View Filing Data

Increase (Decrease) in Temporary Equity [Roll Forward]

4,765.9

$ 50.1

667.5

3,994.2

54.1

^[1]

Cumulative effect of adopting new accounting guidance on redeemable noncontrolling interest

672.7

Balances (in shares) at Dec. 31, 2015

250,469,000

Balances at Dec. 31, 2015

4,762.0

$ 50.1

654.6

3,970.7

86.6

^[1]

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

Net income

1,215.0

Other comprehensive income (loss), net of tax

(42.6)

^[1]

Dividends declared

(541.2)

Common stock-based compensation plans activity

Shares issued upon option exercises (in shares)

4,140,000

Shares issued upon option exercises

149.5

$ 0.8

148.7

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

(178,000)

Shares withheld for taxes, net of shares issued

$ (14.0)

$ (8.7)

$ 0.1

$ (14.0)

$ (8.8)

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes (shares)

409,000

Forfeiture of restricted awards (shares)

(61,000)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

161.6

Restricted stock units issued as dividend equivalents

0.0

0.1

(0.1)

Common shares repurchased (shares)

(9,995,000)

Common shares repurchased

(676.9)

$ (2.0)

(300.6)

(374.3)

Balances (in shares) at Dec. 31, 2016

244,784,000

Balances at Dec. 31, 2016

5,008.6

$ 49.0

654.5

4,293.6

11.5

^[1]

Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2015

672.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

39.0

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

(2.5)

Net subscriptions into T. Rowe Price investment products

945.3

Net deconsolidations of T. Rowe Price investment products

(967.3)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2016

687.2

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

Net income

1,497.8

Other comprehensive income (loss), net of tax

(15.1)

^[1]

Dividends declared

(562.6)

Common stock-based compensation plans activity

Shares issued upon option exercises (in shares)

6,339,000

Shares issued upon option exercises

252.2

$ 1.2

251.0

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

(170,000)

Shares withheld for taxes, net of shares issued

(19.2)

(31.2)

$ 0.1

(19.2)

(31.3)

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes (shares)

789,000

Forfeiture of restricted awards (shares)

(19,000)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

152.0

Restricted stock units issued as dividend equivalents

0.0

0.2

(0.2)

Common shares repurchased (shares)

(6,612,000)

Common shares repurchased

(458.1)

$ (1.3)

(161.1)

(295.7)

Balances (in shares) at Dec. 31, 2017

245,111,000

Balances at Dec. 31, 2017

5,824.4

$ 49.0

846.1

4,932.9

(3.6)

^[1]

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

83.4

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

21.2

Net subscriptions into T. Rowe Price investment products

1,243.7

Net deconsolidations of T. Rowe Price investment products

(1,042.7)

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

992.8

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

Cumulative effect of adopting new accounting guidance | Accounting standards update 2016-01 [Member]

^[2]

14.5

22.4

(7.9)

^[1]

Cumulative effect of adopting new accounting guidance | Accounting standards update 2018-02, currency translation adjustments [Member]

2.3

(2.3)

^[1]

Other comprehensive income (loss), net of tax

5,838.9

$ 49.0

846.1

4,957.6

(13.8)

^[1]

Net income

1,837.5

(28.2)

^[1]

Dividends declared

$ (694.7)

(694.7)

Common stock-based compensation plans activity

Shares issued upon option exercises (in shares)

3,831,062

2,870,000

Shares issued upon option exercises

$ 121.3

$ 0.5

120.8

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

(115,000)

Shares withheld for taxes, net of shares issued

$ (11.4)

$ (36.6)

$ 0.2

$ (11.4)

$ (36.8)

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes (shares)

1,053,000

Forfeiture of restricted awards (shares)

(14,000)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

197.1

Restricted stock units issued as dividend equivalents

0.0

0.2

(0.2)

Common shares repurchased (shares)

(10,836,000)

Common shares repurchased

(1,099.6)

$ (2.1)

(461.4)

(636.1)

Balances (in shares) at Dec. 31, 2018

238,069,000

Balances at Dec. 31, 2018

6,124.3

$ 47.6

$ 654.6

$ 5,464.1

$ (42.0)

^[1]

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

(68.8)

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

(26.1)

Net subscriptions into T. Rowe Price investment products

468.8

Net deconsolidations of T. Rowe Price investment products

(626.4)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2018

$ 740.3

[1]	Accumulated other comprehensive income
[2]	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.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Cash dividends declared per share (in dollars per share)

$ 2.80

$ 2.28

$ 2.16

Accounting standards update 2018-02, available for sale securities [Member] | Retained earnings [Member]

Cumulative effect of adopting new accounting guidance

^[1]

$ (1.7)

Accounting standards update 2018-02, available for sale securities [Member] | AOCI [Member]

Cumulative effect of adopting new accounting guidance

^[1]

$ 1.7

[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.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

T. Rowe Price Group, Inc. derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds ("U.S. mutual funds") separately managed accounts, subadvised funds, and other T. Rowe Price 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.

BASIS OF PREPARATION.

These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States. These principles require that we make certain estimates and assumptions. 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.

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 3 - 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 consolidated statements of income for 2017 and 2016 follows:



	2017											2016
(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	$	4,287.7		$	—		$	8.1	$	4,295.8		$	3,728.7	$	—		$	6.3		$	3,735.0
Administrative, distribution, and servicing fees⁽¹⁾	505.3			—			53.8		559.1			494.2		—			55.6			549.8
Net revenues	4,793.0			—			61.9		4,854.9			4,222.9		—			61.9			4,284.8
Operating expenses
Compensation and related costs	1,664.9			—			—		1,664.9			1,494.0		—			—			1,494.0
Distribution and servicing costs	147.0			107.4			8.2		262.6			141.7		85.4			6.3			233.4
Advertising and promotion	92.0			—			.4		92.4			79.9		—			.3			80.2
Product-related costs	—			93.2			52.8		146.0			—		84.8			54.9			139.7
Technology, occupancy, and facility costs⁽²⁾	338.5			12.0			—		350.5			306.2		13.7			(.1		)	319.8
General, administrative, and other	491.8			(212.6		)	.5		279.7			401.5		(183.9		)	.5			218.1
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter	(50.0		)	—			—		(50.0		)	66.2		—			—			66.2
Total operating expenses	2,684.2			—			61.9		2,746.1			2,489.5		—			61.9			2,551.4
Net operating income	$	2,108.8		$	—		$	—	$	2,108.8		$	1,733.4	$	—		$	—		$	1,733.4

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

⁽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 years.

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 fair value. 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 the 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 the new financial instruments guidance on January 1, 2018 as discussed above. 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 will 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. We currently expect to record a right-of-use asset of approximately $140 million, which includes the lease liability amount less any deferred rent liabilities, and a lease liability of approximately $170 million related to our operating leases, primarily our real-estate leases. The adoption will not 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 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.

On December 22, 2017, a comprehensive U.S. tax reform bill known as the Tax Cuts and Jobs Act ("Tax Reform") was enacted. Tax Reform included numerous changes to existing tax laws, including a permanent reduction in the federal corporate income tax rate. For the year ended December 31, 2018, the income tax provision includes an additional nonrecurring charge of $20.8 million related to the enactment of U.S. tax reform as we further adjusted our deferred tax asset and liability estimates that were initially recorded at December 31, 2017. As of December 31, 2018, we have completed our accounting for the impacts of U.S. tax reform.

On April 24, 2018, the state of Maryland enacted new state tax legislation. 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. Accordingly, we recognized a nonrecurring charge of $7.9 million during 2018 for the re-measurement of our deferred tax assets and liabilities to reflect the effect of this Maryland state tax legislation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

Consolidation

Our consolidated financial statements include the accounts of all subsidiaries and T. Rowe Price investment products in which we have a controlling interest. We are deemed to have a controlling interest when we own the majority of a voting interest entity ("VOE") or are deemed to be the primary beneficiary of a variable interest entity ("VIE"). We perform an analysis of our investments to determine if the investment entity is a VOE or VIE. Our analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, our ownership interest in the entity, and our contractual involvement with the entity. We continually review and reconsider our VOE or VIE conclusions upon the occurrence of certain events, such as changes to our ownership interest, changes to an entity’s legal structure, or amendments to governing documents. All material accounts and transactions between consolidated entities are eliminated in consolidation.

Variable interest entities

VIEs are entities that, by design: (i) lack sufficient equity to permit the entity to finance its activities independently or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. Our Luxembourg-based SICAV funds and other T. Rowe Price investment products regulated outside the U.S. were determined to be VIEs.

Along with VIEs that we consolidate, we also hold variable interests in other VIEs, including several investment partnerships that are not consolidated because we are not the primary beneficiary.

Redeemable non-controlling interests

We recognize redeemable non-controlling interests for the portion of the net assets of our consolidated T. Rowe Price investment products held by unrelated third-party investors as their interest is convertible to cash and other assets at their option. As such, we reflect redeemable non-controlling interests as temporary equity in our consolidated balance sheets.

Investments in T. Rowe Price money market mutual funds

We do not consider our investments in T. Rowe Price money market mutual funds when performing our consolidation analysis as the guidance provides a scope exception for interests in entities that are required to comply with, or operate in accordance with, requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds.

Cash equivalents

Cash equivalents consist primarily of short-term, highly liquid investments in T. Rowe Price money market mutual funds. The cost of these funds is equivalent to fair value.

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 securities held in a trading account 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 below.

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 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 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.

Concentration of risk

Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios that we manage for them.

Our investments held at fair value expose us to market risk, that is, the potential future loss of value that would result from a decline in the fair value of each investment or its underlying net assets. The underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.

Property and equipment

Property and equipment is stated at cost net of accumulated depreciation and amortization computed using the straight-line method. Provisions for depreciation and amortization are based on the following weighted-average estimated useful lives: computer and communications software and equipment, 3 years; buildings and improvements, 32 years; leasehold improvements, 8 years; furniture and other equipment, 6 years; and leased land, 99 years.

Goodwill

We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the third quarter of each year using a fair value approach. Our evaluations have indicated that no impairment exists.

We internally conduct, manage, and report our operations as one investment advisory business. We do not have distinct operating segments or components that separately constitute a business. Accordingly, we attribute goodwill to a single reportable business segment and reporting unit—our investment advisory business.

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 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 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 net cash flows from investors, and represents 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 3 - 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.

Advertising

Costs of advertising are expensed the first time that the advertising takes place.

Stock-based compensation

We maintain three stockholder-approved employee long-term incentive plans (2012 Long-Term Incentive Plan, 2004 Stock Incentive Plan, and 2001 Stock Incentive Plan, collectively the LTI Plans) and two stockholder-approved non-employee director plans (2017 Non-Employee Director Equity Plan and 2007 Non-Employee Director Equity Plan, collectively the Director Plans). We believe that our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders. As of December 31, 2018, a total of 20,024,786 shares were available for future grant under the 2012 Long-Term Incentive Plan and the 2017 Non-Employee Director Equity Plan (2017 Plan).

Under our LTI Plans, we have issued restricted shares and restricted stock units to employees that settle in shares of our common stock after vesting. Vesting of these awards is based on the individual continuing to render service over an average 5.0 year graded schedule. All restricted shareholders and restricted stock unitholders receive non-forfeitable cash dividends and cash dividend equivalents, respectively, on our dividend payable date. We are also authorized to grant qualified incentive and nonqualified fixed stock options with a maximum term of 10 years. We have not granted options to employees since 2015.

We grant performance-based restricted stock units to certain executive officers in which the number of restricted stock units ultimately retained is determined based on achievement of certain performance thresholds. The number of restricted stock units retained is also subject to similar time-based vesting requirements as the other restricted stock units described above. Cash dividend equivalents are accrued and paid to the holders of performance-based restricted stock units only after the performance period has lapsed and the performance thresholds have been met.

Under the Director Plans, we may grant options with a maximum term of 10 years, restricted shares, and restricted stock units to non-employee directors. Under the 2017 Plan, awards generally vest over one year and, in the case of restricted stock units, are settled upon the non-employee directors’ departure from the Board. For restricted shares, cash dividends are accrued and paid only after the award vests. Restricted stock unit holders receive dividend equivalents in the form of unvested stock units that vest over the same period as the underlying award. We have not granted options to non-employee directors since 2016.

We recognize the grant-date fair value of these awards as compensation expense ratably over the awards' requisite service period. Compensation expense recognized for performance-based restricted units includes an estimate regarding the probability of the performance thresholds being met. We account for forfeitures as they occur. Both time-based and performance-based restricted stock units are valued on the grant-date using the closing market price of our common stock.

We used the following weighted-average inputs to the Black-Scholes option-pricing model to estimate the fair value of each option granted in 2016 to certain non-employee directors.



Grant-date fair value per option awarded	$	10.62
Assumptions used:
Expected life in years	6.8
Expected volatility	20		%
Dividend yield	2.5		%
Risk-free interest rate	1.6		%

Our expected life assumptions are based on the vesting period for each option grant and our historical experience with respect to the average holding period from vesting to option exercise. The assumptions for expected volatility are based on historical experience for the same periods as our expected lives. Dividend yields are based on recent historical experience and future expectations. Risk-free interest rates are set using grant-date U.S. Treasury yield curves for the same periods as our expected lives.

Earnings per share

We compute our basic and diluted earnings per share under the two-class method, which considers our outstanding restricted shares and stock units, on which we pay non-forfeitable dividends as if they were a separate class of stock.

Comprehensive income

The components of comprehensive income are presented in a separate statement following our consolidated statements of income and include net income and the change in our currency translation adjustments. The currency translation adjustments result from translating our proportionate share of the financial statements of our equity method investment in UTI, 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. Prior to 2018, comprehensive income also included the change in net unrealized security holding gains (losses) on investments classified as available-for-sale.

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 consolidated statements of income in 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.

CASH EQUIVALENTS.	12 Months Ended
CASH EQUIVALENTS.	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS	CASH EQUIVALENTS. Cash equivalent investments in the T. Rowe Price money market mutual funds aggregate $1,196.0 million at December 31, 2018, and $1,726.4 million at December 31, 2017. Dividends earned on these investments totaled $27.0 million in 2018, $9.1 million in 2017, and $.3 million in 2016.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

12 Months Ended

Dec. 31, 2018

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned during the years ended December 31, 2018, 2017 and 2016 under agreements with clients include:



	2018
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	3,375.0	$	1,475.6	$	—	$	4,850.6
Administrative fees	302.2		—		81.8		384.0
Distribution and servicing fees	138.0		—		—		138.0
Net revenues	$	3,815.2	$	1,475.6	$	81.8	$	5,372.6

	2017
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	3,080.0	$	1,215.8	$	—	$	4,295.8
Administrative fees	333.6		—		78.5		412.1
Distribution and servicing fees	147.0		—		—		147.0
Net revenues	$	3,560.6	$	1,215.8	$	78.5	$	4,854.9

	2016
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	2,711.7	$	1,023.3	$	—	$	3,735.0
Administrative fees	329.9		—		78.2		408.1
Distribution and servicing fees	141.7		—		—		141.7
Net revenues	$	3,183.3	$	1,023.3	$	78.2	$	4,284.8

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



(in millions)	2018		2017		2016
U.S. mutual funds
Equity and blended assets	$	2,858.1	$	2,571.7	$	2,228.7
Fixed income, including money market	516.9		508.3		483.0
	3,375.0		3,080.0		2,711.7
Subadvised and separate accounts and other investment products
Equity and blended assets	1,236.8		1,009.4		850.3
Fixed income, including money market	238.8		206.4		173.0
	1,475.6		1,215.8		1,023.3
Total	$	4,850.6	$	4,295.8	$	3,735.0

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



(in billions)	Average during						As of December 31,
	2018		2017		2016		2018		2017
U.S. mutual funds
Equity and blended assets	$	493.6	$	447.5	$	386.1	$	441.1	$	480.5
Fixed income, including money market	128.2		121.0		109.4		123.4		125.8
	621.8		568.5		495.5		564.5		606.3
Subadvised and separate accounts and other investment products
Equity and blended assets	317.3		256.4		211.1		299.2		291.9
Fixed income, including money market	97.4		84.1		71.6		98.6		92.9
	414.7		340.5		282.7		397.8		384.8
Total	$	1,036.5	$	909.0	$	778.2	$	962.3	$	991.1

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 6% of our assets under management at December 31, 2018 and 2017.

Total net revenues earned from T. Rowe Price investment products totaled $4,453.6 million in 2018, $4,038.8 million in 2017, and $3,569.3 million in 2016. Accounts receivable from these products aggregate to $354.8 million at December 31, 2018 and $371.9 million at December 31, 2017.

INVESTMENTS.

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of investments not consolidated are as follows:



(in millions)	12/31/2018		12/31/2017
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	1,538.4	$	692.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	381.3		268.2
Investment partnerships and other investments⁽²⁾	99.6		78.0
Equity method investments
T. Rowe Price investment products	276.2		277.4
26% interest in UTI Asset Management Company Limited (India)	152.4		155.8
Investment partnerships and other investments	4.5		4.8
U.S. Treasury note	1.0		1.0
Total	$	2,453.4	$	1,477.3

⁽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 2018, we recognized $18.5 million of net unrealized losses on investments held at fair value that were still held at December 31, 2018. For 2017 and 2016, the majority of unrealized gains or losses on investments held at fair value are included and presented with other comprehensive income.

Dividends, including capital gain distributions, earned on the T. Rowe Price investment products held at fair value, totaled $36.0 million in 2018, $19.2 million in 2017, and $15.8 million in 2016.

During the years ended December 31, 2018, 2017 and 2016, 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 years ended December 31, 2018, 2017 and 2016, 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 consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.



(in millions)	2018			2017			2016
Net decrease in assets of consolidated T. Rowe Price investment products	$	(736.6	)	$	(1,397.2	)	$	(1,342.8	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	17.6		$	(153.1	)	$	(37.3	)
Net decrease in redeemable non-controlling interests	$	(626.4	)	$	(1,042.6	)	$	(967.3	)

Gains recognized upon deconsolidation	$	3.6		$	.1		$	2.2

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

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

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2018 and 2017, 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)	2018		2017
Investment carrying values	$	143.3	$	129.2
Unfunded capital commitments	27.3		38.8
Uncollected investment advisory and administrative fees	5.2		7.7
	$	175.8	$	175.7

The unfunded capital commitments, totaling $27.3 million at December 31, 2018, and $38.8 million at December 31, 2017, relate primarily to 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.

12 Months Ended

Dec. 31, 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 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 consolidated balance sheets and are detailed in Note 6.



	12/31/2018				12/31/2017
(in millions)	Level 1		Level 2		Level 1		Level 2
Cash equivalents held in T. Rowe Price money market funds	$	1,196.0	$	—	$	1,726.4	$	—
T. Rowe Price investment products⁽¹⁾	1,900.5		19.2		942.9		17.4
Total	$	3,096.5	$	19.2	$	2,669.3	$	17.4

⁽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 new financial instruments guidance on January 1, 2018. Refer to Note 1 for more information.

At December 31, 2018, the reported investments held at fair value in Note 4 include $99.6 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.

12 Months Ended

Dec. 31, 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 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:



	12/31/2018						12/31/2017
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents⁽¹⁾	$	18.5	$	51.6	$	70.1	$	7.1	$	96.0	$	103.1
Investments⁽²⁾	261.3		1,322.7		1,584.0		188.8		1,725.7		1,914.5
Other assets	8.0		18.3		26.3		12.9		17.9		30.8
Total assets	287.8		1,392.6		1,680.4		208.8		1,839.6		2,048.4
Liabilities	16.0		22.7		38.7		16.4		39.5		55.9
Net assets	$	271.8	$	1,369.9	$	1,641.7	$	192.4	$	1,800.1	$	1,992.5

Attributable to T. Rowe Price Group	$	175.3	$	726.1	$	901.4	$	131.6	$	868.1	$	999.7
Attributable to redeemable non-controlling interests	96.5		643.8		740.3		60.8		932.0		992.8
	$	271.8	$	1,369.9	$	1,641.7	$	192.4	$	1,800.1	$	1,992.5

⁽¹⁾Cash and cash equivalents includes $18.5 million and $6.2 million at December 31, 2018 and 2017, respectively, of investments in

T. Rowe Price money market mutual funds.

⁽²⁾Investments include $43.8 million and $15.0 million at December 31, 2018 and 2017, respectively, of T. Rowe Price investment products.

Although we can redeem our net interest in the 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 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, are reflected in our consolidated statements of income as follows:



	2018									2017									2016
(in millions)	VOE			VIE			Total			VOE			VIE			Total			VOE			VIE			Total
Operating expenses reflected in net operating income	$	(1.9	)	$	(10.8	)	$	(12.7	)	$	(1.1	)	$	(11.2	)	$	(12.3	)	$	(1.6	)	$	(11.4	)	$	(13.0	)
Net investment income (loss) reflected in non-operating income	(16.7		)	(76.2		)	(92.9		)	18.8			175.1			193.9			22.5			98.6			121.1
Impact on income before taxes	$	(18.6	)	$	(87.0	)	$	(105.6	)	$	17.7		$	163.9		$	181.6		$	20.9		$	87.2		$	108.1

Net income (loss) attributable to T. Rowe Price Group	$	(6.3	)	$	(30.5	)	$	(36.8	)	$	13.3		$	84.9		$	98.2		$	15.0		$	54.1		$	69.1
Net income (loss) attributable to redeemable non-controlling interests	(12.3		)	(56.5		)	(68.8		)	4.4			79.0			83.4			5.9			33.1			39.0
	$	(18.6	)	$	(87.0	)	$	(105.6	)	$	17.7		$	163.9		$	181.6		$	20.9		$	87.2		$	108.1

The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $6.2 million in 2018, $5.6 million in 2017, and $6.5 million in 2016, against the investment advisory and administrative fees earned from these products. 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 following table details the impact of these consolidated investment products on the individual lines of our consolidated statements of cash flows.



	2018									2017									2016
(in millions)	VOE			VIE			Total			VOE			VIE			Total			VOE			VIE			Total
Net cash provided by (used in) operating activities	$	(43.9	)	$	(505.2	)	$	(549.1	)	$	(33.0	)	$	(1,282.3	)	$	(1,315.3	)	$	(80.1	)	$	(1,086.5	)	$	(1,166.6	)
Net cash provided by (used in) investing activities	(.8		)	(23.0		)	(23.8		)	(9.0		)	(55.2		)	(64.2		)	21.6			19.8			41.4
Net cash provided by (used in) financing activities	56.1			499.2			555.3			38.8			1,372.9			1,411.7			68.8			1,124.1			1,192.9
FX impact on cash	—			(15.4		)	(15.4		)	—			5.3			5.3			—			(2.1		)	(2.1		)
Net change in cash and cash equivalents during period	11.4			(44.4		)	(33.0		)	(3.2		)	40.7			37.5			10.3			55.3			65.6
Cash and cash equivalents at beginning of year	7.1			96.0			103.1			10.3			55.3			65.6			—			—			—
Cash and cash equivalents at end of year	$	18.5		$	51.6		$	70.1		$	7.1		$	96.0		$	103.1		$	10.3		$	55.3		$	65.6

The net cash provided by financing activities includes $84.9 million in 2018, $130.1 million in 2017 and $277.9 million in 2016, 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.



	12/31/2018						12/31/2017
(in millions)	Level 1			Level 2			Level 1			Level 2
Assets
Cash equivalents	$	19.3		$	—		$	6.2		$	.7
Equity securities	189.6			483.5			536.0			667.5
Fixed income securities	—			890.2			—			687.4
Other investments	1.7			19.0			1.3			22.3
	$	210.6		$	1,392.7		$	543.5		$	1,377.9

Liabilities	$	(.8	)	$	(12.8	)	$	(.1	)	$	(13.7	)

PROPERTY AND EQUIPMENT.

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT.

Property and equipment at December 31 consists of:



(in millions)	2018		2017
Computer and communications software and equipment	$	864.7	$	824.4
Buildings and improvements	454.5		442.5
Leasehold improvements	137.0		121.0
Furniture and other equipment	178.9		168.9
Land	37.4		37.4
Leased land	2.7		2.7
	1,675.2		1,596.9
Less accumulated depreciation and amortization	1,013.9		944.9
Total	$	661.3	$	652.0

Compensation and related costs attributable to the development of computer software for internal use, totaling $85.5 million in 2018, $62.3 million in 2017, and $28.9 million in 2016, have been capitalized.

We occupy certain office facilities and lease computer and other equipment under noncancelable operating leases. Related rental expense was $40.1 million in 2018, $36.0 million in 2017, and $32.8 million in 2016. Future minimum payments under these leases aggregate to: $31.5 million in 2019, $26.8 million in 2020, $22.9 million in 2021, $17.9 million in 2022, $15.2 million in 2023, and $53.4 million in later years.

INCOME TAXES.

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES.

The provision for income taxes consists of:



(in millions)	2018			2017		2016
Current income taxes
U.S. federal	$	484.2		$	708.1	$	573.7
State and local	138.7			131.0		105.8
Foreign	28.5			13.1		13.5
Deferred income taxes (benefits)	(35.5		)	71.7		13.5
Total	$	615.9		$	923.9	$	706.5

On December 22, 2017, the U.S. enacted a comprehensive tax reform bill. The Tax Reform included numerous changes to existing tax laws, including a permanent reduction in the federal corporate income tax rate. For the years ended December 31, 2018 and 2017, the income tax provision includes nonrecurring charges of $20.8 million and $71.1 million, respectively, related to the enactment of Tax Reform. As of December 31, 2018, we have completed our accounting for the income tax effects of Tax Reform.

On April 24, 2018, the state of Maryland enacted new state tax legislation. 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 recognized a nonrecurring charge of $7.9 million during 2018 for the re-measurement of our deferred tax assets and liabilities to reflect the effect of this Maryland state tax legislation.

Deferred income taxes and benefits arise from temporary differences between taxable income for financial statement and income tax return purposes. The deferred income taxes (benefits) recognized as part of our provision for income taxes is related to:



(in millions)	2018			2017			2016
Property and equipment	$	11.0		$	(3.9	)	$	3.2
Stock-based compensation	7.1			72.4			1.3
Accrued compensation	(2.2		)	1.2			(1.7		)
Supplemental savings plan liability	(17.4		)	(8.3		)	(30.9		)
Asset impairments	.9			7.3			10.0
Unrealized holding gains recognized in non-operating income	(32.0		)	10.7			31.6
Other	(2.9		)	(7.7		)	—
Total deferred income taxes (benefits)	$	(35.5	)	$	71.7		$	13.5

The following table reconciles the statutory federal income tax rate to our effective income tax rate.



	2018		2017		2016
Statutory U.S. federal income tax rate	21.0	%	35.0	%	35.0	%
Impact of nonrecurring charge relating to U.S. tax reform	.8		2.9		—
Impact of nonrecurring charge related to Maryland state tax legislation	.3		—		—
State income taxes for current year, net of federal income tax benefits⁽¹⁾	4.6		3.9		3.8
Net income attributable to redeemable non-controlling interests	.7		(1.3	)	(.7	)
Net excess tax benefits from stock-based compensation plans activity	(1.7	)	(3.0	)	(1.7	)
Other items	.1		(.6	)	(.4	)
Effective income tax rate	25.8	%	36.9	%	36.0	%

⁽¹⁾State income tax benefits are reflected in the total benefits for net income attributable to redeemable non-controlling interests and stock-based compensation plans activity.

The net deferred tax assets recognized in our consolidated balance sheets in other assets as of December 31 relate to the following:



(in millions)	2018			2017
Deferred tax liabilities
Property and equipment	$	(46.3	)	$	(35.3	)
Net unrealized holding gains recognized in income	(30.1		)	(53.9		)
Net unrealized holding gains on investments held as available-for-sale	—			(3.1		)
Other	(20.4		)	(18.9		)
	(96.8		)	(111.2		)
Deferred tax assets
Stock-based compensation	85.6			92.7
Asset impairments	7.9			8.8
Accrued compensation	6.6			4.4
Supplemental savings plan	84.0			66.6
Currency translation adjustment	11.4			2.2
Other	11.2			6.8
	206.7			181.5
Net deferred tax asset	$	109.9		$	70.3

We have not recognized a state deferred tax liability for unremitted earnings of our foreign subsidiaries as T. Rowe Price intends to indefinitely reinvest these earnings outside the U.S. The unremitted earnings of these subsidiaries are estimated to be approximately $656 million at December 31, 2018. If these earnings were distributed to the U.S. in the form of dividends or otherwise, or if any of the entities were sold or otherwise transferred, we would be subject to state and local income taxes. Determination of the amount of the unrecognized deferred state liability related to these earnings is not practicable.

Other assets include tax refund receivables of $21.9 million at December 31, 2018, and $43.2 million at December 31, 2017.

Cash outflows from operating activities include net income taxes paid of $644.2 million in 2018, $857.7 million in 2017, and $680.6 million in 2016.

Additional income tax benefit arising from stock-based compensation plans activity totaling $40.6 million in 2018, $75.5 million in 2017, and $31.6 million in 2016 reduced the amount of income taxes that would have otherwise been payable. These income tax benefits were recognized in the income tax provision.

The following table summarizes the changes in our unrecognized tax benefits.



(in millions)	2018			2017			2016
Balance at beginning of year	$	7.6		$	6.2		$	5.8
Changes in tax positions related to
Current year	5.8			1.5			.6
Prior years	3.8			.1			—
Expired statute of limitations	(1.1		)	(.2		)	(.2		)
Balance at end of year	$	16.1		$	7.6		$	6.2

If recognized, these tax benefits would affect our effective tax rate; however, we do not expect that unrecognized tax benefits for tax positions taken with respect to 2018 and prior years will significantly change in 2019. The U.S. has concluded examinations related to federal tax obligations through the year 2016. A net interest payable related to our unrecognized tax benefits of $1.2 million at December 31, 2018, and $1.5 million at December 31, 2017, are recognized in our consolidated balance sheets. Our accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of our provision for income taxes. Interest recognized as part of our provision for income taxes was not material.

STOCKHOLDERS' EQUITY.	12 Months Ended
STOCKHOLDERS' EQUITY.	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS' EQUITY. SHARE REPURCHASES. At December 31, 2018, a liability of $9.2 million is included in accounts payable and accrued expenses for common stock repurchases that settled during the first week of January 2019. The Board of Directors has authorized the future repurchase of up to 14,347,806 common shares as of December 31, 2018. RESTRICTED CAPITAL. Our consolidated stockholders' equity at December 31, 2018, includes about $170 million that is restricted as to use by various regulations and agreements arising in the ordinary course of our business.

STOCK-BASED COMPENSATION.

12 Months Ended

Dec. 31, 2018

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

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS.

At December 31, 2018, a total of 37,976,738 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 2,340,343 shares are authorized for issuance under a plan whereby substantially all employees may acquire common stock through payroll deductions at prevailing market prices.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during 2018.



	Options		Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2017	15,221,123		$	66.98
Exercised	(3,831,062	)	$	60.68
Forfeited	(73,416	)	$	76.08
Expired	(16,252	)	$	71.99
Outstanding at December 31, 2018	11,300,393		$	69.05	4.5
Exercisable at December 31, 2018	9,251,542		$	67.39	4.1

Compensation and related costs includes a charge for stock option-based compensation expense of $15.3 million in 2018, $28.1 million in 2017, and $44.9 million in 2016.

The total intrinsic value of options exercised was $208.4 million in 2018, $293.0 million in 2017, and $150.5 million in 2016. At December 31, 2018, the aggregate intrinsic value of in-the-money options outstanding was $262.9 million, including $230.6 million related to options exercisable.

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during 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		2,438,198		$	92.37
Performance-based grants	—		160,821		$	92.03
Vested (value at vest date was $160.9 million)	(330,920	)	(1,412,089	)	$	79.32
Forfeited	(14,006	)	(139,921	)	$	79.74
Nonvested at December 31, 2018	136,964		6,603,920		$	87.07

Nonvested at December 31, 2018 includes 2,400 performance-based restricted shares and 473,615 performance-based restricted stock units. These nonvested performance-based restricted shares and units include 2,400 shares and 198,340 units for which the performance period has lapsed and the performance threshold has been met.

Compensation and related costs includes expenses for restricted shares and restricted stock units of $181.8 million in 2018, $124.0 million in 2017, and $116.7 million in 2016.

At December 31, 2018, non-employee directors held 47,639 vested stock units that will convert to common shares upon their separation from the Board.

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at December 31, 2018. Estimated future compensation expense will change to reflect future grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.



(in millions)
First quarter 2019	$	51.4
Second quarter 2019	50.6
Third quarter 2019	50.5
Fourth quarter 2019	45.2
Total 2019	197.7
2020 through 2024	188.6
Total	$	386.3

EARNINGS PER SHARE CALCULATIONS.

12 Months Ended

Dec. 31, 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 reflect the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.



(in millions)	2018		2017		2016
Net income attributable to T. Rowe Price Group	$	1,837.5	$	1,497.8	$	1,215.0
Less: net income allocated to outstanding restricted stock and stock unit holders	43.6		33.9		25.5
Net income allocated to common stockholders	$	1,793.9	$	1,463.9	$	1,189.5

Weighted-average common shares
Outstanding	242.2		241.2		245.5
Outstanding assuming dilution	246.9		245.1		250.3

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.



(in millions)	2018	2017	2016
Weighted-average outstanding stock options excluded	—	5.0	9.9

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

12 Months Ended

Dec. 31, 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).



(in millions)	2018		2017			2016
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	8.3	$	(18.5	)	$	3.5
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.9		—			.8
Total deferred tax benefits (income taxes) on currency translation adjustments	9.2		(18.5		)	4.3
Net unrealized holding gains or losses⁽¹⁾	—		(14.6		)	.6
Reclassification adjustments recognized in the provision for income taxes:
Capital gain distributions	—		1.4			2.4
Net gains realized on dispositions	—		32.5			20.9
Net gains recognized upon transfer to trading investments	—		9.2			—
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	—		28.5			23.9
Total net deferred tax benefits	$	9.2	$	10.0		$	28.2

⁽¹⁾ On January 1, 2018, we implemented new accounting guidance that eliminated the available-for-sale investment category for equity securities and required unrealized holding gains on equity securities to be recognized in the consolidated income statement. Prior to this guidance, unrealized holding gains for available-for-sale equity securities were recognized in accumulated other comprehensive income and reclassified to the consolidated income statement upon sale of the investment. As a result of this change, reclassification of unrealized holding gains from accumulated other comprehensive income did not occur in 2018. Refer to Note 1 for more information.

The changes in each component of accumulated other comprehensive income (loss), including reclassification are presented below.



	Currency translation adjustments
(in millions)	Equity method investments			Consolidated T. Rowe Price investment products - variable interest entities			Total currency translation adjustments			Net unrealized holding gains			Total
Balances at December 31, 2015	$	(30.9	)	$	(2.8	)	$	(33.7	)	$	120.3		$	86.6
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance	(.5		)	—			(.5		)	(32.0		)	(32.5		)
Balance at January 1, 2016	(31.4		)	(2.8		)	(34.2		)	88.3			54.1
Other comprehensive income (loss) before reclassifications and income taxes	(1.6		)	(7.0		)	(8.6		)	(7.0		)	(15.6		)
Reclassification adjustments recognized in non-operating income	—			(2.2		)	(2.2		)	(53.0		)	(55.2		)
	(1.6		)	(9.2		)	(10.8		)	(60.0		)	(70.8		)
Net deferred tax benefits (income taxes)	.7			3.6			4.3			23.9			28.2
Other comprehensive income (loss)	(.9		)	(5.6		)	(6.5		)	(36.1		)	(42.6		)
Balances at December 31, 2016	(32.3		)	(8.4		)	(40.7		)	52.2			11.5
Other comprehensive income (loss) before reclassifications and income taxes	2.6			45.2			47.8			37.4			85.2
Reclassification adjustments recognized in non-operating income	—			(.1		)	(.1		)	(110.2		)	(110.3		)
	2.6			45.1			47.7			(72.8		)	(25.1		)
Net deferred tax benefits (income taxes)	(.9		)	(17.6		)	(18.5		)	28.5			10.0
Other comprehensive income (loss)	1.7			27.5			29.2			(44.3		)	(15.1		)
Balances at December 31, 2017	(30.6		)	19.1			(11.5		)	7.9			(3.6		)
Reclassification of unrealized holding gains to retained earnings upon adoption of new financial instruments guidance⁽¹⁾⁽²⁾	—			—			—			(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 (loss) before reclassifications and income taxes	(15.2		)	(18.6		)	(33.8		)	—			(33.8		)
Reclassification adjustments recognized in non-operating income	—			(3.6		)	(3.6		)	—			(3.6		)
	(15.2		)	(22.2		)	(37.4		)	—			(37.4		)
Net deferred tax benefits (income taxes)	3.4			5.8			9.2			—			9.2
Other comprehensive income (loss)	(11.8		)	(16.4		)	(28.2		)	—			(28.2		)
Balances at December 31, 2018	$	(48.8	)	$	6.8		$	(42.0	)	$	—		$	(42.0	)

⁽¹⁾ On January 1, 2018, we implemented new accounting guidance that eliminated the available-for-sale investment category for equity securities and required unrealized holding gains on most equity securities to be recognized in the consolidated income statement. Prior to this guidance, unrealized holding gains for available-for-sale equity securities were recognized in accumulated other comprehensive income. Upon adoption, we reclassified the accumulated net of tax unrealized holding gain related to our available-for-sale investment portfolio from accumulated other comprehensive income to retained earnings. Refer to Note 1 for more information.

⁽²⁾ 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.	12 Months Ended
DELL APPRAISAL RIGHTS MATTER.	Dec. 31, 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 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 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. We have obtained repayments from Clients because all parties have settled with Dell, and the Court has approved those settlements in final non-appealable judgments. T. Rowe Price retained the first $15.2 million in repayments received in the fourth quarter of 2018 and paid back our insurers the remaining amount received. We recognized $15.2 million as a reduction in operating expenses.

COMMITMENTS AND CONTINGENCIES.	12 Months Ended
COMMITMENTS AND CONTINGENCIES.	Dec. 31, 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 discovery phase 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.

OTHER DISCLOSURES.	12 Months Ended
OTHER DISCLOSURES.	Dec. 31, 2018
Other Disclosures [Abstract]
OTHER DISCLOSURES	OTHER DISCLOSURES. RETIREMENT PLANS. Compensation and related costs includes expense recognized for our defined contribution retirement plans of $105.6 million in 2018, $89.4 million in 2017, and $80.7 million in 2016. SUPPLEMENTAL SAVINGS PLAN. The Supplemental Savings Plan provides certain senior officers the opportunity to defer receipt of up to 100% of their cash incentive compensation earned for a respective calendar year during which services are provided. The amounts deferred are adjusted in accordance with the hypothetical investments chosen by the officer from a list of mutual funds. The officer can initially defer these amounts for a period of two to 15 years. Certain senior officers elected to defer $118.9 million in 2018, $95.5 million in 2017, and $83.4 million in 2016.

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited).

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited)

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited).



	Net revenues⁽¹⁾		Net income^(2)(3)(4)		Net income attributable to T. Rowe Price Group^(2)(3)(4)		Basic earnings on common stock^(2)(3)(4)(5)		Diluted earnings on common stock^(2)(3)(4)(5)
	(in millions)						(per share)
2018
1st quarter	$	1,328.0	$	455.5	$	453.7	$	1.81	$	1.77
2nd quarter	$	1,345.0	$	459.6	$	448.9	$	1.81	$	1.77
3rd quarter	$	1,394.6	$	581.6	$	583.0	$	2.34	$	2.30
4th quarter	$	1,305.0	$	272.0	$	351.9	$	1.43	$	1.41

2017
1st quarter	$	1,132.6	$	400.4	$	385.9	$	1.56	$	1.54
2nd quarter	$	1,186.0	$	390.0	$	373.9	$	1.52	$	1.50
3rd quarter	$	1,238.7	$	404.2	$	390.9	$	1.59	$	1.56
4th quarter	$	1,297.6	$	386.6	$	347.1	$	1.40	$	1.37

⁽¹⁾Net revenues for 2017 have been adjusted to reflect the adoption of new revenue accounting guidance on January 1, 2018. We adopted the guidance using the retrospective method, which required adjustments to be reflected as of January 1, 2016. See the New Accounting Guidance section of Note 1 to the consolidated financial statements for more information about the adoption of this guidance.

⁽²⁾During the first quarter of 2017, we recognized $50 million in insurance recoveries or $.12 in diluted earnings per share relating to the Dell matter. In the fourth quarter of 2018 we recognized a $15.2 million reduction in operating expenses, or $.05 in diluted earnings per share, upon recovering a portion of the payments we made to our clients in 2016. For more details related to the Dell appraisal rights matter, see Note 13 to the consolidated financial statements.

⁽³⁾During the fourth quarter of 2017 and the second quarter of 2018, we recognized nonrecurring charges of $71.1 million and $20.8 million, respectively, or $.28 and $.08 in diluted earnings per share related to the U.S. tax law changes that were enacted on December 22, 2017. During the second quarter of 2018 we recognized an additional nonrecurring charge of $7.9 million, or $.03 in diluted earnings per share 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. See Note 8 to the consolidated financial statements for further details.

⁽⁴⁾During the third quarter of 2018, we recognized a realized gain of $.27 in diluted earnings per share from the sale of our 10% holding in Daiwa SB Investments Ltd.

⁽⁵⁾The sums of quarterly earnings per share may not equal annual earnings per share because the computations are done independently.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Policies)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of preparation - basis of accounting

These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States.

Basis of preparation - use of estimates

These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates.

New Accounting Guidance and Newly issued but not yet adopted accounting guidance

Consolidation

Variable interest entities

Along with VIEs that we consolidate, we also hold variable interests in other VIEs, including several investment partnerships that are not consolidated because we are not the primary beneficiary.

Redeemable non-controlling interests

Investments in T. Rowe Price money market mutual funds

Cash equivalents

Cash equivalents consist primarily of short-term, highly liquid investments in T. Rowe Price money market mutual funds. The cost of these funds is equivalent to fair value.

Investments held at fair value

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

Equity method investments

Property and equipment

Goodwill

Revenue recognition

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

Investment advisory fees

Administrative, distribution, and servicing fees

Administrative fees

Distribution and servicing fees

Advertising

Costs of advertising are expensed the first time that the advertising takes place.

Stock-based compensation

We used the following weighted-average inputs to the Black-Scholes option-pricing model to estimate the fair value of each option granted in 2016 to certain non-employee directors.



Grant-date fair value per option awarded	$	10.62
Assumptions used:
Expected life in years	6.8
Expected volatility	20		%
Dividend yield	2.5		%
Risk-free interest rate	1.6		%

Earnings per share

Comprehensive income

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Tables)

12 Months Ended

Dec. 31, 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 consolidated statements of income for 2017 and 2016 follows:



	2017											2016
(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	$	4,287.7		$	—		$	8.1	$	4,295.8		$	3,728.7	$	—		$	6.3		$	3,735.0
Administrative, distribution, and servicing fees⁽¹⁾	505.3			—			53.8		559.1			494.2		—			55.6			549.8
Net revenues	4,793.0			—			61.9		4,854.9			4,222.9		—			61.9			4,284.8
Operating expenses
Compensation and related costs	1,664.9			—			—		1,664.9			1,494.0		—			—			1,494.0
Distribution and servicing costs	147.0			107.4			8.2		262.6			141.7		85.4			6.3			233.4
Advertising and promotion	92.0			—			.4		92.4			79.9		—			.3			80.2
Product-related costs	—			93.2			52.8		146.0			—		84.8			54.9			139.7
Technology, occupancy, and facility costs⁽²⁾	338.5			12.0			—		350.5			306.2		13.7			(.1		)	319.8
General, administrative, and other	491.8			(212.6		)	.5		279.7			401.5		(183.9		)	.5			218.1
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter	(50.0		)	—			—		(50.0		)	66.2		—			—			66.2
Total operating expenses	2,684.2			—			61.9		2,746.1			2,489.5		—			61.9			2,551.4
Net operating income	$	2,108.8		$	—		$	—	$	2,108.8		$	1,733.4	$	—		$	—		$	1,733.4

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

Assumptions used in option pricing model and grant date fair value of options

We used the following weighted-average inputs to the Black-Scholes option-pricing model to estimate the fair value of each option granted in 2016 to certain non-employee directors.



Grant-date fair value per option awarded	$	10.62
Assumptions used:
Expected life in years	6.8
Expected volatility	20		%
Dividend yield	2.5		%
Risk-free interest rate	1.6		%

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

12 Months Ended

Dec. 31, 2018

Information about Receivables, Revenues, and Services [Abstract]

Components of revenues from advisory services

Revenues earned during the years ended December 31, 2018, 2017 and 2016 under agreements with clients include:



	2018
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	3,375.0	$	1,475.6	$	—	$	4,850.6
Administrative fees	302.2		—		81.8		384.0
Distribution and servicing fees	138.0		—		—		138.0
Net revenues	$	3,815.2	$	1,475.6	$	81.8	$	5,372.6

	2017
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	3,080.0	$	1,215.8	$	—	$	4,295.8
Administrative fees	333.6		—		78.5		412.1
Distribution and servicing fees	147.0		—		—		147.0
Net revenues	$	3,560.6	$	1,215.8	$	78.5	$	4,854.9

	2016
(in millions)	U.S. mutual funds		Subadvised and separate accounts and other investment products		Other clients		Total
Investment advisory fees	$	2,711.7	$	1,023.3	$	—	$	3,735.0
Administrative fees	329.9		—		78.2		408.1
Distribution and servicing fees	141.7		—		—		141.7
Net revenues	$	3,183.3	$	1,023.3	$	78.2	$	4,284.8

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



(in millions)	2018		2017		2016
U.S. mutual funds
Equity and blended assets	$	2,858.1	$	2,571.7	$	2,228.7
Fixed income, including money market	516.9		508.3		483.0
	3,375.0		3,080.0		2,711.7
Subadvised and separate accounts and other investment products
Equity and blended assets	1,236.8		1,009.4		850.3
Fixed income, including money market	238.8		206.4		173.0
	1,475.6		1,215.8		1,023.3
Total	$	4,850.6	$	4,295.8	$	3,735.0

Components of assets under management

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



(in billions)	Average during						As of December 31,
	2018		2017		2016		2018		2017
U.S. mutual funds
Equity and blended assets	$	493.6	$	447.5	$	386.1	$	441.1	$	480.5
Fixed income, including money market	128.2		121.0		109.4		123.4		125.8
	621.8		568.5		495.5		564.5		606.3
Subadvised and separate accounts and other investment products
Equity and blended assets	317.3		256.4		211.1		299.2		291.9
Fixed income, including money market	97.4		84.1		71.6		98.6		92.9
	414.7		340.5		282.7		397.8		384.8
Total	$	1,036.5	$	909.0	$	778.2	$	962.3	$	991.1

INVESTMENTS. (Tables)

12 Months Ended

Dec. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Unconsolidated investments

The carrying values of investments not consolidated are as follows:



(in millions)	12/31/2018		12/31/2017
Investments held at fair value
T. Rowe Price investment products ⁽¹⁾	$	1,538.4	$	692.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability	381.3		268.2
Investment partnerships and other investments⁽²⁾	99.6		78.0
Equity method investments
T. Rowe Price investment products	276.2		277.4
26% interest in UTI Asset Management Company Limited (India)	152.4		155.8
Investment partnerships and other investments	4.5		4.8
U.S. Treasury note	1.0		1.0
Total	$	2,453.4	$	1,477.3

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

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



(in millions)	2018			2017			2016
Net decrease in assets of consolidated T. Rowe Price investment products	$	(736.6	)	$	(1,397.2	)	$	(1,342.8	)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	17.6		$	(153.1	)	$	(37.3	)
Net decrease in redeemable non-controlling interests	$	(626.4	)	$	(1,042.6	)	$	(967.3	)

Gains recognized upon deconsolidation	$	3.6		$	.1		$	2.2

Maximum risk of loss related to investments in variable interest entities

Our maximum risk of loss related to our involvement with these entities is as follows:



(in millions)	2018		2017
Investment carrying values	$	143.3	$	129.2
Unfunded capital commitments	27.3		38.8
Uncollected investment advisory and administrative fees	5.2		7.7
	$	175.8	$	175.7

- 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)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair value measurements summary

The following table summarizes our investments that are recognized in our 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 consolidated balance sheets and are detailed in Note 6.



	12/31/2018				12/31/2017
(in millions)	Level 1		Level 2		Level 1		Level 2
Cash equivalents held in T. Rowe Price money market funds	$	1,196.0	$	—	$	1,726.4	$	—
T. Rowe Price investment products⁽¹⁾	1,900.5		19.2		942.9		17.4
Total	$	3,096.5	$	19.2	$	2,669.3	$	17.4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)

12 Months Ended

Dec. 31, 2018

Consolidated Sponsored Investment Portfolios [Abstract]

Net assets of consolidated T. Rowe Price investment portfolios

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



	12/31/2018						12/31/2017
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents⁽¹⁾	$	18.5	$	51.6	$	70.1	$	7.1	$	96.0	$	103.1
Investments⁽²⁾	261.3		1,322.7		1,584.0		188.8		1,725.7		1,914.5
Other assets	8.0		18.3		26.3		12.9		17.9		30.8
Total assets	287.8		1,392.6		1,680.4		208.8		1,839.6		2,048.4
Liabilities	16.0		22.7		38.7		16.4		39.5		55.9
Net assets	$	271.8	$	1,369.9	$	1,641.7	$	192.4	$	1,800.1	$	1,992.5

Attributable to T. Rowe Price Group	$	175.3	$	726.1	$	901.4	$	131.6	$	868.1	$	999.7
Attributable to redeemable non-controlling interests	96.5		643.8		740.3		60.8		932.0		992.8
	$	271.8	$	1,369.9	$	1,641.7	$	192.4	$	1,800.1	$	1,992.5

⁽¹⁾Cash and cash equivalents includes $18.5 million and $6.2 million at December 31, 2018 and 2017, respectively, of investments in

T. Rowe Price money market mutual funds.

⁽²⁾Investments include $43.8 million and $15.0 million at December 31, 2018 and 2017, respectively, of T. Rowe Price investment products.

Operating results of consolidated T. Rowe Price investment portfolios

The operating results of the consolidated T. Rowe Price investment products, are reflected in our consolidated statements of income as follows:



	2018									2017									2016
(in millions)	VOE			VIE			Total			VOE			VIE			Total			VOE			VIE			Total
Operating expenses reflected in net operating income	$	(1.9	)	$	(10.8	)	$	(12.7	)	$	(1.1	)	$	(11.2	)	$	(12.3	)	$	(1.6	)	$	(11.4	)	$	(13.0	)
Net investment income (loss) reflected in non-operating income	(16.7		)	(76.2		)	(92.9		)	18.8			175.1			193.9			22.5			98.6			121.1
Impact on income before taxes	$	(18.6	)	$	(87.0	)	$	(105.6	)	$	17.7		$	163.9		$	181.6		$	20.9		$	87.2		$	108.1

Net income (loss) attributable to T. Rowe Price Group	$	(6.3	)	$	(30.5	)	$	(36.8	)	$	13.3		$	84.9		$	98.2		$	15.0		$	54.1		$	69.1
Net income (loss) attributable to redeemable non-controlling interests	(12.3		)	(56.5		)	(68.8		)	4.4			79.0			83.4			5.9			33.1			39.0
	$	(18.6	)	$	(87.0	)	$	(105.6	)	$	17.7		$	163.9		$	181.6		$	20.9		$	87.2		$	108.1

Cash flows of consolidated T. Rowe Price investment portfolios

The following table details the impact of these consolidated investment products on the individual lines of our consolidated statements of cash flows.



	2018									2017									2016
(in millions)	VOE			VIE			Total			VOE			VIE			Total			VOE			VIE			Total
Net cash provided by (used in) operating activities	$	(43.9	)	$	(505.2	)	$	(549.1	)	$	(33.0	)	$	(1,282.3	)	$	(1,315.3	)	$	(80.1	)	$	(1,086.5	)	$	(1,166.6	)
Net cash provided by (used in) investing activities	(.8		)	(23.0		)	(23.8		)	(9.0		)	(55.2		)	(64.2		)	21.6			19.8			41.4
Net cash provided by (used in) financing activities	56.1			499.2			555.3			38.8			1,372.9			1,411.7			68.8			1,124.1			1,192.9
FX impact on cash	—			(15.4		)	(15.4		)	—			5.3			5.3			—			(2.1		)	(2.1		)
Net change in cash and cash equivalents during period	11.4			(44.4		)	(33.0		)	(3.2		)	40.7			37.5			10.3			55.3			65.6
Cash and cash equivalents at beginning of year	7.1			96.0			103.1			10.3			55.3			65.6			—			—			—
Cash and cash equivalents at end of year	$	18.5		$	51.6		$	70.1		$	7.1		$	96.0		$	103.1		$	10.3		$	55.3		$	65.6

Fair values of investments held by consolidated T. Rowe Price investment portfolios

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



	12/31/2018						12/31/2017
(in millions)	Level 1			Level 2			Level 1			Level 2
Assets
Cash equivalents	$	19.3		$	—		$	6.2		$	.7
Equity securities	189.6			483.5			536.0			667.5
Fixed income securities	—			890.2			—			687.4
Other investments	1.7			19.0			1.3			22.3
	$	210.6		$	1,392.7		$	543.5		$	1,377.9

Liabilities	$	(.8	)	$	(12.8	)	$	(.1	)	$	(13.7	)

PROPERTY AND EQUIPMENT. (Tables)

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and equipment summary

Property and equipment at December 31 consists of:



(in millions)	2018		2017
Computer and communications software and equipment	$	864.7	$	824.4
Buildings and improvements	454.5		442.5
Leasehold improvements	137.0		121.0
Furniture and other equipment	178.9		168.9
Land	37.4		37.4
Leased land	2.7		2.7
	1,675.2		1,596.9
Less accumulated depreciation and amortization	1,013.9		944.9
Total	$	661.3	$	652.0

INCOME TAXES. (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedules of provision for income taxes and deferred income taxes (tax benefits)

The deferred income taxes (benefits) recognized as part of our provision for income taxes is related to:



(in millions)	2018			2017			2016
Property and equipment	$	11.0		$	(3.9	)	$	3.2
Stock-based compensation	7.1			72.4			1.3
Accrued compensation	(2.2		)	1.2			(1.7		)
Supplemental savings plan liability	(17.4		)	(8.3		)	(30.9		)
Asset impairments	.9			7.3			10.0
Unrealized holding gains recognized in non-operating income	(32.0		)	10.7			31.6
Other	(2.9		)	(7.7		)	—
Total deferred income taxes (benefits)	$	(35.5	)	$	71.7		$	13.5

The provision for income taxes consists of:



(in millions)	2018			2017		2016
Current income taxes
U.S. federal	$	484.2		$	708.1	$	573.7
State and local	138.7			131.0		105.8
Foreign	28.5			13.1		13.5
Deferred income taxes (benefits)	(35.5		)	71.7		13.5
Total	$	615.9		$	923.9	$	706.5

Schedule of effective income tax rate reconciliation

The following table reconciles the statutory federal income tax rate to our effective income tax rate.



	2018		2017		2016
Statutory U.S. federal income tax rate	21.0	%	35.0	%	35.0	%
Impact of nonrecurring charge relating to U.S. tax reform	.8		2.9		—
Impact of nonrecurring charge related to Maryland state tax legislation	.3		—		—
State income taxes for current year, net of federal income tax benefits⁽¹⁾	4.6		3.9		3.8
Net income attributable to redeemable non-controlling interests	.7		(1.3	)	(.7	)
Net excess tax benefits from stock-based compensation plans activity	(1.7	)	(3.0	)	(1.7	)
Other items	.1		(.6	)	(.4	)
Effective income tax rate	25.8	%	36.9	%	36.0	%

⁽¹⁾State income tax benefits are reflected in the total benefits for net income attributable to redeemable non-controlling interests and stock-based compensation plans activity.

Schedule of deferred tax assets and liabilities

The net deferred tax assets recognized in our consolidated balance sheets in other assets as of December 31 relate to the following:



(in millions)	2018			2017
Deferred tax liabilities
Property and equipment	$	(46.3	)	$	(35.3	)
Net unrealized holding gains recognized in income	(30.1		)	(53.9		)
Net unrealized holding gains on investments held as available-for-sale	—			(3.1		)
Other	(20.4		)	(18.9		)
	(96.8		)	(111.2		)
Deferred tax assets
Stock-based compensation	85.6			92.7
Asset impairments	7.9			8.8
Accrued compensation	6.6			4.4
Supplemental savings plan	84.0			66.6
Currency translation adjustment	11.4			2.2
Other	11.2			6.8
	206.7			181.5
Net deferred tax asset	$	109.9		$	70.3

Schedule of unrecognized tax benefits

The following table summarizes the changes in our unrecognized tax benefits.



(in millions)	2018			2017			2016
Balance at beginning of year	$	7.6		$	6.2		$	5.8
Changes in tax positions related to
Current year	5.8			1.5			.6
Prior years	3.8			.1			—
Expired statute of limitations	(1.1		)	(.2		)	(.2		)
Balance at end of year	$	16.1		$	7.6		$	6.2

STOCK-BASED COMPENSATION. (Tables)

12 Months Ended

Dec. 31, 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 2018.



	Options		Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2017	15,221,123		$	66.98
Exercised	(3,831,062	)	$	60.68
Forfeited	(73,416	)	$	76.08
Expired	(16,252	)	$	71.99
Outstanding at December 31, 2018	11,300,393		$	69.05	4.5
Exercisable at December 31, 2018	9,251,542		$	67.39	4.1

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 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		2,438,198		$	92.37
Performance-based grants	—		160,821		$	92.03
Vested (value at vest date was $160.9 million)	(330,920	)	(1,412,089	)	$	79.32
Forfeited	(14,006	)	(139,921	)	$	79.74
Nonvested at December 31, 2018	136,964		6,603,920		$	87.07

Future stock-based compensation expense



(in millions)
First quarter 2019	$	51.4
Second quarter 2019	50.6
Third quarter 2019	50.5
Fourth quarter 2019	45.2
Total 2019	197.7
2020 through 2024	188.6
Total	$	386.3

EARNINGS PER SHARE CALCULATIONS. (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings per share reconciliation



(in millions)	2018		2017		2016
Net income attributable to T. Rowe Price Group	$	1,837.5	$	1,497.8	$	1,215.0
Less: net income allocated to outstanding restricted stock and stock unit holders	43.6		33.9		25.5
Net income allocated to common stockholders	$	1,793.9	$	1,463.9	$	1,189.5

Weighted-average common shares
Outstanding	242.2		241.2		245.5
Outstanding assuming dilution	246.9		245.1		250.3

Anti-dilutive securities



(in millions)	2018	2017	2016
Weighted-average outstanding stock options excluded	—	5.0	9.9

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

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Impact of the components of other comprehensive income 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).



(in millions)	2018		2017			2016
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	8.3	$	(18.5	)	$	3.5
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.9		—			.8
Total deferred tax benefits (income taxes) on currency translation adjustments	9.2		(18.5		)	4.3
Net unrealized holding gains or losses⁽¹⁾	—		(14.6		)	.6
Reclassification adjustments recognized in the provision for income taxes:
Capital gain distributions	—		1.4			2.4
Net gains realized on dispositions	—		32.5			20.9
Net gains recognized upon transfer to trading investments	—		9.2			—
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	—		28.5			23.9
Total net deferred tax benefits	$	9.2	$	10.0		$	28.2

Changes in accumulated other comprehensive income

The changes in each component of accumulated other comprehensive income (loss), including reclassification are presented below.



	Currency translation adjustments
(in millions)	Equity method investments			Consolidated T. Rowe Price investment products - variable interest entities			Total currency translation adjustments			Net unrealized holding gains			Total
Balances at December 31, 2015	$	(30.9	)	$	(2.8	)	$	(33.7	)	$	120.3		$	86.6
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance	(.5		)	—			(.5		)	(32.0		)	(32.5		)
Balance at January 1, 2016	(31.4		)	(2.8		)	(34.2		)	88.3			54.1
Other comprehensive income (loss) before reclassifications and income taxes	(1.6		)	(7.0		)	(8.6		)	(7.0		)	(15.6		)
Reclassification adjustments recognized in non-operating income	—			(2.2		)	(2.2		)	(53.0		)	(55.2		)
	(1.6		)	(9.2		)	(10.8		)	(60.0		)	(70.8		)
Net deferred tax benefits (income taxes)	.7			3.6			4.3			23.9			28.2
Other comprehensive income (loss)	(.9		)	(5.6		)	(6.5		)	(36.1		)	(42.6		)
Balances at December 31, 2016	(32.3		)	(8.4		)	(40.7		)	52.2			11.5
Other comprehensive income (loss) before reclassifications and income taxes	2.6			45.2			47.8			37.4			85.2
Reclassification adjustments recognized in non-operating income	—			(.1		)	(.1		)	(110.2		)	(110.3		)
	2.6			45.1			47.7			(72.8		)	(25.1		)
Net deferred tax benefits (income taxes)	(.9		)	(17.6		)	(18.5		)	28.5			10.0
Other comprehensive income (loss)	1.7			27.5			29.2			(44.3		)	(15.1		)
Balances at December 31, 2017	(30.6		)	19.1			(11.5		)	7.9			(3.6		)
Reclassification of unrealized holding gains to retained earnings upon adoption of new financial instruments guidance⁽¹⁾⁽²⁾	—			—			—			(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 (loss) before reclassifications and income taxes	(15.2		)	(18.6		)	(33.8		)	—			(33.8		)
Reclassification adjustments recognized in non-operating income	—			(3.6		)	(3.6		)	—			(3.6		)
	(15.2		)	(22.2		)	(37.4		)	—			(37.4		)
Net deferred tax benefits (income taxes)	3.4			5.8			9.2			—			9.2
Other comprehensive income (loss)	(11.8		)	(16.4		)	(28.2		)	—			(28.2		)
Balances at December 31, 2018	$	(48.8	)	$	6.8		$	(42.0	)	$	—		$	(42.0	)

⁽¹⁾ On January 1, 2018, we implemented new accounting guidance that eliminated the available-for-sale investment category for equity securities and required unrealized holding gains on most equity securities to be recognized in the consolidated income statement. Prior to this guidance, unrealized holding gains for available-for-sale equity securities were recognized in accumulated other comprehensive income. Upon adoption, we reclassified the accumulated net of tax unrealized holding gain related to our available-for-sale investment portfolio from accumulated other comprehensive income to retained earnings. Refer to Note 1 for more information.

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Unaudited). (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of supplementary quarterly financial data



	Net revenues⁽¹⁾		Net income^(2)(3)(4)		Net income attributable to T. Rowe Price Group^(2)(3)(4)		Basic earnings on common stock^(2)(3)(4)(5)		Diluted earnings on common stock^(2)(3)(4)(5)
	(in millions)						(per share)
2018
1st quarter	$	1,328.0	$	455.5	$	453.7	$	1.81	$	1.77
2nd quarter	$	1,345.0	$	459.6	$	448.9	$	1.81	$	1.77
3rd quarter	$	1,394.6	$	581.6	$	583.0	$	2.34	$	2.30
4th quarter	$	1,305.0	$	272.0	$	351.9	$	1.43	$	1.41

2017
1st quarter	$	1,132.6	$	400.4	$	385.9	$	1.56	$	1.54
2nd quarter	$	1,186.0	$	390.0	$	373.9	$	1.52	$	1.50
3rd quarter	$	1,238.7	$	404.2	$	390.9	$	1.59	$	1.56
4th quarter	$	1,297.6	$	386.6	$	347.1	$	1.40	$	1.37

⁽⁴⁾During the third quarter of 2018, we recognized a realized gain of $.27 in diluted earnings per share from the sale of our 10% holding in Daiwa SB Investments Ltd.

⁽⁵⁾The sums of quarterly earnings per share may not equal annual earnings per share because the computations are done independently.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Impact on Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues	$ 1,305.0	$ 1,394.6	$ 1,345.0	$ 1,328.0	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 5,372.6	$ 4,854.9	$ 4,284.8
Compensation and related costs									1,808.6	1,664.9	1,494.0
Distribution and servicing costs									281.2	262.6	233.4
Advertising and promotion									99.6	92.4	80.2
Product-related costs									157.1	146.0	139.7
Technology, occupancy, and facility costs									383.9	350.5	319.8
General, administrative, and other									296.0	279.7	218.1
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter									(15.2)	(50.0)	66.2
Total operating expenses									3,011.2	2,746.1	2,551.4
Net operating income									2,361.4	2,108.8	1,733.4
Investment advisory fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues									4,850.6	4,295.8	3,735.0
Administrative, distribution, and servicing fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues									$ 522.0	559.1	549.8
As previously reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										4,793.0	4,222.9
Compensation and related costs										1,664.9	1,494.0
Distribution and servicing costs										147.0	141.7
Advertising and promotion										92.0	79.9
Product-related costs										0.0	0.0
Technology, occupancy, and facility costs										338.5	306.2
General, administrative, and other										491.8	401.5
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter										(50.0)	66.2
Total operating expenses										2,684.2	2,489.5
Net operating income										2,108.8	1,733.4
As previously reported [Member] \| Investment advisory fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										4,287.7	3,728.7
As previously reported [Member] \| Administrative, distribution, and servicing fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										505.3	494.2
Change in Presentation [Member] \| Restatement adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										0.0	0.0
Compensation and related costs										0.0	0.0
Distribution and servicing costs										107.4	85.4
Advertising and promotion										0.0	0.0
Product-related costs										93.2	84.8
Technology, occupancy, and facility costs										12.0	13.7
General, administrative, and other										(212.6)	(183.9)
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter										0.0	0.0
Total operating expenses										0.0	0.0
Net operating income										0.0	0.0
Change in Presentation [Member] \| Restatement adjustment [Member] \| Investment advisory fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										0.0	0.0
Change in Presentation [Member] \| Restatement adjustment [Member] \| Administrative, distribution, and servicing fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										0.0	0.0
ASU 2014-09 [Member] \| Restatement adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										61.9	61.9
Compensation and related costs										0.0	0.0
Distribution and servicing costs										8.2	6.3
Advertising and promotion										0.4	0.3
Product-related costs										52.8	54.9
Technology, occupancy, and facility costs										0.0	(0.1)
General, administrative, and other										0.5	0.5
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter										0.0	0.0
Total operating expenses										61.9	61.9
Net operating income										0.0	0.0
ASU 2014-09 [Member] \| Restatement adjustment [Member] \| Investment advisory fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										8.1	6.3
ASU 2014-09 [Member] \| Restatement adjustment [Member] \| Administrative, distribution, and servicing fees [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net revenues										$ 53.8	$ 55.6

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (New Accounting Guidance and Tax Reform) (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Jan. 01, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Jan. 01, 2019	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Available for sale			$ 597.1
Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accounting guidance	$ 2.3
Income tax provision related to the tax law changes		$ 20.8	$ 71.1	$ 20.8
State and local jurisdiction [Member] \| Comptroller of Maryland [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 [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 [Member] \| Forecast [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset on operating lease					$ 140.0
Operating lease liability					$ 170.0
AOCI [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance						$ (32.5)
AOCI [Member] \| ASU 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance	7.9
Retained earnings [Member] \| ASU 2016-01, adjustment for fair value [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance	14.5
Retained earnings [Member] \| ASU 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of accumulated other comprehensive income to retained earnings upon adoption of the new consolidation accounting guidance	$ 7.9

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Property and equipment) (Details)	12 Months Ended
	Dec. 31, 2018
Computer and communications software and equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	32 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Furniture and other equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	6 years
Leased land [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	99 years

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Stock-based compensation) (Details)	12 Months Ended
	Dec. 31, 2018 share_based_compensation_plan shares	Dec. 31, 2016 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Grant-date fair value per option awarded (in dollars per share) \| $ / shares		$ 10.62
Stock compensation plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (shares) \| shares	20,024,786
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life in years		6 years 9 months
Expected volatility		20.00%
Dividend yield		2.50%
Risk-free interest rate		1.60%
Employee stock-based compensation programs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	3
Employee stock-based compensation programs [Member] \| Restricted shares and restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	5 years
Employee stock-based compensation programs [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	10 years
Non-employee director plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	2
Graded vesting period	1 year
Non-employee director plans [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term	10 years

CASH EQUIVALENTS. (Details) - USD ($) $ in Millions	12 Months Ended
CASH EQUIVALENTS. (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash equivalent investments in T. Rowe Price money market mutual funds	$ 1,196.0	$ 1,726.4
Money market mutual funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Dividends earned on money market mutual funds	$ 27.0	$ 9.1	$ 0.3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Investment Advisory Services) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue and Services [Line Items]
Net revenues	$ 1,305.0	$ 1,394.6	$ 1,345.0	$ 1,328.0	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 5,372.6	$ 4,854.9	$ 4,284.8
Average assets under management									1,036,500.0	909,000.0	778,200.0
Period end assets under management	962,300.0				991,100.0				962,300.0	991,100.0
T. Rowe Price U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues									3,815.2	3,560.6	3,183.3
Average assets under management									621,800.0	568,500.0	495,500.0
Period end assets under management	564,500.0				606,300.0				564,500.0	606,300.0
T. Rowe Price U.S. mutual funds [Member] \| Stock and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management									493,600.0	447,500.0	386,100.0
Period end assets under management	441,100.0				480,500.0				441,100.0	480,500.0
T. Rowe Price U.S. mutual funds [Member] \| Bond and money market [Member]
Revenue and Services [Line Items]
Average assets under management									128,200.0	121,000.0	109,400.0
Period end assets under management	123,400.0				125,800.0				123,400.0	125,800.0
Subadvised and separate accounts and other investment product [Member]
Revenue and Services [Line Items]
Net revenues									1,475.6	1,215.8	1,023.3
Average assets under management									414,700.0	340,500.0	282,700.0
Period end assets under management	397,800.0				384,800.0				397,800.0	384,800.0
Subadvised and separate accounts and other investment product [Member] \| Stock and blended asset [Member]
Revenue and Services [Line Items]
Average assets under management									317,300.0	256,400.0	211,100.0
Period end assets under management	299,200.0				291,900.0				299,200.0	291,900.0
Subadvised and separate accounts and other investment product [Member] \| Bond and money market [Member]
Revenue and Services [Line Items]
Average assets under management									97,400.0	84,100.0	71,600.0
Period end assets under management	$ 98,600.0				$ 92,900.0				98,600.0	92,900.0
Other clients [Member]
Revenue and Services [Line Items]
Net revenues									81.8	78.5	78.2
Investment advisory fees [Member]
Revenue and Services [Line Items]
Net revenues									4,850.6	4,295.8	3,735.0
Investment advisory fees [Member] \| T. Rowe Price U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues									3,375.0	3,080.0	2,711.7
Investment advisory fees [Member] \| T. Rowe Price U.S. mutual funds [Member] \| Stock and blended asset [Member]
Revenue and Services [Line Items]
Net revenues									2,858.1	2,571.7	2,228.7
Investment advisory fees [Member] \| T. Rowe Price U.S. mutual funds [Member] \| Bond and money market [Member]
Revenue and Services [Line Items]
Net revenues									516.9	508.3	483.0
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment product [Member]
Revenue and Services [Line Items]
Net revenues									1,475.6	1,215.8	1,023.3
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment product [Member] \| Stock and blended asset [Member]
Revenue and Services [Line Items]
Net revenues									1,236.8	1,009.4	850.3
Investment advisory fees [Member] \| Subadvised and separate accounts and other investment product [Member] \| Bond and money market [Member]
Revenue and Services [Line Items]
Net revenues									238.8	206.4	173.0
Investment advisory fees [Member] \| Other clients [Member]
Revenue and Services [Line Items]
Net revenues									0.0	0.0	0.0
Administrative fees [Member]
Revenue and Services [Line Items]
Net revenues									384.0	412.1	408.1
Administrative fees [Member] \| T. Rowe Price U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues									302.2	333.6	329.9
Administrative fees [Member] \| Subadvised and separate accounts and other investment product [Member]
Revenue and Services [Line Items]
Net revenues									0.0	0.0	0.0
Administrative fees [Member] \| Other clients [Member]
Revenue and Services [Line Items]
Net revenues									81.8	78.5	78.2
Distribution and servicing fees [Member]
Revenue and Services [Line Items]
Net revenues									138.0	147.0	141.7
Distribution and servicing fees [Member] \| T. Rowe Price U.S. mutual funds [Member]
Revenue and Services [Line Items]
Net revenues									138.0	147.0	141.7
Distribution and servicing fees [Member] \| Subadvised and separate accounts and other investment product [Member]
Revenue and Services [Line Items]
Net revenues									0.0	0.0	0.0
Distribution and servicing fees [Member] \| Other clients [Member]
Revenue and Services [Line Items]
Net revenues									$ 0.0	$ 0.0	$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Services Concentration and Receivables) (Details) - USD ($) $ in Millions			3 Months Ended								12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Net revenues			$ 1,305.0	$ 1,394.6	$ 1,345.0	$ 1,328.0	$ 1,297.6	$ 1,238.7	$ 1,186.0	$ 1,132.6	$ 5,372.6	$ 4,854.9	$ 4,284.8
Accounts receivable	$ 549.6	$ 565.3	549.6				565.3				549.6	565.3
T. Rowe Price investment products [Member]
Concentration Risk [Line Items]
Net revenues											4,453.6	4,038.8	$ 3,569.3
Accounts receivable	$ 354.8	$ 371.9	$ 354.8				$ 371.9				$ 354.8	$ 371.9
Outside U.S. [Member] \| Assets under management [Member] \| Investment advisory clients [Member] \| Geographic concentration [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	6.00%

INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2018
Investment [Line Items]
U.S. Treasury note	$ 1.0	$ 1.0
Total	2,453.4	1,477.3
Available for sale		597.1
Net unrealized gains on T. Rowe Price investments product recognized in nonoperating income	(18.5)
Gains recognized upon deconsolidation	23.2	396.3	$ 227.1
Currency translation adjustments [Member] \| Reclassification out of accumulated other comprehensive income [Member]
Investment [Line Items]
Gains recognized upon deconsolidation	3.6	0.1	2.2
Assets [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	736.6	1,397.2	1,342.8
Liability [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	17.6	(153.1)	(37.3)
Redeemable non-controlling interest [Member]
Investment [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	(626.4)	(1,042.6)	$ (967.3)
T. Rowe Price investment products [Member]
Investment [Line Items]
Equity method investments	276.2	277.4
T. Rowe Price investment products [Member]
Investment [Line Items]
Investment held at fair value	1,538.4	692.1
T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability [Member]
Investment [Line Items]
Investment held at fair value	381.3	268.2
Investment partnership and other investments [Member]
Investment [Line Items]
Investment held at fair value	99.6	78.0
Interest in UTI Asset Management Company Limited (India) [Member]
Investment [Line Items]
Equity method investments	$ 152.4	$ 155.8
Equity method investment (ownership percentage)	26.00%	26.00%
Investment partnerships [Member]
Investment [Line Items]
Equity method investments	$ 4.5	$ 4.8
Daiwa SB Investments Ltd [Member]
Investment [Line Items]
Ownership interest in investments (as percent)				10.00%

INVESTMENTS. (Dividends) (Details) - USD ($) $ in Millions	12 Months Ended
INVESTMENTS. (Dividends) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
T. Rowe Price investment products [Member]
Net Investment Income [Line Items]
Dividend distribution	$ 36.0	$ 19.2	$ 15.8

INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Investment carrying values	$ 143.3	$ 129.2
Unfunded capital commitments	27.3	38.8
Uncollected investment advisory and administrative fees	5.2	7.7
Maximum risk of loss related to nonconsolidated variable interest entities	$ 175.8	$ 175.7

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale		$ 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	$ 1,196.0	1,726.4
Investment held at fair value	1,900.5	942.9
Total	3,096.5	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	0.0	0.0
Investment held at fair value	19.2	17.4
Total	19.2	$ 17.4
NAV Per Share [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment held at fair value	$ 99.6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Net Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,425.2	$ 1,902.7
Investments	2,453.4	1,477.3
Other assets	253.7	224.0
Total assets	7,689.3	7,535.4
Liabilities	824.7	718.2
Attributable to redeemable non-controlling interests	740.3	992.8	$ 687.2	$ 672.7
Consolidated T. Rowe Price investment products [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	70.1	103.1	$ 65.6
Net assets	1,641.7	1,992.5
Attributable to redeemable non-controlling interests	740.3	992.8
Attributable to T. Rowe Price Group	901.4	999.7
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	70.1	103.1
Investments	1,584.0	1,914.5
Other assets	26.3	30.8
Total assets	1,680.4	2,048.4
Liabilities	38.7	55.9
Net assets	1,641.7	1,992.5
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member] \| T.Rowe Price U.S. mutual funds [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	43.8	15.0
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member] \| T.Rowe Price U.S. mutual funds [Member] \| Money market mutual funds [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	18.5	6.2
Voting interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	271.8	192.4
Attributable to redeemable non-controlling interests	96.5	60.8
Attributable to T. Rowe Price Group	175.3	131.6
Voting interest entities [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	18.5	7.1
Investments	261.3	188.8
Other assets	8.0	12.9
Total assets	287.8	208.8
Liabilities	16.0	16.4
Net assets	271.8	192.4
Variable interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,369.9	1,800.1
Attributable to redeemable non-controlling interests	643.8	932.0
Attributable to T. Rowe Price Group	726.1	868.1
Variable interest entities [Member] \| Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	51.6	96.0
Investments	1,322.7	1,725.7
Other assets	18.3	17.9
Total assets	1,392.6	1,839.6
Liabilities	22.7	39.5
Net assets	$ 1,369.9	$ 1,800.1

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income									$ (3,011.2)	$ (2,746.1)	$ (2,551.4)
Income before income taxes									2,384.6	2,505.1	1,960.5
Less: net income (loss) attributable to redeemable non-controlling interests									(68.8)	83.4	39.0
Investment advisory and administrative fees	$ (1,305.0)	$ (1,394.6)	$ (1,345.0)	$ (1,328.0)	$ (1,297.6)	$ (1,238.7)	$ (1,186.0)	$ (1,132.6)	(5,372.6)	(4,854.9)	(4,284.8)
Consolidation eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income									6.2	5.6	6.5
Investment advisory and administrative fees									6.2	5.6	6.5
Consolidated T. Rowe Price investment products [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes									(105.6)	181.6	108.1
Net income (loss) attributable to T. Rowe Price Group									(36.8)	98.2	69.1
Less: net income (loss) attributable to redeemable non-controlling interests									(68.8)	83.4	39.0
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income									(12.7)	(12.3)	(13.0)
Net investment income (loss) reflected in non-operating income									(92.9)	193.9	121.1
Income before income taxes									(105.6)	181.6	108.1
Voting interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes									(18.6)	17.7	20.9
Net income (loss) attributable to T. Rowe Price Group									(6.3)	13.3	15.0
Less: net income (loss) attributable to redeemable non-controlling interests									(12.3)	4.4	5.9
Voting interest entities [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income									(1.9)	(1.1)	(1.6)
Net investment income (loss) reflected in non-operating income									(16.7)	18.8	22.5
Income before income taxes									(18.6)	17.7	20.9
Variable interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes									(87.0)	163.9	87.2
Net income (loss) attributable to T. Rowe Price Group									(30.5)	84.9	54.1
Less: net income (loss) attributable to redeemable non-controlling interests									(56.5)	79.0	33.1
Variable interest entities [Member] \| Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income									(10.8)	(11.2)	(11.4)
Net investment income (loss) reflected in non-operating income									(76.2)	175.1	98.6
Income before income taxes									$ (87.0)	$ 163.9	$ 87.2

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Statement of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,619.9	$ 229.5	$ 170.5
Net cash provided by (used in) investing activities	(875.5)	39.0	106.2
Net cash provided by (used in) financing activities	(1,239.5)	461.5	(176.4)
FX impact on cash	(15.4)	5.3	(2.1)
Net change in cash and cash equivalents during period	(510.5)	735.3	98.2
Cash and cash equivalents at beginning of period, including $103.1 million at December 31, 2017 and $65.6 million at December 31, 2016 held by consolidated T. Rowe Price investment products	2,005.8	1,270.5	1,172.3
Cash and cash equivalents at end of period, including $70.1 million at December 31, 2018, $103.1 million at December 31, 2017, and $65.6 million at December 31, 2016, held by consolidated T. Rowe Price investment products	1,495.3	2,005.8	1,270.5
Consolidation eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) financing activities	(84.9)	(130.1)	(277.9)
Consolidated T. Rowe Price investment products [Member] \| Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(549.1)	(1,315.3)	(1,166.6)
Net cash provided by (used in) investing activities	(23.8)	(64.2)	41.4
Net cash provided by (used in) financing activities	555.3	1,411.7	1,192.9
FX impact on cash	(15.4)	5.3	(2.1)
Net change in cash and cash equivalents during period	(33.0)	37.5	65.6
Cash and cash equivalents at beginning of period, including $103.1 million at December 31, 2017 and $65.6 million at December 31, 2016 held by consolidated T. Rowe Price investment products	103.1	65.6	0.0
Cash and cash equivalents at end of period, including $70.1 million at December 31, 2018, $103.1 million at December 31, 2017, and $65.6 million at December 31, 2016, held by consolidated T. Rowe Price investment products	70.1	103.1	65.6
Voting interest entities [Member] \| Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(43.9)	(33.0)	(80.1)
Net cash provided by (used in) investing activities	(0.8)	(9.0)	21.6
Net cash provided by (used in) financing activities	56.1	38.8	68.8
FX impact on cash	0.0	0.0	0.0
Net change in cash and cash equivalents during period	11.4	(3.2)	10.3
Cash and cash equivalents at beginning of period, including $103.1 million at December 31, 2017 and $65.6 million at December 31, 2016 held by consolidated T. Rowe Price investment products	7.1	10.3	0.0
Cash and cash equivalents at end of period, including $70.1 million at December 31, 2018, $103.1 million at December 31, 2017, and $65.6 million at December 31, 2016, held by consolidated T. Rowe Price investment products	18.5	7.1	10.3
Variable interest entities [Member] \| Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(505.2)	(1,282.3)	(1,086.5)
Net cash provided by (used in) investing activities	(23.0)	(55.2)	19.8
Net cash provided by (used in) financing activities	499.2	1,372.9	1,124.1
FX impact on cash	(15.4)	5.3	(2.1)
Net change in cash and cash equivalents during period	(44.4)	40.7	55.3
Cash and cash equivalents at beginning of period, including $103.1 million at December 31, 2017 and $65.6 million at December 31, 2016 held by consolidated T. Rowe Price investment products	96.0	55.3	0.0
Cash and cash equivalents at end of period, including $70.1 million at December 31, 2018, $103.1 million at December 31, 2017, and $65.6 million at December 31, 2016, held by consolidated T. Rowe Price investment products	$ 51.6	$ 96.0	$ 55.3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Fair Value Measurements) (Details) - Fair value, measurements, recurring [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,196.0	$ 1,726.4
Total	3,096.5	2,669.3
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Total	19.2	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	19.3	6.2
Total	210.6	543.5
Liabilities	(0.8)	(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	0.0	0.7
Total	1,392.7	1,377.9
Liabilities	(12.8)	(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	189.6	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	483.5	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	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	890.2	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	1.7	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	$ 19.0	$ 22.3

PROPERTY AND EQUIPMENT. (Owned) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,675.2	$ 1,596.9
Less accumulated depreciation and amortization	1,013.9	944.9
Total	661.3	652.0
Computer and communications software and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	864.7	824.4
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	454.5	442.5
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	137.0	121.0
Furniture and other equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	178.9	168.9
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37.4	37.4
Leased land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2.7	2.7
Compensation and related costs attributable to the development of computer software for internal use [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, additions	$ 85.5	$ 62.3	$ 28.9

PROPERTY AND EQUIPMENT. (Leased) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Rental expense	$ 40.1	$ 36.0	$ 32.8
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Future minimum operating lease payments, due in 2019	31.5
Future minimum operating lease payments, due in 2020	26.8
Future minimum operating lease payments, due in 2021	22.9
Future minimum operating lease payments, due in 2022	17.9
Future minimum operating lease payments, due in 2023	15.2
Future minimum operating lease payments, due in later years	$ 53.4

INCOME TAXES. (Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. federal	$ 484.2	$ 708.1	$ 573.7
State and local	138.7	131.0	105.8
Foreign	28.5	13.1	13.5
Deferred income taxes (benefits)	(35.5)	71.7	13.5
Total	$ 615.9	$ 923.9	$ 706.5

INCOME TAXES. (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
INCOME TAXES. (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax provision related to the tax law changes	$ 20.8	$ 71.1	$ 20.8
Provisional income tax related to the tax law changes				$ 71.1
Income Tax Reform [Line Items]
Unremitted earnings of foreign subsidiaries			656.0
Tax refund receivables		43.2	21.9	43.2
Net income taxes paid			644.2	857.7	$ 680.6
Net tax benefits reducing income tax provision			40.6	75.5	$ 31.6
Net interest payable related to unrecognized tax benefits		$ 1.5	$ 1.2	$ 1.5
State and local jurisdiction [Member] \| Comptroller of Maryland [Member]
Income Tax Reform [Line Items]
Nonrecurring income tax charge due to Maryland state tax legislation	$ 7.9

INCOME TAXES. (Deferred Income Taxes (Tax Benefits)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Property and equipment	$ 11.0	$ (3.9)	$ 3.2
Stock-based compensation	7.1	72.4	1.3
Accrued compensation	(2.2)	1.2	(1.7)
Supplemental savings plan liability	(17.4)	(8.3)	(30.9)
Asset impairments	0.9	7.3	10.0
Unrealized holding gains recognized in non-operating income	(32.0)	10.7	31.6
Other	(2.9)	(7.7)	0.0
Total deferred income taxes (benefits)	$ (35.5)	$ 71.7	$ 13.5

INCOME TAXES. (Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	35.00%	35.00%
Impact of nonrecurring charge relating to U.S. tax reform	0.80%	2.90%	0.00%
Impact of nonrecurring charge related to Maryland state tax legislation	0.30%	0.00%	0.00%
State income taxes for current year, net of federal income tax benefits	4.60%	3.90%	3.80%
Net income attributable to redeemable non-controlling interests	0.70%	(1.30%)	(0.70%)
Net excess tax benefits from stock-based compensation plans activity	(1.70%)	(3.00%)	(1.70%)
Other items	0.10%	(0.60%)	(0.40%)
Effective income tax rate	25.80%	36.90%	36.00%

INCOME TAXES. (Net Deferred Tax Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred tax liabilities
Property and equipment	$ (46.3)	$ (35.3)
Net unrealized holding gains recognized in income	(30.1)	(53.9)
Net unrealized holding gains on investments held as available-for-sale	0.0	(3.1)
Other	(20.4)	(18.9)
Total deferred tax liabilities	(96.8)	(111.2)
Deferred tax assets
Stock-based compensation	85.6	92.7
Asset impairments	7.9	8.8
Accrued compensation	6.6	4.4
Supplemental savings plan	84.0	66.6
Currency translation adjustment	11.4	2.2
Other	11.2	6.8
Total deferred tax assets	206.7	181.5
Net deferred tax asset	$ 109.9	$ 70.3

INCOME TAXES. (Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 7.6	$ 6.2	$ 5.8
Changes in tax positions related to current year	5.8	1.5	0.6
Changes in tax positions related to prior years	3.8	0.1	0.0
Changes in tax positions related to expired statute of limitations	(1.1)	(0.2)	(0.2)
Balance at end of year	$ 16.1	$ 7.6	$ 6.2

STOCKHOLDERS' EQUITY. (Details) $ in Millions	Dec. 31, 2018 USD ($) shares
Stockholders' Equity Note [Abstract]
Unsettled common stock repurchases liability	$ 9.2
Common shares authorized for future repurchase (shares) \| shares	14,347,806
Restricted stockholders' equity	$ 170.0

STOCK-BASED COMPENSATION. (Details)	Dec. 31, 2018 shares
Stock compensation plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	37,976,738
Employee stock purchase [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	2,340,343

STOCK-BASED COMPENSATION. (Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at December 31, 2017 (in shares)	15,221,123
Exercised (in shares)	(3,831,062)
Forfeited (in shares)	(73,416)
Expired (in shares)	(16,252)
Outstanding at December 31, 2018 (in shares)	11,300,393	15,221,123
Exercisable at December 31, 2018 (in shares)	9,251,542
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)	$ 66.98
Weighted-average exercise price of options exercised (in dollars per share)	60.68
Weighted-average exercise price of options forfeited (in dollars per share)	76.08
Weighted-average exercise price of options expired (in dollars per share)	71.99
Weighted-average exercise price of options outstanding at December 31, 2018 (in dollars per share)	69.05	$ 66.98
Weighted-average exercise price of options exercisable at December 31, 2018 (in dollars per share)	$ 67.39
Weighted-average remaining contractual term in years, outstanding	4 years 6 months
Weighted-average remaining contractual term in years, exercisable	4 years 1 month
Total intrinsic value of options exercised	$ 208.4	$ 293.0	$ 150.5
Aggregate intrinsic value of in-the-money options outstanding	262.9
Aggregate intrinsic value of options exercisable	230.6
Compensation and related costs [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Stock-based compensation expense	$ 15.3	$ 28.1	$ 44.9

STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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)	$ 82.37
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share)	79.32
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share)	79.74
Weighted-average fair value of nonvested restricted shares and restricted stock units at December 31, 2018 (in dollars per share)	$ 87.07	$ 82.37
Value at vest date	$ 160.9
Vested stock units (in shares)	47,639
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)	$ 92.37
Performance-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)	$ 92.03
Restricted shares and restricted stock units [Member] \| Compensation and related costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Stock-based compensation expense	$ 181.8	$ 124.0	$ 116.7
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)	(330,920)
Forfeited (in shares)	(14,006)
Nonvested at December 31, 2018 (in shares)	136,964	473,115
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]
Grants (in shares)	0
Nonvested at December 31, 2018 (in shares)	2,400
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)	2,400
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)	(1,412,089)
Forfeited (in shares)	(139,921)
Nonvested at December 31, 2018 (in shares)	6,603,920	5,556,911
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)	2,438,198
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]
Grants (in shares)	160,821
Nonvested at December 31, 2018 (in shares)	473,615
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)	198,340

STOCK-BASED COMPENSATION. (Future Stock-Based Compensation Expense) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
First quarter 2019	$ 51.4
Second quarter 2019	50.6
Third quarter 2019	50.5
Fourth quarter 2019	45.2
Total 2019	197.7
2020 through 2024	188.6
Total	$ 386.3

EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group	$ 351.9	$ 583.0	$ 448.9	$ 453.7	$ 347.1	$ 390.9	$ 373.9	$ 385.9	$ 1,837.5	$ 1,497.8	$ 1,215.0
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)									43.6	33.9	25.5
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)									43.6	33.9	25.5
Net income allocated to common stockholders (basic)									1,793.9	1,463.9	1,189.5
Net income allocated to common stockholders (diluted)									$ 1,793.9	$ 1,463.9	$ 1,189.5
Weighted-average common shares
Outstanding (in shares)									242.2	241.2	245.5
Outstanding assuming dilution (in shares)									246.9	245.1	250.3
Weighted-average outstanding stock options excluded (in shares)									0.0	5.0	9.9

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Deferred Tax Benefits (Income Taxes)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on other comprehensive income before reclassifications	$ 8.3	$ (18.5)	$ 3.5
Net deferred tax benefits (income taxes) on reclassifications from AOCI	0.9	0.0	0.8
Total net deferred tax benefits (income taxes)	9.2	(18.5)	4.3
Net unrealized holding gains or losses [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on other comprehensive income before reclassifications	0.0	(14.6)	0.6
Total net deferred tax benefits (income taxes)	0.0	28.5	23.9
Capital gain distributions [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on reclassifications from AOCI	0.0	1.4	2.4
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	32.5	20.9
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	0.0
Total accumulated other comprehensive income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits (income taxes)	$ 9.2	$ 10.0	$ 28.2

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

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

$ 5,824.4

$ 5,008.6

$ 4,762.0

5,838.9

$ 4,765.9

(28.2)

(15.1)

(42.6)

Accounting standards update 2016-01 [Member]

6,124.3

5,824.4

5,008.6

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

Cumulative effect of adopting new accounting guidance

^[1]

14.5

Net unrealized holding gains [Member]

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

Cumulative effect of adopting new accounting guidance

7.9

52.2

120.3

(32.0)

Other comprehensive income (loss) before reclassifications and income taxes

0.0

88.3

0.0

37.4

(7.0)

Reclassification adjustments recognized in non-operating income

0.0

(110.2)

(53.0)

0.0

(72.8)

(60.0)

0.0

28.5

23.9

0.0

(44.3)

(36.1)

Net unrealized holding gains [Member] | Accounting standards update 2016-01 [Member]

0.0

7.9

52.2

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

Cumulative effect of adopting new accounting guidance

(7.9)

Net unrealized holding gains [Member] | Accounting standards update 2018-02, currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

0.0

Currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

(11.5)

(40.7)

(33.7)

(0.5)

Other comprehensive income (loss) before reclassifications and income taxes

(13.8)

(34.2)

(33.8)

47.8

(8.6)

Reclassification adjustments recognized in non-operating income

(3.6)

(0.1)

(2.2)

(37.4)

47.7

(10.8)

9.2

(18.5)

4.3

(28.2)

29.2

(6.5)

Currency translation adjustments [Member] | Accounting standards update 2016-01 [Member]

(42.0)

(11.5)

(40.7)

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

Cumulative effect of adopting new accounting guidance

0.0

Currency translation adjustments [Member] | Accounting standards update 2018-02, currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

(2.3)

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

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

Cumulative effect of adopting new accounting guidance

(30.6)

(32.3)

(30.9)

(0.5)

Other comprehensive income (loss) before reclassifications and income taxes

(37.0)

(31.4)

(15.2)

2.6

(1.6)

Reclassification adjustments recognized in non-operating income

0.0

(15.2)

2.6

(1.6)

3.4

(0.9)

0.7

(11.8)

1.7

(0.9)

Currency translation adjustments [Member] | Equity method investments [Member] | Accounting standards update 2016-01 [Member]

(48.8)

(30.6)

(32.3)

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

Cumulative effect of adopting new accounting guidance

0.0

Currency translation adjustments [Member] | Equity method investments [Member] | Accounting standards update 2018-02, currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

(6.4)

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

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

Cumulative effect of adopting new accounting guidance

19.1

(8.4)

(2.8)

0.0

Other comprehensive income (loss) before reclassifications and income taxes

23.2

(2.8)

(18.6)

45.2

(7.0)

Reclassification adjustments recognized in non-operating income

(3.6)

(0.1)

(2.2)

(22.2)

45.1

(9.2)

5.8

(17.6)

3.6

(16.4)

27.5

(5.6)

Currency translation adjustments [Member] | Consolidated T. Rowe Price investment products - variable interest entities [Member] | Accounting standards update 2016-01 [Member]

6.8

19.1

(8.4)

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

Cumulative effect of adopting new accounting guidance

0.0

Currency translation adjustments [Member] | Consolidated T. Rowe Price investment products - variable interest entities [Member] | Accounting standards update 2018-02, currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

4.1

Total accumulated other comprehensive income [Member]

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

Cumulative effect of adopting new accounting guidance

^[2]

(3.6)

11.5

86.6

(32.5)

Other comprehensive income (loss) before reclassifications and income taxes

^[2]

(13.8)

54.1

(33.8)

85.2

(15.6)

Reclassification adjustments recognized in non-operating income

(3.6)

(110.3)

(55.2)

(37.4)

(25.1)

(70.8)

9.2

10.0

28.2

^[2]

(28.2)

(15.1)

(42.6)

Total accumulated other comprehensive income [Member] | Accounting standards update 2016-01 [Member]

^[2]

(42.0)

(3.6)

11.5

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

Cumulative effect of adopting new accounting guidance

^[1],[2]

(7.9)

Total accumulated other comprehensive income [Member] | Accounting standards update 2018-02, currency translation adjustments [Member]

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

Cumulative effect of adopting new accounting guidance

^[2]

(2.3)

Total accumulated other comprehensive income [Member] | Accounting standards update 2018-02, available for sale securities [Member]

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

Cumulative effect of adopting new accounting guidance

^[1]

1.7

Retained earnings [Member]

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

4,932.9

4,293.6

3,970.7

4,957.6

$ 3,994.2