blended assets	$	657.0	$	745.5	$	1,880.1	$	2,169.0
Fixed income, including money market	129.1		131.8		379.8		388.1
	786.1		877.3		2,259.9		2,557.1
Subadvised and separate accounts and other investment products
Equity and blended assets	259.6		326.0		727.8		931.0
Fixed income, including money market	53.2		60.0		149.9		178.8
	312.8		386.0		877.7		1,109.8
Total	$	1,098.9	$	1,263.3	$	3,137.6	$	3,666.9

The following table summarizes the investment portfolios and assets under management on which we earn investment advisory fees.



	Average during				Average during
	Three months ended				Nine months ended				As of
(in billions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018		12/31/2017		9/30/2018
U.S. mutual funds
Equity and blended assets	$	452.9	$	511.6	$	438.2	$	500.8	$	480.5	$	515.1
Fixed income, including money market	123.2		129.9		119.6		128.6		125.8		129.7
	576.1		641.5		557.8		629.4		606.3		644.8
Subadvised and separate accounts and other investment products
Equity and blended assets	264.6		331.8		247.0		318.4		291.9		338.8
Fixed income, including money market	86.7		99.1		81.5		97.2		92.9		100.2
	351.3		430.9		328.5		415.6		384.8		439.0
Total	$	927.4	$	1,072.4	$	886.3	$	1,045.0	$	991.1	$	1,083.8

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 5.8% and 6.0% of our assets under management at December 31, 2017, and September 30, 2018, respectively.

Total net revenues earned from T. Rowe Price investment products aggregate $1,031.8 million and $1,151.5 million for the three months ended September 30, 2017 and 2018, respectively. Fees earned during the nine months ended September 30, 2017 and 2018 total $2,961.8 million and $3,366.9 million, respectively. Accounts receivable from these products aggregate to $371.9 million at December 31, 2017, and $380.6 million at September 30, 2018.

INVESTMENTS.

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:



(in millions)	12/31/2017		9/30/2018
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	692.1	$	1,344.2
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	268.2		294.6
Investment partnerships and other investments⁽²⁾	78.0		97.2
Equity method investments
T. Rowe Price investment products	277.4		514.2
26% interest in UTI Asset Management Company Limited (India)	155.8		158.6
Investment partnerships and other investments	4.8		4.6
U.S. Treasury note	1.0		1.0
Total	$	1,477.3	$	2,414.4

⁽¹⁾ Includes $597.1 million of investments at December 31, 2017, that were previously reported as available-for-sale investments prior to the adoption of the new financial instruments guidance on January 1, 2018. Refer to Note 1 for more information.

⁽²⁾ These investments at December 31, 2017, were carried at cost. Upon adoption of new financial guidance on January 1, 2018, these investments are carried at fair value using NAV per share as a practical expedient. Refer to Note 1 for more information.

The investment partnerships are carried at fair value using NAV per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant restrictions on transferability. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate.

During the three- and nine-month periods ended September 30, 2018, we recognized in net gains on investments $11.3 million and $17.4 million, respectively, of net unrealized gains on investments held at fair value that were still held at September 30, 2018. For the three- and nine-month periods ended September 30, 2017, the majority of unrealized gains or losses on investments held at fair value are included and presented with other comprehensive income.

During the nine month periods ended September 30, 2017 and September 30, 2018, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine month periods ended September 30, 2017 and September 30, 2018, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



	Three months ended					Nine months ended
(in millions)	9/30/2017		9/30/2018			9/30/2017			9/30/2018
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	13.5	$	(41.1	)	$	(1,060.5	)	$	(701.5	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	—	$	(0.6	)	$	(133.6	)	$	17.9
Net increase (decrease) in redeemable non-controlling interests	$	7.9	$	(19.8	)	$	(779.3	)	$	(595.0	)

Gains (losses) recognized upon deconsolidation	$	.1	$	—		$	.1		$	3.6

The gains or losses recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain T. Rowe Price investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.

During the third quarter of 2018, we sold our 10% holding in Daiwa SB Investments Ltd. The realized gain is recognized in net gains on investments on our unaudited condensed consolidated statement of income and represents the majority of the increase over the prior year periods.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2017 and September 30, 2018, 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)	12/31/2017		9/30/2018
Investment carrying values	$	129.2	$	136.1
Unfunded capital commitments	38.8		30.6
Uncollected investment advisory and administrative fees	7.7		10.7
	$	175.7	$	177.4

The unfunded capital commitments totaling $38.8 million and $30.6 million at December 31, 2017 and September 30, 2018, respectively, relate primarily to 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.

FAIR VALUE MEASUREMENTS.

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar


	securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data

obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. We do not

value any investments using Level 3 inputs.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.



	12/31/17				9/30/18
(in millions)	Level 1		Level 2		Level 1		Level 2
Cash equivalents held in T. Rowe Price money market funds	$	1,726.4	$	—	$	1,747.9	$	—
T. Rowe Price investment products⁽¹⁾	942.9		17.4		1,618.9		19.9
Total	$	2,669.3	$	17.4	$	3,366.8	$	19.9

⁽¹⁾ Includes $597.1 million of investments at December 31, 2017 that were previously reported as available-for sale investments prior to the adoption of new financial instruments guidance on January 1, 2018. Refer to Note 1 for more information.

At September 30, 2018, the reported investments held at fair value in Note 3 include $97.2 million of investments that are carried at fair value using the NAV per share as a practical expedient. These investments are not required to be included in the fair value hierarchy levels above.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS.

9 Months Ended

Sep. 30, 2018

Consolidated Sponsored Investment Portfolios [Abstract]

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS.

The T. Rowe Price investment products that we consolidate in our unaudited condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.

The following table details the net assets of the consolidated T. Rowe Price investment products:



	12/31/2017						9/30/2018
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents⁽¹⁾	$	7.1	$	96.0	$	103.1	$	17.9	$	87.8	$	105.7
Investments⁽²⁾	188.8		1,725.7		1,914.5		277.4		1,504.1		1,781.5
Other assets	12.9		17.9		30.8		8.7		21.9		30.6
Total assets	208.8		1,839.6		2,048.4		304.0		1,613.8		1,917.8
Liabilities	16.4		39.5		55.9		13.7		61.0		74.7
Net assets	$	192.4	$	1,800.1	$	1,992.5	$	290.3	$	1,552.8	$	1,843.1

Attributable to T. Rowe Price Group	$	131.6	$	868.1	$	999.7	$	190.9	$	791.6	$	982.5
Attributable to redeemable non-controlling interests	60.8		932.0		992.8		99.4		761.2		860.6
	$	192.4	$	1,800.1	$	1,992.5	$	290.3	$	1,552.8	$	1,843.1

⁽¹⁾Cash and cash equivalents includes $6.2 million and $17.6 million at December 31, 2017 and September 30, 2018, respectively, of investments in T. Rowe Price money market mutual funds.

⁽²⁾Investments include $15.0 million and $46.8 million at December 31, 2017 and September 30, 2018, respectively, of T. Rowe Price investment products.

Although we can redeem our net interest in these T. Rowe Price investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors.

Since third party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated T. Rowe Price investment products is limited to valuation changes associated with our net interest. We, however, are required to recognize the valuation changes associated with all underlying investments held by these products in our unaudited condensed consolidated statements of income, and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests.

The operating results of the consolidated T. Rowe Price investment products for the three- and nine-months ended September 30, 2017 and 2018 are reflected in our unaudited condensed consolidated statements of income as follows:



	Three months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.4	)	$	(2.8	)	$	(3.2	)	$	(.6	)	$	(3.0	)	$	(3.6	)
Net investment income reflected in non-operating income	4.6			32.9			37.5			5.0			3.7			8.7
Impact on income before taxes	$	4.2		$	30.1		$	34.3		$	4.4		$	.7		$	5.1

Net income attributable to T. Rowe Price Group	$	3.1		$	17.9		$	21.0		$	2.8		$	3.7		$	6.5
Net income attributable to redeemable non-controlling interests	1.1			12.2			13.3			1.6			(3.0		)	(1.4		)
	$	4.2		$	30.1		$	34.3		$	4.4		$	.7		$	5.1



	Nine months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.9	)	$	(7.6	)	$	(8.5	)	$	(1.3	)	$	(7.9	)	$	(9.2	)
Net investment income reflected in non-operating income	14.7			111.1			125.8			4.4			24.2			28.6
Impact on income before taxes	$	13.8		$	103.5		$	117.3		$	3.1		$	16.3		$	19.4

Net income attributable to T. Rowe Price Group	$	10.4		$	63.0		$	73.4		$	1.5		$	6.8		$	8.3
Net income attributable to redeemable non-controlling interests	3.4			40.5			43.9			1.6			9.5			11.1
	$	13.8		$	103.5		$	117.3		$	3.1		$	16.3		$	19.4

The operating expenses of these consolidated investment products are reflected in other operating expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $1.4 million and $1.5 million for the three months ended September 30, 2017 and 2018, respectively, against the investment advisory and administrative fees earned from these portfolios. Operating expenses eliminated for the nine months ended September 30, 2017 and 2018, were $3.2 million and $4.6 million, respectively. The net investment income reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated T. Rowe Price investment products.

The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2017 and 2018.



	Nine months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Net cash provided by (used in) operating activities	$	(28.0	)	$	(1,078.1	)	$	(1,106.1	)	$	(40.7	)	$	(529.7	)	$	(570.4	)
Net cash provided by (used in) investing activities	(6.1		)	(39.9		)	(46.0		)	(.8		)	(21.7		)	(22.5		)
Net cash provided by (used in) financing activities	33.3			1,153.1			1,186.4			52.3			545.6			597.9
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—			6.9			6.9			—			(2.4		)	(2.4		)
Net change in cash and cash equivalents during period	(.8		)	42.0			41.2			10.8			(8.2		)	2.6
Cash and cash equivalents at beginning of year	10.3			55.3			65.6			7.1			96.0			103.1
Cash and cash equivalents at end of period	$	9.5		$	97.3		$	106.8		$	17.9		$	87.8		$	105.7

The net cash provided by financing activities during nine months ended September 30, 2017 and 2018 includes $181.1 million and $111.7 million, respectively, of net subscriptions we made into the consolidated T. Rowe Price investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated T. Rowe Price investment products using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs.



	12/31/17						9/30/18
(in millions)	Level 1			Level 2			Level 1			Level 2
Assets
Cash equivalents	$	6.2		$	.7		$	17.6		$	.1
Equity securities	536.0			667.5			224.3			601.9
Fixed income securities	—			687.4			—			933.2
Other investments	1.3			22.3			1.6			20.5
	$	543.5		$	1,377.9		$	243.5		$	1,555.7

Liabilities	$	(.1	)	$	(13.7	)	$	(.3	)	$	(7.9	)

STOCKHOLDERS' EQUITY.	9 Months Ended
STOCKHOLDERS' EQUITY.	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY. Regular cash dividends declared per share during the nine months ended September 30, 2017and 2018 were $1.71 and $2.10, respectively. At September 30, 2018, a liability of $31.8 million is included in accounts payable and accrued expenses for common stock repurchases that settled by October 2, 2018.

STOCK-BASED COMPENSATION.

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2018.



	Options		Weighted- average exercise price
Outstanding at December 31, 2017	15,221,123		$	66.98
Exercised	(3,678,053	)	$	60.64
Forfeited	(46,490	)	$	75.96
Expired	(14,364	)	$	71.15
Outstanding at September 30, 2018	11,482,216		$	68.97
Exercisable at September 30, 2018	7,460,677		$	65.35

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2018.



	Restricted shares		Restricted stock units		Weighted-average fair value
Nonvested at December 31, 2017	473,115		5,556,911		$	82.37
Time-based grants	8,775		29,587		$	112.46
Vested	(20,580	)	(55,148	)	$	71.62
Forfeited	(8,092	)	(99,186	)	$	78.16
Nonvested at September 30, 2018	453,218		5,432,164		$	82.78

Nonvested at September 30, 2018, includes 7,200 performance-based restricted shares and 406,412 performance-based restricted stock units. These performance-based restricted shares and units include 7,200 restricted shares and 291,958 restricted stock 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 (in millions) to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2018. 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.



Fourth quarter 2018	$	40.4
2019	96.2
2020 through 2023	79.5
Total	$	216.1

EARNINGS PER SHARE CALCULATIONS.

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.

The following table presents the reconciliation of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.



	Three months ended				Nine months ended
(in millions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018
Net income attributable to T. Rowe Price Group	$	390.9	$	583.0	$	1,150.7	$	1,485.6
Less: net income allocated to outstanding restricted stock and stock unit holders	8.8		13.7		26.0		34.8
Net income allocated to common stockholders	$	382.1	$	569.3	$	1,124.7	$	1,450.8

Weighted-average common shares
Outstanding	240.3		242.8		240.7		243.1
Outstanding assuming dilution	244.4		247.5		244.3		248.2

The following table shows the weighted-average outstanding stock options that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.



	Three months ended		Nine months ended
(in millions)	9/30/2017	9/30/2018	9/30/2017	9/30/2018
Weighted-average outstanding stock options excluded	2.1	—	6.7	—

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

The following table presents the impact of the components of other comprehensive income or loss on deferred tax benefits (income taxes).



	Three months ended					Nine months ended
(in millions)	9/30/2017			9/30/2018		9/30/2017			9/30/2018
Net deferred tax benefits (income taxes) on:
Net unrealized holding gains or losses	$	(1.9	)	$	—	$	(14.4	)	$	—
Reclassification adjustments recognized in the provision for income taxes:
Net gains realized on dispositions	—			—		30.5			—
Net gains recognized upon transfer to trading investments	—			—		9.2			—
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	(1.9		)	—		25.3			—
Currency translation adjustments	(5.2		)	2.3		(17.1		)	4.9
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment products	—			—		—			.9
Total deferred tax benefits (income taxes) on currency translation adjustments	(5.2		)	2.3		(17.1		)	5.8
Total net deferred tax benefits (income taxes)	$	(7.1	)	$	2.3	$	8.2		$	5.8

The changes in each component of accumulated other comprehensive income (loss), including reclassification adjustments for nine months ended September 30, 2018 are presented in the table below.



				Currency translation adjustments
(in millions)	Net unrealized holding gains			Equity method investments			Consolidated T. Rowe Price investment products - variable interest entities			Total currency translation adjustments			Total
Balances at December 31, 2017	$	7.9		$	(30.6	)	$	19.1		$	(11.5	)	$	(3.6	)
Reclassification of unrealized holding gains to retained earnings upon adoption of new financial instruments guidance⁽¹⁾	(7.9		)	—			—			—			(7.9		)
Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance	—			(6.4		)	4.1			(2.3		)	(2.3		)
Balance at January 1, 2018	—			(37.0		)	23.2			(13.8		)	(13.8		)
Other comprehensive income before reclassifications and income taxes	—			(6.6		)	(12.8		)	(19.4		)	(19.4		)
Reclassification adjustments recognized in non-operating income	—			—			(3.6		)	(3.6		)	(3.6		)
	—			(6.6		)	(16.4		)	(23.0		)	(23.0		)
Net deferred tax income taxes	—			1.5			4.3			5.8			5.8
Other comprehensive income (loss)	—			(5.1		)	(12.1		)	(17.2		)	(17.2		)
Balances at September 30, 2018	$	—		$	(42.1	)	$	11.1		$	(31.0	)	$	(31.0	)

⁽¹⁾ Includes the reclassification of $1.7 million of stranded income taxes on available-for-sale investments resulting from U.S. tax law changes enacted on December 22, 2017, from accumulated other comprehensive income to retained earnings.

DELL APPRAISAL RIGHTS MATTER.	9 Months Ended
DELL APPRAISAL RIGHTS MATTER.	Sep. 30, 2018
Unusual or Infrequent Items, or Both [Abstract]
DELL APPRAISAL RIGHTS MATTER	DELL APPRAISAL RIGHTS MATTER. In 2016, we paid $166.2 million to compensate certain U.S. mutual funds, trusts, separately managed accounts, and subadvised clients (collectively, Clients) for the denial of their appraisal rights by the Delaware Chancery Court (Court) in connection with the 2013 leveraged buyout of Dell, Inc. (Dell). On December 30, 2016, we entered into a settlement agreement for $100.0 million with our insurance carrier for insurance proceeds related to this matter. We recognized the proceeds as a reduction to the $166.2 million nonrecurring charge that we recognized earlier in 2016 and received the proceeds in January 2017. We received an additional $50 million in insurance proceeds from other insurance carriers in early 2017 and recognized a related reduction in operating expenses. In accordance with the compensation payment, the Clients agreed that in the event the findings made by the Court regarding the fair value of Dell or the amount of interest to be applied were modified by a final, non-appealable judgment, T. Rowe Price and the Clients would make an appropriate adjustment between themselves, calculated in a manner that is consistent with the methodology used to compensate Clients. In December 2016, several parties, including Dell and the successful appraisal petitioners, filed appeals to the Delaware Supreme Court to challenge the Court’s valuation ruling. On December 14, 2017, the Delaware Supreme Court reversed the judgment and remanded the case for further proceedings, with language suggesting that the deal price of $13.75 may be the ultimate outcome. All parties have settled with Dell for amounts ranging from $13.75 to $13.83 per share. On October 9, 2018, the Court entered the last final non-appealable order dismissing the case with prejudice, so Clients will be expected to repay any overpayment using the methodology used to calculate the original payment. We estimate that the first $15.2 million reclaimed from our Clients would be paid back to T. Rowe Price Group. We would then be required to repay any additional reclaimed funds to our insurers in a specific order.

COMMITMENTS AND CONTINGENCIES.	9 Months Ended
COMMITMENTS AND CONTINGENCIES.	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The lawsuit alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The plaintiffs are seeking certification of the complaint as a class action. T. Rowe Price believes the claims are without merit and is vigorously defending the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome. On April 27, 2016, certain shareholders in the T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund and T. Rowe Price Small Cap Stock Fund (the “Funds”) filed a Section 36(b) complaint under the caption Zoidis v. T. Rowe Price Assoc., Inc., against T. Rowe Price Associates, Inc. (“T. Rowe Price”) in the United States District Court for the Northern District of California. The complaint alleges that the management fees for the identified funds are excessive because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The complaint seeks to recover the allegedly excessive advisory fees received by T. Rowe Price in the year preceding the start of the lawsuit, along with investments’ returns and profits. In the alternative, the complaint seeks the rescission of each fund’s investment management agreement and restitution of any allegedly excessive management fees. T. Rowe Price believes the claims are without merit and is vigorously defending the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome. In addition to the matters discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENTS.

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENTS

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENTS.

The following table summarizes the cash flows for the nine months ended September 30, 2017 and 2018, that are attributable to T. Rowe Price Group, our consolidated T. Rowe Price investment products and the related eliminations (elims) required in preparing the statements.



	Nine months ended
	9/30/2017												9/30/2018
(in millions)	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated T. Rowe Price investment products			Elims			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated T. Rowe Price investment products			Elims			As reported
Cash flows from operating activities
Net income	$	1,150.7		$	117.3		$	(73.4	)	$	1,194.6		$	1,485.6		$	19.4		$	(8.3	)	$	1,496.7
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	106.9			—			—			106.9			114.9			—			—			114.9
Stock-based compensation expense	110.6			—			—			110.6			135.3			—			—			135.3
Realized gains on dispositions of available-for-sale T. Rowe Price investment products	(78.0		)	—			—			(78.0		)	—			—			—			—
Gains recognized upon transfer of an investment in a T. Rowe Price mutual fund from available-for-sale to held as trading	(23.6		)	—			—			(23.6		)	—			—			—			—
Net gains recognized on investments	(113.8		)	—			73.4			(40.4		)	(114.5		)	—			8.3			(106.2		)
Net investments in T. Rowe Price investment products to economically hedge supplemental savings plan liability	(129.0		)	—			—			(129.0		)	(14.4		)	—			—			(14.4		)
Net change in trading securities held by consolidated T. Rowe Price investment products	—			(1,210.5		)	—			(1,210.5		)	—			(578.3		)	—			(578.3		)
Other changes in assets and liabilities	438.6			(12.9		)	(3.5		)	422.2			454.0			(11.5		)	(4.1		)	438.4
Net cash provided by (used in) operating activities	1,462.4			(1,106.1		)	(3.5		)	352.8			2,060.9			(570.4		)	(4.1		)	1,486.4
Net cash provided by (used in) investing activities	(63.2		)	(46.0		)	184.6			75.4			(923.7		)	(22.5		)	115.8			(830.4		)
Net cash provided by (used in) financing activities	(734.7		)	1,186.4			(181.1		)	270.6			(949.3		)	597.9			(111.7		)	(463.1		)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—			6.9			—			6.9			—			(2.4		)	—			(2.4		)
Net change in cash and cash equivalents during period	664.5			41.2			—			705.7			187.9			2.6			—			190.5
Cash and cash equivalents at beginning of year	1,204.9			65.6			—			1,270.5			1,902.7			103.1			—			2,005.8
Cash and cash equivalents at end of period	$	1,869.4		$	106.8		$	—		$	1,976.2		$	2,090.6		$	105.7		$	—		$	2,196.3

THE COMPANY AND BASIS OF PREPARATION. (Policies)	9 Months Ended
THE COMPANY AND BASIS OF PREPARATION. (Policies)	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Guidance and Newly Issued But Not Yet Adopted Accounting Guidance	NEW ACCOUNTING GUIDANCE. We adopted Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (ASC 606), on January 1, 2018, using the retrospective method, which required adjustments to be reflected as of January 1, 2016. In connection with the adoption of this guidance, we reevaluated all of our revenue contracts and determined that the new guidance does not change the timing of when we recognize revenue. However, we did conclude that certain fees earned from the U.S. mutual funds associated with our mutual fund transfer agent, accounting, shareholder servicing, and participant recordkeeping activities could no longer be reported net of the expenses paid to third parties that perform such services, as we are deemed, under the guidance, to have control over the services before they are transferred to the U.S. mutual funds. No transition-related practical expedients were applied. Certain immaterial balance sheet reclassifications were made to conform to the 2018 presentation and all related note disclosures have been recast. Updates to our revenue recognition disclosures are included in Note 2 - Information about Receivables, Revenues, and Services and our updated revenue recognition accounting policy is included in the Summary of Significant Accounting Policies section below. We adopted Accounting Standards Update No. 2016-01 — Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. After January 1, 2018, the guidance requires substantially all equity investments in non-consolidated entities to be measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting. As such, the guidance eliminated the available-for-sale investment category for equity securities. Prior to this guidance, unrealized holding gains for available-for-sale equity securities were recognized in accumulated other comprehensive income. Upon adoption, we reclassified a net unrealized holding gain of $7.9 million, net of taxes, related to our $597.1 million available-for-sale investment portfolio from accumulated other comprehensive income to retained earnings. Additionally, certain investments that do not have readily available market prices or quotations will be measured at fair value, under the new guidance, as we elected to use their calculated and reported net asset value (NAV) per share as a practical expedient for measuring their fair value in accordance with ASC 946. As such, we recognized a cumulative adjustment to retained earnings of $14.5 million to adjust investments previously accounted for as cost method investments to fair value on January 1, 2018. The corresponding increase in the investments’ carrying value and related deferred taxes was $19.5 million and $5.0 million, respectively. Our updated investments policy is included in the Summary of Significant Accounting Policies section below. We adopted Accounting Standards Update No. 2018-02 — Reclassification of certain tax effects from accumulated other comprehensive income on January 1, 2018. This guidance permits tax effects stranded in accumulated other comprehensive income resulting primarily from the enactment of U.S. tax reform bill, originally known as the Tax Cuts and Jobs Act of 2017, to be reclassified to retained earnings either on January 1, 2018, or retrospectively. We elected to adopt the guidance on January 1, 2018, and reclassified $2.3 million of stranded tax benefits related to currency translation adjustments to retained earnings. The stranded income taxes related to our available-for-sale investment portfolio at December 31, 2017, were reclassified to retained earnings with the adoption of Accounting Standards Update No. 2016-01 on January 1, 2018. Our updated comprehensive income policy is included in the Summary of Significant Accounting Policies section below. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 — Leases (Topic 842). The update seeks to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standards update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We plan to adopt this standard on January 1, 2019, using a modified retrospective approach without restating prior comparative periods. We will also adopt certain available practical expedients that will alleviate complexities related to the implementation. While we continue to finalize the impact this standard will have on our financial position and results of operations, we currently expect to record a right-of-use asset and a lease liability in the range of approximately $115 million to $140 million related to our operating leases, primarily our real-estate leases. We do not expect the adoption will have a material impact on our results of operations. In August 2018, the FASB issued Accounting Standards Update No. 2018-15 — Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact this standard will have on our financial position and results of operations. 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.
Revenue Recognition	Revenue recognition. Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients. Each distinct service we promise in our agreements is considered a performance obligation and is the basis for determining when we recognize revenue. The fees are allocated to each distinct performance obligation and we recognize revenue when, or as, we satisfy our promises. The consideration for our services is generally variable and included in net revenues, when it is improbable that a significant reversal could occur in the future. For certain client agreements, we have the discretion to hire a third party to provide services to our clients. In these circumstances, we are generally deemed to control the services before transferring them to our clients, and accordingly present the revenues gross of the related third-party costs. The timing of when we bill our clients and related payment terms vary in accordance with agreed-upon contractual terms. For the majority of our agreements, billing occurs after we have recognized revenue, which results in accounts receivable and accrued revenue. For an insignificant portion of our contracts, billing occurs in advance of providing services, which results in deferred revenue within the accounts payable and accrued expenses line of our unaudited condensed consolidated balance sheets. Taxes billed to our clients based on our fees for services rendered are not included in revenues. Investment advisory fees. The majority of our investment advisory agreements, including those with the U.S. mutual funds, have a single performance obligation as the promised services are not separately identifiable from other promises in the agreements and, therefore, are not distinct. Substantially all performance obligations for providing advisory services are satisfied over time and revenue is recognized as time passes. Investment advisory agreements with T. Rowe Price investment products regulated outside the U.S. generally have two performance obligations; one for investment management and one for distribution. For these agreements, we allocate the management fee to each performance obligation using our best estimate of the standalone fee of each of these services. The performance obligation for providing investment management services, like our other advisory contracts, is satisfied over time and revenue is recognized as time passes. The performance obligation for distribution is satisfied at the point in time when an investor makes an investment into the product. Accordingly, a portion of the investment advisory fees earned from these products relate to distribution performance obligations that were satisfied during prior periods. These distribution fees are reported within the investment advisory fees line of our unaudited condensed consolidated statements of income. The management fee for our investment advisory agreements are based on our assets under management, which change based on fluctuations in financial markets, and represent variable consideration. Therefore, investment advisory fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are no longer subject to financial market volatility. Investment advisory fees for investment products are presented net of fees waived pursuant to the contractual expense limitations of the product. Our assets under management are valued in accordance with valuation and pricing processes for each major type of investment. Fair values used in our processes are primarily determined from quoted market prices; prices furnished by dealers who make markets in such securities; or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management. We provide all services to the U.S. mutual funds under contracts that are subject to periodic review and approval by the funds’ Boards. Regulations require that the funds’ shareholders also approve material changes to investment advisory contracts. Administrative, distribution, and servicing fees. Administrative fees. The administrative services we provide include distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage, and trust services. The administrative service agreements with the U.S. mutual funds for accounting oversight, transfer agency, and recordkeeping services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other promises in the agreement and, therefore, are not distinct. The fees for performing these services are generally equal to the costs incurred and represent variable consideration. The fees are generally constrained, and are recognized as revenue when costs are incurred to perform the services. These fees are generally offset by the costs incurred to provide such services. Other administrative service agreements for participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage services, and trust services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other performance obligations in the contract and, therefore, are not distinct. Our performance obligation in each agreement is satisfied over time and revenue is recognized as time passes. The fees for these services vary by contract and are both fixed and variable. Distribution and servicing fees. The agreements for distribution and servicing fees earned from 12b-1 plans of the Advisor Class, R Class, and Variable Annuity II Class shares of the U.S. mutual funds have one performance obligation, as distribution services are not separately identifiable from shareholder servicing promises in the agreements and, therefore, are not distinct. Our performance obligation is satisfied at the point in time when an investor makes an investment into these share classes of the U.S. mutual funds. The fees for these distribution and servicing agreements are based on the assets under management in these shares classes, which change based on fluctuations in financial markets, and represent variable consideration. These fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are not subject to financial market volatility. Accordingly, the majority of the distribution and servicing revenue disclosed in Note 2 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. These fees are offset entirely by the distribution and servicing costs paid to third-party financial intermediaries that source the assets of these share classes.
Investments	Investments. Investments held at fair value Investments in T. Rowe Price investment products have been made for both general corporate investment purposes and to provide seed capital for newly formed products. Those investments that we do not consolidate are carried at fair value using the quoted closing NAV per share of each fund as of the balance sheet date. The underlying investments held by our consolidated T. Rowe Price investment products retain investment company specialized accounting in consolidation, are considered trading securities for cash flow reporting purposes, and are valued in accordance with the valuation and pricing policy used to value our assets under management which is further described in the Revenue recognition policy above. We elected to value our interest in investment partnerships, for which market prices or quotations are not readily available, at fair value using the NAV per share as a practical expedient for measuring fair value. Changes in the fair values of all these investments are reflected in non-operating income in our unaudited condensed consolidated statements of income. Equity method investments Equity method investments consist of investments in entities, including T. Rowe Price investment products, for which we have the ability to exercise significant influence over the operating and financial policies of the investee. The carrying values of these investments are adjusted to reflect our proportionate share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial statements into U.S. dollars, and dividends received. Our proportionate share of income or loss is included in non-operating income in our unaudited condensed consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited’s (UTI) earnings on a quarter lag as current financial information is not available in a timely manner. The basis difference between our carrying value and our proportionate share of UTI’s book value is primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase.
Comprehensive Income	Comprehensive income. The components of comprehensive income are presented in a separate statement following our unaudited condensed consolidated statements of income and include net income, the change in our currency translation adjustments, and prior to 2018, the change in net unrealized security holding gains (losses) on investments classified as available-for-sale. The currency translation adjustments result from translating our proportionate share of the financial statements of UTI, our equity method investment, and certain consolidated T. Rowe Price investment products into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period. The changes in accumulated balances of each component of other comprehensive income, the deferred tax impacts of each component, and information about significant items reclassified out of accumulated other comprehensive income are presented in the notes to the financial statements. The notes also indicate the line item of our unaudited condensed consolidated statements of income to which the significant reclassifications were recognized. We reclassify income tax effects relating to currency translation adjustments to tax expense when there is a reduction in our ownership interest in the related investment. The amount of the reclassification depends on the investment’s accounting treatment before and after the change in ownership percentage. Prior to 2018, tax effects relating to each available-for-sale investment’s unrealized holding gain or loss, were reclassified upon the sale of the investment.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

THE COMPANY AND BASIS OF PREPARATION. (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of impact of ASC 606 and other income statement reclassifications on condensed consolidated statements of income

The impact of ASC 606 and other income statement reclassifications, as previously described, on the unaudited condensed consolidated statements of income for each quarter of 2017 follows:



	Three months ended 3/31/2017											Three months ended 6/30/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		Recast			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	991.1		$	—		$	1.6	$	992.7		$	1,043.9	$	—		$	2.1		$	1,046.0
Administrative, distribution, and servicing fees⁽¹⁾	122.5			—			17.4		139.9			127.7		—			12.3			140.0
Net revenues	1,113.6			—			19.0		1,132.6			1,171.6		—			14.4			1,186.0
Operating expenses
Compensation and related costs	397.4			—			—		397.4			403.8		—			—			403.8
Distribution and servicing	35.2			22.9			1.7		59.8			36.4		26.4			2.0			64.8
Advertising and promotion	25.6			—			.1		25.7			18.6		—			.1			18.7
Product-related costs	—			21.4			17.2		38.6			—		22.4			12.0			34.4
Technology, occupancy, and facility costs⁽²⁾	81.0			1.8			—		82.8			83.1		2.5			—			85.6
General, administrative, and other	102.7			(46.1		)	—		56.6			122.1		(51.3		)	.3			71.1
Nonrecurring insurance recoveries related to Dell appraisal rights matter	(50.0		)	—			—		(50.0		)	—		—			—			—
Total operating expenses	591.9			—			19.0		610.9			664.0		—			14.4			678.4
Net operating income	$	521.7		$	—		$	—	$	521.7		$	507.6	$	—		$	—		$	507.6

	Three months ended 9/30/2017											Three months ended 12/31/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		As reported herein			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	1,096.7		$	—		$	2.2	$	1,098.9		$	1,156.0	$	—		$	2.2		$	1,158.2
Administrative, distribution, and servicing fees⁽¹⁾	125.0			—			14.8		139.8			130.1		—			9.3			139.4
Net revenues	1,221.7			—			17.0		1,238.7			1,286.1		—			11.5			1,297.6
Operating expenses
Compensation and related costs	417.4			—			—		417.4			446.3		—			—			446.3
Distribution and servicing	37.4			27.9			2.1		67.4			38.0		30.2			2.4			70.6
Advertising and promotion	14.0			—			—		14.0			33.8		—			.2			34.0
Product-related costs	—			23.4			14.5		37.9			—		26.0			9.1			35.1
Technology, occupancy, and facility costs⁽²⁾	84.0			2.2			.1		86.3			90.4		5.5			(.1		)	95.8
General, administrative, and other	120.4			(53.5		)	.3		67.2			146.6		(61.7		)	(.1		)	84.8
Total operating expenses	673.2			—			17.0		690.2			755.1		—			11.5			766.6
Net operating income	$	548.5		$	—		$	—	$	548.5		$	531.0	$	—		$	—		$	531.0

⁽¹⁾The “As previously reported” column aggregates the administrative fees and distribution and servicing fees lines presented in the income statement in prior year.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables)

9 Months Ended

Sep. 30, 2018

Information about Receivables, Revenues, and Services [Abstract]

Components of revenues from advisory services

Revenues earned during the three- and nine-month periods ended September 30, 2017 and 2018 under agreements with clients include:



	Three months ended 9/30/2017								Three months ended 9/30/2018
			Administrative, distribution, and servicing fees								Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	786.1	$	83.2	$	37.4	$	906.7	$	877.3	$	72.3	$	34.6	$	984.2
Subadvised and separate accounts and other investment products	312.8		—		—		312.8		386.0		—		—		386.0
Other	—		19.2		—		19.2		—		24.4		—		24.4
	$	1,098.9	$	102.4	$	37.4	$	1,238.7	$	1,263.3	$	96.7	$	34.6	$	1,394.6

	Nine months ended 9/30/2017								Nine months ended 9/30/2018
			Administrative, distribution, and servicing fees								Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	2,259.9	$	253.1	$	109.0	$	2,622.0	$	2,557.1	$	228.5	$	106.7	$	2,892.3
Subadvised and separate accounts and other investment products	877.7		—		—		877.7		1,109.8		—		—		1,109.8
Other	—		57.6		—		57.6		—		65.5		—		65.5
	$	3,137.6	$	310.7	$	109.0	$	3,557.3	$	3,666.9	$	294.0	$	106.7	$	4,067.6

The following table details the investment advisory fees earned from clients by their underlying asset class.



	Three months ended				Nine months ended
(in millions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018
U.S. mutual funds
Equity and blended assets	$	657.0	$	745.5	$	1,880.1	$	2,169.0
Fixed income, including money market	129.1		131.8		379.8		388.1
	786.1		877.3		2,259.9		2,557.1
Subadvised and separate accounts and other investment products
Equity and blended assets	259.6		326.0		727.8		931.0
Fixed income, including money market	53.2		60.0		149.9		178.8
	312.8		386.0		877.7		1,109.8
Total	$	1,098.9	$	1,263.3	$	3,137.6	$	3,666.9

Components of assets under management

The following table summarizes the investment portfolios and assets under management on which we earn investment advisory fees.



	Average during				Average during
	Three months ended				Nine months ended				As of
(in billions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018		12/31/2017		9/30/2018
U.S. mutual funds
Equity and blended assets	$	452.9	$	511.6	$	438.2	$	500.8	$	480.5	$	515.1
Fixed income, including money market	123.2		129.9		119.6		128.6		125.8		129.7
	576.1		641.5		557.8		629.4		606.3		644.8
Subadvised and separate accounts and other investment products
Equity and blended assets	264.6		331.8		247.0		318.4		291.9		338.8
Fixed income, including money market	86.7		99.1		81.5		97.2		92.9		100.2
	351.3		430.9		328.5		415.6		384.8		439.0
Total	$	927.4	$	1,072.4	$	886.3	$	1,045.0	$	991.1	$	1,083.8

INVESTMENTS. (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Unconsolidated investments

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:



(in millions)	12/31/2017		9/30/2018
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	692.1	$	1,344.2
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	268.2		294.6
Investment partnerships and other investments⁽²⁾	78.0		97.2
Equity method investments
T. Rowe Price investment products	277.4		514.2
26% interest in UTI Asset Management Company Limited (India)	155.8		158.6
Investment partnerships and other investments	4.8		4.6
U.S. Treasury note	1.0		1.0
Total	$	1,477.3	$	2,414.4

Net impact of deconsolidation and consolidation on condensed consolidated balance sheets and income statements

The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



	Three months ended					Nine months ended
(in millions)	9/30/2017		9/30/2018			9/30/2017			9/30/2018
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	13.5	$	(41.1	)	$	(1,060.5	)	$	(701.5	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	—	$	(0.6	)	$	(133.6	)	$	17.9
Net increase (decrease) in redeemable non-controlling interests	$	7.9	$	(19.8	)	$	(779.3	)	$	(595.0	)

Gains (losses) recognized upon deconsolidation	$	.1	$	—		$	.1		$	3.6

Maximum risk of loss related to investments in variable interest entities



(in millions)	12/31/2017		9/30/2018
Investment carrying values	$	129.2	$	136.1
Unfunded capital commitments	38.8		30.6
Uncollected investment advisory and administrative fees	7.7		10.7
	$	175.7	$	177.4

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

FAIR VALUE MEASUREMENTS. (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair value measurements summary

The following table summarizes our investments that are recognized in our unaudited condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by consolidated T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.



	12/31/17				9/30/18
(in millions)	Level 1		Level 2		Level 1		Level 2
Cash equivalents held in T. Rowe Price money market funds	$	1,726.4	$	—	$	1,747.9	$	—
T. Rowe Price investment products⁽¹⁾	942.9		17.4		1,618.9		19.9
Total	$	2,669.3	$	17.4	$	3,366.8	$	19.9

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)

9 Months Ended

Sep. 30, 2018

Consolidated Sponsored Investment Portfolios [Abstract]

Net assets of consolidated sponsored investment portfolios

The following table details the net assets of the consolidated T. Rowe Price investment products:



	12/31/2017						9/30/2018
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents⁽¹⁾	$	7.1	$	96.0	$	103.1	$	17.9	$	87.8	$	105.7
Investments⁽²⁾	188.8		1,725.7		1,914.5		277.4		1,504.1		1,781.5
Other assets	12.9		17.9		30.8		8.7		21.9		30.6
Total assets	208.8		1,839.6		2,048.4		304.0		1,613.8		1,917.8
Liabilities	16.4		39.5		55.9		13.7		61.0		74.7
Net assets	$	192.4	$	1,800.1	$	1,992.5	$	290.3	$	1,552.8	$	1,843.1

Attributable to T. Rowe Price Group	$	131.6	$	868.1	$	999.7	$	190.9	$	791.6	$	982.5
Attributable to redeemable non-controlling interests	60.8		932.0		992.8		99.4		761.2		860.6
	$	192.4	$	1,800.1	$	1,992.5	$	290.3	$	1,552.8	$	1,843.1

⁽¹⁾Cash and cash equivalents includes $6.2 million and $17.6 million at December 31, 2017 and September 30, 2018, respectively, of investments in T. Rowe Price money market mutual funds.

⁽²⁾Investments include $15.0 million and $46.8 million at December 31, 2017 and September 30, 2018, respectively, of T. Rowe Price investment products.

Operating results of consolidated sponsored investment portfolios



	Three months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.4	)	$	(2.8	)	$	(3.2	)	$	(.6	)	$	(3.0	)	$	(3.6	)
Net investment income reflected in non-operating income	4.6			32.9			37.5			5.0			3.7			8.7
Impact on income before taxes	$	4.2		$	30.1		$	34.3		$	4.4		$	.7		$	5.1

Net income attributable to T. Rowe Price Group	$	3.1		$	17.9		$	21.0		$	2.8		$	3.7		$	6.5
Net income attributable to redeemable non-controlling interests	1.1			12.2			13.3			1.6			(3.0		)	(1.4		)
	$	4.2		$	30.1		$	34.3		$	4.4		$	.7		$	5.1



	Nine months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.9	)	$	(7.6	)	$	(8.5	)	$	(1.3	)	$	(7.9	)	$	(9.2	)
Net investment income reflected in non-operating income	14.7			111.1			125.8			4.4			24.2			28.6
Impact on income before taxes	$	13.8		$	103.5		$	117.3		$	3.1		$	16.3		$	19.4

Net income attributable to T. Rowe Price Group	$	10.4		$	63.0		$	73.4		$	1.5		$	6.8		$	8.3
Net income attributable to redeemable non-controlling interests	3.4			40.5			43.9			1.6			9.5			11.1
	$	13.8		$	103.5		$	117.3		$	3.1		$	16.3		$	19.4

Cash flows of consolidated sponsored investment portfolios



	Nine months ended
	9/30/2017									9/30/2018
(in millions)	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Net cash provided by (used in) operating activities	$	(28.0	)	$	(1,078.1	)	$	(1,106.1	)	$	(40.7	)	$	(529.7	)	$	(570.4	)
Net cash provided by (used in) investing activities	(6.1		)	(39.9		)	(46.0		)	(.8		)	(21.7		)	(22.5		)
Net cash provided by (used in) financing activities	33.3			1,153.1			1,186.4			52.3			545.6			597.9
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—			6.9			6.9			—			(2.4		)	(2.4		)
Net change in cash and cash equivalents during period	(.8		)	42.0			41.2			10.8			(8.2		)	2.6
Cash and cash equivalents at beginning of year	10.3			55.3			65.6			7.1			96.0			103.1
Cash and cash equivalents at end of period	$	9.5		$	97.3		$	106.8		$	17.9		$	87.8		$	105.7

Fair values of investments held by consolidated sponsored investment portfolios

The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs.



	12/31/17						9/30/18
(in millions)	Level 1			Level 2			Level 1			Level 2
Assets
Cash equivalents	$	6.2		$	.7		$	17.6		$	.1
Equity securities	536.0			667.5			224.3			601.9
Fixed income securities	—			687.4			—			933.2
Other investments	1.3			22.3			1.6			20.5
	$	543.5		$	1,377.9		$	243.5		$	1,555.7

Liabilities	$	(.1	)	$	(13.7	)	$	(.3	)	$	(7.9	)

STOCK-BASED COMPENSATION. (Tables)

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Rollforward of stock options

The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2018.



	Options		Weighted- average exercise price
Outstanding at December 31, 2017	15,221,123		$	66.98
Exercised	(3,678,053	)	$	60.64
Forfeited	(46,490	)	$	75.96
Expired	(14,364	)	$	71.15
Outstanding at September 30, 2018	11,482,216		$	68.97
Exercisable at September 30, 2018	7,460,677		$	65.35

Rollforward of nonvested restricted shares and restricted stock units

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2018.



	Restricted shares		Restricted stock units		Weighted-average fair value
Nonvested at December 31, 2017	473,115		5,556,911		$	82.37
Time-based grants	8,775		29,587		$	112.46
Vested	(20,580	)	(55,148	)	$	71.62
Forfeited	(8,092	)	(99,186	)	$	78.16
Nonvested at September 30, 2018	453,218		5,432,164		$	82.78

Future stock-based compensation expense



Fourth quarter 2018	$	40.4
2019	96.2
2020 through 2023	79.5
Total	$	216.1

EARNINGS PER SHARE CALCULATIONS. (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings per share reconciliation



	Three months ended				Nine months ended
(in millions)	9/30/2017		9/30/2018		9/30/2017		9/30/2018
Net income attributable to T. Rowe Price Group	$	390.9	$	583.0	$	1,150.7	$	1,485.6
Less: net income allocated to outstanding restricted stock and stock unit holders	8.8		13.7		26.0		34.8
Net income allocated to common stockholders	$	382.1	$	569.3	$	1,124.7	$	1,450.8

Weighted-average common shares
Outstanding	240.3		242.8		240.7		243.1
Outstanding assuming dilution	244.4		247.5		244.3		248.2

Anti-dilutive securities



	Three months ended		Nine months ended
(in millions)	9/30/2017	9/30/2018	9/30/2017	9/30/2018
Weighted-average outstanding stock options excluded	2.1	—	6.7	—

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Tables)

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Impact of the components of other comprehensive income (loss) on deferred tax benefits (income taxes)

The following table presents the impact of the components of other comprehensive income or loss on deferred tax benefits (income taxes).



	Three months ended					Nine months ended
(in millions)	9/30/2017			9/30/2018		9/30/2017			9/30/2018
Net deferred tax benefits (income taxes) on:
Net unrealized holding gains or losses	$	(1.9	)	$	—	$	(14.4	)	$	—
Reclassification adjustments recognized in the provision for income taxes:
Net gains realized on dispositions	—			—		30.5			—
Net gains recognized upon transfer to trading investments	—			—		9.2			—
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	(1.9		)	—		25.3			—
Currency translation adjustments	(5.2		)	2.3		(17.1		)	4.9
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment products	—			—		—			.9
Total deferred tax benefits (income taxes) on currency translation adjustments	(5.2		)	2.3		(17.1		)	5.8
Total net deferred tax benefits (income taxes)	$	(7.1	)	$	2.3	$	8.2		$	5.8

Changes in accumulated other comprehensive income

The changes in each component of accumulated other comprehensive income (loss), including reclassification adjustments for nine months ended September 30, 2018 are presented in the table below.



				Currency translation adjustments
(in millions)	Net unrealized holding gains			Equity method investments			Consolidated T. Rowe Price investment products - variable interest entities			Total currency translation adjustments			Total
Balances at December 31, 2017	$	7.9		$	(30.6	)	$	19.1		$	(11.5	)	$	(3.6	)
Reclassification of unrealized holding gains to retained earnings upon adoption of new financial instruments guidance⁽¹⁾	(7.9		)	—			—			—			(7.9		)
Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance	—			(6.4		)	4.1			(2.3		)	(2.3		)
Balance at January 1, 2018	—			(37.0		)	23.2			(13.8		)	(13.8		)
Other comprehensive income before reclassifications and income taxes	—			(6.6		)	(12.8		)	(19.4		)	(19.4		)
Reclassification adjustments recognized in non-operating income	—			—			(3.6		)	(3.6		)	(3.6		)
	—			(6.6		)	(16.4		)	(23.0		)	(23.0		)
Net deferred tax income taxes	—			1.5			4.3			5.8			5.8
Other comprehensive income (loss)	—			(5.1		)	(12.1		)	(17.2		)	(17.2		)
Balances at September 30, 2018	$	—		$	(42.1	)	$	11.1		$	(31.0	)	$	(31.0	)

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENTS. (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary consolidating cash flow statement



	Nine months ended
	9/30/2017												9/30/2018
(in millions)	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated T. Rowe Price investment products			Elims			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated T. Rowe Price investment products			Elims			As reported
Cash flows from operating activities
Net income	$	1,150.7		$	117.3		$	(73.4	)	$	1,194.6		$	1,485.6		$	19.4		$	(8.3	)	$	1,496.7
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	106.9			—			—			106.9			114.9			—			—			114.9
Stock-based compensation expense	110.6			—			—			110.6			135.3			—			—			135.3
Realized gains on dispositions of available-for-sale T. Rowe Price investment products	(78.0		)	—			—			(78.0		)	—			—			—			—
Gains recognized upon transfer of an investment in a T. Rowe Price mutual fund from available-for-sale to held as trading	(23.6		)	—			—			(23.6		)	—			—			—			—
Net gains recognized on investments	(113.8		)	—			73.4			(40.4		)	(114.5		)	—			8.3			(106.2		)
Net investments in T. Rowe Price investment products to economically hedge supplemental savings plan liability	(129.0		)	—			—			(129.0		)	(14.4		)	—			—			(14.4		)
Net change in trading securities held by consolidated T. Rowe Price investment products	—			(1,210.5		)	—			(1,210.5		)	—			(578.3		)	—			(578.3		)
Other changes in assets and liabilities	438.6			(12.9		)	(3.5		)	422.2			454.0			(11.5		)	(4.1		)	438.4
Net cash provided by (used in) operating activities	1,462.4			(1,106.1		)	(3.5		)	352.8			2,060.9			(570.4		)	(4.1		)	1,486.4
Net cash provided by (used in) investing activities	(63.2		)	(46.0		)	184.6			75.4			(923.7		)	(22.5		)	115.8			(830.4		)
Net cash provided by (used in) financing activities	(734.7		)	1,186.4			(181.1		)	270.6			(949.3		)	597.9			(111.7		)	(463.1		)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—			6.9			—			6.9			—			(2.4		)	—			(2.4		)
Net change in cash and cash equivalents during period	664.5			41.2			—			705.7			187.9			2.6			—			190.5
Cash and cash equivalents at beginning of year	1,204.9			65.6			—			1,270.5			1,902.7			103.1			—			2,005.8
Cash and cash equivalents at end of period	$	1,869.4		$	106.8		$	—		$	1,976.2		$	2,090.6		$	105.7		$	—		$	2,196.3

THE COMPANY AND BASIS OF PREPARATION. (Impact on Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Income Statements, Captions [Line Items]
Net revenues	$ 1,394.6	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 4,067.6	$ 3,557.3
Compensation and related costs	454.3	446.3	417.4	403.8	397.4	1,351.7	1,218.6
Distribution and servicing	71.4	70.6	67.4	64.8	59.8	213.3	192.0
Advertising and promotion	20.2	34.0	14.0	18.7	25.7	63.8	58.4
Product-related costs	37.9	35.1	37.9	34.4	38.6	117.1	110.9
Technology, occupancy, and facility costs	96.5	95.8	86.3	85.6	82.8	283.8	254.7
General, administrative, and other	73.7	84.8	67.2	71.1	56.6	218.8	194.9
Nonrecurring insurance recoveries related to Dell appraisal rights matter	0.0		0.0	0.0	(50.0)	0.0	(50.0)
Total operating expenses	754.0	766.6	690.2	678.4	610.9	2,248.5	1,979.5
Net operating income	640.6	531.0	548.5	507.6	521.7	1,819.1	1,577.8
Investment advisory fees [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	1,263.3	1,158.2	1,098.9	1,046.0	992.7	3,666.9	3,137.6
Administrative, distribution, and servicing fees [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues	$ 131.3	139.4	139.8	140.0	139.9	$ 400.7	$ 419.7
As previously reported [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		1,286.1	1,221.7	1,171.6	1,113.6
Compensation and related costs		446.3	417.4	403.8	397.4
Distribution and servicing		38.0	37.4	36.4	35.2
Advertising and promotion		33.8	14.0	18.6	25.6
Product-related costs		0.0	0.0	0.0	0.0
Technology, occupancy, and facility costs		90.4	84.0	83.1	81.0
General, administrative, and other		146.6	120.4	122.1	102.7
Nonrecurring insurance recoveries related to Dell appraisal rights matter				0.0	(50.0)
Total operating expenses		755.1	673.2	664.0	591.9
Net operating income		531.0	548.5	507.6	521.7
As previously reported [Member] \| Investment advisory fees [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		1,156.0	1,096.7	1,043.9	991.1
As previously reported [Member] \| Administrative, distribution, and servicing fees [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		130.1	125.0	127.7	122.5
Adjustment [Member] \| Impact of ASC 606 [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		11.5	17.0	14.4	19.0
Compensation and related costs		0.0	0.0	0.0	0.0
Distribution and servicing		2.4	2.1	2.0	1.7
Advertising and promotion		0.2	0.0	0.1	0.1
Product-related costs		9.1	14.5	12.0	17.2
Technology, occupancy, and facility costs		(0.1)	0.1	0.0	0.0
General, administrative, and other		(0.1)	0.3	0.3	0.0
Nonrecurring insurance recoveries related to Dell appraisal rights matter				0.0	0.0
Total operating expenses		11.5	17.0	14.4	19.0
Net operating income		0.0	0.0	0.0	0.0
Adjustment [Member] \| Change in presentation [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		0.0	0.0	0.0	0.0
Compensation and related costs		0.0	0.0	0.0	0.0
Distribution and servicing		30.2	27.9	26.4	22.9
Advertising and promotion		0.0	0.0	0.0	0.0
Product-related costs		26.0	23.4	22.4	21.4
Technology, occupancy, and facility costs		5.5	2.2	2.5	1.8
General, administrative, and other		(61.7)	(53.5)	(51.3)	(46.1)
Nonrecurring insurance recoveries related to Dell appraisal rights matter				0.0	0.0
Total operating expenses		0.0	0.0	0.0	0.0
Net operating income		0.0	0.0	0.0	0.0
Adjustment [Member] \| Investment advisory fees [Member] \| Impact of ASC 606 [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		2.2	2.2	2.1	1.6
Adjustment [Member] \| Investment advisory fees [Member] \| Change in presentation [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		0.0	0.0	0.0	0.0
Adjustment [Member] \| Administrative, distribution, and servicing fees [Member] \| Impact of ASC 606 [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		9.3	14.8	12.3	17.4
Adjustment [Member] \| Administrative, distribution, and servicing fees [Member] \| Change in presentation [Member]
Condensed Income Statements, Captions [Line Items]
Net revenues		$ 0.0	$ 0.0	$ 0.0	$ 0.0

THE COMPANY AND BASIS OF PREPARATION. (Narrative) (Details) - USD ($)
$ in Millions

9 Months Ended

Jan. 01, 2018

Dec. 31, 2017

Sep. 30, 2018

Jan. 01, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

^[1]

$ 14.5

Available-for-sale investments

597.1

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accounting guidance

$ 2.3

0.0

Additional income tax charge related to enactment of U.S. tax reform

$ 20.8

Comptroller Of Maryland [Member] | State and local jurisdiction [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Nonrecurring income tax charge due to Maryland state tax legislation

$ 7.9

ASU 2016-01, Adjustment for fair value for previous cost method investments [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Increase in investment carrying value

19.5

Increase in deferred taxes

5.0

ASU 2016-02 - Leases [Member] | Forecast [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating Lease, Right-of-Use Asset

$ 115.0

Operating Lease, Liability

$ 140.0

Accumulated other comprehensive income (loss) [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

^[1]

(7.9)

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accounting guidance

(2.3)

Accumulated other comprehensive income (loss) [Member] | ASU 2016-01, Available for sale securities, Unrealized gain reclassification [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

(7.9)

Retained earnings [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

^[1]

22.4

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accounting guidance

$ 2.3

Retained earnings [Member] | ASU 2016-01, Available for sale securities, Unrealized gain reclassification [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

7.9

Retained earnings [Member] | ASU 2016-01, Adjustment for fair value for previous cost method investments [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect adjustment upon adoption of new accounting guidance

$ 14.5

[1]	Includes the reclassification of $1.7 million of stranded income taxes on available-for-sale investments resulting from U.S. tax law changes enacted on December 22, 2017, from accumulated other comprehensive income to retained earnings.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Investment Advisory Services) (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue and Services [Line Items]
Net revenues	$ 1,394.6	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 4,067.6	$ 3,557.3
Average assets under management	1,072,400.0		927,400.0			1,045,000.0	886,300.0
Period end assets under management	1,083,800.0	991,100.0				1,083,800.0
U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	984.2		906.7			2,892.3	2,622.0
Average assets under management	641,500.0		576,100.0			629,400.0	557,800.0
Period end assets under management	644,800.0	606,300.0				644,800.0
U.S. mutual funds [Member] \| Equity and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management	511,600.0		452,900.0			500,800.0	438,200.0
Period end assets under management	515,100.0	480,500.0				515,100.0
U.S. mutual funds [Member] \| Fixed income, including money market [Member]
Revenue and Services [Line Items]
Average assets under management	129,900.0		123,200.0			128,600.0	119,600.0
Period end assets under management	129,700.0	125,800.0				129,700.0
Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	386.0		312.8			1,109.8	877.7
Average assets under management	430,900.0		351,300.0			415,600.0	328,500.0
Period end assets under management	439,000.0	384,800.0				439,000.0
Subadvised and separate accounts and other investment products [Member] \| Equity and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management	331,800.0		264,600.0			318,400.0	247,000.0
Period end assets under management	338,800.0	291,900.0				338,800.0
Subadvised and separate accounts and other investment products [Member] \| Fixed income, including money market [Member]
Revenue and Services [Line Items]
Average assets under management	99,100.0		86,700.0			97,200.0	81,500.0
Period end assets under management	100,200.0	92,900.0				100,200.0
Other [Member]
Revenue and Services [Line Items]
Net revenues	24.4		19.2			65.5	57.6
Investment advisory fees [Member]
Revenue and Services [Line Items]
Net revenues	1,263.3	$ 1,158.2	1,098.9	$ 1,046.0	$ 992.7	3,666.9	3,137.6
Investment advisory fees [Member] \| U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	877.3		786.1			2,557.1	2,259.9
Investment advisory fees [Member] \| U.S. mutual funds [Member] \| Equity and blended asset [Member]
Revenue and Services [Line Items]
Net revenues	745.5		657.0			2,169.0	1,880.1
Investment advisory fees [Member] \| U.S. mutual funds [Member] \| Fixed income, including money market [Member]
Revenue and Services [Line Items]
Net revenues	131.8		129.1			388.1	379.8
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	386.0		312.8			1,109.8	877.7
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment products [Member] \| Equity and blended asset [Member]
Revenue and Services [Line Items]
Net revenues	326.0		259.6			931.0	727.8
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment products [Member] \| Fixed income, including money market [Member]
Revenue and Services [Line Items]
Net revenues	60.0		53.2			178.8	149.9
Investment advisory fees [Member] \| Other [Member]
Revenue and Services [Line Items]
Net revenues	0.0		0.0			0.0	0.0
Administrative service [Member]
Revenue and Services [Line Items]
Net revenues	96.7		102.4			294.0	310.7
Administrative service [Member] \| U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	72.3		83.2			228.5	253.1
Administrative service [Member] \| Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	0.0		0.0			0.0	0.0
Administrative service [Member] \| Other [Member]
Revenue and Services [Line Items]
Net revenues	24.4		19.2			65.5	57.6
Distribution and servicing fees [Member]
Revenue and Services [Line Items]
Net revenues	34.6		37.4			106.7	109.0
Distribution and servicing fees [Member] \| U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues	34.6		37.4			106.7	109.0
Distribution and servicing fees [Member] \| Subadvised and separate accounts and other investment products [Member]
Revenue and Services [Line Items]
Net revenues	0.0		0.0			0.0	0.0
Distribution and servicing fees [Member] \| Other [Member]
Revenue and Services [Line Items]
Net revenues	$ 0.0		$ 0.0			$ 0.0	$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Services Concentration and Receivables) (Details) - USD ($) $ in Millions			3 Months Ended					9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Concentration Risk [Line Items]
Net revenues			$ 1,394.6	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 4,067.6	$ 3,557.3
Accounts receivable	$ 583.1	$ 565.3	583.1	565.3				583.1
T. Rowe Price investment products [Member]
Concentration Risk [Line Items]
Net revenues			1,151.5		$ 1,031.8			3,366.9	$ 2,961.8
Accounts receivable	$ 380.6	$ 371.9	$ 380.6	$ 371.9				$ 380.6
Outside U.S. [Member] \| Assets under management [Member] \| Investment advisory clients [Member] \| Geographic concentration [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	5.80%

INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investment [Line Items]
U.S. Treasury note	$ 1.0		$ 1.0		$ 1.0
Total	2,414.4		2,414.4		1,477.3
Available-for-sale investments					597.1
Net unrealized gains on T. Rowe Price investments product recognized in nonoperating income	11.3		17.4
Gains (losses) recognized upon deconsolidation	124.9	$ 67.3	175.1	$ 294.3
Reclassification out of accumulated other comprehensive income [Member] \| Currency translation adjustments [Member]
Investment [Line Items]
Gains (losses) recognized upon deconsolidation	0.0	0.1	3.6	0.1
Assets [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	41.1	(13.5)	701.5	1,060.5
Liability [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(0.6)	0.0	17.9	(133.6)
Redeemable noncontrolling interest [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(19.8)	$ 7.9	(595.0)	$ (779.3)
T. Rowe Price investment products [Member]
Investment [Line Items]
Investments held at fair value	1,344.2		1,344.2		692.1
Equity method investments	514.2		514.2		277.4
T. Rowe Price investment products designated as economic hedge of supplemental savings plan liability [Member]
Investment [Line Items]
Investments held at fair value	294.6		294.6		268.2
Investment partnerships and other investments [Member]
Investment [Line Items]
Investments held at fair value	97.2		97.2		78.0
Interest in UTI Asset Management Company Limited (India) [Member]
Investment [Line Items]
Equity method investments	$ 158.6		$ 158.6		$ 155.8
Equity method investment (ownership percentage)	26.00%		26.00%		26.00%
Investment partnerships and other investments [Member]
Investment [Line Items]
Equity method investments	$ 4.6		$ 4.6		$ 4.8
Daiwa SB Investments Ltd [Member]
Investment [Line Items]
Ownership interest in investment	10.00%		10.00%

INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary [Member] - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investment carrying values	$ 136.1	$ 129.2
Unfunded capital commitments	30.6	38.8
Uncollected investment advisory and administrative fees	10.7	7.7
Maximum risk of loss related to nonconsolidated variable interest entities	$ 177.4	$ 175.7

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investments		$ 597.1
Level 1 [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	$ 1,747.9	1,726.4
T. Rowe Price investment products	1,618.9	942.9
Total	3,366.8	2,669.3
Level 2 [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	0.0	0.0
T. Rowe Price investment products	19.9	17.4
Total	19.9	$ 17.4
Fair value measured at NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 97.2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Net Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,090.6	$ 1,902.7
Investments	2,414.4	1,477.3
Other assets	202.0	224.0
Total assets	8,530.6	7,535.4
Liabilities	1,209.5	718.2
Attributable to redeemable non-controlling interests	860.6	992.8
Consolidated T. Rowe Price investment products [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	105.7	103.1	$ 106.8	$ 65.6
Net assets	1,843.1	1,992.5
Attributable to T. Rowe Price Group	982.5	999.7
Attributable to redeemable non-controlling interests	860.6	992.8
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	105.7	103.1	106.8	65.6
Investments	1,781.5	1,914.5
Other assets	30.6	30.8
Total assets	1,917.8	2,048.4
Liabilities	74.7	55.9
Net assets	1,843.1	1,992.5
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member] \| T. Rowe Price money market mutual funds [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	17.6	6.2
Investments	46.8	15.0
Voting interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	290.3	192.4
Attributable to T. Rowe Price Group	190.9	131.6
Attributable to redeemable non-controlling interests	99.4	60.8
Voting interest entities [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	17.9	7.1	9.5	10.3
Investments	277.4	188.8
Other assets	8.7	12.9
Total assets	304.0	208.8
Liabilities	13.7	16.4
Net assets	290.3	192.4
Variable interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,552.8	1,800.1
Attributable to T. Rowe Price Group	791.6	868.1
Attributable to redeemable non-controlling interests	761.2	932.0
Variable interest entities [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	87.8	96.0	$ 97.3	$ 55.3
Investments	1,504.1	1,725.7
Other assets	21.9	17.9
Total assets	1,613.8	1,839.6
Liabilities	61.0	39.5
Net assets	$ 1,552.8	$ 1,800.1

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (754.0)	$ (766.6)	$ (690.2)	$ (678.4)	$ (610.9)	$ (2,248.5)	$ (1,979.5)
Income before income taxes	765.5		615.8			1,994.2	1,872.1
Net income attributable to redeemable non-controlling interests	(1.4)		13.3			11.1	43.9
Operating expenses eliminated against investment advisory and administrative fees	1,394.6	$ 1,297.6	1,238.7	$ 1,186.0	$ 1,132.6	4,067.6	3,557.3
Consolidation eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	1.5		1.4			4.6	3.2
Consolidation eliminations [Member] \| Investment advisory and administrative fees
Condensed Income Statements, Captions [Line Items]
Operating expenses eliminated against investment advisory and administrative fees	1.5		1.4			4.6	3.2
Consolidated T. Rowe Price investment products [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	5.1		34.3			19.4	117.3
Net income attributable to T. Rowe Price Group	6.5		21.0			8.3	73.4
Net income attributable to redeemable non-controlling interests	(1.4)		13.3			11.1	43.9
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.6)		(3.2)			(9.2)	(8.5)
Net investment income reflected in non-operating income	8.7		37.5			28.6	125.8
Income before income taxes	5.1		34.3			19.4	117.3
Voting interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	4.4		4.2			3.1	13.8
Net income attributable to T. Rowe Price Group	2.8		3.1			1.5	10.4
Net income attributable to redeemable non-controlling interests	1.6		1.1			1.6	3.4
Voting interest entities [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.6)		(0.4)			(1.3)	(0.9)
Net investment income reflected in non-operating income	5.0		4.6			4.4	14.7
Income before income taxes	4.4		4.2			3.1	13.8
Variable interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	0.7		30.1			16.3	103.5
Net income attributable to T. Rowe Price Group	3.7		17.9			6.8	63.0
Net income attributable to redeemable non-controlling interests	(3.0)		12.2			9.5	40.5
Variable interest entities [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(3.0)		(2.8)			(7.9)	(7.6)
Net investment income reflected in non-operating income	3.7		32.9			24.2	111.1
Income before income taxes	$ 0.7		$ 30.1			$ 16.3	$ 103.5

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Statement of Cash Flows) (Details) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Condensed Cash Flow Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

^[1]

$ 1,486.4

$ 352.8

Net cash provided by (used in) investing activities

^[1]

(830.4)

75.4

Net cash provided by (used in) financing activities

^[1]

(463.1)

270.6

Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products

^[1]

(2.4)

6.9

Net change in cash and cash equivalents during period

^[1]

190.5

705.7

1,902.7

Consolidation eliminations [Member]

2,090.6

Condensed Cash Flow Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(4.1)

(3.5)

Net cash provided by (used in) investing activities

115.8

184.6

Net cash provided by (used in) financing activities

(111.7)

(181.1)

Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products

0.0

Net change in cash and cash equivalents during period

0.0

Consolidated T. Rowe Price investment products [Member]

Condensed Cash Flow Statements, Captions [Line Items]

103.1

65.6

Consolidated T. Rowe Price investment products [Member] | Reportable entities [Member]

105.7

106.8

Condensed Cash Flow Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(570.4)

(1,106.1)

Net cash provided by (used in) investing activities

(22.5)

(46.0)

Net cash provided by (used in) financing activities

597.9

1,186.4

Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products

(2.4)

6.9

Net change in cash and cash equivalents during period

2.6

41.2

103.1

65.6

Voting interest entities [Member] | Reportable entities [Member]

105.7

106.8

Condensed Cash Flow Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(40.7)

(28.0)

Net cash provided by (used in) investing activities

(0.8)

(6.1)

Net cash provided by (used in) financing activities

52.3

33.3

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

10.8

(0.8)

7.1

10.3

Variable interest entities [Member] | Reportable entities [Member]

17.9

9.5

Condensed Cash Flow Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(529.7)

(1,078.1)

Net cash provided by (used in) investing activities

(21.7)

(39.9)

Net cash provided by (used in) financing activities

545.6

1,153.1

Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products

(2.4)

6.9

Net change in cash and cash equivalents during period

(8.2)

42.0

96.0

55.3

Stockholders' Equity Note [Line Items]

$ 87.8

$ 97.3

[1]	See note 12 for supplementary consolidating cash flow statements.

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Fair Value Measurements) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	$ 1,747.9	$ 1,726.4
Investments held at fair value	1,618.9	942.9
Total	3,366.8	2,669.3
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	0.0	0.0
Investments held at fair value	19.9	17.4
Total	19.9	17.4
Consolidated T. Rowe Price investment products [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	17.6	6.2
Total	243.5	543.5
Liabilities	(0.3)	(0.1)
Consolidated T. Rowe Price investment products [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in T. Rowe Price money market funds	0.1	0.7
Total	1,555.7	1,377.9
Liabilities	(7.9)	(13.7)
Consolidated T. Rowe Price investment products [Member] \| Equity securities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	224.3	536.0
Consolidated T. Rowe Price investment products [Member] \| Equity securities [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	601.9	667.5
Consolidated T. Rowe Price investment products [Member] \| Fixed income securities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	0.0	0.0
Consolidated T. Rowe Price investment products [Member] \| Fixed income securities [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	933.2	687.4
Consolidated T. Rowe Price investment products [Member] \| Other investments [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	1.6	1.3
Consolidated T. Rowe Price investment products [Member] \| Other investments [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value	$ 20.5	$ 22.3

STOCKHOLDERS' EQUITY. (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Oct. 02, 2018

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Cash dividends declared per share

$ 0.7

$ 0.57

$ 2.1

$ 1.71

Unsettled common stock repurchases liability

$ 31.8

Payments for Repurchase of Common Stock

^[1]

$ 543.0

$ 456.7

Subsequent event [Member]

Stockholders' Equity Note [Line Items]

Payments for Repurchase of Common Stock

$ 31.8

Regular cash dividend [Member]

Stockholders' Equity Note [Line Items]

Cash dividends declared per share

$ 2.1

$ 1.71

[1]	See note 12 for supplementary consolidating cash flow statements.

STOCK-BASED COMPENSATION. (Stock Options) (Details)	9 Months Ended
STOCK-BASED COMPENSATION. (Stock Options) (Details)	Sep. 30, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at December 31, 2017 (in shares) \| shares	15,221,123
Exercised (in shares) \| shares	(3,678,053)
Forfeited (in shares) \| shares	(46,490)
Expired (in shares) \| shares	(14,364)
Outstanding at September 30, 2018 (in shares) \| shares	11,482,216
Exercisable at September 30, 2018 (in shares) \| shares	7,460,677
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price of options outstanding at December 31, 2017 (in dollars per share) \| $ / shares	$ 66.98
Weighted-average exercise price of options exercised (in dollars per share) \| $ / shares	60.64
Weighted-average exercise price of options forfeited (in dollars per share) \| $ / shares	75.96
Weighted-average exercise price of options expired (in dollars per share) \| $ / shares	71.15
Weighted-average exercise price of options outstanding at September 30, 2018 (in dollars per share) \| $ / shares	68.97
Weighted-average exercise price of options exercisable at September 30, 2018 (in dollars per share) \| $ / shares	$ 65.35

STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details)	9 Months Ended
	Sep. 30, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of nonvested restricted shares and restricted stock units at December 31, 2017 (in dollars per share) \| $ / shares	$ 82.37
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) \| $ / shares	71.62
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) \| $ / shares	78.16
Weighted-average fair value of nonvested restricted shares and restricted stock units at September 30, 2018 (in dollars per share) \| $ / shares	82.78
Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) \| $ / shares	$ 112.46
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017 (in shares)	473,115
Vested (in shares)	(20,580)
Forfeited (in shares)	(8,092)
Nonvested at September 30, 2018 (in shares)	453,218
Restricted shares [Member] \| Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	8,775
Restricted shares [Member] \| Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at September 30, 2018 (in shares)	7,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	7,200
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2017 (in shares)	5,556,911
Vested (in shares)	(55,148)
Forfeited (in shares)	(99,186)
Nonvested at September 30, 2018 (in shares)	5,432,164
Restricted stock units [Member] \| Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	29,587
Restricted stock units [Member] \| Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at September 30, 2018 (in shares)	406,412
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	291,958

STOCK-BASED COMPENSATION. (Future Stock-Based Compensation Expense) (Details) $ in Millions	Sep. 30, 2018 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fourth quarter 2018	$ 40.4
2019	96.2
2020 through 2023	79.5
Total	$ 216.1

EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group	$ 583.0	$ 390.9	$ 1,485.6	$ 1,150.7
Less: net income allocated to outstanding restricted stock and stock unit holders	13.7	8.8	34.8	26.0
Less: net income allocated to outstanding restricted stock and stock unit holders	13.7	8.8	34.8	26.0
Net income allocated to common stockholders (basic)	569.3	382.1	1,450.8	1,124.7
Net income allocated to common stockholders (diluted)	$ 569.3	$ 382.1	$ 1,450.8	$ 1,124.7
Weighted-average common shares
Outstanding (in shares)	242.8	240.3	243.1	240.7
Outstanding assuming dilution (in shares)	247.5	244.4	248.2	244.3
Weighted-average outstanding stock options excluded (in shares)	0.0	2.1	0.0	6.7

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Deferred Tax Benefits (Income Taxes)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net unrealized holding gains or losses [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on other comprehensive income (loss) before reclassifications		$ (1.9)		$ (14.4)
Total net deferred tax benefits (income taxes)		(1.9)	$ 0.0	25.3
Net gains realized on dispositions [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on reclassifications from AOCI		0.0		30.5
Net gains recognized upon transfer to trading investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on reclassifications from AOCI		0.0		9.2
Currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on other comprehensive income (loss) before reclassifications	$ 2.3	(5.2)	4.9	(17.1)
Net deferred tax benefits (income taxes) on reclassifications from AOCI	0.0	0.0	0.9	0.0
Total net deferred tax benefits (income taxes)	2.3	(5.2)	5.8	(17.1)
Total accumulated other comprehensive income (loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits (income taxes)	$ 2.3	$ (7.1)	$ 5.8	$ 8.2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Jan. 01, 2018

Dec. 31, 2017

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

$ 5,824.4

^[1]

$ 14.5

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

2.3

0.0

5,838.9

(17.2)

Net unrealized holding gains [Member]

5,824.4

$ 6,460.5

6,460.5

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

7.9

(7.9)

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

0.0

Other comprehensive income before reclassifications and income taxes

0.0

0.0

Reclassification adjustments recognized in non-operating income

0.0

0.0

$ (1.9)

0.0

$ 25.3

0.0

Currency translation adjustments [Member]

7.9

0.0

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

(11.5)

0.0

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

(2.3)

Other comprehensive income before reclassifications and income taxes

(13.8)

(19.4)

Reclassification adjustments recognized in non-operating income

(3.6)

(23.0)

2.3

(5.2)

5.8

(17.1)

(17.2)

Currency translation adjustments [Member] | Equity method investments [Member]

(11.5)

(31.0)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

(30.6)

0.0

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

(6.4)

Other comprehensive income before reclassifications and income taxes

(37.0)

(6.6)

Reclassification adjustments recognized in non-operating income

0.0

(6.6)

1.5

(5.1)

Currency translation adjustments [Member] | Consolidated T. Rowe Price investment products - variable interest entities [Member]

(30.6)

(42.1)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

19.1

0.0

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

4.1

Other comprehensive income before reclassifications and income taxes

23.2

(12.8)

Reclassification adjustments recognized in non-operating income

(3.6)

(16.4)

4.3

(12.1)

Total accumulated other comprehensive income (loss) [Member]

19.1

11.1

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

(3.6)

^[1]

(7.9)

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

(2.3)

Other comprehensive income before reclassifications and income taxes

(13.8)

(19.4)

Reclassification adjustments recognized in non-operating income

(3.6)

(23.0)

2.3

$ (7.1)

5.8

$ 8.2

(17.2)

Reclassification adjustment of stranded taxes on available-for-sale investments

(3.6)

(31.0)

(1.7)

Retained earnings [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018

$ 4,932.9

4,932.9

^[1]

22.4

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance on January 1, 2018

2.3

4,957.6