0001113169-22-000005 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 1,523.1	$ 2,151.7
Accounts receivable and accrued revenue	1,058.3	863.1
Investments	2,975.5	3,250.8
Assets of consolidated T. Rowe Price investment products ($1,761.5 million at December 31, 2021 and $2,497.4 million at December 31, 2020, related to variable interest entities)	1,962.8	2,695.5
Operating lease assets	201.2	117.6
Property, equipment and software, net	736.2	695.4
Intangible assets	913.4	0.0
Goodwill	2,693.2	665.7
Other assets	445.3	219.2
Total assets	12,509.0	10,659.0
LIABILITIES
Accounts payable and accrued expenses	431.0	187.7
Liabilities of consolidated T. Rowe Price investment products ($36.2 million at December 31, 2021 and $47.7 million at December 31, 2020, related to variable interest entities)	51.5	57.7
Operating lease liabilities	249.2	154.1
Accrued compensation and related costs	256.8	133.6
Supplemental savings plan liability	882.6	772.2
Contingent consideration liability	306.3	0.0
Income taxes payable	77.9	85.0
Total liabilities	2,255.3	1,390.3
Commitments and contingent liabilities
Redeemable non-controlling interests	982.3	1,561.7
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value—authorized and unissued 20,000,000 shares	0.0	0.0
Common stock, $.20 par value—authorized 750,000,000; issued 229,175,000 shares at December 31, 2021 and 227,965,000 at December 31, 2020	45.8	45.6
Additional capital in excess of par value	919.8	654.6
Retained earnings	8,083.6	7,029.8
Accumulated other comprehensive loss	(26.5)	(23.0)
Total stockholders' equity attributable to T. Rowe Price Group, Inc.	9,022.7	7,707.0
Non-controlling interests in consolidated entities	248.7	0.0
Total permanent stockholders' equity	9,271.4	7,707.0
Total liabilities, redeemable non-controlling interests and permanent stockholders’ equity	$ 12,509.0	$ 10,659.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets of consolidated T. Rowe Price investment products	$ 1,962.8	$ 2,695.5
Liabilities Of Voting Interest Entities And Variable Interest Entities	$ 51.5	$ 57.7
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	229,175,000	227,965,000
VIE
Assets of consolidated T. Rowe Price investment products	$ 1,761.5	$ 2,497.4
Liabilities Of Voting Interest Entities And Variable Interest Entities	$ 36.2	$ 47.7

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Net revenues	$ 7,671.9	$ 6,206.7	$ 5,617.9
Operating expenses
Compensation and related costs	2,383.0	2,182.4	1,969.2
Distribution and servicing costs	373.9	278.5	262.5
Advertising and promotion	100.2	83.7	96.8
Product and recordkeeping related costs	236.3	155.5	153.2
Technology, occupancy, and facility costs	484.9	444.8	427.3
General, administrative, and other	383.6	316.1	321.9
Total operating expenses	3,961.9	3,461.0	3,230.9
Net operating income	3,710.0	2,745.7	2,387.0
Non-operating income
Net gains on investments	215.8	246.8	260.4
Net gains (losses) on consolidated investment products	74.7	251.7	272.9
Other income (loss)	(5.9)	(2.0)	7.0
Total non-operating income	284.6	496.5	540.3
Income before income taxes	3,994.6	3,242.2	2,927.3
Provision for income taxes	896.1	718.9	678.4
Net income	3,098.5	2,523.3	2,248.9
Less: net income (loss) attributable to redeemable non-controlling interests	15.6	150.6	117.6
Net income attributable to T. Rowe Price Group	$ 3,082.9	$ 2,372.7	$ 2,131.3
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 13.25	$ 10.08	$ 8.82
Diluted (in dollars per share)	$ 13.12	$ 9.98	$ 8.70
Investment advisory fees
Revenues
Net revenues	$ 7,098.1	$ 5,693.1	$ 5,112.5
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 573.8	$ 513.6	$ 505.4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 3,098.5	$ 2,523.3	$ 2,248.9
Currency translation adjustments:
Other comprehensive income (loss) before income taxes	(33.1)	66.7	(1.1)
Net deferred tax benefits	3.4	(11.8)	0.5
Total other comprehensive income (loss)	(29.7)	54.9	(0.6)
Total comprehensive income	3,068.8	2,578.2	2,248.3
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(10.6)	185.5	118.0
Comprehensive income attributable to T. Rowe Price Group	3,079.4	2,392.7	2,130.3
Consolidated T. Rowe Price investment products - variable interest entities
Currency translation adjustments:
Consolidated Investments	(37.7)	57.8	(3.4)
Reclassification adjustment	(2.4)	(0.7)	(0.1)
Total currency translation adjustments	(40.1)	57.1	(3.5)
Equity method investments
Currency translation adjustments:
Consolidated Investments	7.0	2.1	2.4
Reclassification adjustment	0.0	7.5	0.0
Total currency translation adjustments	$ 7.0	$ 9.6	$ 2.4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 3,098.5	$ 2,523.3	$ 2,248.9
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	204.8	189.6	190.8
Stock-based compensation expense	274.6	246.2	206.6
Net gains recognized on other investments	(122.5)	(189.6)	(176.3)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability	(85.7)	(142.9)	(126.0)
Net change in securities held by consolidated T. Rowe Price investment products	14.9	(798.8)	(930.9)
Other changes in assets and liabilities	67.4	91.1	109.6
Net cash provided by operating activities	3,452.0	1,918.9	1,522.7
Cash flows from investing activities
Purchases of T. Rowe Price investment products	(48.0)	(272.4)	(239.7)
Dispositions of T. Rowe Price investment products	1,625.8	454.1	131.4
Net cash of T. Rowe Price investment products on consolidation (deconsolidation)	(16.9)	(53.9)	(18.4)
Additions to property and equipment	(239.1)	(214.6)	(204.6)
Acquisition, net of cash acquired	(2,450.8)	0.0	0.0
Other investing activity	30.9	50.5	6.8
Net cash used in investing activities	(1,098.1)	(36.3)	(324.5)
Cash flows from financing activities
Repurchases of common stock	(1,138.5)	(1,201.9)	(705.8)
Common share issuances under stock-based compensation plans	(81.6)	3.9	83.3
Dividends paid to common stock and equity-award holders	(1,701.9)	(845.8)	(733.9)
Net subscriptions (redemptions) from redeemable non-controlling interest holders	(66.8)	557.5	523.7
Net cash used in financing activities	(2,988.8)	(1,486.3)	(832.7)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	2.6	1.9	(2.5)
Net change in cash and cash equivalents during period	(632.3)	398.2	363.0
Cash and cash equivalents at beginning of year	2,256.5	1,858.3	1,495.3
Cash and cash equivalents at end of year	$ 1,624.2	$ 2,256.5	$ 1,858.3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 1,624.2	$ 2,256.5	$ 1,858.3	$ 1,495.3
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 101.1	$ 104.8	$ 76.5	$ 70.1

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

Total

Restricted shares

Restricted stock units

Total stockholders’ equity attributable to T. Rowe Price Group, Inc.

Restricted shares

Total stockholders’ equity attributable to T. Rowe Price Group, Inc.

Restricted stock units

Common stock

Restricted shares

Common stock

Restricted stock units

Additional capital in excess of par value

Restricted shares

Additional capital in excess of par value

Restricted stock units

Retained earnings

AOCI

^[1]

Non-controlling interests in consolidated entities

Beginning balances (in shares) at Dec. 31, 2018

238,069,000

Beginning balances at Dec. 31, 2018

$ 6,124.3

$ 47.6

$ 654.6

$ 5,464.1

$ (42.0)

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

Net income

2,131.3

Other comprehensive income (loss), net of tax

(1.0)

Dividends declared

(733.6)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

2,924,000

Shares issued upon option exercises

148.5

$ 0.6

147.9

Stock issued, restricted stock award, net of shares withheld for taxes (in shares)

(41,000)

1,245,000

Stock issued, restricted stock award, net of shares withheld for taxes

$ (5.9)

$ (59.3)

$ 0.2

$ (5.9)

$ (59.5)

Forfeiture of restricted awards (in shares)

(10,000)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

206.6

Restricted stock units issued as dividend equivalents

0.0

0.2

(0.2)

Common shares repurchased (in shares)

(6,973,000)

Common shares repurchased

(708.8)

$ (1.4)

(289.3)

(418.1)

Ending balances (in shares) at Dec. 31, 2019

235,214,000

Ending balances at Dec. 31, 2019

7,102.1

$ 47.0

654.6

6,443.5

(43.0)

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

740.3

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

117.6

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

0.4

Net subscriptions into/ redemption from T. Rowe Price investment products

530.3

Net deconsolidations of T. Rowe Price investment products

(267.6)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2019

1,121.0

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

Net income

2,372.7

Other comprehensive income (loss), net of tax

20.0

Dividends declared

(846.1)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

2,194,000

Shares issued upon option exercises

96.0

$ 0.5

95.5

Stock issued, restricted stock award, net of shares withheld for taxes (in shares)

8,000

1,457,000

Stock issued, restricted stock award, net of shares withheld for taxes

0.0

(91.7)

$ 0.3

(92.0)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

246.2

Restricted stock units issued as dividend equivalents

0.0

0.3

(0.3)

Common shares repurchased (in shares)

(10,908,000)

Common shares repurchased

(1,192.2)

$ (2.2)

(250.0)

(940.0)

Ending balances (in shares) at Dec. 31, 2020

227,965,000

Ending balances at Dec. 31, 2020

7,707.0

$ 7,707.0

$ 45.6

654.6

7,029.8

(23.0)

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

150.6

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

34.9

Net subscriptions into/ redemption from T. Rowe Price investment products

563.3

Net deconsolidations of T. Rowe Price investment products

(308.1)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2020

1,561.7

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

Net income

3,082.9

Other comprehensive income (loss), net of tax

(3.5)

Dividends declared

(1,003.5)

Special cash dividend declared ($3.00 per share)

$ (699.5)

(699.5)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

1,533,084

1,206,000

Shares issued upon option exercises

$ 47.0

47.0

$ 0.2

46.8

Stock issued, restricted stock award, net of shares withheld for taxes (in shares)

6,000

1,492,000

Stock issued, restricted stock award, net of shares withheld for taxes

$ 0.0

(127.7)

$ 0.0

$ (127.7)

$ 0.3

(128.0)

Forfeiture of restricted awards

0.0

Stock-based compensation expense

274.6

Restricted stock units issued as dividend equivalents

(0.1)

0.6

(0.7)

Common shares repurchased (in shares)

(5,941,000)

Common shares repurchased

(1,136.0)

$ (1.2)

(809.4)

(325.4)

Common shares issued for acquisition (in shares)

4,447,000

Common shares issued for acquisition

$ 881.5

$ 0.9

$ 880.6

Non-controlling interests

248.7

$ 248.7

Ending balances (in shares) at Dec. 31, 2021

229,175,000

Ending balances at Dec. 31, 2021

9,271.4

$ 9,022.7

$ 45.8

$ 919.8

$ 8,083.6

$ (26.5)

$ 248.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

15.6

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

(26.2)

Net subscriptions into/ redemption from T. Rowe Price investment products

(67.7)

Net deconsolidations of T. Rowe Price investment products

(501.1)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2021

$ 982.3

[1]	Accumulated other comprehensive income

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 4.32	$ 3.60	$ 3.04
Special dividends declared (in dollars per share)	$ 3.00

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
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"), subadvised funds, separately managed accounts, collective investment trusts, and other T. Rowe Price products. The other T. Rowe Price products include: open-ended investment products offered to investors outside the U.S. and products offered through variable annuity life insurance plans in the U.S. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that have common ownership (collectively, "OHA"). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). The acquisition accelerates our expansion into alternatives investment markets and complements our existing global platform and ongoing strategic initiatives in our core investments and distribution capabilities. OHA and its advisory affiliates provide investment advisory, asset management and other advisory services primarily to affiliated private investment funds and private accounts investing in leveraged loans, high yield bonds, structured products, private lending, distressed securities and turnaround investments. T. Rowe Price Group, Inc. recorded the assets acquired and liabilities assumed at their acquisition date fair values on its consolidated balance sheets as of the close date. Further, T. Rowe Price Group, Inc. did not record any 2021 OHA financial results in its consolidated statements of income or comprehensive income as the OHA activity between the closing date and December 31, 2021 was deemed immaterial. 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. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Business Combinations We account for business combinations under the acquisition method of accounting, whereby we recognize assets acquired and liabilities assumed, including separately identified intangible assets, contingent liabilities, and non-controlling interests, based on the fair value estimates as of the date of the acquisition. Any excess purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. 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 a 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. In addition, in connection with the OHA acquisition, we acquired a majority of the carried interest entities. These carried interest entities are considered VIEs and T. Rowe Price is determined to be the primary beneficiary. The total assets, liabilities, and non-controlling interests of these consolidated VIEs as of December 31, 2021 were $692.7 million, $56.4 million, and $248.7 million, respectively. Further, these carried interest entities hold general partner interests in affiliated private investment funds that are VIEs, though these carried interest entities were determined to not be the primary beneficiary, and therefore, these affiliated private investment funds are not consolidated. 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 interests are 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. Non-controlling interests in consolidated entities As a result of the OHA acquisition, we recognized non-controlling interests in the consolidated carried interest entities and present it as a component of permanent equity in our consolidated balance sheets. The non-controlling interests represent the minority interest held by limited partnerships controlled by employees, one of which is a member of our Board of Directors. Beginning in 2022, income (loss) will be allocated to these non-controlling interests based on the carried interest entity contractual arrangements that govern the allocation of income (loss), such as net income allocable to T. Rowe Price. 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. 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. Investments in affiliated private investment funds The investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds with disproportionate allocation of income or capital allocation-based arrangements that are accounted for as financial instruments under ASC 323, Investments – Equity Method and Joint Ventures ("ASC 323") since the general partner has significant governance rights in the investment funds in which it invests, which demonstrate significant influence. Held to Maturity As part of the acquisition of OHA, we acquired investments in rated notes of certain European collateralized loan obligation funds. We have designated these rated notes as held-to-maturity and will carry them on the balance sheet at amortized cost. At December 31, 2021, these investments were recorded at their acquisition date fair value in accordance with ASC 805 - Business Combinations. 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 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. Leases We review new arrangements at inception to evaluate whether we have the right to obtain substantially all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives received and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as an implicit rate cannot be readily determinable from any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability. We recognize operating lease expense on a straight-line basis over the lease term as part of technology, occupancy, and facility costs in our consolidated statements of income. Property, equipment and software Property, equipment and software 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, 33 years; leasehold improvements, 8 years; and furniture and other equipment, 6 years. Intangible assets Intangible assets acquired in the OHA acquisition consist primarily of investment advisory agreements and a trade name. The fair values of the acquired investment advisory agreements are based on the net present value of estimated future cash flows attributable to the agreements, which include significant assumptions about revenue growth rate, discount rate and effective tax rate. The investment advisory agreement intangible assets will be amortized using the straight-line method over their estimated useful lives unless the asset is determined to have an indefinite life as there is no foreseeable limit on the contract period. The weighted average useful life of definite-lived intangibles assets is approximately 6.1 years. The trade name fair value is determined using the relief from royalty method based on net present value of estimated cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. Additionally, we identified the trade name intangible asset as indefinite-lived as there is no foreseeable limit on the use of the OHA name. Indefinite-lived intangible assets are tested for impairment annually or more frequently when an event occurs or circumstances change that more likely than not reduce the fair value of the indefinite-lived intangible asset below its carrying value. Definite-lived intangible assets are tested when there is an indication of impairment. Impairment is indicated when the carrying value of the asset is not recoverable and exceeds its fair value. If indicators are present, we perform a recoverability test by comparing the estimated undiscounted future cash flows attributable to the asset group in question to the asset group’s carrying amount. If the undiscounted estimated future cash flows are less than the carrying amount of the asset, the asset’s cost is adjusted to fair value and an impairment loss is recognized. 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 segment and reporting unit - our investment advisory business. With the completion of the acquisition of OHA in December 2021, we are currently evaluating the impact that OHA will have on our business reporting and goodwill impairment analysis. 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. We recognize performance-based incentive fees in connection with the investment advisory agreements from certain separately managed and subadvised accounts. We are entitled to receive performance-based incentive fees when the return on investment assets exceeds a certain benchmark return. In such arrangements, these incentive fees are recognized at the end of the measurement period when the performance benchmark or contractual outperformance has been achieved. Performance-based incentive fees are considered a form of variable consideration, and as such these fees are subject to potential reversal up until the end of the measurement period (which is generally one year) when the performance-based incentive fees become fixed, determinable, and are not subject to significant reversal. There are no significant judgments made when determining the performance-based incentive fees. Beginning in 2022, investment advisory fees will also include fees earned from affiliated private investment funds or private accounts that are determined either monthly or quarterly and are generally based on the fund’s or account's net asset value or invested capital. Investment advisory fees earned from CLOs include senior collateral management fees and subordinated collateral management fees, which are generally determined quarterly based on the sum of collateral principal amounts and the aggregate principal amount of all defaulted obligations. If amounts distributable on any payment date are insufficient to pay the collateral management fee according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. 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; trust services; and non-discretionary advisory services through model delivery. 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. 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 share 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 4 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. We also recognize the corresponding costs paid to the third-party financial intermediaries that distribute these funds' share classes within the distribution and servicing costs line of the consolidated statements of income. The fee revenue that we recognize from the funds and the expense that we recognize for the fees paid to third-party intermediaries are equal in amount and, therefore, do not impact our net operating income. Capital allocation-based income Beginning in 2022, we will record income earned from investments in affiliated private investment funds with capital allocation-based arrangements that are accounted for under ASC 323 based on the proportionate share of the income or loss of the fund assuming the fund was liquidated as of each reporting date pursuant to each investment fund's governing agreements. Accordingly, this income, also known as carried interest, is accounted for outside of the scope of ASC 606. 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 (2020 Long-Term Incentive Plan, 2012 Long-Term Incentive Plan, and 2004 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, 2021, a total of 11,584,645 shares were available for future grant under the 2020 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 stockholders and restricted stock unit holders 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. 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. 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.

ACQUISITION

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

ACQUISITION.

As discussed in Note 1, on December 29, 2021, T. Rowe Price Group, Inc. and certain wholly owned subsidiaries completed the acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that have common ownership (collectively, "OHA").

The upfront purchase consideration transferred included cash consideration of $2,487.4 million, and 4.4 million shares of common stock valued at $881.5 million. The upfront purchase consideration included the retirement of $217.1 million of OHA debt. The consideration transferred is subject to customary working capital and escrow settlements in the post-combination period. The equity consideration transferred is restricted from sale for one year. In addition, contingent consideration in the amount of up to $900.0 million in cash may be due as part of an earnout payment starting in 2025 and ending in 2027, upon satisfying or exceeding certain defined revenue targets. These defined revenue targets are evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend two additional years if the defined revenue targets are not achieved. The earnout amount will be subject to a proportional reduction if OHA's actual revenue at the end of the earnout period does not meet the defined revenue targets and could result in no earnout payout if OHA's actual revenue falls below 75% of the defined revenue target. About 22% of the earnout is conditioned upon continued service with T. Rowe Price and is excluded from the purchase consideration transferred as further discussed in Compensation Arrangements below. A Monte Carlo simulation was used to determine the fair value of the earnout. The portion of the earnout which is not conditioned upon continued service with T. Rowe Price had a fair value of $306.3 million and is recorded as a contingent consideration liability in our 2021 consolidated balance sheet.

The acquisition met the requirements to be considered a business combination under ASC 805 - Business Combinations and was accounted for using the acquisition method of accounting. Accordingly, the purchase price consideration was allocated to the assets acquired, including separately identified intangibles, and liabilities assumed based on their estimated fair values as of the acquisition date. Any excess of the purchase price over the fair value of the identifiable assets and liabilities is recorded as goodwill. Approximately $1.2 billion of the goodwill generated by the acquisition is deductible in future periods for U.S. federal income tax purposes. The remaining goodwill is not deductible for tax purposes. The non-deductible goodwill is part of a tax basis difference associated with our investment in OHA, and, as permitted by accounting guidance, we have adopted an accounting policy to not record a related deferred tax liability.

In addition to the upfront and contingent consideration, we also assumed debt of $113.5 million and identified non-controlling interests in acquired consolidated entities of $248.7 million. See below for a summary of the total purchase consideration transferred at closing and the total purchase consideration allocated.


(in millions)
Cash consideration	$	2,487.4
Contingent consideration	306.3
Equity consideration	881.5
Debt assumed	113.5
Non-controlling interests in consolidated entities	248.7
Total purchase consideration at closing	4,037.4
Less: cash payment treated as future compensation expense(1)	(283.2)
Total purchase consideration transferred	$	3,754.2

(1) See discussion in Compensation Arrangement section below. The amount is included within “Other Assets” on our consolidated balance sheet.

The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. The following table sets forth the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition:


(in millions)	Acquisition date fair value
Cash and cash equivalents	$	22.1
Accounts receivable and accrued revenue	122.2
Investments	891.0
Property, equipment and software, net	22.4
Operating lease asset	101.5
Intangible assets	913.4
Goodwill	2,027.5
Other assets	27.2
Total assets	4,127.3

Accounts payable and accrued expenses	$	133.3
Operating lease liability	114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet	125.7

Total liabilities assumed	373.1
Total purchase consideration	$	3,754.2

The fair values of the acquired assets and liabilities assumed were determined using level 3 inputs. The fair value of the intangible assets and certain investments in affiliated private investment funds where we earn a carried interest were determined using net present value of estimated future cash flows. The acquired book values of the remaining assets and liabilities approximated their fair values.

As part of the acquisition, T. Rowe Price Group, Inc. incurred approximately $31.9 million of acquisition-related costs that are included in general, administrative and other expenses in our 2021 consolidated statement of income.

GOODWILL AND INTANGIBLE ASSETS

Goodwill is comprised of future benefits for T. Rowe Price from the OHA acquisition, which do not qualify as separately recognized intangible assets. With the completion of the acquisition of OHA in December 2021, we are currently evaluating the impact that OHA will have on our segment reporting and goodwill impairment analysis.

The intangible assets include an indefinite-lived trade name of $134.7 million and both indefinite- and definite-lived investment advisory agreements totaling $778.7 million.

See Note 10 for more details on goodwill and the intangible assets.

INVESTMENTS

As part of the OHA acquisition, investments in affiliated private investment funds have been recorded at fair value of $761.1 million as of the acquisition date. The difference of $375.0 million between the carrying value of these investments on OHA’s books and their fair value represent the basis difference, of which $306.5 million will be amortized on a straight-line basis over the funds’ estimated weighted average remaining life of 5.9 years. This amortization will be included in “Net revenues” in the consolidated statements of income in future periods. Since T. Rowe Price acquired the majority, but not 100% of the equity interest in these carried interest entities, non-controlling interests have been recorded in permanent stockholders' equity at a fair value of $248.7 million as of the acquisition date. The fair value of these non-controlling interests include a basis difference of $154.3 million, of which $129.1 million is attributable to funds with a definite life and will be amortized on a straight-line basis over the funds’ estimated weighted average remaining life of 5.9 years. The non-controlling interests are held by employees that participate in the management of the investments in affiliated private investment funds and therefore profit and

loss allocations will be reflected as compensation expense in the consolidated statements of income. Accordingly, the future basis difference amortization will also be included in “Compensation and related costs” line in the consolidated statements of income.

COMPENSATION ARRANGEMENTS

In connection with the OHA acquisition, a portion of the upfront purchase consideration and future payments to sellers or employees related to other compensation arrangements are conditioned upon continued service or a future performance period. These arrangements are treated as post-combination compensation expense recognized over a period of three to five years, and had an aggregate fair value of $459.9 million as of the acquisition closing date. These arrangements include an agreement among certain sellers whereby $283.2 million of their upfront purchase consideration would be forfeited and redistributed among the other sellers who are party to the agreement if employment with T. Rowe Price or an affiliate was voluntarily terminated prior to the fifth anniversary of the acquisition date. Additionally, these arrangements include about 22% of the total earnout with a fair value of $88.2 million as of December 31, 2021, and $58.3 million in retention bonuses that will be paid to certain employees of OHA following the completion of a service period. The aggregate fair value of $459.9 million also includes an agreement, referred to as the Value Creation Agreement, whereby certain employees of OHA will receive incentive payments in the aggregate equal to 10% of the appreciated value of the OHA business, subject to an annualized preferred return to T. Rowe Price, on the fifth anniversary of the acquisition date. The fair value of the earnout and Value Creation Agreement will be remeasured each reporting period and recognized over the related service periods. Due to the timing of the OHA acquisition, no compensation expense related to these arrangements is included in our consolidated statements of income for the year ended December 31, 2021.

CASH FLOW INFORMATION

For cash flow reporting purposes, there were non-cash financing activities of $881.5 million for the issuance of T. Rowe Price Group, Inc. common stock as part of the purchase consideration and non-cash investing activities of $306.3 million related to the contingent consideration for the earnout.

PRO FORMA SUMMARY

The following unaudited pro forma summary presents combined results of operations of T. Rowe Price Group, Inc. as if the OHA acquisition had occurred on January 1, 2020. The pro forma adjustments include acquisition-related costs and adjustments to intangible amortization expense. These pro forma results are not indicative of results of operations that would have been achieved had the acquisition occurred on January 1, 2020, nor are they indicative of future results of operations of the combined entity.


	Pro forma years ended (unaudited)
(in millions)	12/31/2021		12/31/2020
Revenue	$	8,162	$	6,479
Net income	$	3,016	$	2,241

CASH EQUIVALENTS	12 Months Ended
CASH EQUIVALENTS	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS	CASH EQUIVALENTS.Cash equivalent investments in the T. Rowe Price money market mutual funds aggregate to $1,183.9 million at December 31, 2021, and $1,931.1 million at December 31, 2020. Dividends earned on these investments totaled $0.3 million in 2021, $4.2 million in 2020, and $33.3 million in 2019.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019, under agreements with clients include:


	2021
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	4,388.9	$	333.4	$	120.3	$	4,842.6
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,709.2		—		—		2,709.2
Other clients	—		120.1		—		120.1
	$	7,098.1	$	453.5	$	120.3	$	7,671.9

	2020
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	3,639.9	$	291.3	$	111.3	$	4,042.5
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,053.2		—		—		2,053.2
Other clients	—		111.0		—		111.0
	$	5,693.1	$	402.3	$	111.3	$	6,206.7

	2019
			Administrative, distribution, and servicing fees
(in millions)	Investment Advisory Fees		Administrative Fees		Distribution and servicing fees		Net Revenues
U.S. mutual funds	$	3,452.5	$	281.8	$	120.0	$	3,854.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	1,660.0		—		—		1,660.0
Other clients	—		103.6		—		103.6
	$	5,112.5	$	385.4	$	120.0	$	5,617.9

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


(in millions)	2021		2020		2019
U.S. mutual funds
Equity	$	3,118.5	$	2,440.4	$	2,219.1
Fixed income, including money market	245.2		266.5		280.1
Multi-asset	1,025.2		933.0		953.3
	4,388.9		3,639.9		3,452.5
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity and blended assets	1,781.4		1,326.3		1,033.4
Fixed income, including money market	164.6		149.3		153.7
Multi-asset	763.2		577.6		472.9
	2,709.2		2,053.2		1,660.0
Total	$	7,098.1	$	5,693.1	$	5,112.5

The following table summarizes the investment portfolios and assets under management on which we earned investment advisory fees. The assets under management as of December 31, 2021, in the table below, excludes fee-basis assets under management of $46.9 billion acquired as part of the OHA acquisition.


(in billions)	Average during						As of December 31,
	2021		2020		2019		2021		2020
U.S. mutual funds
Equity	$	540.4	$	417.0	$	376.3	$	553.9	$	498.6
Fixed income, including money market	86.4		76.8		72.0		85.3		79.4
Multi-Asset	229.8		193.9		192.1		232.2		216.6
	856.6		687.7		640.4		871.4		794.6
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	431.6		321.3		257.3		438.8		397.2
Fixed income, including money market	91.3		82.1		79.5		85.2		89.3
Multi-Asset	219.8		156.8		132.1		245.5		189.4
	742.7		560.2		468.9		769.5		675.9
Total	$	1,599.3	$	1,247.9	$	1,109.3	$	1,640.9	$	1,470.5

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 9.9% and 9.3% of our assets under management at December 31, 2021 and 2020, respectively. The percentage at December 31, 2021 reflects the assets under management from OHA's clients outside the United States.

Total net revenues earned from T. Rowe Price investment products totaled $6,259.3 million in 2021, $5,044.3 million in 2020, and $4,626.3 million in 2019. Accounts receivable from these products aggregate to $577.9 million at December 31, 2021 and $523.4 million at December 31, 2020.

INVESTMENTS

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of investments that are not part of the consolidated T. Rowe Price investment products at December 31 are as follows:


(in millions)	2021		2020

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	518.7	$	1,647.7
Seed capital	264.8		169.5
Supplemental savings plan liability economic hedges	881.5		768.1
Investment partnerships and other investments	108.9		95.1
Investments in affiliated collateralized loan obligations	10.8		—
Equity method investments
T. Rowe Price investment products
Discretionary investments	—		242.9
Seed capital	141.7		178.6

Investment in UTI Asset Management Company Limited (India)	165.4		145.5
Investments in affiliated private investment funds - carried interest	609.8		—
Investments in affiliated private investment funds - seed/co-investment	151.3		—
Other investment partnerships and investments	2.5		2.4
Held to maturity
Investments in affiliated collateralized loan obligations(1)	119.1		—
U.S. Treasury note	1.0		1.0
Total	$	2,975.5	$	3,250.8

(1) These investments were acquired as part of the OHA acquisition. As of December 31, 2021, these investments are recorded at their acquisition date fair value but will be accounted for as held-to-maturity going forward.

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

During 2021, we recognized $63.6 million of net unrealized gains on investments held at fair value that were still held at December 31, 2021. For 2020, we recognized $142.7 million of net unrealized gains on investments held at fair value that were still held at December 31, 2020. For 2019, we recognized $105.4 million of net unrealized gains on investments held at fair value that were still held at December 31, 2019.

Dividends, including capital gain distributions, earned on the T. Rowe Price investment products held at fair value, totaled $90.2 million in 2021, $50.8 million in 2020, and $50.6 million in 2019.

During each of the last three years, 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 2020 and 2019, 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)	2021		2020		2019
Net decrease in assets of consolidated T. Rowe Price investment products	$	(753.0)	$	(546.1)	$	(380.5)
Net decrease in liabilities of consolidated T. Rowe Price investment products	$	(17.6)	$	(10.5)	$	(15.0)
Net decrease in redeemable non-controlling interests	$	(501.1)	$	(308.1)	$	(267.6)

Gains recognized upon deconsolidation	$	2.4	$	.7	$	.1

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.

In October 2020, UTI Asset Management Company Limited (India), one of our equity method investments, held an initial public offering in India. As part of the offering, we sold a portion of our 26% interest and recorded a net gain on the sale of approximately $2.8 million in the fourth quarter of 2020. Subsequent to the sale, we have an ownership interest of 23% in UTI Asset Management Company Limited (India).

INVESTMENTS IN AFFILIATED PRIVATE INVESTMENT FUNDS.

We acquired investments in certain OHA affiliated private investment funds that are recorded at their acquisition fair value of $761.1 million as of December 31, 2021 and reported in investments in our 2021 consolidated balance sheet. For the carried interest investments, we will recognize an allocable share of net profits as determined by the underlying limited partnership agreements in net revenues in future consolidated statements of income. For seed/ co-investments, we will recognize income from these investments in non-operating income in future consolidated statements of income.

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

As part of the OHA acquisition, we acquired long-term investments in collateralized loan obligations ("CLOs") and assumed debt associated with these investments. We recorded these investments at their acquisition date fair values. The European CLOs, which were valued at $129.9 million at December 31, 2021, invest in 5% vertical strips in each class of rated notes and subordinated notes. Certain investments in the debt tranches of the CLOs will be subsequently measured at amortized cost as investments held to maturity and included in investments in our consolidated balance sheets. The subordinated note tranches of these investments are accounted for as equity method investments and our allocable share of income will be included in non-operating income (loss) in the consolidated statements of income beginning in 2022. Certain of the investments in the debt tranches of the CLOs have been pledged as collateral against the repurchase agreements.

The debt assumed was valued at $113.5 million at December 31, 2021, and is reported in accounts payable and accrued expenses of the consolidated balance sheet. The debt assumed includes outstanding repurchase agreements of €66.7 million (equivalent to $75.9 million at the December 31, 2021 EUR spot rate) that are collateralized by our CLO investment. Interest income on the underlying investments accrues quarterly and those amounts are retained by the counterparty. Interest expense accrues quarterly, which is equal to the interest income retained by the counterparty, plus 0.5% per annum on the notes of the underlying pledged investments. We still hold the legal rights and obligations associated with the underlying assets and therefore continue to satisfy the United Kingdom risk retention requirements.

The debt we assumed also includes outstanding note facilities of €32.4 million (equivalent to $36.9 million at the December 31, 2021 EUR spot rate) that were entered into in connection with the financing of certain CLO investments and are collateralized by first priority security interests in the assets of the consolidated OHA entity that is party to the notes. These notes bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.70% to 1.95% as of December 31, 2021. The notes mature on various dates through 2032 or if the investment is paid back in full or cancelled, whichever is sooner. Payments are required on the debt when payments are received on the investments. Each deed contains covenants which, if not met, may cause the termination of the note facility and declare principal and interest immediately due and payable. The consolidated entity that is the party to the notes was in compliance with all such covenants at December 31, 2021.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2021 and 2020, 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)	2021		2020
Investment carrying values	$	182.2	$	144.7
Unfunded capital commitments	8.0		12.3
Receivable for investment advisory and administrative fees	22.9		13.8
	$	213.1	$	170.8

The unfunded capital commitments, totaling $8.0 million at December 31, 2021, and $12.3 million at December 31, 2020, 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.

In connection with the OHA acquisition, we acquired carried interest entities that hold general partner interests in affiliated private investment funds that are VIEs, though these carried interest entities were determined to not be the primary beneficiary. Our maximum risk of loss related to these affiliated investment funds are the investment carrying value of $761.1 million, the unfunded capital commitments of $86.2 million, and their receivable for investment advisory and performance-based incentive fees of $122.2 million.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

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. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments that are recognized in our consolidated balance sheets at December 31 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 7.


	2021				2020
(in millions)	Level 1		Level 2		Level 1		Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds	$	1,183.9	$	—	$	1,931.1	$	—
Discretionary investments	518.7				1,647.7		—
Seed capital	241.4		23.4		156.6		12.9
Supplemental savings plan liability economic hedges	881.5		—		768.1		—
Other investments	.7		.1		.5		.6
Total	$	2,826.2	$	23.5	$	4,504.0	$	13.5

At December 31, 2021, the reported investments held at fair value in Note 5 include $108.1 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.

As part of the acquisition of OHA, we recorded the assets acquired and liabilities assumed at the acquisition date fair value. See Note 2 for more information on the acquisition and the fair value of the assets acquired and liabilities assumed.

- 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, 2021

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 at December 31:


	2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8
Investments(2)	188.9		1,645.0		1,833.9		188.2		2,372.7		2,560.9
Other assets	5.1		22.7		27.8		2.8		27.0		29.8
Total assets	201.3		1,761.5		1,962.8		198.1		2,497.4		2,695.5
Liabilities	15.3		36.2		51.5		10.0		47.7		57.7
Net assets	$	186.0	$	1,725.3	$	1,911.3	$	188.1	$	2,449.7	$	2,637.8

Attributable to T. Rowe Price Group	$	125.3	$	803.7	$	929.0	$	130.7	$	945.4	$	1,076.1
Attributable to redeemable non-controlling interests	60.7		921.6		982.3		57.4		1,504.3		1,561.7
	$	186.0	$	1,725.3	$	1,911.3	$	188.1	$	2,449.7	$	2,637.8

(1) Cash and cash equivalents includes $6.5 million and $7.0 million at December 31, 2021 and 2020, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Investments include $42.5 million and $26.9 million at December 31, 2021 and 2020, 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 for the year ended December 31 as follows:


	2021						2020						2019
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(.6)	$	(11.6)	$	(12.2)	$	(1.6)	$	(14.8)	$	(16.4)	$	(2.2)	$	(12.5)	$	(14.7)
Net gains (losses) reflected in non-operating income	18.0		56.7		74.7		13.2		238.5		251.7		31.0		241.9		272.9
Impact on income before taxes	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3	$	28.8	$	229.4	$	258.2

Net income (loss) attributable to T. Rowe Price Group	$	11.4	$	35.5	$	46.9	$	11.6	$	73.1	$	84.7	$	21.3	$	119.3	$	140.6
Net income (loss) attributable to redeemable non-controlling interests	6.0		9.6		15.6		—		150.6		150.6		7.5		110.1		117.6
	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3	$	28.8	$	229.4	$	258.2

The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $5.5 million in 2021, $9.9 million in 2020, and $6.8 million in 2019, against the investment advisory and administrative fees earned from these products. The net gains (losses) 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.


	2021						2020						2019
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by operating activities	$	(135.3)	$	160.8	$	25.5	$	(155.4)	$	(401.3)	$	(556.7)	$	(7.2)	$	(663.6)	$	(670.8)
Net cash provided by (used in) investing activities	(11.9)		(5.0)		(16.9)		(23.4)		(30.5)		(53.9)		(7.1)		(11.3)		(18.4)
Net cash used in financing activities	147.4		(162.3)		(14.9)		176.0		461.0		637.0		5.7		692.4		698.1
FX impact on cash	—		2.6		2.6		—		1.9		1.9		—		(2.5)		(2.5)
Net change in cash and cash equivalents during period	.2		(3.9)		(3.7)		(2.8)		31.1		28.3		(8.6)		15.0		6.4
Cash and cash equivalents at beginning of year	7.1		97.7		104.8		9.9		66.6		76.5		18.5		51.6		70.1
Cash and cash equivalents at end of year	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8	$	9.9	$	66.6	$	76.5

The net cash provided by financing activities includes $51.9 million in 2021, $79.5 million in 2020 and $174.4 million in 2019, 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 as of December 31.


	2021				2020
(in millions)	Level 1		Level 2		Level 1		Level 2
Assets
Cash equivalents	$	6.5	$	.7	$	7.0	$	—
Equity securities	247.8		340.3		308.0		708.0
Fixed income securities	—		1,187.4		—		1,411.3
Other investments	5.7		52.7		2.6		131.0
	$	260.0	$	1,581.1	$	317.6	$	2,250.3

Liabilities	$	(.7)	$	(9.7)	$	(.4)	$	(18.8)

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

LEASES.

All of our leases are operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. In December 2020, we announced that we signed a letter of intent for a long-term lease for our global headquarters in a different downtown location in Baltimore, Maryland. We plan to relocate our operations from our East Pratt Street offices in 2024.

As of December 31, 2021, the weighted-average remaining lease term on our leases is approximately 9.1 years and the weighted-average discount rate used to measure the lease liabilities is 2.4%.

Operating lease expense was $32.5 million in 2021, $32.1 million in 2020, and $29.0 million in 2019. Charges related to our operating leases that are variable, including variable common area maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $9.6 million in 2021. We made lease payments of $36.6 million during 2021. Due to the timing of the closing of the acquisition of OHA on December 29, 2021, we have excluded operating lease expense and payments for 2021 from the disclosures above.

Our future undiscounted cash flows related to our operating leases, including operating leases associated with OHA, and the reconciliation to the operating lease liability as of December 31, 2021, are as follows:


(in millions)	2021
2021	$	41.7
2022	41.1
2023	50.6
2024	22.5
2025	11.7
Thereafter	106.5
Total future undiscounted cash flows	274.1
Less: imputed interest to be recognized in lease expense	(24.9)
Operating lease liabilities, as reported	$	249.2

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE.

Property, equipment and software at December 31 consists of:


(in millions)	2021		2020
Computer and communications software and equipment	$	1,293.5	$	1,113.1
Buildings and improvements	472.0		457.5
Leasehold improvements	196.4		169.2
Furniture and other equipment	205.6		193.3
Land	25.7		37.2

	2,193.2		1,970.3
Less accumulated depreciation and amortization	1,457.0		1,274.9
Total	$	736.2	$	695.4

Compensation and related costs attributable to the development of computer software for internal use, totaling $137.6 million in 2021, $125.9 million in 2020, and $95.5 million in 2019, have been capitalized.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:


(in millions)	As of December 31,
	2021		2020
Goodwill	$	2,693.2	$	665.7
Indefinite-lived intangible assets - trade name	134.7		—
Indefinite-lived intangible assets - investment advisory agreements	164.8		—
Definite-lived intangible assets - investment advisory agreements	613.9		—
Total	$	3,606.6	$	665.7

The estimated weighted average life for the definite-lived intangible assets is 6.1 years. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for 2022 through 2026 is $108.5 million for 2022, $108.1 million for 2023, $105.7 million for 2024, $105.0 million for 2025 and $87.7 million for 2026. Due to the timing of the acquisition of OHA, there was no amortization expense for acquisition intangible assets included in the consolidated statements of income for the year ended December 31, 2021.

Goodwill activity during the years ended December 31, 2021 and 2020, was as follows:


(in millions)	2021		2020
Balance, beginning of the year	$	665.7	$	665.7
Acquisition of OHA	2,027.5		—
Balance, end of year	$	2,693.2	$	665.7

For the goodwill held prior to the acquisition of OHA, 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.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES.

The provision for income taxes consists of:


(in millions)	2021		2020		2019
Current income taxes
U.S. federal	$	745.0	$	547.1	$	490.9
State and local	179.3		135.2		135.9
Foreign	28.1		22.9		18.3
Deferred income taxes (benefits)	(56.3)		13.7		33.3
Total	$	896.1	$	718.9	$	678.4

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)	2021		2020		2019
Property and equipment	$	11.8	$	15.6	$	3.0
Asset impairments	2.0		2.9		(2.4)


Stock-based compensation	(8.1)		1.8		4.5
Accrued compensation	(1.6)		(2.2)		1.3
Supplemental savings plan liability	(29.3)		(43.3)		(33.6)
Unrealized holding gains recognized in non-operating income	(26.1)		46.8		63.0
Other	(5.0)		(7.9)		(2.5)
Total deferred income taxes (benefits)	$	(56.3)	$	13.7	$	33.3

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


	2021		2020		2019
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%


State income taxes for current year, net of federal income tax benefits(1)	3.7		3.8		4.3
Net income attributable to redeemable non-controlling interests(2)	(.1)		(1.2)		(1.0)
Net excess tax benefits from stock-based compensation plans activity	(2.1)		(1.9)		(1.5)
Other items	(.1)		.5		.4
Effective income tax rate	22.4	%	22.2	%	23.2	%

(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.

(2) Net income attributable to redeemable non-controlling interests represents the portion of earnings held in the firm's consolidated investment products, which are not taxable to the firm despite being included in pre-tax income.

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


(in millions)	2021		2020
Deferred tax assets
Stock-based compensation	$	87.4	$	79.3
Asset impairments	5.4		7.4
Operating lease liabilities	24.3		34.9
Accrued compensation	9.1		7.5
Supplemental savings plan	190.2		160.9
Currency translation adjustment	2.0		.2
Other	24.6		13.5
	343.0		303.7

Deferred tax liabilities
Acquisition-related retention liability	(68.4)		—
Acquired Investments	(59.2)		—
Property and equipment	(76.7)		(64.9)
Operating lease assets	(24.3)		(34.9)
Net unrealized holding gains recognized in income	(104.8)		(130.9)

Other	(16.6)		(12.4)
	(350.0)		(243.1)
Net deferred tax (liability) asset	$	(7.0)	$	60.6

We intend to repatriate earnings of T. Rowe Price foreign subsidiaries to the U.S. in an amount not to exceed these subsidiaries' previously taxed earnings and profits ("PTEP"), which are estimated to be approximately $864 million at December 31, 2021. These earnings as well as our pro rata share of the earnings of foreign corporations in which T. Rowe Price owns 10% or more were subject to the repatriation tax enacted with the U.S. tax reform and are treated as PTEP. As such, we did not record a deferred tax liability with respect to the U.S. federal or foreign withholding taxes as the PTEP should not be taxed in these jurisdictions. We did recognize a state deferred tax liability of $0.8 million for the intended repatriation as states have varying rules on taxation of these amounts.

Other assets include tax refund receivables of $11.9 million at December 31, 2021, and $25.0 million at December 31, 2020.

Cash outflows from operating activities include net income taxes paid of $948.9 million in 2021, $643.0 million in 2020, and $677.3 million in 2019.

Additional income tax benefit arising from stock-based compensation plans activity totaling $82.7 million in 2021, $61.9 million in 2020, and $42.7 million in 2019 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)	2021		2020		2019
Balance at beginning of year	$	26.7	$	23.9	$	16.1
Changes in tax positions related to
Current year	8.9		7.7		8.1
Prior years	(1.0)		(2.6)		.5
Expired statute of limitations	(5.3)		(2.3)		(.8)
Balance at end of year	$	29.3	$	26.7	$	23.9

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 2021 and prior years will significantly change in 2022. The U.S. has concluded examinations related to federal tax obligations through the year 2019. A net interest payable related to our unrecognized tax benefits of $1.6 million at December 31, 2021, and $1.9 million at December 31, 2020, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS' EQUITY. SPECIAL DIVIDEND. On June 14, 2021, the Board of Directors declared a special cash dividend of $3.00 per common share, or $699.8 million, that was paid on July 7, 2021, to stockholders of record as of the close of business on June 25, 2021. SHARE REPURCHASES. The Board of Directors has authorized the future repurchase of up to 15,525,910 common shares as of December 31, 2021. Accounts payable and accrued expenses includes liabilities of $2.5 million at December 31, 2020 for common stock repurchases that settled during the first week of January 2021. RESTRICTED CAPITAL. Our consolidated stockholders' equity at December 31, 2021, includes about $361 million that is restricted as to use by various regulations and agreements arising in the ordinary course of our business.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS.

At December 31, 2021, a total of 20,226,619 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 1,320,803 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 2021.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2020	4,379,663	$	71.67

Exercised	(1,533,084)	$	69.44


Outstanding at December 31, 2021	2,846,579	$	72.87	2.5
Exercisable at December 31, 2021	2,846,579	$	72.87	2.5

Compensation and related costs includes a charge for stock option-based compensation expense of $2.0 million in 2020 and $5.1 million in 2019. There was no stock option-based compensation expense in 2021.

The total intrinsic value of options exercised was $177.2 million in 2021, $198.3 million in 2020, and $170.9 million in 2019. At December 31, 2021, the aggregate intrinsic value of in-the-money options outstanding was $352.3 million, all outstanding options are exercisable.

EFFECT OF SPECIAL CASH DIVIDEND.

As a result of the special cash dividend declared by the Board of Directors in June 2021, the anti-dilution provisions of our employee long-term incentive plans and non-employee director plans (collectively, the LTI plans) require an automatic adjustment to neutralize the effect of the special cash dividend. On the special cash dividend’s ex-dividend date (June 24, 2021), the number of shares authorized and the number of stock options outstanding and their exercise price were adjusted resulting in an increase of 50,607 stock options outstanding on the ex-dividend date, and no incremental compensation expense. In the table above, the number of options outstanding at December 31, 2020 was updated to reflect this adjustment.

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during 2021.


	Restricted shares	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2020	7,412	6,367,059	$	116.51
Time-based grants	5,720	1,596,036	$	203.87
Performance-based grants	—	66,845	$	204.22
Vested (value at vest date was $426.6 million)	(7,412)	(2,154,853)	$	104.05
Nonvested dividend equivalents granted to non-employee directors	—	3,515	$	193.49
Forfeited	—	(176,737)	$	117.24
Nonvested at December 31, 2021	5,720	5,701,865	$	146.87

Nonvested at December 31, 2021 includes performance-based restricted stock units of 346,081. These nonvested performance-based restricted units include 132,686 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 $274.6 million in 2021, $244.1 million in 2020, and $201.5 million in 2019.

At December 31, 2021, non-employee directors held 93,530 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, 2021. 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 2022	$	67.4
Second quarter 2022	64.6
Third quarter 2022	63.7
Fourth quarter 2022	54.9
Total 2022	250.6
2023 through 2027	232.6
Total	$	483.2

EARNINGS PER SHARE CALCULATIONS

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Net income attributable to T. Rowe Price Group	$	3,082.9	$	2,372.7	$	2,131.3
Less: net income allocated to outstanding restricted stock and stock unit holders	80.5		65.3		55.3
Net income allocated to common stockholders	$	3,002.4	$	2,307.4	$	2,076.0

Weighted-average common shares
Outstanding	226.6		228.8		235.4
Outstanding assuming dilution	228.8		231.2		238.6

For the past three years, no stock options have been excluded from the calculation of diluted earnings per common share as none of the options' inclusion would be anti-dilutive.

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	2.8	$	(10.3)	$	.5
Reclassification adjustment recognized upon partial disposition of equity method investment	—		(1.7)		—
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.6		.2		—







Total net deferred tax benefits	$	3.4	$	(11.8)	$	0.5

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		Total
Balances at December 31, 2018	$	(48.8)	$	6.8	$	(42.0)	$	(42.0)



Other comprehensive income (loss) before reclassifications and income taxes	2.4		(3.8)		(1.4)		(1.4)
Reclassification adjustments recognized in non-operating income	—		(.1)		(.1)		(.1)
	2.4		(3.9)		(1.5)		(1.5)
Net deferred tax benefits (income taxes)	(.5)		1.0		.5		.5
Other comprehensive income (loss)	1.9		(2.9)		(1.0)		(1.0)
Balances at December 31, 2019	(46.9)		3.9		(43.0)		(43.0)
Other comprehensive income (loss) before reclassifications and income taxes	2.1		22.9		25.0		25.0
Reclassification adjustments recognized in non-operating income	7.5		(.7)		6.8		6.8
	9.6		22.2		31.8		31.8
Net deferred tax benefits (income taxes)	(6.3)		(5.5)		(11.8)		(11.8)
Other comprehensive income (loss)	3.3		16.7		20.0		20.0
Balances at December 31, 2020	(43.6)		20.6		(23.0)		(23.0)



Other comprehensive income before reclassifications and income taxes	7.0		(11.5)		(4.5)		(4.5)
Reclassification adjustments recognized in non-operating income	—		(2.4)		(2.4)		(2.4)
	7.0		(13.9)		(6.9)		(6.9)
Net deferred tax benefits (income taxes)	(.1)		3.5		3.4		3.4
Other comprehensive income (loss)	6.9		(10.4)		(3.5)		(3.5)

Balances at December 31, 2021	$	(36.7)	$	10.2	$	(26.5)	$	(26.5)

The other comprehensive income (loss) in the table above excludes $(26.2) million in 2021, $34.9 million in 2020, and $0.4 million in 2019 of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $500 million to fund OHA products over the next five years. CONTINGENCIES. On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The lawsuit alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The matter has been certified as a class action. The parties reached a settlement agreement, which was presented to the court for preliminary approval on January 7, 2022. The proposed settlement would not be material to T. Rowe Price Group, Inc. In addition to the matter discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

OTHER DISCLOSURES	12 Months Ended
OTHER DISCLOSURES	Dec. 31, 2021
Other Disclosures [Abstract]
OTHER DISCLOSURES	OTHER DISCLOSURES. RETIREMENT PLANS. Compensation and related costs includes expense recognized for our defined contribution retirement plans of $124.2 million in 2021, $117.0 million in 2020, and $104.6 million in 2019. SUPPLEMENTAL SAVINGS PLAN. Through the 2020 plan year, 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. Beginning with the plan's 2021 year, the maximum that certain senior officers can defer will be the lesser of 50% of their annual cash incentive earned or $2 million. Additionally, the officers can now defer amounts for a minimum of five years rather than the two years prior to the plan's 2021 year. Previous to the 2021 plan year, the officer could initially defer these amounts for a period of two to 15 years. Certain senior officers elected to defer $63.5 million in 2021, $105.8 million in 2020, and $107.5 million in 2019

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States.
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	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.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.
Business Combinations	Business CombinationsWe account for business combinations under the acquisition method of accounting, whereby we recognize assets acquired and liabilities assumed, including separately identified intangible assets, contingent liabilities, and non-controlling interests, based on the fair value estimates as of the date of the acquisition. Any excess purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Consolidation	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 a 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. In addition, in connection with the OHA acquisition, we acquired a majority of the carried interest entities. These carried interest entities are considered VIEs and T. Rowe Price is determined to be the primary beneficiary. The total assets, liabilities, and non-controlling interests of these consolidated VIEs as of December 31, 2021 were $692.7 million, $56.4 million, and $248.7 million, respectively. Further, these carried interest entities hold general partner interests in affiliated private investment funds that are VIEs, though these carried interest entities were determined to not be the primary beneficiary, and therefore, these affiliated private investment funds are not consolidated. 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 interests are 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. Non-controlling interests in consolidated entities As a result of the OHA acquisition, we recognized non-controlling interests in the consolidated carried interest entities and present it as a component of permanent equity in our consolidated balance sheets. The non-controlling interests represent the minority interest held by limited partnerships controlled by employees, one of which is a member of our Board of Directors. Beginning in 2022, income (loss) will be allocated to these non-controlling interests based on the carried interest entity contractual arrangements that govern the allocation of income (loss), such as net income allocable to T. Rowe Price. 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 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	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. 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 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. Investments in affiliated private investment funds The investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds with disproportionate allocation of income or capital allocation-based arrangements that are accounted for as financial instruments under ASC 323, Investments – Equity Method and Joint Ventures ("ASC 323") since the general partner has significant governance rights in the investment funds in which it invests, which demonstrate significant influence. Held to Maturity As part of the acquisition of OHA, we acquired investments in rated notes of certain European collateralized loan obligation funds. We have designated these rated notes as held-to-maturity and will carry them on the balance sheet at amortized cost. At December 31, 2021, these investments were recorded at their acquisition date fair value in accordance with ASC 805 - Business Combinations.
Concentration of risk	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 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.
Leases	Leases We review new arrangements at inception to evaluate whether we have the right to obtain substantially all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives received and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as an implicit rate cannot be readily determinable from any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability. We recognize operating lease expense on a straight-line basis over the lease term as part of technology, occupancy, and facility costs in our consolidated statements of income.
Property, equipment and software	Property, equipment and software Property, equipment and software 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, 33 years; leasehold improvements, 8 years; and furniture and other equipment, 6 years.
Intangible assets	Intangible assets Intangible assets acquired in the OHA acquisition consist primarily of investment advisory agreements and a trade name. The fair values of the acquired investment advisory agreements are based on the net present value of estimated future cash flows attributable to the agreements, which include significant assumptions about revenue growth rate, discount rate and effective tax rate. The investment advisory agreement intangible assets will be amortized using the straight-line method over their estimated useful lives unless the asset is determined to have an indefinite life as there is no foreseeable limit on the contract period. The weighted average useful life of definite-lived intangibles assets is approximately 6.1 years. The trade name fair value is determined using the relief from royalty method based on net present value of estimated cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. Additionally, we identified the trade name intangible asset as indefinite-lived as there is no foreseeable limit on the use of the OHA name. Indefinite-lived intangible assets are tested for impairment annually or more frequently when an event occurs or circumstances change that more likely than not reduce the fair value of the indefinite-lived intangible asset below its carrying value. Definite-lived intangible assets are tested when there is an indication of impairment. Impairment is indicated when the carrying value of the asset is not recoverable and exceeds its fair value. If indicators are present, we perform a recoverability test by comparing the estimated undiscounted future cash flows attributable to the asset group in question to the asset group’s carrying amount. If the undiscounted estimated future cash flows are less than the carrying amount of the asset, the asset’s cost is adjusted to fair value and an impairment loss is recognized.
Goodwill	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 segment and reporting unit - our investment advisory business. With the completion of the acquisition of OHA in December 2021, we are currently evaluating the impact that OHA will have on our business reporting and goodwill impairment analysis.
Revenue recognition	Revenue recognition Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients. Each distinct service we promise in our agreements is considered a performance obligation and is the basis for determining when we recognize revenue. The fees are allocated to each distinct performance obligation and we recognize revenue when, or as, we satisfy our promises. The consideration for our services is generally variable and included in net revenues, when it is improbable that a significant reversal could occur in the future. For certain client agreements, we have the discretion to hire a third party to provide services to our clients. In these circumstances, we are generally deemed to control the services before transferring them to our clients, and accordingly present the revenues gross of the related third-party costs. The timing of when we bill our clients and related payment terms vary in accordance with agreed-upon contractual terms. For the majority of our agreements, billing occurs after we have recognized revenue, which results in accounts receivable and accrued revenue. For an insignificant portion of our contracts, billing occurs in advance of providing services, which results in deferred revenue within the accounts payable and accrued expenses line of our 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. We recognize performance-based incentive fees in connection with the investment advisory agreements from certain separately managed and subadvised accounts. We are entitled to receive performance-based incentive fees when the return on investment assets exceeds a certain benchmark return. In such arrangements, these incentive fees are recognized at the end of the measurement period when the performance benchmark or contractual outperformance has been achieved. Performance-based incentive fees are considered a form of variable consideration, and as such these fees are subject to potential reversal up until the end of the measurement period (which is generally one year) when the performance-based incentive fees become fixed, determinable, and are not subject to significant reversal. There are no significant judgments made when determining the performance-based incentive fees. Beginning in 2022, investment advisory fees will also include fees earned from affiliated private investment funds or private accounts that are determined either monthly or quarterly and are generally based on the fund’s or account's net asset value or invested capital. Investment advisory fees earned from CLOs include senior collateral management fees and subordinated collateral management fees, which are generally determined quarterly based on the sum of collateral principal amounts and the aggregate principal amount of all defaulted obligations. If amounts distributable on any payment date are insufficient to pay the collateral management fee according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. 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; trust services; and non-discretionary advisory services through model delivery. 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. 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 share 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 4 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. We also recognize the corresponding costs paid to the third-party financial intermediaries that distribute these funds' share classes within the distribution and servicing costs line of the consolidated statements of income. The fee revenue that we recognize from the funds and the expense that we recognize for the fees paid to third-party intermediaries are equal in amount and, therefore, do not impact our net operating income.
Advertising	Advertising Costs of advertising are expensed the first time that the advertising takes place.
Stock-based compensation	Stock-based compensation We maintain three stockholder-approved employee long-term incentive plans (2020 Long-Term Incentive Plan, 2012 Long-Term Incentive Plan, and 2004 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, 2021, a total of 11,584,645 shares were available for future grant under the 2020 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 stockholders and restricted stock unit holders 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.
Earnings per share	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	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. 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.

ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Transferred

See below for a summary of the total purchase consideration transferred at closing and the total purchase consideration allocated.


(in millions)
Cash consideration	$	2,487.4
Contingent consideration	306.3
Equity consideration	881.5
Debt assumed	113.5
Non-controlling interests in consolidated entities	248.7
Total purchase consideration at closing	4,037.4
Less: cash payment treated as future compensation expense(1)	(283.2)
Total purchase consideration transferred	$	3,754.2

(1) See discussion in Compensation Arrangement section below. The amount is included within “Other Assets” on our consolidated balance sheet.

Schedule of Assets Acquired and Liabilities Assumed

The following table sets forth the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition:


(in millions)	Acquisition date fair value
Cash and cash equivalents	$	22.1
Accounts receivable and accrued revenue	122.2
Investments	891.0
Property, equipment and software, net	22.4
Operating lease asset	101.5
Intangible assets	913.4
Goodwill	2,027.5
Other assets	27.2
Total assets	4,127.3

Accounts payable and accrued expenses	$	133.3
Operating lease liability	114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet	125.7

Total liabilities assumed	373.1
Total purchase consideration	$	3,754.2

Schedule of Pro Forma Information

The following unaudited pro forma summary presents combined results of operations of T. Rowe Price Group, Inc. as if the OHA acquisition had occurred on January 1, 2020.


	Pro forma years ended (unaudited)
(in millions)	12/31/2021		12/31/2020
Revenue	$	8,162	$	6,479
Net income	$	3,016	$	2,241

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

Dec. 31, 2021

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory Services

Revenues earned during the years ended December 31, 2021, 2020 and 2019, under agreements with clients include:


	2021
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	4,388.9	$	333.4	$	120.3	$	4,842.6
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,709.2		—		—		2,709.2
Other clients	—		120.1		—		120.1
	$	7,098.1	$	453.5	$	120.3	$	7,671.9

	2020
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	3,639.9	$	291.3	$	111.3	$	4,042.5
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,053.2		—		—		2,053.2
Other clients	—		111.0		—		111.0
	$	5,693.1	$	402.3	$	111.3	$	6,206.7

	2019
			Administrative, distribution, and servicing fees
(in millions)	Investment Advisory Fees		Administrative Fees		Distribution and servicing fees		Net Revenues
U.S. mutual funds	$	3,452.5	$	281.8	$	120.0	$	3,854.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	1,660.0		—		—		1,660.0
Other clients	—		103.6		—		103.6
	$	5,112.5	$	385.4	$	120.0	$	5,617.9

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


(in millions)	2021		2020		2019
U.S. mutual funds
Equity	$	3,118.5	$	2,440.4	$	2,219.1
Fixed income, including money market	245.2		266.5		280.1
Multi-asset	1,025.2		933.0		953.3
	4,388.9		3,639.9		3,452.5
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity and blended assets	1,781.4		1,326.3		1,033.4
Fixed income, including money market	164.6		149.3		153.7
Multi-asset	763.2		577.6		472.9
	2,709.2		2,053.2		1,660.0
Total	$	7,098.1	$	5,693.1	$	5,112.5

Schedule of Assets Under Management


(in billions)	Average during						As of December 31,
	2021		2020		2019		2021		2020
U.S. mutual funds
Equity	$	540.4	$	417.0	$	376.3	$	553.9	$	498.6
Fixed income, including money market	86.4		76.8		72.0		85.3		79.4
Multi-Asset	229.8		193.9		192.1		232.2		216.6
	856.6		687.7		640.4		871.4		794.6
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	431.6		321.3		257.3		438.8		397.2
Fixed income, including money market	91.3		82.1		79.5		85.2		89.3
Multi-Asset	219.8		156.8		132.1		245.5		189.4
	742.7		560.2		468.9		769.5		675.9
Total	$	1,599.3	$	1,247.9	$	1,109.3	$	1,640.9	$	1,470.5

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Unconsolidated Investments

The carrying values of investments that are not part of the consolidated T. Rowe Price investment products at December 31 are as follows:


(in millions)	2021		2020

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	518.7	$	1,647.7
Seed capital	264.8		169.5
Supplemental savings plan liability economic hedges	881.5		768.1
Investment partnerships and other investments	108.9		95.1
Investments in affiliated collateralized loan obligations	10.8		—
Equity method investments
T. Rowe Price investment products
Discretionary investments	—		242.9
Seed capital	141.7		178.6

Investment in UTI Asset Management Company Limited (India)	165.4		145.5
Investments in affiliated private investment funds - carried interest	609.8		—
Investments in affiliated private investment funds - seed/co-investment	151.3		—
Other investment partnerships and investments	2.5		2.4
Held to maturity
Investments in affiliated collateralized loan obligations(1)	119.1		—
U.S. Treasury note	1.0		1.0
Total	$	2,975.5	$	3,250.8

Schedule of 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)	2021		2020		2019
Net decrease in assets of consolidated T. Rowe Price investment products	$	(753.0)	$	(546.1)	$	(380.5)
Net decrease in liabilities of consolidated T. Rowe Price investment products	$	(17.6)	$	(10.5)	$	(15.0)
Net decrease in redeemable non-controlling interests	$	(501.1)	$	(308.1)	$	(267.6)

Gains recognized upon deconsolidation	$	2.4	$	.7	$	.1

Schedule of 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)	2021		2020
Investment carrying values	$	182.2	$	144.7
Unfunded capital commitments	8.0		12.3
Receivable for investment advisory and administrative fees	22.9		13.8
	$	213.1	$	170.8

- 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, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table summarizes our investments that are recognized in our consolidated balance sheets at December 31 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 7.


	2021				2020
(in millions)	Level 1		Level 2		Level 1		Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds	$	1,183.9	$	—	$	1,931.1	$	—
Discretionary investments	518.7				1,647.7		—
Seed capital	241.4		23.4		156.6		12.9
Supplemental savings plan liability economic hedges	881.5		—		768.1		—
Other investments	.7		.1		.5		.6
Total	$	2,826.2	$	23.5	$	4,504.0	$	13.5

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS (Tables)

12 Months Ended

Dec. 31, 2021

Consolidated Sponsored Investment Portfolios [Abstract]

Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios

The following table details the net assets of the consolidated T. Rowe Price investment products at December 31:


	2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8
Investments(2)	188.9		1,645.0		1,833.9		188.2		2,372.7		2,560.9
Other assets	5.1		22.7		27.8		2.8		27.0		29.8
Total assets	201.3		1,761.5		1,962.8		198.1		2,497.4		2,695.5
Liabilities	15.3		36.2		51.5		10.0		47.7		57.7
Net assets	$	186.0	$	1,725.3	$	1,911.3	$	188.1	$	2,449.7	$	2,637.8

Attributable to T. Rowe Price Group	$	125.3	$	803.7	$	929.0	$	130.7	$	945.4	$	1,076.1
Attributable to redeemable non-controlling interests	60.7		921.6		982.3		57.4		1,504.3		1,561.7
	$	186.0	$	1,725.3	$	1,911.3	$	188.1	$	2,449.7	$	2,637.8

(1) Cash and cash equivalents includes $6.5 million and $7.0 million at December 31, 2021 and 2020, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Investments include $42.5 million and $26.9 million at December 31, 2021 and 2020, respectively, of T. Rowe Price investment products.

Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios

The operating results of the consolidated T. Rowe Price investment products, are reflected in our consolidated statements of income for the year ended December 31 as follows:


	2021						2020						2019
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(.6)	$	(11.6)	$	(12.2)	$	(1.6)	$	(14.8)	$	(16.4)	$	(2.2)	$	(12.5)	$	(14.7)
Net gains (losses) reflected in non-operating income	18.0		56.7		74.7		13.2		238.5		251.7		31.0		241.9		272.9
Impact on income before taxes	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3	$	28.8	$	229.4	$	258.2

Net income (loss) attributable to T. Rowe Price Group	$	11.4	$	35.5	$	46.9	$	11.6	$	73.1	$	84.7	$	21.3	$	119.3	$	140.6
Net income (loss) attributable to redeemable non-controlling interests	6.0		9.6		15.6		—		150.6		150.6		7.5		110.1		117.6
	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3	$	28.8	$	229.4	$	258.2

Schedule of 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.


	2021						2020						2019
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by operating activities	$	(135.3)	$	160.8	$	25.5	$	(155.4)	$	(401.3)	$	(556.7)	$	(7.2)	$	(663.6)	$	(670.8)
Net cash provided by (used in) investing activities	(11.9)		(5.0)		(16.9)		(23.4)		(30.5)		(53.9)		(7.1)		(11.3)		(18.4)
Net cash used in financing activities	147.4		(162.3)		(14.9)		176.0		461.0		637.0		5.7		692.4		698.1
FX impact on cash	—		2.6		2.6		—		1.9		1.9		—		(2.5)		(2.5)
Net change in cash and cash equivalents during period	.2		(3.9)		(3.7)		(2.8)		31.1		28.3		(8.6)		15.0		6.4
Cash and cash equivalents at beginning of year	7.1		97.7		104.8		9.9		66.6		76.5		18.5		51.6		70.1
Cash and cash equivalents at end of year	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8	$	9.9	$	66.6	$	76.5

Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios

The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs as of December 31.


	2021				2020
(in millions)	Level 1		Level 2		Level 1		Level 2
Assets
Cash equivalents	$	6.5	$	.7	$	7.0	$	—
Equity securities	247.8		340.3		308.0		708.0
Fixed income securities	—		1,187.4		—		1,411.3
Other investments	5.7		52.7		2.6		131.0
	$	260.0	$	1,581.1	$	317.6	$	2,250.3

Liabilities	$	(.7)	$	(9.7)	$	(.4)	$	(18.8)

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Future Minimum Lease Payments


(in millions)	2021
2021	$	41.7
2022	41.1
2023	50.6
2024	22.5
2025	11.7
Thereafter	106.5
Total future undiscounted cash flows	274.1
Less: imputed interest to be recognized in lease expense	(24.9)
Operating lease liabilities, as reported	$	249.2

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property, Equipment and Software

Property, equipment and software at December 31 consists of:


(in millions)	2021		2020
Computer and communications software and equipment	$	1,293.5	$	1,113.1
Buildings and improvements	472.0		457.5
Leasehold improvements	196.4		169.2
Furniture and other equipment	205.6		193.3
Land	25.7		37.2

	2,193.2		1,970.3
Less accumulated depreciation and amortization	1,457.0		1,274.9
Total	$	736.2	$	695.4

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


(in millions)	As of December 31,
	2021		2020
Goodwill	$	2,693.2	$	665.7
Indefinite-lived intangible assets - trade name	134.7		—
Indefinite-lived intangible assets - investment advisory agreements	164.8		—
Definite-lived intangible assets - investment advisory agreements	613.9		—
Total	$	3,606.6	$	665.7

Schedule of Goodwill

Goodwill activity during the years ended December 31, 2021 and 2020, was as follows:


(in millions)	2021		2020
Balance, beginning of the year	$	665.7	$	665.7
Acquisition of OHA	2,027.5		—
Balance, end of year	$	2,693.2	$	665.7

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedules of Provision for Income Taxes and Deferred Income Taxes (Tax Benefits)

The provision for income taxes consists of:


(in millions)	2021		2020		2019
Current income taxes
U.S. federal	$	745.0	$	547.1	$	490.9
State and local	179.3		135.2		135.9
Foreign	28.1		22.9		18.3
Deferred income taxes (benefits)	(56.3)		13.7		33.3
Total	$	896.1	$	718.9	$	678.4

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


(in millions)	2021		2020		2019
Property and equipment	$	11.8	$	15.6	$	3.0
Asset impairments	2.0		2.9		(2.4)


Stock-based compensation	(8.1)		1.8		4.5
Accrued compensation	(1.6)		(2.2)		1.3
Supplemental savings plan liability	(29.3)		(43.3)		(33.6)
Unrealized holding gains recognized in non-operating income	(26.1)		46.8		63.0
Other	(5.0)		(7.9)		(2.5)
Total deferred income taxes (benefits)	$	(56.3)	$	13.7	$	33.3

Schedule of Effective Income Tax Rate Reconciliation

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


	2021		2020		2019
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%


State income taxes for current year, net of federal income tax benefits(1)	3.7		3.8		4.3
Net income attributable to redeemable non-controlling interests(2)	(.1)		(1.2)		(1.0)
Net excess tax benefits from stock-based compensation plans activity	(2.1)		(1.9)		(1.5)
Other items	(.1)		.5		.4
Effective income tax rate	22.4	%	22.2	%	23.2	%

(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)	2021		2020
Deferred tax assets
Stock-based compensation	$	87.4	$	79.3
Asset impairments	5.4		7.4
Operating lease liabilities	24.3		34.9
Accrued compensation	9.1		7.5
Supplemental savings plan	190.2		160.9
Currency translation adjustment	2.0		.2
Other	24.6		13.5
	343.0		303.7

Deferred tax liabilities
Acquisition-related retention liability	(68.4)		—
Acquired Investments	(59.2)		—
Property and equipment	(76.7)		(64.9)
Operating lease assets	(24.3)		(34.9)
Net unrealized holding gains recognized in income	(104.8)		(130.9)

Other	(16.6)		(12.4)
	(350.0)		(243.1)
Net deferred tax (liability) asset	$	(7.0)	$	60.6

Schedule of Unrecognized Tax Benefits

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


(in millions)	2021		2020		2019
Balance at beginning of year	$	26.7	$	23.9	$	16.1
Changes in tax positions related to
Current year	8.9		7.7		8.1
Prior years	(1.0)		(2.6)		.5
Expired statute of limitations	(5.3)		(2.3)		(.8)
Balance at end of year	$	29.3	$	26.7	$	23.9

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Roll Forward of Stock Options

The following table summarizes the status of, and changes in, our stock options during 2021.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2020	4,379,663	$	71.67

Exercised	(1,533,084)	$	69.44


Outstanding at December 31, 2021	2,846,579	$	72.87	2.5
Exercisable at December 31, 2021	2,846,579	$	72.87	2.5

Schedule of Roll Forward of Nonvested Restricted Shares and Restricted Stock Units

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during 2021.


	Restricted shares	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2020	7,412	6,367,059	$	116.51
Time-based grants	5,720	1,596,036	$	203.87
Performance-based grants	—	66,845	$	204.22
Vested (value at vest date was $426.6 million)	(7,412)	(2,154,853)	$	104.05
Nonvested dividend equivalents granted to non-employee directors	—	3,515	$	193.49
Forfeited	—	(176,737)	$	117.24
Nonvested at December 31, 2021	5,720	5,701,865	$	146.87

Schedule of Future Stock-based Compensation Expense


(in millions)
First quarter 2022	$	67.4
Second quarter 2022	64.6
Third quarter 2022	63.7
Fourth quarter 2022	54.9
Total 2022	250.6
2023 through 2027	232.6
Total	$	483.2

EARNINGS PER SHARE CALCULATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation


(in millions)	2021		2020		2019
Net income attributable to T. Rowe Price Group	$	3,082.9	$	2,372.7	$	2,131.3
Less: net income allocated to outstanding restricted stock and stock unit holders	80.5		65.3		55.3
Net income allocated to common stockholders	$	3,002.4	$	2,307.4	$	2,076.0

Weighted-average common shares
Outstanding	226.6		228.8		235.4
Outstanding assuming dilution	228.8		231.2		238.6

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of 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)	2021		2020		2019
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	2.8	$	(10.3)	$	.5
Reclassification adjustment recognized upon partial disposition of equity method investment	—		(1.7)		—
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.6		.2		—







Total net deferred tax benefits	$	3.4	$	(11.8)	$	0.5

Schedule of 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		Total
Balances at December 31, 2018	$	(48.8)	$	6.8	$	(42.0)	$	(42.0)



Other comprehensive income (loss) before reclassifications and income taxes	2.4		(3.8)		(1.4)		(1.4)
Reclassification adjustments recognized in non-operating income	—		(.1)		(.1)		(.1)
	2.4		(3.9)		(1.5)		(1.5)
Net deferred tax benefits (income taxes)	(.5)		1.0		.5		.5
Other comprehensive income (loss)	1.9		(2.9)		(1.0)		(1.0)
Balances at December 31, 2019	(46.9)		3.9		(43.0)		(43.0)
Other comprehensive income (loss) before reclassifications and income taxes	2.1		22.9		25.0		25.0
Reclassification adjustments recognized in non-operating income	7.5		(.7)		6.8		6.8
	9.6		22.2		31.8		31.8
Net deferred tax benefits (income taxes)	(6.3)		(5.5)		(11.8)		(11.8)
Other comprehensive income (loss)	3.3		16.7		20.0		20.0
Balances at December 31, 2020	(43.6)		20.6		(23.0)		(23.0)



Other comprehensive income before reclassifications and income taxes	7.0		(11.5)		(4.5)		(4.5)
Reclassification adjustments recognized in non-operating income	—		(2.4)		(2.4)		(2.4)
	7.0		(13.9)		(6.9)		(6.9)
Net deferred tax benefits (income taxes)	(.1)		3.5		3.4		3.4
Other comprehensive income (loss)	6.9		(10.4)		(3.5)		(3.5)

Balances at December 31, 2021	$	(36.7)	$	10.2	$	(26.5)	$	(26.5)

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Dec. 29, 2021
Oak Hill Advisors, L.P.
Business Acquisition [Line Items]
Voting interests acquired	100.00%
Co-investment Entities
Business Acquisition [Line Items]
Voting interests acquired	100.00%

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets	$ 12,509.0	$ 10,659.0
Liabilities	2,255.3	1,390.3
Non-controlling interest	248.7	$ 0.0
VIE
Variable Interest Entity [Line Items]
Assets	692.7
Liabilities	56.4
Non-controlling interest	$ 248.7

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Equipment and Software (Details)	12 Months Ended
	Dec. 31, 2021
Computer and communications software and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	33 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	6 years

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - Investment advisory agreements		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Intangible assets weighted average useful life	6 years 1 month 6 days
Oak Hill Advisors, L.P.
Business Acquisition [Line Items]
Intangible assets weighted average useful life		6 years 1 month 6 days

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) business
Accounting Policies [Abstract]
Goodwill impairment loss \| $	$ 0
Number of investment advisory business \| business	1

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2021 obligation
Disaggregation of Revenue [Line Items]
Number of performance obligations	2
Investment Management
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Distribution
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Administrative Service
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Oher Administrative Service
Disaggregation of Revenue [Line Items]
Number of performance obligations	1

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2021 share_based_compensation_plan shares
Employee stock-based compensation programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	3
Employee stock-based compensation programs \| Restricted shares and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	5 years
Employee stock-based compensation programs \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration term	10 years
Director plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	2
Director plans \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration term	10 years
2017 Non-Employee Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	1 year
2020 Long-Term Incentive Plan and the 2017 Non-Employee Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (shares) \| shares	11,584,645

ACQUISITION - Narrative (Details) - USD ($) shares in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Contingent consideration	$ 306,300,000		$ 0
OHA Acquisition
Business Acquisition [Line Items]
Cash consideration		$ 2,487,400,000
Stock consideration (in shares)		4.4
Stock consideration	$ 881,500,000	$ 881,500,000
Debt assumed		$ 217,100,000
Consideration restriction from sale, period		1 year
Contingent consideration, maximum earnout payment		$ 900,000,000
Extended earnout payment period		2 years
Earnout payout, if 75% threshold not met		$ 0
Earnout 75% threshold		75.00%
Earnout 30% threshold		22.00%
Contingent consideration		$ 306,300,000
Deductible portion of goodwill acquired		1,200,000,000
Debt assumed		113,500,000
Non-controlling interests in consolidated entities		248,700,000
Acquisition related costs		31,900,000
Indefinite- and definite-lived investment management contracts		778,700,000
OHA Acquisition \| Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired, management contracts		$ 134,700,000

ACQUISITION - Total Consideration (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Contingent consideration	$ 306.3		$ 0.0
OHA Acquisition
Business Acquisition [Line Items]
Cash consideration		$ 2,487.4
Contingent consideration		306.3
Equity consideration	$ 881.5	881.5
Debt assumed		113.5
Non-controlling interests in consolidated entities		248.7
Total purchase consideration at closing		4,037.4
Less: cash payment treated as future compensation expense		(283.2)
Total purchase consideration transferred		$ 3,754.2

ACQUISITION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 2,693.2		$ 665.7	$ 665.7
OHA Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents		$ 22.1
Accounts receivable and accrued revenue		122.2
Investments		891.0
Property, equipment and software, net		22.4
Operating lease asset		101.5
Intangible assets		913.4
Goodwill		2,027.5
Other assets		27.2
Total assets		4,127.3
Accounts payable and accrued expenses		133.3
Operating lease liability		114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet		125.7
Total liabilities assumed		373.1
Total purchase consideration		$ 3,754.2

ACQUISITION - Investments Narrative (Details) - OHA Acquisition $ in Millions	Dec. 29, 2021 USD ($)
Business Acquisition [Line Items]
Affiliated private investment funds	$ 761.1
Unrealized gain on affiliated private investment funds	375.0
Amortization of unrealized loss	$ 306.5
Remaining weighted average life	5 years 10 months 24 days
Voting interests less than 100 percent acquired	100.00%
Non-controlling interests in consolidated entities	$ 248.7
Non-controlling interest, unrealized gain	154.3
Non controlling interest attributable to funds with definite life	$ 129.1
Non-controlling interest, weighted average remaining life	5 years 10 months 24 days

ACQUISITION - Compensation Arrangements Narrative (Details) - OHA Acquisition - USD ($)		12 Months Ended
	Dec. 29, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Post combination compensation expense, fair value	$ 459,900,000
Upfront purchase consideration to be forfeited	$ 283,200,000
Earnout 30% threshold	22.00%
Earnout, second threshold, fair value		$ 88,200,000
Retention bonuses	$ 58,300,000
Incentive payment, percentage	10.00%
Compensation expense included in current period		$ 0
Minimum
Business Acquisition [Line Items]
Post combination compensation expense, recognition period	3 years
Maximum
Business Acquisition [Line Items]
Post combination compensation expense, recognition period	5 years

ACQUISITION - Cash Flow Information Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Contingent consideration	$ 306.3		$ 0.0
OHA Acquisition
Business Acquisition [Line Items]
Equity consideration	$ 881.5	$ 881.5
Contingent consideration		$ 306.3

ACQUISITION - Pro Forma Information (Details) - OHA Acquisition - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenue	$ 8,162	$ 6,479
Net income	$ 3,016	$ 2,241

CASH EQUIVALENTS (Details) - USD ($) $ in Millions	12 Months Ended
CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash equivalent investments in T. Rowe Price money market mutual funds	$ 1,183.9	$ 1,931.1
Money market mutual funds
Restricted Cash and Cash Equivalents Items [Line Items]
Dividends earned on money market mutual funds	$ 0.3	$ 4.2	$ 33.3

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Period end assets under management	$ 1,640,900.0		$ 1,470,500.0
OHA Acquisition \| Fee-basis assets
Business Acquisition [Line Items]
Period end assets under management		$ 46,900.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 7,671.9	$ 6,206.7	$ 5,617.9
Average assets under management	1,599,300.0	1,247,900.0	1,109,300.0
Period end assets under management	1,640,900.0	1,470,500.0
U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	4,842.6	4,042.5	3,854.3
Average assets under management	856,600.0	687,700.0	640,400.0
Period end assets under management	871,400.0	794,600.0
U.S. mutual funds \| Equity
Disaggregation of Revenue [Line Items]
Average assets under management	540,400.0	417,000.0	376,300.0
Period end assets under management	553,900.0	498,600.0
U.S. mutual funds \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Average assets under management	86,400.0	76,800.0	72,000.0
Period end assets under management	85,300.0	79,400.0
U.S. mutual funds \| Multi-asset
Disaggregation of Revenue [Line Items]
Average assets under management	229,800.0	193,900.0	192,100.0
Period end assets under management	232,200.0	216,600.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	2,709.2	2,053.2	1,660.0
Average assets under management	742,700.0	560,200.0	468,900.0
Period end assets under management	769,500.0	675,900.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity
Disaggregation of Revenue [Line Items]
Average assets under management	431,600.0	321,300.0	257,300.0
Period end assets under management	438,800.0	397,200.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Average assets under management	91,300.0	82,100.0	79,500.0
Period end assets under management	85,200.0	89,300.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Disaggregation of Revenue [Line Items]
Average assets under management	219,800.0	156,800.0	132,100.0
Period end assets under management	245,500.0	189,400.0
Other clients
Disaggregation of Revenue [Line Items]
Net revenues	120.1	111.0	103.6
Investment advisory fees
Disaggregation of Revenue [Line Items]
Net revenues	7,098.1	5,693.1	5,112.5
Investment advisory fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	4,388.9	3,639.9	3,452.5
Investment advisory fees \| U.S. mutual funds \| Equity
Disaggregation of Revenue [Line Items]
Net revenues	3,118.5	2,440.4	2,219.1
Investment advisory fees \| U.S. mutual funds \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Net revenues	245.2	266.5	280.1
Investment advisory fees \| U.S. mutual funds \| Multi-asset
Disaggregation of Revenue [Line Items]
Net revenues	1,025.2	933.0	953.3
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	2,709.2	2,053.2	1,660.0
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity and blended assets
Disaggregation of Revenue [Line Items]
Net revenues	1,781.4	1,326.3	1,033.4
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Net revenues	164.6	149.3	153.7
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Disaggregation of Revenue [Line Items]
Net revenues	763.2	577.6	472.9
Investment advisory fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Administrative fees
Disaggregation of Revenue [Line Items]
Net revenues	453.5	402.3	385.4
Administrative fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	333.4	291.3	281.8
Administrative fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Administrative fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	120.1	111.0	103.6
Distribution and servicing fees
Disaggregation of Revenue [Line Items]
Net revenues	120.3	111.3	120.0
Distribution and servicing fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	120.3	111.3	120.0
Distribution and servicing fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Distribution and servicing fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	$ 0.0	$ 0.0	$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Services Concentration and Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Net revenues	$ 7,671.9	$ 6,206.7	$ 5,617.9
Accounts receivable	1,058.3	863.1
T. Rowe Price investment products
Concentration Risk [Line Items]
Net revenues	6,259.3	5,044.3	$ 4,626.3
Accounts receivable	$ 577.9	$ 523.4
Outside U.S. \| Assets under management \| Investment advisory clients \| Geographic concentration
Concentration Risk [Line Items]
Concentration risk, percentage	9.90%	9.30%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 2,975.5	$ 3,250.8
U.S. Treasury note
Debt and Equity Securities, FV-NI [Line Items]
Held to maturity	1.0	1.0
Discretionary investments
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	518.7	1,647.7
Equity method investments	0.0	242.9
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	264.8	169.5
Equity method investments	141.7	178.6
Supplemental savings plan liability economic hedges
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	881.5	768.1
Investment partnerships and other investments
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	108.9	95.1
Equity method investments	2.5	2.4
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	10.8	0.0
Held to maturity	119.1	0.0
Investment in UTI Asset Management Company Limited (India)
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	165.4	145.5
Investments in affiliated private investment funds - carried interest
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	609.8	0.0
Investments in affiliated private investment funds - seed/co-investment
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 151.3	$ 0.0

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)	Oct. 31, 2020 segment
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized gains on T. Rowe Price investments product recognized in nonoperating income		$ 63.6	$ 142.7	$ 105.4
Number of equity method investments \| segment						1
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Dividend distribution		90.2	$ 50.8	$ 50.6
Investment in UTI Asset Management Company Limited (India)
Debt and Equity Securities, FV-NI [Line Items]
Equity method investment (ownership percentage)	26.00%		26.00%			23.00%
Gain on sale of equity investments	$ 2.8
Investments in Affiliated Private Investment Funds
Debt and Equity Securities, FV-NI [Line Items]
Long-term investments		761.1
European Collateralized Loan Obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt		129.9
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt		$ 36.9			€ 32.4
Percentage of interest expense		0.50%			0.50%
Investments in affiliated collateralized loan obligations \| Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed		$ 113.5
Investments in affiliated collateralized loan obligations \| Euro Interbank Offer Rate (EURIBOR) \| Minimum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate		1.70%			1.70%
Investments in affiliated collateralized loan obligations \| Euro Interbank Offer Rate (EURIBOR) \| Maximum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate		1.95%			1.95%
Investments in affiliated collateralized loan obligations \| Vertical Strip Investment
Debt and Equity Securities, FV-NI [Line Items]
Percentage of long term investments purchased		5.00%			5.00%
Investments in affiliated collateralized loan obligations \| Repurchase Agreements
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements		$ 75.9			€ 66.7

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ 284.6	$ 496.5	$ 540.3
Currency translation adjustments \| Reclassification out of accumulated other comprehensive income
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	2.4	0.7	0.1
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	(753.0)	(546.1)	(380.5)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	(17.6)	(10.5)	(15.0)
Redeemable non-controlling interest
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	$ (501.1)	$ (308.1)	$ (267.6)

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investment carrying values	$ 182.2	$ 144.7
Unfunded capital commitments	8.0	12.3
Receivable for investment advisory and administrative fees	22.9	13.8
Maximum risk of loss related to nonconsolidated variable interest entities	$ 213.1	$ 170.8

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
OHA Acquisition
Variable Interest Entity [Line Items]
Investment advisory and performance fees		$ 122.2
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Investment carrying values	$ 182.2		$ 144.7
Unfunded capital commitments	8.0		$ 12.3
Variable interest entity, not primary beneficiary \| OHA Acquisition
Variable Interest Entity [Line Items]
Investment carrying values	761.1
Unfunded capital commitments	$ 86.2

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Level 1 \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	$ 1,183.9	$ 1,931.1
Other investments	0.7	0.5
Total	2,826.2	4,504.0
Level 1 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	518.7	1,647.7
Level 1 \| Fair value, measurements, recurring \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	241.4	156.6
Level 1 \| Fair value, measurements, recurring \| Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	881.5	768.1
Level 2 \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0.0	0.0
Other investments	0.1	0.6
Total	23.5	13.5
Level 2 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products		0.0
Level 2 \| Fair value, measurements, recurring \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	23.4	12.9
Level 2 \| Fair value, measurements, recurring \| Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0.0	$ 0.0
NAV Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 108.1

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,523.1	$ 2,151.7
Investments	2,975.5	3,250.8
Other assets	445.3	219.2
Total assets	12,509.0	10,659.0
Liabilities	2,255.3	1,390.3
Attributable to redeemable non-controlling interests	982.3	1,561.7	$ 1,121.0	$ 740.3
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,911.3	2,637.8
Attributable to T. Rowe Price Group	929.0	1,076.1
Attributable to redeemable non-controlling interests	982.3	1,561.7
VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	186.0	188.1
Attributable to T. Rowe Price Group	125.3	130.7
Attributable to redeemable non-controlling interests	60.7	57.4
VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	692.7
Liabilities	56.4
Net assets	1,725.3	2,449.7
Attributable to T. Rowe Price Group	803.7	945.4
Attributable to redeemable non-controlling interests	921.6	1,504.3
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	101.1	104.8
Investments	1,833.9	2,560.9
Other assets	27.8	29.8
Total assets	1,962.8	2,695.5
Liabilities	51.5	57.7
Net assets	1,911.3	2,637.8
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	42.5	26.9
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products \| Money market mutual funds
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	6.5	7.0
Reportable entities \| VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	7.3	7.1
Investments	188.9	188.2
Other assets	5.1	2.8
Total assets	201.3	198.1
Liabilities	15.3	10.0
Net assets	186.0	188.1
Reportable entities \| VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	93.8	97.7
Investments	1,645.0	2,372.7
Other assets	22.7	27.0
Total assets	1,761.5	2,497.4
Liabilities	36.2	47.7
Net assets	$ 1,725.3	$ 2,449.7

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (3,961.9)	$ (3,461.0)	$ (3,230.9)
Income before income taxes	3,994.6	3,242.2	2,927.3
Net income (loss) attributable to redeemable non-controlling interests	15.6	150.6	117.6
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	62.5	235.3	258.2
Net income (loss) attributable to T. Rowe Price Group	15.6	84.7	140.6
Net income (loss) attributable to redeemable non-controlling interests	46.9	150.6	117.6
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(12.2)	(16.4)	(14.7)
Net gains (losses) reflected in non-operating income	74.7	251.7	272.9
Income before income taxes	62.5	235.3	258.2
VOE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	17.4	11.6	28.8
Net income (loss) attributable to T. Rowe Price Group	6.0	11.6	21.3
Net income (loss) attributable to redeemable non-controlling interests	11.4	0.0	7.5
VOE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.6)	(1.6)	(2.2)
Net gains (losses) reflected in non-operating income	18.0	13.2	31.0
Income before income taxes	17.4	11.6	28.8
VIE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	45.1	223.7	229.4
Net income (loss) attributable to T. Rowe Price Group	9.6	73.1	119.3
Net income (loss) attributable to redeemable non-controlling interests	35.5	150.6	110.1
VIE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(11.6)	(14.8)	(12.5)
Net gains (losses) reflected in non-operating income	56.7	238.5	241.9
Income before income taxes	$ 45.1	$ 223.7	$ 229.4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Investment advisory and administrative fees	$ (7,671.9)	$ (6,206.7)	$ (5,617.9)
Net cash provided by financing activities	(2,988.8)	(1,486.3)	(832.7)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Investment advisory and administrative fees	5.5	9.9	6.8
Net cash provided by financing activities	$ 51.9	$ 79.5	$ 174.4

- Definition

+ References

+ Details

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 3,452.0	$ 1,918.9	$ 1,522.7
Net cash provided by (used in) investing activities	(1,098.1)	(36.3)	(324.5)
Net cash used in financing activities	(2,988.8)	(1,486.3)	(832.7)
FX impact on cash	2.6	1.9	(2.5)
Net change in cash and cash equivalents during period	(632.3)	398.2	363.0
Cash and cash equivalents at beginning of year	2,256.5	1,858.3	1,495.3
Cash and cash equivalents at end of year	1,624.2	2,256.5	1,858.3
Consolidation eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in financing activities	51.9	79.5	174.4
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of year	104.8	76.5	70.1
Cash and cash equivalents at end of year	101.1	104.8	76.5
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	25.5	(556.7)	(670.8)
Net cash provided by (used in) investing activities	(16.9)	(53.9)	(18.4)
Net cash used in financing activities	(14.9)	637.0	698.1
FX impact on cash	2.6	1.9	(2.5)
Net change in cash and cash equivalents during period	(3.7)	28.3	6.4
Cash and cash equivalents at beginning of year	104.8	76.5	70.1
Cash and cash equivalents at end of year	101.1	104.8	76.5
VOE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(135.3)	(155.4)	(7.2)
Net cash provided by (used in) investing activities	(11.9)	(23.4)	(7.1)
Net cash used in financing activities	147.4	176.0	5.7
FX impact on cash	0.0	0.0	0.0
Net change in cash and cash equivalents during period	0.2	(2.8)	(8.6)
Cash and cash equivalents at beginning of year	7.1	9.9	18.5
Cash and cash equivalents at end of year	7.3	7.1	9.9
VIE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	160.8	(401.3)	(663.6)
Net cash provided by (used in) investing activities	(5.0)	(30.5)	(11.3)
Net cash used in financing activities	(162.3)	461.0	692.4
FX impact on cash	2.6	1.9	(2.5)
Net change in cash and cash equivalents during period	(3.9)	31.1	15.0
Cash and cash equivalents at beginning of year	97.7	66.6	51.6
Cash and cash equivalents at end of year	$ 93.8	$ 97.7	$ 66.6

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,183.9	$ 1,931.1
Other investments	0.7	0.5
Total	2,826.2	4,504.0
Level 1 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6.5	7.0
Equity securities	247.8	308.0
Fixed income securities	0.0	0.0
Other investments	5.7	2.6
Total	260.0	317.6
Liabilities	(0.7)	(0.4)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Other investments	0.1	0.6
Total	23.5	13.5
Level 2 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.7	0.0
Equity securities	340.3	708.0
Fixed income securities	1,187.4	1,411.3
Other investments	52.7	131.0
Total	1,581.1	2,250.3
Liabilities	$ (9.7)	$ (18.8)

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term on operating leases	9 years 1 month 6 days
Weighted-average discount rate on operating leases	2.40%
Operating lease expense	$ 32.5	$ 32.1	$ 29.0
Variable charges related to operating leases not included in measurement of lease liability	9.6
Cash paid included in measurement of operating lease liabilities	$ 36.6

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 41.7
2022	41.1
2023	50.6
2024	22.5
2025	11.7
Thereafter	106.5
Total future undiscounted cash flows	274.1
Less: imputed interest to be recognized in lease expense	(24.9)
Operating lease liabilities, as reported	$ 249.2	$ 154.1

PROPERTY, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,193.2	$ 1,970.3
Less accumulated depreciation and amortization	1,457.0	1,274.9
Total	736.2	695.4
Computer and communications software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,293.5	1,113.1
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	472.0	457.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	196.4	169.2
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	205.6	193.3
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25.7	$ 37.2

PROPERTY, EQUIPMENT AND SOFTWARE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Development of computer software
Property, Plant and Equipment [Line Items]
Compensation and related costs	$ 137.6	$ 125.9	$ 95.5

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Intangible Assets and Goodwill [Line Items]
Goodwill	$ 2,693.2	$ 665.7	$ 665.7
Total	3,606.6	665.7
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Definite-lived intangible assets - investment advisory agreements	613.9	0.0
Trade Names
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	134.7	0.0
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	$ 164.8	$ 0.0

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)		12 Months Ended
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Expected amortization, year 2022	$ 108,500,000	$ 108,500,000
Expected amortization, year 2023	108,100,000	108,100,000
Expected amortization, year 2024	105,700,000	105,700,000
Expected amortization, year 2025	105,000,000	105,000,000
Expected amortization, year 2026	$ 87,700,000	87,700,000
Amortization of intangible assets		$ 0
Investment advisory agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	6 years 1 month 6 days

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Balance, beginning of the year	$ 665.7	$ 665.7
Acquisition of OHA	2,027.5	0.0
Balance, end of year	$ 2,693.2	$ 665.7

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income taxes
U.S. federal	$ 745.0	$ 547.1	$ 490.9
State and local	179.3	135.2	135.9
Foreign	28.1	22.9	18.3
Deferred income taxes (benefits)	(56.3)	13.7	33.3
Total	$ 896.1	$ 718.9	$ 678.4

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Deferred Income Taxes (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Property and equipment	$ 11.8	$ 15.6	$ 3.0
Asset impairments	2.0	2.9	(2.4)
Stock-based compensation	(8.1)	1.8	4.5
Accrued compensation	(1.6)	(2.2)	1.3
Supplemental savings plan liability	(29.3)	(43.3)	(33.6)
Unrealized holding gains recognized in non-operating income	(26.1)	46.8	63.0
Other	(5.0)	(7.9)	(2.5)
Total deferred income taxes (benefits)	$ (56.3)	$ 13.7	$ 33.3

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State income taxes for current year, net of federal income tax benefits	3.70%	3.80%	4.30%
Net income attributable to redeemable non-controlling interests	(0.10%)	(1.20%)	(1.00%)
Net excess tax benefits from stock-based compensation plans activity	(2.10%)	(1.90%)	(1.50%)
Other items	(0.10%)	0.50%	0.40%
Effective income tax rate	22.40%	22.20%	23.20%

INCOME TAXES - Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Stock-based compensation	$ 87.4	$ 79.3
Asset impairments	5.4	7.4
Operating lease liabilities	24.3	34.9
Accrued compensation	9.1	7.5
Supplemental savings plan	190.2	160.9
Currency translation adjustment	2.0	0.2
Other	24.6	13.5
Total deferred tax assets	343.0	303.7
Deferred tax liabilities
Acquisition-related retention liability	(68.4)	0.0
Acquired Investments	(59.2)	0.0
Property and equipment	(76.7)	(64.9)
Operating lease assets	(24.3)	(34.9)
Net unrealized holding gains recognized in income	(104.8)	(130.9)
Other	(16.6)	(12.4)
Total deferred tax liabilities	(350.0)	(243.1)
Net deferred tax liabilities	$ (7.0)
Net deferred tax assets		$ 60.6

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Reform [Line Items]
Previously taxed earnings and profits of foreign subsidiaries with unremitted earnings	$ 864.0
Repatriation of foreign earnings, percent	10.00%
Tax refund receivables	$ 11.9	$ 25.0
Net income taxes paid	948.9	643.0	$ 677.3
Net tax benefits reducing income tax provision	82.7	61.9	$ 42.7
Net interest payable related to unrecognized tax benefits	(1.6)	$ (1.9)
State and local jurisdiction
Income Tax Reform [Line Items]
Deferred tax liabilities for intended repatriation	$ 0.8

INCOME TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 26.7	$ 23.9	$ 16.1
Changes in tax positions related to
Current year	8.9	7.7	8.1
Prior years, decrease	(1.0)	(2.6)
Prior years, increase			0.5
Expired statute of limitations	(5.3)	(2.3)	(0.8)
Balance at end of year	$ 29.3	$ 26.7	$ 23.9

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2021	Jun. 14, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Cash dividend (in dollars per share)		$ 3.00
Dividends payable		$ 699.8
Common shares authorized for future repurchase (shares)	15,525,910
Unsettled common stock repurchases liability			$ 2.5
Restricted stockholders' equity	$ 361.0

STOCK-BASED COMPENSATION - Shares Authorized For Stock-Based Compensation Programs (Details)	Dec. 31, 2021 shares
Stock compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	20,226,619
Employee stock purchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	1,320,803

STOCK-BASED COMPENSATION - Stock Options (Details)	12 Months Ended
STOCK-BASED COMPENSATION - Stock Options (Details)	Dec. 31, 2021 $ / shares shares
Options
Outstanding, beginning balance (in shares) \| shares	4,379,663
Exercised (in shares) \| shares	(1,533,084)
Outstanding, ending balance (in shares) \| shares	2,846,579
Exercisable at current period-end (in shares) \| shares	2,846,579
Weighted- average exercise price
Weighted-average exercise price of options outstanding, beginning balance (in dollars per share) \| $ / shares	$ 71.67
Weighted-average exercise price of options exercised (in dollars per share) \| $ / shares	69.44
Weighted-average exercise price of options outstanding, ending balance (in dollars per share) \| $ / shares	72.87
Weighted-average exercise price of options exercisable at current period-end (in dollars per share) \| $ / shares	$ 72.87
Weighted-average remaining contractual term in years, outstanding	2 years 6 months
Weighted-average remaining contractual term in years, exercisable	2 years 6 months

STOCK-BASED COMPENSATION - Stock Options Narrative (Details) - USD ($)		12 Months Ended
	Jun. 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0
Total intrinsic value of options exercised		$ 177,200,000	$ 198,300,000	$ 170,900,000
Aggregate intrinsic value of in-the-money options outstanding		352,300,000
Options \| Compensation and related costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0	$ 2,000,000	$ 5,100,000

STOCK-BASED COMPENSATION - Effect of Special Cash Dividend (Details)	Jun. 24, 2021 USD ($) shares
Share-based Payment Arrangement [Abstract]
Increase of stock options outstanding (in shares) \| shares	50,607
Stock-based compensation expense \| $	$ 0

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Weighted- average fair value
Weighted-average fair value of nonvested restricted shares and restricted stock units, beginning balance (in dollars per share) \| $ / shares	$ 116.51
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) \| $ / shares	203.87
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) \| $ / shares	104.05
Weighted-average fair value of restricted shares and restricted stock units nonvested dividend equivalents granted to non-employee directors (in dollars per share) \| $ / shares	193.49
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) \| $ / shares	117.24
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) \| $ / shares	$ 146.87
Value at vest date \| $	$ 426.6
Performance-based
Weighted- average fair value
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) \| $ / shares	$ 204.22
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	7,412
Grants (in shares)	5,720
Vested (in shares)	(7,412)
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	5,720
Restricted shares \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	6,367,059
Grants (in shares)	1,596,036
Vested (in shares)	(2,154,853)
Nonvested dividend equivalents granted to non-employee directors (in shares)	3,515
Forfeited (in shares)	(176,737)
Nonvested, ending balance (in shares)	5,701,865
Restricted stock units \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	66,845
Nonvested, ending balance (in shares)	346,081

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - USD ($)		12 Months Ended
	Jun. 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0
Vested stock units (in shares)		93,530
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options		5,701,865	6,367,059
Restricted stock units \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options		346,081
Nonvested shares where performance threshold has been met (in shares)		132,686
Restricted shares and restricted stock units \| Compensation and related costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 274,600,000	$ 244,100,000	$ 201,500,000

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Dec. 31, 2021 USD ($)
Share-based Payment Arrangement [Abstract]
First quarter 2022	$ 67.4
Second quarter 2022	64.6
Third quarter 2022	63.7
Fourth quarter 2022	54.9
Total 2022	250.6
2023 through 2027	232.6
Total	$ 483.2

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group	$ 3,082.9	$ 2,372.7	$ 2,131.3
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	80.5	65.3	55.3
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	80.5	65.3	55.3
Net income allocated to common stockholders (basic)	3,002.4	2,307.4	2,076.0
Net income allocated to common stockholders (diluted)	$ 3,002.4	$ 2,307.4	$ 2,076.0
Weighted-average common shares
Outstanding (in shares)	226,600,000	228,800,000	235,400,000
Outstanding assuming dilution (in shares)	228,800,000	231,200,000	238,600,000
Stock options with anti-diluted impact (in shares)	0	0	0

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Deferred Tax Benefits (Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments	$ 2.8	$ (10.3)	$ 0.5
Total net deferred tax benefits	3.4	(11.8)	0.5
Reclassification adjustment recognized upon partial disposition of equity method investment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment recognized	0.0	(1.7)	0.0
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment recognized	0.6	0.2	0.0
Total net deferred tax benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits	$ 3.4	$ (11.8)	$ 0.5

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

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

Beginning balances

$ 7,707.0

Other comprehensive income (loss)

(3.5)

$ 20.0

$ (1.0)

Ending balances

9,022.7

7,707.0

Currency translation adjustments

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

Beginning balances

(23.0)

(43.0)

(42.0)

Other comprehensive income before reclassifications and income taxes

(4.5)

25.0

(1.4)

Reclassification adjustments recognized in non-operating income

(2.4)

6.8

(0.1)

Other comprehensive income (loss), before taxes

(6.9)

31.8

(1.5)

Net deferred tax benefits (income taxes)

3.4

(11.8)

0.5

Other comprehensive income (loss)

(3.5)

20.0

(1.0)

Ending balances

(26.5)

(23.0)

(43.0)

Currency translation adjustments | Equity method investments

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

Beginning balances

(43.6)

(46.9)

(48.8)

Other comprehensive income before reclassifications and income taxes

7.0

2.1

2.4

Reclassification adjustments recognized in non-operating income

0.0

7.5

0.0

Other comprehensive income (loss), before taxes

7.0

9.6

2.4

Net deferred tax benefits (income taxes)

(0.1)

(6.3)

(0.5)

Other comprehensive income (loss)

6.9

3.3

1.9

Ending balances

(36.7)

(43.6)

(46.9)

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

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

Beginning balances

20.6

3.9

6.8

Other comprehensive income before reclassifications and income taxes

(11.5)

22.9

(3.8)

Reclassification adjustments recognized in non-operating income

(2.4)

(0.7)

(0.1)

Other comprehensive income (loss), before taxes

(13.9)

22.2

(3.9)

Net deferred tax benefits (income taxes)

3.5

(5.5)

1.0

Other comprehensive income (loss)

(10.4)

16.7

(2.9)

Ending balances

10.2

20.6

3.9

Total net deferred tax benefits

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

Beginning balances

(23.0)

(43.0)

(42.0)

Other comprehensive income before reclassifications and income taxes

(4.5)

25.0

(1.4)

Reclassification adjustments recognized in non-operating income

(2.4)

6.8

(0.1)

Other comprehensive income (loss), before taxes

(6.9)

31.8

(1.5)

Net deferred tax benefits (income taxes)

3.4

(11.8)

0.5

Other comprehensive income (loss)

^[1]

(3.5)

20.0

(1.0)

Ending balances

$ (26.5)

$ (23.0)

$ (43.0)

[1]	Accumulated other comprehensive income

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	$ (26.2)	$ 34.9	$ 0.4

COMMITMENTS AND CONTINGENCIES (Details) - OHA Commitments $ in Millions	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Investment commitment, amount	$ 500
Other commitment period	5 years

OTHER DISCLOSURES (Details) - USD ($)	12 Months Ended
OTHER DISCLOSURES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Expense recognized for defined contribution retirement plans	$ 124,200,000	$ 117,000,000	$ 104,600,000
Senior officers \| Supplemental Savings Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferral percentage of cash incentive compensation	50.00%
Maximum amount of cash incentive compensation senior officers elected to defer	$ 2,000,000
Supplemental Savings Plan, minimum deferral period	5 years	2 years
Supplemental Savings Plan, maximum deferral period	15 years
Amount of cash incentive compensation senior officers elected to defer	$ 63,500,000	$ 105,800,000	$ 107,500,000
Maximum \| Senior officers \| Supplemental Savings Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferral percentage of cash incentive compensation		100.00%