0001113169-25-000007 | 10-K | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LONG-TERM INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

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 2024.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2023	1,476,104	$	75.39

Exercised	(812,959)	$	76.72

Expired	(1,768)	$	76.75
Outstanding and exercisable at December 31, 2024	661,377	$	73.76	0.5

Schedule of 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, 2024. 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 2025	$	53.2
Second quarter 2025	52.1
Third quarter 2025	51.5
Fourth quarter 2025	44.7
2026	100.4
2027 through 2030	67.2
Total	$	369.1

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

The following table summarizes the status of, and changes in, our restricted stock units during 2024.


	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2023	6,476,170	$	127.94
Time-based grants	1,597,968	$	122.56
Performance-based grants	98,668	$	123.00
Vested (value at vest date was $240.0 million)	(1,956,869)	$	133.11

Forfeited	(214,358)	$	128.24
Nonvested at December 31, 2024	6,001,579	$	124.73

Below is a roll forward of the restricted fund units liability which is reported in deferred compensation liabilities on the consolidated balance sheet.


(in millions)	2024
Balance at beginning of year	$	—
Amortization of grant date value	14.8
Amortization of market appreciation (depreciation)	(0.1)


Balance at end of year	$	14.7

Schedule of Future Stock-based Compensation Expense to be Recognized over the Remaining Vesting Periods of the Restricted Fund Unit Awards

The following table presents the compensation expense to be recognized over the remaining vesting periods of the restricted fund units outstanding at December 31, 2024. Estimated future compensation expense will change to reflect future grants, changes in the market value of the restricted fund units which is based on selected hypothetical investments, and adjustments for actual forfeitures.


(in millions)
First quarter 2025	$	11.7
Second quarter 2025	11.3
Third quarter 2025	11.2
Fourth quarter 2025	9.2
2026	22.9
2027 through 2030	21.6
Total	$	87.9

CASH EQUIVALENTS	12 Months Ended
CASH EQUIVALENTS	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
CASH EQUIVALENTS	CASH EQUIVALENTS.Cash equivalent investments in the T. Rowe Price money market mutual funds aggregate to $2,309.8 million at December 31, 2024, and $1,678.1 million at December 31, 2023. Dividends earned on these investments totaled $128.3 million in 2024, $101.3 million in 2023, and $30.0 million in 2022.

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 11, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-32191
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2264646
Entity Address, Address Line One	100 East Pratt Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	345-2000
Title of 12(b) Security	Common stock, $0.20 par value per share
Trading Symbol	TROW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 25.3
Entity Common Stock, Shares Outstanding ( in shares)		222,634,484
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Certain portions of the registrant's Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A of the general rules and regulations under the Act, are incorporated by reference into Part III of this report.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Central Index Key	0001113169
Amendment Flag	false

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - Investment advisory agreements - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Indefinite-lived intangible assets
Intangible assets weighted average useful life	3 years 8 months 12 days	5 years 6 months
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	$ 613.9	$ 613.9
Accumulated amortization & impairments	(397.4)	(289.3)
Accumulated amortization & impairments	$ 216.5	$ 324.6

CONSOLIDATED INVESTMENT PRODUCTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 1,685.6	$ 1,219.1	$ 2,359.4
Net cash provided by (used in) investing activities	(177.5)	128.2	(41.5)
Net cash provided by (used in) financing activities	(936.6)	(1,078.6)	(2,076.9)
FX impact on cash	(2.4)	0.4	9.5
Net change in cash and cash equivalents during year	569.1	269.1	250.5
Cash and cash equivalents at beginning of year	2,143.8	1,874.7	1,624.2
Cash and cash equivalents at end of year	2,712.9	2,143.8	1,874.7
Consolidated T. Rowe Price investment products
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at beginning of year	77.2	119.1	101.1
Cash and cash equivalents at end of year	63.1	77.2	119.1
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(633.8)	(888.9)	(77.2)
Net cash provided by (used in) investing activities	(15.8)	(56.8)	(8.7)
Net cash provided by (used in) financing activities	637.9	903.4	94.4
FX impact on cash	(2.4)	0.4	9.5
Net change in cash and cash equivalents during year	(14.1)	(41.9)	18.0
Cash and cash equivalents at beginning of year	77.2	119.1
Cash and cash equivalents at end of year	63.1	77.2	119.1
VOE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(239.4)	(517.5)	(84.1)
Net cash provided by (used in) investing activities	(14.7)	(32.7)	0.1
Net cash provided by (used in) financing activities	235.6	559.7	92.9
FX impact on cash	0.0	0.0	0.0
Net change in cash and cash equivalents during year	(18.5)	9.5	8.9
Cash and cash equivalents at beginning of year	25.7	16.2	7.3
Cash and cash equivalents at end of year	7.2	25.7	16.2
VIE \| Reportable entities
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(394.4)	(371.4)	6.9
Net cash provided by (used in) investing activities	(1.1)	(24.1)	(8.8)
Net cash provided by (used in) financing activities	402.3	343.7	1.5
FX impact on cash	(2.4)	0.4	9.5
Net change in cash and cash equivalents during year	4.4	(51.4)	9.1
Cash and cash equivalents at beginning of year	51.5	102.9	93.8
Cash and cash equivalents at end of year	$ 55.9	$ 51.5	$ 102.9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets of consolidated T. Rowe Price investment products	$ 2,044.0	$ 1,959.3
Liabilities of consolidated T. Rowe Price investment products	$ 62.1	$ 54.2
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.20	$ 0.20
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.20	$ 0.20
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	222,966,000	223,938,000
VIE
Assets of consolidated T. Rowe Price investment products	$ 1,555.6	$ 1,204.4
Liabilities of consolidated T. Rowe Price investment products	$ 46.2	$ 35.2

CONSOLIDATED INVESTMENT PRODUCTS - Net Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,649.8	$ 2,066.6
Investments	3,000.5	2,554.7
Other assets	685.6	692.5
Total assets	13,472.0	12,278.8
Liabilities	2,021.9	1,987.6
Attributable to redeemable non-controlling interests	944.0	594.1	$ 656.7	$ 982.3
Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	1,037.9	1,311.0
Attributable to redeemable non-controlling interests	944.0	594.1
VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Attributable to T. Rowe Price Group	348.5	589.9
Attributable to redeemable non-controlling interests	124.0	146.0
VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Total assets	467.7	564.7
Liabilities	0.4	1.9
Attributable to T. Rowe Price Group	689.4	721.1
Attributable to redeemable non-controlling interests	820.0	448.1
Reportable entities \| Consolidated T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	63.1	77.2
Investments	1,936.2	1,847.0
Other assets	44.7	35.1
Total assets	2,044.0	1,959.3
Liabilities	62.1	54.2
Net assets	1,981.9	1,905.1
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products
Condensed Balance Sheet Statements, Captions [Line Items]
Investments	9.3	6.2
Reportable entities \| Consolidated T. Rowe Price investment products \| T. Rowe Price investment products \| Money market mutual funds
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	4.9	16.2
Reportable entities \| VOE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	7.2	25.7
Investments	470.8	718.0
Other assets	10.4	11.2
Total assets	488.4	754.9
Liabilities	15.9	19.0
Net assets	472.5	735.9
Reportable entities \| VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	55.9	51.5
Investments	1,465.4	1,129.0
Other assets	34.3	23.9
Total assets	1,555.6	1,204.4
Liabilities	46.2	35.2
Net assets	$ 1,509.4	$ 1,169.2

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - BASIS OF PREPARATION (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Contingent consideration liability	$ 0	$ 13,400,000

LONG-TERM INCENTIVE COMPENSATION - Restricted Fund Units Narrative (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 shares
Restricted Fund Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	103.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following at December 31:



(in millions)	2024		2023
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	86.0		117.1
Indefinite-lived intangible assets - investment advisory agreements	65.6		65.6
Definite-lived intangible assets - investment advisory agreements	216.5		324.6
Total	$	3,010.9	$	3,150.1

Schedule of Finite-Lived Intangible Assets

Definite-lived investment advisory agreement intangible assets consisted of the following at December 31 :


(in millions)	2024		2023
Gross carrying amount	$	613.9	$	613.9
Accumulated amortization & impairments	(397.4)		(289.3)
Net carrying amount	$	216.5	$	324.6

Remaining weighted-average estimated useful life	3.7		5.5

Schedule of Indefinite-Lived Intangible Assets

Definite-lived investment advisory agreement intangible assets consisted of the following at December 31 :


(in millions)	2024		2023
Gross carrying amount	$	613.9	$	613.9
Accumulated amortization & impairments	(397.4)		(289.3)
Net carrying amount	$	216.5	$	324.6

Remaining weighted-average estimated useful life	3.7		5.5

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the five succeeding years is as follows:


(in millions)	2024
2025	$	77.1
2026	61.8
2027	42.9
2028	12.7
2029	9.7

INVESTMENTS - Narrative (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Debt and Equity Securities, FV-NI [Line Items]
Net unrealized gain (losses) on T. Rowe Price investments product recognized in nonoperating income	$ 51.3	$ 86.7	$ (240.5)
Variable interest entity, not primary beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Unfunded capital commitments	202.5	94.1
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Dividend distribution	$ 67.6	38.2	$ 45.3
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 affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Debt assumed	$ 59.1	89.4
Secured debt, repurchase agreements	$ 59.1	72.3		€ 56.9	€ 65.5
Secured debt		$ 17.1
Investments in affiliated collateralized loan obligations \| Minimum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	1.15%			1.15%
Investments in affiliated collateralized loan obligations \| Maximum
Debt and Equity Securities, FV-NI [Line Items]
Investment interest rate	12.09%			12.09%

LONG-TERM INCENTIVE COMPENSATION - Future Stock-Based Compensation Expense (Details) $ in Millions	Dec. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
First quarter 2025	$ 53.2
Second quarter 2025	52.1
Third quarter 2025	51.5
Fourth quarter 2025	44.7
2026	100.4
2027 through 2030	67.2
Total	$ 369.1

LONG-TERM INCENTIVE COMPENSATION - Restricted Fund Units Liability (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	$ 895.0
Balance at end of year	1,020.7
Restricted Fund Units
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	0.0
Amortization of grant date value	14.8
Amortization of market appreciation (depreciation)	(0.1)
Balance at end of year	$ 14.7

LONG-TERM INCENTIVE COMPENSATION - Restricted Shares and Stock Units Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	6,001,579	6,476,170
Restricted stock units \| Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, equity instruments other than options	359,941
Nonvested shares where performance threshold has been met (in shares)	35,500
Restricted shares and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 247.3	$ 265.6	$ 285.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Payments

Our future undiscounted cash flows related to our operating leases, and the reconciliation to the operating lease liability as of December 31, 2024, are as follows:


(in millions)	2024
2025	$	31.9
2026	40.5
2027	40.6
2028	36.5
2029	24.3
Thereafter	155.6
Total future undiscounted cash flows	329.4
Less: imputed interest to be recognized in lease expense	(50.7)
Operating lease liabilities, as reported	$	278.7

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Software

Property, equipment and software at December 31 consists of:


(in millions)	2024		2023
Computer and communications software and equipment	$	1,680.3	$	1,497.3
Buildings and improvements	493.2		490.7
Leasehold improvements	414.0		260.9
Furniture and other equipment	225.3		207.8
Land	25.7		25.7

	2,838.5		2,482.4
Less accumulated depreciation and amortization	1,861.5		1,675.8
Total	$	977.0	$	806.6

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES.

INCOME TAX PROVISION.

The provision for income taxes consists of:


(in millions)	2024		2023		2022
Current income taxes
U.S. federal	$	634.7	$	554.0	$	574.7
State and local	112.4		68.1		115.4
Foreign	24.7		23.9		15.5
Deferred income taxes (benefits)	(88.0)		8.6		(207.0)
Total	$	683.8	$	654.6	$	498.6

Deferred income taxes (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)	2024		2023		2022
Property, equipment and software	$	(60.3)	$	(43.2)	$	(64.1)
Accrued, deferred, and long-term incentive compensation	(14.2)		(28.6)		11.8
Operating lease assets	(1.7)		(6.3)		24.8
Operating lease liabilities	5.0		3.8		(24.3)
Acquisition-related retention liability	(12.9)		(14.8)		(13.6)
Contingent consideration liability	3.1		15.4		32.4
Acquired investments	(27.9)		(19.5)		(73.0)
Unrealized gains (losses) recognized in non-operating income	16.8		43.8		(114.6)
Net operating losses	(11.2)		(31.5)		(11.0)
Change in valuation allowance	16.1		86.4		16.4



Other	(0.8)		3.1		8.2
Total net deferred income taxes (benefits)	$	(88.0)	$	8.6	$	(207.0)

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


	2024		2023		2022
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)	2.9		2.3		3.4
Net income attributable to redeemable non-controlling interests(2)	(0.3)		(0.5)		1.3
Net excess tax benefits from stock-based compensation plans activity	(0.2)		0.1		(0.4)
Valuation allowance	0.2		3.4		—
Other items	0.7		—		0.3
Effective income tax rate	24.3	%	26.3	%	25.6	%

(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.

DEFERRED TAX ASSETS (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)	2024		2023
Deferred tax assets
Accrued, deferred, and long-term incentive compensation	$	317.7	$	303.5
Property, equipment and software	90.9		30.6
Acquired investments	66.4		40.3
Net operating loss carry-forwards	53.7		42.5
Operating lease liability	39.8		44.8





Other	12.9		16.0
Total deferred tax assets	581.4		477.7
Valuation allowance	(118.9)		(102.8)
Total deferred tax assets, net of valuation allowance	462.5		374.9

Deferred tax liabilities
Contingent consideration liability	(50.9)		(47.8)
Unrealized gains (losses) recognized in non-operating income	(50.0)		(33.2)
Operating lease assets	(41.1)		(42.8)
Acquisition-related retention liability	(26.6)		(39.5)




Other	(15.9)		(17.8)
Total deferred tax liabilities	(184.5)		(181.1)
Net deferred tax assets	$	278.0	$	193.8

We had operating loss carryforwards before tax of $220.0 million at December 31, 2024 and $173.4 million at December 31, 2023. The increase in operating loss carryforwards from 2023 is primarily related to operating losses generated by our United Kingdom subsidiary. Almost all of the operating loss carryforwards are attributable to the United Kingdom and do not expire. However, the amount of annual profits that can be relieved by losses carried forward is limited to 50%, subject to an annual allowance of GBP 5 million per group.

We consider the need for valuation allowances against our deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. The valuation allowances total $118.9 million at December 31, 2024 and $102.8 million at December 31, 2023. The increase of $16.1 million in the valuation allowances was due to the uncertainty of generating sufficient taxable income in future periods in certain foreign jurisdictions. Any additional or reversal of valuation allowances in future periods will be dependent on the generation of sufficient taxable income. The future change in the valuation allowance could materially increase or decrease 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 $989 million at December 31, 2024. 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.

OTHER DISCLOSURES.

Other assets include tax refund receivables of $52.4 million at December 31, 2024, and $81.0 million at December 31, 2023.

Cash outflows from operating activities include net income taxes paid of $723.2 million in 2024, $632.0 million in 2023, and $794.2 million in 2022.

In 2024, stock-based compensation plans activity decreased income tax expense by $4.5 million. In 2023 and 2022, stock-based compensation plans activity increased income tax expense by $3.4 million and decreased income tax expense by $7.1 million, respectively. These income tax impacts were recognized in the income tax provision.

UNRECOGNIZED TAX BENEFITS.

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


(in millions)	2024		2023		2022
Balance at beginning of year	$	42.7	$	35.4	$	29.3
Changes in tax positions related to
Current year	4.2		7.8		5.5
Prior years	(2.9)		0.5		1.3
Expired statute of limitations	(1.0)		(1.0)		(0.7)
Balance at end of year	$	43.0	$	42.7	$	35.4

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 2024 and prior years will significantly change in 2025. As of January 2025, the U.S. Internal Revenue Service ("IRS") has concluded examinations related to federal tax obligations through the year 2023.

A net interest payable related to our unrecognized tax benefits of $8.6 million at December 31, 2024, and $5.2 million at December 31, 2023, are recognized in our consolidated balance sheets. Our accounting policy with respect to interest and penalties arising from income tax settlements is to recognize them as part of our provision for income taxes. Interest recognized as part of our provision for income taxes was not material.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Equipment and Software (Details)	Dec. 31, 2024
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	9 years
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	6 years

CONSOLIDATED INVESTMENT PRODUCTS

12 Months Ended

Dec. 31, 2024

Consolidated Investment Portfolios [Abstract]

CONSOLIDATED INVESTMENT PRODUCTS

CONSOLIDATED INVESTMENT PRODUCTS.

The 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 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 investment products at December 31:


	2024						2023
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2
Investments(2)	470.8		1,465.4		1,936.2		718.0		1,129.0		1,847.0
Other assets	10.4		34.3		44.7		11.2		23.9		35.1
Total assets	488.4		1,555.6		2,044.0		754.9		1,204.4		1,959.3
Liabilities	15.9		46.2		62.1		19.0		35.2		54.2
Net assets	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

Attributable to T. Rowe Price Group	$	348.5	$	689.4	$	1,037.9	$	589.9	$	721.1	$	1,311.0
Attributable to redeemable non-controlling interests	124.0		820.0		944.0		146.0		448.1		594.1
	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

(1) Cash and cash equivalents includes $4.9 million and $16.2 million at December 31, 2024 and 2023, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Consolidated investment products invest $9.3 million and $6.2 million at December 31, 2024 and 2023, respectively, in other sponsored investment products.

Although we can generally redeem our net interest in the consolidated 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 investment products is limited to valuation changes associated with our net interest. However, we 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 unrelated third-party investors as net income attributable to redeemable non-controlling interests.

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


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(2.4)	$	(7.4)	$	(9.8)	$	(3.7)	$	(7.4)	$	(11.1)	$	(0.5)	$	(7.7)	$	(8.2)
Net gains (losses) reflected in non-operating income	41.7		88.6		130.3		52.4		112.2		164.6		(13.4)		(190.1)		(203.5)
Impact on income before taxes	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

Net income (loss) attributable to T. Rowe Price Group	$	31.4	$	53.4	$	84.8	$	40.9	$	65.6	$	106.5	$	(9.5)	$	(93.9)	$	(103.4)
Net income (loss) attributable to redeemable non-controlling interests	7.9		27.8		35.7		7.8		39.2		47.0		(4.4)		(103.9)		(108.3)
	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $3.6 million in 2024, $2.1 million in 2023, and $2.0 million in 2022, 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 investment products.

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


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by (used in) operating activities	$	(239.4)	$	(394.4)	$	(633.8)	$	(517.5)	$	(371.4)	$	(888.9)	$	(84.1)	$	6.9	$	(77.2)
Net cash provided by (used in) investing activities	(14.7)		(1.1)		(15.8)		(32.7)		(24.1)		(56.8)		0.1		(8.8)		(8.7)
Net cash provided by (used in) financing activities	235.6		402.3		637.9		559.7		343.7		903.4		92.9		1.5		94.4
FX impact on cash	—		(2.4)		(2.4)		—		0.4		0.4		—		9.5		9.5
Net change in cash and cash equivalents during period	(18.5)		4.4		(14.1)		9.5		(51.4)		(41.9)		8.9		9.1		18.0
Cash and cash equivalents at beginning of year	25.7		51.5		77.2		16.2		102.9		119.1		7.3		93.8		101.1
Cash and cash equivalents at end of year	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2	$	16.2	$	102.9	$	119.1

The net cash provided by financing activities includes $31.7 million in 2024, $544.6 million in 2023 and $142.8 million in 2022, of net subscriptions we made into the consolidated 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 investment products using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads. 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. There are no level 3 investments at December 31, 2024 and 2023.

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 investment products using fair value measurements determined based on the differing levels of inputs as of December 31.


	2024				2023
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	6.3	$	—		$	17.2	$	8.0
Equity securities	452.3		285.4			365.1		213.6
Fixed income securities	—		1,173.5			—		1,241.9
Other investments	1.6		23.4			3.6		22.8
	$	460.2	$	1,482.3		$	385.9	$	1,486.3

Liabilities	$	(1.7)	$	(14.5)		$	(5.1)	$	(16.2)

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

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 financial instruments accessible at the reporting date.

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 investment products which are presented separately on our consolidated balance sheets and are detailed in Note 6.


	2024						2023
(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	$	2,309.8	$	—	$	—	$	1,678.1	$	—	$	—
Discretionary investments	258.8		—		—		246.4		—		—
Seed capital	209.4		53.4		—		206.0		41.8		—
Deferred compensation liabilities economic hedges	992.8		—		—		806.6		—		—
Other investments	0.1		—		—		0.7		—		—
Investments in affiliated collateralized loan obligations	—		6.3		—		—		8.4		—
Total	$	3,770.9	$	59.7	$	—	$	2,937.8	$	50.2	$	—

Contingent consideration liability	$	—	$	—	$	—	$	—	$	—	$	13.4

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 4 were $62.5 million at December 31, 2024 and $69.0 million at December 31, 2023.

As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent consideration in an amount up to $900.0 million as part of an earnout cash payment that may be due 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 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, 2024, 2023,and 2022, the amounts recognized as part of compensation expense in our consolidated statements of income were immaterial.

The change in the contingent consideration liability, included in accounts payable and accrued expenses, is measured at fair value for which we used Level 3 inputs to determine fair value is as follows:


	Year-ended
(in millions)	12/31/2024		12/31/2023
Balance at beginning of the year	$	13.4	$	95.8

Unrealized gains, included in earnings	(13.4)		(82.4)
Balance at end of the year	$	—	$	13.4

The fair value of the contingent consideration is calculated 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 equal to 10% of the appreciated value of the OHA business on the fifth anniversary of the acquisition date, subject to an annualized preferred return to T. Rowe Price. 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, 2024, 2023, and 2022, the amounts recognized as part of compensation expense in our consolidated statements of income were immaterial.

In 2024, 2023, and 2022, we recognized impairment charges on certain of our identified intangible assets. As part of the impairment recognition, a fair value measurement was determined for these intangible assets. See Note 9 for further discussion of the impairments.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details)	Dec. 31, 2024 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment of intangible assets, finite-lived			58,300,000
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	31,100,000	$ 0	116,800,000
Investment advisory agreements
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets			99,200,000
Trade Names
Indefinite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 31,100,000		$ 17,600,000

PROPERTY, EQUIPMENT AND SOFTWARE - Schedule of Property, Plant and Software (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,838.5	$ 2,482.4
Less accumulated depreciation and amortization	1,861.5	1,675.8
Total	977.0	806.6
Computer and communications software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,680.3	1,497.3
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	493.2	490.7
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	414.0	260.9
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	225.3	207.8
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25.7	$ 25.7

CONSOLIDATED INVESTMENT PRODUCTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ 4,760.3	$ 4,474.3	$ 4,114.7
Net cash provided by financing activities	(936.6)	(1,078.6)	(2,076.9)
Consolidation eliminations
Condensed Income Statements, Captions [Line Items]
Operating expenses	(3.6)	(2.1)	(2.0)
Net cash provided by financing activities	$ 31.7	$ 544.6	$ 142.8

OTHER DISCLOSURES - Schedule of Deferred Compensation Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	$ 895.0
Balance at end of year	1,020.7	$ 895.0
Senior officers \| Supplemental Savings Plan
Deferred Compensation Arrangement With Individual, Share-Based Payments [Roll Forward]
Balance at beginning of year	895.0	761.2
Deferrals (including taxes)	53.4	52.8
Market appreciation (depreciation)	104.3	123.2
Distributions	(46.7)	(42.2)
Balance at end of year	$ 1,006.0	$ 895.0

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

The provision for income taxes consists of:


(in millions)	2024		2023		2022
Current income taxes
U.S. federal	$	634.7	$	554.0	$	574.7
State and local	112.4		68.1		115.4
Foreign	24.7		23.9		15.5
Deferred income taxes (benefits)	(88.0)		8.6		(207.0)
Total	$	683.8	$	654.6	$	498.6

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


(in millions)	2024		2023		2022
Property, equipment and software	$	(60.3)	$	(43.2)	$	(64.1)
Accrued, deferred, and long-term incentive compensation	(14.2)		(28.6)		11.8
Operating lease assets	(1.7)		(6.3)		24.8
Operating lease liabilities	5.0		3.8		(24.3)
Acquisition-related retention liability	(12.9)		(14.8)		(13.6)
Contingent consideration liability	3.1		15.4		32.4
Acquired investments	(27.9)		(19.5)		(73.0)
Unrealized gains (losses) recognized in non-operating income	16.8		43.8		(114.6)
Net operating losses	(11.2)		(31.5)		(11.0)
Change in valuation allowance	16.1		86.4		16.4



Other	(0.8)		3.1		8.2
Total net deferred income taxes (benefits)	$	(88.0)	$	8.6	$	(207.0)

Schedule of Effective Income Tax Rate Reconciliation

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


	2024		2023		2022
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)	2.9		2.3		3.4
Net income attributable to redeemable non-controlling interests(2)	(0.3)		(0.5)		1.3
Net excess tax benefits from stock-based compensation plans activity	(0.2)		0.1		(0.4)
Valuation allowance	0.2		3.4		—
Other items	0.7		—		0.3
Effective income tax rate	24.3	%	26.3	%	25.6	%

(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)	2024		2023
Deferred tax assets
Accrued, deferred, and long-term incentive compensation	$	317.7	$	303.5
Property, equipment and software	90.9		30.6
Acquired investments	66.4		40.3
Net operating loss carry-forwards	53.7		42.5
Operating lease liability	39.8		44.8





Other	12.9		16.0
Total deferred tax assets	581.4		477.7
Valuation allowance	(118.9)		(102.8)
Total deferred tax assets, net of valuation allowance	462.5		374.9

Deferred tax liabilities
Contingent consideration liability	(50.9)		(47.8)
Unrealized gains (losses) recognized in non-operating income	(50.0)		(33.2)
Operating lease assets	(41.1)		(42.8)
Acquisition-related retention liability	(26.6)		(39.5)




Other	(15.9)		(17.8)
Total deferred tax liabilities	(184.5)		(181.1)
Net deferred tax assets	$	278.0	$	193.8

Schedule of Unrecognized Tax Benefits

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


(in millions)	2024		2023		2022
Balance at beginning of year	$	42.7	$	35.4	$	29.3
Changes in tax positions related to
Current year	4.2		7.8		5.5
Prior years	(2.9)		0.5		1.3
Expired statute of limitations	(1.0)		(1.0)		(0.7)
Balance at end of year	$	43.0	$	42.7	$	35.4

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS' EQUITY. SHARE REPURCHASES. The Board of Directors has authorized the future repurchase of up to 18,377,353 common shares as of December 31, 2024. Accounts payable and accrued expenses includes liabilities of $2.3 million at December 31, 2024 for common stock repurchases that settled during the first week of January 2025. RESTRICTED CAPITAL. Our consolidated stockholders' equity at December 31, 2024, includes about $393 million that is restricted as to use by various regulations and agreements arising in the ordinary course of our business.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

INVESTMENTS - Carrying Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Investment, Type [Extensible Enumeration]	Certificates of Deposit [Member]	Certificates of Deposit [Member]
Held to maturity	$ 44.7	$ 23.3
Total	3,000.5	2,554.7
Level 2 \| Fair value, measurements, recurring
Debt and Equity Securities, FV-NI [Line Items]
Investments in affiliated collateralized loan obligations	6.3	8.4
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	258.8	246.4
Equity method investments	60.8	5.3
Seed capital
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	262.8	247.8
Equity method investments	128.8	91.1
Deferred compensation liabilities economic hedges
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	992.8	806.6
Equity method investments	88.4	21.0
Investment partnerships and other investments
Debt and Equity Securities, FV-NI [Line Items]
Investments held at fair value	62.6	69.7
Equity method investments	162.1	2.2
Investment in UTI Asset Management Company Limited (India)
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	173.5	164.5
Investments in affiliated private investment funds - carried interest
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	426.9	519.9
Investments in affiliated private investment funds - seed/co-investment
Debt and Equity Securities, FV-NI [Line Items]
Equity method investments	269.9	253.4
Investments in affiliated collateralized loan obligations
Debt and Equity Securities, FV-NI [Line Items]
Held to maturity	$ 61.1	$ 94.1

INCOME TAXES - Deferred Income Taxes (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Property, equipment and software	$ (60.3)	$ (43.2)	$ (64.1)
Accrued, deferred, and long-term incentive compensation	(14.2)	(28.6)	11.8
Operating lease assets	(1.7)	(6.3)	24.8
Operating lease liabilities	5.0	3.8	(24.3)
Acquisition-related retention liability	(12.9)	(14.8)	(13.6)
Contingent consideration liability	3.1	15.4	32.4
Acquired investments	(27.9)	(19.5)	(73.0)
Unrealized gains (losses) recognized in non-operating income	16.8	43.8	(114.6)
Net operating losses	(11.2)	(31.5)	(11.0)
Change in valuation allowance	16.1	86.4	16.4
Other	(0.8)	3.1	8.2
Total net deferred income taxes (benefits)	$ (88.0)	$ 8.6	$ (207.0)

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Deferred Tax Benefits (Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments	$ 3.7	$ (2.0)	$ 4.2
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of investment products
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of investment products	0.0	0.1	0.8
Total net deferred tax benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits	$ 3.7	$ (1.9)	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Other comprehensive income (loss), net of tax	$ (5.0)	$ 12.7	$ (21.0)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table summarizes our investments that are recognized in our consolidated balance sheets at December 31 using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by consolidated investment products which are presented separately on our consolidated balance sheets and are detailed in Note 6.


	2024						2023
(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	$	2,309.8	$	—	$	—	$	1,678.1	$	—	$	—
Discretionary investments	258.8		—		—		246.4		—		—
Seed capital	209.4		53.4		—		206.0		41.8		—
Deferred compensation liabilities economic hedges	992.8		—		—		806.6		—		—
Other investments	0.1		—		—		0.7		—		—
Investments in affiliated collateralized loan obligations	—		6.3		—		—		8.4		—
Total	$	3,770.9	$	59.7	$	—	$	2,937.8	$	50.2	$	—

Contingent consideration liability	$	—	$	—	$	—	$	—	$	—	$	13.4

Schedule of Change in Contingent Consideration Liability


	Year-ended
(in millions)	12/31/2024		12/31/2023
Balance at beginning of the year	$	13.4	$	95.8

Unrealized gains, included in earnings	(13.4)		(82.4)
Balance at end of the year	$	—	$	13.4

LONG-TERM INCENTIVE COMPENSATION - Stock Options (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Options
Outstanding, beginning balance (in shares) \| shares	1,476,104
Exercised (in shares) \| shares	(812,959)
Expired (in shares) \| shares	(1,768)
Outstanding, ending balance (in shares) \| shares	661,377
Exercisable (in shares) \| shares	661,377
Weighted- average exercise price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 75.39
Exercised (in dollars per share) \| $ / shares	76.72
Expired (in dollars per share) \| $ / shares	76.75
Outstanding, ending balance (in dollars per share) \| $ / shares	73.76
Exercisable (in dollars per share) \| $ / shares	$ 73.76
Weighted-average remaining contractual term in years, exercisable	6 months
Weighted-average remaining contractual term in years, outstanding	6 months

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 2,712.9	$ 2,143.8	$ 1,874.7	$ 1,624.2
Consolidated T. Rowe Price investment products
Cash and cash equivalents	$ 63.1	$ 77.2	$ 119.1	$ 101.1

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	2.90%	2.30%	3.40%
Net income attributable to redeemable non-controlling interests	(0.30%)	(0.50%)	1.30%
Net excess tax benefits from stock-based compensation plans activity	(0.20%)	0.10%	(0.40%)
Valuation allowance	0.20%	3.40%	0.00%
Other items	0.70%	0.00%	0.30%
Effective income tax rate	24.30%	26.30%	25.60%

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Income Statement Elements [Abstract]
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related amortization and impairment costs	Acquisition-related amortization and impairment costs	Acquisition-related amortization and impairment costs
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition-related amortization and impairment costs	Acquisition-related amortization and impairment costs	Acquisition-related amortization and impairment costs

CASH EQUIVALENTS (Details) - USD ($) $ in Millions	12 Months Ended
CASH EQUIVALENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash equivalent investments in T. Rowe Price money market mutual funds	$ 2,309.8	$ 1,678.1
Money market mutual funds
Restricted Cash and Cash Equivalents Items [Line Items]
Dividends earned on money market mutual funds	$ 128.3	$ 101.3	$ 30.0

LEASES

12 Months Ended

Dec. 31, 2024

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.

At December 31, 2024, the weighted-average remaining lease term on our leases is approximately 10.2 years and the weighted-average discount rate used to measure the lease liabilities is 3.4%.

Operating lease expense was $42.2 million in 2024, $52.4 million in 2023, and $50.0 million in 2022. Charges related to our operating leases that are variable, including certain maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $14.1 million in 2024. We made lease payments of $59.6 million during 2024.

Our future undiscounted cash flows related to our operating leases, and the reconciliation to the operating lease liability as of December 31, 2024, are as follows:


(in millions)	2024
2025	$	31.9
2026	40.5
2027	40.6
2028	36.5
2029	24.3
Thereafter	155.6
Total future undiscounted cash flows	329.4
Less: imputed interest to be recognized in lease expense	(50.7)
Operating lease liabilities, as reported	$	278.7

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, and plan to relocate in early 2025.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 31, 2024	Dec. 31, 2023
Investment advisory agreements
Business Acquisition [Line Items]
Intangible assets weighted average useful life	3 years 8 months 12 days	5 years 6 months

CONSOLIDATED INVESTMENT PRODUCTS - Fair Value Measurements (Details) - Fair value, measurements, recurring - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 2,309.8	$ 1,678.1
Other investments	0.1	0.7
Total	3,770.9	2,937.8
Level 1 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6.3	17.2
Equity securities	452.3	365.1
Fixed income securities	0.0	0.0
Other investments	1.6	3.6
Total	460.2	385.9
Liabilities	(1.7)	(5.1)
Level 2
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	59.7	50.2
Level 2 \| Consolidated T. Rowe Price investment products
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	8.0
Equity securities	285.4	213.6
Fixed income securities	1,173.5	1,241.9
Other investments	23.4	22.8
Total	1,482.3	1,486.3
Liabilities	$ (14.5)	$ (16.2)

LONG-TERM INCENTIVE COMPENSATION - Restricted Shares and Stock Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Weighted- average fair value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 127.94
Granted (in dollars per share) \| $ / shares	122.56
Vested (in dollars per share) \| $ / shares	133.11
Forfeited (in dollars per share) \| $ / shares	128.24
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 124.73
Value at vest date \| $	$ 240.0
Performance-based
Weighted- average fair value
Granted (in dollars per share) \| $ / shares	$ 123.00
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	6,476,170
Grants (in shares)	1,597,968
Vested (in shares)	(1,956,869)
Forfeited (in shares)	(214,358)
Nonvested, ending balance (in shares)	6,001,579
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)	98,668
Nonvested, ending balance (in shares)	359,941

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term on operating leases	10 years 2 months 12 days
Weighted-average discount rate on operating leases	3.40%
Operating lease expense	$ 42.2	$ 52.4	$ 50.0
Variable charges related to operating leases not included in measurement of lease liability	14.1
Cash paid included in measurement of operating lease liabilities	$ 59.6

GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets and Goodwill [Line Items]
Goodwill	$ 2,642.8	$ 2,642.8
Total	3,010.9	3,150.1
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Definite-lived intangible assets - investment advisory agreements	216.5	324.6
Trade Names
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	86.0	117.1
Investment advisory agreements
Schedule of Intangible Assets and Goodwill [Line Items]
Indefinite-lived intangible assets - trade name	$ 65.6	$ 65.6

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
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+ Details

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income taxes
U.S. federal	$ 634.7	$ 554.0	$ 574.7
State and local	112.4	68.1	115.4
Foreign	24.7	23.9	15.5
Deferred income taxes (benefits)	(88.0)	8.6	(207.0)
Total	$ 683.8	$ 654.6	$ 498.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Net revenues	$ 7,093.6	$ 6,460.5	$ 6,488.4
Operating expenses
Compensation and related costs	2,757.9	2,673.5	2,320.8
Distribution and servicing	354.1	289.9	301.5
Advertising and promotion	129.6	114.2	97.3
Product and recordkeeping related costs	297.5	291.0	300.1
Technology, occupancy, and facility costs	644.1	632.6	560.5
General, administrative, and other	433.8	421.3	412.2
Change in fair value of contingent consideration	(13.4)	(82.4)	(161.2)
Acquisition-related amortization and impairment costs	156.7	134.2	283.5
Total operating expenses	4,760.3	4,474.3	4,114.7
Net operating income	2,333.3	1,986.2	2,373.7
Non-operating income (loss)
Net gains (losses) on investments	363.2	355.2	(204.7)
Net gains (losses) on consolidated investment products	130.3	164.6	(203.5)
Other losses, including foreign currency losses	(7.2)	(15.7)	(17.3)
Total non-operating income (loss)	486.3	504.1	(425.5)
Income before income taxes	2,819.6	2,490.3	1,948.2
Provision for income taxes	683.8	654.6	498.6
Net income	2,135.8	1,835.7	1,449.6
Less: net income (loss) attributable to redeemable non-controlling interests	35.7	47.0	(108.3)
Net income attributable to T. Rowe Price Group, Inc.	$ 2,100.1	$ 1,788.7	$ 1,557.9
Earnings per share on common stock of T. Rowe Price Group, Inc.
Basic (in dollars per share)	$ 9.18	$ 7.78	$ 6.73
Diluted (in dollars per share)	$ 9.15	$ 7.76	$ 6.70
Investment advisory fees
Revenues
Net revenues	$ 6,399.7	$ 5,709.5	$ 5,962.7
Performance-based advisory fees
Revenues
Net revenues	59.3	38.2	6.4
Capital allocation-based income
Revenues
Net revenues	46.6	161.9	(54.3)
Administrative, distribution, and servicing fees
Revenues
Net revenues	$ 588.0	$ 550.9	$ 573.6

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Investment Advisory Services (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue and Services [Line Items]
Net revenues	$ 7,093.6	$ 6,460.5	$ 6,488.4
Investment advisory fees
Revenue and Services [Line Items]
Net revenues	6,399.7	5,709.5	5,962.7
Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	1,561,900.0	1,362,300.0	1,398,400.0
Capital allocation-based income
Revenue and Services [Line Items]
Net revenues	46.6	161.9	(54.3)
Administrative, distribution, and servicing fees
Revenue and Services [Line Items]
Net revenues	588.0	550.9	573.6
Equity \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	804,300.0	705,200.0	763,600.0
Fixed income, including money market \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	178,600.0	169,300.0	173,400.0
Multi-asset \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	529,000.0	442,300.0	418,700.0
Alternatives \| Investment advisory fees \| Assets under management
Revenue and Services [Line Items]
Net revenues	50,000.0	45,500.0	42,700.0
Investment advisory fees \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	6,399.7	5,709.5	5,962.7
Investment advisory fees \| Equity \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	3,864.7	3,442.3	3,758.4
Investment advisory fees \| Fixed income, including money market \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	410.7	400.4	426.3
Investment advisory fees \| Multi-asset \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	1,814.1	1,583.4	1,508.9
Investment advisory fees \| Alternatives \| Investment advisory fees
Revenue and Services [Line Items]
Net revenues	$ 310.2	$ 283.4	$ 269.1

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 0	$ 13,400,000
Fair value, measurements, recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	2,309,800,000	1,678,100,000
Other investments	100,000	700,000
Investments in affiliated collateralized loan obligations	0	0
Total	3,770,900,000	2,937,800,000
Contingent consideration liability	0	0
Fair value, measurements, recurring \| Level 1 \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	258,800,000	246,400,000
Fair value, measurements, recurring \| Level 1 \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	209,400,000	206,000,000.0
Fair value, measurements, recurring \| Level 1 \| Deferred compensation liabilities economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	992,800,000	806,600,000
Fair value, measurements, recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0	0
Other investments	0	0
Investments in affiliated collateralized loan obligations	6,300,000	8,400,000
Total	59,700,000	50,200,000
Contingent consideration liability	0	0
Fair value, measurements, recurring \| Level 2 \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Fair value, measurements, recurring \| Level 2 \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	53,400,000	41,800,000
Fair value, measurements, recurring \| Level 2 \| Deferred compensation liabilities economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Fair value, measurements, recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents held in money market funds	0	0
Other investments	0	0
Investments in affiliated collateralized loan obligations	0	0
Total	0	0
Contingent consideration liability	0	13,400,000
Fair value, measurements, recurring \| Level 3 \| Discretionary investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Fair value, measurements, recurring \| Level 3 \| Seed capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	0	0
Fair value, measurements, recurring \| Level 3 \| Deferred compensation liabilities economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
T. Rowe Price investment products	$ 0	$ 0

PROPERTY, EQUIPMENT AND SOFTWARE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Development of computer software
Property, Plant and Equipment [Line Items]
Compensation and related costs	$ 182.0	$ 156.1	$ 134.6

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	3.7	$	(2.0)	$	4.2

Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of investment products	—		0.1		0.8







Total net deferred tax benefits	$	3.7	$	(1.9)	$	5.0

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



(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at December 31, 2021	$	(36.7)	$	10.2	$	(26.5)



Other comprehensive income (loss) before reclassifications and income taxes	(14.6)		(13.9)		(28.5)
Reclassification adjustments recognized in non-operating income	—		(3.0)		(3.0)
	(14.6)		(16.9)		(31.5)
Net deferred tax benefits (income taxes)	0.8		4.2		5.0
Other comprehensive income (loss)	(13.8)		(12.7)		(26.5)
Balances at December 31, 2022	(50.5)		(2.5)		(53.0)
Other comprehensive income (loss) before reclassifications and income taxes	(1.6)		9.0		7.4


Net deferred tax benefits (income taxes)	0.2		(2.1)		(1.9)
Other comprehensive income (loss)	(1.4)		6.9		5.5
Balances at December 31, 2023	(51.9)		4.4		(47.5)



Other comprehensive income (loss) before reclassifications and income taxes	0.7		(9.0)		(8.3)
Reclassification adjustments recognized in non-operating income	—		0.4		0.4
	0.7		(8.6)		(7.9)
Net deferred tax benefits (income taxes)	1.7		2.0		3.7
Other comprehensive income (loss)	2.4		(6.6)		(4.2)

Balances at December 31, 2024	$	(49.5)	$	(2.2)	$	(51.7)

The other comprehensive income (loss) in the table above excludes $(5.0) million in 2024, $12.7 million in 2023, and $(21.0) million in 2022 of other comprehensive income (loss) related to redeemable non-controlling interests held in our consolidated investment products.

EARNINGS PER SHARE CALCULATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group Inc.	$ 2,100.1	$ 1,788.7	$ 1,557.9
Less: net income allocated to outstanding restricted stock and stock unit holders (basic)	55.8	44.4	36.1
Less: net income allocated to outstanding restricted stock and stock unit holders (diluted)	55.8	44.4	36.1
Net income allocated to common stockholders (basic)	2,044.3	1,744.3	1,521.8
Net income allocated to common stockholders (diluted)	$ 2,044.3	$ 1,744.3	$ 1,521.8
Weighted-average common shares
Outstanding (in shares)	222,800,000	224,100,000	226,000,000.0
Outstanding assuming dilution (in shares)	223,300,000	224,800,000	227,100,000
Stock options with anti-diluted impact (in shares)	0	0	0

INVESTMENTS - Variable Interest Entities Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable interest entity, not primary beneficiary
Variable Interest Entity [Line Items]
Unfunded capital commitments	$ 202.5	$ 94.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,100.1	$ 1,788.7	$ 1,557.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EARNINGS PER SHARE CALCULATIONS

12 Months Ended

Dec. 31, 2024

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


(in millions)	2024		2023		2022
Net income attributable to T. Rowe Price Group Inc.	$	2,100.1	$	1,788.7	$	1,557.9
Less: net income allocated to outstanding restricted stock and stock unit holders	55.8		44.4		36.1
Net income allocated to common stockholders	$	2,044.3	$	1,744.3	$	1,521.8

Weighted-average common shares
Outstanding	222.8		224.1		226.0
Outstanding assuming dilution	223.3		224.8		227.1

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.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 2,135.8	$ 1,835.7	$ 1,449.6
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software	254.1	254.8	225.7
Amortization and impairment of acquisition-related assets and retention arrangements	250.1	226.8	420.1
Fair value remeasurement of contingent consideration liability	(13.4)	(82.4)	(161.2)
Stock-based compensation expense	247.3	265.6	285.4
Net (gains) losses recognized on other investments	(340.2)	(460.8)	210.6
Net (investments) redemptions in investment products used to economically hedge deferred compensation liabilities	(93.2)	56.1	(18.8)
Net change in securities held by consolidated investment products	(760.4)	(1,070.3)	87.9
Other changes in assets and liabilities	5.5	193.6	(139.9)
Net cash provided by operating activities	1,685.6	1,219.1	2,359.4
Cash flows from investing activities
Purchases of sponsored investment products	(100.1)	(85.3)	(55.1)
Dispositions of sponsored investment products	533.4	616.6	263.6
Net cash of investment products upon deconsolidation	(15.8)	(56.8)	(8.7)
Additions to property and equipment	(423.4)	(307.9)	(237.6)
Other investing activity	(171.6)	(38.4)	(3.7)
Net cash provided by (used in) investing activities	(177.5)	128.2	(41.5)
Cash flows from financing activities
Repurchases of common stock	(337.2)	(254.4)	(849.8)
Common share issuances under stock-based compensation plans	(33.3)	(18.0)	(36.2)
Dividends paid to common stock and equity-award holders	(1,135.6)	(1,121.7)	(1,107.4)
Net distributions to non-controlling interests in consolidated entities	(36.7)	(43.3)	(35.1)
Net subscriptions (redemptions) from redeemable non-controlling interest holders	606.2	358.8	(48.4)
Net cash used in financing activities	(936.6)	(1,078.6)	(2,076.9)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	(2.4)	0.4	9.5
Net change in cash and cash equivalents during year	569.1	269.1	250.5
Cash and cash equivalents at beginning of year	2,143.8	1,874.7	1,624.2
Cash and cash equivalents at end of year	$ 2,712.9	$ 2,143.8	$ 1,874.7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash dividends declared per share (in dollars per share)	$ 4.96	$ 4.88	$ 4.80

EARNINGS PER SHARE CALCULATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation


(in millions)	2024		2023		2022
Net income attributable to T. Rowe Price Group Inc.	$	2,100.1	$	1,788.7	$	1,557.9
Less: net income allocated to outstanding restricted stock and stock unit holders	55.8		44.4		36.1
Net income allocated to common stockholders	$	2,044.3	$	1,744.3	$	1,521.8

Weighted-average common shares
Outstanding	222.8		224.1		226.0
Outstanding assuming dilution	223.3		224.8		227.1

INVESTMENTS - Deconsolidation Impacts on Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Net decrease in assets of consolidated investment products	$ (673.9)	$ (663.8)	$ (256.9)
Net decrease in liabilities of consolidated investment products	(20.5)	(29.7)	(12.8)
Net decrease in redeemable non-controlling interests	(272.8)	(479.2)	(147.2)
Gains recognized upon deconsolidation	486.3	504.1	(425.5)
Reclassification out of accumulated other comprehensive income \| Currency translation adjustments
Debt and Equity Securities, FV-NI [Line Items]
Gains recognized upon deconsolidation	$ (0.4)	$ 0.0	$ 3.0

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	$ 9,697.1	$ 9,030.2	$ 9,271.4
Net deferred tax benefits (income taxes)	3.7	(1.9)	5.0
Total other comprehensive income (loss)	(9.2)	18.2	(47.5)
Ending balances	10,506.1	9,697.1	9,030.2
Consolidated investment products - variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification adjustments recognized in non-operating income	0.4
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(47.5)	(53.0)	(26.5)
Other comprehensive income (loss) before reclassifications and income taxes	(8.3)	7.4	(28.5)
Reclassification adjustments recognized in non-operating income	0.4		(3.0)
Other comprehensive income (loss), before taxes	(7.9)		(31.5)
Net deferred tax benefits (income taxes)	3.7	(1.9)	5.0
Total other comprehensive income (loss)	(4.2)	5.5	(26.5)
Ending balances	(51.7)	(47.5)	(53.0)
Currency translation adjustments \| Equity method investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	(51.9)	(50.5)	(36.7)
Other comprehensive income (loss) before reclassifications and income taxes	0.7	(1.6)	(14.6)
Reclassification adjustments recognized in non-operating income	0.0		0.0
Other comprehensive income (loss), before taxes	0.7		(14.6)
Net deferred tax benefits (income taxes)	1.7	0.2	0.8
Total other comprehensive income (loss)	2.4	(1.4)	(13.8)
Ending balances	(49.5)	(51.9)	(50.5)
Currency translation adjustments \| Consolidated investment products - variable interest entities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balances	4.4	(2.5)	10.2
Other comprehensive income (loss) before reclassifications and income taxes	(9.0)	9.0	(13.9)
Reclassification adjustments recognized in non-operating income			(3.0)
Other comprehensive income (loss), before taxes	(8.6)		(16.9)
Net deferred tax benefits (income taxes)	2.0	(2.1)	4.2
Total other comprehensive income (loss)	(6.6)	6.9	(12.7)
Ending balances	$ (2.2)	$ 4.4	$ (2.5)

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Net revenues	$ 7,093.6	$ 6,460.5	$ 6,488.4
Accounts receivable	877.4	807.9
Investment Products
Concentration Risk [Line Items]
Net revenues	5,859.8	5,327.9	$ 5,326.3
Accounts receivable	$ 602.0	$ 533.9
Investment advisory fees \| Outside U.S. \| Assets under management \| Geographic concentration
Concentration Risk [Line Items]
Concentration risk	8.80%	8.60%

- Definition

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

+ References

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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES. COMMITMENTS. T. Rowe Price has committed $360 million for investments in future OHA product launches through 2026. CONTINGENCIES. Various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) business	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of investment advisory business \| business	1
Goodwill impairment loss \| $	$ 0	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE COMPENSATION

LONG-TERM INCENTIVE COMPENSATION.

SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS.

At December 31, 2024, a total of 15,425,350 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 2,991,898 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 2024.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2023	1,476,104	$	75.39

Exercised	(812,959)	$	76.72

Expired	(1,768)	$	76.75
Outstanding and exercisable at December 31, 2024	661,377	$	73.76	0.5

There was no stock option-based compensation expense in 2024, 2023, or 2022.

The total intrinsic value of options exercised was $27.7 million in 2024, $30.6 million in 2023, and $40.3 million in 2022. At December 31, 2024, the aggregate intrinsic value of in-the-money options outstanding was $26.0 million.

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our restricted stock units during 2024.


	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2023	6,476,170	$	127.94
Time-based grants	1,597,968	$	122.56
Performance-based grants	98,668	$	123.00
Vested (value at vest date was $240.0 million)	(1,956,869)	$	133.11

Forfeited	(214,358)	$	128.24
Nonvested at December 31, 2024	6,001,579	$	124.73

Nonvested at December 31, 2024 includes performance-based restricted stock units of 359,941. These nonvested performance-based restricted units include 35,500 units for which the performance period has lapsed, and the performance threshold has been met.

Compensation and related costs includes expenses for restricted shares granted to directors and restricted stock units of $247.3 million in 2024, $265.6 million in 2023, and $285.4 million in 2022.

FUTURE STOCK-BASED COMPENSATION EXPENSE.


(in millions)
First quarter 2025	$	53.2
Second quarter 2025	52.1
Third quarter 2025	51.5
Fourth quarter 2025	44.7
2026	100.4
2027 through 2030	67.2
Total	$	369.1

RESTRICTED FUND UNITS.

We granted $103.3M of restricted fund units in December 2024. Below is a roll forward of the restricted fund units liability which is reported in deferred compensation liabilities on the consolidated balance sheet.


(in millions)	2024
Balance at beginning of year	$	—
Amortization of grant date value	14.8
Amortization of market appreciation (depreciation)	(0.1)


Balance at end of year	$	14.7


(in millions)
First quarter 2025	$	11.7
Second quarter 2025	11.3
Third quarter 2025	11.2
Fourth quarter 2025	9.2
2026	22.9
2027 through 2030	21.6
Total	$	87.9

STOCKHOLDERS' EQUITY (Details) $ in Millions	Dec. 31, 2024 USD ($) shares
Stockholders' Equity Note [Abstract]
Common shares authorized for future repurchase (shares) \| shares	18,377,353
Unsettled common stock repurchases liability	$ 2.3
Restricted stockholders' equity	$ 393.0

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE.

Property, equipment and software at December 31 consists of:


(in millions)	2024		2023
Computer and communications software and equipment	$	1,680.3	$	1,497.3
Buildings and improvements	493.2		490.7
Leasehold improvements	414.0		260.9
Furniture and other equipment	225.3		207.8
Land	25.7		25.7

	2,838.5		2,482.4
Less accumulated depreciation and amortization	1,861.5		1,675.8
Total	$	977.0	$	806.6

Compensation and related costs attributable to the development of computer software for internal use, totaling $182.0 million in 2024, $156.1 million in 2023, and $134.6 million in 2022, have been capitalized.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022, are included in the table below along with details of investment advisory fees earned from clients by their underlying asset class. We have also included average assets under management by asset class, on which we earn the investment advisory fees.


(in millions)	2024		2023		2022
Investment advisory fees
Equity	$	3,864.7	$	3,442.3	$	3,758.4
Fixed income, including money market	410.7		400.4		426.3
Multi-asset	1,814.1		1,583.4		1,508.9
Alternatives	310.2		283.4		269.1
Total investment advisory fees	$	6,399.7	$	5,709.5	$	5,962.7
Performance-based advisory fees	59.3		38.2		6.4
Capital allocation-based income	46.6		161.9		(54.3)
Total administrative, distribution, and servicing fees	588.0		550.9		573.6
Net revenues	$	7,093.6	$	6,460.5	$	6,488.4

Average AUM (in billions):
Equity	$	804.3	$	705.2	$	763.6
Fixed income, including money market	178.6		169.3		173.4
Multi-asset	529.0		442.3		418.7
Alternatives	50.0		45.5		42.7
Average AUM	$	1,561.9	$	1,362.3	$	1,398.4

Total net revenues earned from sponsored investment products totaled $5,859.8 million in 2024, $5,327.9 million in 2023, and $5,326.3 million in 2022. Accounts receivable from these products aggregate to $602.0 million at December 31, 2024 and $533.9 million at December 31, 2023.

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 8.8% at December 31, 2024 and 8.6% at December 31, 2023 of assets under management.

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES (Tables)

12 Months Ended

Dec. 31, 2024

Information about Receivables, Revenues, and Services [Abstract]

Schedule of Revenues From Advisory Services


(in millions)	2024		2023		2022
Investment advisory fees
Equity	$	3,864.7	$	3,442.3	$	3,758.4
Fixed income, including money market	410.7		400.4		426.3
Multi-asset	1,814.1		1,583.4		1,508.9
Alternatives	310.2		283.4		269.1
Total investment advisory fees	$	6,399.7	$	5,709.5	$	5,962.7
Performance-based advisory fees	59.3		38.2		6.4
Capital allocation-based income	46.6		161.9		(54.3)
Total administrative, distribution, and servicing fees	588.0		550.9		573.6
Net revenues	$	7,093.6	$	6,460.5	$	6,488.4

Average AUM (in billions):
Equity	$	804.3	$	705.2	$	763.6
Fixed income, including money market	178.6		169.3		173.4
Multi-asset	529.0		442.3		418.7
Alternatives	50.0		45.5		42.7
Average AUM	$	1,561.9	$	1,362.3	$	1,398.4

OTHER DISCLOSURES - Narrative (Details) $ in Millions	12 Months Ended
OTHER DISCLOSURES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Expense recognized for defined contribution retirement plans	$ 162.0	$ 152.5	$ 130.2
Senior officers \| Supplemental Savings Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferral percentage of cash incentive compensation	50.00%
Maximum amount of cash incentive compensation senior officers elected to defer	$ 2.0
Annual installments \| installment	10
Minimum employment period for lump sum payment	5 years

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING. We have one reportable segment: investment management services. We derive our revenue and net income globally and manage business activities on a consolidated basis. We derive our revenues and net income from investment advisory services provided to individual and institutional investors globally. We also provide certain ancillary administrative services, including mutual fund transfer agent, fund and portfolio accounting, distribution, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; and other advisory services. Our revenues and net income depend largely on the total value and composition of our assets under management, as such, the consideration for our services is generally variable and recognized over time. Our chief operating decision maker (CODM) is the chief executive officer. The CODM utilizes consolidated net income attributable to T. Rowe Price as reported on the consolidated income statement to assess performance and allocate resources. Based on this metric, the CODM decides either to reinvest profits into the business based on our strategic priorities and/or return cash to stockholders through dividends and share repurchases. We determined there are no significant segment expenses that require a separate disclosure, as the major categories of expenses regularly reviewed by the CODM to manage operations are disclosed in the consolidated statements of income. Quarterly reviews of expenses highlight those influenced by financial markets, such as distribution and servicing costs, as well as those that are both qualitatively and quantitatively significant.

OTHER DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2024

Other Disclosures [Abstract]

Schedule of Deferred Compensation Arrangement with Individual

Below is a roll forward of the supplement savings plan liability which is reported in deferred compensation liabilities on the consolidated balance sheets.


(in millions)	2024		2023
Balance at beginning of the year	$	895.0	$	761.2
Deferrals (including taxes)	53.4		52.8
Market appreciation (depreciation)	104.3		123.2
Distributions	(46.7)		(42.2)
Balance at end of the year	$	1,006.0	$	895.0

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
2025	$ 77.1
Investment advisory agreements
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	108.1	$ 122.5	$ 166.8
2026	61.8
2027	42.9
2028	12.7
2029	$ 9.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
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 that invest in a broad range of investment solutions across equity, fixed income, multi-asset, and alternative capabilities. 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. The investment solutions are provided in a number of vehicles including the T. Rowe Price U.S. mutual funds ("U.S. mutual funds"), subadvised funds, separately managed accounts, collective investment trusts, exchange-traded funds, and other sponsored products. The other sponsored 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, business development companies, an interval fund, and collateralized loan obligations. Investment advisory fees depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations. BASIS OF PREPARATION. These consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States. These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates. In 2024, we are reporting performance-based advisory fees in a separate line of the consolidated income statement to increase transparency. As such, investment advisory fees for prior periods were recast to reflect the new presentation and ensure comparability. Additionally, the contingent consideration liability of zero at December 31, 2024 and $13.4 million at December 31, 2023, was combined with accounts payable and accrued expenses as the carrying value is immaterial. Details on the contingent consideration liability can be found in Note 5. 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. The impact of the IRA’s provisions is not material to our financial position and results of operations. NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for the firm on January 1, 2025. We do not believe the additional disclosure requirements will have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact that the adoption will have on our financial statements and have not yet determined our transition approach. 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. Consolidation Our consolidated financial statements include the accounts of all wholly-owned subsidiaries, majority-owned entities that are entitled to a disproportionate allocation of income, or carried interest, of affiliated private investment funds ("carried interest entities"), and 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 investment products regulated outside the U.S., that we provide seed capital were determined to be VIEs and are consolidated when we are the primary beneficiary. Certain of the investment partnerships we have an interest in were determined to be VIEs and are not consolidated as we concluded that we are not the primary beneficiary. We have determined that our carried interest entities are VIEs and T. Rowe Price is the primary beneficiary. Further, our carried interest entities hold interests in the general partners of certain 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 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 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) and recognized as compensation expense. 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 products have been made for both general corporate investment purposes and to provide seed capital for newly formed sponsored investment 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 portfolio investments held by our consolidated 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 certain interests 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 and investments in affiliated private investments funds, 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") and other certain investment partnership 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 - carried interest Investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds that are contractually entitled 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 corporate 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, 9 years; and furniture and other equipment, 6 years. Intangible assets Intangible assets consist primarily of acquired investment advisory agreements and trade name. The fair values of the acquired investment advisory agreements were based on the net present value of estimated future cash flows attributable to each agreement, and included 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 was 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 3.7 years. 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. The fair value is determined using a discounted cash flow analysis where estimated future cash flows are discounted to arrive at a single present value amount. This approach includes inputs that require significant management judgment, the most relevant of which included revenue growth, discount rates, and effective tax rates. The trade name fair value was 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 use of the acquired name. Indefinite-lived intangible assets are tested for impairment annually in the fourth quarter 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. The fair value for each asset is determined using a discounted cash flow analysis where estimated future cash flows were discounted to arrive at a single present value amount. This approach includes inputs that require significant management judgment, the most relevant of which include revenue growth, discount rates, and effective tax rates. 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, 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. 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 certain 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 independent pricing services 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. Performance-Based Fees We recognize performance-based incentive fees in connection with the investment advisory agreements from certain sponsored product and 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. 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 a per participant fee 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 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 general partner 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 in capital allocation-based income in our consolidated statements of income represents the proportionate share of the income or loss assuming the funds were liquidated as of each reporting date pursuant to the 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. Since this income is accounted for under ASC 323, it is outside the scope of ASC 606, Revenue Recognition. 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. Long-term incentive compensation We maintain two stockholder-approved employee long-term incentive plans (2020 Long-Term Incentive Plan and 2012 Long-Term 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 our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders. As of December 31, 2024, a total of 8,671,495 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 five-year graded schedule. All restricted stock unit holders receive non-forfeitable cash dividend equivalents 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. Effective July 2024, the 2020 Long-Term Incentive Plan was amended to provide certain employees the opportunity to receive 50% of their annual long-term incentive award in the form of restricted fund units. Vesting of restricted fund units is based on the individual continuing to render service over an average five-year graded schedule. These awards are settled in cash upon vesting. 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. As of December 31, 2024, non-employee directors held 83,485 vested stock units and an additional 7,413 stock units that will generally vest over the next six months. These units will convert to common shares upon their separation from the Board. Non-employee directors also held 8,970 restricted stock awards expected to vest over the next six months. Our long-term incentive award values are converted to units on the grant-date using the closing market price of our common stock for restricted stock units and awards. For restricted fund units, the award value is converted using the closing market price of one or more hypothetical funds selected by employees from a group of sponsored investment products prior to the grant date. We recognize the grant-date fair value of all long-term incentive 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. For restricted fund units, the units are remeasured against the hypothetical funds chosen by the unit holder each reporting period and the adjustment reported in compensation expense. We account for forfeitures as they occur. 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 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 consolidated 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.

INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

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


(in millions)	2024		2023
Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	258.8	$	246.4
Seed capital	262.8		247.8
Deferred compensation liabilities economic hedges	992.8		806.6
Investment partnerships and other investments	62.6		69.7
Investments in affiliated collateralized loan obligations	6.3		8.4
Equity method investments
T. Rowe Price investment products
Discretionary investments	60.8		5.3
Seed capital	128.8		91.1
Deferred compensation liabilities economic hedges	88.4		21.0
Investment in UTI Asset Management Company Limited (India)	173.5		164.5
Investments in affiliated private investment funds - carried interest	426.9		519.9
Investments in affiliated private investment funds - seed/co-investment	269.9		253.4
Other investment partnerships and investments	162.1		2.2
Held to maturity
Investments in affiliated collateralized loan obligations	61.1		94.1
Certificates of deposit	44.7		23.3
U.S. Treasury note	1.0		1.0
Total	$	3,000.5	$	2,554.7

INVESTMENTS AT FAIR VALUE

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 2024, we recognized $51.3 million of net unrealized gains on investments held at fair value that were still held at December 31, 2024. For 2023, we recognized $86.7 million of net unrealized gains on investments held at fair value that were still held at December 31, 2023. For 2022, we recognized $240.5 million of net unrealized losses on investments held at fair value that were still held at December 31, 2022.

Dividends, including capital gain distributions, earned on the sponsored investment products held at fair value, totaled $67.6 million in 2024, $38.2 million in 2023, and $45.3 million in 2022.

During each of the last three years, certain 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 investment products as either an equity method investment or an investment held at fair value. Additionally, during 2024 and 2023, certain 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)	2024		2023		2022
Net decrease in assets of consolidated investment products	$	(673.9)	$	(663.8)	$	(256.9)
Net decrease in liabilities of consolidated investment products	$	(20.5)	$	(29.7)	$	(12.8)
Net decrease in redeemable non-controlling interests	$	(272.8)	$	(479.2)	$	(147.2)

Gains recognized upon deconsolidation	$	(0.4)	$	—	$	3.0

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

VARIABLE INTEREST ENTITIES.

Our fair value and equity method investments at December 31, 2024 and 2023, 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)	2024		2023
Investment carrying values	$	955.9	$	919.3
Unfunded capital commitments	202.5		94.1
Accounts receivable	96.2		92.1
	$	1,254.6	$	1,105.5

The unfunded capital commitments, totaling $202.5 million at December 31, 2024 and $94.1 million at December 31, 2023, 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 private investment funds - carried interest represent interests in the general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income or carried interest. The carried interest entities that hold these interests in the general partners of affiliated private investment funds 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 carried interest entities as of December 31 are as follows:


(in millions)	2024		2023
Assets	$	467.7	$	564.7
Liabilities	$	0.4	$	1.9
Non-controlling interest	$	160.7	$	192.0

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

These investments represent European CLOs that 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 held at fair value and any gain or loss 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 repurchase agreements.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $59.1 million at December 31, 2024 and $89.4 million at December 31, 2023, and is reported in accounts payable and accrued expenses in our consolidated balance sheets. The debt outstanding is related to repurchase agreements of €56.9 million at December 31, 2024, compared to €65.5 million at December 31, 2023 (equivalent to $59.1 million at December 31, 2024 and $72.3 million at December 31, 2023 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt included no outstanding note facilities at December 31, 2024, compared to $17.1 million at December 31, 2023, that are collateralized by first priority security interests in the assets of a consolidated subsidiary that is party to the notes. The note facilities bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 12.09% as of December 31, 2024. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

OTHER DISCLOSURES

12 Months Ended

Dec. 31, 2024

Other Disclosures [Abstract]

OTHER DISCLOSURES

OTHER DISCLOSURES.

RETIREMENT PLANS.

Compensation and related costs includes expense recognized for our defined contribution retirement plans of $162.0 million in 2024, $152.5 million in 2023, and $130.2 million in 2022.

SUPPLEMENTAL SAVINGS PLAN.

The supplemental savings plan provides certain senior officers the opportunity to defer payment on up to 50% of their annual cash incentive, limited to $2 million annually. The amounts deferred are adjusted in accordance with the hypothetical investments chosen by the officer from a list of T. Rowe Price products. The officer must specify if they would like to receive payment as a lump sum or up to ten annual installments upon separation of service. Additionally, the officer may elect to receive a lump sum payment while still employed in as little as five years.

Below is a roll forward of the supplement savings plan liability which is reported in deferred compensation liabilities on the consolidated balance sheets.


(in millions)	2024		2023
Balance at beginning of the year	$	895.0	$	761.2
Deferrals (including taxes)	53.4		52.8
Market appreciation (depreciation)	104.3		123.2
Distributions	(46.7)		(42.2)
Balance at end of the year	$	1,006.0	$	895.0

FAIR VALUE MEASUREMENTS - Schedule of Change in Contingent Consideration Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of contingent consideration	Change in fair value of contingent consideration
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	Change in fair value of contingent consideration
Level 3 \| Fair value, measurements, recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 13.4	$ 95.8
Unrealized gains, included in earnings	(13.4)	(82.4)
Ending balance	$ 0.0	$ 13.4

CONSOLIDATED INVESTMENT PRODUCTS (Tables)

12 Months Ended

Dec. 31, 2024

Consolidated Investment Portfolios [Abstract]

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

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


	2024						2023
(in millions)	VOE		VIE		Total		VOE		VIE		Total
Cash and cash equivalents(1)	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2
Investments(2)	470.8		1,465.4		1,936.2		718.0		1,129.0		1,847.0
Other assets	10.4		34.3		44.7		11.2		23.9		35.1
Total assets	488.4		1,555.6		2,044.0		754.9		1,204.4		1,959.3
Liabilities	15.9		46.2		62.1		19.0		35.2		54.2
Net assets	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

Attributable to T. Rowe Price Group	$	348.5	$	689.4	$	1,037.9	$	589.9	$	721.1	$	1,311.0
Attributable to redeemable non-controlling interests	124.0		820.0		944.0		146.0		448.1		594.1
	$	472.5	$	1,509.4	$	1,981.9	$	735.9	$	1,169.2	$	1,905.1

(1) Cash and cash equivalents includes $4.9 million and $16.2 million at December 31, 2024 and 2023, respectively, of investments in

T. Rowe Price money market mutual funds.

(2) Consolidated investment products invest $9.3 million and $6.2 million at December 31, 2024 and 2023, respectively, in other sponsored investment products.

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

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


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Operating expenses reflected in net operating income	$	(2.4)	$	(7.4)	$	(9.8)	$	(3.7)	$	(7.4)	$	(11.1)	$	(0.5)	$	(7.7)	$	(8.2)
Net gains (losses) reflected in non-operating income	41.7		88.6		130.3		52.4		112.2		164.6		(13.4)		(190.1)		(203.5)
Impact on income before taxes	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

Net income (loss) attributable to T. Rowe Price Group	$	31.4	$	53.4	$	84.8	$	40.9	$	65.6	$	106.5	$	(9.5)	$	(93.9)	$	(103.4)
Net income (loss) attributable to redeemable non-controlling interests	7.9		27.8		35.7		7.8		39.2		47.0		(4.4)		(103.9)		(108.3)
	$	39.3	$	81.2	$	120.5	$	48.7	$	104.8	$	153.5	$	(13.9)	$	(197.8)	$	(211.7)

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.


	2024						2023						2022
(in millions)	VOE		VIE		Total		VOE		VIE		Total		VOE		VIE		Total
Net cash provided by (used in) operating activities	$	(239.4)	$	(394.4)	$	(633.8)	$	(517.5)	$	(371.4)	$	(888.9)	$	(84.1)	$	6.9	$	(77.2)
Net cash provided by (used in) investing activities	(14.7)		(1.1)		(15.8)		(32.7)		(24.1)		(56.8)		0.1		(8.8)		(8.7)
Net cash provided by (used in) financing activities	235.6		402.3		637.9		559.7		343.7		903.4		92.9		1.5		94.4
FX impact on cash	—		(2.4)		(2.4)		—		0.4		0.4		—		9.5		9.5
Net change in cash and cash equivalents during period	(18.5)		4.4		(14.1)		9.5		(51.4)		(41.9)		8.9		9.1		18.0
Cash and cash equivalents at beginning of year	25.7		51.5		77.2		16.2		102.9		119.1		7.3		93.8		101.1
Cash and cash equivalents at end of year	$	7.2	$	55.9	$	63.1	$	25.7	$	51.5	$	77.2	$	16.2	$	102.9	$	119.1

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 investment products using fair value measurements determined based on the differing levels of inputs as of December 31.


	2024				2023
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	6.3	$	—		$	17.2	$	8.0
Equity securities	452.3		285.4			365.1		213.6
Fixed income securities	—		1,173.5			—		1,241.9
Other investments	1.6		23.4			3.6		22.8
	$	460.2	$	1,482.3		$	385.9	$	1,486.3

Liabilities	$	(1.7)	$	(14.5)		$	(5.1)	$	(16.2)

CONSOLIDATED INVESTMENT PRODUCTS - Operating Results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	$ (4,760.3)	$ (4,474.3)	$ (4,114.7)
Income before income taxes	2,819.6	2,490.3	1,948.2
Net income (loss) attributable to redeemable non-controlling interests	35.7	47.0	(108.3)
Consolidated T. Rowe Price investment products
Condensed Income Statements, Captions [Line Items]
Income before income taxes	120.5	153.5	(211.7)
Net income (loss) attributable to T. Rowe Price Group	84.8	106.5	(103.4)
Net income (loss) attributable to redeemable non-controlling interests	35.7	47.0	(108.3)
Consolidated T. Rowe Price investment products \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(9.8)	(11.1)	(8.2)
Net gains (losses) reflected in non-operating income	130.3	164.6	(203.5)
Income before income taxes	120.5	153.5	(211.7)
VOE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	39.3	48.7	(13.9)
Net income (loss) attributable to T. Rowe Price Group	31.4	40.9	(9.5)
Net income (loss) attributable to redeemable non-controlling interests	7.9	7.8	(4.4)
VOE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(2.4)	(3.7)	(0.5)
Net gains (losses) reflected in non-operating income	41.7	52.4	(13.4)
Income before income taxes	39.3	48.7	(13.9)
VIE
Condensed Income Statements, Captions [Line Items]
Income before income taxes	81.2	104.8	(197.8)
Net income (loss) attributable to T. Rowe Price Group	53.4	65.6	(93.9)
Net income (loss) attributable to redeemable non-controlling interests	27.8	39.2	(103.9)
VIE \| Reportable entities
Condensed Income Statements, Captions [Line Items]
Operating expenses reflected in net operating income	(7.4)	(7.4)	(7.7)
Net gains (losses) reflected in non-operating income	88.6	112.2	(190.1)
Income before income taxes	$ 81.2	$ 104.8	$ (197.8)

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 220.0	$ 173.4
Valuation allowance	118.9	102.8
Valuation allowance, deferred tax asset, increase (decrease), amount	16.1
Previously taxed earnings and profits of foreign subsidiaries with unremitted earnings	$ 989.0
Repatriation of foreign earnings, percent	10.00%
Tax refund receivables	$ 52.4	81.0
Net income taxes paid	723.2	632.0	$ 794.2
Net tax benefits increase (decrease)	(4.5)	3.4	$ (7.1)
Net interest payable related to unrecognized tax benefits	$ 8.6	$ 5.2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Net deferred tax benefits (income taxes) on:
Currency translation adjustments	$	3.7	$	(2.0)	$	4.2

Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of investment products	—		0.1		0.8







Total net deferred tax benefits	$	3.7	$	(1.9)	$	5.0

Schedule of Changes in Accumulated Other Comprehensive Income

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



(in millions)	Equity method investments		Consolidated investment products - variable interest entities		Total currency translation adjustments
Balances at December 31, 2021	$	(36.7)	$	10.2	$	(26.5)



Other comprehensive income (loss) before reclassifications and income taxes	(14.6)		(13.9)		(28.5)
Reclassification adjustments recognized in non-operating income	—		(3.0)		(3.0)
	(14.6)		(16.9)		(31.5)
Net deferred tax benefits (income taxes)	0.8		4.2		5.0
Other comprehensive income (loss)	(13.8)		(12.7)		(26.5)
Balances at December 31, 2022	(50.5)		(2.5)		(53.0)
Other comprehensive income (loss) before reclassifications and income taxes	(1.6)		9.0		7.4


Net deferred tax benefits (income taxes)	0.2		(2.1)		(1.9)
Other comprehensive income (loss)	(1.4)		6.9		5.5
Balances at December 31, 2023	(51.9)		4.4		(47.5)



Other comprehensive income (loss) before reclassifications and income taxes	0.7		(9.0)		(8.3)
Reclassification adjustments recognized in non-operating income	—		0.4		0.4
	0.7		(8.6)		(7.9)
Net deferred tax benefits (income taxes)	1.7		2.0		3.7
Other comprehensive income (loss)	2.4		(6.6)		(4.2)

Balances at December 31, 2024	$	(49.5)	$	(2.2)	$	(51.7)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Baltimore, Maryland

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following at December 31:



(in millions)	2024		2023
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	86.0		117.1
Indefinite-lived intangible assets - investment advisory agreements	65.6		65.6
Definite-lived intangible assets - investment advisory agreements	216.5		324.6
Total	$	3,010.9	$	3,150.1

We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter using a fair value approach. We did not record any impairment charges for goodwill for the years ended December 31, 2024, 2023, or 2022.

We recognized impairments of indefinite-lived intangibles of $31.1 million in 2024, no impairments in 2023, and $116.8 million in 2022. The $31.1 million impairment in 2024 was attributable to the trade name. Of the $116.8 million in impairments in 2022, $99.2 million was attributable to investment advisory agreements and $17.6 million for the trade name. The impairments in 2024 and 2022 were the result of reduced growth expectations for both management and incentive fees and a higher discount rate.

Definite-lived investment advisory agreement intangible assets consisted of the following at December 31 :


(in millions)	2024		2023
Gross carrying amount	$	613.9	$	613.9
Accumulated amortization & impairments	(397.4)		(289.3)
Net carrying amount	$	216.5	$	324.6

Remaining weighted-average estimated useful life	3.7		5.5

We recognized insignificant impairments of definite-lived intangibles in 2024 and 2023, and $58.3 million in 2022. The 2022 impairments resulted from reduced growth expectations for both management and incentive fees and a higher discount rate.

Amortization and impairment expense for the definite-lived investment advisory agreement intangible assets was $108.1 million in 2024, $122.5 million in 2023, and $166.8 million in 2022, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the five succeeding years is as follows:


(in millions)	2024
2025	$	77.1
2026	61.8
2027	42.9
2028	12.7
2029	9.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 2,649.8	$ 2,066.6
Accounts receivable and accrued revenue	877.4	807.9
Investments	3,000.5	2,554.7
Assets of consolidated investment products ($1,555.6 million at December 31, 2024 and $1,204.4 million at December 31, 2023, related to variable interest entities)	2,044.0	1,959.3
Operating lease assets	226.8	241.1
Property, equipment and software, net	977.0	806.6
Intangible assets	368.1	507.3
Goodwill	2,642.8	2,642.8
Other assets	685.6	692.5
Total assets	13,472.0	12,278.8
LIABILITIES
Accounts payable and accrued expenses	353.5	422.9
Liabilities of consolidated investment products ($46.2 million at December 31, 2024 and $35.2 million at December 31, 2023, related to variable interest entities)	62.1	54.2
Operating lease liabilities	278.7	308.5
Accrued compensation and related costs	219.8	240.8
Deferred compensation liabilities	1,020.7	895.0
Income taxes payable	87.1	66.2
Total liabilities	2,021.9	1,987.6
Commitments and contingent liabilities
Redeemable non-controlling interests	944.0	594.1
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $0.20 par value—authorized and unissued 20,000,000 shares	0.0	0.0
Common stock, $0.20 par value—authorized 750,000,000; issued 222,966,000 shares at December 31, 2024 and 223,938,000 at December 31, 2023	44.6	44.8
Additional capital in excess of par value	311.9	431.7
Retained earnings	10,040.6	9,076.1
Accumulated other comprehensive loss	(51.7)	(47.5)
Total stockholders' equity attributable to T. Rowe Price Group, Inc.	10,345.4	9,505.1
Non-controlling interests in consolidated entities	160.7	192.0
Total permanent stockholders' equity	10,506.1	9,697.1
Total liabilities, redeemable non-controlling interests and permanent stockholders’ equity	$ 13,472.0	$ 12,278.8

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 31.9
2026	40.5
2027	40.6
2028	36.5
2029	24.3
Thereafter	155.6
Total future undiscounted cash flows	329.4
Less: imputed interest to be recognized in lease expense	(50.7)
Operating lease liabilities, as reported	$ 278.7	$ 308.5

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-term incentive compensation (Details)	12 Months Ended
	Dec. 31, 2024 share_based_compensation_plan shares	Jul. 31, 2024
Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Graded vesting period	6 months
Vested stock units (in shares)	83,485
Expected to vest restricted stock units held (in shares)	7,413
Expected to vest restricted stock units (in shares)	8,970
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholder-approved plans \| share_based_compensation_plan	2
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 \| share_based_compensation_plan	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)	8,671,495
2020 Long-Term Incentive Plan \| Restricted Fund Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of long term awards		50.00%

INVESTMENTS - Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investment carrying values	$ 955.9	$ 919.3
Unfunded capital commitments	202.5	94.1
Accounts receivable	96.2	92.1
Maximum risk of loss related to nonconsolidated variable interest entities	$ 1,254.6	$ 1,105.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

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

Total

Restricted shares

Restricted stock units

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

Restricted shares

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

Restricted stock units

Common stock

Restricted shares

Common stock

Restricted stock units

Additional capital in excess of par value

Restricted shares

Additional capital in excess of par value

Restricted stock units

Retained earnings

AOCI

^[1]

Non-controlling interests in consolidated entities

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

229,175,000

Beginning 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 Stockholders' Equity [Roll Forward]

Net income (loss)

1,535.0

1,557.9

(22.9)

Other comprehensive income (loss), net of tax

(26.5)

Dividends declared

(1,108.7)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

522,000

Shares issued upon option exercises

28.3

$ 0.1

28.2

Issuance during period (in shares)

9,000

1,355,000

Issuance during period

$ (64.3)

$ 0.3

$ (64.6)

Stock-based compensation expense

285.4

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)

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

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

982.3

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss)

(108.3)

Other comprehensive income (loss), net of tax

(21.0)

Net redemptions from consolidated investment products

(49.3)

Net deconsolidations of investment products

(147.0)

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

656.7

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

Net income (loss)

1,833.3

1,788.7

44.6

Other comprehensive income (loss), net of tax

5.5

Special cash dividend declared

(1,121.9)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

585,000

Shares issued upon option exercises

35.7

$ 0.1

35.6

Issuance during period (in shares)

57,000

1,413,000

Issuance during period

(53.7)

$ 0.3

(54.0)

Stock-based compensation expense

265.6

Restricted stock units issued as dividend equivalents

0.0

0.4

(0.4)

Common shares repurchased (in shares)

(2,427,000)

Common shares repurchased

(254.3)

$ (0.5)

(253.8)

Net distributions to non-controlling interests in consolidated entities

(43.3)

Ending balances (in shares) at Dec. 31, 2023

223,938,000

Ending balances at Dec. 31, 2023

9,697.1

9,505.1

$ 44.8

431.7

9,076.1

(47.5)

192.0

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss)

47.0

Other comprehensive income (loss), net of tax

12.7

Net subscriptions into consolidated investment products

356.9

Net deconsolidations of investment products

(479.2)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2023

594.1

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

Net income (loss)

2,105.5

2,100.1

5.4

Other comprehensive income (loss), net of tax

(4.2)

Special cash dividend declared

$ (1,135.2)

(1,135.2)

Common stock-based compensation plans activity:

Shares issued upon option exercises (in shares)

812,959

577,000

Shares issued upon option exercises

$ 36.4

36.4

$ 0.1

36.3

Issuance during period (in shares)

7,000

1,415,000

Issuance during period

$ (0.3)

$ (69.3)

$ (0.3)

$ (69.3)

$ 0.3

$ (0.3)

$ (69.6)

Stock-based compensation expense

247.3

Restricted stock units issued as dividend equivalents

0.0

0.4

(0.4)

Common shares repurchased (in shares)

(2,971,000)

Common shares repurchased

(334.5)

$ (0.6)

(333.9)

Net distributions to non-controlling interests in consolidated entities

(36.7)

0.0

(36.7)

Ending balances (in shares) at Dec. 31, 2024

222,966,000

Ending balances at Dec. 31, 2024

10,506.1

$ 10,345.4

$ 44.6

$ 311.9

$ 10,040.6

$ (51.7)

$ 160.7

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income (loss)

35.7

Other comprehensive income (loss), net of tax

(5.0)

Net subscriptions into consolidated investment products

592.0

Net deconsolidations of investment products

(272.8)

Ending balances attributable to redeemable non-controlling interests at Dec. 31, 2024

$ 944.0

[1]	Accumulated other comprehensive income

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Unconsolidated Investments

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


(in millions)	2024		2023
Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	258.8	$	246.4
Seed capital	262.8		247.8
Deferred compensation liabilities economic hedges	992.8		806.6
Investment partnerships and other investments	62.6		69.7
Investments in affiliated collateralized loan obligations	6.3		8.4
Equity method investments
T. Rowe Price investment products
Discretionary investments	60.8		5.3
Seed capital	128.8		91.1
Deferred compensation liabilities economic hedges	88.4		21.0
Investment in UTI Asset Management Company Limited (India)	173.5		164.5
Investments in affiliated private investment funds - carried interest	426.9		519.9
Investments in affiliated private investment funds - seed/co-investment	269.9		253.4
Other investment partnerships and investments	162.1		2.2
Held to maturity
Investments in affiliated collateralized loan obligations	61.1		94.1
Certificates of deposit	44.7		23.3
U.S. Treasury note	1.0		1.0
Total	$	3,000.5	$	2,554.7

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)	2024		2023		2022
Net decrease in assets of consolidated investment products	$	(673.9)	$	(663.8)	$	(256.9)
Net decrease in liabilities of consolidated investment products	$	(20.5)	$	(29.7)	$	(12.8)
Net decrease in redeemable non-controlling interests	$	(272.8)	$	(479.2)	$	(147.2)

Gains recognized upon deconsolidation	$	(0.4)	$	—	$	3.0

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)	2024		2023
Investment carrying values	$	955.9	$	919.3
Unfunded capital commitments	202.5		94.1
Accounts receivable	96.2		92.1
	$	1,254.6	$	1,105.5

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

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


(in millions)	2024		2023
Assets	$	467.7	$	564.7
Liabilities	$	0.4	$	1.9
Non-controlling interest	$	160.7	$	192.0

- Definition

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

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 42.7	$ 35.4	$ 29.3
Changes in tax positions related to
Current year	4.2	7.8	5.5
Prior years, decrease	(2.9)
Prior years, increase		0.5	1.3
Expired statute of limitations	(1.0)	(1.0)	(0.7)
Balance at end of year	$ 43.0	$ 42.7	$ 35.4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 2,135.8	$ 1,835.7	$ 1,449.6
Currency translation adjustments:
Other comprehensive income (loss) before income taxes	(12.9)	20.1	(52.5)
Net deferred tax benefits (income taxes)	3.7	(1.9)	5.0
Total other comprehensive income (loss)	(9.2)	18.2	(47.5)
Total comprehensive income	2,126.6	1,853.9	1,402.1
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	30.7	59.7	(129.1)
Comprehensive income attributable to T. Rowe Price Group, Inc.	2,095.9	1,794.2	1,531.2
Consolidated investment products - variable interest entities
Currency translation adjustments:
Consolidated investment products—variable interest entities	(14.0)	21.7	(34.9)
Reclassification of (gains) losses recognized in non-operating investment income upon deconsolidation of certain investment products	0.4	0.0	(3.0)
Total currency translation adjustments of consolidated investment products—variable interest entities	(13.6)	21.7	(37.9)
Equity method investments	(14.0)	21.7	(34.9)
Equity method investments
Currency translation adjustments:
Consolidated investment products—variable interest entities	0.7	(1.6)	(14.6)
Equity method investments	$ 0.7	$ (1.6)	$ (14.6)

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Dec. 29, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
OHA Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, maximum earnout payment	$ 900,000,000.0
Extended earnout payment period	2 years
Earnout payout, if 75% threshold not met	$ 0
Earnout 75% threshold	75.00%
Percentage of contingent consideration	22.00%
Incentive payment, percentage				10.00%
NAV Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held at fair value		$ 62,500,000	$ 69,000,000.0

INVESTMENTS - Total Assets, Liabilities and Non-controlling Interests (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Assets	$ 13,472.0	$ 12,278.8
Liabilities	2,021.9	1,987.6
Non-controlling interest	160.7	192.0
VIE
Subsidiary or Equity Method Investee [Line Items]
Assets	467.7	564.7
Liabilities	$ 0.4	$ 1.9

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

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+ Details

LONG-TERM INCENTIVE COMPENSATION - Shares Authorized for Stock-Based Compensation Programs (Details)	Dec. 31, 2024 shares
Stock compensation plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	15,425,350
Employee stock purchase
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for issuance (in shares)	2,991,898

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM INCENTIVE COMPENSATION - Stock Options Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 27,700,000	$ 30,600,000	$ 40,300,000
Aggregate intrinsic value of in-the-money options outstanding	26,000,000.0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2024 USD ($)
OHA Commitments
Other Commitments [Line Items]
Investment commitment, amount	$ 360.0

INCOME TAXES - Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Accrued, deferred, and long-term incentive compensation	$ 317.7	$ 303.5
Property, equipment and software	90.9	30.6
Acquired investments	66.4	40.3
Net operating loss carry-forwards	53.7	42.5
Operating lease liability	39.8	44.8
Other	12.9	16.0
Total deferred tax assets	581.4	477.7
Valuation allowance	(118.9)	(102.8)
Total deferred tax assets, net of valuation allowance	462.5	374.9
Deferred tax liabilities
Contingent consideration liability	(50.9)	(47.8)
Unrealized gains (losses) recognized in non-operating income	(50.0)	(33.2)
Operating lease assets	(41.1)	(42.8)
Acquisition-related retention liability	(26.6)	(39.5)
Other	(15.9)	(17.8)
Total deferred tax liabilities	(184.5)	(181.1)
Net deferred tax assets	$ 278.0	$ 193.8

LONG-TERM INCENTIVE COMPENSATION - Restricted Fund Units Liability Compensation Expense (Details) $ in Millions	Dec. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Employee service restricted fund units, nonvested awards, compensation cost to be recognized quarter one of next fiscal year, fair market value	$ 11.7
Employee service restricted fund units, nonvested awards, compensation cost to be recognized quarter two of next fiscal year, fair market value	11.3
Employee service restricted fund units, nonvested awards, compensation cost to be recognized quarter three of next fiscal year, fair market value	11.2
Employee service restricted fund units, nonvested awards, compensation cost to be recognized quarter four of next fiscal year, fair market value	9.2
Employee service restricted fund units, nonvested awards, compensation cost to be recognized quarter five of next fiscal year, fair market value	22.9
Employee service restricted fund units, nonvested awards, compensation cost to be recognized from second fiscal year to vesting, fair market value	21.6
Employee service restricted fund units, nonvested awards, compensation cost to be recognized, fair market value	$ 87.9

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
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. In 2024, we are reporting performance-based advisory fees in a separate line of the consolidated income statement to increase transparency. As such, investment advisory fees for prior periods were recast to reflect the new presentation and ensure comparability. Additionally, the contingent consideration liability of zero at December 31, 2024 and $13.4 million at December 31, 2023, was combined with accounts payable and accrued expenses as the carrying value is immaterial. Details on the contingent consideration liability can be found in Note 5.
Newly issued but not yet adopted accounting guidance	NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for the firm on January 1, 2025. We do not believe the additional disclosure requirements will have a material impact on our consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update No. 2024-03 - Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. The guidance is effective for the firm on January 1, 2027, and allows for either a prospective or retrospective approach on adoption. We are currently evaluating the impact that the adoption will have on our financial statements and have not yet determined our transition approach. 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.
Consolidation	Consolidation Our consolidated financial statements include the accounts of all wholly-owned subsidiaries, majority-owned entities that are entitled to a disproportionate allocation of income, or carried interest, of affiliated private investment funds ("carried interest entities"), and 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 investment products regulated outside the U.S., that we provide seed capital were determined to be VIEs and are consolidated when we are the primary beneficiary. Certain of the investment partnerships we have an interest in were determined to be VIEs and are not consolidated as we concluded that we are not the primary beneficiary. We have determined that our carried interest entities are VIEs and T. Rowe Price is the primary beneficiary. Further, our carried interest entities hold interests in the general partners of certain 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 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 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) and recognized as compensation expense. 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	Investments Investments held at fair value Investments in sponsored products have been made for both general corporate investment purposes and to provide seed capital for newly formed sponsored investment 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 portfolio investments held by our consolidated 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 certain interests 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 and investments in affiliated private investments funds, 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") and other certain investment partnership 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 - carried interest Investments in affiliated private investment funds - carried interest represent interests in general partners of affiliated private investment funds that are contractually entitled 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 corporate 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, 9 years; and furniture and other equipment, 6 years.
Intangible assets	Intangible assets Intangible assets consist primarily of acquired investment advisory agreements and trade name. The fair values of the acquired investment advisory agreements were based on the net present value of estimated future cash flows attributable to each agreement, and included 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 was 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 3.7 years. 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. The fair value is determined using a discounted cash flow analysis where estimated future cash flows are discounted to arrive at a single present value amount. This approach includes inputs that require significant management judgment, the most relevant of which included revenue growth, discount rates, and effective tax rates. The trade name fair value was 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 use of the acquired name. Indefinite-lived intangible assets are tested for impairment annually in the fourth quarter 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. The fair value for each asset is determined using a discounted cash flow analysis where estimated future cash flows were discounted to arrive at a single present value amount. This approach includes inputs that require significant management judgment, the most relevant of which include revenue growth, discount rates, and effective tax rates.
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, 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. 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 certain 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 independent pricing services 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. Performance-Based Fees We recognize performance-based incentive fees in connection with the investment advisory agreements from certain sponsored product and 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. 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 a per participant fee 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 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 general partner 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 in capital allocation-based income in our consolidated statements of income represents the proportionate share of the income or loss assuming the funds were liquidated as of each reporting date pursuant to the 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. Since this income is accounted for under ASC 323, it is outside the scope of ASC 606, Revenue Recognition. 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.
Long-term incentive compensation	Long-term incentive compensation We maintain two stockholder-approved employee long-term incentive plans (2020 Long-Term Incentive Plan and 2012 Long-Term 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 our stock-based compensation programs align the interests of our employees and directors with those of our common stockholders. As of December 31, 2024, a total of 8,671,495 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 five-year graded schedule. All restricted stock unit holders receive non-forfeitable cash dividend equivalents 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. Effective July 2024, the 2020 Long-Term Incentive Plan was amended to provide certain employees the opportunity to receive 50% of their annual long-term incentive award in the form of restricted fund units. Vesting of restricted fund units is based on the individual continuing to render service over an average five-year graded schedule. These awards are settled in cash upon vesting. 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. As of December 31, 2024, non-employee directors held 83,485 vested stock units and an additional 7,413 stock units that will generally vest over the next six months. These units will convert to common shares upon their separation from the Board. Non-employee directors also held 8,970 restricted stock awards expected to vest over the next six months. Our long-term incentive award values are converted to units on the grant-date using the closing market price of our common stock for restricted stock units and awards. For restricted fund units, the award value is converted using the closing market price of one or more hypothetical funds selected by employees from a group of sponsored investment products prior to the grant date. We recognize the grant-date fair value of all long-term incentive 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. For restricted fund units, the units are remeasured against the hypothetical funds chosen by the unit holder each reporting period and the adjustment reported in compensation expense. We account for forfeitures as they occur.
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 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 consolidated 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.