0001113169-23-000007 | 10-K | XBRL Viewer

Other comprehensive loss, net of tax

2,372.7

20.0

Dividends declared

(846.1)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

2,194,000

Shares issued upon option exercises

96.0

$ 0.5

95.5

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

8,000

1,457,000

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

$ (91.7)

$ 0.3

$ (92.0)

Stock-based compensation expense

246.2

Restricted stock units issued as dividend equivalents

0.0

0.3

(0.3)

Common shares repurchased (in shares)

(10,908,000)

Common shares repurchased

(1,192.2)

$ (2.2)

(250.0)

(940.0)

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

227,965,000

Ending balances at Dec. 31, 2020

7,707.0

$ 45.6

654.6

7,029.8

(23.0)

0.0

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

1,121.0

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

150.6

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

34.9

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

563.3

Net deconsolidations of sponsored investment products

(308.1)

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

1,561.7

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

Other comprehensive loss, net of tax

3,082.9

(3.5)

Dividends declared

(1,003.5)

Special cash dividend declared ($3.00 per share)

(699.5)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

1,206,000

Shares issued upon option exercises

47.0

$ 0.2

46.8

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

6,000

1,492,000

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

(127.7)

$ 0.3

(128.0)

Stock-based compensation expense

274.6

Restricted stock units issued as dividend equivalents

(0.1)

0.6

(0.7)

Common shares repurchased (in shares)

(5,941,000)

Common shares repurchased

(1,136.0)

$ (1.2)

(809.4)

(325.4)

Common shares issued for acquisition (in shares)

4,447,000

Common shares issued for acquisition

881.5

$ 0.9

880.6

Non-controlling interests

248.7

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

229,175,000

Ending balances at Dec. 31, 2021

9,271.4

9,022.7

$ 45.8

919.8

8,083.6

(26.5)

248.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

15.6

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

(26.2)

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

(67.7)

Net deconsolidations of sponsored investment products

(501.1)

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

982.3

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

1,557.9

(22.9)

Other comprehensive loss, net of tax

1,535.0

(26.5)

Dividends declared

$ (1,108.7)

(1,108.7)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

628,073

522,000

Shares issued upon option exercises

$ 28.3

28.3

$ 0.1

28.2

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

9,000

1,355,000

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

$ (64.3)

$ 0.3

$ (64.6)

Stock-based compensation expense

285.4

Restricted stock units issued as dividend equivalents (in shares)

Restricted stock units issued as dividend equivalents

0.0

0.5

(0.5)

Common shares repurchased (in shares)

(6,751,000)

Common shares repurchased

(855.3)

$ (1.3)

(731.4)

(122.6)

Net distributions to non-controlling interests in consolidated entities

(35.1)

0.0

(35.1)

Ending balances (in shares) at Dec. 31, 2022

224,310,000

Ending balances at Dec. 31, 2022

9,030.2

$ 8,839.5

$ 44.9

$ 437.9

$ 8,409.7

$ (53.0)

$ 190.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to redeemable non-controlling interests

(108.3)

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

(21.0)

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

(49.3)

Net deconsolidations of sponsored investment products

(147.0)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2022

$ 656.7

[1]	Accumulated other comprehensive income

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 4.80	$ 4.32	$ 3.60
Special dividends declared (in dollars per share)		$ 3.00

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. T. Rowe Price Group, Inc. derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds ("U.S. mutual funds"), subadvised funds, separately managed accounts, collective investment trusts, and other T. Rowe Price products. The other T. Rowe Price products include: open-ended investment products offered to investors outside the U.S., 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. On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that have common ownership (collectively, "OHA"). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). The acquisition accelerated our expansion into alternatives investment markets and complemented our existing global platform and ongoing strategic initiatives in our core investments and distribution capabilities. OHA and its advisory affiliates provide investment advisory, asset management and other advisory services primarily to affiliated private investment funds and private accounts investing in leveraged loans, high yield bonds, structured products, private lending, distressed securities and turnaround investments. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PREPARATION. These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States. These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates. 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 do not believe the impact of the IRA’s provisions will be material to our financial position and results of operations. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Business Combinations We account for business combinations under the acquisition method of accounting, whereby we recognize assets acquired and liabilities assumed, including separately identified intangible assets, contingent liabilities, and non-controlling interests, based on the fair value estimates as of the date of the acquisition. Any excess purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Consolidation Our consolidated financial statements include the accounts of all subsidiaries and sponsored investment products in which we have a controlling interest. We are deemed to have a controlling interest when we own the majority of a voting interest entity ("VOE") or are deemed to be the primary beneficiary of a variable interest entity ("VIE"). We perform an analysis of our investments to determine if the investment entity is a VOE or a VIE. Our analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, our ownership interest in the entity, and our contractual involvement with the entity. We continually review and reconsider our VOE or VIE conclusions upon the occurrence of certain events, such as changes to our ownership interest, changes to an entity’s legal structure, or amendments to governing documents. All material accounts and transactions between consolidated entities are eliminated in consolidation. Variable interest entities VIEs are entities that, by design: (i) lack sufficient equity to permit the entity to finance its activities independently or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. Our Luxembourg-based SICAV funds, and other sponsored investment products regulated outside the U.S., were determined to be VIEs. In addition, as part of the OHA acquisition, we acquired a majority of the carried interest entities. These carried interest entities are considered VIEs and T. Rowe Price is determined to be the primary beneficiary. Further, our carried interest entities hold general partner interests in affiliated private investment funds that are VIEs, though these carried interest entities were determined to not be the primary beneficiary. Therefore, these affiliated private investment funds are not consolidated. Redeemable non-controlling interests We recognize redeemable non-controlling interests for the portion of the net assets of our consolidated sponsored investment products held by unrelated third-party investors as their interests are convertible to cash and other assets at their option. As such, we reflect redeemable non-controlling interests as temporary equity in our consolidated balance sheets. Non-controlling interests in consolidated entities We recognize non-controlling interests in the consolidated carried interest entities and present it as a component of permanent equity in our consolidated balance sheets. The non-controlling interests represent the minority interest held by limited partnerships controlled by employees, one of which is a member of our Board of Directors. Income (loss) is allocated to these non-controlling interests based on the contractual arrangements that govern the allocation of income (loss). Investments in T. Rowe Price money market mutual funds We do not consider our investments in T. Rowe Price money market mutual funds when performing our consolidation analysis as the guidance provides a scope exception for interests in entities that are required to comply with, or operate in accordance with, requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. Cash equivalents Cash equivalents consist primarily of short-term, highly liquid investments in T. Rowe Price money market mutual funds. The cost of these funds is equivalent to fair value. Investments Investments held at fair value Investments in sponsored investment products have been made for both general corporate investment purposes and to provide seed capital for newly formed products. Those investments that we do not consolidate are carried at fair value using the quoted closing NAV per share of each fund as of the balance sheet date. The underlying investments held by our consolidated sponsored investment products retain investment company specialized accounting in consolidation, are considered securities held in a trading account for cash flow reporting purposes, and are valued in accordance with the valuation and pricing policy used to value our assets under management which is further described in the Revenue Recognition policy below. We elected to value our interest in investment partnerships, for which market prices or quotations are not readily available, at fair value using the NAV per share as a practical expedient. Changes in the fair values of all these investments are reflected in non-operating income in our consolidated statements of income. Equity method investments Equity method investments consist of investments in entities, including sponsored investment products, for which we have the ability to exercise significant influence over the operating and financial policies of the investee. The carrying values of these investments are adjusted to reflect our proportionate share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial statements into U.S. dollars, and dividends received. Our proportionate share of income or loss is included in non-operating income in our consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited’s ("UTI") earnings on a quarter lag as current financial information is not available in a timely manner. The basis difference between our carrying value and our proportionate share of UTI’s book value is primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase. Investments in affiliated private investment funds The investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds that have arrangements that entitle them to a disproportionate allocation of income, which is also referred to as carried interest. We account for these investments as financial instruments under ASC 323, Investments – Equity Method and Joint Ventures ("ASC 323") since the general partner has significant governance rights in the investment funds in which it invests, which demonstrate significant influence. The income earned is recognized as capital-allocation based income in our consolidated statements of income. Held to Maturity Investments in rated notes of certain European collateralized loan obligation funds are designated as held-to-maturity and carried on the balance sheet at amortized cost. Concentration of risk Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios we manage for them. Our investments held at fair value expose us to market risk, that is, the potential future loss of value that would result from a decline in the fair value of each investment or its underlying net assets. The underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates. Leases We review new arrangements at inception to evaluate whether we have the right to obtain substantially all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives received and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as an implicit rate cannot be readily determinable from any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability. We recognize operating lease expense on a straight-line basis over the lease term as part of technology, occupancy, and facility costs in our consolidated statements of income. Property, equipment and software Property, equipment and software is stated at cost net of accumulated depreciation and amortization computed using the straight-line method. Provisions for depreciation and amortization are based on the following weighted-average estimated useful lives: computer and communications software and equipment, 3 years; buildings and improvements, 33 years; leasehold improvements, 8 years; and furniture and other equipment, 6 years. Intangible assets Intangible assets consist primarily of acquired investment advisory agreements and the OHA trade name. The fair values of the acquired investment advisory agreements are based on the net present value of estimated future cash flows attributable to the agreements, which include significant assumptions related to revenue, discount rate, and effective tax rate. The investment advisory agreement intangible assets are amortized using the straight-line method over their estimated useful lives unless the asset is determined to have an indefinite life as there is no foreseeable limit on the contract period. The weighted average remaining useful life of definite-lived intangibles assets is approximately 6.5 years. The trade name fair value is determined using the relief from royalty method based on net present value of estimated cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. Additionally, we identified the trade name intangible asset as indefinite-lived as there is no foreseeable limit on the use of the OHA name. Indefinite-lived intangible assets are tested for impairment annually or more frequently when an event occurs or circumstances change that more likely than not reduce the fair value of the indefinite-lived intangible asset below its carrying value. Definite-lived intangible assets are tested when there is an indication of impairment. Impairment is indicated when the carrying value of the asset is not recoverable and exceeds its fair value. If indicators are present, we perform a recoverability test by comparing the estimated undiscounted future cash flows attributable to the asset group in question to the asset group’s carrying amount. If the undiscounted estimated future cash flows are less than the carrying amount of the asset, the asset’s cost is adjusted to fair value and an impairment loss is recognized. Goodwill We internally conduct, manage, and report our operations as one investment advisory business. This reflects how the chief operating decision maker allocates resources and assesses performance. Accordingly, we have one reporting unit - investment advisory business, consistent with our single operating segment, to which all goodwill has been assigned. We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year using a fair value approach. Our evaluations have indicated that no impairment exists. Revenue recognition Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients as well as capital allocation-based income. Each distinct service we promise in our agreements is considered a performance obligation and is the basis for determining when we recognize revenue. The fees are allocated to each distinct performance obligation and we recognize revenue when, or as, we satisfy our promises. The consideration for our services is generally variable and included in net revenues, when it is improbable that a significant reversal could occur in the future. For certain client agreements, we have the discretion to hire a third party to provide services to our clients. In these circumstances, we are generally deemed to control the services before transferring them to our clients, and accordingly present the revenues gross of the related third-party costs. The timing of when we bill our clients and related payment terms vary in accordance with agreed-upon contractual terms. For the majority of our agreements, billing occurs after we have recognized revenue, which results in accounts receivable and accrued revenue. For an insignificant portion of our contracts, billing occurs in advance of providing services, which results in deferred revenue within the accounts payable and accrued expenses line of our consolidated balance sheets. Taxes billed to our clients based on our fees for services rendered are not included in revenues. Investment advisory fees The majority of our investment advisory agreements, including those with the U.S. mutual funds, have a single performance obligation as the promised services are not separately identifiable from other promises in the agreements and, therefore, are not distinct. Substantially all performance obligations for providing advisory services are satisfied over time and revenue is recognized as time passes. Investment advisory agreements with sponsored investment products regulated outside the U.S. generally have two performance obligations; one for investment management and one for distribution. For these agreements, we allocate the management fee to each performance obligation using our best estimate of the standalone fee of each of these services. The performance obligation for providing investment management services, like our other advisory contracts, is satisfied over time and revenue is recognized as time passes. The performance obligation for distribution is satisfied at the point in time when an investor makes an investment into the product. Accordingly, a portion of the investment advisory fees earned from these products relate to distribution performance obligations that were satisfied during prior periods. These distribution fees are reported within the investment advisory fees line of our consolidated statements of income. The management fee for our investment advisory agreements are based on our assets under management, which change based on fluctuations in financial markets and net cash flows from investors, and represents variable consideration. Therefore, investment advisory fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are no longer subject to financial market volatility. Investment advisory fees for investment products are presented net of fees waived pursuant to the contractual expense limitations of the product. Our assets under management are valued in accordance with valuation and pricing processes for each major type of investment. Fair values used in our processes are primarily determined from quoted market prices; prices furnished by dealers who make markets in such securities; or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management. We provide all services to the U.S. mutual funds under contracts that are subject to periodic review and approval by the funds’ Boards. Regulations require that the funds’ shareholders also approve material changes to investment advisory contracts. Investment advisory fees also include fees earned from affiliated private investment funds or private accounts that are determined either monthly or quarterly and are generally based on the fund’s or account's net asset value or invested capital. Investment advisory fees earned from CLOs include senior collateral management fees and subordinated collateral management fees, which are generally determined quarterly based on the sum of collateral principal amounts and the aggregate principal amount of all defaulted obligations. If amounts distributable on any payment date are insufficient to pay the collateral management fee according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. We recognize performance-based incentive fees in connection with the investment advisory agreements from certain separately managed and subadvised accounts. We are entitled to receive performance-based incentive fees when the return on investment assets exceeds a certain benchmark return. In such arrangements, these incentive fees are recognized at the end of the measurement period when the performance benchmark or contractual outperformance has been achieved. Performance-based incentive fees are considered a form of variable consideration, and as such these fees are subject to potential reversal up until the end of the measurement period (which is generally one year) when the performance-based incentive fees become fixed, determinable, and are not subject to significant reversal. There are no significant judgments made when determining the performance-based incentive fees. Administrative, distribution, and servicing fees Administrative fees The administrative services we provide include distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. The administrative service agreements with the U.S. mutual funds for accounting oversight, transfer agency, and recordkeeping services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other promises in the agreement and, therefore, are not distinct. The fees for performing these services are earned based on basis points of the related assets under management and represent variable consideration. The fees are generally constrained and are recognized as revenue when costs are incurred to perform the services. Other administrative service agreements for participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage services, and trust services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other performance obligations in the contract and, therefore, are not distinct. Our performance obligation in each agreement is satisfied over time and revenue is recognized as time passes. The fees for these services vary by contract and are both fixed and variable. Distribution and servicing fees The agreements for distribution and servicing fees earned from 12b-1 plans of the Advisor Class, R Class, and Variable Annuity II Class shares of the U.S. mutual funds have one performance obligation, as distribution services are not separately identifiable from shareholder servicing promises in the agreements and, therefore, are not distinct. Our performance obligation is satisfied at the point in time when an investor makes an investment into these share classes of the U.S. mutual funds. The fees for these distribution and servicing agreements are based on the assets under management in these share classes, which change based on fluctuations in financial markets, and represent variable consideration. These fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are not subject to financial market volatility. Accordingly, the majority of the distribution and servicing revenue disclosed in Note 4 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. We also recognize the corresponding costs paid to the third-party financial intermediaries that distribute these funds' share classes within the distribution and servicing costs line of the consolidated statements of income. The fee revenue that we recognize from the funds and the expense that we recognize for the fees paid to third-party intermediaries are equal in amount and, therefore, do not impact our net operating income. Capital allocation-based income This represents the income earned from investments in affiliated private investment funds with arrangements that are entitled to a disproportionate allocation of income, which is also known as carried interest. These investments are accounted for under ASC 323 and the income recognized represents the proportionate share of the income or loss of the fund assuming the fund was liquidated as of each reporting date pursuant to each investment fund's governing agreements. Capital allocation-based income will fluctuate period-to-period to reflect the adjustment to accrued carried interest for the change in value of the affiliated funds' underlying investments assuming the value was realized as of the end of the period, regardless of whether the fund's underlying investments have been realized. The realization of accrued carried interest occurs over a number of years. Accordingly, this income is accounted for outside of the scope of ASC 606, Revenue Recognition, and recorded as part of capital allocation-based income in our consolidated statements of income. A portion of this income is allocated to non-controlling interest holders and is reflected as compensation expense. Advertising Costs of advertising are expensed the first time that the advertising takes place. Stock-based compensation We maintain three stockholder-approved employee long-term incentive plans (2020 Long-Term Incentive Plan, 2012 Long-Term Incentive Plan, and 2004 Stock Incentive Plan (collectively, the LTI Plans), and two stockholder-approved non-employee director plans (2017 Non-Employee Director Equity Plan and 2007 Non-Employee Director Equity Plan, collectively the Director Plans). We believe that our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders. As of December 31, 2022, a total of 10,437,953 shares were available for future grant under the 2020 Long-Term Incentive Plan and the 2017 Non-Employee Director Equity Plan (2017 Plan). Under our LTI Plans, we have issued restricted stock units to employees that settle in shares of our common stock after vesting. Vesting of these awards is based on the individual continuing to render service over an average 5.0 year graded schedule. All restricted stock unit holders receive non-forfeitable cash dividends and cash dividend equivalents, respectively, on our dividend payable date. We are also authorized to grant qualified incentive and nonqualified fixed stock options with a maximum term of 10 years. We have not granted options to employees since 2015. We grant performance-based restricted stock units to certain executive officers in which the number of restricted stock units ultimately retained is determined based on achievement of certain performance thresholds. The number of restricted stock units retained is also subject to similar time-based vesting requirements as the other restricted stock units described above. Cash dividend equivalents are accrued and paid to the holders of performance-based restricted stock units only after the performance period has lapsed and the performance thresholds have been met. Under the Director Plans, we may grant options with a maximum term of 10 years, restricted shares, and restricted stock units to non-employee directors. Under the 2017 Plan, awards generally vest over one year and, in the case of restricted stock units, are settled upon the non-employee directors’ departure from the Board. For restricted shares, cash dividends are accrued and paid only after the award vests. Restricted stock unit holders receive dividend equivalents in the form of unvested stock units that vest over the same period as the underlying award. We have not granted options to non-employee directors since 2016. We recognize the grant-date fair value of these awards as compensation expense ratably over the awards' requisite service period. Compensation expense recognized for performance-based restricted units includes an estimate regarding the probability of the performance thresholds being met. We account for forfeitures as they occur. Both time-based and performance-based restricted stock units are valued on the grant-date using the closing market price of our common stock. Earnings per share We compute our basic and diluted earnings per share under the two-class method, which considers our outstanding restricted shares and stock units, on which we pay non-forfeitable dividends as if they were a separate class of stock. Comprehensive income The components of comprehensive income are presented in a separate statement following our consolidated statements of income and include net income and the change in our currency translation adjustments. The currency translation adjustments result from translating our proportionate share of the financial statements of our equity method investment in UTI, and certain consolidated sponsored investment products into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period. The changes in accumulated balances of each component of other comprehensive income, the deferred tax impacts of each component, and information about significant items reclassified out of accumulated other comprehensive income are presented in the notes to the financial statements. The notes also indicate the line item of our consolidated statements of income in which the significant reclassifications were recognized. We reclassify income tax effects relating to currency translation adjustments to tax expense when there is a reduction in our ownership interest in the related investment. The amount of the reclassification depends on the investment’s accounting treatment before and after the change in ownership percentage.

ACQUISITION

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

ACQUISITION.

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

The upfront purchase consideration transferred included cash consideration of $2,487.4 million, and 4.4 million shares of common stock valued at $881.5 million. The upfront purchase consideration included the retirement of $217.1 million of OHA debt. An additional $8.5 million of cash was paid to the sellers in June 2022 following the finalization of the purchase consideration. The equity consideration transferred was restricted from sale for one year. In addition, contingent consideration in the amount of up to $900.0 million in cash may be due as part of an earnout payment starting in 2025 and ending in 2027, upon satisfying or exceeding certain defined revenue targets. These defined revenue targets are evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend two additional years if the defined revenue targets are not achieved. The earnout amount is subject to a proportional reduction if OHA's actual revenue at the end of the earnout period does not meet the defined revenue targets and could result in no earnout payout if OHA's actual revenue falls below 75% of the defined revenue target. About 22% of the earnout is conditioned upon continued service with T. Rowe Price and was excluded from the purchase consideration transferred as further discussed in Compensation Arrangements below. The portion of the earnout which is not conditioned upon continued service with T. Rowe Price had a fair value of $95.8 million and $306.3 million at December 31, 2022 and 2021, respectively, and is recorded as a contingent consideration liability in our consolidated balance sheets.

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


(in millions)	Acquisition date fair value		Adjustments		Revised fair value
Cash and cash equivalents	$	22.1	$	—	$	22.1
Accounts receivable and accrued revenue	122.2		—		122.2
Investments	891.0		—		891.0
Property, equipment and software, net	22.4		—		22.4
Operating lease asset	101.5		—		101.5
Intangible assets	913.4		—		913.4
Goodwill	2,027.5		(50.4)		1,977.1
Other assets	27.2		—		27.2
Total assets	4,127.3		(50.4)		4,076.9

Accounts payable and accrued expenses	$	133.3	$	—	$	133.3
Operating lease liability	114.1		—		114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet	125.7		(9.6)		116.1
Contingent consideration liability	306.3		(49.3)		257.0
Total liabilities	679.4		(58.9)		620.5
Total identifiable net assets	$	3,447.9	$	8.5	$	3,456.4

The adjustments to the acquisition date fair values are a result of new information obtained about facts that existed as of the acquisition date.

As part of the acquisition, T. Rowe Price Group, Inc. incurred approximately $31.9 million of acquisition-related costs in 2021 that are included in general, administrative and other expenses in our 2021 consolidated statement of income. We incurred additional $.9 million of acquisition-related costs during 2022.

GOODWILL AND INTANGIBLE ASSETS

Goodwill is comprised of future benefits for T. Rowe Price from the OHA acquisition, which do not qualify as separately recognized intangible assets.

Approximately $1.2 billion of the goodwill generated by the acquisition is deductible in future periods for U.S. federal income tax purposes. The remaining goodwill is not deductible for tax purposes. The non-deductible goodwill is part of a tax basis difference associated with our investment in OHA, and, as permitted by accounting guidance, we have adopted an accounting policy to not record a related deferred tax liability.

The separately identified intangible assets at acquisition close included an indefinite-lived trade name of $134.7 million and both indefinite- and definite-lived investment advisory agreements totaling $778.7 million.

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

INVESTMENTS

As part of the OHA acquisition, investments in affiliated private investment funds were recorded at fair value of $761.1 million as of the acquisition date. The difference of $375.0 million between the carrying value of these investments on OHA’s books and their fair value represented the basis difference, of which $306.5 million is being amortized on a straight-line basis over the funds’ estimated weighted average life of 5.9 years at acquisition. Since T. Rowe Price acquired the majority, but not 100% of the equity interest in these carried interest entities, non-controlling interests were recorded in permanent stockholders' equity at a fair value of $248.7 million as of the

acquisition date. The fair value of these non-controlling interests included a basis difference of $154.3 million, of which $129.1 million is attributable to funds with a definite life and is being amortized on a straight-line basis over the funds’ estimated weighted average life of 5.9 years at acquisition. The non-controlling interests are held by employees that participate in the management of the investments in affiliated private investment funds and therefore profit and loss allocations is reflected as compensation expense in the consolidated statements of income.

COMPENSATION ARRANGEMENTS

In connection with the OHA acquisition, a portion of the upfront purchase consideration and future payments to sellers or employees related to other compensation arrangements were conditioned upon continued service or a future performance period. These arrangements are treated as post-combination compensation expense recognized over a period of three to five years, and had an aggregate fair value of $459.9 million as of the acquisition closing date. These arrangements include an agreement among certain sellers whereby $283.2 million of their upfront purchase consideration would be forfeited and redistributed among the other sellers who are party to the agreement if employment with T. Rowe Price or an affiliate was voluntarily terminated prior to the fifth anniversary of the acquisition date. Additionally, these arrangements include about 22% of the total earnout with a fair value of $88.2 million as of December 31, 2021, and $58.3 million in retention bonuses that will be paid to certain employees of OHA following the completion of a service period. The aggregate fair value of $459.9 million also includes an agreement, referred to as the Value Creation Agreement, whereby certain employees of OHA will receive incentive payments in the aggregate equal to 10% of the appreciated value of the OHA business, subject to an annualized preferred return to T. Rowe Price, on the fifth anniversary of the acquisition date. The fair value of the earnout and Value Creation Agreement will be remeasured each reporting period and recognized over the related service periods. See Note 6 for more information on the Value Creation Agreement.

CASH FLOW INFORMATION

For the 2021 statement of cash flow, there were non-cash financing activities of $881.5 million for the issuance of T. Rowe Price Group, Inc. common stock as part of the purchase consideration and non-cash investing activities of $306.3 million related to the contingent consideration for the earnout.

PRO FORMA SUMMARY

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


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

CASH EQUIVALENTS	12 Months Ended
CASH EQUIVALENTS	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS	CASH EQUIVALENTS.Cash equivalent investments in the T. Rowe Price money market mutual funds aggregate to $1,412.0 million at December 31, 2022, and $1,183.9 million at December 31, 2021. Dividends earned on these investments totaled $30.0 million in 2022, $0.3 million in 2021, and $4.2 million in 2020.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

12 Months Ended

Dec. 31, 2022

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Revenues earned during the years ended December 31, 2022, 2021 and 2020, under agreements with clients include:


	2022
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues
U.S. mutual funds	$	3,486.2	$	338.3	$	92.2	$	—	$	3,916.7
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,482.9		16.1		—		(54.3)		2,444.7
Other clients	—		127.0		—		—		127.0
	$	5,969.1	$	481.4	$	92.2	$	(54.3)	$	6,488.4










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

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

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


(in millions)	2022		2021		2020
U.S. mutual funds
Equity	$	2,415.3	$	3,118.5	$	2,440.4
Fixed income, including money market	261.4		245.2		266.5
Multi-asset	809.5		1,025.2		933.0
	3,486.2		4,388.9		3,639.9
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity and blended assets	1,344.4		1,781.4		1,326.3
Fixed income, including money market	166.0		164.6		149.3
Multi-asset	699.4		763.2		577.6
Alternatives	273.1		—		—
	2,482.9		2,709.2		2,053.2
Total	$	5,969.1	$	7,098.1	$	5,693.1

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


(in billions)	Average during						As of December 31,
	2022		2021		2020		2022		2021
U.S. mutual funds
Equity	$	424.9	$	540.4	$	417.0	$	369.8	$	553.9
Fixed income, including money market	81.0		86.4		76.8		73.8		85.3
Multi-Asset	199.8		229.8		193.9		184.2		232.2
	705.7		856.6		687.7		627.8		871.4
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	338.7		431.6		321.3		294.4		438.8
Fixed income, including money market	92.4		91.3		82.1		93.2		90.4
Multi-Asset	218.9		219.8		156.8		215.9		245.5
Alternatives	42.7		—		—		43.4		41.7
	692.7		742.7		560.2		646.9		816.4
Total	$	1,398.4	$	1,599.3	$	1,247.9	$	1,274.7	$	1,687.8

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for about 9.1% and 9.9% of our assets under management at December 31, 2022 and 2021, respectively.

Total net revenues earned from sponsored investment products totaled $5,326.3 million in 2022, $6,259.3 million in 2021, and $5,044.3 million in 2020. Accounts receivable from these products aggregate to $492.4 million at December 31, 2022 and $577.9 million at December 31, 2021.

INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of investments that are not part of the consolidated sponsored investment products at December 31 are as follows:


(in millions)	2022		2021

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	242.0	$	518.7
Seed capital	195.1		264.8
Supplemental savings plan liability economic hedges	760.7		881.5
Investment partnerships and other investments	87.1		108.9
Investments in affiliated collateralized loan obligations	6.4		10.8
Equity method investments
T. Rowe Price investment products
Discretionary investments	199.6		—
Seed capital	125.7		141.7

Investment in UTI Asset Management Company Limited (India)	158.8		165.4
Investments in affiliated private investment funds - carried interest	467.8		609.8
Investments in affiliated private investment funds - seed/co-investment	173.8		151.3
Other investment partnerships and investments	2.4		2.5
Held to maturity
Investments in affiliated collateralized loan obligations	109.6		119.1
Certificates of deposit	9.2		—
U.S. Treasury note	1.0		1.0
Total	$	2,539.2	$	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 2022, we recognized $240.5 million of net unrealized losses on investments held at fair value that were still held at December 31, 2022. For 2021, we recognized $63.6 million of net unrealized gains on investments held at fair value that were still held at December 31, 2021. For 2020, we recognized $142.7 million of net unrealized gains on investments held at fair value that were still held at December 31, 2020.

Dividends, including capital gain distributions, earned on the sponsored investment products held at fair value, totaled $45.3 million in 2022, $90.2 million in 2021, and $50.8 million in 2020.

During each of the last three years, certain sponsored investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these sponsored investment products as either an equity method investment or an investment held at fair value. Additionally, during 2022 and 2021, certain sponsored investment products that were being accounted for as either equity method or fair value investments were consolidated, as we regained a controlling interest. The net impact of these changes on our consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.


(in millions)	2022		2021		2020
Net decrease in assets of consolidated sponsored investment products	$	(256.9)	$	(753.0)	$	(546.1)
Net decrease in liabilities of consolidated sponsored investment products	$	(12.8)	$	(17.6)	$	(10.5)
Net decrease in redeemable non-controlling interests	$	(147.2)	$	(501.1)	$	(308.1)

Gains recognized upon deconsolidation	$	3.0	$	2.4	$	.7

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

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

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

As part of the OHA acquisition, we acquired long-term investments in collateralized loan obligations ("CLOs") and assumed debt associated with these investments. The European CLOs, which were valued at $116.0 million at December 31, 2022, invest in 5% vertical strips in each class of rated notes and subordinated notes. Certain investments in the debt tranches of the CLOs are measured at amortized cost as investments held to maturity and included in investments in our consolidated balance sheets. The subordinated note tranches of these investments are accounted for as equity method investments and our allocable share of income is included in non-operating income (loss) in the consolidated statements of income. Certain of the investments in the debt tranches of the CLOs have been pledged as collateral against the repurchase agreements.

There is debt associated with our long-term investments in affiliated CLOs. As of December 31, 2022 and 2021, the debt is carried at $103.0 million and $113.5 million, respectively, and is reported in accounts payable and accrued expenses in our consolidated balance sheets. The debt includes outstanding repurchase agreements of €66.7 million (equivalent to $71.3 million at December 31, 2022 and $75.9 million at December 31, 2021 at the respective EUR spot rates) and collateralized by our CLO investments. Interest income on the underlying investments accrues quarterly and those amounts are retained by the counterparty. Interest expense accrues quarterly, which is equal to the interest income retained by the counterparty, plus 0.5% per annum on the notes of the underlying pledged investments. We still hold the legal rights and obligations associated with the underlying assets and therefore continue to satisfy the United Kingdom risk retention requirements.

The debt also includes outstanding note facilities of €35.6 million (equivalent to $31.7 million at December 31, 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. These notes bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 3.16% to 3.41% as of December 31, 2022. The notes mature on various dates through 2032 or if the investment is paid back in full or cancelled, whichever is sooner. Payments are required on the debt when payments are received on the investments. Each deed contains covenants which, if not met, may cause the termination of the note facility and declare principal and interest immediately due and payable. The consolidated entity that is the party to the notes was in compliance with all such covenants at December 31, 2022 and 2021.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2022 and 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)	2022		2021
Investment carrying values	$	762.2	$	943.3
Unfunded capital commitments	84.7		94.2
Accounts receivable	91.5		145.1
	$	938.4	$	1,182.6

The unfunded capital commitments, totaling $84.7 million at December 31, 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 FUNDS.

As part of the OHA acquisition in December 2021, 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 is determined to be the primary beneficiary.

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities as of December 31, 2022 and 2021 are as follows:


(in millions)	2022		2021
Assets	$	526.2	$	692.7
Liabilities	$	15.8	$	56.4
Non-controlling interest	$	190.7	$	248.7

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS.

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

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

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

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

obtained from independent sources.

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

These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments that are recognized in our consolidated balance sheets at December 31 using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by consolidated sponsored investment products which are presented separately on our consolidated balance sheets and are detailed in Note 7.


	2022						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	$	1,412.0	$	—	$	—	$	1,183.9	$	—	$	—
Discretionary investments	242.0		—		—		518.7		—		—
Seed capital	161.0		34.1		—		241.4		23.4		—
Supplemental savings plan liability economic hedges	760.7		—		—		881.5		—		—
Other investments	.6		.1		—		.7		.1		—
Investments in affiliated collateralized loan obligations	—		6.4		—		—		10.8		—
Total	$	2,576.3	$	40.6	$	—	$	2,826.2	$	34.3	$	—

Contingent consideration liability	$	—	$	—	$	95.8	$	—	$	—	$	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 5 were $86.4 million and $108.1 million at December 31, 2022 and 2021, respectively.

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 as part of an earnout payment. See Note 2 for more details on the earnout arrangement. 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 year ended December 31, 2022, $13.5 million was recorded as part of compensation expense in our 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)	Year ended 12/31/2022
Balance at beginning of period	$	306.3
Measurement period adjustment	(49.3)
Unrealized gains, included in earnings	(161.2)
Balance, December 31, 2022	$	95.8

The fair value of the contingent consideration is measured using the Monte Carlo simulation methodology of valuation. The most significant assumptions used relate to the discount rates and from changes pertaining to the achievement of the defined financial targets.

In addition, simultaneously with the OHA acquisition, a Value Creation Agreement was entered into whereby certain employees of OHA will receive incentive payments based on the appreciated value of the OHA business on the fifth anniversary of the acquisition date. See Note 2 for more details on this arrangement. 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 year ended December 31, 2022, $8.9 million was recognized as part of compensation expense in our consolidated statements of income.

During 2022, we recognized impairment charges on certain of our identified intangible assets related to the OHA acquisition. As part of the impairment recognition, a fair value measurement was determined for these intangible assets. See Note 10 for further discussion of the impairments.

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.

Consolidated Sponsored Investment Portfolios [Abstract]

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS

12 Months Ended

Dec. 31, 2022

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS.

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

The following table details the net assets of the consolidated sponsored investment products at December 31:


	2022						2021
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	16.2	$	102.9	$	119.1	$	7.3	$	93.8	$	101.1
Investments(2)	205.3		1,255.5		1,460.8		188.9		1,645.0		1,833.9
Other assets	6.3		17.2		23.5		5.1		22.7		27.8
Total assets	227.8		1,375.6		1,603.4		201.3		1,761.5		1,962.8
Liabilities	50.0		39.1		89.1		15.3		36.2		51.5
Net assets	$	177.8	$	1,336.5	$	1,514.3	$	186.0	$	1,725.3	$	1,911.3

Attributable to T. Rowe Price Group	$	142.4	$	715.2	$	857.6	$	125.3	$	803.7	$	929.0
Attributable to redeemable non-controlling interests	35.4		621.3		656.7		60.7		921.6		982.3
	$	177.8	$	1,336.5	$	1,514.3	$	186.0	$	1,725.3	$	1,911.3

(1) Cash and cash equivalents includes $2.6 million and $6.5 million at December 31, 2022 and 2021, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Investments include $7.6 million and $42.5 million at December 31, 2022 and 2021, respectively, of sponsored investment products.

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

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

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


	2022						2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(.5)	$	(7.7)	$	(8.2)	$	(.6)	$	(11.6)	$	(12.2)	$	(1.6)	$	(14.8)	$	(16.4)
Net gains (losses) reflected in non-operating income	(13.4)		(190.1)		(203.5)		18.0		56.7		74.7		13.2		238.5		251.7
Impact on income before taxes	$	(13.9)	$	(197.8)	$	(211.7)	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3

Net income (loss) attributable to T. Rowe Price Group	$	(9.5)	$	(93.9)	$	(103.4)	$	11.4	$	35.5	$	46.9	$	11.6	$	73.1	$	84.7
Net income (loss) attributable to redeemable non-controlling interests	(4.4)		(103.9)		(108.3)		6.0		9.6		15.6		—		150.6		150.6
	$	(13.9)	$	(197.8)	$	(211.7)	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3

The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $2.0 million in 2022, $5.5 million in 2021, and $9.9 million in 2020, against the investment advisory and administrative fees earned from these products. The net gains (losses) reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated sponsored investment products.

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


	2022						2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by operating activities	$	(84.1)	$	6.9	$	(77.2)	$	(135.3)	$	160.8	$	25.5	$	(155.4)	$	(401.3)	$	(556.7)
Net cash provided by (used in) investing activities	.1		(8.8)		(8.7)		(11.9)		(5.0)		(16.9)		(23.4)		(30.5)		(53.9)
Net cash used in financing activities	92.9		1.5		94.4		147.4		(162.3)		(14.9)		176.0		461.0		637.0
FX impact on cash	—		9.5		9.5		—		2.6		2.6		—		1.9		1.9
Net change in cash and cash equivalents during period	8.9		9.1		18.0		.2		(3.9)		(3.7)		(2.8)		31.1		28.3
Cash and cash equivalents at beginning of year	7.3		93.8		101.1		7.1		97.7		104.8		9.9		66.6		76.5
Cash and cash equivalents at end of year	$	16.2	$	102.9	$	119.1	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8

The net cash provided by financing activities includes $142.8 million in 2022, $51.9 million in 2021 and $79.5 million in 2020, of net subscriptions we made into the consolidated sponsored investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

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

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

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

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

obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated sponsored investment products using fair value measurements determined based on the differing levels of inputs as of December 31.


	2022						2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	4.4	$	20.6	$	—	$	6.5	$	.7	$	—
Equity securities	136.7		167.8		—		247.8		340.3		—
Fixed income securities	36.4		1,014.7		—		—		1,187.4		—
Other investments	3.3		30.1		71.8		5.7		52.7		—
	$	180.8	$	1,233.2	$	71.8	$	260.0	$	1,581.1	$	—

Liabilities	$	(.9)	$	(19.1)	$	—	$	(.7)	$	(9.7)	$	—

The fair value of Level 3 investments held by consolidated sponsored investment products are derived from inputs that are unobservable and which reflect the company's own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on the company's own data, which is adjusted if information indicates that market participants would use different assumptions. Changes in fair value Level 3 are solely attributable to the purchases of investments during 2022. There were no transfers into or out of Level 3 of the fair value hierarchy for the year ended December 31, 2022.

The following table provides information about the significant Level 3 inputs:

Fair value measurements as of December 31, 2022

(in millions)

Fair value

Valuation techniques

Unobservable inputs

Ranges

Other investments

71.8

Market Yield (Comparables)

Yield

9.8% - 12.4%

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES.

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

As of December 31, 2022, the weighted-average remaining lease term on our leases is approximately 10.6 years and the weighted-average discount rate used to measure the lease liabilities is 3.3%.

Operating lease expense was $50.0 million in 2022, $32.5 million in 2021, and $32.1 million in 2020. Charges related to our operating leases that are variable, including variable common area maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $10.2 million in 2022. We made lease payments of $44.8 million during 2022.

Our future undiscounted cash flows related to our operating leases, including operating leases associated with OHA, and the reconciliation to the operating lease liability as of December 31, 2022, are as follows:


(in millions)	2022
2023	$	40.8
2024	56.4
2025	26.0
2026	34.1
2027	34.2
Thereafter	203.5
Total future undiscounted cash flows	395.0
Less: imputed interest to be recognized in lease expense	(65.4)
Operating lease liabilities, as reported	$	329.6

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE.

Property, equipment and software at December 31 consists of:


(in millions)	2022		2021
Computer and communications software and equipment	$	1,364.6	$	1,293.5
Buildings and improvements	488.9		472.0
Leasehold improvements	236.3		196.4
Furniture and other equipment	209.7		205.6
Land	25.7		25.7

	2,325.2		2,193.2
Less accumulated depreciation and amortization	1,569.5		1,457.0
Total	$	755.7	$	736.2

Compensation and related costs attributable to the development of computer software for internal use, totaling $134.6 million in 2022, $137.6 million in 2021, and $125.9 million in 2020, have been capitalized.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 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)	As of December 31,
	2022		2021
Goodwill	$	2,642.8	$	2,693.2
Indefinite-lived intangible assets - trade name	117.1		134.7
Indefinite-lived intangible assets - investment advisory agreements	65.6		164.8
Definite-lived intangible assets - investment advisory agreements	447.1		613.9
Total	$	3,272.6	$	3,606.6

GOODWILL.

Goodwill activity during the years ended December 31, 2022 and 2021, was as follows:


(in millions)	2022		2021
Balance, beginning of the year	$	2,693.2	$	665.7
Acquisition of OHA	—		2,027.5
Measurement period adjustments	(50.4)		—
Balance, end of year	$	2,642.8	$	2,693.2

We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year using a fair value approach. We did not record any impairment charges for goodwill for the years ended December 31, 2022, 2021, or 2020.

INTANGIBLE ASSETS.

Impairment

Our indefinite-lived intangible assets are tested for impairment annually, in the fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the intangible asset is impaired. Based on a review of qualitative factors, primarily, the current market environment and future outlook, we determined that it was necessary to perform a quantitative impairment test. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. During 2022, we determined that the carrying amount of our indefinite-lived intangible assets exceeded their fair value. Accordingly, we recognized an impairment loss equal to that excess in the amount of $99.2 million for the investment advisory agreements and $17.6 million for the trade name. Fair value for each asset was determined using a discounted cash flow analysis where estimated future cash flows were discounted to arrive at a single present value amount. This approach included inputs that required significant management judgment, the most relevant of which included revenue growth, discount rates, and effective tax rates.

Definite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable (i.e., the carrying amount is less than the undiscounted estimated future cash flows). Based on a review of factors significant to these assets, we determined that the carrying amount is not recoverable from certain of these intangible assets. Accordingly, we then assessed whether the fair value was less than the asset's carrying amount. During 2022, we determined that the carrying amount of certain intangible assets exceeded their fair value and recorded an impairment loss equal to that excess in the amount of $58.3 million. Fair value was determined using a discounted cash flow analysis where estimated future cash flows were discounted to arrive at a single present value amount. This approach included inputs that required significant management judgment, the most relevant of which included revenue growth, discount rates, and effective tax rates.

Should conditions that led us to recognize these impairment charges continue or deteriorate, additional impairments may be recognized in future periods.

As of December 31, 2022, the estimated weighted average remaining life for the definite-lived intangible assets is 6.5 years. Amortization expense for the definite-lived investment advisory agreement intangible assets was $108.5 million for 2022. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for 2023 through 2027 is, $96.3 million for 2023, $93.9 million for 2024, $93.2 million for 2025, $75.9 million for 2026, and $51.6 million for 2027.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES.

The provision for income taxes consists of:


(in millions)	2022		2021		2020
Current income taxes
U.S. federal	$	574.7	$	745.0	$	547.1
State and local	115.4		179.3		135.2
Foreign	15.5		28.1		22.9
Deferred income taxes (benefits)	(207.0)		(56.3)		13.7
Total	$	498.6	$	896.1	$	718.9

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


(in millions)	2022		2021		2020
Property and equipment	$	(64.0)	$	11.8	$	15.6
Asset impairments	4.6		2.0		2.9
Operating lease assets	24.7		(10.6)		1.0
Operating lease liabilities	(24.2)		10.6		(1.0)
Stock-based compensation	(8.7)		(8.1)		1.8
Accrued compensation	(.5)		(1.6)		(2.2)
Supplemental savings plan liability	21.3		(29.3)		(43.3)
Acquisition-related retention liability	(13.6)		—		—
Contingent consideration liability	32.4		—		—
Acquired investments	(73.0)		—		—
Unrealized holding gains recognized in non-operating income	(114.6)		(26.1)		46.8
Other	8.6		(5.0)		(7.9)
Total deferred income taxes (benefits)	$	(207.0)	$	(56.3)	$	13.7

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


	2022		2021		2020
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%


State income taxes for current year, net of federal income tax benefits(1)	3.4		3.7		3.8
Net income attributable to redeemable non-controlling interests(2)	1.3		(.1)		(1.2)
Net excess tax benefits from stock-based compensation plans activity	(.4)		(2.1)		(1.9)
Other items	.3		(.1)		.5
Effective income tax rate	25.6	%	22.4	%	22.2	%

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

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

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


(in millions)	2022		2021
Deferred tax assets
Stock-based compensation	$	96.1	$	87.4
Asset impairments	—		5.4
Operating lease liabilities	48.5		24.3
Accrued compensation	9.6		9.1
Acquired investments	20.8		—
Supplemental savings plan	168.9		190.2
Net unrealized holding losses recognized in income	10.6		—
Currency translation adjustment	8.5		2.0
Other	14.3		24.6
	377.3		343.0

Deferred tax liabilities
Acquisition-related retention liability	(54.3)		(68.4)
Contingent consideration liability	(32.4)		—
Acquired Investments	—		(59.2)
Property and equipment	(12.7)		(76.7)
Operating lease assets	(49.0)		(24.3)

Net unrealized holding gains recognized in income	—		(104.8)

Other	(12.8)		(16.6)
	(161.2)		(350.0)
Net deferred tax (liability) asset	$	216.1	$	(7.0)

We consider the need for valuation allowances against our deferred tax assets to the extent that we are not able to generate sufficient taxable income. During 2022, we recognized an immaterial amount of valuation allowances against our deferred tax assets. Unless we are able to generate sufficient taxable income in future periods, we may need to record additional valuation allowances to further reduce our deferred tax assets. Any additional amount of valuation allowances could materially increase our income tax expenses in future periods.

We intend to repatriate earnings of T. Rowe Price foreign subsidiaries to the U.S. in an amount not to exceed these subsidiaries' previously taxed earnings and profits ("PTEP"), which are estimated to be approximately $874 million at December 31, 2022. These earnings as well as our pro rata share of the earnings of foreign corporations in which T. Rowe Price owns 10% or more were subject to the repatriation tax enacted with the U.S. tax reform and are treated as PTEP. As such, we did not record a deferred tax liability with respect to the U.S. federal or foreign withholding taxes as the PTEP should not be taxed in these jurisdictions. We did recognize a state deferred tax liability of $0.9 million for the intended repatriation as states have varying rules on taxation of these amounts.

Other assets include tax refund receivables of $71.2 million at December 31, 2022, and $11.9 million at December 31, 2021.

Cash outflows from operating activities include net income taxes paid of $794.2 million in 2022, $948.9 million in 2021, and $643.0 million in 2020.

Additional income tax benefit arising from stock-based compensation plans activity totaling $7.1 million in 2022, $82.7 million in 2021, and $61.9 million in 2020 reduced the amount of income taxes that would have otherwise been payable. These income tax benefits were recognized in the income tax provision.

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


(in millions)	2022		2021		2020
Balance at beginning of year	$	29.3	$	26.7	$	23.9
Changes in tax positions related to
Current year	5.5		8.9		7.7
Prior years	1.3		(1.0)		(2.6)
Expired statute of limitations	(.7)		(5.3)		(2.3)
Balance at end of year	$	35.4	$	29.3	$	26.7

If recognized, these tax benefits would affect our effective tax rate; however, we do not expect that unrecognized tax benefits for tax positions taken with respect to 2022 and prior years will significantly change in 2023. The U.S. has concluded examinations related to federal tax obligations through the year 2020. A net interest payable related to our unrecognized tax benefits of $2.3 million at December 31, 2022, and $1.6 million at December 31, 2021, are recognized in our consolidated balance sheets. Our accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of our provision for income taxes. Interest recognized as part of our provision for income taxes was not material.

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

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STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS' EQUITY. SPECIAL DIVIDEND. On June 14, 2021, the Board of Directors declared a special cash dividend of $3.00 per common share, or $699.8 million, that was paid on July 7, 2021, to stockholders of record as of the close of business on June 25, 2021. SHARE REPURCHASES. The Board of Directors has authorized the future repurchase of up to 8,775,217 common shares as of December 31, 2022. Accounts payable and accrued expenses includes liabilities of $5.5 million at December 31, 2022 for common stock repurchases that settled during the first week of January 2023. RESTRICTED CAPITAL. Our consolidated stockholders' equity at December 31, 2022, includes about $402 million that is restricted as to use by various regulations and agreements arising in the ordinary course of our business.

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

12 Months Ended

Dec. 31, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS.

At December 31, 2022, a total of 18,652,998 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 907,014 shares are authorized for issuance under a plan whereby substantially all employees may acquire common stock through payroll deductions at prevailing market prices.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during 2022.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2021	2,846,579	$	72.87

Exercised	(628,073)	$	67.79


Outstanding at December 31, 2022	2,218,506	$	74.31	1.7
Exercisable at December 31, 2022	2,218,506	$	74.31	1.7

Compensation and related costs includes a charge for stock option-based compensation expense. There was no stock option-based compensation expense in 2022 and 2021, but, in 2020, we recorded $2.0 million of stock option-based compensation expense.

The total intrinsic value of options exercised was $40.3 million in 2022, $177.2 million in 2021, and $198.3 million in 2020. At December 31, 2022, the aggregate intrinsic value of in-the-money options outstanding was $77.1 million. All outstanding options are exercisable.

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during 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	2,191,601	$	121.51
Performance-based grants	—	77,372	$	121.33
Vested (value at vest date was $231.4 million)	(5,720)	(1,877,992)	$	130.49
Nonvested dividend equivalents granted to non-employee directors	—	3,980	$	119.52
Forfeited	—	(195,226)	$	144.00
Nonvested at December 31, 2022	8,715	5,901,600	$	142.37

Nonvested at December 31, 2022 includes performance-based restricted stock units of 371,890. These nonvested performance-based restricted units include 81,123 units for which the performance period has lapsed, and the performance threshold has been met.

Compensation and related costs includes expenses for restricted shares and restricted stock units of $285.4 million in 2022, $274.6 million in 2021, and $244.1 million in 2020.

At December 31, 2022, non-employee directors held 94,939 vested stock units that will convert to common shares upon their separation from the Board.

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at December 31, 2022. Estimated future compensation expense will change to reflect future grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.


(in millions)
First quarter 2023	$	60.6
Second quarter 2023	59.2
Third quarter 2023	58.0
Fourth quarter 2023	50.7
Total 2023	228.5
2024 through 2028	218.0
Total	$	446.5

EARNINGS PER SHARE CALCULATIONS

12 Months Ended

Dec. 31, 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 Group to net income allocated to our common stockholders and the weighted-average shares that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflect the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.


(in millions)	2022		2021		2020
Net income attributable to T. Rowe Price Group	$	1,557.9	$	3,082.9	$	2,372.7
Less: net income allocated to outstanding restricted stock and stock unit holders	36.1		80.5		65.3
Net income allocated to common stockholders	$	1,521.8	$	3,002.4	$	2,307.4

Weighted-average common shares
Outstanding	226.0		226.6		228.8
Outstanding assuming dilution	227.1		228.8		231.2

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

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

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


(in millions)	2022		2021		2020
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	4.2	$	2.8	$	(10.3)
Reclassification adjustment recognized upon partial disposition of equity method investment	—		—		(1.7)
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.8		.6		.2







Total net deferred tax benefits	$	5.0	$	3.4	$	(11.8)

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


	Currency translation adjustments
(in millions)	Equity method investments		Consolidated sponsored investment products - variable interest entities		Total currency translation adjustments		Total
Balances at December 31, 2019	$	(46.9)	$	3.9	$	(43.0)	$	(43.0)



Other comprehensive income (loss) before reclassifications and income taxes	2.1		22.9		25.0		25.0
Reclassification adjustments recognized in non-operating income	7.5		(.7)		6.8		6.8
	9.6		22.2		31.8		31.8
Net deferred tax benefits (income taxes)	(6.3)		(5.5)		(11.8)		(11.8)
Other comprehensive income (loss)	3.3		16.7		20.0		20.0
Balances at December 31, 2020	(43.6)		20.6		(23.0)		(23.0)
Other comprehensive income (loss) before reclassifications and income taxes	7.0		(11.5)		(4.5)		(4.5)
Reclassification adjustments recognized in non-operating income	—		(2.4)		(2.4)		(2.4)
	7.0		(13.9)		(6.9)		(6.9)
Net deferred tax benefits (income taxes)	(.1)		3.5		3.4		3.4
Other comprehensive income (loss)	6.9		(10.4)		(3.5)		(3.5)
Balances at December 31, 2021	(36.7)		10.2		(26.5)		(26.5)



Other comprehensive income before reclassifications and income taxes	(14.6)		(13.9)		(28.5)		(28.5)
Reclassification adjustments recognized in non-operating income	—		(3.0)		(3.0)		(3.0)
	(14.6)		(16.9)		(31.5)		(31.5)
Net deferred tax benefits (income taxes)	.8		4.2		5.0		5.0
Other comprehensive income (loss)	(13.8)		(12.7)		(26.5)		(26.5)

Balances at December 31, 2022	$	(50.5)	$	(2.5)	$	(53.0)	$	(53.0)

The other comprehensive income (loss) in the table above excludes $(21.0) million in 2022, $(26.2) million in 2021, and $34.9 million in 2020 of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated products.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $464.1 million to fund OHA products over the next four years. CONTINGENCIES. On October 27, 2022, two individuals filed a class action lawsuit in the United States District Court for the Southern District of California against T. Rowe Price Retirement Plan Services, Inc. (“RPS”). The complaint alleges that use of certain biometric voiceprints to validate the identity of callers as participants in retirement plans serviced by RPS violated the California Invasion of Privacy Act (“CIPA”) because RPS did not obtain their express written consent. While we believe the claims are without merit and will vigorously defend the case, we cannot predict at this time the outcome of the litigation or estimate the possible loss or range of loss that may arise from the proceeding. Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

OTHER DISCLOSURES	12 Months Ended
OTHER DISCLOSURES	Dec. 31, 2022
Other Disclosures [Abstract]
OTHER DISCLOSURES	OTHER DISCLOSURES. RETIREMENT PLANS. Compensation and related costs includes expense recognized for our defined contribution retirement plans of $130.2 million in 2022, $124.2 million in 2021, and $117.0 million in 2020. SUPPLEMENTAL SAVINGS PLAN. Through the 2020 plan year, the Supplemental Savings Plan provides certain senior officers the opportunity to defer receipt of up to 100% of their cash incentive compensation earned for a respective calendar year during which services are provided. The amounts deferred are adjusted in accordance with the hypothetical investments chosen by the officer from a list of mutual funds. Beginning with the plan's 2021 year, the maximum that certain senior officers can defer is the lesser of 50% of their annual cash incentive earned or $2 million. Previous to the 2021 plan year, the officer could initially defer these amounts for a period of two to 15 years. This was updated to five to 15 years beginning with the plan's 2021 year. Certain senior officers elected to defer $51.8 million in 2022, $62.4 million in 2021, and $105.8 million in 2020.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of accounting	These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States.
Use of estimates	These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates.
Newly issued but not yet adopted accounting guidance	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.
Business Combinations	Business CombinationsWe account for business combinations under the acquisition method of accounting, whereby we recognize assets acquired and liabilities assumed, including separately identified intangible assets, contingent liabilities, and non-controlling interests, based on the fair value estimates as of the date of the acquisition. Any excess purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Consolidation	Consolidation Our consolidated financial statements include the accounts of all subsidiaries and sponsored investment products in which we have a controlling interest. We are deemed to have a controlling interest when we own the majority of a voting interest entity ("VOE") or are deemed to be the primary beneficiary of a variable interest entity ("VIE"). We perform an analysis of our investments to determine if the investment entity is a VOE or a VIE. Our analysis involves judgment and considers several factors, including an entity’s legal organization, capital structure, the rights of the equity investment holders, our ownership interest in the entity, and our contractual involvement with the entity. We continually review and reconsider our VOE or VIE conclusions upon the occurrence of certain events, such as changes to our ownership interest, changes to an entity’s legal structure, or amendments to governing documents. All material accounts and transactions between consolidated entities are eliminated in consolidation. Variable interest entities VIEs are entities that, by design: (i) lack sufficient equity to permit the entity to finance its activities independently or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns. We consolidate a VIE when we are the primary beneficiary, which is the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the VIE that could potentially be significant. Our Luxembourg-based SICAV funds, and other sponsored investment products regulated outside the U.S., were determined to be VIEs. In addition, as part of the OHA acquisition, we acquired a majority of the carried interest entities. These carried interest entities are considered VIEs and T. Rowe Price is determined to be the primary beneficiary. Further, our carried interest entities hold general partner interests in affiliated private investment funds that are VIEs, though these carried interest entities were determined to not be the primary beneficiary. Therefore, these affiliated private investment funds are not consolidated. Redeemable non-controlling interests We recognize redeemable non-controlling interests for the portion of the net assets of our consolidated sponsored investment products held by unrelated third-party investors as their interests are convertible to cash and other assets at their option. As such, we reflect redeemable non-controlling interests as temporary equity in our consolidated balance sheets. Non-controlling interests in consolidated entities We recognize non-controlling interests in the consolidated carried interest entities and present it as a component of permanent equity in our consolidated balance sheets. The non-controlling interests represent the minority interest held by limited partnerships controlled by employees, one of which is a member of our Board of Directors. Income (loss) is allocated to these non-controlling interests based on the contractual arrangements that govern the allocation of income (loss). Investments in T. Rowe Price money market mutual funds We do not consider our investments in T. Rowe Price money market mutual funds when performing our consolidation analysis as the guidance provides a scope exception for interests in entities that are required to comply with, or operate in accordance with, requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds.
Cash equivalents	Cash equivalents Cash equivalents consist primarily of short-term, highly liquid investments in T. Rowe Price money market mutual funds. The cost of these funds is equivalent to fair value.
Investments held at fair value	Investments Investments held at fair value Investments in sponsored investment products have been made for both general corporate investment purposes and to provide seed capital for newly formed products. Those investments that we do not consolidate are carried at fair value using the quoted closing NAV per share of each fund as of the balance sheet date. The underlying investments held by our consolidated sponsored investment products retain investment company specialized accounting in consolidation, are considered securities held in a trading account for cash flow reporting purposes, and are valued in accordance with the valuation and pricing policy used to value our assets under management which is further described in the Revenue Recognition policy below. We elected to value our interest in investment partnerships, for which market prices or quotations are not readily available, at fair value using the NAV per share as a practical expedient. Changes in the fair values of all these investments are reflected in non-operating income in our consolidated statements of income.
Equity method investments	Equity method investments Equity method investments consist of investments in entities, including sponsored investment products, for which we have the ability to exercise significant influence over the operating and financial policies of the investee. The carrying values of these investments are adjusted to reflect our proportionate share of the investee's net income or loss, any unrealized gain or loss resulting from the translation of foreign-denominated financial statements into U.S. dollars, and dividends received. Our proportionate share of income or loss is included in non-operating income in our consolidated statements of income. As permitted under existing accounting guidance, we adopted a policy by which we recognize our share of UTI Asset Management Company Limited’s ("UTI") earnings on a quarter lag as current financial information is not available in a timely manner. The basis difference between our carrying value and our proportionate share of UTI’s book value is primarily related to consideration paid in excess of the stepped-up basis of assets and liabilities on the date of purchase. Investments in affiliated private investment funds The investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds that have arrangements that entitle them to a disproportionate allocation of income, which is also referred to as carried interest. We account for these investments as financial instruments under ASC 323, Investments – Equity Method and Joint Ventures ("ASC 323") since the general partner has significant governance rights in the investment funds in which it invests, which demonstrate significant influence. The income earned is recognized as capital-allocation based income in our consolidated statements of income. Held to Maturity Investments in rated notes of certain European collateralized loan obligation funds are designated as held-to-maturity and carried on the balance sheet at amortized cost.
Concentration of risk	Concentration of risk Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios we manage for them. Our investments held at fair value expose us to market risk, that is, the potential future loss of value that would result from a decline in the fair value of each investment or its underlying net assets. The underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.
Leases	Leases We review new arrangements at inception to evaluate whether we have the right to obtain substantially all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives received and initial direct costs incurred. Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as an implicit rate cannot be readily determinable from any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability. Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability. We recognize operating lease expense on a straight-line basis over the lease term as part of technology, occupancy, and facility costs in our consolidated statements of income.
Property, equipment and software	Property, equipment and software Property, equipment and software is stated at cost net of accumulated depreciation and amortization computed using the straight-line method. Provisions for depreciation and amortization are based on the following weighted-average estimated useful lives: computer and communications software and equipment, 3 years; buildings and improvements, 33 years; leasehold improvements, 8 years; and furniture and other equipment, 6 years.
Intangible assets	Intangible assets Intangible assets consist primarily of acquired investment advisory agreements and the OHA trade name. The fair values of the acquired investment advisory agreements are based on the net present value of estimated future cash flows attributable to the agreements, which include significant assumptions related to revenue, discount rate, and effective tax rate. The investment advisory agreement intangible assets are amortized using the straight-line method over their estimated useful lives unless the asset is determined to have an indefinite life as there is no foreseeable limit on the contract period. The weighted average remaining useful life of definite-lived intangibles assets is approximately 6.5 years. The trade name fair value is determined using the relief from royalty method based on net present value of estimated cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. Additionally, we identified the trade name intangible asset as indefinite-lived as there is no foreseeable limit on the use of the OHA name. Indefinite-lived intangible assets are tested for impairment annually or more frequently when an event occurs or circumstances change that more likely than not reduce the fair value of the indefinite-lived intangible asset below its carrying value. Definite-lived intangible assets are tested when there is an indication of impairment. Impairment is indicated when the carrying value of the asset is not recoverable and exceeds its fair value. If indicators are present, we perform a recoverability test by comparing the estimated undiscounted future cash flows attributable to the asset group in question to the asset group’s carrying amount. If the undiscounted estimated future cash flows are less than the carrying amount of the asset, the asset’s cost is adjusted to fair value and an impairment loss is recognized.
Goodwill	Goodwill We internally conduct, manage, and report our operations as one investment advisory business. This reflects how the chief operating decision maker allocates resources and assesses performance. Accordingly, we have one reporting unit - investment advisory business, consistent with our single operating segment, to which all goodwill has been assigned. We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year using a fair value approach. Our evaluations have indicated that no impairment exists.
Revenue recognition	Revenue recognition Our revenue is earned from investment advisory, administrative, and distribution services we provide to our clients as well as capital allocation-based income. Each distinct service we promise in our agreements is considered a performance obligation and is the basis for determining when we recognize revenue. The fees are allocated to each distinct performance obligation and we recognize revenue when, or as, we satisfy our promises. The consideration for our services is generally variable and included in net revenues, when it is improbable that a significant reversal could occur in the future. For certain client agreements, we have the discretion to hire a third party to provide services to our clients. In these circumstances, we are generally deemed to control the services before transferring them to our clients, and accordingly present the revenues gross of the related third-party costs. The timing of when we bill our clients and related payment terms vary in accordance with agreed-upon contractual terms. For the majority of our agreements, billing occurs after we have recognized revenue, which results in accounts receivable and accrued revenue. For an insignificant portion of our contracts, billing occurs in advance of providing services, which results in deferred revenue within the accounts payable and accrued expenses line of our consolidated balance sheets. Taxes billed to our clients based on our fees for services rendered are not included in revenues. Investment advisory fees The majority of our investment advisory agreements, including those with the U.S. mutual funds, have a single performance obligation as the promised services are not separately identifiable from other promises in the agreements and, therefore, are not distinct. Substantially all performance obligations for providing advisory services are satisfied over time and revenue is recognized as time passes. Investment advisory agreements with sponsored investment products regulated outside the U.S. generally have two performance obligations; one for investment management and one for distribution. For these agreements, we allocate the management fee to each performance obligation using our best estimate of the standalone fee of each of these services. The performance obligation for providing investment management services, like our other advisory contracts, is satisfied over time and revenue is recognized as time passes. The performance obligation for distribution is satisfied at the point in time when an investor makes an investment into the product. Accordingly, a portion of the investment advisory fees earned from these products relate to distribution performance obligations that were satisfied during prior periods. These distribution fees are reported within the investment advisory fees line of our consolidated statements of income. The management fee for our investment advisory agreements are based on our assets under management, which change based on fluctuations in financial markets and net cash flows from investors, and represents variable consideration. Therefore, investment advisory fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are no longer subject to financial market volatility. Investment advisory fees for investment products are presented net of fees waived pursuant to the contractual expense limitations of the product. Our assets under management are valued in accordance with valuation and pricing processes for each major type of investment. Fair values used in our processes are primarily determined from quoted market prices; prices furnished by dealers who make markets in such securities; or from data provided by an independent pricing service that considers yield or price of investments of comparable quality, coupon, maturity, and type. Investments for which market prices are not readily available are not a material portion of our total assets under management. We provide all services to the U.S. mutual funds under contracts that are subject to periodic review and approval by the funds’ Boards. Regulations require that the funds’ shareholders also approve material changes to investment advisory contracts. Investment advisory fees also include fees earned from affiliated private investment funds or private accounts that are determined either monthly or quarterly and are generally based on the fund’s or account's net asset value or invested capital. Investment advisory fees earned from CLOs include senior collateral management fees and subordinated collateral management fees, which are generally determined quarterly based on the sum of collateral principal amounts and the aggregate principal amount of all defaulted obligations. If amounts distributable on any payment date are insufficient to pay the collateral management fee according to the priority of payments, any shortfall is deferred and payable on subsequent payment dates. We recognize performance-based incentive fees in connection with the investment advisory agreements from certain separately managed and subadvised accounts. We are entitled to receive performance-based incentive fees when the return on investment assets exceeds a certain benchmark return. In such arrangements, these incentive fees are recognized at the end of the measurement period when the performance benchmark or contractual outperformance has been achieved. Performance-based incentive fees are considered a form of variable consideration, and as such these fees are subject to potential reversal up until the end of the measurement period (which is generally one year) when the performance-based incentive fees become fixed, determinable, and are not subject to significant reversal. There are no significant judgments made when determining the performance-based incentive fees. Administrative, distribution, and servicing fees Administrative fees The administrative services we provide include distribution, mutual fund transfer agent, accounting and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. The administrative service agreements with the U.S. mutual funds for accounting oversight, transfer agency, and recordkeeping services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other promises in the agreement and, therefore, are not distinct. The fees for performing these services are earned based on basis points of the related assets under management and represent variable consideration. The fees are generally constrained and are recognized as revenue when costs are incurred to perform the services. Other administrative service agreements for participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage services, and trust services generally have one performance obligation as the promised services in each agreement are not separately identifiable from other performance obligations in the contract and, therefore, are not distinct. Our performance obligation in each agreement is satisfied over time and revenue is recognized as time passes. The fees for these services vary by contract and are both fixed and variable. Distribution and servicing fees The agreements for distribution and servicing fees earned from 12b-1 plans of the Advisor Class, R Class, and Variable Annuity II Class shares of the U.S. mutual funds have one performance obligation, as distribution services are not separately identifiable from shareholder servicing promises in the agreements and, therefore, are not distinct. Our performance obligation is satisfied at the point in time when an investor makes an investment into these share classes of the U.S. mutual funds. The fees for these distribution and servicing agreements are based on the assets under management in these share classes, which change based on fluctuations in financial markets, and represent variable consideration. These fees are generally constrained, and excluded from revenue, until the asset values on which our client is billed are not subject to financial market volatility. Accordingly, the majority of the distribution and servicing revenue disclosed in Note 4 - Information about Receivables, Revenues and Services relates to distribution and servicing obligations that were satisfied during prior periods. We also recognize the corresponding costs paid to the third-party financial intermediaries that distribute these funds' share classes within the distribution and servicing costs line of the consolidated statements of income. The fee revenue that we recognize from the funds and the expense that we recognize for the fees paid to third-party intermediaries are equal in amount and, therefore, do not impact our net operating income. Capital allocation-based income This represents the income earned from investments in affiliated private investment funds with arrangements that are entitled to a disproportionate allocation of income, which is also known as carried interest. These investments are accounted for under ASC 323 and the income recognized represents the proportionate share of the income or loss of the fund assuming the fund was liquidated as of each reporting date pursuant to each investment fund's governing agreements. Capital allocation-based income will fluctuate period-to-period to reflect the adjustment to accrued carried interest for the change in value of the affiliated funds' underlying investments assuming the value was realized as of the end of the period, regardless of whether the fund's underlying investments have been realized. The realization of accrued carried interest occurs over a number of years. Accordingly, this income is accounted for outside of the scope of ASC 606, Revenue Recognition, and recorded as part of capital allocation-based income in our consolidated statements of income. A portion of this income is allocated to non-controlling interest holders and is reflected as compensation expense.
Advertising	Advertising Costs of advertising are expensed the first time that the advertising takes place.
Stock-based compensation	Stock-based compensation We maintain three stockholder-approved employee long-term incentive plans (2020 Long-Term Incentive Plan, 2012 Long-Term Incentive Plan, and 2004 Stock Incentive Plan (collectively, the LTI Plans), and two stockholder-approved non-employee director plans (2017 Non-Employee Director Equity Plan and 2007 Non-Employee Director Equity Plan, collectively the Director Plans). We believe that our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders. As of December 31, 2022, a total of 10,437,953 shares were available for future grant under the 2020 Long-Term Incentive Plan and the 2017 Non-Employee Director Equity Plan (2017 Plan). Under our LTI Plans, we have issued restricted stock units to employees that settle in shares of our common stock after vesting. Vesting of these awards is based on the individual continuing to render service over an average 5.0 year graded schedule. All restricted stock unit holders receive non-forfeitable cash dividends and cash dividend equivalents, respectively, on our dividend payable date. We are also authorized to grant qualified incentive and nonqualified fixed stock options with a maximum term of 10 years. We have not granted options to employees since 2015. We grant performance-based restricted stock units to certain executive officers in which the number of restricted stock units ultimately retained is determined based on achievement of certain performance thresholds. The number of restricted stock units retained is also subject to similar time-based vesting requirements as the other restricted stock units described above. Cash dividend equivalents are accrued and paid to the holders of performance-based restricted stock units only after the performance period has lapsed and the performance thresholds have been met. Under the Director Plans, we may grant options with a maximum term of 10 years, restricted shares, and restricted stock units to non-employee directors. Under the 2017 Plan, awards generally vest over one year and, in the case of restricted stock units, are settled upon the non-employee directors’ departure from the Board. For restricted shares, cash dividends are accrued and paid only after the award vests. Restricted stock unit holders receive dividend equivalents in the form of unvested stock units that vest over the same period as the underlying award. We have not granted options to non-employee directors since 2016. We recognize the grant-date fair value of these awards as compensation expense ratably over the awards' requisite service period. Compensation expense recognized for performance-based restricted units includes an estimate regarding the probability of the performance thresholds being met. We account for forfeitures as they occur. Both time-based and performance-based restricted stock units are valued on the grant-date using the closing market price of our common stock.
Earnings per share	Earnings per share We compute our basic and diluted earnings per share under the two-class method, which considers our outstanding restricted shares and stock units, on which we pay non-forfeitable dividends as if they were a separate class of stock.
Comprehensive income	Comprehensive income The components of comprehensive income are presented in a separate statement following our consolidated statements of income and include net income and the change in our currency translation adjustments. The currency translation adjustments result from translating our proportionate share of the financial statements of our equity method investment in UTI, and certain consolidated sponsored investment products into U.S. dollars. Assets and liabilities are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using weighted-average exchange rates for the period. The changes in accumulated balances of each component of other comprehensive income, the deferred tax impacts of each component, and information about significant items reclassified out of accumulated other comprehensive income are presented in the notes to the financial statements. The notes also indicate the line item of our consolidated statements of income in which the significant reclassifications were recognized. We reclassify income tax effects relating to currency translation adjustments to tax expense when there is a reduction in our ownership interest in the related investment. The amount of the reclassification depends on the investment’s accounting treatment before and after the change in ownership percentage.

ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

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


(in millions)	Acquisition date fair value		Adjustments		Revised fair value
Cash and cash equivalents	$	22.1	$	—	$	22.1
Accounts receivable and accrued revenue	122.2		—		122.2
Investments	891.0		—		891.0
Property, equipment and software, net	22.4		—		22.4
Operating lease asset	101.5		—		101.5
Intangible assets	913.4		—		913.4
Goodwill	2,027.5		(50.4)		1,977.1
Other assets	27.2		—		27.2
Total assets	4,127.3		(50.4)		4,076.9

Accounts payable and accrued expenses	$	133.3	$	—	$	133.3
Operating lease liability	114.1		—		114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet	125.7		(9.6)		116.1
Contingent consideration liability	306.3		(49.3)		257.0
Total liabilities	679.4		(58.9)		620.5
Total identifiable net assets	$	3,447.9	$	8.5	$	3,456.4

Schedule of Pro Forma Information

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


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

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

Dec. 31, 2022

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory Services

Revenues earned during the years ended December 31, 2022, 2021 and 2020, under agreements with clients include:


	2022
			Administrative, distribution, and servicing fees
(in millions)	Investment advisory fees		Administrative fees		Distribution and servicing fees		Capital allocation-based income		Net revenues
U.S. mutual funds	$	3,486.2	$	338.3	$	92.2	$	—	$	3,916.7
Subadvised funds, separate accounts, collective investment trusts, and other investment products	2,482.9		16.1		—		(54.3)		2,444.7
Other clients	—		127.0		—		—		127.0
	$	5,969.1	$	481.4	$	92.2	$	(54.3)	$	6,488.4










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

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

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


(in millions)	2022		2021		2020
U.S. mutual funds
Equity	$	2,415.3	$	3,118.5	$	2,440.4
Fixed income, including money market	261.4		245.2		266.5
Multi-asset	809.5		1,025.2		933.0
	3,486.2		4,388.9		3,639.9
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity and blended assets	1,344.4		1,781.4		1,326.3
Fixed income, including money market	166.0		164.6		149.3
Multi-asset	699.4		763.2		577.6
Alternatives	273.1		—		—
	2,482.9		2,709.2		2,053.2
Total	$	5,969.1	$	7,098.1	$	5,693.1

Schedule of Assets Under Management

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


(in billions)	Average during						As of December 31,
	2022		2021		2020		2022		2021
U.S. mutual funds
Equity	$	424.9	$	540.4	$	417.0	$	369.8	$	553.9
Fixed income, including money market	81.0		86.4		76.8		73.8		85.3
Multi-Asset	199.8		229.8		193.9		184.2		232.2
	705.7		856.6		687.7		627.8		871.4
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity	338.7		431.6		321.3		294.4		438.8
Fixed income, including money market	92.4		91.3		82.1		93.2		90.4
Multi-Asset	218.9		219.8		156.8		215.9		245.5
Alternatives	42.7		—		—		43.4		41.7
	692.7		742.7		560.2		646.9		816.4
Total	$	1,398.4	$	1,599.3	$	1,247.9	$	1,274.7	$	1,687.8

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Unconsolidated Investments

The carrying values of investments that are not part of the consolidated sponsored investment products at December 31 are as follows:


(in millions)	2022		2021

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	242.0	$	518.7
Seed capital	195.1		264.8
Supplemental savings plan liability economic hedges	760.7		881.5
Investment partnerships and other investments	87.1		108.9
Investments in affiliated collateralized loan obligations	6.4		10.8
Equity method investments
T. Rowe Price investment products
Discretionary investments	199.6		—
Seed capital	125.7		141.7

Investment in UTI Asset Management Company Limited (India)	158.8		165.4
Investments in affiliated private investment funds - carried interest	467.8		609.8
Investments in affiliated private investment funds - seed/co-investment	173.8		151.3
Other investment partnerships and investments	2.4		2.5
Held to maturity
Investments in affiliated collateralized loan obligations	109.6		119.1
Certificates of deposit	9.2		—
U.S. Treasury note	1.0		1.0
Total	$	2,539.2	$	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 consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.


(in millions)	2022		2021		2020
Net decrease in assets of consolidated sponsored investment products	$	(256.9)	$	(753.0)	$	(546.1)
Net decrease in liabilities of consolidated sponsored investment products	$	(12.8)	$	(17.6)	$	(10.5)
Net decrease in redeemable non-controlling interests	$	(147.2)	$	(501.1)	$	(308.1)

Gains recognized upon deconsolidation	$	3.0	$	2.4	$	.7

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

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


(in millions)	2022		2021
Investment carrying values	$	762.2	$	943.3
Unfunded capital commitments	84.7		94.2
Accounts receivable	91.5		145.1
	$	938.4	$	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 as of December 31, 2022 and 2021 are as follows:


(in millions)	2022		2021
Assets	$	526.2	$	692.7
Liabilities	$	15.8	$	56.4
Non-controlling interest	$	190.7	$	248.7

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.

Schedule of Fair Value Measurements

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

The following table summarizes our investments that are recognized in our consolidated balance sheets at December 31 using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by consolidated sponsored investment products which are presented separately on our consolidated balance sheets and are detailed in Note 7.


	2022						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	$	1,412.0	$	—	$	—	$	1,183.9	$	—	$	—
Discretionary investments	242.0		—		—		518.7		—		—
Seed capital	161.0		34.1		—		241.4		23.4		—
Supplemental savings plan liability economic hedges	760.7		—		—		881.5		—		—
Other investments	.6		.1		—		.7		.1		—
Investments in affiliated collateralized loan obligations	—		6.4		—		—		10.8		—
Total	$	2,576.3	$	40.6	$	—	$	2,826.2	$	34.3	$	—

Contingent consideration liability	$	—	$	—	$	95.8	$	—	$	—	$	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)	Year ended 12/31/2022
Balance at beginning of period	$	306.3
Measurement period adjustment	(49.3)
Unrealized gains, included in earnings	(161.2)
Balance, December 31, 2022	$	95.8

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS (Tables)

12 Months Ended

Dec. 31, 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 sponsored investment products at December 31:


	2022						2021
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	16.2	$	102.9	$	119.1	$	7.3	$	93.8	$	101.1
Investments(2)	205.3		1,255.5		1,460.8		188.9		1,645.0		1,833.9
Other assets	6.3		17.2		23.5		5.1		22.7		27.8
Total assets	227.8		1,375.6		1,603.4		201.3		1,761.5		1,962.8
Liabilities	50.0		39.1		89.1		15.3		36.2		51.5
Net assets	$	177.8	$	1,336.5	$	1,514.3	$	186.0	$	1,725.3	$	1,911.3

Attributable to T. Rowe Price Group	$	142.4	$	715.2	$	857.6	$	125.3	$	803.7	$	929.0
Attributable to redeemable non-controlling interests	35.4		621.3		656.7		60.7		921.6		982.3
	$	177.8	$	1,336.5	$	1,514.3	$	186.0	$	1,725.3	$	1,911.3

(1) Cash and cash equivalents includes $2.6 million and $6.5 million at December 31, 2022 and 2021, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Investments include $7.6 million and $42.5 million at December 31, 2022 and 2021, respectively, of sponsored investment products.

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

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


	2022						2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(.5)	$	(7.7)	$	(8.2)	$	(.6)	$	(11.6)	$	(12.2)	$	(1.6)	$	(14.8)	$	(16.4)
Net gains (losses) reflected in non-operating income	(13.4)		(190.1)		(203.5)		18.0		56.7		74.7		13.2		238.5		251.7
Impact on income before taxes	$	(13.9)	$	(197.8)	$	(211.7)	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3

Net income (loss) attributable to T. Rowe Price Group	$	(9.5)	$	(93.9)	$	(103.4)	$	11.4	$	35.5	$	46.9	$	11.6	$	73.1	$	84.7
Net income (loss) attributable to redeemable non-controlling interests	(4.4)		(103.9)		(108.3)		6.0		9.6		15.6		—		150.6		150.6
	$	(13.9)	$	(197.8)	$	(211.7)	$	17.4	$	45.1	$	62.5	$	11.6	$	223.7	$	235.3

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

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


	2022						2021						2020
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by operating activities	$	(84.1)	$	6.9	$	(77.2)	$	(135.3)	$	160.8	$	25.5	$	(155.4)	$	(401.3)	$	(556.7)
Net cash provided by (used in) investing activities	.1		(8.8)		(8.7)		(11.9)		(5.0)		(16.9)		(23.4)		(30.5)		(53.9)
Net cash used in financing activities	92.9		1.5		94.4		147.4		(162.3)		(14.9)		176.0		461.0		637.0
FX impact on cash	—		9.5		9.5		—		2.6		2.6		—		1.9		1.9
Net change in cash and cash equivalents during period	8.9		9.1		18.0		.2		(3.9)		(3.7)		(2.8)		31.1		28.3
Cash and cash equivalents at beginning of year	7.3		93.8		101.1		7.1		97.7		104.8		9.9		66.6		76.5
Cash and cash equivalents at end of year	$	16.2	$	102.9	$	119.1	$	7.3	$	93.8	$	101.1	$	7.1	$	97.7	$	104.8

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

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


	2022						2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	4.4	$	20.6	$	—	$	6.5	$	.7	$	—
Equity securities	136.7		167.8		—		247.8		340.3		—
Fixed income securities	36.4		1,014.7		—		—		1,187.4		—
Other investments	3.3		30.1		71.8		5.7		52.7		—
	$	180.8	$	1,233.2	$	71.8	$	260.0	$	1,581.1	$	—

Liabilities	$	(.9)	$	(19.1)	$	—	$	(.7)	$	(9.7)	$	—

The following table provides information about the significant Level 3 inputs:

Fair value measurements as of December 31, 2022

(in millions)

Fair value

Valuation techniques

Unobservable inputs

Ranges

Other investments

71.8

Market Yield (Comparables)

Yield

9.8% - 12.4%

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Future Minimum Lease Payments


(in millions)	2022
2023	$	40.8
2024	56.4
2025	26.0
2026	34.1
2027	34.2
Thereafter	203.5
Total future undiscounted cash flows	395.0
Less: imputed interest to be recognized in lease expense	(65.4)
Operating lease liabilities, as reported	$	329.6

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Equipment and Software

Property, equipment and software at December 31 consists of:


(in millions)	2022		2021
Computer and communications software and equipment	$	1,364.6	$	1,293.5
Buildings and improvements	488.9		472.0
Leasehold improvements	236.3		196.4
Furniture and other equipment	209.7		205.6
Land	25.7		25.7

	2,325.2		2,193.2
Less accumulated depreciation and amortization	1,569.5		1,457.0
Total	$	755.7	$	736.2

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


(in millions)	As of December 31,
	2022		2021
Goodwill	$	2,642.8	$	2,693.2
Indefinite-lived intangible assets - trade name	117.1		134.7
Indefinite-lived intangible assets - investment advisory agreements	65.6		164.8
Definite-lived intangible assets - investment advisory agreements	447.1		613.9
Total	$	3,272.6	$	3,606.6

Schedule of Goodwill

Goodwill activity during the years ended December 31, 2022 and 2021, was as follows:


(in millions)	2022		2021
Balance, beginning of the year	$	2,693.2	$	665.7
Acquisition of OHA	—		2,027.5
Measurement period adjustments	(50.4)		—
Balance, end of year	$	2,642.8	$	2,693.2

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

The provision for income taxes consists of:


(in millions)	2022		2021		2020
Current income taxes
U.S. federal	$	574.7	$	745.0	$	547.1
State and local	115.4		179.3		135.2
Foreign	15.5		28.1		22.9
Deferred income taxes (benefits)	(207.0)		(56.3)		13.7
Total	$	498.6	$	896.1	$	718.9

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


(in millions)	2022		2021		2020
Property and equipment	$	(64.0)	$	11.8	$	15.6
Asset impairments	4.6		2.0		2.9
Operating lease assets	24.7		(10.6)		1.0
Operating lease liabilities	(24.2)		10.6		(1.0)
Stock-based compensation	(8.7)		(8.1)		1.8
Accrued compensation	(.5)		(1.6)		(2.2)
Supplemental savings plan liability	21.3		(29.3)		(43.3)
Acquisition-related retention liability	(13.6)		—		—
Contingent consideration liability	32.4		—		—
Acquired investments	(73.0)		—		—
Unrealized holding gains recognized in non-operating income	(114.6)		(26.1)		46.8
Other	8.6		(5.0)		(7.9)
Total deferred income taxes (benefits)	$	(207.0)	$	(56.3)	$	13.7

Schedule of Effective Income Tax Rate Reconciliation

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


	2022		2021		2020
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%


State income taxes for current year, net of federal income tax benefits(1)	3.4		3.7		3.8
Net income attributable to redeemable non-controlling interests(2)	1.3		(.1)		(1.2)
Net excess tax benefits from stock-based compensation plans activity	(.4)		(2.1)		(1.9)
Other items	.3		(.1)		.5
Effective income tax rate	25.6	%	22.4	%	22.2	%

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

Schedule of Deferred Tax Assets and Liabilities

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


(in millions)	2022		2021
Deferred tax assets
Stock-based compensation	$	96.1	$	87.4
Asset impairments	—		5.4
Operating lease liabilities	48.5		24.3
Accrued compensation	9.6		9.1
Acquired investments	20.8		—
Supplemental savings plan	168.9		190.2
Net unrealized holding losses recognized in income	10.6		—
Currency translation adjustment	8.5		2.0
Other	14.3		24.6
	377.3		343.0

Deferred tax liabilities
Acquisition-related retention liability	(54.3)		(68.4)
Contingent consideration liability	(32.4)		—
Acquired Investments	—		(59.2)
Property and equipment	(12.7)		(76.7)
Operating lease assets	(49.0)		(24.3)

Net unrealized holding gains recognized in income	—		(104.8)

Other	(12.8)		(16.6)
	(161.2)		(350.0)
Net deferred tax (liability) asset	$	216.1	$	(7.0)

Schedule of Unrecognized Tax Benefits

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


(in millions)	2022		2021		2020
Balance at beginning of year	$	29.3	$	26.7	$	23.9
Changes in tax positions related to
Current year	5.5		8.9		7.7
Prior years	1.3		(1.0)		(2.6)
Expired statute of limitations	(.7)		(5.3)		(2.3)
Balance at end of year	$	35.4	$	29.3	$	26.7

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Roll Forward of Stock Options

The following table summarizes the status of, and changes in, our stock options during 2022.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2021	2,846,579	$	72.87

Exercised	(628,073)	$	67.79


Outstanding at December 31, 2022	2,218,506	$	74.31	1.7
Exercisable at December 31, 2022	2,218,506	$	74.31	1.7

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 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	2,191,601	$	121.51
Performance-based grants	—	77,372	$	121.33
Vested (value at vest date was $231.4 million)	(5,720)	(1,877,992)	$	130.49
Nonvested dividend equivalents granted to non-employee directors	—	3,980	$	119.52
Forfeited	—	(195,226)	$	144.00
Nonvested at December 31, 2022	8,715	5,901,600	$	142.37

Schedule of Future Stock-based Compensation Expense


(in millions)
First quarter 2023	$	60.6
Second quarter 2023	59.2
Third quarter 2023	58.0
Fourth quarter 2023	50.7
Total 2023	228.5
2024 through 2028	218.0
Total	$	446.5

EARNINGS PER SHARE CALCULATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation


(in millions)	2022		2021		2020
Net income attributable to T. Rowe Price Group	$	1,557.9	$	3,082.9	$	2,372.7
Less: net income allocated to outstanding restricted stock and stock unit holders	36.1		80.5		65.3
Net income allocated to common stockholders	$	1,521.8	$	3,002.4	$	2,307.4

Weighted-average common shares
Outstanding	226.0		226.6		228.8
Outstanding assuming dilution	227.1		228.8		231.2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Impact of the Components of Other Comprehensive Income on Deferred Tax Benefits (income Taxes)

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


(in millions)	2022		2021		2020
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	4.2	$	2.8	$	(10.3)
Reclassification adjustment recognized upon partial disposition of equity method investment	—		—		(1.7)
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product	.8		.6		.2







Total net deferred tax benefits	$	5.0	$	3.4	$	(11.8)

Schedule of Changes in Accumulated Other Comprehensive Income

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


	Currency translation adjustments
(in millions)	Equity method investments		Consolidated sponsored investment products - variable interest entities		Total currency translation adjustments		Total
Balances at December 31, 2019	$	(46.9)	$	3.9	$	(43.0)	$	(43.0)



Other comprehensive income (loss) before reclassifications and income taxes	2.1		22.9		25.0		25.0
Reclassification adjustments recognized in non-operating income	7.5		(.7)		6.8		6.8
	9.6		22.2		31.8		31.8
Net deferred tax benefits (income taxes)	(6.3)		(5.5)		(11.8)		(11.8)
Other comprehensive income (loss)	3.3		16.7		20.0		20.0
Balances at December 31, 2020	(43.6)		20.6		(23.0)		(23.0)
Other comprehensive income (loss) before reclassifications and income taxes	7.0		(11.5)		(4.5)		(4.5)
Reclassification adjustments recognized in non-operating income	—		(2.4)		(2.4)		(2.4)
	7.0		(13.9)		(6.9)		(6.9)
Net deferred tax benefits (income taxes)	(.1)		3.5		3.4		3.4
Other comprehensive income (loss)	6.9		(10.4)		(3.5)		(3.5)
Balances at December 31, 2021	(36.7)		10.2		(26.5)		(26.5)



Other comprehensive income before reclassifications and income taxes	(14.6)		(13.9)		(28.5)		(28.5)
Reclassification adjustments recognized in non-operating income	—		(3.0)		(3.0)		(3.0)
	(14.6)		(16.9)		(31.5)		(31.5)
Net deferred tax benefits (income taxes)	.8		4.2		5.0		5.0
Other comprehensive income (loss)	(13.8)		(12.7)		(26.5)		(26.5)

Balances at December 31, 2022	$	(50.5)	$	(2.5)	$	(53.0)	$	(53.0)

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

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 11,643.3	$ 12,509.0
Liabilities	1,956.4	2,255.3
Non-controlling interest	190.7	248.7
VIE
Variable Interest Entity [Line Items]
Assets	526.2	692.7
Liabilities	15.8	56.4
Non-controlling interest	$ 190.7	$ 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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-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Equipment and Software (Details)	12 Months Ended
	Dec. 31, 2022
Computer and communications software and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	33 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	6 years

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Investment advisory agreements
Business Acquisition [Line Items]
Intangible assets weighted average useful life	6 years 6 months

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) business	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of investment advisory business \| business	1
Goodwill impairment loss \| $	$ 0	$ 0	$ 0

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2022 obligation
Disaggregation of Revenue [Line Items]
Number of performance obligations	2
Investment Management
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Distribution
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Administrative Service
Disaggregation of Revenue [Line Items]
Number of performance obligations	1
Oher Administrative Service
Disaggregation of Revenue [Line Items]
Number of performance obligations	1

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2022 share_based_compensation_plan shares
Employee stock-based compensation programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	3
Employee stock-based compensation programs \| Restricted shares and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	5 years
Employee stock-based compensation programs \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration term	10 years
Director plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans	2
Director plans \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration term	10 years
2017 Non-Employee Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	1 year
2020 Long-Term Incentive Plan and the 2017 Non-Employee Director Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (shares) \| shares	10,437,953

ACQUISITION - Narrative (Details) - USD ($) shares in Millions			1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 29, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration liability	$ 306,300,000			$ 95,800,000	$ 306,300,000
Level 3 \| Fair value, measurements, recurring
Business Acquisition [Line Items]
Contingent consideration liability	306,300,000			95,800,000	306,300,000
OHA Acquisition
Business Acquisition [Line Items]
Cash consideration		$ 2,487,400,000	$ 8,500,000
Stock consideration (in shares)		4.4
Stock consideration	881,500,000	$ 881,500,000
Debt assumed		$ 217,100,000
Consideration restriction from sale, period		1 year
Contingent consideration, maximum earnout payment		$ 900,000,000
Extended earnout payment period		2 years
Earnout payout, if 75% threshold not met		$ 0
Earnout 75% threshold		75.00%
Earnout 30% threshold		22.00%
Contingent consideration liability	$ 306,300,000	$ 257,000,000.0			306,300,000
Acquisition-related retention liability				$ 900,000	$ 31,900,000
Deductible portion of goodwill acquired		1,200,000,000
Indefinite- and definite-lived investment management contracts		778,700,000
OHA Acquisition \| Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired, management contracts		$ 134,700,000

ACQUISITION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 2,642.8	$ 2,693.2		$ 665.7
Contingent consideration liability	$ 95.8	306.3
OHA Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents			$ 22.1
Accounts receivable and accrued revenue			122.2
Investments			891.0
Property, equipment and software, net			22.4
Operating lease asset			101.5
Intangible assets			913.4
Goodwill			1,977.1
Other assets			27.2
Total assets			4,076.9
Accounts payable and accrued expenses			133.3
Operating lease liability			114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet			116.1
Contingent consideration liability		$ 306.3	257.0
Total liabilities			620.5
Total identifiable net assets			3,456.4
OHA Acquisition \| Acquisition date fair value
Business Acquisition [Line Items]
Cash and cash equivalents			22.1
Accounts receivable and accrued revenue			122.2
Investments			891.0
Property, equipment and software, net			22.4
Operating lease asset			101.5
Intangible assets			913.4
Goodwill			2,027.5
Other assets			27.2
Total assets			4,127.3
Accounts payable and accrued expenses			133.3
Operating lease liability			114.1
Deferred tax liabilities, included in other assets in the consolidated balance sheet			125.7
Contingent consideration liability			306.3
Total liabilities			679.4
Total identifiable net assets			3,447.9
OHA Acquisition \| Adjustments
Business Acquisition [Line Items]
Cash and cash equivalents			0.0
Accounts receivable and accrued revenue			0.0
Investments			0.0
Property, equipment and software, net			0.0
Operating lease asset			0.0
Intangible assets			0.0
Goodwill			(50.4)
Other assets			0.0
Total assets			(50.4)
Accounts payable and accrued expenses			0.0
Operating lease liability			0.0
Deferred tax liabilities, included in other assets in the consolidated balance sheet			(9.6)
Contingent consideration liability			(49.3)
Total liabilities			(58.9)
Total identifiable net assets			$ 8.5

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

ACQUISITION - Compensation Arrangements - Narrative (Details) - OHA Acquisition - USD ($) $ in Millions	Dec. 29, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Post combination compensation expense, fair value	$ 459.9
Upfront purchase consideration to be forfeited	$ 283.2
Earnout 30% threshold	22.00%
Earnout, second threshold, fair value		$ 88.2
Retention bonuses	$ 58.3
Incentive payment, percentage	10.00%
Minimum
Business Acquisition [Line Items]
Post combination compensation expense, recognition period	3 years
Maximum
Business Acquisition [Line Items]
Post combination compensation expense, recognition period	5 years

ACQUISITION - Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2022
Business Acquisition [Line Items]
Contingent consideration liability	$ 306.3		$ 95.8
OHA Acquisition
Business Acquisition [Line Items]
Stock consideration	881.5	$ 881.5
Contingent consideration liability	$ 306.3	$ 257.0

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

CASH EQUIVALENTS (Details) - USD ($) $ in Millions	12 Months Ended
CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash equivalent investments in T. Rowe Price money market mutual funds	$ 1,412.0	$ 1,183.9
Money market mutual funds
Restricted Cash and Cash Equivalents Items [Line Items]
Dividends earned on money market mutual funds	$ 30.0	$ 0.3	$ 4.2

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 6,488.4	$ 7,671.9	$ 6,206.7
Average assets under management	1,398,400.0	1,599,300.0	1,247,900.0
Period end assets under management	1,274,700.0	1,687,800.0
U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	3,916.7	4,842.6	4,042.5
Average assets under management	705,700.0	856,600.0	687,700.0
Period end assets under management	627,800.0	871,400.0
U.S. mutual funds \| Equity
Disaggregation of Revenue [Line Items]
Average assets under management	424,900.0	540,400.0	417,000.0
Period end assets under management	369,800.0	553,900.0
U.S. mutual funds \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Average assets under management	81,000.0	86,400.0	76,800.0
Period end assets under management	73,800.0	85,300.0
U.S. mutual funds \| Multi-asset
Disaggregation of Revenue [Line Items]
Average assets under management	199,800.0	229,800.0	193,900.0
Period end assets under management	184,200.0	232,200.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	2,444.7	2,709.2	2,053.2
Average assets under management	692,700.0	742,700.0	560,200.0
Period end assets under management	646,900.0	816,400.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity
Disaggregation of Revenue [Line Items]
Average assets under management	338,700.0	431,600.0	321,300.0
Period end assets under management	294,400.0	438,800.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Average assets under management	92,400.0	91,300.0	82,100.0
Period end assets under management	93,200.0	90,400.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Disaggregation of Revenue [Line Items]
Average assets under management	218,900.0	219,800.0	156,800.0
Period end assets under management	215,900.0	245,500.0
Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Alternatives
Disaggregation of Revenue [Line Items]
Average assets under management	42,700.0	0.0	0.0
Period end assets under management	43,400.0	41,700.0
Other clients
Disaggregation of Revenue [Line Items]
Net revenues	127.0	120.1	111.0
Investment advisory fees
Disaggregation of Revenue [Line Items]
Net revenues	5,969.1	7,098.1	5,693.1
Investment advisory fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	3,486.2	4,388.9	3,639.9
Investment advisory fees \| U.S. mutual funds \| Equity
Disaggregation of Revenue [Line Items]
Net revenues	2,415.3	3,118.5	2,440.4
Investment advisory fees \| U.S. mutual funds \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Net revenues	261.4	245.2	266.5
Investment advisory fees \| U.S. mutual funds \| Multi-asset
Disaggregation of Revenue [Line Items]
Net revenues	809.5	1,025.2	933.0
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	2,482.9	2,709.2	2,053.2
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Equity and blended assets
Disaggregation of Revenue [Line Items]
Net revenues	1,344.4	1,781.4	1,326.3
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Fixed income, including money market
Disaggregation of Revenue [Line Items]
Net revenues	166.0	164.6	149.3
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Multi-asset
Disaggregation of Revenue [Line Items]
Net revenues	699.4	763.2	577.6
Investment advisory fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products \| Alternatives
Disaggregation of Revenue [Line Items]
Net revenues	273.1	0.0	0.0
Investment advisory fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Administrative fees
Disaggregation of Revenue [Line Items]
Net revenues	481.4	453.5	402.3
Administrative fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	338.3	333.4	291.3
Administrative fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	16.1	0.0	0.0
Administrative fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	127.0	120.1	111.0
Distribution and servicing fees
Disaggregation of Revenue [Line Items]
Net revenues	92.2	120.3	111.3
Distribution and servicing fees \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	92.2	120.3	111.3
Distribution and servicing fees \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Distribution and servicing fees \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	0.0	0.0	0.0
Capital allocation-based income
Disaggregation of Revenue [Line Items]
Net revenues	(54.3)	$ 0.0	$ 0.0
Capital allocation-based income \| U.S. mutual funds
Disaggregation of Revenue [Line Items]
Net revenues	0.0
Capital allocation-based income \| Subadvised funds, separate accounts, collective investment trusts, and other investment products
Disaggregation of Revenue [Line Items]
Net revenues	(54.3)
Capital allocation-based income \| Other clients
Disaggregation of Revenue [Line Items]
Net revenues	$ 0.0

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Services Concentration and Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Net revenues	$ 6,488.4	$ 7,671.9	$ 6,206.7
Accounts receivable	748.7	1,058.3
Sponsored Investment Products
Concentration Risk [Line Items]
Net revenues	5,326.3	6,259.3	$ 5,044.3
Accounts receivable	$ 492.4	$ 577.9
Outside U.S. \| Assets under management \| Investment advisory clients \| Geographic concentration
Concentration Risk [Line Items]
Concentration risk, percentage	9.10%	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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 2,539.2	$ 2,975.5
Certificates of Deposit
Debt and Equity Securities, FV-NI [Line Items]
Held to maturity	9.2	0.0
U.S. Treasury note
Debt and Equity Securities, FV-NI [Line Items]
Held to maturity	1.0	1.0
Discretionary investments
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	242.0	518.7
Equity method investments	199.6	0.0
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	195.1	264.8
Equity method investments	125.7	141.7
Supplemental savings plan liability economic hedges
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	760.7	881.5
Investment partnerships and other investments
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	87.1	108.9
Equity method investments	2.4	2.5
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Held to maturity	109.6	119.1
Investment in UTI Asset Management Company Limited (India)
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	158.8	165.4
Investments in affiliated private investment funds - carried interest
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	467.8	609.8
Investments in affiliated private investment funds - seed/co-investment
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	$ 173.8	$ 151.3

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€)	Oct. 31, 2020 segment
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized gains on T. Rowe Price investments product recognized in nonoperating income		$ (240.5)	$ 63.6	$ 142.7
Number of equity method investments \| segment						1
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Dividend distribution		$ 45.3	90.2	$ 50.8
Investment in UTI Asset Management Company Limited (India)
Debt and Equity Securities, FV-NI [Line Items]
Equity method investment (ownership percentage)	26.00%			26.00%		23.00%
Gain on sale of equity investments	$ 2.8
Investments In European Collateralized Loan Obligations \| Vertical Strip Investment
Debt and Equity Securities, FV-NI [Line Items]
Percentage of long term investments purchased		5.00%			5.00%
Investments In European Collateralized Loan Obligations \| Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed		$ 116.0
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Percentage of interest expense		0.50%			0.50%
Secured debt		$ 31.7	36.9		€ 35.6
Investments in affiliated collateralized loan obligations \| Accounts Payable and Accrued Liabilities
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed		$ 103.0	113.5
Investments in affiliated collateralized loan obligations \| Euro Interbank Offer Rate (EURIBOR) \| Minimum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate		3.16%			3.16%
Investments in affiliated collateralized loan obligations \| Euro Interbank Offer Rate (EURIBOR) \| Maximum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate		3.41%			3.41%
Investments in affiliated collateralized loan obligations \| Repurchase Agreements
Debt and Equity Securities, FV-NI [Line Items]
Secured debt, repurchase agreements		$ 71.3	$ 75.9		€ 66.7

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ (425.5)	$ 284.6	$ 496.5
Currency translation adjustments \| Reclassification out of accumulated other comprehensive income
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	3.0	2.4	0.7
Assets
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	(256.9)	(753.0)	(546.1)
Liability
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	(12.8)	(17.6)	(10.5)
Redeemable non-controlling interest
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets, liabilities, and redeemable noncontrolling interest	$ (147.2)	$ (501.1)	$ (308.1)

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Investment carrying values	$ 762.2	$ 943.3
Unfunded capital commitments	84.7	94.2
Accounts receivable	91.5	145.1
Maximum risk of loss related to nonconsolidated variable interest entities	$ 938.4	$ 1,182.6

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 11,643.3	$ 12,509.0
Liabilities	1,956.4	2,255.3
Non-controlling interest	190.7	248.7
VIE
Subsidiary or Equity Method Investee [Line Items]
Assets	526.2	692.7
Liabilities	15.8	56.4
Non-controlling interest	$ 190.7	$ 248.7

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 95.8	$ 306.3
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	1,412.0	1,183.9
Other investments	0.6	0.7
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	0.0	0.0
Total	2,576.3	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	242.0	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	161.0	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	760.7	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 Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	6.4	10.8
Total	40.6	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	34.1	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 Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	0.0	0.0
Total	0.0	0.0
Contingent consideration liability	95.8	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
NAV Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 86.4	$ 108.1

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 29, 2021	Dec. 31, 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
Percentage of contingent consideration	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		$ 13.5
Compensation expense included in current period		8.9
NAV Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value		$ 86.4	$ 108.1

FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 306.3
Measurement period adjustment	(49.3)
Unrealized gains, included in earnings	(161.2)
Balance, December 31, 2022	$ 95.8

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,755.6	$ 1,523.1
Investments	2,539.2	2,975.5
Other assets	688.7	445.3
Total assets	11,643.3	12,509.0
Liabilities	1,956.4	2,255.3
Attributable to redeemable non-controlling interests	656.7	982.3	$ 1,561.7	$ 1,121.0
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,514.3	1,911.3
Attributable to T. Rowe Price Group	857.6	929.0
Attributable to redeemable non-controlling interests	656.7	982.3
VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	177.8	186.0
Attributable to T. Rowe Price Group	142.4	125.3
Attributable to redeemable non-controlling interests	35.4	60.7
VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	526.2	692.7
Liabilities	15.8	56.4
Attributable to T. Rowe Price Group	715.2	803.7
Attributable to redeemable non-controlling interests	621.3	921.6
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	119.1	101.1
Investments	1,460.8	1,833.9
Other assets	23.5	27.8
Total assets	1,603.4	1,962.8
Liabilities	89.1	51.5
Net assets	1,514.3	1,911.3
Reportable entities \| Consolidated T. Rowe Price investment products \| Sponsored Investment Products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	7.6	42.5
Reportable entities \| Consolidated T. Rowe Price investment products \| Sponsored Investment Products \| Money market mutual funds
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	2.6	6.5
Reportable entities \| VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	16.2	7.3
Investments	205.3	188.9
Other assets	6.3	5.1
Total assets	227.8	201.3
Liabilities	50.0	15.3
Net assets	177.8	186.0
Reportable entities \| VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	102.9	93.8
Investments	1,255.5	1,645.0
Other assets	17.2	22.7
Total assets	1,375.6	1,761.5
Liabilities	39.1	36.2
Net assets	$ 1,336.5	$ 1,725.3

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (4,114.7)	$ (3,961.9)	$ (3,461.0)
Income before income taxes	1,948.2	3,994.6	3,242.2
Net income (loss) attributable to redeemable non-controlling interests	(108.3)	15.6	150.6
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(211.7)	62.5	235.3
Net income (loss) attributable to T. Rowe Price Group	(103.4)	46.9	84.7
Net income (loss) attributable to redeemable non-controlling interests	(108.3)	15.6	150.6
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(8.2)	(12.2)	(16.4)
Net gains (losses) reflected in non-operating income	(203.5)	74.7	251.7
Income before income taxes	(211.7)	62.5	235.3
VOE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(13.9)	17.4	11.6
Net income (loss) attributable to T. Rowe Price Group	(9.5)	11.4	11.6
Net income (loss) attributable to redeemable non-controlling interests	(4.4)	6.0	0.0
VOE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(0.5)	(0.6)	(1.6)
Net gains (losses) reflected in non-operating income	(13.4)	18.0	13.2
Income before income taxes	(13.9)	17.4	11.6
VIE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	(197.8)	45.1	223.7
Net income (loss) attributable to T. Rowe Price Group	(93.9)	35.5	73.1
Net income (loss) attributable to redeemable non-controlling interests	(103.9)	9.6	150.6
VIE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(7.7)	(11.6)	(14.8)
Net gains (losses) reflected in non-operating income	(190.1)	56.7	238.5
Income before income taxes	$ (197.8)	$ 45.1	$ 223.7

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Investment advisory and administrative fees	$ (6,488.4)	$ (7,671.9)	$ (6,206.7)
Net cash provided by financing activities	(2,076.9)	(2,988.8)	(1,486.3)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Investment advisory and administrative fees	2.0	5.5	9.9
Net cash provided by financing activities	$ 142.8	$ 51.9	$ 79.5

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	$ 2,359.4	$ 3,452.0	$ 1,918.9
Net cash provided by (used in) investing activities	(41.5)	(1,098.1)	(36.3)
Net cash used in financing activities	(2,076.9)	(2,988.8)	(1,486.3)
FX impact on cash	9.5	2.6	1.9
Net change in cash and cash equivalents during period	250.5	(632.3)	398.2
Cash and cash equivalents at beginning of year	1,624.2	2,256.5	1,858.3
Cash and cash equivalents at end of year	1,874.7	1,624.2	2,256.5
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	76.5
Cash and cash equivalents at end of year	119.1	101.1	104.8
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(77.2)	25.5	(556.7)
Net cash provided by (used in) investing activities	(8.7)	(16.9)	(53.9)
Net cash used in financing activities	94.4	(14.9)	637.0
FX impact on cash	9.5	2.6	1.9
Net change in cash and cash equivalents during period	18.0	(3.7)	28.3
Cash and cash equivalents at beginning of year	101.1	104.8
Cash and cash equivalents at end of year	119.1	101.1	104.8
VOE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	(84.1)	(135.3)	(155.4)
Net cash provided by (used in) investing activities	0.1	(11.9)	(23.4)
Net cash used in financing activities	92.9	147.4	176.0
FX impact on cash	0.0	0.0	0.0
Net change in cash and cash equivalents during period	8.9	0.2	(2.8)
Cash and cash equivalents at beginning of year	7.3	7.1	9.9
Cash and cash equivalents at end of year	16.2	7.3	7.1
VIE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	6.9	160.8	(401.3)
Net cash provided by (used in) investing activities	(8.8)	(5.0)	(30.5)
Net cash used in financing activities	1.5	(162.3)	461.0
FX impact on cash	9.5	2.6	1.9
Net change in cash and cash equivalents during period	9.1	(3.9)	31.1
Cash and cash equivalents at beginning of year	93.8	97.7	66.6
Cash and cash equivalents at end of year	$ 102.9	$ 93.8	$ 97.7

CONSOLIDATED SPONSORED INVESTMENT PRODUCTS - Fair Value Measurements (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.098
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,412.0	$ 1,183.9
Other investments	0.6	0.7
Total	2,576.3	2,826.2
Fair value, measurements, recurring \| Level 1 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4.4	6.5
Equity securities	136.7	247.8
Fixed income securities	36.4	0.0
Other investments	3.3	5.7
Total	180.8	260.0
Liabilities	(0.9)	(0.7)
Fair value, measurements, recurring \| 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	40.6	34.3
Fair value, measurements, recurring \| Level 2 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	20.6	0.7
Equity securities	167.8	340.3
Fixed income securities	1,014.7	1,187.4
Other investments	30.1	52.7
Total	1,233.2	1,581.1
Liabilities	(19.1)	(9.7)
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Other investments	0.0	0.0
Total	0.0	0.0
Fair value, measurements, recurring \| Level 3 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Equity securities	0.0	0.0
Fixed income securities	0.0	0.0
Other investments	71.8	0.0
Total	71.8	0.0
Liabilities	$ 0.0	$ 0.0
Fair value, measurements, recurring \| Level 3 \| Consolidated T. Rowe Price investment products \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.124

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term on operating leases	10 years 7 months 6 days
Weighted-average discount rate on operating leases	3.30%
Operating lease expense	$ 50.0	$ 32.5	$ 32.1
Variable charges related to operating leases not included in measurement of lease liability	10.2
Cash paid included in measurement of operating lease liabilities	$ 44.8

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 40.8
2024	56.4
2025	26.0
2026	34.1
2027	34.2
Thereafter	203.5
Total future undiscounted cash flows	395.0
Less: imputed interest to be recognized in lease expense	(65.4)
Operating lease liabilities, as reported	$ 329.6	$ 249.2

PROPERTY, EQUIPMENT AND SOFTWARE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,325.2	$ 2,193.2
Less accumulated depreciation and amortization	1,569.5	1,457.0
Total	755.7	736.2
Computer and communications software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,364.6	1,293.5
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	488.9	472.0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	236.3	196.4
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	209.7	205.6
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25.7	$ 25.7

PROPERTY, EQUIPMENT AND SOFTWARE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Development of computer software
Property, Plant and Equipment [Line Items]
Compensation and related costs	$ 134.6	$ 137.6	$ 125.9

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Intangible Assets and Goodwill [Line Items]
Goodwill	$ 2,642.8	$ 2,693.2	$ 665.7
Total	3,272.6	3,606.6
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Definite-lived intangible assets - investment advisory agreements	447.1	613.9
Trade Names
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	117.1	134.7
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	$ 65.6	$ 164.8

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance, beginning of the year	$ 2,693.2	$ 665.7
Acquisition of OHA	0.0	2,027.5
Measurement period adjustments	(50.4)	0.0
Balance, end of year	$ 2,642.8	$ 2,693.2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Intangible Assets and Goodwill [Line Items]
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related amortization and impairment costs
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related amortization and impairment costs
Impairment of intangible assets, finite-lived	$ (58,300,000)
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Intangible assets useful life	6 years 6 months
Amortization of intangible assets	$ 108,500,000
Expected amortization, year 2023	96,300,000
Expected amortization, year 2024	93,900,000
Expected amortization, year 2025	93,200,000
Expected amortization, year 2026	75,900,000
Expected amortization, year 2027	51,600,000
Trade Names
Schedule of Intangible Assets and Goodwill [Line Items]
Impairment of intangible assets, indefinite-lived	(17,600,000)
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Impairment of intangible assets, indefinite-lived	$ (99,200,000)

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income taxes
U.S. federal	$ 574.7	$ 745.0	$ 547.1
State and local	115.4	179.3	135.2
Foreign	15.5	28.1	22.9
Deferred income taxes (benefits)	(207.0)	(56.3)	13.7
Total	$ 498.6	$ 896.1	$ 718.9

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

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

INCOME TAXES - Deferred Income Taxes (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Property and equipment	$ (64.0)	$ 11.8	$ 15.6
Asset impairments	4.6	2.0	2.9
Operating lease assets	24.7	(10.6)	1.0
Operating lease liabilities	(24.2)	10.6	(1.0)
Stock-based compensation	(8.7)	(8.1)	1.8
Accrued compensation	(0.5)	(1.6)	(2.2)
Supplemental savings plan liability	21.3	(29.3)	(43.3)
Acquisition-related retention liability	(13.6)	0.0	0.0
Contingent consideration liability	32.4	0.0	0.0
Acquired investments	(73.0)	0.0	0.0
Unrealized holding gains recognized in non-operating income	(114.6)	(26.1)	46.8
Other	8.6	(5.0)	(7.9)
Total deferred income taxes (benefits)	$ (207.0)	$ (56.3)	$ 13.7

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State income taxes for current year, net of federal income tax benefits	3.40%	3.70%	3.80%
Net income attributable to redeemable non-controlling interests	1.30%	(0.10%)	(1.20%)
Net excess tax benefits from stock-based compensation plans activity	(0.40%)	(2.10%)	(1.90%)
Other items	0.30%	(0.10%)	0.50%
Effective income tax rate	25.60%	22.40%	22.20%

INCOME TAXES - Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Stock-based compensation	$ 96.1	$ 87.4
Asset impairments	0.0	5.4
Operating lease liabilities	48.5	24.3
Accrued compensation	9.6	9.1
Acquired investments	20.8	0.0
Supplemental savings plan	168.9	190.2
Net unrealized holding losses recognized in income	10.6	0.0
Currency translation adjustment	8.5	2.0
Other	14.3	24.6
Total deferred tax assets	377.3	343.0
Deferred tax liabilities
Acquisition-related retention liability	(54.3)	(68.4)
Contingent consideration liability	(32.4)	0.0
Acquired Investments	0.0	(59.2)
Property and equipment	(12.7)	(76.7)
Operating lease assets	(49.0)	(24.3)
Net unrealized holding gains recognized in income	0.0	(104.8)
Other	(12.8)	(16.6)
Total deferred tax liabilities	(161.2)	(350.0)
Net deferred tax assets	$ 216.1
Net deferred tax liabilities		$ (7.0)

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Reform [Line Items]
Previously taxed earnings and profits of foreign subsidiaries with unremitted earnings	$ 874.0
Repatriation of foreign earnings, percent	10.00%
Tax refund receivables	$ 71.2	$ 11.9
Net income taxes paid	794.2	948.9	$ 643.0
Net tax benefits reducing income tax provision	7.1	82.7	$ 61.9
Net interest payable related to unrecognized tax benefits	(2.3)	$ (1.6)
State and local jurisdiction
Income Tax Reform [Line Items]
Deferred tax liabilities for intended repatriation	$ 0.9

INCOME TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 29.3	$ 26.7	$ 23.9
Changes in tax positions related to
Current year	5.5	8.9	7.7
Prior years, increase	1.3
Prior years, decrease		(1.0)	(2.6)
Expired statute of limitations	(0.7)	(5.3)	(2.3)
Balance at end of year	$ 35.4	$ 29.3	$ 26.7

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Jun. 14, 2021
Stockholders' Equity Note [Abstract]
Cash dividend (in dollars per share)		$ 3.00
Dividends payable		$ 699.8
Common shares authorized for future repurchase (shares)	8,775,217
Unsettled common stock repurchases liability	$ 5.5
Restricted stockholders' equity	$ 402.0

STOCK-BASED COMPENSATION - Shares Authorized For Stock-Based Compensation Programs (Details)	Dec. 31, 2022 shares
Stock compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	18,652,998
Employee stock purchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	907,014

STOCK-BASED COMPENSATION - Stock Options (Details)	12 Months Ended
STOCK-BASED COMPENSATION - Stock Options (Details)	Dec. 31, 2022 $ / shares shares
Options
Outstanding, beginning balance (in shares) \| shares	2,846,579
Exercised (in shares) \| shares	(628,073)
Outstanding, ending balance (in shares) \| shares	2,218,506
Exercisable at current period-end (in shares) \| shares	2,218,506
Weighted- average exercise price
Weighted-average exercise price of options outstanding, beginning balance (in dollars per share) \| $ / shares	$ 72.87
Weighted-average exercise price of options exercised (in dollars per share) \| $ / shares	67.79
Weighted-average exercise price of options outstanding, ending balance (in dollars per share) \| $ / shares	74.31
Weighted-average exercise price of options exercisable at current period-end (in dollars per share) \| $ / shares	$ 74.31
Weighted-average remaining contractual term in years, outstanding	1 year 8 months 12 days
Weighted-average remaining contractual term in years, exercisable	1 year 8 months 12 days

STOCK-BASED COMPENSATION - Stock Options Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 40,300,000	$ 177,200,000	$ 198,300,000
Aggregate intrinsic value of in-the-money options outstanding	77,100,000
Options \| Compensation and related costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 2,000,000

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Weighted- average fair value
Weighted-average fair value of nonvested restricted shares and restricted stock units, beginning balance (in dollars per share) \| $ / shares	$ 146.87
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) \| $ / shares	121.51
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) \| $ / shares	130.49
Weighted-average fair value of restricted shares and restricted stock units nonvested dividend equivalents granted to non-employee directors (in dollars per share) \| $ / shares	119.52
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) \| $ / shares	144.00
Weighted-average fair value of nonvested restricted shares and restricted stock units, ending balance (in dollars per share) \| $ / shares	$ 142.37
Value at vest date \| $	$ 231.4
Performance-based
Weighted- average fair value
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) \| $ / shares	$ 121.33
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	5,720
Grants (in shares)	8,715
Vested (in shares)	(5,720)
Nonvested dividend equivalents granted to non-employee directors (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	8,715
Restricted shares \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	5,701,865
Grants (in shares)	2,191,601
Vested (in shares)	(1,877,992)
Nonvested dividend equivalents granted to non-employee directors (in shares)	3,980
Forfeited (in shares)	(195,226)
Nonvested, ending balance (in shares)	5,901,600
Restricted stock units \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	77,372
Nonvested, ending balance (in shares)	371,890

STOCK-BASED COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested stock units (in shares)	94,939
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	5,901,600	5,701,865
Restricted stock units \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	371,890
Nonvested shares where performance threshold has been met (in shares)	81,123
Restricted shares and restricted stock units \| Compensation and related costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 285.4	$ 274.6	$ 244.1

STOCK-BASED COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Dec. 31, 2022 USD ($)
Share-Based Payment Arrangement [Abstract]
First quarter 2023	$ 60.6
Second quarter 2023	59.2
Third quarter 2023	58.0
Fourth quarter 2023	50.7
Total 2023	228.5
2024 through 2028	218.0
Total	$ 446.5

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group	$ 1,557.9	$ 3,082.9	$ 2,372.7
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	36.1	80.5	65.3
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	36.1	80.5	65.3
Net income allocated to common stockholders (basic)	1,521.8	3,002.4	2,307.4
Net income allocated to common stockholders (diluted)	$ 1,521.8	$ 3,002.4	$ 2,307.4
Weighted-average common shares
Outstanding (in shares)	226,000,000.0	226,600,000	228,800,000
Outstanding assuming dilution (in shares)	227,100,000	228,800,000	231,200,000
Stock options with anti-diluted impact (in shares)	0	0	0

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Deferred Tax Benefits (Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments	$ 4.2	$ 2.8	$ (10.3)
Total net deferred tax benefits	5.0	3.4	(11.8)
Reclassification adjustment recognized upon partial disposition of equity method investment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment recognized	0.0	0.0	(1.7)
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment recognized	0.8	0.6	0.2
Total net deferred tax benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits	$ 5.0	$ 3.4	$ (11.8)

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 9,022.7

(26.5)

$ (3.5)

$ 20.0

Currency translation adjustments

8,839.5

9,022.7

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

Other comprehensive income before reclassifications and income taxes

(26.5)

(23.0)

(43.0)

(28.5)

(4.5)

25.0

Reclassification adjustments recognized in non-operating income

(3.0)

(2.4)

6.8

(31.5)

(6.9)

31.8

5.0

3.4

(11.8)

(26.5)

(3.5)

20.0

Currency translation adjustments | Equity method investments

(53.0)

(26.5)

(23.0)

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

Other comprehensive income before reclassifications and income taxes

(36.7)

(43.6)

(46.9)

(14.6)

7.0

2.1

Reclassification adjustments recognized in non-operating income

0.0

7.5

(14.6)

7.0

9.6

0.8

(0.1)

(6.3)

(13.8)

6.9

3.3

Currency translation adjustments | Consolidated sponsored investment products - variable interest entities

(50.5)

(36.7)

(43.6)

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

Other comprehensive income before reclassifications and income taxes

10.2

20.6

3.9

(13.9)

(11.5)

22.9

Reclassification adjustments recognized in non-operating income

(3.0)

(2.4)

(0.7)

(16.9)

(13.9)

22.2

4.2

3.5

(5.5)

(12.7)

(10.4)

16.7

Total net deferred tax benefits

(2.5)

10.2

20.6

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

Other comprehensive income before reclassifications and income taxes

(26.5)

(23.0)

(43.0)

(28.5)

(4.5)

25.0

Reclassification adjustments recognized in non-operating income

(3.0)

(2.4)

6.8

(31.5)

(6.9)

31.8

5.0

3.4

(11.8)

^[1]

(26.5)

(3.5)

20.0