0001113169-22-000025 | 10-Q | XBRL Viewer

2,342.3

(6.4)

Special cash dividends declared

(754.8)

(699.5)

1,083,000

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

38.8

$ 0.2

38.6

4,000

Net shares issued upon vesting of restricted stock units (in shares)

54,000

Net shares issued upon vesting of restricted stock units

$ (4.8)

Restricted stock units issued as dividend equivalents

166.2

(0.1)

0.6

(0.7)

(2,889,000)

Ending balance (in shares) at Sep. 30, 2021

(526.6)

$ (0.6)

(200.6)

(325.4)

226,217,000

Balances at end of period at Sep. 30, 2021

8,262.1

$ 45.2

654.6

7,591.7

(29.4)

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

1,561.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss) attributable to redeemable non-controlling interests

22.6

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

(20.2)

Net subscriptions (redemption) into T. Rowe Price investment products

6.1

Net deconsolidations of T. Rowe Price investment products

(483.6)

Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2021

1,086.6

Beginning balance (in shares) at Jun. 30, 2021

226,925,000

Balances at beginning of period at Jun. 30, 2021

7,893.0

$ 45.4

673.7

7,202.6

(28.7)

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

777.2

(0.7)

(250.7)

321,000

Net shares issued upon vesting of restricted stock units (in shares)

9.0

5,000

Net shares issued upon vesting of restricted stock units

(0.5)

Restricted stock units issued as dividend equivalents

52.3

0.2

0.4

(0.2)

(1,034,000)

Ending balance (in shares) at Sep. 30, 2021

(217.7)

$ (0.2)

(80.3)

(137.2)

226,217,000

Balances at end of period at Sep. 30, 2021

8,262.1

$ 45.2

654.6

7,591.7

(29.4)

Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2021

880.4

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss) attributable to redeemable non-controlling interests

(19.8)

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

(12.2)

Net subscriptions (redemption) into T. Rowe Price investment products

(292.8)

Net consolidations of T. Rowe Price investment products

531.0

Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2021

1,086.6

Beginning balance (in shares) at Dec. 31, 2021

229,175,000

Balances at beginning of period at Dec. 31, 2021

9,271.4

$ 9,022.7

$ 45.8

919.8

8,083.6

(26.5)

$ 248.7

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

1,291.9

(33.3)

1,258.6

(30.0)

$ (832.7)

(832.7)

463,232

372,000

Net shares issued upon vesting of restricted stock units (in shares)

$ 17.8

17.8

$ 0.1

17.7

72,000

Net shares issued upon vesting of restricted stock units

(3.9)

$ (3.9)

(3.9)

Restricted stock units issued as dividend equivalents (in shares)

185.7

9,000

Restricted stock units issued as dividend equivalents

0.0

0.2

(0.2)

(5,708,000)

Net distributions to non-controlling interests in consolidated entities

(744.0)

$ (1.1)

(620.2)

(122.7)

(8.4)

Ending balance (in shares) at Sep. 30, 2022

223,920,000

Balances at end of period at Sep. 30, 2022

9,114.5

8,907.5

$ 44.8

499.3

8,419.9

(56.5)

207.0

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

982.3

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss) attributable to redeemable non-controlling interests

(131.9)

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

(44.6)

Net subscriptions (redemption) into T. Rowe Price investment products

(49.6)

Net deconsolidations of T. Rowe Price investment products

(175.4)

Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2022

580.8

Beginning balance (in shares) at Jun. 30, 2022

225,715,000

Balances at beginning of period at Jun. 30, 2022

9,173.0

8,964.2

$ 45.1

654.6

8,311.9

(47.4)

208.8

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

384.4

0.1

384.5

(9.1)

(276.4)

135,000

Net shares issued upon vesting of restricted stock units (in shares)

6.4

11,000

Net shares issued upon vesting of restricted stock units

$ (0.3)

62.8

(1,941,000)

Net distributions to non-controlling interests in consolidated entities

(224.5)

$ (0.3)

(224.2)

(1.9)

Ending balance (in shares) at Sep. 30, 2022

223,920,000

Balances at end of period at Sep. 30, 2022

9,114.5

$ 8,907.5

$ 44.8

$ 499.3

$ 8,419.9

$ (56.5)

$ 207.0

Beginning balances attributable to redeemable non-controlling interests at Jun. 30, 2022

564.6

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss) attributable to redeemable non-controlling interests

(26.6)

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

(19.1)

Net subscriptions (redemption) into T. Rowe Price investment products

19.2

Net consolidations of T. Rowe Price investment products

42.7

Ending balances attributable to redeemable non-controlling interests at Sep. 30, 2022

$ 580.8

[1]	Accumulated other comprehensive income

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.20	$ 1.08	$ 3.60	$ 3.24
Special cash dividends declared per share (in dollars per share)				$ 3.00

THE COMPANY AND BASIS OF PREPARATION	9 Months Ended
THE COMPANY AND BASIS OF PREPARATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND BASIS OF PREPARATION	THE COMPANY AND BASIS OF PREPARATION. T. Rowe Price Group, Inc. (“T. Rowe Price”, “us”, or “we”) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other affiliated products. The other affiliated products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we also derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that had 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"). As of September 30, 2022, OHA had $56 billion of capital under management (which includes net asset value, portfolio value and/or unfunded capital). BASIS OF PRESENTATION. These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2021 Annual Report. U.S. INFLATION REDUCTION LEGISLATION. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("IRA"). The IRA establishes new tax provisions and various incentives and tax credits. Among other things, the IRA created a 15% minimum tax on adjusted book income effective for taxable years beginning after December 31, 2022 as well as an excise tax of 1% on stock repurchases, net of stock issuances, for publicly traded companies effective for net stock repurchases made after December 31, 2022. We are currently assessing what impact, if any, the IRA’s provisions will have on our financial position and results of operations, but we do not believe the impact will be material. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

9 Months Ended

Sep. 30, 2022

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned under agreements with clients include:


	Three months ended 9/30/2022										Three months ended 9/30/2021
			Administrative, distribution, and servicing fees										Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	841.7	$	86.5	$	22.0	$	—	$	950.2	$	1,125.5	$	82.6	$	30.9	$	1,239.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products	600.3		5.0		—		1.1		606.4		687.9		—		—		687.9
Other clients(1)	—		31.6		—		—		31.6		—		27.2		—		27.2
	$	1,442.0	$	123.1	$	22.0	$	1.1	$	1,588.2	$	1,813.4	$	109.8	$	30.9	$	1,954.1

	Nine months ended 9/30/2022										Nine months ended 9/30/2021
			Administrative, distribution, and servicing fees										Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	2,694.4	$	265.1	$	71.5	$	—	$	3,031.0	$	3,273.2	$	243.1	$	90.0	$	3,606.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	1,906.4		12.5		—		(80.8)		1,838.1		2,015.2		—		—		2,015.2
Other clients(1)	—		95.1		—		—		95.1		—		88.7		—		88.7
	$	4,600.8	$	372.7	$	71.5	$	(80.8)	$	4,964.2	$	5,288.4	$	331.8	$	90.0	$	5,710.2

(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services.

Total net revenues earned from our related parties aggregate $1,311.2 million and $1,599.5 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, net revenues from related parties aggregate $4,069.7 million and $4,653.7 million, respectively. Accounts receivable from these products aggregate to $490.2 million at September 30, 2022 and $577.9 million at December 31, 2021.

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


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
U.S. mutual funds
Equity	$	580.1	$	813.0	$	1,876.5	$	2,310.8
Fixed income, including money market	66.2		64.8		198.9		183.7
Multi-asset	195.4		247.7		619.0		778.7
	841.7		1,125.5		2,694.4		3,273.2
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	316.9		458.8		1,047.5		1,329.0
Fixed income, including money market	41.4		41.3		125.2		119.6
Multi-asset	171.8		187.8		530.3		566.6
Alternatives	70.2		—		203.4		—
	600.3		687.9		1,906.4		2,015.2
Total	$	1,442.0	$	1,813.4	$	4,600.8	$	5,288.4

The following table summarizes the assets under management on which we earn investment advisory revenues.


	Average during
	Three months ended				Nine months ended				As of
(in billions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021		9/30/2022		12/31/2021
U.S. mutual funds
Equity	$	405.8	$	559.8	$	441.0	$	534.0	$	365.2	$	553.9
Fixed income, including money market	79.4		88.4		82.7		85.6		74.5		85.3
Multi-asset	192.4		232.8		204.8		228.5		174.8		232.2
	677.6		881.0		728.5		848.1		614.5		871.4
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	319.1		445.7		352.0		427.3		282.6		438.8
Fixed income, including money market	93.6		94.3		92.4		92.1		90.9		90.4
Multi-asset	214.3		227.7		221.8		213.8		199.3		245.5
Alternatives	42.9		—		42.4		—		42.7		41.7
	669.9		767.7		708.6		733.2		615.5		816.4
Total	$	1,347.5	$	1,648.7	$	1,437.1	$	1,581.3	$	1,230.0	$	1,687.8

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.0%, 9.4%, and 9.9% of our assets under management at September 30, 2022, June 30, 2022, and December 31, 2021, respectively.

INVESTMENTS

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

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


(in millions)	9/30/2022		12/31/2021

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	241.4	$	518.7
Seed capital	177.1		264.8
Supplemental savings plan liability economic hedges	669.5		881.5
Investment partnerships and other investments	91.8		108.9
Investments in affiliated collateralized loan obligations	6.4		10.8
Equity method investments
T. Rowe Price investment products
Discretionary investments	192.5		—
Seed capital	154.9		141.7

Investments in affiliated private investment funds - carried interest	508.3		609.8
Investments in affiliated private investment funds - seed/co-investment	168.1		151.3
23% Investment in UTI Asset Management Company Limited (India)	165.6		165.4
Other investment partnerships and investments	2.4		2.5
Held to maturity
Investments in affiliated collateralized loan obligations	100.2		119.1
Certificates of deposit	1.0		—
U.S. Treasury note	1.0		1.0
Total	$	2,480.2	$	2,975.5

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

During the three- and nine- months ended September 30, 2022, net losses on investments included $35.3 million and $258.7 million, respectively, of net unrealized losses related to investments held at fair value that were still held at September 30, 2022. During the three months ended September 30, 2021, net losses on investments included $4.6 million of net unrealized losses related to investments held at fair value that were still held at September 30, 2021. During the nine months ended September 30, 2021, net gains on investments included $83.7 million of net unrealized gains related to investments held at fair value that were still held at September 30, 2021.

During the nine months ended September 30, 2022 and 2021, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine months ended September 30, 2022 and September 30, 2021, certain T. Rowe Price investment products were consolidated, as we regained a controlling interest. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	24.2	$	589.7	$	(289.6)	$	(727.6)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	—	$	7.1	$	(15.0)	$	(17.1)
Net increase (decrease) in redeemable non-controlling interests	$	42.9	$	531.0	$	(175.2)	$	(483.6)

Gains recognized upon deconsolidation	$	—	$	—	$	6.8	$	2.6

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.

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). As of September 30, 2022 and December 31, 2021, the debt is carried at $94.6 million and $113.5 million, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €66.8 million (equivalent to $65.4 million at September 30, 2022 and $75.9 million at December 31, 2021 at the respective EUR spot rates) and collateralized by the CLO investments. The debt also includes outstanding note facilities of €35.6 million (equivalent to $29.2 million at September 30, 2022 and $36.9 million at December 31, 2021 at the respective EUR spot rates) and are collateralized by first priority security interests in the assets of the consolidated OHA entity that is party to the notes. The debt bears interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.75% to 2.00% as of September 30, 2022. The debt matures on various dates through 2032 or if the investments are paid back in full or cancelled.

VARIABLE INTEREST ENTITIES.

Our investments at September 30, 2022 and December 31, 2021 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)	9/30/2022		12/31/2021
Investment carrying values	$	804.0	$	943.3
Unfunded capital commitments	87.9		94.2
Accounts receivable	86.7		145.1
	$	978.6	$	1,182.6

The unfunded capital commitments totaling $87.9 million at September 30, 2022 and $94.2 million at December 31, 2021 relate primarily to the affiliated private investment funds and the investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.

INVESTMENTS IN AFFILIATED PARTNERS.

During 2021, as part of the OHA acquisition, we acquired a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income. These entities are considered variable interest entities and are consolidated as T. Rowe Price was determined to be the primary beneficiary.

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:


(in millions)	9/30/2022		12/31/2021
Assets	$	550.4	$	692.7
Liabilities	$	1.1	$	56.4
Non-controlling interest	$	207.0	$	248.7

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS.

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

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

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

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

obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market.

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


	9/30/2022						12/31/2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
T. Rowe Price investment products
Cash equivalents held in money market funds	1,917.3		$	—	$	—	$	1,183.9	$	—	$	—
Discretionary investments	241.4		—		—		518.7		—		—
Seed capital	147.1		30.0		—		241.4		23.4		—
Supplemental savings plan liability economic hedges	669.5		—		—		881.5		—		—
Other investments	.7		.1		—		.7		.1		—
Investments in affiliated collateralized loan obligations	—		6.4		—		—		10.8		—
Total	$	2,976.0	$	36.5	$	—	$	2,826.2	$	34.3	$	—

Contingent consideration liability	$	—	$	—	$	131.3	$	—	$	—	$	306.3

The fair value hierarchy level table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient. The carrying value of these investments as disclosed in Note 3 were $91.0 million at September 30, 2022, and $108.1 million at December 31, 2021.

As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent consideration in the amount of up to $900.0 million, payable in cash, that may be due as part of an earnout payment starting in 2025 and ending in 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend two additional years if the defined revenue targets are not achieved. About 22% of the earnout is conditioned upon continued service with T. Rowe Price and was excluded from the purchase consideration and deemed compensatory. The fair value of the earnout deemed compensatory is remeasured each reporting period and recognized over the related service period. For the three- and nine- months ended September 30, 2022, $2.9 million

and $11.7 million, respectively, was recorded as part of compensation expense in our unaudited condensed consolidated statements of income for the portion of the earnout deemed compensatory.

The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:


	Contingent Consideration Liability
(in millions)	Three months ended 9/30/2022		Nine months ended 9/30/2022
Balance at beginning of period	$	161.2	$	306.3
Measurement period adjustment	—		(49.3)
Unrealized (gains) losses, included in earnings	(29.9)		(125.7)
Balance, September 30, 2022	$	131.3	$	131.3

The fair value of the contingent consideration is measured using the Monte Carlo simulation methodology of valuation. The most significant assumptions used relate to the discount rates and from changes pertaining to the achievement of the defined financial targets. The unrealized (gains) losses during the quarter are reflected in general, administrative and other expenses in our unaudited condensed consolidated statements of income.

In addition, simultaneously with the OHA acquisition, a Value Creation Agreement was entered into whereby certain employees of OHA will receive incentive payments in the aggregate equal to 10% of the appreciated value of the OHA business, subject to an annualized preferred return to T. Rowe Price, on the fifth anniversary of the acquisition date. This arrangement is treated as a post-combination compensation expense. This arrangement will be remeasured at fair value at each reporting date and recognized over the related service period. For the three- and nine- months ended September 30, 2022, $2.4 million and $7.1 million was recognized as part of compensation expense in our unaudited condensed consolidated statements of income.

Consolidated Sponsored Investment Portfolios [Abstract]

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 AND OTHER ENTITIES

9 Months Ended

Sep. 30, 2022

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES.

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

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


	9/30/2022						12/31/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	.2	$	77.9	$	78.1	$	7.3	$	93.8	$	101.1
Investments(2)	48.5		1,124.9		1,173.4		188.9		1,645.0		1,833.9
Other assets	.8		32.0		32.8		5.1		22.7		27.8
Total assets	49.5		1,234.8		1,284.3		201.3		1,761.5		1,962.8
Liabilities	5.9		41.6		47.5		15.3		36.2		51.5
Net assets	$	43.6	$	1,193.2	$	1,236.8	$	186.0	$	1,725.3	$	1,911.3

Attributable to T. Rowe Price	$	29.3	$	626.7	$	656.0	$	125.3	$	803.7	$	929.0
Attributable to redeemable non-controlling interests	14.3		566.5		580.8		60.7		921.6		982.3
	$	43.6	$	1,193.2	$	1,236.8	$	186.0	$	1,725.3	$	1,911.3

(1) Cash and cash equivalents includes $.1 million at September 30, 2022, and $6.5 million at December 31, 2021, of T. Rowe Price money market mutual funds.

(2) Investments include $8.6 million at September 30, 2022, and $42.5 million at December 31, 2021 of other T. Rowe Price investment products.

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

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

The operating results of the consolidated T. Rowe Price investment products for the three- and nine-months ended September 30, 2022 and 2021, are reflected in our unaudited condensed consolidated statements of income as follows:


	Three months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	—	$	(1.8)	$	(1.8)	$	(.1)	$	(2.7)	$	(2.8)
Net investment income (loss) reflected in non-operating income (loss)	(1.8)		(40.0)		(41.8)		.7		(17.8)		(17.1)
Impact on income before taxes	$	(1.8)	$	(41.8)	$	(43.6)	$	.6	$	(20.5)	$	(19.9)

Net income (loss) attributable to T. Rowe Price	$	(1.1)	$	(15.9)	$	(17.0)	$	.5	$	(.6)	$	(.1)
Net income (loss) attributable to redeemable non-controlling interests	(.7)		(25.9)		(26.6)		.1		(19.9)		(19.8)
	$	(1.8)	$	(41.8)	$	(43.6)	$	.6	$	(20.5)	$	(19.9)


	Nine months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(.3)	$	(5.9)	$	(6.2)	$	(.4)	$	(8.7)	$	(9.1)
Net investment income (loss) reflected in non-operating income	(16.5)		(231.3)		(247.8)		14.1		61.5		75.6
Impact on income before taxes	$	(16.8)	$	(237.2)	$	(254.0)	$	13.7	$	52.8	$	66.5

Net income (loss) attributable to T. Rowe Price Group	$	(11.4)	$	(110.7)	$	(122.1)	$	8.8	$	35.1	$	43.9
Net income (loss) attributable to redeemable non-controlling interests	(5.4)		(126.5)		(131.9)		4.9		17.7		22.6
	$	(16.8)	$	(237.2)	$	(254.0)	$	13.7	$	52.8	$	66.5

The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $.5 million and $1.6 million for the three months ended September 30, 2022 and 2021, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2022 and 2021, were $2.0 million and $4.0 million, respectively. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as realized and unrealized gains and losses on the underlying securities held by the consolidated T. Rowe Price investment products.

The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021.


	Nine months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(17.7)	$	75.7	$	58.0	$	(109.1)	$	127.7	$	18.6
Net cash used in investing activities	(.1)		(8.6)		(8.7)		(11.9)		(3.7)		(15.6)
Net cash provided by (used in) financing activities	10.7		(94.8)		(84.1)		120.1		(132.7)		(12.6)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—		11.8		11.8		—		(3.6)		(3.6)
Net change in cash and cash equivalents during period	(7.1)		(15.9)		(23.0)		(.9)		(12.3)		(13.2)
Cash and cash equivalents at beginning of year	7.3		93.8		101.1		7.1		97.7		104.8
Cash and cash equivalents at end of period	$	.2	$	77.9	$	78.1	$	6.2	$	85.4	$	91.6

The net cash provided by financing activities during the nine months ended September 30, 2022 and 2021 includes $22.3 million and $35.3 million, respectively, of net subscriptions we made into the consolidated T. Rowe Price investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

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

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

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

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

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


	9/30/2022				12/31/2021
(in millions)	Level 1		Level 2		Level 1		Level 2
Assets
Cash equivalents	$	.1	$	21.0	$	6.5	$	.7
Equity securities	129.4		130.3		247.8		340.3
Fixed income securities			875.7		—		1,187.4
Other investments	9.8		28.2		5.7		52.7
	$	139.3	$	1,055.2	$	260.0	$	1,581.1

Liabilities	$	(8.8)	$	(10.2)	$	(.7)	$	(9.7)

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:


(in millions)	9/30/2022		12/31/2021
Goodwill	$	2,652.4	$	2,693.2
Indefinite-lived intangible assets - trade name	134.7		134.7
Indefinite-lived intangible assets - investment advisory agreements	164.8		164.8
Definite-lived intangible assets - investment advisory agreements	532.5		613.9
Total	$	3,484.4	$	3,606.6

Amortization expense for the definite-lived investment advisory agreements intangible assets was $27.1 million and $81.4 million for the three- and nine- months ended September 30, 2022, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the remainder of 2022 is $27.1 million, $108.1 million for 2023, $105.6 million for 2024, $105.0 million for 2025, and $87.7 million for 2026.

Goodwill activity during the three- and nine- months ended September 30, 2022 was as follows:


(in millions)	Three months ended 9/30/2022		Nine months ended 9/30/2022
Balance at beginning of period	$	2,652.4	$	2,693.2
Measurement period adjustment	—		(40.8)
Balance, September 30, 2022	$	2,652.4	$	2,652.4

We evaluate the carrying amount of goodwill for possible impairment on an annual basis in the fourth quarter using a fair value approach or if triggering events occur that require us to evaluate for impairment earlier.

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY.Accounts payable and accrued expenses includes liabilities of $16.1 million at September 30, 2022 for common stock repurchases that settled during the first week of October 2022.

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.

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Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2022.


	Options	Weighted- average exercise price
Outstanding at December 31, 2021	2,846,579	$	72.87



Exercised	(463,232)	$	65.14


Outstanding at September 30, 2022	2,383,347	$	74.37
Exercisable at September 30, 2022	2,383,347	$	74.37

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2022.


	Restricted shares	Restricted stock units	Weighted-average fair value
Nonvested at December 31, 2021	5,720	5,701,865	$	146.87
Time-based grants	8,715	63,475	$	127.99

Dividend equivalents granted to non-employee directors	—	2,897	$	121.67
Vested	(4,336)	(97,003)	$	113.22
Forfeited	—	(149,318)	$	143.31
Nonvested at September 30, 2022	10,099	5,521,916	$	147.33

Nonvested at September 30, 2022, includes performance-based restricted stock units of 294,518. These nonvested performance-based restricted stock units include 81,123 units for which the performance period has lapsed, and the performance threshold has been met.

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at September 30, 2022. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.


(in millions)



Fourth quarter 2022	$	54.4
2023	125.7
2024 through 2027	105.4
Total	$	285.5

EARNINGS PER SHARE CALCULATIONS

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.

The following table presents the reconciliation of net income attributable to T. Rowe Price to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflects the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested. No outstanding stock options had an anti-dilutive impact on the diluted earnings per common share calculation in the periods presented.


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Net income attributable to T. Rowe Price	$	384.4	$	777.2	$	1,291.9	$	2,342.3
Less: net income allocated to outstanding restricted stock and stock unit holders	9.2		19.5		29.6		61.6
Net income allocated to common stockholders	$	375.2	$	757.7	$	1,262.3	$	2,280.7

Weighted-average common shares
Outstanding	225.3		226.9		226.7		227.2
Outstanding assuming dilution	226.3		229.1		228.0		229.4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS.

The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended September 30, 2022 and 2021 are presented in the table below.


	Three months ended 9/30/2022						Three months ended 9/30/2021

(in millions)	Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(39.9)	$	(7.5)	$	(47.4)	$	(43.8)	$	15.1	$	(28.7)



Other comprehensive income (loss) before reclassifications and income taxes	.7		(12.7)		(12.0)		3.5		(5.0)		(1.5)


Net deferred tax benefits (income taxes)	(.1)		3.0		2.9		(.4)		1.2		.8
Other comprehensive income (loss)	.6		(9.7)		(9.1)		3.1		(3.8)		(.7)
Balances at end of period	$	(39.3)	$	(17.2)	$	(56.5)	$	(40.7)	$	11.3	$	(29.4)

The other comprehensive income (loss) in the table above excludes losses of $19.1 million and $12.2 million of other comprehensive income related to redeemable non-controlling interests held in our consolidated products for the three months ended September 30, 2022 and 2021, respectively.

The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2022 and 2021, are presented in the table below.


	Nine months ended 9/30/2022						Nine months ended 9/30/2021
(in millions)	Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(36.7)	$	10.2	$	(26.5)	$	(43.6)	$	20.6	$	(23.0)
Other comprehensive income (loss) before reclassifications and income taxes	(1.9)		(29.3)		(31.2)		2.4		(9.8)		(7.4)
Reclassification adjustments recognized in non-operating income	—		(6.9)		(6.9)		—		(2.6)		(2.6)
	(1.9)		(36.2)		(38.1)		2.4		(12.4)		(10.0)
Net deferred tax benefits (income taxes)	(.7)		8.8		8.1		.5		3.1		3.6
Other comprehensive income (loss)	(2.6)		(27.4)		(30.0)		2.9		(9.3)		(6.4)
Balances at end of period	$	(39.3)	$	(17.2)	$	(56.5)	$	(40.7)	$	11.3	$	(29.4)

The other comprehensive income (loss) in the table above excludes losses of $44.6 million for the 2022 period and income of $20.2 million for the 2021 period of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $482.3 million to fund OHA products over the next five years. CONTINGENCIES. Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

THE COMPANY AND BASIS OF PREPARATION (Policies)	9 Months Ended
THE COMPANY AND BASIS OF PREPARATION (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States.
Use of estimates	These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.
Newly issued but not yet adopted accounting guidance	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

9 Months Ended

Sep. 30, 2022

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory Services

Revenues earned under agreements with clients include:


	Three months ended 9/30/2022										Three months ended 9/30/2021
			Administrative, distribution, and servicing fees										Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	841.7	$	86.5	$	22.0	$	—	$	950.2	$	1,125.5	$	82.6	$	30.9	$	1,239.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products	600.3		5.0		—		1.1		606.4		687.9		—		—		687.9
Other clients(1)	—		31.6		—		—		31.6		—		27.2		—		27.2
	$	1,442.0	$	123.1	$	22.0	$	1.1	$	1,588.2	$	1,813.4	$	109.8	$	30.9	$	1,954.1

	Nine months ended 9/30/2022										Nine months ended 9/30/2021
			Administrative, distribution, and servicing fees										Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues		Investment advisory fees		Administrative fees		Distribution and servicing fees		Net revenues
U.S. mutual funds	$	2,694.4	$	265.1	$	71.5	$	—	$	3,031.0	$	3,273.2	$	243.1	$	90.0	$	3,606.3
Subadvised funds, separate accounts, collective investment trusts, and other investment products	1,906.4		12.5		—		(80.8)		1,838.1		2,015.2		—		—		2,015.2
Other clients(1)	—		95.1		—		—		95.1		—		88.7		—		88.7
	$	4,600.8	$	372.7	$	71.5	$	(80.8)	$	4,964.2	$	5,288.4	$	331.8	$	90.0	$	5,710.2

(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services.

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


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
U.S. mutual funds
Equity	$	580.1	$	813.0	$	1,876.5	$	2,310.8
Fixed income, including money market	66.2		64.8		198.9		183.7
Multi-asset	195.4		247.7		619.0		778.7
	841.7		1,125.5		2,694.4		3,273.2
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	316.9		458.8		1,047.5		1,329.0
Fixed income, including money market	41.4		41.3		125.2		119.6
Multi-asset	171.8		187.8		530.3		566.6
Alternatives	70.2		—		203.4		—
	600.3		687.9		1,906.4		2,015.2
Total	$	1,442.0	$	1,813.4	$	4,600.8	$	5,288.4

Schedule of Assets Under Management

The following table summarizes the assets under management on which we earn investment advisory revenues.


	Average during
	Three months ended				Nine months ended				As of
(in billions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021		9/30/2022		12/31/2021
U.S. mutual funds
Equity	$	405.8	$	559.8	$	441.0	$	534.0	$	365.2	$	553.9
Fixed income, including money market	79.4		88.4		82.7		85.6		74.5		85.3
Multi-asset	192.4		232.8		204.8		228.5		174.8		232.2
	677.6		881.0		728.5		848.1		614.5		871.4
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	319.1		445.7		352.0		427.3		282.6		438.8
Fixed income, including money market	93.6		94.3		92.4		92.1		90.9		90.4
Multi-asset	214.3		227.7		221.8		213.8		199.3		245.5
Alternatives	42.9		—		42.4		—		42.7		41.7
	669.9		767.7		708.6		733.2		615.5		816.4
Total	$	1,347.5	$	1,648.7	$	1,437.1	$	1,581.3	$	1,230.0	$	1,687.8

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Unconsolidated Investments

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


(in millions)	9/30/2022		12/31/2021

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	241.4	$	518.7
Seed capital	177.1		264.8
Supplemental savings plan liability economic hedges	669.5		881.5
Investment partnerships and other investments	91.8		108.9
Investments in affiliated collateralized loan obligations	6.4		10.8
Equity method investments
T. Rowe Price investment products
Discretionary investments	192.5		—
Seed capital	154.9		141.7

Investments in affiliated private investment funds - carried interest	508.3		609.8
Investments in affiliated private investment funds - seed/co-investment	168.1		151.3
23% Investment in UTI Asset Management Company Limited (India)	165.6		165.4
Other investment partnerships and investments	2.4		2.5
Held to maturity
Investments in affiliated collateralized loan obligations	100.2		119.1
Certificates of deposit	1.0		—
U.S. Treasury note	1.0		1.0
Total	$	2,480.2	$	2,975.5

Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements

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


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	24.2	$	589.7	$	(289.6)	$	(727.6)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	—	$	7.1	$	(15.0)	$	(17.1)
Net increase (decrease) in redeemable non-controlling interests	$	42.9	$	531.0	$	(175.2)	$	(483.6)

Gains recognized upon deconsolidation	$	—	$	—	$	6.8	$	2.6

Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities


(in millions)	9/30/2022		12/31/2021
Investment carrying values	$	804.0	$	943.3
Unfunded capital commitments	87.9		94.2
Accounts receivable	86.7		145.1
	$	978.6	$	1,182.6

Schedule of Total Assets, Liabilities And Non-controlling Interests of Consolidated Variable Interest Entities

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:


(in millions)	9/30/2022		12/31/2021
Assets	$	550.4	$	692.7
Liabilities	$	1.1	$	56.4
Non-controlling interest	$	207.0	$	248.7

Schedule of Fair Value Measurements

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

+ References + Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


	9/30/2022						12/31/2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
T. Rowe Price investment products
Cash equivalents held in money market funds	1,917.3		$	—	$	—	$	1,183.9	$	—	$	—
Discretionary investments	241.4		—		—		518.7		—		—
Seed capital	147.1		30.0		—		241.4		23.4		—
Supplemental savings plan liability economic hedges	669.5		—		—		881.5		—		—
Other investments	.7		.1		—		.7		.1		—
Investments in affiliated collateralized loan obligations	—		6.4		—		—		10.8		—
Total	$	2,976.0	$	36.5	$	—	$	2,826.2	$	34.3	$	—

Contingent consideration liability	$	—	$	—	$	131.3	$	—	$	—	$	306.3

Schedule of Change in Contingent Consideration Liability

The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:


	Contingent Consideration Liability
(in millions)	Three months ended 9/30/2022		Nine months ended 9/30/2022
Balance at beginning of period	$	161.2	$	306.3
Measurement period adjustment	—		(49.3)
Unrealized (gains) losses, included in earnings	(29.9)		(125.7)
Balance, September 30, 2022	$	131.3	$	131.3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

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:


	9/30/2022						12/31/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	.2	$	77.9	$	78.1	$	7.3	$	93.8	$	101.1
Investments(2)	48.5		1,124.9		1,173.4		188.9		1,645.0		1,833.9
Other assets	.8		32.0		32.8		5.1		22.7		27.8
Total assets	49.5		1,234.8		1,284.3		201.3		1,761.5		1,962.8
Liabilities	5.9		41.6		47.5		15.3		36.2		51.5
Net assets	$	43.6	$	1,193.2	$	1,236.8	$	186.0	$	1,725.3	$	1,911.3

Attributable to T. Rowe Price	$	29.3	$	626.7	$	656.0	$	125.3	$	803.7	$	929.0
Attributable to redeemable non-controlling interests	14.3		566.5		580.8		60.7		921.6		982.3
	$	43.6	$	1,193.2	$	1,236.8	$	186.0	$	1,725.3	$	1,911.3

(1) Cash and cash equivalents includes $.1 million at September 30, 2022, and $6.5 million at December 31, 2021, of T. Rowe Price money market mutual funds.

(2) Investments include $8.6 million at September 30, 2022, and $42.5 million at December 31, 2021 of other T. Rowe Price investment products.

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


	Three months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	—	$	(1.8)	$	(1.8)	$	(.1)	$	(2.7)	$	(2.8)
Net investment income (loss) reflected in non-operating income (loss)	(1.8)		(40.0)		(41.8)		.7		(17.8)		(17.1)
Impact on income before taxes	$	(1.8)	$	(41.8)	$	(43.6)	$	.6	$	(20.5)	$	(19.9)

Net income (loss) attributable to T. Rowe Price	$	(1.1)	$	(15.9)	$	(17.0)	$	.5	$	(.6)	$	(.1)
Net income (loss) attributable to redeemable non-controlling interests	(.7)		(25.9)		(26.6)		.1		(19.9)		(19.8)
	$	(1.8)	$	(41.8)	$	(43.6)	$	.6	$	(20.5)	$	(19.9)


	Nine months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(.3)	$	(5.9)	$	(6.2)	$	(.4)	$	(8.7)	$	(9.1)
Net investment income (loss) reflected in non-operating income	(16.5)		(231.3)		(247.8)		14.1		61.5		75.6
Impact on income before taxes	$	(16.8)	$	(237.2)	$	(254.0)	$	13.7	$	52.8	$	66.5

Net income (loss) attributable to T. Rowe Price Group	$	(11.4)	$	(110.7)	$	(122.1)	$	8.8	$	35.1	$	43.9
Net income (loss) attributable to redeemable non-controlling interests	(5.4)		(126.5)		(131.9)		4.9		17.7		22.6
	$	(16.8)	$	(237.2)	$	(254.0)	$	13.7	$	52.8	$	66.5

Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios


	Nine months ended
	9/30/2022						9/30/2021
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(17.7)	$	75.7	$	58.0	$	(109.1)	$	127.7	$	18.6
Net cash used in investing activities	(.1)		(8.6)		(8.7)		(11.9)		(3.7)		(15.6)
Net cash provided by (used in) financing activities	10.7		(94.8)		(84.1)		120.1		(132.7)		(12.6)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	—		11.8		11.8		—		(3.6)		(3.6)
Net change in cash and cash equivalents during period	(7.1)		(15.9)		(23.0)		(.9)		(12.3)		(13.2)
Cash and cash equivalents at beginning of year	7.3		93.8		101.1		7.1		97.7		104.8
Cash and cash equivalents at end of period	$	.2	$	77.9	$	78.1	$	6.2	$	85.4	$	91.6

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.


	9/30/2022				12/31/2021
(in millions)	Level 1		Level 2		Level 1		Level 2
Assets
Cash equivalents	$	.1	$	21.0	$	6.5	$	.7
Equity securities	129.4		130.3		247.8		340.3
Fixed income securities			875.7		—		1,187.4
Other investments	9.8		28.2		5.7		52.7
	$	139.3	$	1,055.2	$	260.0	$	1,581.1

Liabilities	$	(8.8)	$	(10.2)	$	(.7)	$	(9.7)

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


(in millions)	9/30/2022		12/31/2021
Goodwill	$	2,652.4	$	2,693.2
Indefinite-lived intangible assets - trade name	134.7		134.7
Indefinite-lived intangible assets - investment advisory agreements	164.8		164.8
Definite-lived intangible assets - investment advisory agreements	532.5		613.9
Total	$	3,484.4	$	3,606.6

Schedule of Goodwill

Goodwill activity during the three- and nine- months ended September 30, 2022 was as follows:


(in millions)	Three months ended 9/30/2022		Nine months ended 9/30/2022
Balance at beginning of period	$	2,652.4	$	2,693.2
Measurement period adjustment	—		(40.8)
Balance, September 30, 2022	$	2,652.4	$	2,652.4

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Roll Forward of Stock Options

The following table summarizes the status of, and changes in, our stock options during the nine months ended September 30, 2022.


	Options	Weighted- average exercise price
Outstanding at December 31, 2021	2,846,579	$	72.87



Exercised	(463,232)	$	65.14


Outstanding at September 30, 2022	2,383,347	$	74.37
Exercisable at September 30, 2022	2,383,347	$	74.37

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

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the nine months ended September 30, 2022.


	Restricted shares	Restricted stock units	Weighted-average fair value
Nonvested at December 31, 2021	5,720	5,701,865	$	146.87
Time-based grants	8,715	63,475	$	127.99

Dividend equivalents granted to non-employee directors	—	2,897	$	121.67
Vested	(4,336)	(97,003)	$	113.22
Forfeited	—	(149,318)	$	143.31
Nonvested at September 30, 2022	10,099	5,521,916	$	147.33

Schedule of Future Stock-based Compensation Expense


(in millions)



Fourth quarter 2022	$	54.4
2023	125.7
2024 through 2027	105.4
Total	$	285.5

EARNINGS PER SHARE CALCULATIONS (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation


	Three months ended				Nine months ended
(in millions)	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Net income attributable to T. Rowe Price	$	384.4	$	777.2	$	1,291.9	$	2,342.3
Less: net income allocated to outstanding restricted stock and stock unit holders	9.2		19.5		29.6		61.6
Net income allocated to common stockholders	$	375.2	$	757.7	$	1,262.3	$	2,280.7

Weighted-average common shares
Outstanding	225.3		226.9		226.7		227.2
Outstanding assuming dilution	226.3		229.1		228.0		229.4

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the three months ended September 30, 2022 and 2021 are presented in the table below.


	Three months ended 9/30/2022						Three months ended 9/30/2021

(in millions)	Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(39.9)	$	(7.5)	$	(47.4)	$	(43.8)	$	15.1	$	(28.7)



Other comprehensive income (loss) before reclassifications and income taxes	.7		(12.7)		(12.0)		3.5		(5.0)		(1.5)


Net deferred tax benefits (income taxes)	(.1)		3.0		2.9		(.4)		1.2		.8
Other comprehensive income (loss)	.6		(9.7)		(9.1)		3.1		(3.8)		(.7)
Balances at end of period	$	(39.3)	$	(17.2)	$	(56.5)	$	(40.7)	$	11.3	$	(29.4)

The changes in each component of accumulated other comprehensive loss, including reclassification adjustments for the nine months ended September 30, 2022 and 2021, are presented in the table below.


	Nine months ended 9/30/2022						Nine months ended 9/30/2021
(in millions)	Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments		Equity method investments		Consolidated T. Rowe Price investment products - variable interest entities		Total currency translation adjustments
Balances at beginning of period	$	(36.7)	$	10.2	$	(26.5)	$	(43.6)	$	20.6	$	(23.0)
Other comprehensive income (loss) before reclassifications and income taxes	(1.9)		(29.3)		(31.2)		2.4		(9.8)		(7.4)
Reclassification adjustments recognized in non-operating income	—		(6.9)		(6.9)		—		(2.6)		(2.6)
	(1.9)		(36.2)		(38.1)		2.4		(12.4)		(10.0)
Net deferred tax benefits (income taxes)	(.7)		8.8		8.1		.5		3.1		3.6
Other comprehensive income (loss)	(2.6)		(27.4)		(30.0)		2.9		(9.3)		(6.4)
Balances at end of period	$	(39.3)	$	(17.2)	$	(56.5)	$	(40.7)	$	11.3	$	(29.4)

THE COMPANY AND BASIS OF PREPARATION (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Dec. 29, 2021
Business Acquisition [Line Items]
Assets under management	$ 1,230,000.0	$ 1,687,800.0
OAK HILL ADVISORS, L.P
Business Acquisition [Line Items]
Voting interests acquired			100.00%
Assets under management	$ 56,000.0
Co Investment Entities
Business Acquisition [Line Items]
Voting interests acquired			100.00%

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue and Services [Line Items]
Net revenues	$ 1,588.2	$ 1,954.1	$ 4,964.2	$ 5,710.2
Average assets under management	1,347,500.0	1,648,700.0	1,437,100.0	1,581,300.0
Period end assets under management	1,230,000.0		1,230,000.0		$ 1,687,800.0
U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	950.2	1,239.0	3,031.0	3,606.3
Average assets under management	677,600.0	881,000.0	728,500.0	848,100.0
Period end assets under management	614,500.0		614,500.0		871,400.0
U.S. mutual funds \| Equity
Revenue and Services [Line Items]
Average assets under management	405,800.0	559,800.0	441,000.0	534,000.0
Period end assets under management	365,200.0		365,200.0		553,900.0
U.S. mutual funds \| Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	79,400.0	88,400.0	82,700.0	85,600.0
Period end assets under management	74,500.0		74,500.0		85,300.0
U.S. mutual funds \| Multi-asset
Revenue and Services [Line Items]
Average assets under management	192,400.0	232,800.0	204,800.0	228,500.0
Period end assets under management	174,800.0		174,800.0		232,200.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	606.4	687.9	1,838.1	2,015.2
Average assets under management	669,900.0	767,700.0	708,600.0	733,200.0
Period end assets under management	615,500.0		615,500.0		816,400.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity
Revenue and Services [Line Items]
Average assets under management	319,100.0	445,700.0	352,000.0	427,300.0
Period end assets under management	282,600.0		282,600.0		438,800.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Revenue and Services [Line Items]
Average assets under management	93,600.0	94,300.0	92,400.0	92,100.0
Period end assets under management	90,900.0		90,900.0		90,400.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Revenue and Services [Line Items]
Average assets under management	214,300.0	227,700.0	221,800.0	213,800.0
Period end assets under management	199,300.0		199,300.0		245,500.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Alternatives
Revenue and Services [Line Items]
Average assets under management	42,900.0	0.0	42,400.0	0.0
Period end assets under management	42,700.0		42,700.0		$ 41,700.0
Other clients
Revenue and Services [Line Items]
Net revenues	31.6	27.2	95.1	88.7
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,442.0	1,813.4	4,600.8	5,288.4
Investment advisory fees \| U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	841.7	1,125.5	2,694.4	3,273.2
Investment advisory fees \| U.S. mutual funds \| Equity
Revenue and Services [Line Items]
Net revenues	580.1	813.0	1,876.5	2,310.8
Investment advisory fees \| U.S. mutual funds \| Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	66.2	64.8	198.9	183.7
Investment advisory fees \| U.S. mutual funds \| Multi-asset
Revenue and Services [Line Items]
Net revenues	195.4	247.7	619.0	778.7
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	600.3	687.9	1,906.4	2,015.2
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity
Revenue and Services [Line Items]
Net revenues	316.9	458.8	1,047.5	1,329.0
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Revenue and Services [Line Items]
Net revenues	41.4	41.3	125.2	119.6
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Revenue and Services [Line Items]
Net revenues	171.8	187.8	530.3	566.6
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Alternatives
Revenue and Services [Line Items]
Net revenues	70.2	0.0	203.4	0.0
Investment advisory fees \| Other clients
Revenue and Services [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Administrative fees
Revenue and Services [Line Items]
Net revenues	123.1	109.8	372.7	331.8
Administrative fees \| U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	86.5	82.6	265.1	243.1
Administrative fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	5.0	0.0	12.5	0.0
Administrative fees \| Other clients
Revenue and Services [Line Items]
Net revenues	31.6	27.2	95.1	88.7
Distribution and servicing fees
Revenue and Services [Line Items]
Net revenues	22.0	30.9	71.5	90.0
Distribution and servicing fees \| U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	22.0	30.9	71.5	90.0
Distribution and servicing fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Distribution and servicing fees \| Other clients
Revenue and Services [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	1.1	$ 0.0	(80.8)	$ 0.0
Capital allocation-based income \| U.S. mutual funds
Revenue and Services [Line Items]
Net revenues	0.0		0.0
Capital allocation-based income \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Revenue and Services [Line Items]
Net revenues	1.1		(80.8)
Capital allocation-based income \| Other clients
Revenue and Services [Line Items]
Net revenues	$ 0.0		$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Services Concentration and Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Net revenues	$ 1,588.2	$ 1,954.1		$ 4,964.2	$ 5,710.2
Accounts receivable	741.4			741.4		$ 1,058.3
Sponsored investment portfolios
Concentration Risk [Line Items]
Net revenues	1,311.2	$ 1,599.5		4,069.7	$ 4,653.7
Accounts receivable	$ 490.2			$ 490.2		$ 577.9
Investment advisory clients \| Outside U.S. \| Assets under management \| Geographic concentration
Concentration Risk [Line Items]
Concentration risk			9.40%	9.00%		9.90%

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.

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INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total	$ 2,480.2	$ 2,975.5
U.S. Treasury note
Schedule of Equity Method Investments [Line Items]
Held to maturity	1.0	1.0
Certificates of deposit
Schedule of Equity Method Investments [Line Items]
Held to maturity	1.0	0.0
Discretionary investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	241.4	518.7
Equity method investments	192.5	0.0
Seed capital
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	177.1	264.8
Equity method investments	154.9	141.7
Supplemental savings plan liability economic hedges
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	669.5	881.5
Investment partnerships and other investments
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	91.8	108.9
Equity method investments	2.4	2.5
Investments in affiliated collateralized loan obligations
Schedule of Equity Method Investments [Line Items]
Investments held at fair value	6.4	10.8
Held to maturity	100.2	119.1
Investments in affiliated private investment funds - carried interest
Schedule of Equity Method Investments [Line Items]
Equity method investments	508.3	609.8
Investments in affiliated private investment funds - seed/co-investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 168.1	$ 151.3
23% Investment in UTI Asset Management Company Limited (India)
Schedule of Equity Method Investments [Line Items]
Equity method investment (ownership percentage)	23.00%	23.00%
Equity method investments	$ 165.6	$ 165.4

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized (loss) gain on T. Rowe Price investments product recognized in nonoperating income	$ (35.3)	$ (4.6)	$ (258.7)	$ 83.7
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Secured debt	$ 29.2		$ 29.2		€ 35.6	$ 36.9	€ 35.6
Investments in affiliated collateralized loan obligations \| Minimum \| Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.75%		1.75%		1.75%
Investments in affiliated collateralized loan obligations \| Maximum \| Euro Interbank Offer Rate (EURIBOR)
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	2.00%		2.00%		2.00%
Investments in affiliated collateralized loan obligations \| Repurchase Agreements
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements	$ 65.4		$ 65.4		€ 66.8	75.9	€ 66.8
Investments in affiliated collateralized loan obligations \| Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed	$ 94.6		$ 94.6			$ 113.5

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ (82.8)	$ (11.5)	$ (561.2)	$ 234.5
Reclassification out of accumulated other comprehensive income \| Currency translation adjustments
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	0.0	0.0	6.8	2.6
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	24.2	589.7	(289.6)	(727.6)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	0.0	7.1	(15.0)	(17.1)
Redeemable noncontrolling interest
Debt and Equity Securities, FV-NI [Line Items]
Net increase (decrease) in assets, liabilities, and redeemable noncontrolling interest	$ 42.9	$ 531.0	$ (175.2)	$ (483.6)

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investment carrying values	$ 804.0	$ 943.3
Unfunded capital commitments	87.9	94.2
Accounts receivable	86.7	145.1
Maximum risk of loss related to nonconsolidated variable interest entities	$ 978.6	$ 1,182.6

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 87.9	$ 94.2

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 11,993.2	$ 12,509.0
Liabilities	2,297.9	2,255.3
Non-controlling interest	207.0	248.7
Variable interest entities
Subsidiary or Equity Method Investee [Line Items]
Assets	550.4	692.7
Liabilities	1.1	56.4
Non-controlling interest	$ 207.0	$ 248.7

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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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 131.3	$ 306.3
Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	241.4	518.7
Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	177.1	264.8
Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	669.5	881.5
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	1,917.3	1,183.9
Other investments	0.7	0.7
Investments in affiliated collateralized loan obligations	0.0	0.0
Total	2,976.0	2,826.2
Contingent consideration liability	0.0	0.0
Level 1 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	241.4	518.7
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	147.1	241.4
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	669.5	881.5
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	0.1
Investments in affiliated collateralized loan obligations	6.4	10.8
Total	36.5	34.3
Contingent consideration liability	0.0	0.0
Level 2 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0.0	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	30.0	23.4
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
Level 3 \| Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0.0	0.0
Other investments	0.0	0.0
Investments in affiliated collateralized loan obligations	0.0	0.0
Total	0.0	0.0
Contingent consideration liability	131.3	306.3
Level 3 \| Fair value, measurements, recurring \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0.0	0.0
Level 3 \| Fair value, measurements, recurring \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0.0	0.0
Level 3 \| Fair value, measurements, recurring \| Supplemental savings plan liability economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 0.0	$ 0.0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Dec. 29, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
OHA Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, maximum earnout payment	$ 900.0
Extended earnout payment period	2 years
Earnout 30% threshold	22.00%
Incentive payment, percentage				10.00%
OHA Acquisition \| Compensation and Related Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value		$ 2.9	$ 11.7
Compensation expense included in current period		2.4	7.1
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value		$ 91.0	$ 91.0	$ 108.1

FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 161.2	$ 306.3
Measurement period adjustment	0.0	(49.3)
Unrealized (gains) losses, included in earnings	(29.9)	(125.7)
Ending Balance	$ 131.3	$ 131.3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Net Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,366.3		$ 1,523.1
Investments	2,480.2		2,975.5
Other assets	601.0		445.3
Total assets	11,993.2		12,509.0
Liabilities	2,297.9		2,255.3
Attributable to redeemable non-controlling interests	580.8	$ 564.6	982.3	$ 1,086.6	$ 880.4	$ 1,561.7
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price	656.0		929.0
Attributable to redeemable non-controlling interests	580.8		982.3
Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price	29.3		125.3
Attributable to redeemable non-controlling interests	14.3		60.7
Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	550.4		692.7
Liabilities	1.1		56.4
Attributable to T. Rowe Price	626.7		803.7
Attributable to redeemable non-controlling interests	566.5		921.6
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	78.1		101.1
Investments	1,173.4		1,833.9
Other assets	32.8		27.8
Total assets	1,284.3		1,962.8
Liabilities	47.5		51.5
Net assets	1,236.8		1,911.3
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	8.6		42.5
Reportable entities \| Consolidated T. Rowe Price investment products \| Money Market Funds \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.1		6.5
Reportable entities \| Voting interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0.2		7.3
Investments	48.5		188.9
Other assets	0.8		5.1
Total assets	49.5		201.3
Liabilities	5.9		15.3
Net assets	43.6		186.0
Reportable entities \| Variable interest entities
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	77.9		93.8
Investments	1,124.9		1,645.0
Other assets	32.0		22.7
Total assets	1,234.8		1,761.5
Liabilities	41.6		36.2
Net assets	$ 1,193.2		$ 1,725.3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Operating Results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (1,013.6)	$ (957.9)	$ (2,843.6)	$ (2,862.7)
Income before income taxes	491.8	984.7	1,559.4	3,082.0
Net income (loss) attributable to redeemable non-controlling interests	(26.6)	(19.8)	(131.9)	22.6
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(43.6)	(19.9)	(254.0)	66.5
Net income (loss) attributable to T. Rowe Price	(17.0)	(0.1)	(122.1)	43.9
Net income (loss) attributable to redeemable non-controlling interests	(26.6)	(19.8)	(131.9)	22.6
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(1.8)	(2.8)	(6.2)	(9.1)
Net investment income (loss) reflected in non-operating income (loss)	(41.8)	(17.1)	(247.8)	75.6
Income before income taxes	(43.6)	(19.9)	(254.0)	66.5
Voting interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(1.8)	0.6	(16.8)	13.7
Net income (loss) attributable to T. Rowe Price	(1.1)	0.5	(11.4)	8.8
Net income (loss) attributable to redeemable non-controlling interests	(0.7)	0.1	(5.4)	4.9
Voting interest entities \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	0.0	(0.1)	(0.3)	(0.4)
Net investment income (loss) reflected in non-operating income (loss)	(1.8)	0.7	(16.5)	14.1
Income before income taxes	(1.8)	0.6	(16.8)	13.7
Variable interest entities
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(41.8)	(20.5)	(237.2)	52.8
Net income (loss) attributable to T. Rowe Price	(15.9)	(0.6)	(110.7)	35.1
Net income (loss) attributable to redeemable non-controlling interests	(25.9)	(19.9)	(126.5)	17.7
Variable interest entities \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(1.8)	(2.7)	(5.9)	(8.7)
Net investment income (loss) reflected in non-operating income (loss)	(40.0)	(17.8)	(231.3)	61.5
Income before income taxes	$ (41.8)	$ (20.5)	$ (237.2)	$ 52.8

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 1,013.6	$ 957.9	$ 2,843.6	$ 2,862.7
Net cash provided by financing activities			(1,616.7)	(1,891.1)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 0.5	$ 1.6	2.0	4.0
Net cash provided by financing activities			$ 22.3	$ 35.3

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 2,494.6	$ 3,090.7
Net cash used in investing activities	(69.5)	57.6
Net cash provided by (used in) financing activities	(1,616.7)	(1,891.1)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	11.8	(3.6)
Net change in cash and cash equivalents during period	820.2	1,253.6
Cash and cash equivalents at beginning of year	1,624.2	2,256.5
Cash and cash equivalents at end of period	2,444.4	3,510.1
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of year	101.1	104.8
Cash and cash equivalents at end of period	78.1	91.6
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	58.0	18.6
Net cash used in investing activities	(8.7)	(15.6)
Net cash provided by (used in) financing activities	(84.1)	(12.6)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	11.8	(3.6)
Net change in cash and cash equivalents during period	(23.0)	(13.2)
Cash and cash equivalents at beginning of year	101.1	104.8
Cash and cash equivalents at end of period	78.1	91.6
Reportable entities \| Voting interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(17.7)	(109.1)
Net cash used in investing activities	(0.1)	(11.9)
Net cash provided by (used in) financing activities	10.7	120.1
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	0.0	0.0
Net change in cash and cash equivalents during period	(7.1)	(0.9)
Cash and cash equivalents at beginning of year	7.3	7.1
Cash and cash equivalents at end of period	0.2	6.2
Reportable entities \| Variable interest entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	75.7	127.7
Net cash used in investing activities	(8.6)	(3.7)
Net cash provided by (used in) financing activities	(94.8)	(132.7)
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products	11.8	(3.6)
Net change in cash and cash equivalents during period	(15.9)	(12.3)
Cash and cash equivalents at beginning of year	93.8	97.7
Cash and cash equivalents at end of period	$ 77.9	$ 85.4

CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,917.3	$ 1,183.9
Other investments	0.7	0.7
Total	2,976.0	2,826.2
Level 1 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.1	6.5
Equity securities	129.4	247.8
Fixed income securities		0.0
Other investments	9.8	5.7
Total	139.3	260.0
Liabilities	(8.8)	(0.7)
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	0.1
Total	36.5	34.3
Level 2 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	21.0	0.7
Equity securities	130.3	340.3
Fixed income securities	875.7	1,187.4
Other investments	28.2	52.7
Total	1,055.2	1,581.1
Liabilities	$ (10.2)	$ (9.7)

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,652.4	$ 2,652.4	$ 2,693.2
Total	3,484.4		3,606.6
Trade Name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	134.7		134.7
Investment Advisory Agreements
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	164.8		164.8
Investment Advisory Agreements
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets - investment advisory agreements	$ 532.5		$ 613.9

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - Investment Advisory Agreements $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 27.1	$ 81.4
Estimated amortization expense, Remainder of 2022	27.1	27.1
Estimated amortization expense, 2023	108.1	108.1
Estimated amortization expense, 2024	105.6	105.6
Estimated amortization expense, 2025	105.0	105.0
Estimated amortization expense, 2026	$ 87.7	$ 87.7

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Goodwill [Roll Forward]
Balance, beginning	$ 2,652.4	$ 2,693.2
Measurement period adjustment	0.0	(40.8)
Balance, ending	$ 2,652.4	$ 2,652.4